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TUESDAY, APRIL 2, 2019
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Lucayan buyers must be Freeport’s Atlantis By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
HE Grand Lucayan’s new owners must have an Atlantistype impact to relaunch a destination that will have been “off the market” for at least four years, a Freeport hotelier warned yesterday. Magnus Alnebeck, Pelican Bay’s general manager, told Tribune Business that the ITM/Royal Caribbean joint venture needed to have the kind of effect on Freeport that Sir Sol Kerzner achieved in the mid-1990s with Paradise Island’s rebirth if the city is to re-establish itself in the global tourism marketplace. Pointing to a littlenoticed aspect of their deal, Mr Alnebeck said October 2019 will mark the third anniversary of the Grand Lucayan’s post-Hurricane Matthew closure and the loss of some 1,000 hotel rooms and 500-1,000 jobs. The government has indicated that it will likely take between four to six months to close the Grand Lucayan’s $65m sale, and a Heads of Agreement, with the ITM/Royal Caribbean
• Must do what Kerzner did for Nassau/PI • Hotelier: City likely ‘off market’ for 4 years • People ‘dreaming’ about quick fixes
THE GRAND LUCAYAN RESORT consortium which potentially pushes the likely completion date out until end-2019. The Mexican port developer and cruise line have said the $130m first phase investment will cover a 24-month period, meaning that a revived Grand Lucayan - complete with water-based theme park and associated retail, gaming and restaurant amenities - may only be ready to receive its first guests come winter 2021. That would create a nearfive year interval between the closure of two of the
Grand Lucayan’s current three properties, and Freeport’s effective disappearance from the mass market tourism map, and its return - a huge gap that will have to be bridged. Mr Alnebeck, who estimated it may take a year from the deal’s closing to restart substantial operations, said many persons were “dreaming about quick things” happening in the letter of intent’s (LOI) aftermath when clearly that will not be the case. He added that ITM/ Royal Caribbean will face “a similar thing” to that
Water Corp unions plan ‘wildcat’ action By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Water & Sewerage Corporation’s (WSC) two trade unions are planning to stage a “wildcat withdrawal of enthusiasm” today amid claims staff morale is at an “all-time low”. Dwayne Woods, the Bahamas Utilities Service and Allied Workers Union (BUSAWU) president, said itself and the management union plan to co-operate with joint action as he revealed his members had also expressed fears that their workplace conversations were being “bugged” and recorded. Such allegations were last week denied by Adrian Gibson, the Water & Sewerage Corporation’s executive chairman, when they were made by middle management union members, and the state-owned utility’s executives yesterday
encountered by Sir Sol and Kerzner International when they relaunched the Nassau/ Paradise Island tourism product with Atlantis in the mid-1990s. “It’s kind of critical that when they come in they understand they have to be the catalyst for getting new people to the island,” Mr Alnebeck told Tribune Business of the Grand Lucayan’s prospective purchasers. “It’s a total repositioning, relaunching of the destination. In November, it’s going to be three years since close to 80 percent of the hotel rooms were closed, and that’s a long time to be away from the market. “Once they have their plans, I doubt we’re going to see any new product, and new rooms, for at least a year. A lot of people are dreaming about quick things, driving down the Lucayan Strip one morning and seeing a sign that says:
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‘Irreparable harm’: Local broker’s fear dismissed by SEC By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net US FEDERAL regulators have dismissed fears that a Bahamian broker/ dealer will suffer “irreparable harm” as a result of its probe, accusing its principal of “forum shopping” to defeat their efforts. The Securities & Exchange Commission (SEC), in legal arguments against Guy Gentile’s bid for a temporary injunction to halt its investigation, said the subpoenas it was issuing to his company’s banks and clearing houses did not come close to the standard required for the New Jersey federal court to impose the remedy he was seeking. The US capital markets regulator also alleged that the head of MintBroker International, the former Bay Street-based Swiss America Securities, was engaged in “forum shopping” by initiating legal action in New Jersey when the actual investigation and hearings on subpoenas it wants to issue to his associates - are taking place in the South Florida courts. However, attorneys for one of Mr Gentile’s USbased legal representatives, who is the subject of one
DWAYNE WOODS pledged they would not be distracted by Mr Woods’ “frivolous and attention-seeking efforts” and claimed he was
undertaking “a vendetta”. But, undaunted, Mr Woods yesterday promised: “Tomorrow [today], both unions will be outside. We will have a joint press conference and we will be wildcat-ing tomorrow. We’re going to be addressing a multiplicity of concerns. We’d like to call it a withdrawal of enthusiasm. Worker morale is at an all-time low right now. We will demonstrate that on Tuesday.”
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such subpoena, recently argued before the south Florida court that it was the SEC which was guilty of “forum shopping” given that all its previous legal actions against the MintBroker chief were heard in New Jersey. Mr Gentile defeated those actions on legal technicalities, and continued to brand the SEC’s continuing probe of himself and his Bahamian broker/dealer as a witchhunt and “vendetta” after he refused to stop working and co-operating with it as an undercover informant. He, and the attorneys for his US legal representative, are arguing that the SEC is using an investigation that initially never involved him or MintBroker/Swiss America as an “open ended” tool to get him. However, the SEC is arguing that there is no connection between the now-closed New Jersey cases and South Florida probe, and that it has every right and obligation to investigate where it suspects US securities laws have been breached. The crux of its latest case is that Mr Gentile and MintBroker violated
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WTO ‘no silver bullet’ for GDP growth woes By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
OUTSIDE of the Water & Sewerage headquarters.
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FULL World Trade Organisation (WTO) membership “is not a silver bullet” for solving The Bahamas’ economic growth woes, a Chamber of Commerce executive argued yesterday. Darron Pickstock, who heads the chamber’s trade and investment division, told Tribune Business this nation needed to “take a broader approach beyond WTO” to addressing its inadequate GDP growth rate and getting the economy “back on track”. Arguing that the Bahamian economy is “simply not growing” fast enough to
DARRON PICKSTOCK generate the quantity, and quality, of jobs required, Mr Pickstock said this nation needed to determine “how we get to the next level” regardless of whether it became a full WTO member or not. The Glinton, Sweeting & O’Brien attorney, who will be attending this week’s fourth Working Party
meeting on The Bahamas’ accession bid as the chamber’s representative, reaffirmed that the private sector body was presently maintaining its “neutral” stance on whether becoming a full WTO member is the right approach for the country. He added that the imminent completion, and release, of the study it commissioned from Oxford Economics on WTO membership’s likely impact on the economy and specific industries will “cement” the chamber’s position on whether it comes out in favour of - or against - the move. Mr Pickstock, though,
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WTO to ‘modernise 70-year-old model’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government is “absolutely correct to modernise a 70-year-old economic model” by seeking full WTO membership, a well-known Bahamian attorney argued yesterday. Carey Leonard, a former Grand Bahama Port Authority (GBPA) inhouse counsel, told Tribune Business that Bahamian companies needed to prepare themselves to exploit its potential benefits rather than “moaning that the world is changing”. He urged Bahamians to follow Fiji’s example, as set by its Fiji Water brand, and seek to export their products to the world, adding: “If Fiji can do it, we can do it.” Besides securing overseas market access for
• Attorney: ‘If Fiji can do it, so can we’ • Govt ‘absolutely correct’ to succeed • ORG chief warns in producer ‘danger’
CAREY LEONARD
ROBERT MYERS
Bahamian exports, Mr Leonard said joining the World Trade Organisation (WTO) as a full member would also boost foreign direct investment (FDI) through the “absolute certainty” it will provide over the rules governing its presence and protection for its
products/capital. Making the case that this would also enhance The Bahamas’ economic competitiveness, Mr Leonard said Bahamians needed to look beyond the present economic reality with “out of the box thinking” to envision future possibilities
in the WTO’s rules-based trading environment. The Bahamas will this week stage its fourth meeting with the Working Party overseeing the longest-ever WTO accession process, standing at 18 years and counting, and Mr Leonard agreed with former Chamber of Commerce president, Edison Sumner, that the debate on whether this nation should join is effectively over. “Without a doubt they’re right and absolutely correct,” Mr Leonard told Tribune Business of the government’s decision to finally complete the WTO
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THE TRIBUNE
CHAMBER CHIEF EYES RAPID LUCAYAN SALE By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Grand Bahama Chamber of Commerce’s (GBCC) president yesterday voiced hope that the Grand Lucayan’s $65m sale and redevelopment will be finalised “in short order”. “I think that it is very encouraging,” Greg LaRoda said of the proposed deal. “For a long time it was said that we needed to get a buyer for the Our Lucaya strip. The
signing of the LOI seems to be a step in the right direction. Hopefully the government and the buyers can work towards finalising a a deal in short order. I think that will definitely be an indication that we are looking at some real turnaround in the economy on Grand Bahama.” Lucayan Renewal Holdings, the governmentowned vehicle that owns the resort, last week signed a Letter of Intent (LOI) with the ITM/Royal Caribbean joint venture to
trigger exclusive negotiations for the purchase of the Grand Lucayan and associated redevelopment of Freeport Harbour. “I see it as another positive shot in the arm for the economy of Grand Bahama when the sale is finalised for the purchase of the hotels and the redevelopment of the Freeport Harbour,” Mr LaRoda said. “This would again result in many job opportunities on the island and, hopefully, some of the people
that moved away in search of jobs can return to the island. This would be a step in the right direction as it relates to adding critical mass to island.” The Royal Caribbean and ITM joint venture is aiming to develop the Port Lucaya area into a “world class destination, featuring water-based family entertainment, with dining, gaming and entertainment options, and five-star hotel accommodations”. The redevelopment of Freeport Harbour is intended to
increase cruise ship passenger arrivals to Grand Bahama by an additional two million annually. Mr LaRoda said: “Xanadu has been shut down for a number of years and has been on the market for a while. Back when the Princess Towers [Royal Oasis] were open, because they didn’t have a beach they would bus their guests back to the hotel. “While we have potential buyers assembled that appear to be interested in investing on the island,
now would be a good time to say to them that we have other properties available, like the Xanadu Beach Hotel and the properties in the Bazaar. To the extent that there can be similar synergies where, like in the past, when the hotel development in the Bazaar area used the Xanadu Beach Hotel beach for their guests, options like that can be explored. Maybe we can reconnect East and West Sunrise Highway as it was before.”
Minister unveils Long HARBOUR ISLAND DEVELOPER Island airport strategy EXPANDS PROPERTY FOUR-FOLD DIONISIO D’Aguilar, minister of tourism and aviation, addressed Long Islanders during a town meeting to announce plans for the island’s new airport. Long Island MP, Adrian Gibson, also attended the meeting that was held at North Long Island High School in Simms on Thursday, March 28. Photos: Kemuel Stubbs/BIS
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A HARBOUR Island developer has expanded its real estate holdings almost four-fold by acquiring a further 21.4 acres of land to expand its project site. 4M Harbour Island Ltd and its principal, Michael Wiener, said the acquisition gives them a 27-acre resort property that now extends from the pink sand beaches to the harbour shore on Harbour Island. They added that the deal was financed without encumbering the land with debt. The project, known as Briland Club - Residences and Marina, will
feature club memberships, luxury residences, waterfront dining, retail shops and a mega yacht marina that includes Technomarine floating docks, wave attenuation, clean/reliable power, in-slip fuelling and waste removal. The marina is currently under construction by Bahamas Marine Construction. The development includes the famed “Haunted House” that 4M is trying to preserve. “I would like the Haunted House to become a space for guests and locals to congregate, to dine, and to enjoy the beauty of this magical place”, said Mr Wiener. “Government officials have worked
collaboratively with us. It is apparent that they care deeply to improve the lives and economy of locals in the Family Islands.” “My family and I were drawn to Briland because of its friendly people and natural beauty, and feeling safe. Very safe. We love this island and its people, and we are committed to making a positive contribution to both the island and to its people. This place is very, very special.” 4M was represented in the real estate deal by Ryan Pinder and Andrew Wells of Graham Thompson, its legal advisers, and Forbes Capital Solutions, as financial advisor.
Water Corp unions plan ‘wildcat’ action FROM PAGE ONE He confirmed that his members had also expressed fears about being placed under surveillance and eavesdropping, which Mr Gibson last week dismissed “baseless and absolutely false”. Ednol Rolle, the Water & Sewerage Management Union’s (WSMU) president, had told this newspaper he had been “scared” by continuing complaints from his
members that their workplace conversations were being listened into and recorded. He had called for the Royal Bahamas Police Force (RBPF) to “sweep” the corporation’s offices for “illegal listening devices”. “My members have reported similar concerns,” said Mr Woods. “We support the management union wholeheartedly.” However, Elwood Donaldson, the Water & Sewerage Corporation’s general manager, told Tribune Business
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yesterday: “We are not aware of any multiplicity of issues. The only issue is the outstanding industrial agreement and he hasn’t presented a proposal. It expired last year and we are awaiting a proposal. “He has been making inconsistent and erroneous statements in the media over the past several weeks. We are not interested in being distracted from the great work that the corporation has undertaken by Mr Woods and his frivolous and attention-seeking exercises. Mr Woods needs to encourage his members to collectively strive to make the corporation better. He appears to be on a personal vendetta and it has become one.”
Job Opportunity Project Management
A local financial institution is seeking the services of a project management consultant with the experience and expertise in technology and innovative projects required for strategic evolution. The Consultant will be a strategic partner with responsibility for developing effective working relationships and influencing the development and delivery of products, services and process strategies and improvement through innovative technology solutions. Consultant Responsibilities: • Provide Project Management consulting services using program and project management best practices • Function as a consultant delivering Project Management: Program Planning and Integration, Project Release / Execution, System Performance Reporting, Risk Management, Project Scheduling, and Organizational Change • Provide oversight and strategic input to the development of new processes and redesign of existing processes based on an understanding of the tools and systems utilized by the business. Conduct pilot tests of proposed operating and product changes to ensure material issues are address before launch. Participate in post-audit of business case after implementation is complete. • Review progress of third-party providers, negotiating and reviewing and proposing architectures and processes and researching market opportunities. • Work with the business as a strategic partner, to solve problems through creativity and innovation, balancing the irreverent with the responsible, the flexible with the details and the fun with the strategic. • As a strategic partner, partake in strategic business discussions, supporting executives and change stakeholders in their technology innovation / technology change explorations. • Establish, monitor, measure, assess and evaluate program requirements and research market opportunities • Provide ongoing support and counsel for innovation initiatives, including planning and facilitating engagements, balancing creative and strategic excellence with disciplined project leadership / management to deliver sustainable innovations with pace. • Examine and identify opportunities for innovation across the company and the customer journey. • Work across multi-disciplinary project teams to bring innovation expertise wherever needed. • Adhere to corporate policies and procedures, including code of conduct, security and audit procedures and any control related responsibility for financial and personal data entered, stored, or reported via business systems within employees’ control (list not exhaustive). Requirements: • Proven experience as consultant and experience in project management • Knowledge of data analysis and research techniques • Knowledge of business software and IT systems • Ability to develop details plans and proposals • Certification in project management, consulting or field of experience is an advantage • Able to work well under stress with the ability to manage projects in an environment with tight deadlines • Must be fluent in Spanish and Portuguese All interested persons should apply before April 6, 2019 to: P.O. Box c/o The Tribune DA108369 Nassau, New Providence, Bahamas
THE TRIBUNE
Tuesday, April 2, 2019, PAGE 3
CRUISE PORT OVERHAUL MUST BE ‘CELEBRATION’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE $250m redevelopment of Nassau’s cruise port is “a celebration” that must generate economic value for The Bahamas and its capital, the Chamber of Commerce’s chairman stressed yesterday. Michael Maura, speaking at a press conference to unveil The Bahamas’ first ever maritime festival, said: “An underlying component has to be what is the economic value to The Bahamas and, specifically, New Providence. “What we do know is that
ARTISTS’ rendering of Global Ports’ cruise port revamp. we have hundreds of new cruise ships coming out in the next five to ten years. Virgin got into the cruise business in the last year, and you have others as well. What has to happen is there has to be changes made to
Prince George Wharf to accommodate the larger vessels and more of them.” He continued: “You can leave it as is, and what that means is market share for New Providence would decline as opposed to grow
with the expansion. I would say that from a taxi driver, tour operator, retail operator perspective, I personally think it’s a celebration. “You’re looking at taking our tourism arrivals from about 3.6m to an estimated 5m. That means more opportunity to put more people in taxis, give more tours, sell more goods. From a taxi and tour operations perspective you want to make sure everything is well from the processing and handling of customers so that everyone has an opportunity to participate.” Global Ports Holding, the UK-listed, Turkish-headquartered operator of 16
UNION CHIEF UNHAPPY OVER BPL RESIGNATION By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A TRADE union leader yesterday voiced disappointment over the resignation of Bahamas Power & Light’s (BPL) chief operating officer, saying she had been “pushed into the corner”. Paul Maynard, the Bahamas Electrical Workers
Union’s (BEWU) president, said he was “extremely disappointed” over Christina Alston’s abrupt decision to depart the state-owned utility provider. “I’m very disappointed that it happened, extremely disappointed, in fact. She came and made very great impact on BPL in the short time she was here. It’s unfortunate that she was pushed into that kind of corner to have to do what
PAUL MAYNARD
CHRISTINA ALSTON
she did,” Mr Maynard told Tribune Business. BPL confirmed the immediate resignation of Mrs Alston less than two years after she took the
position. An email obtained by The Tribune confirmed BPL chief executive, Whitney Heastie, made the announcement on Saturday. “This is to confirm that we have received notice of COO Christina Alston’s resignation effective immediately. Until further advised, direct reports of Mrs Alston will continue to report as they have been during her most
cruise ports spread throughout the Mediterranean, Asia-Pacific and Atlantic regions, was unveiled as the preferred bidder to take over Prince George Wharf’s management and operations last month. Mr Maura is chief executive of BISX-listed Arawak Port Development Company (APD), one of Global Ports Holdings’s partners in its project, although it will not have an equity stake.. The maritime festival, set for May 11, will be free to the public and mark APD’s ten-year anniversary. The event will showcase the various agencies operating at APD. “We have over 16
independently-operated companies that are operating in the Nassau Container Port every single day,” Mr Maura said. “We have at least four government agencies that show up to work every day. Our chain is strong at every link. We are very proud of that, and we thought how best to celebrate the achievement of ten years other than to have a maritime festival that brings out not just the operators of the port but speaks to our government agencies that work so hard every day. It also speak to our environment. We are very passionate about our environment.”
recent vacation,” the e-mail read. It came after she tendered her resignation on Friday. Mrs Alston, a Bahamian and certified energy manager, officially took up the post in November 2017 after serving as director of supply chain services at Georgia Transmission Corporation. Ahead of officially taking the post in 2017, Mrs Alston said she was excited to be able to return home to use her expertise and skill set to aid BPL. “This is a fantastic opportunity for me. I am proud and a Bahamian, and so excited to have this opportunity. I have spent so many years wanting to come home and really address so many of the problems I understood The Bahamas was facing,” said Mrs Alston. Mr Maynard yesterday
stressed that BPL needs to find the capital to address its transmission and distribution woes. “BPL needs on an urgent basis to find the money to get transmission and distribution sorted out,” he added. BPL confirmed last month that it had contracted Wärtsilä to supply and install seven new engines in an unused section of its Clifton Pier power plant in a bid to reduce energy costs, eliminate load shedding and blackouts, and boost supply security by ultimately ending reliance on rental generation. Executives also revealed they had moved to “fast track” the $95m installation of the tri-fuel plant, which will be capable of using heavy fuel oil, diesel, and liquefied natural gas (LNG) when it becomes locally available.
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THE TRIBUNE
Lucayan buyers must ‘Irreparable harm’: Local broker’s fear be Freeport’s Atlantis dismissed by SEC FROM PAGE ONE
“Open for business”. It’s going to take more than a year, and possibly two.” The Pelican Bay chief added that ITM/Royal Caribbean are effectively being charged with rebuilding Freeport’s land-based tourism product from scratch given that the island was estimated to have lost 59 percent of its room inventory with the Grand Lucayan’s closure. “If you look back to Nassau, and that was much bigger and our economy much smaller, but it’s equivalent to when Atlantis demolished an old tower, built a new tower and opened up in 1994,” Mr Alnebeck told Tribune Business. “They came out with a new, fresh product and started marketing all over again. From a relaunching, rebuilding perspective, it’s a similar thing here.” The ITM/Royal Caribbean group is aiming to create 2,000 new jobs in its first phase by bringing in an extra two million cruise passengers to Grand Bahama every year, transforming the area into “a world class destination”. As previously detailed by Tribune Business, which
exclusively revealed the joint venture and its plans for Freeport in early February, the proposal focuses on developing water-based adventure theme parks at both Freeport Harbour and around the resort. The Grand Lucayan will be upgraded to “five-star hotel accommodation”, and feature multiple gaming, entertainment and restaurant experiences. Although few specifics have been released, their plans envision combining Port Lucaya and Freeport Harbour into a “unique destination” that will set Grand Bahama apart from its competitors, not just Florida and other Caribbean nations, but Nassau/Paradise Island and the Family Islands. Mr Alnebeck yesterday said it was impossible to judge ITM/Royal Caribbean’s plan because so little details were know, although he added it was vital to rebuild airlift to the destination - rather than just rely on cruise passengers - when the new resort opened. He added, though, that the deal likely contained extra complexity because it involved two elements - the Grand Lucayan and Freeport Harbour. While the former was owned by the
NOTICE LEGAL NOTICE
CORT WEALTH MANAGEMENT LTD. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CORT WEALTH MANAGEMENT LTD. is in dissolution as of March 26, 2019. International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR
NOTICE NOTICE is hereby given that ALICE ROSALINA JONES NÉE WALKER of Lincoln Boulevard and Moore 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 2nd day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Government, the latter is held by a 50/50 partnership between Hutchison Whampoa and the Grand Bahama Port Authority’s (GBPA) Port Group Ltd. Besides purchasing the hotel, Mr Alnebeck said ITM/Royal Caribbean will also likely have to secure a lease for Freeport Harbour with Hutchison and Port Group Ltd if it is to fulfill its plans to increase the number of cruise ship berths. “It’s too early to say how it’s going to affect us because no one has seen what they business model, plans and marketing strategy will be,” the Pelican Bay general manager added. “The reality is that any activity should have a positive effect on Freeport at the moment. Anyone wanting to invest money on the island is good. “The effect here so far is people are more positive. People feel there is some light at the end of the tunnel.” Mr Alnebeck confirmed that Pelican Bay was “doing fine” thanks largely to its corporate business, in particular from the Grand Bahama Shipyard, but leisure visitors had all but dried up. He added that until ITM/ Royal Caribbean confirmed the nature of their product there was little hope of rebuilding airlift into Freeport given that there were simply insufficient rooms to accommodate even minimal demand. “That will have to wait until we hear what their plans are,” Mr Alnebeck told Tribune Business. “I’m not sure what the business model is, and how much they will bring in by cruise ships and overnighting. “I think it’s [rebuilding airlift] essential unless they’re planning on bringing everyone in by ship. To ask for more airlift at the moment is not viable because we do not have the hotels to put people in.
FROM PAGE ONE the US Exchange Act by soliciting business from US clients despite being an unregistered broker/dealer that lacked the necessary permits and approvals to do so. Mr Gentile and his Bahamian company vehemently deny this, and filed their New Jersey action to block the SEC probe, prompting the regulator’s March 29, 2019, riposte that has been obtained by Tribune Business. Urging the court to rule that Mr Gentile must come to south Florida, the SEC also argued against granting him a temporary injunction to block its investigation until the substantive case was heard. “His complaint and motion for preliminary injunction demonstrate that he is not facing any harm - let alone irreparable harm - warranting injunctive relief,” the SEC alleged. “Gentile has
UK Parliament rejects alternatives to May’s Brexit deal LONDON Associated Press BRITAIN’S Parliament has spoken — and it has said no, again. Lawmakers seeking a way out of the country’s Brexit morass yesterday rejected four alternatives to the government’s unpopular European Union
NOTICE LEGAL NOTICE
RINTON WEALTH MANAGEMENT LTD. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, RINTON WEALTH MANAGEMENT LTD. is in dissolution as of March 29, 2019. International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR
generally alleged a reputational harm stemming from the subpoenas issued in the Miami investigation, and the past and future termination of business relationships allegedly as a result of the subpoenas. “Gentile’s alleged harms could be remedied by money damages from those entities he claims have severed business relationships with him. And the risk of future termination of business relationships is merely speculative. Neither alleged harm presents the extraordinary situation requiring injunctive relief. “Moreover, the balance of equities and public interest weigh against enjoining an investigation into possible violations of federal securities laws that has been committed to the SEC’s discretion.” Confirming that neither Mr Gentile nor MintBroker were registered in the US, the SEC then confirmed: “In the Miami Investigation, the SEC has been
investigating Swiss America Securities, formerly known as SureTrader and currently known as MintBroker International, a Bahamas-based broker/ dealer registered with the Securities Commission of The Bahamas, but not with the SEC, and its owner, Gentile, in connection with potential violations of the broker-dealer registration provisions of the federal securities law. “The Court should not countenance Gentile’s forum shopping, and should dismiss this matter in recognition of the first-filed subpoena enforcement actions in the southern district of Florida, which were filed two days before Gentile’s complaint. “Under long-standing precedent, where there are parallel proceedings in different federal courts, the first court in which jurisdiction attaches has priority to consider the case.”
divorce deal that would have softened or even halted Britain’s departure. With just 12 days until the UK must come up with a new plan or crash out of the bloc in chaos, the House of Commons threw out four options designed to replace Prime Minister Theresa May’s thrice-rejected Brexit deal — though in some cases by a whisker. The result leaves May’s Conservative government facing difficult and risky choices. It can gamble on a fourth attempt to push May’s unloved deal through Parliament, let Britain tumble out of the bloc without a deal, or roll the dice by seeking a snap election to shake up Parliament. Brexit Secretary Stephen
Barclay said the government would continue to seek support for a “credible” plan for leaving the EU. “This House has continuously rejected leaving without a deal just as it has rejected not leaving at all,” he told lawmakers in the House of Commons after the votes. “Therefore the only option is to find a way through which allows the UK to leave with a deal.” May has summoned her Cabinet for a marathon meeting today to thrash out the options. The prime minister, who is renowned for her dogged determination, could try to bring her Brexit agreement back for a fourth time later this week.
NOTICE LEGAL NOTICE
SAZMIKAZ HOLDING LTD. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SAZMIKAZ HOLDING LTD. is in dissolution as of April 1, 2019. International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR
NOTICE
NOTICE
NOTICE is hereby given that EDDIE LIXION of Bacardi 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 2nd 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 BRINIA BRITTNEY BRAVE of Farm Road, Treasure Cay, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd 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 RODNEY RAYMONVILLE of Miami Street, 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 26th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
NOTICE
NOTICE
NOTICE is hereby given that LEWINGSTON DORVILUS of Farmers Hill, Exuma, 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 2nd 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 JACQUELINE CORLETTE of Rolling Hills Estate, P.O. BOX CR-56810 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 2nd 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 DUDLEY BENT of #15 Seagull Close, 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 26th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P. O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
THE TRIBUNE
Tuesday, April 2, 2019, PAGE 5
WTO ‘no silver bullet’ for GDP growth woes FROM PAGE ONE said it was clear that the government had already decided completing an 18-year long accession process was in The Bahamas’ best interests as it seeks to become a full WTO member by mid-2020. A government delegation headed by Brent Symonette, minister of financial services, trade and industry and Immigration, and Zhivargo Laing, The Bahamas’ chief WTO negotiator, has already headed to Geneva for the fourth Working Party meeting and bilateral discussions with individual countries. Mr Pickstock and the chamber have observer status. Expressing the organisation’s gratitude for being given a direct glimpse into the negotiations, the chamber’s trade chief said: “It’s important for us to see what’s being advocated and advanced on behalf of the private sector. “By being involved we get to see first hand what is being said, and not rely on third party sources, so we can come back and brief our members on what exactly has transpire at this meeting. It’s extremely important we’re involved at this level. It’s the private sector that trades, and the government advocates on behalf of the private sector.” The fourth Working Party meeting will likely review revisions made to The Bahamas’ initial market access offers on goods and services, which were submitted last year. The government held a new round of consultations with specific industries earlier this year to obtain clarification, or address issues raised by WTO members, before this week’s discussions to ensure it is fully informed on what the private sector is seeking. The latest WTO filings show member states of the Working Party have been focusing on so-called “national treatment” issues, which is the concept that foreign companies can be treated no less favourably than their Bahamian counterparts. They are asking questions about the level of subsidies provided to Bahamian farmers by the government, including those targeted at
agricultural exports. An eight-page questionnaire on “state trading” has also been issued, which likely focuses on the level of government involvement in the Bahamian economy through state-owned enterprises (SOEs) such as Bahamasair and the level of subsidies/support extended to them. The Minnis administration sees full WTO membership as a key component of its liberalisation and deregulation strategy, and effort to ensure the Bahamian economy breaks out of the low growth/high unemployment straitjacket that has restrained it for the past decade. It also views membership in the world’s rules-based trading regime overseer as aiding its bid to diversify the economy by developing new industries, with both tourism and financial services under pressure, and opening up overseas markets. Mr Picktsock, though, said WTO membership will not be a panacea that cures all The Bahamas’ economic ills. Turning to the longawaited Oxford Economics assessment, he added: “This is not a one-shot report but encompasses the entire economy. “It’s not a WTO report; it will say here’s an analysis of your economy and where it needs to improve. WTO is only one part of our economy. Whether we become a WTO member or not, we have to look seriously at
our economy. If we don’t become a member what are the solutions? What are we going to do to improve our economy and spur growth without the WTO? “That’s why it’s important to take a broader approach to how we’re going to get our economy back on track beyond the WTO,” Mr Pickstock continued. “In some respects it’s a larger conversation, but a conversation we must have. “We cannot talk about whether to join the WTO without talking about our economy, and it’s not growing. It’s simply not growing. How do we get to the next level and grow our economy?” Should The Bahamas ultimately join, the chamber’s trade and investment division head said the private and public sector still had much collective work to do to improve the economy’s GDP growth and job prospects. “If we become a member it’s important that the WTO is not viewed as a silver bullet where, all of a sudden, we have growth,” Mr Pickstock told Tribune Business. “We don’t want to get ahead of ourselves in thinking that if we become a member of the WTO the economy is going to explode and we’re going to be in the money, so to speak.” He added that there remained “a long way to go” in the accession process, with “a lot of back and forth” anticipated between The Bahamas and the
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Working Party and individual member states as they thrash out the terms of this nation’s membership. 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. Confirming that the chamber holds “a neutral position” for the moment on whether to join the WTO, as it awaits the Oxford Economics report’s
conclusions, Mr Pickstock added: “I would say it’s clear that the government’s position is that it intends to join WTO. That’s a fact. I agree the government is pushing forward, although there are people who hold the opposite view. “Consultation has to be continuous as this is the only way.”
PAGE 6, Tuesday, April 2, 2019
THE TRIBUNE
WTO to ‘modernise 70 year-old model’ FROM PAGE ONE accession process. “We really now need to look at the opportunities it will start providing to us. “The market in The Bahamas is small, and the nice thing about WTO is it opens it up to the whole world. We may not be a manufacturer at the moment, but look at Fiji where they export water and ship it 8,000 miles. “They have a niche market in Fiji water. All over the world, consumers are paying a premium for Fiji water. The same thing with Swiss Chocolate, and Switzerland is hardly the cheapest place to produce something. “It’s up to us to find niche markets for our products. If Fiji can do it, so can we, and maybe our water companies in Nassau can find something rather than talking of
woe. There’s opportunities.’ Mr Leonard agreed with Mr Sumner’s comments, made after a national productivity legislation press conference last week, that WTO-related conversations needed to switch from whether The Bahamas should join to preparing for its coming given the Government’s desire to join. “I agree with Edison that that conversation has ended,” he said. “The Government has determined it is going to do it, and I think the Government is right in doing it. “We’re changing laws that make the country more efficient in any event, and the consumer will benefit from that eventually. There will be absolute certainty for foreign direct investment (FDI). Why invest $100m in a factory in The Bahamas if they cannot protect
my product? I can do it with absolute certainty if you’re in the WTO because my product is protected.” Mr Leonard said The Bahamas needed to do a better job of managing and exploiting change, adding of the WTO: “It’s going to make a major difference for foreign direct investment, and make The Bahamas more competitive in the long-run. “That’s a major problem we have in The Bahamas. We’re non-competitive. We don’t have to think out-ofthe-box because we’ve been running on the same design for 70 years, and we’re going to have to change and modernise and join the rest of the world. “People complain about the cost of power, but there’s nothing to stop you lowering the cost of operations by investing in solar power.
There are so many things that we can be doing rather than moaning the world is changing.” However Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, warned it would be “dangerous” to leave Bahamian manufacturers traditionally reliant on tariff protection exposed to cheaper imports in a rulesbased WTO environment. He echoed previous calls for the Government to achieve the WTO-mandated reduction in the average tariff rate, from the current 32 percent to 15 percent, but do so in a manner where it maintained - or even increased - the rates for Bahamian-made goods that compete with foreign imports. “Manufacturing is going to be tough if we cannot negotiate higher rates for
some of the manufacturers,” Mr Myers told Tribune Business. “If those manufacturers create employment, GDP and taxes, it would be dangerous to remove or lower some of the taxes to the point where those guys are struggling. “That’s where the details become critical. It all depends on the fine print and what we’re pushed into. Hopefully we’re not pushed into anything, and we can protect those industries that are Bahamian-owned like retail.” Mr Myers said revenue replacement for reduced/ eliminated import tariffs would be a key issue, but added that The Bahamas’ high import consumption meant this aspect of the economy was unlikely to change much post-WTO. “As long as we go in sensibly and we’re successful in
negotiating the terms that we’ve thrown out there, I don’t think it’s terrible,” he told this newspaper of the WTO. “There may be some advantages in the services sector if we can level the playing field where architects, contractors and other professionals go and open up businesses in other jurisdictions.” But, to achieve competitiveness post-WTO, Mr Myers reiterated that The Bahamas needed to tackle its own cost and ease of doing business issues - particularly bank regulations and fees, the cost of electricity, labour productivity and exchange control liberalisation. Arguing that many of the necessary reforms lay “out of the private sector’s hands”, the ORG chief said: “Let’s hope that gets done before full accession.”
Trump’s threat to close border stirs fears of economic harm TEXAS Associated Press PRESIDENT Donald Trump’s threat to shut down
the southern border raised fears yesterday of dire economic consequences in the US and an upheaval of daily life in a stretch of the
country that relies on the international flow of not just goods and services but also students, families and workers.
LEGAL NOTICE
Politicians, business leaders and economists warned that such a move would block incoming shipments of fruits and vegetables,
LEGAL NOTICE
NOTICE
NOTICE
BLACK SEA BITUMEN LTD.
INTERNATIONAL BUSINESS COMPANIES ACT, 2000
Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 25TH day of March, 2019. Delano Aranha Liquidator of BLACK SEA BITUMEN LTD.
UNIVERSAL HORIZON LLC Voluntary Liquidation
Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of UNIVERSAL HORIZON LLC has completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 4th March 2019. Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas
MARKET REPORT MONDAY, 1 APRIL 2019
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,122.58 | CHG 3.29 | %CHG 0.16 | YTD 59.01 | YTD% 2.86 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 7.25 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
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 ##########
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
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)
LAST CLOSE 4.25 17.43 6.00 5.39 2.15 1.15 2.15 9.85 6.16 4.50 10.64 2.57 1.79 9.15 6.40 15.57 6.98 3.54 13.85
CLOSE 4.25 17.43 6.00 5.39 2.15 1.15 2.15 9.85 6.16 4.50 10.64 2.58 1.79 9.28 6.40 15.57 7.25 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 0.01 0.00 0.13 0.00 0.00 0.27 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
VOLUME 100
30,000
1,000
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 -5.0 13.9 12.8 29.2 17.0 25.3 8.6 N/M 13.3 18.7 12.5 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% 2.33% 3.35% 0.91% 3.75% 3.21% 2.76% 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%
MATURITY 19-Oct-2022 ############### 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
TVs, medical devices and other products and cut off people who commute to their jobs or school or come across to go shopping. “Let’s hope the threat is nothing but a bad April Fools’ joke,” said economist Dan Griswold at the Mercatus Center at George Mason University in Virginia. He said Trump’s threat would be the “height of folly”, noting that an average of 15,000 trucks and $1.6bn in goods cross the border every day. “If trade were interrupted, US producers would suffer crippling disruptions of their supply chains, American families would see prices spike for food and cars, and US exporters would be cut off from their third-largest market,” he said. Trump brought up the possibility of closing ports of entry along the southern border on Friday and revisited it in tweets over the weekend because of a surge of Central Americans migrants who are seeking asylum. Trump administration officials have said the influx is straining the immigration system to the breaking point. Elected leaders from border communities stretching from San Diego to cities across Texas warned that havoc would ensue on both sides of the international boundary if the ports were closed. They were joined by
LEGAL NOTICE
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000
Elysium Properties AD Ltd. Voluntary Liquidation
Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of Elysium Properties AD Ltd. has completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 5th March 2019. Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas
LEGAL NOTICE
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
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
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
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
the US. Chamber of Commerce, which said such a step would inflict “severe economic harm”. In California’s Imperial Valley, across from Mexicali, Mexico, farmers rely on workers who come across every day from Mexico to harvest fields of lettuce, carrots, onions and other winter vegetables. Shopping mall parking lots in the region are filled with cars with Mexican plates. More than 60 percent of all Mexican winter produce consumed in the US crosses into the country at Nogales, Arizona. The winter produce season is especially heavy right now, with the import of Mexican-grown watermelons, grapes and squash, said Lance Jungmeyer, president of the Fresh Produce Association of the Americas. He said 11,000 to 12,000 commercial trucks cross the border at Nogales daily, laden with about 50 million pounds of produce such as eggplants, tomatoes, bell peppers, lettuce, cucumbers and berries. He said a closing of the border would lead to immediate layoffs and result in shortages and price increases at grocery stores and restaurants. “If this happens — and I certainly hope it doesn’t — I’d hate to go into a grocery store four or five days later and see what it looks like,” Jungmeyer said.
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000
BLUE PENDANT LTD. NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: (a)
BLUE PENDANT LTD., is in dissolution under the provisions of the International Business Companies Act, 2000.
(b)
The dissolution of the said Company commenced on March 28, 2019.
(c)
The Liquidator of the said Company is Amicorp Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Streets, P. O. Box N-4865, Nassau, Bahamas.