04162018 business

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MONDAY, APRIL 16, 2018

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Shell HQ relocation gives Gov’t big boost

Gov’t to ‘replicate’ NP landfill solution across Bahamas

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

S

hell’s plans to relocate its regional headquarters to the Bahamas were yesterday described by a Cabinet Minister as a sign of increased confidence in this nation’s economy and government.

Desmond Bannister, minister of works, confirmed to Tribune Business that the multinational energy giant was “in the preliminary stages” of switching its operations to the Bahamas in a move that could create a major boost for local employment and this nation’s standing in the global investment community.

“It’s at a very preliminary stage, but they intend to focus their operations from the Bahamas,” Mr

* Minister: Investor confidence in Bahamas rising * Energy giant plans regional head office switch * Major Canadian banks urged: ‘Take note’ Bannister said of Shell.

“It’s a good thing for the Bahamas, a good thing for the country. There’s going to be... I can’t tell you the figures now, but there’s going to be quite some employment.”

The move follows swiftly behind last week’s Cabinet confirmation of Shell North America as the winner of Bahamas Power & Light’s (BPL) long-term generation contract, which will result in it leading a consortium to construct a new 270 Mega Watt (MW) power plant - fuelled by liquefied natural gas (LNG) - at Clifton Pier.

SEE PAGE 7

MINISTER OF WORKS Desmond Bannister.

THE Government plans to “replicate” the New Providence landfill solution across the Bahamas, with a Cabinet Minister urging: “We must stop this ‘dumping in the bush’ culture.”

Romauld Ferreira, minister of the environment, told Tribune Business that four bids were submitted for a New Providence landfill contract that he described as the first step in “revolutionising” solid waste management practices and developing a management plan for the entire country.

He confirmed information supplied to this newspaper that the four bidders to submit complete proposals are Bahamas WTP Ltd; Bahamas Waste; Providence Advisors and the Waste Resources Development Group (WRDG);

* AIMS TO STOP ‘DUMPING IN BUSH’ CULTURE * BY ‘REVOLUTIONISING’ WASTE MANAGEMENT * FOUR BIDS OFFERING SOLUTIONS UP TO $400M and APAPA International (Nassau).

Tribune Business sources said the bidders had submitted a variety of solutions for New Providence’s waste management crisis. APAPA International’s offer was said to have included a $400

SEE PAGE 4

CREDIT BUREAU DATA GATHER TO BEGIN ‘YEAR FROM TODAY’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank’s governor expects the Bahamas’ first-ever Credit Bureau will begin the data collection process “a year from today”, saying: “This really will be a step up for the country.”

John Rolle, speaking as the Central Bank launched the formal bidding process to select a Credit Bureau operator, told Tribune Business the facility should ultimately cause a “big positive cultural shift” in the borrowing habits of many Bahamians.

Besides providing a badlyneeded check on unsustainable debt burdens, the Governor said the Credit Bureau’s long-awaited creation was “a big deal” that

* ‘Big cultural shift - but positive’ for Bahamians * Central Bank launches Bureau operator bid * Governor: ‘A step up for the Bahamas’ could help revive banking industry confidence to re-start lending once again.

Besides enabling banks and other lenders to better assess a borrower’s creditworthiness, and price loans accordingly, Mr Rolle added that a Credit Bureau will also likely improve credit market efficiency and reduce transaction times.

He suggested it will “elevate” the Bahamas among Caribbean competitors, with the initiative directly linking to ongoing efforts

to improve the ‘ease of doing business’ in this nation.

Parliament finally paved the way for the Credit Bureau’s creation through February’s passage of the Credit Reporting Bill, and Mr Rolle conceded that the Central Bank had wanted to be much more advanced in bringing the facility to operation.

The formal Request for Proposal (RFP), seeking the Bureau’s operator, was launched on Friday and bidders have until May 31 to submit proposals. A Central

Bank-appointed evaluation committee, featuring one representative each from the regulator, Clearing Banks Association and Chamber of Commerce, will then shortlist two finalists by June 29.

Both will make presentations to the Evaluation Committee, and facilitate site visits by its members to their existing facilities, with the Central Bank aiming to select the winner by August 30 this year. Contract negotiations, the final step in the process, are targeted for completion by

October 26, 2018. “It is very high priority. We would have liked to be beyond this part of the process,” Mr Rolle told Tribune Business. “The expectation is that we would conclude the contract with the qualified operator before the end of the year because we think it very important to have the Bureau up and running, given that it will take an extra period of time to accumulate the data that participants will find most useful.

“I would honestly expect that a year from today we will have a Credit Bureau in operation at least, either in position to collect data or establish contact with the entities responsible for that data.”

The Central Bank’s eagerness to get on with the Credit Bureau’s

SEE PAGE 5

Insurer’s ‘big relief’ at no Miller: ‘Where are business ease reversal LNG critics now?’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A TOP insurance executive has hailed the decision not to impose additional regulatory requirements that were “in the opposite direction” to improving the ‘ease of doing business’ Patrick Ward, Bahamas First’s chief executive and president, told Tribune Business that including property and casualty

* FTRA PROPOSAL WAS ‘OPPOSITE DIRECTION’ * QUESTIONS IF RED TAPE WAS ‘WORTH EFFORT’ * BAHAMAS FIRST RATINGS REAFFIRMED insurers in the Financial Transactions Reporting Act’s (FTRA) definition of ‘financial institutions’ would have imposed an unnecessary and significant cost/bureaucratic burden on the sector.

Property and casualty insurers, frequently known as general insurers, were

removed from the definition and consultation between industry and the Government, and Mr Ward said: “It’s certainly a big relief from our perspective.

“It would have created some enormous administrative burdens for us, and

SEE PAGE 10

A FORMER Cabinet minister says it is “crying shame” that the Bahamas “missed the boat” on liquefied natural gas (LNG) 15 years ago, questioning: “Where are the critics now?”

Leslie Miller, who strongly advocated for LNG during his tenure as minister of trade and industry under the first Christie administration, hailed the recent announcement that Shell North America has been confirmed as the

* ‘BAHAMAS ‘MISSED BOAT’ 15 YEARS AGO * EX-MINISTER DEMANDS APOLOGY TO BAHAMIANS * CRYING SHAME’ BAHAMAS LOST MILLIONS preferred bidder to constructing a liquefied natural gas (LNG) fuelled power plant at Clifton Pier to supply by Bahamas Power and Light (BPL).

Mr Miller, who has also served as chairman of BPL’s parent, the Bahamas Electricity Corporation (BEC), said this nation missed a

golden opportunity with LNG 15 years ago, blaming fierce opposition from those he deemed “armchair environmentalists” for dooming the AES Corporation’s plans to build a liquefied natural gas (LNG) import terminal on Ocean

SEE PAGE 6

PAGE 2, Monday, April 16, 2018

THE TRIBUNE

Maximising Bimini’s potential without losing its core appeal

By RODERICK A. SIMMS II Chamber of Commerce director and Family Island division chairperson E-mail: RASII@ME.com Island Overview BIMINI is seven miles of luxury resorts and hotels, native flavour, marina life, and eco-filled adventures.

It is the perfect place to be if you are looking to escape the long lines of traffic in New Providence, or get away from trying to catch the subway on time in New York. You really only need a golf cart to get around the island, which is comprised of South and North Bimini. Despite the getaway appeal that Bimini offers, there are still some challenges the island faces in terms of infrastructure and preservation of the environment. Bimini is home to a variety of sharks and marine habitats. And while this gives exciting reasons to explore the island, there needs to be more room inventory along with an expanded airport to accommodate an increase in visitor traffic. Bimini being the gateway of the Bahamas, it deserves more attention from investors and those in charge to truly tap into its potential for economic prosperity.

Hotels and Resorts Before getting into some of the larger resorts and hotels, Bimini has a handful of small boutique properties such as the famous Bimini Big Game Fishing Club, Bimini Blue Water Resort and Bimini Sands Resort & Marina.

These resorts offer a unique experience for visitors who

are interested in boating, beach experiences and winding down time.

The major player in Bimini’s hotel market is Resorts World Bimini Resort & Casino, which carries the famous Hilton brand.

The resort was originally designed to be the ‘Hamptons’ of the Bahamas, and its first phase launched in 2007. The sheer scale of this project, in relation to the island’s size, is what concerned most Biminites and environmental specialists due to the level of dredging its original development plans anticipated.

Most of those were subsequently scaled down and/ or put aside. The resort is one of Bimini’s largest employers but, with a limited workforce on the island, persons from Grand Bahama and other islands have taken over 100 jobs at the resort. There is little doubt about the economic prosperity that a project of this size generates. But at what cost do they come to the residents of the Bahamas?

Some would say the developer who purchased this property in 1995 for an estimated $3 million, Gerado Capo, got a steal of a deal. After all, the resort does sit on five miles of ocean front property.

The key word here in all of this is location, location, location. Repeat it until it sticks, because it is truly the location of a hotel/resort that can make or break its success. Imagine sticking Resorts World in the middle of Bay Street, inclusive of all amenities. I am sure that site pales in comparison to the idyllic setting of Resorts World Bimini.

But Bimini is known for its research and preservation

ISLAND

InsightS

By RODERICK A SIMMS II

BIMINI Bay. efforts regarding the biology of marine life, and environmentalists often take umbrage over projects such as this because of the adverse impact it can have.

It is worth it?

A controlled development with little to no impact on the environment is ideal. This can be achieved through proper management and planning, special advisories from both public and private entities, and comprehensive environmental impact assessments (EIA). While we are all for investing in the Bahamas, protecting our natural resources should be priority.

Eco-Tourism Being only 50 miles away from the US mainland, Bimini is a perfect spot for boaters and those interested in big game fishing.

The Bimini Big Game Fishing Club opened in 1936 with the idea of starting fishing tournaments and, today, has continued that tradition with more added activities. Bimini is widely known as the capital for big

game fishing, and Floridians enjoy taking a trip over for this activity. Some fish found in Bimini’s surrounding waters include the Blue marlin, Dolphin, Blackfin Tuna and Mackerel.

Outside of this sportsmanship, Bimini is also known for its beautiful diving experiences. Some of the best sites can be found in South Bimini. When diving, visitors experience an underwater museum expo with wreckage, reefs and sharks. That sounds like nothing but fun, especially for someone interested in exploring the aquatic wonders of the island.

Marinas Being known as the world’s capital for big game fishing is quite a big deal.

Therefore, the role marinas play in generating economic activity for Bimini is also a big deal. Bimini tops the Bahamas for the number of boating visitors with 22,732 in 2016, compared to 16,862 in 2005. No other island has been able to match or compete with Bimini’s numbers. Bimini also has a high

number of offshore boaters and mixed-use accommodation boaters. Based on these statistics, it is safe to say that boating is definitely a way of life in Bimini.

Challenges Large-scale hotels such as Resorts World certainly provide an economic boost for Bimini in terms of employment, consumer activity and visitor arrivals. But is this the only way to achieve such growth?

Bimini has a relatively small population and workforce. But this does not mean residents do not have the ability to expand tourism offerings via vacation rental homes. The island’s beauty and water adventures are enough to attract tourists beyond just a megasized hotel. Some visitors may be looking for a villa, a comfy apartment or a reasonable boutique hotel. It is not as if there is a lack of activities on the island. To facilitate this, the South Bimini airport is in dire need of an upgrade. With such improvements, government could see an influx

in visitors and an improved airline inventory. If these two improvements were to take off, Bimini’s tourism potential could be further unlocked.

Moving Forward No island in the Bahamas is too big or too small for investment. With Bimini being one of those islands with decent utilities and infrastructure, the opportunities to improve the island’s tourism product are there. But one must be careful about their approach to investment because Bimini’s marine life is a critical part of the island’s attraction. Bimini is a paradise for ocean and fishing lovers, and that in itself presents an opportunity for more stopover visitors. However, expanding the island’s room inventory must take into consideration environmental preservation efforts.

With its proximity to the US, Bimini could be well on its way to becoming a tourist hot spot for sea lovers willing to pay the price for an unimaginable getaway.

THE TRIBUNE

Monday, April 16, 2018, PAGE 3

Bahamian app developer targets next month launch

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A TECHNOLOGY solutions provider is preparing to launch a Bahamian-targeted home services application (app) next month, as it bids to “infuse technology” into several local industries.

Steven Adderley, a Bahamian tech developer residing in Seattle, told Tribune Business that the PRO242 app is set to be launched by his iCONNECT242 tech company next month. He explained that the home services app will give consumers the

opportunity to connect with licensed, certified and talented professionals via technology.

“The app is about 97 per cent done,” he said. “We are looking to go to market within the next week or so. We are ramping up our marketing to ensure that we prepare people for it. It’s a service app where we allow customers to post their needs, and professionals in the area can meet those needs for them, like home services such as plumbing, electrical and that sort of thing.

“It’s been in development for about six months to a year now. We are at the last phase of testing. Everything

came out pretty good.

There are just a few more things that we are tweaking just on the feel and look of it. but the functionality is 100 per cent.”

Mr Adderley told Tribune Business that iCONNECT242 is looking to bring technology to other industries in the Bahamas, with the PRO242 App its first solution out of the gate.

“The whole idea is to connect the Bahamian community to technology.

When I started this project with some friends, other developers, the big thing for me was connecting the dots and finding ways to make easier to do the day-to-day things we do,” he said.

PM REAFFIRMS GOV’T’S PRIVATE SECTOR SUPPORT THE Prime Minister has affirmed to an international audience that the Government and private sector are of one accord in advancing the competitiveness of Bahamian business.

Dr Hubert Minnis gave this confirmation at the third CEO Summit of the Americas in Lima on Friday, emphasising that such dialogue can only work when government embraces the responsibility to create an environment in which business can flourish,

with transparency and integrity essential to the process.

Dr Minnis said the Bahamas seeks “to implement international best practices that will make us a leading jurisdiction in the hemisphere”.

Acknowledging the presence of the Bahamian private sector at the CEO Summit, Dr Minnis added: “In support of our public-private sector initiatives is the chief executive of the Bahamas

Chamber of Commerce and Employers’ Confederation, Edison Sumner, who I understand works closely with the Americas Business Dialogue.”

Mr Sumner, as a member of the Americas Business Dialogue (ABD), recently presented at the ABD planning meeting (during the Inter-American Development Bank (IDB) Board of Governors meeting), in Mendoza, Argentina, on behalf of the Caribbean private sector group.

“We are working on seven developments in different industries to infuse technology. This is the first one out of the door. We want to connect communities. We look at industries and see how we can connect communities. Technology is coming whether we like it or not, and I want to be a part of ensuring that the Bahamas stays abreast and doesn’t get left behind.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, AKINO KEE-LON BULLARD of Kool Acres Subdivision and SHAKARA FALICIA HAVEN of St. Charles Vincent St. of New Providence, The Bahamas, parents and legal guardians of JAYDEN DEONGELO HAVEN, a minor, intend to change our child’s name to JAYDEN DEONGELO BULLARD. 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, Bahamas no later than thirty (30) days after the date of the publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, THEODORE DOMINIC MCKINZIE of New Providence, The Bahamas, intend to change my name to THEODORE DOMINIC JOHNSON. 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-792, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

ADVERTISE TODAY IN THE TRIBUNE, JUST CALL 502-2394

PAGE 4, Monday, April 16, 2018

THE TRIBUNE

Gov’t to ‘replicate’ NP landfill solution across Bahamas FROM PAGE 1 million waste-to-energy gasification plant, with Bahamas Waste understood to have provided its own waste-to-energy proposal valued at around $150 million. The Providence Advisors/WRDG was said to be priced at between $60-$120 million, with waste-to-energy “optional” and at the higher end of that price scale.

Mr Ferreira declined to be drawn on the details of bidder submissions, and emphasised he was not part of the committee evaluating their proposals. He reiterated, though, that the Government had expected to receive offers with multiple components.

“We fully expected some heterogeneous-type

solutions that included a mixture of revenue streams, and reasonable businessmen want to take advantage of every potential revenue stream,” he said.

While New Providence’s landfill required urgent attention due to the health and environmental risks it poses to thousands of Bahamians, Mr Ferreira said its remediation was part of a much bigger strategy to overhaul similar facilities in the Family Islands and transform the country’s waste management culture.

“Going through this process for the New Providence Sanitary Landfill essentially makes a generational change in the way the landfill is run, and is part of the Minnis administration’s greater mandate to revolutionise solid waste

management in the entire Bahamas,” Mr Ferreira told Tribune Business.

“It’s so important for us to get this [RFP] process right. I know people want a quick fix, but it couldn’t be a quick fix. We intend, once we go through this process, to replicate it in other islands.”

Mr Ferreira, speaking after just returning from an assessment of Abaco’s landfill, said that facility needed to go through “a similar exercise” to New Providence’s facility in terms of deconstruction and remediation.

He expressed hope that landfill upgrades, and improved education, would help to change a culture involving the indiscriminate dumping of wrecked vehicles, heavy-duty consumer

appliances and other waste materials that has blighted many parts of the Bahamas.

“One of the issues we want to deal with is change this culture of dumping in the bush,” Mr Ferreira told Tribune Business. “There’s this dumping in the bush culture that comes from somewhere, and we need to change that.

“We need these waste management solutions to be a part of that, and show people they have a reasonable, reliable and affordable alternative to that. This is part of a broader strategy; we can’t just fix New Providence and ignore the Family Islands. They are all ticking timebombs.

“The reason I say that is a lot of these things are a function of population size, and these islands are going to continue to grow. It may not be in your or my lifetime, but there will come a day when the population of this country is a million people.”

Mr Ferreira said “dynamic” waste management solutions, which were “sustainable and a fit for the island communities and settlements involved”, are required for each Bahamian island. They also needed to be part of development strategies for each island.

“We’ve turned our sights to Abaco,” he reiterated.

“New Providence has been quite a challenge; those intermittent fires were the biggest environmental challenge the country was

facing, followed a close second by Clifton Pier.

“We’ve spent a lot of time and detail to get this [RFP process] right. We’ve established a blueprint that’s part of a solid waste management plan for the entire country,” Mr Ferreira said, adding that New Providence’s solution was “in train”.

“It’s in full flight and well on the way,” the Minister continued. “The train is well down the rails now.”

He added of the Government’s bid evaluation team: “I think they understand and appreciate the significance of this particular moment, and the significance of it.”

The identities of three of the four New Providence landfill bidders are well known. Cedric Scott, the actor, producer and uncle of former Cabinet minister, Jerome Fitzgerald, is listed

by Bahamas WTP LTD’s website as one of its five principals. Its two other Bahamas-based principals are banker, Ivylyn Cassar, and permanent resident, Fay Russell. The company’s physical address is listed as Ms Cassar’s Equity Bank & Trust, based in western New Providence.

Bahamas WTP is a consortium that also features two US companies, Delaware-incorporated Ameresco Ltd and Louisiana-based Furnace and Tube Services Inc. Bahamas Waste is the BISX-listed company of the same name, while Providence

Advisors is headed by the well-known local investment banker, Kenwood Kerr. His partner, Waste Resources Development Group, features all the other Bahamian waste disposal groups bar Bahamas Waste.

Tribune Business sources said bidders are being assessed on a criteria that allocated 60 out of 100 points to the technical aspects of their offers to deconstruct, remediate and manage the New Providence landfill, plus turn it into a sustainable and profitable business venture.

Another 30 points relate to the financial aspects of their bids, with the final 10 relating to ownership of the various bid groups.

The proposals were submitted last Monday, and the Government is expected to carry out its evaluation and select a preferred bidder within 45 days of that April date.

Resolving the New Providence landfill’s problems has become increasingly urgent, not least because of the fires and resulting smoke that makes the lives of hundreds of Bahamians a misery whenever such blazes erupt.

For they also disrupt commerce for nearby businesses, and impact the Bahamas’ tourism product if fumes are blown towards Cable Beach. The Heads of Agreement obtained

by Baha Mar’s new owner required the Government to resolve the landfill’s woes by end-December 2017 - a deadline that has been missed - although this appears to have caused no consequences to-date.

The former Christie administration selected Renew Bahamas to take over the landfill’s management and operation, put the company pulled out in the wake of Hurricane Matthew in October 2016, with the site handed back to the Department of Environmental Health Services. A subsequent tender process was cancelled by the Minnis administration.

Three of the seven bidders who qualified for the Request for Proposal (RFP) round on the latest tender did not submit bids.

These are Valoriza Sevicios Medioambientales, a Spanish-headquartered waste and environmental services provider with significant interests in the Latin American region; Eastern Waste Systems, which appears to be a Florida-based garbage disposal operation; and Marine Contractors Inc.

THE TRIBUNE

Monday, April 16, 2018, PAGE 5

Credit Bureau data gather to begin ‘year from today’ FROM PAGE 1

set-up is driven partly by the lengthy period of time it will need to amass data on nearly 250,000 Bahamian commercial bank loan accounts and credit extended by other lending institutions.

This means it will still take several years post-operator selection before the Credit Bureau becomes fully operational.

K P Turnquest, the Deputy Prime Minister, told Parliament during the Credit Reporting Bill debate that it would likely take 18-24 months to become truly effective once the enabling legislation was passed.

The Credit Reporting Act is due to come into effect before this month ends, but Mr Rolle said it was “difficult” to provide a timeline for when the Bureau will become fully operational because the data has to be “accumulated over a longer period”.

A Credit Bureau effectively acts as a central database, or information repository, that lenders can use to obtain a more complete, accurate picture of the risk presented by a particular borrower - consumer, family or commercial.

The Bureau will draw on historical, and current, data provided by sources including banks, insurers and credit unions to build up a history of borrowers’ creditworthiness, including their track records in repaying previous loans

and ability to take on new debt.

This, in theory, will put an end to the longestablished practice of Bahamians ‘bouncing’ from one lender to another, and exploiting information gaps to access credit from multiple institutions that, ultimately, leaves them struggling under a debt burden that can never be repaid.

Mr Rolle, promising that the Central Bank will now “ramp up” its public education campaign on the Credit Bureau’s implications, told Tribune Business that it will change Bahamian borrowing/lending habits for the better with benefits for the wider economy and society.

“I think it will get us to a position of greater awareness around our borrowing habits, and we will begin to develop a stronger appreciation of how our credit history affects the interest rates that we pay and who lines up to provide us credit,” he said.

“I think there will be an awareness and better understanding of how one is being treated. I think it will be a big cultural shift, ultimately in a positive way. For some of us who maybe do not track their credit history as well as others, that will be a big change but positive.

“We know that on some level we have individuals who see this almost as putting an obstacle in front of them in terms of ease of getting credit, but that’s not the way we view it.”

Effectively warning Bahamian borrowers to ‘put their house in order’

before the Credit Bureau comes into being, the Governor added: “They should understand that if you engage in riskier borrowing habits you may face the cost consequences for that in an environment where the banks are more aware of it.

“The cost of making unsustainable credit decisions will be weightier.”

Mr Rolle’s comments indicate that a Credit Bureau will allow banks and other lenders to segment the market, and price credit accordingly.

Thus borrowers with good credit histories may face lower interest rates, and monthly loan repayments, than those with previous difficulties - who may even be denied credit.

The Central Bank governor, meanwhile, said the Credit Bureau would provide “a more solid foundation” for banks and others to defend their lending policies and evaluate loan book performance.

“It’s going to be a big deal for the sector, as it’s going to add more comfort for lenders in certain areas as to whether their lending in safe circumstances versus riskier circumstances, and allow them to make a more informed judgment around the interest rates they set on credit,” he explained.

“There should be less risk taking around borrowers. We should have a better understanding of who to lend to. Most financial institutions rely on having a good relationship with those who bank directly with them, and hope there’s nothing

uncomfortable outside that relationship setting.

“The Credit Bureau gives them a more complete picture of the customer from the inside and the outside, and what happens elsewhere, and that gives the bank better knowledge of whether they are overextending themselves.”

Mr Rolle suggested the Credit Bureau will allow banks to “be more flexible”, and also prevent a repeat - to the same extent - of the sector’s long-standing post-recession ‘bad’ loans pile which peaked at $1.2 billion.

This sum meant one out of every five dollars lent by the Bahamian commercial banking industry was at least 30 days’ past due for repayment.

Now, with the banks moving more aggressively to tackle their problem credit, the issue is getting

them confident enough to lend once again and provide the financing Bahamian businesses need to grow the economy.

“It will be a very important component in how the credit industry recovers,” the Central Bank governor told Tribune Business.

“From where we are now it’s very important when talking about credit access and coming out of a period when you have a slump.”

The Credit Bureau represents another step in modernising the Bahamas’ economic infrastructure, this time its credit market, with Mr Rolle expressing hope that it will reduce loan application processing times and boost commercial activity in the wider economy.

Among those pushing hard for its creation is the International Monetary Fund (IMF), which called for the “steadfast

implementation of the Credit Bureau” in its latest Article IV visit to the Bahamas - something it has oft-repeated in recent years. “Moving swiftly with the implementation of the Credit Bureau is critical as it will take time for the Bureau to populate its database,” the IMF said, identifying it as a key solution to some of the ‘ease of doing business’ obstacles obstructing Bahamian economic growth. “It adds to what we would consider as essential infrastructure,” Mr Rolle said. “In addition to wanting to see the financial infrastructure recover from the weight of some non-performing loans, they [the IMF] also want to see the institutions’ confidence level grow.

“It’s the confidence on new lending that’s important to the economy, and the IMF and others appreciate why.”

PAGE 6, Monday, April 16, 2018

THE TRIBUNE

Miller: ‘Where are LNG critics now?’

FROM PAGE 1

Cay near Bimini. The project would have also included a 76-mile pipeline to transport re-gasified LNG to Fort Lauderdale in southern Florida, with AES even modifying its plans to offer to supply LNG to BEC. Both Tractebel and El Paso Corporation proposed similar plans to AES, using terminals in Grand Bahama, but these were also doomed due to the absence of Bahamian regulatory approvals.

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Creditors may be required by written notice from the Voluntary Liquidator, to come in and prove such debts or claims at such time and place as shall be specified in such notice or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved or precluded from objecting to any such distribution.

DATED the 12th day of April 2018 Craig A. (Tony) Gomez Voluntary Liquidator

“Those who opposed it should hang their head in shame and apologise to the Bahamian people,” Mr Miller blasted.

“It’s being done now, and once it’s being done for the benefit of the Bahamian people that’s all that really matters.

“Back then they tried to vilify me and said I wanted to blow up the Bahamas. Where is the outcry today? Where are the critics now? Everyone can see that LNG is the way to go.

It’s the cheapest form of

fuel. AES lost about $20 million on that project. It’s just a disgrace. That will bother me for the rest of my life. We really missed the boat on that one. We’re getting it now but we’re going to have to pay for it.”

Mr Miller added: “When I look at this situation with LNG, everything has come full circle. I don’t think I will ever get credit. It was Dr Marcus Bethel, David Davis and myself who pushed it. All the records and plans are there. It is what it is.”

He added that the Bahamas lost out on millions of dollars in annual government revenues which could have gone towards areas such as education and healthcare. “It was so right for us, it was the right fit.

So much work was done on that,” Mr Miller said.

“There were qualified Bahamians with PHD’s who dealt with that. The critics just couldn’t appreciate the knowledge we had gained, and the people we had around us who had the expertise. It’s a real pity.”

THE TRIBUNE

Monday, April 16, 2018, PAGE 7

Shell HQ relocation gives Gov’t big boost FROM PAGE 1

Mr Bannister said Shell’s potential headquarters move and the bid award were not linked, although some of the 18 rivals on the BPL contract may take a different view.

The Minister added that the energy giant’s decision to establish a physical presence in the Bahamas was an indication of growing investor confidence in this nation as a result of the Minnis administration’s election in May 2017.

“Obviously these companies, international brands, are a lot more confident in the Bahamas than they were before, and looking to bring their business here, which is an indication of confidence in the Government. It has to be,” Mr Bannister told Tribune Business.

“It’s a big company we’ve attracted to the country, and all Bahamians can be happy with what is going to follow with respect to Shell.” The Minister referred Tribune Business to the Prime Minister, who is travelling, and the Bahamas Investment

Authority (BIA) for further details.

Shell’s potential relocation provides a major reputational boost for the Bahamas, especially given the timing and the circumstances in which this country finds itself.

For the multinational’s move comes just as the Bahamas is being forced by the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) to focus on mandating that companies doing business in this jurisdiction have an actual physical presence here - and engage in ‘real activities’ - as part of their anti-tax avoidance drive.

Shell could thus act as ‘the poster boy’ for the Bahamas in making such a switch, with its global name and reputation encouraging other investors and companies to set up operations here. Many observers believe such ‘physical presence’ requirements will also increase Bahamian employment and boost economic activity.

The potential relocation also aligns with the Minnis administration’s efforts to restructure and reposition the economy

by diversifying beyond the ‘twin pillars’ model of tourism and financial services, and further liberalisation and deregulation.

It could also lend credibility to the Commercial Enterprises Act if Shell is making its corporate entrance under this legislation. Carl Bethel QC, the Attorney General, seemingly alluded to Shell’s potential arrival during the mid-year Budget debate in the Senate.

“A large international trading conglomerate is looking to move its headquarters to the Bahamas,” Mr Bethel said, without naming the company.

“Such initiatives under the Commercial Enterprises Bill, and headquartering by international traders and high-tech companies, will hopefully continue to re-position the Bahamian economy, thus creating new highly-skilled and ultimately high-paying jobs throughout our economy.”

Shell’s business, if it does relocate to the Bahamas, will likely involve energy trading.

And multiple Tribune Business sources yesterday suggested Shell’s relocation plans may be further advanced than Mr

Bannister indicated, with realtors having already been hired to find homes for around 30 expatriate workers - plus office space - in the Lyford Cay-western New Providence area.

Sir Franklyn Wilson, chairman of BISX-listed FOCOL Holdings, which owns/operates Shell’s business in the Bahamas, said he was aware of reports about the potential Caribbean headquarters relocation and hiring of local realtors.

Emphasising that he was not speaking on Shell’s behalf, and had not been informed of the move officially by the energy giant, Sir Franklyn said it had decided to move its regional headquarters back to the Caribbean following

its relocation from Barbados to Houston several years ago. “If true, it’s a wonderful thing for the Bahamas,” he told Tribune Business. “It’s a wonderful thing when regional companies come here. These are high-paying jobs. They recruit very high-level people. They may not come here with Bahamians in these trading positions, but it opens up the possibility of Bahamians being trained to take advantage of the opportunity.”

Sir Franklyn expressed hope that the Canadianowned banks “take note” of Shell’s move and consider switching their regional headquarters to the Bahamas. “I said the other day to the regional chief executive of one the three large

banks that operate here: Why are you not headquartered in the Bahamas?” he recalled. “He answered me: Why should we? I said to him that in one community here, Lyford Cay, we have 32 billionaires.

You go where the money is. Barbados does not have that number in their entire country.”

One source, speaking on condition of anonymity, told Tribune Business that Shell’s presence would have an immediate “knockon” effect for the economy, including the housing and retail markets and government taxes/fees. “You get a big name brand, internationally-recognised brand relocating in the Bahamas, that’s great news; fantastic,” the source said.

PAGE 8, Monday, April 16, 2018

THE TRIBUNE

THE TRIBUNE

Monday, April 16, 2018, PAGE 9

Vacancy for

Chief engineer A fast growing company is seeking to hire a proven individual to fill the role of Chief Engineer. The successful candidate will be responsible for the management and maintenance of all aspects of an industrial production facility with state of the art electrical and mechanical equipment.

He/she will also be responsible for mechanical troubleshooting, overseeing the upkeep and preventative maintenance process and schedule for the operation, manage all related systems and be proficient in software applications and possess the aptitude to learn and train others, while leading and supervising the work performance for assigned personnel.

The candidate must have electrical and plumbing experience, and be knowledgeable in dealing with high voltage, high heat and pressure, with at least 2-3 years of experience in management position and leader of team members. Salary will be commensurate with experience.

Interested candidates should forward their resumes’ on or before April 23, 2018, to cleanjobsbahamas@gmail.com.

Our lending institution is looking for a

Junior Accountant/Accounting Clerk

to provide support to the financial department by performing daily accounting tasks.

The ideal candidate will be well-versed in accounting principles and able to work comfortably with numbers and attention to detail. The goal is to contribute to the overall efficient operation of the department and help the company be fully aware of its financial condition.

Responsibilities: ➢ Analyze and reconcile bank statements and general ledger ➢ Post and process entries to ensure all business transactions are recorded ➢ Update accounts payable and perform reconciliations ➢ Maintain and record fixed assets preparing fixed asset depreciation and accruals ➢ Check figures, postings, and documents for correct entry, and accuracy ➢ Classify, record and summarize numerical and financial data to compile and keep financial records ➢ Assist in the processing of balance sheets, income statements and other financial statements according to legal and company accounting and financial guidelines ➢ Assist with reviewing of expenses as assigned ➢ Update financial data to ensure that information will be accurate and immediately available when needed ➢ Prepare and submit weekly/monthly reports ➢ Assist with other accounting projects Skills, Experience & Qualification Required: ➢ Excellent communication skills; both written and verbal ➢ Proficient in QuickBooks ➢ Proficient in Microsoft Office Site, with solid systems experience ➢ 3+ years’ related experience preferred ➢ Bachelor’s Degree in Accounting or related field ➢ Know basic accounting principles ➢ Ability to multi-task

Interested persons must submit a current resume and photograph to hremploymentnow@gmail.com no later than 25th April 2018.

SUPPORT THE BLOOD BANK

SAVE A LIFE GIVE THE GIFT OF

BLOOD

BECOME A REGULAR DONOR

1 PINT CAN SAVE 3 LIVES GIVE BLOOD - GIVE LIFE

SOME HELPFUL TIPS BEFORE YOU DONATE:

4 You must have eaten at least once for the day.

4 You need at least 30 minutes between your last meal and donating blood.

4 You will need at least 10 minutes rest after donating blood.

4 You can donate blood every 8 weeks.

4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.

BECOME A REGULAR DONOR

PLEASE ENCOURAGE YOUR COLLEAGUES TO SUPPORT THE BLOOD DRIVES

Interested parties may obtain completed Audited Financials from the LICENSEE Inteligo Bank Ltd. First Floor Seventeen Shop Building Fourth Terrace Centreville P. O. Box N-3732 Nassau N.P. Bahamas T (242) 328-6846/F (242) 328-6847 Email@inteligogroup.com

PAGE 10, Monday, April 16, 2018

THE TRIBUNE

Insurer’s ‘big relief’ at no business ease reversal FROM PAGE 1 added costs to our operations at a time when we’re trying to mitigate additional cost developments both from our perspective and the consumer’s perspective.

“We’re trying to create an environment where the ease of business is a major part of the focus, and that would be going in the other direction, especially if you look at the risk or exposure.

One would have to question whether it’s worth the effort in relation to what you’re trying to achieve.”

Property and casualty insurers were initially included in the FTRA’s definition of ‘financial institutions’ as the Government sought to address deficiencies in the Bahamas’

anti-crime defences identified last year by the Caribbean Financial Action Task Force (CFATF), ahead of a June evaluation by that organisation’s Parisbased parent, the FATF. The insurance industry, though, argued that this was ‘overreach’ because the FATF’s globally-accepted anti-money laundering standards did not include general insurance on the ‘defined institutions’ list.

The sector argued that the Bahamas was going beyond global standards in a move that would have forced property and casualty insurers to undertake Know Your Customer (KYC) due diligence on all accounts, adding significant costs and ‘red tape’.

Mr Ward told Tribune Business that the relatively small premiums paid for

auto and property insurance, in most cases, made it “very difficult” for the sector to be exploited by money launderers.

“It would have been very difficult to implement a system that allows us to introduce a new regime without adding more cost and complexity to the way we do business,” he added, “so we’re very happy it’s not something we have to actually do.”

Mr Ward was speaking after A. M. Best, the insurance industry credit rating agency, reaffirmed the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Ratings of ‘a-’ for Bahamas First and its Bahamian and Cayman subsidiaries.

A. M. Best said the ratings reflected the

group’s “balance sheet strength”, which it described as “very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM)”.

“The very strong balance sheet strength is derived from risk-adjusted capitalisation at the strongest level and the group’s ability to raise capital if needed, which is partially offset by a high dependence on the reinsurance markets to protect capital in the event of natural catastrophes,” A. M. Best said.

“The investment portfolio, while conservative in nature, is subject to regulatory constraints and, in a large part, the sovereign rating of the Bahamas. In addition, the operating companies pay dividends

to Bahamas First to service debt, which may constrain capital growth.”

The rating agency added: “The group’s operating performance has been favourable, especially in years where there have been few major hurricanes impacting the Bahamas or Cayman Islands. Aboveaverage profitability has supported capital growth, despite highly competitive markets and weakened economic conditions.

“The business profile is considered neutral due to its leading market positions and operations in two territories, and recognising that the Bahamas represents the larger exposure sphere. The group benefits somewhat from geographic diversification and product mix,

which helps stabilise overall results through market cycles and further reduces the impact of catastrophic events.

“Furthermore, ERM appears to be appropriate for the group’s size and the complexity of its underwriting, investment and other risks based on its developed ERM framework and controls, which include a capital management policy.”

Looking to the future, A. M. Best forecast: “The group will continue to produce favourable earnings in non-catastrophe affected years, and its strong surplus position and comprehensive reinsurance programme will continue to keep the balance sheet very strong.”

NOTICE

DWTECK 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 DWTECK LIMITED

LEGAL NOTICE JAYM Ocean Limited NOTICE is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, of the Commonwealth of the Bahamas, the dissolution of Belsize Management Ltd. has been completed; a Certificate of Dissolution has been issued and the Company has been struck off the Register.

Dated this 12th day of April 2018 ______________________ Liquidator Petaluma LTD LEGAL NOTICE Bluepalm International Ltd. NOTICE is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, of the Commonwealth of the Bahamas, the dissolution of Belsize Management Ltd. has been completed; a Certificate of Dissolution has been issued and the Company has been struck off the Register.

Dated this 12th day of April 2018 ______________________ Liquidator Petaluma LTD

THE TRIBUNE

Monday, April 16, 2018, PAGE 11

NOTICE

NOTICE is hereby given that ASHLEY CHERY of Eastwood Estates, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT FRIDAY, 13 APRIL 2018

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

BISX ALL SHARE INDEX: CLOSE 1,979.83 | CHG -1.12 | %CHG -0.06 | YTD -83.74 | YTD% -4.06 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 3.41 8.80 6.10 4.13 10.07 2.75 1.50 7.78 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 3.35 8.80 6.10 4.13 10.07 2.72 1.50 7.77 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 -0.06 0.00 0.00 0.00 0.00 -0.03 0.00 -0.01 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

110.32 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.01 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

110.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

57,293 457

406 500

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 -2.3 13.8 10.5 24.2 16.0 26.7 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% 2.21% 3.33% 1.08% 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%

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

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

ADVERTISE TODAY IN THE TRIBUNE, JUST CALL 502-2394