04122018 business

business@tribunemedia.net

THURSDAY, APRIL 12, 2018

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‘Caribbean’s lowest’ from BPL Shell deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Cabinet Minister yesterday pledged the Bahamas will have “the most competitive energy prices in the region” through selecting Shell as Bahamas Power & Light’s (BPL) generation partner.

Desmond Bannister, minister of works, told Tribune Business that Shell North America’s bid offered to “significantly cut the cost of energy” for Bahamian businesses and households, although neither he nor BPL provided any figures.

Shell will now seek to meet New Providence’s long-term energy needs by constructing a liquefied natural gas (LNG) fuelled power plant at Clifton by 2021. In the interim, Mr Bannister said BPL would seek to manage shortterm generation costs by obtaining a “significantly

* Minister pledges ‘significant cut’ in energy bills * EY hired to affirm bid process’s transparency * New LNG plant by 2021; also short-term cuts reduced” price from Aggreko, supplied of 80 Meg Watts (MW) in shortterm generation.

The Minister also defended the BPL tender process from criticism by rejected bidders, telling Tribune Business it was handled “in the most transparent manner of any government process out there for a very long time”.

He added that the Minnis administration also hired the Ernst & Young (EY) accounting firm, which has conducted a number of government forensic audits, to review the bidding process and it confirmed it was managed fairly.

Tribune Business exclusively revealed last week that Shell North

BAIC WAGE BILL 142% OF INCOME

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAIC’s wage bill increased by more than $600,000 over a two-year period to the point where it was equivalent to 141.5 per cent of the Corporation’s total operating revenue.

The financial statements for 2012 and 2013, tabled in the House of Assembly

yesterday, show why the Minnis administration has seemingly been so eager to downsize BAIC upon taking office given that it wage bill was almost $1 million higher than total income some four years ago.

The Bahamas Agricultural and Industrial Corporation’s (BAIC)

SEE PAGE 10

GOV’T WARNED AGAINST LAND REFORM OVERREACH

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ARAWAK Homes president yesterday warned the Government not to ‘bite off more than it can chew’ while supporting its renewed drive for land reform.

Franon Wilson told Tribune Business that “no company understands the

need for land reform more than us”, but he cautioned the Minnis administration not to implement measures it was unable or unwilling to enforce.

He pointed to the Planning and Subdivisions Act as one example of such overreach, adding that while the legislation’s intentions were noble it never

SEE PAGE 9

CIBC ‘DISAGREES’ WITH FINES BY THE BAHAMAS

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CIBC FIrstCaribbean has expressed its displeasure at fines imposed by Bahamian regulators in documents for its planned $240 million initial public offering (IPO) in New York.

The bank, in a section of the IPO document detailing

regulatory risks, said it “disagreed” with two sanctions levied in the Bahamas last year that took total fines for 2017 to $78,000.

“Our failure to comply with... laws and regulations, even if the failure follows good faith effort or reflects a difference in interpretation, could subject us to

SEE PAGE 8

DESMOND BANNISTER America LNG had been recommended as the preferred bidder by BPL’s Board and management, with the Cabinet approving the decision this week.

“There are two objectives as far as I’m concerned,”

Mr Bannister told Tribune Business. “One was to provide a reliable source of power for the Bahamian people, and the other was to significantly cut the cost of energy.

“We believe we the decision made is going to achieve both these objectives, making the cost of business a lot lower and giving Bahamian residents an opportunity to cut their cost of energy.”

He added of the potential energy savings from Shell’s offer: “The figures we looked at were significant, but it’s best for BPL to provide that. They were significant. “Based on the figures we have seen, there

SEE PAGE 12

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Arawak Port to ‘ramp up’ LNG bunkering plan

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Nassau Container Port’s (NCP) operator and its partners yesterday pledged to “ramp up” their Liquefied Natural Gas (LNG) bunkering project, arguing: “The Bahamas must win the race.”

Michael Maura, chief executive for BISX-listed Arawak Port Development Company (APD), told Tribune Business that the Bahamas needs to “get out ahead” of rival Caribbean ports that are also chasing what he described as “a win-win-win” opportunity for investors and workers alike.

With Shell confirmed as the winning bidder for the Bahamas Power & Light (BPL) generation contract (see other article Page 1B), APD and its fuel supplier partner, New Fortress Energy, served notice of their intention to refocus on “pursuing” a project that will also boost Nassau’s

* ‘BAHAMAS MUST WIN RACE’ WITH CARIBBEAN RIVALS * BRANDS NEW FORTRESS TIE-UP ‘WIN-WIN-WIN’ * AND ‘ALIGNS’ WITH CRUISE PORT OVERHAUL competitiveness as a cruise port.

As cruise ships increasingly turn to LNG as their primary fuel sources, Mr Maura and New Fortress executives explained that the bunkering facility would primarily serve vessels docked at Prince George Wharf and provide numerous other spin-off benefits for the Bahamas.

Besides diversifying APD’s revenue streams and increasing shareholder

SEE PAGE 4

PAGE 2, Thursday, April 12, 2018

THE TRIBUNE

Bahamas attracts growing German tourism interest GERMAN demand for a Bahamian vacation is increasing, according to Ministry of Tourism officials who recently attended the ITB Berlin Convention trade show.

The Convention attracts hotels, tourist boards, tour operators, system providers, airlines and car rental companies. The Bahamian delegation included Joy Jibrilu, directorgeneral of tourism; Ellison ‘Tommy’ Thompson, deputy director-general; Anthony Stuart, director of Europe; plus officials from the Nassau/Paradise Island and the Out Island Promotion Boards. Ms Jibrilu said: “If you want to be relevant you have got to be present. We are here at the Bahamas booth to let the world know that the Bahamas is indeed open for business and how well we are doing, particularly out of the European market this year.

“We came out of a meeting with one of the top European tour operators and they have seen a 25 per cent growth year-on-year.

Not only is it a great time for Europe generally, but in particular Germany.”

German visitors are being targeted because they tend to spend more time in the Bahamas than traditional North American visitors.

“We’ve worked so hard to build up our brand in Europe and the German market, and to see it begin to yield some results that we were wanting is indeed

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rewarding for all of us,” Ms Jibrilu said.

AJ Saunders, of Majestic Tours, added: “We’ve seen a big uptick and we are projecting that to continue. So we are looking forward to that and making sure that the product is in place, and we are making sure that we have the inventory to take care of all of the people.”

He said the German market seemed to be interested in ‘island hopping’, and said: “They really love the Out Islands in general. They love the smaller hotels. They love the remoteness of it, and they really love just being away from the stress of life. They really love the Out Islands.

I think it’s just being away from the stress and the natural beauty.”

Mr Stuart said the European market will continue to flourish, and added: “What we will see out of the European market is more growth. We will see a development of new business from some of the East European countries.

“The interest from those areas has been very strong. The interest has not only been strong from a leisure point of view but from groups, honeymoon, weddings, meetings and incentives and event sports – where people want to participate or attend sporting events that have happened in the Bahamas. People want to come to the Bahamas to really experience the Bahamas.”

THE TRIBUNE

Thursday, April 12, 2018, PAGE 3

Unions: ‘Devil in detail’ on BPL’s Shell choice

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net TRADE union leaders yesterday warned that “the devil is in the detail” over how Shell’s power plant deal with Bahamas Power & Light (BPL) will impact jobs and other operational issues.

Paul Maynard, the Bahamas Electrical Workers Union (BEWU) president, said Shell Energy North America’s push for the generation contract was a “power play” to ensure it was not squeezed out of the Caribbean market by rival New Fortress Energy.

“Shell is a major fuel provider. It will be interesting to see who they get to build the power plant,” Mr Maynard said. “Obviously they will have to subcontract it.

I don’t know Shell to have any power dealings except providing the fuel.

“I understand they are offering natural gas (LNG) at a very low rate. All I know is the devil is in the details. We have to see what the details are. We know that New Fortress has a foothold in Jamaica, and this was basically a power play. New Fortress would have squeezed them out of the Caribbean.”

BPL provided few details last night in confirming

Shell has been selected to lead development of New Providence’s new power plant, other than to say construction of its LNG-fuelled solution will be completed in 2021 and provide up to 270 Mega Watts (MW) of capacity.

Its statement last night said: “Nineteen companies passed the vetting process but, in BPL’s Board’s opinion, Shell NA provided the best solution for the company’s new direction and its commitment to renewable energy.

“In the Board’s opinion, Shell NA’s commitment to power generation with the inclusion of LNG in BPL’s fuel mix will provide

long-term energy security, new employment opportunities for Bahamians, stimulate economic growth and the stabilisation of customer rates.”

Mr Maynard told Tribune Business that the union has received no information about the generation contract process, and suggested it was not too pleased with the management style of the new BPL Board.

“The new Board has a lot to learn,” he said. “We are trying to work the situation out. You have to respect an industrial agreement. You can’t be hasty to do things.

They need to consult with the unions at BPL a lot more.

BAR’S REAL ESTATE CHIEF BACKS LAND REFORM ‘100%’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Minnis administration’s recognition of the “urgent” need for land reform received “100 per cent support” yesterday from the head of the Bar Association’s real estate committee.

Adrian White, head of the Bahamas Bar Association’s real estate committee, told Tribune Business: “I think public consultation on as many levels as possible will be productive. It’s a great sign that someone in the administration is looking to deal with this.

“I think everyone in the real estate industry will encourage everything to be done that would better the industry and status of land titles, not only from an economic and investment side but for each individual homeowner who looks at their property as their castle.

“I am 100 per cent behind what’s been mentioned, and I would think that now that it has been announced there needs to be visible and immediate action. The easiest way to start is at the Registrar General’s Department and the Supreme Court Registry.”

Elsworth Johnson, minister of state for legal affairs, while addressing Parliament yesterday said the Minnis administration has decided to prepare a formal ‘White Paper’ and begin public consultation on land reform.

“For too long a host of problems have affected landholding and land titles in the Bahamas,” he said. “These difficulties range form the poor state of the Cause List Books in the Supreme Court Registry, which make it extremely difficult for lawyers to give unqualified advice on title to land, and particularly, whether any prior unsatisfied monetary judgements against the

owners either exist or are still attached to and encumber the land.”

Other issues identified include problems in determining who owns - or claims to own - any unoccupied lot or parcel of land; the question of generational claims to land, particularly in the Family Islands; the issue of ‘squatters rights’; and the status of the Quieting Titles Act and whether or not it should be repealed.

“The absence of certainty in land titles in too many cases, along with the often informal nature of land holdings in far too many of the traditional settlements of our Family Islands, affects not only the issue of land title but also directly attacks the possibility for land ownership to become an effective generator of wealth, whether in support of business loans or in the creation of certainty as to land ownership,” Mr Johnson said. He added that title problems in Bozine

Town and the Nassau Village/Sir Lynden Pindling Estates areas of New Providence were a reminder the need for reform of the entire system governing property law in the Bahamas.

Mr Johnson said the new Law Reform Commissioner will play a leading role in public consultations and the preparation of several existing draft Bills that might need to be reconsidered or re-adjusted to bring a full land registration system and other reforms into effect.

Mr Johnson highlighted the Law and Property Bill 2010, the Registered Land Bill 2010, and the Land Adjudication Bill 2010 prepared by the former Ingraham administration. These Bills have already been circulated to the Bar Association and will in due course be widely circulated for the purpose of public consultations along with any other Bills deemed necessary by the Law Reform Commission.

“The private sector is not the same as a government entity. Yes, the way of doing business has to change, but it won’t happen over night.

Momentum won’t shift right away; you have to make the turn gradually.”

BPL last year called for bids to supply it with 80 Mega Watts (MW) of shortterm generation capacity for a five-year term, essentially seeking a better deal than it obtained from current provider, Aggreko.

However, BPL executives were quick to acknowledge that long-term generation offers were also welcome, and “modified” the process accordingly. Among the 19 bids received was the

one from Shell, offering an LNG-driven power plant solutions.

BPL said: “Shell NA has proposed an integrated ‘gas to power’ solution that would include construction of an LNG plant at Clifton Pier and enable BPL to produce up to 270 MW of power generation.

“This will have a positive impact on consumers and the environment. The LNG project is scheduled for completion in 2021.

Shell NA has committed to continue providing HFO (heavy fuel oil), diesel or other interim fuels until LNG and the necessary power infrastructure is operational.”

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PAGE 4, Thursday, April 12, 2018

ARAWAK PORT FROM PAGE 1

value for the company’s 11,000 investors, Mr Maura said the addition of LNG bunkering would also help to lower port tariffs and cargo handling costs thereby reducing the cost of imported goods for all Bahamians. And, with less than half an acre required for the facility, the APD chief said it has “the potential to generate more profits than any other part of the Port on a per square foot basis”.

Mr Maura emphasised the strong synergies between the LNG bunkering project, which features Bahamian investment advisory firm, CFAL, as the third member of the group, and the Government’s ambitions to upgrade and expand Prince George Wharf to improve the visitor experience for cruise passengers.

APD is also interested in the latter project, having teamed with Global Port Holdings on a potential bid, and Mr Maura warned that Nassau’s cruise port would struggle to accommodate the ever-larger cruise ships coming on to the market without rapid renovation.

With the Government’s search for a new BPL generation partner seemingly “behind us”, the APD chief executive said the trio would now seek the necessary government approvals and permits for their LNG bunkering facility in earnest.

“We would like to be able to ramp up the review of this bunkering opportunity,” Mr Maura told Tribune Business. “We have communicated with the Ministry of Environment, Ministry of Tourism and Ministry of Transport, and we will begin the process of working with these ministries to move the project forward.

“We want to ensure the Bahamas wins the race.

This is a Bahamian opportunity, and we want to make sure the Bahamas wins the race and gets out ahead of competitors looking to build LNG bunkering terminals as I speak.”

The opportunity has been created by the 100 new cruise ships set to sail out of shipbuilders’ yards within the next five years, combined with International Maritime Organisation (IMO) directives that will impose limits on ship emissions from 2020.

The latter is driving the cruise ship industry to use LNG as its main fuel, with 20 per cent of ‘new builds’

THE TRIBUNE expected to use this source.

And, of the 100 vessels in the industry ‘pipeline’, around one-third - some 30 - are destined for the Bahamas and Caribbean.

Mr Maura yesterday urged the Government and private sector to move swiftly before the ‘window of opportunity’ closes, adding: “We all need to roll up our sleeves and get to work.”

Jake Suski, a New Fortress spokesperson, declined to put a dollar value on the group’s likely investment in an LNG bunkering facility if it receives the go-ahead.

While around “a dozen jobs” were expected to be created initially, he added: “As demand for LNG grows, and there comes opportunities to increase deliveries to customers in the Bahamas, we expect a significant gain in jobs for Bahamians.”

New Fortress is already supplying Freeport-based Polymers International with LNG to fuel its main steam boilers, and the fuel supplier is seeking to further develop a Bahamian corporate client base once it begins moving the product through Nassau Container Port.

Both Mr Maura and Mr Suski, apart from pointing to LNG’s benefits as a clean, efficient fuel source, emphasised that

their plans posed no health and safety threat - as some, including former PLP chairman, Bradley Roberts.

The bunkering facility will be “self-contained”, with no pipeline running from Arawak Cay to other parts of Nassau. Most of the LNG will be stored in a “small vessel” berthed at the Nassau Container Port, with the partners planning to use a speciallyconstructed barge to transport LNG to refuelling cruise ships at Prince George Wharf.

Mr Maura said such an operation will mirror what happens at the Port of Miami and Port Everglades, and he added: “The technology today is much different than it was 20 years ago. These things are built very safely, very competently.

“The vessel we’re using is smaller than a cargo ship.

It brings in LNG, will come alongside our bulkhead, and we will have a facility on the port proper. Most of the storage of the LNG will be on the small vessel.

We’re talking state-of-theart technology. We’re not looking to invest in purchasing barges that are 20 years-old.

“The total volume of LNG at Prince George Wharf in the cruise ships will be greater than the volume of LNG at Nassau Container Port.”

Mr Maura added that LNG was far more stable and safe than the gasoline being transported around New Providence’s streets at any moment by 20 tankers. He added that should a tank rupture, the fuel would merely disperse into the atmosphere.

New Fortress’s Mr Suski added that it was “one of the safest, if not the safest, fuels to move around the

world”. He added that New Fortress, founded by Milwaukee Bucks owner, Wes Edens, had significant experience in handling LNG and ship-to-ship and ship-to-shore transfers as a result of its investments in Jamaica and deal with the Jamaica Public Service (JPS) Company.

With the LNG facility set to take up “less than half an acre” of the Arawak Cay port’s 57 acres, Mr Maura told Tribune Business: “It’s very small but it’s impactful.

“On a per square foot basis, it has the potential to generate more profit than any other part of the port.” He added that LNG bunkering offered other potential spin-offs, including cold storage for agriculture and fisheries products.

“Should we have LNG and convert it back into natural gas, that creates energy and we will have the ability to use that to provide cold storage for agriculture and fisheries,” Mr Maura said.

“This investment at Nassau Container Port provides an opportunity to expand our agriculture and fisheries sectors.

“We look at this as expanding investment opportunities and employment opportunities for Bahamians. We recognise that for a new industry like LNG bunkering there must be broad-based opportunities for Bahamians to participate. That’s in jobs, but also investment and return on that investment.”

With APD’s internal rate of return (IRR) capped at 10 per cent, Mr Maura said it was looking to new business opportunities and revenue streams as a means to lower port tariffs and reduce the cost of living and business costs for the wider economy.

“The diversification and moving away from pure cargo means there’s greater security for our shareholders, when today they experience the ebb and flow of the economy and cargo throughputs,” he added.

“The more diversified we can be as a port operating company, the less impact to our shareholders when we experience a drop in cargo throughput. By pursuing LNG, by pursuing Prince George Wharf, this makes for a stronger port company.”

Mr Maura told Tribune Business that the LNG bunkering project “aligns” with the Government’s ambitions to overhaul Nassau’s, and the Bahamas’, major cruise port.

He explained that most of the 100 cruise ship ‘new builds’ were of Royal Caribbean’s Oasis ‘class’ variety, carrying almost 9,000 people between passengers and crew, yet only Prince George Wharf’s northern-most bulkhead was suitable to accommodate them.

“There’s additional development and renovation required to accommodate these larger vessels,” Mr Maura told Tribune Business.

“We need to do it now as competitors with other Caribbean ports are chasing the same opportunity.

“These two projects align and run parallel to each other. We need to develop our bunkering capacity at the same time as we develop our cruise port infrastructure.”

Mr Suski added that the Bahamas was “uniquely positioned to capture the Caribbean market” as the region and North America caught up with Europe in providing LNG bunkering for cruise ships.

THE TRIBUNE

Thursday, April 12, 2018, PAGE 5

SHOWN ABOVE (l-r) and below: Travis Robinson, parliamentary secretary in the Ministry of Tourism and Aviation; Danny Wells, Baha Mar’s director of food and beverage; Baha Mar Body paint model; Dionisio D’Aguilar, minister of tourism and aviation; Baha Mar body paint model; Grand Hyatt general manager, Scott Allen; Baha Mar’s vice-president of external affairs, Robert Sands; and executive chef at the Grand Hyatt, Brent Martin.

Seafood restaurant is Baha Mar’s 24th THE 3 Tides Fish House at the Grand Hyatt in Baha Mar attracted more than 100 guests to its grand opening on April 5.

The 220-seat restaurant is the 24th to open at the $4.2 billion project. Brent Martin, executive chef at the Grand Hyatt, said: “I think 3 Tides is going to bring a whole different ball game to the Baha Mar. It’s a little bit more approachable then the other restaurants – this one really speaks to families. It’s really about simplistic food and it’s a great seafood house.

“We are bringing a lot of local seafood, but also what is international. Seeing what is happening in all the restaurants, we have been fully booked and it is obviously great to see. All of the restaurants are great options for tourists but also for Bahamians.”

Travis Robinson, parliamentary secretary in the Ministry of Tourism and

MORE than 100 guests attended the grand opening of the 3 Tides Fish House on April 5.

Aviation, added: “About 70 per cent of the tourists who come here come for sun, sand and sea, but among that is our cuisine.

“So it is exciting for guests to see what we have to offer. One of the things that I took note of was

Bahamian chefs who were out there preparing the food, and so I think that this was a direct opportunity for guests to taste what we call true Bahamian cuisine.

“I’m excited for what this restaurant will offer, what this resort will offer,

and this will only help to grow and boost our tourism product.”

3 Tides features a raw bar, modern sushi and sashimi dishes and a variety of surf and turf options. Diners can also choose from hot, cold and interactive desserts.

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PAGE 8, Thursday, April 12, 2018

THE TRIBUNE

CIBC ‘DISAGREES’ WITH FINES BY THE BAHAMAS FROM PAGE 1 restrictions on our business activities, fines and other penalties, any of which could adversely affect our results of operations, capital base and the price of our securities,” CIBC FirstCaribbean told potential investors.

“Recently we have seen an increase in regulatory fines related to reporting that are typically [caused by] data errors regardless of materiality. In 2015, we paid regulatory fines in an aggregate amount of $1,675; in 2016 we paid no regulatory fines; and in 2017 we paid

$77,800 in regulatory fines in the aggregate, which was primarily due to two fines in the Bahamas.

“We disagree with the fines imposed in the Bahamas in 2017, and so cannot assure you whether or not these types of fines were isolated incidents or will continue. In many of the countries in which we operate, we must seek regulatory approval to make material changes to our business such as make investments or pay dividends.”

CIBC FirstCaribbean, in documents filed with the Securities & Exchange Commission (SEC), confirmed it is offering 9.6 million shares to investors at a price between $22$25 per share - pegging the value at between $211 million to $240 million.

The issue’s underwriters have also agreed to

purchase 1.44 million shares and, if they take this up, CIBC’s majority ownership stake in its Caribbean subsidiary will drop from 91.67 per cent to 70.67 per cent.

If they elect not to do this, the Canadian bank’s equity interest will fall to 73.41 per cent as it initiates a strategy to seemingly gradually exit the region.

FIrstCaribbean will remain listed on the Barbados Stock Exchange, but is delisting in the eastern Caribbean and Trinidad & Tobago. However, it will retain its Bahamas International Securities Exchange (BISX) listing, with the regional parent owning more than 95 per cent of its Bahamian subsidiary.

Anthony Blackman, a FirstCaribbean spokesperson, told Tribune Business via e-mail: “Nothing changes for our

Bahamas shareholders who hold shares in FirstCaribbean International Bank Bahamas Limited.”

Acknowledging the Bahamas’ importance to its overall operations, CIBC First Caribbean’s IPO document said: “We are a market leader in the Bahamas with approximately 18 per cent of the total market deposits and 21 per cent of the total market loans, according to our calculations based on June 2017 data published by the Central Bank of the Bahamas.

“Our market shares for corporate loans in our primary markets of Barbados, the Bahamas and the Cayman Islands were 43 per cent, 30 per cent and 50 per cent, respectively, and for corporate deposits were 29 per cent, 20 per cent and 20 per cent, respectively.”

THE TRIBUNE

Thursday, April 12, 2018, PAGE 9

Gov’t warned against land reform overreach FROM PAGE 1 assigned the manpower and resources to properly administer/enforce its provisions. Disclosing that he could give “countless examples” where title and other related land woes had stifled economic and social development, Mr Wilson told Tribune Business: “I understand the need for land reform. No company understands it more than Arawak Homes and our group.

“But how fast we go needs to be looked at.

The Government did a complete overhaul of the Planning and Subdivisions Act, but never put in the manpower to enforce and administer it. Every week some lawyers take the Government to court because it was never properly enforced.

“If there’s one thing I’d invite the Government to do, it’s looking at what steps it has to take before doing a sweeping overhaul, because if it’s not going to hire the people and enforce it properly, it will lead to more lawsuits and problems down the road,” he continued.

“Let’s look at where we want to go and how we get there. Any step towards land reform is a good thing.

Any time you want to get land reform is a good thing.

But where do you want to end up, what’s the system and finances allow us to do, and start mapping out the pieces of where we need to go.”

Mr Wilson and Arawak Homes, who have suffered from the long-running land fraud perpetrated against themselves and hundreds of Bahamians in the Nassau Village/Pinewood Gardens area, was speaking after the Government unveiled its intentions to move forward with longawaited reforms.

Elsworth Johnson, minister of state for legal affairs, told the House of Assembly that the Government was preparing a so-called ‘White Paper’ to outline its proposals, which include dusting-off the three-strong legislative package that was shelved by the last Ingraham administration and never revived by its immediate successor.

These are the the Land Adjudication Bill, the Registered Land Bill and the Law of Property Bill, all of which date from 2010.

These were all designed to give commercial and residential real estate buyers greater certainty they had good title to their properties, ending the economic and social disruption frequently caused by problems in this area.

Creating a Bahamas Land Registry, which is what the Registered Land Bill seeks to do, would move the Bahamian real estate and conveyancing market away from one based on “first to record” the title deeds.

A Land Registry would contain all information relating to a specific parcel of land in one database, including its location, dimensions, ownership interests and all encumbrances, such as mortgages and other liens/charges. This, in turn, would boost efficiency and reduce issues associated with title problems.

Emphasising that he and Arawak Homes “look forward” to receiving the ‘White Paper’ and government proposals, and providing feedback on them, Mr Wilson told Tribune Business: “Land reform is something we in the Bahamas definitely need.

“The amount of people affected by it continues to grow and be a problem on a daily basis. Any step

towards land registration and a land registry is a good thing.”

Mr Wilson recalled the recent case of a person who had agreed to purchase a lot in an existing, approved subdivision and wanted Arawak Homes to build their home on the property.

These plans, though, ran into a major obstacle when a surveyor realised a neighbour had incorrectly “encroached” on to the property and fenced off a portion for themselves.

“The laws in the Bahamas are such that once you encroach on someone’s property you can go to court to claim for that piece of land you’ve encroached upon,” Mr Wilson added.

The deal was now in jeopardy a result of the encroachment, with the seller possibly having to accept a lower price and the purchaser wondering if it is worth the bother, given that they would have to go to Town Planning and “formerly sever” the encroached land.

“It’s not going anywhere because of this issue,” Mr Wilson said. “Land reform is needed, no question about that. But the Planning and Subdivisions Act is an example of how the Government brought something in without putting the resources behind it.

“It’s been a challenge ever

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since. Let’s look at where we want to go, pace ourselves and work out how we’re going to get there.”

The Land Adjudication Bill was an attempt to reform and do away with the concept of generation land, aiming to grant title over one acre to persons who can show they have been in uninterrupted possession of that real estate parcel for 12 years or more.

Persons in that situation will receive a Certificate of Title to that one acre, or possibly 1.5 acres in certain circumstances.

Generation and commonage land are frequently found in the Family Islands, and it could help development in those areas.

But concerns were previously raised over the Land Adjudication Bill, particularly that land in excess of

that size would go to the Government when generation land was regularised.

And fears were also raised about the accuracy of the Land Registry, given that the Government initially contemplated establishing it before all land was adjudicated - meaning all interests on a parcel would not be assessed before it was recorded.

PAGE 10, Thursday, April 12, 2018

THE TRIBUNE

Bahamas Agricultural Industrial Corporation wage bill 142 per cent of income FROM PAGE 1 financials, which have a calendar year-end and largely cover the first two years of the former Christie administration, reveal that one expense ‘line item’ alone exceeded its total income in 2011, 2012 and 2013.

Salaries and wages rose from $2.584 million in 2011 to $2.846 million the

following year, and then to $3.193 million in 2013, making for a 23.6 per cent increase over the full twoyear period.

The accounts, audited

by UHY Bain & Associates, revealed that BAIC sustained losses of $2.275 million, $2.594 million and $2.985 million for the same three years, prior to receiving government subsidies of between $2.5 million to $2.75 million.

The latter sum, paid by the Public Treasury in 2013, was still not sufficient to cover that year’s loss, indicating that BAIC and its bloated wage bill were already becoming a significant drain on Bahamian taxpayers.

BAIC’s accumulated deficit, or total losses over its then-32 year history, were pegged at $36.854 million at year-end 2013 which carried the standard

accountant’s ‘warning’ for most Bahamian government corporations.

“Without qualifying our opinion, we emphasise that the Corporation has been continuously incurring significant loss from its operations,” UHY Bain & Associates said, adding that it was treating BAIC as a ‘going concern’ because of continued support by the Bahamian government (taxpayer).

NOTICE LEADWELL TECHNOLOGY LIMITED ________________

NOTICE DIGITECK LIMITED ________________

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 28th day of March, 2018.

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 28th day of March, 2018.

Delano Aranha Liquidator of LEADWELL TECHNOLOGY LIMITED

Delano Aranha Liquidator of DIGITECK LIMITED

NOTICE TOP TECH LIMITED ________________

NOTICE BESTECK SERVICES LIMITED ________________

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 28th day of March, 2018.

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 28th day of March, 2018.

Delano Aranha Liquidator of TOP TECH LIMITED

Delano Aranha Liquidator of BESTECK SERVICES LIMITED

“Net losses from operations for the year [2013] before government subvention were $2.985 million.

The accumulated deficit rose to $36.853 million....

During the year the Corporation received government subventions totalling $3.314 million. Since inception, the Government has supported the Corporation in the sum of $30.409 million.”

Other ‘highlights’ of BAIC’s 2013 financials are that it had virtually written-off all its $4.546 million receivables, including $559,621 ‘due from employees’, providing for $4.449 million of this sum.

Unpaid rent totalled nearly $4 million at yearend, with the bulk - some $3.135 million - owed by tenants in its Soldier Road Industrial Park.

Elsewhere, the accounts note that the former Christie administration used BAIC as a “trustee” for funds paid out by the Public Treasury to finance the Bahamas Agriculture and Marine Science Institute (BAMSI) venture in Andros. Some $1.175 million was received in 2013

by BAIC, of which $937,005 was paid out.

And, despite BAIC’s cash-strapped position, a $2 million loan was negotiated with Royal Bank of Canada (RBC) to finance the renovation of the Corporation’s new headquarters building. Some $1.089 million of this sum was drawn by end-2013, with monthly

loan repayments of $29,676 beginning in August 2014.

The financials hint at the brewing problems that led Michael Foulkes, BAIC’s current chairman, to recently tell the House of Assembly that it had “largely” failed to pay NIB contributions between 2012-2017 despite deducting these from employee salaries.

He lamented the Corporation’s “dire financial straits” with outstanding debts standing at $3 million - including $1 million owed to the National Insurance Board (NIB). He added that its workforce had neartripled during the Christie government’s tenure, from 77 to 200, the start of which was captured in 2012 and 2013.

Mr Foulkes, during his mid-year Budget contribution, accused the former administration of “gross mismanagement” and “lack of fiscal responsibility” with regards to BAIC. Among its outstanding commitments, he added, was the $300,000 owed to Bahamas Power and Light (BPL). Mr Foulkes told Parliament that while BAIC’s solar system had been projected to save the Government 40 per cent on energy costs, it had no batteries or tie-in to the grid.

“The Corporation’s group medical coverage is in a suspended status, but we are working towards the restoration of coverage soon,” Mr Foulkes said.

NOTICE WELBRIGHT LIMITED ________________ 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 28th day of March, 2018.

Delano Aranha Liquidator of WELBRIGHT LIMITED NOTICE DIVINE TECHNOLOGY LIMITED ________________ 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 28th day of March, 2018.

Delano Aranha Liquidator of DIVINE TECHNOLOGY LIMITED

THE TRIBUNE

Thursday, April 12, 2018, PAGE 11

Aliv’s top promoter departs company ALIV yesterday announced its chief promoter has stepped down to be replaced by Bahamian talent as its leadership structure further evolves.

Johnny Ingle, who has led the mobile start-up’s marketing efforts in his role as chief Aliv champion from inception will be replaced by Gravette Brown as the operator’s chief commercial officer. It has also appointed Patrice Thompson as its general manager for New Providence, with both posts taking immediate effect.

Damian Blackburn, Aliv’s top executive, said: “I hope you will join me in congratulating Gravette and Patrice in their new roles, and I commend both of them on their outstanding performances so far at Aliv.

“I wish them the best of luck in their new roles.

It is very sad for us to say goodbye to Johnny Ingle, who has given his heart and soul to building this brand, but it is a testament to the strength of our senior team to be able to evolve our leadership by promoting both Gravette and Patrice to lead this next phase of our journey.”

Ms Brown will have responsibility for Aliv’s customer initiatives.

This includes all products,

GRAVETTE BROWN

PATRICE THOMPSON

pricing, promotions, brand and business development (including partnerships and innovative solutions for consumers), and development and implementation of marketing and communications plans.

She has worked with Aliv since its creation, leading the mobile operator’s launch financing and planning projects; playing a key role in developing its core commercial platform; and shaping its SMART phone solution.

Prior to joining Aliv, Ms Brown held positions in the private equity, financial operation, social enterprise and manufacturing and service industries.

NOTICE IN THE ESTATE OF CHARLENE LAVERNE STYLES, # 47 Charles Drive, Southern District, New Providence, The Bahamas.

NOTICE is hereby given that all persons having any claims against or any interest in the above-named Estate are required on or before the 6th day of April 2018 to deliver their names, addresses and particulars of their debts, claims or interest to the undersigned and to come in and prove such debts, interest or claims, or in default thereof they will be excluded from the benefit of any distribution AND NOTICE is hereby given that at the expiration of the date hereinbefore mentioned, the assets of the Estate of the said late, CHARLENE LAVERNE STYLES, deceased, will be distributed among the persons entitled thereto.

DATED the 20th day of March, 2018 Personal Representative of the ESTATE OF CHARLENE LAVERNE STYLES c/o MITRE COURT Suite 227, 2nd Floor Island Lane Building Olde Towne, Sandyport Nassau, The Bahamas Attn: Attorney Hepburn

CAREER OPPORTUNITY

CREDIT OFFICER DUTIES AND RESPONSIBILITIES INCLUDE BUT ARE NOT LIMITED TO: • proposing sound and viable adjudications, adhering to

company policies while striving to achieve weekly credit

targets; • assisting clients with general account inquiries; • working closely with the collections team to minimize de

linquencies; • lending assistance to the operations department.

THE SUCCESSFUL CANDIDATE MUST: • have a basic understanding of loans; • be able to identify risks to non-repayment when processing

an application; • have the ability to effectively work in a team; • have a strong work ethic; • have positive, high energy and very personable to interact

with clients; • be proactive in securing new clients; • be organized and motivated by targets set .

Note: Previous credit experience favored.

REMUNERTION: • competitive salary commensurate with experience and

qualifications; • medical and pension package.

Interested persons should submit their resumes to lendingjobs242@outlook.com no later than Monday, 16th April, 2018.

Only candidates who are short listed will be contacted.

Meanwhile, Ms Thompson’s appointment builds on Aliv’s strategy of appointing general managers for specific regions throughout the Bahamas.

She will be responsible for customer operations on New Providence as well as the overall Aliv experience, and will focus on customer and employee experience, plus driving high performance results.

Ms Thompson has been with Aliv since inception as team director, leading efforts to recruit, develop and coach its 200-strong workforce.

PAGE 12, Thursday, April 12, 2018

SHELL

FROM PAGE 1 wouldn’t be anyone in this region who would be able to compete with us in terms of the cost of energy.

We would definitely once again be able to ensure businesses will not have the high energy cost overheads they have now.”

BPL provided few details last night in confirming Shell has been selected to lead development of New Providence’s new power plant, other than to say construction of its LNG-fuelled solution will be completed in 2021 and provide up to 270 Mega Watts (MW) of capacity.

With a three-year gap until the potential benefits are felt, Mr Bannister said BPL would now seek to renegotiate its 80 MW short-term rental generation agreement with Aggreko.

“The cost associated with our agreement with them is going to decrease significantly,” he told Tribune Business, explaining that the wait for Shell’s confirmation had delayed talks

THE TRIBUNE

with the short-term generation provider.

However, Tribune Business can reveal that not everyone is happy with the Government’s/BPL’s selection, especially some of the 18 bidders who were rejected. Mr Bannister confirmed he had last week received a letter complaining that the bid process’s integrity had been undermined by BPL executives repeatedly indicating in public they were leaning towards an LNG solution.

This newspaper understands that some were particularly exercised by remarks made by Whitney Heastie, now BPL’s chief executive, when he talked about a potential LNG solution for Abaco at that island’s Business Outlook conference last year.

While those comments were made before the Request for Proposal (RFP) process was launched in November 2017, Mr Heastie then spoke about the likelihood of an LNG plant for New Providence in late February 2018.

He said that it could take between six months to two years to develop

such a facility based on the bids received, and added: “That’s simply based on the infrastructure that they can bring to bear.

“Some are saying they can bring a floating barge and we can start to export to the assets right away.

Others are looking at more fixed-based assets. That obviously takes a whole lot more time to construct before you can start fuelling those assets. So, it’s strictly a matter of the vendor that’s putting in the proposal.”

Confirming that he was aware of such concerns, Mr Bannister defended the BPL tender process while agreeing that persons were free to voice their complaints to the Government.

“That was a view they took,” he told Tribune Business. “We’re trying to be as transparent as possible. We are very concerned about being very transparent and accountable in this process.

“When we had finished we turned it over to EY and asked them to look at this process. EY brought in a team from Cayman and elsewhere, and thought we had been very fair with the process.

“If there are any complaints we would certainly like to hear them, and we want to be as transparent as possible. We want to do it right, and as far as I’m concerned it was done in the

most transparent manner of any government process out there for a very long time.”

Tribune Business sources suggested concerns over the bidding process, and Shell’s selection, were divided into two broad categories as follows: * Shell is a fuel supplier and energy trader; it is not a power plant builder, owner and operator, which is what is required. BPL’s release last night spoke to Shell “leading a consortium” to develop the project, but the other members were not disclosed.

And Tribune Business was informed by sources close to multiple rival bidders that Shell had reached out to them prior to the bid process, seeking their assistance with various aspects of generation.

BPL’s statement last night said: “Nineteen companies passed the vetting process but, in BPL’s Board’s opinion, Shell NA provided the best solution for the company’s new direction and its commitment to renewable energy.

“In the Board’s opinion, Shell NA’s commitment to power generation with the inclusion of LNG in BPL’s fuel mix will provide longterm energy security, new employment opportunities for Bahamians, stimulate economic growth and the

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, BIANCA KAREN MADER of Williams Town, Freeport, Grand Bahama, The Bahamas, intend to change my name to BIANKA KAREN MADER. 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.

NOTICE

NOTICE is hereby given that THARA DENISE JEAN LOUIS of Soldier Road, New Providence, 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 5th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT WEDNESDAY, 11 APRIL 2018

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

BISX ALL SHARE INDEX: CLOSE 1,981.72 | CHG 0.01 | %CHG 0.00 | YTD -81.85 | YTD% -3.97 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 8.10 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

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

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 3.45 8.80 6.10 4.13 10.07 2.74 1.50 7.97 6.10 10.44 6.23 4.47 12.51 10.00

CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.45 8.80 6.10 4.13 10.07 2.73 1.50 7.87 6.10 10.44 6.23 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 0.00 0.00 -0.01 0.00 -0.10 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

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

110.22 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.27 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

109.95 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

500

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 -2.4 13.8 10.5 24.2 16.0 26.8 4.5 N/M 5.4 14.1 7.5 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% 2.91% 6.85% 2.20% 3.33% 1.07% 4.92% 4.79% 2.41% 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

0.000 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

stabilisation of customer rates.”

However, one source, speaking on condition of anonymity, said: “What is unclear is exactly what Shell is doing. Shell doesn’t make electrical engines, turbines. I wonder who they’re getting their engines and technology from? Shell is not in the power business; Shell supplies fuel. I don’t know what technology they would use.” * The other category of concern, Tribune Business was told, relates to the structure of the bidding process itself. BPL initially went out to tender for two contracts: Fuel supply and the provision of 80 MW of short-term generation for a five-year period.

However, recognising that the latter was not a practical solution for BPL, many bidders also supplied a long-term generation proposal as a result. As a result, several sources said BPL and its Canadian consultants, Sancon Contracting, ended up having to compare “apples with oranges” as some bidders offered only on short-term generation, others on longterm, and the remainder a combination of both.

“What I don’t understand is that the original BPL RFP in November called for two things: Fuel supply and 80 MW of temporary generation,” one source said. “None of which are in this award. It had nothing to do with an LNG plant.

If everything was evaluated on an apples for apples basis, I think it would have been a different outcome.”

Several bidder sources suggested the tender had evolved from “a generation RFP to an LNG RFP”, and one added: “The process was not clear to everybody.

They asked the bidders for a five-year proposal on 80 MW of rental generation.

“Some people bid on five years, some people did long-term and some did both. It wasn’t exactly clear what they needed to compare apples with apples.”

The source described the different durations for short and long-term generation as “a major, major flaw” given that those submitting 20-year proposals could offer much lower rates, and better financial terms, than their short-term counterparts.

Mr Bannister, though, told Tribune Business: “People are free to voice their concerns and we, the Government, are going to listen to their concerns.

Every time we do something, we try and improve the process as best we can.

“We’re trying to change the paradigm, and whenever you do something like that you will face some criticism, but we’re trying to do it properly and put all the cards on the table. Let’s hope it works out for all of us.”

He added that Shell was more than capable of defending its own proposal.

BPL said: “Shell NA has proposed an integrated ‘gas to power’ solution that would include construction of an LNG plant at Clifton Pier and enable BPL to produce up to 270 MW of power generation.

“This will have a positive impact on consumers and the environment. The LNG project is scheduled for completion in 2021.

Shell NA has committed to continue providing HFO (heavy fuel oil), diesel or other interim fuels until LNG and the necessary power infrastructure is operational.”

NOTICE

NOTICE is hereby given that JASMINE ALCIME of Queen’s Highway, Governor’s Harbour, Eleuthera, 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 12th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that DANA JOSEPH of Allen Drive off Carmichael Road, New Providence, 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 twentyeight days from the 5th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SHEVAGO DOMINIQUE JAMES of Stapledon Gardens, New Providence, 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 twentyeight days from the 5th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE IN THE ESTATE OF REBECCA BAIN late of Bain Town in the Island of Cat Island one of the Islands of the Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before the 31st day of May, A.D., 2018 after which the Executor will proceed to distribute the assets having regard only to the claims which he shall then have had notice.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

DELEVEAUX GODET & CO Attorneys for the Executor Chambers P.O. Box SP-63971 No. 72 Nassau Street Nassau, Bahamas

THE TRIBUNE

Thursday, April 12, 2018, PAGE 13

Fed in March discussed ‘slightly steeper’ future rate hikes WASHINGTON (AP) — Federal Reserve officials at their March meeting, the first under new Chairman Jerome Powell, decided to stick with a gradual approach to rate hikes. But officials also discussed the possibility that the future course of rate hikes might need to accelerate to a “slightly steeper” path.

Russian ruble roiled

by Trump missile threat, US sanctions MOSCOW (AP) — The Russian ruble has recovered ground after being shaken by US sanctions and President Donald Trump’s threatened missile strike on Syria. The ruble fell 2 per cent against the dollar in morning trading in Moscow and dropped to a new lowest point since 2016 after Trump tweeted that missiles “will be coming.” However, the currency bounced back and by evening traded slightly down on the day at 62.8 to the dollar.

Speaker Ryan will leave behind new tax code, busted budget WASHINGTON (AP) — House Speaker Paul Ryan spent a career talking about reining in government spending but then pushed policies that sent the deficits soaring. The Wisconsin

INTERNATIONAL BUSINESS HIGHLIGHTS Republican proved adroit in drawing up budget plans that didn’t get beyond the hypothetical. Under his leadership, Republicans never tried to implement the deep cuts his budget called for. Instead, the House passed steep tax cuts while increasing spending. He announced yesterday that he would retire next year.

Consumer Financial Protection Bureau has spent more than $6,000 frosting the windows of its senior staff in recent months.

The spending on window frosting comes only months after the CFPB moved into completely renovated offices, at a cost of more than $240 million.

US budget deficit rose 18.4 per cent in March WASHINGTON (AP) — The federal government recorded a budget deficit of $208.7 billion in March. This was an increase of more than $32 billion from a year ago. Higher benefit expenditures as well as President Donald Trump’s tax cuts drove the shortfall last month.

US consumer prices rise at faster 2.4% from year earlier WASHINGTON (AP) — US consumer prices rose 2.4 per cent in March from a year earlier, the fastest annual pace in 12 months.

The Labour Department says that on a monthly basis, the consumer price index declined 0.1 per cent in March.

The index’s yearly gain, however, suggests that inflation pressures may be picking up.

FACEBOOK CEO Mark Zuckerberg.

Zuckerberg testimony reveals lawmaker confusion on Facebook WASHINGTON (AP) — Facebook CEO Mark Zuckerberg acknowledged yesterday that regulation of social media is “inevitable” and disclosed that his own personal information has been compromised by malicious outsiders. But after two days of congressional testimony, what seemed clear was how little Congress seems to know about Facebook, much less what to do about it.

Mulvaney insists consumer watchdog is still doing its job WASHINGTON (AP) — Mick Mulvaney tried yesterday to reassure Democrats on a House finance panel that he’s committed to punishing unscrupulous financial companies, while agreeing with Republicans that the watchdog agency he runs needs to be reined in and refocused. Mulvaney will appear before a Senate finance panel today.

Insurers look to pass drug price breaks straight to consumer Some major health insurers plan to take a little sting out of prescription drug prices by giving customers rebates at the pharmacy counter. Aetna and UnitedHealthcare both say they will begin passing rebates they get from drugmakers along to some of their customers starting next year.

Consumer agency spends $6,000 on frosting windows in new HQ NEW YORK (AP) — Documents obtained by The Associated Press show the

Banks and technology stocks fall; oil rises to 3-year high NEW YORK (AP) — US stock indexes finish mostly lower as banks and technology and health care companies fall, but energy companies rise as oil prices hit a three-year high. That came as investors focused on tensions in the Middle East. Facebook made up more ground as CEO Mark Zuckerberg testified before Congress for a second day. ___ The Standard & Poor’s 500 index fell 14.68 points, or 0.6 per cent, to 2,642.19 after it surged 1.7 per cent Tuesday. The Dow Jones industrial average slid 218.55 points, or 0.9 per cent, to 24,189.45. The Nasdaq composite lost 25.27 points, or 0.4 per cent, to 7,069.03. But the Russell 2000 index of smaller-company stocks rose 3.37 points, or 0.2 per cent, to 1,546.80, and most of the stocks on the New York Stock Exchange finished higher.

US crude climbed 2 per cent to $66.82 a barrel in New York.

Brent crude, used to price international oils, gained 1.4 per cent to $72.06 a barrel in London.

Wholesale gasoline rose 1.3 per cent to $2.07 a gallon and heating oil added 1.4 per cent to $2.09 a gallon. Natural gas edged up 0.7 per cent to $2.68 per 1,000 cubic feet.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 79° F/26° C Low: 60° F/16° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Partly sunny and breezy

Partly cloudy and breezy

Partly sunny, a shower; breezy

Partly sunny, a shower; breezy

Partly sunny, a t‑storm in the p.m.

Variable clouds, t‑storms; breezy

High: 85°

Low: 69°

High: 87° Low: 73°

High: 88° Low: 74°

High: 88° Low: 71°

High: 86° Low: 68°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

87° F

67° F

89°-73° F

94°-76° F

96°-72° F

91°-65° F

High: 82° F/28° C Low: 65° F/18° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 75° F/24° C Low: 72° F/22° C

8‑16 knots

S

High: 79° F/26° C Low: 67° F/19° C

8‑16 knots

FT. LAUDERDALE

FREEPORT

High: 81° F/27° C Low: 70° F/21° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 79° F/26° C Low: 67° F/19° C

MIAMI

High: 81° F/27° C Low: 71° F/22° C

7‑14 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 86° F/30° C Low .................................................... 72° F/22° C Normal high ....................................... 81° F/27° C Normal low ........................................ 69° F/20° C Last year’s high ................................. 83° F/28° C Last year’s low ................................... 70° F/21° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 6.79” Normal year to date ..................................... 5.15”

ELEUTHERA

NASSAU

High: 85° F/29° C Low: 69° F/21° C

Forecasts and graphics provided by AccuWeather, Inc. ©2018

High: 78° F/26° C Low: 74° F/23° C

N

KEY WEST

High: 83° F/28° C Low: 76° F/24° C

High: 79° F/26° C Low: 74° F/23° C

N

S

E

W

8‑16 knots

S

8‑16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

5:56 a.m.

6:20 p.m.

2.5 2.5

12:17 p.m. 0.2 ‑‑‑‑‑ ‑‑‑‑‑

Friday

6:40 a.m.

7:03 p.m.

2.6 2.7

12:32 a.m. 0.1 12:58 p.m. 0.0

Saturday

7:22 a.m.

7:45 p.m.

2.7 2.9

1:18 a.m. 0.0 1:37 p.m. ‑0.2

Sunday

8:03 a.m.

8:27 p.m.

2.8 3.0

2:02 a.m. ‑0.2 2:16 p.m. ‑0.4

Monday

8:45 a.m.

9:09 p.m.

2.8 3.2

2:46 a.m. ‑0.4 2:56 p.m. ‑0.5

Tuesday

9:28 a.m.

9:54 p.m.

2.7 3.2

3:31 a.m. ‑0.4 3:37 p.m. ‑0.5

Wednesday 10:13 a.m.

10:41 p.m.

2.7 3.2

4:18 a.m. ‑0.4 4:22 p.m. ‑0.5

sun anD moon Sunrise Sunset

6:51 a.m.

7:31 p.m.

Moonrise Moonset

4:48 a.m.

4:33 p.m.

New

First

Full

Last

Apr. 15

Apr. 22

Apr. 29

May 7

CAT ISLAND

E

W

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 74° F/23° C

High: 80° F/27° C Low: 76° F/24° C

N

High: 81° F/27° C Low: 75° F/24° C

S

LONG ISLAND

insurance management tracking map

High: 81° F/27° C Low: 76° F/24° C

8‑16 knots

MAYAGUANA High: 80° F/27° C Low: 76° F/24° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

H

E

W

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 77° F/25° C

High: 80° F/27° C Low: 76° F/24° C

GREAT INAGUA High: 84° F/29° C Low: 76° F/24° C

N

E

W

E

W

N

S

S

7‑14 knots

8‑16 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS NE at 8‑16 Knots E at 8‑16 Knots NE at 8‑16 Knots E at 7‑14 Knots NE at 8‑16 Knots ENE at 7‑14 Knots NE at 8‑16 Knots E at 8‑16 Knots NE at 8‑16 Knots E at 7‑14 Knots ENE at 8‑16 Knots E at 8‑16 Knots NE at 8‑16 Knots E at 7‑14 Knots NE at 8‑16 Knots E at 8‑16 Knots ENE at 6‑12 Knots ENE at 8‑16 Knots ENE at 8‑16 Knots E at 8‑16 Knots ENE at 6‑12 Knots E at 8‑16 Knots NE at 7‑14 Knots ENE at 8‑16 Knots NE at 8‑16 Knots E at 7‑14 Knots

WAVES 4‑7 Feet 4‑7 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 3‑6 Feet 1‑3 Feet 3‑5 Feet 3‑5 Feet 3‑5 Feet 3‑6 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 4‑8 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet

VISIBILITY 8 Miles 8 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 8 Miles 8 Miles 8 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 8 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 78° F 78° F 82° F 82° F 79° F 79° F 80° F 80° F 75° F 75° F 76° F 76° F 81° F 81° F 81° F 81° F 81° F 81° F 80° F 80° F 79° F 79° F 81° F 81° F 77° F 77° F

Covering The Bahamas for over 40 years.

NEW PROVIDENCE | GRAND BAHAMA | ABACO | ELEUTHERA | EXUMA

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