07242019 BUSINESS

business@tribunemedia.net

WEDNESDAY, JULY 24, 2019

$4.75 Real estate sales show two-tiered market continues

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net REAL estate sales data for the 2019 first half continues to show a two-tiered market, as the lower and middle class segment continues to struggle while the upper end surges.

An analysis of Multiple Listing System (MLS) data by real estate firm, Engel & Volckers (Bahamas), said access to mortgage financing and the ability of borrowers to meet more stringent lender demands would continue to dictate the strength of the market for New Providence properties priced between $100,000 to $500,000.

This is the segment dominated by the Bahamian lower and middle class, and Engel & Volckers said: “Lending will continue to be the main factor determining how well this market performs.

“This is primarily a local market relying on mortgages.

Improved data supporting lending, appraisals and property tax structures can help stimulate confidence by establishing a more accurate baseline of values to support confidence in lending practices.”

The outlook changes significantly, though, for New Providence properties priced at $500,000 and up. This market segment is dominated by upper middle class and high-end Bahamian buyers, together with wealthy expatriates and second home purchasers.

Engel & Volckers said some 900 new units between the $500,000 and $2.5m price points are set to be released on to the market via the residences at Baha Mar’s Rosewood and SLS resorts, along with developments such as One Marina at Palm Cay, Hurricane Hole on Paradise Island, the Residences at Goldwynn and The Pointe.

“These projects are all new, modern and amenity driven with prices competing with the already established market,” the realtor added. “These project sales are not reflected in MLS data, and in most cases are in the early contractual stages with their buyers.

“Sales will not complete for a period of time pending the final completion of each project. These projects should affect the market in this price range for the next 18 to 24 months.” As for properties priced over $2.5m, Engel & Volckers added that investors will continue to view The Bahamas “as a viable lifestyle opportunity” provided there are no changes to its investment climate.

While MLS data does not capture every property deal in The Bahamas, it represents the largest collection of current, accurate information on how the real estate market is performing. Engel & Volckers said

SEE PAGE 3

$4.77

$4.83

Aliv: ‘Growth at all costs’ has finished

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

LIV’S top executive says its business model is shifting from “growth at all costs” as it targets a mobile market share “in the mid-40 percent” range by the 2020 half-way mark.

Damian Blackburn, in a recent interview with Tribune Business, said the cellular operator is moving away from the discounts and promotions previously employed to attract subscribers towards what he termed “sensible growth”.

With Aliv having “build a brand position that is second to none in The Bahamas” in less than three years since its launch, Mr Blackburn said it was now poised to further

• Targeting mid-40% mobile share this year • To ‘up the ante’ with $10m network spend • 5G unlikely to be ‘available’ until 2022

DAMIAN BLACKBURN expand its existing 151,395 customer base and 38 percent market share.

He disclosed that Aliv plans to “up the ante” on its network this financial year, which began on July

1, by investing around $10m - especially in areas where there is high demand for data - to improve the customer experience.

The Bahamian operator is also “keeping a close eye” on global developments around 5G, the next generation of mobile technology, even though Mr Blackburn suggested this was unlikely to become “commercially available” until 2022.

Voicing “100 percent confidence” that Aliv remains on course to become EBITDA (earnings before interest, taxation, depreciation and amortisation) positive before the 2019

Tribune Business Reporter

nmckenzie@tribunemedia.net MEDITERRANEAN Shipping Company (MSC) executives yesterday said $300m has been invested todate in transforming Ocean Cay from an “industrial site into paradise”, with close to 130 Bahamians to be employed.

The Swiss-headquartered global shipping giant, and fast-growing cruise line operator, said its new private cruise port and marine park near Bimini is set to welcome its first guests on November 9 this year.

A delegation of senior MSC executives met

DPM: OECD tax review ‘pointless, will be deferred’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

yesterday with the Prime Minister and other Cabinet members to discuss the project’s final stages, with the company pledging that 90 percent of the 140 full-time posts - including assistant general manager - will be filled by Bahamians.

Pierfrancesco Vago, MSC Cruises’ executive chairman, said the cruise line was “already a very important partner for The Bahamas”

SEE PAGE 4

SEE PAGE 6

SEE PAGE 5

• MSC pledges 90% of Ocean Cay jobs Bahamian • Targeting November 9 for first cruise passengers • Will bring 500,000 guests to Bahamas in 2020

ARTIST rendering of MSC’s private cruise port on Ocean Cay.

KP TURNQUEST

THE deputy prime minister yesterday said a planned OECD review of The Bahamas is “pointless” and “will be deferred” because this nation has yet to enter any income tax treaties.

KP Turnquest told Tribune Business that the government was in the process of “resolving” this issue with the Organisation for Economic Co-Operation and Development (OECD) after it placed The Bahamas among nations it was scheduled to assess for compliance with its anti-tax evasion/avoidance offensive this fall.

The assessment examines how effective countries have been in implementing the so-called “Action 14” of its Base Erosion and Profit Shifting (BEPS) initiative, which deals with the inclusion of dispute resolution mechanisms in tax treaties between countries so that any difficulties/differences between the parties can be resolved in an agreed manner.

Mr Turnquest, though, explained that “Action 14” and the OECD peer review process are currently irrelevant for The Bahamas given that it has yet to sign any income or capital-related tax treaties with other nations.

He agreed with the OECD’s own statement that the review of The Bahamas will be “deferred” until such time as it enters such

year-end, he said the company had “turned the peak” of the challenges presented by its capital-intensive financing needs.

Mr Blackburn pledged that Aliv will “not take on levels of debt that are unsustainable”, while pointing to the fact that it had made $185m in capital investments to-date. Besides the initial $62m licence payment, he said some $123m had been spent on developing “worldclass 4.5G networks and systems” that now covered the entire Bahamas.

“We’re still growing

$300m takes island from ‘industrial site to paradise’

By NATARIO MCKENZIE

$4.83

Cable and BTC reject urca’s IXP argument

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CABLE Bahamas and the Bahamas Telecommunications Company (BTC) have unanimously cast doubt on URCA’s case for developing a local Internet Exchange Point (IXP).

The Bahamas’ two largest communications companies, responding to the Utilities Regulation and Competition Authority’s (URCA) consultation document on the proposal, said the cost and efficiency benefits touted by the regulator were “overstated” given that any delays in accessing internet content likely averaged less than between 18-23 milliseconds.

BTC, in particular, suggested that URCA’s

• Carriers say internet exchange case ‘overstated’ • Say delayed access reduction benefits minimal • And costs ‘under-estimated’ by sector regulator argument had been based on experiences in other countries that were not comparable to The Bahamas. It argued that a Bahamas-based IXP would only reduce delays in accessing data by around three milliseconds, “less than two percent” of the reduction enjoyed by nations such as Kenya and Nigeria.

While these nations were far away from the nearest global Internet Network Access Point, BTC said The Bahamas by contrast was located in close proximity to the one in Miami.

This meant that the time

required to access locallygenerated traffic and content was “minimal” even if this had to first exit The Bahamas and come back in.

URCA’s original consultation document argued that the cost of establishing a Bahamas-based IXP, which is a point, facilities or infrastructure on the Internet where Internet Service Providers and content distributors connect with each other, was relatively minimal.

Pointing out that multiple other Caribbean nations already possess their own IXP,

URCA said establishing a similar “clearing house” for Internet traffic would improve access and service quality, reduce delays, produce cost savings on international transmission links, and both help local content providers and attract their international counterparts to The Bahamas.

“In BTC’s view, however, the consultation document fails to provide any evidence to demonstrate that any of these claimed IXPrelated benefits would in fact be likely to materialise to any significant degree in

The Bahamas,” the Liberty Latin America-owned carrier replied.

“As well, BTC considers that URCA significantly underestimated the cost of establishing a carrier-grade IXP in The Bahamas. In other words, the benefits outlined in the consultation document are largely ‘assumed’ and overstated, and the associated costs understated.”

When it came to latency, which is delays that impede the speed with which data travels on the Internet, BTC added: “URCA is overstating the potential latency gains in large part because of its reliance on external reports dealing with foreign jurisdictions that are not representative of the local conditions in The Bahamas.

SEE PAGE 4

PAGE 2, Wednesday, July 24, 2019

THE TRIBUNE

Farmer’s Market ‘closer to home’ for east Nassau THE Bahamas Agricultural and Industrial Corporation’s (BAIC) latest Pop-Up Farmer’s Market has been hailed by eastern New Providence customers delighted to see it “closer to home”.

BIAC and the Potter’s Cay Dock Produce Exchange moved the event from Gladstone Road to RM Bailey Park on Saturday, leading attendees to describe it as a “smashing success” in subsequent feedback.

Bishop Gregory Collie, BAIC’s chairman, said: “We have been getting some really good response from patrons. They are happy we are on RM Bailey Park and, in fact, they are trying to convince us to stay here.”

Customers purchased Bahamian grown fresh fruits and vegetables such as tomatos, cucumbers, butternut squash, okra, sweet potato, green pepper, hot pepper, goat pepper, breadfruit, papaya, water melon, banana, avocado pear, plantain, coconut, sugarcane and guinep.

To spark the revival of agriculture on the Family Islands, BAIC is encouraging farmers in Abaco, Andros, Cat Island, Eleuthera and Exuma to grow a variety of fruits and vegetables in good quality and quantities that can be sold at the Farmer’s Market.

John Burrows, BAIC’s manager of agricultural business development at BAIC, also encouraged New Providence farmers to apply for stalls and sell their produce

THE BAHAMIAN delegation with Bahamas Counsel General to Atlanta, Astra Armbrister, centre.

BAIC Chairman Bishop Gregory Collie.

PATRON sampling delicious watermelon at farmer’s market.

ANJI’s Tea at the Village Market Atlanta.

Bahamian entrepreneurs take part in Atlanta event SHOPPERS lined up to purchase their produce. at the Farmer’s Market.

“BAIC is here to help the farmers,” Mr Burrows said, “There is no competition with the farmers, but there is assistance

for the farmers.”

The next Pop-Up Farmers market will be held at Yamacraw in eastern New Providence on Saturday, July 27.

THE Small Business Development Centre (SBDC) has helped four Bahamian companies to participate in The Village Market Atlanta and sell their handmade products.

The SBDC worked with The Bahamas’ Consulate General in Atlanta to facilitate a trip that was undertaken by Cajouben, a vegan luxury reimagined fashion brand, owned by Candis Marshall; Anji’s

Delightful Teas, a Bahamian bush tea company owned by Angella Stuart; Octis Organics, an organic Bahamian seasonings company owned by Calae Burrows; and Wildcrafted Base, an organic Bahamian pepper sauce company owned by Kira Horton.

The Village features black entrepreneurs, and creates opportunities for black business owners to maximise profits while creating and sustaining generational wealth in black communities. With 1,300 businesses and more than 3,000 attendees, The Village Market Atlanta offers opportunities for networking and increased product reach beyond The Bahamas.

Astra Armbrister, The Bahamas’ consul general to Atlanta, said of the partnership between her office, the SBDC and The Village Market Atlanta: “As Consul General, I have the opportunity to see many spaces across the United States, where entrepreneurship and small businesses are thriving.

“I think it is absolutely necessary to build communities and to create spaces for our Bahamians to thrive - whether that means expansion into new markets, sharing stories of success, receiving coaching on failures or deepening our networks. That is what this partnership with the Village Market Atlanta is intended to do.”

Ms Armbrister continued: “The Bahamas is embarking on what we hope will be a new era of economic ownership and empowerment for Bahamian entrepreneurs.

“The Bahamas Consulate General in Atlanta will continue our work on opening the doors to trade, investments and forging business-to-business relationships between Bahamians in the diaspora and those residing in The Bahamas. Our passion is that prosperity reigns on all things Bahamian.”

Davinia Blair, the SBDC’s executive director of the SBDC, added: “We are grateful to the Bahamas Consulate of Atlanta for providing access to this opportunity and thinking of ways to advance the footprint of Bahamian entrepreneurs.

“This trip provided entrepreneurs with an opportunity to network and market their products to a larger audience, and make life-changing connections. I truly believe that this event is the beginning of amazing opportunities for Bahamians, and we are excited to be a part of it.

“This was also an educational trip for us. We will take everything that we’ve experienced in Atlanta and utilise it to better our programme, and continue to create platforms and avenues to advance Bahamian entrepreneurs.”

While in Atlanta, the Bahamian group visited the Enterprise Innovation Institute at Georgia Tech University. They were given an inside look at how Georgia Tech is promoting and facilitating entrepreneurship and innovation within the institute and abroad.

The delegation was given a tour of the institute’s building, which is a hub for entrepreneurs and start-up companies.

Describing the opportunity as enlightening, Ms Blair said: “The SBDC is always open to learning and experiencing the ways that other institutes and programmes are advancing entrepreneurship and innovation. It’s the way we grow, and how we can best help our clients to be successful and remain relevant in their business endeavours.

“We were able to get a first-hand look at how Georgia Tech is successfully executing their programmes. Then we were able to experience the market, and how those buyers reacted to certain products; it was enlightening. Now we can take what we’ve learnt and strategically mould it to enhance the Bahamian micro, small and medium-sized enterprises and entrepreneurs.”

The SBDC is the product of a tripartite arrangement between the Government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC).

The centre will work to guide the development, funding, growth and evolution of micro, small and medium-sized enterprises (MSMEs) in The Bahamas.

NOTICE

NOTICE is hereby given that ANAYO FRANCIS KELVIN of Yamacraw Hills, Nassau, The Bahamas, P.O. Box EE16707 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 24th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, July 24, 2019, PAGE 3

MSC cruise port targets ‘close to zero’ eco effect

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net MEDITERRANEAN Shipping Company (MSC) executives yesterday pledged that their Ocean Cay private cruise port will have as “close to zero” environmental impact as possible, as mandated by the project’s financing.

Matthew McKinnon, senior advisor to the MSC Foundation, said the global shipping is developing the man-made island in the most ecologically intelligent way. He added that the destination will offer activities for cruise visitors to connect with nature, and provide opportunities to learn about the protection of the oceans and the importance of preserving coral reefs through dedicated edutainment programmes.

“We aim to involve a large proportion of them on different activities related to the environment, to build their environmental awareness of the uniqueness of the marine ecosystem in The Bahamas,” said Mr McKinnon.

He added that MSC has spared no effort to transform the island, which was formerly used for industrial activities such as aragonite mining, in a way that exceeds the highest environmental regulatory standards. The area around Ocean Cay is also set to be designated as a national Marine Protected Area (MPA).

“The area around Ocean Cay is both on one hand populated by many species of fish that are of commercial significance nationally to The Bahamas, like spiny lobster, queen conch and grouper but, at the same time, the eco system is in a degraded and declining state,” said Mr McKinnon.

“The conch has been exploited at unsustainable levels, the coral has

Real estate sales show two-tiered market continues FROM PAGE ONE

ONGOING development at MSC’s private cruise port on Ocean Cay.

PIERFRANCESCO VAGO, executive chairman, MSC Cruises addresses the media during a press conference to announce a major eco-development planned for Ocean Cay. Bottom Photos: Ronnie Archer/ Barefoot Marketing. had as much as 50 per cent mortality in recent years.

The reefs are basically on the way out.” Mr McKinnon pledged that the MSC

Foundation will take the lead on conservation in the area.

“The project financed though banks in Europe,”

ASSISTANT OFFICE MANAGER

he added. “They have very high environment conditions set on financing so, in addition to even the local regulations and what regulations might be in the US, they have to meet even higher standards. It is as close to zero impact as it can get in terms of operation.

“The area is in a degraded state right now. A lot of anxieties around the environment on this type of development is when you take a pristine area and put a development here, and what impact that might have.”

Tanya Ferguson, principal of Design Elements, a Bahamian consultancy engaged by MSC to conduct environmental management for the project, yesterday said there had been extensive consultation with environmental stakeholders and numerous inquiries surrounding the project’s potential impact.

“There has been very little negative push back to the project, and everyone we spoke to seems to be pleased about it,” she said.

the figures showed there was “steady growth” in the 2019 first half with average sales prices up from $349,812 in 2018 to $470,979.

“The total sales volume is $99.848m, which is slightly ahead of the 2018 total sales by about 5.7 percent,” the realtor added. “Total units sold had decreased, and the median sales price has decreased from $310,000 to $270,000. Average days on the market for properties closed decreased from 337 for 2018 to 300 for the first half of 2019.”

Abaco was described as “a hot spot, with an average sales price of $456,589 that was up just over two percent from 2018.

“Treasure Cay, Elbow Cay and Green Turtle Cay all had significant increases in average sales prices, with Treasure Cay having the biggest from $370,600 in 2018 to $445,972 in the first half of 2019 or a 20 percent increase,” Engel & Volckers said.

“On New Providence, the Cable Beach sub-market including Sandyport showed an increase of 9.6 percent on the average monthly rental

up to $3,397, and was right on target with 2018’s gross yield performance of 8 percent. Paradise Island, which is usually one of the more active markets, had a very sluggish start to 2019 with total sales and the average sales price well below 2018 averages.

“Overall on New Providence and Paradise Island, there were 103 residential unit sales with an average sales price of $562,293. The unit sales are well ahead of the total unit sales for 2018, but the price point has decreased significantly from $806,842.67 in 2018 to 562,293 in the first half of 2019.”

Eleuthera, meanwhile, said a 33 percent increase in its 2019 first half average sales price to $424,850 even though sales volumes were well off 2018’s pace.

“The biggest real estate growth opportunities exist in the Family Islands,” Engel & Volckers said. “Exuma, Abaco and Eleuthera benefit from airlift, amenities and lifestyles that support a strong rental market lifting property values.

“The announcement of new developments and airlift in Grand Bahama, Long Island and Cat Island present early opportunities to invest in a potentially growing market.

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PAGE 4, Wednesday, July 24, 2019

THE TRIBUNE

Cable and BTC reject urca’s IXP argument $300m takes island from FROM PAGE ONE

“It is important to understand that local traffic in The Bahamas typically transits through a Network Access Point (NAP) in Miami. The distance from Nassau and Freeport to the Miami NAP is relatively short and, in terms of traffic carriage, represents a minimal round-trip time.

Therefore, the latency improvement benefit of localising Bahamian traffic would be negligible.”

BTC said it had “serious concerns with this type of analysis” used by URCA to justify its case for a local IXP, as its consultation paper had focused heavily on African nations. It added that both Kenya and Nigeria were bound to benefit from setting up their own IXP because their nearest Network Access Point was likely thousands of miles away in London.

BTC’s stance was also backed by BISX-listed Cable Bahamas, the two communications rivals uniting in common cause for once. Also expressing concern over the case studies cited by URCA, Cable Bahamas warned that the assumed costs of establishing an IXP “may be heavily underestimated” given the regulator’s vision for it to play a critical role in The Bahamas’ digital infrastructure.

“The statement that IXPs significantly reduce delays in networks, and prevent the deterioration of Internet performance, depends on the situation,” Cable Bahamas argued.

“While there are examples where this may be true, and some of those examples are mentioned in the

consultation document, it does not mean this will be the case for The Bahamas given its close proximity to the Miami Internet hubs.

“Round-trip measurements show average delays of less than 18 milliseconds to the US Internet hubs, and less than 23 milliseconds to large content providers (Google/ YouTube, Facebook/WhatsApp, Amazon, Yahoo, Microsoft, Instagram, Netflix etc). Such low delays do not suggest there is presently a latency problem.”

When it came to accessing Bahamian websites, content and traffic, Cable Bahamas said it was “doubtful” significant delays will be caused by having to transit foreign IXPs due to the closeness of the Miami hubs and “very low share of local traffic in the total internet traffic of The Bahamas”.

BTC, meanwhile, suggested that an investment of $100,000 to $150,000 on equipment alone would be required for a Bahamian IXP - a sum well above the $4,000 to $40,000 range quoted in URCA’s consultation document.

It estimated that annual hosting costs would run to between $30,000 to $50,000 per year, with other operational costs totalling from $120,000 to $300,000 annually.

It added that the claimed savings on international carriage through the creation of a Bahamian IXP would be “negligible at best”, and said: “In preparation of this initial response, BTC carried out a traffic study covering a period of approximately four years.

“This study confirmed that local IP traffic between

BTC and Cable Bahamas, as measured by BTC, is minimal, peaking at 200 megabytes (Mbps) per second per day for one day only on November 6, 2018, and accounts for roughly 3 percent of total IP traffic.

“Given that IP transit prices in Miami are generally below $1 per Mbps per month, the total IP transit savings from localising traffic would be in the range of $2,500 per year. Those are minimal savings and are significantly less than IXP operational costs.”

And, taking on URCA’s belief that a local IXP will help attract international content providers to The Bahamas, BTC said it was “surprised” by such assertions “since three major international content providers, Google, Facebook and Akamai, already have nodes in The Bahamas”.

It added that The Bahamas was one of only seven Caribbean Telecommunications Union (CTU) members to host these three content providers, and argued that URCA was again “overstating” the case that a Bahamasbased IXP would lead to an explosion in both local and international content development from these shores.

The arguments by Cable Bahamas and BTC are especially interesting in light of the fact that the creation of a local IXP was cited as one of the critical factors if the Government was to realise its Grand Bahama “technology hub” ambitions.

URCA released their replies as it invites comments on the feedback received to its IXP proposal by August 22, 2019.

‘industrial site to paradise’

A CLOSER look at the rendering for MSC’s private cruise port on Ocean Cay. FROM PAGE ONE due to its presence in Freeport since 1997 as the main customer for - and shareholder in - the Freeport Container Port.

He added that MSC had generated $500m in revenues for The Bahamas as a result of being that port’s leading transhipment operator. Turning to MSC’s cruise business, Mr Vago said: “We have not only 16 ships in operation of the latest generation but we have 13 ships on order, and that will allow us to grow more in North America and The Bahamas.

“We are not just a North American operator but last year we hosted in excess of 190 different nationalities on board. We are truly a global player. This will help

put The Bahamas on the map globally as a touristic destination.”

MSC added that Ocean Cay has been transformed to “immerse guests in the natural beauty of their surroundings” through a redevelopment that is intended to exceed the highest environmental regulatory standards.

This work has been overseen by independent experts, with more than 330 Bahamians currently working in construction to prepare Ocean Cay to welcome its first guests. Ninety per cent, or 126 of the 140 staff working on Ocean Cay, will be Bahamian with some ten to 15 expatriate hires, according to MSC executives.

Mr Vago said MSC had “‘recreated” Ocean Cay, which had been contaminated and filled with waste material, into a tourist destination. He voiced optimism that Dr Hubert Minnis “was very pleased with our presentation” yesterday morning, and said: “This is a work in progress. We talked to the prime minister about a future vision, things we can do on the island. There will be more investments to come. The journey is in progress.”

From November 2019, all MSC Cruises sailing from Miami will call at Ocean Cay as part of their Caribbean itineraries. The cay will receive a total of 130 calls from MSC cruise ships in 2020 amounting to 500,000 guests. MSC Cruises also expects to perform an additional 23 calls to Nassau, and a further three on Freeport, amounting to adding a further 12,000 guests.

MSC signed a Heads of Agreement (HOA) for the Ocean Cay project with the Christie administration in 2015. They took over the man-made island, which has traditionally been used for industrial purposes from the Sandy Cay Development Company and its principal, Tony Myers, who had held a lease for sand and aragonite mining.

Ocean Cay was also proposed as the site for AES Corporation’s liquefied natural gas (LNG) regasification terminal and pipeline - a project that never proceeded because no approvals were forthcoming from the Bahamian government. The island is situated 20 miles south of Bimini and only 65 miles east of Miami, Florida.

THE TRIBUNE

Wednesday, July 24, 2019, PAGE 5

Aliv: ‘Growth at all costs’ has finished FROM PAGE ONE nicely,” Mr Blackburn told Tribune Business. “On a customer base of 151,395 at the end of June, we’d estimate market share at 38 percent.

We had a great last quarter and are growing in all segments.

“We think we’ll get to the mid-40s in market share this year. It’s not growth at all costs any more. It’s sensible growth. We believe we’ve built a brand proposition that is second to none in The Bahamas, and we need to commit as a team - and do every day - meet these brand standards.

“We have set out high standards on the network, high standards on innovation, and believe if the Bahamian team continues to meet that every day then customers will want to join the Aliv message.”

Aliv will likely face a harder battle to win mobile market share from the Bahamas Telecommunications Company (BTC) as competition between the two providers starts to settle down, and the latter moves more effectively than before to combat its upstart rival’s threat.

Garfield “Garry” Sinclair, BTC’s chief executive, told Tribune Business last week that he believed the incumbent carrier had hit “a plateau” in terms of mobile subscriber losses to Aliv. He said BTC was “well ahead” of its target to cut 2019 customer defections to half the rate of the previous year.

While Aliv and its controlling shareholder, Cable Bahamas, which holds Board and management control via

its 48.25 percent equity stake, are likely to be the biggest beneficiaries of the present labour discord at BTC, Mr Blackburn declined to comment on the controversies currently plaguing his main rival.

Focusing on his own business instead, the Aliv chief said he was now focused on upgrading operations following completion of the carrier’s initial network build-out and growth phase.

“We’re looking at transforming the way we’re operating,” Mr Blackburn told this newspaper. “We’re two-and-a-half years in, and are out of the launch and build-out phase of the business. We’re looking at how we transform for efficiency and effectiveness, and make the customer experience as effective as it can be, meeting those needs.

“This year we will be upping the ante on the network, investing in the order of $10m in the network. We have capital investment plans, and are focused on areas where there is a lot of demand for data and places where our wireless broadband offering has done well in the Family Islands. The network will be significantly upgraded.”

Looking further afield, Mr Blackburn added: “We’re keeping a close eye on 5G. We don’t think it will become commercially available until 2022, but we’re keeping a close eye on everything that’s going on.

“We’ve very focused on the network. We’ve deployed 4.5G Long Term Evolution advanced technology as the standard. It’s the best possible

network you can deploy right now, and we have deployed it on half the network sites. As we deepen the network we will be rolling it out to more and more sites.”

The Aliv chief said “great customer feedback” had been received following the relaunch of its pre-paid mobile plan offering, which was designed to make purchasing by consumers “simpler” through the inclusion of VAT in a single price.

“You pay a round number at the point of sale instead of having to scramble for change,” he added,” and there is more data, so there is more value than in the old plans, along with two new plans and completely new price points.”

Aliv’s new plans include the $4 per day “Day Plan”, aimed at regular wi-fi users who want access to data when they go out, and the ‘$30 for 30 days’ monthly plan. Mr Blackburn said the value-added proposition has been further enhanced by making calls and texts to other Aliv customers free - a feature that will benefit almost 40 percent of the market.

Praising his team’s execution of the pre-paid relaunch, Mr Blackburn said Aliv had also received “amazing feedback” on its newly-launched advertising campaign that was conceived working alongside the Independence Day Committee.

Directed and produced, respectively, by Kareem Mortimer and Henrietta Cartwright, who are both Bahamians, the Aliv chief said this will “lead into a bigger campaign this summer”. He added that Aliv was also performing well in the postpaid and among corporate customers.

“It’s been an incredible journey,” Mr Blackburn told Tribune Business of Aliv’s near-three years in business.

“We had a vision of precisely what we wanted to do - a

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world-class network, superior service and customer value.

We’ve delivered on those commitments, and people possibly don’t understand the amount of effort made by this Bahamian team and the whole project at Aliv.

“There’s a lot of hard work and commitment gone into it, and I’m very proud of all of them for embracing the challenge. We look forward to carrying on the journey.

It’ll be a bit different the next phase; it always is, but I have every confidence we will

support and deliver to the customers out there.”

Reaffirming that Aliv remained on target to hit its financial milestones in accordance with global mobile industry benchmarks, Mr Blackburn said the operator and its shareholders - Cable Bahamas and the Government - were always conscious about not loading up the business with unsustainable debt.

“We’re 100 percent confident we will hit positive EBITDA in the next six months, before the end of the

calendar year and within three years of launch,” he added.

“We’re not going to take on levels of debt that are unsustainable for the business.

“We’re getting to the peak of that challenge, and have turned the peak. We constantly look at the different options for financing, the structure of the balance sheet and what’s appropriate. We keep our ear close to the ground on the different options, and work very closely with our shareholders on these decisions. We don’t make them independently.”

FORM B Notice of Intended Marriage (Section 7(3))

Ellice Sallyann Lockhart Pratt Registrar of Marriages

FORM B Notice of Intended Marriage (Section 7(3))

Ellice Sallyann Lockhart Pratt Registrar of Marriages

FORM B Notice of Intended Marriage (Section 7(3))

Ellice Sallyann Lockhart Pratt Registrar of Marriages

PAGE 6, Wednesday, July 24, 2019

THE TRIBUNE

DPM: OECD tax review ‘pointless, will be deferred’

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FROM PAGE ONE agreements, either with individual nations on a bilateral basis or multiple countries.

“The review will be deferred until such time as The Bahamas enters into a bilateral or multilateral tax treaties,” Mr Turnquest said in a message to Tribune Business. “As The Bahamas has not entered into any tax treaties on income and/or capital, it cannot be involved in any such treatyrelated disputes.

“The review of the implementation of the ‘Action 14’ minimum standard would be pointless, which is the reason why they are asking us to confirm before launching the process in August.”

The OECD last week said it was “gathering input” for the review of The Bahamas and other states, but confirmed: “If Turks and Caicos Islands and The Bahamas do not have any tax treaties by August 2019 their peer review will be deferred.”

Mr Turnquest, speaking to Tribune Business earlier, said there was “no cause for alarm” over any of the OECD’s statements, and that the government was working to achieve an agreed resolution with it over the peer review process.

“They basically said that if you don’t have any tax treaties they would defer our peer review that is scheduled for the fall,” he added. “We don’t have an income tax so it’s not really applicable.

“Those conversations are being had, and we are discussing all these matters for

resolution. It’s par for the course. It’s another administrative discussion and a resolution that needs to be achieved, and we will continue to do what we always do, which is to meet the standard.

“This particular thing is not particularly relevant to us, and we will address it with the OECD and look for a mutually acceptable resolution and move on.”

The BEPS initiative aims to ensure that the profits of multinational companies are taxed in the country where they are generated.

It attempts to prevent multinational companies using often-legitimate tax avoidance strategies to “exploit gaps and mismatches” between different countries’ tax rules and “artificially shift profits” to low or ‘no tax’ jurisdictions.

This enables them to minimise their tax exposure by paying a lower rate, and more than 100 countries worked under OECD oversight to implement 15 so-called BEPS “actions” designed to halt the loss of much-needed tax revenue by developing countries due to such practices.

Countries had to confirm they were implementing a minimum four out of these 15 “actions” by December 2017. The four that The Bahamas selected were (Action 5): Countering Harmful Tax Practices; (Action 6): Treaty Shopping; (Action 13) Transfer Pricing Documentation and Country-by-Country Reporting; and (Action 14) Dispute Resolution.

The latter is, of course, the focus of this latest OECD peer review.

NOTICE

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 23 JULY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,204.39 | CHG: -0.04 | %CHG: 0.00 | YTD: 94.94 | 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 2.89 2.36 10.04 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 2.83 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 -0.06 0.00 0.00 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 50

10,720

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 27.7 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% 2.40% 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

NOTICE is hereby given that KATHLEEN SAMON of Fox Hill 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 twentyeight days from the 17th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Legal Notice

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

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 CODINEX ASSETS LIMITED (the “Company”)

NOTICE IS HEREBY GIVEN as follows: (a)

(b) The dissolution of the said Company commenced on the 18th day of July, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c)

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

CODINEX ASSETS LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000.

The Liquidator of the said Fund is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, Nassau, Bahamas.

Shareece E. Scott Liquidator

THE TRIBUNE

Wednesday, July 24, 2019, PAGE 7

US economy dodges the threat of painful spending cuts

SENATE Majority Leader Mitch McConnell of Ky, right, joined by Sen John Barrasso, R-Wyo, left, and Sen John Thune, R-SD, centre, speaks to reporters following the weekly policy lunches on Capitol Hill in Washington, yesterday. Photo: Susan Walsh/AP WASHINGTON Associated Press THE budget agreement that congressional leaders and President Donald Trump forged late on Monday lifted a big potential drag on the US economy for this year and next.

Under the agreement, the economy was spared from a series of deep spending cuts that were set to take effect under a far-reaching budget law enacted in 2011. Monday’s agreement nullified those cuts and increased spending by $320bn over two years.

Still, that additional spending isn’t expected to deliver a significant boost to the economy. That’s because the $320bn figure is somewhat misleading.

It’s an increase compared with the deep cuts that would have been required under the 2011 law. But it’s only a small gain compared with the current level of spending.

“It’s not so much that it’s a big boost, but it’s a pain that was avoided,” said Michael Puglianese, an economist at Wells Fargo Securities.

Like most economists, Puglianese hasn’t revised his economic forecasts based on Monday’s deal.

He still expects economic growth to slip to 2.6% this year, a solid pace, from 2.9% in 2018.

Still, the budget deal preserves the higher levels of federal spending that have helped support the economy under Trump as he prepares to seek reelection. The agreement also lifts the limit on the government’s borrowing authority for two years, thereby avoiding a difficult battle that twice bedeviled the Obama administration and weighed on consumer sentiment and the financial markets.

The increase in the government’s borrowing authority, also known as the debt ceiling, has been a partisan flashpoint that has ignited epic political fights. If the debt ceiling isn’t raised, the government can no longer borrow and is forced to default on some of its obligations.

It’s a prospect that can panic financial markets by eroding confidence in the United States as a place to invest.

Federal Reserve Chairman Jerome Powell had pointed to the debt ceiling as a potential risk for the US economy in testimony before Congress earlier this month.

In 2011, a fight between the Republican-led Congress and President Barack Obama over raising the debt limit led Standard & Poor’s to downgrade its credit rating of the United States for the first time in US history, from AAA to AA+. Consumer confidence fell, and stock markets plunged.

Another duel over raising the debt ceiling ensued in 2013. Congressional Republicans sought to use it as leverage to delay the implementation of Obama’s health care law.

“The budget fights have become less odious,” said Joe Song, senior US economist at Bank of America Merrill Lynch. “We’re not threatening to breach the debt limit or have a government shutdown over it.”

The 2011 debt ceiling battle led to an agreement between Congress and the White House that capped the levels of domestic and military spending. Subsequent laws breached those caps but not by much.

That changed in 2018.

Congress and the White House agreed to a package that increased spending by $300bn over two years.

After years of weighing on the economy, the government began to add to growth, particularly as it ramped up spending on military equipment.

In 2018, federal spending added nearly 0.2 percentage point to the economy’s growth rate — the most since 2010, when Obama’s stimulus package was still in effect. Federal spending cutbacks had reduced growth for four straight years, from 2011 through 2014.

Even with Monday’s agreement, economists expect the boost from extra government spending to fade by the end of this year.

That’s one reason many economists foresee slower growth in 2020.

Some disputes over spending could still arise, Pugliese warns, particularly over how to actually spend the money the budget pact has authorised. The government shut down for 35 days in January as the two sides fought over border wall funding.

And the budget agreement means that the annual federal deficit will remain huge. The nonpartisan Congressional Budget Office in May estimated that it will reach nearly $900bn for the current budget year.

For now, most analysts say they aren’t worried about the deficits’ economic impact. Longstanding fears that high deficits would accelerate inflation or boost interest rates haven’t materialised.

Song note that the government’s interest payments will likely come in lower this year because the Fed has held off on expected rate hikes. That’s lowered the government’s cost of borrowing and offset much of the impact of higher spending, Song said.

Still, the deficits could eventually cause damage.

“We don’t know when the ax is going to fall, but economic theory would argue that at some point we are going to have to pay for it,” Song said.

NOTICE

NOTICE is hereby given that ANNAKAY GEORGENIA SCULLY of 10 Kings Court, Hanna Road P.O.Box CR56226 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 17th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

To advertise in The Tribune, contact 502-2394

PAGE 8, Wednesday, July 24, 2019

THE TRIBUNE

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115