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TUESDAY, JULY 3, 2018

$4.94 Labour chief: Web shop lay offs ‘unnecessary’ because still profitable * ISLAND LUCK ONLY ONE TO GIVE FORMAL NOTICE * PINDER: SMALLER HOUSES ‘MORE REALISTIC’

By NATARIO MCKENZIE AND NEIL HARTNELL Tribune Business Reporters THE government’s top labour official says web shops “don’t need to put Bahamians out of work” because they are still making good profits despite the tax hikes.

John Pinder, pictured, acting director of labour, told Tribune Business that no confirmations of domestic gaming industry lay-offs had “reached my desk” prior to the new sliding scale taxation’s introduction on July 1.

Dion Foulkes, minister of labour, yesterday said Island Luck was the only web shop operator to-date that had provided him with formal notice of impending staff terminations. But Mr Pinder suggested to this newspaper that lay-offs were more likely to come from smaller, less profitable operators - the likes of Asure Win and Paradise Games - rather than the market leader.

“I’ll believe that the smaller houses that weren’t doing too good, the one with the closing of 11 locations [Asure Win], that’s more realistic than the Island Luck group because Island Luck is doing good,” Mr Pinder told Tribune Business.

“It’ll [the increased taxation] impact their profits to some extent, but they will still make a good profit return... They don’t need to put Bahamians out of work.

They’re making money.”

Mr Pinder added that the web shop industry’s suggestions of mass staff lay-offs and location closures “was more of a public announcement” in the wake of the

SEE PAGE 2

$4.82

$4.75

‘Like a hurricane’: Super Value up 45% pre-VAT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

S

ALES at Super Value stores jumped as much as 45 percent on the last day before the VAT hike, its owner revealing yesterday: “Customers were shopping with a vengeance.”

Rupert Roberts told Tribune Business that the strong consumer demand - described as “like a hurricane’s coming” by one of his store managers - continued through until Sunday, the first day of 12 percent VAT, as Bahamians sought to exploit the supermarket chain’s “double Quality stamps” on offer that day.

He added that many customers appeared “pleasantly surprised” that the VAT rate increase was not as bad as expected, suggesting that many had “visualised” a 12 percent jump in their grocery bill when the actual rise was only by 4.5 percentage points.

Emphasising that SuperValue had experienced no transition-related issues, Mr Roberts said its systems had “worked like a dream” in adjusting from the original 7.5 percent rate. He

* Supermarket sees sales trends last through Sunday * Roberts: Tax jump not as bad as consumers thought * Transition went ‘like a dream, a charm’

RUPERT ROBERTS

expressed hope that the further change, due on August 1 to accommodate the VAT “zero rating” for breadbasket food items, would go just as smoothly.

“It went very well,” the Super Value chief disclosed.

“The technology worked like a dream, a charm, and it was very surprising how the customers reacted to it.

The store managers were saying they were pleasantly

surprised.

“I think the consumer, the customer visualised a big jump; they visualised a 12 percent jump, but it wasn’t.

It was a 4.5 percentage point jump. They were visualising a 12 percent jump, and it only jumped from 7.5 percent to 12 percent. They were quite pleased.”

While weekend sales were aided by government “pay day” falling the previous

week, Mr Roberts said yearover-year sales comparisons for one Super Value store revealed a 45 percent - or more than $50,000 - increase in Saturday sales as consumers rushed to beat the 12 percent VAT. “They were shopping with a vengeance,” he told Tribune Business. “I wish we could be up every week like that. Sales go for the week.

They were up ten percent for the week, but people didn’t start shopping for VAT until Friday.

“I think it was bigger than the 2015 start-up of VAT because the consumers are trained now; they knew they could beat it and shopped heavily. They [consumers] seemed pleasantly surprised; it was not as bad as they thought. They visualised 12 percent, and it only went up 7.5 percent. They were pleasantly surprised and satisfied.”

The Super Value chief, taking a $200 weekly

SEE PAGE 2

Developer files police complaint over dispute

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SIR Franklyn Wilson’s Eleuthera real estate venture has filed a police complaint after “keep out” signs were placed on its properties by a rival claimant to the land.

The Arawak Homes chairman told Tribune Business that the offending notices, which were placed across Eleuthera Properties’ properties at Cotton Bay, Jack’s Bay and Davis Harbor, had been “demolished and carted away” to remove any uncertainty among international investors as to who owns the land.

He added that the person responsible was a police officer, who lacked any documentary title evidence to support his family’s claim that they - and not Eleuthera Properties - are the true owners of the land.

Sir Franklyn said Eleuthera Properties was not the only major investor

* Eleuthera Properties destroys ‘keep out’ signs * Sir Franklyn: ‘Very bullish on South Eleuthera’ * Chides contractors as multi-million contracts signed

ONE of the offending signs, located outside the Davis Harbour Marina, that was removed by Eleuthera Properties. impacted by this title challenge, as similar signs were placed on the property earmarked for a $100m, Four Seasons-branded resort development financed by Colombian billionaire, Dr Luis Carlos Sarmiento.

Suggesting that Dr

Sarmiento’s response had been as robust as Eleuthera Properties’, the Bahamian businessman said: “They did not just put it on our property; they put them on property owned by Dr Sarmiento as well.

“This chap, a policeman,

says his daddy tells him he owns the land. What we have done is that we have demolished the signs. We claim ownership of the land.

We carted them away, and Dr Sarmiento did the same, although I can’t speak for him, and we reported the matter to the police. This is big time.”

The eruption of this latest land dispute is especially ill-timed for Eleuthera Properties, coming just as it moves to kick development activities at Cotton Bay and the Jack’s Bay Club into a higher gear.

This was acknowledged

by Sir Franklyn, who said: “That’s why we took them down. We took the signs down precisely because we didn’t want it to create doubts in anyone’s mind

SEE PAGE 4

$4.79 Chamber chair: ‘We don’t have time to waste’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE private sector needs to see real ease of business improvements “now”, the Chamber of Commerce’s chairman saying yesterday: “We don’t have time to waste.”

Michael Maura told Tribune Business that results were especially needed at “the interface” between the government and business community on permits and approvals, in a bid to reduce expense and boost efficiency through the wider use of technology.

Expressing concerns at “the level of possible economic contraction”, Mr Maura said The Bahamas was faced with numerous headwinds apart from the VAT rate hike to 12 percent. He explained that these included the 52 percent yearover-year increase in global oil prices; the escalating trade war between the US and its major partners; and “uncertainty” regarding The Bahamas’ accession to full World Trade Organisation (WTO) membership.

“A lot of forces are coming together,” he told this newspaper. “That said, we can’t sit down and complain. The government has taken a position on our annual deficits, and they’re working to address it to get us into a balanced budget position.

“That being the case, we need to be viewed by the government as partners, and the private sector needs to work with the government in support of innovation and investment possibilities.

Mr Maura said particular emphasis must be placed on The Bahamas’ “ease of doing business”, a key area targeted for major improvement by both the government and private sector in order to boost the country’s economic competitiveness and attractions for both domestic and foreign investors.

“We appreciate and applaud the government’s position on the “ease of business”, but we need to see more tangible results, especially at the government-private sector interface,” the Chamber chairman said.

“We need to see less expense, more electronic use. Those are things that, respectfully, need to happen now. We don’t have time to waste. We’re asking the government to work with the private sector right down to the WTO negotiations.

Insurers fail on last-ditch VAT extension bid

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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THE insurance industry’s last-ditch bid for a one-month VAT extension has failed, with its chairman yesterday expressing concern over potential policy lapses and benefit losses.

Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) principal, told Tribune Business he had been talking to the deputy prime minister and acting financial secretary up until the end of last week in a vain bid to obtain “a smooth transition” for Bahamian policyholders.

In particular, Mr Komolafe expressed concern over whether health insurance policyholders with imminent renewals/premium payments will adjust in time to the new 12 percent VAT rate.

Failure to do so, he warned, could result in

* Had sought one-month transition * Fear health policy lapses, benefit loss * Homeowners warned ‘sums insured’ to rise

EMMANUEL KOMOLAFE policies lapsing or clients “being out of benefits” just when they needed it most should a medical emergency arise.

As for property and casualty insurance, Mr Komolafe

said the sector was worried the 60 percent VAT rate hike would result in consumers failing to appreciate that the sum insured under their policies had increased.

While residential property premiums are now treated as VAT “exempt”, the BIA chairman said housebuilding and construction repair materials will attract the higher 12 percent VAT rate.

These increased replacement costs drive the sums insured under a property insurance policy, and Mr Komolafe warned that failing to adjust to the VAT increase’s implications could leave Bahamian homeowners underinsured and responsible for a significant chunk of post-hurricane

repairs - something that was often only discovered at “the worst possible time”.

Revealing the industry’s last-minute push for a longer VAT transition, Mr Komolafe said: “We had tried up until last Thursday or Friday last week. I was in communication with the deputy prime minister [KP Turnquest] and financial secretary [Marlon Johnson] to provide for a one-month extension to allow for these changes to occur and allow a smooth transition.

“One of our major concerns was the ability of clients to adjust to the higher payment to reflect the new VAT rate of 12 percent, and

SEE PAGE 3

PAGE 2, Tuesday, July 3, 2018

THE TRIBUNE

PWC BAHAMAS UNVEILS TWO ACCOUNTING PATNERS PRICEWATERHOUSECOOPERS (PwC) Bahamas yesterday announced the appointment of two new partners, Kevin Cambridge and Carlton Cartwright, with effect from July 1, 2018.

Prince Rahming, PwC’s territory leader, said: “Our two new partners have exhibited exemplary leadership, and have impressive track records in delivering value to our clients in The Bahamas and wider Caribbean.

“They are committed to working to give the best of PwC to our clients, and

KEVIN CAMBRIDGE

CARLTON CARTWRIGHT

to help solve their most important problems. In their new roles, Kevin and Carlton will further strengthen PwC Bahamas as the preeminent professional services firm, providing a full suite of services in assurance, advisory and tax.”

Mr Cambridge, the new partner in advisory, has more than 20 years’ experience in assurance, business advisory services and deals insolvency. He gained his audit experience by conducting both external and internal audit services for local and international

clients within various industries.

His work in the insolvency sector has given him the opportunity to lead and assist on numerous insolvencyrelated engagements, including cross-border liquidations and receiverships, with international offices such as PwC UK, PwC United States, PwC Canada and PwC offices in the Caribbean region.

Mr Cartwright, partner in assurance, specialises in financial services with particular expertise in the asset management industry.

He has more than 13 years

of professional experience, having spent ten-and-a-half years with PwC in the US, and two-and-a-half years with PwC UK. He has overseen the audits of investment advisors, registered investment companies, hedge funds, private equity, alternative funds and investments for insurance entities for several of the largest asset management and insurance companies in the US and globally. In addition, Mr Cartwright has overseen controls reporting engagements over fund accounting, custody and transfer agency operations.

IDB unveils Bahamas ‘Like a hurricane’: Super acting country chief Value up 45% pre-VAT FROM PAGE ONE

THE Inter-American Development Bank (IDB) yesterday named Michael Nelson, a dual Trinidad & Tobago and UK national, as its acting country representative for The Bahamas.

Mr Nelson, who is also the multilateral lending agency’s chief of operations for The Bahamas, took up his new post with effect from July 1, 2018.

He has direct responsibility for supervision of the IDB’s sovereign-guaranteed portfolio, including loan operations, technical assistance grants and operational knowledge products.

He is also a co-author of the past three IDB Country Strategies with The Bahamas.

Mr Nelson previously spent eight years at IDB headquarters before assuming his role as Bahamas operations chief in September 2015. He started at the IDB as a research fellow in the South America Department, supporting managerial reviews of project design and execution

in Argentina, Brazil, Chile, Paraguay,and Uruguay.

Mr Nelson then moved to the office of general manager in the Caribbean Country Department as an operations consultant, and subsequently became country co-ordinator, designing IDB medium-term country strategies and covering public and private sector portfolios for several states, including The Bahamas, Jamaica, Guyana, Suriname and Trinidad & Tobago.

Mr Nelson has been the recipient of several IDB performance awards, including the Vice-President for Countries Award in 2013; the Antonio Ortiz Mena President’s Award in 2014; and the Environmental Sustainability Award in 2015. He has also served as a former director of the IDB Staff Association.

Mr Nelson is a graduate of Georgetown University in Washington DC, with a Bachelor and Master of

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shopping cart, said VAT’s introduction in 2015 at 7.5 percent increased this cost to $215. The rate rise to 12 percent further raises this to $224, a $9 increase that is lower than the jump in 2015.

Mr Roberts, who said he was in constant communication with Super Value’s management through Saturday night and Sunday morning, having travelled to Florida at the weekend, said the strong sales trend continued in the immediate hours following the introduction of 12 percent VAT. He disclosed that Sunday sales at the chain’s Golden Gates store were up 25 percent, and added: “It continued right through Sunday morning because of the ‘double stamps’. Consumers certainly took advantage of the pre-VAT, and the ones that didn’t get to take advantage of it shopped Sunday morning for double stamps. I was surprised with Sunday’s sales.”

Mr Roberts expressed hope that the adjustment for the breadbasket “zero rating” “goes as smoothly” as the jump to 12 percent VAT, adding that “there’s no question whether that will be accepted” given the savings it promises consumers.

“We only have the pricing changes to face now and we started that today, but we’re very disappointed that the government did not give us the exclusive pricing that the merchant community, retailers and

Chamber of Commerce have asked for,” he added.

“We could collect a lot more VAT for them, and make more sales. We can’t understand why the former government went inclusive, and why this government is going inclusive. That’s the way it appears now. The good country to the north, the US, puts it at the end of the tape.

“They go exclusive; all the Wal-Marts, Targets and Best Buys. That might be the right way to do it; the world does it, and the little Bahamas twists it unless they have a change of heart.” Mr Roberts recalled how Super Value had to change price tags three times when VAT was first introduced, an exercise that cost it around $500,000.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that “there doesn’t seem to be any major issues so far” with the transition to a 12 percent VAT. He added that its introduction on a Sunday had “given a lot of businesses an extra day to prepare”, and said: “I’ve had no one scream at me. As far as I’m concerned it seems to be going OK.” Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, yesterday said some “hiccups” were to be expected with the VAT increase’s implementation, and urged consumers to remain “alert”.

Speaking with Tribune

Business, Mr Sumner said: “We saw on the weekend there seemed to be a rush on the food stores particularly, and some of the wholesalers, with people trying to get a lot of products before the new rate increase kicked-in.

“There was still a concern that many establishments weren’t fully ready for July 1. The government decided to extend some of the terms until August, and in some of the sectors until the end of September. We are hopeful that the extra time will be enough to get other people engaged.”

Mr Sumner added that consumers will likely be more conscious of their spending, and scrutinise their shopping bills carefully. “This increase now is going to cause consumers to become more conscious and prudent in their spending and scrutinise their bills more,” he said.

“The system is certainly going to create more alert consumers.

Consumers must remain alert, and it is important for them to raise questions. We expected that coming into the implementation increase there would have been some hiccups, some organised chaos coming in as point of sales systems had to be adjusted for the increase. and there was also the question about products on the shelves prior to June 30.

“That was part of where some of the confusion came, but the bottom line is as at July 1 every VAT-able service and product is going to be charged 12 percent.”

Labour chief: Web shop lay offs ‘unnecessary’ because still profitable FROM PAGE ONE taxation increase.

He added, though, that the Department of Labour was preparing for the worst. “It’ll be our responsibility to take the necessary precautions and register those persons in our skills bank if they’re going to be unemployed and find them some work,” Mr Pinder said.

Mr Foulkes, meanwhile, said Island Luck was the only web shop operator from whom he has received formal notice of staff terminations, telling this newspaper he remains hopeful “they will change their mind”.

Island Luck, The Bahamas’ largest web shop chain, last month warned staff to

brace for up to 350 job losses after it was unsuccessful in mitigating the impact of a 184 percent tax hike on its business model.

ASure Win has also revealed it plans to close 11 of its locations - and terminate 50 jobs - as it seeks to shed underperforming sites in a move also blamed on the budget’s tax increases. It indicated that further closures and terminations may follow once an in-depth review of its business model is completed.

Paradise Games chief executive, Kevin Knowles, has also warned his staff that redundancies and store closures may be a possibility following the government’s increase in taxes for the domestic gaming sector. He advised that the web shop’s human

resources department will begin employee performance reviews should layoffs become necessary.

Mr Foulkes told Tribune Business: “Island Luck said that they had planned to terminate ‘x’ amount. A 30-day notice was given. I’m hopeful that during that 30 days maybe they will change their mind.

“We live in a democracy.

It’s a free enterprise system and business people will make their decisions. They have to comply with the labour laws, with the Employment Act, to ensure that everyone gets their benefits.”

Mr Foulkes added: “It’s the only web shop that has formally communicated

SEE PAGE 4

THE TRIBUNE

Tuesday, July 3, 2018, PAGE 3

ONLINE PLATFORM TO ELIMINATE ‘JOB GAPS’ A TOP private sector representative yesterday hailed an online platform to match employers with job seekers as helping to reducing unemployment by eliminating information gaps between the two.

Edison Sumner, pictured, the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chief executive, told Tribune Business that, too often, employers and job seekers “don’t know what’s available” in terms of skilled workers and available opportunities.

Speaking at the official opening of the Public Employment Services Unit’s (PES) One-Stop Centre, he said: “The exchange is great

because it creates another platform for there to be employers and employees who can connect; those who are job seekers and those looking to fill positions.

“It gives everyone who is unemployed, or looking for other employment opportunities, the ability to upload information with employers having the ability to see that information and find matching skills with available positions. The fact that you now have got this automated system in place will improve the job search and interview process.”

Mr Sumner added: “It will do well for the employment situation in the country because I think a lot of times the unemployment rate is as high as it is because people don’t know what is available; they don’t know what jobs are available, and employers don’t know what skills are available.

“I’m hoping now over the next several months we can see the level of unemployment go down because people know where the opportunities are.”

Dion Foulkes, minister of labour, told Tribune

Business that the initiative has received strong buy-in from the private sector.

“There has definitely been a good buy-in by the employers. We had a seminar, and about 70 of the major houses came to view the portal and they all registered,” said Mr Foulkes.

“Essentially what it does is make it very easy for job seekers to connect directly with employers online. All of the employers are registered with us, and as they have vacancies they would list them and the job seekers

would see it as it happens.

“We have some 8,000 job seekers who recently registered with our Labour on the Blocks initiative. While they may not have gotten a job on the spot, they have access to this system. Also, the job seekers can register and the employers can also see their resume and whether they meet the criteria for employment. This is all paperless, it’s all online. Bahamians anywhere, whether New York, Miami, Paris, can go online and, if they see jobs, they can go and register.”

Bahamians ‘must thrive’ before joining the WTO BAHAMIANS must be put in position to “thrive in our own country” before the government moves forward with World Trade Organisation (WTO) accession, an activist group urged yesterday.

Citizens Against Bank Exploitation (CABE), which staged a protest in Rawson Square against the government’s decision to increase the Value-Added Tax (VAT) rate from 7.5 to 12 percent, also called on it to implement Fiscal Responsibility and

Freedom of Information laws, as well as explore this nation’s natural resources for additional revenue.

Dr Denotrah ArcherCartwright, lead organiser of CABE, said the group is “making a stand against VAT”, warning that now is “definitely not the time to put an increased tax burden on the nation”.

As for The Bahamas becoming a full WTO member, which the Minnis administration wants to achieve by end-2019, Dr

Cartwright said: “If you’re going to think about WTO accession, you have to think about putting your people in a position in which they can thrive in their own country and navigate globally.

“Are we there? We are having problems with our educational systems.

Budgetary wise, we should see a strong focus on our educational system, our natural resources, development of a sovereign wealth fund and causing greater accountability

by introducing the Fiscal Responsibility Act and the Freedom of Information Act. They keep on telling us to wait but they are moving ahead very quickly and increasing our taxes.”

Activist Paul Moss suggested that the Bahamas could earn revenue through taxing ships using this nation’s territorial waters, and pointed out that many companies in the financial services sector operate virtually tax-free and are VAT exempt.

Insurers fail on last-ditch VAT extension bid FROM PAGE ONE avoid policies lapsing. That will be a challenge.”

Mr Komolafe said all Bahamian health insurers had sent notices to policyholders, including taking out full-page newspaper advertisements, and were reinforcing this message through their websites and sales forces in a bid to prevent this happening.

Yet he, and the industry, remain concerned that some will not adjust direct debits, salary deductions, and preand post-dated cheques to account for the higher VAT payment in time to prevent their coverage expiring.

“Failure to do so will result in the policy lapsing or being out of benefits,” the BIA chairman told Tribune Business. “The challenge there is that health is so important; you don’t want any interruptions or disruption to these services. You don’t want persons to get to the clinic, hospital and find their policies have lapsed or they are out of benefit.”

As for property and casualty insurance, Mr Komolafe said renewal notices for motor, residential and other policies set to expire in July and August would have gone out several months ago - before the VAT rate hike’s unveiling on May 30.

He added that the increase “could be quite disruptive to thousands of clients” who now have to find additional dollars to finance their coverage, with the sector through the BIA - taking out newspaper advertisements

to ensure Bahamians do not face an unexpected “gap” in their residential insurance.

While insurance on residential dwellings is now VAT “exempt”, Mr Komolafe said this was not the case for homebuilding and repair supplies, where the tax rate has increased from 7.5 percent to 12 percent.

“What we’re saying is that the unintended consequence of this action is that the replacement and repair cost for dwellings will increase,” he told Tribune Business.

“We’re warning the insuring public that, as a result of this, that property will be underinsured or not insured to its true replacement costs.”

The BIA ad, spelling out the consequences, states: “Property and casualty insurance member companies of the Bahamas Insurance Association hereby notify the insuring public that when replacement costs increase, the sums insured must also increase. Otherwise, the property may become underinsured or not insured to its true replacement cost.”

The Association added that all property insurance policies include an “averaging” or “underinsurance” clause, the effect of which is to make policyholders responsible for the extent of the underinsurance - they effectively become their own insurance. “This is often discovered at the worst possible time; at the time of a claim,” the BIA added.

Mr Komolafe said the BIA had used the example of a $200,000 home that was only insured for $150,000,

or 75 percent of its replacement amount. As a result, the homeowner or “insured” is left responsible for “selfinsuring” the remaining 25 percent or $50,000.

“If there is damage, the insurer is responsible for only 75 percent of the loss,” the BIA chairman explained. “We’re asking persons to look at how they can increase their sums insured or have a conversation with their insurance companies as to what this means for them.”

And the BIA advertisement warned: “Take action today to adequately insure your property. Failure to take prudent steps may place you, the insured, at risk of having claims reduced by the proportion of underinsurance.”

Mr Komolafe yesterday reiterated that “exempting” residential dwelling insurance from VAT was “not the

best approach” if the government’s objective was to make coverage more affordable - something highlighted by the BIA advertisement.

And, with VAT reducing consumers’ disposable income and purchasing power, Mr Komolafe said many Bahamians were likely to view insurance as “very low on the priority list” raising fears of a drop-off in coverage across-the-board.

“We have to monitor this and see how it plays out,” he added.

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PAGE 4, Tuesday, July 3, 2018

THE TRIBUNE

LABOUR CHIEF: WEB SHOP LAY OFFS ‘UNNECESSARY’ BECAUSE STILL PROFITABLE

Developer files police complaint over dispute

FROM PAGE TWO

FROM PAGE ONE

with me. I’m very happy that Mr Craig Flowers has decided not to lay-off anyone. He’s one of the major players in the industry. He said his interest is to preserve jobs. I’m hoping that other owners will follow his example.”

The FML chief said last month that he has opted not to lay off employees because it is not known if his company will suffer loss due to increased government taxes, which includes a five percent stamp tax on patrons.

The government has consistently argued that the web shop industry was already in the process of consolidation, and that sector operators are using the budget tax increases as “cover” to accelerate actions they would eventually have taken anyway.

But the web shop industry’s consultants, Christiansen

Capital Advisors, warned that the likely first reaction of Bahamian web shop operators to any tax increases would be to cut costs through closing marginal or unprofitable locations, resulting in significant job losses.

“The combined impact of declining revenues and a higher tax rate will undoubtedly lead to downsizing and the closing of marginally performing locations,” the Christiansen study warned.

“In a first quarter 2018 performance review, the largest operator of gaming houses, Island Luck, identified 14 marginal performing locations and 26 marginally performing franchisees.”

But the projected impact to-date has been far less than the web shop industry’s own initial estimates of 2,000 job losses and 192 location closures.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, ANDRIA DANNELLE BENJAMIN of #43 Caspian Road, P.O.Box CB11420 New Providence, Bahamas intend to change my name to ANDRIA DANNELLE SWEETING. 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.

that we own the land.

“We acted, and Dr Sarmiento did likewise. As soon as it was brought to our attention we acted. Those signs didn’t stay for long. Since we acted there’s been no repeat, and no buyer has approached us expressing concern. We pray the matter is behind us.

“We’ve reported the matter to the police, and we are waiting to hear from the Commissioner of Police. We want to have confidence in the Commissioner of Police, so we want to give him a chance to do the right thing.”

Eleuthera Properties has had to contend with several challenges to its land ownership in the island’s south, with one set to be heard in two weeks’ time by The Bahamas’ highest court, the UK-based Privy Council.

The Bannerman Town, and Millars and John Millars Eleuthera Association, have taken their case all the way through the Bahamian judicial system, with the Privy Council set to hear the matter over a two-day period from July 17-18.

Sir Franklyn, meanwhile, told Tribune Business that the developer remains “very bullish” on its prospects in South Eleuthera ahead of two multi-million dollar contract signings related to expansion

Legal Notice NOTICE GIPUZKOA FUND ICON

at Jack’s Bay. Confirming that Eleuthera Properties was in talks with the Prime Minister’s Office, he issued a challenge to Bahamian contractors to “put your money where your mouth is” and start building homes at the development using the incentives it is providing.

“We are very bullish on South Eleuthera. That’s the bottom line,” Sir Franklyn said. “We are in discussions with the Prime Minister’s Office. The Prime Minister was kind enough himself to personally meet with the leadership of our group, and he was also very kind to make reference to the fact we’re very firmly, very passionately committed to this venture.

“As we speak we’re about to sign a contract, two contracts, for multi-million sums in the aggregate, to build a restaurant on The Bluff at Jack’s Bay and complete accommodation so that when people come for next season they’ll be able to stay in fivestar accommodation.

“We have been at this for 33 years, and are still pumping in eight-figure money. You don’t do that unless you’re serious.”

Sir Franklyn said Eleuthera Properties, whose shareholders include Royal Bank of Canada (RBC), Sunshine Holdings, CFAL, BAF Financial and RoyalStar Assurance,

Legal Notice NOTICE EMERALD ESTATES LIMITED

NOTICE IS HEREBY GIVEN as follows:

In accordance with Section 204 (b) of the BVI Business Companies Act 2004 NOTICE IS HEREBY GIVEN as follows:

(a) Gipuzkoa Fund Icon is in dissolution under the provisions of the Investment Condominium Act, 2014 (b) The dissolution of the said Company commenced on the 3rd day of July, 2018 when its Notice of Dissolution were submitted to and registered by the Registrar General.

(a)

EMERALD ESTATES LIMITED is in voluntary dissolution.

(b)

The dissolution of the said Company commenced on the 28th day of June, 2018 and the liquidation documents were submitted to the Registry of Corporate Affairs on same date.

(c)

(c)The Liquidator of the said Company is Andre Mauricio De Camargo Penalva of Rua Padre Joao Manuel, 655 AP 161 Cerqueira Cesar – 01411-001, Sao Paulo / SP.

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 2nd day of July, A.D. 2018

Andre Mauricio De Camargo Penalva Liquidator

Shareece E. Scott Liquidator

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

BISX ALL SHARE INDEX: CLOSE 1,982.22 | CHG 10.69 | %CHG 0.54 | YTD -81.35 | YTD% -3.94 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.00 1.48 0.19 4.00 9.10 6.60 5.30 11.00 2.71 1.77 8.21 6.10 11.48 7.29 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.00 8.50 6.00 3.15 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.15 4.16 2.00 179.39 157.58 1.55 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.49 1.62 1.58 1.07 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.40 17.43 9.09 4.00 1.01 0.18 3.04 9.10 6.14 4.15 10.90 2.58 1.70 7.95 6.10 11.20 6.32 3.44 12.51

CLOSE 4.40 17.43 9.09 4.00 1.01 0.18 3.00 9.10 6.14 4.20 10.90 2.55 1.70 7.93 6.10 11.20 6.32 3.55 12.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 0.00 0.05 0.00 -0.03 0.00 -0.02 0.00 0.00 0.00 0.11 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

107.20 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.10 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

107.10 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

1,500 1,500 30,400

10,800

VOLUME 100

EPS$ 0.361 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.610 0.277 0.631

DIV$ 0.080 1.130 0.000 0.230 0.000 0.010 0.000 0.320 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.580

P/E 12.2 18.7 N/M 14.1 N/M N/M -3.0 14.3 10.7 24.6 17.4 25.0 7.4 N/M 11.2 16.5 10.4 12.8 19.8

YIELD 1.82% 6.48% 0.00% 5.75% 0.00% 5.56% 0.00% 3.52% 3.58% 2.86% 5.69% 2.35% 4.12% 1.06% 5.25% 4.46% 3.16% 3.38% 4.64%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.15 4.12 2.00 179.39 153.02 1.55 1.69 1.64 1.09 7.15 8.14 6.41 11.26 11.68 10.24

YTD% 12 MTH% 1.55% 4.09% -0.45% 4.34% 0.84% 2.31% 0.39% 5.05% -0.25% 4.57% 1.29% 4.18% -0.61% 2.84% 1.02% 3.84% -0.87% 1.82% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-May-2018 31-May-2018 31-May-2018 31-Mar-2018 31-Mar-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018 30-Apr-2018

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

that it was mulling an initial public offering (IPO) for one of its subsidiaries amid plans to accelerate the build-out of various assets.

Tribune Business understands that the subsidiary under IPO consideration is the holding company for the Jack’s Bay Club, which Eleuthera Properties is developing in partnership with world-renowned golfer, Tiger Woods, TGR Designs firm and Beacon Land Management.

Jack’s Bay, which is located just south of Rock Sound, is aiming to complete amenities such as “The Pink House”, Ocean Spray restaurant, tennis and pickle ball courts, water recreational activities and two private cays by November 2018.

Eleuthera Properties is moving to further develop Davis Harbour Marina, which it owns and operates at the edge of the waterfront community. Close to half, or 11 of its 24 slips, are currently occupied, with the docks able to accommodate vessels up to 80 feet and providing amenities such as fuel, electricity, laundry facilities and retail supplies.

The developer also plans to work with the government on maintaining Rock Sound airport’s “viability”, as well as improve the island’s healthcare services, promote farming self-sufficiency, protect “unique attractions” and attract Eleutherans to return home through the provision of jobs.

And it is eyeing the development of additional real estate it owns at Jack’s Bay for office and commercial complexes; restaurant and retail outlets; employee housing; second homes and subdivisions featuring affordable lots for sale to local residents.

NOTICE

NOTICE is hereby given that MAUDE AUGUSTIN of Elizabeth Estate, New Providence, 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 July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

MARKET REPORT MONDAY, 2 JULY 2018

plus the family of Sir Orville Turnquest and the estates of the late Billy Lowe and John Morley, is also “praying there will be no hurricane” so the grass can take root on the Tiger Woods-designed golf course.

He added that Michael Abbott, a former senior executive with Discovery Land Company, the developer of Abaco’s Baker’s Bay community, had agreed to join Eleuthera Properties as chief executive and base himself on the island.

Sir Franklyn, though, lamented the failure of Bahamian contractors to develop and build high-end homes on the company’s property even though the actual land was being offered at no upfront cost.

“I can tell you a real disappointment has been that we have been trying very hard to incentivise Bahamian contractors to come forward and do something,” he told Tribune Business. “We have been saying to Bahamian contractors: ‘Come and build something, because if you build a home people will come’.

“We invite Bahamian contractors to come and put your money where your mouth is, believe in your country and more will follow.

We are prepared to incentivise them by not having to pay upfront for the land. Only pay for the land once you sell.

“Just imagine if Baker’s Bay had provided the same incentive to Bahamian contractors, and one, two or three of them had taken that up. Just imagine what their future would be today. This is another opportunity.”

Erma Carey, secretary of Eleuthera Properties, told the island’s Business Outlook conference earlier this year

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

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

NOTICE is hereby given that FERNANDER PIERRE BULLARD of Cotton St., Pinewood Garden, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 26th day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.