04122019 BUSINESS

business@tribunemedia.net

FRIDAY, APRIL 12, 2019

$4.70

FamGuard general agency’s ‘historical’ $4m topline break

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FAMILY Guardian’s general insurance agency broke the $4m top-line barrier for the first time in 2018, its group president saying this showed it shrugged off a “challenging economy”.

Glen Ritchie told Tribune Business the BISX-listed life and health insurer had delivered a strong full-year despite the drag produced by the capital markets, investments and pensions business it is selling to Leno Corporate Services.

“FamGuard’s profits are up by 13.2 percent on a net income basis,” he said, “and net income attributable to ordinary shareholders is up by 16.7 percent. They are very strong results, and the strong capital and liquidity position allowed us to redeem $5m worth of preference shares.

“When you look at the top line, total gross premium income was up 4.4 percent with a challenged economy. Family Guardian Insurance Agents & Brokers achieved in excess of $4m in gross premiums for the first time in history in 2018. That’s continually growing.”

With around 200 agents between Family Guardian’s home service and financial services divisions, and spread nationwide across The Bahamas, Mr Ritchie said the insurer was increasingly exploiting the ability to cross-sell products to clients.

SEE PAGE 4

$4.72

‘Ridiculous’ banks delay $4m Stuart Cove’s plan

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE principal of Stuart Cove’s Dive Bahamas yesterday blasted “ridiculous” bank lending attitudes for delaying his firm’s $4m Coral Harbour relocation ahead of his landlord’s anticipated sale.

Stuart Cove revealed to Tribune Business he had wanted to move last Christmas from his present South Ocean site to a three-acre property he has already acquired, but was “messed up” by the reluctance of Bahamas-based banks to provide the necessary credit.

Disclosing that they had financed the property’s purchase, Mr Cove said he was at a loss to explain their unwillingness to aid renovation plans that include converting it into

• World-renowned entity in Coral Harbour move • ‘Dive hotel’ ambitions ‘messed up’ by finance woes • Albany said to again be eyeing South Ocean

STUART Cove’s dive boats at dock. a “dive lodge” similar to the bonefishing lodge concept found throughout the Family Islands.

Questioning why lenders would take such a stance given his “perfect track record”, and the fact they are “full of money” with over $1.5bn in excess liquidity, he added that he likely had no choice but to now

seek out foreign funding sources.

Mr Cove explained that his desire to move was being driven by a combination of wanting to escape the “exorbitant rent” he is paying at South Ocean and to get ahead of the likelihood that the 363-acre property may soon be sold to new developers.

Multiple Tribune Business sources, speaking on condition of anonymity, this week said Albany’s developers were again exploring options for a deal to acquire a resort property that has experienced numerous near misses and false starts on

SEE PAGE 6

QC slams ‘below the belt’ claim by GB power owner

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT QC yesterday slammed as “below the belt” efforts

by Grand Bahama Power Company’s owner to portray him as a “disgruntled” investor trying to extract a higher price for his shares.

Fred Smith QC, the Callenders & Co attorney and partner, pledged to Tribune Business he will “pursue to the bitter end” his Judicial Review challenge to Emera’s buyout of all minority Bahamian shareholders in that island’s utility monopoly.

Speaking after Justice

Super Value chief’s WTO fears labelled ‘illusion and fiction’

RUPERT ROBERTS

ZHIVARGO LAING

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

was “not a possibility that the Commonwealth of The Bahamas” will open up his retail and wholesale sector in the accession negotiations.

He added that himself and The Bahamas’ negotiating team were “keenly sensitive” to the need to protect Bahamian manufacturers and farmers, who currently rely on import tariffs and other forms of protection, in the accession process to ensure they remained “viable” under the WTO’s rules-based environment.

The Bahamas’ chief negotiator also compared Mr Roberts’ fears that the VAT rate will be raised to 25 percent to compensate for lower import tariffs to “me saying if you put a cube of ice on the sun it will not melt” - meaning the two issues are not connected.

THE Bahamas’ chief WTO negotiator yesterday said the concerns expressed by Rupert Roberts are based on “illusion and fiction”, adding: “We are doggedly pursuing the country’s best interest.”

Zhivargo Laing, responding to the Super Value owner’s vehement opposition to The Bahamas becoming a full World Trade Organisation (WTO) member, said it was “challenging” to reply to someone whose mind was seemingly made up based on “matters that are simply not true”.

Reiterating that “free movement of labour” will not occur upon joining the WTO, Mr Laing said he found Mr Roberts’ position particularly “absurd” given that there

$4.72

SEE PAGE 5

• Emera attacks Judicial Review motive • Says he’s ‘disgruntled’, wants more money • Smith to pursue buyout case ‘to bitter end’

FRED SMITH QC Petra Hanna-Adderley this week set August 30, 2019, as the date she will rule on whether the Canadian

utility giant should be allowed to “intervene” in the case and become a party to the action, Mr Smith said he simply wanted to “keep my shares” and receive “the same dividend” that Emera is now obtaining from GB Power.

Mr Smith’s company, SeSaChe Ltd, filed its Judicial Review action in late November 2017 in a bid to quash the government approvals that gave Emera the go-ahead to

buy-out all GB Power’s local shareholders.

That transaction was completed on January 15, 2018, with Bahamian investors in BISX-listed ICD Utilities receiving either a cash payout or depository receipts giving them an interest in Emera in exchange for their shares.

ICD Utilities was subsequently de-listed from the local stock exchange,

SEE PAGE 4

$4.75 Retail expansion Aliv for operator

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN expansion of Aliv’s retail store footprint is “on the horizon”, a top executive said yesterday, with the mobile operator currently possessing 14 “all-encompassing” outlets nationwide.

Patrice Thompson, Aliv’s general manager for the central Bahamas, speaking with Tribune Business at the launch of the Samsung S10 series at Aliv’s South West Plaza store, said: “We have 14 retail outlets across the country which offer an all-encompassing experience. Persons can pay bills, conduct money transfers, send DHL packages and purchase our devices and plans.

“We’re very excited about the future and what we have to offer. I don’t want to speak to what we are going to be doing very soon, but you’re going to see a few more stores, different locations. There is expansion on the horizon.”

Speaking to the S10 series launch, Ms Thompson added: “We have just launched the new S10 series for Samsung. It’s an amazing device with amazing new features. It’s a new addition to our portfolio and post paid line-up.

People have been waiting for this. Samsung is certainly a big seller for us.”

Ms Thompson added that the mobile operator continues to work in partnership with Bahamian app developers and entrepreneurs to bring their innovations to the public. “We have a very creative team that have been working along with developers to develop some excellent apps that are going to be very useful to consumers and businesses,” she said.

“We’re very excited about that segment. We’re working along with local developers because we believe in the best and we believe in our local talent.”

PAGE 2, Friday, April 12, 2019

T

HE Bahamas is considered a tax haven for both companies and people alike. Many companies that operate in high-tax jurisdictions take advantage of the low-tax environment in The Bahamas by shifting their profits without engaging in real business in this locale. This tax status has effectively allowed the Bahamas to be a centre for the financial services industry. However, with international bodies such as the Organisation for Economic Co-operation and Development (OECD) implementing their initiatives regarding “harmful tax practices”, this status is changing.

The European Union (EU), too, wants to level the playing field and eliminate tax havens and other jurisdictions that operate under so-called “harmful tax practices”. The goal is to create conditions for a more stable global economy. This effort has resulted in Criterion 2.2 of the annex to the conclusions of the EU Council, dated November 8, 2016, which states that the existence of tax regimes which facilitate multinational financial structures that attract profits without real economic activity are a threat to the principles of fair global taxation. This Criterion enforces three actions to counter various forms of tax avoidance.

These actions include the removal of preferential exemptions; clear identification of a company’s beneficial owners; mandatory economic substance of an International Business Company (IBC); and the combating of Base Erosion and Profit Shifting (BEPS).

The EU and OECD issued several threats to The Bahamas to comply or else be placed on a global blacklist that would discourage other countries from trading and conducting business with The Bahamas. Such “blacklisting” would jeopardise the financial services industry, which makes up 25 percent of the Bahamian economy.

However, it has created a dilemma regarding the

most appropriate form of compliance. All degrees of compliance, from non-compliance to total compliance, have different repercussions for the Bahamian economy.

BEPS is intended to counter the strategy of exploiting gaps in tax laws to shift profits from hightax jurisdictions to lower tax jurisdictions to avoid paying taxes on income or profits, as defined by the OECD. These tax gaps are alleged to have been exploited by companies established in The Bahamas. The “action plan” to eradicate BEPS practices, published by the OECD in 2013, contains 15 actions to be implemented for its complete eradication in low or no-tax jurisdictions, such as The Bahamas, and includes four BEPS minimum standards. BEPS Action 5, an action which The Bahamas has recently implemented, is one of the four minimum standards addressing the issue of preferential tax regimes and tax transparency. These standards correspond with the annex to the EU Council conclusions, which aim to promote tax transparency and fair taxation. Action 3 of this annex aims to enforce the implementation of antiBEPS measures. With both the OECD and EU having imposed their concordant initiatives at the same time, The Bahamas was forced to implement them to avoid being blacklisted.

To further comply with these anti-BEPS measures, it is possible that the government may consider introducing a low rate corporate tax, thus eliminating The Bahamas’ status as a tax haven. However, statistical evidence implies that the eradication of BEPS through the introduction of taxes would not only have little impact on government finances, but would also drive away investors in the offshore financial services industry. Moreover, the downfall of this sector due to the introduction of these taxes has been foreshadowed, which would have negative repercussions for the Bahamian economy.

Bahamas at crossroads through financial reform

BY VERONICA MIRANDA

According to James R Hines of the University of Michigan Law School, studies find that multinational firms which are located in low-rate tax areas create more employment, own more property, and have more equipment because the money they are saving

on taxes is redistributed into other sectors of the business. This business activity itself is a form of base erosion from the standpoint of high-tax countries; companies are reallocating funds that would be used for taxes to create a more active business, thus implying

THE TRIBUNE low-tax jurisdictions attract business activity.

With The Bahamas having implemented the BEPS minimum standards, business activity may possibly decrease, meaning less jobs would be created for Bahamians and less land and property would be bought, which are all activities that contribute to government taxes.

The BEPS actions implemented in The Bahamas are in direct alignment with the Commercial Entities (Substance Requirements) Act 2018. This Act is targeting those Bahamian IBCs and Companies Act companies (CACs) without any real economic substance in this jurisdiction, but which conduct certain relevant activities as defined in the Act. These companies need to have a physical presence along with the active conducting of profitable business. This Act aims to ensure that companies are no longer able to take advantage of the tax gaps between The Bahamas and higher-tax jurisdictions, which directly relates to BEPS. The enactment of the Substance Requirements legislation in The Bahamas ensures that Bahamians are the beneficiaries of this economic substance.This means that jobs might be created, and business opportunities for Bahamians may present themselves, due to this Act. Additionally, the Register of Beneficial Ownership Act 2018 promotes complete transparency for IBCs and CACs established in The Bahamas. Accordingly illegal activity is likely to be deterred, thus making The Bahamas a beneficiary from an enhanced reputation and improved political relationships, while paving the way for compliant business.

Moreover, The Bahamas is recognised as both an International Financial Centre (IFC) and developing country by the OECD. This means that The Bahamas is subject to international initiatives such as the standard of transparency and the exchange of information for tax purposes, thereby promoting

complete transparency for the financial services industry. However, according to data from both the Bank of International Settlements (BIS) and Capital Economics, net assets held in IFCs declined by 75 percent from 2009 to 2017, the period of time in which these reforms were being introduced and implemented. According to the World Bank, these reforms have not yet yielded substantial benefits, especially in developing countries such as The Bahamas. This means the implementation of these Acts might not help in the development of the financial services industry of The Bahamas, and might even contribute to the downfall of this sector. However, the longterm benefits of these initiatives have not yet been considered.

In the short-term, IBCs and CACs established in The Bahamas may be liquidated, and the business previously conducted by them could move to low-tax jurisdictions that have not yet implemented the aforementioned international initiatives. This would have the effect of jobs created by these companies being lost in The Bahamas. Conversely, long-term benefits will likely take effect when the OECD and EU impose the same initiatives on the remaining non-compliant tax havens. Consequently, business may return to The Bahamas due to the commendable reputation it has gained from fully complying with the powerful international initiatives.

Normally, IFCs’ lack of growth is due to the risky investment environment surrounding this sector, but the implementation of the many aforementioned initiatives would effectively eliminate this problem in The Bahamas. This newlygained reputation would attract international business and investors into the Bahamian financial services sector due to the secure and stable image of this IFC. NB: Veronica Miranda is a 10th grade student at Lyford Cay International School.

THE TRIBUNE

Friday, April 12, 2019, PAGE 3

URCA MULLS REVIEW OF BPL FUEL CHARGE

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net REGULATORS have held internal discussions on whether to review Bahamas Power & Light’s (BPL) fuel charge to ensure it is “fair” to Bahamian consumers.

Stephen Bereaux, the Utilities Regulation & Competition Authority’s (URCA) chief executive, told a Wednesday night

URCA IN ‘REGULARISE’ CALL OVER RENEWABLES

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIANS whose systems are not part of the small scale renewable energy generation (SSRG) initiative have been urged to “regularise” them in order to reap the available tariff benefits.

Shevonn Cambridge,the Utilities Regulation and Competition Authority’s (URCA) director of utilities and energy, said of the programme: “In New Providence right now there is a maximum limit of 100 KW (kilowatts). We have on record about 2.1 megawatts (MW) of installed renewable generation. We have approved in principal some 4.4 MW of renewable regeneration.

“We do know that there are some rogue participants out there. These would be people who would have subscribed to the renewables prior to the regulations.

We would encourage those of you in that situation to try and regularise your systems because you are not availing yourself of the feed-in tariff benefit once you are properly subscribed to that programme.

“That fee-in tariff is equivalent to the fuel charge in any particular month; the given month in which your system generates that surplus to the grid.”

Stephen Bereaux, URCA’s chief executive, added that the regulator is revising and expanding its existing consumer protection regulations. “We think that there are some things that we can do better, and we are also going to expand on them to include the electricity sector,” he said.

Mr Bereaux also acknowledged that URCA’s complaint handling process needs an “overhaul” - both in the way that complaints have to be submitted and the time it take to get responses.

town hall meeting: “That is not something in our plan but is something that has certainly been a discussion within URCA; as to what has been the impact on your pockets as members of the public, and to what extent is that impact justifiable.

“It is very much a matter we are considering including in our annual plan. URCA has a role to ensure that the fuel charge is fair. If we decide to go

that route it’s a significant project. If we go that route the fuel charge will have to be adjusted regardless of what we find. If people feel the issue of the fuel charge, and the impact of the fires on the fuel charge may have been unfair, we can assess it and we can include it in our plan.”

A report on the police investigation into a series of fires that crippled the most efficient generation

assets at BPL’s Clifton Pier power plant has already been completed and submitted to the government, the utility’s chairman, Dr Donovan Moxey, told The Tribune back in February.

The first fire broke out at the plant around 10.30pm on Friday, September 7, and the second blaze erupted on Sunday, September 9, shortly before 10pm.

Two more fires occurred

over the course of the following week; one at the Clifton site, and the other at BPL’s Blue Hills location.

The first blaze forced a week-long load shedding exercise in the capital, and resulted in an urgent appeal from BPL to the public for energy conservation to assist the electricity provider in meeting energy demands.

Whitney Heastie, BPL’s chief executive, previously

told Tribune Business that the blazes had further hiked electricity bills by depriving BPL of its two most efficient generation units.

Those engines, which typically generate 25 percent of New Providence’s energy supply, not only use lowercost heavy fuel oil (HFO) but also generate more energy per oil barrel than any others in BPL’s fleet.

BTC announces three managerial promotions THE Bahamas Telecommunications Company (BTC) has recently promoted three team members to new leadership positions.

Myra Mitchell has been appointed senior manager in BTC’s project management office, while Diane Lockhart has become to manager of retail for Exuma, Long Island and the south-east islands, Rounding out the moves, Tequelana Gibson has moved into the role of manager for channel management.

Garfield Sinclair, BTC’s chief executive, said: “BTC is continuing to build a culture where we recognise and reward our team members who are excelling and adding value to the organisation every day. We are indeed proud of Myra, Diane and Tequelana, and look forward to seeing more great things from them in their new positions.”

Ms Mitchell began her tenure with BTC in 1980 as a computer operator.

She was promoted to a computer programmer in

MYRA MITCHELL 1984, and worked in the computer department from 1987 to 1995. She served as manager of billing operations and support from 1995-2009, before beginning work in the project management office in 2013.

Ms Mitchell has now transitioned to the role of senior manager in that office, and holds a number of certifications including certified professional manager (CM) and certified international project manager (CIPM).

Ms Lockhart’s new role will see her take responsibility for managing all retail operations in those islands.

Since she joined BTC 14 years ago, she has worked

TEQUELANA GIBSON in Long Island in the customer service department and also crossed-trained in the technical and retail departments. She also spent four years with the marketing and public relations team before returning to customer service in Long Island.

Ms Gibson joined BTC in 2006 as a marketing Intern. Since then she has worked on several major initiatives including the 2007 ‘BTC Tradeshow and Expo’, and the ‘Make the Switch from TDMA to GSM’ campaign. She has worked in the business intelligence unit, mobile research and development, product

ENTREPRENEURS PITCH THEIR PLANS TO JUDGES

DIANE LOCKHART

development and mobile.

In her new role as channel manager, Ms Gibson is responsible for the end-toend management for all mobile products, including devices, SIM cards and phone cards. She is also responsible for product selection, testing, forecasting, ordering and pricing.

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FROM left: Nicholas Higgs, SBDC senior business strategist; Yvette Oconno, director of SBDC (Grand Bahama); Tarentee Laing, Pitch Night first place winner; Hilary Huyler, Pitch Night second place winner; Dr Ian Strachan, vice-president of UB North.

THE Small Business Development Centre (SBDC) has teamed with the University of The Bahamas (UoB) northern campus to host its first Pitch Night competition on Grand Bahama.

The event allowed six students to share their business plans with judges and attendees. Walking away with $10,000 grant first prize was the founder and chief executive of Keeping It Clean, Tarentee Laing.

Hilary Huyler, founder and chief executive of Happy Hour Tours, placed second and received a $5,000 grant.

Mr Laing admitted he was nervous about Pitch Night, even feeling nauseated at the beginning, but was able to relax and feel at ease as soon as he began talking about the progress and expansion of his healthy food takeaway.

“For me, this is about four or five years that I’ve been a self-starting entrepreneur and I feel like this is the first time that I see the fruits of my labour,” said Mr Laing. “I feel like (Pitch Night) gives you the right amount of motivation to keep going and pushing.

“Especially in Freeport

right now, in this current economic state that we are in, it is not easy at all to be a young entrepreneur, so having pitch competitions where you can get funding, that really helps us to keep pushing.”

Mr Huyler, who came up with his company’s party bike idea about four years

SEE PAGE 4

PAGE 4, Friday, April 12, 2019

THE TRIBUNE

ENTREPRENEURS PITCH QC slams ‘below the belt’ claim by GB power owner THEIR PLANS TO JUDGES FROM PAGE ONE

FROM PAGE THREE ago, described his experience as a little nervewracking but fun. “The experience was great. I love people, I love networking, and I love being able to hear other people’s ideas,” he said.

“It gets me excited. Our country is so small in terms of population, so for me being from Grand Bahama where there is so much land, so much potential for growth, to see other entrepreneurs from different walks of life and different age groups come together to pursue their dreams, and we feed off of each other, and we learn from each other – it was the perfect experience.”

Dr Ian Strachan, vicepresident of the University of The Bahamas’ northern campus, said that hosting the first “Pitch Night” highlighted the vision and intelligence of students, and further reinforced his belief that the university and the SBDC will be a driving force in transforming Grand Bahama’s economy.

“As a tripartite partner in the Small Business Development Centre it was a pleasure for us to host the first Pitch Night here at UB north in support of the SBDC,” said Dr Strachan.

“The students showed us how intelligent and visionfocused they are, and we are excited to continue

developing their skills.

“We believe that the university along with the SBDC will be major economic drivers of transforming the Grand Bahama economy, and contributing to our country and world at large.

We look forward to further working with our students to develop them into entrepreneurs we know they can be.”

Yvette Oconno, director of the SBDC’s Grand Bahama division, added: “Since the Access Accelerator has launched in Grand Bahama we continue to be impressed by the mass number of Grand Bahamians that are wanting to venture into entrepreneurship.

“Seeing students of the University of The Bahamas display their talents was an honour and privilege, and we look forward to providing the support they need through training and access to capital to further develop those businesses.”

The SBDC is the product of a tripartite arrangement between the Government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). It will guide the development, funding, growth and evolution of Micro, Small and Mediumsized Enterprises (MSMEs) in The Bahamas.

but Mr Smith and SeSaChe’s fight to retain their $300,000 equity ownership interest in GB Power locally - rather than through an Emera derivative - remains alive.

Emera, in legal filings obtained by Tribune Business, sought to challenge Mr Smith and SeSaChe’s claim that the case raises issues of public importance by arguing that the QC’s main motivation was simply to use the Judicial Review as leverage to obtain a higher price for his shares than that received by other Bahamian minority investors.

“The acquisition of the ICD Utilities shares relates to a few select members of society inclusive of the intended intervener [Emera] and the applicant [SeSaChe],” the Canadian utility giant’s attorneys, McKinney, Bancroft & Hughes, alleged.

“A shareholders meeting was held on November 8, 2017, and the resolution seeking to approve the transaction was approved by approximately 96.3 percent of the minority ICD Utilities shareholders. The applicant is a lone disgruntled minority shareholder who is attempting to extract a higher price for its shares.”

That claim yesterday sparked a furious response from Mr Smith, who told Tribune Business: “That was a below the belt, gratuitous, unwarranted and invalid statement. I do not want anything from Emera Inc.

FamGuard general agency’s ‘historical’ $4m topline break FROM PAGE ONE “It’s really taking hold,” he added. “We’re taking advantage of the crossselling and branding, and doing a lot of advertising.

On the customer delivery side, we have the IT 20/20 vision which we launched on January 1.

“I simply want to keep my shares and receive the dividends at the same rate that Emera Inc is receiving them from GB Power, which is at about 37 percent per annum.” While providing no evidence to support this rate of return, Mr Smith said GB Power’s profitability was likely to soon experience a sharp upward spike if numerous multi-million dollar investment projects targeted at Freeport came to fruition.

Pointing out that the utility is also benefiting from the multiple tax breaks offered under the Hawksbill Creek Agreement, he added: “GB Power does not pay business licence fees, customs duties, real property taxes and taxes on dividends, and is the most profitable, stable entity in the entire Emera subsidiary galaxy.

“That is why they pushed out all of the local shareholders and are now paying paltry dividends from Canada in comparison. I am not disgruntled. I am very happy to have my shares in GB Power, although I do not know what they have done with them. It was an investment in my future, and for my children.

“I intend to pursue this to the bitter end, and if they think someone trying to keep what belongs to them is somehow dishonourable, then I would like to know how they’d feel if the government - using eminent domain - reclaimed GB Power for the Bahamian people.”

Mr Smith recalled how former Grand Bahama Port Authority (GBPA)

and GB Power chairman, the late Edward St George, had guaranteed to himself and all other minority Bahamian investors “a minimum ten percent return per annum” which was expected to continue growing.

“Now, with the advent of solar power, liquefied natural gas (LNG) and the expansion of the Freeport and Grand Bahama economy, the shares of GB Power are going to increase exponentially in value,” he added. “I simply wish to keep what belongs to me.”

Documents filed with the Supreme Court reveal that preparations for the buyout of all Bahamian minority shareholders in ICD Utilities began in earnest on March 21, 2017, with an internal proposal for an Emera affiliate, Emera Utilities Holdings Ltd, to acquire their shares.

Approvals for the transaction were received from the Bahamas Investment Authority (BIA) on July 13, 2017, with the Securities Commission confirming the following day its permission was not required. The Central Bank followed suit with an approval in principle on September 7 that year.

Final approvals from the BIA and Central Bank were secured on January 3, 2018, and January 11, 2018, respectively. While all this was going on, ICD Utilities’ three independent directors had met regularly with KPMG, their financial advisers, and attorneys, to determine the financial terms to be offered to Bahamian investors.

The independent

directors recommended offering Bahamian investors either $8.85 per share in cash; 0.913 depository receipts per share, with each of these equivalent to 25 percent of an Emera ordinary share; or a combination of the two.

Emera’s legal filings added: “The consideration to be received on a per common share basis represented a premium of approximately 26 percent over the then-current trading price of ICD Utilities shares on the Bahamas International Securities Exchange (BISX), and a premium of approximately 33 percent over the volumeweighted average trading price of those shares on BISX over the previous 24 months.”

Mr Smith and SeSaChe, though, are trying through their Judicial Review action to have all the government permits issued to Emera for the minority investor buyout quashed.

They are alleging that the BIA and Central Bank approvals are “ultra vires, irrational and procedurally unfair”, and are seeking court orders to block the government from approving the buy-out without first consulting Bahamian shareholders and other “stakeholders”, such as the Grand Bahama Port Authority (GBPA).

They are arguing that since the BIA is not created by law it has “no authority over the personal shares owned by Bahamian citizens”, and thus has “no power” to approve Emera’s purchase of SeSaChe’s shares.

“We implemented a state-of-the-art home service system. Our agents are out there with tablets taking electronic applications, and that’s part of improving customer service delivery and part of our strategic plan.”

Mr Ritchie added that Family Guardian had also made adjustments to the reinsurance programmes for its Bahama Health product line in a bid to drive increased efficiencies and reduce costs.

“You’ll see on the reinsurance side that we did some strategic changes with the reinsurance programmes, and partnered with Quality Health Management on the Bahama Health side to enhance service delivery and cost containment measures.

That will bear fruit from January 1, 2019,” he told Tribune Business.

Family Guardian was also focused on human resources development, Mr Ritchie added, to identify persons who could become managers and occupy key positions within the company, thereby developing the next generation of leaders.

The BISX-listed insurer earlier this week announced that it was offloading its under-performing pensions and capital markets business to Leno Corporate Services. The sale of its FG Financial, FG Capital Markets and FG Financial Fund Ltd subsidiaries to a competitor will eliminate a frequent drag on the BISXlisted insurer’s profitability and shareholder earnings.

With its 12-year long venture into the pension, investments and capital markets business failing to generate the expected returns, the decision to exit will enable Family Guardian to get back to its roots and focus on its core life, health and general insurance segments.

In particular, the pensions, investment and mutual fund business produced a combined $2.207m net loss in 2016, with total income of $2.584m dwarfed by $4.791m in expenses.

This slashed the $8.5mplus net profit produced by Family Guardian’s life and health insurance segments by more than 25 percent, dropping FamGuard’s overall bottom line to just $6.311m.

And for 2017, while much improved, the capital markets and pensions business contributed just $425,000 to FamGuard’s total profitability on total income of $2.825m. Expenses had been cut by almost 50 percent year-over-year to $2.4m.

Total assets for the three business units stood at $57.003m at year-end 2017, with liabilities of $4.127m giving them just under $53m in net assets that will now be transferred to Leno in a deal that is due to close

by June 1 this year.

NOTICE NOTICE is hereby given that GLENDA ALVINA STUBBS of P.O. Box N-8181, #23 Zimbabwe Avenue, Nassau, 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, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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careers@thecoveeleuthera.com

N O T I C E IS HEREBY GIVEN as follows: (a) GIANT PEACH 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 10th April, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Manex Ltd. Shirley & Charlotte Streets, Nassau, Bahamas Dated this 12th day of April, A. D. 2019 _________________________________ Manex Ltd. Liquidator

LEGAL NOTICE

NOTICE

LIFESTYLE CONSTRUCTION LTD. (In Voluntary Liquidation)

Notice is hereby given that pursuant to a Resolution of the Members of LIFESTYLE CONSTRUCTION LTD. dated the 14th day of March, A.D., 2019 LIFESTYLE CONSTRUCTION LTD. is in dissolution.

The date of commencement of dissolution was 14th day of March, A.D., 2019.

ROBERTS ISAACS & WARD NOMINEES LIMITED of Professional Centre, Cable Beach Court, Unit No. 2, 400 West Bay Street, P. O. Box N-4755, Nassau, Bahamas was appointed as the official liquidator of LIFESTYLE CONSTRUCTION LTD. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidators before 15th May, 2019.

RIW NOMINEES LIMITED Secretary, LIFESTYLE CONSTRUCTION LTD. (In Voluntary Liquidation)

THE TRIBUNE

Friday, April 12, 2019, PAGE 5

Super Value chief’s WTO fears labelled ‘illusion and fiction’ FROM PAGE ONE While agreeing that valid WTO concerns needed to be raised and discussed, Mr Laing argued that they needed to be based on fact.

He added that he was especially disappointed that Mr Roberts and other critics appeared not to have assessed The Bahamas’ initial goods and services offers, as these provided information that may have allayed their fears.

The Super Value principal, in an interview with Tribune Business earlier this week, said he was opposed to joining the WTO and will never change his mind even if studies determine “it’s the greatest thing for The Bahamas”.

“I’m not sold on WTO,” Mr Roberts told this newspaper. “I oppose it. I’m afraid that with WTO we’re going to have to reduce duties, and if we reduce duties to 15 percent we will have to raise VAT to 25 percent, and that creates problems for us with consumer dissatisfaction. We would have to face that.

“I feel that no matter what they [the government] say, no matter what they promise, no matter what they negotiate, that we are going to have free movement of labour. All the banks in the world will be coming in, all the supermarkets in the world will want to come in.

“I think it will be a free for all, and not fair to Bahamians and not work for Bahamians. Yes, I oppose it, and I think there’s members of the chamber that oppose it.”

Mr Laing, in reply, told Tribune Business: “I don’t know how to respond to someone who says their mind is already made up, and no one is changing their mind.” Pointing to Mr Roberts’ promise to reject even the findings of the Chamber of Commerce’s Oxford Economics study on whether WTO membership will be beneficial for The Bahamas, he added: “What can you say?

“I can’t imagine, if everyone in the country takes that position on every issue, it helps us in the discussion but they’re entitled to take

that position for sure. It is unfortunate to me that his mind is made up about matters that are simply not true and fictional about how the WTO works.”

Acknowledging that it was natural for persons unfamiliar with the WTO and how rules-based trading regimes work to have concerns, Mr Laing added: “I can understand that, but to have opposition based on illusions, based on fiction, is challenging to address.

“Not only does that [free movement of labour] not occur, he is insisting that no matter what the Government says, no matter what the reality is, that will happen. We are expected to live in an informed world where there are empirical means to verify things we are faced with and concerned about.

“If we are convinced something will happen no matter that there is no basis for that conviction, it becomes a challenge to address.”

Mr Laing added that Mr Roberts’ own industry, the retail and wholesale sector, had been “reserved” in The Bahamas’ WTO offer and was not even “on the table” for negotiation with the status quo remaining in place.

“You can look at the offer and see it’s not mentioned in the offer,” he told Tribune Business. “I can say as a lead negotiator there is not a possibility the Commonwealth of The Bahamas will open up wholesale and retail trade in the way Mr Roberts fears. I find it amazing there is this kind of passion for a thing that is not a worry.”

While conceding that The Bahamas’ final WTO accession terms still have to be agreed via negotiations, Mr Laing confirmed that despite the need to reduce average tariff rates to 15 percent the Government still had the flexibility to maintain or increase existing rates to protect domestic producers and manufacturers.

“Those of us who are in the negotiations are keenly aware of the sensitivities in our market in respect of manufacturers and farmers, and we are keenly seeking to ensure there is

viability for those industries; keenly aware,” he told this newspaper.

“If Mr Roberts is intending to be helpful as we have done, he would participate in the consultation process so, just as we have done when we go to Geneva, we have positions that are adopted and have been discussed with the sectors.

“There is no sector in The Bahamas that can come out and say you have reduced import tariffs so low we cannot survive because the fates are in the offer, which they can see.”

Mr Laing, though, said he remained willing to meet Mr Roberts and discuss his WTO concerns, noting that the Super Value owner has changed his positions before - most notably with respect to VAT and the New Providence Road Improvement Project.

“I understand every man has to look after his own interests,” he told Tribune Business. “As a government and as negotiators we have to look out for the interests of the entire country and we very focused on that. Very focused.

“I can say without fear of contradiction, notwithstanding Mr Roberts and notwithstanding his very strong conviction, we are doggedly pursuing The Bahamas’ best interests....

“I am not opposed to people with concerns about the WTO. Society ought to have the right to express its convictions, and when they’re legitimate they have to be taken on board. It is very difficult to do anything about concerns that are fictional.”

To advertise in The Tribune, contact 502-2394

PAGE 6, Friday, April 12, 2019

THE TRIBUNE

‘Ridiculous’ banks delay $4m Stuart Cove’s plan FROM PAGE ONE efforts to re-open it since South Ocean was closed in 2004.

“I’m planning on moving again and am just waiting for financing,” Mr Cove told Tribune Business of his world-renowned dive operation. “I’ve secured the property at Coral Harbour in anticipation of a sale.

“I just can’t get anything out of the banks. They lent me the money to secure the property, but have not given me the money to build. It’s a big piece of land with a big condo building on that we’re going to renovate.

“I had hoped to move at Christmas last year, but the financing messed me up. I’d move right away, but I need to build the facilities. I’ve got the property and all the

permits, the zoning changes.

All the groundwork is done,” he added.

“Right now all of it is work to pay rent and pay taxes. I’m tired of paying the exorbitant rent they charge me [at South Ocean]. That’s another reason I want to move. Then I will have something to sell for retirement. I will probably be in the business for another 20-30 years.”

Mr Cove said Stuart Cove’s Dive had also qualified for tax breaks and incentives available under the Hotels Encouragement Act, “so I don’t have to pay tax on the goods we’re using for building, and don’t have to pay real property tax for 20 years.

“We’ve been approved for that,” he added, “and had the property rezoned

as commercial permanently, with the previous multi-family use expunged from the record. I think we could build in three months - a swimming pool, docks, bulkheads, 16 hotel rooms in the building. We will have a dive lodge, as well as a dive shop, and a restaurant and bar, which we have the licence for.

“We just need some money and we’re ready to go. I have everything in place. The banks are ridiculous. They’re full of money, and the newspapers say they are ready to lend. I’ve got a perfect track record but they’re doing me bad, so I have to go foreign.”

Giving more detail on his investment plans, Mr Cove told Tribune Business: “We’re looking at a phase one total of $2m, and

NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MARY ANNE ROLLE of Black Point, Exuma, Bahamas intend to change my name of MARY ANNE ROLLE to MICHELLE MARY ANNE ROLLE. 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.

NOTICE LEGAL NOTICE

DURZA PROPERTY S.A.

looking at buying a property across the road to build cottage for people to stay.

That will be another couple of million.

“Right now I just need phase one - the docks, swimming pool, bulkhead, landscaping. It’s about three acres on the north side of the road on the canal, after you turn to the Defence Force where the dive shops used to be.”

Mr Cove said he had heard “nothing formal” about a potential sale or redevelopment of South Ocean, which continues to be owned by the Canadian Commercial Workers Industry Pension Plan (CCWIPP). The fund took over ownership of the 363acre property around two decades ago after developer Ron Kelly defaulted

NOTICE is hereby given that DANIEL WASHINGTON GRANT of #65 Soldier Road, Nassau, 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, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

Company No. 1401352 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that DURZA PROPERTY S.A. is in voluntary liquidation. The voluntary liquidation commenced on 3rd April, 2019 and Leonie Brogle of Mühlemattstrasse 56, 5001 Aarau, Switzerland, has been appointed as the Sole Liquidator.

Dated this 3rd day of April, 2019 Sgd. Leonie Brogle Voluntary Liquidator

NOTICE is hereby given that TIA BIMAL of Sea View Drive, P.O. BOX SP-60563 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 12thday of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT THURSDAY, 11 APRIL 2019

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

BISX ALL SHARE INDEX: CLOSE 2,155.05 | CHG -0.04 | %CHG 0.00 | YTD 45.60 | YTD% 2.16 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.30 1.38 3.45 10.60 6.60 4.64 12.50 2.74 1.81 9.02 6.60 15.60 7.25 4.47 13.85

52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.80 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 4.25 17.43 6.00 5.39 2.25 1.38 2.15 10.50 6.16 4.47 10.64 2.52 1.79 9.43 6.60 15.57 7.25 3.54 13.85

CLOSE 4.25 17.43 6.00 5.39 2.25 1.38 2.15 10.50 6.16 4.47 10.64 2.51 1.79 9.38 6.60 15.57 7.25 3.54 13.85

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.05 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

VOLUME

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

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

P/E 25.4 18.7 N/M 16.7 N/M N/M -5.0 14.8 12.8 29.0 17.0 24.6 8.6 N/M 13.7 18.7 12.5 17.3 21.9

YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.45% 0.00% 6.76% 3.57% 2.68% 5.83% 2.39% 3.35% 0.90% 3.64% 3.21% 2.76% 2.54% 4.33%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

MATURITY 19-Oct-2022 ############### 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

MUTUAL FUNDS 52WK HI 2.20 4.24 2.04 184.51 158.55 1.61 1.75 1.70 1.14 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.55 1.68 1.64 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.22 4.22 2.04 184.51 147.81 1.61 1.75 1.70 1.14 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.69 11.79

YTD% 12 MTH% 0.58% 3.94% -0.39% 1.53% 0.43% 2.52% 3.26% 3.26% -3.65% -3.65% 1.15% 4.41% 0.59% 4.31% 0.92% 4.16% 2.79% 4.80% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

NAV Date 28-Feb-2019 28-Feb-2019 22-Feb-2019 31-Dec-2018 31-Dec-2018 31-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Sep-2018 30-Sep-2018 30-Sep-2018

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

on loans he had borrowed from it.

However, multiple sources this week confirmed that there is renewed activity and interest in South Ocean. They suggested it was being led by Albany’s developers, who include the Tavistock Group, the vehicle for investments

by Lyford Cay-based billionaire, Joe Lewis, and world-renowned golfers Tiger Woods and Ernie Els. Albany’s developers have been involved in bids or joint ventures to acquire South Ocean, the last available parcel of land for mega resort development on New Providence, at least twice before. However, their last attempt was defeated when CCWIPP elected to go with an offer from controversial Lyford Cay resident and Austrian financier, Dr Mirko Kovats, which ultimately failed to seal a deal.

Albany’s continued interest in South Ocean’s fate remains obvious, though, not least because the two sites are next-door

neighbours, and the former will want to ensure that whatever development takes place there matches the high-end luxury standards it has set.

Given that it has been closed for 15 years, South Ocean’s remaining value largely rests with its latent casino licence, which kicks in once the property reaches a certain number of rooms.

Its golf course, too, was rated as the best in New Providence by many golfers.

“The value of my property is the canal entrance.

They’ve already dug into the bedrock,” Mr Cove told Tribune Business. “They could go through my property, open up the canal and make a large marina. It makes sense for Albany to do it.

“I was looking to move because I knew they were going to sell the property.

I wanted to be proactive, which will hopefully pay off, and the canal entrance is worth its weight in gold.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CHARLES CURTIS ADDERLEY of Ethel Street and VANRIA ANISHKA HUDSON of Trail Close, P. O. Box N10289, parents of AIDAN ASHTON HUDSON, a minor, intends to change his name to AIDAN ASHTON ADDERLEY. 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, New Providence, The Bahamas, no later than thirty (30) days after the date of the publication of this notice.

PAGE 8, Friday, April 12, 2019

THE TRIBUNE

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

Stocks struggle to a mixed finish after early rally sputters

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

TRADER Thomas Lee working on the floor of the New York Stock Exchange yesterday. US stocks moved slightly higher in morning trading yesterday as investors prepare for the latest round of corporate earnings.

Photo: Richard Drew/AP

By ALEX VEIGA Associated Press THE major US stock indexes closed unevenly yesterday after an early rally gave way to a mostly sideways day of trading on Wall Street.

Losses in health care stocks mostly offset gains in industrial companies, banks and elsewhere in the market. Insurers UnitedHealth Group and Anthem led the sector’s slide. Technology stocks also fell.

The listless day of trading came as investors looked ahead to today, when major banks, including Wells Fargo and JPMorgan Chase, are due to report their first-quarter results. The banks will pave the way for a potentially market-moving wave of company earnings reports the next few weeks.

“For the better part here of five trading days we’ve been up and down just a little bit, and not really making any progress,” said Rob Haworth, senior investment strategist at US Bank Wealth Management.

“A lot of that is you’re really waiting for earnings season.”

The S&P 500 index eked out a tiny gain, adding 0.11 points, or less than 0.1%, to 2,888.32.

The Dow Jones Industrial Average fell 14.11 points, or 0.1%, to 26,143.05. The Nasdaq composite slid 16.88 points, or 0.2%, to 7,947.36. The Russell 2000 gave up 2.41 points, or 0.2%, to 1,579.14.

More stocks rose than fell on the New York Stock Exchange. Major European indexes closed mostly higher.

Stocks initially moved modestly higher as investors welcomed an encouraging report from the Labour Department, which said applications for unemployment aid declined last week to 196,000, the lowest level since October 1969.

By midmorning, the major stock indexes turned slightly lower, however, and then held steady for

much of the day before a late-afternoon flurry of buying left the S&P 500 with a minuscule gain. The index is up 15.2% for the year.

The stock indexes’ mixed performance yesterday means the market gave back some of the ground it won a day earlier, after minutes from the latest Federal Reserve meeting showed that the majority of officials want to keep interest rates unchanged in 2019. Investors want the central bank to take a more laid-back approach to avoid triggering a market slump.

Beyond the Fed, traders are squarely focused on company earnings reports the next few weeks in hopes of gleaning fresh clues about the trajectory of the economy and corporate profits.

Analysts expect companies in the S&P 500 to report a 3.3% drop in earnings per share from a year earlier, which would be the first decline since the spring of 2016. The expected drop in profits is due almost entirely to weaker profit margins.

Quarterly results from a couple of companies this week have been encouraging.

Fastenal led gains in industrial stocks yesterday after the maker of fasteners, nails and other hardware delivered betterthan-expected quarterly results. The stock climbed 5%. Delta led a rally in airline stocks on Wednesday after reporting solids results.

Financial stocks also held on to their early gains yesterday. Unum Group rose 2.7%.

Health insurers were among the biggest decliners as the health care sector took heavy losses.

UnitedHealth Group fell 4.3%, Anthem dropped 4.1%, Humana slid 2.2% and Cigna lost 2.55. The sector is up 4.8% this year, lagging the S&P 500 other ten sectors.

“Health care was really strong last year then

started to roll over and has been falling out of favour among the sectors,” said Willie Delwiche, investment strategist at Baird. “It has the worst year-to-date performance, and that was prior to today’s weakness.”

Tesla slid 2.8% following news reports that the electric maker would hold off on a key battery plant expansion in the US. The stalled expansion follows Tesla’s report earlier in April of a first-quarter slowdown in production and demand.

Bed Bath & Beyond, which has been struggling recently and is being targeted by a number of activist investors, slumped 8.8% in heavy trading after the company reported a drop in a key sales measure that was worse than analysts were expecting.

Two technology companies hit the market running yesterday. PagerDuty soared 59.4% in its first day of trading as a public company, and Tufin Software surged 36.4%.

The Israel-based company provides network security software.

After trading closed, ride-hailing giant Uber filed paperwork to make its own highly anticipated initial public offering of stock.

Bond prices fell. The yield on the benchmark ten-year Treasury rose to 2.50% from 2.47% late on Wednesday.

Energy futures ended broadly lower. Benchmark US crude fell 1.6% to settle at $63.58 a barrel. Brent crude lost 1.3% to close at $70.83 a barrel.

Wholesale gasoline slid 1.9% to $2.03 a gallon, heating oil gave up 1% to $2.07 a gallon and natural gas dropped 1.3% to $2.66 per 1,000 cubic feet.

The dollar rose to 111.66 yen from 110.96 yen on Wednesday.

The euro weakened to $1.1258 from $1.1271.

Gold fell 1.6% to $1,293.30 an ounce, silver slid 2.5% to $14.87 an ounce and copper dropped 1.3% to $2.89 a pound.