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MONDAY, JULY 15, 2019

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Grand Lucayan LOI in 30-day extension By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE government has extended the Letter of Intent (LOI) for the Grand Lucayan’s purchase by 30 days as ITM and Royal Caribbean seek to “tie down” their airlift and sealift plans. Well-placed Tribune Business sources confirmed last week that the LOI, signed by the the two parties at end-February 2019, has been extended to the end of July to give the joint

• ITM/Royal Caribbean given until end-July • JV still ‘tying down’ air and sealift issues • Draft Heads of Agreement being readied venture extra time to investigate all aspects of their hotel acquisition. This newspaper was told, though, that the Minnis administration is aiming to “claw back” the extra month’s due diligence once both sides move into negotiating the hotel purchase and the Heads of Agreement. A draft Heads of

Contract work fear for middle classes

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A TRADE union leader has voiced fears that the increasing use of contract workers by Bahamian employers threatens to further “erode” an alreadyshrinking middle class. Bernard Evans, the National Congress of Trade Unions (NCTU) president, told Tribune Business that worker rights and protections are in danger of being undermined by the growing trend of companies seeking to cut costs by slashing their full-time workforce and

BERNARD EVANS outsourcing key functions. He pointed to the Bahamas Telecommunications Company (BTC), whose line staff union he used to head, as one such example given how its technicians had been

SEE PAGE 6

Dive operators ‘thrown under bus’ on sharks By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE principal of Stuart Cove’s Dive Bahamas yesterday said the industry had been “thrown under the bus” by the government’s response to recent sharkrelated incidents. Stuart Cove, revealing that business levels had returned to normal “within a week” of the tragic fatality near Rose Island, told Tribune Business that he and the Bahamas Dive Association’s (BDA) 34 other members

already had standards and procedures in place to respond to shark bites and attacks. Suggesting that the meeting he and other BDA members were summoned to be the Tourism Development Corporation was totally unnecessary, Mr Cove said his company had overseen “a million encounters” between sharks and visitors over the last 40 years without any problems occurring. Arguing that himself and his company were being

SEE PAGE 6

Agreement is being readied for presentation to ITM/ Royal Caribbean at July’s end when the LOI extension expires, with the government and Grand Lucayan Board taking the position that the extra due diligence granted should shorten the deal’s closing time. The complexity of the deal, and involvement of

multiple parties, is thought to have complicated talks to-date. Tribune Business was told that ITM, in particular, was becoming increasingly uneasy over what it perceived as difficulties in tying down the Hutchison Whampoa-controlled Freeport Harbour

SEE PAGE 4

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‘Paradigm shift’ for technology hub, logistics By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A DRONE operator yesterday said its multi-million dollar investment will produce both “a paradigm shift in Bahamian logistics” and a much-needed boost for the Grand Bahama technology hub. Arthur Frisch, co-founder of Hogfish Ventures, told Tribune Business that the company’s plans could translate into “hundreds of jobs” through a combination of its on-demand drone delivery services and proposed Freeport-based research

and development (R&D) facility. Revealing that the latter has already received the go-ahead from the Bahamas Civil Aviation Authority, Mr Frisch said he and Hogfish’s Bahamian cofounder, Robert Sweeting, were now working to finalise the R&D facility’s location in anticipation of welcoming their “first tech tourist” before year-end 2019. Describing it as “a money maker” both for themselves and Freeport’s economy, he explained that the R&D facility was intended to act

SEE PAGE 5

PAGE 2, Monday, July 15, 2019

An ex-Chamber of Commerce director examines accession’s likely impact on key industries away from the major population centres.

HIS is an assessment of how The Bahamas’ renewed efforts to become a full World Trade Organisation (WTO) could impact the Family Islands, especially tourism, construction and small and medium-sized enterprises (SMEs). While the WTO’s professed agenda is to sustain transparency, collaboration and economic gains via effective trade terms among its members, a small developing island state with an open economy such as The Bahamas may not readily access such benefits. It was pointed out in a recent WTO economic impact assessment on The Bahamas, authored by Oxford Economics, that joining the rules-based trading overseer would have a “small” positive impact on the Bahamian economy in the short-term while helping to drive greater GDP growth in the medium term. However, it is no surprise that revenue gains from tariffs would significantly decrease given the need to lower trade barriers. As a result of lower barriers to trade, concerns have also been expressed about

RESOLVE OUT ISLAND NEEDS BEFORE WTO By RODERICK A SIMMS II An advocate for sustainable Family Island growth and development | email: RASII@me.com

THE TRIBUNE increased foreign competition for Bahamian firms in industries/sectors that rely on tariff protection, and the difficulty local firms may subsequently have in sustaining themselves. For the most part, WTO accession places significant demands on a developing country’s resources. The Bahamas is also in a position where it has 14 inhabited islands, some of which are quite remote. This means available resources for the southern islands differ from those with more booming economies such as New Providence, Abaco, Exuma and Grand Bahama. The Bahamas’ economic health is already in a precarious state prior to joining the WTO, and has room for improvement in the ease of doing business, infrastructure and human capital skill-sets. The economy also relies heavily on tourism and financial services, which are ever-changing industries due to global trends in the digital era. It also means that these labour-intensive industries (for the most part) result in immigration challenges, and highlighting a labour/skills gap within these sectors. Therefore, is The Bahamas ready to adapt to WTO rules impacting the business environment?

SMES: IS IT MUTUALLY BENEFICIAL? Before getting into SMEs, Family Islands and the WTO, the Oxford

Economics report raised a crucial point in stating that membership of world trade’s overseer “does not prevent” a government from “controlling foreign ownership of strategic infrastructure”. This being said, WTO or no WTO, the Government is still the body that implements effective policies and procedures to bring about good business practices and, by extension, fosters a better environment for both Bahamians and foreigners to do business. There is also another concern that needs to be addressed regarding SMEs and foreign competition. SMEs in the Family Islands are already prone to higher costs of doing business, higher transportation costs, and an even higher cost of living when compared to New Providence. Therefore, reduced tariffs as a result of WTO could make it cheaper to import goods and services to these islands, possibly driving local consumers to shop more at home. WTO also enforces trade facilitation, which is important for businesses seeking to export goods/services to other countries. So while barriers to trade become more open, the ability for Bahamians to do business abroad should also be improved. There is an opportunity here for the government to revise costs, time and legalities surrounding our export industries. However, none of this takes away from the very tough business environment that owners and entrepreneurs have to survive in. Therefore, it is only natural for someone to be concerned about a wellestablished international business coming in to do business in The Bahamas. But, as mentioned in the Oxford Economics report: “WTO does not restrict a government from reserving any area for nationals.” Therefore, the industries currently reserved for Bahamians should remain as is, and negotiations with international investors should never operate on a “special treatment” basis. This is the first step in creating a transparent and working business environment. It also requires intensive planning and negotiations to ensure that Bahamians are able to compete in the same space as foreigners. Even without WTO this problem will still exist. Unless certain obstacles to doing business are removed, funding becomes accessible, processes become more refined, and less red tape is enforced, then competing with a foreign entity will always appear to be near impossible.

CONSTRUCTION The rise of vacation rental homes is likely to drive an increase in construction on the Family Islands, which could prove beneficial to their economic futures. With WTO coming, the implementation of the Construction Contractors Act 2018 becomes critical. The Bahamian construction industry should not be prevented from benefiting from an open market, but certain provisions should be put in place first. For the most part WTO

promotes the idea of foreign companies doing business in local markets, which means that construction companies are welcome to do business in The Bahamas for boutique, medium or mega-sized projects in the Family Islands once they adhere to government guidelines. Given the ease and cost of doing business in The Bahamas, it is difficult to determine whether WTO will allow for a level playing field in the construction industry. Again, this sector would have to be handled carefully by consultants and government to ensure that both local and foreign contractors are mutually benefited. One way of doing this is to stop offering extensive concessions to foreign construction companies. This is not to say they are not welcome, but at least they will know that The Bahamas operates on a fair basis in terms of taxation, concessions and labour laws.

TOURISM If there was a formula to best describe tourism and the WTO it would be that tourism equals trade and, therefore, sustainable tourism equals sustainable trade. But a problem that the Bahamian tourism product faces is that it is becoming less competitive versus regional tourist markets. Tourism in The Bahamas should not only be measured by the total amount of visitors but also by penetration. If the cost of coming to The Bahamas is too high, then less tourists are inclined to visit. While the experience for Family Island tourists may differ, it is still very costly to spend a week on an island. There are cheaper destinations that have similar offerings such as beaches, eco-tourism activities and luxury vacations. There are no major problems facing this industry regarding WTO. WTO could help boost foreign direct investment (FDI), particularly on Family Islands that are attractive to investors eyeing boutique and luxury hotels. This could turn into a more sustainable economy for these islands. However, if the Government does not properly set in place the right negotiations and concession agreements now, then any investor eyeing The Bahamas will not always benefit Bahamians.

CONCLUSION The Family Islands are not as developed as New Providence, Grand Bahama or Abaco, meaning that for them the impact of WTO will be different. Family Islands have been grappling with multiple issues involving the industries discussed, so the government should seek to resolve these problems before WTO comes along. To be clear, WTO by itself is not the answer to improving the Bahamian economy, but it does open doors to increased transparency and facilitation between the government and private sector. It is a matter of proper negotiation and ensuring that the government makes the right choices for Bahamians.

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THE TRIBUNE

Monday, July 15, 2019, PAGE 3

Capo’s family plan new Bimini resort By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net RELATIVES of Bimini Bay’s original developer are spearheading plans to develop a new “five-star boutique” resort property on the island that is scheduled to break ground this August. The website for the 40-acre illa Bimini Resort & Residences pledges “an entirely new vision of The Bahamas” through the “first overwater bungalowstyle hotel suites” ever seen in this nation. The development is being undertaken by Island Developers, whose principals are listed on illa Bimini’s website as being Alejandro Capo and Rafael Reyes, son and son-in-law, respectively, of Bimini Bay’s inaugural developer, Gerardo Capo. The website touts Island Developers’ role in developing Bimini Bay, now renamed Resorts World Bimini following the

ARTIST rendering of illa Bimini Resort & Residences. Photo: Oppenheim Architecture & Design acquisition of a majority controlling stake in the development by the Malaysian conglomerate, Genting. “With a track record that includes the construction of more than 400 luxury residences, a 350key hotel, a 15,000 square foot casino and a 240-slip marina – the largest in The Bahamas, and one of the largest in the Caribbean

WINTERBOTHAM CONTINUES ‘STRONG’ BISX LISTING YEAR A BAHAMIAN fund administrator has continued its “strong year” of sponsoring BISX listings by adding another to the exchange’s roster. The Winterbotham Trust Company also acts as administrator for World Oil System Fund, which has completed the listing process and been listed on the Bahamas International Securities Exchange (BISX). Ivan Hooper, chief executive of The Winterbotham Trust Company, said: “2019 has been a strong year in the sponsoring of fund listings with BISX. We are pleased to continue sponsoring the listing of funds this time with the listing of World Oil System Fund, and hope to continue this throughout the remainder of the year. “World Oil System Fund invests in the area of infrastructure, distribution and production of oil and gas. As the largest fund administrator by number of funds in The Bahamas, listing has become a key component

of our offering. Listing with BISX is a key enhancer to this offering and our ability to attract funds to The Bahamas.” The World Oil System Fund is an openended mutual fund with subscriptions and redemptions carried out by the administrator. It is incorporated as an International Business Company (IBC) under the laws of the Commonwealth of The Bahamas and is licensed under the Investment Funds Act 2003. Holland Grant, BISX’s chief operating officer, said: “Since Winterbotham joined BISX as a sponsor in 2014 they have been a steadfast partner in listing funds on the exchange and communicating the value additive benefits of a regulated exchange listing to their clients. This relationship has been beneficial to them, their clients and the exchange. We look forward to more listings in the future from Winterbotham as it carries out its business plans.”

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– Island Developers is a boutique development and construction company distinguished by their deep experience with complex properties in remote island locations,” the illa Bimini website states. “Long-standing relationships with local government officials and detailed understanding of policies and regulations enable Island Developers

to move projects from concept to completion efficiently and effectively.” Illa Bimini, according to its pre-launch publicity, will feature a 49-key boutique hotel and 54 three and four-bedroom waterfront residential villas at the Rockwell Island location on north Bimini. “Featuring the first overwater bungalow-style hotel suites in The Bahamas, as

well as a suite of thoughtfully curated lifestyle amenities, illa Resort sets a new standard of sophistication in Bimini,” adds the resort’s website. No mention is made of whether illa Bimini has all the necessary planning, construction and other approvals required for it to break ground which, according to reports, is scheduled to occur next month. “In terms of development, illa Bimini Resort & Residences is not expanding the development footprint of the already-existing environmentally-approved plans for the project, and will not negatively impact the land in any way,” said Mr Reyes in a statement. “To enhance our sustainability efforts, we have incorporated a complete solar package, energy management system, smart-home-technology and back-up generator applications into our design and services.”

He added: “Bimini’s natural landscape is incomparable, and its real estate market is a rising ‘hot spot’. Within close proximity to the US, illa will be a hidden gem for owners and guests as it offers a rare combination of exclusivity as a private island and convenient access by boat, sea plane and helicopters.” The resort’s amenities are billed as including a beachfront pool, tennis courts, a bar and lounge, a restaurant, a library, fruit gardens and an overwater spa. “The ultimate goal for illa was to create an ecoluxury development that builds with the land, not on the land,” said Chad Oppenheim, principal and lead designer of Oppenheim Architecture + Design. “From the landscape, individual villas, materials to services, we designed a holistic retreat with environmental sustainability and community development at the forefront.”

ATLANTIS, PI TO HOST JET SKI CHAMPIONSHIP ATLANTIS will serve as the host hotel for a threeday championship event this November that marks the climax of an international jet ski race series. Paradise Island will be the venue for the P1 AquaX Bahamas World Championship, set for November 8-10, which will bring to a close a 14-event season featuring races in the US, mainland Europe and the UK. The event is a partnership between the Nassau/ Paradise Island Promotion Board, Ministry of Tourism and Aviation and Atlantis. The P1 AquaX Bahamas World Championship will feature the top 40 professional riders who qualify through performances in national and continental race series. Lisa Barsby, global head of P1 AquaX, said: “In addition to qualification through continental championships, the position of racers in the P1 AquaX World Rankings, which identifies the most consistent and successful riders in the world, will secure a place in the Bahamas World Championship along with a limited number of wildcard entries. “Riders seeking qualification through racing in the US national championship will be competing in what is now called the P1 AquaX Race to the Bahamas World Championship. The result will be an elite field of the world’s very best personal

ATLANTIS PARADISE ISLAND watercraft racers. Atlantis, Paradise Island will provide a breathtaking setting for the championship event and we could not be more elated to partner with the destination.” “We extend a very warm

welcome to the P1 AquaX World Championship, and are looking forward to welcoming the competitors and fans to The Bahamas in November,” said Audrey Oswell, Atlantis president and managing director.

“The race course runs through the heart of Nassau Harbour, which is an ideal and central setting for our local community, and visitors to Nassau/Paradise Island to experience the thrill and spectacle of this up and coming, and extremely exciting, sport.” Dionisio D’Aguilar, minister of tourism and aviation, added: “Worldclass events such as this championship drive tourism and create global exposure for our beautiful islands and destinations. We look forward to showcasing the Bahamian culture and remarkable natural resources to a global audience.” This will be AquaX’s first visit to The Bahamas.

PAGE 4, Monday, July 15, 2019

THE TRIBUNE

Grand Lucayan LOI in 30-day extension FROM PAGE ONE Company over redevelopment of the harbour. That project, and addition of extra cruise berths, is critical of ITM/Royal Caribbean are to generate the passenger numbers necessary to sustain a transformed Grand Lucayan. Multiple Tribune Business sources, though, said the harbour and cruise port deal between ITM and Hutchison is “now signed”, with the closing having taken place within the last fortnight. But, with sealift out of the way, this newspaper understands that attention is turning to Grand Bahama International Airport - also ultimately controlled by the Freeport Harbour Company - given that securing sufficient airlift is also key to the ITM/Royal Caribbean plans. ITM is thought to have been reluctant to make headway on the Grand Lucayan’s purchase, and negotiations with the government, until both the harbour and airlift issues are squared away with the Hutchison Whampoa-controlled entities. Efforts are now under way to bring all parties involved in the negotiations together for a meeting so each can understand where the overall deal is at. One contact, speaking

on condition of anonymity, confirmed that the airport was “on the table” for discussion, and added: “There are a number of options and problems regarding the airport that they have to look at. In order for something of this mega value to succeed you need to have the airlift and sealift tied down.” Another source with knowledge of the Grand Lucayan talks added: “They have extended the timeframe on the Letter of Intent, but what Michael Scott has done is try to claw back that back in time for completion of the contract. By that point they should know exactly what they’re doing.” Mr Scott, chairman of

Lucayan Renewal Holdings, the government-owned special purpose vehicle that owns the Grand Lucayan, declined to comment when contacted by Tribune Business. However, the LOI’s extension was confirmed by another well-placed contact, also speaking on condition of anonymity, who added: “They (ITM/Royal Caribbean) were recently given an extension of time on the due diligence, but the Government plans to get it back at the end so the long stop or closing doesn’t change. “The LOI was extended until the end of this month, but they’re still moving this along and expect to have a draft Heads of Agreement

in place in the next days. It’s moving to a conclusion that makes sense in a commercial way, and the completion date will be the end of September/October. The worst case scenario will be the end of October.” Dionisio D’Aguilar, minister of tourism and aviation, recently told Tribune Business that the Grand Lucayan negotiations had reached “the critical stage” and were “continuing”, although he provided no details. “There’s going to be a bit of haggling back and forth, but that’s normal in negotiations,” he added. “We’re still within our schedule. This takes time with people travelling and out of town. We’ve working very hard to

get that done.” Mr D’Aguilar told this newspaper he was out of town on vacation when reached yesterday, and referred it to Kwasi Thompson, minister of state for Grand Bahama, who could not be reached before press time. The ITM/Royal Caribbean project was branded “a game changer” for Freeport’s economy when revealed by Tribune Business earlier this year, as it promises a revival of the tourism industry that could - together with Carnival’s $100m cruise port - help drag the city out of a 15-year slump. The Mexican port developer and cruise line have

said the $130m first phase investment will cover a 24-month period, meaning that a revived Grand Lucayan - complete with water-based theme park and associated retail, gaming and restaurant amenities may only be ready to receive its first guests come winter 2021 if the current timeline. The joint venture, if the deal closes, will pay $65m to acquire the Grand Lucayan as part of a development aiming to create 2,000 new jobs in its first phase. This will bring in an extra two million cruise passengers to Grand Bahama every year, transforming the area into “a world class destination”. As previously detailed by Tribune Business, the proposal focuses on developing water-based adventure theme parks at both Freeport Harbour and around the resort. The Grand Lucayan will be upgraded to “five-star hotel accommodation”, and feature multiple gaming, entertainment and restaurant experiences. Although few specifics have been released, the joint venture envisions combining Port Lucaya and Freeport Harbour into a “unique destination” that will set Grand Bahama apart from its competitors, not just Florida and other Caribbean nations, but Nassau/Paradise Island and the Family Islands.

THE TRIBUNE

Monday, July 15, 2019, PAGE 5

‘Paradigm shift’ for technology hub, logistics FROM PAGE ONE

Tourism hosts Air Canada signing A SIGNING ceremony for Air Canada’s air service took place at the Ministry of Tourism and Aviation last week. Pictured from L to R are: Captain Charles Beneby, director-general of the Bahamas Civil Aviation Authority; Laurie

Peters, High Commissioner of Canada; Dionisio D’Aguilar, minister of tourism and aviation; and Julia Brathwaite, manager/ safety oversight, Bahamas Civil Aviation Authority. Photo: Kemuel Stubbs/BIS

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as a global magnet for companies and entrepreneurs in the unmanned aerial vehicle (UAV) technology field. Mr Frisch said Hogfish’s plans had already attracted “interest from every continent” and, if their vision became reality, would entice a range of technology companies to come to The Bahamas and generate badly-needed momentum for the government’s fledgling technology hub ambitions. Part of this vision has already launched through the first on-demand drone delivery of goods from Marsh Harbour’s Leonard M. Thompson International Airport to Green Turtle Cay, which was completed by Hogfish Ventures’ subsidiary, Fli Drone, on June 18. Emphasising that he and his partners were “taking time to scale” up the business, Mr Frisch said they expected Fli Drone to be transporting 1,000 pounds of cargo per day via UAVs within the next six to 12 months. Pointing to the expected reduced costs and delivery time from their service, he added that it would enable the rapid transportation of vital cargos such as medicine, parts and perishables to isolated cays and other remote parts of The Bahamas. Mr Frisch identified the Exuma Cays as “a huge market” for Fli Drone, and said it could even handle cargo drops to yachts in Bahamian waters provided they are equipped with GPS tracking devices. The company is aiming to create a “hub and spoke” model through two central operating hubs in New Providence and Abaco that will deliver to more than 70 locations. “I look at things half-full if people use technology the right way,” Mr Frisch told Tribune Business. “I think this is a paradigm shift in

logistics in The Bahamas. Historically logistics is very expensive and difficult to do, and this has retarded access to medicine in the Family Islands, services and products in the Family Islands, and restricted access to emergency services. “Drones can plug all these gaps. Drones will connect the islands like never before. Up until now there has been no on-demand delivery option in The Bahamas. You have to use the ferry system or charter a plane, which is not feasible for most people. We’re offering on-demand delivery for critical items parts, medicines, whatever anybody needs.” Fli Drone’s inaugural service originated at Abaco Aviation Services, the private Fixed Base Operator (FBO), last month and took 28 minutes to complete its delivery to Green Turtle Cay. Cutting out the need for both car and ferry, the company said no infrastructure was required to enable the drone to both land and take-off during its 50-mile round-trip across land and water. “Right now we’re doing 20 pounds, but at the end of the year we’ll be at 50 pounds and in 18 months’ time we will be doing hundreds of pounds,” Mr Frisch said of the drones’ cargo-carrying capacity. “We have multiple vehicles so can fly multiple trips at a time, and do multiple trips to the same island, so we estimate we can do 1,000 pounds of cargo in a day. We’re going to be doing 1,000 pounds per day in the next six to 12 months. We want to make sure it works and do it right, taking the time to scale approach, rather than rush into it. We’re thrilled and excited at what’s to come.” Mr Frisch added that Fli Drone was working with UAVs measuring 15 feet by nine feet, which he described as “the size of a small Cessna”. The

company has teamed with San Francisco-based VolansI to manufacture its drones, with Mr Frisch describing it as “the delivery truck” to Fli Drone’s “Fedex”. He added that Mr Sweeting, a friend from their time at the University of Central Florida in Orlando, had spotted the potential for drone technology as an ondemand delivery service in The Bahamas when he two years ago witnessed its use in Fiji, the Pacific Island nation. Mr Frisch, who started and sold his own software company when living in San Francisco, was able to provide both the link to Volans-I and the expertise as Fli Drone’s chief technology officer. He described Mr Sweeting, who has a background in real estate and logistics, as “the inspiration” behind Fli Drone and Hogfish’s other ventures. Another business partner is Leslie Pindling. While The Bahamas has yet to legislate and implement a regulatory regime governing the use of drones, Mr Frisch said this had not held back Fli Drone’s activities. “The Government is being progressive on this front,” he told Tribune Business. “They’re moving in the direction of having more robust UAV regulations, but there is no clarity around exactly what. Around the world there are technology companies trying to do this but the regulatory environment is not really there. Really we’re the first in the world to do commercial deliveries from controlled air space because the Government is being very progressive with it.” Mr Frisch added that Fli Drone was working with Federal Aviation Administration (FAA) licensed pilots, inspectors and regulators in the roll-out of its plans. The Green Turtle Cay flight was undertaken with support from the Marsh Harbour Air Traffic Control,

and witnessed by several government officials. These included Captain Stephen Russell, director of the National Emergency Management Agency (NEMA); Andrea Linden, nurse-in-charge at the Ministry of Health in Abaco, and members of the Royal Bahamas Defence Force (RBDF). While the on-demand delivery service will extend as far north as Grand Bahama, and to Exuma in the south, Mr Frisch said the estimated 30-50 jobs expected to be created by Fli Drone would expand to hundreds with the addition of Hogfish’s planned R&D facility. “I think hundreds of jobs is a realistic number,” he told Tribune Business. “From a marketing perspective, interest perspective and demand perspective, we’ve had interest from every continent in the world in this facility. “We expect to have our first tech tourist, because companies will be coming to Freeport to test their drone technology, by the end of the year. That’s a great money maker for us, and a great economic stimulus for Freeport, as you will have technology company personnel staying in the hotels and going to the restaurants. “It’s a good job creator for Freeport as we will have people working in the facility. We are now a repository for bringing technology companies all around the world to Freeport. The prime minister supports that, and he’s been a big supporter of us for quite a time,” Mr Frisch added. “Having all these new technology companies coming into The Bahamas to test puts The Bahamas first in line to use the technology. There’s a great alignment of interest there. We’re very bullish on the future of technology in The Bahamas. We’re glad to be one of the groups trying to make a difference.”

PAGE 6, Monday, July 15, 2019

THE TRIBUNE

Contract work fear for middle classes FROM PAGE ONE transformed from full-time staff into “independent contractors” via a separation packages taken in 2015. Arguing that such exercises are designed to reduce labour costs, as “independent contractors” are often not entitled to the same sickness, vacation and other benefits enjoyed by full-time employees, Mr Evans added that if entities in which the government has an ownership interest followed such practices it was only a matter of time before the private sector followed suit. “If you see the government agencies doing it, then it makes it that much more easier for private enterprises and the private sector to follow suit,” the NCTU president said, arguing that such practices threatened to undermine a range of worker protections and benefits. “It’s really happening. It’s going to be really scary in the next four years as the economy changes, with the WTO and all these barriers and protections getting weaker. It’s becoming scarier and scarier when you see them continually being eroded. That will spread, and it has spread, to tell you the truth.

We don’t have union representation in some of our hotels.” Critics of contract work have often attacked it as causing job insecurity and resulting in low wages for workers. In the UK, media organisations have branded the increased use of outsourcing and growth of so-called “independent contractors” as the “gig economy”. Numerous disputes are before UK labour tribunals and courts as to whether the likes of drivers and delivery workers are “independent contractors”, as their employers claim, or full-time staff entitled to a wider range of benefits and protections. Mr Evans, meanwhile, admitted that Bahamian trade unions had “not done a good job” in encouraging young Bahamians to join a trade union or educating them on why it was important. He argued that unions had been responsible for helping to create the Bahamian middle class, and added: “The middle class is continuing to erode with these type of practices. The contract workers are not unionised. “Unions have stood in the gap and been able to negotiate contracts legacy

Dive operators ‘thrown under bus’ on sharks FROM PAGE ONE blamed for an incident that occurred 32 miles away on the other side of New Providence, he added of the meeting: “It’s typical government nonsense in that they all had this knee jerk reaction. “They called us in and said we should probably put this in place if something happens. We tried to explain to them that the Bahamas Dive Association has had a plan in place for the last 30 years. We have standards to adhere to, must have a trauma kit and all staff must be trained in case of a shark bite.” Mr Cove said all this was codified and late out on the Association’s website, making it available to all members, and added: “It was an over-reaction because the

Government got slammed... To say it’s our fault because we’re doing a shark dive 32 miles away? “Of course we feed them. It’s never been a problem. We’ve had a million encounters with sharks over the last 40 years without one incident with a tourist. We’re 30 miles away with two islands between us. It’s absurd. The BDA and its 35 members have proven to have a fine track record.” Mr Cove expressed concern that he and other BDA members will be put through “the same dog and pony show” when the next shark bite occurs, pointing out that his workers went through various scenarios relating to potential shark incidents “every couple of months” to ensure they could cope, working with

workers currently enjoy at BTC, Bahamas Power & Light and Water & Sewerage that are 40-60 percent above GDP per capita at $50,000 to $60,000. “Once you take them out of the equation, you’re eroding the middle class and putting them out of work,” Mr Evans continued. “Many of them are over 50, and would have to go into the labour market and will definitely not find that wage outside BTC, BPL and Water & Sewerage. “I’m very concerned the middle class is continuing to shrink, and there is this constant attack on organised labour and their representatives. This is the only avenue that can ensure we get a part of the wealth that’s generated. I know the unions get a black eye, but if people knew what unions are really responsible for.... creating a middle class not only in The Bahamas, but the world.” Many in the private sector would likely challenge that view. However, Mr Evans said BTC was still seeking to replace “legacy” staff workers with cheaper, younger, non-unionised contract labour, which was why it had kept voluntary separation packages (VSEPs) “on the table”. He added that the unions

were pushing to increase the package being offered to account for inflation and the introduction of VAT, but BTC in a statement issued yesterday reiterated its previously-stated position that there were no plans for forced lay-offs. “The company again emphatically denies any plans to involuntarily separate from any of its employees, so any claims to the contrary are baseless and without foundation,” BTC said. “As a progressive organization in an intensely competitive environment, BTC’s operating model will continue to evolve in order to provide our customers with a differentiating customer experience as cost efficiently as possible. This means aligning our people, processes and procedures with our ultimate goal of providing the best and most reliable connectivity at competitive prices to our customers throughout The Bahamas.” Referring to recent improvements in paternity and maternity leave for staff, BTC added that it was now finalising a new industrial agreement with its management union after reaching a similar deal with line staff representatives.

equipment manufacturers and Florida dive associations. “Everything has settled down, everything is fine,” he told Tribune Business of the impact the fatality, and subsequent global publicity, had on Stuart Cove’s Dive Bahamas. “We had a few snorkelers cancel but it’s all forgotten now. It’s back to normal. People have very short memories. “In the long-term it’s not going to have any effect on us unless the government has a knee-jerk reaction and puts stupid regulations in place. People realise that we got thrown under the bus and it did not have anything to do with us, the BDA or its members. This is not a Bahamas Dive Association shark feeding issue. This is many other issues... Unfortunately after this little incident, where this poor girl got killed, every little shark bite is under the microscope.” The Tourism Development Corporation held its meeting to discuss emergency

protocols and regulations for the water sport industry in the wake of Jordan Lindsey’s death, when the 21 year-old California resident was killed by sharks while snorkeling with her family near Rose Island. Janet Johnson, the Tourism Development Corporation’s chief executive, said: “I think some good stuff came out of it. People feel that we need to put some regulations in place, and that we need to start doing drills and things so that we have emergency protocols in place for when things happen. We’re a water-based destination, a lot of our tours are water-based.“ She added that a follow-up meeting is planned for later this month. Organisations represented included the Bahamas National Trust, the Port Department, the Marina Association, Sandy Toes, Blue Lagoon, Stuart’s Cove, the Bahamas Dive Association, the Department of Fisheries, and the Bimini Shark Lab.

LABOR Secretary Alex Acosta, right, accompanied President Donald Trump, left, speaks to members of the media on the South Lawn of the White House in Washington on Friday before Trump boards Marine One for a short trip to Andrews Air Force Base, Md and then on to Wisconsin. Trump says Labor Secretary Alex Acosta to step down, move comes in wake of handling of Jeffrey Epstein case. Photo: Andrew Harnik/AP

Acosta exits; Trump’s big Cabinet turnover keeps growing WASHINGTON Associated Press ADDING to the lengthy list of departures from President Donald Trump’s Cabinet, Labor Secretary Alexander Acosta said Friday he’s stepping down amid the tumult over his handling of a 2008 secret plea deal with wealthy financier Jeffrey Epstein, who is accused of sexually abusing underage girls. Trump, with Acosta at his side, said on Friday he did not ask his secretary to leave and “I hate to see this happen”. The president, who publicly faults the news media almost daily, said Acosta put the blame there, too. Acosta “informed me this morning that he felt the constant drumbeat of press about a prosecution which took place under his watch more than 12 years ago was bad for the Administration, which he so strongly believes in, and he graciously tendered his resignation,” Trump tweeted later in the day. Trump said Patrick Pizzella, deputy secretary since April 2018, would succeed Acosta on an acting basis. Pizzella served in the administrations of Republican George W Bush and Democrat Barack Obama. A coalition of civil rights, human rights, labor and other groups opposed his nomination by Trump to the department’s number two slot, citing Pizzella’s record on labour rights. Acosta was the US attorney in Miami when he oversaw a 2008 non-prosecution agreement that allowed Epstein to avoid federal trial but plead guilty to state charges and serve 13 months in jail. Similar charges filed against Epstein by federal

prosecutors in New York this week had put Acosta’s handling of the 2008 agreement with the now-jailed financier back in the spotlight. Years ago, Epstein had counted Trump and former President Bill Clinton among his friends, but Trump said this week he was “not a fan”. Acosta said he didn’t want his involvement in Epstein’s case to overshadow the president’s agenda and said his resignation would be effective next week. “My point here today is we have an amazing economy, and the focus needs to be on the economy,” he said. Top Democratic lawmakers and presidential candidates had demanded that Acosta resign. But Acosta had defended his actions, insisting at a news conference on Wednesday that he got the toughest deal on Epstein that he could at the time. House Speaker Nancy Pelosi, D-Calif, said he should never have been appointed by Trump and confirmed by the Senate. “Thank God he’s gone,” she said Acosta had also frustrated some conservatives who wanted him gone long before the Epstein uproar. Among their objections were his decisions to proceed with several employment discrimination lawsuits and to allow certain Obama administration holdovers to keep their jobs. His resignation extends record turnover at the highest levels of Trump’s administration, with acting secretaries at key departments, including the Pentagon and Homeland Security. Roughly two-thirds of the Cabinet has turned over by the two-and-a-half year mark of Trump’s term.

LEGAL NOTICE

NOTICE PLA Investments RELP, Ltd. (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 11th day of July, 2019. The Liquidator is Windermere Corporate Management Limited, East Bay Street, New Providence Financial Center, P.O. Box N-7797, Suite A-084, Nassau, Bahamas. WINDERMERE CORPORATE MANAGEMENT LIMITED Liquidator LEGAL NOTICE

NOTICE VICTA ASSET MANAGEMENT Ltd. (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 11th day of July, 2019. The Liquidator is Windermere Corporate Management Limited, East Bay Street, New Providence Financial Center, P.O. Box N-7797, Suite A-084, Nassau, Bahamas. WINDERMERE CORPORATE MANAGEMENT LIMITED Liquidator

THORPENDALE LIMITED Company No. 1484696 (In Voluntary Liquidation)

SEABON LIMITED Company No. 1484696 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1) (b) of the BVI Business Companies Act, 2004 that THORPENDALE LIMITED is in voluntary liquidation. The voluntary liquidation commenced on 9th July, 2019 and Patrick Hüsler of Wengistrasse 1, 8004 Zurich, Switzerland has been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that SEABON LIMITED is in voluntary liquidation. The voluntary liquidation commenced on 9th July, 2019 and Patrick Hüsler of Wengistrasse 1, 8004 Zurich, Switzerland has been appointed as the Sole Liquidator.

Dated this 9th day of July, 2019 Sgd. Patrick Hüsler Voluntary Liquidator

AVENIRA COMPANY INVEST LTD Company No. 1484696 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that AVENIRA COMPANY INVEST LTD is in voluntary liquidation. The voluntary liquidation commenced on 10th July, 2019 and CHRISTIAN SIEGRIST of Dörfli 3,5603 Staufen, Switzerlan has been appointed as the Sole Liquidator.

Dated this 10th day of July, 2019 Sgd. CHRISTIAN SIEGRIST Voluntary Liquidator

NOTICE ARGEEPEE & COMPANY (BAHAMAS) LIMITED (RESTORATION TO THE REGISTER)

Notice is hereby given that the above-named Company has been restored to the Register pursuant to Section 166(4)(5) of the International Business Companies Act. The name of the Company is deemed never to have been struck off the Register; and the Company is deemed at all times to have continued in existence and to have been authorized to conduct business in accordance with its Memorandum and Articles of Association notwithstanding the purported dissolution of the Company.

Dated the 6th day of July 2019

MMG BAHAMAS LTD. Registered Office For the above-named Company ______________________

PAGE 8, Monday, July 15, 2019

THE TRIBUNE

FTC approves record $5B fine for Facebook Associated Press AT $5bn, the fine the US Federal Trade Commission is about to levy on Facebook is by far the largest it’s given to a technology company, easily eclipsing the second largest, $22m for Google in 2012. The long-expected punishment, which Facebook is well prepared for, is unlikely to make a dent in the social media giant’s deep pockets. But it will also likely saddle the company with additional restrictions and another lengthy stretch of strict scrutiny. Multiple news reports on Friday said the FTC has voted to fine Facebook for

privacy violations and mishandling user data. Most of them cited an unnamed person familiar with the matter. Facebook and the FTC declined to comment. The 3-2 vote broke along party lines, with Republicans in support and Democrats in opposition to the settlement, according to the reports. The case now moves to the Justice Department’s civil division for review. It’s unclear how long the process would take, though it is likely to be approved. A Justice Department spokeswoman declined to comment on the Facebook matter. For many companies, a

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, SHAVETTE CECEILE LEATHEN of McClean’s Town, Grand Bahama, Bahamas, intend to change my name by Deed Poll to SHAVETTE CECILE LEATHERN. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O.Box N-792, Nassau, Bahamas no later than thirty (30) days after the date of this publication notice.

FACEBOOK CEO Mark Zuckerberg makes the keynote speech at F8, Facebook’s developer conference in San Jose, Calif. A Wall Street Journal report says that the FTC has voted this week to approve a fine of about $5bn for Facebook over privacy violations. The report on Friday cites an unnamed person familiar with the matter. $5bn fine would be crippling. But Facebook is not most companies. It had nearly $56bn in revenue last year. This year, analysts expect around $69bn, according to Zacks. As a one-time expense, the company will also be able to exclude the amount from its adjusted earnings results —the profit figure that investors and financial analysts pay attention to. “This closes a dark chapter and puts it in the rearview mirror with Cambridge Analytica,” said Wedbush analyst Daniel Ives. “Investors still had lingering worries that the fine might not be approved.

Now, the Street can breathe a little easier.” Facebook has earmarked $3bn for a potential fine and said in April it was anticipating having to pay up to $5bn. But while Wall Street — and likely Facebook executives — may be breathing a little easier, the fine alone has not appeased Facebook critics, including privacy advocates and lawmakers. “The reported $5bn penalty is barely a tap on the wrist, not even a slap,” said Senator Richard Blumenthal, a Democrat from Connecticut. “Such a financial punishment for a purposeful, blatant

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, TISHANN DARIUS LEWIS of #462 Nansen Avenue, Freeport, Grand Bahama, Bahamas, intend to change my name by Deed Poll to TASHON DARIUS LEWIS. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O.Box N-792, Nassau, Bahamas no later than thirty (30) days after the date of this publication notice.

NOTICE

NOTICE is hereby given that WILLYN GEFFRARD of Central Pines, 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 15th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, AUDREY RAMELA THOMPSON of Rosetta Street, Palmdale, New Providence, Bahamas intend to change my name toAUDRIANNA PAMELA THOMPSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 12 JULY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,174.92 | CHG: -0.19 | %CHG: -0.01 | YTD: 65.47 | YTD%: 3.10 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 9.11 6.13 3.54 8.59 2.35 1.75 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 2.18 11.05 6.16 4.49 9.02 2.95 2.20 10.21 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 2.80 2.20 10.12 7.00 15.45 7.98 3.41 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.15 0.00 -0.09 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

80,300

VOLUME

EPS$ 0.240 0.932 1.760 0.323 0.098 0.000 -0.438 0.708 0.480 0.184 0.627 0.102 0.467 0.000 0.611 0.743 0.939 0.203 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 17.7 18.7 N/M 16.7 N/M N/M -5.0 15.6 12.8 24.4 14.4 27.5 4.7 N/M 11.5 20.8 8.5 16.8 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% 2.43% 2.73% 3.24% 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

0.0 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

illegality is chump change for a company that makes tens of billions of dollars every year.” He and others questioned whether the FTC will force Facebook to make any meaningful changes to how it handles user data. This might include limits on what information it collects on people and how it targets ads to them. It’s currently unclear what measures the settlement includes beyond the fine. Privacy advocates have been calling on the FTC to come down on Facebook for a decade, but over that time the company’s money, power and Washington influence has only increased. “Privacy regulation in the US is broken. While large after-the-fact fines matter, what is much more

important is strong, clear rules to protect consumers,” said Nuala O’Connor, president and CEO of the Center for Democracy and Technology. The CDT is pushing for federal online privacy legislation. Some have called on the FTC to hold Facebook CEO Mark Zuckerberg personally liable for the privacy violations in some way, but based on the party line vote breakdown, experts said this is not likely. Marc Rotenberg, president of the nonprofit online privacy advocacy group Electronic Privacy Information Center, said he was “confused” as to why the Democratic commissioners didn’t support the settlement and said he suspects, without having seen the actual settlement, that this was due to the Zuckerberg liability question. “But I thought that was misguided,” he said, adding that EPIC instead supports more wholesale limits on how Facebook handles user privacy. Since the Cambridge Analytica debacle erupted more than a year ago and prompted the FTC investigation, Facebook has vowed to do a better job corralling its users’ data. That scandal revealed that a data mining firm affiliated with President Donald Trump’s 2016 campaign improperly accessed private information from as many as 87 million Facebook users through a quiz app. At issue was whether Facebook violated a 2011 settlement with the FTC over user privacy.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, SHONETTE LECEL LEATHEN of McClean’s Town, Grand Bahama, Bahamas, intend to change my name by Deed Poll to SHONETTE LECEL LEATHERN. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O.Box N-792, Nassau, Bahamas no later than thirty (30) days after the date of this publication notice.

NOTICE

NOTICE is hereby given that JEAN LOUIS SHINIE JEAN BAPTISTE of 8th Street, The Grove, 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 8th day of July, 2019 to the Minister responsible for Nationality and Citizenship,P.O.Box N-7147, Nassau, New Providence, The Bahamas. NOTICE MILLETT ENTERPRISES LIMITED Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 25494 (B) (Dissolved)

Notice is hereby given that the above-named Company was dissolved and was struck from the Register of Companies on the 14th day of November, 2018.

Dated this 11th day of July, 2019. RICHARD L. BROUGHTON Liquidator NOTICE

EMERALD TURTLE LIMITED

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 25494 (B) (Dissolved)

Notice is hereby given that the above-named Company was dissolved and was struck from the Register of Companies on the 14th day of November, 2018.

Dated this 11th day of July, 2019.

RICHARD L. BROUGHTON Liquidator