08292017 business

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TUESDAY, AUGUST 29, 2017

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‘The tourism dilemma’: GB has less tourists than 1977

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Minister of Tourism yesterday blamed his predecessor for “locking up” precious marketing dollars, as data revealed that Grand Bahama attracted MORE stopover visitors 40 years ago.

Dionisio D’Aguilar told Tribune Business that the data illustrated the Bahamas’ “dilemma of tourism”, as stopover visitors to that island were almost 14 per cent lower in 2015 (pre-Hurricane) Matthew than they were in 1977.

Ministry of Tourism data, released by the Bahamas Hotel and Tourism Association (BHTA) and obtained by Tribune Business, reveals that Grand Bahama attracted some 286,280 stopover visi-

tors in 1977, compared * DATA REVEALS FOUR-DECADE STOPOVER DECLINE to 246,518 in 2015 and * MINISTER SLAMS PREDECESSOR’S MARKETING ‘LOCK IN’ 212,609 in 2016. The last time the island exceeded * 68% ONLINE BOOKING BACKS OFFICE CLOSURES those numbers in 2006, prior to the worldwide recession. and start looking at the last year of major growth before the “The general data ilglobal downturn.

GDP effect they have.” lustrates that for the last The data also reveals that to tal With Moody’s, the 20 years, by and large, credit rating agency, es- ho tel rooms in the Bahamas had the stopover numbers timating that tourism decreased by 9.6 per cent o ver the have not moved,” Mr generates two-thirds of past decade, dropping from 16,340 D’Aguilar told Tribune Bahamian economic in 2007 to just 14,804 last year.

Business. “That is the diMr D’Aguilar expressed hope output or GDP, the slowlemma of tourism.

D’AGUILAR to-minimal growth in this that Baha Mar’s 2,300 net room “We’ve focused on tonation’s higher-yielding increase wo uld start to reverse this tal visitor numbers to our stopover visitors explains trend, telling Tribune Business that detriment, and all growth has come this nation’s relatively poor growth the Ministry o f To urism was “putfrom cruise ship passengers who performance since the 2008-2009 ting o ur heads together” and fospend 22 times’ less than a stopover recession. cusing its strategy on ho w to gro w visitor....It’s wrong just to look at The Bahamas’ total 1.482 million land-based visitors at a much faster the number of people coming to the stopover visitors in 2016 was still 7.4 rate. destination. We have to stop look- per cent below the record-setting ing at the numbers that come here, 1.6 million attracted in 2006, the SEE PAGE 4

‘Society of chaos’ Liquor retailers: Competition warning over get watchdog ‘urgently needed’ rich quick schemes

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas will disintegrate into “a society of chaos” if unregulated investment schemes continue to flourish, a fraud examiner yesterday warning that the “mindset” needs to change.

Kendrick Christie, accountant and partner at Grant Thornton (Bahamas), told Tribune Business he was concerned by the spread of ‘get rich quick’ offerings that were becoming increasingly sophisticated.

A past president of the Association of Certified Fraud Examiners (ACFE) Bahamas chapter, he said the financial services regulators and authorities needed to “be more savvy” in detecting such schemes and respond faster in shutting them down.

Suggesting that they

* FRAUD EXAMINER URGES BAHAMIAN ‘MINDSET’ CHANGE * CALLS FOR REGULATORS TO BE ‘MORE SAVVY’, AND FASTER * SECURITIES CHIEF: ‘IF TOO GOOD TO BE TRUE, PROBABLY IS’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

INDEPENDENT liquor retailers yesterday said a competition watchdog and antitrust regulations were “needed urgently”, as they again hit out at Commonwealth Brewery.

George Robinson, the Retailers Liquor Association’s president, told Tribune Business he and his members continue to fear that the vertically-integrated, BISX-listed brewer is attempting to establish a retail monopoly that will drive them out of business.

Besides concerns over

the expansion of 700 Wines and Spirits, Mr Robinson said independent stores were also worried they will be unable to match the favourable price discounts and promotions that Commonwealth Brewery can offer to its retail arm.

SEE PAGE 4

NO BPL BOND REFINANCE IF ENERGY COSTS INCREASE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light’s (BPL) multi-million dollar liabilities will not be refinanced with a Rate Reduction Bond (RRB) if it increases electricity costs for the Bahamian people.

Desmond Bannister, minister of works, told Tribune Business last night that the utility monopoly’s Board was assessing numerous options for raising the capital to improve BPL’s outdated generation capacity and infrastructure, an RRB being one of them.

And, despite this newspaper’s financial contacts suggesting local investment advisers are lukewarm - at best - over providing BPL with the required financing, Mr Bannister said “huge, highly respected institutions” were making unsolicited approaches to the Government and Board every day.

“We have very large,

SEE PAGE 3

needed to better monitor social media, which was where these schemes often originated and marketed themselves to potential ‘investors’, Mr Christie said improved education and a change in Bahamian attitudes was even more vital.

He argued that too many Bahamians wanted to believe the returns promised by ‘get rich quick’ promoters were true, and turned a ‘blind eye’ to suspicions of

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PAGE 2, Tuesday, August 29, 2017

THE TRIBUNE

BAHAMIAN QUALIFIES FOR INSURANCE DESIGNATION AN Insurance Commission of the Bahamas (ICB) analyst has successfully completed the Associate in Captive Insurance (ACI) Designation.

Sinèad Bethel obtained the designation, established by the International Centre for Captive Insurance Education, in July 2017.

It involves a challenging and comprehensive programme of study for professionals working within the captive insurance industry. Successful candidates are required to complete nine online-based courses, and three ‘hot topic’ webinars.

The ACI programme has become the main online mechanism for en-

suring continued growth and development in the sector.

Ms Bethel joined the Insurance Commission in 2014 as an analyst in its Supervision Unit. She said: “I am sincerely grateful to the Commission for making this opportunity possible, and for their continued encouragement during the process.

“This programme has been beneficial in developing my knowledge in an industry that is steadily developing in the Bahamas. The lectures, in-depth course material, and practical assignments with international counterparts provided unique and forward-thinking learning opportunities.”

SINEAD BETHEL

‘SOCIETY OF CHAOS’ WARNING OVER GET RICH QUICK SCHEMES FROM PAGE 1 fraud and wrongdoing.

Besides preying on unemployed and povertystricken Bahamians, Mr Christie said such schemes also tapped into the ‘something for nothing’ and ‘easy money’ culture prevalent in many segments of society.

He was speaking following the chaos that erupted last Friday when hundreds of Bahamians stormed the offices of Pineapple Express Asue Holders in a bid to reclaim their money, after the Securities Commission deemed it “unsafe and very high risk” because it had the characteristics of a typical pyramid or Ponzi-

type fraud.

Mr Christie’s concerns were backed by Christina Rolle, the Securities Commission’s executive director, who yesterday told Tribune Business the regulator was “very concerned” by the frequency with which Pineapple Expresstype schemes were emerging.

While no complaints about Pineapple Express had been received, Ms Rolle said via e-mail: “We can confirm that representatives from the Commission met with the principal of Pineapple Express Asue on August 22, and expressed concerns with respect to its operations.

“Based on information

provided to the Commission, including explanations from the principal, Pineapple Express Asue appears to have the typologies of a ‘Pyramid’ scheme.

The Commission is very concerned about the frequency of these schemes in our local market.”

The Securities Commission subsequently issued a ‘warning notice’ about Pineapple Express Asue Holders, and referred the matter to the police for further investigation (see Tribune main section).

Ms Rolle said the regulator planned to intensify its public education efforts to prevent Bahamians from falling victim to such schemes in futures, broadening its focus beyond its 2015 pamphlet on avoiding ‘scam and fraud’ to other media.

“With respect to these types of schemes, the public should first inquire whether the entity/individual is licensed to operate,” the Securities Commission chief added.

“Also, potential participants should ask basic questions to the operators about how income is generated, and how the operators make money. It is good to check with financial services regulators, especially if there are concerns. Finally, if something sounds too good to be true, it normally is.”

Mr Christie, meanwhile, expressed particular concern about the impact ‘get rich quick’ schemes can have on already-marginalised Bahamians, who

can ill-afford to lose even several hundred dollars in such offerings.

He warned that this would only exacerbate the Bahamas’ numerous social ills, and called on Bahamians to “live with principles” and “draw the red line” when they recognised that something was wrong and others could be defrauded.

“I think there’s a level of ignorance, but also a level of education that needs to happen,” Mr Christie told Tribune Business. “Some of the persons participating know what it is, and beat the door down to be the first ones in.

“I will be unequivocal here: I definitely do not support these schemes.

They’re paying you from the deposits of other people. Any scheme promising you four-five times’ the money you put in is a fraud. You have to live with principles and draw the red line.”

Pyramid and Ponzi-type frauds typically promise or guarantee investors a high return, claiming they can turn a small investment into a much larger sum of money within a short period of time - but without saying how.

They use ‘new investor’ monies to meet the promised payments to investors who entered the scheme earlier, relying on attracting a high number of new participants on a daily basis to stay afloat.

Eventually, when they are unable to attract enough money to meet the promised pay-outs, the

scheme collapses. Pineapple Express was promising to pay $1,050 and $540 to Bahamians who invested just $200 and $100, respectively, while also charging $25 fees for ‘processing’ and ‘membership’. Payouts were supposed to occur after 14 days.

The company’s principal, Ms Munroe, in her last Facebook posting, denied any wrongdoing. She said: “I have done my best to help my community. The vision for Pineapple Express was never for selfish gain but to help Bahamians.

“In return I was ridiculed and my life was threatened. Please note that all of the funds collected were used to payout someone else [pyramid/Ponzi characteristics] in light of the vision ‘people helping people’. I am truly thankful that over 800 persons were paid in the $200 ‘asue’, and over 900 persons were paid in the $100 ‘asue’.”

However, it is unclear whether all investors have been refunded. Apart from Pineapple Express, The Tribune last week reported on the concerns of persons who had invested in a similar scheme, Golden Chess Asue Holders, which had allegedly closed down without making payments or refunds.

Mr Christie expressed concern that such schemes were “becoming more sophisticated”, giving the appearance of being legitimate businesses by establishing physical offices and application forms.

He added that the use of

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the term ‘asue’ effectively amounted to false marketing, as asues only return the savings persons have put in.

And “when the wheels fall off, because the deposits dry up and too many people flock to” such schemes, the promoters were able to quickly shut down and disappear without paying investors. And social media gave them the ability to reappear, under a different name, with similar offerings several months later.

Mr Christie said no legitimate investment businesses would guarantee the returns offered ‘get rich quick’ schemes, suggesting Bahamians were failing to equate ‘high reward’ with ‘high risk’.

“No one should be able to take deposits from the public, say they can’t pay you and then disappear,” he told Tribune Business.

“We can’t allow that to happen. It creates a society of chaos.

“Persons who gain from these schemes are offset by the money that is lost, and more are losing that gaining. We have a lot of social problems in the Bahamas, and don’t need people defrauded and ending up on the fringes, because we will have even more social issues.”

Mr Christie said losses on ‘get rich quick’ schemes could have a negative ‘ripple’ effect on a family’s finances, especially in households where no or few people are working full-time.

While acknowledging that the Bahamas “does not have a monopoly on fraud”, the Grant Thornton partner questioned “whether the authorities are moving quickly enough” to take action against such schemes and close them down.

“The authorities have to see these trends,” he said.

“I think they have to monitor social media, which is the way we communicate now. There are a lot of persons who get their news from that.

“The regulators have to be more savvy and use social media to get their message out. They need to establish a hotline where persons can call in.”

Mr Christie said scheme promoters also paid persons to be the ‘first investors’ and vouch for their offering, in a bid to entice Bahamians to participate.

In a close-knit society, with interlocking family relationships and where everyone knows everyone else, social media and ‘word of mouth’ have proven effective tools for sucking hundreds of Bahamians into unregulated investment schemes.

Mr Christie argued that there needed to be a ‘cultural mindset’ shift among Bahamians to counter such schemes, noting that he had entered into online debates with persons who either supported them or felt the promoters should be left alone.

“I think it’s a function of a lot of things,” he told Tribune Business. “It’s a function of society, and it’s really a sign of the economy and this gambling-type of mentality. A lot of persons on the fringes don’t want real work, but think if they can put in $100-$200 and get $1,000, they’ve got it made.

“There are persons not trying to work or get a job, and want a quick fix.

There’s a Bahamian way about that; wanting a quick fix. They know it’s wrong, and that someone else is being defrauded, but want a quick fix. We have to work on changing people’s mindsets.”

THE TRIBUNE

Tuesday, August 29, 2017, PAGE 3

No Bahamas Power & Light bond refinance if energy costs increase FROM PAGE 1 highly-recognised institutions that are approaching us every single day about this issue and seeking to be involved,” the Minister of Works, who has ministerial responsibility for BPL, told Tribune Business.

“They are huge institutions, local and international, that are approaching us.

We are not even approaching them. They are coming to us. Certainly, the funding is there, and from everything I’ve seen the people approaching me are interested in doing so.”

Mr Bannister’s comments came as BPL’s newly-appointed acting chief executive, Carson Harreld, confirmed that the energy monopoly must raise funding for its $110 million capital expenditure budget this year.

“We have in the budget for this year a lot of improvements that should help us reduce the outages we’ve had,” he said at a press conference. “A lot of our equipment is older and needs to be either refurbished or replaced.

“The capital budget this year is about $110 million.

Obviously we’re going to have to have some financing if that’s going to happen.

We’re working with the Board for their directions, and we’re trying to raise the money to make improvements that everyone in the Bahamas wants.

“We’ve been considering a bridge loan that would get us through this year, and [will] hopefully issue some bonds - longer term bonds - which should allow us to make a lot of improvements.”

Mr Bannister confirmed that a Rate Reduction Bond (RRB), which was legislated by the former Christie administration, was one possible solution for refinancing BPL’s existing liabilities and providing it with essential working capital.

“That is one option.

There are some other options on the table, but that is one of them,” the Minister told Tribune Business.

“The whole issue for us, the bottom line, is going to be the cost of electricity to Bahamian consumers.

If the RRB does not offer that, we will follow another course, ensuring whatever we do is going to lead to a reduction in the cost of electricity. That is critical.”

Mr Bannister during his Budget presentation revealed that BPL was seeking a $135 million ‘bridge loan’ from a combination

* MINISTER: ALTERNATIVE TO RRB WILL BE PURSUED * UTILITY’S CAPITAL BUDGET PEGGED AT $110M * LOCAL MARKET COOL ON REFINANCING PLAN DESMOND BANNISTER of J P Morgan and CIBC FirstCaribbean - likely the financing referred to by Mr Harreld.

However, the Minister confirmed that this loan had yet to be finalised. “We haven’t placed anything yet,” he said. “We are looking at things, and there are negotiations going on now.”

The RRB was the Christie administration’s preferred route for refinancing BPL and its Bahamas Electricity Corporation (BEC) parent, taking care of total liabilities estimated at $600-$650 million.

The bond, which would be issued by a special purpose vehicle (SPV), would take care of some $240$250 million in legacy bank debt; around $90-$100 million in existing bonds; and BEC’s legacy environmen-

tal liabilities and pension fund deficit.

The SPV would also have kept the debt off the Government’s balance sheet, and the former administration passed legislation in the House of Assembly to give it effect.

However, the Christie government never moved on placing the RRB. Payments to bond holders will be financed by a portion of the bill paid by BPL’s 108,000 consumers, and this potentially threatens to raise electricity costs - as alluded to by Mr Bannister.

The thought of increased costs so close to a general election likely gave the Christie administration pause for thought, but the failure to proceed left BPL and its manager, PowerSecure, cash-strapped and unable to raise the financing necessary to overhaul the utility’s infrastructure, and improve its efficiency and financial/operational per-

NOTICE

NOTICE is hereby given that JOANES JEAN of Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 29th day of August, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SITIRA ALBURY of

#104 Younghusband Avenue, Freeport, Grand Bahama,Bahamas is applying to the Minister responsible

for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of August, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JOSAINE ROSEMIDGE SALOMON of Domingo Heights, off East Street South, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22ndday of August, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

formance.

This exacerbated the former government’s refusal to approve an increase in BPL’s ‘base’ tariff, which would have increased its cash flow and given it funding for maintenance work.

Tribune Business contacted Mr Bannister after learning that BPL had been pitching, and sending out ‘feelers’, to Bahamasbased investment houses and money managers over its capital-raising intentions and options.

This newspaper suggested that the BPL Board’s finance committee, headed by executive director, Deepak Bhatnagar and former BEC general manager, Kevin Basden, had ‘floated’ options such as a $100 million RRB, $50 million bond and other debt financing arrangements that could total $100 million.

The effort is designed to gauge interest in participating in, and helping to structure, BPL’s proposed capital raising. However, multiple sources said interest was likely to be cool until the current dispute between the Board and PowerSecure was resolved, and BPL showed it was making progress in its turnaround.

One source, speaking on condition of anonymity, said the BPL Board appeared interested in placing the RRB’s $100 million ‘Bahamian piece’ before the international component, but it was difficult to determine which direction they will ultimately take. ‘“I don’t know where that’s going to go,” the source said. “There’s clearly issues between BPL and PowerSecure. They’re interested in raising capital, have an urgent need for

capital, but I don’t know if banks and investors are going to be interested until this mess is sorted out.

It can’t be done when this whole mess is up in the air.”

They added that BPL likely needed between $100-$150 million in medium-term financing, and said: “They seem very keen to move forward, but how it works out, I don’t know.

“This is not the time to be going to market. You’re looking for confidence, that progress in heading towards a solution is being made, and that everybody is going to get their money back.”

Another finance source, also speaking on condition of anonymity, said: “Why do they think they can get this done when they haven’t fixed their core problem of generation? You have to fix the problems before you get the capital.”

PAGE 4, Tuesday, August 29, 2017

THE TRIBUNE

LIQUOR RETAILERS: COMPETITION WATCHDOG ‘URGENTLY NEEDED’ FROM PAGE 1 Mr Robinson said the Association, which launched in October last year, was now seeking a meeting with K P Turnquest, minister of finance, to push for competition laws and regulations that would protect small, independent Bahamian businesses - not just liquor retailers.

“We really need that,” he told Tribune Business.

“We’re planning a meeting with the Minister of Finance now to see if they can legislate that. That is needed urgently it’s not only the liquor business that’s affected; it’s just about all the retail businesses that are affected by this thing.”

The Bahamas is obligated, by the Economic Partnership Agreement (EPA) with the European Union (EU), to establish a competition ‘watchdog’ body and antitrust regulations that would deal with issues such as monopolistic behaviour, but has yet to do so.

The Retailers Liquor Association and its members first expressed concerns about Commonwealth Brewery’s intentions when

it formed last year, and a newspaper advertisement yesterday indicated these had resurfaced - and may even have intensified.

“All retail liquor merchants who are interested in stopping the unfair competition and monopoly of a leading liquor manufacturer and distributor, please contact George Robinson of the Retailers Liquor Association,” read the advertisement.

Tribune Business attempted to reach Hans Neven, Commonwealth Brewery’s managing director for comment, but he was said to be out of office yesterday.

This newspaper’s detailed message for him was returned, and Tribune Business was told that a response would be forthcoming from the company’s ‘head of corporate relations’. However, none was forthcoming before press time despite this newspaper relaying the urgency for one.

However, in an October 2016 response to the Association, Wendell Seymour, Commonwealth Brewery’s sales director, pledged that the company wanted to

work with independent retailers rather than squeeze them out, and had no intention of creating a retail monopoly.

An unconvinced Mr Robinson, though, said he and other independents “have a problem with this unfair competition” caused by the fact that Commonwealth Brewery, their major supplier, is also a competitor.

“They’re creating this monopoly where they’re opening up all these retail stores, and opening up these stores right next to their customers; us,” he told Tribune Business. “They have 25 in Nassau, and are trying to open another six.”

Mr Robinson, who owns Base Road Wholesale Bar on Nassau Street, expressed particular concern that his sole store will be “sandwiched” between a Sands outlet and any retail location that 700 Wines and Spirits may open itself nearby.

“I had a little setback when Sands opened on Nassau Street over the hill from me,” he revealed.

“They took all my business from the beach. I can’t allow them to corner me from

the north and south. I’d be sandwiched. We’re going to try and fight it.”

The Association’s concerns centre on the possibility of 700 Wines and Spirits stores opening in close proximity to its members, sucking away their customer base. However, Mr Robinson conceded that Commonwealth Brewery had “put on hold” a store at the Oakes Field Shopping Centre, near the university, which would have ‘sandwiched’ him.

He added that a Blue Hill Road location had also been “put on hold”, but said a 700 Wines and Spirits store had opened in Fox Hill, while sites on Robinson Road and Charles Saunders Highway were also being eyed.

Mr Robinson said the latter site was “right next to one of members. They’ve rented a space in the Island Luck building right across the road. If they open there, they’re going to wipe this fella right out. He can’t compete with them.

“They [Commonwealth Brewery] have the wholesale market cornered, and are trying to create a retail monopoly.”

The Association president added also expressed concerns over 700 Wines and Spirits’ ‘rewards’ programme, which gives customers 15 per cent ‘cash back’ on card purchases.

“But offering rewards to locals at a cheaper price, it will take away a lot of our consumers,” he said. “The same thing is happening in Grand Bahama and Abaco.

We’ve got a lot of calls from there.”

Mr Robinson also argued that Commonwealth Brewery’s downtown Nassau stores, engaged in duty-free retailing to tourists, were offering prices that were equivalent to the wholesale prices independent retailers have to pay the BISX-listed company for their supplies.

“When they come into the inner-city right next to you, you can’t compete with that,” he told Tribune Business. “Sometimes we as retailers are able to go into their stores and purchase liquor at prices cheaper than we pay to them at wholesale.”

International brewing giant, Heineken, owns a majority 75 per cent equity stake in Commonwealth

Brewery as a result of the 2010-2011 buy-out of the Finlayson family. The remaining 25 per cent is owned by Bahamian investors.

However, not all independent liquor retailers appear to be completely on-board with the Association’s position, and the fear of speaking out and offending Commonwealth Brewery was evident from Tribune Business’s inquiries.

One retailer, speaking on condition of anonymity, said they were unaware the advertisement was going out, and felt the main issue - 700 Wines and Spirits opening more stores close to independents and oversaturating the market - had been resolved.

“I’ve got no issues with them right now,” the retailer said of Commonwealth Brewery. “I’m working with them, and they’re working with me. I can’t stick my head in no fire. “I’m trying to stay out of all that.

They’re one of my biggest suppliers. I don’t want to get in any situation with them. It’s not up to me to tell them not to open stores.

They’ve got the licenses.”

‘THE TOURISM DILEMMA’: GRAND BAHAMA HAS LESS TOURISTS THAN 1977 FROM PAGE 1 The data also backed his decision to focus the Ministry’s marketing dollars on digital, online media, and close the Los Angeles and Washington D.C offices by

amalgamating them with Houston and New York, respectively.

The statistics revealed that 68 per cent of the Bahamas’ tourists in 2016 booked their vacations online, a figure consistent with the year before, while just 28 per cent used a travel

NOTICE DONALD INVESTMENTS LIMITED (in Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on 29th August, 2017.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Lynden D. Maycock, P. O. Box EE-15953, Nassau, Bahamas.

All person having claims against the above-named Company are required on or before 29th September, 2017 to send their names and addresses and particulars of their debts or 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 29th day of August, 2017 Lynden Maycock Liquidator

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agent - down from 30 per cent in 2015.

The Ministry of Tourism released 25 pre-election hires and other workers to free-up marketing dollars, and Mr D’Aguilar yesterday said he spent “half-aday” discussing its online promotional strategy.

Arguing that its current $2 million electronic spend was woefully inadequate, he told Tribune Business: “We need to direct as many marketing dollars as possible to social media and digital campaigning.

“We’re speaking with Google, Expedia, looking at all sorts of different ways to improve our penetration online.”

Mr D’Aguilar added that the current marketing budget was “not enough”,

and said: “We’re being constantly out-spent. Aruba is out-spending us three times’, and Jamaica is outspending us by 40 per cent.

“Overall, the most effective is Aruba. They’re outspending us significantly.

We’ve just allocated too much of our tourism budget to overheads, salaries and offices, and we’re being comprehensively outspent in a competitive market.

“We need many more dollars to be spent on marketing. It’s very competitive, we have to be be competitive and go dollar for dollar with other Caribbean nations.”

Mr D’Aguilar told Tribune Business that much of the Ministry’s marketing budget was “fixed”, and he criticised his predeces-

NOTICE LAKE TAHOE INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, LAKE TAHOE INC. is in dissolution as of August 25th, 2017.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

it would be in bringing them to this destination. I have to wait for these contracts to expire I can redistribute funding to digital, social media and bloggers.”

With an improved tourism performance critical to the economic growth Moody’s is seeking to justify an ‘investment grade’ rating for the Bahamas, Mr D’Aguilar conceded: “Tourism contributes twothirds of the economy, and I feel the weight on my shoulders to get the tourism product growing.

“This is an enormous job.

Two-thirds of the economy is riding on my shoulders, and I can’t afford a mistake right now. We’ve got to pull all the stops out, and be as creative, innovative and successful as we can.”

MARKET REPORT MONDAY, 28 AUGUST 2017

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

BISX ALL SHARE INDEX: CLOSE 1,834.23 | CHG 0.00 | %CHG 0.00 | YTD -103.98 | YTD% -5.36 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 2.41 0.13 6.47 8.60 6.30 10.60 14.49 2.52 1.60 6.00 10.00 11.00 10.10 7.25 12.51 11.00

52WK LOW 4.05 17.43 8.19 3.50 1.39 0.12 3.80 8.40 5.83 9.46 10.00 2.18 1.50 5.80 8.75 7.01 8.10 6.60 11.93 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.01

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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate 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 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

Kim Thompson Liquidator

sor, Obie Wilchcombe, for locking it into sporting contracts “that I can’t do anything about”.

He added that Mr Wilchcombe had sought to attach the Bahamas’ brand name to sporting events and teams, such as the LPGA’s Pure Silk Classic golf tournament on Paradise Island and football teams, believing this would help to attract visitors.

Disagreeing with this approach, and linking the Ministry’s marketing dollars to it, Mr D’Aguilar told Tribune Business: “I’m locked in, and have to wait until these contracts expire to free up the money.

“It was his [Mr Wilchcombe’s] way to drive stopover visitors, but it was not as successful as we thought

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.07 3.95 1.96 170.77 146.34 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.28 17.43 9.09 3.70 1.47 0.12 3.92 8.60 6.10 9.98 10.01 2.36 1.55 6.00 9.75 7.01 9.75 7.01 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.62 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.28 17.43 9.09 3.70 1.47 0.12 3.92 8.60 6.10 9.98 10.01 2.36 1.55 6.00 9.75 7.01 9.75 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01

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 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.34 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.28 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

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

VOLUME

50,000

VOLUME

NAV 2.07 3.95 1.96 174.30 146.25 1.50 1.63 1.58 1.08 6.92 8.03 6.15 10.52 11.46 10.01

EPS$ 0.467 0.932 -0.230 0.540 -0.340 0.000 -0.857 0.574 0.681 0.540 0.559 0.102 0.455 1.212 0.768 0.575 0.929 -0.602 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 9.2 18.7 N/M 6.9 N/M N/M -4.6 15.0 9.0 18.5 17.9 23.1 3.4 5.0 12.7 12.2 10.5 -11.6 17.9 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 0.0

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 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 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 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 2.34% 4.55% 0.90% 1.64% 1.21% 2.55% 3.48% 4.01% 3.17% 7.00% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 30-Jun-2017 31-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017 30-May-2017

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 1.87% 5.74% 0.00% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 3.61% 5.69% 2.54% 3.87% 4.83% 4.62% 0.00% 3.49% 2.00% 4.96% 0.00%

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