05142015 business

business@tribunemedia.net

MONDAY, MAY 14, 2018

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New fiscal discipline is ‘no magic bullet’ for us

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE DEPUTY Prime Minister is warning that today’s long-awaited release of Fiscal Responsibility legislation is no “magic bullet” for The Bahamas’ deeprooted financial woes.

Confirming that the Government will unveil its signature fiscal reform within hours, K P Turnquest, pictured, told Tribune Business that the earlier introduction of its “disciplinary teeth” may have prevented previous administrations from running up a near-$8bn national debt.

With the Fiscal Responsibility Bill approved by Cabinet for public release, the Deputy Prime Minister confirmed that the private sector, civil society and other interested Bahamians

* Fiscal Responsibility Bill released today * Just two-week pre-Budget consultation * DPM: ‘Disciplinary teeth’ needed earlier

will have just two weeks to influence the draft legislation by providing commentary and feedback.

This is because the Minnis administration wants the Bill’s tabling in the House of Assembly to coincide with the 2018-2019 Budget, which Mr Turnquest is due to present on the last Wednesday this month.

He told this newspaper late Friday that while it was possible to achieve the Government’s fiscal consolidation targets without such legislation, the Bill establishes a governance framework that “pulls this together” in a way that will hold present and future administrations accountable for their actions.

“It isn’t the magic bullet but it does give us some parameters that, if we conform to it, it will help achieve the results we wish,” Mr Turnquest told Tribune Business of the Fiscal Responsibility Bill.

Warning that “it takes discipline, it takes focus and it will take a bit of sacrifice”

to arrest The Bahamas’ fiscal decline, he added: “The Fiscal Responsibility legislation puts in a framework these patterns, these targets we wish to see and achieve.

“It helps you with a bit more discipline because everything is up front and transparent. That is the teeth in it.”

Mr Turnquest promised that the Bill, once passed by Parliament, would have consequences for future administrations that chose to ignore its provisions at their peril.

“It has some requirements in it that are

SEE PAGE 5

‘FINANCIAL COUNCIL’ WILL OVERSEE GOV’T FINANCES

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* Bill a bulwark against ‘bankruptcy’ * ORG chief: ‘Too long coming’

THE GOVERNMENT’S Fiscal Responsibility Bill will create a non-political “Council” to oversee its financial stewardship, with the law yesterday hailed as a safeguard against national “bankruptcy”.

Matt Aubry, executive director of the Organisation for Responsible Governance (ORG), told Tribune Business that the Bill - set for full public release today - could be “very big” for fiscal transparency and accountability.

ORG, and other key

private sector and civil society groups, were sent an advance copy of the draft Bill on Friday ahead of a narrow two-week consultation period for interested parties to provide feedback on its provisions.

Acknowledging the tight timeline, with the Government aiming to table the Bill in Parliament to coincide with the 2018-2019 Budget presentation at end-May, Mr Aubry said ORG and its affiliates would seek to

provide as much advice as possible given the need to move the legislative agenda forward.

He added that a letter attached to the Bill, signed

by Marlon Johnson, the Ministry of Finance’s acting financial secretary, conceded that the consultation had been launched with little warning.

“There’s a lot to be done in a short period of time,” Mr Aubry said, adding of the letter: “It did say that

they [the Government] appreciated there was not enough notice, but they want to work through this in an expedited way.

“We want to make sure we get this right. I understand the balance of wanting to move forward. With the way the legislative agenda has got stacked up, the intention of moving this and trying to get it in place needs to happen now.”

SEE PAGE 6

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Minister: block welfare recipients from gaming

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE GAMING Board is “under pressure to change the game on the ground” and better protect the most vulnerable Bahamians from irresponsible gambling, a Cabinet Minister has revealed.

Dionisio D’Aguilar, pictured, minister of tourism who has responsibility for gaming, told Tribune Business that the regulator was assessing whether to “allocate resources” to a consumer education initiative to counter the “constant bombardment” from web shops encouraging Bahamians to gamble.

While praising the Bahamas Gaming Operators Association’s recently-unveiled “antiaddiction” initiative, Mr D’Aguilar said such efforts could not be left solely to self-regulation - and an industry whose interests lay in getting persons to repeatedly play “games of chance”.

Pointing to the frequent complaints about gaming’s anti-social consequences, and especially its alleged impact on Family Island communities, the Minister also suggested that Bahamians should receive welfare and other social security benefits on the condition they did not gamble.

Mr D’Aguilar said there was a perception that the

* GAMING BOARD EYES EDUCATION EFFORT * TO COUNTER WEB SHOPS’ ‘BOMBARDMENT’ * REGULATORY REVIEW, WITH SECTOR ‘IN CHARGE’ eight licensed web shop operators, aided by the tenyear bar on new market entrants, were “in the driver’s seat with all benefits accruing to them” thus making a review of the industry’s current regulatory regime imperative.

He suggested that such a review was already underway, and that the Gaming Board will shortly be approaching the industry to obtain feedback on its proposals.

Speaking after the Association last week launched its Responsible Gaming and Addiction Prevention Programme, Mr D’Aguilar said: “Any initiative that points out the social cost of gaming is to be commended.

“It’s very important, in much the same way it is done with smoking, to point out to those that game that there is a social cost associated with it.”

Suggesting that such consumer protection activities cannot be left to the web shop industry alone, Mr D’Aguilar said the authorities and gaming

SEE PAGE 4

Gov’t in ‘tug of war’ with Hotel union elections freight, cruise industries gain court go-ahead

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE GOVERNMENT’S plan to introduce a “mandatory tug boat fee” has been met with furious opposition from commercial shippers and cruise lines, amid fears it will further undermine Nassau’s competitiveness.

Michele Paige, the Florida-Caribbean Cruise Association’s (FCCA) president, in an e-mail responding to Tribune Business inquiries said the

* FURIOUS PUSH BACK ON FEE PLAN * CRUISE LINES WARN OVER COSTS * IMPORTERS FEAR PRICE HIKES industry was “undamentally opposed” to paying for the service in Nassau harbour.

“The industry supports paying for services that it needs,” Ms Paige wrote.

“However, in this case, our member lines tell me that tug service requests are not needed in the Port of Nassau, and that the existing fleet of tugs was adequate for the exceptional use by the industry.

“The industry is fundamentally against paying for this service and, in fact, has gone on record as saying it did not need this new mandated service. This new mandatory fee will result in additional costs that are

SEE PAGE 7

By NATARIO MCKENZIE and NEIL HARTNELL Tribune Business Reporters THE HOTEL union’s general secretary says “time is of the essence” to elect new leadership after the Supreme Court removed an injunction preventing candidate nominations and voting.

Darren Woods, the Bahamas Hotel, Catering and Allied Workers Union’s (BHCAWU) secretarygeneral, in a notice to union members said the

* ‘TIME OF THE ESSENCE’ AFTER INJUNCTION END nomination of members to hold positions on the Executive Council, and as officers, will now take place tomorrow, Tuesday, May 15, following Acting Chief Justice Stephen Isaacs’ ruling last Thursday.

That ruling removed an injunction, previously obtained by veteran hotel trade unionist, Dave

Beckford, and his Team Destiny election candidates, which blocked a nomination process originally scheduled for last week, Tuesday, May 8.

“He’s now out of the union,” Mr Woods said of Mr Beckford. “The court upheld the decision of the executive council. We made a decision based on our constitution.

“This cost us a nomination day and we now have to set a nomination

SEE PAGE 6

PAGE 2, Monday, May 14, 2018

THE TRIBUNE

Bahamas firm in China modular housing deal A BAHAMIAN company last Friday signed an agreement with its Chinese counterpart to pave the way for co-operation on modular housing construction.

Latrae Rahming, Bahamaren’s managing director, and Michael B Wei, China Construction Modular Housing Company’s international manager, signed a Memorandum of Understanding (MoU) to establish the co-operation framework.

Bahamaren, in a statement, suggested the MoU’s signing - in the same week that Parliament passed the Affordable Homes Act - could help address the problem of providing adequate, secure, affordable housing in The Bahamas.

It added that its Chinese partnership could reduce the costs and delivery time associated with home construction, thus helping to improve Bahamians’ access to quality,

affordable housing and lowering inequality.

Bahamaren said the MOU will facilitate collaboration on best practices for the offsite construction of housing that is resistant to climate change, improves energy efficiencies via the installation of solar energy; and decreases greenhouse gas emissions.

Technology and knowledge transfer between Bahamaren and China Construction Modular Housing Company is another feature of the MoU. Bahamaren also plans to introduce fully solarised smart homes as part of its product offering.

FROM left: Jin Ge, marketing manager at CCM; Zhao Lei, Bahamaren’s vice-president of China affairs; Shakeem Lightfoot, chief technology officer at Bahamaren; Latrae Rahming, managing director at Bahamaren; Michael B Wei, international manager at CCM; Thomas Barnett, chief operating officer at Bahamaren.

INSURANCE INDUSTRY MOURNS PASSING OF FORMER SUMMIT CHAIR

THE BAHAMAS Insurance Association (BIA) is mourning the passing of industry veteran, and former chairman, Colin Jones.

A respected insurance executive who contributed significantly to the sector’s development in The Bahamas, Mr Jones joined Summit Insurance Company at its formation in 1994. He served as its first chief executive, and was chairman of the company until his recent passing.

Prior to joining Summit, Mr Jones had successfully run companies for National Employers Mutual in Jamaica in the 1960s, and Trinidad in the1980s. He had also risen to a very senior level in NEM in the UK. His experience, reputation and contacts in the

market proved invaluable in securing reinsurance capacity. He led Summit through its first 11 years, a period which saw hurricanes such as Floyd, Frances and Jeanne impact The Bahamas.

Mr Jones served as BIA chairman from 2001 to 2004. In recognition of his contribution to the insurance industry in The Bahamas, he was honoured during the BIA’s 40th anniversary celebration in 2015.

He will be remembered as an avid supporter, adviser and mentor to many insurance professionals in The Bahamas during his career.

The BIA, on behalf of its executives and members, said it wished to extend its deepest condolences to his family, friends and Summit employees.

THE TRIBUNE

Monday, May 14, 2018, PAGE 3

$300M BOOST IF MURDER RATES AT GLOBAL AVG

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS could enjoy a $300m boost to annual economic growth if murder rates were reduced to world average levels, the International Monetary Fund (IMF) has projected.

The Fund, in its latest Western Hemisphere economic outlook, also found that between 60 - 70 per cent of Bahamian university graduates and highly skilled workers continued to emigrate, resulting in a significant “brain drain” of this nation’s best and brightest.

These findings were disclosed as the IMF’s GDP growth projections revealed that, after a temporary “blip” this year, The Bahamas’ annual expansion rate will again dip between the Latin American region’s average in 2019.

Aided by Baha Mar’s full opening, and other tourism and foreign direct investment (FDI) inflows in 2018, the IMF expects Bahamian GDP to grow by 2.5 per cent this year - the highest rate in a decade, and exceeding the region’s average two per cent expansion.

However, The Bahamas’ GDP growth rate is forecast to fall slightly in 2019 to 2.2

per cent, dropping below a regional average that is projected to increase to 2.8 per cent.

K P Turnquest, deputy prime minister, told Tribune Business that GDP growth rates in the three to 3.5 per cent range would be ideal, but the Government had to avoid “overselling” this following a decade where economic output had increased by an average one per cent.

“We would love to see growth in the range of three to 3.5 per cent,” he said, “but we understand our reality. We’re already working hard to attract investment, both domestic

and foreign, and we’ll se some of the incentives we’re putting in the upcoming Budget to stimulate domestic growth.

“We will try to be innovative in our approach to attracting foreign direct investment and growth.

We’ll continue to seek niche opportunities, both in the financial services sectors and industrial sectors, and the technology industry. Hopefully the tourism engine and investment planned for that sector will result in the kind of growth we need.”

Mr Turnquest acknowledged that a three to 3.5 per cent growth rate would

be “ideal”, but added: “We don’t want to be overly optimistic or oversell what’s realistic. The average growth for the last ten years has been about one per cent.

“We don’t want to oversell any growth projections.

The IMF says 2.5 per cent and we’ll go for that, and hopefully do better. We’ve got a lot of work to do to

make that happen. That’s our focus.”

While crime was still “unacceptably high”, Mr Turnquest said the Government was “committed to seeing a turnaround” through deploying the necessary resources and strategies to “get that under control and realise more economic potential”.

BAHAMIAN ANALYSTS IN EXCELLENCE AWARD WIN THE BAHAMAS’ Chartered Financial Analyst (CFA) Society has received the global network’s 2018 Excellence Award for its initiative to build market integrity.

It received the CFA Institute’s 2018 Society Excellence Award on May 10, 2018, at its global leadership conference in Hong Kong. The award, part of the Institute’s annual Society Excellence Awards programme, recognises the successful execution of the inaugural CFA Society The Bahamas Financial Literacy Series.

This was an initiative designed to better prepare Bahamians to manage their financial affairs. Aneka Rolle-Beneby, vice-president of CFA Society The Bahamas, and Jerome Franks, treasurer of CFA Society The Bahamas, accepted the award on behalf of the society at the Kowloon Shangri-La, Hong Kong.

The Financial Literacy Series offered an educational program teaching fundamental financial principles. It was structured as five seminar-style sessions at the University of The

JEROME FRANKS, treasurer of CFA Society The Bahamas (third from left), and Aneka Rolle-Beneby, vice-president of CFA Society The Bahamas (fourth from left), receive the 2018 award from executives of the CFA Institute.

Bahamas, running in successive weeks from January 24, 2018, to February 22, 2018.

Each session covered a distinct topic area of focus: Budgeting and Savings; Investing; Good Debt versus Bad Debt; Retirement and Home Ownership. Leaders and members of CFA Society The Bahamas completed all of the marketing, logistical planning, content development and presentation delivery.

Each of the sessions was held at the Harry C Moore

Library Auditorium at the University of The Bahamas, and were open and free of charge to members of the public. Recordings of the sessions and presentation materials are available on the CFA Society The Bahamas website: https://www. cfasociety.org/bahamas.

Robert Turnquest, president of CFA Society The Bahamas, said: “We are honoured to be recognised globally for our work in promoting financial literacy in the Bahamian community.

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It was a pleasure to lend our time and expertise to the benefit of society. We look forward to continuing this initiative for years to come.”

The CFA Institute Society Awards Programme was established in 2006 to identify and reward efforts of societies in the delivery of the CFA Institute mission, and provide value to the investment professionals they represent. There were 132 nominations submitted globally in 14 award categories, representing 51 societies, this year.

The citation for the Strategic Initiative: Build Market Integrity award said: “Setting standards and advocating for professional excellence in your local community are activities that ultimately benefit society by improving both investor protections and investor outcomes. It is critical to improve the integrity of the overall investment management environment, including increasing investor protection, market fairness, and ethics and professional standards.”

www.ub.edu.bs

CAREER OPPORTUNITY SENIOR MANAGEMENT

Suitably qualified candidates are invited to submit applications for the following position available at University of The Bahamas:General Counsel, who will serve as the chief legal officer of the University of The Bahamas’ system, and provide legal guidance and counsel in executive and policy decision-making to the Board of Trustees and senior leadership. Among the duties and responsibilities are: • Managing the University’s legal representation in all litigation and administrative proceedings; • Providing counsel and advice concerning compliance with laws of The Commonwealth of The Bahamas and all UB Act statutes and regulations affecting tertiary education, including preventative legal services and legal representation in monitoring and resolving disputes that may lead to litigation; • Subject to direction of the Board of Trustees and President, resolving all legal claims and initiating and appealing all lawsuits and administrative proceedings; • Managing outside counsel budgets, issuing contracts for legal services and retaining outside counsel on behalf of all University units; • Providing administrative leadership to the Board of Trustees in litigation reviews; • Serving as attorney to the Board of Trustees in legal matters and communicating legal issues and concerns to the attention of the Trustees, President, and senior leaders; • Reviewing all Board resolutions and policies for form and legality.

Among the essential qualifications are at least 10 years of experience as a practicing attorney in a sophisticated environment such as a large law firm, government agency, university, non-profit organization or corporation and a J.D. LLB and /or LLM degree from an accredited law school. Proven success in providing legal guidance in the context of complex organizations and a deeply held commitment to, and belief in, the value of collaborative decision-making are also essential.

A detailed position announcement is available online at: http://www.ub.edu.bs/about-us/career-opportunities/ .

Applicants should electronically submit via hrapply@ub.edu.bs, to the attention of the Vice President, Human Resources the following documents

by Thursday, 31st May, 2018: • A completed University of The Bahamas Application for Employment (available at (www.ub.edu.bs/wp-content/uploads/2017/01/Applicationfor-Employment-Staff.pdf); • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Current Curriculum Vitae or Resume; and • The names and contact information of three professional references

PAGE 4, Monday, May 14, 2018

THE TRIBUNE

Minister: block welfare recipients from gaming FROM PAGE ONE

regulators in other countries typically “emphasise to the unsuspecting public,

the most vulnerable of our communities, which are generally the low income groups, that you cannot make a living through gaming.

“If you are unable to afford it, you shouldn’t do it... Make no bones about it, everybody has heard many stories about the social cost of gaming.

Notwithstanding whether they may be correct or not, there is a perception - especially in the Family Islands - that there is a large social cost for communities.

“To use an old Bahamian adage: It is causing people to lose their working minds.” Tribune Business has itself heard repeated stories of families being unable to pay for food, children’s clothing and every day living costs as a result of all income being frittered away on gaming.

Given this background, Mr D’Aguilar told Tribune Business: “There is pressure on the regulator to change the game on the ground, which has been the constant bombardment of advertising encouraging people to game.

“That’s a problem. The Gaming Board is contemplating beginning to allocate resources to start a gaming education narrative to let people know they should game responsibly, and to counter this constant bombardment from those whose business it is to encourage people to game, the domestic gaming houses.”

The Minister said Bahamians were continuously exposed to the web shop gaming industry’s

promotional messages through social media, with some even possessing their own TV stations. It also employs traditional advertising forms throughout the islands, with the sector saturating the country, using slogans such as “Everybody Wins”.

Mr D’Aguilar said “the constant beating of the drum that not enough is being done to discourage those least able to game from gaming is beginning to resonate” with the Gaming Board and the Government.

He added that the regulator, which falls under his oversight, was reviewing its actions thus far and how it can “supplement them” so that “we have our story to tell”.

“It’s hard for a business that makes money off people gaming to change and adopt this role of selfregulation,” Mr D’Aguilar told Tribune Business.

“While they may want to do it, it’s up to the Gaming Board to ensure their programme of self-regulation is adequate and, if not, to supplement it with their message.

“The question is: How far does one go? We can do advertising and education, but do we take the next step? If you’re receiving social assistance from the state, should you be able to game? I don’t think so, but are we going to that far?

“We have to decide if

we want to protect these people. If you are receiving assistance from the state, there must be some conditions attached, and one of those should be not to gamble. Those are the decisions we have to make.

That’s a conversation we need to have.”

Mr D’Aguilar’s suggestion is likely to prove unpopular in certain quarters, with some likely to brand it as akin to a “nanny state” where the Government is trying to legislate and control morality. However, the Minister and his colleagues are likely to view it as protecting the most vulnerable Bahamians, and their dependents, from themselves and their excesses.

He likened it to the worldwide health, education and advertising campaign to inform persons about the dangers of smoking, an initiative that countered the tobacco industry’s multi-billion dollar promotions and significantly reduced the number of deaths from lung cancer and associated diseases.

Suggesting that the web shops enjoyed similar resources in a Bahamian context, Mr D’Aguilar said this meant the Government had to be concerned about consumer protection.

He disclosed that the sector’s regulatory regime was already under review, with the proposals likely to be

submitted to the web shops “imminently”.

“We’re drawing up our intentions and will be coming to industry to discuss with them on how best to implement that and roll it out,” Mr D’Aguilar said.

He added that he expected an update “in the next week or so” on discussions between the Gaming Board and Central Bank on how to prevent web shops from being used as unlicensed money transmission providers.

“There’s a perception that the industry is clearly in the driver’s seat, and all the benefits accrue to them, and it’s set up to the complete advantage of companies operating in it,” Mr D’Aguilar told Tribune Business.

“I think a review of the regulations, with the gaming public in mind, needs to be looked at. We have three years of history to see if any adjustments are necessary to protect the consumer from the information they are presented with and given by some very well-funded and powerful companies in whose best interests it is to get people to game.

“We have to look at it, and where most of the advantages accrue to companies operating in the sector, maybe we now have to review it to ensure adequate protections are in place for the consuming public.”

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THE TRIBUNE

Monday, May 14, 2018, PAGE 5

NEW FISCAL DISCIPLINE IS ‘NO MAGIC BULLET’

FROM PAGE ONE

uncomfortable if you decide you wish to ignore it,” he said. “It’s [the Bill] certainly going to require some innovative thinking and it’s going to require some operational changes, I suspect, in terms of the accountability aspects of it.”

The Deputy Prime Minister conceded that earlier implementation of a Fiscal Responsibility Act by a former administration “certainly would have been helpful”, given the downward spiral of the public finances - especially over the decade since the 20082009 recession.

“We can achieve the same results without fiscal rules,” he added. “However, we have obviously lacked discipline, so it would have been helpful to have the codification, clarity and balance this Bill will put in place.”

Budget data projects that in the 13 years between the 2007-2008 and 2019-2020 Budgets, some $4.375bn will have been added to the national debt. This includes $1.5bn under the last Ingraham administration, some $2.218bn under its Christie successor and, potentially, $657m during the first three years of the Minnis administration if projections hold true.

This means that more than half of the national debt incurred since independence will have been accumulated in just a 13-year period. The Christie administration, in particular, has come under fire from its successor, which has accused it of squandering ValueAdded Tax’s (VAT) $750m net revenue windfall by running up more “red ink”

financial management, Mr Turnquest said in March that the Bill will also set out a medium-term fiscal strategy to guide the crafting of annual Budgets.

Among the general “objectives” contained in the legislation, he suggested, were the “achievement and maintenance” of a medium-term fiscal balance; maintaining “prudent

MINISTER of Finance K P Turnquest during last year’s budget debate. than the prior Ingraham-led government.

The Minnis administration appears to be on target to hit its $722m borrowing requirement to cover fiscal holes for both the 20162017 and 2017-2018 Budget years, with the deficit for the former now projected to be nearer $600m instead of the mid-year Budget’s $350m.

The 2016-2017 deficit overshoot has been blamed on the Christie administration’s pre-election spending spree, as it went on a public sector hiring and contract issuance binge in a bid to secure votes. This is something the proposed Fiscal Responsibility Bill will likely seek to prevent current and future governments from doing.

Mr Turnquest would not be drawn on the Bill’s specific contents prior to today’s unveiling, although he indicated it would be sufficiently flexible to enable the Government to raise Budget-approved spending limits in the event of

unexpected emergencies such as a major hurricanes.

“Talk to me on Monday afternoon. The Bill will reflect the reality of our situation,” he said. Mr Turnquest has also previously indicated that the Government is seeking to balance “set-in-stone” fiscal rules with the flexibility needed to respond to hurricanes.

Addressing the House of Assembly during the midyear Budget debate earlier this year, the Deputy Prime Minister suggested the Bill’s “rules” could include “a ceiling on the deficit and a cap on the growth of expenditure”.

He added that the Bill, which has been drafted with help from the International Monetary Fund (IMF), will also contain “consequences” should the Government miss its fiscal targets, and set out “adjustments” and other remedies that must be implemented to bring the public finances back on track.

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levels of public debt”; and keeping tax rates and bases “predictable”.

Fiscal Responsibility legislation tends to offer more flexibility than “fiscal rules”. Such laws force a government to be more accountable and transparent in the management of the public finances, and require it to return to Parliament for approval to raise more

money if it has to exceed the limits approved in the annual Budget.

“Fiscal rules”, by contrast, set targets that the Government cannot breach, such as a maximum debt-toGDP ratio. These go a step further than a pure Fiscal Responsibility Act, and it appears the Minnis administration is eyeing a combination of the two.

PAGE 6, Monday, May 14, 2018

THE TRIBUNE

Hotel union elections gain court go-ahead ‘FINANCIAL COUNCIL’ WILL OVERSEE GOV’T FINANCES FROM PAGE ONE

date again. Time is of the essence now in terms of printing the ballots, getting them to the islands and that sort of thing. We’re moving forward.”

Mr Woods told Tribune Business last week that his team, Team Phoenix, has asked him to assume the leadership post and he will be vying for the presidency this year whenever the nominations are held. Tribune

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Business understands that current union president, Nicole Martin, who has held the post for nine years is not offering for the leadership post this year.

Mr Beckford, though, yesterday said he and Mr Woods had “a difference of opinion” on whether the union’s constitutions says he is still a member. He argued that he is, because his monthly dues are still being deducted from his salary, meaning he remains in good financial standing.

A frequent critic of the union’s current leadership, Mr Beckford said he had been “targeted” for expulsion for voicing concerns over transparency and the way its organisation - particularly its financial affairs - were being managed.

He told Tribune Business that while he may not be on

the ballot, Team Destiny’s other candidate slate is, thus giving members a choice.

“I may not agree with the ruling, but I have to accept it,” Mr Beckford said. “It’s almost as if the judge made a 360 degree turn. The members have a choice, and we have to believe in democracy.

He confirmed that his expulsion from the hotel union related to another court case where he challenged the Minister of Labour and Registrar of Trade Unions over whether the union is validly registered.

“We found the union was not registered, and we had concerns about the pension fund and our dues being deducted from our salaries and going to an entity that was not legal,” Mr Beckford explained. “From a legal

point of view, we felt we were right in what we were doing.”

The concerns were subsequently addressed by the recently-passed Validation Bill, but Mr Beckford alleged that the union still does not have a Certificate of Registration. He claimed that union leadership used the situation as “an opportunity for them to expel me for trying to hold them accountable and fighting for the rights of thousands of members”.

“I’ve always been targeted by this administration,” Mr Beckford continued, saying it had expelled him under its “Rule 22” for conduct prejudicial to the union. “Any member who challenges this administration, they will expel them.”

FROM PAGE ONE Mr Aubry said ORG had already distributed the draft Bill to its council members, along with affiliate and partner groups, and was pushing for all to submit comments/ concerns as rapidly as possible to ensure the broadest possible consultation on critical legislation.

The ORG executive director added that he had already begun to “work through” the Bill, benchmarking it with similar laws in other jurisdictions, and praised several proposals in it - including the creation of a “Financial Council”.

The Bill, as presently drafted, calls for the Council’s members to be appointed by the GovernorGeneral following advice from the Speaker of the House of Assembly and MPs - not the Government, as is normal practice.

“There’s going to be a ‘Financial Council’ appointed by the Governor-General through the suggestion of the Speaker and Parliament,” Mr Aubry told Tribune Business. “The composition of the Council is really coming from an outside perspective.

“Private sector folks have a role in making sure the Government is doing what it’s supposed to. I saw that as a first step, making sure there’s a nod to transparency and the provision of information.”

Mr Aubry said other aspects of the Bill made the annual Budget process “a lot more open to public understanding and scrutiny”, while setting the Government’s revenue and spending plans in context, enabling them to be judged and benchmarked against strategy and specific goals.

“When it goes off track it will be very clear,” he added.

“One point speaks to the need for presenting a financial strategy in the latter part of the year that will guide all Budget presentations going forward.

“It’s [the Bill] going to be more specific, and I think it needs to be more specific; what we’re trying to achieve in a year and the current strategy. That can be used to hold the Government accountable and fight for transparency.

Mr Aubry said the Bill will also provide a “framework” to help explain, and allow the public to assess, the reasons for terminations/ lay-offs in the public sector.

Noting that such firings have aroused considerable controversy, especially in the political realm, he suggested the proposed legislation will offer an objective criteria that can be used to determine if such moves are

MATT AUBRY justified.

Robert Myers, ORG’s principal, yesterday told Tribune Business that the Fiscal Responsibility legislation had been “too long coming”, given that successive administration had run-up a near $8bn national debt with $300m-plus annual deficits.

He suggested that the binding limits the Bill will impose on current and future governments will serve to protect The Bahamas against bankruptcy, telling Tribune Business: “That’s where we’re headed otherwise.”

“I think it could be huge,” Mr Myers said of the Bill.

“What I’m excited about is that it’s going to create laws that create Fiscal Responsibility across the board.

That’s why I think it’s so important that we it establishes accountability and rules that all governments have to live with, not just this one.

“We’re not trying to tie anyone’s hands down, because there are natural disasters that occur that force us to spend above Budget limits, but when they don’t have those events there’s at least some guidelines that mean they will not bankrupt the country.

“That’s where we’re headed. These Fiscal Rules will hopefully bind them to live within certain realities, certain limits, and that’s critical.”

Mr Myers said all previous governments, both FNM and PLP, had “done a crap job on fiscal controls and fiscal accountability, and that irresponsible behaviour has to stop. The lack thereof will take us all down with them.

“If they keep increasing taxes, the cost of living goes up, the cost of business keeps going up, people stop coming here and the country’s over. It’s a vicious cycle. That’s why it’s not just policy; we need to make it law. It’s [Fiscal Responsibility] been too long coming, but I’m very happy to see the first phase.”

Mr Aubry, meanwhile, said ORG planned to work with the Government and private sector partners on a Fiscal Transparency Portal that will enable Bahamians to have a better understanding of, and participation in, the country’s fiscal affairs.

CIVIL AVIATION AUTHORITY OF THE BAHAMAS REQUEST FOR INTERNAL AUDIT SERVICES OVERVIEW The Civil Aviation Authority (CAAB) wishes to engage a suitably qualified company/firm to provide internal audit services. The successful bidder must be able to comply with best practices and standards as promulgated by the Institute of Internal Auditors (IIA).

This would be in addition to assisting the Board and Management in the execution of their responsibilities, through consistent and transparent review of the CAAB’s compliance with regulations, policies and procedures aligned with organizational goals and objectives.

APPLICATIONS & ENQUIRIES An additional Information packet is available for collection at the head office for any and all interested parties. Proposals are to be submitted, in sealed envelopes, addressed to: Director General Civil Aviation Authority of The Bahamas Internal Audit Services JL Centre #26 Blake Road Nassau, Bahamas RE: PROPOSAL FOR INTERNAL AUDIT SERVICES All proposals should be hand delivered to said address no later than 4:00 p.m. on Monday, June 4, 2018 and include four (4) hard copies, and one (1) electronic copy should be submitted in PDF format via e-mail to: proposals@bcaa.gov.bs

DIVIDEND NOTICE TO ALL SHAREHOLDERS The Board of Directors of Bahamas Waste Limited has declared a Dividend for Ordinary Shares, to all shareholders of record as of May 18th, 2018 of $0.09 cents per share The payment will be made on May 30th, 2018 through Bahamas Central Securities Depository Limited, the Registrar & Transfer Agent Robert V. Lotmore Corporate Secretary

THE TRIBUNE

Monday, May 14, 2018, PAGE 7

GOV’T IN ‘TUG OF WAR’ WITH FREIGHT, CRUISE INDUSTRIES FROM PAGE ONE not warranted, which makes the ‘Bahamas Cruise Product’ more expensive.”

Ms Paige added: “I note that mandatory fees of this sort are not at any other ports in the entire Caribbean, except one which has a very tricky maneuver to get into the port, which is not the case in the Port of Nassau.”

Her concerns are especially ill-timed for the Bahamas’ efforts to upgrade Nassau’s cruise port, at Prince George Wharf, to enhance the visitor experience and reverse declining passenger spending yields. The FCCA member lines make up close to 100 per cent of Nassau’s cruise business, including Carnival, Royal Caribbean and their affiliates.

One major importer, speaking on the condition of anonymity, told Tribune

Business: “We’re told that commercial vessels that are 1,000 gross tonnes are going to have to pay on every vessel coming in.

They’re looking at $700 in and out, so that’s a total of $1,400.

“I’m told that, for the shipping companies, that could amount to an extra $500,000 a year, and obviously they’re not going to absorb that; that is going to be passed on ultimately to the consumers. I have a lot of shipments coming in, so that’s a major concern for me and my business.” The fees are reportedly set to take effect on June 1.

Tribune Business understands that stakeholders in the shipping industry met with Port Controller, Captain Cyril Roker, on the matter last week. They are now seeking to take their concerns higher up to the ministerial level.

Captain Roker, when contacted by Tribune Business, declined to discuss the

matter in detail. “I can’t speak to that matter at this time. I believe the Government will be issuing a statement on that shortly,” he said.

The Government is keen to recover the cost of all services it provides as it bids to slash its current $323m fiscal deficit, and reduce subsidies to state corporations.

A government source with knowledge of the issue acknowledged the concerns within the shipping and cruise industry over the fees, with one industry stakeholder describing the matter to Tribune Business as “non-negotiable”.

“There are some concerns about these tug boats and paying these fees. The Government has two aged tugboats, and they didn’t see the need to repair them or purchase new ones so the Government has outsourced that service,” the source said.

“There was a public

CRUISE ships in Nassau harbour.

tender exercise that took place three-and-a-half years ago, and it was decided that the Government would outsource the tugboat service to a local company, Tug Service Ltd. All the funds that will be collected from these tugboats would go to the Consolidated Fund, and the Government would pay a daily rate for leasing these

tugboats. That would apply to all commercial ships that are 1,000 gross tonnes.

The cruise and cargo ships would be affected by this tugboat fee. This does not include yachters or local boats.”

The move to outsource the tugboat service falls in line with recommendations by Auditor General, Terrance Bastian, who in

an examination of the Port Department’s accounts for the two-year period to endJune 2016 suggested that it either purchase new vessels or outsource tug boat services to the private sector.

At the time he branded the over $600,000 spent on repairs as “exorbitant” and not necessarily providing taxpayers with “value for money”.

PAGE 8, Monday, May 14, 2018

THE TRIBUNE

Trump’s prescription to reduce drug prices takes small steps WASHINGTON Associated Press PRESIDENT Donald Trump’s long-promised plan to bring down drug prices would mostly spare the pharmaceutical industry he previously accused of “getting away with murder”.

Instead he focuses on private competition and more openness to reduce America’s prescription pain.

In Rose Garden remarks at the White House last Friday, Trump called his plan the “most sweeping action in history to lower the price of prescription drugs for the American people”. But it does not include his campaign pledge to use the massive buying power of the government’s Medicare program to directly negotiate lower prices for seniors.

That idea has long been supported by Democrats but is a non-starter for drugmakers and most Republicans in Congress.

Democratic Rep Lloyd Doggett of Texas dismissed Trump’s plan as “a sugarcoated nothing pill”.

The administration will pursue a raft of old and new measures intended to improve competition and transparency in the notoriously complex drug

pricing system. But most of the measures could take months or years to implement, and none would stop drugmakers from setting sky-high initial prices.

“There are some things in this set of proposals that can move us in the direction of lower prices for some people,” said David Mitchell, founder of Patients for Affordable Drugs. “At the same time, it is not clear at all how they are going to lower list prices.”

Drugmakers generally can charge as much as the market will bear because the US government doesn’t regulate medicine prices, unlike most other developed countries.

Trump’s list of 50 proposals, dubbed American Patients First, includes: • A potential requirement for drugmakers to disclose the cost of their medicines in television advertisements.

• Banning a pharmacist “gag rule”, which prevents druggists from telling customers when they can save money by paying cash instead of using their insurance.

• Speeding up the approval process for overthe-counter medications so people can buy more drugs without prescriptions.

• Reconsidering how Medicare pays for some high-priced drugs administered at doctors’ offices.

Those ideas avoid a direct confrontation with the powerful pharmaceutical lobby, but they may also underwhelm Americans seeking relief from escalating prescription costs.

Democrats pounced on Trump for not pursuing direct Medicare negotiations, an idea he championed before reaching the White House.

“This weak plan abandons the millions of hard-working families struggling with the crisis of surging drug prices,” said Democratic Leader Nancy Pelosi, in a statement.

Pharmaceutical investors and analysts expressed relief after the announcement, and shares of most top drugmakers rose on Friday afternoon, including Pfizer, Johnson & Johnson and Eli Lilly.

“Trump had a choice today: to seek disruptive fundamental reform or to embrace more incremental steps,” wrote Terry Haines, a financial analyst, in an investment note. “Trump chose the incremental over the disruptive.”

THE TRIBUNE

Monday, May 14, 2018, PAGE 9

Police probe whether Autopilot feature was on in Tesla crash SOUTH JORDAN, UTAH Associated Press A TESLA sedan with a semi-autonomous Autopilot feature rear-ended a fire department truck at 60 mph (97 kph) apparently without braking before impact, but police say it’s unknown if the Autopilot feature was engaged.

The cause of the Friday evening crash, involving a Tesla Model S and a fire department mechanic truck stopped at a red light, was under investigation, said police in South Jordan, a suburb of Salt Lake City.

The crash, in which the Tesla driver was injured, comes as federal safety agencies investigate the performance of Tesla’s semi-autonomous driving system.

The Tesla’s air bags were activated in the crash, South Jordan police Sgt Samuel Winkler said on Saturday.

The Tesla’s driver suffered a broken right ankle, and the driver of the Unified Fire Authority mechanic truck didn’t require treatment, Winkler said.

There was no indication the Tesla’s driver was under the influence of any substance, and information on what the driver may have told investigators about the circumstances of the crash likely wouldn’t be available before Monday, Winkler said by telephone.

There was light rain falling and roads were wet when the crash occurred, police said in a statement.

“Witnesses indicated the Tesla Model S did not brake prior to impact,” the statement said.

Tesla’s Autopilot system uses cameras, radar and computers to keep speed, change lanes and automatically stop vehicles. The

IN this Friday, May 11, 2018, photo released by the South Jordan Police Department shows a traffic collision involving a Tesla Model S sedan with a Fire Department mechanic truck stopped at a red light in South Jordan, Utah. Witnesses indicated the Tesla Model S did not brake prior to impact. company, which is based in Palo Alto, California, and has a huge battery factory in the Reno, Nevada, area, tells drivers the system requires them to keep their eyes on the road and their hands on the wheel so they can take control to avoid accidents.

“Tesla has not yet received any data from the car and thus does not know the facts of what occurred, including whether Autopilot was engaged,” a Tesla spokesperson said in a statement on yesterday.

Police said they had been in contact with the National

Transportation Safety Board about the crash.

NTSB spokesman Keith Holloway said he didn’t know whether the agency would get involved with the crash.

The NTSB and the National Highway Traffic Safety Administration are investigating at least two other crashes involving Tesla vehicles. In March, a Tesla Model X SUV crashed on a California highway, killing the driver, and investigators are looking into the performance of the semi-autonomous driving system in that crash.

PAGE 10, Monday, May 14, 2018

THE TRIBUNE

TURKEY’S ERDOGAN IN UK, PRAISES COUNTRY AS ‘REAL FRIEND’ ISTANBUL Associated Press

TURKISH President Recep Tayyip Erdogan started a three-day visit to Britain by praising the

country on yesterday as “an ally and a strategic partner, but also a real friend”.

The Turkish leader is

scheduled to meet Queen Elizabeth II and British Prime Minister Theresa May on Tuesday.

Speaking at a forum on Turkish-British relations, Erdogan noted that in July 2016, the British government quickly condemned a coup attempt against him and said, “we will never forget this solidarity.”

The Turkish president said bilateral co-operation between the two countries has grown, especially since the referendums that changed Turkey’s governing system to an executive presidency and paved the way for Britain’s departure from the European Union.

The deepening ties are most evident in trade, Erdogan said, with a joint goal of increasing trade volume from $16bn to $20bn and a potential free

TURKEY’s President Recep Tayyip Erdogan shakes hands as his supporters gathered outside his hotel in London on yesterday.

Erdogan started a three-day visit to Britain by praising the country as “an ally and a strategic partner, but also a real friend”. trade agreement in the works. He cited BritishTurkish co-operation in defense industries as an example for more new ventures.

“We want to continue our economic relations as the governments of Turkey

and the United Kingdom without interruptions after Brexit,” Erdogan said before leaving Istanbul for London earlier yesterday.

Erdogan also said he also would be discussing regional and international issues with May.

We’re hiring Talent Administrator The opportunity We are seeking a Talent Administrator to join Deloitte in the Bahamas. The successful candidate will work under the supervision and direction of the Talent Advisor. The Talent Administrator will be responsible for providing transactional and administrative services to Deloitte staff with a focus on Talent Support and local Operations.

Essential functions include; • • • • • • • • • • • • • • • • • • • • •

Responsible for employment contracts, ensuring that contracts are compliant with relevant legislation.

Liaise with Partners to inform them of employees’ upcoming contract and work permit end dates to determine renewals and liaises with employees to ensure ample notice to complete the process.

Responsible for tracking upcoming employee retirement dates, advising the appropriate Partner(s) and preparing notification letters.

Prepare Immigration applications and responsible for work permit process Provide support on posting job ads, renewals and promotions in the local newspaper (as applicable).

Stay current with any new policy changes, keep team members informed of the changes and provides employees with information related to Immigration, work permits, benefits and contract matters.

Provide administrative support on system including data entry into the system maintenance of personnel records and system reports, as well as any physical employee files/records.

Conduct audits of absence records and reporting and recommends any corrective action.

Prepare recruitment related documentation including employment ads. and offer letters etc.

Assist with recruitment events, including student recruitment coordination and preparation.

Arrange hotel, travel and ground transportation for new hire arrivals.

Support with staff onboarding and exit procedures.

Tracks compliance with firm and various learning requirements; communicates status to learning leaders.

Coordinates in-house classroom training including registration, ordering material, room set up, catering etc.

Provides general employee support including drafting bank letters, and maintaining employee files.

Schedule, participate in and take minutes at various firm committee meetings.

Tracks rewards and recognition of all employees via SharePoint, coordinates purchases, and distributes rewards to employees and reports on progress to the Talent Advisor monthly.

Provides assistance with the rollout of any new Talent initiatives or regional support as needed.

Support the enrollment of staff in the provident Fund.

Support to ensure staff receives Pension Fund statements as per plan rules.

Works with Finance to assist with payroll employee benefits, and pension’s administration for all employees.

The successful candidate will possess: • Associates or Bachelor’s degree with a specialization in Business Administration or Human Resources and/or minimum of two (2) years’ experience in HR, Learning and Development or a related field required.

• Previous experience and knowledge of work permit procedures is preferred.

• Proficiency in Microsoft Office Suite.

All applications should be submitted online at: https://jobs2.deloitte.com/bs/en Keyword: BS149515KW Please note to apply for this position you will need to submit a cover letter and CV through the above link.

Talent Deloitte Ltd. 2nd Terrace West Centreville Nassau N-7120 Bahamas Telephone: (242) 302 4800

THE TRIBUNE

Monday, May 14, 2018, PAGE 11

LOBSTER INDUSTRY FEARS WEAKER SHELLS, BUT EVIDENCE IS MIXED

By PATRICK WHITTLE Associated Press PORTLAND, Maine (AP) — More people outside the US are enjoying the New England tradition of cracking open a freshly cooked American lobster, and that experience hinges on one thing — the lobster getting there alive.

That’s a looming problem, according to some members of the American lobster industry, who are concerned that lobsters’ shells are getting weaker. Scientific evidence about the issue paints a complicated picture.

US lobster exports to Asian countries have increased exponentially this decade, and American shippers prefer lobsters with hard, sturdy shells to survive the long journey to places such as Beijing and Seoul.

But some members of US industry have complained in recent years of poor shell quality among lobsters, most of which are plucked from the ocean off Canada and New England.

They’ve raised concerns about warming ocean waters or acidification of the ocean having a negative effect on lobster shells.

Scientists said there is a correlation between warm temperatures and increased shell disease, but incidence of the disease is very low off Maine, the nation’s top lobster-producing state.

Lobstermen also are catching lots of lobsters in the summer, when the creatures molt and are softer.

Otherwise, there isn’t much hard evidence to suggest lobster shells are weakening, scientists said.

Here are some issues raised by the industry and what the science says: WHY DOES THE INDUSTRY PREFER STRONG SHELLS? There’s a lot of money at stake in getting lobsters to their destinations alive.

American lobsters were worth a record $669.3m at the docks in 2016, a year in which fishermen caught nearly 160 million pounds of the crustaceans.

While lobster meat is used in some processed products, such as lobster macaroni and cheese and lobster bisque, the whole live lobster is one of the biggest draws in the seafood world. It’s also the sought-after item in the booming Chinese market, which took a record of nearly 18 million pounds of US lobster last year.

A lobster with a harder, sturdier shell has a better chance to live through the one- to two-daylong journey.

Bill Bruns, operations manager for The Lobster Company of Arundel, Maine, said “finding and producing enough product that’s possible to ship” has become a problem.

WHAT DOES THE SCIENCE SAY? Rick Wahle, a University of Maine zoologist who studies lobsters, said he hasn’t “heard anything that lobsters are necessarily getting softer”. But he

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LARESHIA CHARLTON of Matthew Town, Inagua, General Delivery, mother of DERNIER ANDREA CHARLTON, intend to change my child’s name to DERNIER ANDREA INGRAHAM JR. 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 DIANA ORMILUS of Faith Gardens, New Providence, The 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 14th day of May, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

and many other scientists said lobsters do face environmental challenges that could impact their ability to be shipped.

Wahle and others said the jury is still out on whether the increasing acidification of the ocean is one of those factors. There appear to be subtle effects on lobster larvae from acidification, but nothing to suggest something as dramatic as weaker shells, he said.

It’s possible that processors are just seeing more “soft shell” lobsters that have recently molted, which is a natural process necessary for them to grow, Wahle said.

A 2017 study that appeared in the scientific journal FACETS looked at the subject of the health of soft-shelled lobsters in southwestern Nova Scotia.

It concluded that future research is needed “to evaluate the effects of longterm ecosystem change on shell-quality”.

DO WARMING OCEANS PLAY A ROLE? Many lobsters live in the Gulf of Maine, which is warming faster than most of the world’s oceans. This poses many challenges to lobsters, including potential changes to their access to food and the abundance of predators.

It also raises concerns about epizootic shell disease, which disfigures lobsters to the point that they can’t be sold. The Maine Department of Marine Resources said researchers found the disease in about one percent of lobsters last year after almost never finding it as recently as a decade or so ago.

Justin Ries, a marine biogeochemist with Northeastern University, said it’s important to monitor for the disease because it devastated the population off of southern New England.

RFP

MARKET REPORT THURSDAY, 10 MAY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,938.10 | CHG 0.39 | %CHG 0.02 | YTD -124.41 | YTD% -6.03 BISX LISTED & TRADED SECURITIES 52WK HI 4.40 19.17 7.50 3.76 1.64 0.19 4.50 8.90 6.60 5.30 11.50 2.71 1.60 8.21 6.10 11.48 7.29 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 8.40 6.00 3.15 9.00 2.30 1.40 7.25 6.00 8.78 5.67 3.35 12.01

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00

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

NOTICE

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

International Business Companies Act No.45 of 2000 Atra Petra Fund Ltd. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Atra Petra Fund Ltd. (IBC №. 159376 B) has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 25th day of April, 2018.

Rodrigo Ferraz Pimenta Da Cunha Liquidator

52WK HI 2.13 4.14 1.99 178.69 153.40 1.55 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 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.89 6.10 3.85 10.05 2.65 1.50 7.74 6.10 10.44 6.43 4.20 12.51

CLOSE 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.89 6.10 3.85 10.05 2.67 1.60 7.66 6.10 10.44 6.43 4.20 12.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.10 -0.08 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

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.03 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.06 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 100.00 100.00 109.09 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

646 1,000 100 1,000

VOLUME

EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.573 0.171 0.631 0.102 0.330 0.000 1.129 0.743 0.832 0.293 0.543

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.620 0.060 0.050 0.084 0.300 0.500 0.200 0.120 0.570

P/E 12.2 18.7 N/M 11.9 N/M N/M -2.3 13.9 10.6 22.5 15.9 26.2 4.8 N/M 5.4 14.1 7.7 14.3 23.0

YIELD 1.82% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.60% 3.61% 3.12% 6.17% 2.25% 3.13% 1.10% 4.92% 4.79% 3.11% 2.86% 4.56%

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 2.14 4.13 2.00 179.39 135.02 1.55 1.68 1.63 1.09 7.15 8.14 6.41 11.26 11.68 10.24

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 1.04% 4.26% -1.06% 2.15% 0.58% 3.61% -0.48% 4.84% -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-Mar-2018 31-Mar-2018 30-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018

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

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

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