Issuu

business@tribunemedia.net

THURSDAY, AUGUST 23, 2018

$4.94 Nation’s ‘vulnerability increases’ via $750m foreign borrowings By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ “vulnerability” to global market changes has increased as a result of foreign currency borrowings accounting for more than one-third of government debt, Moody’s is warning. The international credit rating agency, in its annual in-depth analysis of the country’s economic and fiscal position, revealed that the Government’s $750m foreign currency bond late last year had increased the foreign currency component of its debt by almost ten percentage points. “External debt as a share of total government debt remains low at 36.8 percent in fiscal 2017-2018, up from 26.9 percent in fiscal 2016-2017,” Moody’s said. “The share of external debt increased following the issuance of a ten-year, $750m international bond with a coupon of six percent in November 2017. “Although the external financing environment has been favourable, increased reliance on external market funding has increased The Bahamas’ vulnerability to a change in global market conditions in the medium term.”

SEE PAGE 11

Small Business Centre inundated with demand

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net SOME 600-650 persons have signed up for the proposed Small Business Development Centre’s (SBDC) services in the past fortnight, with sessions already extending into February 2019. Davinia Blair, pictured, the SBDC’s executive director, told Tribune Business yesterday that 75 percent of those showing interest in its offerings are women, with 45 percent falling in the 18-25 age bracket. The SBDC, a joint venture between the Government, University of The Bahamas (UOB) and Chamber of Commerce, is expected to launch its services on September 20. It is designed to build the institutional framework and support for micro,

SEE PAGE 9

$4.99

$4.93

Web shops: Unlicenced rivals exploit patron tax By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

EGAL web shops yesterday expressed fears that unlicenced rivals are expanding to exploit the imminent five percent patron tax without any interference from impotent law enforcers. Licenced operators,

speaking on condition of anonymity, told Tribune Business that Bet Vegas - the only web shop chain whose licence application was rejected when the sector was legalised in 2015 - was not only still operating but now expanding to eight locations with the pending opening of a new site in the Carmichael Road area.

* Fear 'black market' expanding as result * Chain blasts back: 'Why are you jittery?' SEE PAGE 5 * Regulator impotent; police not acting

Ex-beauty queen accuses tourism of ‘abusive tactics’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A FORMER Bahamian beauty queen has accused the Ministry of Tourism of “abusive tactics” in a bid to scare her and other artists from seeking damages for “stolen works”. Khiara Sherman, pictured, the former Miss Bahamas Universe, is accusing the Ministry of seeking to “intimidate” and “deter the existence of constitutional rights” by launching its counterclaim against her lawsuit for breach of copyright and an employment contract. Ms Sherman and her attorneys, in August 14, 2018, filings with the South Texas federal court, liken the counter-suit to “wielding a club”. They also allege that the Ministry has finally admitted to using her song, Fly Away With Me, in “intro bumpers for multiple television commercials” that targeted the Caribbean and US tourism markets. They are alleging that it only launched the counterclaim as a means to prevent Ms Sherman and other artists who contested the Bahamas Junkanoo Carnival song competition from “standing up for their rights in court” over unauthorised use of their material. “Through this counterclaim, the Ministry hopes to wield the threat of a personal judgment against Ms Sherman as a club, presumably hoping that she walks away from her suit and that other artists, who also had their works stolen, will not follow in her footsteps,” attorneys for the former Miss Bahamas Universe allege. “Fortunately for Ms Sherman, Texas protects its residents against being bullied for doing nothing more than exercising their constitutional rights.”

Ms Sherman and her legal advisers are urging the southern Texas court to dismiss the counter-claim because it “cannot survive even the lowest burden of proof”, with the Ministry unable to show she signed

a document promising not to sue. The Ministry, in its action, knitted together the various rules governing the 2015 Bahamas Song

SEE PAGE 10

$4.93 Govt warned: Don’t try running Grand Lucayan By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government “must under no circumstances” get involved in operating the Grand Lucayan, a top hotelier warned yesterday, adding: “It’s not an attractive asset to buy.” Magnus Alnebeck, Pelican Bay’s managing director, told Tribune Business that while government ownership was “fine” it needed to find a top-class operator for Freeport’s anchor resort “as soon as possible” and not interfere with how the property is run. Speaking after the prime minister confirmed the Government had signed the $65m sales agreement for the Grand Lucayan’s purchase, Mr Alnebeck said the previous owner’s three-year failure to find a private sector buyer exposed the extent of the

SEE PAGE 8

PAGE 2, Thursday, August 23, 2018

THE TRIBUNE

NIB unveils its new chairman THE Government yesterday confirmed that has been appointed chairman of the National Insurance Board (NIB). Mr Smith has 29 years’ experience in life and health insurance,

having served in many management and executive positions. In recent years, his private pursuits included IT consulting, retail business ownership and property management. Mr Smith has served on

To advertise in The Tribune, contact

boards in the private and public sectors, and most recently served on the board of directors for the Education Loan Authority. Mr Smith’s appointment became effective on July 1. Other board members

serving from July 1 to June 30, 2019, are: Geoffrey Stuart, deputy chairman; Michela Barnett-Ellis, member; Claretta Duncombe, member; Marcus Grammatico, member; Anethera Bowleg, member; Theresa Mortimer, member; Gina SweetingMoss, member; Gene Albury, member; Edison Sumner, member; Charles Sealy, member.

CHAMBER ELECTS NEW DIRECTORS The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) has elected three new members to its board of directors with effect from July 12. The newcomer trio for 2018-2019 are: • Keith Beneby, Scotiabank (Bahamas) - director • Sandy Morley, BAF Group – director and member of finance (audit and budget) committee • Krystynia Lee d’Arville, Furniture Plus – director, member of the executive committee, and chairperson of communications, fundraising, membership services and events (CFME) committee

SANDY MORLEY

KEITH BENEBY

KRYSTYNIA LEE D’ARVILLE

THE TRIBUNE

Thursday, August 23, 2018, PAGE 3

NEW DEVELOPMENT BANK CHIEF NAMED THE Government has named Dave Smith as the Bahamas Development Bank’s (BDB) managing director as the institution celebrates its 40th year anniversary. The Ministry, in a statement, said Mr Smith has already begun work to strengthen the BDB’s relationship with local and international partners, and to promote Bahamian empowerment through business ownership. Mr Smith said: “I look forward to serving in this position and continuing the planned activities this year to commemorate the Bank’s 40-year anniversary. We will forge ahead with executing

DAVE SMITH

our strategic plan. “At the same time, we also look at fulfilling the

Government’s mandate to examine some of the legacy issues that require focused

attention and reform. This will include a few new initiatives we are exploring. As we implement these various activities we will certainly keep the public up to date.” He added: “I also look forward to continuing the collaboration with our many partners such the Caribbean Development Bank, various government ministries and industry associations to execute the principal functions of the Bank, which are to promote industrial, agricultural and commercial development via financing and investing in approved enterprises; encourage citizens of The Bahamas to participate in business

ownership, and promoting economic development of The Bahamas.” Mr Smith is a certified public accountant, and holds Bachelor’s and Master’s Degrees in business administration from Taylor University, Upland, Indiana. He is a Fellow of the Bahamas Institute of Financial Services (FBIFS). The BDB managing director has previously served as deputy chairman of the National Insurance Board (NIB); a director of Aliv and chairman of its majority shareholder, HoldingCo2015; a director of the Public Hospital Authority (PHA); and as executive vice-president, treasurer

and lecturer at the Bahamas Institute of Financial Services (BIFS). He is the former executive director of the Securities Commission, and has over 30 years’ experience in financial services. Mr Smith has also held senior managerial positions with institutions such as Credit Suisse, Royal Bank of Canada, MeesPierson, Lloyds TSB, Royal Bank of Scotland and UBS (Bahamas). His professional experience includes his role as a founding partner of dss360solutions, a company specialising in compliance, operations consulting and other facilitation services.

BOB’s $168m bail-out no ‘near term’ taxpayer fear By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE $168m Bank of The Bahamas (BOB) bail-out is unlikely to become a liability for Bahamian taxpayers within the next three-five years, Moody’s believes. The international credit rating agency, in its annual in-depth analysis of the country’s economic and fiscal status, said the second BOB “rescue” from August 2017 was unlikely to migrate to the Government’s balance sheet “in the near term”. This is despite the Government having to absorb an $84m hit, which took its 20172018 capital spending in line with budget estimates, due to the failure to recover the former toxic BOB loans that were transferred to Bahamas Resolve, the bail-out vehicle, in the first rescue. As a result of redeeming the $100m in promissory notes (bonds) that were injected into BOB’s balance sheet to plug the hole created by the toxic loans’ removal,

the Government was forced to incur extra borrowing/ spending. “As the assets transferred to Resolve have turned out to be worth only around 20 percent of the original $100m valuation according to IMF estimates, proceeds from the asset sales have been lower than originally envisioned,” Moody’s said. “In fiscal 2017-2018, the government redeemed $100m of the promissory notes from BOB, thereby virtually taking the still outstanding bad debt, amounting to $84m, related to the first bailout on to its balance sheet.” The second $168m bail-out occurred last summer, with more bad commercial loans removed from BOB’s books as that portfolio was “wound down as the bank transitions to a retail-lending focused business model”. “Like the initial transfer, Resolve issued promissory notes to BOB equal to $168m to offset the transfer of the bad loans. As during the 2014 bailout, the proceeds

from these bad assets will be used to service the promissory notes,” Moody’s said. “To date, the government’s fiscal costs related to BOB remain contained and limited to a one-time transfer of $84m in fiscal 2017-2018 to clear the bad debt from the first bailout. If the transferred assets of the second bailout prove un-sellable and/or Resolve is unable to secure other funding to pay BOB, the residual cost could migrate on to the sovereign’s balance sheet. In the near term (next three to five years), we view the likelihood of contingent liabilities from Resolve crystallising on the government’s balance sheet as low-to-moderate.” Moody’s added that BOB’s seeming recovery, with the BISX-listed institution starting to turn small quarterly profits following the bad loans’ removal, could help offset any migration of Bahamas Resolve’s liabilities on to Bahamian taxpayers.

ONE MARINA DRIVE CLASS ‘A’ BUILDING 3,921 SQ. FT THIRD FLOOR | 24 HOUR SECURITY | HARBOUR VIEWS I GENERATOR | PARKING AVAILABLE | PARADISE ISLAND I CURRENT TENANTS ARE TOURISM, SECURITIES AND REAL ESTATE EMAIL: morleyrealty@morleyrealty.com I CALL: 242-394-7070 BAHAMAS FINANCIAL CENTRE DOWNTOWN

NORFOLK HOUSE FREDERICK STREET

9,163 SQ. FT GROUND FLOOR SPACE I SECURITY I COVERED PARKING AVAILABLE I GENERATOR I FIRE & ALARM SYSTEMS I CURRENT TENANTS INCLUDE FINANCIAL INSTITU TIONS

635 – 3,672 SQ. FT GROUND FLOOR SPACES I HIGH VISIBILITY I GENERATOR I SECURITY I DOWNTOWN LOCATION I CURRENT TENANTS ARE FINANCIAL AND SERVICE BUSINESSES

BAY AND PARLIAMENT STREET DOWNTOWN OFFICE

WONG’S PLAZA PALMDALE

895 – 3,135 SQ.FT. IDEAL OFFICE SERVICE OR RETAIL IN BUSY CLOSE TO COURTS AND GOVERNMENT OFFICES I PLAZA I AMPLE PARKING I CENTRALLY CURRENT TENANTS ARE BANKS, RESTAURANTS LOCATED I CURRENT TENANTS INCLUDE AND RETAIL STORES RETAIL AND EDUCATION 796 SQ. FT

SECOND FLOOR I MOVE IN READY I

MADEIRA PLAZA PALMDALE

EAST BAY SHOPPING CENTRE EAST BAY STREET

1,835 SQ. FT OPPORTUNITY IN SOUGHT AFTER AREA I SPACE INCLUDES KITCHEN, STORAGE AND 2 BATHROOMS I CURRENT TENANTS ARE RETAIL, BANK AND SERVICE BUSINESSES

1,500 SQ. FT IDEAL SPACE FOR OFFICE, SERVICE OR RETAIL I EASY ACCESS FROM EAST OR WEST I DUAL ENTRY & EXIT I NEARBY BUSINESSES ARE OFFICES, MEDICAL, RETAIL AND SERVICES

PAGE 4, Thursday, August 23, 2018

THE TRIBUNE

TALENTED ‘JEANIE’ EYES FULL-TIME ARTISTIC CAREER

“Jeanie out of a bottle” is how I would describe Jerdeshia Moxey. This assertive lady does not own a magic wand, and nor does she pull rabbits from any of her many hats. But “Deshia”, as she is called, has shown exceptional talent in finding a way to balance three to four artistic projects at once. When asked where her creativity and determination comes from, she says it only can be through God. Even though this mother of one might seem to need extra hours in her day due, she has altered her schedule to talk to Graphix about her passion. Q: When did you realise you had a passion for art and craft, and what was the attraction? A: My passion for art started from Junior High. I did a lot of Paper Mache, and also recycling projects, to make cool crafts. My attraction to art and crafts was turning something old into something new. Q: Were you good at Art in school? A: Yes. Q: What is a typical day for you like?

JERDESHIA MOXEY

A: A typical day for me starts most of the time at 6.50am, giving God thanks for another chance on earth; motherly duties preparing for school/T-Ball or whatever occasion. Preparing for work, I often have to fulfill shampoo orders from my Tropical Hair shampoo line; sewing; backyard farming; and fishing whenever the weather permits. Q: Do you think artists are born or created? A: In my personal opinion I think artists are born, but it is up to the individual to discover their natural talent/ gift. Q: Where do you look for creativity? A: My creativity comes from God’s genealogy. Q: Despite increased technology, do you feel that the artistic industry is growing or declining?

A: My personal opinion is that the artistic industry is growing, and artists have stepped out of their comfort zone and started to take risks and chances. Q: Do you think persons who love creating are extroverts or introverts and, if so, why? A: I think both characters can be creative. But speaking from personal experience I consider myself to be an extrovert. Why, you may ask. I can handle any situation that presents itself and get along with everyone. I love building healthy and positive relationships based on trust, and I am very compassionate about others. I treat people the way I wish to be treated. Q: Do you feel it is important to teach kids art at an early age? A: Yes, it is important, and only talking creativity will not increase your child’s chances of becoming the

- CONVENIENCE, PERFORMANCE & STYLE -

TEMPERATURE-CONTROL DRAWERS

WATER FILTRATION SYSTEMS

HOT WATER DISPENSER

AUTOFILL PITCHER

Geoffrey Jones’ fine line of General Electric Refrigerators bring intelligence and style to the centerpiece of your kitchen and raise the bar on freshness. GE refrigerators are full of ingenious ideas that are perfectly in sync with today’s daily routines, complemented by striking design details that answer real-life needs.

good things, for life.

Sales & Full Service Department Rosetta & Montgomery Streets

T: 322-2188/9 E: geoffjones@comcast.net www.geoffreyjonesandco.com

next Picasso. You are also helping him/her to develop mentally, socially and emotionally, says EcklundFlores. Creating art may boost a young child’s ability to analyse and problem solve in myriad ways, according to Mary Ann F. Kohl, author of Primary Art: It’s the Process, Not the Product. As children manipulate a paint brush, their fine motor skills improve. By counting pieces and colours, they learn the basics of math. When children experiment with materials, they dabble in science. Most important, perhaps: When children feel good while they are creating, art helps boost self-confidence. And children who are able to experiment and make mistakes feel free to invent new ways of thinking, which extends well beyond the craft room. Q: Do you prefer freelancing or working for a business? A: Freelancing best describes me. I have the courage and a vision already set. In the next two years, I am definitely looking forward to an artistic business full-time. Q: How would you describe your work? A: I describe my work as dependable, passionate and unique in one pot. Being loyal to clients is the best part in everything. I focus my eyes on the prize and what I want to achieve. Q: What are your most fulfilling and unfulfilling moments when dealing with customers? A: My most fulfilling moment is when I could captivate customers with my unique product. They also give me that satisfactory feeling through their feedback about how good my product/service was. Honestly, I don’t have unfulfilling moments; I look at every

moment as a learning experience to improve product or service. Q: How do your clients view your creative inventions? A: I am often told that they’re very proud of me for my vision and courage to become a designer. I am a rare breed, and have taken the road less travelled. Also, I have heard these encouraging words many times: “Do not give up Lil’ Moxey, you are going places. Continue to follow your passion.” Q: How important is originality? A: Originality is important, but it is not easy. It feels like everything has already been done, so you must have a voice for your brand/idea and make it stand out to be truly yours. Q: Which do you feel is more important? Good work with bad attitude, or bad attitude and good work? A: What’s important to me is good work with good attitude, not to forget excellent customer service and presentation. Q: Any inside secrets about your artistic crafts you would like to share? A: No secrets. Everything is made with love, and the race is not for the swift but for the one who can endure to the end. Q: What would you say is the magic potion for success in the creative field? A: Focus on brand new ideas. You must be daring; you must be able to handle criticism and be openminded in the world we are living in today. Remember, success and failure in business are two sides of the same coin, and remain courageous to stand for what you represent. Q: What would you tell young people who are contemplating a career in this industry? A: Master your brand and

The Art of Graphix BY DEIDRE M BASTIAN

recognise three important levels of creativity, which are discovery, creation and invention. Experience as much as you can because exposure places additional concepts into your subconscious. Lastly, actively seek out new experiences to expand your portfolio. Keep in mind there is a season for profit and a season for loss and, finally, “The Sky is Limitless!” Thank you, Jerdeshia. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com. ABOUT COLUMNIST: Deidre Bastian is a professionally-trained graphic designer/marketing co-ordinator with qualifications of MSc, BSc, ASc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Thursday, August 23, 2018, PAGE 5

Web shops: Unlicenced rivals exploit patron tax FROM PAGE ONE They argued that Bet Vegas was expanding in anticipation of enjoying a competitive advantage when the five percent levy on gambler deposits and overthe-counter lottery sales takes effect on September 1, as itself and other unlicenced operators will not have to impose it. As a result, licenced operators believe their concerns that increased web shop taxation in the 20182019 budget will create an expanded gaming “black market” are about to come true, taking the sector back to its pre-regulation days when it was viewed as “high risk” of being abused for money laundering and other financial crimes - thereby threatening The Bahamas’ international reputation. This is especially since the Gaming Board and law enforcement authorities have, to-date, failed to take effective action to close gaming houses allegedly operating without a license. Tribune Business can reveal that the Gaming Act passed by the former Christie administration only empowers the regulator to take action against licenced operators - not illegal ones. The Gaming Board thus has to rely on the Royal Bahamas Police Force to act on its behalf against unlicensed companies, and correspondence obtained by this newspaper shows this arrangement has proven ineffectual to-date. But Anthony Brown, Bet Vegas’s president, yesterday blasted back at criticism of his ongoing gaming operations, telling Tribune Business: “We lost everything; why are they now concerned?” He argued that the web shop chain had been “wrongfully and illegally mistreated” over the rejection of its licence application, which resulted in Bet Vegas initiating a Judicial Review action in the Supreme Court in 2015 to challenge the Gaming Board’s decision. It also obtained an injunction preventing closure of its business until the case was determined. Mr Brown yesterday declined to comment on the status of the Judicial Review action, or whether the

injunction preventing closure of the business remained in effect, as did a Gaming Board spokesman. Representatives for the Bahamas Gaming Operators Association (BGOA) and individual web shops also declined to comment yesterday, but one operator, speaking on condition of anonymity, said previous pledges by Attorney General Carl Bethel to “dig up” and stamp out so-called “underground” gaming activities had to-date rung hollow. “You have these [unlicenced] guys expanding to take advantage of the patron tax and the Government is doing nothing,” the source said. “They’re going to cause us to lose money to the black market. If they’re going to increase taxes on us they’ve got to enforce the law. “The patrons are loyal to no one. They go to where the best deal is. They are loyal to the deal; no one but the deal. When the Attorney General says they’re digging them [unlicenced operators] up, this is not underground; it’s above ground. “When you tie all that together they’re taking us back to pre-regulation. We stamped that out, but now they’re making the regulated market less competitive than the black market.” They pointed to the study by Gavin Hamilton, the analyst hired by the Association, which warned that the increased web shop taxation rates “will be offset by a large migration of customers from the regulated market to the untaxed, unregulated market. We estimate the market will decrease by up to 30 percent”. And the source also pointed to the June 10 letter sent to the prime minister by Calvin Wilson, the immediate past executive director for the Caribbean Financial Action Task Force (CFATF), which warned that The Bahamas could face renewed anti-money laundering sanctions if the web shop industry was driven “underground” by its new tax structure. However, Mr Brown counter-attacked: “Other operators should not be jittery about Bet Vegas. We have been the operation that was wrongfully and illegally mistreated since the process to regulate the industry started back in January 2015. Why are we now of any

Job opportunity for

pre-School principal

· · · ·

5 years’ experience in educational administration and teaching with a proven track record Bachelor’s Degree or above preferred Excellent leadership qualities to supervise a team of teachers Creative & innovative Keen on school fundraising

Qualified persons can send resumes to

calvarydeliverance@coralwave.com

NOTICE In the Estate of SIR DURWARD RANDOLPH KNOWLES late of Winton Highway in the Eastern District of the Island of New Providence, deceased. NOTICE is hereby given that all persons having any claim or demand against or interest in the above Estate should send same duly certified in writing to the undersigned on or before 24th September, 2018 after which date the Executors will proceed to distribute the assets of the Estate having regard only to the claims, demands or interests of which they shall then have had notice. McKINNEY BANCROFT & HUGHES Attorneys for Executors P.O. Box N-3937 Nassau, The Bahamas

concern to them? While we were being attacked in the media, they were celebrating our collapse.” He added: “While we were tied up in court, going back and forth, they were expanding. While our vendors were being threatened by the then-Gaming Board to end our service contracts, they were signing up exclusive contracts with those vendors. Other operators have reaped the benefits of all the underhanded misfortune served upon Bet Vegas. So why are they now concerned?” Mr Brown reiterated that he will continue to fight to defend his name and professional reputation, adding: “Your name is all you have, and that is even more important when you do business elsewhere. I have been in the financial services industry for 12 years in the US. This whole saga has affected my livelihood. I’m not going to sit back and let my work be destroyed.” A Gaming Board spokesman yesterday confirmed that the regulator is unable to act against unlicensed operators by itself, and has to rely on the Royal Bahamas Police Force to act on its behalf against them. “The Gaming Board under the Act only has the authority to enforce regulations on licenced premises,” they said in a statement to Tribune Business. “Under the Act, the police have sole jurisdiction over unlicenced

gaming premises.” Without naming any operator, they added: “The matter has been reported to the police on numerous occasions. If the general public is aware of any illegal premises we would be appreciative if the matter is brought to our attention so we can forward the same to the Commissioner of Police.” Documents obtained by Tribune Business show the Gaming Board become increasingly frustrated by the reluctance, or inability, of the police to close Bet Vegas down despite the regulator’s multiple proddings. A November 3, 2017, letter from Bridgette Outten, the Gaming Board’s acting secretary, to police commissioner Anthony Ferguson reveals that the regulator requested assistance six times in 20152016 for assistance “to effect the closure of Bet Vegas’ illegal gaming operations” without success. It is unclear whether the ongoing Judicial Review and related injunction made the police reluctant to act, but Ms Outten wrote that “the situation involving Bet Vegas continues to become problematic”. She added: “Bet Vegas has not only expanded its business operations throughout the Bahamas, but the Board has been advised that representatives from the company have contacted one of the board’s independent testing laboratories in order to have

the gaming platform that Bet Vegas currently offers tested and certified as being compliant with the Bahamian technical standards enumerated in the Gaming Act 2014 and Gaming Regulations 2014. “This is clearly an egregious act as Bet Vegas is not a licensee of the board. Accordingly, Bet Vegas’ actions demonstrate a blatant disregard for the gaming legislation that governs this jurisdiction. To this end, the board implores the police force to take action and enforce the closure of all Bet Vegas locations. “We trust that you can appreciate that Bet Vegas’ continued illegal operations pose a reputational risk not only for the gaming sector but for the entire country.” Bet Vegas continues to operate today, with Tribune Business provided with a receipt from the web shop chain dated yesterday. With the Minnis administration yet to overturn the ten-year block imposed by its predecessor on new web shop licences, it appears unlikely the company has obtained one. Tribune Business also obtained a September 12, 2017, letter from Ms Outten concerning a Gaming Board probe into a company called Umbrella Ltd, which “appeared” to be “selling and distributing scratch and lottery cards without any form of authorisation” from

the regulator. She called for the launch of a “formal investigation” by the police into the Gaming Board’s findings, and “steps taken to enforce the closure of Umbrella Ltd’s unauthorised business operations. In the circumstances we implore the Royal Bahamas Police Force to assist us by acting swiftly to ensure that all of the locations are closed”. The letter described the K-Souse Restaurant on Blue Hill Road, “adjacent to Bahamas Power & Light”, as Umbrella’s headquarters with the restaurant’s Poinciana Drive site serving as the “ticket redemption centre”. Tribune Business research showed the Umbrella Ltd website and Facebook page referred to in Ms Outten’s letter were still active as of yesterday, although there appeared to be no postings to the latter since December 2017. The Facebook page contained a link showing the location of 20-25 “scratch and win” retailers, who are a mix of food, convenience and liquor stores, bars and beauty retailers - all hightraffic areas. Umbrella Ltd’s website showed the company as having a Shirley Street address, but the contact number was permanently engaged when Tribune Business attempted to call multiple times.

PAGE 8, Thursday, August 23, 2018

GOVT WARNED: DON’T TRY RUNNING GRAND LUCAYAN FROM PAGE ONE uphill task facing the Minnis administration. Mr Alnebeck, who heads one of Freeport’s few remaining resorts, backed

the Government’s decision to “buy and hold” the Grand Lucayan while immediately moving to seek a purchaser as “the smartest strategy” available to it in the circumstances.

THE TRIBUNE While the decision not to repair and re-open the Breaker’s Cay property will limit multi-million dollar losses to Bahamian taxpayers, Mr Alnebeck added that potential buyers would likely find it easier to negotiate with the Government than current owner, Cheung Kong (CK) Property Holdings, Hutchison Whampoa’s real estate arm. Replacement of an unmotivated seller with

an eager one, the Pelican Bay chief suggested, will facilitate a quicker sale to a long-term owner, with the Government’s move also eliminating the “uncertainty” surrounding CK Property Holdings’ threats to close the Lighthouse Pointe - the only one of the three Grand Lucayan properties still open. Mr Alnebeck warned, though, that while the Government’s $65m purchase “stops the decline” it does not amount to a revival that will spark a sudden turnaround for assets such as the Port Lucaya Marketplace and its retail/restaurant tenants. He reiterated that the likely Grand Lucayan solution lay in attracting a vertically-integrated owner - a tour operator that came with its own airlift and resort brand. As a result, the Pelican Bay chief said the Sunwing/Memories/ Blue Diamond consortium remained “the people to speak to”. “I think the reality check for everybody should be that it’s not an attractive asset to buy,” Mr Alnebeck told Tribune Business of the Grand Lucayan. “It’s been for sale for three years, and there was one serious buyer [Wynn Group]. That one serious buyer wanted so many incentives it did not make sense.” And, highlighting the enormity of what the Government has taken on, he said the Grand Lucayan was developed and owned from inception by a Fortune 50-rated company in the shape of Hutchison Whampoa. It was initially operated by Starwood’s Westin and Sheraton resorts, “two of the most successful brands in the hotel industry, and still it failed”. Still, Mr Alnebeck said of the Minnis administration’s plan: “I think that’s the smartest strategy they can have if they, at the same time, can present an operator that knows what they’re doing. It’s then easier to find someone to purchase it..... “It’s very important that the Government realises under no circumstances

should they be involved in hotel operations. Hotel ownership is fine, but find an operator as soon as they can for Lighthouse Pointe.” Mr Alnebeck said securing an operator, and recognised resort brand, could even lead to that company agreeing a long-term 10-15 year lease of one of the Grand Lucayan properties and financing necessary renovations itself. That would create a much more positive “scenario” for the Government, plus Grand Bahama and its economy, but the Government has yet to reveal the full details of its Grand Lucayan business plan/exit strategy beyond the “buy, stabilise and sell” mantra. Dr Hubert Minnis yesterday declined to confirm whether an operator will be sought for the resort, saying this would be determined by the Board of Directors for the Government-owned special purpose vehicle (SPV) that will be created to acquire the Grand Lucayan. That Board will be headed by Hotel Corporation chairman, Michael Scott. Tribune Business exclusively revealed that the deal had been signed in yesterday’s edition, with the purchase set to close on September 11. Dr Minnis yesterday confirmed the closing is set to occur within 30 days, adding that the Government wants to “get in and out as soon as possible”. The only extra details provided yesterday were the Government’s intention to re-open the 400-room property formerly operated by Memories, giving the Grand Lucayan additional inventory to attract pent-up group demand alongside the 196-room Lighthouse Pointe. The Prime Minister also said the Government wanted the resort to be acquired by Bahamian, rather than foreign, investors. Mr Alnebeck, though, warned that rebuilding airlift and attracting leisure travellers would prove difficulty given the Government’s plan to be a temporary owner that largely maintains “the status

quo”. “I think going out to attract new airlift, where the Government is operating a hotel to maintain the status quo and looking for someone to take over, I don’t think any airline will happily fly into a situation like that,” he told Tribune Business. While the Government could order Bahamasair to open routes to certain markets, Mr Alnebeck said this would likely add to the Government’s losses on the Grand Lucayan deal. “They have to run the numbers very carefully. You can’t put on a flight to Atlanta and think people will come,” he added. “It’s the whole thing that has to be put together. I think the Government is probably aware of this. Government has to be prepared to lose a bit of money on this to find a sustainable solution. “The operator of the majority of that hotel needs to be someone who controls the distribution channels, the airlift, the whole package. The logical partners would be Sunwing/Blue Diamond; that’s the people to speak to.” That combination pulled their Memories brand from the Grand Lucayan in January 2017 following a dispute with CK Property Holdings over post-Hurricane Matthew renovations. Many observers felt they could be enticed back with a change of ownership, but Sunwing/ Blue Diamond walked away from the resort even before Wynn pulled out. Mr Alnebeck said how quickly the Government can exit the Grand Lucayan’s ownership depends on the number, and quality, of potential buyers and the type of deal it can offer. “Any investor will prefer to deal with the Government of the Bahamas than deal with Hutchison,” he told Tribune Business. “This is why it makes sense to take over ownership. It will be easier for investors to get something going quicker with the Government than with Hutchison.”

THE TRIBUNE

SMALL BUSINESS CENTRE INUNDATED WITH DEMAND FROM PAGE ONE

small and medium-sized enterprises (MSMEs) in their initial development stages. “We’ve had between 600 and 650 persons sign up as of Tuesday this week. More than half of those persons have already made their appointments,” Ms Blair told Tribune Business. “There are some people right now who are getting February appointments as start-ups, and some persons who are getting November and December appointments as existing businesses. “I’m really trying to encourage persons who are thinking about it, and not too sure, to go ahead and sign up. When you get your head around it and sign up you may be into June of next year.” She added: “I met with the University of The Bahamas on Tuesday with the view of opening up more of the cohorts for the training for the start-ups. Once we settle on that it should allow them to accelerate those classes and open up some more spots for those persons who have appointments in February, and push them up to later this year. “With the existing businesses, that one is still a bit tricky, but it’s based on how much we can expand our part-time advisors. So we are looking, again, with the financial secretary at the budget to see how we can address this overwhelming demand for the services. I think that since we now have an idea of how many people are interested I will have to

change some of my staffing plans before we launch on September 20.” Ms Blair added that based on the current data, 75 percent of persons interested in the SBDC’s offering are women. “The data is telling me that 75 percent of the people showing an interest are female, and about 45 percent of them are between the ages of 18 and 25,” she said. “Another 20 percent are between the ages of 25 and 45. We’re pretty much seeing young people who are taking the initiative with this opportunity. We don’t have the info by island yet, but once we start to move forward with some of the classes we will be able to get more detailed information in that regard.” Ms Blair explained that persons who are looking to start a business will have to go through a two-week training course. “This is really like an intro into what it means to have a start-up; some of the basic terminologies and basic concepts of being an entrepreneur, as well as an overview of the business planning process,” she said. “We acknowledge that there are some people who may have already gone through the process of developing a plan, but would still need to go through that course. They would obviously have an accelerated time with an advisor afterwards. “Once you finish your twoweek course you would get an advisor assigned to you, and basically that individual would sit for as long as it takes to cultivate a business plan which can be recommended for funding. The

Thursday, August 23, 2018, PAGE 9 centre itself, operationally, will not be giving out the funds, but there is an investment committee and private institutions waiting to receive the business plan to be able to fund them.” Ms Blair noted that while the SBDC will not provide funding directly, it will facilitate the necessary steps to allow entrepreneurs to access financing opportunities. “When we write the business plan or revise an existing plan it would be with the knowledge of what some of the criteria is for funding, based on various companies’ credit policies or investment policies,” she said. “It would also ensure there is a high degree of success for those individuals to be funded. “If you are already in business and you come because you want to expand or need additional help, you would go straight into meeting with an advisor and, as the advisor goes though your financials or if you do not have financials, that would be one of the initial things we would assist with getting properly established.” Ms Blair continued: “You would need to meet certain requirements, ensure your company is registered, VAT compliant, that you have the financial management structure in place, all of which the centre will do with you. All of that will be written into your funding strategy. In order for us to do our reporting we need to ensure that persons do theirs so we can track of the success of their business in the long run.” She urged aspiring and existing entrepreneurs to take advantage of the SBDC’s services. “One of the challenges I’m finding is that entrepreneurs are approaching this in a shy way, perhaps because

they have not heard the fine details. There is a bit apprehension about reaching out,” Ms Blair said. “This ties in with some of the research about the fears that some entrepreneurs go

through before they take the leap. A lot of people have that fear of failure, and we have to help each other overcome that. As I speak with hundreds of entrepreneurs I’m finding that this

fear of failure is like paralysis. That’s why the centre is in existence, because we need to help individuals equip themselves with the tools to mitigate against that failure.”

PAGE 10, Thursday, August 23, 2018

THE TRIBUNE

Ex-beauty queen accuses tourism of ‘abusive tactics’ FROM PAGE ONE Competition to allege that she released it from any copyright infringement liability over the use of the Fly Away With Me track. It is arguing that as one of the Bahamas National Festival Commission’s (BNFC) sponsors, Mrs Sherman agreed to “indemnify, release and hold

harmless” the ministry for any damages relating to her participation in promotional activity involving her song. As a result, it is claiming her copyright infringement lawsuit over the the use of Fly Away With Me in tourism advertisements without her purported permission violates The Bahamas Song Competition’s rules. Yet Ms Sherman is

countering: “Because the Ministry is not a signatory to the BNFC (Bahamas National Festival Commission) rules and regulations, and is not identified as a beneficiary of that document, it cannot assert whatever rights that document confers. “Even ignoring those threshold issues, under basic contract principles, the BNFC rules and

regulations do not grant any of the expansive rights now claimed by the Ministry... As part of the competition, the BNFC published “Rules & Regulations” describing the event, the selection process, and the awards. “The Ministry of Tourism was not a party or signatory to this document, and did not oversee or control the carnival or competition, as

MARKET REPORT WEDNESDAY, 22 AUGUST 2018

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,976.51 | CHG -0.12 | %CHG -0.01 | YTD -87.06 | YTD% -4.22 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.10 1.39 0.19 3.92 9.17 6.60 5.30 12.00 2.71 1.77 8.21 6.21 13.00 7.00 13.67 13.00

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 2.75 8.55 6.09 3.33 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

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 E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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 ##########

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ 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 3.90 17.43 9.09 4.06 1.00 0.18 2.75 9.17 6.15 3.75 12.50 2.81 1.75 7.73 6.21 13.00 6.36 3.75 13.00

CLOSE 3.90 17.43 9.09 4.06 1.00 0.18 2.75 9.17 6.15 3.75 12.50 2.73 1.75 7.67 6.21 13.00 6.36 3.75 13.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.08 0.00 -0.06 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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

108.44 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.13 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 100.00 108.57 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

EPS$ 0.268 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.719 0.277 0.631

DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.590

P/E 14.6 18.7 N/M 14.3 N/M N/M -2.8 14.4 10.7 21.9 19.9 26.8 7.6 N/M 11.4 19.1 8.8 13.5 20.6

YIELD 2.56% 6.48% 0.00% 5.67% 0.00% 5.56% 0.00% 7.74% 3.58% 3.20% 4.96% 2.20% 4.00% 1.10% 5.15% 3.85% 3.14% 3.20% 4.54%

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% 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%

MATURITY 19-Oct-2022 ############### 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

MUTUAL FUNDS 52WK HI 2.16 4.16 2.00 180.30 157.58 1.56 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.50 1.62 1.58 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 2.16 4.12 2.00 180.30 155.10 1.56 1.70 1.65 1.09 7.27 8.32 6.48 11.32 11.71 10.31 9.93 8.45 11.20

YTD% 12 MTH% 1.87% 3.98% -0.44% 4.28% 1.05% 2.26% 0.90% 3.44% 1.11% 6.05% 2.14% 4.33% 0.17% 4.01% 1.67% 4.18% -0.96% 0.73% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A

NAV Date 30-Jun-2018 30-Jun-2018 29-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

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

the ministry has admitted to this court.” The former beauty queen then alleged that the Ministry of Tourism had used the work of two other artists from the Bahamas Song Competition, as well as her Fly Away With Me, in its TV promotional campaigns. It ultimately created five commercials using recordings from the contest. “When faced with video evidence proving Ms Sherman’s claims, the Ministry was forced to concede that it had indeed featured Fly Away With Me in multiple television commercials aired in the United States,” her legal filings allege. “In fact, in discovery, the Ministry was forced to reveal that it has taken and used at least two other artists’ music for this same advertising campaign, who also competed in the BNFC competition. “Undeterred, and to drive its point home that none of these artists should stand up for their rights in court, the Ministry then sued Ms Sherman for the mere act of filing this lawsuit.” The Ministry, in its responses to questions from Ms Sherman and her attorneys, said: “[T]he Ministry responds that a portion of the work can be heard in two intro bumpers that aired on Tempo Networks in late 2016 in

To advertise in The Tribune, contact 502-2394

the Caribbean and tri-state area ... Five 15-second intro bumpers were created featuring artists, including Khiara Sherman, who had submitted their songs to the Bahamas Junkanoo Carnival music competition ... These intro bumpers introduced ... a Tempo Networks show called Cross Caribbean Countdown.” Branding the Ministry of Tourism’s interpretation of the Bahamas Song Competition’s rules as “preposterous”, Ms Sherman’s legal filings added: “If the ministry’s argument is accepted, an undefined group of ‘sponsors’, which could ostensibly change at any time and without any notice to the entrants, now have an unlimited right to use any of these Bahamian artists’ unique musical works. “Hundreds of Bahamian artists who signed the seemingly innocuous entry form would have surrendered vastly expansive rights - intellectual property and otherwise - to unknown persons in exchange for nothing from those persons. Nothing in the four corners of the rules and regulations suggest that was the intent of the BNFC or the entrants. “The need for deterrence is especially great here because discovery has uncovered that the Ministry has used at least four other commercials which incorporate the work of other Bahamian musicians who competed in the festival, who likely gave no permission or received any commission from the Ministry.”

NOTICE OF REMOVAL As required by statute, Miracle Auto Touch Care would like to notify the owners of automobiles abandoned on our premises that we will be disposing such vehicles by September 1st 2018. You may collect your vehicle at any time before that date by coming to our shop during regular business hours to collect the automobile and pay any balance owing on your account.

NOTICE

Would Rodlin Thervil or his relative contact Janice Miller or Monique McKenzie at the Placement Unit of The Department of Social Services, Sunshine Plaza, Baillou Hill Road at telephone contact number 376-3538

THE TRIBUNE

Thursday, August 23, 2018, PAGE 11

NATION’S ‘VULNERABILITY INCREASES’ VIA $750M FOREIGN BORROWINGS FROM PAGE ONE

Increased foreign currency borrowing potentially raises pressure on The Bahamas’ external reserves, as this nation then has to earn US dollars through tourism and foreign direct investment (FDI) inflows to ultimately repay interest and principal on the debt. Successive governments, with advice from the Central Bank, have traditionally sought to keep foreign currency debt at minimal levels to avoid fiscal policy creating pressure in the monetary arena. However, its share of The Bahamas’ total debt increased under the former Christie administration and now the latest government’s $750m bond. Still, Moody’s emphasised that there was no cause for alarm yet. It added that The Bahamas’ favourable debt maturity profile, with principal repayments spread out over largely the next 20 years, and the “captive” domestic investor base meant there was no real

worry over the near-$8bn national debt. “Vulnerability to refinancing risks are mitigated by the currency peg as well as the external debt’s long maturity profile: the first upcoming Eurobond repayment, amounting to $300m, is not due until 2024,” Moody’s said. “Additionally, the government has established a sinking fund to cover the principal payments due on the 2028 bond that amortises in 2026-2028. “The Bahamas has a favourable debt maturity profile with only around ten percent of government debt comprised of short-term debt. External market debt has an average maturity of 11 years, while domestic bonds mature on average in nine years.” Moody’s though, did note the increased borrowing and debt burden imposed on the Government and Bahamian taxpayers in recent years by fiscal deficits that have consistently exceeded $300m. “Gross borrowing requirements as a percentage of GDP have increased

to an estimated nine percent in fiscal 2017-2018, thereby exceeding historical trend levels of about six to seven percent of GDP, as a result of an increased fiscal deficit and redemption of promissory notes related to the Bank of The Bahamas’ bad debt,” the rating agency added. “We expect the government’s financing needs to remain elevated at 8.4% of GDP in fiscal 2018-2019 as the government continues clearing its outstanding arrears.” Moody’s also identified the increased debt burden of state-owned enterprises (SOEs), such as Bahamas Power & Light (BPL) and Bahamasair, as a “potential growing risk” to efforts to eliminate the fiscal deficit and ultimately slash the national debt.

“A potential rising risk to the Government’s fiscal strength is the increase in the debt burden of SOEs, which reached 13 percent of GDP as of March 2018, as this is not included in our debt ratios,” the rating agency added. “Although less than half of it is fully guaranteed by the central government, should these contingent liabilities materialise it would have a material effect on the government’s balance sheet. “Potential reforms to SOEs would be key to ensure that their finances improve both to reduce the necessity of sovereign support and to decrease transfers the central government makes every year – in 2017-2018 these transfers amounted to $429m (3.5 percent of GDP) – that impact its own fiscal deficit.”

Still, Moody’s ended its assessment on a positive note, saying: “Despite its relatively high debt ratio, The Bahamas’ debt structure remains favourable and mitigates some of the risks inherent to a sizable debt burden. Although the government’s external debt has increased in recent years, debt remains predominantly

denominated in local currency and held domestically. “Owing partly to the existing capital controls, the government has a captive domestic investor base in the form of local banks and the National Insurance Board. This investor base has helped the government extend its maturity profile to close to ten years.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, FREDERICKA MINNIS of Allen Drive off Carmichael Road, Nassau, N.P., The Bahamas, intend to change my name to FREDERICKA ARANHA. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice. NOTICE

MANNOCK LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) MANNOCK LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

NOTICE

(b) The dissolution of the said company commenced on the 21st August, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

Notice is hereby given that DEBORAH ANN-MARIE PALMER of #45 Bahama Palm Way, Freeport, Grand Bahama Bahamas. is applying to the Minister responsible for nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 16th August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. Dated this 23rd day of August, A. D. 2018

_________________________________ Leeward Nominees Limited Liquidator NOTICE

NOTICE

WHITEABBEY LIMITED

LERIDA INVESTMENTS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) WHITEABBEY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) LERIDA INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 21st August, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 23rd day of August, A. D. 2018

_________________________________ Leeward Nominees Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator NOTICE

POLYANTHUS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) POLYANTHUS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 21st August, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. Dated this 23rd day of August, A. D. 2018

_________________________________ Leeward Nominees Limited Liquidator NOTICE

CHINGSHUI INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) CHINGSHUI INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 21st August, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 23rd day of August, A. D. 2018

_________________________________ Bukit Merah Limited Liquidator

NOTICE NOVELL TRADING LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) NOVELL TRADING LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 21st August, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 23rd day of August, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator NOTICE

PERFECT PROGRESS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) PERFECT PROGRESS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 21st August, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 23rd day of August, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator