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WEDNESDAY, APRIL 3, 2019

$4.70 Central Bank’s crypto deposit, credit bar gets mixed reviews By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank of The Bahamas has received push back to its proposal that banks must not accept crypto currency deposits, or make such loans, to customers. The regulator, unveiling industry feedback to its discussion paper on regulating the fintech (financial technology) and digital space, responded to calls for clarification and suggestions on how such deposits and credit facilities can be extended. Besides barring crypto loans and deposits, the Central Bank’s initial regulatory offering prohibited banks from extending loans to clients so they could purchase crypto assets, while arguing that “price volatility and uncertainties around valuation” meant they could not be pledged as security for other loans by customers. However, in response to industry queries, it clarified its position by revealing that “credit may be extended for the purchase of crypto assets where the credit is fully secured by cash or other assets, and the exposure created is not directly to the crypto asset”. “There will be no prohibition against extending credit to clients for the purchase of crypto assets. Banks, however, may not create direct exposures to such instruments through credit practices. Credit should be backed by cash or a low-risk asset,” the Central Bank added. “Banks would also be responsible for advising customers that crypto assets are considered to be foreign assets, and therefore investment in these assets would have to be processed via the Investment Currency Market (ICM).” The Central Bank issued its responses to the feedback it received on the same day that the Securities Commission unveiled its own draft legislation, the Digital Assets and Registered Exchanges Bill 2019 (or DARE Bill), that is designed to create a crypto/ digital regulatory regime for its own licensees. Several respondents to the Central Bank consultation, though, “respectfully disagreed” that there should be a prohibition on banks and trust companies taking crypto deposits and/ or making crypto loans. “While there is price volatility, it is still a quantifiable volatility,” one unnamed respondent argued. “Below are historically the largest drops, with the largest single day drop in the last three years averaging at about 11 percent per day. An automatised credit structure margin calling at 60 percent of collateral value, while only lending 30 percent of the Bitcoin

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$4.72

‘No one’ missed in hotels’ 48% surge By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE hotel industry’s “most robust performance for 12 years”, highlighted by January’s 48 percent year-over-year room revenue increase, was maintained for the entire 2019 first quarter. Robert Sands, Baha Mar’s senior vice-president of government and external affairs, told Tribune Business yesterday that Nassau/ Paradise Island’s eye-catching growth was achieved “to the detriment of no one” as all resort properties benefited from January’s double-digit rises in occupancies and room nights sold. With the data confirming that “the rebound in

• Nassau/PI maintains double digit rise through Q1 • Industry hails ‘most robust’ showing in 12 years • Vacation rental activity increases over 20%

ROBERT SANDS Bahamian tourism is certainly taking place”, Mr Sands said the hotel and tourism sector was optimistic that 2019 first quarter trends will persist for the remainder of the year provided this nation - and the

Caribbean at large - escape “unwelcome visitors” in the shape of major hurricanes. He cautioned, though, against reading too much into comparisons with January 2018’s figures for Nassau/Paradise Island hotels as “the dynamics” this year in terms of hotel room and product availability - especially at Baha Mar - were much different. Still, Mr Sands said the latest performance data proved beyond any doubt that there was “momentum” at all resort properties on New Providence, and suggested this was “the first time” since the 2008-2009

THE Bahamas has no choice but to embrace fintech and crypto assets if it wants “to remain relevant” in the global economy, a former attorney general warned yesterday. John Delaney, principal of the Delaney Partners law firm, told Tribune Business that this nation faced “becoming a bit of a back water” unless it caught up with such rapidly-evolving trends and harnessed them for its own economic benefit.

JOHN DELANEY

Dairy Queen makes Pointe with sixth site By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

critical for The Bahamas to strike the correct balance between an appropriate level of supervision that provided ample protection for investors, and the reputation/integrity of this nation’s financial services industry, but which did not over-regulate the sector such that innovation was “stifled” and this nation

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• Otherwise ‘we’ll be backwater’, says ex-AG • Regulator releases fintech oversight regime • Bahamas must ‘keep up or be left behind’ Speaking as the Securities Commission “dared” to regulate the emerging sector with the formal release of its Digital Assets and Registered Exchanges Bill 2019 (the DARE Bill) for an eight-week public consultation, Mr Delaney said The Bahamas’ status as an international financial centre (IFC) meant it simply has to “keep up or be left behind”. He emphasised that it was

DARNELL OSBORNE

THE Dairy Queen franchise has expanded its New Providence presence and created ten jobs with the launch of its sixth location at The Pointe in downtown Nassau. Darnell Osborne, former Bahamas Power & Light chair, who with her husband, Derek, operates the franchise, told Tribune Business a soft launch of the new outlet is expected this week followed by an official opening after the Easter holidays. “This is our sixth location. We started the franchise with two stores 11 years ago,” she recalled. “We expect a soft opening this week with a grand opening after Easter. We are opening in that location because we have a strategic plan to have a certain number of stores by next year. “Following through with that we think that that location will be an excellent one for customer traffic. It’s located right in The Pointe, and so we expect to have quite a number of tourists who frequent the Bay Street area and persons employed in the area. We expect to have Bahamian patronage, but we expect to see the vast majority from tourists.” Mrs Osborne added: “It was a strategic decision, and when the opportunity arose we seized it. We had been looking at the downtown area for a

recession when the industry had not been impeded by negative factors restraining its development. “It is difficult to compare 2018 with 2019,” the Baha Mar executive said, “but what it [the data] does show is the momentum at all hotels in Nassau/Paradise Island and the fact that the hotels at Baha Mar are more stabilised in their opening after a year. “Occupancy levels are improving, occupied rooms are improving, rates are improving, and more rooms are online compared to

DARE on crypto to ‘stay relevant’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.56

US ‘jumping to conclusions’ on suspect deals reporting By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE US was yesterday accused by a former finance minister of “jumping to conclusions” over its assertion that too few suspicious transaction reports (STRs) are filed by Bahamian banks. James Smith, also an exCentral Bank governor, told Tribune Business that the “robustness of the system” - and the deterrent effect it had on money launderers, fraudsters and other financial criminals - was perhaps a more likely explanation for why the volume of STRs was allegedly “low”. He was responding to the release of the US State Department’s annual International Narcotics Control Strategy Report (INCSR), which said the number of

• Says Bahamas filing too few FIU alerts • Ex-minister: Could be system’s ‘robust’ • Nation praised for ‘significant steps’

JAMES SMITH STRs filed by banks and other Bahamian financial institutions was relatively small compared to the sector’s overall size. “Considering the size and character of the international financial sector,

the number of filed STRs is low,” the US report said. “In 2018, the FIU (Financial Intelligence Unit) received only 332 STRs from both domestic and offshore entities, down from 446 in 2017.” It also implied that the number of money laundering-related prosecutions and convictions in The Bahamas was also relatively low when measured against the financial services industry’s size, adding: “In 2018, 32 investigations resulted in 34 persons being charged with money laundering offenses. There were 13 convictions in the same period. In 2017, there was

only one prosecution.” Mr Smith, though, yesterday challenged “the scientific basis” upon which the US State Department drew its STR-related conclusions given that The Bahamas and its financial institutions were deemed compliant with global Know Your Customer (KYC) and due diligence standards. “We are on the same level, with all the checks and balances and procedures we follow, as any other country - including the United States,” he told Tribune Business. “It doesn’t follow that they’re [STRs] low because of the

sector’s size. They could be low because of the robustness of the system. “They jump to conclusions. We’re doing everything; the same thing they’re doing in US banks. Some say we may be doing a little more because we’re smaller. They cannot go on the size of the system, as assets under administration in The Bahamas is not just cash balances but includes the likes of equities and real estate. “I don’t think whatever analysis they’re using reflects the reality on the ground. It becomes very subjective. It could be instead that The Bahamas’ system is so robust that not many STRs are being filed, which is probably more the case.” Mr Smith queried why, if

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PAGE 2, Wednesday, April 3, 2019

THE TRIBUNE

Blue Lagoon takes Dairy Queen sustainability award makes Pointe

with sixth site

FROM PAGE ONE

while, and obviously space is limited due to ownership of real estate. When you get an opportunity you have to jump on it. We hope to increase our revenue and, as a result, increase the returns to shareholders.” Dairy Queen opened its fifth location in the Seagrapes Shopping Plaza last February, and also has outlets in the Harbour Bay Shopping Plaza, Mall at Marathon, West Bay Shopping Centre and Southwest Plaza. “We have to give kudos to Dairy Queen international. It’s an excellent franchise. We have gotten to the point where they trust us to maintain the brand,” Mrs Osborne said. BLUE LAGOON ISLAND BLUE Lagoon Island, home to the Dolphin Encounters attraction, has received the Travelife Partner award in recognition of its efforts to achieve long-term sustainability and corporate social responsibility. The destination was found by Travelife to meet more than 100 criteria relating to its office management, product range, international business partners and customer information. Travelife, which has been established with the support of the European Commission, is an international sustainability certifier in the travel industry. More than 35 national travel associations are promoting the scheme to their members, including ABTA, the

British Travel Association; ABVR, the Dutch association of tour operators; and PATA. Naut Kusters, manager of Travelife for tour operators, said: “I am delighted to see that sustainability in the tour operators sector is obtaining momentum. The award of Blue Lagoon Island sets an example for The Bahamas’ tourism sector. It will inspire other companies to follow the same path.” “Blue Lagoon island has for decades been committed to preserving and protecting the marine environment, and to operating in a sustainable manner,” said Robert Meister, its managing director. “We are proud to be the first in The Bahamas to receive this award, and we encourage

others in our country to join us. “Sustainability protects everything - our natural environment, the company’s success and, most importantly, our people and our way of life,” said Dr Ancellino Davis, sustainability co-ordinator for Blue Lagoon Island. “This award programme is recognition for the hard work that our colleagues throughout the Caribbean and the world are doing to make the locations we love last.” Since 1989, Blue Lagoon Island has enabled Bahamians and visitors to interact with, and learn more about, marine mammals in an all-natural marine habitat. Home to native Atlantic Bottlenose dolphins, California sea

lions and native Southern stingrays, it provides guests with eco-friendly Bahamian experiences through educational animal programs, nature walking tours, segway safaris, beach day programmes, and educational programmes offered to students. Travelife, meanwhile, is a certification system for sustainable practices in the tourism industry. It provides companies with realistic sustainability goals, tools and solutions to implement positive change within their businesses and supply chains. Travelife is managed by ABTA, the Travel Association in the UK, and ECEAT Projects, a not-forprofit organisation based in The Netherlands.

“The brand is owned ultimately by Warren Buffett who, over the last decade or so, has really transformed it with new designs for the stores, establishing the DQ grill and chill, which are quite popular in the US, Canada and Asia. “We have the licence for the treat stores when we got into the franchise 11 years ago. We just decided to concentrate on those type stores as opposed to the grill and chill concept, which would compete with the Wendy’s, McDonalds and Burger King. “We have really grown, and we are thankful that we have had staff along the way who have allowed us to really grow the business without us working fulltime in the business.”

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Wednesday, April 3, 2019, PAGE 3

‘SIGNIFICANT PROGRESS’ MADE IN OBAN TALKS By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday said “significant progress” had been made on several environmental and legal concerns associated with the Oban Energies’ Heads of Agreement (HOA). Dion Foulkes, minister of labour, who co-chairs

DION FOULKES

the Cabinet subcommittee spearheading the Oban review and renegotiation, said: “We had two days of talks here in the capital with the principals of Oban. I am awaiting a full report from the negotiation team chaired by attorney Lauren Klein. “Significant progress was made on some of the environmental issues, and some of the legal issues, with

respect to the Heads of Agreement. We are awaiting a full response from Oban with respect to the economic issues. They have not indicated when that response will come and I do not want to give a timeframe until I can ascertain exactly what the timeframe is.” The government signed the initial agreement with Oban Energies on

February 19, 2018, in what was later called a ceremonial signing. The agreement called for a $5.5bn oil refinery and storage facility to be developed in east Grand Bahama. The deal, though, was immediately mired in controversy over the absence of an Environmental Impact Assessment (EIA) and the past legal woes impacting one of its

principals, Peter Krieger. Mr Krieger also did not sign his own name on the Heads of Agreement. The prime minister last March admitted that his administration had made a series of missteps regarding the deal with Oban Energies in its haste to boost the economy of Grand Bahama, and launched a review that led to the current negotiations.

US ‘jumping to conclusions’ MINISTER REASSURES ON on suspect deals reporting GB ELECTRICITY ‘THEFT’ FROM PAGE ONE

The Bahamas was deemed to have such a problem with STR filings and KYC, its institutions were not losing more correspondent banking relationships - most of which are with US institutions. US banks typically pay a great deal of attention to the risk presented by their Bahamian correspondents, drilling down extensively into their regulatory procedures, and sever relationships immediately if they get a sniff of any issue - something that has not happened to-date. Still, the US State Department’s report called for an improvement in the FIU’s “product” so that it could better assist Bahamian and international law enforcement agencies with probes into money laundering and other financial crimes. “The Bahamas needs to address recognised deficiencies in its AML/CFT (anti-money laundering/ counter terror financing) regime by demonstrating risk-based supervision of non-bank financial institutions, and ensuring timely access to adequate beneficial ownership information,” the report said. “Increasing the quality of the FIU’s products would better assist law enforcement to investigate and prosecute all types of money laundering, lead to successful forfeiture proceedings related to AML cases, and address gaps in terrorism and proliferation financing frameworks.” The US State Department’s report will likely be seen in some quarters as an attempt to tell The Bahamas’ story without regard to all the facts, much like the recent US crime advisory.

Much of its criticisms seem to be drawn from the concerns raised by the Financial Action Task Force (FATF) in its ongoing monitoring of The Bahamas. Among the seven weaknesses identified by the FATF are “increasing the quality of the FIU’s products to assist law enforcement authorities in the pursuit of money laundering/terror financing investigations, including‘complex’cases”; “riskbased supervision of non-bank financial institutions”; “access to adequate, accurate and current basic and beneficial ownership information”; and asset confiscation. All are cited in the US State Department’s report, but Mr Smith yesterday reiterated that the Bahamian dollar was highly unlikely to be used for money laundering or other illicit schemes because it is not a convertible currency. “They’re doing quite a disservice to the jurisdiction,” he said. “It [the report] has implications for the financial services sector, which is important in terms of its contribution to GDP.” However, the US State Department report - unlike in previous years - did give The Bahamas credit for making reforms such as the upgraded Proceeds of Crime Act and Financial Transactions Reporting Act. “In 2018, the Bahamas took significant steps toward strengthening identified AML deficiencies,” it said, “notably by passing an enhanced Financial Transactions Reporting Act strengthening KYC rules, STR procedures, risk assessment obligations for financial institutions and designated non-bank financial providers, and customer due

diligence regarding beneficial owners and PEPs (politically exposed persons). “In addition, an enhanced Proceeds of Crime Act introduces unexplained wealth orders and non-convictionbased forfeiture, while a comprehensive Anti-Terrorism Act addresses terrorist financing and proliferation. In August 2018, financial regulators issued several guidance notes related to prevention of money laundering and proliferation financing, as well as financial crime risk management. “Finally, the government passed a strengthened Travelers’ Currency Declaration Act. Additional legislation awaiting parliamentary approval includes a Beneficial Ownership Register Bill (now passed) that requires declaration of beneficial ownership information to a designated authority, and a Non-Profit Bill to regulate and supervise non-profits.” The US, though, reserved its greatest displeasure for the Bahamian judicial system. “The greatest challenge to the host government in tackling the [drug] trafficking issue remains the weakness of the Bahamian criminal justice sector,” its report said. “While the average time between initial arraignment and trial in 2017 was within 90 days for minor offenses, for more serious matters, such as those involving trafficking, smuggling, firearms, or gang violence, regular adjournments prolonged cases, in some instances for several years. Many accused choose to go to trial, confident the courts will take years to move their case through the system and the government will eventually drop the charges.”

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday reassured Freeport businesses and residents that the government was still talking to the island’s electricity utility over its response to recent “theft” claims. Responding to calls by the opposition Progressive Liberal Party (PLP) for government intervention, Kwasi Thompson, pictured, minister of state for Grand Bahama, said Grand Bahama Power Company had reconnected some businesses that it initially cut-off as it probed the matter. “As we understand, the Grand Bahama Power Company discovered that a fraud was going on with respect to the some of their sites. An investigation took place,” Mr Thompson said. “The Government has been engaged with the businesses; engaged with the Power Company from the very beginning. “We understand that communications and discussions are continuing with some of those businesses. Some of those

businesses have actually settled. So the parties have actually met and the matter has been settled, and their power has been cut back on. The process is ongoing.” Mr Thompson continued: “We have been engaged in it from the beginning, and we continue to be engaged with those businesses. We continue to be engaged with the Power Company until there is complete resolution. The discussions are ongoing, and we will continue to be engaged in those discussions.” As Tribune Business revealed, and was subsequently confirmed by GB Power, the chaos was caused by the installation of so-called “energy saving devices” at businesses and residences in Freeport. The sellers, and installers, exploited the desperation of numerous businesses and households to reduce electricity bills that had become equivalent to a second mortgage, eliminating corporate profits and shrinking household disposable income. While sold as “magical boxes”, they were nothing of the sort - as confirmed

by GB Power, which said many were “fake” and did nothing for energy saving and/or conservation. In order to produce the promised savings, the Freeport-based utility provider said the installations it uncovered had resorted to either bypassing or tampering with electricity meters to under-record actual consumption. Such actions are illegal, with GB Power arguing that customers who had fallen for such deception were “victims of a fraud” that delivered no actual energy savings. The utility, which is 100 percent owned by Canadian-based Emera, added that it, too, was a victim because not all customer energy consumption was being recorded - resulting in underbillings and financial losses. Under the Electricity Act and Freeport’s bye-laws, responsibility for paying up falls on the customer - not the installer. “The businesses and residences could claim and feign ignorance, but they’re still going to be liable for the loss suffered by the Power Company because they were the beneficial recipients, in effect, of stolen goods,” one source said.

PAGE 4, Wednesday, April 3, 2019

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DARE on crypto to ‘stay relevant’ FROM PAGE ONE bypassed and “overlooked”. Backing the issuance of the Securities Commission’s regulatory proposal, Mr Delaney said: “I think the whole crypto space, and whether it be crypto related to shares or crypto related to assets, all of that is clearly a new formula in the evolving ingenuity of commerce. “Given the way The Bahamas has chosen to participate in the world economy for almost a century now, in terms of being at the forefront of international financial centres (IFCs) and being a wellregulated one, it’s important that The Bahamas has the infrastructure to oversee that activity.” The former attorney general said digital, technology-driven financial services was not something The Bahamas could afford to ignore regardless of whether it can be exploited to give this nation a competitive advantage. “I don’t see it as a matter of relaunching; it’s a matter of The Bahamas remaining relevant in the international economic space,” Mr Delaney told Tribune Business. “The Bahamas must evolve otherwise it will lose relevance and become a bit of a back water. “We also need to be alert to ensure that, whatever regulation is needed, it must be effective and there is no under-regulation or overregulation. If it is the latter, the industry will be stifled and we will be overlooked as a place to do business.” The Ministry of Finance’s statement yesterday on the DARE Bill made clear that the government sees Fintech and crypto/digital assets, together with associated technologies such as blockchain, as a key niche that - if harnessed correctly can reposition and relaunch

CHRISTINA ROLLE The Bahamas’ financial services industry in the wake of recent “blacklisting” threats and attacks. While acknowledging the “disruptive” power of such innovations, the ministry said it viewed them - in combination with the DARE Bill - as giving The Bahamas a potential competitive advantage and levelling the playing field for its financial services industry. Revealing that it continued to field inquiries from persons and entities wanting to use The Bahamas as a base for initial token offerings (ITOs) and security token offerings (STOs), along with investors looking to establish crypto start-ups, exchanges and custodian businesses, the ministry said oversight needed to be brought to what is currently an unregulated sector. KP Turnquest, deputy prime minister, said in a statement: “The whole issue of crypto currencies and assets is very dynamic.

We have been deliberate in creating a regulatory environment that safeguards the country’s economic interests and shores up our global competitiveness. These efforts will help to grow our reputation as an innovative and responsive financial centre. “New legislative initiatives will facilitate these growth opportunities and drive innovation and diversification in the industry. “Disruptions caused by the digitisation of the economy are leading to a new wave of regulatory reform. “As countries around the world innovate new ways to safeguard against the erosion of their tax base, these developments will undoubtedly affect us here in The Bahamas. With the DARE legislation we are looking to the future, anticipating and preparing for the changes on the horizon, forming coalitions to influence the nature of change.” Mr Delaney yesterday

Career Opportunity Scotia Wealth Management is seeking the services of a

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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.

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ROBERT LOTMORE voiced hope that the DARE Bill had been benchmarked against jurisdictions that have already sought to regulate fintech and crypto assets, and that efforts had been made to learn “whether they got it right”. “The whole idea of our regulator, the Securities Commission, being alert and watchful to ensure we have the right regulatory infrastructure is definitely the right way to go,” he said. “Regulation is good thing, as it gives credibility to a jurisdiction, in particular, if we get it right. “In and of itself it’s a newly-evolved area in terms of international economics. It’s a new way of business. If we are to remain relevant we must evolve to be responsive to the needs of the international market in such areas. “Fintech (financial technology) has been recognised as being something that will revolutionise the financial services industry. It is the natural path the financial services industry is taking. We have all encountered that in retail banking, how different it is today from two years ago,” Mr Delaney continued. “It’s absolutely critical that if we’re going to remain relevant in the financial services space internationally we stay abreast of this thing and ensure we have the infrastructure - technology and skills, as well as regulatory. We keep up or we get left behind. It’s as simple as that.” Cryptocurrency advocates yesterday hailed the Securities Commission’s unveiling of the DARE Bill as “a step in the right direction”, calling for a “level playing field

for all entrants”. Businessman Wayne Johnson told Tribune Business: “I think it’s a step in the right direction in terms of getting the jurisdiction to be a place that is crypto friendly. For crypto-enthusiastic individuals that want to do that kind of business in The Bahamas this is great news. I think it’s an excellent step. “I will have to look closely at the draft legislation but, as I have said before, it must be in line with the entrepreneurial needs of the community in terms of technology and innovation taking place in this space. It must be a level playing field for all entrants. I look forward to reading over the legislation, adding my comments and being a part of the consultation.” Christina Rolle, the Securities Commission’s executive director, gave an insight into the potential size of the market during a presentation, entitled Fintech: Balancing innovation and regulation, to the recent International Business & Finance Summit (IBFS) in Bimini. She noted that some 1,257 initial coin offerings (ICOs) took place in 2018, raising a combined $7.852bn. More than 100 crypto exchanges are present worldwide, with the leaders conducting billions of dollars worth of trading activity. The DARE Bill’s main goal, according to the Securities Commission, is to regulate the issuance, sale and trading of digital/ crypto assets in or from The Bahamas. Initial token offerings will be covered by the new regime, while sponsors and intermediaries promoting such issues

must be registered with the regulator. Digital asset businesses, including crypto exchanges, will also fall under its oversight, along with custodians and wallet services providers. All participants in the sector will be required to implement stringent data protection measures and adhere to the same antimoney laundering and counter terror financing regulation imposed on traditional “bricks and mortar” operators. The Securities Commission, which is due to shortly publish a policy paper to accompany the DARE Bill shortly, said: “The Bill proposes a legislative structure with standards for entry into, and participation in, the digital token space. “These requirements stipulate who may participate, the level of capital required, the rules for reporting and seeking the commission’s approval, and the penalties for failure to comply. “The Bill applies to any person who as organiser, issuer, founder, sponsor, wallet provider, exchange, purchaser or investor participates in the formation, promotion, maintenance, organisation, sale or redemption of an initial token offering. However, it does not apply to a person only by reason of his acting in a professional capacity on behalf of persons engaged in procuring the organisation, promotion, issuance, sale or trade of digital assets, or security tokens.” Ms Rolle said in a statement: “Over the last year, the number of queries the jurisdiction has received from entrepreneurs interested in venturing into this form of capital raising has mandated that the jurisdiction ensure legislative and regulatory parameters are in place to address how operators conduct themselves and how token issues come to market.” Robert Lotmore, the Securities Commission’s chairman, added: “The Securities Commission has been working in close consultation with the industry on the development of this Bill, which we anticipate will be the first piece of a suite of legislation that will establish the regulatory framework for crypto assets in The Bahamas. “A comprehensive policy position paper will be released next, and the Securities Commission looks forward to input from the industry and general public on that as well.”

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‘No one’ missed in hotels’ 48% surge FROM PAGE ONE the year before. There were a number of dynamics. What it does show is a level of improvement year-overyear for all hotels and, in no small way, Baha Mar contributed significantly to that increase.” Mr Sands was speaking after the Central Bank of The Bahamas, in its just-released economic developments report for February, revealed that the peak 2019 winter tourism season started with major gains across all major hotel industry performance indicators. Apart from the near-50 percent increase in Nassau/ Paradise Island room revenues, room nights sold and occupancy rates rose yearover-year by 36 percent and 16.9 percentage points, respectively. The latter averaged 69.9 percent for January 2019. And, besides volumerelated improvements, the Central Bank’s report showed that yields and pricing power increased despite the greater room inventory supply, with average daily room rates (ADRs) up by 9.4 percent to $265.39 per night. Describing the figures as evidence of “a strong performance where all Nassau/ Paradise Island hotels “showed growth”, Mr Sands added: “It’s a very positive indicator that the rebound of Bahamian tourism, certainly in New Providence, is taking place to the detriment of no one. Everyone is improving. “Once you look at the first quarter in totality you’ll see that trend continue, and that’s all very positive for Bahamian tourism. It

Central Bank’s crypto deposit FROM PAGE ONE

value in custody, would have protected loan issuers from even the largest historical drops. “We note that today we have the tools to adapt credit terms based on liquidity and price action of the asset class held in collateral. The digital asset market also trades 24/7 so it is not exposed to off-hour crisis

Wednesday, April 3, 2019, PAGE 5

continued in January, February and certainly into March - the latter not at the same track - but the positive trend continued. “The first quarter has certainly been a robust one for The Bahamas, and we’re hopeful this trend continues for the rest of the year. The Bahamian hotel industry has not performed as robustly as this for at least 10-12 years, and there have obviously been a number of factors behind that,” he continued. “The denial of new hotel product; we’ve gone through recessions, gone through hurricanes. This is perhaps the first time where a lot of those elements - touch wood - have not negatively impacted us, and we’ve begun to see the level of hard work and investment by all hotel brands in the destination. “I think all these things improved airlift, the arrival of high-profile brands, customer service elements are up. The Bahamas as a worldwide brand has significant equity, and its closeness to the US, level of advertising in the market to create awareness, low tourismrelated crime and the return of group and conventions all of these things have come together for us, certainly in the first quarter.” Not to mention an improved US economy and consumer confidence, notwithstanding concerns expressed yesterday by Christine Lagarde, the International Monetary Fund (IMF) chief, that there are storm clouds on the horizon as it relates to the world’s economic well-being. The figures thus provide encouraging reading for a Bahamian economy where

the hotel industry is the largest private sector employer, and the government will be hoping that at least some of the revenue rises will trickle down through society sufficiently to cut the persistent double-digit unemployment rate. Mr Sands, though, conceded that year-over-year comparisons were difficult especially since Baha Mar had yet to open its Rosewood property at this point in 2018, while both its Grand Hyatt and SLS resorts were still gradually ramping up operations and room availability. “You have to put it in context,” he explained. “It’s a great improvement over the year before, but the dynamics of what is available now and what was available the year before have to be put into context.” The Baha Mar executive added that the industry continued to drive for increased airlift that opened up new tourism source markets, and which served these and existing hubs more frequently, in an effort to stimulate demand for its greater room inventory. The Central Bank’s report, meanwhile, confirmed that the tourism industry improvement also extended to the fast-growing vacation rental market where room nights booked via Airbnb soared by 20.6 percent in February compared to the prior year. It added that there were gains in “the entire place and hotel comparable categories” of 17.7 percent and 42.2 percent, respectively, with the average daily room rate (ADR) for the latter category rising by 1.3 percent to $141.39. The ADR for “entire place listings”, though, slipped by 1.8 percent to $327.40. “An analysis of the major markets showed that for February 2019 the number of rental room nights booked in New Providence for hotel comparable and

entire place listings rose by 44.8 percent and 18.7 percent, respectively,” the Central Bank said. “In contrast, the ADR for entire place listings contracted by 11.1 percent to $257.56, while the hotel comparable ADR edged up by 0.6 percent to $117.51. “In Grand Bahama, the number of room nights booked for entire place listings declined by 2.7 percent as renters showed a preference for the hotel comparable category, which grew by 54.8 percent. In addition, the ADR for both entire place and hotel comparable listings fell by 17.5 percent and 7.2 percent, respectively, to $156.41 and $92.23. “Exuma maintained its status as an attractive Family Island destination, as bookings for hotel comparable and entire place listings expanded by 61.8 percent and 45.3 percent, while the ADRs firmed by 12.4 percent to $168.75 and 15.4 percent to $437.10, respectively. “Similarly, in Abaco, booked nights for hotel comparable listings expanded by 42 percent and the ADR increased by 12.9 percent to $175.15, while the number of room nights sold for entire place listings increased by 14.4 percent. However, the ADR contracted by 15.8 percent to $286.48.” Combining both January and February, the Central Bank added: “Vacation rental trends broadly strengthened over the first two months of 2019, as the total number of room nights booked across the archipelago advanced by 25 percent, reflecting gains in both the hotel comparable (46.1 percent) and entire place (22.2 percent) segments, with the ADR for the former up by 3.1 percent at $141.90 and the latter down, by 1.8 percent, at $328.87.” The regulator’s report said Nassau Airport Development Company (NAD)

risk that the traditional markets are exposed to overnight and at weekends. “A structure with approved sub-custodian holding custody, with an automatic margin call, appropriate conservative levels for lending (for instance no more than 30 percent), would bring safety to loans collateralised by digital assets. There are today instruments monitoring LTV by the minute and able to automatically sell the digital assets as soon as it reaches a certain threshold (for instance

20 percent above the approved level).” The Central Bank, though, replied that such mechanisms were more appropriate for brokerage firms than its bank and trust company licencees. Another respondent, meanwhile, argued that financial institutions “with proper regulation and integration for usage of technologicalbased products and services can take advantage of being partnered with a technological system that will enable the institution to access these services in a technologicallyregulated manner”.

The regulator added that technology and software to facilitate regulatory technology - so-called Regtech - was key to the success of such a proposal.

data on passengers transiting through Lynden Pindling International Airport (LPIA) also reflected the strengthening tourism performance, with total departures “net of domestic travellers” up by 26.4 percent for February and 24.1 percent for the first two months. This compared to a 9.4 percent rise for the first two months, and

the Central Bank said: “Indicative of the ongoing economic improvement in the key source market, US tourist traffic firmed comparatively by 30 percent in February, and firmed by 27.1 percent for the year-to-date. “Among non-US departures, the review month gained by 10.6 percent, sustaining a 10.9 percent boost over the year-to-date.”

Legal Notice

NOTICE Spinder Corporation NOTICE IS HEREBY GIVEN as follows: (a) Spinder Corporation has been dissolved on the 25th day of March, 2019 under the provisions of the International Business Companies Act, 2000.

Calynn Thurston Liquidator

Legal Notice

NOTICE Brovy Investments Limited NOTICE IS HEREBY GIVEN as follows: (a) Brovy Investments Limited has been dissolved on the 27th day of March, 2019 under the provisions of the International Business Companies Act, 2000.

Calynn Thurston Liquidator

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: • 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).

PAGE 6, Wednesday, April 3, 2019 LONDON Associated Press PRIME Minister Theresa May has brought a new word to the Brexit lexicon: compromise. May offered yesterday to hold talks with the leader of the opposition in an attempt to avoid a chaotic departure from the European Union in just ten days. The shift comes after lawmakers rejected the government’s Brexit deal on three occasions, and twice failed to agree on any other option. A look at what might happen next: NO DEAL The EU’s chief Brexit negotiator, Michel Barnier, has warned that a “no-deal” Brexit is “likely” because of Britain’s political impasse. Earlier this month, the EU agreed to postpone the original Brexit date of March 29, but gave Britain only until April 12 to come up with a new plan and seek a further extension, or leave without an agreement or a transition period to smooth the way. Most politicians, economists and business groups think leaving the world’s largest trading bloc without an agreement would be damaging for the EU and disastrous for the UK.

THE TRIBUNE

It would lead to tariffs imposed on trade between Britain and the EU, customs checks that could cause gridlock at ports and which could spark shortages of essential goods. A hard core of Brexiteer legislators in May’s Conservative Party dismiss this as “Project Fear” and argue for what they call a “clean Brexit”. But most lawmakers are opposed to leaving without a deal. Parliament has voted repeatedly to rule out a “no-deal” Brexit — but it remains the default position unless a deal is approved, Brexit is cancelled or the EU grants Britain another extension. May says the only way to guarantee Britain does not leave the EU without a deal is for Parliament to back her deal, which lawmakers have already rejected three times. Yesterday, she said she would be prepared to compromise with her opponents — potentially pledging to keep closer ties with the bloc than she wants — in order to win their backing for the withdrawal deal. MAY’S UNDEAD DEAL After almost two years of negotiations, Britain and the EU struck a divorce deal in November, laying out the terms of the departure from the bloc and giving a rough outline of future relations. But it has been roundly

UK’s May seeks crossparty talks to avert ‘nodeal’ Brexit THERESA MAY rejected by lawmakers on both sides of the Brexit divide. Pro-Brexit lawmakers think it keeps Britain too closely tied to EU rules. Pro-EU legislators argue it is worse than the UK’s current status as an EU member. Parliament has thrown it out three times. May’s attempts to build support for the deal have so far focused on persuading proBrexit lawmakers to back it. But many have refused to budge. Now May is changing tack, saying she will talk to

the opposition on compromise proposals for Britain’s future relations with the bloc in a bid to get their support for the deal. SOFT BREXIT May’s offer of opposition talks suggest she is

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows:

NOTICE

(a) GALED ASSET MANAGEMENT LTD. is in dissolution under the provisions of the International Business Companies Act 2000.

EXENE INVESTMENTS LIMITED

(b) The Dissolution of said Company commenced on March 29, 2019 when its Articles of Dissolution were submitted and registered by the Registrar General.

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Exene Investments Limited has been completed and the company has been struck from the Register on the 19th day of March, 2019.

(c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before 30th of April, 2019 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. April 2, 2019

Shareece E. Scott Liquidator

ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

MARKET REPORT TUESDAY, 2 APRIL 2019

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

BISX ALL SHARE INDEX: CLOSE 2,122.46 | CHG -0.12 | %CHG -0.01 | YTD 58.89 | YTD% 2.85 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

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 2.04 184.51 158.55 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 2.15 9.85 6.16 4.50 10.64 2.58 1.79 9.28 6.40 15.57 7.25 3.54 13.85

CLOSE 4.25 17.43 6.00 5.39 2.15 1.15 2.15 9.85 6.16 4.50 10.64 2.55 1.79 9.16 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 -0.03 0.00 -0.12 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

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 1,000

500

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 25.0 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% 2.35% 3.35% 0.92% 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

0.0 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 2.22 4.22 2.04 184.51 147.81 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% 0.58% 3.94% -0.39% 1.53% 0.43% 2.52% 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 28-Feb-2019 28-Feb-2019 22-Feb-2019 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

pivoting to a softer form of Brexit than the one she has described for almost three years. May has always insisted Britain must leave the EU’s single market and customs union in order to forge new trade deals around the world — but those ideas have strong opposition support. In Monday’s Parliament votes on alternative Brexit proposals, a plan to keep the UK in an EU customs union, ensuring seamless trade in goods, was defeated by just three votes. Tweaking her deal to adopt a customs union could gain May valuable votes in Parliament. It also would likely be welcomed by the EU and would allow Britain to leave the bloc in an orderly fashion in the next few months. However, it would also cause a schism in the Conservative Party, sparking the potential resignation of pro-Brexit government ministers. That instability raises the chances of an early British election, which could rearrange Parliament and break the deadlock. BREXIT DELAYED May conceded yesterday that Britain will need a further delay to its departure in order to sort out the

mess and avert a “no-deal” departure. The EU is frustrated with the impasse and has said it will only grant another postponement if Britain comes up with a whole new Brexit plan. Still, EU Council President Donald Tusk has urged the bloc to “be patient” and give Britain a Brexit extension if it plans to change course. NEW BREXIT REFERENDUM Parliament on Monday also narrowly rejected a proposal for a new referendum on whether to leave the EU or remain. The proposal for any Brexit deal to be put to public vote in a “confirmatory referendum” was defeated by 12 votes. It was backed by opposition parties, plus some of May’s Conservatives — mainly those who want to stay in the bloc. Her government has ruled out holding another referendum on Britain’s EU membership, saying voters in 2016 made their decision to leave. But with divisions in both Parliament and in May’s Cabinet, handing the decision back to the people in a new plebiscite could be seen as the only way forward.

NOTICE NOTICE is hereby given that VELITA DUMENE BELIZAIRE of #17 Clarke Avenue, 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 3rd 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 STEVEN DELIUS of Hamster Road, off Carmichael Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE

NOTICE

International Business Companies Act (No. 45 of 2000)

BETHOVEN COMPANY LTD. In Voluntary Liquidation Notice is hereby given in accordance with Section 138 (4) of the International Business Companies Act, (No. 45 of 2000), BETHOVEN COMPANY LTD. (the “Company”) is in dissolution. The date of commencement of the dissolution is March 20, 2019. Antoine Mari is the Liquidator and can be contacted at 41 Avenue Hector Otto, MC 98000 Monaco. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before April 19, 2019.

NOTICE EXXONMOBIL EXPLORATION AND PRODUCTION ITALY LIMITED ____________________________________________

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 18th day of March, 2019. Dated the 3rd day of April, A.D., 2019.

R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION ITLAY LIMITED 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 TRIBUNE

Wednesday, April 3, 2019, PAGE 7

US STOCK INDEXES CAP LISTLESS TRADING DAY WITH MIXED FINISH By ALEX VEIGA Associated Press A DAY of listless trading on Wall Street ended with an uneven finish for stock indexes as the market lost some of its momentum after a three-day winning streak. After a brief early slide, US stocks mostly wavered between small gains and losses through the rest of the day, as gains for some big technology companies were offset by losses in other sectors. Consumer products companies took some of the heaviest losses, led by drugstore chain operator Walgreens Boots Alliance, which plunged after it slashed its forecast following a weak quarter. Competitor CVS followed it lower. The S&P 500 ended essentially flat, having eked out a sliver of a gain, which was still good enough to extend the benchmark index’s winning streak into a fourth day. Small-company stocks fell. “You had some selling this morning, but it didn’t really materialise into much of anything,” said Willie Delwiche, investment strategist at Baird. “There will be plenty of market-moving things over the next few weeks.” All told, the S&P 500 index edged up 0.05 points, or less than 0.1%, to 2,867.24.

TRADER Gregory Rowe works on the floor of the New York Stock Exchange. Stocks are opening lower on Wall Street as the market pulls back following a three-day rally. Photo: Richard Drew/AP The Dow Jones Industrial Average fell 79.29 points, or 0.3%, to 26,179.13. The Nasdaq composite index rose 19.78 points, or 0.3%, to 7,848.69. The Russell 2000 index of smaller company stocks gave up 2.74 points, or 0.2%, to 1,553.32. Major European stock indexes finished higher. Bond prices rose. The yield on the benchmark tenyear Treasury fell to 2.47% from 2.49% late on Monday. The day’s downbeat finish for stocks followed an overall strong stretch for the market. The S&P 500 finished the January-March period with its biggest quarterly gain in nearly a decade. The index is now up 14.4% this year, and would now need to rise just 2.2% to regain the peak it reached September 20. Investors are still not sure which direction to move as they weigh uncertainty over international trade issues and warnings over a weak

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he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.

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first quarter for companies. The unresolved trade dispute between the US and China is still a key issue, said JJ Kinahan, chief market strategist at TD Ameritrade. “Nobody wants to buy with both hands, just in case,” he said. “But, people won’t aggressively sell everything as well, just in case.” Traders are looking ahead to today, when trade negotiations between the US and China are due to resume. Officials from the world’s two biggest economies are aiming to put to rest a dispute over technology and other issues. Friday also brings potential market-moving news, when the government issues its tally of jobs added by US employers last month. Economists project a gain of 170,000, according to FactSet. “You have the start of the quarter and now you’re starting to go into

wait-and-see mode until you get the jobs data on Friday,” Delwiche said. Investors are also gearing up for a slew of corporate earnings this month, as the next big wave of company results kick into gear next week. Wall Street expects a contraction in earnings during the first quarter, followed by slow growth for the remainder of 2019. Any company commentary about their prospects for the next few quarters will be important in giving analysts and investors a better picture of the economy. Technology, communication and real estate sectors were among those to squeeze out gains on Monday. Apple rose 1.5%, Facebook gained 3.3% and Boston Properties added 1.6%. Walgreens led a slide in consumer products stocks after it reported a 14% drop in second-quarter profit, which the company’s CEO described as the most difficult quarter the nation’s largest drugstore has faced since forming a few years ago. The company also slashed its forecast for 2019. Walgreens shares fell 12.8% and helped push down key competitor CVS Health by 3.8%. Airline stocks rose after Delta Air Lines raised its profit forecast for the current quarter. Delta jumped 6%.

NOTICE NOTICE is hereby given that ANGELINE SOUFFRANT of #135 Faucet Lane, 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 3rd 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 JULIAN ANDRÉ KISSOON of #2 Linkford Street. P.O. Box EE-17039, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Other airlines also rose. United Continental picked up 2.3%, American Airlines Group added 2% and JetBlue Airways rose 1.2%. Energy futures closed mostly higher. Benchmark US crude gained 1.6% to settle at $62.58 a barrel. Brent crude, used to price international oils, closed 0.5% higher at

$69.37 a barrel. Wholesale gasoline climbed 1.6% to $1.93 a gallon, heating oil picked up 1% to $2.01 a gallon and natural gas fell 0.9% to $2.68 per 1,000 cubic feet. The dollar held steady at 111.37 yen, while the euro weakened to $1.1198 from $1.1211 on Monday.

NOTICE

NOTICE is hereby given that CLAUDIA SMITH CLARKE of Christie Avenue, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

N O T I C E DEROVISION LIMITED ____________________________________ 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 21st day of March, 2019. Delano Aranha

Liquidator of

DEROVISION LIMITED

N O T I C E

Seascape Developments Inc. ____________________________________

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 21st day of March, 2019. Delano Aranha Liquidator of Seascape Developments Inc.

PAGE 8, Wednesday, April 3, 2019 NEW YORK Associated Press NEW York City is set to become the first American metropolis that seeks to ease traffic congestion, cut pollution and boost mass transit by charging motorists a hefty toll for the privilege of driving into its most crammed areas. So can it work? If the experience of other cities around the world that have tried it is any indication, the answer appears to be yes. London, Singapore and Stockholm have all reported that “congestion pricing” systems similar to the one now being planned for Manhattan led to initial reductions in traffic and improvements in air quality, while creating a steady stream of revenue to support public transit and other infrastructure. “New York is a prime example of cities where it tends to work, which is very high density, with relatively good public transportation” or at least the skeleton of a good system, said John Rennie Short, professor of public policy at the University of Maryland Baltimore County. But critical questions still to be resolved that could determine what the experiment ultimately looks like and whether it is successful, experts said. New York has to work out details of the plan, which would use a network of license plate readers to bill vehicles for using surface roads anywhere in Manhattan south of Central Park. That includes the cost of the toll, which is likely to be more than $10. Will the tolls raise enough money to make the city’s strained mass transit system reliable? Is there enough alternative transportation for commuters who decide to give up their cars? How will the tolling system affect the delivery trucks, taxis and ride-hail vehicles that now comprise a big proportion of Manhattan traffic? And will so many vehicles be made exempt from the tolls that the effect on travel patterns is minimal? Mitchell Moss, director

THE TRIBUNE

New York will be first US city to charge congestion toll MOTORISTS roll south on 7th Avenue in Times Square in New York. Long ringed by some of the most expensive toll roads in the US, New York City is poised to take things even further with a plan to use automated license plate readers to charge drivers who motor into the most congested parts of Manhattan during times when crosstown traffic is at its worst. Photo: Julie Jacobson/AP

of the Rudin Center for Transportation Policy and Management at New York University, predicted that in the end the city might see only a modest decline in traffic, as people either absorb the cost and keep driving, or switch to services like Uber and Lyft. “We’re not going to see people abandon their cars to get into the subway,” he said. Primarily, he said, the system is likely to benefit the public transportation system, which now has a new source of revenue for much-needed repairs and upgrades. “This is a terrific victory ... for the mass transit ridership and for New York’s capacity to respond to the crisis of its mass transit

system,” he said. New York state legislators approved a conceptual plan on Monday for the tolling system, which would supplement an existing network of bridge and tunnel tolls that charge $9.50 to $15 for vehicles coming into Manhattan via seven of the 20 bridges and tunnels leading onto the island. A panel will now be convened to set the toll prices — one recent proposal suggested around $12 for passenger vehicles — and create possible exemptions or credits for some drivers. That could include discounts for motorists already paying a toll to enter Manhattan. The earliest the tolls could begin is Dec 31, 2020. One model for the system has existed since 2003 in

London, which offers evidence that the system could work — and a cautionary note for how it may need to adapt over time. Initially, London charged drivers five pounds, or about $6.50, to come into the central part of the city during the workweek. The toll initially had a considerable effect. In its first year, congestion dropped 30%, buses got 6% faster and there was a 12% reduction in emissions. In recent years, however, congestion has dramatically worsened, despite the fee rising to 11.50 pounds, about $15, per day. Officials say that was due in large part to the flood of app-based for-hire vehicles like Uber, which were initially exempt from the tolls. As a result,

the city is lifting the exemption starting April 8. In Stockholm, a pilot programme that was put in place with less-than-enthusiastic public support in 2006 became much more popular as people saw immediate drops in congestion and air pollution, so much so that residents voted to make it permanent in 2007. Singapore’s system has been around since the 1970s. About 717,000 vehicles a day enter the Manhattan zone considered for the programme, a recent city study said. One estimate said a congestion pricing plan with an $11.52 toll could reduce traffic by 13 percent and raise gross revenues of $1.1bn per year, much of which would go to support trains and buses after

expenses. “Even a small reduction in traffic can have a substantial impact on the larger traffic network,” said Kate Slevin, senior vice president of state programmes and advocacy at Regional Plan Association, an advocacy organisation that supports the congestion toll. Asked about concerns over whether such a beleaguered transit system could even handle more riders if people decided not to drive into Manhattan, Slevin pointed out that transit officials have almost two years to take steps that will help, like redoing bus routes. “The good news is there’s going to be a couple of years before the congestion toll is turned on,” she said.