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TUESDAY, JULY 2, 2019

$4.55 BOB: $80m in deposits lost if it collapsed By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net JUST one-third of insurance-eligible Bank of The Bahamas (BOB) deposits would have been covered if the troubled BISX-listed institution had collapsed, the IMF revealed last night. The International Monetary Fund (IMF), which released both its Article IV report and assessment of the Bahamian financial system, disclosed that the Deposit Insurance Corporation (DIC) had less than $40m to cover $120m in insured deposits at the time the bank was first bailed out in 2014. This meant that over $80m in depositor funds could have been wiped out if Bank of The Bahamas had been allowed to fail. Given that only Bahamian dollar bank accounts up to $50,000 are covered by the Deposit Insurance Corporation, this potential $80m loss would have been suffered by individuals, families and small businesses and entrepreneurs. The IMF’s financial assessment said the extensive peril faced by these groups of Bahamians was used by the former Christie administration to justify the first Bank of The Bahamas bail-out, but the fund criticised both it and its successor for failing to follow “good international best practice” in the bank’s rescue. In particular, it criticised both the first bail-out - and the second undertaken by the Minnis administration in August 2017 - for purchasing Bank of The Bahamas’ distressed mortgage loans at “gross book value” through the Bahamas Resolve special purpose vehicle (SPV). Tribune Business previously reported that the bad loans transferred to Bahamas Resolve were worth just 37.6 percent of the $267.7m paid for them, and which subsequently became liabilities for the Bahamian taxpayer. Some $100m of the promissory notes used to finance the purchase from Bank of The Bahamas have already been redeemed. The IMF, meanwhile, urged the government to eliminate Bahamas Resolve’s “currently opaque status” and enhance its accountability to the Bahamian people by

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$4.59

Sebas extends his Titans following $750,000 raise By NATARIO MCKENZIE and NEIL HARTNELL Tribune Business Reporters

EBAS Bastian’s securities house has extended the offering period for its Titan funds by over two weeks after the flagship vehicle so far attracted 400 investors and $750,000 in subscriptions. Hillary Deveaux, Investar Securities chairman, yesterday told Tribune Business that investor response to the Titan Balanced Fund had been “fairly substantial” and was “meeting our expectations” as the initial deadline for the offering’s closure passed yesterday. The former Securities Commission executive director said: “With regard to the Titan Balanced Fund, we have had just over 400 subscribers the last time I checked. It could be more now but that was the number last time I checked. That is fairly substantial. Those subscriptions represent well over $750,000.” Mr Deveaux added that Investar had extended the offering’s closing deadline by 16 days to July 19 to enable the Titan Balanced Fund to be properly marketed in the Family Islands.

• Investar chair: Main fund gets 400 investors • Offering expanded 16 days until July 19 • Response to other fund ‘not impressive’

HILLARY DEVEAUX

SEBAS BASTIAN

“We have not had a good opportunity to really get into the Family Islands,” he said. “We’re doing that now. “We started going into the Family Islands on Friday. We started with Abaco, and we’re looking at islands like Eleuthera, Exuma and Long Island.” Mr Deveaux also admitted that market response to the Titan Balanced Fund’s companion, the Titan Fixed Income fund, had “not been impressive”. The latter is targeted at institutional investors and high net worth individuals,

and Mr Deveaux said: “There has not been an impressive response to the Fixed Income Fund simply because we have not done the road shows and had the one-on-one meetings. “We’re dealing with that now. That’s one of the reasons [for the extension], along with the Balanced Fund still working with the Family Islands, because there has been some heavy demand by investors in the Family Islands.” Mr Deveaux and other Investar Securities directors,

THE International Monetary Fund (IMF) last night cut The Bahamas’ projected real GDP growth for 2019 to 1.8 percent, and warned that external risks facing this country “have increased”. The fund’s executive board, in concluding its annual Article IV consultation with this nation, shaved 30 basis points off the 2.1 percent economic expansion it had forecast for The Bahamas as recently as April 15 following the completion of its team’s visit. It warned that global economic developments had increased the downside risks facing the Bahamian economy, which is especially vulnerable to external shocks give its openness, reliance on the performance of other nations and

together with the Titan Balanced Fund’s directors and Leno Corporate Services as investment manager, declined to reveal targets for how much they wanted to raise at the launch press conference on June 3. This makes it hard to judge whether the offering has been successful, but the 16-day extension - together with the investor numbers and sum raised to-date indicates that the investment house wants to give ordinary Bahamians every opportunity to participate and fulfill Titan’s mandate for launching the two funds. However, Bahamian capital markets executives spoken to by Tribune Business yesterday expressed surprise at the investor numbers and figures given by Mr Deveaux. One, who had expected subscribers to be in the thousands by now, said: “You’re kidding? I’m surprised at that. Wow. I’m surprised. I am surprised. Very interesting.”

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Jitney drivers warn on strike By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net JITNEY drivers yesterday put Bahamians on notice that they plan to withdraw their services as early as this week Wednesday, telling Tribune Business: “Enough is enough”. Frederick Farrington, president of the Bahamas Unified Bus Drivers Union, told Tribune Business: “The union would like to inform the travelling public, those who utilise the public busing system, that we will withdraw services this week and we truly apologise for that. This is truly the last step the union wanted to take. “We gave the minister of transport [Renward Wells] one month’s notice. July 1 was the deadline and we have heard nothing. I don’t want to say the day but we will withdraw services. There

• Action may come as early as Wednesday • Union chief: 90% of drivers withdrawn • Want fare rise, other issues addressed are 330 drivers and 23 routes. On each route we’re looking to withdraw 90 percent of drivers. We’re not going to take every one off but 90 percent.” While Mr Farrington would not reveal the exact day jitney drivers plan to take strike action, Tribune Business understands it could come as early as Wednesday. The drivers’ main grievances are their long-standing demands for a fare increase; a lack of proper restroom facilities for male and female jitney drivers; an insufficient number of bus stops; and a lack of adequate bus stop shelters for passengers across New Providence. “We want our concerns

to be addressed. We want to be taken seriously. November will make 11 years since jitney drivers got an increase. Enough is enough,” said Mr Farrington. Last month, he and Wesley Ferguson, president of the 1,100-strong Bahamas Taxicab Union, said they had joined forces in threatening a massive shutdown if government does not take their concerns seriously. Mr Ferguson, when contacted by Tribune Business yesterday, said he was aware that jitney drivers planned to take action but had been unable to mobilise in the same way as he was out of the country. Mr Farrington, meanwhile, also took aim at the

IMF lowers Bahamas 2019 growth to 1.8% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.56

• Cut by 0.3% pts amid rising external risks • Fund warns on financial sector ‘unification’ • And cautions on digital Bahamian dollar vulnerability to hurricanes and other forms of natural disasters. “Growth is projected to reach 1.8 percent in 2019 before converging to its potential of 1.5 percent in the medium term,” the IMF executive board said in its statement on The Bahamas. “Risks to global growth, particularly in key trading partners, have increased. “Slowing external demand or a tightening of financial conditions in key advanced economies could adversely affect growth prospects. Vulnerability to hurricanes and climate change remains high. “Domestically, reform momentum could stall delaying fiscal consolidation

and the implementation of competitiveness-enhancing reforms. In the international sector, reputational risks could intensify despite the recent strengthening of regulatory and transparency standards, possibly challenging existing business models.” The IMF’s reference to “key trading partners” likely alludes to the US and China, and their ongoing “tariff war” over the Trump administration’s allegations that Beijing is “cheating” through intellectual property theft, forcing American companies into ventures with Chinese companies to obtain their technology, and other unfair terms of trade. Given that The Bahamas

imports virtually all that it consumes, tariff-induced price hikes on Chinesemanufactured components of finished US goods will inevitably be passed on to Bahamian businesses and consumers still adjusting to the inflationary/cost of living impact from the increase to 12 percent VAT. And, besides the threats that The Bahamas cannot control, the IMF executive board’s statement also expresses concern over whether there is sufficient will - both in the government and the private sector - to see the necessary fiscal and “ease of doing business” reforms through to completion.

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unified public transportation pilot project, claiming it was “nothing new to the industry”. He added: “They are talking about working a 14-hour shift from 6am to 8pm. You have five buses on a route and are confined to that route without breaks, restroom breaks or lunch breaks. It’s not a solution to the system; curb this rat race within the industry.” Mr Wells announced during his 2019-2020 budget contribution in the House of Assembly last month that the Cabinet had agreed in principle to launch a unified public transportation pilot project for route 17, via the United Public

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$4.59 IMF calls for property tax rate increase By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE IMF last night called on the government to raise real property tax rates while again forecasting that it will miss its 2018-2019 deficit target by a sum equal to 0.5 percent of GDP. The International Monetary Fund (IMF), in its full Article IV report on The Bahamas, called on the government to “see through” its just-launched initiative to develop a comprehensive property database and, from that, tax bills based on market valuations. Besides urging steppedup reform in that area, the fund reiterated its previous suggestion that The Bahamas look at income taxation over “the medium term” both as a means to achieve a more equitable system and potentially replace the existing business license fee. While it is unclear whether the IMF was referring to personal or corporate income taxation, its Article IV report said introducing such a progressive taxation system would also help “contain increasing profit repatriation” out of The Bahamas by non-residents. The government, based on the Article IV report, already appears to be implementing much of what has been recommended by the IMF. Besides the real property tax modernisation initiative, it is also moving to assess whether it is getting value for money from all the tax breaks granted to investors - something that the fund says costs Caribbean nations 3.5 percent of their GDP. And, despite the government’s optimism, the IMF is more pessimistic on whether and when the targets set out in the Fiscal Responsibility Bill will be hit. It is forecasting that that the “fiscal balance” goal will only be achieved in 2022-2023, later than the government’s own forecast, while the debt-to-GDP ratio will remain above the 50 percent target through 2024-2025. Focusing on revenue enhancement, the IMF report said: “In the shortterm, staff encouraged seeing through efforts to complete a comprehensive land/property registry and recommended building comprehensive real estate

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PAGE 2, Tuesday, July 2, 2019

THE TRIBUNE

FROM left: Ulrich Samietz, general manager, Baha Mar; Alicia Gowans, WBFF queen; Alison Dillett, vice president, WBFF; Dionisio D’Aguilar, minister of tourism and aviation; Paul Dillett, president WBFF; Elaine Pinder, CEO, Sapodilla Resturant; and Jeff Rodgers, sports manager, MOTA.

Tourism teams with pageant organisers THE Ministry of Tourism yesterday said it has teamed with a fitness pageant organiser to bring 300 contestants to The Bahamas for a four-day competition from August 7-10. In a statement, it described the WBFF Worlds Bahamas pageant as “the super bowl of fitness”, with competitors set to travel from the US, Canada, Australia, Europe, Africa and southeast Asia for the event that will be hosted in the Grand Hyatt Baha Mar Convention Centre. WBFF Worlds Bahamas 2019 is organised by Canada-based World

Beauty Fitness and Fashion (WBFF), which stages pageants around the world showcasing fitness, beauty and fashion. WBFF Worlds Bahamas will be the climax of a series of regional and national competitions held around the world within the past several months. “The Ministry of Tourism is very excited about this collaboration between our organisation and the WBFF. This partnership will bring the WBFF signature event to our destination over two consecutive years, in 2019 and again in 2020,” said Dionisio D’Aguilar, minister of tourism.

“This partnership is mutually rewarding for both parties. The WBFF relishes the opportunity to bring its culminating pageant to a dream vacation destination, the islands of The Bahamas.” WBFF events are closely followed by on the social media platforms of Facebook, Instagram and Twitter. The social media exposure that The Bahamas will obtain through hosting this event ties to the main elements of its marketing strategy, which is to build brand awareness and heighten the country’s visibility in source markets such as the US, Canada, and Europe.

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THE TRIBUNE

Tuesday, July 2, 2019, PAGE 3

Nassau hotels hit 34% Minister hails BMA’s room revenue increase quality ranking move

ATLANTIS PARADISE ISLAND By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net New Providence hotels saw average room rates for the four months to endApril hit the $300 mark as Easter added further fuel to the year-to-date 34 percent increase in room revenue. The Central Bank’s report on monthly economic developments for May highlighted a buoyant tourism industry through its peak winter season, with Easter maintaining the momentum of double digit increases across all major performance indicators for Nassau/Paradise Island hotels. “The latest data from The Bahamas Hotel & Tourism Association (BHTA) and the Ministry of Tourism showed a 27.9 percent improvement in room revenue during April, as the average occupancy rate firmed by 5.9 percentage points to 78.5 percent, while the average daily room rate (ADR) increased by 14.8 percent to $304.68,” the Central Bank said. “Similarly, on a yearto-date basis, total room revenue expanded by 34 percent, with the average occupancy rate advancing by 11.9 percentage points to 77.9 percent. In addition, the ADR firmed by 10.4 percent to approximately $300.” Despite the feeling among some observers that the benefits of such “double digit” increases have yet to be felt by ordinary Bahamians and the wider economy, the Central Bank added: “Increased visitor traffic for the Easter holiday period sustained the growth in tourism, led by gains in the high value-added stopover visitor segment. “According to the latest data from the Ministry of Tourism, total arrivals rose by 11.9 percent in April, outpacing the 0.9 percent increase recorded in the corresponding month last year, as hotels benefited from the Easter holiday traffic. “Specifically, the growth in air arrivals quickened to

18.8 percent from 4.3 percent, and sea passengers advanced by 9.6 percent, a reversal from a slight 0.1 percent reduction in 2018,” the regulator continued. “Underpinning this improvement, visitors to New Providence recovered by 23 percent, a turnaround from 2018’s 10.9 percent contraction, amid gains in both air and sea tourists. “In contrast, gains in Family Island visitors slowed to 6.9 percent from 31.3 percent a year earlier, as changes in major cruise lines’ port itineraries resulted in a deceleration in sea arrivals’ growth, although the higher valueadded air component recorded an upturn over the prior period’s outcome. “In contrast, conditions in Grand Bahama remained relatively weak, as total arrivals contracted further by 26.7 percent as the decline in calls from major cruise lines, outweighed the air segment’s marginal gain.” For the first four months of 2019, total tourist arrivals to New Providence jumped by 26 percent while flows to the Family Islands rose by just 1.2 percent due to a “weaker sea volume”. The Central Bank added: “Further, visitors to Grand Bahama contracted by 21.2 percent owing to a falloff in the cruise segment, which overshadowed the incremental improvement in air arrivals.” The May report said similar trends to the hotel and wider tourism industry were witnessed in the Bahamian vacation rental market. It added: “Data from AirDNA revealed

a 25.2 percent increase in total room nights sold during May, with bookings for hotel comparable and entire place listings firming by 30.8 percent and 24.6 percent, respectively. “An analysis of the major markets showed that Exuma recorded the strongest growth of 34.7 percent, followed by New Providence (19.3 percent) and Abaco (21.5 percent). However, bookings for Grand Bahama fell by 5.2 percent on account of a decrease in the entire place category. “In terms of pricing, the ADR for hotel comparable listings contracted by 23.3 percent to $150.43 due to broad-based declines across all major destinations. Similarly, rates for entire place listings narrowed by 6.4 percent to $399.28 with declines in all of the markets—with the exception of Exuma.” As for air arrivals and departures, May data from the Nassau Airport Development Company (NAD) showed a 15.8 percent rise in stopover departures. “The growth in non-US departures accelerated to 15.1 percent from 11.8 percent, while the dominant US component advanced by 15.9 percent for the second consecutive year,” the Central Bank said. “Further, over the first five months of 2019, aggregate departures rose by 19.9 percent, extending the 12.7 percent expansion recorded in the prior period as the growth rate for US traffic nearly doubled to 21.6 percent, although gains in the non-US component tempered to an albeit healthy 11.2 percent.”

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THE Bahamas Maritime Authority (BMA) has moved up six spots to second place on an international ranking that measures the quality of a country’s shipping registry. Renward Wells, pictured, minister of transport and local government, hailed the BMA’s achievement after it announced that for a 10th consecutive year it has been included on the Paris MoU (Memorandum of Understanding) whitelist of flag state performance. “The BMA’s impressive track record of delivering quality service, as demonstrated by this positive outcome, is remarkable and one that The Bahamas, our customers and industry partners should be extremely proud of,” Mr Wells said. J Denise Lewis-Johnson, the BMA’s chairman, added: “Port state inspection is one of the recognised industry indicators of quality performance, and this achievement by The Bahamas within Paris MOU ports once again demonstrates the BMA’s commitment to the highest

standards, and is evidence of our ships adhering to these standards.” The White List represents flags or shipping registries whose vessels have a consistently low detention record while in port. The Bahamas’ record within the Paris MOU aligns with the lowest-ever number of annual detentions following port state control inspections in 2018, which recognises and rewards vessels, their owners and flag administrations for their commitment to safety and quality. “This level of compliance is very much a collaborative approach, and the BMA extends its congratulations and appreciation to all Bahamian ship owners, managers and

their shipboard crew for ensuring that Bahamasregistered ships comply with the international convention requirements and avoid delays following port state inspection,” said Captain Dwain Hutchinson, the BMA’s managing director and chief executive. The Bahamas is considered a “low risk” flag within the Tokyo MoU, and has also secured Qualship 21 status from the US Coast Guard. That recognises and rewards ships, their owners and flag administrations for their commitment to safety and quality. Established in 1995, the government-controlled BMA is responsible for regulating Bahamian-registered ships worldwide and the fulfillment of international obligations pertaining to The Bahamas as a flag state. With a head office in The Bahamas, it has a network of regional offices worldwide in the UK, Greece, Hong Kong, Japan and the US. The BMA now has a fleet of more than 1,500 ships, consisting of some 65 million gross tons.

PAGE 4, Tuesday, July 2, 2019

THE TRIBUNE

IMF lowers Bahamas 2019 growth to 1.8% FROM PAGE ONE

end to such so-called “ring fencing”. “Caution” was then urged over the Central Bank’s plans to create a digital Bahamian dollar to boost financial inclusion, especially in the Family Islands, with the IMF saying it had to be aware of the potential risks to “financial stability”. The IMF’s growth revision is likely to have been prompted, at least in part, by the Department of Statistics’ release of The Bahamas’ annual GDP data in May, which found that real growth in 2018 had come in at 1.6 percent. Although those findings, which were released after the fund’s April statement, represented the first substantial economic expansion for five years they were still well short of the 2.3 percent real growth that had been projected for 2018

by both the IMF and the government. The IMF has thus acted to bring its own forecasts in line with the Department of Statistics, given that Bahamian real GDP growth last year undershot expectations. Based on a $10.8bn economy, the Fund’s revised projection effectively slashes The Bahamas’ 2019 expansion by some $32m. Yet, on the positive side, 1.8 percent real GDP growth - if is achieved - still represents an improvement - albeit modest - on 2018’s performance. However, it remains well short of the sustained five percent growth that the IMF itself says is necessary if this nation is to both absorb all new school leaver entrants into the workforce and reduce the existing 10.7 percent jobless rate by 50 percent. Elsewhere, the IMF

executive board’s assessment of The Bahamas’ economic prospects was little different from that given by its Article IV mission team in April. It repeated calls for the government to “operationalise” the five-person Fiscal Council and conduct “a comprehensive tax review” to make the current system more efficient and progressive. “Directors... particularly welcomed the enactment of the Fiscal Responsibility Act, noting that its effective implementation would bolster policy credibility and ensure durable gains from fiscal consolidation,” the IMF statement said. “Directors encouraged steps to further strengthen public financial management systems, tighten expenditure control, and operationalise the Fiscal Council as planned. They also saw value in a comprehensive review

SEBAS EXTENDS HIS TITANS FOLLOWING $750,000 RAISE

small Bahamian. But it’s not a good market to go after. That’s for sure. “The retail investor will typically be the smaller investor. Largely it’s going to be the $1,000, $500 clients. It will take a long time to build assets, $500 at a time. But I’m sure they’ll take some business from all of us.” Investar Securities is also facing the unfamiliarity many Bahamians have with the concept of an investment fund as a vehicle to pool capital from multiple investors, and how it is managed and invested to produce returns for their benefit. A substantial, long-running education campaign will be required to change this mindset. Another issue is that investor returns on the Titan Balanced Fund, which are projected at seven to ten percent per annum, will virtually all come from capital appreciation or increases in the value of its shares as a result of improvements in its underlying investments. “The directors do not anticipate that any dividends will be paid” from income and capital gains, the fund’s offering memorandum states. That may not appeal in a Bahamian capital market where dividends are king, and investors regularly shy away from stocks that fail to provide a consistent annual payout. Investar Securities’ directors include Mr Bastian, Lowell Mortimer and Scott Godet, along with Mr Deveaux and managing director Ansel Watson. Titan Fund directors include Dirk Simmons, Felix Stubbs and Heather Beloit-Hazarian. Both the Titan Balanced Fund and the Titan Fixed Income Fund have been licensed by the Securities Commission of The Bahamas (SCB). According to Investar, both funds will operate as Bahamian dollar investment funds with investments that may include property, utilities, publicly traded companies, government bonds and private holding companies.

JITNEY DRIVERS WARN ON STRIKE

The reference to “reputational risks” seems to concern The Bahamas’ efforts to escape the Financial Action Task Force’s (FATF) monitoring list for nations identified as having deficiencies in their antifinancial crime regimes. This nation’s continued presence on the list leaves it exposed to inclusion on the European Union’s (EU) revised “high risk” list. And the IMF also warned The Bahamas to guard against “potential spillovers into the domestic financial system” from the removal of the walls that previously separated it from the international financial services industry. The “unification” of the two segments was designed to bring The Bahamas into compliance with the EU’s demand for an

FROM PAGE ONE

Investar Securities launched both the Titan Balanced Fund and the Titan Fixed Income Fund on June 3. The Titan Balanced Fund’s minimum investment threshold is $500 for 100 shares priced at $5 each, while the Titan Fixed Income Fund is aimed at more sophisticated investors. Investar executives said the Titan Balanced Fund’s low investment threshold was designed to create an affordable entry point for ordinary, working Bahamians to buy into a vehicle that they argued was typically priced out of their reach. They billed the Titan Balanced Fund as a way for Bahamians to obtain ownership of their own economy, and a means to “democratise” and spread wealth throughout more hands. A key selling point was the fund’s planned investment in Mr Bastian’s Island Luck web shop, although its total equity

stake was to be kept below five percent to avoid the need for enhanced Gaming Board scrutiny. One capital markets source, speaking on condition of anonymity, told Tribune Business that the Titan Balanced Fund faced a hard task to obtain the necessary scale given that it was primarily targeted at individual retail investors that typically have smaller amounts of money to invest. This, they explained, meant that the fund needed to attract thousands of subscribers to give it sufficient financial clout to acquire meaningful assets such as equities, preference shares and debt instruments, real estate and positions in both listed and private companies. The $750,000 raised to-date, they suggested, fell some way short of that goal. “It’s the Robin Hood approach,” the source said of Investar Securities. “That’s how they marketed themselves: As the saviour of the

NOTICE IN THE ESTATE OF MARCEL ERICK TURNQUEST late of settlement of Mortimer’s of the Island of Long Island one of the Islands of the Commonwealth of The Bahamas. Deceased.

NOTICE is hereby given that all persons having any claims against the abovenamed Estate are required, on or before the 3rd day of August, A.D. 2019 to send their names and addresses, and particulars of their debts or claims, to the undersigned, and if so required by notice in writing from the undersigned, to come in and prove such debts or claims, or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned at once. AND NOTICE is hereby also given that at the expiration of the mentioned above, the assets of the late MARCEL ERICK TURNQUEST will be distributed among the persons entitled thereto having regard only to the claims of which the Administrator shall then have had notice. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. Dated this 2nd day of July, A.D., 2019. c/o PYFROM & CO Attorneys for the Administrator, No.58 Shirley Street, P.O. Box N 8958, Nassau, N.P., Bahamas.

FROM PAGE ONE Transportation Company, in late June. He said: “The public transit service will operate along the fixed route according to a pre-determined schedule. The service will be provided by modern, clean buses, and users will board buses at designated bus stops or at other locations as directed by the ministry along the route. “The service will operate seven days a week from 6am to 8pm, with buses operating every 15 minutes. Five buses are projected to operate this service based

of the tax regime to enhance its efficiency and progressivity, including by reducing distortions and other preferential treatment.” The IMF statement made no mention of either an income or corporate income tax, although many observers are likely to interpret the term “progressivity” as referring to just that. The Fund also reiterated the need to lower energy costs, improve access to credit and eliminate labour market skills mismatches to improve economic competitiveness before The Bahamas joins the WTO. “Directors stressed the importance of advancing structural reforms to boost competitiveness and unlock the economy’s potential for high and inclusive growth,” the IMF added. “Lowering the cost of doing business would help attract needed

on either a 60-minute or 75-minute round-trip time. “A fare will be charged for all trips taken on the transit service. The fare structure is applicable to each one-way trip and applies to all customers. All fares are by exact change, cash, on a ‘pay as you enter’ basis. Fares must be deposited by the customer into a fare-box on the bus. Bus drivers may not handle or deposit fares on behalf of customers except when the customer is unable to do so due to a disability,” Mr Wells added. “My ministry will reserve the right to alter the fare

foreign direct investment.” Following the reforms to bring The Bahamas into compliance with the EU’s anti-tax evasion drive, the Fund continued: “Directors looked forward to the swift implementation of the new framework for the international sector aimed at enhancing its transparency and monitoring. “They encouraged the authorities to remain vigilant against potential spillovers into the domestic financial system from the unification of banking license regimes. Directors also welcomed the authorities’ initiatives to advance financial inclusion while emphasising the need to proceed with caution on the issuance of a Central Bank digital currency, mindful of possible risks to financial stability.”

levels, fare structure, to introduce zones and to offer fare reductions or to introduce alternate fare payment methods (tickets or passes) as it deems appropriate.” But Mr Farrington said yesterday: “You have 330 buses. You can have 115 work the day shift and have more than enough time to space themselves out and make money. The others can work the night shift. The government chooses not to listen to the union but paid consultants.” Attempts to reach Mr Wells were unsuccessful up to press time.

BOB: $80m in deposits lost if it collapsed FROM PAGE ONE completing its first audit of the toxic asset-holding SPV in 2019. Noting that the two bailouts had left Bahamian taxpayers on the hook for a sum equivalent to 2.2 percent of the economy’s total output, the fund also urged the government to conduct “a strategic review” of Bank of The Bahamas, develop “a reform plan” and strengthen its governance to prevent a repeat of the “poor lending practices” that almost led to its demise. “The bank is the only case of significant instability in the banking system the past 15 years,” the IMF’s financial assessment said of Bank of The Bahamas. “BOB’s difficulties began to build as revealed in 2011 when the Central

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Bank discovered material operational weaknesses. “A subsequent examination noted an outsized level of lending to politically exposed persons (PEPs), among other deep problems in commercial lending. Negative publicity led to liquidity tightness in late 2012 and early 2013, with large depositors withdrawing their funds.” Describing Bank of The Bahamas’ bail-out as “twostaged”, the IMF said of the Christie administration’s $100m effort: “After the restructuring, the share of regulatory capital increased to about 47 percent of risk-weighted assets and government control went from 65 percent to 79 percent. “Justifications for the bailout were the potential for instability, the lack of funding in the DIC to cover insured depositors ($120m in insured deposits with less than $40m in the DIC), and the large government deposits placed at BOB.” The fund added: “A second transfer of $176m in gross book value of problem assets (purchasing distressed assets at gross book value is not in line with good international practice) was initiated in August 2017, similar in terms to [the first time]. About this time the

promissory notes issued during 2014 were redeemed by the government. “Although audits of Resolve are mandated yearly, the first such audit is only anticipated to be completed in 2019. This should improve Resolve’s currently opaque status and enhance its accountability. “As of September 2018, BOB’s non-performing loans stood at about $102m (or 26 percent of total loans). In addition, BOB had about $105m in restructured loans. Nonperforming loans net of specific provisions represented about 25 percent of capital.” Detailing the cost of rescuing Bank of The Bahamas, the IMF revealed: “The capital injections the bank received in 2014 and 2017 - totalling about 2.2 percent of GDP - highlight the need to complete the planned legislative reform to enhance recovery and resolution powers. “Staff encouraged action regarding a reform plan for the Bank of the Bahamas, and efforts to strengthen governance of state-controlled financial institutions to help prevent recurrence of the poor lending practices that gave rise to BOB’s bailouts. A strategic review of the bank should be undertaken.”

THE TRIBUNE

Tuesday, July 2, 2019, PAGE 5

TOURISM Minister Dionisio D’Aguilar brings remarks to BahamaHost graduates.

Minister in address to BahamaHost graduates DIONISIO D’Aguilar, minister of tourism and aviation, addressed last week’s Bahamahost graduation ceremony at William Thompson Auditorium on Jean Street. Some 300 graduates passed a tourism industry training programme for

students of all ages and backgrounds, who learn more about The Bahamas and the importance of the tourism industry. Mr D’Aguilar is pictured giving remarks and presenting certificates. Photos: Kemuel Stubbs/ BIS

IMF calls for property tax rate increase FROM PAGE ONE price indices to provide a basis for market-valuebased property taxation, and consider an increase in its tax rate or rate structure.” While the government is moving ahead with the former, KP Turnquest, deputy prime minister, said there were no plans to increase real property tax rates during the recent 2019-2020 budget debate. And no increases were introduced for the juststarted fiscal year. The IMF, though, continues to prod the government to consider wider tax reforms. “Tax policy could play a better role in achieving public policy objectives, including greater equality in income distribution,” it argued. “The Bahamas does not levy taxes on income, capital gains or inheritance... “Global trends in taxation present an opportunity for a comprehensive approach to reform the tax system with a view to increasing its efficiency and enhancing progressivity. For the medium-term, income taxation can help achieve a more equitable

KP TURNQUEST income distribution, reduce distortions arising from a tiered business license fee system (especially if applied in the context of the VAT), and contain the increasing non-residents’ profit repatriation.” Mr Turnquest repeatedly stated prior to the budget that the government had no plans to introduce any form of income tax. However, the taxation system review by Deloitte & Touche’s UK arm has stalled due to the need for The Bahamas to prioritise compliance with the European Union’s (EU) anti-tax evasion drive. The deputy prime minister also voiced optimism during the budget debate that the government would hit its 1.8 percent of GDP forecast for the 2018-2019 fiscal deficit, coming in

slightly below the $237m target at around $229m. The IMF, though, is more sceptical, stating in its Article IV report: “For the fiscal year, staff projects that the deficit target will be missed by 0.5 percentage point of GDP. “Staff underscored the importance of delivering on the full target to rebuild fiscal buffers and boost policy credibility, and therefore urged the government to limit new hiring to essential staff, rein in low-priority current spending, and reprioritise capital expenditure to cover for the projected shortfall.” A 0.5 percentage point of GDP miss is equivalent to just over $50m, which would put the final 20182019 “red ink” around $280m-$290m. “Additional fiscal effort is necessary to

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 AEFISA LIMITED Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of AEFISA LIMITED. is 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 13th June 2019. Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O.Box N-4865 Nassau, Bahamas LEGAL NOTICE

N O T I C E GEOLOGICAL RESEACH AND ANALYSIS LTD _____________________________________

N O T I C E IS HEREBY GIVEN as follows: (a)

GEOLOGICAL RESEARCH AND ANALYSIS LTD is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 1st day of July 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Alexander Petrenko, of 7322 Southwest Freeway, Houston, Texas.

Dated the 2nd day of July, 2019. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

meet the Fiscal Responsibility Act targets over the medium term,” the IMF added. “Absent additional measures, the fiscal balance is projected to reach the Fiscal Responsibility Act target only in fiscal year 2022-2023, and the debt ratio will remain above 50 percent of GDP (the Fiscal Responsibility Act target) beyond fiscal year 2024-2025.” Still, the IMF backed the government’s decision to review its investor incentives regime. “While efficiently designed tax incentives can play a role in attracting investment, they need to be weighed carefully against current and future costs,” it explained. “Studies estimate that tax expenditures amount to, on average, 3.5 percent of GDP in the region, narrowing the tax base and creating distortions. Staff recommended introducing a periodic quantification and review of tax expenditures and other incentives, noting that such a review can rationalise incentives policy, raise revenue, and increase transparency and accountability.”

REAL SERVICE CABLE CORP IBC No. 65,924 B ( In Voluntary Liquidation) NOTICE is hereby given that as follows: (a)

That REAL SERVICE CABLE CORP. is in Dissolution under the provisions of The International Business Companies Act 2000

(b)

The Dissolution of the said Company commenced on the 28th day of June 2019 when the Articles of Dissolution were submitted and registered by the Registrar General.

(c)

The Liquidator of the Company is Ms. DOROTHY TINA CHUNG-LOYE of Hermitage, Mahe, Seychelles.

(d)

Any person having a Claim against the above name Company are required on or before the 27th day of July 2019 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default there of they may be excluded from the benefit of any distribution made before such claim is approved

To advertise in The Tribune, contact 502-2394 LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 BLUE PENDANT LIMITED Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of BLUE PENDANT LIMITED, is completed, a Resgister. The date of completion of the dissolution was 26th June 2019 Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O.Box N-4865 Nassau, Bahamas

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 BLUE PENDANT LIMITED Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of BLUE PENDANT LIMITED. is 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 26th June 2019. Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O.Box N-4865 Nassau, Bahamas

LEGAL NOTICE

NOTICE GEOLOGICAL RESEARCH AND ANALYSIS LTD. ____________________________________________

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 12th day of August, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 2nd day of July, A.D., 2019. Alexander Petrenko Liquidator Southwest Freeway Houston, Texas U.S.A.

LEGAL NOTICE OF DISSOLUTION

International Business Companies Act (No. 45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), BLUE FOREST LIMITED is in dissolution. Michael Siegenthaler is the Liquidator and can be contacted at Niderholzlirain 2, 6026 Rain, Switzerland. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the liquidator before the 19th day of July 2019.

PAGE 6, Tuesday, July 2, 2019 TEHRAN, IRAN Associated Press IRAN has broken the limit set on its stockpile of low-enriched uranium by its 2015 nuclear deal with world powers, international inspectors and Tehran said yesterday, marking its first major departure from the unraveling agreement a year after the US unilaterally withdrew from the accord. The announcement by Iran’s Foreign Minister Mohammad Javad Zarif and later confirmation by the UN nuclear watchdog puts new pressure on European nations trying to save the deal amid President Donald Trump’s maximalist campaign targeting Tehran. Iran separately threatened to raise its uranium enrichment closer to weapons-grade levels on July 7 if Europe fails to offer it a new deal. It also further heightens tensions across the wider Middle East in the wake of Iran recently shooting down a US military surveillance drone, mysterious attacks on oil tankers that America and the Israelis blame on Tehran, and bomb-laden drone assaults by Yemen’s Iranian-backed rebels targeting Saudi Arabia. The European Union urged Iran to reverse course and Israeli Prime Minister Benjamin Netanyahu called the action “a significant step toward making a nuclear weapon”. Iran long has insisted its nuclear programme is for peaceful purposes, despite Western fears about it. At the White House, Trump told reporters Iran was “playing with fire”, and US Secretary of State Mike Pompeo called on the international community to require Iran to suspend all enrichment, even at levels allowed under the nuclear deal. “The Iranian regime, armed with nuclear weapons, would pose an even greater danger to the region and to the world,” Pompeo said in a statement. Though Trump pulled back from airstrikes targeting Iran after the US drone was shot down, Washington has rushed an aircraft carrier strike

THE TRIBUNE

Iran breaches uranium stockpile limit set by nuclear deal

A PART of Arak heavy water nuclear facilities, near the central city of Arak, 150 miles southwest of the capital Tehran, Iran. Iran acknowledged yesterday, it had broken the limit set on its stockpile of low-enriched uranium by the 2015 nuclear deal, marking its first major departure from the unraveling agreement a year after the US unilaterally withdrew from the accord. group, nuclear-capable B-52 bombers and thousands of additional troops to the region. That’s raised fears that a miscalculation or further incidents could push the two sides into an armed conflict, some 40 years after the Islamic Revolution and the takeover of the US Embassy in Tehran. Speaking to journalists in Tehran, Zarif acknowledged Iran that broken through the limit set by the accord. “We had previously announced this and we have said it transparently what we are going to do,” Zarif said. “We are going to act according to what we have announced and we consider

it our right reserved in the nuclear deal.” The UN nuclear watchdog, the International Atomic Energy Agency, later said its director general had informed officials that it verified Monday that Iran had broken through the limit. Under terms of the nuclear deal, Iran agreed to have less than 300 kilograms of uranium enriched to a maximum of 3.67%. Previously, Iran enriched as high as 20%, which is a short technical step away from reaching weaponsgrade levels. It also held up to 10,000 kilograms of the higher-enriched uranium. Neither Zarif nor the

UN agency said how much uranium Iran now had on hand. Last week, an Iranian official in Vienna said that Tehran was 2.8 kilograms away from the limit. Iran previously announced it had quadrupled its production of low-enriched uranium, which at under 3.67% is enough to power a nuclear reactor to create electricity, but is far below weaponsgrade levels. However, Iran could have chosen to mix the low-enriched uranium with raw uranium, diluting it and bringing it down under the cap. Pushing past the limit served as a notice to Europe, Zarif said. The “actions of the

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 1 JULY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,160.43 | CHG: -0.03 | %CHG: 0.00 | YTD: 50.98 | YTD%: 2.42 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.60 2.60 2.00 3.10 11.05 6.17 4.64 12.50 2.74 2.00 9.51 7.01 15.60 7.98 3.75 14.00

52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 8.98 6.13 3.54 9.00 2.35 1.70 7.50 6.10 11.25 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 4.24 17.43 6.00 5.40 2.51 1.95 2.13 11.05 6.16 4.49 9.02 2.85 2.00 10.00 7.00 14.45 7.98 3.41 14.00

CLOSE 4.24 17.43 6.00 5.40 2.51 1.95 2.13 11.05 6.16 4.49 9.02 2.86 2.00 9.96 7.00 14.45 7.98 3.41 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 0.01 0.00 -0.04 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

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

300

500

VOLUME

EPS$ 0.167 0.932 1.760 0.323 0.098 0.000 -0.438 0.708 0.480 0.184 0.627 0.102 0.209 0.000 0.611 0.743 0.939 0.205 0.631

DIV$ 0.160 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.068 0.060 0.328 0.240 0.540 0.200 0.120 0.600

P/E 25.4 18.7 N/M 16.7 N/M N/M -4.9 15.6 12.8 24.4 14.4 28.0 9.6 N/M 11.5 19.4 8.5 16.6 22.2

YIELD 3.77% 7.23% 0.00% 4.63% 0.00% 1.03% 0.00% 6.52% 3.57% 2.67% 0.00% 2.38% 3.00% 3.29% 3.43% 3.74% 2.51% 3.52% 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

0.0 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% 1.22% 3.96% 0.74% 3.42% 0.97% 2.67% 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 30-Apr-2019 30-Apr-2019 26-Apr-2019 31-Mar-2019 31-Mar-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

MUTUAL FUNDS 52WK HI 2.23 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 2.23 4.27 2.05 188.32 154.49 1.62 1.76 1.70 1.15 7.66 8.94 6.71 11.25 11.94 10.59 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

Europeans have not been enough so the Islamic Republic will move ahead with its plans as it has previously announced,” Zarif said. “We are in the process of doing our first phase of actions both on increasing our stockpile of enriched uranium as well as our heavy water reserves.” Breaking the stockpile limit by itself doesn’t radically change the one year that experts say Iran would need to have enough material for an atomic bomb, if it chooses to pursue one. But by coupling an increasing stockpile with higher enrichment, it begins to close that one-year window and hamper any diplomatic efforts at saving the accord. At the time of the 2015 deal, which was agreed to by Iran, the United States,

China, Russia, Germany, France and Britain, experts believed Iran needed anywhere from several weeks to three months to have enough material for a bomb. Zarif stressed the country remained on track to raise its enrichment if Europe did not take any additional steps toward saving the accord. “The next step is about the 3.67% limitation, which we will implement too,” he warned. Trump campaigned on pulling the US from the deal, which saw Iran agree to limit its enrichment of uranium in exchange for the lifting of economic sanctions. Since Trump withdrew America from the pact a year ago, the US has re-imposed previous sanctions and added new ones, as well as warning other nations they would be subject to sanctions as well if they import Iranian oil. Trump discussed the situation by phone yesterday with French President Emmanuel Macron, the White House said, A spokeswoman for EU foreign policy chief Federica Mogherini said the bloc urged Iran “to reverse this step and to refrain from further measures that undermine the nuclear deal”, known as the Joint Comprehensive Plan of Action. Spokeswoman Maja Kocijancic underlined that Europe “remains fully committed to the agreement as long as Iran continues to fully implement its nuclear commitments”. British Foreign Secretary Jeremy Hunt said he was “deeply worried” by Iran’s announcement. In a tweet, he urged Tehran “to avoid any further steps away from JCPoA & come back into compliance”. As Netanyahu said Iran’s move was a “significant step toward making a nuclear weapon”, he urged European countries to “stand by your commitments” to impose sanctions against Tehran if it violated the agreement. “The policy changed from ‘wait out Trump’ to ‘hit back at Trump’. That’s a big deal,” said Cliff Kupchan, a chairman at the Eurasia Group and longtime Iran watcher. “I don’t think either side wants war, but both sides do want leverage. We’re in for a rough ride.”

NOTICE

NOTICE is hereby given that BRITTNEY LOUISTELLE JEAN, of Ridgeland Park West, 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 2nd day of July, 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 MEELY PREDELUS of Fox Hill Road, Nassau, 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 2nd day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.

NOTICE

NOTICE is hereby given that JEANNIE INDIRA, of St Luc Hope Town Abaco, 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 1st day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.