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MONDAY, AUGUST 19, 2019

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seek $300 Cable hails $333m sale Unions minimum wages as capital market record By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ABLE Bahamas chief executive yesterday hailed the $332.5m sale of the company’s US interests as “the biggest single transaction” by any Bahamian publicly traded company. Franklyn Butler told Tribune Business that the “fantastic deal” involving Summit Broadband will “unlock real value” for Cable Bahamas shareholders, with the purchase price almost three-and-a-half times what it paid to enter the Florida market less than six years ago.

• US exit ‘unlocks real value’ for shareholders • CEO: Deal shows promises ‘not pie in the sky’ • Firm gets ‘war chest’ to pay off debt, reinvest

FRANKLYN BUTLER Arguing that such an investment return would have been near-impossible to achieve in The Bahamas,

Unions: Don’t make us fiscal miss ‘scapegoats’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TRADE union leaders have insisted they will not be “made the scapegoats” if the government misses its 20192020 fiscal targets. Bernard Evans, the National Congress of Trade Unions (NCTU) president, told Tribune Business it was unfair to blame the public sector unions and their members for “derailing” the government’s fiscal consolidation efforts given that the Minnis administration should have known pay negotiations were coming. Responding after K Peter Turnquest, deputy prime

BERNARD EVANS minister, warned that public sector union talks were a potential “fly in the ointment” that could throw the government off its one percent fiscal deficit goal, Mr Evans said worker representatives had “taken enough” when it came to being blamed for difficult industrial relations.

SEE PAGE 8

BPL: Base rate cut ‘genesis’ of woes By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

BAHAMAS Power & Light’s (BPL) chairman has blamed the “genesis” of the utility’s present predicament on the first Christie administration’s decision to cut its base tariff rate. Dr Donovan Moxey, pictured, told the Rotary Club of East Nassau: “The genesis of most of the issues BPL is faced with today

has to do with not having enough revenue to operate. Back in 2003 a rate change was done without a rate study, without an understanding of the impact it would have on the organisation both in the short and long-term.” He was referring to a decision by the late Bradley Roberts and the late Al Jarrett. The duo were minister for works, with responsibility for

SEE PAGE 6

Mr Butler told this newspaper in an exclusive interview that the BISX-listed communications provider had “delivered on the promises” made to investors and shown that they were not “pie in the sky”. With “just over” $200m invested in its overseas expansion, comprising capital expenditure and the $100m purchase price for the four entities that were ultimately combined to form Summit Broadband, the

BISX-listed communications provider is effectively eyeing a nine-figure profit between $100m-$130m on the deal. The Summit Broadband sale to Grain Management, a US-based private equity firm specialising in the communications industry, will effectively give Cable Bahamas a financial “war chest” with which to secure its future and lay the platform

SEE PAGE 5

TRADE union leaders want a minimum wage increase to between $250-$300 per week, and are pushing for the issue to be formally discussed by the National Tripartite Council. Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business that such a rise was justified by persistent cost of living increases that had been further exacerbated by the VAT rate hike to 12 percent. Branding the existing $210 weekly rate as “inadequate” for the “average” Bahamian household, Mr Ferguson argued that his proposed increase of between 19 percent to 43 percent would not be too burdensome for

OBIE FERGUSON Bahamian businesses to absorb because most were “doing well”. He conceded, though, that a minimum wage rise ought to be accompanied by the very productivity initiatives that the National Tripartite Council is currently focused on. Meanwhile, Mr Ferguson’s counterpart, National Congress of Trade Unions

SEE PAGE 7

PAGE 2, Monday, August 19, 2019

GRICULTURE, light manufacturing and entrepreneurship, both in the Family Islands and New Providence, are some of the key industries that will be impacted if The Bahamas completes the process of becoming a full World Trade Organisation (WTO) member. WTO membership is promoted as helping local producers, exporters and importers to co-exist in more a conducive business environment. Yet it is still up to the government to meet certain legislative, social, economic, educational, and environmental objectives to achieve greater collaboration between the private and public sector. Therefore, to a certain extent, any benefits from joining the WTO hinge on government policies in certain sectors to ensure proper regulations and the correct business climate are in place before joining. Entrepreneurship Entrepreneurship is two-fold. It can involve the creation of small and medium-sized enterprises (SMEs) that target a niche in the local market, or Innovation Driven Enterprises (IDE) that aim to target local, global and regional markets. Both types can find it difficult to succeed in The Bahamas given the high costsof doing business, high labour costs, high utility costs and, in some instances, high barriers to entry. However, the WTO accession should help to encourage innovation and cross-border trade,

THE TRIBUNE

BAHAMAS MUST LAY FOUNDATION FOR WTO BY RODERICK A SIMMS II | Email: RASII@ME.com AN ADVOCATE for sustainable Family Islands growth and development.

facilitating the start-up of more local businesses. WTO could also help to lower the barriers impacting efficiency, and the cost of doing business, through trade facilitation. Another plus is that IDEs will have an opportunity to grow in The Bahamas and actively participate in rules-based global trade via regulations that protect fair competition. From a “bigger picture” perspective, WTO could eventually (in the medium to long-term) help to boost sustainable job creation and wages, and expand innovation throughout all islands of The Bahamas. However, one concern is that foreign companies with larger economies of scale and easier access to finance can make it difficult for Bahamian businesses to survive

in the same space of doing business. The government must therefore be aware of these issues and processes when negotiating the terms of The Bahamas’ WTO accession. Light Manufacturing It was reported last year that the light manufacturing sector employs an estimated 3,800 Bahamians. The Bahamas Light Industries Development Council (BLIDC) has already expressed concerns about the impact of lower tariff rates on rival imports as a result of WTO accession. If tariffs are lower, Bahamian consumers will be more inclined to import or purchase goods made outside The Bahamas, substituting them for products made by Bahamian manufacturers. Members of the BLIDC,

along with smaller business owners in this sector, rely on protective tariffs to remain competitive. As a result of lower barriers to trade, concerns have also been expressed about increased foreign competition entering The Bahamas, making it difficult for local companies to survive in industries/sectors that are difficult to both enter or sustain. The Oxford Economics report confirmed that the main WTO-related threat is tariff reductions on imports competing with domestic goods. This is a fair assessment considering that The Bahamas has a high standard of living, high utilities costs, and high costs of doing business. Therefore, lower tariffs mean that consumers believe they will get a better value for their dollar. This is not always the case, but it does have a resounding impact on the choices that Bahamians make when choosing to shop locally or abroad. But business owners (new or existing) in the light manufacturing sector can use this opportunity to find ways to improve business processes and expand. The Bahamas already has a somewhat modern infrastructure in terms of ports (cargo vessels and freighters), telecommunications and six major international airports. This means there is always room for growth, especially with lower tariffs, resulting in lower overall costs for materials and other start-up capital goods. However, there are some costs that manufacturers cannot escape when it comes to

facilitating trade, particularly for those businesses that export local products. Those costs include transportation costs (the highest barrier to trade), logistics costs, and then information and transaction costs. Manufacturing businesses on Family Islands will be more exposed to this impact, and placed more at a disadvantage, if negotiations to maintain protective tariffs are not handled properly. It is therefore important for the government to properly review WTO-related tariff amendments so that membership is beneficial for both Bahamian consumers and business owners in this sector. Agriculture Similar to light manufacturing, lowering tariffs could have an adverse impact on the agriculture industry in The Bahamas. Over the past decade this sector has not experienced significant growth, mainly because it has been unable to supply fresh produce on a viable commercial scale. However, governments have touted the Bahamas Agriculture and Marine Science Institute (BAMSI) as a “game changer” despite an InterDevelopment Bank (IDB) report suggesting that it reduce fiscal ties within the sector. Agriculture development and research is key to boosting commercial activity in this sector, but it is still in its early stages of transitioning from subsistence farming. ONe WTO-related concern would be that lower tariffs mean businesses and consumers continue to import large

amounts of fruits and vegetables, despite efforts to encourage Bahamians to buy locally. The availability of goods from BAMSI is another concern for businesses that sell fruits and vegetables on a large scale. However, there are economic benefits to buying local produce such as accessibility, fresher produce, better quality control, creating and maintaining jobs, and affordability. The government should make it mandatory for food stores and wholesalers to purchase a small percentage a small percentage of their inventory locally. However, this would require sufficient crop production to sustain demand. Conclusion In closing, these three sectors are pivotal to economic growth in The Bahamas. Whether their contribution is big or small, it is important that Bahamians get the best deal possible from WTO. There is no attempt being made to say that WTO would not be beneficial to these sectors. However, the government should build more awareness of how it will impact businesses already in these sectors and potential entrants. It is laudable that nearly 4,000 new Bahamian businesses were registered as of last year, and it does speak to economic growth. But the key to success is consistency. With that being said, more research is needed on government’s plans to enable more Bahamians to benefit from these industries with or without WTO.

THE TRIBUNE

Monday, August 19, 2019, PAGE 3

BPL in ‘salvage’ mode on parts

BPL CEO Whitney Heastie tours the company’s Clifton Pier power plant with Prime Minister Dr Hubert Minnis. By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMAS Power & Light (BPL) has been forced to “salvage parts” for its aged generation fleet, its chief executive has revealed, adding that preventative maintenance has been almost impossible to perform. Whitney Heastie, speaking to the Rotary Club of East Nassau, said: “The generating fleet is very old. One of the machines we are tying to restore is a 1960 vintage machine. It’s been very reliable, but it has failed in a way we didn’t expect it to fail. “The fleet we are dealing with is so old we literally have had to try and salvage parts. That is the truth. In some cases

some of the agreements we have entered into makes it almost impossible to buy parts from someone other than the original engine manufacturer. “It makes it extremely difficult to keep anything running when you have a single source of supply of critical parts. We have an aging fleet, and parts are very difficult to get or are no longer manufactured because what we have done in New Providence is nothing more than bring in rental generation and run the assets we have.” Paul Maynard, the Bahamas Electrical Union Workers Union’s (BEWU) president, and others have challenged assertions by BPL’s present Board and management that some of the state-owned utility’s assets are up to 60 years-old.

Tribune Business has seen a purported list of BPL’s existing New Providence generation units, including those both in and out of service, which shows that the oldest date back to 1982 - some 37 years ago. Mr Heastie, meanwhile, added: “Preventative maintenance has been very tough. To shut down these machines when you require them is almost next to impossible to do. We’re not even talking preventative maintenance, which is another layer of maintenance this company hasn’t seen. “Most of the things we are experiencing today is because of a lack of redundancy in our system to be able to take machines out of service when needed in order to address the most basic issues on those critical assets.”

Mr Heastie said the majority of BPL’s generation assets are diesel engines, and the expense of burning higher-cost diesel is felt by the consumer. “The greatest portion of the bill you pay is not the tariff but the fuel charge,” he added. Mr Heastie said BPL had anticipated having 280 megawatts (MW) of generation capacity to meet the 250 MW peak summer demand. Currently, the company has 105 MW of rental generation from Aggreko, 35 MW at its Clifton Pier power plant, and 70 MW from the Blue Hills Power station due to the failure of other generation units on New Providence. “That is 40 MW short of what is required to meet our current demands,” said Mr Heastie.

PAGE 4, Monday, August 19, 2019

ST. AUGUSTINE’S COLLEGE is accepting applications for a teacher of

English Language & Literature 3

All applicants must hold a degree from an accredited University.

3 Two letters of reference, copies of all degrees and certificates, proof of teaching experience and two passport size photos should be submitted. 3 Only those persons who have no difficulty with Roman Catholic beliefs and teaching need apply. Please submit applications and required documents by hand to addressed to: THE PRINCIPAL ST. AUGUSTINE’S COLLEGE P.O. BOX N-3940 NASSAU, BAHAMAS

THE TRIBUNE

Colonial Group unveils first scholarship award A SENIOR at Middle Tennessee State University (MTSU) has become the first recipient of the $25,000 Atlantic Medical Insurance and Security & General scholarship. The scholarship, which is planned to be an annual award by the two Colonial Group companies, is merit-based. Danario Deveaux was chosen after a process that involved scrutiny of his credentials and an interview by a selection panel. The scholarship will helping him complete his degree in actuarial science. Paulette Turner, Security & General ‘s general manager, said: “This scholarship is something that our company wanted to do so we could encourage more students to pursue a career in the insurance industry. “There are so many opportunities and career paths that individuals can take. Realising what the insurance field offers

FROM left: Paulette Turner, general manager, Security & General Insurance; Danario Deveaux, scholarship recipient; Lynda Gibson, executive vice-president and general manager; and Larry Gibson, chief operating officer, Colonial Pension Services. definitely helps with growing a skillful pool of individuals for employment.” Lynda Gibson, Atlantic Medical’s executive vice-president and general manager, added: “The Colonial Group is always looking for young individuals who can make a difference. The insurance industry continues to change and grow. Therefore we want to stay relevant, and this scholarship gives another person the opportunity to know that

this field is open for sharp minds, which is a positive for us.” Mr Deveaux first heard about the scholarship offer from his older sister, who saw the advertisement in the newspapers. She advised him to apply for the award as he had nothing to lose. The 20 year-old said he was surprised when he was chosen, and expressed his gratitude for the award. Mr Deveaux’s decision to study actuarial science was

influenced by his experiences in a summer job at the National Insurance Board (NIB) while he was still a high school student. “I was speaking with one of the supervisors at NIB and told her about my love of math, but was not sure how I could use it for a career,” he recalled. “She told me about the field of actuarial science, which I had never heard of, so I researched it. “I found out that there was only a small number of Bahamians who were qualified actuaries in the country, so there was a lack of skill in this area. This sparked my interest and that was the turning point when I decided to pursue as a career.” The Insurance Scholarship will be awarded annually at a value of $25,000 per annum for up to two years for Bahamians with a minimum GPA of 3.0 or higher. They must be undergraduates pursuing studies in insurance, risk management, actuarial science, economics, business or commerce, and entering their junior or senior year at an accredited university.

BAHAMIAN LAW FIRM IN MARITIME AWARD NOD

A BAHAMIAN law firm says it has been nominated as a finalist for excellence in the 2019 Lloyd’s List Americas Awards. They are part of the Lloyd’s List Excellence in Shipping Awards, the industry’s flagship awards programme that recognises and rewards excellence across the entire maritime sector. “2019 has been a real whirlwind of a year for us. We’ve been incredibly busy working for our clients. But moments like this give us

the opportunity to pause and take this as a sign that we are doing good work,” said Kenra Parris-Whittaker, partner in Grand Bahama-based ParrisWhittaker. “We consider it an award any time a client recommends us to a colleague or friend. However, winning this award would truly be something special and we would like to congratulate all of the other nominees. We’re all in the business of fighting for people in the maritime sector, and we

COMMONWEALTH OF THE BAHAMAS

should all take a moment to be proud.” Other Lloyd’s List Americas Awards include: • Excellence in future fuels solutions • Deal of the Year • Excellence in data and technology innovation • Excellence in decarbonisation towards 2050 • Excellence in environmental management • Excellence in port management and infrastructure • Excellence in safety and training

2018

IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION

CLE/GEN/00809

IN THE MATTER of the property comprised in a Mortgage dated the 26th day April, A.D., 2007, made between DWAYNE F. DAY and IVETA DAY and SCOTIABANK (Bahamas) LIMITED as Lender. AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Revised Statute Laws of the Commonwealth of The Bahamas. BETWEEN SCOTIABANK (BAHAMAS) LIMITED

Plaintiff

AND

DWAYNE F. DAY First Defendant AND

IVETA DAY ORIGINATING SUMMONS

Second Defendant

TO: DWAYNE F. DAY AND IVETA DAY their servants and/or agents or otherwise any other person in the occupation of the premises being Lot 8D Sandy port Farms, Sandy port, situated in the Western District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas. LET THE DEFENDANTS within fourteen (14) days after service of this Originating Summons on their, inclusive of the service, cause an Appearance to be entered on this Originating Summons which is issued on the application of Scotiabank (Bahamas) Limited. THIS SUMMONS is issued on behalf of the Plaintiff, Scotiabank (Bahamas) Limited, a company duly organized and existing under the Laws of The Commonwealth of The Bahamas to carry on banking business within the Commonwealth of The Bahamas aforesaid and who by Mortgage dated 26th April, 2007 together with all sums of money due and payable dated which was duly lodged for record and recorded in the Registry of Records in Volume Number 10570 at pages 310 to 328. 1978:-

BY THIS SUMMONS the Plaintiff claims against the Defendants pursuant to Order 77 of the Rules of the Supreme Court Delivery of possession to Scotiabank (Bahamas) Limited all that piece or parcel of land referred to in the said Mortgage. 2. Payment of the sum of $315,191.28 and interest pursuant to Section 2 of Civil Procedure Act 3. Further and other relief. 4. C o s t s . 1.

If the Defendants do not enter an Appearance such Judgment may be given or Order made against or in relation to them as the Court may think just and expedient. Issued the 14th day of November A.D., 2018 AND FURTHER TAKE NOTICE that on the 31st day of October, A.D., 2018 His Lordship Mr. Justice Gregory Hilton, Justice of the

Supreme Court, ordered that service of the said Originating Summons and Affidavit was to be effected upon you by way of publication in the issue of The Nassau Guardian and The Tribune, each notice to run once (1) each being one (1) week apart. AND FURTHER TAKE NOTICE that time limited for you to enter an appearance is Fourteen (14) days after the final publication of this advertisement. A copy of the Originating Summons and Affidavit may be obtained on request from the Plaintiff’s attorneys, whose name and address appear below, otherwise Judgment may be entered against you. MITRE COURT Chambers Suite 227, 2nd Floor, Island Lane Building Olde Towne, Sandyport West Bay Street Nassau, The Bahamas Attorneys for the Plaintiff 2091-241

THE TRIBUNE

Monday, August 19, 2019, PAGE 5

FROM PAGE ONE for further growth and development once the deal closes in the 2019 fourth quarter. Mr Butler said the US exit would both “recalibrate” Cable Bahamas’ business and “recapitalise the balance sheet”, although he declined to be drawn on precisely how it will employ its newly-acquired liquidity. He would only say the company has multiple “options” for how it will use the sales proceeds. One such “option” will almost certainly be paying down the group’s longterm debt, which consisted of $286.306m in preference shares and $155.861m in bank debt at end-March 2019. Other potential uses include further investment in Cable Bahamas’ local TV, Internet and fixed-line businesses, as well as Aliv, plus further acquisition/expansion opportunities if they arise. Mr Butler confirmed the end of its US adventure would benefit Bahamian consumers by enabling the BISX-listed provider to place more emphasis and focus on its local operations, thereby improving both products and services. Asserting that Cable Bahamas had not been pressured into the sale by its lenders, Mr Butler told Tribune Business that “the numbers speak for themselves” - implying that the deal was a “no brainer” given both the magnitude of the purchase price and return on investment, together with the group’s current position and desired future direction. “My message would be: The wait was worth it,” Mr Butler replied, when asked what he would tell shareholders of the deal, “and we are excited to deliver on the

Cable hails $333m sale as capital market record

CABLE BAHAMAS HEADQUARTERS promises and to unlock the value we communicated to them at the annual shareholders’ meeting. “This is no longer pie in the sky. We’ve unlocked real value, and have real dollars and cents to show why we made the decisions we did over the last five to six years.” The sales agreement with Grain Management, which was signed on Friday, enables Cable Bahamas to monetise its investment in acquiring, amalgamating and building up its Florida business over a five-and-a-half year period. Cable Bahamas has come under increasing pressure from some shareholders, especially small retail investors, over the suspension of dividend payments and two consecutive years of $50mplus comprehensive losses. Besides the loss of investment returns and scale of the “red ink” over the past four financial years, shareholders had also started to fret over the $442m in long-term debt that the company was

carrying on its balance sheet at end-March 2019. Viewing the BISX-listed communications provider as over-leveraged, there was a growing feeling that the company’s expansion had been over-ambitious and too fast, with the capital intensive needs of both Aliv and the Florida operations a continuing obstacle to Cable Bahamas’ return to profitability. These concerns had resulted in Cable Bahamas’ share price falling steadily to the $2.18 at which it closed on Friday, giving the communications provider a market capitalisation of just under $96m. Debt servicing and interest payments on Cable Bahamas’ bank debt and preference shares amounted to just over $25m for the nine months to end-March 2019. That sum will likely be cut once the Summit Broadband sales proceeds are used to pay down debt principal, while the asset depreciation and amortisation associated with the Florida network and acquisition will also be

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

removed from the balance sheet. The exact impacts to Cable Bahamas’ bottom line from this are unclear, and Mr Butler did not give specifics on this or when the company was likely to return to profitability or resume dividend payments when asked. “Things will only continue to get better,” he said. “I think we’ve delivered a reward for the associated risk. Our shareholders will be the ultimate judge of that.” Mr Butler told Tribune Business that the relatively shallow depth of the Bahamian capital markets, and the higher cost of capital compared to other nations, meant Cable Bahamas was not well-placed to meet Summit Broadband’s continuous need for capital investment in its fibre-optic infrastructure. Confirming that this was a factor behind the sale, he explained: “We thought the timing was now. The reality is to continue to grow that business will continue to require capital as there are so many opportunities that exist in the Florida market. We were not positioned to raise the capital to serve the business to unlock further value on the table.” Mr Butler said Cable Bahamas initiated the process for Summit Broadband’s sale in March this year, selecting RBC Capital Markets in New York and Denver as its financial advisers. Some 61 potential purchasers were approached, with 30 signing non-disclosure agreements (NDAs). Nine bids were received in the opening round, with the field reduced to seven in the second round. Grain Management was selected as the preferred bidder in early August, and the two

parties subsequently signed an exclusivity agreement. “I think it’s a fantastic deal,” Mr Butler said. “When you think about transaction multiples in the Bahamian context, the multiple we got in this business is fantastic. I don’t want to get into what the multiples were, but ask yourself: Where could you put $100m and get three-and-a-half times back in five to six years? Then ask yourself: Where could you do that in The Bahamas? “This transaction, which represents one-third of our business, is equivalent to three-quarters of the market capitalisation of an institution like Commonwealth Bank. I suspect this is the largest single transaction of any Bahamian-listed entity, period. You really have to set the context in people’s minds of the size and scale of this transaction. “This is great news. I don’t want to over-sell it, but I don’t want to undersell what we’ve been able to accomplish with this transaction. It’s a reminder of what Bahamians can do. A year ago, two years ago, six months ago, no one would have envisioned us ever collecting our money back from Florida, let alone triple the amount we paid for the business.” Mr Butler rejected any suggestion that Cable Bahamas had been pressured into the Summit Broadband sale by its lenders, replying “absolutely not, absolutely not” when the question was raised by this newspaper. “Our bankers had earlier this year provided additional capacity to our syndicate to support Aliv and keep growing our business,” he added. “This was never an issue pushed by our bank syndicate (Royal Bank of Canada and Scotiabank).

Besides the benefits to Cable Bahamas and its shareholders, Mr Butler said there would also be advantages for Bahamian consumers. “The benefits will be more focus,” he added. “More focus on The Bahamas and the Bahamian operations. “We have a leadership position in fixed-line and have made significant strides in the mobile marketplace. We are going to be even more focused on market share and upgrading infrastructure to better serve customers in all areas of our business. “We have options, and options to chart the course we want that will ultimately be in the best interests of our shareholders, employees and the consumers. We will continue to look for value that we can accrue to the Bahamian shareholders and participants of the Bahamian capital markets.” Cable Bahamas expanded into Florida in 2013 with the purchases of Summit Broadband, US Metropolitan Telecom, Marco Island Cable and NuVu. The latter three were amalgamated into the former. The BISX-listed communications provider admitted at the time that the move represented a “hedging of the bets” due to the uncertainty over the timing of mobile liberalisation in The Bahamas and whether it would win that battle. It saw Florida as an available growth opportunity, given the maturity of the Bahamian communications market as it existed then, and took it. The expansion was also viewed then as minimal risk because Summit Broadband was run by Richard Pardy, who had overseen the build-out of Cable Bahamas’ network in the 1990s.

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, Monday, August 19, 2019

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

BPL: Base rate cut ‘genesis’ of woes FROM PAGE ONE BEC, and the utility’s chairman, respectively, when the 2003 decision cut to BEC’s “base rate”, the portion of the customer tariff that covers its expenses, and generates its profits and cash flow, was taken. Dr Moxey said that prior to the base rate cut, the then-Bahamas Electricity Corporation (BEC) was generating profits that “were consistent with what you would expect with a utility; somewhere between $10m-20m a year”. He added: “After that decision was made the company very quickly got into the hole. BEC has a debt that exceeds $200m. BPL has engaged another that exceeds $75m. We have a debt that we have to pay that exceeds over $346m. The debt service alone BPL has to come up with every month is $2m. That is just the interest payment.” The base rate cut highlighted by Dr Moxey was said to have been a response to the hotel industry’s pressure for a reduction in energy costs to improve its competitiveness. But it left BEC selling electricity below cost, meaning that the state-owned monopoly was not earning sufficient income to cover all its nonfuel operational costs. This ultimately plunged it into multi-million dollar losses from 2006 onwards , making it one of the world’s few loss-making monopolies. Faced with annual eight-figure losses, among the first items to go were regular maintenance of BEC’s generation fleet and investment in new, more efficient engines. As a result, BEC was left with an aged, poorlymaintained and decaying generation capacity as well as a deteriorating transmission and distribution network by being starved of investment capital. Michael Moss, appointed as BEC executive chairman by the last Ingraham administration, was able to

claw back some of the base rate reduction and return the corporation to “break even” with a $1,000 profit in 2011. However, his departure following the 2012 general election promptly plunged BEC back into “the red” with $20m losses. Several reform efforts initiated under the Christie administration were never seen through to fruition, although PowerSecure was ultimately selected as BPL’s manager. This arrangement was overturned by the Minnis administration, which selected Shell North America as the preferred bidder to build, construct and operate a new power plant for New Providence. However, the Shell selection left a three-year gap until the new power plant comes on stream, and it is this ‘hole’ that BPL has been unable to fill. It is unclear whether Dr Moxey’s historical explanation of BPL’s woes will cut much ice with Bahamians, who are likely to be more interested ion when load shedding will end and if they will ever have consistent, reliable power. BPL’s chairman, meanwhile, said the utility spends $2m a month on rental generation and just 40 percent of its customers pay their bills on time. “Our customers collectively owe us $123m,” he added, noting that BPL spends $30m a month with Shell North America for fuel. “These are some of the fundamental problems that we have to fix, and will fix,” said Dr Moxey. “We have a great story to tell, and that’s a turnaround story. We will fix this. We have to just get past the bumps in the road.” Dr Moxey also defended the Wärtsilä deal, adding: “We negotiated a very good deal with Wärtsilä , an extremely good deal with Wärtsilä. Wärtsilä understood strategically where we were going, and they understood the upside potential of building a strategic relationship with the national utility provider.”

This is to advise the general public that

Kermit Ferguson is NO LONGER employed at

Bahamas Waste Limited and is NOT authorized to conduct any business on our behalf.

Signed: Management

THE TRIBUNE

Monday, August 19, 2019, PAGE 7

Unions seek $300 minimum wages FROM PAGE ONE (NCTU) president, Bernard Evans, told this newspaper that the group’s representative on the National Tripartite Council has been instructed to push for a formal discussion on a minimum wage increase. Warning of increasing income inequality and a shrinking middle class without an economic rebalancing, Mr Evans warned that Bahamian society was in danger of splitting into “two classes the haves and the have nots”. Still, Mr Ferguson indicated that the TUC and its affiliates were prepared to moderate their demands slightly compared to their previous calls for the minimum wage to be raised to between $300 and $350 per week. “I think it is clear that the TUC and the affiliates are in support of an increase in what I consider a liveable wage, even though it’s referred to as a minimum wage,” he said. “Two hundred and ten dollars per week is certainly not adequate. “At one point we had proposed increasing it to $300 to $350 a week. I think a $250 minimum to $300 would be a reasonable figure for the average household. I think that’s reasonable having regard for the cost of living, having regard for the economic situation, and it would not be too onerous on companies because most are doing well from what I’ve been led to believe.” Mr Ferguson said he understood that while a minimum wage rise may have

been discussed informally, both within the government and at the National Tripartite Council, he was “not convinced there was a formal agenda item” as the trade union movement had not been asked to present its formal position on the matter. “We’ve been seeking over the last couple of years for that to become an agenda issue, and look at the situation for what it was,” the TUC chief added. “The increase in VAT has really impacted that proposition and given reason for it to be supported by us with the request we’re making. “The cost of living has gone up, rental rates have gone up, and all those things impact pay. If you look at a cost benefit analysis into all these variables, it does justify what I call a nominal increase. An $250-$300 weekly minimum wage is well within range.” The first, and last, increase in the minimum wage occurred in mid-2015 in a bid to cushion the impact of value-added tax’s (VAT) introduction - and associated cost of living increases - on low income earners. The 40 percent rise to $210 per week was the first such occurrence since the minimum wage was introduced by law in The Bahamas in 2002. Pressure for further increases has come at regular intervals due to The Bahamas’ economic difficulties over the past decade, especially when factors such as the VAT rate rise to 12 percent reduce household purchasing power. Many Bahamians argue that $210 per week, or $840

per month, is not a “liveable” wage and it is impossible to make ends meet with such an income - especially if the worker has a family to support - given the constant rise in the cost of living. However, minimum wage increases come with other consequences. They inevitably increase employer costs, which can result in companies laying-off staff or becoming reluctant to take on new hires. Given that those earning minimum wage salaries tend to be young workers, such as school leavers, just entering the workforce, any reluctance by employers to hire at an increased salary could create barriers to entering the world of work. There is also a social cost to this, as young, unskilled minimum wage earners are often those responsible for the current level of crime. Companies could also choose to pass increased minimum wage costs on to consumers, raising the cost of living, while any increase in salary at the workforce’s lower end can result in greater expectations for a rise among higher-salaried workers - leading to cost-push inflation. Mr Ferguson, though, was backed by his fellow trade union leader, Mr Evans, who said the NCTU had “instructed our representative to push and make a minimum wage increase an agenda item for the next meeting” of the National Tripartite Council, which is the body that deals with all workplace, industrial relations and labour matters. The NCTU president, who last week described $450$460 per week as a “liveable wage” in The Bahamas, said an increased minimum wage was an essential component in any strategy to fight widening income inequality in The Bahamas.

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

“We have to address it in a meaningful way; we can’t keep listening to Standard & Poor’s (S&P),” Mr Evans argued. “We have to present solutions to close that gap, put in place policies that expand the middle class. You can’t have policies that continually squeeze the middle class and widen the income gap. “Whatever trajectory we’re on it’s the wrong trajectory. Your policies should be based around shoring up the middle class, and putting money in

the hands of the less fortunate who have fallen below the poverty line. That’s why we keep focusing on the minimum wage, a liveable wage. “We can’t keep doing business as usual when every study shows the poor are getting poorer and the rich are getting richer. If we don’t recognise that as a people we’re on the precipice of collapse, and will become a country of two classes: Those that have, and those that don’t.” Mr Ferguson, meanwhile, agreed that a minimum

wage increase ought to be accompanied by greater productivity, given that this was one way workers can access higher salaries and greater benefits from employers. “We’re very supportive of productivity,” he said. “That’s been our position from the time of the late Reginald Lobosky. I worked out the first productivity agreement with Reg Lobosky. The workers do better with a productive company in terms of their wages, and it’s good for the economy as well.”

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 8, Monday, August 19, 2019

THE TRIBUNE

PUBLIC NOTICE TAKE NOTICE THAT pursuant to the Conveyance dated 3rd November 1998 between ANCO Trust Corporation Ltd. of the first part, CAPS A.A. trust Co. Ltd. of the second part and Nihon Landholdings Limited of the third part, the said Nihon Landholdings Limited is the sole legal and beneficial owner of the property formerly owned by Isiah Fisher and which is described in the said Conveyance as Parcel 14 having such position shape boundaries, marks and dimensions as shown in the Plan below and recorded in Grant Book B-1 at page 19 at the Department of Lands & Survey.

bealiv.com

ALIV Lead Architect Central Bahamas This position is responsible for the direction and management of the computing and information technology strategic plans, policies, programs and schedules for business and finance data processing, computer services, network communications, and management information services to accomplish corporate goals and objectives.

Core Responsibilities • Responsible for activities that contribute to planning, creating and implementing projects and/or teams that are aligned with the IT organization’s strategic plan. • Ability to Lead / manage small to large teams of people responsible for developing and delivery solutions for internal/external customers. • Responsible for the implementation of new resource structures and management of contractors. • Develops strategic plans and implements the objectives of the IT organization to ensure the computer capabilities are responsive to the needs of the company’s growth and are aligned with corporate goals and objectives. • Leads the business to review changes in the industry and recommends strategies to review or address new growth opportunities, technologies etc. • Develops and manages operating budgets across IT • Implements opportunities for new products, services, and markets. Looks beyond the boundaries of the immediate organization for new growth opportunities in technologies and applications.” • Accountable to ensure that performance objectives are established for each employee and are aligned with the IT strategy.

• Ensures projects align with the business and IT strategies at the department level. • Contributes to the development of client strategies at the project to department level. • Builds trusted relationships throughout IT to enable effective delivery of IT services. +

Skills & Qualifications Required • Bachelor’s degree or higher level in Information Technology, Telecommunications, Computer Science or other relevant disciplines, MBA is a plus • Related Telecommunication Industry experience is a plus, no less than 10 years • Strong team player with the ability to interact with all levels of staff in the organization • Strong ability to create systems for operational efficiency

are you ready to be a part of this dynamic team? send your resume to: Aliv Lead Architect, Central Bahamas. careers@bealiv.com no later than August 23, 2019

Unions: Don’t make us fiscal miss ‘scapegoats’ FROM PAGE ONE His comments came as Kimsley Ferguson, the Bahamas Public Services Union’s (BPSU) president, last night told this newspaper that the union would stay true to its promise to the Prime Minister not to say or do anything before tomorrow’s Cabinet meeting. Disclosing that Dr Hubert Minnis had pledged to contact him by then, Mr Ferguson said the union had proposed a three-year industrial agreement that would see members receive a $250 base salary increase in the first year, a $2,500 lump sum payment in the second, and a $200 base salary increase in the first. The BPSU chief spoke out prior to a statement released by the Ministry of Finance revealing the two sides’ differences over the timing and payment of a $1,200 “lump sum” payment to public officers, worth a total $20m. The ministry confirmed it had proposed splitting this payment into two $600 tranches, due in August and September this year, due to the government’s “cash flow needs”. This was rejected by Mr Ferguson and his BPSU team, who argued that the acceptance of $1,200 “was already a concession”. “The BPSU was advised that due to the scale of the funding requirements, meeting an end-of-month demand would be a challenge in all instances,” the Ministry of Finance statement said. “While it is true that the BPSU was not encouraged by the recommended action, it was made clear at the end of the meeting that the minister would present the results of the meeting and the positions taken by both negotiating sides at the earliest meeting of Cabinet for a decision.” That meeting will be held tomorrow, hence Mr Ferguson’s reference to Tuesday. The BPSU chief made no mention of last Thursday’s Ministry of Finance meeting,

but denied social media rumours that public sector workers planned to protest the situation today in Bay Street near Parliament and the Cabinet office. “The Prime Minister asked me to give him until Tuesday, and being an honourable man I am going to do just that,” Mr Ferguson said. “In respect of what we have discussed, I have given my word that we will remain still until such time that he contacts me. “I’ve not received anything from the government along the lines of a counter-proposal regarding the financial aspects of an agreement. We’ve had some discussions with the prime minister, and I’ve asked him to give consideration to certain things. I’ve given my word that we will stand still until he gets back to us, which I expect to be Tuesday.” He declined to respond to Mr Turnquest, who last week told Tribune Business that public sector pay negotiations are a potential “fly in the ointment” that may cause the government to miss its one percent deficit target for 2019-2020. However, Mr Evans, the NCTU president, argued that such a warning was “disingenuous” given that the government should have been keenly aware the BPSU’s contract had expired in 2017 and there would be pressures for an increase. “The union is not going to sit idle unless you make a public statement that there will be no increase for the public service for the next three to four years,” he said. “You’ve got to be prepared for expiring union contracts, and knowing unions will be coming to the table seeking an increase. “Agreements typically last for three to five years, and you’re back at the table pretty soon. You can’t expect to levy tax increases and cost of living increases and expect unions not to seek increases for their members. If they were paying attention there should have been an allocation in the Budget for this. “You can’t make unions out to be the scapegoats. It’s really hard-working Bahamians, whose contract expired in 2017, and have been waiting for their union to get back to them. This should have happened in 2017, even 2018. We should not be made scapegoats that we’re derailing

efforts to address the fiscal situation.” Mr Evans likened the situation to a leaking roof that needed to be fixed regardless of whether money had been allocated for it in the household or company budget. He suggested the same applied to the public sector union pay talks even if no provision for increased salaries and benefits had been incorporated into the 2019-2020 budget. “To make the union the ‘fly in the ointment’ gives a bad and negative construction on the union. We’ve taken enough,” Mr Evans said. “You can’t continue to run the country and believe your citizens and workers will not demand an increase. That comes with the territory. “We’re asking the deputy prime minister: Don’t use us as scapegoats for constraints as a result of what you’ve embarked on. While they’re crunching the numbers it was ill-advised to come out with statements blaming the union as being a hindrance to the government meeting its overall objective. “Physical targets and constraints should not come at the expense of workers meeting their day-to-day obligations. It shouldn’t come to that.” The Ministry of Finance statement said Treasury and Public Service ministry officials also attended last Thursday’s meeting with the BPSU, which came after the matter was referred to them by the prime minister following his talks the previous day with Mr Ferguson. “The purpose of the meeting was to discuss the government’s ability to finance a payment to public officers for back to school preparations,” the Ministry’s statement said. “The government sought to negotiate a good faith resolution which would be presented to Cabinet for approval. “The union proposed a lump sum payment of $1,200 for the benefit of public officers. The total value of payments was estimated by the government at approximately $20m. The BPSU was advised that any proposal emerging from the meeting would be subject to the final approval of the Cabinet and availability of financial resources to accomplish it in the time frame being sought.”

THE TRIBUNE

Monday, August 19, 2019, PAGE 9

TRUMP ECONOMIC ADVISER DISMISSES FEARS OF LOOMING RECESSION

BERKELEY HEIGHTS Associated Press PRESIDENT Donald Trump’s top economic adviser is playing down fears of a looming recession after last week’s sharp drop in the financial markets and predicting the economy will perform well in the second half of 2019. Larry Kudlow said in television interviews yesterday that consumers are seeing higher wages and are able to spend and save more. “No, I don’t see a recession,” Kudlow said. “We’re doing pretty darn well in my judgment. Let’s not be afraid of optimism.” A strong economy is key to Trump’s reelection prospects. Consumer confidence has dropped 6.4% since July. The president has spent most of the week at his golf club in New Jersey with much of his tweeting focused on talking up the economy. Kudlow acknowledged a slowing energy sector, but said low interest rates will help housing, construction

LARRY KUDLOW and auto sales. Kudlow also defended the president’s use of tariffs on goods coming from China. Before he joined the administration, Kudlow was known for opposing tariffs and promoting free trade during his career as an economic analyst. Kudlow said Trump has taught him and others that the “China story has to be changed and reformed”. “We cannot let China pursue these unfair and unreciprocal trading practices,” Kudlow said. Democratic presidential candidate Beto O’Rourke

said the US needed to work with allies to hold China accountable on trade. He said he fears Trump is driving the global economy into a recession. “This current trade war that the president has entered our country into is not working,” O’Rourke said. “It is hammering the hell out of farmers across this country.” Last month, the Federal Reserve reduced its benchmark rate — which affects many loans for households and businesses — by a quarter-point to a range of 2% to 2.25%. It’s the first rate cut since December 2008 during the depths of the Great Recession. Federal Reserve Chairman Jerome Powell stressed that the Fed was worried about the consequences of Trump’s trade war and sluggish economies overseas. “Weak global growth and trade tensions are having an effect on the US economy,” he said. Breaking with historical norms, Trump has been highly critical of Powell as he places blame for any

economic weakness on the nation’s central bank for raising interest rates too much over the past two years. Peter Navarro, who advises Trump on trade policy, shared that sentiment. “The Federal Reserve chairman should look in the mirror and say, ‘I raised rates too far, too fast, and I cost this economy a full percentage point of growth,’” Navarro said. Navarro also said that US consumers are not

affected by the administration’s trade war with China, though tariffs are taxes paid by US importers, not by China, and are often passed along to US businesses and consumers through higher prices. Kudlow himself told Fox in May that US consumers and businesses ultimately end up paying the tariffs that the administration imposes on billions of dollars of Chinese goods. Trump acknowledge at least a potential impact when he paused a planned

ten percent tariff hike for many items coming from China, such as cellphones, laptops, video game consoles, some toys, computer monitors, shoes and clothing. “We’re doing (it) just for Christmas season, just in case some of the tariffs could have an impact,” the president told reporters in New Jersey. Navarro would not go even that far, saying yesterday “there’s no evidence whatsoever that Americans consumers are bearing any of this”.

JOB VACANCY NOTICE The Bahamas Civil Aviation Authority (BCAA) advises that a vacancy exists for Chief Inspector Air Navigation Services in the Safety Oversight Department of the BCAA. In this regard, suitably qualified serving officers and others are invited to apply for the position outlined below: Key Responsibilities: Formulate, implement, monitor, review and update policies and procedures leading to the effective safety oversight of air navigation services providers. Minimum Requirements: • At least 5 years’ experience as an air traffic controller in one of the three specialties; and • Five (5) years of experience in managing an air navigation services operation. Some of the Duties: • Represent The Bahamas Civil Aviation Authority in work and management groups of international organizations in the field of Air Navigation Services providers; • Oversee the publication of air navigation information in accordance with international standards and requirements for publishing in the national AIP; • Plan and assign work to be accomplished by assigned air navigation inspectors based on priorities, taking into consideration the complexity and requirements of the assignments and capabilities of the employee; • Review and approve, if merited, requests for construction, installation and placement of objects that may constitute obstacles to aircraft operations; • Review and accept, if justified, ANS providers’ operations manuals as regards functions, responsibilities and qualifications of managerial and line staff, standard procedures for personnel in daily operations and internal quality control system. Qualified candidates should submit via email, a Resume along with copies of academic qualifications and training, to the attention of the Director General of the Bahamas Civil Aviation Authority, at hrd@bcaa.gov.bs, on or before August 21, 2019.

PAGE 12, Monday, August 19, 2019

THE TRIBUNE

SANDERS’ CRIMINAL JUSTICE PLAN AIMS TO CUT PRISON POPULATION COLUMBIA Associated Press

current system does not fairly treat people of colour, addicts or the mentally ill. “We have a system that imprisons and destroys the lives of millions of people,” Sanders told The Associated Press before the planned released of his proposal yesterday. “It’s racist in disproportionately affecting the African American and Latino communities, and it’s a system that needs

DEMOCRATIC presidential candidate Bernie Sanders, pictured, is proposing a criminal justice overhaul that aims to cut the nation’s prison population in half, end mandatory minimum sentencing, ban private prisons and legalise marijuana. He says the

fundamental change.” Sanders was promoting the plan during a weekend of campaigning in South Carolina, where the majority of the Democratic electorate is African American. The Vermont senator, who won the support of some younger black Democrats during the 2016 primary, has stepped up his references to racial disparities, particularly during

stops in the South and urban areas. Before about 300 at a town hall in Columbia yesterday afternoon, Sanders conducted a conversation on the plan with several state lawmakers who have endorsed him. Also part of the discussion was Donald Gilliard, Sanders’ South Carolina deputy political director, who was at one time sentenced to life in federal prison for a nonviolent drug crime. “Sometimes you don’t even believe what you’re hearing here,” Sanders said yesterday, of the problems he sees in the criminal justice system. As president, Sanders said he would abolish mandatory minimum sentencing and reinstate a federal parole system, end the “three strikes law” and expand the use of alternative sentencing, including community supervision and halfway houses. The goal is to reduce the prison population by one-half. “A very significant number of people who are behind bars today are dealing with one form or another of illness,” Sanders said. “These should be treated as health issues, not from a criminal perspective.” According to the National Alliance on Mental Illness, two million people with mental illness are booked into jails annually. Taking aim at what his proposal calls “for-profit prison profiteering”, Sanders would ban private prisons, make prison phone calls and other inmate communications free, and audit prison commissaries for price gouging and fees. The plan would legalise marijuana and expunge previous marijuana convictions, and end a cash bail system that Sanders says keeps hundreds of thousands who have not been convicted of

a crime languishing in jail because they cannot afford bail. “Can you believe that, in the year 2019, 400,000 people are in jail awaiting a trial because they are poor?” Sanders said. “That is a moral outrage, it is a legal outrage.” According to the Prison Policy Initiative , more than 460,000 people are being held in local jails around the country while they await trial, with a median bail amount of $10,000 for felony offenses. Sanders wants to improve relations between law enforcement agencies and the communities they serve. To do that, he proposes to end federal programmes that provide military equipment to local police forces, establish federal standards for the use of body cameras, provide bias training and require that the Justice Department review all officer-involved shootings. “You have a lot of resentment in minority communities all over this country, who see police forces not as an asset but as an invading force,” Sanders said. On capital punishment, Sanders’ plan formalises his call to end the federal death penalty and urges states to eliminate the punishment as well. “When we talk about violence in society and trying to lower the levels of violence, it is not appropriate that the state itself is part of capital punishment,” Sanders said. Sanders said that over the long term, his plan will save the public money because of reductions to overall incarceration costs. “It will cost money but it will pay for itself many, many times over,” Sanders said. “Locking people up is very, very expensive.”

NOTICE

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 16 AUGUST 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,132.63 | CHG: 2.95 | %CHG: 0.14 | YTD: 23.18 | YTD%: 1.10 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.92 2.60 2.00 3.00 11.75 6.17 4.64 12.50 2.81 2.64 10.00 7.10 15.60 9.30 3.75 14.20

52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 9.17 6.15 3.54 8.53 2.35 1.75 7.51 6.10 11.25 6.20 3.01 13.00

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

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

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

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

52WK HI 2.25 4.29 2.06 191.61 158.55 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

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)

MUTUAL FUNDS

MARKET TERMS

LAST CLOSE 4.19 17.43 6.00 5.92 2.46 1.80 2.18 11.05 6.16 4.07 9.02 2.99 2.64 10.33 7.00 15.45 9.00 3.30 14.20

CLOSE 4.19 17.43 6.00 5.92 2.46 1.80 2.18 11.05 6.16 4.07 9.02 2.99 2.64 10.43 7.00 15.45 9.24 3.30 14.20

CHANGE 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 0.10 0.00 0.00 0.24 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

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

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

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

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

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

VOLUME

1,250

VOLUME

NAV 2.25 4.29 2.06 191.61 158.33 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

EPS$ 0.240 0.932 1.760 0.323 0.098 0.000 -0.438 0.722 0.480 0.184 0.627 0.102 0.467 0.000 0.611 0.816 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 17.5 18.7 N/M 18.3 N/M N/M -5.0 15.3 12.8 22.1 14.4 29.3 5.7 N/M 11.5 18.9 9.8 16.3 22.5

YIELD 3.82% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.52% 3.57% 2.95% 0.00% 2.27% 2.27% 3.14% 3.43% 3.50% 2.16% 3.64% 4.23%

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

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

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD%12 1.86% 1.25% 1.35% 3.85% 7.12% 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% 4.23% 2.73% 6.28% 2.08% 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%

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 30-Jun-2019 30-Jun-2019 28-Jun-2019 30-Jun-2019 30-Jun-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 is hereby given that KLEBER BELLEVUE of,Malcolm Road, New Providence, The Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE

LEAF PROPERTY CORP. (In Voluntary Liquidation) Pursuant to the provisions of Section 138(4) of the International Business Companies Act, 2000 (Chapter 309) notice is hereby given that the above-named company is in voluntary dissolution, commencing 16th August 2019. Articles of Dissolution have been duly registered with the Registrar General’s Department. Brittany Investments Company Limited, 3rd Floor, Maritime House, Frederick Street, P.O.Box N-9346, Nassau, Bahamas is the Liqiodator. All persons having claims against the above-named company are required on or before the 16th September 2019 to send all their names, addresses and particulars of their debts and claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved.

Dated this 16th day of August 2019. Brittany Investments Company Limited Liquidator LEGAL NOTICE

NOTICE

Invesco Financial Business Services Corp. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Invesco Financial Business Services Corp. is in dissolution as of August 15, 2019 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

PAGE 14, Monday, August 19, 2019

THE TRIBUNE

Trump wields sanctions hammer; experts wonder to what end WASHINGTON Associated Press CALL it the diplomacy of coercion. The Trump administration is aggressively pursuing economic sanctions as a primary foreign policy tool to an extent unseen in decades, or perhaps ever. Many are questioning the results even as officials insist the penalties are achieving their aims. Since taking office in January 2017, President Donald Trump has used an array of new and existing sanctions against Iran, North Korea and others. His Treasury Department, which oversees economic sanctions, has targeted thousands of entities with asset freezes and business bans. The State Department has been similarly enthusiastic about imposing its own penalties: travel bans on foreign government officials and others for human rights abuses and corruption in countries from the Americas to the Middle East, Africa and Asia. At the same time, the administration is trying to

PRESIDENT Donald Trump reacts at the end of his speech at a campaign rally in Manchester, NH. The Trump administration is aggressively pursuing economic sanctions as a primary foreign policy tool to an extent unseen in decades, or perhaps ever. Many are questioning the results even as officials insist the penalties are achieving their aims. reduce greatly the amount of US foreign assistance, notably cutting money to Latin America and the Palestinians. The White House budget office is making plans to return billions of dollars in congressionally approved but unspent dollars to the Treasury. A similar effort was rejected by Congress last year. The combination of more sticks and fewer carrots has created a disconnection between leveraging the might of

America’s economic power and effectively projecting it, according to experts who fear the administration is relying too much on coercion at the expense of co-operation. It also has caused significant tensions with American allies, especially in Europe, where experts say a kind of sanctions fatigue may be setting in. The decision this past week by the British territory of Gibraltar to release, over US objections, an Iranian

oil tanker that it seized for sanctions violations could be a case in point. It’s rare for a week to go by without the administration announcing new sanctions. On Thursday, the administration said it would rescind the visas of any crew aboard the Iranian tanker in Gibraltar. On Wednesday, Sudan’s former intelligence chief received a travel ban. Last week, the entire Venezuelan government was hit. More than 2,600 people, companies, ships and planes have been targeted so far since Trump took office. “The daily pace is intense,” the treasury undersecretary for terrorism and financial intelligence, Sigal Mandelker, said recently. She and proponents of the administration’s foreign policy say sanctions are working and have denied Iran and its proxies hundreds of millions, if not billions, in dollars in revenue used for destabilising activity in the Middle East and beyond. And, they note, the US approach does not involve the vastly more

expensive option of military action. “Overuse of economic warfare is certainly a better alternative to the overuse of military warfare,” said Mark Dubowitz, the chief executive of the Foundation for Defense of Democracies. He has advocated for even broader sanctions. Mandelker, whose office is in charge of economic sanctions, says sanctions alone “rarely, if ever, comprise the entire solution to a national security threat or human rights or corruption crisis”. They must, she said in a speech to the Center for Strategic and International Studies, be accompanied by other action to push US national interests. Experts say the administration has not shown great vision in adopting strategies that do not rely on sanctions or separating punitive foreign policy decisions from purely trade issues, such as the spat with the Chinese over tariffs. While Trump has been reluctant to punish Russia for meddling in the 2016 presidential election, his administration has not relented on sanctions for Moscow’s actions

in Ukraine and human rights issues. “President Trump has completely conflated economic sanctions and commercial policy,” said Gary Haufbauer, a senior fellow with the Peterson Institute for International Economics who was a senior treasury official during the Carter administration. He said that while that approach might work with countries such as Mexico and Guatemala over immigration, trade measures and sanctions against China and Russia do not. “I don’t see that the US is having any positive effect on Chinese behaviour, or for that matter, Russia,” Haufbauer said. He said this was a “pivot point” in world economic relations, with the US losing its leadership role and opening up the possibility for another nation to pick up the mantle. Asian countries, he said, are deferring to China’s perspective on the US, and American alliances with European nations are being weakened by Trump’s reliance on sanctions. “The US, through its trade policy, has managed to isolate itself,” he said.