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TUESDAY, APRIL 16, 2019

$4.70 ‘More pressure for change’ call after IMF reveal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GOVERNANCE reformers yesterday called for “more pressure for change” after the IMF warned that addressing structural impediments to growth was “critical” ahead of joining the WTO. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the International Monetary Fund (IMF) appeared to have taken a page “out of our book” by calling on The Bahamas to lower energy costs, boost private sector access to credit and address “skills mismatches” in the labour market. “Addressing structural impediments and preparing the economy for a further gradual opening is critical,” the IMF argued yesterday following an 11-day visit to Nassau for the annual Article IV consultation with the government and private sector. “Several steps have been taken to address longstanding structural issues, boost private investment, and lower the cost of doing business. “Planned accession to the World Trade Organisation (WTO) makes it even more urgent to tackle remaining impediments. Lowering energy costs, improving private sector credit access and tackling skills mismatches in the labour market are critical priorities.” Mr Myers, in response, said: “We completely concur. We’re glad to see them reiterate what we’ve been saying for the past three to four years. We need more pressure for change. We need more focus on these things, and it’s good to hear the international acknowledgement

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DPM: ‘Touch and feel our tremendous work’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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HE government’s “tremendous” economic and fiscal progress will soon be “touched, seen and felt” by many Bahamians, the deputy prime minister promised yesterday. KP Turnquest, speaking after the International Monetary Fund (IMF) released a relatively positive assessment of the Minnis administration’s policies and their execution, told Tribune Business that The Bahamas was “moving into a period of economic growth” following the “significant work” completed during its first two years in office. He cited the government’s reduced fiscal deficit, end to successive, multiple sovereign credit

• Says ‘we’re moving into growth period’ • Eyes jobs ‘catch up’ despite IMF warning • Fund predicts deficit overshoot at 2.1% of GDP

THE Bahamas must seriously examine switching to a tax system based on “ability to pay”, a top private sector executive urged yesterday, amid renewed IMF calls for “greater income equality”. Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA), told Tribune Business that the consumption-driven nature of this nation’s VATreliant structure meant those on lower incomes continue “to bear a disproportionate tax burden” in comparison to their

GOWON BOWE

Tribune Business Reporter

nmckenzie@tribunemedia.net

SEE PAGE 5

SEE PAGE 8

• BICA chief: Low income being penalised • IMF urges review for ‘greater equality’ • Current structure never reviewed wealthier counterparts. Speaking after the International Monetary Fund (IMF) renewed its call for a “a comprehensive review” of the Bahamian tax system following the latest Article IV consultation with the government, Mr Bowe argued that no such study had been conducted since the current model was conceived in the late 1950s and early 1960s. “They’ve been recommending in their various

By NATARIO MCKENZIE

missions for the last two years that there be consideration given in that regard,” he said of the Fund’s review call, “and that will continue for a while until we demonstrate we’re not chipping away at the edges but doing a comprehensive review of our tax system. “I would beg the question: Have we ever had a comprehensive review? The VAT ‘White Paper’ [in

SEE PAGE 4

Bahamas needs ‘ability to pay’ taxation system By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Former Bar chief hails ‘a new day’ in construction THE Bahamian Construction Adjudication Bill will create a “paradigm shift” for the industry, a senior attorney and former Bar Association president said yesterday, hailing it as “a new day”. Dr Peter Maynard, pictured, senior partner of Peter D Maynard Counsel & Attorneys, told Tribune Business that the Bill - currently in draft form and being circulated for consultation - provides for the swift resolution of construction-related disputes to avoid potentially lengthy, costly litigation in the courts. “We are looking to provide an avenue to have matters adjudicated and resolved in months as opposed to years,” Dr Maynard said. “We also want to have construction adjudication set into these various agreements. “We want to bring about a system where, rather than stop construction, stall a project and put people out of work, we can keep things going and resolve the issues swiftly.” He added: “The underlying principle is ‘pay now, argue later’. We looked at systems around the world and thought it was about time we have it in The Bahamas. I’m going to be sending the Bill to, firstly, the attorney general and the minister of financial services and the Law Reform Commission.  “This is a project of the

rating downgrades and avoidance of the European Union’s (EU) blacklist as some of the accomplishments he believes have created a platform for Bahamian gross domestic product (GDP) to expand amid renewed investor and business confidence. While the IMF warned that the persistent “double digit” unemployment rate, currently at 10.7 percent, will “decline only gradually”, Mr Turnquest yesterday voiced optimism that the jobless numbers would ultimately “catch up” with improved economic growth KP TURNQUEST

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‘Don’t tax us into oblivion’ on public pension deficit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government “cannot tax Bahamians into oblivion” to cover its multibillion dollar public sector pension deficits, the Chamber of Commerce’s chief executive warned yesterday. Jeffrey Beckles, speaking after the issue was again flagged by the International Monetary Fund (IMF) during its latest Article IV visit to The Bahamas, told Tribune Business the situation was “crazy” given that a public sector worker was retiring almost every day with no funding set aside for their later years. He added that that the current “pay-as-you go” retirement funding for civil servants, and multi-million deficits of non-contributory pension schemes at multiple state-owned enterprises (SOEs), had long been

• Multi-billion liability branded ‘crazy’ • Chamber chief: Can’t wait till we’re broke • ‘Resistance’ likely to further taxpayer call

JEFFREY BECKLES recognised as “unsustainable” and required reform “much sooner rather than later”. “It is a known fact that we cannot continue to service the debt of these non-contributory pension plans,” Mr Beckles told this newspaper. “Since it’s

unsustainable, what are we going to do about it? “We cannot literally wait until the country is literally broke or there is no movement. We have to take a holistic approach in beginning the dialogue to reform and modify the system. You’re not going to be able to tax Bahamians into oblivion just to pay pensions. That’s going to be met with overwhelming resistance, and rightly so. “We have to sit down and figure out how to sustain this,” the chamber chief added. “The truth is that every day that goes by somebody qualifies for a pension without any new revenue coming in to sustain it. That’s crazy. We

have to start that conversation much, much sooner rather than later.” Mr Beckles’ concerns were echoed by Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, who told Tribune Business that existing public pension schemes needed to be “capped” to slow, or prevent, further expansion of their deficits and the potential liability for Bahamian taxpayers. “Somebody has to have the testicular fortitude to to say they’’re putting in that cap,” Mr Myers said. “Stop beating around the bush. It’s unsustainable. It will tank us if it’s not dealt with.

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N assessment of the banking system in the southern Bahamas needs to be performed in an effort to accommodate the financial needs of pensioners, business owners, investors and consumers living in this region. In the past five years, international banks have ended the provision of physical services on certain Family Islands as part of the transition to digital/ electronic services. This trend is not unique to The Bahamas, as banks and other financial institutions are seeking ways to modernise their services. The channels and means of banking are ever-changing, so the difficulty lies in measuring and increasing the readiness of Family Island residents to adapt to such changes. The

We cannot ignore Out Island banking woes By RODERICK A SIMMS II Advocate for sustainable Family Islands growth and development | rasii@me.com

THE TRIBUNE government should put in place measures to help residents transition into the digital banking era. One key aspect is education. Another important aspect is finding different avenues for residents to continue to use commercial services. PROGRESSION While it is unsettling that certain international banks have left behind the “bricks and mortar” side of their banking operations, it should be noted that they are not obligated to provide services in The Bahamas despite being here for a number of years. International banks are faced with fierce competition and strict guidelines as the financial market becomes more saturated. However, this does not change the fact that banking services need to be

a part of the economy of the southern islands and, by extension, The Bahamas. In order to achieve this, residents need to be educated on the various banking options that exist today. What may be a difficult task is learning to adapt to these new options that are a part digital banking. All of this highlights a need to be more progressive. OUT WITH THE OLD Given the geographic proximity of The Bahamas to the US, many historic events of the early 19th century impacted the Bahamian economy at the time. The investment tycoon, Henry Flagler, helped trigger economic growth by acquiring the British Colonial Hotel, formerly known as the Royal Victorian, which was originally built in 1898. The impact of this development can be seen in the actions of the Royal Bank of Canada (RBC), which became the first foreign (Canadian) bank in The Bahamas as of 1908. Notably, in 1836, the Public Bank of The Bahamas was the first bank to open that offered commercial services. It was run by the Post Office and closed in 1886. Shortly after, the Bank of Nassau offered similar services and was open from 1889 to 1916. As history would tell it, banking has always been embedded in the economic blueprint of The Bahamas, showing it is a vital part of the country. But times have changed, and there is a need to modernise banking systems in order for the economies of Family Islands to thrive. For instance, there are currently no physical banks on the island of Mayaguana. Residents use a money transmission business (MTB) and/or the Post Office. However, these ventures tend to be costlier to transfer monies. Also, there is limited access to the main Post Office in New Providence since it is currently in the process of relocating. In addition, some residents take a risk by transporting funds with

persons travelling to different islands via air or sea. In 2018, residents of Mayaguana should not have to go through archaic measures such as the latter in order to perform banking activities. These residents should at least have an Automated Teller Machine (ATM) to accommodate business transactions. The current banking situation on the island does not accommodate investors, and nor does it capture the government’s efforts to improve the ease of doing business. EASE OF DOING BUSINESS One of the government’s objectives is to improve the country’s overall ease of doing business ranking. The country’s ranking in the World Bank’s ease of doing business index now stands at 119. There are many factors that determine how this ranking could be improved. Generally, effective processes and control systems, along with proper infrastructure, are all variables that tcontribute to a successful business. But if banking processes are not in place or isolated, it makes it difficult for a business owner to transfer monies, track expenses and maintain a proper payroll. In addition, the lack of bank presence could also deter investors from wanting to do business on an island. It may also discourage local and international entrepreneurs by being the missing link that is needed to conduct business. TECH DRIVE In today’s banking environment, technology is used to improve or replace outdated systems that can help these institutions cut back on costs. According to the Central Bank of The Bahamas’ 2017 financial sector review, employment levels at banks and trust companies contracted by three percent. This followed a decrease of two-and-a-half percent in the previous

SEE PAGE 3


THE TRIBUNE

Tuesday, April 16, 2019, PAGE 3

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net OPPONENTS of The Bahamas’ bid to become a full World Trade Organisation (WTO) member yesterday urged the Government to “come clean” on what this will mean for workers and the economy. Paul Moss, of Bahamians Against the WTO, also hit out against the Government’s lead  WTO negotiator, Zhivargo Laing, for what he described as a personal attack against Super Value owner, Rupert Roberts, over his opposition to joining the world trading system’s overseer.  “We condemn the remarks of Zhivargo Laing against

WTO OPPONENTS URGE GOVT TO ‘COME CLEAN’

PAUL MOSS

RUPERT ROBERTS

Rupert Roberts’ WTO stance as uncalled for,” Mr Moss said. “Mr Roberts is a stellar businessman who employs thousands of  Bahamians

across the archipelago. “Mr Laing should be telling us what are the benefits of joining the WTO, and not attacking private citizens. We

CONSUMERS REVEAL CONCERNS TO URCA UTILITIES Regulation and Competition Authority (URCA) executives heard the concerns of Bahamian consumers at its recent New Providence town hall meeting.  Stephen Bereaux, its chief executive, said: “What we want to hear from you is what you think are the areas of great concern that we should be exercising our regulatory jurisdiction in. We’re not here to make decisions; we can’t make decisions in this forum. Our purpose really is to find out what are the priorities you feel we should be working on.” Also attending his first public consultation was veteran broadcaster Carlton Smith, now URCA’s director of electronic communications, who noted the impact of technology and its advances in the country and globally. Touching on URCA’s regulation of the electronic communications sector (ECS), Mr Smith reminded attendees that the rules, laws and policies are executed for the benefit of consumers and the role it plays in improving the quality of life. Highlighting the various projects URCA is embarking on this year, Mr Smith said: “We are reviewing the wholesale Internet access, mobile services and the interconnection rates. “But there are some things we want to discuss today. One has to do with disaster preparedness and

FROM left: Stephen Bereaux, URCA chief executive, and Carlton Smith, URCA’s director of electronic communications. Photos: Ronnie Archer/Barefoot Marketing

management, and how we are embarking on an initiative to put regulations in place to address the use of ICTs and effective managements of ICTs in times of disaster.” Mr Smith explained how information and communications technology (ICT) allows agencies such as the National Emergency Management Agency (NEMA) to alert the general public of pending disasters, as well as assist in the coordination of rescue and recovery efforts during and after a storm. Shevonn Cambridge, URCA’s director of utilities and energy,

said: “My job is to optimise the energy sector in terms of service, access to that service and affordability of that service.” He also revealed details for the ‘URCA Goes Green’ project, an initiative meant to encourage environmentally conscious behavior. “The URCA Goes Green initiative is two-fold,” Mr Cambridge said. “It is our own in-house efforts to try and lead by example, and through that we have a number of projects on stream. We are looking at putting in some solar ray in our car parks, as well as looking at doing some things with our fleet in terms of going to electric vehicles.”

We cannot ignore Out Island banking woes FROM PAGE TWO year. The regulator attributed the decline to branch closures and business consolidations. With that being said, The Bahamas’ unique geography puts banks, particularly international ones, in a difficult situation of sustaining expenses while offering their services to a small percentage of the population that is spread out across the southern Family Islands. Therefore, banks are more in favour of setting up ATMs or a mobile team to help accommodate residents on those islands.

It further aligns with the digital agenda to reduce costs and the greater use of technology. The Bahamas can help by becoming more technology developed and, in return, strengthen trust in our financial system from international bodies. CONCLUSION Banking systems in the southern Family Islands are not an overnight fix, but the situation calls for a solution that includes participation in education awareness from residents and the support of the government to examine

NOTICE NOTICE is hereby given that PROPHET SAMUEL DEANTÉ LOWE of Bacardi Road Floridell Avenue, 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, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

processes that will work for them. Residents should not have to take risks with monies, and nor should they be charged excessive transfer fees since consumer goods and services are already priced higher on these islands compared to Nassau. The economies of the southern Family Islands are equally important to the overall economic growth of The Bahamas and should be treated as such. This is an effort where both parties should come together to develop a plan that will address any grey areas as it relates to banking.

know that there are no benefits, and so he cannot respond - and has not responded over these many months. We urge the Government not to put this country in this position where it will drag the economy down with it.” Mr Laing recently told this newspaper that the concerns expressed by Rupert Roberts were based on “illusion and fiction”, adding: “We are doggedly pursuing the country’s best interest.” He 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 was “not a possibility that the Commonwealth of The Bahamas” will open up his retail and wholesale sector in the accession negotiations. But Mr Moss yesterday retorted: “Mr Laing says that retail is off the table in this negotiation, but he does not seem to understand the rules of engagement, Your cannot reserve this aspect of your economy. This is what the WTO is after, and we have seen it in every other country that is a part of the WTO. “We know that once Customs duties are removed or reduced there will be increased taxes on the masses. We say that VAT will rise to 25-30 per cent, which will further destroy the working class and the poor. We

ask the Government to come clean on WTO, and those in Cabinet, to say what benefits are there to joining the WTO.” Mr Roberts said yesterday that lowering protective tariffs to achieve full WTO membership “will wipe out all local manufacturing and cost thousands of jobs”. He asserted that he had already witnessed the effects of tariff reduction on his paper manufacturing plant, and said: “I’m not listening to Mr Laing; I’m watching what he does. There is going to be a lot of backlash on this.” Mr Roberts said he was focused on fighting for his 2,000 employees as well as Bahamian consumers. 


PAGE 4, Tuesday, April 16, 2019

THE TRIBUNE

DPM: ‘Touch and feel our tremendous work’ FROM PAGE ONE - especially if the Carnival and ITM/Royal Caribbean projects planned for Freeport came to fruition. The deputy prime minister was equally upbeat on the government’s prospects of hitting its 2018-2019 deficit target despite the IMF projecting that the “red ink”, or difference between its spending and income (revenues), will come in at a sum equivalent to 2.1 percent of GDP as opposed to 1.8 percent. Based on current GDP figures, the 0.3 percentage point difference is equivalent to about $30m, but Mr Turnquest said the gap between the fund’s and government’s projections was “not material” in the context of a $2.7bn budget. “We are continuing to watch the numbers, and we still expect to come within our budget numbers,” he added. “Barring any unforeseen circumstances, and anything can happen, we expect to come in around our numbers.” Mr Turnquest, in his midyear budget presentation at the end of February, had projected that the 20182019 full-year deficit would come in between $5m-$10m lower than the $237.6m initially projected. This would bring it in at around $230m despite a projected revenue shortfall of around $185m or seven percent of the total $2.649bn income target. The revenue underperformance, though, was to be counter-balanced by some $130m in spending cuts, and Mr Turnquest told this

newspaper yesterday that the government’s income shortfall had “tightened” or narrowed during the traditionally revenue-rich first quarter of the calendar year. The IMF, in a release on its 11-day visit to Nassau for the annual Article IV consultations in early April, yesterday called on the government to “maintain the momentum on fiscal reforms” through full implementation of the Fiscal Responsibility Act and passage of other laws to strengthen fiscal management systems and processes. It also urged the government to “further rein in current expenditures” to ensure it met the 2018-2019 fiscal targets, including a deficit equivalent to 1.8 percent of GDP, which were set out in the Fiscal Responsibility Act. “In the near term there is need for expenditure restraint to deliver the fiscal year 2018-2019 target,” the IMF said yesterday, referring to the revenue slippage that occurred as a result of the legal battle with web shops and delayed introduction of the 12 percent VAT rate in industries such as hotels and construction.  “Available data point to weaker-than-expected revenue performance, partly due to grace periods granted for the implementation of revenue measures and legal disputes. The fiscal deficit is therefore projected to narrow to 2.1 percent of GDP, bringing the outturn close to the 1.8 percent target. This consolidation is broadly in line with the transition path towards the  Fiscal

Responsibility legislation targets established in the budget. “To demonstrate steadfast commitment to the new policy framework and safeguard public investment, the government should further rein in current expenditures. Over the medium term, decisive measures are needed to reduce debt, including in the areas of public pensions and health, while carefully balancing priorities for inclusive growth and disaster preparedness.” Still, the fund acknowledged that the Fiscal Responsibility Act - and its medium to long-term goal of reducing The Bahamas’ debt-to-GDP ratio to 50 percent - had provided a key anchor to “bolster policy credibility and ensure durable gains from fiscal consolidation”. Giving the government credit for narrowing the fiscal deficit and stabilising the public finances, the IMF nevertheless said the $360m in unfunded arrears that are being eliminated over the next three years had exposed the need for “stronger public financial management (PFM) systems to address weaknesses in expenditure control and budget preparation”. It added: “Enacting the Public Financial Management, Public Debt Management and Public Procurement Acts, and operationalising the Fiscal Council, should be prioritised to ensure permanent advances in budgeting, transparency and accountability.” Mr Turnquest, in response, said all the IMF’s

fiscal-related concerns were in the process of being addressed either before, or during, the upcoming 20192020 budget that is due to be presented to Parliament by end-May. “Nothing that they said takes us be surprise,” he said. “Most of the issues are already in train, and will either be addressed prior to the budget or during the budget. We believe we are on track and consistent with the mandate the IMF is putting forward. Nothing they’ve said we have any significant issue with.” The deputy prime minister added that the legislation cited by the IMF would be released for public consultation this year, while the five bodies that will each supply a member of the Fiscal Council - the Bar Association, Bahamas Institute of Chartered Accountants, Chamber of Commerce, Certified Financial Analysts’ Society and University of The Bahamas - had already been asked by the House of Assembly speaker to provide their nominees. However, the IMF warned that jobless numbers are likely to remain in the double digits despite affirming that the Bahamian economy is projected to expand by 2.1 percent in 2019 due to continued tourism sector growth. “Despite positive jobs growth, the unemployment rate remains high and is

projected to decline only gradually,” the Fund predicted, although Mr Turnquest gave a more upbeat assessment. “We’re optimistic those numbers will start to show some catch up in the next period and throughout next year because of the time lags between jobs and growth,” he told Tribune Business. Mr Turnquest then voiced optimism that the Bahamian economy was poised to reap the benefits of reform measures enacted by the Minnis administration since it took office some two years ago, even though some have involved austerity and pain. “I think we’re making significant progress,” he told this newspaper. “It’s been two years, and we’ve made tremendous progress in achieving stability, both from a rating and fiscal standpoint, and a blacklisting standpoint. “We’re moving into a period of growth that should help with the unemployment numbers. We’ve done some significant work in the last two years, and are starting to build it up to the point where people can touch, see and feel it. “It’s been a difficult road, and we have had to stay focused and disciplined,” Mr Turnquest continued. “There’s no doubt there’s pent-up investment needs in terms of infrastructure, and a need for additional social and health-related

expenditure, but we continue to do what we have to do to ensure we take care of the urgent and critical needs of our citizens... “The neglect did not happen overnight. It will take a little time for it to work its way out for us to determine what we need to do. There’s no lack of commitment in that regard.” When asked whether he was suggesting infrastructure, and social and health-related projects, may be placed on hold, Mr Turnquest said the government was distinguishing between needs and wants. “We have to pay attention to critical areas and priority needs,” he told Tribune Business. “Those items that are more want than need, we have to chip away at them over the next several years, so that we get our house in order and strong and, going forward, we don’t have these kind of issues that we face today.”

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FORM B Notice of Intended Marriage (Section 7(3))

Ellice Sallyann Lockhart-Pratt Registrar of Marriages

FORM B Notice of Intended Marriage (Section 7(3))

Ellice Sallyann Lockhart-Pratt Registrar of Marriages

FORM B Notice of Intended Marriage (Section 7(3))

Ellice Sallyann Lockhart-Pratt Registrar of Marriages


THE TRIBUNE

Tuesday, April 16, 2019, PAGE 5

Bahamas needs ‘ability to pay’ taxation system FROM PAGE ONE 2013] focused on the need to increase taxes... We have probably never had a comprehensive tax review since the inception of the model in the 1950s and 1960s, which is based on consumption taxes, property taxes and tourism taxes.” Even though VAT has replaced import duties as the government’s main revenue source ahead of the potential World Trade Organisation (WTO) accession, this has meant The Bahamas’ taxation model remains primarily a consumption-based one. As a result, lower income Bahamians are still spending a higher proportion of their income on taxes than those earning more - a situation that Mr Bowe, also Clearing Banks Association (CBA), must seriously look at correcting given that tax systems should be based on the principles of fairness and equity. “It still allows those of us less fortunate among us to bear a disproportionate burden,” he told Tribune Business. “We still need to look at a system based on ability to pay; certainly as opposed to consumption, because that’s distortionary as to who should be bearing the burden.” The IMF seemed to agree, saying in its release yesterday: “Fiscal policy should play a greater medium-term role in achieving public policy objectives, including greater income equality. “The Bahamas does not levy income or capital gains taxes, relying mostly on VAT, business license fees and international trade taxes. Global tax trends and the prospective accession to the WTO thus present an opportunity for a comprehensive review of the Bahamian tax regime with a view to achieving a more

equitable and less distortionary tax system. “To strengthen transparency and inform future policies, a quantitative review of existing tax and other investment incentives is recommended.” Most nations rely on income tax, both personal and corporate, as their government’s primary source of revenue since it is viewed as a progressive levy directly linked to ability to pay. Those earning more pay more in tax compared to those on lower income, thereby upholding the system’s perceived equity and fairness. But The Bahamas, which has long cherished its tax neutral platform and the absence of any form of income tax, has bucked this world trend. While income tax was one of the alternative options to VAT, the Christie government ultimately rejected it due to the fact it has no history here and, more importantly, the extra costs and bureaucracy involved in setting up and administering such a system. Some cynics, though, suggested that income tax was also turned down because it would force all Bahamians to declare their annual income - thereby exposing all those seemingly living above their means. But, regardless of the motivation then, Mr Bowe yesterday said the government needed to “see through” to completion the study of the Bahamian taxation system that it had commissioned jointly with the private sector from Deloitte & Touche’s UK arm. KP Turnquest, deputy prime minister, told Tribune Business yesterday that this work had effectively been placed on hold by the need to enact reforms to meet the European Union (EU) and Organisation for

Economic Co-Operation and Development (OECD) demands relating to combating tax evasion. With The Bahamas now having addressed these concerns, Mr Turnquest said the government would seek to “restart” the Deloitte effort although he gave no dates for when this would happen. “We hope to restart that project at some point,” Mr Turnquest said. “We have our three-year plan already and will continue to work that. However, as we’ve already said, the Ministry of Finance has to be armed with the relevant research and forward-looking facts, and have the relevant options looking into the horizon.  “While not a priority today, it’s important to have all the tools available to us to address a situation that may arise.” The Deloitte & Touche (UK) study of the Bahamas’ tax structure was to focus on potential reforms to make it more efficient and equitable, and assess options and alternatives to the business licence regime among other issues. Mr Bowe yesterday said the accounting firm’s work had “gone through various iterations”, and added that the research should have continued notwithstanding the immediate need “to put out the fires with the EU”. He added that The Bahamas could ill-afford to “wait for the next penny to drop with the EU and OECD”, and suggested that rather than wait for the next attack this nation needed to put itself in a position where it can defend its tax system. “Sometimes a good defence is a good offense,” Mr Bowe told Tribune Business. He argued that any taxation review should focus on the twin objectives of ensuring the government

earns sufficient revenues to pay its bills and meet its citizens’ needs while, at the same time, providing a structure that was fit for purpose and maintained The Bahamas’ international economic competitiveness. The BICA chief said tax systems should be focused on the principles of simplicity, equity, fairness and efficiency, while eliminating any distortions that penalised a particular group in society. Mr Bowe, who met the IMF team during its recent visit to The Bahamas, said the encounter was “a pretty positive one” with the Fund giving The Bahamas credit for reforms already enacted. “They were very much focused on what our economy will look like in the 21st century,” he added.

NOTICE IS HEREBY GIVEN TO BAHAMAS YACHT AND SAILING

(owner of the 47’ Sail/Catamaran known as “Morning Glory”)

Your account with Bayshore Marina with respect to the abovenamed vessel is overdue in the amount of $43581.78 as at 28th February, 2019 and if the account is not paid in full and your vessel, the “Morning Glory”, removed from the property of Bayshore Marina Limited, East Bay Street, Nassau, Bahamas on or before Thursday, 2nd April, 2019 then the said vessel will be sold, without further notice to you, to defray the charges and expenses including the costs of sale and you will remain liable for any shortfall. Payment is to be made at the address below. WHITE LAW CHAMBERS Palm Tree Cottage The Islands Club West Bay St (North) Nassau, Bahamas

FORM B Notice of Intended Marriage (Section 7(3))

Ellice Sallyann Lockhart-Pratt Registrar of Marriages

FORM B Notice of Intended Marriage (Section 7(3))

Ellice Sallyann Lockhart-Pratt Registrar of Marriages

FORM B Notice of Intended Marriage (Section 7(3))

Ellice Sallyann Lockhart-Pratt Registrar of Marriages


PAGE 6, Tuesday, April 16, 2019

THE TRIBUNE

‘More pressure for change’ call after IMF reveal FROM PAGE ONE of these issues. “Hopefully the government, and future governments, will start to adapt accordingly and really focus on these core issues that we’ve been calling for. Unemployment is not really going to decline unless we can really increase GDP and education. “We’ve got to in this country improve the ease and cost of doing business, which will increase business and foreign direct investment (FDI) confidence, and then go out and get these people investing in the country while we’re training Bahamians to be prepared

ROBERT MYERS

for these jobs.” Mr Myers said the Bahamian workforce needed to be “prepared for a different world”, and called for more vocational and apprenticeship programmes beyond the one that the government is launching in partnership with the Inter-American Development Bank (IDB). The Minnis administration will also likely argue it is already moving to address the deficiencies identified by the IMF, with Bahamas Power & Light’s (BPL) agreements with Wartsila and Shell designed to reduce energy costs and improve supply reliability. It can also cite the $30m IDB project to digitise government services as a key aspect of efforts to improve the ease of doing business. The IMF, meanwhile, yesterday called for the creation of “a real estate price index” as part of efforts to help Bahamian commercial banks and other lenders better value distressed properties and work out non-performing loans. “The banking sector remains sound, but credit growth is hampered by nonperforming loans (NPLs) and lack of information about potential borrowers,” the Fund said. “The 2019 FSAP (Financial Sector Assessment Programme) found that the banking sector enjoys healthy profits and maintains high capital and liquidity ratios.

“Further progress in supervision of credit underwriting and timely resolution of NPLs remain key objectives. A local real estate price index should be introduced to increase visibility into the residential housing market and improve NPL valuations. The credit bureau, once operational, should strengthen the quality and pace of credit activity and improve assessment of lending standards.” The IMF also called for governance at state-owned financial institutions to be strengthened in the wake of Bank of The Bahamas’ $300m-plus bail-out, so that there was “continued effective and independent supervision”. It recommended that the Central Bank address the $1.5bn surplus liquidity overhang in the commercial banking system to ensure a soft landing - something the regulator has shown itself to be keenly aware of. “Excess liquidity calls for a strengthening of the monetary policy transmission mechanism,” the IMF said. “The accommodative monetary policy stance is appropriate given the cyclical position of the economy and the negative credit gap. However, a large structural liquidity surplus exists given exchange controls and the absence of a well-developed domestic securities market. “Deepening the domestic sovereign debt market

through regular auctions is recommended. The Central Bank of The Bahamas should continue to reduce its holdings of government debt, and adoption of the amendments to the Central Bank law is recommended to strengthen its governance and define limits on government lending.” The IMF added that the risks associated with the Central Bank’s digital Bahamian dollar project “need to be well understood” and the necessary cyber security safeguards built in. And it said “potential spillovers” into the domestic banking sector from unifying bank licence regimes in response to European Union (EU) pressure needed “careful monitoring”. “The current account deficit increased to 15.9 percent of GDP in 2018, in part reflecting one-off factors related to the completion of Baha Mar and an overvalued real effective exchange rate. Significant - albeit declining - current account deficits are projected to continue, financed mainly by foreign direct investment,” the IMF said. “In the context of the continued strong commitment to the exchange rate peg, structural reforms to boost competitiveness alongside fiscal consolidation and accumulation of foreign exchange reserves are critical to strengthen external buffers.”


THE TRIBUNE

‘Don’t tax us into oblivion’ on public pension deficit FROM PAGE ONE It’s completely unsustainable.” The IMF has for several years, with increasing urgency, been prodding the government to address the multi-billion dollar liability it and Bahamian taxpayers face as a result of unfunded civil service pension liabilities. Previous research by the KPMG accounting firm suggests this unfunded liability is now likely to be approaching $2bn, with the 2018-2019 budget showing that the government is currently allocating between

Tuesday, April 16, 2019, PAGE 7 $95m to $100m each year to finance civil service pensions during the three fiscal years to 2020-2021. The IMF, in its Article IV report last year, agreed that the current system - where civil servants contribute nothing to funding their retirement - is “unsustainable”. And it yesterday called for “decisive measures.... to reduce debt”, singling out public sector pensions and health as two areas deserving close attention. “The civil servants’ pension system is unsustainable,” the Fund had warned last year. “Government employees draw pensions at retirement without contributing to the system while employed. “Staff analysis in the 2016 Article IV Staff report noted that accrued government

pension liabilities totaled $1.5bn in 2012, and would rise to $3.7bn by 2030 as the population ages.” The IMF called for reforms that involve “moving to a contributory regime in the near term, and to a defined-contribution scheme in the mediumterm”. This would require civil servants to contribute a portion of their salary to funding their retirement, rather than having this financed 100 percent by the taxpayer through the budget - as is done currently. Tribune Business possesses a presentation delivered by the KPMG accounting firm in 2013, the early years of the Christie administration, which provided options for how the government could arrest a growing liability that

threatens to burden future Bahamian generations. KPMG estimated the unfunded, ‘pay-as-yougo’, civil service pension liabilities at around $1.5bn. These liabilities were set to increase to $2.5bn by 2022, and $4.1bn by 2032, unless reforms are enacted. The IMF, for its part, said in 2016: “Government pensioners (15 percent of the public work force) receive pension payments from the budget that, on average, stood at one percent of GDP and 7.3 per cent of tax revenue per year in 1994–2014. “The accrued pension liabilities [will total] $1.5bn in 2021 (17.9 per cent of GDP). Pension payments and liabilities are projected to reach $230m (1.5 percent of GDP) and $3.7bn (24 percent of GDP),

respectively, by 2030.” Its 2018 Article IV report projects a $2.2bn increase in these unfunded liabilities over the 18 years to 2030, which translates into an average increase of $122m per year. The focus on the civil service pensions also fails to include the multi-million dollar deficits in existing schemes at SOE’s such as Bahamas Power & Light (BPL) and the Water & Sewerage Corporations, where staff pay little to nothing and the contribution burden falls entirely on the loss-making companies. Meanwhile, the IMF’s reference to “health” in yesterday’s statement was interpreted by some to be a warning concerning the proposed National Health Insurance (NHI) scheme

amid fears that this too, could become unsustainable, if the government gets its assumptions and financial calculations wrong. “Until we get a hold of all these other things we have to park that,” Mr Myers told Tribune Business of NHI. “I get it. It’s a massive priority and I agree with it, but we have to get our house in order before we do that. “These guys are kidding themselves if they think they can keep the expenditure to the targets they’re talking about. Absolutely kidding themselves. We know from everywhere else in the world that’s going to be a huge number that the government is going to have to fund. You want that on top of all the other problems and expenditure the country has?”


PAGE 8, Tuesday, April 16, 2019

THE TRIBUNE

Former Bar chief hails ‘a new day’ in construction FROM PAGE ONE Chartered Institute of Arbitrators, of which Ray McKenzie - who worked on the Bill - is also a fellow. We are hoping for real transformation in the attitude people have towards settling disputes generally, but particularly in the construction sector. “I think this is going to

be a paradigm shift. It’s a new day for The Bahamas and the construction sector. There are so many smaller projects which have faced difficulty because of construction disputes, but we have also seen the major ones like Baha Mar.” Dr Maynard said the Bahamas was successful in its bid to host the Commonwealth Lawyers Conference (CLC) in 2021. The four-day

LEGAL NOTICE

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

DM CAPITAL LLC

conference will bring together judges, lawyers and other professionals from 53 member countries of the Commonwealth, including English-speaking nations of the Caribbean. The hosting of the conference by The Bahamas marks the second time the CLC will be held in the Caribbean region, the first time being in Ocho Rios, Jamaica, in 1986. “I think its really significant because we are looking to have 3,000 lawyers in attendance. I’m hoping the conference will not only be a boost to the economy as a whole but also to our

a) DM CAPITAL LLC is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on 8th April 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is the Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, The Bahamas.

To advertise in The Tribune, contact 502-2394 YOUR

PUBLIC NOTICE

Voluntary Liquidation

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as follows:-

thinking about the problems that we face, particularly the very important ones relative to economic development. It’s quite a windfall for The Bahamas,” said Dr Maynard.

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DAWN ARETTA DICKEY PALACIOUS of #5 21 Condominiums, Albacore Drive, Greening Glade Subdivision, P.O. Box F-43835 Freeport, Grand Bahama intend to change my name to DAWN ARETTA DICKEY PALACIOUS-LUNDY. 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

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), TRANSGLOBAL INVESTMENTS INC. is in dissolution. The date of commencement of the dissolution is 10th April, 2019. Mapcia Guerrero is the Liquidator and can be contacted at Aquilino De La Guardia Street, IGRA Buildidng No. 8, Panama, Republic of Panama. 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 Liquidator before the 9th day of May 2019.

FRIDAY, 12 APRIL 2019

NOTICE is hereby given that EMMANUEL JOSEPH of Bacardi Road , Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 2,155.35 | CHG 0.30 | %CHG 0.01 | YTD 45.90 | YTD% 2.18 BISX LISTED & TRADED SECURITIES

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

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 2.51 1.79 9.38 6.60 15.57 7.25 3.54 13.85

CLOSE 4.25 17.43 6.00 5.39 2.25 1.50 2.15 10.50 6.16 4.47 10.64 2.51 1.79 9.44 6.60 15.57 7.25 3.54 13.85

CHANGE 0.00 0.00 0.00 0.00 0.00 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 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 200 1,000 500 21,000

VOLUME

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

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

P/E 25.4 18.7 N/M 16.7 N/M N/M -5.0 14.8 12.8 29.0 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% 1.33% 0.00% 6.76% 3.57% 2.68% 5.83% 2.39% 3.35% 0.89% 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

Voluntary Liquidation

NOTICE

MARKET REPORT

1000.00 1000.00 1000.00 1000.00

Noushka Limited

Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas

In Voluntary Liquidation

1000.00 1000.00 1000.00 1000.00

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is the Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, The Bahamas.

TRANSGLOBAL INVESTMENTS INC.

PREFERENCE SHARES

NOTICE

b) The dissolution of the said Company commenced on 12th April 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

International Business Companies Act (No. 45 of 2000)

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

LEGAL NOTICE

a) Noushka Limited is in dissolution under the provisions of the International Business Companies Act, 2000.

LEGAL NOTICE

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

WWW.FACEBOOK.COM/JOYFM1019

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as follows:-

Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas

52WK HI 4.50 20.91 7.00 5.50 2.30 1.50 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

CHOICE FOR THE FAMILY

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

NOTICE NOTICE is hereby given that TOTARAM PERSAUD of Golden Isles Road, Golden Meadows Subdivision, P.O. Box CR-54122 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, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that JACQUELINE GABRIEL of Golden Gates #2, 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 16thday of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that STAPHARA SALLIE MATTH JEROME of Market Street, Young Close, 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 twentyeight days from the 16th 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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