04012019 BUSINESS

business@tribunemedia.net

MONDAY, APRIL 1, 2019

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Freeport hopes it’s now ‘bride, not bridesmaid’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TOP Freeport realtor is voicing hope that the ITM/Royal Caribbean project will reverse the city’s unhappy recent history of “always being the bridesmaid, never the bride”.

James Sarles, principal at Coldwell Banker James Sarles Realty, told Tribune Business that the joint venture’s impending purchase of the Grand Lucayan, and combining its redevelopment with Freeport Harbour, had already sparked “a tremendous amount of hope and confidence in the marketplace”.

While acknowledging that the deal has yet to close, and that both ITM/ Royal Caribbean and the government have to undertake the necessary due diligence and negotiations, Mr Sarles said the parties’ signing of a letter of intent (LoI) had within hours sparked a flurry of inquiries about Freeport real estate.

Praising the government for “luring a major player”, he added that the Mexican port developer and cruise line, together with the

SEE PAGE 7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A BAHAMAS-based multi-family office, which plans to double its workforce by launching a new business and investment fund, says this nation must avoid the “rogue country” label at all costs.

Brendan Dunn, chief executive of Holdun Family Office, told Tribune Business that The Bahamas can ill-afford to be “blacklisted” given that such status would ultimately result in the likes of the European Union (EU) and OECD “doing everything in their power to weaken” the financial services industry.

Backing the measures taken by the Government to escape the EU’s tax “blacklist”, Mr Dunn nevertheless cautioned that this nation needed to adopt rules and regulations “that make sense for The Bahamas” while still meeting international best practices so that it did not comply

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

KRAVITZ

SHERMAN

damages she may have suffered.

The former Miss Bahamas Universe winnerturned-songstress sparked

SEE PAGE 8

Bahamian dealers beat US extradition

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

TWO Bahamians accused of facilitating an alleged $500m securities fraud and money laundering scheme are celebrating after the courts in Belize quashed the US bid to extradite them.

Kelvin Leach and Rohn Knowles, who were indicted by US prosecutors in eastern New York some four-and-a-half years ago, succeeded in defeating efforts to have them answer

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Financial provider set to trigger expansion

Ministry’s Kravitz campaign avoids ‘irreparable harm’ THE Ministry of Tourism’s Lenny Kravitz-led marketing campaign has escaped “irreparable harm” after a US court barred disclosure of its commercial terms to a former Bahamian beauty queen.

The southern Texas federal court, in a March 27 ruling, declared the Ministry’s deal with the Grammy award-winning rock icon off-limits to Khiara Sherman and her attorneys on the grounds that it is “not a relevant benchmark” for determining any copyright

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the allegations by arguing that Belizean law and their constitutional rights under it were breached.

The duo, both financial services professionals and the principals of a Belizebased broker/dealer, Titan International Securities, had their victory confirmed when the Belize Court of Appeal ruled that US investigators had violated the country’s telecommunication interception laws by secretly recording their conversations.

SEE PAGE 6

• Family office to launch new Bahamas business • Says US real estate fund launch imminent • Growth set to double workforce

BRENDAN DUNN away its competitive advantages.

Voicing optimism over The Bahamas’ future prospects, Mr Dunn confirmed that the Albany Financial Centre-based business is gearing up for expansion that will double local staff numbers to around nine to ten within the next three-six months.

He revealed that the fifth generation multi-family office, which manages wealth for other families as well as his own, plans to launch a new Bahamasbased company named Holt Financial within the next month to two months.

A real estate fund focused on investments in US commercial real estate

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DIONISIO D’AGUILAR

Govt ‘within’ $25m budget for Lucayan

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

is also ready to be unveiled, with Mr Dunn also disclosing that Holdun Family Office is expanding further internationally with the imminent opening of a Miami office within the next ten to 30 days.

Speaking after Holdun Family Office received the BV Award for the best multi-family office in the Caribbean for the second consecutive year, Mr Dunn said the company was already examining how it could use recently-passed legislation to escape the EU “blacklist” to its and its clients’ advantage.

“There will be another four to five [staff ] in place in the next three to six months,” he told Tribune Business of The Bahamas’ operation, which serves

A CABINET minister yesterday predicted the government “will be within” the $25m budget allocated for the Grand Lucayan, adding that he could “see no impediment to a speedy closing”.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the sums spent by the taxpayer to cover the resort’s operational costs and line staff payouts since the government took over ownership on September 11 last year will “seem miniscule” compared to the benefits that will emerge from the ITM/Royal Caribbean deal.

Asked whether the government had agreed to provide extra tax breaks and incentives in return

SEE PAGE 4

SEE PAGE 5

PAGE 2, Monday, April 1, 2019

THE TRIBUNE

Bahamian business ease key to our financial independence Dear Business Editor TODAY’S Tribune (Friday, March 29) contains the balance sheet and profit and loss (P&L) statements for Royal Bank of Canada (RBC) and Finance Corporation of The Bahamas for the year to October 2018.

They show, in both cases, a reduction in assets and retained earnings compared to 2017. Surely this needs some explanation and comment. The reduction in FINCO’s cash balance, and the payment of almost 100 percent of net income as dividends in both cases, shows that profits are being taken out of The Bahamas and reducing the cash in the bank. The causes include the devastating effect of the attempts by the European Union and Organisation for Economic Co-Operation and Development (OECD) to “blacklist” us, which has caused new laws to be written that have scared off 80 percent of our offshore currency balances and clients. This has led to less income for IBC managers and investment advisers.

We need Financial Independence I entirely agree with your correspondent, Brian E Plummer, who on

Letters to the Editor Monday, March 25, pointed out that developed economies deal more in manufacturing than the developing economies.

Financial Independence is de facto independence and will avoid us becoming the servant of developed countries.

I would go further and agree with Sir Ronald Sanders’ article in the same paper where he quotes PJ Patterson in his new book, My Political Journey, detailing his role as a Jamaican politician and prime minister, where he describes how he fought for CARICOM and its unity in protecting the sovereignty of all Caribbean countries and maintaining the rule of law.

It was sad to hear our prime minister last Monday night avoiding any support for economic development of the kind being promoted

by BAMSI (The Bahamas Agricultural and Marine Science Institute), which will save the country from spending so much on importing foreign food.

Fortunately, the following day’s Business section article, Seize new optimism for Bahamian empowerment, made a plea for local investment in manufacturing and producing entities where the profits can stay in this country and not be a drain on our currency reserves. Maybe one day we can feed ourselves. Any new business may involve exceptional risk, and must depend on two things: Competent and experienced direction, and access to expertise.

Financial commitment and/or security for lenders The less we need foreign capital and control, the better for our economy.

Current legislation and regulation encourages foreign capital by granting tax incentives, some of which are not available to locally-owned businesses. They must support low grants of loans for small amounts specifically to purchase equipment, and an amount for a living wage and rent of premises, to get started. The requirements of the government-sponsored Bahamas Entrepreneurial Venture Fund are far too demanding, almost as bad as a bank, in seeking documentation from an existing business to support the application.

The Small Business Development Centre has limited authority and staff to assist new business applications for grants or finance. The Industries Encouragement Act Chapter 326 enables a new manufacturing business to apply for approval and, if the company is 60 percent or more owned by Bahamians, it can obtain tax exemptions providing they export at least 95 percent of their production.

Why is this?

The advantage may be to receive foreign currency payments for the exports, but it hinders the circulation of local currency for locally-produced goods manufactured here. And it is expensive to ship abroad involving local shipping, local Customs inspections and international inspections and regulations. All in all, the better market is the local market, and the law should be changed to permit all new manufacturing businesses to receive the same tax exemptions up until their profits exceed $250,000 per annum at least. If the product is produced locally, like eggs, why allow imported eggs at cheap prices? Mr Pinder of Abaco Farms is complaining, too.

We must make it easier

PRODUCTIVITY COUNCIL CONSULTATIONS LAUNCH

NTC members and Labour officials. Photo: Kristaan Ingraham/BIS THE National Tripartite Council (NTC) has formally launched consultations on legislation designed to establish a National Productivity Council for The Bahamas.

Senator Dion Foulkes, minister of labour, described the enactment of national productivity legislation and the council’s creation as the number one priority for the National Tripartite Council when he addressed its annual general assembly late last month.

Robert Farquharson, the NTC’s chairman, said Sumner Strategic Partners (SSP), led to do business here for Bahamians.

Anthony Howorth President, Euro-Caribbean Management Services and Big Dog Bahamas.

NB: The latter is the proposed trade name for

by Edison Sumner, has been hired as the consulting agency tasked with leading public and private sector consultations on the draft bill and accompanying white paper over the next five months.

The consultation process aims to obtian input from all stakeholders, including civil society, through a series of town hall meetings in New Providence and throughout the Family Islands. Consultation will help define what productivity is, and what its impact will be, on the Bahamian society and economy.

Recycle Vision Bahamas, a 60 percent Bahamian-owned manufacturing business planning to export 90 percent of its products that will be made from local salt, sand and other biologically-sourced ingredients.

THE TRIBUNE

Monday, April 1, 2019, PAGE 3

Bahamas’ WTO bid faces new scrutiny

BRENT SYMONETTE THE fourth Working Party meeting on The Bahamas’ bid for full World Trade Organisation (WTO) membership will take place this coming Friday in Geneva, Switzerland.

The meeting comes as the latest WTO filings show member states of the Working Party have been asking questions of The Bahamas concerning the level of subsidies provided to local farmers by the government, including those targeted at agricultural exports.

An eight-page questionnaire on “state trading” has also been issued, which is likely to focus on the level of government involvement in the Bahamian economy through state-owned enterprises (SOEs) such as Bahamasair and the level of favourable government support/treatment extended to them.

The fourth Working Party meeting will likely review revisions made to The Bahamas’ initial market access offers on goods and services. The original offers were made last year.

The Working Party,

which will lead negotiations to determine The Bahamas’ WTO accession terms, consists of member states who have an interest in trading with The Bahamas. These include the likes of the US, Canada, the European Union (EU), China, the UK, members of CARICOM and, possibly, Latin American nations such as Brazil.

The WTO’s February/ March newsletter said of the upcoming fourth Working Party meeting on The Bahamas: “In preparation for the fourth meeting of the Working Party, a revised factual summary of points raised and other documents were circulated in December 2018.

“The circulation of additional negotiating inputs, including revised market access offers for goods and services, is expected for early March... Three officials from The Bahamas, including chief negotiator Zhivargo Laing, participated in the Seminar on WTO accessions rules from February 4 to 15. On the margins of the seminar, the delegation held bilateral

ZHIVARGO LAING meetings with several members.”

The Bahamian delegation to this week’s Working Party meeting is led by Brent Symonette, minister of financial services, trade and industry and Immigration. He is being accompanied by Zhivargo Laing, The Bahamas’ chief WTO accession negotiator, and senior technical officers from his own ministry, the ministry of finance, the ministry of agriculture and marine resources and the Customs Department.

Several bilateral meetings with WTO member states will take place over the next four days before the fourth Working Party meeting. The delegation will also hold meetings with officials from the WTO Secretariat and other Geneva-based organisations to discuss ongoing and future technical assistance for The Bahamas.

The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) has joined the mission as observers.

BALANCE KEY FOR VACATION RENTALS

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net VACATION home rentals are the “perfect opportunity” for Bahamians to gain tourism sector ownership but must be taxed and regulated, a senior industry official believes.

Kerry Fountain, the Bahamas Out Island Promotion Board’s (BOIPB) executive director, told Tribune Business: “Airbnb is here today because of consumer demand and it’s not going away. The second home rental business provides an opportunity for Bahamians to have ownership in the tourism business, not as a taxi drivers, maids or as a restaurant owner but

technically as an accommodation provider.

“From where we sit at the BOIPB we feel it’s a bit unfair at this time because they are operating a business and should have to pay a business licence. They need to be paying something back. You have to contribute to the overall promotion of the country.

“In addition to a business license being required and paying VAT, we feel the industry has to be regulated.

We’re seeing Airbnb do that today. We have to think outside the box in as far as regulations concerned with the second home market.”

Turning to the performance of Family Island resorts, Mr Fountain told Tribune Business: “Signs for

the first quarter and second quarter of 2019 are very positive. We’re starting to get more lift to islands that didn’t have it already.

“Cat Island has been a very positive story for us.

We were experiencing some inconsistency and unreliable service. Western Air back in December started service into New Bight. Silver Airways’ service from Fort Lauderdale to Cat Island had to be delayed, but it is anticipated that service will be launched on May 1.

“In the southern Bahamas we still have issues. San Salvador, Acklins, Crooked Island and Long Island.

They are still struggling. We continue to try and address it. It’s a challenge and it’s frustrating.”

PAGE 4, Monday, April 1, 2019

THE TRIBUNE

Financial provider set to trigger expansion FROM PAGE ONE as Holdun Family Office’s international headquarters.

“It’s just the business that we’re doing; creating more companies and investing more stuff, and more clients need more staff to support them. This is building the foundation for future growth. We have a lot going on so we need the staff to support that.”

Mr Dunn said the Albany office was “all Bahamian” with no work permits, although the addition of new ventures would require some highlyskilled expatriate labour who would be tasked with effecting knowledge transfer to local workers.

“Everything we do has a long-term focus,” he explained. “What’s new is we’re launching a real estate fund focused on US commercial real estate.

We’ll be investing, and offering it to our clients.

That will be unique, and we’re working on other stuff we’ll be able to disclose in the next 30 to 60 days.

“Holt Financial, a new company, will be based

here. It’s a whole new business. It’s in stealth mode right now, but we should be ramping up in the next month or two. We’re the biggest investor, shareholder, and are offering it to clients to participate in this institution.”

Mr Dunn explained that his family sought to be the first, and largest, investor in any structure or product it created to give its other high net worth family clients confidence and comfort that the investment was sound.

Describing this as “the trust factor”, he said: “I think we have a good reputation. We’ve been doing this for five generations.

We’re not here for a quick buck, and that creates comfort with the clients.

We strive to be the biggest investor in everything we do, put our money where our mouth is and make sure it’s aligned with the interests of clients.

“We’ve had good returns, which is obviously important, and provide proprietary product offerings which have done very well and offer great diversification for clients that they can’t get anywhere else.

You can’t be a standalone money manager nowadays; you have to provide added value.”

Family offices, which some see as a key component of the Bahamian financial services industry’s next evolution phase, are much closer to their clients than a traditional private bank or trust company.

They provide an almost personalised service for a high net worth family or group of families, managing their financial and everyday needs.

As a result, they can be much more nimble and decisive in responding to changing market and client needs - something that is extremely important in a climate where international financial centres (IFCs) such as The Bahamas are under almost constant attack and pressure from international regulatory initiatives.

“We never want to be big enough so we don’t know who a client is, and they’re just a number,” Mr Dunn explained. “I know who every one of them is, their background and myself and my father visit them every few months.

“We want to have a personal touch that you do not get from a larger bank, and be service-oriented and put the client first, moving quicker than a bank.”

Mr Dunn agreed that The Bahamas’ financial services future lay in attracting high margin, value-added business to these shores - something that may be encouraged by the “physical presence” legislation recently passed to escape the EU’s “blacklist”.

He added that The Bahamas’ still possessed the tax neutral platform, lifestyle quality, professional wealth management base, US proximity, airline connectivity and New York timezone to attract investors and high net worth individuals to follow their assets here - provided the jurisdiction avoided any “blacklists”.

“I could be very negative and say it’s going to hell,” Mr Dunn told Tribune Business of financial services, “but I want to live here, be here and it’s in my best interests to support the jurisdiction.

“We cannot be seen as a ‘blacklisted’ jurisdiction,

and have to make sure we adopt rules and standards that... make sense for The Bahamas. We don’t need all the rules. We have to pick and choose what’s best for The Bahamas but still conform to international standards.

“If we do that, the jurisdiction will not be blacklisted, it will be seen in a favourable light and will grow and prosper. If we’re blacklisted, we will be seen as a rogue country that the EU and OECD will do everything in their power to weaken, the glass will be half empty and the sector will suffer.”

Mr Dunn warned against going after undeclared capital that was non-tax compliant as this would shift frequently from jurisdiction to jurisdiction in a race to the bottom that The Bahamas should not participate in.

“For us everything we do is compliant,” he said.

“All of our clients are fully declared, and we have no issue with disclosures and tax declarations. Any legislation that creates a better quality reputation for The Bahamas is good for us.

“Non-compliant people

will always be jumping from jurisdiction to jurisdiction to fight the tax person. That’s short-term money; it’s not something we want to be associated with. If we were top start being seen as a blacklisted jurisdiction there’s a hit on the jurisdiction as a whole.

“Some people may choose to go elsewhere as it’s hard to do banking from a blacklisted jurisdiction, it’s harder to wire money out, and it’s the reputation of the jurisdiction that impacts whether people relocate there or go somewhere else.”

Mr Dunn also revealed that Holdun Family Office is expanding to Miami with a five-strong office that should be set-up within the next ten to 30 days, once all US regulatory approvals are received. The location will give it access to the “Latin American hub” and clients from that region.

He added that the company’s second BV Award “shows a good light on The Bahamas”, and pledged that Holdun Family Office would continue to promote the jurisdiction over its rivals.

Career Opportunity Scotia Wealth Management is seeking the services of a

Senior Manager, Fiduciary Investments Position Summary: The Senior Manager, Fiduciary investments is responsible for the review of portfolios of asset holding structures involving trusts, companies, agencies and private funds created by high net worth individuals and enterprise groups of that they control. This position will work in close partnership with Centralized Advisory to implement an investment policy and requires experience in analyzing international financial markets. The Senior Manager, must have diverse product knowledge relating to both the investment and trust fields in several international jurisdictions.

Key Accountabilities for this role:

NASSAU DOWNTOWN | JUNKANOO BEACH West Bay Street, P.O. Box SS-6230, Nassau, The Bahamas OPEN POSITION:

Experience Sales Manager REQUIREMENTS: Excellent interpersonal leadership skills Flexibility; decisiveness; motivation; reliability and creativity Extensive knowledge of the local hotel market, and the international markets to solicit group business Ability to multitask Strong organizational, sales and negotiation skills Ability to work on own initiative Extensive knowledge of the hotel, its services and facilities Must be able to work/perform under pressure in a fast pace environment QUALIFICATIONS: Bachelor Degree in hospitality Management Three years minimum experience in Hotel or Resort Sales RESPONSIBILITIES INCLUDE BUT ARE NOT LIMITED TO: Develop and maintain relationships with key clients in order to produce group and/or convention business, FIT, Retail Travel Agent and OTA Segments to include room sales.

Develop and maintain good relationships with officials and representatives of local community, groups, companies and trade organizations, and attend local and out of town meetings, trade shows and conventions in order to generate sales for the Courtyard by Marriott Nassau Downtown/Junkanoo Beach Hotel.

Ability to negotiate with clients, achieve maximum revenue/profit potential while satisfying the client’s needs.

Sales calls to Local Corporate, Churches and organizations to solicit new business for the hotel Participate in industry -related events, promotions and trade shows to represent The Courtyard by Marriott Nassau Downtown/Junkanoo Beach Hotel.

Work cohesively with Director of Sales and Marketing to create new strategies, implement packages and programs to increase business/revenue.

Please forward your cover letter and Resume to: Clinton.Davis@Courtyard.com

• Understand the nature of the investment relationship within a Trust Structure. This will require: - a debrief with the relationship manager and Trustee; a review of trust, company or agency documentation that apply to a relationship including ancillary materials such as investment policy statements, letters of wishes, and Scotiatrust’s Confidential Investment Questionnaire; monitoring correspondence with investment advisers, investment committees, investment managers, protectors and other parties who may have an influence over the investment dimension of a relationship.

• Monitor investments and performance against objectives and benchmark working with Centralized Investment Advisory to determine any deviations from the investment policy statement, or documentary investment provisions that apply to the relationship where investment powers are employed by parties outside of International Wealth.

• Ensure a comprehensive understanding of each relationship’s financial and investment needs, risk tolerance and long term objectives by conducting an extensive review of all documentation, as well as of correspondence with investment advisers, investment committees, investment managers, protectors and other parties who may have an influence over the investment dimension of a relationship. Maintain ongoing written and verbal communication with such parties including beneficiaries, beneficial owners and principals and identifying changes in life-style and investment opportunities that may affect the financial objectives that have been set for the relationship.

• Meet Regulatory Compliance, Anti-Money Laundering/Anti-Terrorist Financing and Bank Policies and procedures for Customer transactions.

Educational/Competency Requirements: • An understanding of financial markets and investments; • University Degree (with courses in Economics, Accounting and Finance); CFA; CSC; Series 7 or equivalent designation; • Minimum 5 years direct experience with investment vehicles and interaction with beneficiaries, beneficial owners, and principles. This understanding must include expertise in investment returns, potential risks and structuring portfolios; • Understanding of financial analysis, portfolio structuring; • Global market perspective; • Strong interpersonal and communication skills; • Client driven in the Society of Trust and Estate Practitioners is encouraged; • Computer literacy in, Microsoft Office and Bloomberg; • Ability to speak Spanish will be an asset.

Qualified candidates should submit C.V. via email to: hrbahamas@scotiabank.com on or before April 5, 2019.

Please note that only those individuals short-listed for an interview will be contacted.

™Trademark of The Bank of Nova Scotia, used under licence (where applicable).

THE TRIBUNE

Monday, April 1, 2019, PAGE 5

Govt ‘within’ $25m budget for Lucayan FROM PAGE ONE for the joint venture agreeing to pay a $65m purchase price, Mr D’Aguilar said these issues had yet to be discussed and would be dealt with in the upcoming Heads of Agreement talks.

“The specifics of the incentives were never discussed,” he explained.

“They asked if incentives would be available, and we said yes, but there were no specific discussions at the stage. That’ll be discussed in the Heads of Agreement.”

The government last week signed a Letter of Intent (LOI) with ITM/ Royal Caribbean for the resort’s purchase, triggering exclusive negotiations with the joint venture to close a sales agreement and Heads of Agreement for the acquisition and wider redevelopment of the Port Lucaya and Freeport Harbour areas.

The $65m purchase price was the same sum as the government paid last year to purchase the property from former owner, Hutchison Whampoa, and several observers suggested this figure was reached for political purposes so the Minnis administration could say it did not take a loss on the deal.

They argued that the government and ITM/Royal Caribbean had both overpaid for the property, based on past appraisals and the fact that the Wynn Group, the Toronto-based developer who twice emerged as a front-runner to acquire

the Grand Lucayan, had sought to reduce the purchase price to $40m.

Mr D’Aguilar, though, both defended the $65m price tag and said no extra incentives had been agreed with ITM/Royal Caribbean to encourage them to pay this sum.

“I don’t know where anyone claims the resort is not worth $65m,” he told Tribune Business. “We purchased it for $65m, they are purchasing it for $65m, so it must be worth $65m. Where the buyer meets the seller, that’s the price.

“Obviously there are persons who would say we invested money in the property when we held it.

Absolutely. We had operational costs, severance costs. We budgeted $25m for the Grand Lucayan in the budget this year. Are we going to come within that number? I think we will.”

Mr D’Aguilar said the $25m would have been paid to Hutchison Whampoa to cover the Grand Lucayan’s operating losses and encourage it to keep the resort open until a buyer was found, “but they opted out.

“We opted in to keep it going,” he added. “There were obviously some monies we paid before we took ownership of it. I think the government was already assisting with the payroll costs because Hutchison Whampoa wanted to downsize and the government was providing a subsidy to keep people employed. We met that in place from the previous government.

“We had $25m in the Budget for that. It’s going to seem miniscule, that amount of money the taxpayer has paid this year, based on the potential realised from this deal... That’s money well spent.”

Besides the initial $65m sale outlay, some $30m of which was paid by the closing, the government also committed to paying Hutchison Whampoa around $1.5m to cover losses incurred between the date their purchase agreement was signed and September 11. There are also the estimated $1m per month subsidies incurred over the past seven months to cover operating losses, and the $3.2m payout to departed line staff.

Further potential costs of between $3.1m to $5.5m could arise depending on whether a similar payout deal is struck with the Grand Lucayan’s managers, along with interest on the bonds given to Hutchison as part of the purchase price.

The government’s sixmonth fiscal “snapshot” for the period to end-December 2018 revealed that it had injected $45.4m into the Grand Lucayan over that period, including $13m to cover its operational costs.

The latter sum will not be recovered by the purchase price.

Mr D’Aguilar, though, pointed out that previous PLP and FNM governments had spent between $15m to $25m per year in subsidies and other concessions to keep the Grand Lucayan afloat.

Career Opportunity Scotia Wealth Management is seeking the services of a

Senior Manager – Regional Anti-Money Laundering (AML) / Anti-Terrorism Financing (ATF) and Sanctions Position Summary: The Senior Manager, Regional Anti-Money Laundering/Anti-Terrorism Financing and Sanctions is part of the Compliance and AML/ATF 2nd Line of defense team located in The North District (Jamaica, The Cayman Islands and The Bahamas) that provides oversight of the Wealth Management business in the North District which includes Trust, Private Banking, Brokerage and Investment. This position contributes to the success of the Compliance, AML/ATF Enterprise and Ethical Conduct programs by ensuring specific AML/ATF support, reporting, testing, training, and other initiatives are executed/ delivered in support of business strategies and objectives and that all activities conducted are in compliance with governing regulations, internal policies and procedures.

Key Accountabilities for this role: • Acts as the Money Laundering Reporting Officer (MLRO) for Scotiatrust Bahamas and gives support to other MLROs in the region on AML/ATF and Sanctions issues impacting the Group’s Wealth Management Business, as required.

• Oversees and monitors the Regional Wealth Management businesses’ AML / ATF and sanctions programs to identify areas of regulatory compliance or controls risk, with the view to implementing the necessary enhancements.

• Provides support to the Director AML Program and Head of the CFIU and District Compliance Directors, to monitor the businesses’ AML/ATF and Sanctions operations to ensure that AML/ATF risks are managed effectively and efficiently and in accordance with the firm’s Risk Appetite.

• Assesses and provide effective challenge over the management of AML / ATF and Sanctions risks including but not limited to the acceptance of new business, relationship management and relationship monitoring, independently and collaboratively by actively participating in various committees (e.g. New Business Committee (“NBC”), where applicable.

• Provides advice and counsel to the Regional Wealth Management businesses with respect to AML/ATF and Sanctions, products, programs, policies and procedures.

• Identifies trends and/or gaps across Regional Wealth Management businesses and reports findings with recommendations on how to improve the effectiveness of first line controls to AML/ATF and Sanctions program across the English Speaking Caribbean.

• Identify and investigate any systemic issues and trends; determining solutions; preparing writings to Senior/Executive Management and monitoring to ensure approved solutions are implemented.

• Pro-actively identifies potential violations of AML / ATF and sanctions requirements, internal policies and procedures, in a timely manner and makes recommendations to mitigate business, compliance and operational risk, in order to minimize risk of financial loss, damage to reputation, regulatory sanctions fines or penalties.

• Maintains deep knowledge & understanding of industry issues and practices, AML / ATF and Sanctions requirements and associated changes, as the Wealth subject matter expert for the region.

• Supports the development of internal policies aligned with applicable industry regulations and reflective of rule changes from various regulatory bodies.

• Provide guidance, support and training to the businesses on emerging issues, AML / ATF and Sanctions trends, and industry best practices.

Educational/Competency Requirements: • Post-secondary education with relevant experience in the financial services industry, preferably within a regulatory compliance, audit or risk management function • Extensive knowledge of securities trading, money-laundering and settlement risks would be an asset.

• Strong analytical skills, results orientation and data driven approach in decision making (via KPIs and Metrics); • Ability to drive success in a high performing, flexible and small team environment; • Excellent knowledge of Wealth Management business and regulatory compliance requirements; • Strong analytical and communication skills, results orientation and data driven approach in decision making; • Experience with providing insights to and interacting with the business; • Experience using analytics to identify areas of risk and opportunities for improvement.

Qualified candidates should submit C.V. via email to: hrbahamas@scotiabank.com on or before April 5, 2019. Please note that only those individuals short-listed for an interview will be contacted.

™Trademark of The Bank of Nova Scotia, used under licence (where applicable).

He yesterday promised that the government would seek to complete negotiations with ITM/ Royal Caribbean for the resort’s sale “in the quickest possible time”, with a closing - providing all goes well in due diligence

- likely in three to six months’ time.

“One never knows how these negotiations will twist and turn,” Mr D’Aguilar told Tribune Business, “but coming off last week everyone was very buoyant, very

supportive and the government and potential purchasers excited and motivated to try and do this in the quickest possible time.

“Right now, standing here, I see no impediment to a speedy conclusion.”

PAGE 6, Monday, April 1, 2019

THE TRIBUNE

Bahamian dealers beat US extradition FROM PAGE ONE

Their attorney, Eamon Courtenay, argued that this also violated their right to privacy, and not to be subject to arbitrary search and seizure, under the Belize constitution.

The procedural errors and irregularities thus doomed the US extradition attempt against the two Bahamians, with the Belize court of

appeal ruling in late March 2019 that the matter be “permanently stayed”. That means the US authorities can no longer seek their extradition in this matter.

Messrs Leach and Knowles were arrested by the Belize authorities on September 15, 2014, as they sought to leave the country via private jet. Tribune Business understands the duo were then mulling whether to return to

The Bahamas and fight US attempts to extradite them from here.

Financial services industry sources familiar with the duo revealed at the time that Mr Leach once worked as an inspector for the Securities Commission, examining the regulator’s licensees to ensure they were in compliance with all laws and supervisory norms.

Once source even recalled Mr Leach “leading” the

regulator’s examination of his firm.

Mr Knowles, meanwhile, is understood to have been a former employee at RoyalFidelity Capital Markets, where he worked as a securities trader, before he made his way to Belize.

Mr Knowles is understood to have family connections to Sir Garet “Tiger” Finlayson.

Thomas McGuire, a Federal Bureau of Investigation (FBI) agent, revealed in a September 2014 affidavit

To advertise in The Tribune, contact 502-2394

that a more than twomonth “wiretap” of phones belonging to Titan and other individuals/entities in the alleged scheme was conducted. Some 2,000 phone calls were intercepted and monitored.

Both Messrs Leach and Knowles were listened to, confirming wire transfers and taking trading orders, some from clients engaged in tax evasion and money laundering. The indictment against them alleged that they and Titan aided a fraudulent scheme devised by a US citizen, Robert Bandfield, and his Belizean partner, Andrew Godfrey.

The US district attorney for eastern New York, Loretta Lynch, later attorney general under the Obama administration, alleged at the time: “Bandfield and his coconspirators devised not

only a fraudulent scheme but an elaborate corporate structure, based on lies and deceit, designed to enable US citizens to evade and circumvent our securities and tax laws.

“They set up sham companies with figureheads at the helm in an attempt to deceive US law enforcement and regulators, and bragged about their scheme to their clients.

“Today’s sweeping indictment, charging the individuals and companies responsible for this $500 million scheme, closes this fraudulent offshore safe haven and sends a strong message to those who seek to abuse the financial markets in order to enrich themselves that we will investigate and prosecute them no matter where they set up shop.”

THE TRIBUNE

Monday, April 1, 2019, PAGE 7

FREEPORT HOPES IT’S NOW ‘BRIDE, NOT BRIDESMAID’ FROM PAGE ONE separate $100m port proposed by the latter’s rival, Carnival, “will open up a form of tourism we’ve never had”.

Mr Sarles admitted that many previous investments promised for Freeport had failed to materialise, but said the involvement of the world’s two largest multibillion dollar cruise lines had given residents and businesses extra comfort that the current projects were for real.

“We’re doing great now,” he told Tribune Business of the ITM/Royal Caribbean LOI signing. “Without a doubt it’s going to have a drastic impact on the real estate market. And it already has.

“Based on the announcement we sent out, the press release we sent out right away, people made contact and said: ‘We’re interested in looking at the properties we looked at in the past.

Can we visit that oceanfront lot? Are those units at the Bell Channel still available?’

“It’s really created a tremendous amount of excitement. We’ve been waiting for this announcement. Even though it’s just an LOI, it’s created an amazing amount of hope and confidence in the marketplace, and people are looking at business opportunities. It’ll be something to hang our hats on.”

The LOI triggers exclusive negotiations between the Government and ITM/ Royal Caribbean for the Grand Lucayan’s sale, along with negotiations

over a Heads of Agreement for the resort’s rebirth, creation of water-based adventure theme parks at Port Lucaya and Freeport Harbour, additional cruise berths and transportation links between the two sites.

The ITM Group/Royal Caribbean consortium is proposing to invest $195m in phase one of its project alone, a figure that includes the $65m resort purchase price, over a 24-month period. Around 2,000 jobs will be created as a result of an extra two million cruise passenger visitors to Freeport annually, attracted by its transformation into a “world-class destination”.

Mr Sarles said the increased jobs and activity will yield an economic “trickle down” effect that impacts every aspect of Freeport’s economy, including real estate. Employees will need increased rental and other housing options, boosting both demand and rates for landlords/property developers.

“We’re a diamond in the rough, and if we get through everything it will be a game changer for Freeport,” he told Tribune Business.

“It’s going to affect every aspect of real estate - everything from low income to high-end beach front. And people are looking at commercial opportunities.

“For the last year or two I’ve been sitting across from a closed casino in my office in the former Memories property. I’m very excited about the growth in foot traffic, impacting Port Lucaya across the way.

I’m hoping it will stimulate interest in derelict land and

buildings, and people will come to town.

“We’ve lost a lot of population in the last few years,” Mr Sarles continued. “People have gone off to Nassau and the Family Islands, and I’m sure a lot of them want to come back with our infrastructure.

“It’s not a done deal. It’s an LOI. There’s a due diligence period, but Carnival, Royal Caribbean and the Western Atlantic University Medical School, which I also understand is coming on stream, that’s really what we need to have a prosperous island. We’ve always been the bridesmaid, never the bride, and I’m hoping it’s Freeport’s time now.”

Mr Sarles expressed hope that ITM/Royal Caribbean’s Grand Lucayan investment will also draw increased airlift to Grand Bahama, which he described as “something we’ve always lacked”.

He was particularly enthused about suggestions Royal Caribbean might use Freeport as a “home port”, with passengers flying into Grand Bahama to join the ship there and staying overnight in the hotel. Dionisio D’Aguilar, minister of tourism and aviation, last week tempered such expectations given The Bahamas’ proximity to the major Florida home ports.

Still, Mr Sarles said it had “always been key” for Grand Bahama’s stopover tourism industry to attract direct airlift from major North American hubs such as New York, Toronto and Boston rather than forcing visitors to connect via Miami.

“Carnival and Royal Caribbean will bring a lot of bodies to the island on ship,” he added. “It’s going to open up a form of tourism we’ve not had.” Besides the jobs and entrepreneurial spin-offs created in sectors such as retail, restaurants and shore excursions/attraction providers, Mr Sarles said the extra activity may end the “wait and see” among potential real estate buyers.

“In the real estate market we feel things before anything else,” he explained.

“This may be the missing

element to drive the real estate market. A lot of amenities will pop up and change the quality of life.

“Right now we’re a buyer’s market, but things could easily shift to be a seller’s market as there’s not much inventor. When things take off it will create demand and stimulate development to build condos on the beach like in Nassau, which we’ve not had.

“We’ve had a lot of things not happen, but it feels like these are solid companies.

I think we’ve got the right players in position.”

PAGE 8, Monday, April 1, 2019

THE TRIBUNE

Ministry’s Kravitz campaign avoids ‘irreparable harm’ FROM PAGE ONE alarm at the Ministry of Tourism when she demanded that the court order it to produce the January 2019 licensing agreement with Mr Kravitz for the use of his song, Fly Away, in its multimillion dollar worldwide advertising campaign.

But, to the ministry’s evident relief, senior district judge Nancy Atlas sided with its argument that the deal with Mr Kravitz was “irrelevant” and had “no bearing” on what the court may award Ms Sherman if she proves her case.

Detailing the Ministry’s arguments in her 14-page ruling, judge Atlas said: “The Ministry emphasises that Lenny Kravitz is a renowned, well-established musician, and is entirely dissimilarly situated to Khiara Sherman, a relative newcomer to the music industry with a far more limited following and number of works.

“The ministry also contends its licensed use of Kravitz’s Fly Away in a 2019 multi-media advertising campaign to promote The Bahamas is not comparable to its use of Khiara Sherman’s work in (allegedly) 2016 and 2017.

“Finally, the Ministry contends the production of the Kravitz license, even if done under highly confidential limitations, would harm its campaign to promote The Bahamas. The Ministry asserts that its relationship with Lenny Kravitz is highly sensitive and confidential, and that if it is forced to disclose the Kravitz license to ‘anyone in the context of this

litigation’ it will ‘irreparably damage the ‘Fly Away’ campaign’.”

The Ministry, in its filings, also accused Ms Sherman of trying to “pressure it into settling this case” by providing court filings to the Bahamian media, meaning Tribune Business, although this newspaper can assure it that such assertions are incorrect.

Ms Sherman, who alleges that the Ministry of Tourism violated her copyright by using her song, Fly Away With Me, in previous advertisements and promotions marketing The Bahamas, argued that the Kravitz licensing deal was necessary to help determine any damages she is due.

Judge Atlas, though, found that the Ministry of Tourism had “met its burden” to show the Kravitz deal was “not a viable benchmark”. She ruled that the world-renowned artist and Ms Sherman were worlds apart in terms of their singing careers and success.

“Lenny Kravitz has been nominated for nine Grammy Awards, and he has won four,” the ruling said.

“The song Fly Away won a Grammy Award in 1999, and the album on which Fly Away was featured sold over two million copies.

“Kravitz’s ten studio albums have sold 40m copies worldwide. Kravitz personally has appeared in major motion pictures, including The Hunger Games, The Hunger Games: Catching Fire, Precious, and The Butler.

“In contrast, Khiara Sherman paid to enter Fly Away with Me into a 2014 song competition hosted by the

Ministry. At the time of the alleged infringement in May 2016, Sherman had licensed Fly Away with Me only once in December 2015 for $500.

“She apparently licensed it again in July 2017 for $750 for a worldwide, five-year advertising video campaign, extending to ‘all forms of media known and unknown to date’, promoting the ‘Bahamas Out Island Promotion Board Music Video’.”

Judge Atlas also noted that Ms Sherman’s complaint related to a period almost two years’ before the deal with Kravitz to create a vast multi-media marketing campaign across the US. In contrast, her complaint relates to a ten-month period in which the Ministry of Tourism said her song was used “in two 15-second ‘intro bumpers’ on a single, limited availability, television cable station”.

“It is clear that the Kravitz license involves a dramatically more well-known and exceptionally highly regarded song and artist, covers a post-infringement time period, and contemplates a substantially more expansive use of the protected work as well as the artist’s persona,” the US court ruled.

“Given these enormous dissimilarities, the court requires some explanation of a ‘process of reasoning’ that could account for these differences and provide a non-speculative measure of plaintiffs’ actual damages.

Plaintiffs have not done so, and the Kravitz license is ‘inapposite’. As a matter of law, it cannot constitute a benchmark license.”

THE TRIBUNE

Monday, April 1, 2019, PAGE 9

UK faces new Brexit crisis after lawmakers reject May’s deal LONDON Associated Press BRITISH lawmakers on Friday rejected the government’s Brexit deal for a third time, leaving the UK facing the stark prospect of a chaotic departure from the European Union in just two weeks, with political leaders in turmoil and the country ill-prepared for the shock.

It’s either that, or a long delay to the country’s exit from the EU. The alternatives are dwindling.

The House of Commons voted 344-286 against the withdrawal agreement struck between Prime Minister Theresa May and the EU, rebuffing her plea to “put aside self and party” and deliver the Brexit that Britons voted for.

Amid business warnings that a no-deal Brexit could mean crippling tariffs, border gridlock and shortages of goods, a visibly frustrated May said the vote had “grave” implications.

“The legal default now is that the United Kingdom is due to leave the European Union on 12 April — in just 14 days’ time,” she said.

“This is not enough time to agree, legislate for and ratify a deal, and yet the House has been clear it will not permit leaving without a deal. And so we will have to agree an alternative way forward.”

Had the deal been passed, Britain would have left the EU on May 22.

The bloc said the rejection of the divorce terms made a no-deal Brexit “a likely scenario” and called an emergency summit of EU leaders for April 10 to decide what to do next.

An EU Commission official said the 27 remaining EU nations were “fully prepared for a no-deal scenario at midnight 12th of April”.

Almost three years after Britain voted in June 2016 to leave the EU, and two years after it set its departure date for March 29, 2019, British politicians remain deadlocked over Brexit.

Like the country as a whole, they are split between those who want a clean break, those who want to retain close ties with the bloc, and those who want to overturn the decision to leave.

THERESA MAY Last week, to prevent Britain from crashing out, the EU granted an extension to May 22 if the divorce deal was approved by Friday — or to April 12 if it was rejected.

Friday’s 58-vote margin of defeat for the deal was narrower than previous votes in January and March, but it still left the government’s blueprint for exiting the bloc in tatters.

May’s deal was voted down even after the prime minister sacrificed her job in exchange for Brexit, promising to quit if lawmakers approved the agreement.

With the deal’s rejection, she will face pressure to step aside and let a new Conservative Party leader take over negotiations with the EU. The government had also warned pro-Brexit politicians that rejecting May’s deal could see Britain’s departure from the EU delayed indefinitely.

May’s arguments moved some previously resistant Brexit-backers to support the deal. Former Foreign Secretary Boris Johnson — a likely contender to replace May as Conservative leader — tweeted that rejecting it risked “being forced to accept an even worse version of Brexit or losing Brexit altogether”.

But May’s key allies, the Democratic Unionist Party in Northern Ireland, refused to back the agreement because it treats Northern Ireland differently from the rest of the UK. Parliament voted on the legally binding, 585-page withdrawal agreement that May struck with the EU late last year, setting out the terms of Britain’s departure — but not on a shorter declaration on future ties that was also part of the accord between the two sides.

LEGAL NOTICE

NOTICE ZD HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ZD HOLDINGS 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) The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 1st day of April, A. D. 2019 _______________________________________ Leeward Nominees Limited Liquidator LEGAL NOTICE

NOTICE AIN SOUKHNA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) AIN SOUKHNA 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) The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 1st day of April, A. D. 2019 _______________________________________ Leeward Nominees Limited Liquidator

PAGE 10, Monday, April 1, 2019

THE TRIBUNE

INVESTORS HAIL LYFT SHARES IN IPO, SEE PROFITS DOWN THE ROAD SAN FRANCISCO Associated Press LYFT’S shares soared as the company went public on Friday, giving investors their first chance to bet on the future of the ride-hailing industry.

The stock opened at $87.24, up 21 percent from its offering price of $72. It closed at $78.29, up 8.7 percent, giving the company a $27bn valuation.

Investors embraced Lyft despite an uninterrupted history of losses totaling nearly $3bn since its 2012 inception on the premise that its growing popularity will pay off in the long run.

The company has lured new riders and taken market share from Uber — and now it’s beaten its larger rival in the race to sell shares to the public.

Still, Lyft’s path to profitability is uncertain, and it’s under pressure to keep prices low as it competes for customers with Uber and traditional taxi companies. Both Uber and Lyft are relying on the eventual deployment of autonomous vehicles to help them reduce the cost of paying drivers, although deployment on a large scale could be many years away.

Not even one of Lyft’s own drivers who exercised an option to use a $1,000 bonus awarded as part of its IPO to buy stock is convinced the San Francisco company will

and their commitment to providing alternatives to individual car ownership, at an event in Los Angeles, where executives celebrated Lyft’s market debut.

“In those early days we were told we were crazy to think people would ride in each others’ personal vehicles,” said Green, who is also the CEO. Based in San Francisco, Lyft had 1.9 million drivers and 30.7 million riders in 2018, operating in 300 markets in the US and Canada.

Lyft doubled its revenue last year to nearly $2.2bn — another feat that likely lured investors to the IPO. Uber was first out of the gate when it launched a black car taxi service in 2009. Lyft launched later in 2012, and was the first of the LYFT co-founders John Zimmer, front third from left, and Logan Green, front third from right, cheer as they as they ring a ceremonial opening bell in Los Angeles. On Friday the San Francisco company’s stock will begin trading on the Nasdaq exchange under the ticker symbol “LYFT”.

Photo: Ringo HW Chiu/AP ever make money.

“I just can’t see how they will do it,” said Jay Cradeur, who has been driving for Lyft since 2015. “They could increase revenue by charging more, but that won’t be a good thing for passengers, or they could cut the fares for drivers, but that will cause drivers to quit and degrade the service.” Cradeur, who also drives for Uber, plans to sell his Lyft shares if and when the stock hits $100.

The IPO represents a

NOTICE

watershed moment for ride hailing, an industry hatched from the rise of smartphones. Now that both Lyft and Uber have made it easy to summon a ride on a mobile app, more people are already starting to wonder if owning their own cars will make sense in the future.

“This is a pat on the back for ride hailing as a category,” said Rohit Kulkarni, senior vice president of research at Forge.

Lyft’s debut is the first of

several high-profile IPOs expected to emerge this year from the technology industry, a sector that has helped propel the stock market in recent years. Others already in the pipeline include Lyft’s bigger rival, Uber, digital scrapbook Pinterest and video conferencing service Zoom, with room rental service Airbnb looming as a possibility, too.

Co-founders Logan Green and John Zimmer talked about their early vision of the company

NOTICE

NOTICE is hereby given that JACKLINE JEAN-JACQUES of Murphy Town, Abaco, 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 1st day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that MACKINSON MATHIEU of #1 Ponce De Leon Drive, Freeport Grand Bahama, 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 1st day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT THURSDAY, 28 MARCH 2019

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

BISX ALL SHARE INDEX: CLOSE 2,120.59 | CHG -0.09 | %CHG 0.00 | YTD 57.02 | YTD% 2.76 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 7.08 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 2.65 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 2.62 1.79 9.15 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 -0.03 0.00 -0.08 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

2,000

VOLUME

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 25.7 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% 2.29% 3.35% 0.92% 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%

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

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

two to set up peer-to-peer ride hailing, where riders use the app to connect with drivers who pick them up in their own personal vehicles.

Uber later added peer-topeer ride haling to its app.

Lyft’s US market share has expanded from 22 percent in 2016 to 39 percent last year as Uber slogged through revelations about rampant internal sexual harassment claims, allegations that it stole self-driving technology and other mortifying issues, prompting a consumer backlash.

Meanwhile, Lyft parlayed a warm and fuzzy image that it used to cultivate by adorning drivers’ cars with a fluffy pink mustache to position its brand as the more socially responsible of the two ride-hailing rivals.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, LAVERNE THOMPSON of Faith Avenue South, P.O. Box GT2265 biological mother and legal guardian of LAUREN ANGEL THOMPSON, intend to change my daughter’s name by Deed Poll to LAUREN ANGEL MAJOR. 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.

NOTICE

NOTICE is hereby given that NICKES DESHOMMES of South Beach, P. O Box GT-2557, 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 1st day of April, 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 TRACEY ANDREIA CAREW of #13 Shirley Frazer Street, Mount Tabor Estate East, P. O Box SS-5952, 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 1st day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE

RIO PLATA TRADING LTD. (In Voluntary Liquidation)

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 (Chapter 309) notice is hereby given that the above-named company is in voluntary dissolution, commencing 28th March 2019.

Articles of Dissolution have been duly registered with the Registrar General’s Department. Brittany Investment Company Limited, 3rd. Floor, Maritime House, Frederick Street, P.O. Box N-9346, Nassau, Bahamas is the Liquidator.

All persons having claims against the above-named company are required on or before the 28th April 2019 to send all their names, addresses and particulars of their debts and claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.

Dated this 29th day of March 2019.

Brittany Investment Company Limited Liquidator LEGAL NOTICE

NOTICE

SILVER RIVER INVESTMENTS LTD. (In Voluntary Liquidation)

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 (Chapter 309) notice is hereby given that the above-named company is in voluntary dissolution, commencing 28th March 2019.

Articles of Dissolution have been duly registered with the Registrar General’s Department. Brittany Investment Company Limited, 3rd. Floor, Maritime House, Frederick Street, P.O. Box N-9346, Nassau, Bahamas is the Liquidator.

All persons having claims against the above-named company are required on or before the 28th April 2019 to send all their names, addresses and particulars of their debts and claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.

Dated this 28th day of March 2019.

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

Brittany Investment Company Limited Liquidator

THE TRIBUNE

PUERTO RICANS STRUGGLE TO BUY FOOD AMID FUNDING SHORTFALL PUERTO RICO Associated Press

IRAIDA Vargas can no longer afford the two kinds of insulin her aging mother needs and has stopped buying fresh fruit and vegetables as billions of dollars in federal funds that help Puerto Ricans buy food, get medical treatment and recover from Hurricane Maria dwindle despite pleas from the US territory that Congress take action.

Vargas and her family are among the hundreds of thousands of Puerto Ricans feeling the sting of what the territorial government says are insufficient federal funds to help the island recover from the Category 4 storm amid a 12-year recession.

Her 83-year-old mother is enrolled in a supplementary nutritional assistance program that saw a one-time

THREE-year-old Ailianie Hernandez waits with her mother Julianna Ageljo to apply for the nutritional assistance programme at the Department of Family Affairs, in Bayamon, Puerto Rico on Friday.

Hundreds of thousands of Puerto Ricans are feeling the sting of what the territorial government says are insufficient federal funds to help the island recover from the Category 4 storm amid a 12year recession.

Photo: Carlos Giusti/AP infusion of $1.27bn that Congress approved after the Category 4 storm hit in 2017, but the money has since run out, forcing Puerto Rico’s government to start cutting benefits this month.

“Elderly people here are not living with dignity,” Vargas said, noting that

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her mother has had to stop taking one of the two insulin products she needs to control her diabetes because there is no money to pay for it. She’s also on a minimum payment plan with the island’s utilities so they don’t cut her electricity and water, and can only afford an emergency phone that connects to 911 and does not accept incoming calls.

The additional food stamp funds allowed Puerto Rico’s government to help an additional 279,000 people previously not covered by a programme that serves 1.3 million people on the island of 3.2 million, as well as increase the benefits of those already enrolled. Gov Ricardo Rossello has asked Congress to approve another $600m for the programme, but it is unclear whether that will happen. The House approved a bill authorising that amount and it is now before the Senate, which could approve it as early as next week, although Democrats also want money for Medicaid and more generous terms for receiving disaster aid.

US President Donald Trump recently said that he supports the $600m to cover Puerto Rico’s food stamp shortfall after initially calling the aid “excessive and unnecessary”, but he opposes more generous terms involving disaster aid funds, according to Sen Marco Rubio of Florida.

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PAGE 12, Monday, April 1, 2019

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