07232019 BUSINESS

business@tribunemedia.net

TUESDAY, JULY 23, 2019

$4.75

$4.77

Sky Bahamas in battle for survival

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

S

KY Bahamas’ principal yesterday said the airline and its 63 employees are fighting for their very survival following a two-week long grounding due to delays in a key permit’s renewal.

Captain Randy Butler, the airline’s chief executive, told Tribune Business that the private Bahamianowned carrier had been told by the Bahamas Civil Aviation Authority, the industry regulator, to “discontinue” commercial passenger services from July 8.

While Sky Bahamas’ air operator certificate (AOC), the approval required for an airline to carry fare-paying passengers, had expired on June 29, 2019, Captain

• Airline grounded for two weeks in permit wait • At brink as financial losses start mounting • Carrier has been seeking ‘strategic partner’

CAPT RANDY BUTLER Butler said normal protocol was for the previous licence to remain in effect until the new one was granted provided it was not “suspended, revoked or terminated”.

Producing a copy of Sky Bahamas’ just-expired

licence to show it contains such a clause, Captain Butler revealed that he was called to a July 9 meeting at The Bahamas Civil Aviation Authority where the regulator “came up with some ridiculous findings” in relation to a recent safety inspection conducted on the airline.

Challenging both the regulator’s findings and procedures, the Sky Bahamas chief said several executives at the meeting appeared unaware that the airline had sent its response to the authority addressing all issues some 30 days previously.

But, despite leaving that

meeting confident that Sky Bahamas’ AOC would be renewed, Captain Butler said this has yet to happen in the subsequent two weeks.

As a result, besides being unable to earn any revenue due to its two planes effectively being grounded, the carrier has also had to rebook passengers with other carriers.

Sky Bahamas is still counting the mounting losses, and Captain Butler said the airline has now reached a “critical” point where it needs to have its AOC licence by tomorrow

SEE PAGE 4

$4.83

$4.83

BISX ‘very close’ with gov’t debt

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas International Securities Exchange (BISX) is “very close” to having the $3bn-plus government debt market listed and traded on its platform, its chief executive has confirmed.

Keith Davies, pictured, speaking after the Central Bank took another step towards achieving this objective by becoming BISX’s seventh broker/ dealer member, told Tribune Business that the initiative would improve transparency in the secondary market for Bahamas Registered Stock (BRS) and enable participants to make “more informed” investment decisions.

“This is all part of the process,” he explained of the Central Bank’s broker/ dealer status, which will enable it to intervene and trade in the market if it sees the need. “We are moving swiftly towards the goal as

stated by the Ministry of Finance and Central Bank.

“Things are moving along, the process is taking shape and we are ever more closer to having government securities listed and traded on the exchange.

Definitely we are moving in the right direction.”

Government debt securities form the largest component of the Bahamian capital markets in terms of both value and number of issues. Both indicators have increased significantly since 2000 as a result of the multi-million, nine-figure annual deficits racked up by successive

SEE PAGE 3

Union: BTC ‘needs BTC chief: I won’t succumb to dissent • ‘Convinced’ taking company ‘on right path’ leader with a plan’ • Tasked with ‘major needle moving’ effort

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas Telecommunications Company (BTC) lacks “a leader with a plan”, its line staff union chief is arguing, insisting that workers realise the carrier needs to “settle down” and compete.

Dino Rolle, the Bahamas Communications and Public Officers Union (BCPOU) president, told Tribune Business that Garfield “Garry” Sinclair, BTC’s chief executive, had yet to produce a plan “to grow the business” and reclaim market share from Cable Bahamas and Aliv.

Responding to Mr Sinclair’s blunt message that the the tactics of both the BCPOU and its management union counterpart could be “fatal” to BTC’s competitiveness and longterm survival, Mr Rolle hit back by saying his members “don’t see a future” working with the Jamaican chief executive.

Accusing Mr Sinclair of bringing negotiations with the two unions on a new

DINO ROLLE BTC voluntary separation (VSEP) package to a premature halt, Mr Rolle said his members and BTC’s entire workforce “recognise we’re in a competitive environment”.

Mr Sinclair, in a recent Tribune Business interview, cast doubt on this assertion as he urged BTC’s two unions to move beyond past habits that involve agitation, industrial action and dissent if - particularly if they are unable to get their own way.

He argued that such “ancient” practices, more suited to the pre-2011 monopoly environment, were no longer fit for purpose in a fast-moving,

SEE PAGE 3

THE Bahamas Telecommunications Company’s (BTC) top executive has pledged he will “not give up” in the face of union resistance as he is “convinced” the carrier is now “on the right path”.

Garfield “Garry” Sinclair, BTC’s chief executive, told Tribune Business it would be “the end of the business” the moment he and its controlling shareholder gave in to what he described as the “dissension and distraction” created by the carrier’s two trade unions.

While admitting BTC had faced a “perfect storm” post-privatisation, which was not helped by constant changes in leadership and strategy at both the Bahamian carrier and its immediate parent, Cable & Wireless Communications (CWC), Mr Sinclair said this did not excuse the need to “forge a partnership” between management and unions.

Revealing that BTC, once a “cash cow” for the government, is currently not paying a dividend to its shareholders, Mr Sinclair added that he had

• Govt currently receiving no dividends

GARFIELD ‘GARRY’ SINCLAIR been charged by CWC and its ultimate parent, Liberty Latin America, with conducting “a huge needle moving operation” to transform their Bahamian subsidiary’s operational and financial performance.

While BTC was still “a very solid and major contributor” to both CWC and Liberty Latin America

Atlantis buyer must give workers ‘piece of the pie’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE hotel union’s president yesterday called on any a new Atlantis owner to ensure employees “get a piece of the pie”, while voicing optimism that it would “bring stability to the property”.

Expressing “no major concerns” over Brookfield Asset Management’s continued search for an exit from its Atlantis ownership, Darren Woods told Tribune Business that the Paradise Island mega resort and wider Bahamian economy would likely benefit from a purchaser more focused on brand building and increasing guest numbers.

Disclosing that the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) had enjoyed virtually no direct interaction with Brookfield,

• Union chief backs buyer search • Industrial agreement talks begin • Progressing ‘pretty well thus far’

DARREN WOODS the Toronto-based asset manager that took over Atlantis’s ownership via a 2012 debt-for-equity swap, Mr Woods suggested it was focused solely on the resort’s bottom line as opposed to growing the brand.

And, while confirming that talks on a new hotel sector industrial agreement had begun and were “going pretty well thus far”, the union chief said he had agreed with the resort industry’s bargaining agent, the Bahamas Hotel and Restaurant Employers Association, not to discuss the details or progress publicly.

Recent international reports on Brookfield’s efforts to sell Atlantis divulge little to nothing that is new, given that Tribune Business reported in February how a previous purchase backed by Qatar’s sovereign wealth fund had fallen through.

That confirmed

Brookfield is willing to sell if it gets its price and the correct deal, but Mr Woods said of the prospects for a new owner: “We don’t have no major concerns because we believe, at the end of the day, that Brookfield is an asset management company which is only holding out until it gets a buyer.

“We hope they will find one cognisant of the industrial climate of The Bahamas, and will look favourably on the employees and protection of their rights. Even though the government cannot intervene or play a part in the sale, they could speak to persons interested and let

SEE PAGE 6

through its operating cash flow and free operating cash flow, Mr Sinclair added that these numbers had been “declining” because of the nine-figure reduction in top-line revenues due to the loss of its mobile monopoly.

He said BTC needed to “reverse” this trend and “be as solid an operator as we can be”, while voicing

optimism that the company’s latest troubles would prove to be “a bump in the road” rather than something which could threaten the carrier’s long-term survival and competitiveness.

“We have to be relentless. We can’t give up. The minute you say you will succumb to this dissension and distraction, that’s the end of this business,” Mr Sinclair told Tribune Business.

“I feel responsible for 700 colleagues, and believe the path I’ve asked everyone to tread is the right one. Let’s become the best business in the region.

“While it’s tough to understand why people have not come with me, I’m not going to give up because I’m convinced this is the right path to go down.

I can’t give up at the first sign of adversity, a bump in the road, which is what I think it is. It’s a bump in the road.”

Mr Sinclair was referring to the outcry sparked last

SEE PAGE 5

PAGE 2, Tuesday, July 23, 2019

THE TRIBUNE

Minister chairs regional agricultural conference A CABINET minister led the Bahamian delegation to the Inter-American Institute for Cooperation on Agriculture’s (IICA) 39th executive committee meeting.

Michael Pintard, pictured, minister of agriculture and marine resources, was accompanied by agricultural officer, Joan Telle, to the meeting which was held in Costa Rica from July 16 -17, 2019.

The Bahamas was selected to preside over the meeting, which Mr Pintard chaired over the two days.

The executive committee’s membership features The Bahamas, Brazil, Canada, Chile, Costa Rica, Honduras, Panama, Peru, St Kitts & Nevis, St Vincent & The Grenadines, Uruguay and Venezuela.

Argentina, Nicaragua and the US attended as nonmembers of the committee, along with associated and observer countries and organisations.

The main topics addressed included: 1. Advances in organising the next Inter-American Board of Agriculture 2. A report on the progress in implementing hemispheric technical programmes 3. Formalising agreements with key partners 4. A discussion of the 2020-2021 budget and other financial matters Mr Pintard also participated in bilateral

discussions with Argentina, Brazil, Canada, Chile, Costa Rica, Mexico and the US in a bid to create linkages with Latin and North American partners and address The Bahamas’ crucial needs.

He sought to obtain support through technical assistance, training opportunities, investments, grant funding and collaboration on best practices that align with The Bahamas’ strategic goals.

TAKING STEP TO MEET MINISTER

THE Society of Trust & Estate Practitioners’ (STEP) Board of Directors has called on the newly-appointed minister of financial services, trade and investment and

Immigration, Elsworth Johnson.

Pictured from left: Lillian Russell, director; Marie Cargill, director; Cecil Ferguson, chairman; Mr Johnson; Rhoda Jackson,

acting permanent secretary; Joanne Pyfrom, deputy chairperson; Portia Smith, director; and Sharmon Ingraham, director.

Photo: Raymond A Bethel Sr/BIS

THE TRIBUNE

Tuesday, July 23, 2019, PAGE 3

CABINET TO LEAD ON E-GOVERNANCE BID THE government is to develop “an e-Cabinet programme” in its efforts to lead by example in bringing “21st century governance” to The Bahamas, the prime minister said yesterday.

Dr Hubert Minnis, addressing the Caribbean Public Services Association’s 49th annual conference, said the move would increase public sector efficiency by making Cabinet memoranda and decisions “paperless”.

“The great contemporary challenge for governments and public officers in our region is the promotion of 21st century governance,” he added. “Such governance must be built on the platform of a service culture characterised by effectiveness, the application of appropriate technology, open government and accountability.

“Further, to help lead our modernisation and digital transformation by example, we will implement an e-Cabinet programme that will increase the efficiency in government. This programme will cause

PRIME Minister Minnis speaking from the podium.

Cabinet memoranda and decisions to be paperless.

Our decisions, and the implementation of those decisions, should be faster and more efficient.”

To ensure greater equity and broader access to technology by all Bahamians, regardless of economic standing, Dr Minnis said the government was introducing a variety of measures.

“We are pleased that our mobile operators have begun to deploy Wi-fi services on buses,” the prime

minister said. “We are working to have widespread access to Wi-fi services in the parks and public spaces within the inner-city of New Providence, with a view to free Wi-fi in certain communities.”

He added that technology will be deployed to help citizens improve their communities through reporting the location of potholes or other matters to the relevant government agencies through smart and/or mobile devices.

“Innovation, creativity,

REGIONAL representatives who attended the conference. disruption and transformation are words usually not associated with government, but this must change in order to promote 21st century governance,” the Prime Minister said.

He added that soon after coming to office in 2017, he created the Prime Minister’s Delivery Unit (PMDU). This unit, which is based on counterparts in the UK and elsewhere, was created to help ministries and government agencies to produce concrete results in a number of

key priority areas.

The PMDU’s five main responsibilities include planning, generating performance insights, problem solving, capacity building and co-ordination. And key priorities are energy reform, modern infrastructure, and the modernisation and digitisation of government services.

“We are embarked also on a renewable and solar energy revolution, with our Family Islands all eventually supplied by renewable energy,” the prime minister

said. “We are building on the work of former governments to give the Bahamian people and residents the infrastructure that will boost equality of life and enhance economic development.

“There is an old saying: ‘You don’t get what you expect. You get what you inspect’. In this spirit, a government may have the best intentions in terms of developmental goals, policies and programmes. But good governance requires accountable governance.”

Rochelle Newbold, acting director of the BEST Commission, officially opened the workshop. SEV Consulting Group’s team

leader, Stacey Moultrie, and chemicals specialist, Stefan Moss, served as the main facilitators.

Photos: Eric Rose/BIS

CHANGES AFOOT ON CHEMICAL IMPORTS Representatives from government agencies and the private sector participated in a workshop on pending changes to the way in which certain chemicals are imported to The Bahamas.

The seminar was organised by the Bahamas Environment, Science and Technology (BEST) Commission and Ministry of the Environment and Housing, together with the National Chemicals Coordinating Committee (NCCC).

It focused on Persistent Organic Pollutants (POPs) and the way they are dealt with.

Among the agencies represented were the Ministry of Health, Department of

Environmental Health Services (New Providence and Eleuthera), the Royal Bahamas Police Force, Customs Department, Department of Statistics, the Public Hospitals Authority, the Bahamas Agriculture and Marine Science Institute (BAMSI), and Bahamas Power and Light (BPL).

Companies present were the Grand Bahama Port Authority (GBPA), Grand Bahama Power Company, pest control companies, the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), the Andros Farmers Association, landscaping companies, and JBR Building Supplies.

BISX ‘very close’ with gov’t debt FROM PAGE ONE administrations, and the need to finance them with debt issues.

As a result, the collective value of the securities set to be listed on BISX is likely to at least be in the $3bn to $4bn range, even though shorter-term Treasury Bills are not included. The listing and trading of government securities on the exchange had been exactly what BISX had hoped for when it launched in 2000, amid expectations that this would give it an immediate market that was both broad and deep.

This never happened and, with BISX having ramped up its costs and structure in anticipation, led directly to the government-led “bail out” - through the Central Bank - some three to four years later that was essential to rescuing the exchange and ensuring its survival.

With BISX seemingly having put that troubled past behind it, Mr Davies said the latest initiative would enable the exchange to “do what it intended” from inception with a market that “has lacked the transparency a listing on the exchange will garner”.

He added: “People will have more information about which securities are available, and be able to make informed investment decisions. It’s the largest market, and being the largest market we want to give it avenues and means for people to participate in it.

“The Ministry of Finance has stated that they want to provide a home for government securities on the exchange.... My view is we’re right there, and if it takes a little more time to get it right we’ve been waiting 20 years, so a few more weeks and months will not hurt us. Let’s get it right.

We’ve very close to the time now.”

Union: BTC ‘needs leader with a plan’ FROM PAGE ONE rapidly evolving industry were non-unionised rivals were able to move much faster in adapting to changing consumer demand.

Mr Rolle, though, hit back by demanding to know “where Mr Sinclair’s loyalties lie” in the wake of the controversial comments by Balan Nair, chief executive of Liberty Latin America, BTC’s ultimate parent, that questioned the productivity and work ethic of Bahamian employees in comparison to

their Jamaican counterparts.

While BTC and Liberty have argued that those comments were “taken out of context”, and reflected Mr Nair’s experience on visiting the BTC Mall at Marathon retail store, Mr Rolle said Jr Sinclair has responsibility for both Liberty’s Bahamian and Jamaican affiliates.

“Mr Sinclair has yet to come back and say Mr Nair was wrong for making that sort of distinction,” Mr Rolle told Tribune Business.

SEE PAGE 5

SNAPSHOTS from the BEST Commission’s workshop.

PAGE 4, Tuesday, July 23, 2019

THE TRIBUNE

Sky Bahamas in battle for survival FROM PAGE ONE

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

otherwise it may be unable to survive financially.

“We’re in a position where there’s not a lot to pull from any more,” he told Tribune Business. “It’s critical. We had a run on the bank last week when word got out and everybody was calling.

“We had a meeting and we said if we don’t get it today we will have to make some hard decisions tomorrow. It’s critical now. We’re there right now. I met with my folks today to tell them we need to get the air operator certificate today or tomorrow. That’s how critical it is.

We are right there. We are there.”

Captain Butler added that Sky Bahamas had been able to keep some departments, such as maintenance,

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

2019 CLE/Qui/00266

BETWEEN IN THE MATTER of Quieting Titles Act, 1959 (Chapter 393 Statute Laws of The Bahamas, Revised Edition 2001) AND IN THE MATTER OF all that piece parcel or Lot of Land containing an area of forty-two thousand one hundred and thirty-five (42,135) square feet being the property of Jordan Memorial Baptist School situate on the Eastern side of Baillou Hill Road and approximately one hundred and fifty (150) feet South of Newbold Street in the Southern District of the Island of New Providence within the Commonwealth of The Bahamas which said Piece Parcel or Lot of Land is bounded on the North by various land owners and running thereon three hundred and thirteen and forty hundredth (313.40) feet on the East by various land owners and running thereon one hundred and thirty-one and eighty-eight hundredth (131.88) feet on the South partly by Lot number four (4) in the People Development Subdivision and partly by land occupied by The Bahamas Baptist Missionary & Educational Convention Incorporated and running thereon three hundred and twelve and twenty-five hundredth (312.25) feet on the West by Baillou Hill Road and running thereon one hundred and twenty-seven and zero two hundredth (127.02) feet in the Southern District of the Island of New Providence in the Commonwealth of The Bahamas.

AND IN THE MATTER OF all that piece parcel or Lot of Land containing an area of five thousand one hundred (5,001) square feet situate on the Eastern side of Baillou Hill Road and approximately two hundred and seventy-seven (277) feet South of Newbold Street in Southern District of the Island of New Providence within the Commonwealth of The Bahamas which said Piece Parcel or Lot of Land is bounded on the North by the old Jordan Memorial Baptist School ground and running thereon one hundred and twenty (120.00) feet on the East by Lot number four (4) and running thereon for forty-one and seventy hundredth (41.70) feet on the South by Lot number two (2) and running thereon for one hundred and twenty (120) feet on the West by Baillou Hill Road and running thereon forty-one and seventy hundredth (41.70) feet in the Southern District of the Island of New Providence in the Commonwealth of The Bahamas.

AND IN THE MATTER of the Petition of THE BAHAMAS BAPTIST MISSIONARY & EDUCATIONAL CONVENTION INCORPORATED under the Quieting Titles Act 1959.

NOTICE The Petition of THE BAHAMAS BAPTIST MISSIONARY & EDUCATIONAL CONVENTION INCORPORATED in respect to ALL THAT piece parcel or Lot of Land containing an area of forty-two thousand one hundred and thirty-five (42,135) square feet being the property of Jordan Memorial Baptist School situate on the Eastern side of Baillou Hill Road and approximately one hundred and fifty (150) feet South of Newbold Street in the Southern District of the Island of New Providence within the Commonwealth of The Bahamas which said Piece Parcel or Lot of Land is bounded on the North by various land owners and running thereon three hundred and thirteen and forty hundredth (313.40) feet on the East by various land owners and running thereon one hundred and thirty-one and eighty-eight hundredth (131.88) feet on the South partly by Lot number four (4) in the People Development Subdivision and partly by land occupied by The Bahamas Baptist Missionary & Educational Convention Incorporated and running thereon three hundred and twelve and twenty-five hundredth (312.25) feet on the West by Baillou Hill Road and running thereon one hundred and twenty-seven and zero two hundredth (127.02) feet and which said Piece Parcel or Lot of Land has such position boundaries markers and dimension shown on the said Plan filed coloured Pink.

AND in respect to ALL THAT piece parcel or Lot of Land containing an area of five thousand one hundred (5,001) square feet situate on the Eastern side of Baillou Hill Road and approximately two hundred and seventy-seven (277) feet South of Newbold Street in Southern District of the Island of New Providence within the Commonwealth of The Bahamas which said Piece Parcel or Lot of Land is bounded on the North by the old Jordan Memorial Baptist School ground and running thereon one hundred and twenty (120.00) feet on the East by Lot number four (4) and running thereon for forty-one and seventy hundredth (41.70) feet on the South by Lot number two (2) and running thereon for one hundred and twenty (120) feet on the West by Baillou Hill Road and running thereon forty-one and seventy hundredth (41.70) feet and which said piece parcel or Lot of Land has such position boundaries markers and dimension shown on the said Plan filed coloured Pink.

The Petitioner, THE BAHAMAS BAPTIST MISSIONARY & EDUCATIONAL CONVENTION INCORPORATED, claims to be the legal and beneficial owner in fee simple in possession of ALL THAT parcel or land hereinbefore described and the Petitioner has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act, 1959, to have its title to the said land investigated.

Copies of the filed Plan may be inspected during normal working hours at:a. The Registry of the Supreme Court, British American Building, Marlborough and George Streets, Nassau, N.P. Bahamas; or b. The Chambers of Kelphene Cunningham & Company, Norfolk House Ground Floor, Frederick Street, Nassau, Bahamas.

NOTICE IS HEREBY GIVEN that any person having a dower or right to dower or any adverse claim or claim not recognized in the Petition shall on or before the 30th day after the last day on which the advertisement appears in the papers, file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form and verified by the Affidavit to be filed therewith. Failure of any such person to file and serve a statement of such claim on or before the 30th day after the last day on which the advertisement appears in the papers will operate as a bar to such claim.

DATED this 11th day of July, A.D., 2019 KELPHENE CUNNINGHAM & COMPANY Chambers Norfolk House Frederick Street Nassau, Bahamas Attorneys for the Petitioner

working during a period when its two aircraft are unable to offer commercial services on the carrier’s established routes to Abaco, Exuma and Cat Island.

He conceded, though, that “this pay period would be affected” because the airline’s inability to fly means it is earning no revenue income to meet salaries.

Captain Butler said he and others had gone without pay to ensure other staff received their due salaries on July 15, with the next payment date falling on July 30.

“We can’t continue like this,” he added. “We are paying for insurance for the planes, insurance for the hangar; everything is going on. We still have to pay rent for Abaco and Exuma, and pay for the phones and internet. We had to do refunds for people who couldn’t fly, and we had to rebook and accommodate people.”

Captain Charles Beneby, the Bahamas Civil Aviation Authority’s director-general, last night confirmed to Tribune Business that the regulator was still reviewing whether or not to approve Sky Bahamas’ air operator certificate.

He argued, though, that the Authority “didn’t ground Sky Bahamas”, and said: “Sky Bahamas’ AOC has expired so we are in the process of going through our due diligence to ensure it is a licence or certificate we would want to renew.

“That activity goes on.

Sky is responsible for its own operations. It wasn’t because of any action by the Bahamas Civil Aviation Authority that caused Sky to be able to fly or not be able to fly. Until such time as [the AOC] is renewed, they would not be able to operate.”

Captain Beneby added that the regulator “conducts

ongoing surveillance” of licensed operators regularly throughout the year, and they are often given the chance to “fix” any issues that arise.

He declined, though, to comment on the “safety findings” in relation to Sky Bahamas, saying: “This is an investigation that is being conducted internally. I’m really loathe to get into any details.”

“I don’t expect it to be too long from the authority standpoint,” Captain Beneby said of a decision on the airline’s AOC. “We try to get these things turned around as quickly as possible. It depends on the company to some extent; how they respond to any outstanding issues.”

But Captain Butler, who said the Bahamas Civil Aviation Authority had yesterday accused him of failing to co-operate or address the safety inspection findings, countered that it had taken the regulator some 21 days to respond to Sky Bahamas’ letters and e-mails over the air operator certificate.

Recalling the timeline of events, and how commercial airlines were typically allowed to keep operating on their expired certificates until the new application was either accepted or rejected, Captain Butler said the authority “in this case wrote to us and said to discontinue service” on July 8.

The next day saw the meeting at which Captain Butler contested the safety inspection findings and pointed out that Sky Bahamas had already addressed the issues raised in a letter to the authority.

“They never wrote to us and said they were not renewing the AOC because of this or that,” he told Tribune Business. “They said

don’t fly because your certificate has expired. Normally there’s an extension until the minister decides ‘yes or no’.

“The whole thing should not have happened. When I was leaving the meeting on July 9, by the time I got back to my office I thought the AOC would have been renewed. The Independence holiday came and we did not get any renewal, and the 11th.

“I wrote to the directorgeneral on the 11th asking if there was a reason why the AOC was not being renewed, and there was no response until today other than phone calls. If there’s an issue, write it in black and white so I can respond to it.”

Captain Butler argued that the Civil Aviation Act 2016’s section 73 required the regulator to set out its reasons in writing if it rejected an AOC application, which he argued it has not properly done.

He added that the situation in The Bahamas had also affected the renewal of Sky Bahamas’ air operator certificate with the US aviation authorities.

“I have no idea what’s going on,” added Captain Butler. “I’ve written and get no response, not even an acknowledgement. I get a phone call and nothing happens. They say: Can we talk? I say: Send me in black and white what the position is, and I will send back a response in black and white and then talk, but I’m not doing a meeting until I get what’s going on.”

Captain Butler, meanwhile, also confirmed that Sky Bahamas is still seeking a “strategic partner” in the aviation industry with the contacts and knowledge to enhance its business, although that search may now face some interruption.

THE TRIBUNE

Tuesday, July 23, 2019, PAGE 5

BTC chief: I won’t succumb to dissent FROM PAGE ONE week by a widely-circulated video of Balan Nair, Liberty Latin America’s chief executive, appearing to unfavourably compare the productivity and work ethic of BTC’s staff with that of their Jamaican group counterparts.

BTC and Liberty argued that Mr Nair’s comments were “taken out of context”, as they referred only to his experience when he visited BTC’s Mall at Marathon store, and he also apologised to both the Prime Minister and the Bahamian people.

Yet BTC’s two unions, the Bahamas Communications and Public Officers Union (BCPOU) and the Bahamas Communications and Public Managers Union (BCPMU), have both rejected Mr Nair’s apology and subsequently refused to work with both him and Mr Sinclair - going so far as to even demand both their resignations.

Mr Sinclair, reiterating

that he was at a loss to explain the unions’ actions since they had both reached new industrial agreements with BTC, responded: “You have to relentless with pursuing the goal of moving into the 21st century with the right operating model, not an ancient model fit for the purposes of a monopoly.

“I say to our union partners: I know a little bit, and feel I have as much experience as any of them in managing a company in a competitive environment.

I would put my experience in running a telecommunications company in a competitive environment against theirs any day.”

Mr Sinclair, a Jamaican, ran CWC’s subsidiary in that nation, Flow Jamaica, before being given responsibility for all its 15 Caribbean territories. Following a group reorganisation, he now has responsibility for the “cluster” that includes The Bahamas, Jamaica and the Cayman Islands.

He admitted, though, that BTC’s ability to adjust

and prepare for competition post-privatisation had been impaired by the constant leadership and strategy changes at both the Bahamian carrier and its immediate parent, CWC. Mr Sinclair is now BTC’s fourth chief executive in the eight years since the 2011 privatisation, with Geoff Houston, Leon Williams and Dexter Cartwright all preceding him. There was similar turnover at CWC, with the chief executive’s role passing from Tony Rice to Phil Bentley, John Reid and now Inge Smidts, and the company being acquired by Liberty Latin America.

“There’s no question that BTC’s culture suffered from a lack of consistent, sustained leadership and vision,” Mr Sinclair told Tribune Business. “Culture is a leadership issue. The culture here did not benefit from the inconsistent leadership capacity, and lack of sustained strategy and vision - not just at the BTC level but the CWC level.”

However, he added that BTC’s adjustment was equally handicapped by the failure - until the recent industrial agreements - of the two trade unions to “forge a true partnership” with management and

Union: BTC ‘needs leader with a plan’ FROM PAGE THREE “BTC has been in the hands of Cable & Wireless Communications (CWC), and subsequently Liberty, since 2011.

“They had any number of opportunities to bring BTC up to par if they believed BTC was falling behind, which I don’t accept it was.

Over the years CWC and Liberty Latin America have failed to make the necessary structural investment in BTC to cause BTC to be what they believe Jamaica is.”

Pointing out that BTC was a greater revenue contributor to both CWC and Liberty than other Caribbean territories, although this is at least partly due to the US dollar peg, Mr Rolle continued: “Let Mr Sinclair tell the staff if he believes BTC is being treated fairly. We don’t

believe we are...

“What is his clear plan for growing this business? We haven’t seen any plan to grow the business here. All Mr Sinclair wants to do is cut. Often times, when you have to cut expenses, it’s at the expense of employees. Mr Sinclair is most disingenuous. Since 2011 the staff have never called for the removal of a chief executive, but they don’t see a future working with this one.”

Mr Rolle added that the unions and BTC had been engaged in a “written back and forth” to negotiate the terms of a proposed VSEP package, but said Mr Sinclair had abruptly brought this process to an end “because the company had gone as far as it was able to go”.

“The Bahamian people, the employees realise how important it is for this company to

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MARIA INNOCENT of 14904 Gentilly Place, Tampa Fla. 33624, USA., intend to change my name to MERRYTHA MARIE INNOCENT. 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.

NOTICE

NOTICE is hereby given that TAREKA TELISMA of Mount Royal Avenue, Clifton Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

settle down and compete, because we’re in a competitive environment,” the BCPOU chief told Tribune Business. “We need a leader with a plan. That’s not Garry Sinclair. That’s not him.”

recognise the company was now operating in a competitive environment.

“We had that perfect storm,” Mr Sinclair added.

“A need to adjust the operating model as we lost revenue, the chopping and changing in leadership, the need to forge that partnership, and the union leadership and all the colleagues in the business completely unused to and inexperienced in a competitive environment. Their only point of reference was operating this [mobile] monopoly that generated 70 percent or two-thirds of revenue and growing as a monopoly.”

Responding to union concerns that he is effectively a part-time chief executive

because of his Jamaican and Cayman capabilities, Mr Sinclair said this assertion “suffers from the traditional view of leadership, particularly in the monopoly that owns us”.

With BTC ranked as Liberty Latin America’s “least efficient” operator, Mr Sinclair revealed he had been tasked with “moving the The Bahamas in a huge needle moving operation”.

He added: “I was given the responsibility to move this business in the direction we all know it can go, and make it the best operator in the region. Jamaica, The Bahamas and Panama are the three needlemoving businesses in the Liberty Latin America cluster, absolutely critical to

success and failure, and I have responsibility for two of three.

“While the union partners may see this as a negative, I see it as a positive. Our director of technology and operations, Andre Foster, has been given responsibility for this entire cluster, two of the three biggest businesses in the CWC network.

“That is a positive development because people’s capabilities are being recognised. What I would say to our union partners is they should be happy other members of the Bahamian team have been given these additional responsibilities.

Bahamians have as much, if not more, capability to graduate in our network.”

ASSISTANT OFFICE MANAGER An established company is presently considering applications for an Assistant Office Manager. The position is open to candidates who possess the following:Qualifications Highly detail-oriented Able to work independently and multi-task, Excellent verbal and written communication skills A Bachelor’s Degree or equivalent Must have a minimum of three (3) years of experience relevant to the responsibilities and computer literate Accounting experience a plus All interested applicants should email resume to nassaurecruitment@gmail.com

PAGE 6, Tuesday, July 23, 2019

THE TRIBUNE

Atlantis buyer must give workers ‘piece of the pie’ FROM PAGE ONE them know what the labour climate is.

“We don’t have closed shop, but Bahamians have rights, investors have rights and they have to work together to achieve the kind of growth we’ve seen in the industry over the last 18-24 months.”

Agreeing that it was time for Brookfield to seek an exit after holding Atlantis for just over eight years, Mr Woods added: “We believe a buyer coming in at this time would bring some some stability to the property.

“We would know who the property owner is as opposed to an asset manager, who has a number that they expect to get and that’s what they’re seeking to do. We have not had any interaction with them [Brookfield] at that level.

We have only seen the fruits

of what they’ve done.

“We’ve seen numerous changes happening at the property with no consultation with the union.

They did what they had to do, and pretty much went ahead and did it. That forced us to do some things we did not want to to, and let them know the union is still there even though they dismissed the union’s existence in their minds.”

Mr Woods, though, said any Atlantis purchaser needed to ensure its workforce shared in the property’s future success.

“Anyone coming to The Bahamas comes because they know this is a place they can make money,” he added, “but that has to transcend into the employees getting a piece of the pie,.

“The customer experience needs to be superior.

We need an owner that’s looking at the total package

NOTICE

NOTICE is hereby given that JODLIN JOSUE of Sandilands Village Road, 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 23rd day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

we have to sell. We’re more than sun, sand and sea.

People return because of the excellent service and experience they get from people in the industry.”

The hotel union chief said any purchaser would need to be “better able to market the property under a brand” and bring additional guests to the property, following in the footsteps of original Atlantis developer, Sir Sol Kerzner, and building on his success.

“Say what you like about Sir Sol, Atlantis was a brand and he worked hard to get the word out without being attached to the likes of the Marriott and Hilton,” Mr Woods said.

Brookfield Asset Management holds $330bn of global real estate and other properties, among which is Atlantis. More an asset manager of underlying real estate, hospitality and resorts are not its speciality,

whereas retail and commercial office space are.

It is also thought to have become much more involved in Atlantis’s dayto-day operations than it likes.

Brookfield has also twice refinanced Atlantis’ debt, the last transaction occurring in mid-2018, and previously sold the Ocean Club to Len Blavatnik’s Access Industries to raise principal to pay down that debt.

Morningstar Credit Ratings, the investment analysis firm which assigned the highest ‘triple-A’ rating to the most senior financing tranches in Atlantis’s last $1.85bn refinancing, revealed in a July 2018 report that the resort “feels strongly” that Baha Mar’s emergence will not impact its long-term performance after net operating income jumped 27 percent for the 2018 first quarter.

NOTICE

NOTICE is hereby given that SHANTEL TAMERA BECKFORD of Yamacraw Beach Estate, 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 23rd day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LAWMAKERS PLAN TO CRAFT COMPROMISE ON RESTAURANT WORK RULES HARTFORD Associated Press CONNECTICUT lawmakers decided yesterday to come up with compromise legislation this summer that addresses concerns raised by restaurant owners over wage and hour rules, forgoing a plan to override Gov Ned Lamont’s veto of a bill that would have required the state Department of Labour to clarify its standards.

Democratic House Speaker Joe Aresimowicz of Berlin said meetings will be held in the coming days to try and reach an agreement.

An informational meeting for the public will then be held on a new bill before the General Assembly returns for a vote.

“We really tried all weekend, shopping ideas back and forth,” said Aresimowicz, who had announced Friday the House of Representatives planned to override the veto. “But to come up with a bill that would have taken into consideration all of the concerns would have been very difficult.”

The Connecticut Restaurant Association and its members want the state’s rules clarified, considering there are inconsistencies that have become the subject of litigation.

Some restaurant owners are facing the possibility of paying costly fines and back wages, after being told for years it’s legal not to count every minute their servers and bartenders perform a

task other than serving, so long as it’s less than 20 percent of their shift.

“Something like this could be devastating,” warned Barry Jessurun last week.

CEO of a group that owns several restaurants in northeastern Connecticut, he predicted there could be restaurant closures if this issue is not addressed.

But in his veto message, Lamont raised concerns about how the bill would have repealed the state’s current regulations retroactively in order to address any pending lawsuits. He noted that could “extinguish a worker’s right in an amount lawfully required.” Lamont also said the legislation made significant policy changes to a complex area of the law without sufficient study, debate or input from stakeholders.

Yesterday, a spokesman said, “the governor remains open to compromise.”

House Minority Leader Themis Klarides, a Republican from Derby, had hoped lawmakers could pass a fix on Monday.

“This needs to be done soon,” Klarides said, adding how Connecticut’s restaurant owners have been given the wrong information for years. “So now what do you do? This needs to be clarified yesterday.”

Lawmakers yesterday declined to override two other bills that Lamont vetoed. They include one that would have made the theft of cooking oils a Class A misdemeanor, punishable by up to one year in prison.

LEGAL NOTICE

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138(4) of the International Business Companies Act, (No. 45 of 2000), MIPRELA SERVICES LTD. (the “Company”) is in dissolution. The date of commencement of the dissolution is 26th June, 2019. Nassadmin Ltd. is the Liquidator and can be contacted at Old Fort Bay Town Centre, Nassau, Bahamas All persons having claims against the above names Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 26th July, 2019

LEGAL NOTICE

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138(4) of the International Business Companies Act, (No. 45 of 2000), Sulla Trade Ltd. (the “Company”) is in dissolution. The date of commencement of the dissolution is 26th June, 2019. Nassadmin Ltd. is the Liquidator and can be contacted at Old Fort Bay Town Centre, Nassau, Bahamas All persons having claims against the above names Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 26th July, 2019

LEGAL NOTICE

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138(4) of the International Business Companies Act, (No. 45 of 2000), Mitrana Group HK Ltd (the “Company”) is in dissolution. The date of commencement of the dissolution is 26th June, 2019. Nassadmin Ltd. is the Liquidator and can be contacted at Old Fort Bay Town Centre, Nassau, Bahamas All persons having claims against the above names Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 26th July, 2019

THE TRIBUNE

Tuesday, July 23, 2019, PAGE 7

Deal sealed on federal budget, ensuring no shutdown, default WASHINGTON Associated Press PRESIDENT Donald Trump and congressional leaders announced yesterday they had struck a critical debt and budget agreement.

The deal amounts to an against-the-odds victory for Washington pragmatists seeking to avoid politically dangerous tumult over the possibility of a government shutdown or first-ever federal default.

The deal, announced by Trump on Twitter and in a statement by Democratic House Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer, will restore the government’s ability to borrow to pay its bills past next year’s elections and build upon recent large budget gains for both the Pentagon and domestic agencies.

“I am pleased to announce that a deal has been struck,” Trump tweeted, saying there will be no “poison pills” added to follow-up legislation. “This was a real compromise in order to give another big victory to our Great Military and Vets!”

The agreement is on a broad outline for $1.37tn in agency spending next year and slightly more in fiscal 2021. It would mean a win for lawmakers eager to return Washington to a more predictable path amid political turmoil and polarisation, defense hawks determined to cement big military increases and Democrats seeking to protect domestic programmes.

Pelosi and Schumer said the deal “will enhance our national security and invest in middle class priorities that advance the health, financial security and well-being of the American people.”

They claimed credit for winning more than $100bn worth of spending increases for domestic priorities since Trump took office.

Nobody notched a big win, but both sides view it as better than a protracted battle this fall that probably wouldn’t end up much differently.

NANCY PELOSI

DONALD TRUMP

However, it also comes as budget deficits are rising to $1tn levels — requiring the government to borrow a quarter for every dollar the government spends — despite the thriving economy and three rounds of annual Trump budget proposals promising to crack down on the domestic programmes that Pelosi is successfully defending now.

It ignores warnings from deficit and debt scolds who say the nation’s fiscal future is unsustainable and will eventually drag down the economy.

“This agreement is a total abdication of fiscal responsibility by Congress and the president,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a Washington advocacy group. “It may end up being the worst budget agreement in our nation’s history, proposed at a time when our fiscal conditions are already precarious.”

A push by the White House and House GOP forces for new offsetting spending cuts was largely jettisoned, though Pelosi, D-Calif, gave assurances about not seeking to use the follow-up spending bills as vehicles for aggressively liberal policy initiatives.

Fights over Trump’s USMexico border wall, other immigration-related issues and spending priorities will be rejoined on spending bills this fall that are likely to produce much the same result as current law. The House has passed most of its

bills, using far higher levels for domestic spending.

Senate measures will follow this fall, with levels reflecting the accord.

At issue are two separate but pressing items on Washington’s must-do agenda: increasing the debt limit to avert a first-ever default on US payments and acting to set overall spending limits and prevent automatic spending cuts from hitting the Pentagon and domestic agencies in January.

The threat of the automatic cuts represents the last gasp of a failed 2011 budget and debt pact between former President Barack Obama and then-Speaker John Boehner, R-Ohio, that promised future spending and deficit cuts to cover a $2tn increase in the debt.

But a bipartisan deficit “supercommittee” failed to deliver, and lawmakers were unwilling to live with the follow-up cuts to defense and domestic accounts. This is the fourth deal since 2013 to reverse those cuts.

Prospects for an agreement, a months-long priority of top Senate Republican Mitch McConnell, R-Ky, became far brighter when Pelosi returned to Washington this month and aggressively pursued the pact with Treasury Secretary Steven Mnuchin, who was anointed lead negotiator instead of more conservative options like acting White House Chief of Staff Mick Mulvaney or hardline Budget Director Russell Vought.

To advertise in The Tribune, contact 502-2394

PAGE 8, Tuesday, July 23, 2019

THE TRIBUNE

EQUIFAX TO PAY UP TO $700M IN DATA BREACH SETTLEMENT NEW YORK Associated Press EQUIFAX will pay at least $700m — and potentially much more — to settle

lawsuits over a 2017 data breach that exposed the Social Security numbers and similar sensitive information of roughly half of the US population.

The settlement with federal authorities and states, reached yesterday, includes up to $425m in monetary relief to consumers, a $100m civil penalty, and other

offers to the nearly 150 million people who could have been affected. It can’t, however, guarantee safety for individuals whose stolen information could circulate

on the internet for decades.

The breach was one of the largest ever to threaten Americans’ private information. The credit reporting company didn’t notice the intruders targeting its databases, who exploited a known security vulnerability that Equifax hadn’t fixed, for more than six weeks.

The compromised data included Social Security numbers, birth dates, addresses, driver license numbers, credit card numbers and in some cases, data from passports. The resulting scandal led to the abrupt dismissal of Equifax’s then-CEO and many other executives at the company.

“Companies that profit from personal information have an extra responsibility to protect and secure that data,” said Federal Trade Commission Chairman Joe Simons. “Equifax failed to take basic steps that may have prevented the breach.”

Equifax CEO Mark Begor said in a statement that the settlement “reinforces our commitment to putting consumers first and safeguarding their data”.

Consumer advocates were generally positive on the settlement, but had concerns about its timescale. Claims can only be filed for the next four years, but the thieves stole permanently identifiable information like Social Security numbers and birthdates, the data could be used for decades to commit identity theft.

“What happens if a consumer is the victim of ID theft in the fifth year resulting from the breach, which costs the consumer tens of thousands of dollars?” said Chi Chi Wu, staff attorney at the National Consumer Law Center.

Shares of Equifax, which plunged 30% following disclosure of the breach, have since made up that drop.

Yesterday, Equifax stock price closed at $137.84 — not far from its price of $141.45, where it was trading just before the breach was disclosed on Sept 7, 2017.

Business analysts say the settlement will remove a cloud of uncertainty over Equifax’s business.

It also, however, underscores that US consumers are still at the mercy of the credit-reporting companies when it comes to protecting their crucial personal details. Two years after the breach, Equifax, along with its competitors TransUnion and Experian, remain the primary repositories of the data that banks use to make credit decisions.

They face little regulation and disclose few details about their operations, despite promises to tighten security and rebuild consumer trust. Ordinary people have no easy way to opt out of the data collection that lands their personal details in corporate databases.

Equifax’s CEO said he has seen zero evidence the stolen data has appeared for sale on the so-called “dark web” and no evidence of an increased identity theft because of the breach. The company did not provide any evidence to back up that claim.

Security experts said there’s really no way to know, especially in the absence of third-party validation. “You cannot determine with certainty that the information will never wind up in the hands of people who are going to use it,” said Ryan Calo, a law professor at the University of Washington.

“It is a lifetime risk exposure,” said Rich Mogull, CEO of the security firm Securosis, who added that the data might be useful for surreptitious uses beyond direct identity fraud.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I,LEMUEL GIBSON of South Beach, P.O. Box N-9634, Nassau, Bahamas intends to change my name to THOMAS RICARDIO COOPER. 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.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 22 JULY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,204.43 | CHG: -0.04 | %CHG: 0.00 | YTD: 94.98 | YTD%: 4.50 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.60 2.60 2.00 3.00 11.75 6.17 4.64 12.50 2.74 2.40 10.00 7.01 15.60 8.07 3.75 14.00

52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 9.17 6.13 3.54 8.59 2.35 1.75 7.51 6.10 11.25 6.20 3.01 13.00

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 4.18 17.43 6.00 5.39 2.49 1.95 2.18 11.75 6.16 4.45 9.02 2.87 2.20 10.11 7.00 15.45 7.98 3.37 14.00

CLOSE 4.18 17.43 6.00 5.39 2.49 1.95 2.18 11.75 6.16 4.45 9.02 2.89 2.36 10.04 7.00 15.45 7.98 3.37 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 0.02 0.16 -0.07 0.00 0.00 0.00 0.00 0.00

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

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

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

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

2,000 200 500

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 17.4 18.7 N/M 16.7 N/M N/M -5.0 16.6 12.8 24.2 14.4 28.3 5.1 N/M 11.5 20.8 8.5 16.6 22.2

YIELD 3.83% 7.23% 0.00% 4.64% 0.00% 1.03% 0.00% 6.13% 3.57% 2.70% 0.00% 2.35% 2.54% 3.27% 3.43% 3.50% 2.51% 3.56% 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

MUTUAL FUNDS 52WK HI 2.24 4.29 2.06 188.32 158.55 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 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 7.72 8.97 6.77 11.25 12.14 10.57 9.92 8.68 11.38

YTD%12 1.55% 1.18% 1.11% 2.06% 4.52% 1.57% 0.99% 1.32% 3.22% 3.25% 3.82% 2.59% 8.44% 3.87% 1.84% -0.71% 7.40% 10.20%

MTH% 3.97% 4.17% 2.71% 4.97% 0.96% 4.58% 4.25% 4.12% 5.64% 6.65% 8.36% 4.81% 0.78% 4.17% 2.29% 0.16% 2.70% 1.30%

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

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 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

NOTICE

NOTICE is hereby given that GODWYN SYLVESTER SCOTT of #335 Jansel Court, Freeport, Grand Bahama, 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 16th 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 NYAIMA SHAINIKA PIERRE, of Wilson Tract, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th 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 ANGELA ESTIME of South Beach 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 16th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.