07082019 BUSINESS

business@tribunemedia.net

TUESDAY, JULY 9, 2019

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Generation need drives BPL’s first four solar choices

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light’s (BPL) chairman yesterday said the four Family Islands targeted to pioneer solar energy’s rollout were selected because of their “additional generation needs”.

Dr Donovan Moxey told Tribune Business that Bimini, Eleuthera, Andros and Inagua were chosen because of their projected increase in energy demand, adding that the results obtained from this first phase will determine “the best way to scale the implementation of solar in the Out Islands”.

Speaking as BPL launched the bidding process seeking offers from independent power producers (IPPs) to construct solar or hybrid plants on these islands, Dr Moxey said: “There’s a couple of things we wanted to do.

“We have 17 to 18 islands that we want to put renewable energy in, so we want to make sure we move this process forward in a very structured manner. These four islands need some additional generation in the short-term. Given the load growth curves for these islands, we looked at the fact they need more generation sooner rather than later.”

The request for proposal (RFP), launched with BPL’s partner, the Rocky Mountain Institute, a body

SEE PAGE 5

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Hot Mix in $750m low-cost loan offer

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

COMPANY part-owned

by Brent Symonette’s family offered to raise up to $750m in cheap British government loans to fund critical infrastructure works in The Bahamas.

Documents obtained

by Tribune Business suggest that if Bahamas Hot Mix’s proposal, made to both the Christie and Minnis administrations, had been accepted it would have given the company a lock over development projects it specialises in - roads, airport runways, and water and sewerage systems.

The first offer to raise massive “concessionary loans” through the UK government’s export credit guarantee scheme was made in February 2017 just months before the general election. No progress appears to have been made with the Christie administration, and it was left for its successor to assess the offer.

Bahamas Hot Mix then rolled out the same financing model just eight months later as part of a joint venture proposal to take over the redevelopment of the Exuma and North Eleuthera airports via a “25-year concession” in partnership with fixedbased (FBO) operator, Odyssey Aviation.

Both KP Turnquest, deputy prime minister, and Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that while the two Hot Mix

• Proposed tapping UK govt for works finance • And sought 25-year airport JV with Odyssey • Ministers: Proposals ‘never acted upon’ PROPOSALS prepared by Bahamas Host Mix.

proposals were received and discussed they were never acted upon by the Minnis administration.

While there is nothing wrong with either Bahamas Hot Mix (BHM) proposal, had the $750m financing offer, in particular, been accepted it would inevitably have sparked huge concern that one firm was going to establish a dominant position over much of The Bahamas’ infrastructure development.

A BHM funding proposal to the Ministry of Finance, dated February 2017, details how the Bahamian company could use its UK subsidiary to obtain low-interest rate loans from UK Export Finance, the British government department that oversees

the export credit guarantee financing.

It added that The Bahamas was “on cover for up to $750m”, meaning that this nation could access funding up to this amount, with the document even suggesting that $1bn could be available.

“In the current economic climate, the British government through its Export Credit Guarantees Department (UK Export Finance) is actively financing projects undertaken by British contractors on extremely competitive terms,” the proposal says.

“BHM, using its UK

Architect chief: Building permit ‘red tape’ rising

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SENIOR Bahamian architect yesterday argued that building permit “red tape” is increasing, not decreasing, and added: “I don’t know anyone who gets an approval in less than six months.”

Gustavus Ferguson, the Institute of Bahamian Architects (IBA) president, told Tribune Business that the time required to obtain such permits remained “exorbitant” with the number of separate stages applications have to pass through having risen to 20.

Contradicting assertions by the Prime Minister’s Office’s Delivery Unit that the time taken to obtain construction permits has already declined by 12 percent, Mr Ferguson said the government’s target of

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• ‘No one approved in less than six months’ • Says steps required have increased to 20 • Procss can quicken with ‘stroke of a pen’ cutting turnaround time to 30 days was achievable if “the will” was there.

He argued that critical steps could be made “with the stroke of a pen”, and called for building inspections and plan reviews to be outsourced by the Building Control Department to other professionals within the industry to speed up permit issuance.

Mr Ferguson also suggested that plans submitted by licensed architects and engineers for residential buildings in approved subdivisions be given the go-ahead within one to four days, adding that successive governments had failed to appreciate the importance

of construction in “stimulating the Bahamian economy and getting the money to flow”.

The IBA chief said The Bahamas would not have suffered such a significant decline in the World Bank’s “ease of doing business” rankings for obtaining construction permits had previous governments accepted recommendations by itself and others.

With the IBA now dealing with its third administration since it began lobbying for reform, Mr Ferguson said he is “looking forward to the day when we can actually obtain a building permit in a month or less” and move closer to the one-two week

turnaround that has become the norm in Miami-Dade County and other US cities.

He added that neither he nor his IBA colleagues had experienced the reduction in building permit issuance delays touted recently by the government, which is aiming to slash this another by 75 percent - from 120 days to 30 days - by 2021.

“I don’t know what basis that’s on. As far as we’re aware they’ve added more steps to get approval, more red tape,” Mr Ferguson told Tribune Business. “The last time we counted they were up to close to 20 steps in terms of obtaining approvals.

SEE PAGE 3

subsidiary BHM Construction International (UK) Ltd, can therefore offer concessional loans for projects using the UK Export Finance direct lending facility.

“This could be applied to various infrastructure projects such as Water & Sewerage, roads, airport runways, etc. The focus would typically be on Government’s urgent/priority projects.” The areas identified are all those that Hot Mix specialises in.

Detailing the advantages of its offer, the Hot Mix

SEE PAGE 4

$4.59 Feedback ‘very light’ over BISX rules changes

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas International Securities Exchange’s (BISX) chief executive yesterday said market feedback on its proposed rules changes has been “very light” ahead of the results being submitted to regulators later this month.

Keith Davies told Tribune Business that formal submissions had been incorporated into the submissions that the exchange is readying for the Securities Commission, which will have the final say on whether to approve alterations to its trading, listing and issuer obligation rules.

With the 30-day consultation process having ended, Mr Davies said several responses received by BISX had sought clarification on what the exchange was doing and why. “Once we were able to answer the questions, people were satisfied,” he added.

Explaining that the main purpose behind the consultation exercise had been to lay out what the exchange was thinking, and obtain ideas from market participants, the BISX chief added: “What happens now is we take all the information, collate it all, and if necessary make any amendments in relation to what we have received. Then it goes to the Securities Commission.

“At that point it’s in the commission’s hands, and we would hope they have a quick turnaround. Once that is completed, and the commission approves any changes, we will publish that and let people know when it will be enforced.

“We give the commission every comment we receive.

They see everything. We don’t separate it. We sent them everything so they

SEE PAGE 5

PAGE 2, Tuesday, July 9, 2019

THE TRIBUNE

Entrepreneurs needed to ‘ace’ tourism competition THE Bahamas must continue to “ace” its tourism competition through superior customer service and identifying new entrepreneurial activities that appeal to visitors, a Cabinet minister is urging.

Dionisio D’Aguilar, minister of tourism and aviation, told teachers attending the 16th Education Industry Internship Programme hosted by the Bahamas Hotel and Tourism Association (BHTA) that The Bahamas needed to both maintain its current growth momentum and find new ways to exploit tourism so that more Bahamians benefited from an improved quality of life.

He added that The Bahamas needed to continue to “ace” tourism competitors by developing a reputation as the destination with the best customer service hospitality, while also preparing more of its citizens to be able to recognise and/ or identify the multiple economic opportunities in the industry.

With 6.6m visitors coming to The Bahamas annually, Mr D’Aguilar said: “We have to welcome them, transport them, lodge them, engage them in fun, memorable activities, rejuvenate them, provide retail opportunities for them, and the list goes on.

He added that additional business opportunities available for Bahamian entrepreneurs range from adventure tours to the wellness industry; islandhopping excursions; authentic souvenirs; culinary tourism; business opportunities linked to agriculture and fisheries, especially those involving organic products; and family entertainment.

“Visitors tend to travel with their families meaning that we need more businesses catering to family entertainment,” Mr D’Aguilar said. “What

DIONISIO D’AGUILAR is there for visitors to do when it rains? Emerging entrepreneurs, put on your thinking caps. Visitors want mementos to show their friends that they’ve been to The Bahamas, but not just any kind of mementos. They want high quality, superbly crafted, authentic souvenirs. The raw materials for authentic souvenirs are all around us in our environment.

“Adventure tours with a thrill, tapping into the wellness market; bird-watching; heritage tourism are all business ideas with lots of potential. Then there is volunteer tourism. There are a lot of conscientious travellers who want to give back to the community in the host countries they travel to. Imagine developing a vacation package that combines touristic activities and volunteer work with a charitable organisation or an agency that focuses on caring for the environment.”

Mr D’Aguilar said culinary tourism was another area “ripe” with potential,

and added: “Ask Goombay House and any of the local tours that have integrated food tasting. We need to feed the hundreds of thousands of guests who stay in our resorts, hotels and guest houses.

“Today’s travellers have a definite preference for food made from organic produce.

At this moment, we are importing close to 100 percent of the food consumed in the country. The field of agriculture and fisheries is wide open for development. So is landscaping.

One of the strengths of our destination is that we have multiple islands. An excursion that offers guests the opportunity to island hop is a winning business idea.”

The Industry Internship Programme is a partnership between the Ministry of Education, the Ministry of Tourism, the BHTA and the University of The Bahamas. It is designed to provide educators with hands-on experience in the tourism industry in an effort to enhance classroom delivery.

Seminar to focus on harnessing Fintech THE Bahamas Financial Services Board (BFSB) has partnered with Aliv to host its annual Fintech (financial technology) seminar on July 26 at the British Colonial Hilton Hotel.

Featuring both local and international speakers, the event will cover topics such as The Bahamas tech hub and digitisation; Transforming the financial services sector; The Digital Assets and Registered Exchanges (DARE) Bill 2019; Evolution of financial instruments; Fintech on-boarding standards; Protecting your digital assets; The Bahamas digital currency; The Bahamas digital asset toolkit and ecosystem.

Tanya McCartney, BFSB’s chief executive and executive director, said: “With the government’s commitment to creating a technology hub in Grand Bahama, the provision of incentives under the Commercial Enterprises Act and pending legislation to regulate some Fintech activity, the jurisdiction is ideally suited to attract investment and attain success in the Fintech space.”

Fintech, which is the combination of technology and finance, is revolutionising the financial services sector by causing significant disruption to existing structures and business models. It also affecting the way individuals relate to their personal finances and commerce.

Fintech, and particularly

TANYA MCCARTNEY blockchain, are seen as having the potential to improve financial access, transforming the ways in which we attract and service both domestic and international clientele.

The government and regulators, together with the private sector, are working on the drafting of policies and rules to facilitate Fintech’s growth in The Bahamas. These efforts are intended to create regulatory regimes for the emerging blockchain technology and

cryptocurrency sector.

The BFSB said in a statement that these forces present an opportunity for The Bahamas, as an international financial centre (IFC), to be one of the first in the world with a regulated framework for crypto exchanges and assets, including digital currencies, and other blockchain-based financial products such as virtual securities tokens and commodity-backed digital tokens.

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THE TRIBUNE

Tuesday, July 9, 2019, PAGE 3

$20m honey market Architect chief: Building permit ‘red tape’ rising creating major buzz FROM PAGE ONE

A $20M MARKET for honey-related products presents a tremendous entrepreneurial opportunity for Bahamians, the head of a local beekeeping co-operative believes.

Alex Holden, chairman of the newly-formed Bahamas National Beekeepers Co-Operative (BNBC), said commercial beekeepers in The Bahamas can make more than $100,000 a year given consumer demand for honey, bees wax, royal jelly and other bee-related products.

With local beekeepers capturing only a fraction of that market, he argued there was tremendous capacity for growth that makes beekeeping an attractive entrepreneurial venture - especially since a backyard hive can be started for less than $1,000.

Community-centered cooperatives bring together like-minded individuals focused on developing their business. Those such as BNBC provide quality products for the market, ensuring financial gains remain within this nation’s borders and in the hands of the owner members through a collaborative effort.

Mr Holden said the BNBC’s membership reflects this goal, with an even mix of women and men, family island representation, and a cross-section of professionals - from accountants and corporate managers to police officers and entrepreneurs. He added that the co-operative is open to more than just beekeepers, serving all stakeholders from the bee enthusiast to persons interested in protecting the environment.

“The nature of cooperatives lends itself to this industry in particular, and it really is the best way to bring all these people together. It sets the stage for meaningful conversation and industry development,” said Mr Holden.

He added that the cooperative’s formation will help standardise beekeeping, a fledgling industry that has experienced tremendous growth in the last few years, and aid its longterm sustainability and economic viability.

“By implementing scientific processes, we can ensure that the quality of Bahamian honey is produced at a premium and bee populations are healthy and robust,” Mr Holden said.

HONEY PRODUCTS

“We want to protect the native bees and nurture the development of our own bees because they are biologically suited to our environment. One of the problems we are facing is prospective beekeepers purchasing foreign bee populations and bringing them into our ecosystem. The sustainable and ecological way to get into the industry is to get your bees locally, and the best way is to join the co-op.”

Mr Holden added that almost all of BNBC’s members offer bee and hive removal as a service, which ensures they have access to generous quantities of Bahamian bees.

Beyond the actual honey and honeycomb, there are a number of valueadded honey products that also bring economic reward, including bee’s wax and royal jelly, which is a digested pollen and regarded as a “super food”.

It is known to have antiinflammatory properties, reduces the risk of heart disease, lowers blood pressure, blood sugar, and aids in the healing process.

The BNB Co-op is looking into the production of mead, a lightly carbonated honey wine, and is also focused on protecting the local industry from inferior, lower-cost imports that may be impure.

“One of the things that we’re doing is bringing in spectrometers and measuring devices that can ensure 100 percent honey purity,” Mr Holden said. “Bahamians are managing hives organically, but other countries like China and India, they are not managing hives organically. In many cases the honey has been diluted with high fructose corn syrup. We take them at their word that is it 100 percent honey, but often it’s not.

We hope to educate the wider Bahamian community on the importance of bees in the environment and wider eco-system, and we hope that every Bahamian citizen takes a more active role in incorporating sustainable measures that will protect the environment and improve their lives.”

“I don’t know of anyone who obtains a permit in less than six months. It’s six months or more. It’s not unusual to have permit approvals go beyond one year. It’s sad.

It speaks to a whole lot of projects that could have happened, a whole lot of jobs that are unavailable, and we have investors who are put off by this.”

Mr Ferguson said the IBA had previously compared the time taken to obtain construction permits in The Bahamas with the procedures followed in major US cities. He added that “certain types” of construction in New York were permitted in a day, while in Miami-Dade it took one to two weeks, even though those cities were dealing with far more applications than The Bahamas.

“These are places doing ten times’ the amount of approvals we process in The Bahamas, and usually with less staff,” he added. “You’re talking about more approvals processed by less staff in a shorter period of time. In terms of comparison with Miami-Dade we’re not even close in achieving these type of goals.

“I look forward to the day when we can actually obtain a building permit in a month or less. It’s disheartening.

The number of procedures and approvals we have to go through to obtain a building permit is exorbitant. From our standpoint there is no need for it.”

The IBA, in a statement issued yesterday, backed previous calls by contractors

Robert Myers and Stephen Wrinkle for the introduction of an internet-based document management system that would facilitate the electronic submission and approval of building plans together with a reduction in the number of stages in the process.

Mr Ferguson told Tribune Business that an electronic approvals system would act as “a one-stop shop” where all relevant government agencies could review the plans, thereby eliminating the “back and forth” and time taken moving drawings from Building Control to other agencies for zoning, environmental and other approvals.

He added that the Ministry of Works had talked about the introduction of such an electronic submissions system in the 2018 third quarter, with Desmond Bannister, its ministers, informing the IBA that Cabinet approval was awaited on the $1m initiative. Mr Ferguson, though, said nothing had been heard about it since.

“Even if they were to introduce electronic submissions it can only help with a fraction of the delay,” Mr Ferguson told Tribune Business. “We need a combination of things to happen for the government to make a 75 percent reduction in the approval time.

“We do have low-hanging fruit. A lot of the policies and procedures we speak to can be achieved in a few weeks to a month. It’s not lengthy in terms of implementing certain things. It’s having the will to do it.

“It’s just a stroke of a pen;

as simple as that. They can use other professionals to do inspections and plan reviews, making sure the plans confirm to code. We can outsource lots of the inspections and plan reviews. It’s only a matter of signing off. In residential subdivisions already approved you should be able to obtain building permits in one to four days.”

This was reiterated in a statement by the IBA yesterday, which said: “Only effecting positive changes in policy and procedures would achieve the goal of reducing the building permit process by 75 percent.

“In the 1980s when there were very few qualified professional architects and engineers in the Bahamas, it took approximately two weeks to obtain a building permit. Today, despite having a multitude of qualified, licensed professional architects and engineers, it now takes on average six months or more to obtain a building permit.”

It added that IBA members had been complaining about the time required to obtain a building permit for more than a decade, branding some of the policies, procedures and measures that the Building Control Department had taken without consultation with industry as “absurd”.

“Building Control procedures had grown from approximately six steps in the 1980s to 16 steps in 2008.

Again, this was at a time when the majority of architects and engineers were formally trained, qualified and licensed,” the IBA said.

PAGE 4, Tuesday, July 9, 2019

THE TRIBUNE

Hot Mix in $750m low-cost loan offer FROM PAGE ONE proposal said lending costs would be further reduced by the absence of bank “middle men”, while no repayments would be demanded of the government until any projects were completed. It added that financing would cover up to 85 percent of a project’s value, with the 15 percent balance “potentially” coming from the likes of the National Insurance Board (NIB).

While the document seen

by Tribune Business does not explicitly say so, it is clear that Bahamas Hot Mix expected to be selected as the main contractor on any infrastructure projects financed by its proposal if it proved successful with both the Bahamian and UK governments.

Promising “certainty of price with no cost escalation and robust risk management”, the proposal states: “BHM would expect to conclude a...fixed price contract including the cost of consulting engineers and all variations.

There would therefore be a complete transfer of risk to the contractor, which drives innovation and value engineering.”

Suggesting that its scheme offered “substantially reduced cost” through loan interest rates as low as 0.93 percent, Bahamas Hot Mix set out how it would partner with the Bahamian government via a publicpartnership (PPP) type arrangement and the steps required to access the British government financing.

Besides not having to draw on an already-strained Public Treasury to finance critical infrastructure projects, the company said its proposal would benefit the government when it came to financing both airport and water infrastructure upgrades.

Mr Turnquest said he recalled both seeing the Bahamas Hot Mix proposal and meeting with the company over it, but told Tribune Business that the government “hasn’t acted upon it”.

“I do seem to remember seeing something of that nature; a PPP-kind of arrangement,” he replied, when questioned by this newspaper. “We haven’t acted on it as far as I’m aware.

“I think we had a meeting, if I remember correctly, but nothing came of it. They were exploring the push for PPPs as we’d talked publicly about being interested in PPPs. That was the intent of it but I don’t think we got anywhere with it.”

Both the Christie and Minnis administrations identified PPPs as a potential solution to a Bahamian

infrastructure deficit that Desmond Bannister, minister of works, previously told Tribune Business was “unquantifiable” and another obstacle to improved economic growth.

This is especially since the cash-strapped Public Treasury lacks the means to finance such works.

PPPs involve the mobilisation of private capital and investors to fund projects intended to serve public needs, and Bahamas Hot Mix was far from the only company to respond to the government’s signals. The Christie administration approved PPPs with companies controlled by Sebas Bastian, the Island Luck chief, and Chester Cooper, the PLP deputy leader (new Road Traffic head office).

These, though, were halted by the Minnis administration as it sought to develop PPP policies and a regulatory framework to guide their development.

One priority area identified by both governments is the $200m worth of upgrades required by Family Island airports, hence Bahamas Hot Mix’s interest in the Exuma and North Eleuthera airports.

Its proposal, dated October 2017, says: “BHM Company Ltd, in partnership with Odyssey Aviation, offers to finance, design, build, maintain and operate, under a 25-year concession, the airports at George Town and North Eleuthera.

“BHM, using its UK subsidiary BHM Construction International (UK) Ltd, can offer concessional loans for projects using the UK Export Finance’s direct lending facility in order to achieve this.”

While Odyssey would take cover of airport management and operations, Bahamas Hot Mix was to deal with all necessary construction and physical upgrades to the runways and buildings.

“As a partnership, BHM and Odyssey have the experience to deliver a sustainable solution to upgrade the terminal building, apron and runway to achieve international standards of service and security,” the proposal said. Odyssey already operates FBOs at LPIA, Exuma, San Salvador, Governor’s Harbour and Rock Sound, as well as at two foreign airports.

Mr D’Aguilar told Tribune Business that the Bahamas Hot Mix/Odyssey proposal was one of multiple airport management/financing offers received by the government, adding that he did not “want anyone to create mischief” and that there was “no underhandedness” involved.

“That offer was proffered and I rejected it out of hand because the ownership was not diverse enough,” Mr D’Aguilar said of the two companies’ joint venture.

“They asked if they could submit one with a more diversified ownership structure, and did that in July/ August 2018.

“I decided that it was just too complicated to do. There were a number of proposals on Exuma, a number of proposals on Eleuthera, and as we were building ideas and how it would be structured and how the financing works, I decided going with a small group was not the best way.”

Mr D’Aguilar said the Bahamas Hot Mix/Odyssey proposal had been “put on the shelf” along with all offers, adding that the government was “still trying to figure out” how to fund up

to $200m worth of Family Island airport upgrades.

While “the Nassau Airport Development Company (NAD) model”, involving the appointment of a management company and use of debt financing to fund necessary infrastructure upgrades. was being given serious consideration, Mr D’Aguilar said no final decision had been taken.

He added that air passenger volumes in the Family Islands would likely be insufficient to repay all such debt via a passenger facility charge (PFC), such as the one levied on LPIA users, and the government may have to cover a certain amount through its own resources.

In the meantime, Mr D’Aguilar said the government had decided to use available Inter-American Development Bank (IDB) financing to begin required improvements to Exuma’s airport that could run into the $40m-$45m “ball park”.

Mr Symonette has repeatedly distanced himself from Hot Mix by saying that his children’s trust, not himself, owns a minority stake in the business that he has suggested could be as little as ten percent. Other board directors include his brother, Craig Symonette, and Peter Andrews, the Bahamas Waste chairman, according to the company’s website.

This has not stopped the former Cabinet minister and Hot Mix being placed at the centre of recent “conflict of interest” allegations relating to the award of several government-linked contracts to the company - claims that Mr Symonette has vehemently refuted.

These allegations, driven by the government’s political opponents, have centred on the award of a $20m contract for runway repairs at Lynden Pindling International Airport (LPIA) and two multi-million dollar Water & Sewerage infrastructure upgrades in the Family Islands.

Mr Symonette and his defenders have argued that the entire affair is nothing more than a politically-motivated witch-hunt, pointing out that Bahamas Hot Mix was evaluated as the best bidder for both the LPIA and Water & Sewerage contracts by foreign consultants.

The Water & Sewerage deals also had to be approved by the Caribbean Development Bank (CDB), which is financing the projects, adding a further level of protection against any improper influences in the bidding process.

Mr Symonette has such a vast array of business interests, many of which rely on government contracts or permits/approvals, that many believe it is virtually impossible for him to avoid “conflict of interest” finger-pointing by political opponents.

Companies such as Bahamas Hot Mix are often specialists in their field, and have few local rivals to match, thus enabling them to deliver quality projects that offer value for money for Bahamian taxpayers - something that is allimportant given the Public Treasury’s strained position.

However, perception is often just as important as reality, and social media postings indicate many Bahamians see the recent contract awards to Bahamas Hot Mix as part of a pattern where government deals are going to a select few and inhibiting the spread of wealth across society.

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THE TRIBUNE

Tuesday, July 9, 2019, PAGE 5

Generation Feedback ‘very light over BISX rules changes need drives BPL’s first four solar choices FROM PAGE ONE

FROM PAGE ONE focused on the development of sustainable, efficient energy, calls for bids on constructing either a hybrid power plant or solar photovoltaic (PV) facility with energy storage plant.

Bidders’ proposals must offer a complete solution in terms of developing, financing, owning and operating the plant. Dr Moxey pledged that BPL will be “very methodical and analytical with these four, with respect to what we learn, and how we implement it with a view to finding the best way to scale the implementation of solar in the Out Islands”.

He was unable to provide any figures for how much investment will be required for each island and plant, or the amount of power that will be generated, although the latter will be in the megawatts (MW). Ragged Island, which will be the first solar project to go live this November, will only be able to generate kilowatts.

“We have to see how this works through,” Dr Moxey added. “Each of these islands have different targeted loads calculated by our planning team. This is the implementation of solar, and this RFP will allow us to learn a lot about how to do this in the islands of The Bahamas.

“This will contribute to a reduction in overall operating costs in terms of operating on these islands.

We will have the ability to minimise fuel consumption and wear and tear on our assets, so there’s separate benefits to this.”

BPL’s chairman added that the four-island solar energy bidding process was also “a first step” towards the state-owned utility achieving the National Energy Policy’s goal of generating 30 percent of this nation’s energy needs from renewable sources by 2030.

The move will also help BPL to reduce its environmental and carbon footprint by resulting in lower fossil fuel use, and aligns with efforts to move the energy monopoly out of the power generation business as it is doing on New Providence via the proposed Shellowned multi-fuel power plant.

“In the Family Islands we will have to look at that on a case-by-case basis,” Dr Moxey told Tribune Business, “and what we’re doing with this RFP will help us collect data to make additional decisions on that.

“A lot of what we do is going to be driven by results we get from this RFP and islands, as well as funding.

I don’t have any answers on those right now.”

Dr Moxey said the $170m renewable energy financing referred to in the 2019-2020 budget was “part of the discussion around” financing the solar roll-out, but no details had been pinned down yet.

are aware and, where necessary, may comment on what was submitted to they understand we addressed the issue, and whether we agree or disagree, and what influence the comment had on the final decision,” Mr Davies continued.

“We really want to respect the comments sent in so people don’t think it was a pointless exercise.” He added that BISX planned to send the results to the Securities Commission later this month, with the timing of any changes dependent on how the rule is applied - whether

annually, monthly or on trades when they happen.

Among the proposed rule changes was BISX’s desire to obtain a share in each of its listed companies so it can determine if they are meeting their disclosure obligations, as the exchange aimed to make its interactions with the market “faster, cheaper and more digital”.

Other proposed changes were requirements for BISX’s publicly traded companies to file interim financial statements within 45 days of quarter end, rather than the current 90 days, to bring the exchange’s rules in line with

KEITH DAVIES

the Securities Industries Regulations 2012.

It also proposed that companies issue their annual reports and audited accounts “not less than 21 days” before an annual general meeting (AGM), with these details prepared within 120 days of the financial year-end. This, again, was to bring BISX’s rules in line with the Securities Industry Act. Mr Davies yesterday said BISX was exploring “doing another set of revisions that are more general in nature to streamline the rules to be consistent across phrases and terminology, just to keep them up to date”.

Judge strikes down rule requiring drug ads to reveal prices WASHINGTON Associated Press

disclose list prices.”

Mehta also said he wasn’t questioning the motives of

the Health and Human Services Department, which issued the price disclosure

rule. He suggested the administration could even be right on the merits.

A FEDERAL judge yesterday blocked a major White House initiative on prescription drug costs, saying the Trump administration lacked the legal authority to require drugmakers to disclose their prices in TV ads.

The narrow ruling by US District Judge Amit Mehta in Washington, DC, struck down a requirement that was set to go into effect within hours, today. Drugmakers had argued that requiring them to disclose list prices amounted to coercion that would violate their free speech rights under the constitution.

But in his 27-page ruling Mehta avoided debating the First Amendment, saying simply that the Trump administration had failed to show it had legal authority under the statutes that govern federal programs such as Medicare to require price disclosure.

He wrote that neither the law’s “text, structure, nor context evince an intent

by Congress to empower (administrative agencies) to issue a rule that compels drug manufacturers to

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To Apply – Please send your résumé/cv by no later than July 19, 2019 to our Vice-President, Human Resources at bs_hr@atlantichouse.com.bs.

2019/FAM/div/00178

Petitioner AND ONEIL ODAIN SPENCE Respondent __________________________________________________________ ADVERTISEMENT OF SERVICE` OF THE PETITION AND ACCOMPANYING DOCUMENTS __________________________________________________________ TO:

ONIEL ODAIN SPENCE of Ridgland Park, Nassau, N.P., The Bahamas

TAKE NOTICE that a Petition has been presented to the Supreme Court by SHUREL YVETTE TURNQUEST against you in Family Division, Action Number 2019/FAM/div/00178 by Amended Petition filed on the 1st day of May A.D., 2019 seeking the following orders: 1. That the Court exercise its discretion and dissolve the marriage.

2. That a declaration be made pursuant to Section 73(1)(b) of Chapter 125 of the Statute Laws of the Commonwealth of The Bahamas.

3. Maintenance of the children of the marriage.

4. Further and/or other relief as the Court deems fit.

5. Costs.

TAKE FURTHER NOTICE that upon application by Counsel for the Petitioner on the 24th day of June A.D., 2019 it was Ordered by the Honourable Madam Justice Ruth BoweDarville that the service of the aforesaid Petition (and the Notice of Petition, Memorandum of Appearance in Duplicate and Acknowledgement of Service) in the said action be effected on you by way of this advertisement. The said Amended Petition and accompanying documents can be collected from the Chambers of Murrio D. Ducille &, Counsel for the Petitioner as set out below.

AND FURTHER TAKE NOTICE that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication enter an appearance in this action.

ATLANTIC MEDICAL INSURANCE LIMITED Atlantic House, 2nd Terrace & Collins Avenue, P.O. Box SS-5915, Nassau, Bahamas tel. 326 8191 www.cgigroup.com A Member of Colonial Group International Insurance, Health, Pensions, Life Atlantic Medical Insurance is rated A (Excellent) by AM Best

If you do not intend to answer the charges, nor to be heard on the other claims made in the Petition, and if you do not wish to make any application on your own account, you need not do anything more than send the Form of Acknowledgment of Service to the above address. The Court may then, without further notice to you proceed to hear the Petition and pronounce judgment, notwithstanding your absence.

MURRIO D. DUCILLE & CO. Suite 9, Bayparl Building #18 Parliament Street Nassau, N.P., The Bahamas Attorneys for the Petitioner

PAGE 6, Tuesday, July 9, 2019

THE TRIBUNE

US stocks drop as traders weigh odds for steep Fed rate cut

By ALEX VEIGA Associated Press TECHNOLOGY and health care companies drove US stocks to a lower finish yesterday as the market fell for a second straight day following a run of record highs.

The selling came amid growing speculation on Wall Street that an unexpectedly strong pickup in US employment growth last month may keep the Federal Reserve from aggressively cutting its benchmark interest rate.

Many investors still expect a cut of a quarter percentage point, but fewer are now expecting a half-point reduction.

The market rallied through much of June after the central bank signaled that it’s prepared to lower interest rates to offset slowing global growth and the fallout from US trade conflicts. The benchmark S&P 500 index closed at record highs three days in a row last week before stumbling on Friday following a report

that showed US employers added a robust 224,000 jobs in June and stoked uncertainty about the Fed’s next move on interest rates.

“We’re getting an equity market that is taking a breather after five weeks of superb performance,” said Bill Northey, senior investment director at US Bank Wealth Management. “And we’re on the eve of the beginning of second quarter earnings season, so it’s simply an equity market taking a breather between those events.”

The S&P 500 fell 14.46 points, or 0.5%, to 2,975.95.

The index is now about 0.7% below its all-time high set Wednesday.

The Dow Jones Industrial Average slid 115.98 points, or 0.4%, to 26,806.14. The Nasdaq composite lost 63.41 points, or 0.8%, to 8,098.38.

The Russell 2000 index of smaller company stocks dropped 14.24 points, or 0.9%, to 1,561.39.

Major stock indexes in Europe also finished lower.

NOTICE LEGAL NOTICE

The Fed’s benchmark interest rate currently stands in a range of 2.25% to 2.5% and the central bank has not cut rates since the Great Recession in 2008. Last year, Fed officials raised rates four times, in part to stave off the risk of high inflation and in part to try to ensure that they would have room to cut rates if the economy stumbled.

On Friday, the Fed emphasized that it would act as necessary to sustain the economic expansion, while noting that most Fed officials have lowered their expectations for the course of rates. The Fed’s statement came in its semiannual report on monetary policy.

Investors will be listening closely for any hints on the central bank’s interest rate policy tomorrow and Thursday, when Powell delivers the Fed’s semi-annual monetary report to Congress.

“Looking to the Fed funds futures markets, you see the potential for one to two more additional rate cuts between now and year-end,”

Northey said. “There’s a trajectory of easing that is likely to be forthcoming, that is already reflected in capital markets and not likely to change materially based on the testimony later this week.”

Besides keeping an eye on the Fed and on any developments with the ongoing trade talks between the US and China, investors are looking ahead to the flood of earnings reports that companies are set to begin releasing later this month.

Expectations are generally low, and this could be the first time in three years that S&P 500 companies report a back-to-back decline in overall earnings, according to FactSet. Technology and health care stocks led the market’s slide Monday. Apple dropped 2.1% and Cardinal Health slid 1.5%.

Communication services companies also declined broadly. Google parent Alphabet fell 1.4% and TripAdvisor lost 4.3%.

NOTICE LEGAL NOTICE

MICROTIMER INC.

STAR VISION TRADING INC.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MICROTIMER INC. is in dissolution as of July 1, 2019.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, STAR VISION TRADING INC. is in dissolution as of July 1, 2019.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR

LIQUIDATOR

NOTICE

NOTICE

In Voluntary Liquidation

LEGAL NOTICE

CHIMED PORTFOLIO LTD. In Voluntary Liquidation

In Voluntary Liquidation

LEGAL NOTICE

TROUT STREAMS INC. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CHIMED PORTFOLIO LTD. is in dissolution as of June 28, 2019.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TROUT STREAMS INC. is in dissolution as of July 5, 2019.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR

LIQUIDATOR

Banks also declined. Bank of New York Mellon slid 3.4%.

Traders shifted money into US government bonds and sectors seen as less risky, including household goods makers and real estate. Conagra Brands gained 1.5% and AvalonBay Communities added 1.1%.

Energy stocks rose along with the price of crude oil.

Helmerich & Payne gained 1.1%.

MDC Holdings jumped 9.7% after the homebuilder issued preliminary second-quarter results that show orders for new homes jumped 32% from a year earlier. That helped spur homebuilders broadly higher. Beazer Homes USA rose 1.5%.

Bond prices fell, shedding early gains. That sent the yield on the 10-year Treasury note to 2.05% from 2.04% late Friday. Bond yields fell through much of June as investors’ expectations of a Fed rate cut increased.

Deutsche Bank was among the market’s more notable movers yesterday.

The struggling German company tumbled 6.1% after it disclosed plans to cut 18,000 jobs by 2022 as it shrinks its investment

banking division. It says the move is part of a sweeping restructuring aimed at restoring consistent profitability and improving returns to its shareholders.

F5 Networks slid 3.8% after an analyst at Goldman Sachs downgraded the stock, saying the provider of cloud computing services for mobile apps faces risks amid weaker short-term business spending and rising competition.

Energy futures closed mostly lower. Benchmark crude oil rose 15 cents to settle at $57.66 a barrel.

Brent crude oil, the international standard, fell 12 cents to close at $64.11 a barrel. Wholesale gasoline fell three cents to $1.90 per gallon. Heating oil declined one cent to $1.90 per gallon.

Natural gas rose two cents to $2.40 per 1,000 cubic feet.

Gold rose 30 cents to $1,397.00 per ounce, silver rose five cents to $14.97 per ounce and copper was unchanged at $2.66 per pound.

The dollar rose to 108.72 Japanese yen from 108.58 yen on Friday. The euro weakened to $1.1212 from $1.1222.

JOB OPPORTUNITY Property Superintendent – to oversee dayto-day operations of a commercial property in Nassau. The Property Superintendent is responsible for overseeing all daily maintenance, repairs, security, janitorial services, landscaping, etc. and to handle tenant maintenance complaints. Responsible for performing periodic property inspections to ensure tenant compliance with leases, scheduling routine service and maintenance on equipment and proper upkeep of the property.

The following qualities are desirable for job selection: - exceptional communication and organizational skills, detail oriented, customer service experience, ability to work under pressure, selfmotivated, self-directed, assertive, group problem solving and the ability to take direction and be an effective part of a property management team.

Project or property management experience required.

Qualified applicants are to email a current and complete resumé to: bahamaspropertymanagerposition@gmail.com

by July 11th, 2019

NOTICE LEGAL NOTICE

CHIANTI MEADOWS LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CHIANTI MEADOWS LTD. is in dissolution as of July 5, 2019.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR

NOTICE LEGAL NOTICE

KSH INVESTMENT LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, KSH INVESTMENT LTD. is in dissolution as of July 5, 2019.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR

THE TRIBUNE

Tuesday, July 9, 2019, PAGE 7

GREECE CREDITORS SAY NO CHANGES IN BAILOUT TERMS FOR NEW PM

ATHENS, GREECE Associated Press

GREECE’S bailout creditors yesterday bluntly rejected calls from the country’s new conservative government to ease draconian budget conditions agreed as part of its rescue programme.

Conservative party leader Kyriakos Mitsotakis was sworn in as Greece’s new prime minister yesterday, a day after his resounding election victory on campaign pledges to cut taxes and negotiate new terms with international lenders.

Euro area finance

ministers meeting hours later in Brussels said key targets already agreed with Athens would not be changed.

“Commitments are commitments, and if we break them, credibility is the first thing to fall apart.

That brings about a lack of confidence and investment,” Mario Centeno, the Eurogroup president, told reporters after the meeting.

Greece ended its third consecutive international bailout last summer — programs that rescued the country’s euro membership and staved off bankruptcy but also deepened poverty and unemployment as

successive governments in Athens were forced to make spending cuts in return for the rescue loans.

As part of those agreements, Greece has pledged to achieve government budget surpluses, before debt costs, of 3.5% of GDP for the coming years. That condition has shackled government spending and, critics say, stifled the country’s recovery.

Klaus Regling, head of the euro area rescue fund and lead Greek bailout creditor, said the high surplus target would remain a key condition.

“It’s very hard to see how

SALE OF OFFICE EQUIPMENT AND OFFICE FURNITURE Used Equipment/Office furniture and other store items such as Tables, Chairs, Steel cabinets, Computers & Printers etc. are available for sale on “as is where is” basis.

Interested parties may contact on the numbers 242-4264412, 4264406 and 4264409.

OFFICE-IN-CHARGE

GREEK opposition New Democracy conservative party leader Kyriakos Mitsotakis centre, walks with his wife Mareva, right in Athens, yesterday. Mitsotakis was to be sworn in as Greece’s new prime minister after a resounding win over left-wing Alexis Tsipras, who led the country through the tumultuous final years of its international bailouts. Mitsotakis’ New Democracy party won 39.8% of the vote, giving him 158 seats in the 300-member parliament, a comfortable governing majority.

Photo: Thanassis Stavrakis/AP debt sustainability can be achieved without it,” he said.

“The 3.5% surplus is a cornerstone of the programme.

It was a cornerstone of the programme from the beginning.”

Mitsotakis, whose late father, Constantine Mitsotakis, was a conservative prime minister in the early 1990s, has promised to make Greece more businessfriendly by lowering taxes

and cutting red tape. But his new government faces pressing financial challenges, including a national debt that exceeds 180% of GDP and banks saddled 45% of their loans unpaid or in trouble.

Analysts said Mitsotakis would be able to pursue growth-friendly policies despite the bailout constraints and financial challenges.

“The main take-away is that New Democracy’s government will be the first one-party government in Greece after nearly ten years,” said Spyridoula Tzima, a senior financial analyst at Global Sovereign Ratings. “Mitsotakis (has) a strong mandate to implement his policy agenda.”

In the election, Mitsotakis’ center-right New Democracy party won 39.8% of the votes and 158 seats in the 300-member parliament, a comfortable majority.

PAGE 8, Tuesday, July 9, 2019

THE TRIBUNE

Warren raises $19.1m, topping Sanders in new fundraising WASHINGTON Associated Press ELIZABETH Warren raised $19.1m in the second quarter, her campaign said yesterday, cementing her status in the top tier of Democratic presidential contenders and surpassing Bernie Sanders, her main liberal rival.

The strong showing leaves the Massachusetts senator behind only Pete Buttigieg, the South Bend, Indiana, mayor who reported nearly $25m, and former Vice President Joe Biden, who has tallied $21.5m since his candidacy began in late April.

Perhaps most notably, Warren raised more money than Sanders, who is also vying for liberal voters and is the only other candidate who has joined her in swearing off high-dollar fundraisers.

The strong showing signals the grip Warren is gaining over the party’s progressive base. Sanders

DEMOCRATIC presidential candidate Sen Elizabeth Warren, D-Mass, speaks during a campaign stop at town hall in Peterborough, NH, yesterday.

Photo: Charles Krupa/AP easily won over these voters during the 2016 presidential primary as the sole liberal alternative to Hillary Clinton. But he faces more competition during his second run, and Warren’s steady stream of ambitious policy plans may come at his expense.

NOTICE IN THE ESTATE OF SARA M. ATENCIO late of No.5 Waterloo Street, Boston of Massachusetts 02136, one of the States of the United States of America.

Deceased.

NOTICE is hereby given that all persons having any claims against the above-named Estate are required, on or before the 9th 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.

“To sum it up: We raised more money than any other 100% grassroots-funded campaign,” said Roger Lau, Warren’s campaign manager, said in a glancing reference to Sanders. “That’s big.”

Warren more than tripled the $6m she raised in the first three months of 2019, when she silenced some skeptics of her long-term fundraising viability following her decision to rely on grassroots rather than high-dollar donations. The campaign’s $19.1m came from more than 384,000 contributors giving more than 683,000 donations.

That’s less than the nearly one million individual donations Sanders’ campaign reported, but comparable

with the 725,000 online donations that President Donald Trump’s reelection campaign reported during the second quarter. More than 80% of Warren’s second-quarter donors were first-time contributors.

Warren’s extensive organising apparatus, particularly in early voting primary states, remains both a formidable asset — and a significant cost — as the campaign prepares to report $19.7m in cash on hand. Her operation counts more than 300 paid staff members, 60% of whom are in the four early voting states of Iowa, New Hampshire, South Carolina and Nevada, according to the campaign.

PUBLIC NOTICE

AND NOTICE is hereby also given that at the expiration of the mentioned above, the assets of the late SARA M. ATENCIO will be distributed among the persons entitled thereto having regard only to the claims of which the Personal Representative shall then have had notice.

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I,DENISE DAVIS of Rubert Dean Lane P.O.Box N-877 Nassau, Bahamas intends to change her name to GLENDER NICOLE DENISE SMITH-DAVIS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-792, Nassau, New Providence, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

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 9th day of July, A.D., 2019. c/o PYFROM & CO Attorneys for the Personal Representative, No.58 Shirley Street, P.O. Box N 8958, Nassau, N.P., Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 8 JULY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,175.03 | CHG: 0.91 | %CHG: 0.04 | YTD: 65.58 | YTD%: 3.11 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.60 2.60 2.00 3.04 11.05 6.17 4.64 12.50 2.74 2.20 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 8.59 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 1.00

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

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 5.39 2.51 1.95 2.13 11.05 6.16 4.49 9.02 2.91 2.20 10.13 7.00 15.45 7.98 3.41 14.00

CLOSE 4.24 17.43 6.00 5.39 2.51 1.95 2.18 11.05 6.16 4.49 9.02 2.89 2.20 10.16 7.00 15.45 7.98 3.41 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 0.00 -0.02 0.00 0.03 0.00 0.00 0.00 0.00 0.00

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

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

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

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

3,570

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 -5.0 15.6 12.8 24.4 14.4 28.3 10.5 N/M 11.5 20.8 8.5 16.6 22.2

YIELD 3.77% 7.23% 0.00% 4.64% 0.00% 1.03% 0.00% 6.52% 3.57% 2.67% 0.00% 2.35% 2.73% 3.23% 3.43% 3.50% 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

0.000 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% 1.55% 3.97% 1.18% 4.17% 1.11% 2.71% 2.06% 4.97% 4.52% 0.96% 1.57% 4.58% 0.99% 4.25% 1.32% 4.12% 3.22% 5.64% 2.50% 6.46% 2.79% 8.14% 2.12% 4.69% 5.00% -3.39% 3.04% 3.32% 2.48% 3.55% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-May-2019 31-May-2019 31-May-2019 31-Mar-2019 31-Mar-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 31-May-2019 31-May-2019 31-May-2019 31-May-2019 31-May-2019 31-May-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

MUTUAL FUNDS 52WK HI 2.24 4.29 2.06 188.32 158.55 1.62 1.76 1.70 1.15 7.66 8.96 6.74 11.83 12.04 10.63 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 2.24 4.29 2.06 188.32 154.49 1.62 1.76 1.70 1.15 7.66 8.89 6.74 10.89 12.04 10.63 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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

While a staffing footprint of that size is likely to spark questions about Warren’s high spending rate among some of her presidential rivals, her team has already underlined its confidence that the campaign will have enough resources for the long term.

“Overall, the Warren operation has a six-figure number of people who own a piece of the campaign and an eight-figure amount of money to go execute the plan. So, game on,” Warren adviser Joe Rospars tweeted after her first quarter fundraising tally emerged.

Beyond Sanders, Warren’s success also could pose a threat to California Sen Kamala Harris, whose $12m second quarter fundraising got a major boost in the final days of last month from her performance in the first Democratic debate.

Both Warren and Harris hold a natural appeal to Democratic voters seeking to select a female nominee to go up against Trump, and Warren is seeking to make headway with black women even as Harris seeks a foothold as the primary’s lone black female candidate.

After a campaign event in New Hampshire yesterday, Warren said that grassroots support is “going to be our comparative advantage come 2020”.

“And even more importantly, that’s going to be the momentum to get real change come January 2021,” she said.

As Warren rises in the fundraising chase, she has also gained strength in some Democratic primary polls conducted since the first round of debates.

While Biden appears to remain the front-runner, his margin over the pack of candidates that includes Warren, Sanders and Harris has narrowed. A national poll released last week by Quinnipiac University also found Warren increasing her standing among voters as the candidate with superior policy proposals.

Warren’s energetic output of policy proposals has helped her push past a rocky start in the primary.

That fast pace isn’t likely to change as the Democratic campaign nears an expected winnowing from about two dozen candidates.

This week alone, Warren is scheduled to hold a town hall in Milwaukee after joining a half-dozen other Democratic presidential hopefuls at a gathering hosted by the League of United Latin American Citizens. She’ll then head to Philadelphia for Netroots Nation, an annual conference for progressive activists.

“In the weeks and months ahead, we’ll keep growing our movement across the country and Elizabeth will keep rolling out new plans to level the playing field for working people,” Lau wrote in an email to supporters.

Warren was already a guaranteed presence in this fall’s Democratic primary debates, which require at least 130,000 donors as well as minimum polling performance, according to rules set by the Democratic National Committee. She’ll likely be joined on that stage in the fall by a rival whose showing she praised after last month’s first debate: former Housing Secretary Julián Castro, who reported yesterday that he had met the higher donor threshold needed to qualify.

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.

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 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.