08022019 BUSINESS

business@tribunemedia.net

FRIDAY, AUGUST 2, 2019

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BISX chief ‘never lost faith’ over $3bn listing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Bahamas InternationalSecurities Exchange’s (BISX) chief executive yesterday hailed its listing of $3bn in government debt securities as “a day I never doubted would come”.

Keith Davies, speaking after the exchange announced a successful end to its 20-year effort to persuade the government to list its bonds, told Tribune Business the move represented “one of the biggest steps we’ve taken” in BISX’s history.

Arguing that it “speaks volumes to BISX’s growth

• Twenty-year effort to secure govt debt succeeds • Trading to start Nov to get ‘everything right’ • Move ‘one of biggest steps’ in exchange’s history

KEITH DAVIES

and development”, Mr Davies said the listing of more than 200 Bahamas Government Registered Stock (BGRS) issues will bring the “transparency” of a formalised market to the largest security in this nation’s capital markets.

He explained that the BISX listing will provide investors with real time information on the breadth and depth of the government securities market, plus the pricing of different issues, thereby enabling

them to make “better informed” investment decisions.

There will also be spinoff benefits for the wider debt market, Mr Davies explained, as companies would be able to use investors’ risk appetite for government debt as a “benchmark” for pricing their own corporate debt issues thus leading to the development of a Bahamian Yield Curve.

SEE PAGE 6

BISX listing part of ‘more rigorous’ debt oversight

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LISTING $3bn in bonds on the Bahamas International Securities Exchange (BISX) links directly to plans for “more structure and rigour” in managing government debt, it was revealed yesterday.

K Peter Turnquest, deputy prime minister, told Tribune Business that listing all the government’s outstanding medium and long-term debt securities on the exchange was part of a wider strategy to create a “more efficient” secondary market that better distributes wealth among more Bahamians.

Explaining that the listing of over 200 Bahamas Government Registered Stock (BGRS) issues will make

K PETER TURNQUEST these instruments more attractive to retail investors, Mr Turnquest said the move also ties in with the initiative to lower The Bahamas’ debt servicing costs through more proactive management.

“We’ve been working on this project for over a year, and have finally arrived at that point where all the legislation and processes have allowed us to make this move,” he told this newspaper. “It frees up some

Insurer’s Caribbean expansion is ‘very much on burner’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ROYALSTAR Assurance’s chairman says Caribbean expansion remains “very much on the burner” as a means to address diversification concerns voiced by an international rating agency.

Sir Franklyn Wilson told Tribune Business that the Bahamian property and casualty insurer’s planned acquisition, in tandem with its Trinidad-based partner, the Guardian Group, was proceeding “very well” and now passing through the

regulatory approvals process.

Declining to identify RoyalStar’s target, Sir Franklyn said the underwriter was itself “conscious” of the need to diversify its risk concentration beyond Bahamian borders following reaffirmation of its Caribbean-leading ratings

by AM Best.

The international insurance industry rating agency, in confirming RoyalStar’s A (Excellent) financial strength rating and ‘a’ longterm issuer credit rating, highlighted the insurer’s lack of geographical

SEE PAGE 5

Farmers must be ‘business minded’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIAN farmers were yesterday urged to become more “business minded” in order to take the sector to the “next level”.

Caron Shepherd, the Farmers United Cooperative president, told Tribune Business that the first annual agricultural conclave, Bahamas Connects With Israel will inform Bahamian farmers of the agri-business concept and

other relevant topics when it begins on Tuesday at the Grand Hyatt.

Bishop Andre Thomas, president of the Caribbean-Israel Leadership Coalition, will be the keynote speaker. “We are bringing speakers to speak with the farmers on improving their farming methods and on being able to think as an agri-entrepreneur,” Ms Shephard said.

“We have to think along the business side of farming.

One of the issues that will be

SEE PAGE 5

of the debt that is sitting with the Central Bank, and allows for participation by a broader sector of the public in these instruments.

“It gives us the opportunity to hopefully find a more efficient way to encourage a broader investment portfolio for the average Bahamian investor. It will support the advancement of BISX and hopefully freeup additional capital for investment purposes.

“I think it is a bold move.

It is a creative step that we are taking, and it provides an opportunity for transparency in the market. It allows the Central Bank to divest some of the loans and government debt obligations they carry for us; the short-term loans.”

Mr Turnquest said the legislative package intended to reform the government’s debt management strategies is being targeted for completion by this fall, with the three Bills issued for public consultation before being taken to Cabinet for placing on Parliament’s legislative agenda.

Confirming that the listing, and eventual trading, of government debt securities on BISX links directly to this initiative, he added: “We are actively working

SEE PAGE 2

BERNARD EVANS

DINO ROLLE

BTC labour relations ‘not beyond repair’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net UNION leaders say labour relations at the Bahamas Telecommunications Company (BTC) are not beyond repair provided management treats the workers with “respect”.

Bernard Evans, the National Congress of Trade Unions of The Bahamas (NCTUB) president, told Tribune Business that the relationship between the carrier and the two unions representing its workers “can be repaired” if management and its owners alter their approach.

“Can it come back? Of course,” he said. “I think they can be repaired only if management comes to learn and understand the workers at BTC are represented by the unions, and that there are polices and procedures that take effect, and they should follow them.

“The management must come to the table with the union with respect, and respect the union and the workers, and that the union is the sole bargaining agent for the workers. They have to show the workers respect.”

Dino Rolle, who succeeded Mr Evans as president of the Bahamas Communications and Public Officers Union (BCPOU), the BTC line staff representative, also indicated that workforce

relations are not beyond the point of no return.

“I am an optimist. As a leader I must always be hopeful of positive outcomes and work towards it,” he told Tribune Business in a recent message that came after the union filed a trade dispute with the Department of Labour over the proposed voluntary separation packages (VSEPs) that BTC is preparing to offer.

The BCPOU is alleging that BTC failed to properly engage and negotiate with it over the VSEP terms, something it claims is required by their industrial agreement. However, Garfield ‘Garry’ Sinclair, BTC’s chief executive, says there is a financial cost beyond which the company cannot go.

The VSEP dispute followed quickly behind the controversy created by Balan Nair, chief executive of Liberty Latin America, BTC’s ultimate parent, when a video went viral of remarks he made questioning the productivity and work ethic of Bahamian employees in comparison to their Jamaican counterparts.

Mr Nair subsequently apologised for any offence caused, but Mr Sinclair then delivered a blunt message that the the tactics of both the BCPOU and its

SEE PAGE 3

PAGE 2, Friday, August 2, 2019

W

E have known the benefits of pursuing a college education for a long time. Research tells us that individuals with higher education earn more, pay more taxes and are more likely than others to be employed and have benefits such as pensions and health insurance. Adults with higher education also have better prospects for moving up the socioeconomic ladder, and are less likely to rely on public assistance. These basic truths should encourage everyone in industry, and The Bahamas at large, to focus on academic achievement.

It is true that collegeeducated individuals are still most attractive to employers. Besides field training, college develops analytical and critical thinking, organisational skills and the ability to see a project through from start to finish. These proficiencies qualify graduates for a flexible range of employment in fields that offer more job openings, upward mobility and a lifetime of open doors.

Employers also find that

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Firms must extract graduate potential graduates exhibit a “teamplayer” attitude, strong decision-making, communication and an innate sense of self-discipline in a work environment.

The goal of every company should be to send a clear message that it endorses and supports higher education in our communities. Here is a checklist of what companies can do to promote education and encourage persons to pursue tertiary level degrees: 1. Hire them. Every company, regardless of its industry, level, size or field,

should have a healthy balance of professionals with degrees. No one in 2018 should be turned away from a job that they have applied for because they are “over qualified”. College-educated Bahamians should have greater ease in returning to their homes to find employment in their own country.

2. Pay them well. No right-thinking person after four to six years, an $100,000-plus investment and thousands of hours of study and sleepless nights, is going to subject themselves to entry-level drudgery. In the “real world” this simply does not make sense. Degrees from reputable colleges and universities should indicate that an individual has some degree of mastery in their chosen field and should be respected as such.

3. Connect them with mentors who have the experience.

Employers usually lament that there is a gap between college graduates and workplace reality. They often demean the recent graduate for not being able to immediately produce results, and dismiss their “book-smarts” as meaningless. This unfair

handling of recent graduates bolsters a sinister spirit that keeps people economically and socially depressed. We must all reject it.

4. Give them meaningful work and hold them accountable for results.

Recent graduates often begin their careers with zeal. One of the things that can burn this away rather quickly is when they are given tasks and assignments that do not challenge their intellectual capacity.

5. Have them serve as models and mentors for entry level roles, inspiring other youth to want more. The most effective way to honour a quality education is to have the educated teach, train, coach and mentor others.

Structured mentorship programmes, involving high school students or younger entry-level team members, proves quite inspiring for both the mentee and the college graduate imparting knowledge.

With the alarming statistic that nearly 65 percent of young Bahamian college students are deciding to remain in Canada and the US post-graduation, we must collectively

and consciously decide to be intentional in embracing the next generation of degree holders.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@bahamas.com.

BISX listing part of ‘more rigorous’ debt oversight

bonds issued by the government since 1999. Once trading begins, Bahamians will be able to buy and sell government bonds via the exchange’s secondary market and track the value of their investments. They will need to use a broker/ dealer to trade.

“This will stimulate the entire Bahamian capital market, improve our financial market infrastructure and increase accessibility to government-backed investments for all Bahamians,” said Mr Turnquest in a statement.

“This is another area where the government is making good on its promise to modernise and keep pace with the digital transformation happening globally, and introduce more efficiency to the government’s borrowing.

“Centralised market trading of government bonds is an important component for the growth of the entire Bahamian capital market.

It’s been a long time in the making and I am proud that this government’s leadership has helped to finally bring this project to fruition.”

The listing, and eventual trading, of government debt on BISX is part of the Financial Markets Modernisation Project. This is a collaboration between the Ministry of Finance, the Central Bank of The Bahamas and BISX, and aims to

create a centralised marketplace for all Bahamian dollar securities.

The project’s phases include the listing of BGRS on BISX and the launch of a Bahamas Government Registered Stock Depository (BGSD), which will facilitate competitive bidding and other market improvements. There will be a transition to a paperless registry, involving the introduction of digital certificates for government bonds, and electronic trading.

“With this modernisation of the country’s financial market infrastructure, Bahamians will now have easy access to investment information and market activity on all government bonds, and there will be transparency around the pricing of government securities. Lastly, Bahamians will be able to see and have an opportunity to trade outstanding securities on an open market,” said Mr Turnquest.

Andrew Strachan, BISX’s chairman, added: “This is a very positive move on the part of the Government of The Bahamas, and we are grateful for their support of BISX. The listing of government securities was always a goal of the exchange and represents a momentous moment not just for the exchange but for the entire Bahamian capital markets.”

FROM PAGE ONE on debt management legislation to rationalise the way we deal with government debt, and to sustain it and make it more efficient, and hopefully lower the cost of debt.

“This [BISX listing] ties into the overall strategy of putting more strategy and rigour around debt management.” Asked when the Bills would be ready for Parliament, Mr Turnquest replied: “Hopefully we can accomplish that in the fall; by the end of the year. The legislative process, agenda is still very packed. It all depends on how that works out.”

The three Bills, namely the Public Financial Management (PFM) Bill, Public Debt Management Bill and Public Procurement Bill, are designed to completely revamp the existing Financial Administration and Audit Act. Meanwhile, the 200-plus BGRS issues set for listing on BISX represent the entire portfolio of outstanding medium and long-term

IAN FERGUSON BY

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Friday, August 2, 2019, PAGE 3

National Park BTC labour relations Trust’s leases being finalised ‘not beyond repair’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

BTC HEADQUARTERS FROM PAGE ONE management union counterpart could be “fatal” to BTC’s competitiveness and long-term survival.

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

He argued that such “ancient” practices, more suited to the pre-2011 monopoly environment, were no longer fit for purpose in a fast-moving, rapidly evolving industry were non-unionised rivals were able to move much faster in adapting to changing consumer demand.

However, Mr Evans argued: “It’s the system of Cable & Wireless Communications (BTC’s immediate parent) that needs to change; the way they do business and interact with worker representatives had proven to be very difficult, and not just in The Bahamas.

“I think the nation would agree it’s the worst it’s ever been, the labour relations issue at BTC. BTC had a

culture, a life. Now there’s no life at BTC; they’ve sucked it out. This is not about those who remain at BTC, this is about correcting a wrong and doing better for us and future generations.”

Mr Evans argued that persons are “complaining that BTC’s service is worse than it’s ever been” because it had outsourced BTC’s engineers, technicians and installers to become independent contractors who were no longer entitled to the benefits granted to fulltime staff Pledging that the NCTUB stood “100 percent” behind its BCPOU affiliate, Mr Evans said CWC was not even initially considered as a partner for BTC when he sat on the privatisation advisory

committee that was formed under the last Ingraham administration.

CWC ultimately came back into the picture after all bids submitted were either rejected or unable to reach an agreement satisfactory to the government, but Mr Evans said he was not criticising the then-administration given that its key players had subsequently expressed unhappiness with the postprivatisation performance.

The NCTUB leader reiterated his call for The Bahamas to retake Board and management control at BTC, but conceded that CWC and Liberty Latin America could not be forced to sell their 49 percent equity stake by any renationalisation.

THE Bahamas National Trust (BNT) yesterday said leases that will give it oversight of some 20 National Parks are now being finalised, with 43 more still under government review.

Eric Carey, the Trust’s executive director, told Tribune Business: “We had presented the government a proposal for 43 new sites. That was contained in a white paper presented to the government in September 2018.

“The prime minister has acknowledged in his latest address to the nation that they were in possession of it, and were reviewing it.

We are also in the process of finalising leases for some that were declared in 2015, but which were never finalised. This administration

ERIC CAREY

GOVT REVIEWING 43 MORE POTENTIAL SITES would finalise those, which I think was approximately 20 sites, and that was in 2015.

“We submitted an additional 43 in September 2018. That was under The Bahamas Protected project. Those are before the government for consideration. Included in that is Sweeting’s Pond, which is

a top priority, because it’s such a sensitive site and we are trying to really get that protected to prevent the destruction of that critically important site. We are hoping that gets approved as priority, and we are working with BAIC to try and get that finalised.”

Mr Carey said there was both a need and opportunity for nature-based tourism at these sites, as well as food and beverage offerings for visitors.

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

2019 CLE/Qui/00266

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

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

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

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

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

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

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

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

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

PAGE 4, Friday, August 2, 2019

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YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHENIQUE SAINVIL of Rosebud Road off Farrington Road, New Providence, Bahamas intend to change my name to SHENIQUE PETIT. 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, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

LEGAL NOTICE

NOTICE INTERHAVEN INVESTMENTS LTD. (In Voluntary Liquidation)

NOTICE is hereby given in pursuance of Section 228 of the Companies Act that the Members of the above-named Company by Resolution passed on the 31st day of July, A.D., 2019 that the Company be wound up voluntarily and that the Liquidator be Michael C. Miller, of Nassau, Bahamas.

All persons having claims against the above-named Company are requested to submit particulars of such claims and proof thereof in writing to the Liquidator, Michael C. Miller, c/o P.O. Box EE-17971, Nassau, Bahamas not later than the 30th day of August, A.D., 2019 after which the books will be closed and assets of the Company will be distributed.

NOTICE is hereby given in pursuance of Section 252 of the Companies Act that an Extraordinary General Meeting of the Members of the above-named Company will be held at Centre of Commerce, 2nd Floor, Number One Bay Street, Nassau, Bahamas on the 15th day of September, A.D., 2019 for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the Company disposed of and hearing any explanation that may be given by the Liquidator, and also of determining by Extraordinary Resolution the manner in which the books, accounts and documents of the Company, and of the Liquidator, shall be disposed of.

DATED this 31st day of July, A.D., 2019.

Attorneys for the above-named Company.

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Friday, August 2, 2019, PAGE 5

Insurer’s Caribbean expansion is ‘very much on burner’ FROM PAGE ONE diversification as one of its few weaknesses - especially given The Bahamas’ exposure to major hurricanes.

However, Sir Franklyn said RoyalStar was already making moves to address through its acquisition partnership with Guardian Group that he revealed to Tribune Business in April this year.

“That was a matter high on our own agenda, diversification, and something that is very much on the burner,” Sir Franklyn told Tribune Business. “That’s [the acquisition] going very well. It’s just dealing with government and bureaucracy, but there’s no question of our commitment to doing it, and doing it in conjunction with Guardian Group of Trinidad.

“We’re on track. The point is we’re doing it. Our strong relationship with Guardian Group gives us an opportunity to address diversification because we can co-insure with them.

They can do something, wherever it is, and we can participate in what they are doing. We are conscious of this need to diversify, and have different strategies to address it.”

Guardian Group is a partowner of RoyalStar, and Sir Franklyn told Tribune Business earlier this year that the duo were expecting to close their acquisition by year-end 2019.

RoyalStar has built up significant assets with which to finance acquisitions, with its balance sheet holding some $48.772m in cash and other investments at yearend 2018 - a year in which

SIR FRANKLYN WILSON profits increased by 13.51 percent.

The insurer has also moved to reducing its reliance on The Bahamas for the bulk of its underwriting portfolio. Its Bahamas gross insurance premiums fell from 80 percent of the total in 2017 to 67 percent last year, while the Cayman Islands’ share of RoyalStar’s total book rose from 11 percent to 16 percent year-over-year. The Turks & Caicos and British Virgin Islands (BVI) round out the territories in which RoyalStar underwrites risk.

AM Best, which in this week’s rating confirmation also provided a ‘stable’ outlook, said: “The ratings reflect RoyalStar Assurance’s balance sheet strength, which A. M. Best categorises as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

“RoyalStar Assurance’s favourable

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

FLAIR INVESTMENTS LIMITED Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of FLAIR INVESTMENTS LIMITED was completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 8th July 2019.

Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Chrlotte Street, P.O. Box N-4865 Nassau, Bahamas LEGAL NOTICE

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

JS M. MARKET FUND LTD.

Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, 2000, the dissolution of JS M. MARKET FUND LTD. has completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 5th July 2019.

Israel Borba 204 Church Street Olde Town, Sandyport P.O. Box CB-10988 Nassau, Bahamas

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

CAVIAR WISHES LIMITED NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: (a) CAVIAR WISHES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on July 25, 2019. (c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P. O. Box N-4865, Nassau, Bahamas

underwriting performance, especially in non-catastrophe years, supported by steady levels of investment income, continues to contribute to RoyalStar Assurance’s strong operating results. Positive earnings have enabled RoyalStar Assurance to continue to maintain risk-adjusted capitalisation assessed at the strongest level.”

On the downside, AM Best added: “These strengths are partially offset by the geographic concentration of RoyalStar Assurance’s business in The Bahamas, the

company’s exposure to weather-related catastrophe events and its dependence on reinsurance to mitigate losses and protect its surplus.

“RoyalStar Assurance mitigates much of its catastrophe exposure through prudent risk management planning, which includes minimising coverage written in flood and storm surge areas, along with its comprehensive reinsurance programme placed with a panel of high-quality reinsurers.”

Sir Franklyn said RoyalStar Assurance’s rating from AM Best was the insurance equivalent of a Standard & Poor’s/Moody’s sovereign rating from The Bahamas.

Describing the company as “gratified”, he said: “Just so the public understands, an AM Best rating at the company level is like Moody’s for the country.

“When you are in a position of having a very high standard to start with; as high as any company in the entire region, and there’s only a handful of us in that category, when that is affirmed with a consistency it’s saying a tremendous amount. To get that affirmation is a matter of great satisfaction, and I commend all persons concerned.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CHRISTOPHER PERRY MORTIMER, TONY MORTIMER & PERRY TONY CHRISTOPHER MORTIMER of Town Court, Nassau Street, New Providence, Bahamas intend to change my name to PERRY CHRISTOPHER MORTIMER. 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, New Providence, Bahamas no later than thirty (30) days after the date of publication of this notice.

Farmers must be ‘business minded’ FROM PAGE ONE

discussed is about becoming business minded and how to make agriculture profitable for the farmers. The plan for agriculture in The Bahamas has to change.

“There needs to be a significant effort by the government to contribute to local agriculture and empowering Bahamian farmers to bring about food security. Bahamian farmers can make a real dent in our $500m food import bill.”

Ms Shephard added: “We import half a billion dollars worth of food into the country. Why can’t the government put farmers in a position to be able to put a dent in that? We have onions, tomatoes, Irish

potatoes, sweet potatoes, cucumbers, lettuce and others things that we can grow.

“The government needs to assist farmers and put them on a solid footing.

We are going to need to be able to take care of ourselves. There is a deficiency locally as it relates to understanding the business side of farming, as many have really not been trained that way. They have to take things to a higher level.”

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PAGE 6, Friday, August 2, 2019

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BISX chief ‘never lost faith’ over $3bn listing FROM PAGE ONE Although the government’s bonds will be listed on BISX this month, it was revealed yesterday that their active trading via the exchange will only start in November 2019. Mr Davies explained that the delay was intended to ensure the clearing and settlement process for BGRS trade was functioning properly so there was no disruption to the market.

The government’s completion of the BISX listing process marks the end of a two-decade effort to

entice the multi-billion dollar BGRS market on to the exchange. Its failure to accomplish this when it launched in 2000, having ramped up its staff and cost base in anticipation it would happen, plunged the exchange into a financial crisis that ultimately led to a bail-out by the government and some of its shareholders.

With those bleak days now behind BISX, Mr Davies told Tribune Business of the BGRS listing: “I never doubted that this day would come, never.

This was purely a matter of

time. I knew there had to be a day - I was not sure what would activate the tipping point - but, knowing this was the sensible and right move for the government securities market, I knew it would happen.

“Listing on the exchange speaks to the level of trust placed in BISX. The mere fact we’re being entrusted as the single location for the listing, trading and buying of government speaks volumes to the exchange’s capacity to manage the market properly.”

The addition of more than $3bn worth of government

bonds, split into over 200 tranches or issues, will increase the total value of debt listed on BISX more than six-fold compared to the $513m present at the end of the 2019 first quarter.

Adding in $4.853bn worth of listed equities, the arrival of the BGRS issues will increase the total value of all BISX-listed securities by 55.9 percent to $8.366bn.

This highlights the extent to which their addition broadens and deepens the Bahamian market, giving investors extra securities options.

“It’s a tremendous day, a watershed event, and something we should all be proud of,” Mr Davies said. “It is perhaps one of the biggest steps we’ve taken in the history of the exchange as it relates to our intent and purpose, and also for the general organisation and development of the capital markets.

“It’s one of those watershed events in the history of any company, and speaks volumes to our growth and development. Now the work begins. We need to let the market pick it up, run with it, evolve and let it grow.

Let’s build up that history

To advertise in The Tribune, contact 502-2394

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 1 AUGUST 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,216.17 | CHG: -1.55 | %CHG: -0.07 | YTD: 106.72 | YTD%: 5.06 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.92 2.60 2.00 3.00 11.75 6.17 4.64 12.50 2.74 2.41 10.00 7.10 15.60 9.00 3.75 14.00

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

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 4.19 17.43 6.00 5.39 2.49 1.80 2.18 11.75 6.16 4.44 9.02 2.86 2.40 10.15 7.00 15.45 9.00 3.41 14.00

CLOSE 4.19 17.43 6.00 5.92 2.49 1.80 2.18 11.75 6.16 4.43 9.02 2.81 2.40 10.13 7.00 15.36 9.00 3.41 14.00

CHANGE 0.00 0.00 0.00 0.53 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.05 0.00 -0.02 0.00 -0.09 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

1,000 800 200 2,500

36,853 202

VOLUME

EPS$ 0.240 0.932 1.760 0.323 0.098 0.000 -0.438 0.708 0.480 0.184 0.627 0.102 0.467 0.000 0.611 0.743 0.939 0.203 0.631

DIV$ 0.160 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.068 0.060 0.328 0.240 0.540 0.200 0.120 0.600

P/E 17.5 18.7 N/M 18.3 N/M N/M -5.0 16.6 12.8 24.1 14.4 27.5 5.1 N/M 11.5 20.7 9.6 16.8 22.2

YIELD 3.82% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.13% 3.57% 2.71% 0.00% 2.42% 2.50% 3.24% 3.43% 3.52% 2.22% 3.52% 4.29%

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

MUTUAL FUNDS 52WK HI 2.25 4.29 2.06 191.61 158.55 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.63 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.56 1.68 1.64 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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 2.25 4.29 2.06 191.61 158.33 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.57 9.92 8.68 11.38

YTD%12 1.86% 1.25% 1.35% 3.85% 7.12% 1.57% 0.99% 1.32% 3.22% 3.25% 3.82% 2.59% 8.44% 3.87% 1.84% -0.71% 7.40% 10.20%

MTH% 3.97% 4.23% 2.73% 6.28% 2.08% 4.58% 4.25% 4.12% 5.64% 6.65% 8.36% 4.81% 0.78% 4.17% 2.29% 0.16% 2.70% 1.30%

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

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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

NAV Date 30-Jun-2019 30-Jun-2019 28-Jun-2019 30-Jun-2019 30-Jun-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

that establishes markets, and we will see positive developments in the future.”

Explaining the time-lag between listing and the start of trading, currently set for November 2019, Mr Davies explained: “It was to make sure that when we put 200 tranches in the market that we have all the data information flows and transaction settlement taking place seamlessly.”

He added that trading would be linked to the government’s BGRS securities depository via a “straight through processing” set up, and said: “Putting all that together is vitally important.

We’ve been doing it. We’ve done a number of things, including transactions on the system to ensure it’s working the way it should.

“We just want to make sure everything is working right. This is not a sprint, it’s a marathon, and we’re going to get it right.”

Placing government debt and the market for its secondary trading on a formalised stock exchange will bring The Bahamas into line with what happens elsewhere in the world. Until now, trading in government debt following its initial issue has been facilitated by the Central Bank via an over-the-counter type arrangement.

While acknowledging that this had worked “safely and properly”, Mr Davies said the BISX listing would offer the government debt market additional features that will benefit all parties involved.

“The first thing is transparency,” he told Tribune Business. “You know what is going on in the market, having a location where you can come to see what the depth of the market is and what’s available, which is vital to making informed decisions.

“You don’t have to guess any more; you can see the pricing and make a decision more confidently. That’s important for investors, speculators and corporate debt issuers. It allows them to benchmark and see what the state of the market is today. Transparency is one of the key benefits investors and the market should expect to see.”

Mr Davies added that the information and data made accessible by BISX will help

investors to better analyse the risk involved with any BGRS issue. He suggested this would help open up secondary trading in government debt to retail investors, as they would no longer have to “dig” for information and not receive any answers.

“The Central Bank does not know the depth of the market,” the BISX chief executive explained. “You would go to the window and they could only tell you what they were holding.

“It’s all about transparency, being able to understand the depth of orders, indicators of risk and price discovery. These are key features that formal markets bring to bear. Confidence in pricing and the single point where transactions take place. It’s also the broadest and deepest security in the marketplace. All these things add up to a very beneficial environment for securities to exist in.”

With government-issued debt typically viewed as “the least risky of any securities in the marketplace”, Mr Davies said Bahamian corporate debt issuers will able to use investor appetite for BGRS issues to gauge demand for their own offerings and price them accordingly.

“The listing and trading of fixed and floating rate government securities within our formalised electronic market environment allows for the establishment of a Bahamian Yield Curve,” he explained. “This will allow, over time, for the further expansion and development of the corporate and institutional debt markets in The Bahamas.

“The secondary trading of these instruments will also provide investors with valuable real time information regarding the risk appetite of the Bahamian capital markets that will assist investors when pricing and factoring risk for other issues.”

Mr Davies praised the role played by both Andrew Strachan, BISX’s chairman, and his immediate predecessor, Ian Fair, in bringing the listing and trading of government debt on BISX to fruition.

NOTICE NOTICE is hereby given that RONALD JOSEPH of Fox Hill Nassau, Bahamas. is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MONICA JAZLE AUGUSTE of Solider Road Vaird Street, Frazier Allotment Nassau, Bahamas. is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that JAYSEN PIERRE of, Frazier Allotment, 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 26th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Friday, August 2, 2019, PAGE 7

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JOSEPH DERISME, of #81 Bahamia West, Freeport, Grand Bahama, Bahamas, father of JOTOYA DANIEL, a minor, intends to change her name to JOTOYA DERISME. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas, no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, CLIFTON FRANCIS of Freeport, Grand Bahama, Bahamas, intend to change my name by Deed Poll to CLIFTON ANTONIO DEION CLEARE-FRANCIS. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O.Box N-792, Nassau, Bahamas no later than thirty (30) days after the date of this publication notice.

LEGAL NOTICE

NOTICE ACACIA SHIPPING COMPANY LIMITED NOTICE IS HEREBY GIVEN as follows: (a) ACACIA SHIPPING COMPANY LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 29 July, 2019, when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, The Bahamas.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company LEGAL NOTICE

NOTICE MABOQUE SHIPPING COMPANY LIMITED NOTICE IS HEREBY GIVEN as follows: (a) MABOQUE SHIPPING COMPANY LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 29 July, 2019, when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, The Bahamas.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company LEGAL NOTICE

NOTICE KALANDULA SHIPPING COMPANY LIMITED NOTICE IS HEREBY GIVEN as follows: (a) KALANDULA SHIPPING COMPANY LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 29 July, 2019, when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P. O. Box N-3247, Nassau, The Bahamas.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

PAGE 8, Friday, August 2, 2019

THE TRIBUNE

Trump tweets cause yet another screeching U-Turn for markets

PRESIDENT Donald Trump

NEW YORK Associated Press PRESIDENT Donald Trump’s tweets struck as quickly as a scythe yesterday and cut the legs out from not just a budding stock rally but several different markets.

Within seconds of the president saying on Twitter that he plans more tariffs on Chinese goods, prices for stocks, gold and even measures of investors’ optimism screeched in a simultaneous U-turn.

These new tariffs of 10% would go into effect on Sept 1 and affect goods and services from China that haven’t already been hit with tariffs of 25%.

The fear is how much more Trump’s trade war with China, the world’s second-largest economy, will escalate. The new tariffs would more directly affect consumer goods — retailers such as Best Buy tanked yesterday afternoon. If the tariffs go up another step, to 25% on all Chinese imports, and remain on for four to six months, Morgan Stanley economists say they expect a recession within nine months.

Yesterday marked the second straight day that markets made an immediate, 180-degree turn. On Wednesday, the trigger was investors’ disappointment in the Federal Reserve’s

chairman, who didn’t commit in a press conference to as many future interest-rate cuts as investors had hoped for. But yesterday’s whiplash-inducing ride was even wilder.

Among the day’s big moves: • BROAD US STOCK INDEXES: The S&P 500 index was up as much as 1.1% in the morning following encouraging profit reports from several big companies. But it took a nosedive following the tweets and was down as much as 1.2% before ending the day 0.9% lower.

• INVESTOR FEAR: One of the main ways to measure fear in the market is through an index that shows how much traders are paying for protection from upcoming swings in price for stocks. On Thursday morning, pre-tweets, the VIX index was down as much as 14.8%. Post-tweets: up as much as 20.7%.

• BANK STOCKS: Banks do well when they can lend money out at much higher interest rates than they’re paying for the cash they’re bringing in.

But longer-term Treasury yields plunged yesterday as investors scrambled for safer investments, crimping banks’ potential profits.

Bank of America went from being up 1.3% in the morning to being down as much as 4.3% after the tweets.

• EXPECTATIONS FOR MORE RATE CUTS:

On Wednesday afternoon, after the Fed had cut interest rates for the first time in a decade, investors were nearly split on whether the central bank would follow up with another cut at its next meeting in September.

Traders on Wednesday were pricing in a roughly 51% probability of a cut.

Post-tweets, those same traders said the probability had jumped to 70%. The escalating trade war threatens to make businesses and consumers more cautious in their spending, and the expectation is that the Fed will be forced to cut rates more deeply to protect the economy.

• RETAILER STOCKS: Shares of Best Buy, Gap and other retailers were some of the hardest hit on worries that higher prices for Chinese-made electronics and clothes will drag down their sales totals.

Kohl’s sank 7.8%, and Macy’s lost 6.7%.

• GOLD: When everything’s falling apart, investors often run for gold, thinking it’s the safest thing to own. Gold was down as much as 1.8% in the morning, but it jumped following Trump’s tweets and was up as much as 1.4% in the afternoon.

If Trump’s trade war does force the Fed into more rate cuts, it could lead to higher inflation, which is generally good for the price of gold.

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

T

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

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

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

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

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

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

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