06032019 BUSINESS

business@tribunemedia.net

MONDAY, JUNE 3, 2019

$4.90

Vacation rentals tax ‘solves 25% of issue’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net AN Out Island boutique resort operator says the government’s vacation rentals tax plan “only solves 25 percent of the real problem” and is “not the way to go”.

Edwin Mulford, a longtime Cat Island operator, said requiring online marketplaces to pay valueadded tax (VAT) on their rentals and related sales in The Bahamas may only capture half the bookings that involve The Bahamas.

Arguing that small Bahamian resort operators such as himself are being most impacted by vacation rentals, he said: “I find it unbelievable that government is going this way, and I am very disappointed as this solves almost nothing. It will create some jobs by having to now monitor a broken situation from conception.

“How would you like to be in charge of auditing over 4,000 rental properties in The Bahamas? Further, how will this work? The homeowner is the

SEE PAGE 7

$4.91

$4.95

Privatisation target in just 2% annual growth

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE government’s latest privatisation target is forecasting annual revenue growth of just two percent over the next decade, with the selection of a preferred bidder targeted for end-July 2019.

The Nassau Flight Services (NFS) prospectus, a copy of which has been seen by Tribune Business, reveals that the Minnis administration is targeting a tight two-month window in which to choose a winning purchaser/franchise operator for the airport ground handling services provider.

According to the timeline set out in the bid documents, potential bidders are supposed to submit all outstanding questions on Nassau Flight Services, its operations, finances and the process to the government by today.

The latter is to provide all necessary answers by June 17, and all bids are due to be

• October 2 eyed for Nassau Flight Services close • Top-line projected to expand $1.5m in decade • Flights handled to also increase by 1,500 submitted by June 28. Interviews with the best offers will be held “if necessary” on July 12, with the preferred bidder selected one week later and the “purchase/franchise agreement” awarded by July 26, 2019.

Setting out a breathless pace that some observers will likely believe is unrealistic, the Nassau Flight Services request for proposal (RFP) allows only one week between the award and contract execution on August 2, 2019. A 30-day transition to the new owner/ franchise operator will then begin on September 2, 2019, with the takeover closing on October 2, 2019, in a process lasting less than five months.

Information attached to the bid documents reveals that Nassau Flight Services is projected to enjoy somewhat modest growth in its

main business line, ground handling, over the next decade to 2028.

Top-line revenue from this source is forecast to rise by 21.9 percent over this period, increasing from an actual $6.251m in 2018 to $7.62m in 2028 - a relatively modest pace of growth that, in total, is less than $1.5m.

Any purchaser will seek to increase this, and generate faster revenue growth rates, to earn the desired return on investment (RoI) that will be set out in their business plan.

“NFS has managed an average of 6,600 flights during the period 2015-2018, and is projecting a two percent annual growth over the next ten years,” the bid documents confirm. “NFS has managed an average of 6,600 flights during the period 2015-2018.”

The number of flights

$4.95

Public health deficit slashed to $18m-$25m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

handled by Nassau Flight Services is also forecast to increase from the 6,850 handled in 2018 to 8,350 by 2028 - an increase of 1,500 annually, or 21.9 percent, that matches the level of revenue growth.

Nassau Flight Services’ financial statements were not attached to the RFP seen by Tribune Business, but there is every indication that the company continues to be a loss-maker - albeit a modest one in comparison to other state-owned enterprises (SOEs). It is in line to receive a $1.8m subsidy in the 2019-2020 budget, the same as this year, with increases to $2m and $2.05m in the next two fiscal years.

The ground handler currently has 244 total employees split between 166 full-time workers and

THE public health sector’s financial deficit has been cut to $18m-$25m, a Cabinet minister said yesterday, with National Health Insurance’s (NHI) expansion “a matter of timing”.

Dr Duane Sands, pictured, minister of health, told Tribune Business that the increased 2019-2020 budget allocations to the Public Hospitals Authority (PHA) had seemingly narrowed the typical $40m funding gap it faced on an annual basis.

The PHA’s subsidy has increased from $216m to $223.456m, accounting for the total rise in the Ministry of Health’s budget allocation from $293.915m to $301.973m. Dr Sands revealed that software

SEE PAGE 5

SEE PAGE 7

‘Discretion’ in name switch tax dodgers clamp down

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government has introduced “discretion” into the crack down on corporate tax cheats who seek to evade their liabilities by reincorporating under a different vehicle or name.

Proposed changes to the Financial Administration and Audit Act, tabled in the House of Assembly last week, still allow the Ministry of Finance’s top official to withhold Tax Compliance Certificates (TCCs) if he/she believes any company applying for one has created a different corporate vehicle to evade payment of due taxes.

While the government remains empowered to demand that all companies with “similar ownership” or shareholding structures to the applicant entity pay their due taxes before a TCC is issued, the latest reforms - if passed - mean this requirement will not be a rigid provision that is set in stone.

The Financial Administration and Audit (Amendment) Bill’s section three states: “Where an applicant for a tax compliance certificate is a company, the financial secretary may require any other company with similar shareholding or similar ownership to satisfy

SEE PAGE 4

‘Bring your A game’ for one-runway LPIA

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday said all stakeholders “must be on our ‘A’ game” to cope with Lynden Pindling International Airport’s (LPIA) imminent reduction to a single runway.

Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business that the closure of Runway 09/27 for major

rehabilitation from June 17 (see other article on Page 2B) was an “unavoidable necessary infrastructure upgrade” that is essential to keep traffic at The Bahamas’ major gateway flowing.

He added that noncommercial aircraft, meaning private planes, will be “encouraged” to shift their hours of operation to non-peak times such as between 12-3pm to minimise congestion with

SEE PAGE 6

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THE TRIBUNE

$20m upgrade cuts LPIA to one runway

SHOWN here is Runway 14-32, LPIA’s main runway, which will remain open while works are being done on its smaller runway and some taxiways highlighted in red.

LYNDEN Pindling International Airport (LPIA) will operate with a single runway for four to six months due to a near-$20m upgrade that is set to begin on June 17.

The Nassau Airport Development Company (NAD), LPIA’s manager, yesterday confirmed it will soon begin an extensive runway rehabilitation project on Runway 09/27 (soon to named be Runway 10/28) and Taxiway India.

The project will result in LPIA operating as a single runway facility, but NAD said it has put contingency plans in place to reduce the impact to overall operations and aircraft movements.

Once completed, the project will result in asphalt upgrades that will extend the life of LPIA’s runways.

Runway End Safety Areas (RESAs) will be added to reduce the risk of damage to aircraft that overrun the runways, while the acquisition and installation of new LED approach lights on the runways will help pilots better identify the airport during low visibility operations.

Vernice Walkine, NAD’s president and chief executive, said the runway rehabilitation is scheduled maintenance that must be done to ensure LPIA continues to operate as a safe and efficient airport and meet all international safety standards.

“We understand the importance of the upgrades and are now in a position to invest the necessary capital to undertake the project at this time,” she explained.

“There was no perfect time to do these necessary works, so we will have to manage the project with the goal of minimising disruption to ongoing operations.

“We are working with key airport partners on contingency plans to manage the flow of air traffic and to ensure the usability of the airport’s sole runway during the rehabilitation process.”

The project will begin during one of LPIA’s many peak travel periods but, based on the projected timeline, NAD anticipates that the runway rehabilitation will be in full gear during the slower period of September and October.

The airport operator is aiming to complete the works before Thanksgiving.

NAD has implemented contingency measures to ensure continuous aircraft movement at the airport while in single runway operations, such as the use of newly-acquired equipment to remove disabled aircraft should the need arise.

Scheduled maintenance, such as paving surfaces and lighting repairs, will be conducted during off-peak hours - from midnight to 5am.

During this period, LPIA will advise neighbouring

airports that it cannot be used for any airline diversions unless it is an emergency. In the event of bad weather while the airport is operating with a single runway, air traffic control (ATC) will follow existing protocol, suspending services at LPIA until conditions improve. NAD will also continue to work closely with partners to capture and remove wildlife on the airside and the neighbouring areas that might impede operations.

Ms Walkine said: “We would like the public to note that it is not uncommon for airports of our size and in this region to operate using a single runway. Barbados, Trinidad, St Lucia and St Maarten all operate using one runway.

“During this period, we are asking the travelling public to exercise patience when arriving or departing from LPIA, as there will likely be delays resulting from the runway rehabilitation project.”

Motorists driving near the intersection of Windsor Field Road and Rock Plant Road are also advised to pay particular attention to heavy equipment movement in the area once work begins on June 17. Crews will conduct work between sunrise and sunset. NAD is asking all motorists to observe signage in the area and to exercise caution when approaching the intersection.

PI CONDO COMPLEX ALMOST 70% SOLD A HIGH-RISE Paradise Island condominium complex has now sold almost 70 percent of its inventory after finding buyers for its two most expensive units - 10th floor penthouses.

One Ocean, located at Paradise Island’s eastern end, continues to benefit from the multi-million dollar investment

by Canadian-headquartered Replay Destinations Bahamas since it acquired the remaining 52 units in the once-troubled property.

The developer, known for its turnarounds on Hawaii, Antigua, Mexico and Utah residential and resort properties, has invested in infrastructural and cosmetic upgrades, increased amenities, transformed public spaces and residential accommodations, and revitalised marketing.

Major capital expenditures included new chillers and elevators, which are all on site now for installation, and a total makeover of the pool deck.

Tracey Barone, a One Ocean sales broker, said: “The completion of sales of two penthouse units at One Ocean in a relatively short space of time speaks volumes for both the desirability of the offerings, and for the continuing appeal of Paradise Island.

“Paradise Island remains a destination like none other.

Buyers enjoy the proximity of an almost fantasy-like existence, year-round warmth, a top-rated golf course at their back door, Nassau harbour at their front and all the attractions - dining, leisure and entertainment experiences of Atlantis and other hotels - nearby. Add to that the security of a building like One Ocean with amenities including underground covered parking and 24-hour concierge service, and it is easy to see why there is so much interest.”

Replay assumed ownership of 52 unsold, unfinished units at the 10-storey building

ONE OCEAN in 2015. Since then, the company has sold 35 residences, or some 70 percent, with only 17 units remaining.

Replay’s Jeff Barrett said: “We are moving as fast as we can without cutting any corners. When we decided to take the bold step of lifting off the roof and going upward, extending the height of the top floor to create nine penthouse residences reaching skyward, we knew we had to make it spectacular.

“It was going to be stunning or it wasn’t going to be.

And we did it; sheer walls of glass opening to views of the greens and fairways of the Ocean Club golf course set against the backdrop of blues of the Atlantic on one side and the boats in Nassau harbour on the other.”

The two penthouses that closed recently featured four bedrooms each and average over 5,000 square feet, one coming in at 4,690 square feet and the other at 5,820.

“When you take the best lifestyle location, Paradise Island, and you pair it with the ultimate in luxury at a fair price, add in extras like security, 24-hour concierge service, two covered parking spaces per residence, a fitness centre, social calendar and more, you have a winner,” said Ms Barone. “Right now, it’s pretty hard to beat One Ocean and I think it will be for some time to come. I suspect we will sell out before demand runs out.”

There are 11 two-bedroom residences, one three-bedroom residence and five four-bedroom penthouses remaining with completion date by yearend. Units range in price from $995,000 to just under $5m.

THE TRIBUNE

Monday, June 3, 2019, PAGE 3

AUTO DUTY SLASHES ‘NOT THE ANSWER’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net MAKING conventional gasoline vehicles cheaper is “not the answer” to the government’s environmental sustainability drive, a Bahamian electric car dealer is arguing.

Pia Farmer, a director at Easy ECO Car Sales, is also voicing disappointment that the duty rate on 100 percent electric commercial vehicles valued at over $50,000 was not “harmonised” at ten percent.

She told Tribune Business: “We need to move away from gas to cleaner, more sustainable options now. The world’s environmental crisis requires us to act. Making conventional gas cars cheaper is not going to help our environment, our health or our pocketbooks.”

Mrs Farmer added that

the cost of operating an electric vehicle (EV) is roughly 65 percent less than gasoline-powered models. “The savings in combination with solar are even more pronounced.

EVs also require minimal service and have about 1,000 fewer parts to repair, replace or throw away in the landfill,” she said.

“So the consumer benefits from a much lower overall cost of ownership with an EV. If our aim is to conserve resources, gas vehicles are not the way forward. The real issue is not that people are going to pay less for combustion engine vehicles up to two litres, because the duty is now 45 per cent versus 10 per cent electric, but that in doing so, they will pay more money to operate and service the vehicle over its lifetime, and they will continue to make very inefficient use of our resources

compared to EVs. We have cleaner, more efficient, better options available today. Making gas cars cheaper is not the answer; it’s just clinging to an outdated technology.”

K Peter Turnquest, deputy prime minister and minister of finance, said during the 2019-2020 budget presentation: “To advance our commitment to environmental sustainability, we have tailored several measures with an aim to not only protect the environment, but also to increase environmental awareness across all islands.

“These measures include: Reducing the duty on new vehicles between 1.5 litres (1500cc) and 2.0 litres (2000cc) valued at $50,000 or less from 65 percent to 45 percent. In this context, only cars with less than 200 miles on the odometer will be considered ‘new’.

KP TURNQUEST This makes smaller, more fuel efficient vehicles more affordable.”

To this Mrs Farmer said: “This was a concession to new car dealers who wanted to offer more models under a lower import tax rate for conventional combustion engine vehicles. This does not significantly help the nation move away from our reliance on gasoline.

“It’s worth noting

that the government has announced investments in solar power. Electric vehicles (EVs) are a natural partner to renewables as EVs are solar ready. So you can have solar panels on your roof and charge your vehicle from the sun.

That’s the ideal sustainability we should aim for and encourage.”

The government is also harmonising the rates on all new electric and hybrid vehicles valued up to $50,000 to ten percent.

That measure will, however, have a sunset clause of five years, after which this special revision will revert closer to the rates for other small size vehicles.

“I thought we already had a harmonised ten per cent rate for EVs and hybrids under $50,000,” said Mrs Farmer. “We are disappointed that 100 percent electric commercial vehicles which cost more

than $50,000, such as trucks of all sizes and descriptions, and buses, were not harmonised to the ten percent rate.

“Electric bucket trucks, garbage collection vehicles, trailer trucks and buses of all sizes are now available in The Bahamas and there is great interest in these products, but the 65 percent duty rate doesn’t encourage our businesses to transition to cleaner, quieter and more efficient electric transportation.

There is no incentive to be an agent of change.

“Bear in mind these are not luxury vehicles, and they affect our quality of life every day. Imagine electric Jitneys on our roads, or quiet trucks without dirty emissions that fill the air we breathe as we sit in traffic.

Let’s hope we can move in that direction and let go of our gas addiction before the ‘Sunset Clause’ expires.”

‘SERIOUS MONEY’ NEED FOR RENEWABLE ENERGY

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas needs “serious money” to reverse a “less than mediocre” renewable energy performance that has been “trumpted as ‘big strides’”, an industry executive is arguing.

Zoltan Szasz, vice-president of the Sustainable Energy Association of The Bahamas (SEAB), called for revisions to the Electricity Act to reflect the opportunities renewable energy integration can bring to this nation.

He told Tribune Business: “The Bahamas’ less than mediocre performance in renewable energy integration has been so far trumpeted as ‘big strides’.

To really up our game and do significant strides in renewable, distributed generation, it will take serious money, and I’m intentionally stressing distributed, as centralised solar and or wind generation has significant loss profile and does not benefit the wider population directly. Large-scale solar will mostly benefit large investors. Lower energy prices would benefit the larger public, but that result is hinging on many conditions.”

Mr Szasz spoke out after K Peter Turnquest,

deputy prime minister and minister of finance, said in unveiling the 2019-2020 budget: “In the area of energy conservation, one of the initiatives adopted from our 2017 manifesto is a move toward renewable energy, particularly in the Family Islands.

“To this end, the government is seeking, with the funding support of the multilateral community, to provide for over $170m over the next eight to ten years to introduce commercial scale solar energy opportunities throughout The Bahamas, with particular emphasis on the Family Islands.”

Mr Szasz, however, warned: “Government-managed investment structures have not been a big success in the past, and the funds’ distribution opens up for corruption and a lot of other deficiencies when it comes to evaluating which projects deserve funding and at what level.

“When it comes to the target area, namely the Family Islands, the idea is good and it’s going back all the way to 2013 when PowerSecure introduced its Interactive Distributed Generation (IDG) concept that never was implemented.

“Dusting off that concept would be a great model for

further developments, as it would include New Providence as well, but with a different model for implementation. The $170m sounds like a large sum, but if we divide it to the 12 major islands and eight to ten years, the reality looks very different.”

Mr Szasz added: “Solarplus storage, or rather call it mini/micro-grid projects’, aim to achieve lowest cost of energy over the lifetime of the system, usually 20-25 years. This is the magic lowest cost of energy (LCOE) concept that calculates what level of renewable penetration gives the biggest bang for the buck.

“In micro-grid design it is estimated that 70-80 percent renewable penetration is the magic number, as adding more reserve storage capacity for a few cloudy days is considered more expensive than to run generators for a few hours.

“In mathematical terms, renewable sources have to provide 70-80 percent of the island’s energy needs, which from solar entails three-four times base load generation where the largest chunk of energy is stored. Storage is then used to firm up intermittency and for peak shaving when most power is needed in a short period. This requires different types of batteries and

today’s technology might be obsolete tomorrow, which means planning for 25 years is far from easy.”

Mr Szasz pointed out that the technology preceding renewable integration “is costly, its deployment lengthy and requires careful planning”. He said: “Probably a large part of the $170m would be required to provide the perquisite for renewable integration.

What should be a better path is to hand over the initiative to private investors and developers.

“On the small to medium scale, the most cost effective method is to establish government-backed loans to install rooftop solar for up to 30-40 percent penetration level, and although this avenue is a bit less cost effective, every household and business investing in

solar enjoys the immediate benefit of the investment by reducing or eliminating its power bill. Family Islands should be developed as cooperatives, perhaps making BPL shareholders in the amount they bring in their fossil generation and distribution assets.”

Mr Szasz added: “The developers then would contract expert design and engineering firms (EPCs) to build and operate solar and wind facilities, and URCA should regulate the appropriate business models that serve local communities.

Any funds coming into the country should be managed by commercial fund managers, and project funding should be awarded by a competent Energy Council.

“The current Electricity Act should be changed to reflect the opportunities

renewable integration can bring to the nation, and BPL should adapt by becoming partners on the Family Islands and a “wires-only” distribution entity in New Providence with the best possible technology to adapt to an ever changing technological landscape.”

PAGE 4, Monday, June 3, 2019

THE TRIBUNE

‘Discretion’ in name switch tax dodgers clamp down FROM PAGE ONE

its tax obligations. before issuing a tax compliance certificate to the applicant company where the financial secretary has reasonable cause to believe that the company with similar shareholding or similar ownership was established to evade the payment of taxes due by the applicant company.”

Marlon Johnson, the acting financial secretary, told Tribune Business that the Ministry of Finance had “seen some attempts” by companies to evade their due taxes by incorporating under a different name or vehicle, then carrying on exactly the same business activities as the original entity.

He added, though, that the Financial Administration and Audit (Amendment) Bill is designed to provide flexibility by allowing himself and future financial secretaries to exercise their “discretion” in deciding whether to impose the ‘pay all taxes’ requirement on entities with “similar ownership”.

“What had happened is the law as previously written allowed the financial secretary or comptroller to not

MARLON JOHNSON issue a tax compliance certificate or licence if there was a shareholder in the company who was non-compliant [in their other business interests]. This is to clarify it,” Mr Johnson explained.

“It’s only in cases where we believe fraud is happening, where a company owes

the government money and they can’t get a tax compliance certificate, so they create a corporate vehicle to do the same thing.

“We have seen some attempts at that where people owed government substantial tax revenues, and they created another vehicle

to sell exactly the same goods and services. We’ve seen instances of that attempted.”

The Bill’s “objects and reasons” make clear that the government’s intent is to “change the provision” in existing law “from a requirement that all taxes be paid on companies with existing shareholding where a company applies for a tax compliance certificate to a discretionary power of the financial secretary to require evidence of tax compliance of other companies and businesses with similar shareholding or ownership before he issues a tax compliance certificate”.

This, it adds, it to apply “only where there is reason to believe that the company or business with similar ownership was established to evade the payment of taxes by the applicant company”.

“It protects you if you are legitimately opening another company,” Mr Johnson said of the changes. “That’s something to assist the taxpayer, so the taxpayer is not challenged in that way. It’s only if you’re suspected fraud, tax evasion or some other offence.

“If someone is denied something they have a legitimate expectation of receiving, such as a tax

compliance certificate, taxpayers do have recourse if a decision is made by a public official, myself, or the Department of Inland Revenue. They can seek to avail themselves of the expanded Tax Commission and the courts if they feel aggrieved.”

While some in the private sector may welcome the removal of the law’s inflexibility, others are likely The government has also tabled legislation to consolidate The Bahamas’ various tax appeal bodies into one Tax Appeal Commission, with Mr Johnson admitting that the existing structure has “not functioned as intended in the law”.

He added that the Tax Appeal Commission Bill was also designed to strengthen the “integrity” of the appeals process through its section seven, which prevents both businesses and individuals from seeking redress from their grievances from ministers, politicians and public officials. Instead, they have to follow the process as set out in law.

“The truth of the matter is that our tax system over the years has become a little more sophisticated, especially with the move to VAT, and VAT comes with a number of things persons

want to appeal,” Mr Johnson said.

“We have the Real Property Tax Board, the Business Licence Board and the Customs Board, so it makes sense to consolidate them into one board so we build up expertise and precedent in tax matters.

“That’s what we’re attempting to do. It has taken some time to get even the VAT Commission constituted.

Some of the other appeals Boards over the years have not functioned as intended in the law, and the government recognises it’s important that taxpayers have appeals channels - appeals channels that are clear.”

Mr Johnson said this “clear path” was provided by the Act’s section seven, which states: “Where a decision-maker makes a decision which is appealable under this Act, no public official shall intervene in any matter relating to the decision, and any person who is aggrieved by such decision must utilise the procedures under this Act to dispute the decision.”

“The government feels this will ensure there’s a clear line of responsibility component to preserve the integrity of the whole process,” he added.

THE TRIBUNE

BISX ALL-SHARE INDEX FALLS FLAT

Monday, June 3, 2019, PAGE 5

Privatisation target in just 2% annual growth FROM PAGE ONE

KEITH DAVIES

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas International Securities Exchange’s (BISX) All-Share Index was flat during the 2019 first quarter, under-performing compared to indices in more developed capital markets.

The exchange revealed that its Index, which only measures share price movements for listed stocks (and does not include dividend payment returns, rose by just 0.47 percent during the three months to end-March 2019.

This compared to increases of 12.92 percent and 8.09 percent for the S&P 500 and FTSE 100 indices, respectively, while the MSCI Emerging Market Index expanded in value by 10.72 percent during the 2019 first quarter.

BISX added, though, that its total market capitalisation including listed equities and debt instruments (bonds and preference shares) continued to gradually increase. Driven mainly by the rise in equity values, which have risen from $4.368bn in 2017 to a current $4.853bn, BISX said its total market capitalisation

stood to $5.366bn at endMarch 2019.

“As at March 29, 2018, the market was comprised of 19 ordinary shares with a market capitalisation of $4.85bn. In addition, there were 13 preference shares with a market capitalization of $327m and 13 bonds with a face value of $513m,” BISX said.

Trading volumes and values across both equity and debt securities were slightly down for the 2019 first quarter compared to the prior year, BISX added.

“Trading volume for the three-month period January 2, 2019, to March 29, 2019, was 2,272,970 shares for a value of $9.788m,” it said. “By comparison, trading volume for the three-month period January 2, 2018, to March 29, 2018, was 2,651,061 shares for a value of $13.324m.

“For the three-month period from January 2, 2019, to March 29, 2019, the average volume per trading day was 37,333 shares for a value of $160,205.75.

By comparison, for the three-month period from January 2, 2018, to March 29, 2018, the average volume per trading day was 43,159 shares for a value of $213,565.02.

Guest centric Environment seeks Experienced Operations Manager Ideal applicant must: • Thrive in a fast-paced environment.

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• Drive teams to revenue attainment.

• Maintain service excellence.

only qualified candidates should submit resumes to bahamascareers@gmail.com

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78 temporary staff, who provide services at Lynden Pindling International Airport (LPIA), Exuma and San Salvador airports.

The fate of the staff, and the industrial deal with the Airport, Airline and Allied Workers Union (AAAWU) that any buyer will inherit, are likely to be key subjects in negotiations between the government and preferred bidder.

The union deal is valid until February 2020, and the government’s RFP says it will accept either an acquisition of “minimum ten-year franchise agreement” from the winning bidder. “Either agreement will include minimum staffing, operational and service standards for Nassau Flight Services, and the operator will be required to consistently offer service that compliments the service level required by the respective airport operator,” it added.

Nassau Flight Services’ client base comprises British Airways, Air Canada, West Jet, Sunwing Airlines, InterCaribbean Airlines, Caribbean Airlines, COPA Airlines and Cubana Airlines at LPIA’s international terminal, and Jet Blue, Southwest Airlines, United Airlines and Silver Airlines at the US terminal.

It also serves a host of charter and other operators, including Air France and Condor, while in Exuma it serves Air Canada and takes care of American Airlines and Air Cariabes in San Salvador.

Baha Mar’s full opening, and the airlift expansion generated by other tourism-related projects and associated visitor demand, will create opportunities for a privatised Nassau Flight Services to grow its market share and revenue opportunities.

Total passenger traffic transiting LPIA totalled 3.693m in 2018, and the RFP said: “In 2018 LPIA handled

more than 146,000 aircraft take-offs and landings.

“LPIA primarily serves the tourist market, with around 67 percent of its traffic originating in, or destined for, North America.

Other international destinations, including the UK and the Caribbean, account for approximately 11 percent while a further 22 percent serve the Bahamian Family Islands.

“Currently, 21 commercial air carriers provide scheduled and charter service to 55 domestic, transborder and international destinations.”

Dionisio D’Aguilar, minister of tourism and aviation, identified Nassau Flight Services as a prime privatisation candidate during his contribution to the 2017-2018 budget debate, especially given that the business is of a size that puts it within range of the financial capabilities Bahamian investor groups and companies.

He has repeatedly said only Bahamians need apply,

adding: “It’s important to note this company has revenues of $8m. It’s not a significantly large company, and we think it’s ideal for the type of entity that the government should put into the hands of the entrepreneurial class.”

It is unclear, though, why the government decided to effectively bind the hands of potential investors/acquirers through Nassau Flight Services’ signing of a new industrial agreement with the representative for its line staff, the Airport, Airline and Allied Workers’ Union (AAAWU), in December 2018.

Mr D’Aguilar told Tribune Business earlier this year that Nassau Flight Services’ payroll costs alone now equal 99 percent of revenues, making it a virtual certainty that any buyer will have to right-size the workforce via a voluntary separation plan (VSEP) and allocate additional capital to cover such an expense.

PAGE 6, Monday, June 3, 2019

THE TRIBUNE

‘Bring your A game’ for one-runway LPIA FROM PAGE ONE flights that bring the bulk of The Bahamas’ high-yield stopover visitors.

However, indicating that delays for both departing and incoming flights will likely be unavoidable this summer, Mr D’Aguilar advised Bahamians and residents to allow more than an extra hour to their itineraries if they had to catch connecting flights in the US and elsewhere.

LPIA will operate with a single runway for four to six months due to the near$20m upgrade, which will resurface Runway 09/27 and extend its life as well as adding safety areas to the end of the runway to reduce damage to aircraft that overshoot.

Voicing optimism that no major disruption to The Bahamas’ stopover tourism industry will result as the sector moves into the off-peak summer and fall months, Mr D’Aguilar conceded: “We really have to be on our ‘A’ game to make this work.

“Everybody is appraised on what the issues are, and everybody is ready. All the stakeholders got in with

CAPT RANDY BUTLER the plan, everybody was in the room - NAD (Nassau Airport Development Company) was involved, and air traffic control. The main runway, 1432, has to be kept moving and active, especially in critical parts of the day.”

To achieve this, Mr D’Aguilar said non-commercial flights and private pilots may have to alter their operations for the next four to six months until the overhaul of Runway 09/27 (soon to named be Runway 10/28) and Taxiway India are completed in time for the Thanksgiving holiday in November.

“We’re going to encourage all non-commercial aircraft to shift their operations to non-critical parts of the day,” he explained. “We have contingency plans in place. If aircraft break down on the

runway, we will immediately tow them off right away.

“What I suggest people do, if they’re booking their summer plans, is to allow extra time - not for check-in, but for connections. An hour will not be enough. Allow some extra time, especially if planes are leaving during peak times, which only applies at the weekend.”

Mr D’Aguilar added that Runway 09/27 was “desperately in need of a new surface and extra taxiway”.

Once both those improvements were completed, he revealed that work will begin to install a new taxiway that better connects LPIA’s main runway with Odyssey Aviation’s fixed base of operations (FBO) for private planes and their clients.

This will make private aircraft movements “far more efficient”, Mr D’Aguilar added, with planes spending less time on the main runway.

“They currently have to get off the runway, taxi down the runway and cross the runway again,” he explained.

“It’s fairly inefficient to get to and from Odyssey. They will assist us with that infrastructure upgrade. That will allow for greater use of the

main runway as opposed to spending so much time on the runway. Less time on the runway allows for greater use of the runway.”

Not everyone is convinced.

Captain Randy Butler, Sky Bahamas president and chief executive, told Tribune Business it was “crazy for them to go for the busiest time of year” and that there was likely to be a “huge impact” for the tourism industry especially given the delays that are occurring now.

“Unless I missed something, it doesn’t appear to be a well thought-out plan,” he said. “You say something like this is happening on June 17, and you have as much traffic into that airport and challenges you are having now.

“A lot of businesses are going to be challenged. Your international airlines are going to cut back or prepare to inconvenience their passengers. Using both runways on a normal weekend, you can’t get a timely departure....

“What’s happening now is crazy. For them to go for the busiest time of this year, and say they are going to close Runway 09/27 is going to have a huge impact.

You can hear the minister

bragging about air arrivals are up, and most of your visitors coming in are coming in by air. You’ve just opened a new property like Baha Mar and I’m sure it’s going to have an effect on them.”

Captain Butler told Tribune Business that the first time he had heard about the Runway 09/27 closure plan was Friday, although Tribune Business understands that NAD has been talking to airport users about its intentions for at least a year and a meeting with stakeholders was held on April 11. Another is scheduled for today.

Vernice Walkine, NAD’s president and chief executive, said in a statement that runway rehabilitation is scheduled maintenance that must be done to ensure LPIA continues as a safe and efficient airport and meets all international safety standards.

“We understand the importance of the upgrades and are now in a position to invest the necessary capital to undertake the project at this time,” she explained.

“There was no perfect time to do these necessary works, so we will have to manage

the project with the goal of minimising disruption to ongoing operations.

“We are working with key airport partners on contingency plans to manage the flow of air traffic and to ensure the usability of the airport’s sole runway during the rehabilitation process.”

The project will begin during one of LPIA’s many peak travel periods but, based on the projected timeline, NAD anticipates that the runway rehabilitation will be in full gear during the slower period of September and October. The airport operator is aiming to complete the works before Thanksgiving.

Ms Walkine said: “We would like the public to note that it is not uncommon for airports of our size and in this region to operate using a single runway. Barbados, Trinidad, St Lucia and St Maarten all operate using one runway.

“During this period, we are asking the travelling public to exercise patience when arriving or departing from LPIA, as there will likely be delays resulting from the runway rehabilitation project.”

THE TRIBUNE

Monday, June 3, 2019, PAGE 7

Vacation rentals tax ‘solves 25% of issue’

FROM PAGE ONE

entity that’s making the money, not the likes of HomeAway. It’s a tall order to expect a cheque from them for 12 percent every three months. Further, how can a foreign entity that has no holdings, nor a business licence, register for VAT and get a TIN number.”

KP Turnquest, deputy prime minister, last week said the VAT Act required all e-commerce and digital providers to register and pay the tax if the goods/services were consumed or accrued here in The Bahamas.

However, Mr Mulford continued: “If this does pass

Public health deficit slashed to $18m-$25m FROM PAGE ONE

necessary for the PHA to properly codify treatments, and bill patients and insurance companies accordingly, had been included in the 2019-2020 budget.

With state-owned enterprises (SOEs) now required to cover their costs, and become more self-sufficient, Dr Sands said the PHA and its healthcare facilities - the Princess Margaret Hospital (PMH), Rand Memorial and Sandilands Rehabilitation Centre - had no choice but to collect the fees they are legally mandated to by law from patients that can afford to pay.

then the likes of Airbnb and Home Away would pay 12 per cent on their bookings as well as 12 per cent on ten to 15 percent commissions from their bookings, which will be a lot of money.

“To say they send government VAT on the rentals themselves, and another payment of VAT on their proceeds, I believe is cumbersome and not well thought out, period.

This may be half of the bookings that, in reality, come through The Bahamas.”

Mr Turnquest, in unveiling the 2019-2020 budget, said: “The recent growth in the vacation home rental market has attracted the

government’s attention for several reasons. Understandably, the preferred type of accommodation for tourists globally has taken a turn from hotels to shortterm rentals.

“For the most part, these rentals are facilitated using a marketplace such as Airbnb, HomeAway and VRBO, among others.

We are pleased to see the market growing in this way, as it presents opportunities for many Bahamians to create a new stream of income, while adding capacity to our number one industry.”

He added: “We are, however, mindful of the uneven playing field that this has created concerning hotels and have moved to level the playing field.

As such, all online marketplaces that advertise and facilitate vacation rentals in The Bahamas will now

be required to pay VAT on their rentals and related sales in The Bahamas.

“Thus, companies such as Airbnb, HomeAway and all such marketplaces with short-term rentals in The Bahamas will be required to pay VAT. I can advise today that some of these online marketplaces have already become VAT registrants and have been paying VAT, and we are in the process of ensuring that the outstanding e-commerce service providers are made compliant.”

Mr Mulford, though, reiterated: “This is not the way to go, as it is only solves maybe 25 per cent of the real problems that exist.

While the government notes that vacation rentals are taking from hotels globally, I would say in reality it’s hotels like us, small independent ones, that are most affected.

“You would have seen by the budget communication that all of the quasi-government corporations now have to become more selfsufficient,” he told Tribune Business. “That kind of signals that we are going to have to head in a different direction in order to have expenditure and revenue, and expenditure and funding, provided for.

“It is going to have serious implications in terms of the Public Hospitals Authority (PHA) going after charges and fees... There’s still going to be a deficit, and since we have the legal authority as a matter of fact, there’s a legal mandate - to collect gazzetted fees and we have not done a good job, but we have to do a much better job going forward.”

Dr Sands said the PHA’s deficit “looks more like $18m-$25m” as opposed to the traditional $40m, but he added: “We have to revise

our strategy based on the new final version of the budget. I suspect there will be some upgrades from the current position as we dissect the budget line by line with even more focus.

“Each ministry will have to go back and look at their budget in terms of the Ministry of Finance’s determinations and adjudications, and we’ll have to reprioritise and determine what implications it has.”

The NHI Authority’s budget allocation has not changed beyond the $20m provided for last year, even though its revised proposal called for the expanded scheme to be launched in July 2020 - taking it into the following fiscal year.

Dr Sands, who revealed that the NHI Authority did not spend its full $20m allocation in the current 2018-2019 fiscal year, suggested that the upcoming period’s funding needed to

be viewed in the context of the government’s desire to impose no new or increased taxes on Bahamian companies and individuals given that this will likely be more than the economy can bear.

“The minister of finance, in the introductory line of his budget presentation, would have said no increase in VAT and no new taxes of any kind,” he told Tribune Business. “I think we have to be guided by that statement.

“The budget presentation spoke for itself. The overarching theme is to control expenditure. NHI certainly remains. Whether we escalate the services a month from now, six months from now, depends on the outcome of discussions with my colleagues. We have made a commitment it will happen; it’s just a matter of timing.

All these things are subject to Cabinet approval and agreement.”

AMMENDMENTS TO THE APPROVED LIST OF CANDIDATES AMMENDED FRIDAY, MAY 3RD, 2019

BY ELECTIONS COMMISSION

EXECUTIVE MEMBERS: 1. Rosemary E. Burrows 2. Maralyn Genette Burrows 3. William Ingraham 4. Cyril Morris Jr. 5. Wayne Thompson 6. Kameisha Delique Wells 7. Judd T. Williams TRUSTEES: 1. Jacqueline Lorene Mckenzie 2. Bolinder Newbold – Munroe 3. Vernincha Louise Delcine Simmons 4. Lana Monique Williams-Smith 5. Haldane Alfred Stubbs AREA VICE PRESIDENTS: NORTHERN BAHAMAS: 1. Ann Marie Bullard 2. Eldecia Thompson GRAND BAHAMA: 1. Quintin Howard Laroda 2. George Austin Trevor Mills.

NEW PROVIDENCE: 1. Vernon Jemell Rodgers SOUTHERN BAHAMAS: 1. Ann Louise Strachan TREASURER: 1. Lorraine Knowles 2. John Musgrove ASSISTANT TREASURER: 1. Catherine Knowles-Stubbs 2. Katress Wells SECRETARY – GENERAL: 1. Helena Cartwright 2. Dion Damien Johnson 3. Tiffany M. Delancy-Laing ASSISTANT SECRETARY – GENERAL: 1. Juanita T. Gaitor 2. Cedricka Rolle PRESIDENT: 1. Joan Knowles-Turnquest 2. Belinda Wilson VICE PRESIDENT: 1. Tiffany Burrell-Roberts 2. Jason Haley From the desk of John Musgrove Secretary-General The Bahamas Union of Teachers

“Levelling the playing field, they say, is hypocrisy. It will never be level until there are some zoning changes implemented immediately or small hotels like us will have close or switch to private home rentals.

“In my case I could do this as we have all individual cottages, but

not all have this advantage. Most of the Family Islands will then be home rentals only with no more hotels, which is very bad medicine.”

Mr Mulford also argued that Bahamians should be given favourable incentives to operate in the vacation rental space.

PAGE 8, Monday, June 3, 2019

THE TRIBUNE

Trump family to get red-carpet royal treatment on UK visit

LONDON Associated Press IT’S A unique odd couple: A 93-year-old sovereign who has made a point of keeping her opinions to herself during her long reign is hosting a 72-year-old reality TV star-turned-president who tweets his uncensored thoughts daily to 60 million followers.

For Queen Elizabeth II, Britain’s unflappable monarch, the arrival of US President Donald Trump, his family and his armored entourage today means a full day of ceremony and toasts topped by a magnificent banquet at Buckingham Palace.

Yet beneath the pomp and ceremony, there are differences aplenty.

There will be a formal

US President Donald Trump and Queen Elizabeth inspect the Guard of Honour at Windsor Castle in Windsor, England. For Britain’s unflappable monarch, the arrival of President Donald Trump, his family and his armored entourage on June 3, 2019 means a full day of ceremony and toasts topped by a magnificent banquet at Buckingham Palace, but beneath the pomp and ceremony there are differences aplenty. The long-delayed state visit, timed to coincide with solemn ceremonies marking the 75th anniversary of the D-Day invasion, has been deeply divisive. tea this afternoon hosted by brings together a future Prince Charles and his wife king who has warned about Camilla for Trump and first the perils of climate change lady Melania Trump, which for years with a president

who is actively dismantling US policies designed to slow global warming.

On the political front, Trump meets tomorrow with British Prime Minister Theresa May only days before she steps down Friday as Conservative Party leader, kicking off a race to succeed her as prime minister.

Trump professes friendship for May, but he has been harshly critical of her handling of Britain’s tortured Brexit negotiations with the European Union.

He has also buddied up to former Foreign Secretary Boris Johnson, a May critic who hopes to follow her into power, and Brexit Party leader Nigel Farage who accuses May of incompetence and betrayal.

Trump ramped up his

interference in British politics by telling the Sunday Times that Britain should “walk away” from talks and refuse to pay a 39 billion pound divorce bill if it doesn’t get better terms from the EU. He also said Farage should be given a role in the Brexit negotiations.

Officials on both sides of the Atlantic say the longdelayed state visit will celebrate the vaunted “special relationship” between Britain and the US. It was timed to coincide with solemn ceremonies in Britain on Wednesday and in France on Thursday marking the 75th anniversary of the D-Day invasion.

Still, the very topic of a Trump visit to Britain has been deeply divisive since May extended the invitation on behalf of the queen

PUBLIC NOTICE

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

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Vincount Arthur Strachan of #12 Robert Maynard Drive, South Bahamia, Freeport, Grand Bahama, Bahamas, intend to change my name to :Chief : Miyka’EL- ‘Aaanu: EL..

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 the publication of this notice.

in an Oval Office visit in the first week of Trump’s administration. The move prompted street protests in Britain, an online petition signed by more than one million opposed to the idea, and a debate in Parliament over whether Trump deserved the highest honor that Britain can bestow on a foreign leader.

London Mayor Sadiq Khan wrote in The Observer Sunday that Trump’s presidency is part of a sinister worldwide trend. He said Trump should not get red-carpet treatment during his visit.

“President Donald Trump is just one of the most egregious examples of a growing global threat,” said Khan, a frequent Trump target.

“The far right is on the rise around the world, threatening our hard-won rights and freedoms and the values that have defined our liberal, democratic societies for more than 70 years.”

Ever before Trump was elected president, there was a highly charged debate in Britain’s Parliament over whether to ban him from coming to the UK because of his harsh comments about temporarily banning Muslims from entering the United States.

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

THE TRIBUNE

Monday, June 3, 2019, PAGE 9

China blames US for trade dispute, but doesn’t escalate BEIJING Associated Press CHINA fired back at the US yesterday over the two nations’ trade dispute, issuing a report that blamed the conflict on the Trump administration but refrained from escalating the trade war.

The report from the Cabinet spokesman’s office said China won’t back down on “major issues of principle”, but offered no sense of whether or how the world’s second largest economy might retaliate against US tariffs on goods manufactured in China.

The report said China has kept its word throughout 11 rounds of talks and will honor its commitments if a trade agreement is reached.

It accused the US of backtracking three times over the course of the talks by introducing new tariffs and other conditions beyond what was agreed on.

“But the more the US government is offered, the more it wants,” it said, accusing America’s negotiators of “resorting to intimidation and coercion”.

“A country’s sovereignty and dignity must be respected, and any agreement reached by the two sides must be based on equality and mutual benefit,” the report said.

The report, delivered at a morning news conference yesterday, appears to be a bid to shore up China’s arguments and justify its position in the face of what looks to be a protracted dispute. Over recent days, China has been mobilising its representatives abroad to sell its position with foreign audiences, while the domestic propaganda apparatus has been working overtime to convince the public of the righteousness of the government’s stance.

Linda Lim, a professor at Ross School of Business at the University of Michigan, said the report does

not represent an escalation on China’s part, but rather reiterates the government’s position in a clear and measured way that leaves the door open for negotiations.

“They threw the ball back into the US court,” she said.

She said the report is a public relations win for China’s government at a time when US President Donald Trump’s trade policy is antagonising other US trading partners, most recently Mexico. Trump announced last week that he would impose 5% tariffs on Mexican imports starting June 10 if the Mexicans don’t do more to stop the surge of Central American migrants across the southern US border.

The US has accused China of stealing trade secrets and forced technology transfers. The Trump administration has imposed 25% tariffs on $250bn in Chinese imports and is planning to tax the $300bn in imports that have so far been spared. It also escalated the stakes this month by putting Chinese telecom giant Huawei on a blacklist that effectively bars US companies from supplying it with computer chips, software and other components without government approval.

To advertise in The Tribune, contact 502-2394

Beijing responded by imposing tariffs on $60bn worth of US products, which went into effect on Saturday. It also retaliated against the US blacklisting of Huawei by announcing on Friday that it will establish its own list of “unreliable entities” consisting of foreign businesses, corporations and individuals.

Wang Shouwen, China’s vice commerce minister and deputy international trade representative, said China would issue more detailed information on the unreliable entities list soon, but that it was aimed at enterprises that “violated market principles” and cut supplies of components to Chinese businesses for non-commercial reasons.

China’s statement that it intends to publish such a list follows additional measures last week that deepened the bite of US sanctions imposed on Huawei in mid-May. Several leading USbased global technology standards-setting groups announced restrictions on Huawei’s participation in their activities under US Commerce Department rules that bar the sale and transfer of US technology to Huawei without government approval.

NOTICE

NOTICE is hereby given that WHITNIE TENEICHA ROLLE of Kennedy Sub, P.O.Box N-10015 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 3rd day of June, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

COMMONWEALTH OF THE BAHAMAS

2018

IN THE SUPREME COURT

CLE/gen/00895

Common Law and Equity Division IN THE MATTER of the property comprised in Indenture of Mortgage dated the 25th day of April, 2000 and made between Anselm Woodside and Betty Ann Woodside as Borrowers and FirstCaribbean International Bank (Bahamas) Limited as a Lender

BETWEEN

AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Revised Statute Laws of the Commonwealth of The Bahamas.

FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED Plaintiff AND ANSELM WOODSIDE AND BETTY ANN WOODSIDE

Defendants

To: Anselm Woodside and Betty Ann Woodside Last known address of Bahama Palm Shores Subdivision Abaco, The Bahamas ADVERTISEMENT OF SERVICE OF THE ORIGINATING SUMMONS

TAKE NOTICE that an action has been commenced against you in the Supreme Court, Common Law and Equity Division, Action No. 2018/CLE/gen/00895 in which the Plaintiff, FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED, has issued an Originating Summons and the supporting Affidavit of Garth McDonald both filed on the 3rd day of August, 2018 seeking the following orders: 1.

delivery up of possession of ALL THOSE pieces parcels or lots of land being Lots Number Nineteen (19) and Twenty (20) of Block Number Six (6) in Section Number Two (2) of the “Bahama Palm Shores” Subdivision located in the area known as High Banks approximately Six (6) miles Westward of Cherokee Sound Settlement and approximately Sixteen and One half (16½) miles Southwards of March Harbour International Airport and on the Eastern (Atlantic) Coast of Island of Great Abaco one of the Islands of the Commonwealth of The Bahamas which said pieces parcels or lots of land have such positions boundaries shapes marks and dimensions as are shown on the diagram or plan attached to an Indenture of Conveyance dated the 13th day of May, A. D., 1969 (hereinafter called “the said Indenture”) and made between Pine Beach Limited of the one part and Arthur K. Anderson and Dorothy E. Anderson of the other part and recorded in the said Registry of Records in Volume 1524 at pages 122 to 130 and delineated on those parts of the said diagram or plan which are coloured PINK.

2.

judgment in the sum of $514,298.26 being combined principal and interest due as of the 18th July, 2018 with interest continuing to accrue at the contractual rate until the date of judgment.

TAKE FURTHER NOTICE that upon application by Mr. Christopher Francis of Counsel for the Plaintiff on the 6th day of May, 2019 it was ordered by Mrs. Constance Delancy, Deputy Registrar of the Supreme Court, that the service of the aforesaid Originating Summons (and the aforesaid Affidavit in support) in the said action be effected on you by way of this advertisement. The said Affidavit of Garth McDonald filed on the 3rd day of August, 2018 can be collected from the Chambers of the Plaintiff’s Attorneys as set out below.

AND TAKE FURTHER NOTICE that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance to this action, otherwise Judgment may be entered against you as the Court may think just.

DATED this 6th day of May, A.D., 2019 BAYCOURT CHAMBERS Cumberland House 15 Cumberland and Duke Streets Nassau, The Bahamas Attorneys for the Plaintiff

PAGE 10, Monday, June 3, 2019

THE TRIBUNE

PUBLIC NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that We, KIMBERLEY VERONA SMITH and ANREL KENO CAREY SR, of Deveaux St #42B, Nassau, Bahamas, parents of ANREL KENO CAREY JR, intends to change our child name to ANDREL KEANO CAREY. 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.

LEGAL NOTICE OF DISSOLUTION

INTENT TO CHANGE NAME BY DEED POLL

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, Jennifer McLean Major-Strachan of #12 Robert Maynard Drive, South Bahamia, Freeport, Grand Bahama, Bahamas, intend to change my name to :Jamilat: Nunet - Ayida: EL..

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 the publication of this notice.

The Public is hereby advised that I, ALLEN RUSSELL of Step Street, Fox Hill, P.O.Box FH-14277, New Providence, Bahamas intends to change my name to ALAN RUSSELL. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-792, Nassau, New Providence, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

CAREER OPPORTUNITY

NOTICE

Leading Retailer seeks to employ persons with: Good character, Spirit of service and Healthy attitude for learning.

International Business Companies Act (No. 45 of 2000)

Persons must be: Fit to work, well-groomed, focused, detail-oriented and performance driven.

In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, (No.45 of 2000), TIME EMPIRE LIMITED 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 12th day of march

PUBLIC NOTICE

Activities include: Data processing and analysis, financial accounting and finance functions.

Knowledge requirements: Arithmetic, English language, Microsoft’s Word and Excel and Record retention.

NOTICE

NOTICE is hereby given that DE’VONTER DESSARY LEE THOMPSON of #78 Coral Lakes, Coral Harbour, P.O.Box SS-19885 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 27th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Offering: Competitive wage, essential benefits and excellent working conditions.

NOTICE

Contact: Email resume to

jacw1961@gmail.com

NOTICE LEGAL NOTICE

MOON GROUP LTD. Company No. 1809628 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that MOON GROUP LTD. is in voluntary liquidation. The voluntary liquidation commenced on 28th May, 2019 and Markus Ducrey of Ob der Steig 8, 5082 Kaisten, Switzerland, has been appointed as the Sole Liquidator.

Dated this 30th day of May, 2019 Sgd. Markus Ducrey Voluntary Liquidator

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 31 MAY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,170.01 | CHG: 0.09 | %CHG: 0.00 | YTD: 60.56 | YTD%: 2.87

NOTICE is hereby given that NELLIE AUGUSTE of Price Street, 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 27th day of May, 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 JIMMY CALIXTE of Fox Hill, 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 27th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.60 2.00 3.15 11.05 6.17 4.64 12.50 2.74 1.96 9.32 7.00 15.60 7.50 3.95 14.00

52WK LOW 3.50 19.17 4.90 3.85 1.00 0.19 2.00 8.89 6.13 3.54 10.00 2.35 1.60 7.50 6.10 11.00 6.20 3.01 12.51

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

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

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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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 4.18 17.43 6.00 5.40 2.58 1.95 2.21 11.05 6.16 4.48 10.00 2.68 1.85 9.33 7.00 14.45 7.50 3.48 14.00

CLOSE 4.18 17.43 6.00 5.40 2.58 1.95 2.21 11.05 6.16 4.48 10.00 2.71 1.85 9.40 7.00 14.45 7.50 3.48 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.07 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 2,697

6,000

VOLUME

EPS$ 0.167 0.932 1.838 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.636 0.834 0.950 0.205 0.631

DIV$ 0.130 1.260 0.000 0.250 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.068 0.060 0.328 0.240 0.500 0.200 0.090 0.600

P/E 25.0 18.7 N/M 16.7 N/M N/M -5.1 15.6 12.8 29.1 15.9 26.6 8.9 N/M 11.0 17.3 7.9 17.0 22.2

YIELD 3.11% 7.23% 0.00% 4.63% 0.00% 1.03% 0.00% 6.43% 3.57% 2.68% 6.20% 2.51% 3.24% 3.49% 3.43% 3.46% 2.67% 2.59% 4.29%

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%

MATURITY 19-Oct-2022

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%

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

YTD%12 MTH% 0.32% 3.95% 0.62% 3.20% 0.69% 2.56% 2.06% 4.97% 4.52% 0.96% 1.57% 4.58% 0.99% 4.25% 1.32% 4.12% 3.22% 5.64% -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% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-Mar-2019 31-Mar-2019 29-Mar-2019 31-Mar-2019 31-Mar-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

MUTUAL FUNDS 52WK HI 2.22 4.27 2.05 188.32 158.55 1.62 1.76 1.70 1.15 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 1.56 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 4.27 2.05 188.32 154.49 1.62 1.76 1.70 1.15 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.68 11.38

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

NOTICE GIZMO ASSET MANAGEMENT LTD. NOTICE IS HEREBY GIVEN as follows: (a)

GIZMO ASSET MANAGEMENT LTD., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 31st May, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 3rd day of June, A.D. 2019

Shareece E. Scott Liquidator

In the Estate of FRANKLYN SAMUEL M. WILLIAMS late of #15 Gladiator Road in the Western District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased.

NOTICE NOTICE is hereby given that all persons having any claim or demand against the said estate are required to send the same duly certified in writing to the undersigned on or before the 5th day of August, A.D. 2019, after which date the Executrix will proceed to distribute the estate having regard only to the claims of which she shall have had notice.

AND notice is hereby given that all persons indebted to the estate are required to make full settlement on or before the date hereinabove mentioned.

CEDRIC L. PARKER & CO. Attorneys for the Executrix 9 Harcourt (Rusty) Bethel Drive Nassau, Bahamas 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 | BENCHMARK 242-326-7333