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WTO to ‘move ‘No way’ Nassau Flight the needle’ on Services buyer foreign business ease By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

he Government was yesterday “adamant” that Nassau Flight Services (NFS) will be privatised by selling it to a 100 per cent Bahamian group not previously involved “in the big deals”. Dionisio D’Aguilar, minister of tourism, told Tribune Business there was “no way” a privatised NFS could be acquired by a buyer with foreign equity interests, given that the company’s size placed it well within the reach of prospective Bahamian purchasers. And, indicating the Government’s intentions to ‘spread the wealth’ among a new entrepreneurial class, the Minister said the preferred purchaser will be “an up and coming” Bahamian group with previous business experience but which has not participated in major acquisitions before. Nassau Flight Services, which provides ground handling services at Lynden Pindling International Airport (LPIA), generates annual revenues of between

* ‘Up and coming’ 100% Bahamians sought * Won’t be ‘traditional big deal’ players * Gov’t awaiting accountant valuation report $8-$10 million. With taxpayers providing a $2 million per annum subsidy, Mr D’Aguilar suggested it represented ‘low hanging fruit’ for the Minnis administration’s drive to ‘get the Government out of business’. Having announced his intention to ready the company for privatisation during the 2017-2018 Budget debate, the Minister said he and the Board were now awaiting a valuation report on Nassau Flight Services (NFS) before determining their next move. “The valuation is being done, and a Request for Proposal (RFP) is being prepared, I believe,” Mr D’Aguilar told Tribune Business. “I know a valuation of the company is being done, but the Board has come back to me yet with their recommendation. They’ve hired an accounting firm to do a valuation of the

Franchise operators slam ‘fast food tax’ By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net BAHAMIAN operators have slammed the idea of a ‘fast food’ tax as an “unnecessary financial burden” on Bahamian families that will do nothing to curb the obesity crisis. Terry Tsavoussis, vice-president of Aetos

* WILL IMPOSE ‘UNNECESSARY BURDEN’ * AND BUSINESS ‘TAXED ENOUGH ALREADY’ Holdings, which operates the Wendy’s, Marco’s Pizza and Popeyes franchises,

SEE PAGE 5

BTC approves 100 voluntary departures By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Telecommunications Company (BTC) has approved just under 100 employee voluntary separation packages (VSEP), with a union chief suggesting it is due for a

* UNION CHIEF SAYS 20 DENIED * URGES PRIVATISATION ‘REPORT CARD’ * BRANDS 2011 SALE AS ‘ATROCITY’ SEE PAGE 3

BTC BREACHES ‘NO TRIVIAL’ ISSUE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REGULATORS have fined the Bahamas Telecommunications Company (BTC) almost $31,000 for violating pricing and consumer protection rules, rejecting its claim that the breaches were “trivial”. The Utilities Regulation and Competition Authority

* FINED $31K FOR PRICE RULES VIOLATION * ‘TROUBLING DISREGARD’ FOR REGULATOR * URCA SAYS VIOLATIONS ‘REPEATED’ SEE PAGE 5

DIONISIO D’AGUILAR company, and what could be its value.” Such an exercise is a normal ‘first step’ in privatisation processes, as governments typically seek to determine the ‘true worth’ of public assets earmarked for sale so they can better evaluate bids. Nassau Flight Services (NFS) Board is headed by North Eleuthera MP, Howard ‘Rickey’ Mackey.

Mr D’Aguilar said the nationality of an eventual purchaser was “not even up for discussion”, signalling the Minnis administration’s determination to ensure Nassau Flight Services remained fully Bahamianowned - albeit by the private sector. “The eventual purchaser would have to be a Bahamian company, and the Government’s expectation would be that the purchaser of the company would be some up and coming group of Bahamians, not the usual, traditional groups that own things in this country,” the Minister of Tourism told Tribune Business. “It would be an attempt to empower, and give individuals or companies that have not traditionally participated in the big deals an opportunity to participate in a deal like this. The Government is adamant that it

SEE PAGE 6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* CHIEF NEGOTIATOR: DON’T DELAY FOR OTHER FIXES * MEMBERSHIP CAN DRIVE ‘MAJOR ECONOMIC JUMP’ * WILL FORCE INVESTMENT ‘LEVEL PLAY FIELD’, CLARITY

THE Bahamas’ chief negotiator says joining the WTO can help solve this nation’s ‘ease of doing business’ woes, arguing: “We must move the needle on new industries.” Raymond Winder told Tribune Business that becoming a full member of the rules-based trading regime will force the Bahamas to modernise its economy and Trade regimes remove structural such as the WTO impediments to mandate that growth, citing the countries codify absence of “qualtheir investment ity investment rules in statute legislation” as law, rather than one such bottleleave them open neck that must be to change as addressed. ‘policy’, and Mr The Deloitte & Winder suggested Touche managing one benefit from partner said he such an enforced WINDER was “convinced change will be to we have lost out “level the playing on potentially significant field” between foreign and investment”, especially for Bahamian investors. Grand Bahama, with this Many in the private nation “never making the sector have argued that the first cut” among investors Bahamas must first improve due its status as a WTO its economic competitivenon-member and uncer- ness, and address its ‘ease tainty over “the rules of the game”. SEE PAGE 4

PAGE 2, Monday, April 9, 2018

THE TRIBUNE

Bahamas First holds governance seminar BAHAMAS First Holdings (BFH) recently hosted a training seminar for company directors on sound corporate governance principles, as part of its ‘knowledge transfer’ programme. The event was facilitated by the Institute of Directors (IOD), a UK-based training provider that provides instruction for professional leaders. It was part of Bahamas First’s aim to ensure that its directors and workforce

are equipped to meet current and future business needs. In addition to directors of Bahamas First Holdings, participants also included representatives of the Insurance Commission of the Bahamas, the Central Bank of The Bahamas and other industry professionals. Pictured are (front L-R) Andrae Thompson, chief financial officer, BFH; Dr Samir Mikhael, BFH director; Patrick Ward, BFH president, chief

executive and director; Paul Munden, course facilitator, the Institute of Directors; Ian Fair, BFH chairman and director; Alison Treco, BFH deputy chair and director; Rochelle Deleveaux, Central Bank of the Bahamas. Second row L-R: Kencil McPhee, Insurance Commission of the Bahamas; Jamell Bodie, Insurance Commission of the Bahamas; Raymond Winder, Deloitte & Touche; Judith Whitehead, BFH director;

Neil McKinney, BFH director. Third row L-R: Michael Padfield, BFH director; Anastacia Campbell, Graham, Thompson &

Company; J. LaShell Adderley, BFH corporate secretary; Linda Goss BFH director. Fourth row L-R: Kathrina Rodgers, Insurance Commission

of the Bahamas; Pauline Ward, Bahamas First General Insurance Company director; Cleopatra Davis, Central Bank of the Bahamas.

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BUILDING FOR BETTER

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Aliv near ‘end game’ over network roll-out By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ALIV says it is “close to the end game” on its network roll-out, its top executive expressing confidence the full build-out will be completed within the two-year target. Damian Blackburn told Tribune Business that 93.5 per cent of the mobile provider’s tower sites are either fully operational or have equipment installed, with just Cat Island and the far southern Bahamas now awaiting service launch. “We’’re getting close to the end game with the rollout,” he said. “Our target is 232 sites, and we have

something like 193 sites on air and nearly all the other sites have equipment. We have equipment installed at 217, with those sites [24] just awaiting transmission. “The network is working in Exuma, Long Island and San Salvador. Exuma was some time in February, Long Island some time in March, and San Salvador right at the end of March; the last week before Easter. All the islands in the south are going to come on one after the other.” Mr Blackburn added that Aliv’s launch in Rum Cay, and completion of the Exuma Cays, was imminent. He added that Cat Island was “more involved”, saying: “Cat

Island has some interesting geography. We’re using microwave links.” Reaffirming that Aliv’s infrastructure build-out pace was “very good given all the challenges we had to overcome”, Mr Blackburn was optimistic that the company would complete nationwide coverage of the Bahamas within two years. This was the timeframe stipulated in its licence and regulatory obligations, with Aliv required to complete its roll-out by end-June 2018 to avoid any penalties. “We’re going to get everything rolled-out within the two-year commitment,” Mr Blackburn told Tribune Business. “Most of those sites that have already

been done will be up and running in April. We’ll meet the overall two-year commitment. “We’ve had to construct 160 towers of our own and co-locate at 70. We’ve had a lot of challenges, and have had to co-ordinate closely with BTC. There’s a lot of co-ordination with BTC involved, and challenges in getting all the bits and pieces together to make it work.” Mr Blackburn estimated that Aliv now has “just over 30 per cent market share” in the Bahamian mobile industry, having grown its subscriber base to around 112,000 based on those whose accounts have been active within the

Monday, April 9, 2018, PAGE 3

last 60 days. “We’re still growing that base, growing revenues and, obviously, the network,” he told Tribune Business. “We’re on plan, there or thereabouts, and that’s starting to come through. The plans that we’ve got in the marketplace are working.” Mr Blackburn added that Aliv will be able to fully concentrate on operations, and focus on sales and marketing to further grow its business, once the network roll-out is behind it. “The next 18 months is head down,” he added. “Every island will get the same service, so consumers - whether in Inagua or Bimini - they’re all getting exactly the same service in

DAMIAN BLACKBURN terms of fast data networks, which is good news for the smaller islands. Already in Exuma we’ve seen a lot of people using it for Internet.” Mr Blackburn said Aliv had also seen a strong response to its US, Canadian and Caribbean roaming plans launched just before Easter. “Gone are the days when roaming charges were up there,” he told Tribune Business. “We’re expecting, and have seen over Easter, a lot of people adopting that.”

BTC approves 100 voluntary departures FROM PAGE 1 post-2011 privatisation ‘report card’. Bernard Evans, the Bahamas Communications and Public Officers Union’s (BCPOU) president, told Tribune Business: “We had a combination of maybe 20 managers and just over 75 line staff who were approved for the voluntary separation packages. Twenty persons were denied.” He added that BTC is seeking to reduce the age of its workforce in a bid to lower salary costs, and predicted the company would continue to streamline its operations as it continues to introduce technology requiring less physical labour, while consumers switch from landline to mobile services.

“We have been preaching to our members about the the trends of Liberty Global, BTC’s parent company. We stay in constant contact with our brothers and sisters throughout Europe and the Caribbean. They want to harmonise and build synergies amongst all of their operations,” said Mr Evans. “The one saving grace we do have is that the Government has a stake in the company, and there are certain things the company should not do without government approval. I think that it’s time now to take a look at what has happened since the privatisation process. I think there needs to be a report card on that entire process. We were opposed to it from the beginning. A lot of things were supposed to happen. We have not seen the lofty

benefits so far. I think that was one of the biggest atrocities in Bahamian history. “CWC purchased the BTC stake in 2011. There have been several changes at the head of BTC since then. There have been a number of downsizing exercises. Privatisation was supposed to prepare the company for competition. “The Government still has its stake in BTC and a stake in NewCo [Aliv]. Is the Government competing against itself? I think it would be useful for us to look back over the years and see what has been gained.” Tribune Business sources suggested that BTC’s immediate parent, Cable & Wireless Communications (CWC), and Liberty Global had been hoping up to 150 workers would qualify for the VSEP packages. This

COMMONWEALTH OF THE BAHAMAS

2017

IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION

CLE/GEN/00995

BETWEEN IN THE MATTER of the Indenture of Mortgage dated 17th day of September, 2004 and made between Marcia Williams as a Borrower and FirstCaribbean International Bank (Bahamas) Limited (formerly First Caribbean International Finance Corporation (Bahamas) Limited) as a Lender AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Revised Statue Laws of the Commonwealth of The Bahamas. FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND MARCIA WILLIAMS

NOTICE

Plaintiff

Defendant

TO: MARCIA WILLIAMS of East Street, Nassau, The Bahamas TAKE NOTICE that by Writ of Summons filed on 29thAugust, 2017in Action CLE/gen/00995of 2017, FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED, as Plaintiff, commenced an action against you claiming breach of a demand loan dated the 13th day of November, 2000 andthe 27thAugust, 2004,made between you as a Guarantor and FirstCaribbean International Bank (Bahamas) Limited as Lender and the Bank claims against you the sum of $36,647.03as of the 17thday of August, 2017along with contractual interest at the rate of 6.25% per annum and statutory interest pursuant to Section 2 of Civil Procedure (Award of Interest) Act, 1992 and costs. AND THAT it has been ordered by Mrs. Constance Delancey, Assistant Registrar of the Supreme Court, on the 27thFebruary, 2018 that service of the Writ of Summons in the said action on you be effected by this advertisement. AND FURTHER TAKE NOTICE that you must within Fourteen (14) days from the publication of this advertisement inclusive of the day of such publication, acknowledge service of the said Writ of Summons by completing a Memorandum of Appearance by filing the same in the Supreme Court Registry, situate at BAF Building on George and Marlborough Streets in the City of Nassau otherwise Judgment may be entered against you. DATED this 27th day of February, A.D., 2018 BAYCOURT CHAMBERS Cumberland House 15 Cumberland Street Nassau, The Bahamas Attorneys for the Plaintiff

newspaper also understands that the exercise was initially scheduled for before Christmas, but the Government persuaded the company to hold off until the New Year. BTC, in a statement last month, announced that as part of a “company wide” strategic approach to transform

its business to a more “customer-centric, high performing organisation”, it was making adjustments to how it runs its business. This, the company, said included carrying out necessary network upgrades, placing more focus on training and development, and improving back office

support to better serve customers. “As part of this broader programme, BTC has implemented a voluntary separation programme (VSEP) to help ensure we have the right structure to succeed, and to address issues in a competitive environment,” the company added.

PAGE 4, Monday, April 9, 2018

THE TRIBUNE

WTO to ‘move the needle’ on business ease FROM PAGE 1 of doing business’ deficiencies in particular, if local businesses are to ‘survive and thrive’ in a post-WTO environment where they will have to battle larger foreign rivals ‘head on’. They have called for these weaknesses to be addressed 18-24 months before the Bahamas becomes a full WTO member, but Mr Winder rejected using this as an excuse to delay the country’s accession. He argued that the two issues - WTO membership and ‘ease of doing business’ - are not mutually exclusive and independent, but interlinked with progress on one helping to move the other forward. With the economy’s ‘twin pillars’ of tourism and financial services “under attack”, Mr Winder said the Bahamas had little choice but to diversify and restructure its economy through WTO and other initiatives. He argued that the country had wasted the past decade “fighting” over how to redistribute economic wealth, rather than “growing the pie” for the benefit of all Bahamians. Explaining why ‘ease of business’ concerns “do not have a bearing” on the Bahamas’ WTO progress, Mr Winder told Tribune

Business: “We ought not to use these problems to not have a good quality conversation on the merits, and pros and cons, of becoming a member of the WTO. “Some have alleged we should not be talking about WTO until we address the ‘ease of doing business’. The ‘ease of business’ is a process, and most of it is internal. But the Economic Partnership Agreement (EPA) process, in particular, has helped to move the process of improving the quality and ‘ease of doing business’, and by moving further forward on the WTO some of the things that will come out of that - becoming a WTO member - will also help the quality and ‘ease of doing business’.” Mr Winder cited as a specific example the Bahamas’ investment framework, which is currently set out in policy via the National Investment Policy rather than in statute law. This means investment ‘rules’ can be subjected to sudden, arbitrary change at the whim of the then-government, with the resulting uncertainty doing little to inspire investor confidence. “We’ve lagged behind in adopting quality investment legislation,” the Bahamas’ chief WTO negotiator argued, “that specifically spells out what’s available for foreigners to invest in,

what’s reserved for Bahamians to invest in, and what’s needed as we go through the investment process. “WTO requires all that [to be in law] before we sign on. That will help in laying the groundwork where the policy is clear for a foreign investor and Bahamian investor. What are the steps in law that one can do and can’t do. “Today, we constantly find ourselves tweaking the policy depending on who the investor is. WTO will not accept that as the way.” The National Investment Policy has long been subjected to such treatment, with different governments frequently waiving the rules on industries seemingly reserved for Bahamian ownership only to facilitate specific foreign investors. The Government has long known such reform was necessary if the Bahamas was to pursue WTO membership. Tribune Business can recall interviewing Zhivargo Laing, the minister of state for finance with responsibility for trade, almost a decade ago in which the conversion of the National Investment Policy into an Act of Parliament was a key topic of discussion. Mr Winder, though, said codifying the Bahamas’ investment regime in law would boost local investors and eliminate some of the mistrust that exists between the private sector and government. “Bahamians have long voiced their concern about foreigners receiving concessions and Bahamians

not receiving similar concessions,” he told Tribune Business. “As long as they are policy, and the law is not clear, this feeling will persist. “I’m not saying they’re [Bahamians] wrong; in some cases they are right. Once this is codified Bahamians will find themselves in a better position to understand how they meet some of the requirements for these concessions. “Today, the whole picture is clouded, and there’s this whole mistrust between the Government and private sector as to what’s going on,” Mr Winder continued. “When this whole process is looked at, the Bahamian private sector will find themselves in a better position, and not just to complain about it. If the Government violates the law, they can take it to court. “It will level the playing field between Bahamians and foreigners. That’s one of the things WTO does. It ensures you have a level playing field where everyone can understand no particular group is receiving an advantage to their detriment.” The chief negotiator’s argument that the Bahamas should not halt WTO accession while it addresses its ‘ease of business’ concerns is unlikely to be accepted by everybody. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, described such a notion as “naive and irresponsible” in a recent interview with this newspaper.

LEGAL NOTICE

NOTICE

PLYMOUTH INVESTMENTS HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows:a) PLYMOUTH INVESTMENTS HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. b) The dissolution of the said company commenced on the 06th April, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said company is OCTAGON MANAGEMENT LIMITED, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas. Dated this 09th day of April, A. D. 2018 ______________________________________ OCTAGON MANAGEMENT LIMITED Liquidator LEGAL NOTICE

NOTICE

ESSEX INVESTMENTS HOLDINGS LIMITED

LEGAL NOTICE

NOTICE OLIVE GREEN GROUP LTD. NOTICE is hereby given as follows: (a) Olive Green Group Ltd. 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas. Dated 6th day of April, 2018 Beatus Limited Liquidator

N O T I C E

b) The dissolution of the said company commenced on the 06th April, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said company is OCTAGON MANAGEMENT LIMITED, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas. Dated this 09th day of April, A. D. 2018 _______________________________________ OCTAGON MANAGEMENT LIMITED Liquidator

and what can and cannot be done,” Mr Winder added. “It creates, and further gives this perception, of corruption and folks receiving benefits and information they should not be receiving. It gives that impression - I’m not saying it’s actually happening simply because we have this policy position which constantly moves depending on what type of day it is.” Mr Winder said the Bahamas has reached a stage in its economic development where “it cannot do the same thing over and over”, and expect tourism and financial services to keep carrying the job creation load when both are under constant external pressures. “The time demands we move the needle to create new industries and do some things in this country,” he told Tribune Business, pointing out that the Bahamas was failing to properly exploit its US proximity and assets such as Freeport’s deep water harbour. Calling for “a major shift”, rather than the “tweaks” employed to-date, Mr Winder added: “We must make a major jump, and the WTO can help with that a great deal. “I’m concerned we have lost out on potentially significant investment for Grand Bahama solely because we are not a member of WTO. Those investors will not even have spoken to the Government or Port Authority. They would have seen from a distance the challenges of doing business in the Bahamas. No need for further analysis; we never made the first cut as a place to do business.” Emphasising that economic growth is a must, Mr Winder added: “For the last decade now we have been fighting among ourselves over the distribution of the pie. We must now expand the pie. “This is not about distributing the pie; it’s about making the pie bigger so others can benefit.”

ADVERTISE TODAY IN THE TRIBUNE, JUST CALL 502-2394

Legal Notice

NOTICE

ALFA PACIFICO FUND LIMITED NOTICE IS HEREBY GIVEN as follows: (a) ALFA PACIFICO FUND LIMITED has been dissolved on the 21st day of March, 2018 under the provisions of the International Business Companies Act, 2000. Brian Jones Liquidator

Balboa Limited

____________________________________

NO T I C E Easter Investments Ltd. ____________________________________

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 22nd day of February, 2018.

Delano Aranha Liquidator of Balboa Limited

Delano Aranha Liquidator of Easter Investments Ltd.

N O T I C E IS HEREBY GIVEN as follows:a) ESSEX INVESTMENTS HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

He warned that the Bahamian middle class and small and medium-sized enterprises (SMEs) will be “decimated” should the country open up to foreign competitors able to exploit greater ‘economies of scale’ and squeeze out local firms., “I’m pro-WTO because it provides Bahamians with an opportunity to expand beyond our borders, but we cannot do so when our hands are tied behind our backs by the Government,” Mr Myers told Tribune Business. “They’ve got to unshackle us and allow us to be competitive. “He’s [Mr Winder] saying we should disregard it, that it’s not relevant. That’s absolute rubbish. To say so shows no understanding of what we’re doing..... So we should ignore that and march on to opening up our borders, and allow in people that are far more competitive because of they operate in a range of economies with massive economies of scale and lower costs? “What do you think that’s going to do to SMEs and large enterprises in the Bahamas? You’re simply going to eliminate and decimate the middle class and middle income group unless you address the gorilla in the room.” Mr Winder, meanwhile, said the Government agreed with the private sector that improvements to ‘the ease of doing business’ are “not moving along fast enough”. And its current investment regime was inadequate when it came to attracting foreign capital. “It is clear that we haven’t been able to make any meaningful strides in modernising this country to attract quality investment on a regular and ongoing basis,” the Deloitte & Touche (Bahamas) partner said. “While I cannot say all is principally due to the fact that we are not a member of the WTO or more trading agreements, it is clear that for us to make meaningful improvements in the number of private sector job opportunities we’re going to have to be far more competitive in attracting investment to the Bahamas that results in ongoing, quality jobs for Bahamians. “We have lagged behind in that area, and one of the primary reasons we have lagged is that any investor coming to the Bahamas does not get a clear position on what the rules are,

THE TRIBUNE

Monday, April 9, 2018, PAGE 5

BTC BREACHES FROM PAGE 1 (URCA), in a March 22 ruling, upheld complaints by BTC’s mobile rival, Aliv, that the incumbent operator had breached the time allowed for price-related promotions and failed to inform consumers of all charges/terms and conditions associated with these offers. Strict regulations were imposed on BTC as the former monopoly mobile provider, due to the Significant Market Power (SMP) this gave it, and Aliv’s complaint to URCA accused its rival of “anti-competitive conduct” designed to prevent it seizing market share. URCA, though, said it “did not see evidence that the alleged breaches were harmful to competition and customers, prompting it to “lower the base penalty rate” and impose a punishment that one source told Tribune Business amounts

‘FAST FOOD TAX’ FROM PAGE 1

told Tribune Business that the sector - and business in general - was “taxed enough already”. “My personal opinion is that we are taxed enough already,” he said. “We have a 40 per cent duty on chicken that was enacted since Gladstone Farms was in operation. They have been out of business now for many years. “We also have to factor in 7.5 per cent VAT and 2 per cent Stamp tax. We are taxed to the hills. There are really only a few items we get, like potatoes and

to “a slap on the wrist” for BTC. The communications regulator’s determination only dealt with BTC’s breaches of the retail pricing rules, and did not address Aliv’s complaints about the anticompetitive behaviour. “URCA identified a series of breaches apparently committed by BTC during the period of November 2016 through June 2017,” URCA’s determination said, while dismissing BTC’s argument that only two violations were relevant. “URCA reiterates that BTC offering a promotion beyond its expected expiry date and the communication of inaccurate, incomplete and potentially misleading information to the public are non-trivial breaches of the relevant obligations,” the regulator added, “having regard to BTC’s unique position as an SMP operator, amongst other factors. “Further, BTC’s actions contravene the strategic objectives of the Communications Act and resulted

in Aliv asking URCA to investigate BTC’s compliance with a number of procedural aspects of the rules.” URCA added that BTC’s breaches were “repeated”, and that it had to demand “corrective action on numerous occasions”. It concluded that BTC breached section 35 of its own operating licence, as well as the communications sector’s retail pricing and consumer protection rules, by displaying “outdated tariffs and details” for mobile post-paid plans; running promotions and discounts beyond the maximum 90-day limit; and failing to publish all charges and service terms and conditions. The retail pricing rules are designed to prevent SMP operators, such as BTC, from using their power to engage in predatory pricing and other tactics that are anti-competitive and designed to marginalise rivals - which would also undermine consumer interests.

BTC, in responding to URCA’s initial findings, argued that these rules and their consumer protection counterparts were not intended to be “prescriptive” as this would impede “the creative ingenuity of each operator’s marketing team”. This argument was given little credibility by URCA, which shot back that “full compliance” was essential for market transparency and the provision of accurate, complete information to consumers. “URCA observes that the obligations did not inhibit the creative ingenuity of BTC’s marketing team prior to Aliv’s entry to the market, and the 2016 modifications to the.... rules would have provided BTC with greater marketing flexibility in light of Aliv’s entry to the market,” URCA said. The regulator added that, by April 10, 2017, it had already seen various breaches by BTC “upon Aliv’s entry to the market”. BTC, though, blamed a “temporary discrepancy”

involving post-paid mobile tariffs and plans on a dispute with the third-party operator of its mobile website. “In early 2017, BTC decided to maintain the mobile website in-house. However, cancelling the agreement became contentious and time consuming,” the company said. “During the interim period from January to April 2017, the third-party did not release control of the mobile website and was not updating it.” Unimpressed, URCA rejected BTC’s description of the breaches as minimal, and added: “URCA emphasises that the repeated and ongoing transgressions by BTC, despite warnings by URCA (the April 10, 2017, and May 25, 2017, letters) demonstrate a troubling disregard for URCA’s regulatory actions and the relevant obligations, and therefore warrant regulatory and enforcement action.” The offers where all charges and terms were not published included BTC’s

‘free fixed to mobile’; several pre-paid mobile bundles; two pre-paid mobile data plans; and discounted calls to Haiti and Jamaica. Many of the same plans were also involved in BTC’s breach of the maximum 90-day limit imposed on its promotions and discounts. Some promotions ran for as long as two and four months beyond this limit, with BTC admitting these were “material overruns”. The carrier attempted to argue that these were “inadvertent”, and that no harm was caused to consumers. URCA, though, said there was “clear evidence that BTC intentionally ignored the directive in” its April 10, 2017, letter to cease the ‘free fixed to mobile’ offer. “While customers may have benefited from the promotions being in the marketplace beyond the expected dates, it is still a non-trivial breach of the relevant obligations having regard to BTC’s unique position as an SMP operator,” the regulator concluded.

bread, that are duty-free. Cheese has a 15 per cent duty. Our average duty ranges between 15-30 per cent when you look at the whole scale.” Mr Tsavoussis was speaking after Dr Duane Sands, minister of health, revealed last week that, based on advice from unnamed experts, he will recommend to Cabinet that a consumption tax be imposed on the fast food industry. He stressed, though, that this was a long way from becoming policy. The Wendy’s principal argued that taxing the fast food industry would do little to curb obesity in

the Bahamas, and merely force franchises to raise their prices. “I don’t think it’s the answer to fighting obesity. Something like that will affect all quick service businesses,” he said. “This is just politics to be honest. They know that we do well, and they want to see how they can tax us. At the end of the day it will have a negative effect. It will force us to raise prices. People will continue to eat

what they want but it will just cost more. Our consumers like this kind of food because it’s convenient.” Mr Tsavoussis added that his fast food chains offer healthy options, but again underscored consumer preferences. “We have healthy choices. The chili that we sell, for example, is a healthy option,” he added. “Our spicy chicken sandwich represents 11 per cent

of our total sales. By comparison, the grilled chicken sandwich that we offer is just under 1 per cent. It’s not rocket science; people have a preference.” Ash Henderson, director of marketing for Restaurant Services, the Kentucky Fried Chicken (KFC), Burger King and Dunkin Donuts franchise operator, told Tribune Business: “We respect the Minister’s concerns and his advocating

for healthy eating habits. That is why we offer a range of healthy and affordable options in our restaurants, including vegetarian options, salads and wraps, and healthy sides in our kid’s meals. “We do, however, feel that a fast food tax is an unnecessary financial burden on hardworking Bahamian families, and that there are alternative ways to encourage a balanced diet.”

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION BENIN LIMITED

EXXONMOBIL EXPLORATION AND PRODUCTION EQUATORIAL GUINEA (VENTURES) LIMITED

NOTICE EXXONMOBIL EXPLORATION AND PRODUCTION KENYA (VENTURES) 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 13th day of March A.D., 2018. Dated the 9th day of April A.D., 2018 R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION KENYA (VENTURES) LIMITED

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

BENTON INVESTMENTS LIMITED In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), BENTON INVESTMENTS LIMITED has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 16th day of March, 2018.

ROCKWELL LTD., of #25 Mason Complex, Stoney Ground, P.O. Box 193, The Valley, British Anguilla Liquidator

Legal Notice

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

AVAN HOLDINGS INC. Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), AVAN HOLDINGS INC. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 16th day of March, 2018. Lauren Ramsay, No. 6 Bosham Close Camperdown Heights, P.O. Box SP 63801, Nassau, Bahamas Liquidator

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 13th day of March A.D., 2018.

Dated the 9th day of April A.D., 2018

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

R.W. Rice Liquidator of EXXONMOBIL EXPLORATION AND PRODUCTION EQUATORIAL GUINEA (VENTURES) LIMITED

PAGE 6, Monday, April 9, 2018

THE TRIBUNE

‘No way’ Nassau Flight Services buyer foreign FROM PAGE 1 will end up in the hands of aspiring Bahamian entrepreneurs who have some business experience but are not the traditional mainstream. “That’s a given; that’s not even up for discussion. They will have to be 100 per cent Bahamian-owned. There’s absolutely no way this can end up in the hands of nonBahamians. When we put out a Request for Proposal (RFP), we are looking for a group that is aspiring, up and coming, has some business experience already and is looking to take on another challenge.” Mr D’Aguilar suggested Nassau Flight Services’ privatisation could be the first step in reducing the burden imposed on long-suffering Bahamian taxpayers and the Public Treasury by loss-making state-owned enterprises (SOEs). “It’s a relatively small company,” he added of Nassau Flight Services, “and would probably be best run by a private sector organisation.... It needs good management and no government meddling. It just needs to be run right. “The Government provides an annual subvention of $2 million, and the reason it provides that subvention is the politicians have meddled and probably saddled it with a whole bunch of costs; greater expenses than it needs to have. “I have got to get this [valuation] report back, and need to find out the timeframe on that, but have been told it will be forthcoming.” State-owned enterprises received $430 million in

MARKET REPORT THURSDAY, 5 APRIL 2018

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

BISX ALL SHARE INDEX: CLOSE 1,956.14 | CHG -2.51 | %CHG -0.13 | YTD -107.43 | YTD% -5.21 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.30 5.30 11.50 2.59 1.56 9.25 6.10 10.55 9.00 13.67 12.51 11.00

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 8.40 6.00 3.15 9.00 2.18 1.40 7.30 6.00 8.78 5.67 3.35 12.01 10.00

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 Premier Real Estate 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 100.00 100.00

52WK LOW 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 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 2.13 4.14 1.99 178.69 153.40 1.54 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.41 8.80 6.10 3.94 10.07 2.75 1.50 7.85 6.10 10.44 6.43 4.47 12.51 10.00

CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.41 8.80 6.10 3.92 10.07 2.74 1.50 7.97 6.10 10.44 6.43 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 -0.01 0.00 0.12 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.96 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.09 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

109.87 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 Royal Fidelity Int'l Fund - High Yield Fund Strategies Fund

VOLUME

1,000

VOLUME

EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.583 0.171 0.631 0.102 0.330 0.000 1.129 0.743 0.832 0.293 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.690 0.060 0.050 0.084 0.300 0.500 0.150 0.120 0.570 0.000

P/E 11.7 18.7 N/M 11.9 N/M N/M -2.3 13.8 10.5 22.9 16.0 26.9 4.5 N/M 5.4 14.1 7.7 15.3 23.0 0.0

YIELD 1.89% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.64% 3.61% 3.06% 6.85% 2.19% 3.33% 1.05% 4.92% 4.79% 2.33% 2.68% 4.56% 0.00%

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 6.00% 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 2.13 4.12 1.99 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

4 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

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

MATURITY 31-May-2018 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Jan-2018 31-Jan-2018 26-Jan-2018 31-Dec-2017 31-Dec-2017 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

subsidies in the 2017-2018 Budget, and K P Turnquest, Deputy Prime Minister, subsequently said the Government had set a target for all such entities to become self-sufficient or “cost recovery centres” within three-five years - meaning they no longer represent a drain on the Treasury through annual subsidies. Mr D’Aguilar, though, suggested the Government needed to go further through public-private partnerships (PPPs) or exiting ownership entirely via privatisation, thereby removing the state from business and - in some instances - competing with the private sector. “This model we have been using for many, many years, where the Government owns and runs corporations, has not clearly been a successful model,” he told Tribune Business. “All of these entities owned and operated by the Government continue to cost the Treasury. “If we want to reduce the subsequent burden of these entities on the public purse we’ve got to start somewhere, and Nassau Flight Services is probably the easiest place to start.” Mr D’Aguilar, though, warned that getting the Government ‘out of business’ will not be easy, given the decades-long dependence on an economic model where many have relied on the public sector as a form of patronage and to provide jobs. “There is a cadre of Bahamians that like entities to be owned and

operated by the state,” he argued. “Just look at BAIC, BAMSI, Bahamas Power & Light, Bank of the Bahamas. We’re trying to change that. We cannot afford to continue with this model.” The Minister of Tourism pointed to the likes of Cable Bahamas, Aliv and Arawak Port Development Company (APD) as examples of entities that were either PPPs or had significant government shareholdings, but did not cost taxpayers a cent because they were run as private sector businesses. “I think the Bahamian people are sick of spending vast amounts of money and getting lousy service,” he told Tribune Business. “If you look at the PPPs out there, while the service may not be fantastic it’s certainly a lot better than that provided by the state. “Look at Cable Bahamas, Aliv and APD. Those companies don’t cost the state a dime and, by and large, provide a better service. These PPPs are the way to go. We need to infuse a sense of ‘let’s run this right’, let’s run this as a business and not as pieces in a political chess game.” Nassau Flight Services was founded in 1957, and provides ground and cargohandling services at LPIA. Its website says it has “operated for over 10 years as if it were a normal business”, and has ambitions to expand into the wider Caribbean. Among its past and existing clients are Jet Blue, Air Canada, British Airways, Delta, Spirit, Southwest Airlines and Copa.

NOTICE

NOTICE is hereby given that ASHLEY CHERY of Eastwood Estates, 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 9th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Melissa Thompson of Freeport, Grand Bahama, P. O. Box F-43018, mother of AMIR CECIL THOMPSON, a minor, intends to change his name to BEAR CECIL THOMPSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, CRAIG NATHAN McCARDY of Cowpen Road, P.O. Box N-3937, Nassau, The Bahamas, intend to change my name to CRAIG NATHAN McHARDY. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, New Providence, The Bahamas no later than thirty (30) days after the date of the publication of this notice.