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MONDAY, APRIL 8, 2019

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DR DUANE SANDS

$500m healthcare plant need requires ‘sustainable PPPs’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas can only turn to private-public partnerships (PPP) to help finance its “$500m or more” public healthcare infrastructure needs if there is “a sustainable way” to pay for them. Dr Duane Sands, minister of health, revealing that unfunded renovation/new build commitments alone totalled around $80m, said the new Fiscal Responsibility Act together with the government’s financial realities meant the era of “spending

SEE PAGE 4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

UPER Value’s owner says he is opposed to joining the WTO and will never change his mind even if studies determine “it’s the greatest thing for The Bahamas”. Rupert Roberts told Tribune Business he fears that full World Trade Organisation (WTO) membership “doesn’t fit” the Bahamian economy, especially given its minimal physical goods exports, and that it will result in “a free for all” overwhelming both local businesses and consumers. He warned that the government will face “a big, big push back” from Bahamian voters if it pushed forward with the WTO accession process against their wishes and, while arguing that a referendum is not necessary, suggested it conduct

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Warning against viewing it as “a silver bullet” for repositioning the Bahamian financial services industry and regaining its competitive advantage, Mr Komolafe suggested more thought needed to be given about how this nation could

SEE PAGE 4

NHI ‘ready’ for new Cabinet go

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Minister of Health is confident the proposed National Health Insurance (NHI) scheme is “ready” for resubmission to the Cabinet, saying: “Most of the heavy lifting has been done.” Dr Duane Sands told Tribune Business told Tribune Business it was more a “timing” issue of when the plan could be placed on

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Super Value chief says ‘no’ to WTO

Crypto ‘marriage’ with traditional financial services THE Bahamas must take a “holistic” approach that “marries” the gintech and digital asset space with its existing financial services industry, a local risk specialist is urging. Emmanuel Komolafe, pictured, a Bahamas-based governance and compliance practitioner, told Tribune Business it was too early to determine whether crypto currency and other digital assets could be a “game changer” for this nation given that the sector continued to rapidly evolve.

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Cabinet’s agenda for discussion, saying it would be “hopefully soon”. Asked whether he was confident that initial concerns had been addressed, he replied: “Yes, I am. I think it’s ready; it’s just a matter of literally an acceptable time to get it on the agenda. Some of us are travelling and so on and so forth. “Most of the heavy lifting

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• Will oppose even if ‘greatest thing for Bahamas’ • Fears ‘free for all’ as ‘doesn’t fit’ the economy • Warns of ‘big, big push back’ from voters

RUBERT ROBERTS “a comprehensive survey” of public opinion before proceeding. “I’m not sold on WTO,” Mr Roberts told this newspaper. “I oppose it. I’m afraid that with WTO we’re going to have to reduce duties, and if we reduce duties to 15 percent we will

have to raise VAT to 25 percent, and that creates problems for us with consumer dissatisfaction. We would have to face that. “I feel that no matter what they [the government] say, no matter what they promise, no matter what they negotiate, that we are going to have free movement of labour. All the banks in the world will be coming in, all the supermarkets in the world will want to come in. “I think it will be a free for all, and not fair to Bahamians and not work for Bahamians. Yes, I oppose it, and I think there’s members of the chamber that oppose it.” Mr Roberts’ position is significant since he is the

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DR DANNY JOHNSON

Ex-sports minister: All pennies accounted for By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

first major Bahamian businessman to come out so strongly against the government’s policy decision to push forward and complete an 18-year WTO accession process - the longest ever in the organisation’s history. The timing of his remarks is also interesting given that a government delegation, headed by Brent Symonette, minister of financial services, trade and industry and immigration, and Zhivargo Laing, the chief WTO negotiator, last week went to Geneva for the fourth Working Party meeting on The Bahamas’ accession bid. The delegation will this week likely brief the

THE former sports minister said “every penny can be accounted for” just 24 hours after asserting he was “not interested in talking crap” over the National Sports Authority (NSA) audit. Dr Danny Johnson, who held ministerial responsibility for the NSA for the majority of the period covered by the auditor general’s report, performed a rapid about-turn one day after telling Tribune Business he was “no longer in public life” and did not wish to comment on the findings. Contacted by this newspaper last Thursday, hours after the document was tabled in Parliament, Dr Johnson said he “did my

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PAGE 2, Monday, April 8, 2019

ORE Bahamians must be trained in technical skills to meet the employment demands an expanding national economy will create, the Prime Minister has urged. Dr Hubert Minnis said: “With the expansion of our economy nationally and on Grand Bahama, this is an even more urgent matter, especially as construction, our second largest industry, will need many more employees and workers.” He emphasised that reducing the skills gap in The Bahamas was critical to reducing unemployment, increasing productivity and improving tye ease of doing business. The prime minister was speaking on Friday at the Ministry of Labour’s Grand Bahama District High School Technical and

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PM URGES SKILLS DEFICIT SOLUTIONS Industrial Forum Exhibition, held at the St George’s High School Gymnasium under the theme Motivating young Bahamians, pursuing a brighter future through technical and industrial education. Friday’s forum was designed to empower young people to bridge the skills gaps on Grand Bahama, and was the result of a 2018 symposium that brought together more than 150 leaders of industry, education, government and labour to craft a comprehensive approach to address the skills deficit. “I am pleased that Grand Bahama is once again on

DR HUBERT MINNIS

the move. The revival of Grand Bahama has begun. It is part of a much bigger Bahamian revival,” said the prime minister. The government is currently in negotiations with Carnival for the development of a new cruise port in Freeport, which will create hundreds of jobs in the short-term and has the potential to provide more than 1,000 direct and indirect permanent positions within the next few years. The government has also signed a Letter of Intent (LOI) with Royal Caribbean International and the ITM Group for the sale of the Grand Lucayan

resort, the redevelopment of Freeport Harbour and the development of a major theme park and entertainment area. PharmaChem will soon be completing its expansion phase. Itelbpo Smart Solutions provides opportunities in the technical field. And other technical and industrial companies offer a variety of exciting opportunities, the Prime Minister said. Hundreds of senior high school students attended Friday’s forum and exhibition from Grand Bahama, Bimini and Grand Cay, and more than 20 entities from the technical and industrial sectors set up exhibitions. The prime minister told students: “This is a marvellous opportunity for you to gain and gather as much information as possible to be able to help chart your future.”

Bahamas growing $300m ‘natural fit’ THE Bahamas last week sought to grow a $300m private aviation market that was described as a “natural fit” by heavily promoting the jurisdiction at a major Florida show. This nation, which is already pushing its ‘Fly Away’ campaign to private aviators, was heavily promoted at the 45th annual Sun ‘n Fun International Fly In & Expo from April 1-7 in Lakeland, Florida. The Expo, which is the second largest aviation show in the US, attracts some 200,000 pilots, aviation enthusiasts and media professionals. The Ministry of Tourism and Aviation (MOTA) has enjoyed a relationship with the expo’s organisers for more than 20 years. Dionisio D’Aguilar, minister of tourism and aviation, who travelled to the event for the first time, said the partnership with Sun ‘n Fun was a “natural fit”. “This is a natural spot for the Ministry of Tourism and Aviation as Sun ‘n

DIONISIO D’AGUILAR Fun attracts private pilots throughout Florida who visit The Bahamas. We have 60 airports, 20 of which are ports of entry, that pilots can fly into and truly embody island hopping. It’s an easy sell and they are really fascinated about coming to The Bahamas,” he said. Mr D’Aguilar participated in a number of media promotions, including two radio broadcasts on SnF 1510 AM and a television appearance on Florida Aviation Network, while at the show. He also called on

executives of the Federal Aviation Administration (FAA), and served as host and keynote speaker at a Bahamas night appreciation dinner, which was attended by members of the press, executives of Sun ‘n Fun International, Bahamas Flying Ambassadors and private pilots. Linda Mackey, The Bahamas Consul General in Miami, said: “It’s been very good for many people who have not visited The Bahamas. Our proximity makes it very easy and the excitement is certainly growing. “It’s a big industry and last year The Bahamas experienced its best year ever (in tourism), and so we are excited about the potential here.” Ellison “Tommy” Thompson, deputy director-general of tourism, also participated in a radio broadcast as well as the Ministry of Tourism’s Flying to The Bahamas seminars. More than 200 private pilots registered and attended the seminars, with

plans to fly into The Bahamas. Leonard Stuart, the Ministry’s district manager for sports and verticals, and Mike Zidziunas, Bahamas Flying Ambassador, conducted the seminars. “Private aviation is actually a $300m business for the islands of The Bahamas, with Florida being our number one market,” said Mr Thompson. “A number of aviators have flown over land but never over wate,r and so we have shown them how easy it is to get to The Bahamas and assist them with the necessary required paperwork. We show them the variety of accommodations on the different islands and all the other activities you can do in The Bahamas. “These (Bahamas Flying Ambassadors) are a carefully selected group of seasoned private pilots who are skilled and knowledgeable about flying into and around The Bahamas, and who lead fly outs to The Bahamas for novice pilots who are afraid of

flying over water.” A number of Bahamas Flying Ambassadors who attended the event said The Bahamas was an easy sell. “There are so many great things about The Bahamas. But what I impress upon people who want to fly there is the best things are not its beautiful beaches, sand or resorts but really its people,” said Mike Z. “The Bahamas has so much to do. You have everything from Las Vegas-style casinos to quaint fishing camps.” Steveo, a popular Youtube pilot and the youngest Bahamas Flying ambassador, shared similar sentiments. “I’ve been flying into The Bahamas most of my career and I love flying there. I love the culture and just to be able to showcase flying into The Bahamas and the beauty of the islands is really a joy,” he said. As a climax to Sun ‘n Fun, some 40 private pilots were yesterday expected to Fly Out to The Bahamas,

where they will visit Grand Bahama, Cat Island and Treasue Cay, Abaco, from April 7-10, 2019. Meanwhile, John “Lites” Leenhouts, Sun ‘n Fun’s president, said he sees the partnership with the Ministry of Tourism continuing to flourish for many years to come. “We have this partnership where we are building this image in the minds of aviators in America that The Bahamas is a great chain of beautiful islands,” he said. Our goal here is to continue to build an aviation bridge between Florida and The Bahamas that has constant aircraft. “We want to know all there is to know about The Bahamas to make the experience enjoyable and easy for all of our aviation friends.” Ministry of Tourism officials also plan to promote The Bahamas at the EAA Air Venture Oshkosh Conference, the largest aviation expo in the world, in Wisconsin in July.

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Monday, April 8, 2019, PAGE 3

‘MOVEMENT, FINALLY’ OVER BOATING FEES By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A TOP Ministry of Finance officials says the government is examining ways to improve the collection of boating fees, with preliminary discussions already held with stakeholders. “The government is looking at ways to improve the administration of boating fees and the like,” said Marlon Johnson, acting

MARLON JOHNSON

BASIL SMITH

financial secretary, when contacted by Tribune Business. “We are having preliminary discussions with stakeholders and the technology provider. That is all I would say at this juncture.” Basil Smith, Association of The Bahamas Marinas (ABM) executive director, told Tribune Business that a single electronic portal for the payment of fees such as cruising permits and the yacht charter fee was

in the works. “We think that would be a huge step forward. We have been advocating for such a platform to make it easier for boaters for many years now, and we finally seem to be getting somewhere,” said Mr Smith. He added that such a facility would not only benefit boaters but help the government with revenue collection. “The ability to secure yacht charter fees

would be incorporated in that as well, so that would be a huge plus. That’s an issue we have raised in the past,” said Mr Smith. Marina operators have long urged the government to pursue the largely uncollected four percent Charter Fee levied against foreign yachts, describing it as “low hanging fruit” and estimating that it was only collecting about 30 percent of revenues due.

MINISTER MOVES ON US ADVISORY JET SKI CONCERN A CABINET minister joined Port Department officials in meeting jet ski and water sports operators to address issues that resulted in the industry being cited in the latest US travel advisory. Renward Wells, minister of transport and local government, said his main goal was to address the problems and ensure both visitors and the Bahamian people are safe when he met stakeholders for an April 1 town meeting at the National Training Agency (NTA). Mr Wells added that the meeting was timely given recent complaints against the water sport industry, including the recent US advisory. He reaffirmed the government’s commitment to safety and security in the sector, and pledged to regulate and preserve the water sports industry via acquisition of the necessary resources, consultation with industry stakeholders, and law enforcement. He warned that the recent travel advisories potentially cost The

Bahamas tens of millions of dollars in revenues, as they fuelled perceptions among some that the water sports industry is “lawless”. The minister warned that the government would not allow a small group of rogue operators to jeopardise the country’s economy. Some of the concerns raised at the town meeting were: • The need for greater manpower on beaches (port officers and police). • The need for increased jet ski use by the Port Department to patrol waters. • More intensive dialogue between hotel operators and water sport operators. • Steps to remove related stigma regarding the industry. • Inefficiency of the rotation system at Cabbage Beach. • How disciplinary actions should be carried out. For example, the need to issue citations in the first instance before suspension and revocation of licenses. • The need for more leniency towards first-time

REWARD WELLS, minister of transport and local government, at podium, along with officials of the Port Department, hosted a town hall meeting with owners and operators from the jet ski and water sports industry. Photos: Patrick Hanna/BIS offenders and those found guilty of minor infractions. Several action plans and corrective measures were proposed to address some of these issues. A recommendation was made to amend the Water Sports and Recreation Act to ensure that laws and regulations are in place for safety and security. There were also calls to implement uniforms and proper identification badges. Other ideas included the use of technology, such as CCTV and drone technology; manned “look out towers”; deployment of additional patrol boats and monitoring of

MINISTER VISITS LONG ISLAND TOURISM OFFICE

LONG ISLAND, The Bahamas - Dionisio D’Aguilar, minister of tourism and aviation, stopped at Long Island’s Ministry of Tourism office on his recent trip to the island, where he met and greeted visitors from the US. From left: Algernon Cargill, director of aviation; Ministry of Tourism’s Rashad Gibson; Prescola Knowles;

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Mr D’Aguilar; Long Island office manager Dawn Simmons; Oral Lockhart; Samantha Fox; and aviation consultant, Fred Donathan. Photos: Kemuel Stubbs/BIS

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PAGE 4, Monday, April 8, 2019

$500m healthcare plant need requires ‘sustainable PPPs’ FROM PAGE ONE

money blindly” is over. He added that The Bahamas needed to also “change the balance of trade in health” by repatriating a large portion of the $300m-$400m that Bahamians currently spend annually with south Florida healthcare facilities, arguing: “It’s not a position that can remain forever”. Dr Sands said Bahamian healthcare providers, both private and public, could ill-afford to “roll over and simply not compete for our people” with Floridabased medical facilities now appointing in-country representatives in this nation to seek out local clients.

Acknowledging that his vision was “audacious and bold”, the minister added that The Bahamas could emulate its tourism and financial services industries to become a market leader in healthcare with “some effort, attention to detail and strategic planning”. Confirming that the public healthcare system’s physical plant/infrastructure needs alone total hundreds of millions of dollars, Dr Sands said The Bahamas had little choice but to seek out PPPs to meet these capital needs provided they made sense. “We know the level of unbudgeted or unfunded existing commitments for renovations or new buildings around the Bahamas, that number is around $80m. That’s in the Family Islands primarily,” Dr Sands told Tribune Business. “Then we know of millions in terms of the emergency room, and the new maternal/ childcare unit at PMH. That’s anticipated to be another $160m-$180m. Then, with the demolition of the Royal Victoria structure, there is the requirement for a new HIV Secretariat and referral lab. We have to replace those facilities, and that’s probably another $10-plus million.

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“We’ve talked about a National Blood Bank and medical examiner’s facility. Whether that is in the same structure or not, you put that altogether and we’re just around $300-$400m. That doesn’t speak to the infrastructure upgrades required in Grand Bahama, so we’re still looking at the better part of half-a-billion dollars or more.” With the already-strained Public Treasury unable to generate the necessary financing as required, Dr Sands added: “We have to recognise the value of PPPs as long as we can create a sustainable way to pay for it. That’s where we are. “There has to be a way to pay for these things because otherwise we will be spending money blindly, and we have to move away from that with our fiscal responsibility legislation; that kind of hand waving economic forecasting.” Besides finding private sector partners and arrangements that made sense, Dr Sands said Bahamian healthcare services, outcomes and the quality of care needed to be improved to attract millions of dollars in annual spending back to this nation. “We have to strengthen

local healthcare services in order to repatriate - we’ve talked about this over and over - $300m-$400m spent in south Florida annually,” Dr Sands told Tribune Business. “We have Bahamians spending more on healthcare in south Florida than they do at home, and we recognise if we can be a world leader in tourism and financial services then, with some effort, attention to detail and strategic planning, we could drastically improve our healthcare product and people recognise one of the best places for teaching medicine is home. “That’s an audacious, bold view but a view I hold. It makes absolutely no sense, when we have south Florida facilities with a country representative to siphon off patients from us, to roll over and simply not compete for our patients, our people,” he continued. “It’s a matter of building local capacity, self-sufficiency and changing that balance of trade in health to a more favourable position. We’re not going to reverse it in a year, but it needs to be reversed. It’s not a position that can remain forever.” Dr Sands confirmed that ongoing talks with John Hopkins Medicine over a potential partnership had been “fruitful but in the conceptual stage at this point”. He said the government’s key objectives were improvements in safety, patient care quality and improved healthcare standards. The minister said joint accreditation for Bahamian healthcare facilities, and improved education for local doctors, nurses and allied professionals were among the areas where this nation could benefit from “the world-leading approaches and ideas that have caused John Hopkins to continually be among the top three hospitals in the US. Confirming that any partnership would be built on local talent, Dr Sands said it would “go a long way” if both sides can “compress the timeline to execution” of any agreement. “What the model should be we’ve not yet agreed,” he said. “Right now we’re going back and forth to determine what would be most appropriate for The Bahamas, and that comes with implications and costs. “I’m excited at the potential. Let’s see what comes to fruition, bearing in mind the previous administration walked this road with the University of Miami. That started with the stem cell initiative and was intended to be a whole lot more, but it faltered. “We have a relationship with Yale for 30 years on ophthalmology that continues to this day. This is nothing new. The devil is in the details.”

Crypto ‘marriage’ with traditional financial services FROM PAGE ONE attract reputable industry players to locate here. Backing the government’s move to regulate the industry, he added that The Bahamas was “not the first move to market” in the space given that rival international financial centres (IFCs) such as Bermuda had already passed similar legislation. Still, Mr Komolafe said The Bahamas cannot afford to ignore fintech and digital assets - and the need to properly supervise and regulate them - given that it needed to keep pace with global trends otherwise face being left behind. The government last week released the Digital Assets and Registered Exchanges Bill 2019, the so-called DARE Bill, as its answer to the need for regulation, and Mr Komolafe said: “We’re not the first to market; we don’t have the first mover advantage. “This is a space that is evolving, and several jurisdictions are looking at similar legislation to regulate it. More recently, Bermuda passed the Digital Assets Business Act last year. Several others I know, including the Cayman Islands, are looking at it. It seems to be a trend that several IFCs are looking at it.” Mr Komolafe warned The Bahamas to keep an eye on the Financial Action Task Force (FATF), the global anti-money laundering and terror financing standardsetter, which is already monitoring this nation as it seeks to correct perceived regulatory weaknesses. He added that the FATF has already provided some commentary on the digital asset space, and is expected to provide more details on what it expects in terms of Know Your Customer (KYC) due diligence come summer 2019. “I think it’s definitely something The Bahamas should be looking at,” Mr Komolafe told Tribune Business of fintech and crypto. “That being said, it has to fit properly with our existing financial services industry and that’s very important. “We’re at a time with fintech, crypto and regtech where marrying technology with existing financial services products is definitely a trend. We have to look at this from a more holistic viewpoint. It could be a way to say we want to reposition the financial services industry but how does it fit in exactly? “It has to be compliant, not looked at in isolation... Our

regulations have to be stringent enough. This all goes back to the reputation and integrity of the jurisdiction. It has to be married with financial services going forward and is definitely not a silver bullet. It is an evolving space and our competition are looking at this,” he continued. “Could it be a game changer? I don’t know. We also have to consider this in the sense of the ease and cost of doing business. How would we attract fintech and crypto entities to our jurisdiction? What would gave us a competitive edge to attract them? Do we have the infrastructure in place? The whole nine yards?” Mr Komolafe added that using blockchain technology in conjunction with digital assets could provide “greater transparency and accountability once properly deployed” because it would prevent beneficial owners and transaction instigators from concealing their identities. The so-called DARE Bill 2019, an acronym of its first letters, is currently being studied by the private sector, both locally and internationally, over an eight-week consultation period. 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 anti-money laundering and counter terror financing regulation imposed on traditional “bricks and mortar” operators.

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Monday, April 8, 2019, PAGE 5

Ex-sports minister: All pennies accounted for FROM PAGE ONE best” while in office and that the auditor general’s report made no findings or allegations of impropriety against himself or others. Asked if he wanted to respond to the specifics, especially the auditor general’s revelation that Anschutz Entertainment Group (AEG), the global sports and entertainment giant, was paid $1.2m by taxpayers on the NSA’s behalf for nothing, Dr Johnson repeated “no comment” three times in his brief reply. “No comment from me,” he said. “I’m in private life now. The work I did, I did my best. There’s no impropriety by anyone in that report that I can see. I have no comment. I’m not interested in talking crap about what we did for the sports brand. No comment.” His stance changed rapidly in less than 24 hours, though, given Dr Johnson’s appearance Friday late afternoon on the radio show, The Hit Back with Nahaja Black, on Star Guardian Radio 106.5 FM. He accused critics of damaging the Sports in Paradise brand, launched under the former Christie administration, due to a lack of understanding and vigorously defended the work of the NSA under his watch. “Our Sports in Paradise brand is one of the most successful launches of a synergistic brand ever in the world of sports and entertainment. We took on the largest sports and entertainment company in the world,” said Dr Johnson in reference to AEG. The auditor general’s report referred to an entity, which it labelled as “Company A”, as having received $1.192m “for services that were never performed”.

While it named none of the companies or employees referenced in its findings, Tribune Business’ research established irrefutable proof that “Company A” is none other than Anschutz Entertainment Group (AEG). This newspaper’s archives record the signing of AEG’s management and consultancy deal with the NSA as occurring on Friday, May 22, 2015. The Auditor General’s report states that NSA’s agreement with “Company A” was agreed on May 22, 2015, making the dates an exact match. The report said none of the “ten deliverables” AEG was supposed to accomplish on the NSA’s behalf was ever completed, even though the sporting and entertainment giant received $468,000 in payments direct from the Ministry of Finance. AEG has ownership interests in multiple professional sports teams, including the Los Angeles Galaxy soccer team that once featured David Beckham, the Los Angeles Lakers basketball team and Los Angeles Kings in ice hockey. It is also involved with European-based soccer and ice hockey teams, and owns sports, entertainment and convention facilities across the world. These include the Staples Center in Los Angeles, home of the Lakers, and PlayStation Theatre in New York, while AEG also promotes multiple music festivals such as Coachella. Dr Johnson dismissed the “deliverables” claim, saying: “This is where the auditor general is wrong in his assessment. How did we get IAAF [Relays] three times in a row? How did we get FIFA to the table with beach soccer? How did we get the NCAA in The Bahamas; the only country

outside the US certified to hold any NCAA sport? How did we hold Carifta swim, judo and track and field in the same year and made a profit?” He added: “We delivered for five years without stopping. We had deliverables in the contract to deliver content, management, get the facility ready.” Dr Johnson touted the various accomplishments under his tenure as sports minister, arguing that he had “one of the smallest budgets of any minister” which therefore forced him to rely on taxpayer funding from the Ministry of Finance for capital improvements and events preparation. “Bahamians need to come back and tell me if we got value for money,” he said. “Stop complaining about what I didn’t do. See if you could do what I did. Check my budget allowance. We were oscillating between $12m-$15m, and 70 percent of our budgets go to salaries and emoluments. If Mr Bastian feels there are things untoward, that’s fine. I can answer those questions. Every penny can be accounted for.” No financial statements have ever been produced, though, to show whether any events staged at the NSA’s facilities have turned a profit. LeRoy Archer, the NSA’s former chairman who held office for much of the period covered by the auditor general’s report, was last week quoted as saying he objected to the AEG report without explaining why. Tribune Business’ records show this was not the only deal Mr Archer opposed during his tenure. This newspaper reported in October 2014 revealed his and the NSA’s concerns over the terms of the contract with the Bahamas Bowl organisers. Documents obtained by

this newspaper revealed that, despite NSA objections, the contract with Conference USA, the Bowl promoters, had given away 100 percent of the event’s most valuable income streams for he entire sixyear period covered by the deal. These are the TV, radio and all media related rights, potentially a multi-million dollar income stream that could have financed the National Sports Authority and removed it from the government’s “subsidy list”. Sponsorship and advertising rights for the games, which are contracted until 2019, have also been made the exclusive preserve of Conference USA, despite pleas by Mr Archer that these revenues should be shared. Mr Archer had pleaded for the deal to be changed in a letter to Dr Johnson on May 13 that year, unaware that the latter’s permanent secretary, Calvin Balfour, had signed the deal six days’ earlier. Overall, the response to the auditor general’s NSA report from those responsible for its management and oversight at the time has been largely to run for cover or fail to answer any of the questions raised. The auditor general’s NSA audit detailed the all-too-familiar issues with a state-owned enterprise (SOE) - lack of taxpayer “value for money” on funds spent; political interference; inadequate controls; the absence of proper procedures, especially on procurement and contract tendering; poor transparency and accountability; and breaches of both its own Sports Authority Act 2011 as well as the Financial Administration and Audit Act.

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PAGE 6, Monday, April 8, 2019

Super Value chief says ‘no’ to WTO FROM PAGE ONE

government, and private sector, on the outcome of those talks and what they may mean for the terms of The Bahamas’ accession, specific industries and the wider economy. The 15 percent duty rate mentioned by Mr Roberts refers to the fact that The Bahamas must cut its average tariff rate to that level - from the present 32 percent - as part of its accession to full WTO membership. However, the government and its negotiating team will likely argue that fears of a 25 percent VAT rate to

compensate are unfounded. The VAT rate increase to 12 percent, implemented with the 2018-2019 budget, will likely remain in place long-term to make up for the reduction in tariff rates and associated revenues. Estimates for how much tariff revenue will be foregone range from $40m to between $100m-$200m. The rationale for the VAT rate hike was to enable the government to pay off a $360m unfunded arrears backlog, which should be accomplished in time for both the WTO tariff cuts and next general election. The government has also

THE TRIBUNE frequently argued that WTO membership will not facilitate the free movement of labour, meaning the ability of foreign nationals to enter The Bahamas to live and work. Such a concept was associated with the CARICOM Single Market & Economy (CSME), which The Bahamas has not signed on to, whereas WTO is concerned with free trade in goods and services. And Mr Symonette and others in the administration have also frequently asserted that WTO membership will not result in an influx of foreign companies and multinationals, pointing out that the Bahamian economy is already greatly liberalised - especially on the service side - and that the government will still be able to approve who comes in via its “horizontal commitments”. But, confirming Mr

Roberts’ opposition, Super Value’s stores now feature promotional material from the Bahamians Against WTO group, carrying messages such as: “WTO is not wanted in The Bahamas. Bahamian businesses will be no more.” The Super Value chief said he could not see any Bahamian industry benefiting from WTO membership - not even accountants and attorneys. He added that he would remain opposed to joining even if the Chamber of Commerce-commissioned study by Oxford Economics produced overwhelming evidence in favour of accession. “If the Oxford group comes along and says this is the greatest thing for The Bahamas to join the WTO, I still don’t want it,” Mr Roberts told Tribune Business. “I don’t think it’s good for us. I’ve seen so many things that we cannot trust, but which this country hopes can happen, especially politically. “It gets changed, and this group gets screwed. There is not one benefit. We don’t have much to trade. Why do we have to join the WTO when we have little or nothing to trade? My answer is no.” The Oxford Economics study, due to be completed and released imminently, is intended to analyse WTO’s likely impact on the

overall economy as well as key, specific industries. The chamber has said its findings will determine whether it supports or opposes the accession bid. “From what I know about it I’m against joining the WTO. I don’t see how it could be good for us. We can’t compete with the world, and can’t let the world in,” Mr Roberts added. “When I say compete with the world, Bahamian can go outside and become world beaters and world leaders, but overall I don’t feel it would be good for us. “I’ve heard a speech by Rand Paul [US senator] calling for the US to withdraw. It looks like the WTO has served its purpose and the world should be rethinking it, and countries rethinking it, and coming up with something better than one size fits all. The size doesn’t fit The Bahamas.” Last year’s G-20 summit communique, issued under pressure from the US, called for reform of the WTO, which serves as the overseer for the world’s rules-based trading regimes. This has produced several calls locally for The Bahamas to hold off from joining until the outcome of such potential changes becomes clearer. “I don’t think we need a referendum,” Mr Roberts said of WTO’s

political implications. “All government has to do is a comprehensive survey of how Bahamians feel, and they shouldn’t go against the wishes or desires of Bahamians. If the electorate feel we should not, they should not.” Agreeing that the government seemed to be moving the WTO accession forward regardless, he warned against ignoring the Bahamian people’s will. “I think they’ll have a big, big push back from the voters if they were to do that,” he told Tribune Business. “We elected them to make the decisions for us, but this is too big a decision, and a decision the voters are against. That will be a problem for them politically... I think they’re going headlong into it. That’s what it seems like. I hope they can get a vote through Parliament because I think the businessmen in parliament are against it, and if enough are against it they may as well quit now.” Arguing that the government had not come close to making the case for full WTO membership, the Super Value chief told Tribune Business: “The people that are for it should help show us where it’s good for us. Even the government should do that; show is it’s good for us, convince us it’s good for us.”

SENIOR FINANCE OFFICER Sterling Global Financial an international financial services corporation is looking to hire a Senior Finance Officer. The Senior Finance Officer will have overall responsibility for the Finances of the Company including financial reporting, billing and accounts payable. Responsibilities will include: •

• • • • • •

• •

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Equity Side

2019 FP/QUI/No. 00036

IN THE MATTER OF THE QUIETING TITLES ACT 1959 AND IN THE MATTER of Petition of LAMBERT ALEXANDER CAMPBELLAND PATRICIA VERONICA CAMPBELL Executor/Executrix in the Estate of GEORGE SHELDON ARCHER of Marsh Harbour, Abaco and the Executor of the Estate of PETER CAMPBELL AND IN THE MATTER of ALL THAT tract of land containing by ad-measurement (8.07) Acres situate on Lubbers Quarters one of the Abaco Cays in the Commonwealth of the Bahamas and having such dimensions as are shown on the plan attached hereto and bounded Northwardly by land belonging to Lubbers Quarters Holding Ltd. and running thereon Eleven Hundred and Ninety Nine and Twenty Hundredths (1199.20) feet Southwardly by land belonging to Abaco Ocean Club Subdivision and running thereon Eleven Hundred and Nineteen and Sixty Six Hundredths (1119.66) feet Westwardly by the sea at high water mark and running thereon irregularly for a total of 293.84 feet more or less Eastwardly by the sea at high water mark and running thereon for a total of 282.51 feet more or less. Which said piece parcel or lot of land is shown on the Plan attached hereto and thereon coloured RED. NOTICE TAKE NOTICE that Lambert Alexander Campbell and Patricia Veronica Campbell, claims to be the owner in fee simple in possession of the said land and has made application to the Supreme Court of the Commonwealth of The Bahamas Under Section 3 of the Quieting Title Act, 1959 to have their title to the said land investigated and the nature and extent thereof be determined and declared in a Certificate of Title to be granted by the Court in accordance with the provision of the said Act. A copy of the plan of the said land may be inspected during normal working hours at: (a) The Registry of the Supreme Court in the Lavarity Justice Center Freeport, Grand Bahama New Providence in the Commonwealth of The Bahamas and the Chambers of V. Alfred Gray & Company, Dowdeswell House, Dowdeswell and Armstrong Streets, New Providence and No. 21 A Kipling Building, Freeport Grand Bahama; NOTICE IS HEREBY GIVEN that any person or persons having any dower or right of dower or an Adverse Claim not recognized in the Petition shall on or before the 3rd day of May, A.D., 2019 file in the Supreme Court in Freeport, Grand Bahama aforesaid and serve on the Petitioner or the undersigned a Statement of their claim aforesaid on or before the 3rd day May, A.D. 2019 or it will forever operate as a bar to such claim. Dated this 27th day of February A.D., 2019 V. ALFRED GRAY & CO. Chambers Dowdeswell House Dowdeswell & Armstrong Streets Nassau, Bahamas Attorneys for the Petitioner

Perform financial analysis to assist in profitability measurement and participating in the development and implementation of the Company’s short term and long-term strategic plan; Coordinate the annual statutory audits with external auditors for multiple legal entities (including the consolidated financial statements); Implement and maintain proper control over the company’s accounting and financial procedures; Prepare and post general ledger entries; Supervise Staff Accountant; Manage Accounts Payable process; Review, update and prepare financial statements (audited and unaudited) for a portfolio of private client trusts, unit trusts and their related entities as and when required; Oversee management and reporting of Fund of Fund Custody services; Maintain proper records of all positions and prepare monthly position reports for Fund Manager

Required experience: • • • • • •

•

Bachelor’s degree in accounting or finance; A professional accounting designation such as C.A., CPA or ACCA; Public accounting experience (ideally Big 4); Minimum of 3 to 5 years post qualification experience is essential (ideally with strong exposure to the financial services industry); Sound working knowledge of Quick-books or an equivalent software package and Microsoft Office products and its associated packages; Excellent analytical and problem-solving skills; Excellent verbal and written communication skills.

If you feel that you are a good fit for the job, please send resumes to hr@sterlinggloballtd.com by Friday, April 12th, 2019. Only applications received to this e-mail address will be accepted. Only those shortlisted will be contacted. Please no phone calls.

THE TRIBUNE

Monday, April 8, 2019, PAGE 7

NHI ‘ready’ for new Cabinet go FROM PAGE ONE has been done. Again, they’re [the NHI Authority] to be commended for then work they’ve done. The results of the the first report of the NHI Authority I believe say an awful lot.” Almost $6m was paid to healthcare providers enrolled in the NHI programme from April 2017, its inception, to June 2018, the NHI Authority’s annual report revealed. Tabled in the House of Assembly last week, the report said there were 35,731 beneficiaries and 37 healthcare providers up to June 30, 2018, the end of the period covered by auditor Baker Tilly Gomez. Up to December 13, 2018, NHIA officials said there were 45,821 people enrolled and 51 providers. Suggesting that much had been accomplished to reform the scheme under the Minnis administration, Dr Sands said: “If you recall we spoke about the thenNHI Secretariat operating without a budget. “There were a number of questions about the legality, cost and so forth. It’s been legitimised, regularised and we’re up to 50,000 people benefiting from primary care services. We believe it’s been well-received, people are quite happy with the service they’re getting and we’re making an impact. “The question is what will NHI 2019-2020 look like? Will we expand it? What added services or benefits will be made available to the people of The Bahamas, and at what cost? We have certainly made recommendations, and that is something for my colleagues and I to consider

and take a position on.” Dr Sands revealed to Tribune Business last month that the NHI Authority (NHIA) must “give it another go” after failing to win Cabinet approval for the scheme at the first try. He disclosed to this newspaper that the government wanted answers to multiple questions raised during its first presentation to Cabinet on the reformed health care financing plan. While not providing specifics on the queries raised by Cabinet, Dr Sands indicated there needed to be further testing of the “assumptions” that the NHI Authority has made to support how it has chosen to structure the scheme’s financing, operational and administrative mechanisms. This was effectively confirmed by Graham Whitmarsh, the NHI Authority’s managing director, who subsequently told Tribune Business “we have work to do” to convince the government its “financing model” will not result in multi-million dollar shortfalls. He said: “The final process is figuring out the financing of it and making sure we are able to fund it. That is what we are doing right now. “We have been working with the Ministry of Finance to explain our financing model to them. We have been making really good progress on that. We have done a lot of detailed work on the costing. We have been refining it continuously and will continue to do that. “I see this as naturally part of the process. It’s welcomed because we all want to make sure that we have the best and most accurate

numbers going into it. We have a very detailed cost model for NHI; for the cost of delivering services both to the beneficiaries of NHI and the cost of delivering it to those who have private health insurance through their employer. “What we are doing now is starting to explain that to the Ministry of Finance in a lot more detail; how did we get those numbers; the assumptions used; the possible risks and variances; which numbers we are comfortable with and uncomfortable with. “There is a huge amount of data we have worked through. I’m pleased that the government wants clarity on this before they take a huge step on the way forward. I accept that we have work to do, but I think this a healthy process.” One of the major queries raised by both healthcare providers and employers is how the NHI Authority has been able to price the scheme, and cost the SHB’s annual premium at $1,000 - split between employers and employees - when it has yet to agree a fee schedule with both doctors and medical facilities, the basic determinant of how much healthcare will cost. The greatest fear raised by the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) and others in the private sector is that if the NHI Authority gets its calculations wrong, and the $1,000 SHB premium severely undervalues the scheme’s price tag, businesses and their employees could be burdened with ever-increasing levies to finance its escalating costs and cover any shortfall.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW AND EQUITY SIDE BETWEEN

2019 FP/QUI/No. 00041

IN THE MATTER OF THE QUIETING TITLES ACT 1959 AND IN THE MATTER of Petition of Rainbow Rentals (1996) Limited, a company registered under the laws of and doing business in the Commonwealth of The Bahamas. AND IN THE MATTER of ALL THAT tract of land containing collectively by ad-measurement Nineteen Thousand Eight Hundred and Thirty (19,830) square feet more or less and being a part of the March Harbour Crown Allotments situate in the Island of Abaco and being bounded Northwardly by the sea at high water mark and running thereon irregularly for Two Hundred and Twenty Four and Forty Three Hundredths (224.43) feet South by Bay Street and running thereon Two Hundred and Seventy Five and Fifty Five Hundredths (275.55) feet Westwardly by land now and formerly owned by one Patricia Campbell and a portion of Crown Land and running thereon irregularly for One Hundred and Seventeen and Twenty Six Hundredths (117.26) feet Eastwardly by a parcel of vacant land and running thereon Twenty Five and Eighty Four Hundredths (25.84) feet more or less. NOTICE TAKE NOTICE Rainbow Rentals (1996) Limited, claims to be the owner in fee simple in possession of the said land and has made application to the Supreme Court of the Commonwealth of The Bahamas Under Section 3 of the Quieting Title Act, 1959 to have his tile to the said land investigated and the nature and extent thereof be determined and declared in a Certificate of Title to be granted by the Court in accordance with the provision of the said Act. A copy of the plan of the said land may be inspected during normal working hours at: (a) The Registry of the Supreme Court in the Lavarity Justice Center Freeport, Grand Bahama New Providence in the Commonwealth of The Bahamas and the Chambers of V. Alfred Gray & Company, Dowdeswell House, Dowdeswell and Armstrong Streets, New Providence and No. 21 A Kipling Building, Freeport Grand Bahama; NOTICE IS HEREBY GIVEN that any person or persons having any dower or right of dower or an Adverse Claim not recognized in the Petition shall on or before the 30th day of April, A.D., 2019 file in the Supreme Court in Freeport, Grand Bahama aforesaid and serve on the Petitioner or the undersigned a Statement of their claim aforesaid on or before the 30th day April, A.D. 2019 or it will forever operate as a bar to such claim. Dated this 14th day of March A.D., 2019 V. ALFRED GRAY & CO. Chambers Dowdeswell House Dowdeswell & Armstrong Streets Nassau, The Bahamas Attorney for the Petitioner

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PAGE 8, Monday, April 8, 2019

THE TRIBUNE

‘OUR COUNTRY IS FULL’: TRUMP SAYS MIGRANTS STRAINING SYSTEM LAS VEGAS Associated Press

DECLARING “our country is full”, President Donald Trump on Friday insisted the US immigration system was overburdened and illegal crossings must be stopped as he inspected a refurbished section of fencing at the Mexican border. Trump, making a renewed push for border security as a central campaign issue for his 2020

PRESIDENT Donald Trump visits a new section of the border wall with Mexico in Calexico, Calif, on Friday. Gloria Chavez with the US Border Patrol, centre, and Homeland Security Secretary Kirstjen Nielsen listen. Photo: Jacquelyn Martin/AP re-election, participated in a briefing on immigration and border security in Calexico before viewing a two-mile see-through steel-slat barrier that was a long-planned replacement for an older barrier — and not new wall. “There is indeed an emergency on our southern border,” Trump said at the briefing, adding that there has been a sharp uptick in illegal crossings. “It’s a colossal surge and it’s overwhelming our immigration system, and we can’t let that happen. ... We can’t take you anymore. We can’t take you. Our country is full.” As Air Force One touched down in the state, California and 19 other states that are suing Trump over his emergency declaration to build a border wall requested a court order to stop money from being diverted to fund the project. But Trump, who

ratcheted up his hard-line immigration rhetoric in recent weeks, declared that his move, which included vetoing a congressional vote, was necessary. Also on Friday, House Democrats filed a lawsuit preventing Trump from spending more money than Congress has approved to erect barriers along the southwestern border. Congress approved just under $1.4bn for work on border barricades. Trump has asserted he can use his powers as chief executive to transfer an additional $6.7bn to wall construction. Trump, who earlier in the week threatened to shut down the border over the high numbers of migrants trying to enter the US, appeared to walk back his comments on Thursday. He said Friday that it was because Mexico had gotten tougher in stopping an influx of immigrants from moving north. “Mexico has been absolutely terrific for the last four days,” the president said as he left the White House. “I never changed my mind at all. I may shut it down at some point.” The president’s visit came a day after he withdrew his nominee to lead US Immigration and Customs Enforcement. Longtime border official Ron Vitiello appeared to be cruising toward confirmation, but Trump said on Friday that he wanted to go in a “tougher direction”.

NOTICE

NOTICE is hereby given that LEVY CENAT of of Pinder’s Point, 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 8th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT THURSDAY, 4 APRIL 2019

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

BISX ALL SHARE INDEX: CLOSE 2,157.70 | CHG 0.88 | %CHG 0.04 | YTD 94.13 | YTD% 4.56 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.15 1.15 3.45 10.50 6.60 4.64 12.50 2.74 1.81 9.02 6.60 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 10.50 6.16 4.50 10.64 2.55 1.79 9.26 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 10.50 6.16 4.50 10.64 2.54 1.79 9.27 6.60 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 0.01 0.20 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

3,000

2,000

VOLUME

EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.834 0.578 0.205 0.631

DIV$ 0.130 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.200 0.090 0.600

P/E 25.4 18.7 N/M 16.7 N/M N/M -5.0 14.8 12.8 29.2 17.0 24.9 8.6 N/M 13.7 18.7 12.5 17.3 21.9

YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.74% 0.00% 6.76% 3.57% 2.67% 5.83% 2.36% 3.35% 0.91% 3.64% 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

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

Trump, as he so often does, mixed fact with fiction when warning of the threat at the border. When complaining about the Flores legal settlement that governs treatment of migrant children and families, he blamed “Judge Flores, whoever you may be”. But Flores was an unaccompanied 15-year-old girl from El Salvador. He also downplayed the claims of people seeking asylum at the border, declaring without evidence that many are gang members while comparing some of their efforts to find safety in the US to special counsel Robert Mueller’s investigation of Russian interference in the 2016 elections. “It’s a scam, it’s a hoax,” Trump said. “I know about hoaxes. I just went through a hoax.” As the president showed off the renovated section of the barrier to reporters, a balloon depicting Trump as a baby floated further down the border. And as Trump landed in California, the state’s governor ripped the president’s push for Congress to pass legislation that would tighten asylum rules to make it harder for people to qualify. “Since our founding, this country has been a place of refuge — a safe haven for people fleeing tyranny, oppression and violence. His words show a total disregard of the Constitution, our justice system, and what it means to be an American,” said Democratic Gov. Gavin Newsom. Trump has been increasingly exasperated at his inability to halt the swelling number of migrants

entering the US, including thousands who have been released after arriving because border officials have no space for them. Arrests along the southern border have skyrocketed in recent months, and border agents were on track to make 100,000 arrests or denials of entry in March, a 12-year high. More than half of those are families with children, who require extra care. The southern border is nearly 2,000 miles long and already has about 650 miles of different types of barriers, including short vehicle barricades and tall steel fences that go up to 30 feet high. Most of the fencing was built during George W Bush’s administration, and there have been updates and maintenance throughout other administrations. Trump has yet to complete any new mileage of fencing or other barriers anywhere on the border, though he declared Friday that at least 400 miles of the border barrier would be erected over the next two years. His administration so far has only replaced existing fencing. Construction for that small chunk of fencing cost about $18m, began in February 2018 and was completed in October. Plans to replace that fence date back to 2009, during President Barack Obama’s tenure. Administration officials had been studying ways to minimise the economic impact of a potential border closure in case Trump went through with his threat, including keeping trucking lanes open or closing only certain ports.

NOTICE

NOTICE is hereby given that MACKINSON MATHIEU of #1 Ponce De Leon Drive, Freeport Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that DINEA HAUGHTON of Jenny Street South, Robinson 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 8th 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 JACKLINE JEAN-JACQUES of Murphy Town, Abaco, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that NICKES DESHOMMES of South Beach, P. O Box GT-2557, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, April 8, 2019, PAGE 9

G-7 MINISTERS REVEAL ‘CLEAR DIFFERENCES’ ON MIDDLE EAST DINARD, FRANCE Associated Press FOREIGN ministers from the Group of Seven nations failed to reach consensus on key Middle East issues on Saturday as they wrapped up a meeting in France that was shaken by the absence of US Secretary of State Mike Pompeo. The diplomats in attendance projected a united front while walking side-by-side along a seaside promenade before they released the agreement from their twoday meeting in Dinard. The agreement included mildly worded joint commitments on issues such as fighting cybercrime, giving women bigger peacemaking roles, and engaging with countries in Africa’s Sahel region to combat migrant trafficking. But what was omitted from the G-7’s positions said as much as what was included. The differences could set the stage for tensions at an August summit of the leaders of the G-7 advanced economies — the United States, France, Canada, Japan, Germany, Italy and the UK. A European Union official expressed “regret” the document had what she considered to be several glaring omissions that conflicted with non-negotiable positions of the EU. They included “no reference to a two-state solution” in the

FROM left: Japanese Foreign Minister Taro Kono, Canada’s Foreign Minister Chrystia Freeland, Germany’s Foreign Minister Heiko Maas, Britain’s Director General for Political Affairs at the Foreign & Commonwealth Office Richard Moore, Italy’s Foreign Minister Enzo Moavero Milanesi, US Deputy Secretary of State John J Sullivan, French Foreign Minister Jean-Yves Le Drian and European Union High Representative for Foreign Affairs and Security Policy Federica Mogherini walk for a group photo on the second day of a G7 meeting at ministerial level in Dinard, Brittany, on Saturday. The G7 meeting is focus on cybersecurity, the trafficking of drugs, arms and migrants in Africa’s troubled Sahel region, and fighting gender inequality. Photo: David Vincent/AP Israeli-Palestinian conflict and “no mention” of the UN Security Council resolution in favour of the Iran nuclear deal, she said. The official, who spoke on condition of anonymity because she was not allowed to speak to the news media, said the language used to described the G-7’s deep concern over Iran’s “continuing support for terrorist organisations and armed militias” was not language EU members tend to use. Four of the G-7 nations are in the European Union. The foreign ministers’ joint statement itself acknowledged “clear differences” on the IsraeliPalestinian conflict after “an exchange of views”. The agreement included an initiative to help countries share best practices on encouraging responsible online behaviour. Also, the

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, CLOVIS FILSAIME of Pinewood Gardens, Mt. Tabor Drive, Nassau, Bahamas, intend to change my name by Deed Poll to CLOVIS MINNIS. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O.Box N-792, Nassau, Bahamas no later than thirty (30) days after the date of this publication notice.

NOTICE NOTICE is hereby given that TRACEY ANDREIA CAREW of #13 Shirley Frazer Street, Mount Tabor Estate East, P. O Box SS-5952, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

EMERA INCORPORATED (“Emera”) Notice to Holders of Depositary Receipts DIVIDEND NOTICE A dividend of CAD $0.146875 per Emera depositary receipt (CAD $0.5875 per common share of Emera) will be payable on or about May 15, 2019 to depositary receipt holders of record as at May 1, 2019. Dividends will be subject to applicable withholding tax. ____

LEGAL NOTICE

NOTICE CASA MONTE CORP. N O T I C E IS HEREBY GIVEN as follows: (a) CASA MONTE CORP. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 4th April, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P. O. Box N-3023, Nassau, Bahamas Dated this 8th day of April, A. D. 2019. _________________________________ Bukit Merah Limited Liquidator

group pledged to encourage the creation of funds to help survivors of sexual violence in danger spots, and to encourage Sahel countries to take steps to end trafficking. It also reaffirmed the G-7’s “commitment to a rulesbased international order”. Discord is becoming a theme for the group. Last June, US President Donald Trump roiled the G-7 meeting in Canada by first agreeing to a group statement on trade, then withdrawing support from it and sending a string of negative tweets about the summit and its host, Canadian Prime Minister Justin Trudeau. On Saturday in Dinard, British Foreign Secretary Jeremy Hunt was missing from the final group photo after attending Friday’s session. Combined with Pompeo’s absence, Hunt’s status raised questions about the G-7’s relevance. US officials acknowledged points of discord at the talks hosted by French Foreign Minister Jean-Yves Le

Drian. US Deputy Secretary of State John J Sullivan, who went in Pompeo’s place, said Washington would use the G-7 forum to galvanise support for Venezuelan opposition leader Juan Guaido, whose claim to the presidency is backed by the US and about 50 other countries. But the meeting failed to change the position of Italy, the sole G-7 member state not to back Guaido. “We spoke about it. The Italian position on Venezuela is pretty clear,” said Italian Foreign Minister Enzo Moavero. “It is an extremely difficult situation, especially in light of the humanitarian emergency that weighs the most in in our hearts.” Guaido has set out to topple the socialist administration of President Nicolas Maduro amid deepening unrest in the country, which has been plagued by nearly a month of power outages.

LEGAL NOTICE

NOTICE RAISE LIMITED (In Voluntary Liquidation)

TAKE NOTICE that the above-named Company was put into liquidation on the 04th day of April, 2019 by a resolution passed by the members of the Company on the 04th day of April, 2019. AND FURTHER TAKE NOTICE that Lynden Maycock of Accounting Outsource Services Ltd. 5th Terrace Centerville, Nassau, The Bahamas has been appointed voluntary liquidator of the Company. TRIDENT CORPORATE SERVICES (BAHAMAS) LTD.

Suite 200B, 2nd Floor Centre of Commerce, One Bay Street PO Box N-3944, Nassau, Bahamas

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION CROATIA LIMITED

EXXONMOBIL EXPLORATION AND PRODUCTION LIBERIA 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 3rd day of April 2019.

Dated the 8th day of April, A.D., 2019.

____________________________________________

R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION CROATIA LIMITED

____________________________________________

R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION LIBERIA LIMITED

THE TRIBUNE

Monday, April 8, 2019, PAGE 11

UK holds out hope for Brexit compromise by Friday deadline CROSS-PARTY talks to jumpstart plans for Brexit are expected to resume before the UK’s Friday deadline for leaving the European Union, and the opposition Labour Party is hopeful the country’s political impasse can be resolved, a party negotiator said yesterday. British Prime Minister Theresa May, pictured, reluctantly reached out to Labour lawmakers on Tuesday after Parliament voted down her divorce deal with the EU for the third time. The move infuriated pro-Brexit lawmakers in her Conservative Party, and three days of bargaining with the opposition didn’t yield a compromise agreement. While Labour leader Jeremy Corbyn faulted the government, saying it showed no willingness to budge from its previous Brexit positions, Labour business minister Rebecca Long-Bailey held out hope and said further talks are expected. The discussions’ “overall mood is quite a positive and hopeful one” despite the government’s “disappointing” failure to shift its stance on several issues, she said. “The sad thing is at the moment, we haven’t seen overall any real changes to the deal, but we are hopeful that will change in coming days, and we are willing to continue the talks as we know the government are,” Long-Bailey told the BBC. “We are currently waiting for the government to come back to us now to state whether they are prepared to move on any of their red lines,” she added. May acknowledged on Saturday that the government had failed to get the

withdrawal deal she struck with the EU through Parliament despite her best efforts and “there is no sign it can be passed in the near future”. That left her with no choice but to reach out to the opposition, the prime minister said. May warned that any Brexit could “slip through our fingers” unless a cross-party

compromise was found. Labour’s key demand is for a customs union with the EU post-Brexit to protect the flow of goods. Hardline Brexiteers vehemently oppose any proposal that would continue to bind the UK to EU tariff rules and restrict Britain’s ability to strike its own free trade deals around the world. Long-Bailey insisted that Labour wants to avoid a no-deal Brexit “in any situation” and was prepared to cancel Brexit rather than see Britain crash out of the EU with no agreement in place, an outcome expected to wreak havoc on businesses and disrupt travel throughout Europe. But Conservative

lawmaker Andrea Leadsom said yesterday a no-deal scenario wouldn’t be “nearly as grim as many would advocate”. She said the governing party was working “through gritted teeth” with Labour to find a compromise, but its bottom line is Britain leaving the EU. The bloc agreed last month to postpone Brexit day, originally set for March 29, and set April 12 as the new deadline under certain conditions. Britain has until Friday to approve the existing withdrawal agreement, to change course and seek a further delay to Brexit, or to crash out of the EU without an agreement. May has asked the

remaining EU countries for another postponement that would extend to June 30, hoping to secure an alternative deal from the opposition negotiations and Parliament

in a matter of weeks. Other European leaders are expected to respond to the delay request during a summit in Brussels scheduled for Wednesday.

LONDON Associated Press

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THE TRIBUNE

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VISITORS to the Pittsburgh veterans job fair meet with recruiters at Heinz Field in Pittsburgh. On Friday, the US government issues the March jobs report.

Job gain points to a US economy slowing but hardly stalling WASHINGTON Associated Press A MONTH ago, many economists fretted that the ten-year US expansion looked wobbly. But after the government reported on Friday that hiring rebounded in March, the economy suddenly looks sturdy again. Growth has weakened since last year to something closer to the modest pace that has prevailed for most of the nearly decade-long expansion. The jolt from the Trump administration’s 2017 tax cuts and greater government spending last year has faded. And the global economy has swiveled from a driver of the US economy to a headwind. Yet last month’s solid job gain of 196,000 may also help undercut any lingering fears that a recession might arrive over the next year or so. The economy’s slow but steady pace of growth is likely to keep inflation low and perhaps sustain the expansion, which is set to become the longest on record in July. By historical measures, the expansion has fallen short of the sometimes-explosive growth that businesses and workers enjoyed in the past but that often led to financial bubbles or economic excesses — and eventually a recession. “Lackluster means that you’re not overheating,” Josh Wright, chief economist at recruiting software maker iCIMS, said of the current expansion. “It’s more stable, and we’ll have fewer imbalances. It looks like we’ll be able to prolong this recovery even further.” In its monthly jobs report on Friday, the government also said the unemployment rate remained near a five-decade low of 3.8% in March. So far this year, job growth has averaged a decent 180,000 a month. That is down, though, from last year’s 223,000 monthly average. And it marks the lowest three-month average gain since November 2017, before the tax cuts took effect.

Wage growth also slipped a bit in March, with average hourly pay increasing 3.2% from a year earlier. That is down from February’s yearover-year gain of 3.4%, the best in a decade. “Today’s data paint a picture of resilient US demand that has stepped down to a more moderate pace of growth following last year’s robust gains,” said Jonathan Millar, senior economist at Barclays. Investors took Friday’s jobs data in stride. The stock market was up slightly in afternoon trading, extending a rally that has lifted the financial markets this year. Given that that hiring and wage growth aren’t growing so fast as to threaten high inflation, the Federal Reserve is likely to stay on the sidelines indefinitely, forgoing interest rate hikes, economists said. As recently as December, Fed officials had forecast that they would raise rates twice this year. But in March, after financial markets turned volatile, inflation showed signs of slipping, and concerns grew about the global economy, the Fed said it would likely keep rates unchanged in 2019. Yet the jobs data also provides little reason for the Fed to cut rates, analysts said, despite President Donald Trump’s repeated calls for the Fed to do just that. On Friday, Trump went further, urging the Fed to renew the bond-buying program it had used to lower longerterm borrowing rates earlier this decade after the Great Recession. The programme was known as “quantitative easing”. “Our country’s doing unbelievably well economically,” Trump said. But Fed policymakers “really slowed us down”, and if they dropped rates and resumed buying bonds, “you would see a rocket ship”. Quantitative easing was an emergency tool that the Fed, under Chairman Ben Bernanke, used to buy trillions in government bonds and other securities. The third

and last round was launched in 2012 when the unemployment rate was still 8%. The Fed’s policies probably contributed to another shortcoming of the current expansion: It has benefited wealthier Americans more than others. That’s because the Fed’s QE programme, by holding down rates on Treasury securities, led many investors to put more money into stocks, raising their values. The stock market has tripled since bottoming a decade ago, benefiting the richest one-tenth of Americans, who own about 80% of the value of US shares. Home equity, a much more vital source of wealth for the middle-class, has recovered much less. And many households remain gripped by financial insecurity despite the steady pace of hiring. Forty percent of workers earn less than $16 an hour, according to government data analysed by the Economic Policy institute. In March, hiring did pick up in higher-paying sectors, such as professional and business services, which added 37,000 jobs in engineering, IT services, accounting and other fields. Manufacturers did not fare as well, cutting 6,000 jobs, the sector’s first decline in a year and a half, mostly because of layoffs by General Motors. Construction firms added 16,000 jobs. One factor that may weigh on hiring in the coming months is a dwindling supply of workers in the healthiest job markets. Charles Dunlap, who owns an accounting firm in Houston with a partner, has found it much harder to find a new bookkeeper than he did the last time he filled the position, in late 2016. Back then, advertising mostly by word of mouth turned up unsolicited requests for interviews and candidates with advanced degrees. Now, Dunlap has interviewed only three potential hires this year, despite raising the job’s starting pay about $2 an hour to roughly $15. “That’s the big challenge these days, just finding staff,” Dunlap said. Like hiring, growth is also expected to decelerate this year, to about a 2.25% pace, down from 2.9% in 2018, the fastest expansion in three years. In the much more rapid expansion in the 1990s, growth topped 4% for four years. Consumers have helped drag down growth, with retail sales falling in February and a broader measure of consumer spending slipped in January. Businesses have also reined in their spending on industrial machinery and other equipment and on factories and other buildings. And in Europe and Asia, weaker economies have reduced demand for US exports. Europe is on the brink of recession, with its factories shrinking in March at the fastest pace in six years, according to a private survey.