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WEDNESDAY, MARCH 27, 2019
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Cayman deal to ‘triple’ RoyalFidelity pensions By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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BAHAMIAN investment bank is simultaneously closing the $40m financing for its management buyout while pursuing a Cayman acquisition that will “more than triple” its pension business. Michael Anderson, pictured, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business yesterday that he expected to close the $20m preference share capital-raise this week once “final confirmations” were received from potential investors. This will combine with $20m in equity financing, put in place in December, to finance the investment house’s management-led buyout from Royal Bank of Canada (RBC) and its
• Takes group’s book from 4,000 to 14,000 ‘lives’ • $140m asset boost to aid Caribbean roll-out • $20m pref raise for buyout to close this week • Both deals targeted for end-April completion
Fidelity parent group. With Royal Fidelity now also completing the documents required to obtain approval from the Central Bank of The Bahamas and Barbados regulators, where it also operates, Mr Anderson said he hoped the transaction will close by mid to late April.
He then revealed that the now-independent investment bank is effectively pursuing two parallel paths at the same time, for it is aiming to close the acquisition of its former parent group’s Cayman Islands-based pension administration within weeks of closing its own buyout. Mr Anderson told this newspaper that the Cayman deal, once completed, would “more than double, maybe even triple” RoyalFidelity’s portfolio in terms of “pension lives” covered, adding 10,000 clients to the existing 4,000 it has presently.
Around $140m in assets under management will come with the Cayman deal, with the RoyalFidelity chief confirming that the acquisition will provide a springboard for the investment bank’s planned Caribbean expansion over the next five to ten years as it seeks to roll-out its investment banking products and services across the region. “I’d hoped it would all be finalised by now, but we’re very close to closing it,” Mr Anderson told Tribune Business of the capital raising to finance RoyalFidelity’s buyout from its
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‘Uneven’ financial access is hidden in The Bahamas By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas’ high per capita income and welldeveloped banking industry hides “very uneven access” to financial services, the Central Bank’s governor said yesterday. John Rolle, pictured, addressing two workshops held in this nation by the Alliance for Financial Inclusion (AFI), of which The Bahamas is a member, said the commercial bank withdrawal from sparselypopulated Family Islands and the continued pressure on correspondent banking relationships were two threats to local access to financial services. He added that The Bahamas’ own experience showed how “headline”, broad-based economic indicators could obscure the on-ground social and economic realities - including
the different levels of access to financial services on different islands across the archipelago. “On a per capita basis, The Bahamas has the third highest GDP in the Western Hemisphere. Our financial sector is highly developed, when considered in terms of the size of the deposit base and outstanding credit of the domestic banking system, relative to GDP, and in terms of the share of the population that has access to basic banking services,” Mr Rolle said.
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Hotelier demands Architects: ‘Free us from building control bondage’ • Code violations ‘indictment’ of agency ‘prohibitive zoning’ • Govt ‘losing 80-90% of professional fee VAT’ • No progress on ‘21st century upgrade’ offer on vacation rentals By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A FAMILY Island resort operator yesterday suggested the government consider introducing a license fee for vacation rentals based on the number of bedrooms and, possibly, prohibitive zoning. Edwin Mulford, a longtime boutique resort operator on Cat Island, reiterated concerns that the government is missing out on significant tax revenues related to the sector. He argued that payments to landlords - locals and foreign - are frequently made outside The Bahamas via the Internet, never touching this nation, while occupancies at small hotels are being adversely affected. Mr Mulford warned that the government cannot be seen as being “in bed” with Airbnb alone. “It’s a reflection that they - government - are not capable of monitoring/policing this, and will have fees tacked on. There is also Home Away, trip advisor, VRBO and some others as well as direct bookings from repeat guests,” he added. “The only solution to control and police this I see is a licensing fee based on bedrooms. Then there is the issue of it hurting the small hotels’ occupancy; mostly on the Family Islands. I don’t have answers for this problem other than to
perhaps consider regulating rates per day to mirror hotel rates, and possibly prohibitive zoning, meaning not allowing private rentals within say one mile of an existing hotel.” Dionisio D’Aguilar, minister of tourism and aviation, in a recent interview with Tribune Business voiced hope VAT could be imposed on Bahamian vacation rentals in the upcoming 2019-2020 budget despite the multiple complexities involved. He was speaking after Airbnb released data showing that its 1,700 “hosts” in The Bahamas welcomed around 59,000 guests in 2018. These persons stayed for an average of five days and, based on a $7,500 median income received by a “typical host”, the sector injected a total $12.75m into the latter’s hands last year. The government has long planned to collect VAT from the vacation rental sector but, when asked when this would likely come into effect, Mr D’Aguilar said: “It’s out of my silo. It’s kind of in the silos of the Ministry of Finance. They are trying to work out the complexities of taxing this particular industry.” KP Turnquest, deputy prime minister, pledged that the government would “not disrupt” the booming vacation rental market as
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ARCHITECTS yesterday urged the government to “free us from the bondage of building control”, warning it was “missing out on” up to 80-90 percent of VAT due on professional fees. Gustavus Ferguson, the Institute of Bahamian Architects (IBA) president, told Tribune Business that the professional body had been “taken aback” by recent government assertions that many hurricane-damaged properties were not compliant with The Bahamas building code. He and the institute argued that these remarks, made by Ministry of Works parliamentary secretary,
Iram Lewis, effectively amounted to a damning “indictment” of the Ministry’s Building Controls Department given that this unit was responsible for code compliance, inspections and enforcement. Mr Ferguson accused the Building Control Department of “contravening the law”, and itself helping to foster the code non-compliance that the ministry is complaining about, by accepting building drawings from persons not licensed to practice by the Professional Architects
Board (PAB) and other selfregulatory industry bodies. He added that the Institute had repeatedly made suggestions on how the Building Controls Department’s practices can be “upgraded to the 21st century”, and make the approvals process both more efficient and less costly and time consuming, but had made little progress in nearly two decades. Reiterating previous calls for licensed Bahamian architects to be able to submit plans and drawings electronically, and for
code inspections to be outsourced to them and other construction/engineering professionals, Mr Ferguson said this nation was the last in the English-speaking Caribbean to retain a Building Controls Department. All other states possess only a Planning Department - a structure that the Institute yesterday called on The Bahamas to adopt, doing away with building controls and moving to a less bureaucratic, more self-regulatory system.
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Port Authority willing to ‘broker’ fake device deals By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ACTIVISTS yesterday said the Grand Bahama Port Authority (GBPA) had expressed a willingness “to step in and broker” settlements to the island’s “fake energy saving devices” controversy. Pastor Eddie Victor, head of the Coalition of Concerned Citizens (CCC), a long-time Grand Bahama Power Company critic, told Tribune Business that the GBPA was eager to resolve the issues between the utility and residents/businesses who had these devices installed. He added that the coalition had “petitioned” members of the GBPA
• Activists ‘petition’ for consumer protocol • Say GB Power relied on city ‘bye-laws’ • Pledge to ‘intensify’ campaign efforts regulatory committee, which is supposed to oversee and supervise GB Power, to improve the “protocol” for how such consumer-related matters were handled in the future. Expressing concern that current arrangements between the GBPA and GB Power were inadequate, Pastor Victor said it emerged at the meeting that the utility had been relying on Freeport’s byelaws to justify its actions. GB Power’s interpretation, he suggested, was that these gave it the right
to immediately disconnect customers suspected of electricity theft. However, Pastor Victor argued that the disconnections were “very wrong” because they were based on “suspicion” not “concrete proof”. He reiterated previous accusations that GB Power is “strong arming” businesses to settle, and agree payment plans on its terms, by either refusing to reconnect power until such a deal is reached. Pastor Victor said three of the seven Cooper family fast food franchises, which
were among the first prominent businesses to be disconnected, remained without power supply as does Sav Mor, the largest supplier of over-the-counter drugs on Grand Bahama. While GB Power has acknowledged that these businesses, and other companies and residents like them, are likely the “victims of a fraud” perpetrated by those who sold and installed devices that could never delivered what they promised, this does not change
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PAGE 2, Wednesday, March 27, 2019
THE TRIBUNE
BISX ADDS SEVEN MORE FUND LISTINGS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Bahamas International Securities Exchange (BISX) yesterday said it has added seven new listings to its investment funds roster. The newly-listed funds are: Patrimondial Fund Ltd; The A Series Fund Ltd, SAC; UCAP AA Leverage Fund Ltd – Class A Shares; UCAP AA Leverage Fund Ltd – Class B Shares; UCAP Asia Fund Series Ltd, SAC Japanese
KEITH DAVIES Rising Sun Shares; UCAP Asia Fund Series Ltd, SAC Global Most Admired Companies Shares; UCAP
Asia Fund Series Ltd, SAC Global Sector Dynamics Shares; White Conch Fund Ltd; World Invest Fund Ltd; World Opportunity Fund Ltd All seven are open-ended mutual funds with subscriptions and redemptions carried out by the relevant fund’s administrator. The funds are incorporated as International Business Companies (IBCs) under Bahamian law and are licensed under the Investment Funds Act 2003. Ivan Hooper, chief executive of The Winterbotham
Trust Company, which brought the funds to BISX, said: “We continue to advocate for the listing of funds on BISX, and publishing fund information and pricing. On this occasion we have sponsored the listing of seven licensed funds with diverse investment objectives. “Working together with UCAP Bahamas, investment manager for these funds, we hope that we are able to continue sponsoring further funds in the future. As the largest fund administrator by number
of funds in The Bahamas, listing is a key component of our offering. A BISX listing is a key enhancer to this offering and our ability to attract funds to The Bahamas.” Keith Davies, BISX’s chief executive, added: “We are happy that our first listings of 2019 included multiple funds from one of our key mutual fund partners. Winterbotham is an original shareholder of BISX, and has also supported the exchange and this jurisdiction by creating value added offerings for
their clients. “We are happy to be a part of their ability to offer these additional options to their clients, and to allow their clients to benefit from the connection to a regulated exchange.” The Winterbotham Trust Company served as the BISX sponsor member that brought the funds to BISX. UCAP Bahamas is the investment manager, and The Winterbotham Trust Company has been appointed to serve as the funds’ administrator.
Crab Fest organisers visit tourism minister THE organising committee for the All-Andros Crab Festival has visited the minister of tourism as it gears up to welcome 10,000 Bahamians and visitors to the 2019 version. For more than 20 years, the All-Andros Crab Festival committee has partnered with the Ministry of Tourism to make Crab Fest the most exciting culinary experience in The Bahamas – and arguably the Caribbean – and
the plan is to expand it to become the world’s Premier Crab Event. Wayne Cleare, the committee’s chairman, said: “The event started 21 years ago when Central Andros was looking for an economic boost, and local government partnered with the Ministry of Tourism. “It began with two to three vendors serving a few crab dishes. Now scores of vendors prepare the crabs in
many different ways ranging from crab n’ dough, stuffed crab, crab n’ rice, curried crab, crab souse, crab fitters, crab salad, garlic crab... the list goes on. Visitors from as far afield as China, Greece, Belgium, the UK and the US are expected to visit central Andros from June 20-22. In thanking Mr D’Aguilar, Mr Cleare said that without the ministry’s commitment to culture and THE ALL-Andros Crab Festival Committee at the Ministry of Tourism’s offices. From left: Andrew Fernander, director; Wayne Cleare, chairman; Dionisio D’Aguilar, minister of tourism; Rosanah Lewis, secretary; Hugh Edgecombe, deputy chairman. Photo: Kemuel Stubbs/BIS entrepreneurship throughout The Bahamas, festivals such as the Crab Fest would be nothing. The Ministry of Tourism’s direct involvement has meant that, over the last
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three years, the All-Andros Crab Festival Committee together with Bahamian corporate partners has donated more than $40,000 in scholarships and Back-to-School supplies to the students of Central Andros. More than $150,000 has been invested in upgrades to the The Crab Festival site, including a new air-conditioned VIP Lounge as well as a financial centre and ticket booth.
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Wednesday, March 27, 2019, PAGE 3
WORK SPACE PROVIDER EXPANDS TO BAY ST By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
A BAHAMIAN shared work space provider is expanding its office offerings to a new Bay Street location that will cater to corporate clients. Incudesk, which
launched nine months ago, has seen its inaugural 12-office Chesapeake Road location fully occupied with a waiting list of more than 100 persons. The company was started by William Bastian, its president, and Ericka Wilson, its vice-president, who themselves are small business owners.
Mr Bastian told Tribune Business: “When we set out we wanted multiple locations. We just didn’t expect it to happen this quick. Our expansion into Number One Bay Street is going to be for the corporate sector of Incudesk; a bit more upscale with a lot more services. It will includes services such as
our concierge; something were really excited about.” Ms Wilson added: “At this point we have over 150 members. We have a waiting list of over 100. Our demand for private offices is dramatically increasing; not just from locals but internationally as well. “We have international
members that utilise our services when they come to The Bahamas. Incudesk Corporate will be at a different price point than we offer here [at Chesapeake Road] but will still be very much affordable and everything will be automated. Even though the demand is there we’re making this move because we’re ready
as a company to do it.” Both Mr Bastian and Ms Wilson agreed that the strong demand for Incudesk’s work space offerings has demonstrated the difficulty start-ups and small businesses have in finding affordable offices from which to conduct their business and meetings.
NASSAU CRUISE PORT DEAL ‘WIN-WIN FOR EVERYONE’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A CABINET minister yesterday defended the Nassau cruise port outsourcing as a “win-win for everyone”, arguing that it fitted with the government’s pledge to empower Bahamians. Speaking ahead of a Cabinet meeting yesterday, Dionisio D’Aguilar, minister of tourism and aviation, said: “We all agree that the port needs to be redeveloped. We all agree that it needs an investment. “That can either come from taxes, which no one wants to pay more of; it can come from borrowing, which the government doesn’t want to do; or it can come from private sector money. We have adopted the private sector money approach.” He continued: “We have put together a structure that would be predominantly Bahamian-owned. I think it’s a win-win for everyone. You get the substantial investment that we need, you don’t need any additional taxes, you don’t have any additional debt. “There is a lot of money sloshing around in The Bahamas that can’t find viable investment projects. This provides Bahamians with a mechanism to
GLOBAL Ports Holding’s vision for Downtown Nassau cruise port. invest; as many Bahamians as possible will be allowed to invest. The NAD model requires debt.” Turkish-headquartered Global Ports Holding has been selected as the preferred bidder to take over Prince George Wharf’s management and transform the facility via a $250m investment. Global Ports is proposing to add two new berths to accommodate the world’s largest cruise ships, while also filling in the space
between the harbourfront and existing first cruise berth to create land for its amphitheatre events destination. An “open air amphitheatre” will feature local and international concerts, shows and special events, which will “create an incentive” for cruise ships to stop in port. Laser-light shows will be one feature at night, while taxi drivers and tour operators will have better access to passengers. All retail, restaurant and
other vendors in the port area will be Bahamianowned, and it will feature a Junkanoo museum to showcase this nation’s culture and history. Responding to arguments by his ministerial predecessor, Obie Wilchcombe, that the government should have followed the Nassau Airport Development Company (NAD) model with the cruise port, Mr D’Aguilar said: “The NAD model has over $530m in debt; 76 percent of that is
owned by foreigners. “Every time we cut a cheque, 76 percent of that is owned by foreigners. I think this is a better deal. Bahamians will control over 50 percent of this entity. Empowering Bahamians is what we’re all about.” Turning to the Grand Lucayan negotiations, Mr D’Aguilar said: “The government is obviously in negotiations. I don’t think that’s a secret. When these negotiations will be completed, and when we are
able to make an announcement, is still unknown. We remain hopeful and encouraged.” As to ongoing negotiations with Grand Lucayan managers over their payout, he added: “That is a negotiation which is still ongoing. I am meeting with the union at the end of this week to continue negotiations. At some stage one will have to decide what is the best deal. You may not get everything that you want, but you’ve gone on for seven months and haven’t gotten a result. “You may not get the best deal. What I have found in business is that it’s better to get a deal than to wait an inordinate an amount of time to get the deal that you want. You have to make a deal. If you keep waiting for the best deal you may not make a deal.” Addressing the government’s efforts to manage this nation’s air space, Mr D’Aguilar said: “We have issued an RFP (request for proposal) for a company to help us monetise our air space. “We have no institutional knowledge on that because we have never done that. The RFP closes at the end of this month. Then we will review the bids and make a decision on the entity to help us move this project forward.”
Bahamian firm ‘Uneven’ financial access is hidden in The Bahamas staging finance crime workshop FROM PAGE ONE
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A BAHAMIAN asset protection and loss prevention firm is holding a two-day “advanced” anti-money laundering workshop at the British Colonial Hilton, starting tomorrow. The seminar, organised by Preventative Measures and its principal, Gamal Newry, is targeted at the likes of compliance officers, chief financial officers, law enforcement, top company executives and internal and external auditors. Its main presenter is L Burke Files, a wellknown international speaker on anti-money laundering and financial crime. He heads a firm of investigators that specialise in asset recovery, due diligence, intellectual property, and the unravelling of illicit financial structures. “Considering that the jurisdiction is under heavy scrutiny and monitoring, it is critical that the organisational and national monitors are equipped with real world experiences that have proven to be successful
in their application,” Preventative Measures said. “The advanced antimoney laundering course has been designed for professionals that have a bit of time and sophistication with money laundering. The course will assist participants in clearly spotting, understanding, investigating and discussing some of the more advanced money laundering schemes.” The Preventative Measures workshop will start by examining historical money laundering trends and the importance of Know Your Customer (KYC) due diligence on clients, while also assessing the common methods used to conceal financial crime schemes. It will then focus on the various forms of money laundering, including trade-based and crowd funding related schemes, and the use of parallel companies and warehouse receipts. The workshop will also examine how money laundering and illicit schemes can be detected, and the “red flags” to look for.
NOTICE
NOTICE is hereby given that CLAUDIA SMITH CLARKE of Christie Avenue, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
“Moreover, relative to the size of the population we enjoy the 35th highest density of bank branches in the world and the 15th highest density of automated banking machines in the world. From an identity perspective, members of the population do not have extreme difficulties acquiring birth certificates or primary documentation needed to apply for identity documents. “But financial access is very uneven,” he continued. “On many of our rural island communities basic banking services are not available, or only available in very constrained conditions. The rising costs of providing banking through traditional physical channels have further scaled-back this access. “Also, high concentrations of
undocumented immigrants are excluded from access to financial services, even when these services are available in the same spaces for documented persons.” The Central Bank governor added that developments at the global level were “equally problematic” for Bahamian access to financial services, pointing to some banks’ loss of their correspondent relationships with foreign institutions due to the perceived high risk involved. “There has been a dilution of access from the disproportionate application of global anti-money laundering and counter financing of terrorism standards on lowrisk, retail segments of our financial community. We are now attempting to reverse this through more proportionate risk-based systems,”
Mr Rolle said. “Beyond banking, affordability of access is more constrained in property insurance markets, where financial vulnerability is heightened because of the increasing frequency and intensity of hurricanes, which can in a single season push households into ruin.” He added: “As it should be, political pressures to address financial inclusion deficits are mounting in The Bahamas, and there has to be comprehensive constructive responses. In the strategies that the Bahamian Central Bank is formulating, we understand that the private sector will not optimally achieve all of the outcomes that we desire. “We recognise that an enabling environment that embraces the aspirations of the Maya Declaration, with a
focus on Fintech, to promote digital inclusion is critical... We have to identify those elements of both the policy space and technology infrastructure that ought to be supplied by the public sector. “For example, the Central Bank of The Bahamas is engaged in the creation and promotion of a digital version of the national currency which is expected to close vital payments system gaps for The Bahamas that many countries are able to leave up to the private sector to resolve,” Mr Rolle continued. “At the same time, the bank has volunteered to coordinate development of a national financial inclusion strategy that would enlist all relevant stakeholders, and focus on more than just payments and banking.”
PAGE 4, Wednesday, March 27, 2019
THE TRIBUNE
Architects: ‘Free us from building control bondage’ FROM PAGE ONE
Mr Ferguson also complained that the Minnis administration had yet to appoint a Professional Architects Board since taking office in May 2017. While the board it inherited was technically still in place, the IBA president said it was largely performing administrative functions as several
members had stepped down or left their posts. Suggesting that Mr Lewis’s concerns on Bahamas Building Code non-compliance were “an indictment on the Building Controls Department”, the institute said in a statement: “We have repeatedly suggested and requested that government review, and upgrade to the 21st century, the
practices and procedures of the Building Controls Department. “If The Bahamas is really serious about developing sustainably and technologically, it must free Bahamian professional urban designers, planners and architects from our bondage of ‘building controls’ to direct, suggest and influence the built environment.”
FORM B Notice of Intended Marriage (Section 7(3))
SALLY-ANN PRATT Registrar of Marriages
FORM B Notice of Intended Marriage (Section 7(3))
Expanding on these concerns, Mr Ferguson told Tribune Business: “It’s their [building controls] job to oversee and police code compliance. That’s really what the department is for. If you’re responsible for inspections and code review of drawings there should be no reason why any building is in non-compliance. “Our issue is they contravene the law by accepting documents from unregulated and unlicensed persons. As it relates to inspections, we have given the government proposals in many instances where they can upgrade their practices and procedures as it relates to code compliance - where we can open the profession as it relates to the inspection of all projects and provide a report to the government to make sure there is compliance. “We were taken aback when we saw that statement from him [Mr Lewis]. It seems that they need a workshop for the persons doing the inspections.” The Professional Architects Act 1994 stipulates that “no person shall hold himself out as a professional architect or engage in public practice unless” they possess a valid licence issued by the Professional Architects Board, but Mr Ferguson and the Institute yesterday argued this is not always being applied in practice. The IBA president said the Institute’s suggestions for improving and reforming the system had produced little to-date, adding: “Last year, the Ministry of Public Works had a workshop to bring forth their proposals in terms of electronic submissions. “We’re still waiting to hear the results of that. The other aspects of it, we’ve not heard anything on those points. It’s ongoing. We’ve been back and forth with them for the last 20 years. There are so many issues we’re trying to get them to understand so the industry will not have
these problems, such as the imposition of penalties for infractions. “We’re hoping they at least start to consider our proposals. It does not matter that we get the credit. We just want to implement it because it creates a more efficient industry in terms of turnaround time. Because it takes so long for approvals some projects never start.’ The institute’s statement yesterday suggested that there was resistance to the electronic submission of documents and other reforms within the Building Controls Department for fear that this would lead to exactly that - a loss of control by the officials. “The simple implementation of electronic plans submittal, third party inspection and code review (by professional architects, engineers and building contractors), and accelerated approval (if construction documents are prepared by IBA members) have died an immediate death because the implementation was left up to building controls,” the Institute said. “We know it is difficult for building controls to give up its perceived power of directing projects and designs of buildings, but all contraventions to the professional architects and construction industry laws and regulations must come to an end. “The time has long passed for the redundancy of the Building Controls Department. The licensing of Bahamian professional architects, engineers and contractors has given qualified citizens the avenue to advance the safeguard practices of the construction Industry without interference” from the government,” it continued. “As a country, we only need and require a planning department. All of the other departments, roles and duties that exist are inherent within the planning department. Departments within a department is an old
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Equity Side
colonial practice; it is time for Independence.” Mr Ferguson concurred, telling Tribune Business: “We are actually, in terms of the English-speaking region, the last one to have a Building Controls Department. Everyone else has a Planning Department, not a Building Controls Department. “Once you have licensing for architects, engineers and contractors there’s no need for anyone in a government agency to oversee them.” He added that Building Controls was also going beyond its legal and regulatory remit by requesting that engineers “sign off” on certain aspects of licensed architects’ drawings, even though this is not required by law. Mr Ferguson said further “havoc” was also being created by the failure to appoint the Professional Architects Board since the current took office, although the board it met in place was continuing to operate. “By law the board as appointed is in place until a new one is appointed. Every year a board is appointed,” he added. “Although they’ve not appointed a board, there’s still one doing administrative functions but it’s not really functioning as a board. You have a few persons who have resigned, so there are vacant positions as well.” Mr Ferguson also explained the Institute’s assertion that “vast amounts of revenue are being lost annually”, pointing out that most of the professional architect and engineering work on major foreign direct investment (FDI) related real estate activity was conducted offshore by foreign counterparts. Revealing that in some cases just five percent of the professional fees associated with these developments were paid to Bahamians, he told Tribune Business that often “no more than 20 percent of what the total fees should be” were retained locally.
2019 FP/QUI/No. 00036
IN THE MATTER OF THE QUIETING TITLES ACT 1959 AND IN THE MATTER of Petition of LAMBERT ALEXANDER CAMPBELLAND PATRICIA VERONICA CAMPBELL Executor/Executrix in the Estate of GEORGE SHELDON ARCHER of Marsh Harbour, Abaco and the Executor of the Estate of PETER CAMPBELL AND
SALLY-ANN PRATT Registrar of Marriages
FORM B Notice of Intended Marriage (Section 7(3))
IN THE MATTER of ALL THAT tract of land containing by ad-measurement (8.07) Acres situate on Lubbers Quarters one of the Abaco Cays in the Commonwealth of the Bahamas and having such dimensions as are shown on the plan attached hereto and bounded Northwardly by land belonging to Lubbers Quarters Holding Ltd. and running thereon Eleven Hundred and Ninety Nine and Twenty Hundredths (1199.20) feet Southwardly by land belonging to Abaco Ocean Club Subdivision and running thereon Eleven Hundred and Nineteen and Sixty Six Hundredths (1119.66) feet Westwardly by the sea at high water mark and running thereon irregularly for a total of 293.84 feet more or less Eastwardly by the sea at high water mark and running thereon for a total of 282.51 feet more or less. Which said piece parcel or lot of land is shown on the Plan attached hereto and thereon coloured RED. NOTICE TAKE NOTICE that Lambert Alexander Campbell and Patricia Veronica Campbell, claims to be the owner in fee simple in possession of the said land and has made application to the Supreme Court of the Commonwealth of The Bahamas Under Section 3 of the Quieting Title Act, 1959 to have their title to the said land investigated and the nature and extent thereof be determined and declared in a Certificate of Title to be granted by the Court in accordance with the provision of the said Act. A copy of the plan of the said land may be inspected during normal working hours at: (a) The Registry of the Supreme Court in the Lavarity Justice Center Freeport, Grand Bahama New Providence in the Commonwealth of The Bahamas and the Chambers of V. Alfred Gray & Company, Dowdeswell House, Dowdeswell and Armstrong Streets, New Providence and No. 21 A Kipling Building, Freeport Grand Bahama; NOTICE IS HEREBY GIVEN that any person or persons having any dower or right of dower or an Adverse Claim not recognized in the Petition shall on or before the 3rd day of May, A.D., 2019 file in the Supreme Court in Freeport, Grand Bahama aforesaid and serve on the Petitioner or the undersigned a Statement of their claim aforesaid on or before the 3rd day May, A.D. 2019 or it will forever operate as a bar to such claim. Dated this 27th day of February A.D., 2019
SALLY-ANN PRATT Registrar of Marriages
V. ALFRED GRAY & CO. Chambers Dowdeswell House Dowdeswell & Armstrong Streets Nassau, Bahamas Attorneys for the Petitioner
THE TRIBUNE
Cayman deal to ‘triple’ RoyalFidelity pensions FROM PAGE ONE previous owners. “We’re only waiting for a few confirmations in terms of final investors. Our equity financing component has been closed since December, but on the preference shares we’re waiting for a few extra investors to confirm. For sure we expect to have it closed by the end of this week.” The matching $20m contributions from equity (shareholders/investors’ own money) and preference shares (debt capital) will give Mr Anderson and RoyalFidelity a total $40m to finance the investment bank’s purchase. “Then we are finalising the documents to the Central Bank so they can go through their final processes,” he added of the necessary regulatory approvals. “We expect this transaction to close in the next two to three weeks, so mid to late-April is a reasonable timeframe. “I was hoping for the end of March, but it’s much more involved getting documents together for investors and directors. When you have to get certifications together it always takes longer than people think. “People in The Bahamas, Barbados and Cayman are pulling together documents. The regulator has been supportive and helpful in the process of trying to get them what they asked for.
Wednesday, March 27, 2019, PAGE 5 We expect that once we get them the documents they will be good about processing it and it will not take long.” RoyalFidelity, though, has not taken its eye off potential expansion opportunities despite being pre-occupied with raising the financing - and completing the regulatory approvals process - for its management-led buyout. Mr Anderson revealed that all documents required to complete the acquisition of its former Fidelity parent group’s Cayman-based pension business should be executed by early next week, with the deal closing around end-April once the necessary regulatory approvals are forthcoming. “We’ve finalised the agreement with Fidelity in terms of buying the Cayman pension business, and are in the process of getting those documents executed,” he told Tribune Business. “I hope, if not this week, by early next week we will have all the documents completed for that transaction and then get the approvals to take over that business. “We don’t anticipate any issues in taking over the pension business in Cayman. Once we sign the agreement it’s a matter of taking it to the regulators and getting the licence. I don’t expect it to be much past the end of April before we get it completed.” Mr Anderson disclosed that the Cayman deal will significantly expand RoyalFidelity’s group-wide pension business. “It more than doubles our pension lives, maybe more than triples them,” he said. “We currently have around 4,000, and down in Cayman there are approximately 10,000. “It significantly changes that aspect of our business,
and gets us into being one of the largest pension administrators in the Caribbean. We see the Cayman pension business as a significant component of our strategy to take our pension administration, asset management business across the Caribbean over the next five to ten years. “Around $140m in assets under management come with that business. The assets under management add into our current asset management business. One of our key strategies is to grow our assets under management business, and this comes with that. We can provide services in other markets.” Mr Anderson said RoyalFidelity already provided pension administration services to the Cayman business when it was part of the Fidelity group, and explained that this deal now enabled it to take over the assets, revenues and underlying earnings associated with the portfolio. Some three to four Cayman-based personnel will join RoyalFidelity as part of the transaction, and Mr Anderson added: “The plan for Cayman is to start providing more of the products and services we do in The Bahamas, and look at how we can position to sell investment banking products, mutual funds and so on. “It’s more a three to five-year strategy for us in Cayman as to how we fill it out. We’re all excited about the prospects.” Mr Anderson said RoyalFidelity’s move from Frederick Street to its new offices at Providence House on East Hill Street had now bedded down, with the initial transition and moving issues already worked through.
FORM B Notice of Intended Marriage (Section 7(3))
SALLY-ANN PRATT Registrar of Marriages
FORM B Notice of Intended Marriage (Section 7(3))
SALLY-ANN PRATT Registrar of Marriages
Hotelier demands ‘prohibitive zoning’ on vacation rentals FROM PAGE ONE he confirmed the 2019-2020 fiscal year taxation target. He promised that the Minnis administration will seek to strike a balance between taxation/ regulation and allowing the sector, seen as a valuable mechanism for increasing Bahamian ownership in the tourism industry and spreading its economic impact, to continue growing and thriving. However, Mr Turnquest said it was important that vacation rental owners pay their fair share towards the maintenance of The Bahamas’ infrastructure and public services, much as the resort industry does. “There are a number of issues,” he told Tribune Business. “One is, yes, if
they’re operating that kind of business it is in effect in competition with the hotels without carrying the cost the regular hotels have to carry. “There is inherent unfairness in that, so we do need to address that from a competition point of view. Second, some of these properties are being afforded exemptions and are classified as private residences, so they’re avoiding things like real property tax, business licence and things that go along with commercial property. There are a combination of factors that we need to understand and get our head around.” The Central Bank of The Bahamas’ report on January 2019’s economic developments revealed that the vacation rental
sector continues to grow at a “double digit” pace year-over-year. Data from AirDNA, which analyses data from Airbnb vacation rental bookings, disclosed that there was a 37 percent advance in total listed bookings, while those for an entire home and private rooms were ahead by 35 percent and 45 percent, respectively. The Central Bank said: “Preliminary indicators for the short-term rental market in January were also improved, as data from AirDNA showed a 37 percent advance in total booked listings relative to the same period in 2018, with gains in both entire place bookings (34.9 percent) and private room bookings (44.9 percent).”
FORM B Notice of Intended Marriage (Section 7(3))
SALLY-ANN PRATT Registrar of Marriages
PAGE 6, Wednesday, March 27, 2019
Port Authority willing to ‘broker’ fake device deals FROM PAGE ONE
the fact that electricity has been consumed and not paid for - with sums likely reaching into the millions of dollars. As previously reported by Tribune Business, under the Electricity Act and Freeport’s bye-laws responsibility for paying up falls on the customer - not the installer. “The businesses and residences could claim and
THE TRIBUNE
feign ignorance, but they’re still going to be liable for the loss suffered by the power company because they were the beneficial recipients, in effect, of stolen goods,” one source said last week. Pastor Victor, though, described yesterday’s meeting between the coalition and GBPA as “OK” although no explanation was given for why it seemingly took GB Power to long to uncover the alleged “electricity theft” despite its computerised systems and meters which would have shown any sudden drop in consumption below historical trends. “There are still three [Cooper family] restaurants that have not receive power yet and Sav Mor are still on generator,” he told Tribune Business. “The regulator
[GBPA] has offered to help broker arrangements with the power company. “It was a good meeting, and we were able to share our concerns about the manner in which the power company conducted the whole exercise. We are asking the regulator to change the whole protocol for how any customer, who finds themselves in a similar situation, is handled. “We made it very clear that the power company was very wrong in the way it approached long-standing customers. These restaurants employ 500 people, and Sav Mor employs 39 people and is the largest over-the-counter prescription pharmacy on Grand Bahama,” continued Pastor Victor. “We’re going to see now
NOTICE
LEGAL NOTICE
NOTICE UNILINK ASSETS MANAGEMENT LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) UNILINK ASSETS MANAGEMENT LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 26th March, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c)
what transpires from here. Again, the power has not been restored to those restaurants and Sav Mor yet. We still believe the power company is strong arming them. It’s evident by the length of time it’s taking to restore them.” Pastor Victor said that while a regulatory framework and protocol had been signed between the GBPA and power company, outlining each other’s obligations and roles, “the document does not in these cases address how the customer is handled”. “We understand that the power company went by the bye laws that govern electricity regulation and distribution in Grand Bahama,” he told Tribune Business. “The power company feels
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Dmure Limited has been dissolved and has been struck from the Register with effect from 25 February 2019. Lorna Kemp and Magdaline Carey LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas
The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas
Dated this 27th day of March, A. D. 2019 _______________________________ Bukit Merah Limited Liquidator
it has the right to shut down the business right away when it determines there’s been a theft and some illegal hook-up. “We stated that they went ahead and cut the power off on suspicion; without concrete proof. We have asked and requested that a protocol be set up by the regulator to govern how customers that may find themselves in a similar situation are handled by the power company. We have petitioned for that and we will be hearing back from the regulator.” Pastor Victor pledged that the coalition’s efforts will now “intensify” through town meetings and such like, adding: “We don’t agree in any way that this was the right way for the matter to be handled. “We agree that everyone was scammed, and that if you use power you need to pay for it. It has to be in an amount that can be agreed upon by the parties without duress.” As Tribune Business previously revealed, and was subsequently confirmed by GB Power, many installers of these “energy saving devices”
exploited the desperation of numerous businesses and households to reduce electricity bills that had become equivalent to a second mortgage, eliminating corporate profits and shrinking household disposable income. While sold as “magical boxes”, they were nothing of the sort - as confirmed by GB Power, which said many were “fake” and did nothing for energy saving and/or conservation. In order to produce the promised savings, the Freeport-based utility provider said the installations it uncovered had resorted to either bypassing or tampering with electricity meters to under-record actual consumption. Such actions are illegal, with GB Power arguing that customers who had fallen for such deception were “victims of a fraud” that delivered no actual energy savings. The utility, which is 100 percent owned by Canadian-based Emera, added that it, too, was a victim because not all customer energy consumption was being recorded - resulting in underbillings and financial losses.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, TRACEY MARIE FERGUSON also known as TRACEY MARIE LEWIS of South Beach, in the Southern District of the Island of New Providence, intend to change my name by Deed Poll to TRACEY MARIE FERGUSON. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O.Box N-792, Nassau, Bahamas no later than thirty (30) days after the date of this publication notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, THERESA ETHELYN NARRIZA HUNT of Tarpum Bay, Eleuthera, P. O. Box General Delivery, mother of TYESHA ETHELYN ELIZABETH HUNT, a minor, intend to change her name by Deed Poll to TYESHA ETHELYN ELIZABETH WILSON. If there are any objections to the change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-792, Nassau, New Providence, Bahamas no later than thirty (30) days after the date of this publication notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, GENIA LOUISE DEAN of the Eastern District of the Island of New Providence, The Bahamas intend to change my name to GINEA LOUISE DEAN. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of this publication notice.
MARKET REPORT TUESDAY, 26 MARCH 2019
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,120.73 | CHG 0.09 | %CHG 0.00 | YTD 57.16 | YTD% 2.77 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.15 1.15 3.50 10.21 6.60 4.64 12.50 2.74 1.81 9.02 6.40 15.60 6.99 4.47 13.85
52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.80 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.20 4.24 2.03 184.51 158.55 1.61 1.74 1.69 1.12 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.55 1.68 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
LAST CLOSE 4.25 17.43 6.00 5.39 2.15 1.15 2.22 9.85 6.16 4.50 10.64 2.61 1.79 9.23 6.40 15.57 6.98 3.54 13.85
CLOSE 4.25 17.43 6.00 5.39 2.15 1.15 2.22 9.85 6.16 4.50 10.64 2.70 1.79 9.24 6.40 15.57 6.98 3.54 13.85
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.09 0.00 0.01 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
VOLUME 500
VOLUME
200 NAV 2.20 4.24 2.03 184.51 147.81 1.61 1.74 1.69 1.12 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.69 11.79
EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.834 0.578 0.205 0.631
DIV$ 0.130 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.200 0.090 0.600
P/E 25.4 18.7 N/M 16.7 N/M N/M -5.2 13.9 12.8 29.2 17.0 26.5 8.6 N/M 13.3 18.7 12.1 17.3 21.9
YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.74% 0.00% 7.21% 3.57% 2.67% 5.83% 2.22% 3.35% 0.91% 3.75% 3.21% 2.87% 2.54% 4.33%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25% YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 0.76% 4.39% -0.03% 2.04% 0.51% 3.65% 1.03% 3.78% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88
MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Sep-2018 30-Sep-2018 30-Sep-2018
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
NOTICE
NOTICE is hereby given that CLIFFORD SAINT VAL of Golden Gates, Sisal Road, Nassau, The 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, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that JULIAN ANDRÉ KISSOON of #2 Linkford Street. P.O. Box EE-17039, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE is hereby given that STEVEN DELIUS of Hamster Road, off Carmichael Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Wednesday, March 27, 2019, PAGE 7
GOP lawmakers set goal of summer vote for trade deal WASHINGTON Associated Press PRESIDENT Donald Trump and House Republicans moved to build congressional support for the US-Mexico-Canada trade accord yesterday with lawmakers selling the plan as offering big benefits for American workers. But prospects remain uncertain as Democrats are in no hurry to secure a political victory for the president. GOP lawmakers emerged from a White House meeting knowing they likely have a narrow window to push it through both chambers of Congress, given that lawmakers tend to avoid tough trade votes during election season. “There are a lot of big wins for American workers in this agreement,” said House Minority Whip Steve Scalise, R-La. “We’d like to see it move through Congress as fast as possible and create even more jobs with this growing economy.” The White House described the meeting as the first in a series that Trump will have with lawmakers on both sides of the aisle “to build broad support” for the pact. Rep Earl Blumenauer, D-Ore, the chairman of the House subcommittee that has jurisdiction over trade, said the pact needs adjustments to be “worthy of support”. Some Republican lawmakers also have concerns. Sen Chuck Grassley of Iowa, the Republican chairman of the Senate Finance Committee, maintains that
the president should lift steel and aluminum tariffs on products brought in from Canada and Mexico as a first step to getting the trade agreement through Congress. Trump’s top trade negotiator, Robert Lighthizer, told lawmakers during a recent congressional hearing that if they don’t pass the trade agreement, the United States will have “no credibility at all” with future trading partners, including China. “There is no trade programme in the United States if we don’t pass USMCA. There just isn’t one,” Lighthizer said. The White House’s legislative affairs team has talked to more than 290 members of Congress and staff over the past two months to push the deal. But the administration knows that making changes in the agreement to win over lawmakers could jeopardise support for the pact from Canada and Mexico. Sen Joni Ernst, R-Iowa, told reporters recently that many in her state’s agricultural community are “still with the president, but if we don’t get the trade deals done, they could turn quickly”. She said, “We need to start wrapping this baby up.” The trade deal is designed to supplant the North American Free Trade Agreement, which took effect in 1994 and gradually eliminated tariffs on goods produced and traded within North America. US trade with its NAFTA partners has more than
tripled since the agreement took effect, and more rapidly than trade with the rest of the world. But Trump has called NAFTA a disaster for the United States. The new pact his administration negotiated is meant to increase manufacturing in the United States. Trump is warning that if lawmakers don’t approve the pact, the US may revert to what he has described as “pre-NAFTA”. Blumenauer is looking to make changes to the agreement in four areas: enhancing environmental and labour protections, ensuring enforcement of the agreement, and taking on protections for pharmaceutical companies that he believes drive up drug costs for consumers. “I don’t think anyone wants to blow it up, but there is interest in strengthening it,” Blumenauer said. Rep Vern Buchanan of Florida, the ranking Republican on the trade subcommittee, said he believes the vast majority of Republicans will end up voting for the agreement. He’s tried to assure Democratic colleagues that Republicans were “openminded to try and get some things done” to address their concerns. Still, Republicans conceded that Democrats are in charge of the calendar. “Ambassador Lighthizer has said legislation will be sent to the Hill when Speaker Pelosi gives the green light,” said Rep Kevin Brady, the ranking Republican on the House Ways and Means Committee.
Help Wanted - Boat Captain 1 Yacht Captain with Master’s
To advertise in The Tribune, contact 502-2394
FORM B Notice of Intended Marriage (Section 7(3))
A license to captain a 70 foot motor pleasure vessel. Should have 10 years of experience in command of a. Similar vessel. Must have navigational skills with excellent knowledge of Bahamian waters. Experience with state-of-the-art navigational equipment. Knowledge of the operation of Diesel engines is a must. Must be able to maintain engine and systems logs. Excellent salary, commensurate with experience. Please provide CV with resume.
1 First mate with experience working on a large private vessel Must have knowledge of Diesel engines and be able to assist the Captain and handle deck chores which would include keeping the entire vessel clean. The successful applicant must also be proficient in docking assist, anchoring, and tying up the vessel. Must also be able to launch and operate a 15th tender with 40hp o/b engine. Please deliver application to any Chances Games Head Quarters, Nassau, Grand Bahama, Abaco, Eleuthera.
SALLY-ANN PRATT Registrar of Marriages
FORM B Notice of Intended Marriage (Section 7(3))
FORM B Notice of Intended Marriage (Section 7(3))
SALLY-ANN PRATT Registrar of Marriages
SALLY-ANN PRATT Registrar of Marriages
PAGE 8, Wednesday, March 27, 2019
APPLE TRIES TO TAKE A BITE OUT OF CREDIT CARD INDUSTRY Associated Press
APPLE is rolling out a credit card that it says is
designed to do things no other card can. So how does it actually stack up?
THE TRIBUNE It looks different from a traditional credit card — there’s no number on the front and the users’ name is etched in metal. The card expands the company’s digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. And it comes with a bevy of perks — quick sign-up, elimination of most fees, strong security protections and cash back. But industry
SENIOR TRUST OFFICER
A well-established trust company in The Bahamas is looking to fill the position of Senior Trust Officer Main Function: Manage and assist in the administration of portfolio of trusts, foundations and companies pursuant to their respective governing documents, jurisdictional laws / regulations, and internal policies / procedures In this challenging position you will also be responsible for but not limited to the following tasks: • Assist VP Trust & Fiduciary Services in the preparation of an annual budget • Draft, maintain and circulate precedent documents with regard to trust establishment and administration • Liaise and meet with prospective new clients • Monitor and enhance Trust Department revenue, both billing and collection • Review periodic (annual) administrative reviews for trusts, foundations and companies • Review periodic (annual, semi-annual, quarterly) financial statements for trusts, companies and foundations • Liaise by telephone and in writing with internal / external relationship managers, accountants, advisors, investment managers, bankers, lawyers and clients The successful applicant must have the following qualifications: • Completion of Bachelors Degree or higher • Minimum of ten years experience working within a banking / trust company environment • TEP Qualification or experience equivalent • Above average fluency with spoken and written English at a professional level, other language a plus • Computer literate (MS Office products and Microsoft Windows operating system) • Strong organization and communication skills • Team Player Applications/resume should be sent by e-mail to
peter@pghrbahamas.com Under reference “Senior Trust Officer”
ABSOLUTELY NO TELEPHONE INQUIRIES WILL BE ACCEPTED Persons not meeting the above requirements need not apply Deadline for applications 5th April 2019
JENNIFER BAILEY, vice president of Apple Pay, speaks about the Apple Card at the Steve Jobs Theater during an event to announce new products in Cupertino, Calif. Apple is hoping a credit card will entice more iPhone owners to use Apple Pay. Photo: Tony Avelar/AP experts say they aren’t impressed — the financial benefits mirror many of those already out there for consumers. WHAT DOES IT COST? Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — three percent on Apple purchases, two percent on those with the virtual card and one percent with the physical card. “I’m underwhelmed,” said Ted Rossman, industry analyst at Creditcards. com. “People will sign up for it, but that will be mostly because they love Apple, not because this card is better than anything that already exists.” He points to the Citi Double Cash card, which offers an easy-to-use two percent back on any purchase. Or the US Bank Altitude Reserve Visa Infinite card, which offers three points per dollar on mobile-wallet spending —worth three percent cash back or 4.5 percent off travel. Rossman said even another branded credit card, the Uber Visa card, comes out on top with four percent cash back on dining purchases. Apple points out that it is the only card to provide those rewards in real time, so that cash earned can be used immediately. Other companies often make users wait a statement cycle
or until the bill has been paid. But WalletHub CEO Odysseas Papadimitriou is dubious people who can afford an iPhone and qualify for the card will need that cash so quickly. He also reiterated that there are better rewards out there, particularly for people with strong credit. “There are other cards that have better rewards and no annual fee,” he said. “There is a healthy market there, so from that perspective there is nothing unique.” A note on the interest rates as well — the card doesn’t come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 percent to 24.24 percent based on creditworthiness. That’s right in line with the rest of the market, Rossman said.
the card — such as help with purchases or fraud protection — but your Apple Card data will not be used for any other purposes. Even critics concede that the Apple Card technology provides a new layer of protection not available with other cards. And mobile payments, such as Apple Pay, are generally more secure than traditional credit cards. However, consumers already have zero fraud liability with credit cards, said Papadimitriou. Federal law limits a consumer’s fraud liability to $50 but all the major credit card networks — Visa, Discover, American Express and Mastercard — provide zero liability for consumer cards. Apple is working with Mastercard to create the Apple Card. So, he said, the added protection may be more perception than reality for most.
WHAT ABOUT SECURITY? Apple prides itself on privacy and security, so no surprise, the card sets itself apart here. The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it’s protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won’t be able to use the card to buy things. Apple says it won’t get information on what you buy with the card or where or for how much. And it says Goldman Sachs, which Apple is working with to provide the card, will use your data only to operate
HOW EASY IS IT TO USE? Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more userfriendly format, eliminating some of the gibberish that fills a traditional credit card statement. It also includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision. It allows users to set up weekly or biweekly payments to better match up with their paychecks.
Progressive Career Opportunity
The Civil Aviation Authority of The Bahamas (the Authority), a statutory body with responsibility for regulatory oversight of the aviation sector, is seeking the services of a:
Deputy Legal Counsel Position Summary The successful candidate will assist the Legal Counsel in, inter alia, providing advice to the Authority on a wide range of legal matters; in conducting legal research and drafting legal documents, including laws, regulations and guidelines, and in representing the Authority in civil litigation and administrative hearings. Key Job Responsibilities include: • Conducting research and advising on legal issues, national laws, regulations and administrative interpretations; • Preparing research memoranda, opinions and reports; • Drafting and reviewing contracts, agreements and other legal documents and instruments; • Drafting policies and procedures for the enforcement of regulations promulgated by the Authority; • Representing the Authority in court cases and civil litigation and administrative hearings; • Providing timely and sound legal support to management on matters that affect the Authority; • Responding to external requests on legal matters; Minimum Requirements • LLB (Hons) Degree from an accredited college or university. • At least three (3) years’ experience in the practice of law; knowledge of Bahamas and international aviation laws and regulation considered an advantage. • Demonstrated ability to create legal defensive or proactive strategies. • Excellent communication, presentation and interpersonal skills • Good organizational and time-management skills • High degree of professional ethics and integrity Qualified candidates are invited to submit, via email, their CVs/Resumes, copies of academic qualifications and training, along with supporting documentation, including three (3) letters of reference, to the attention of the Director General, Civil Aviation Authority of The Bahamas, at hrd@bcaa.gov.bs, on or before April 5, 2019.