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Mortgage chief: ‘Doing nothing not an option’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Bahamas Mortgage Corporation’s (BMC) chairman says “doing nothing is not an option” with the struggling lender having just five years to escape hitting a $110m debt mountain.

Patrick Ward told Tribune Business he felt there was “sufficient time to salvage”

Storm insurance eyed for fisheries, farming sectors

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister says he will hold talks with the Caribbean Disaster Emergency Management Agency (CDEMA) on providing “sector-wide” hurricane insurance for Bahamian farmers and fishermen.

Michael Pintard, minister of agriculture and fisheries, who is presently in Barbados attending the Caribbean Week of Agriculture, told

SEE PAGE 7

* Five years to avoid $110m debt crash * Mortgage Corp chair: ‘It can be salvaged’ * But warns Bahamians: It affects all of us

the corporation’s financial position and avoid calling for a Treasury-funded bailout that would result in it “becoming a burden to the taxpayer”.

Stressing that it was important for all Bahamians to understand the

wider ramifications of the Mortgage Corporation’s troubles, Mr Ward said “fundamental issues have been kicked down the road for far too long” by successive administrations.

He emphasised, though, that “there is no thought that

Underfunded public pensions bigger than national economy

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE underfunding of The Bahamas’ public sector pensions “poses a serious long-term challenge” because these liabilities are collectively larger than this nation’s economy.

The Inter-American Development Bank (IDB), in latest Caribbean Quarterly Bulletin, warned that

the Government’s National Insurance Board (NIB), civil service and stateowned enterprises (SOE) retiree commitments collectively equal 160 percent of Bahamian gross domestic product (GDP).

This means their total value is greater than annual Bahamian economic output, and the IDB report warned their underfunding is set to be exacerbated as the ratio of retirees to workers

the Bahamas Mortgage Corporation will not honour its obligations” to investors holding its bond debt, pledging that the Government-owned lender will “start acting decisively” to address its woes.

To correct its multiple

* ‘Serious challenge’ at 160% of GDP * ‘Low social returns’ dragging on growth increases as persons live longer.

“Current pension liabilities appear to pose a serious long-term challenge,” it said. “Liabilities for government pensions, which include coverage for public entities and social security commitments, are roughly 160 percent of GDP, and some agencies, including the International Monetary Fund (IMF), indicate those commitments are

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problems, particularly its loan portfolio’s 47.28 percent arrears rate, Mr Ward said the corporation’s management and board were still working to “flesh out” the details of a strategic plan that aimed to transform its financial fortunes.

He added that recent homeowner evictions and

LIGHTHOUSE POINT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

currently underfunded.

“There appears a strong need for a contributory scheme to ease the burden that will soon be exacerbated as the retirement population grows to 41.6 per 100 workers by 2060... Work is needed on reforming the public servants pension system and restricting any further escalation of the contingent liabilities of state-owned enterprises.”

The report echoes previous warnings by both the IMF and IDB, each expressing concern over The Bahamas’ growing social and retirement “ticking timebomb” as a result of chronic under-funding for both NIB and civil service pensions.

The IDB, in its 2018-2022

THE “largest investment in South Eleuthera for generations” could give The Bahamas a chance to “rewrite an outdated 20-year-old cruise model”, a prominent businessman believes.

Thomas Sands, emphasising that he was speaking as a private citizen, and not as the Eleuthera Chamber of Commerce’s president, told Tribune Business that “balance” was required in the debate over Disney Cruise Line’s planned acquisition of the 700-acre Lighthouse Point property.

Arguing that neither the project’s advocates or opponents had been totally accurate with their information to-date, Mr Sands said the long-term, sustainable economic development that South Eleuthera craves must be matched with environmental preservation.

He added that despite multiple Bahamian efforts to revive the area’s economy, it had to be acknowledged that it had “been in recession close

SEE PAGE 7

SEE PAGE 5

SEE PAGE 4

Privy Council vindicates Bahamasair personnel

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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BAHAMASAIR’S maintenance staff were yesterday vindicated by the highest court in the Bahamian judicial system, which ruled they were not to blame for an April 20, 2007, plane crash.

The London-based Privy Council, in reinstating the original Supreme Court verdict by then-chief justice, Sir Michael Barnett, found Canadian aircraft parts designer/manufacturer, Messier-Dowty, responsible for the landing gear collapse suffered by one of Bahamasair’s Dash-8 aircraft when it arrived in Governor’s Harbour, Eleuthera.

As a result, it rejected the company’s allegation that “poor maintenance”

by Bahamasair staff was responsible for a crash which impacted 48 passengers plus flight crew on the plane.

* Foreign supplier to blame for ‘07 crash * Rejects ‘poor maintenance’ allegation * Appeal Court ‘fundamentally wrong’ The Privy Council ruling, which also restored a $3.5m damages award against Messier-Dowty and in favour of the national flag carrier’s insurers, was highly critical of the “fundamentally wrong approach” taken by the Court of Appeal in overturning Sir Michael’s original ruling.

It found the Court of Appeal had breached a key judicial rule, which stipulates that all appeal courts should be reluctant to interfere with “findings of fact” by trial judges - who will have read all the documents, and observed the behaviour of witnesses under crossexamination - unless there is a compelling reason to do so, such as the discovery of

fresh evidence.

Ruling that Sir Michael was entitled to reach his conclusions, the Privy Council said there was no cause for the Court of Appeal - led by appeal justice Jon Isaacs - to re-examine the evidence anew as it had done.

The Supreme Court, in its original October 2014 ruling, found that “negligence” by Messier-Dowty, which manufacturer and supplied the landing gear on the Dash-8, had caused its collapse.

Apart from problems in manufacturing the actual part, Sir Michael also found the Canadian firm had failed to inform Bahamasair that the “damper ring” - a key component in the landing

gear - suffered from “fragmentation” problems.

“Sir Michael Barnett found that the landing gear was inadequate for the number of times that it was required to perform,” the Privy Council judgment said yesterday. “He found further that Messier, despite knowing that the landing gear was inadequate, had failed to warn Bahamasair of that inadequacy.

“He awarded Bahamasair the sums which they had claimed for the loss of the aircraft and the cost of the investigation. The Chief Justice also rejected a claim by Messier that the failure of the landing gear was due to

SEE PAGE 6

THE TRIBUNE

Tuesday, October 9, 2018, PAGE 3

Bahamian airlines ‘hold on for dear life’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A BAHAMIAN aviation executive has warned that taxes threaten to “stagnate” this nation’s aviation sector, with private domestic carriers “holding on for dear life”.

Captain Randy Butler, Sky Bahamas chief executive, told Tribune Business: “We have to look at these taxes. If you look at the domestic travel, it’s stagnant because of the cost to just get around to the islands. We need to have a vision for this industry to determine where we

are going and what we are trying to build.”

Captain Butler pointed to a recent Caribbean Development Bank (CDB) study of the region’s aviation sector, titled Air Transport Competitiveness and Connectivity, which identified three areas for reform. One was the reduction of taxes and fees/charges, which will lower airfare costs and boost passenger demand.

The Sky Bahamas chief added: “Every domestic airline is considering what they are doing. The only reason some of them have not gone out of business is because they are holding on for dear life. The

Government needs to have a plan. We know what the problems are and we have to do something about it.

“When you look at a lot of these Family Island airports you see the deterioration. We have domestic carriers competing with Bahamasair, which is being subsidised by the Government. We have to decide where we are going with this industry before it’s too late. Right now we’re basically paying people to come here with these promotions and incentives. If we are able to make the fares reasonable people will come and the Family Islands will grow.”

During a panel discussion at the State of the Industry Tourism (SOITC) last week, it was acknowledged that taxes and fees account for up to 50 percent of airline ticket costs in the Caribbean.

Tracy Cooper, Bahamasair’s managing director, agreed with comments made by Diane Shurland, Antigua-based legal counsel for fellow regional airline, LIAT, during a panel discussion at the State of the Industry Tourism Conference (SOITC).

Ms Shurland said: “It is near impossible to encourage people to travel and

CAPT RANDY BUTLER

support the tourism industry if you have growing taxes, fees and charges.

It is near 50 percent of your ticket costs. Look at the description of your charges and judge for yourself. It makes the industry extremely difficult.”

Responding to that point, Mr Cooper said: “At Bahamasair our ticket prices to

Miami and Fort Lauderdale are around $300-$350, and out of that $152 is taxes. In some instances, if we are having promotions it’s not even a 50/50 thing.

We are not actually pairing the price of the ticket or the revenue that comes to Bahamasair; it is actually less than the tax on the ticket.”

BAHAMASAIR EYEING CARIBBEAN ALLIANCE BAHAMASAIR is interested in “tying into” the regional Caribsky airline alliance as a way to establish improved connectivity with the Caribbean.

During the Sky Is The Limit workshop at the State of the Tourism Industry Conference (SOTIC), held last week, airline officials traded ideas on how to make travel to - and within - the Caribbean less complex, reducing reliance on Miami International Airport as the hub through which many flights are funneled.

Caribsky, an alliance featuring a collaboration between Leeward Island Air Transport (LIAT), Winward Islands Airways International (WINAIR) and Air Antilles, is an arrangement that has attracted the attention of The Bahamas’ national flag carrier.

Tracey Cooper, Bahamasair’s manager director, said: “Bahamasair is not a part of Caribsky yet, but we are speaking with the associated airlines to see how we can tie ourselves into it.

“It doesn’t mean that Bahamasair will have to provide any further flights into the Caribbean, but we want to tie ourselves into this to make it work. We want to connect with the Caribbean. I am not seeing why we cannot

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Co-operation is natural, and so Caribsky is something that is interesting to us and we want to continue that dialogue and create a connected Caribbean. We want to create opportunities for persons trying to travel to the Caribbean and do business in the Caribbean and to visit relatives.”

Diane Shurland, LIAT’s general counsel, added: “We TRACY COOPER want to increase passenger numbers, which is the ultimate goal. I see cooperation not competition. There are distinct parts of the markets, and any type of alliance would better serve you.

“Our goal for Caribsky is to see it grow into an alliance that we can be proud of. Although we do not have population numbers like South or North America, we think that coming together will be beneficial to us all.” make it work.”

Trevor Sandler, InterCaribbean Airlines’ chief executive, said: “InterCaribbean doesn’t seek to compete with other carriers. We want to work with carriers to increase the frequency of flights throughout the Caribbean.

“With greater frequency there is more opportunity to find a connection.

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PAGE 4, Tuesday, October 9, 2018

THE TRIBUNE

Mortgage chief: ‘Doing nothing not an option’ FROM PAGE ONE

staggered amounts that commence in 2023 onwards. It’s more 2023 onwards when the big chunks become due.

“At the moment, based on the amount accumulated in the [bond] sinking fund.

Bahamian citizens, taxpayers and pension beneficiaries are exposed to the Mortgage Corporation in multiple ways, with its problems not merely confined to troubled and delinquent borrowers: • The Mortgage Corporation’s last audited financial statements, for the year to end-December 2013, show a collective $110m in bond principal must be repaid to its lenders/investors over a four-year period that starts in 2023.

Most of that $110m matures during the first three of those years, yet the corporation’s so-called “bond sinking fund” - which is supposed to amass monies to enable it to repay this debt as

lock changes, which received much publicity, formed one element of its plan to curb borrower delinquency. Mr Ward argued that this was “a much better” solution for the Mortgage Corporation, as it ensured homes were made available to new owners with the ability to repay a loan, while also reducing the housing waiting list.

“If you look at the totality of bonds outstanding, it’s difficult to see how the Mortgage Corporation will effectively be able to repay the outstanding principal that’s due at the time it comes due looking into the future,” Mr Ward told Tribune Business.

“In terms of the amounts coming due, in the shortterm I don’t think there’s an issue. In 2018, we have $5m coming due. But there are

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it comes due - contained only $64m at year-end 2013.

This leaves a $46m deficit compared to what is owed between 2023-2026 alone, and the Mortgage Corporation’s high delinquency rate - with almost half its loans in arrears or non-performing - means it is impossible to generate the cash flow and profits necessary to boost the “sinking fund” to levels where it will be able to repay the $110m coming due.

As a result, there is every likelihood that long-suffering Bahamian taxpayers could be called upon to help the corporation meet its obligations to investors, unless the latter agree to extend the bonds’ maturity and “roll” the debt over.

• Bahamian taxpayers are already effectively “on the hook” for the Mortgage Corporation’s “bad loans”.

The footnotes to the 2013 financial statements reveal: “Approximately 96 percent of mortgage loans are guaranteed by the Department of Housing.”

Given that both entities are owned by the Government, it is not surprising that this guarantee has not been enforced or called in, but it illustrates how the Mortgage Corporation’s liabilities could rapidly spread

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beyond that organisation.

• At year-end 2013, close to two-thirds (61 percent) of the Mortgage Corporation’s bond debt was held by the National Insurance Board (NIB). The national social security system, upon which many Bahamians still rely for a pension and other retirement/health benefits, is thus exposed should the troublestricken lender default on its debt.

The balance are held by banks, insurance companies, pension funds and other institutional investors.

Among them, it is thought, are the likes of Family Guardian and Commonwealth Bank.

Acknowledging this reality, Mr Ward reiterated to Tribune Business: “Doing nothing is no longer an option. We have to start acting, internally and decisively, to ensure a much better outcome. Doing nothing is not an option.

“It’s pretty clear that the fundamental issues have been kicked down the road for far too long, and it requires us to take some tough action. I think this is what the population at large needs to bear in mind: If the Bahamas Mortgage Corporation does not succeed and defaults on its obligations, it

becomes a liability for everyone, including the taxpayer.

“We’re trying to ensure we don’t end up in that scenario where we become a burden to the taxpayer. I think there is sufficient time for us to make some corrections that will fundamentally alter the course the Bahamas Mortgage Corporation is heading in. I don’t think it’s too late for us to take corrective action and have a successful outcome.

Evidence that “issues have been kicked down the road” is laid bare by the Mortgage Corporation’s loan portfolio quality. With 1,366 out of 2,889 loans in arrears, almost 60 percent of these troubled borrowers - some 818 - have been behind on their payments for one year or more.

Collectively, these 818 loans account for a total $32.269m in non-performing credit and 28.31 percent of the corporation’s total loans - more than one in every four. With the bulk of arrears falling into the longer term category, it indicates that previous efforts to collect on the collateral/security for this credit have either been ineffectual or non-existent.

Mr Ward said tackling a loan arrears ratio of almost 50 percent was among the priority “operational improvements” addressed in the corporation’s “draft strategic plan”, which is still being worked upon.

This, he added, required the evictions and lock changes at properties owned by delinquent borrowers.

The move sparked much debate and criticism, especially from the Government’s political opponents, which seized upon the repossessions to portray it as heartless and uncaring towards poor Bahamians in financial distress.

Responding to this criticism, Mr Ward told Tribune Business: “What I would say to that is there are quite a number of persons looking to get into homes, and to the extent that we can salvage a

situation over the long term and create an environment where we can put somebody else into that building who qualifies for a mortgage and is able to repay the money, it’s a much better outcome as opposed to doing anything else.”

Declining to give specifics on the Mortgage Corporation’s strategy, Mr Ward added of the board: “We are right now, in conjunction with management, looking at coming up with a plan of action that addresses current operational deficiencies in the Bahamas Mortgage Corporation, and deals with the longer term issue of repaying the obligations.

“We have a draft of a strategic plan that has already been discussed among the directors and management.

There are some additional things we have to do to flesh out the details, so I don’t want to be took specific at this stage.”

Mr Ward explained that operational improvements, and reduced loan arrears, were directly linked to the Mortgage Corporation’s ability to meet its bond principal repayments when they became due.

“If the operational performance of the Mortgage Corporation improves, it means we can accelerate payments into the [bond] sinking fund,” he said. “Second, that will give confidence to the investing community to extend the duration of the bonds or roll them over if they see an improvement in the overall performance of the corporation.

“I think that if we have the will to do what needs to be done, there is a way we can salvage the situation and come out in a better place. There is no thought that the Bahamas Mortgage Corporation will not honour its obligations in one form or the other. We will do everything possible to make sure we honour our commitments.”

THE TRIBUNE

Tuesday, October 9, 2018, PAGE 5

USE DISNEY TO ‘REWRITE OLD CRUISE MODEL’ FROM PAGE ONE to 25 years” and “will remain a desert” - with persons continuing to leave South Eleuthera in search of opportunities elsewhere - unless substantial investment capital was injected into the island.

Mr Sands said Disney Cruise Line’s planned $350$400m spend at Lighthouse Point, of which around half will be spent on the cruise ship dock and pier, represented the greatest single investment promised for South Eleuthera since Arthur Vining Davis and airline pioneer, Juan Trippe, were active between the 1940s-1970s.

Calling on the Government to establish clearly-defined “rules of the game” to encourage both Bahamian and international investors, the businessman said Disney’s pledge of continued full Bahamian access to Lighthouse Point - even after its purchase - represents a potential game changer in securing a “mutually beneficial” cruise tourism model for this nation.

“Therein is the opportunity for The Bahamas government and people to rewrite the cruise model and how it can be more impactful,” Mr Sands told Tribune Business of Disney’s plans. “The current model was worked out 20 years ago in a different time and place.

“It’s time to tweak the game so it’s mutually beneficial for the cruise lines and the Bahamian people and places, communities they’re established in. The Bahamas Government also has an obligation to put back into these communities the revenue collected from the cruise lines. Monies are being collected, going into the public purse, and not filtering back to these

islands. Communities must also be creative, and engage with investors and developers to create attractive experiences.”

Disney’s pledges of a minimally invasive environmental footprint at Lighthouse Point, with its beach break destination taking up just 20 percent of the property, suggest it intends to break with the typical “private island” model employed by the cruise ship industry in The Bahamas.

Many Bahamians perceive these assets as “exclusive” locations that generate little to no economic benefits for themselves or the countryat-large, with the majority of earnings retained by the cruise lines.

Yet Disney, if it remains true to its word, is promising that Bahamians will still have full access to the entire 700-acre property at south Eleuthera’s tip, representing one of the most stunning and beautiful landscapes in The Bahamas. The cruise line also said there will be no restrictions on passengers leaving the Lighthouse Point property for tours and excursions, while it receives no rebates on departure taxes paid to the Government.

“At the end of the day, the Bahamas Government will make the final decision,” Mr Sands added of Disney’s proposal. “I expect that decision to be factual and non-emotional, and for them to have weighed all the facts.

“In this process I’ve found the information being shared to not be 100 percent accurate at times. It’s very important that the information being shared by both parties is accurate; it is verifiable, so persons can take the information provided one way or the other and give advice to their MP as the Government considers the way forward.”

Disney’s plans have effectively split south Eleuthera in two, with an equal number of residents in favour of, or opposed to, the project. The One Eleuthera Foundation (OEF), a non-profit organisation, has promised to raise sufficient financing to enable the Government to acquire Lighthouse Point in the public interest, arguing it wants to retain 100 percent of the land and profits for the benefit of Bahamians.

But, whatever the outcome, Mr Sands said south Eleuthera’s economic plight cannot be ignored.

“Given the amount of capital investment mentioned by Disney, this will be the single largest capital investment in any development known to south Eleuthera, going back to the 1950s when Juan Tripp and Arthur Davis were the investors,” Mr Sands told Tribune Business.

“For a couple of generations, this will be the single biggest planned investment we’d have known. South Eleuthera has its challenges. Its economy has been challenged, and has been in recession for close to 25 years.

“While efforts have been made by multiple parties to move forward, and positive things are happening on the ground, the reality today is people are leaving the island and businesses are closing.

There must be some sort of relief, otherwise we will

remain a desert.”

Mr Sands said economic development must be “financially sustainable and economically beneficial long-term to Eleuthera’s people and The Bahamas as a whole, but not at the expense of the environment.

“We want to see sustainable economic development take place throughout Eleuthera

and South Eleuthera,” he added. “At the same time, we must remember the environment we live in is beautiful.

“There must be balance in this discussion. So many of us have invested time, energy and resources in South Eleuthera, and we’re here for the long-term. Any partner has to be significant, not only in investment

but with the community as a whole long-term.”

Mr Sands warned that The Bahamas will “discourage investment”, both local and foreign, without clear rules and guidelines as to what they can and cannot do. “The rules of the game need to be established, and we need to move forward,” he said.

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PAGE 6, Tuesday, October 9, 2018

THE TRIBUNE

Privy Council vindicates Bahamasair personnel FROM PAGE ONE the negligence of Bahamasair in relation to its maintenance.”

This, though, was overturned by the Court of Appeal, which ruled that there was “no warrant for

his [Sir Michael’s] finding that Messier had failed to warn Bahamasair of the inadequacy of the landing gear”.

Multiple investigations were conducted into the Governor’s Harbour crash.

These probes, including one

by the then-Civil Aviation Department’s Flight Inspectorate, found that the shock strut which failed on the Dash-8 was inspected and replaced almost one year before the crash on May 19, 2006.

“But no entry was found

in the maintenance records that showed that, in replacing the shock strut outer cylinder, Bahamasair had followed the proper procedure and used the correct maintenance manual reference for the work that had been carried out,” the Privy Council noted. “Various other deficiencies in the record-keeping of Bahamasair were identified.”

Bahamasair’s attorneys then commissioned an analysis of the accident’s cause, which was completed in September 2013.

It “quickly scotched the suggestion that the accident might have been caused by the absence of a damper ring”, as fragmented pieces of this part were found on the Governor’s Harbour runway following the accident.

David Hall, the accident investigator who wrote the analysis, “also reviewed maintenance records and file materials, and concluded that these testified to an appropriate standard of care

by Bahamasair maintenance personnel for the work performed on the left main landing gear of the aircraft”.

Sir Michael’s verdict found that Messier-Dowry had failed to notify Bahamasair of the need to upgrade the “damper ring” and other landing gear components in the wake of a 1996 crash in Canada, which resulted in modifying these parts; Aaron Jones, a materials engineer, told the Supreme Court trial “that the accident would have been avoided” had Bahamasair’s Dash-8 been upgraded with

the new parts.

But John Langston, director of maintenance for National Aircraft Services, testified on Messier-Dowty’s behalf that the accident resulted from improper installation and service by Bahamasair’s maintenance staff and ground crew.

The Privy Council described Mr Langston’s theories as “essentially speculative” and “largely based on what he considered to be a lack of records maintained

by Bahamasair”. These assertions, its judgment said, were “directly contradicted” by Bahamasair’s maintenance director, Tracy Cooper, who is now the airline’s managing director.

Mr Cooper said he was satisfied that all necessary maintenance work and procedures had been carried out on the Dash-8 that crashed.

And, while Transport Canada issued a directive calling attention to the landing gear problems one month after that work was completed, Mr Cooper said it “did not require or recommend the immediate replacement” of the faulty parts.

“In the absence of any alert from Messier, therefore, there was no reason, said Mr Cooper, for Bahamasair to apprehend that these component parts needed to be replaced before the next scheduled maintenance date, which was 30 April 2007,” the Privy Council judgment said.

“In his judgment, Sir Michael expressed himself satisfied that, if Messier had warned of or made recommendations about the need

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to replace the old upper bearing and damper ring, Bahamasair would have done so.

“If these parts had been replaced, the Chief Justice found, accepting the evidence of Mr Jones, the accident would not have happened. He held that Messier were under a duty to give such a warning.”

Messier-Dowty had alleged “that insufficient hydraulic fluid was present in the shock strut, or that there was no damper ring at the time of the accident”, but no evidence to support these claims was provided.

Sir Michael’s ruling was overturned by the Court of Appeal, but the latter was criticised by the Privy Council for conducting “its own analysis” of the evidence when none of the Supreme Court’s findings was “obviously wrong”.

“Appeal justice Isaacs embarked on an analysis of the evidence as if the Court of Appeal was a first instance tribunal,” the Privy Council said.

“The board does not consider it either necessary or appropriate to examine minutely each item of evidence which led the Court of Appeal to reverse the findings of the Chief Justice, for they consider that this was a fundamentally wrong approach.”

Bahamasair’s insurers were represented at the Privy Council hearing by Krystal Rolle and Wallace Rolle, from the Rolle & Rolle law firm.

THE TRIBUNE

Tuesday, October 9, 2018, PAGE 7

Storm insurance eyed for fisheries, farming sectors FROM PAGE ONE Tribune Business that insurance for farmers and fishermen has long been a concern, and suggested its absence was a deterrent to persons entering the sector.

“We would have to look at a sector-wide approach to insurance,” he said.

“While I am here in Barbados that is one of the discussions I want to have with CDEMA; to look at that insurance component

MICHAEL PINTARD they have and see to what extent that facility applies to farmers and fishermen.

“I also want to talk

to other ministers of agriculture and the inter-governmental agencies about how they are addressing the insurance issues relative to farmers and fishermen.”

Mr Pintard said other issues being assessed were funding opportunities and technical assistance. The minister and his team who have been touring the Family Islands to meet with farmers, and have been met with similar concerns on each visit.

“We are doing a tour of all districts talking to farmers. We recently went to Eleuthera. A lot of the same concerns we heard in some of the other islands were raised,” he added.

“One of the issues raised was with regards to clearing land for farming. There was also the issue of the continued training for our extension officers. Then there are the issues of funding and distribution.

“With regard to distribution we want to see

how we can help farmers increase their production so that they can get their product to market. The Government can assist in that regard but farmers and government officials have to be careful that we are not filling a role a cooperative can better fill in terms of distribution.

“Looking at the packing houses, I think the time has come for us to entertain the idea of a public-private partnership or a cooperative

filing the role of packing houses. Co-operatives are probably better suited to purchase from farmers and then market it to persons whether in New Providence, Grand Bahama or internationally,” Mr Pintard continued.

“Governments should not be in the business of encouraging farmers to sell at the lowest possible price.

Our role is to help them get the get the best possible price and assist them in marketing their product.”

Underfunded public pensions bigger than national economy FROM PAGE ONE country strategy with The Bahamas, earlier this year called for NIB contribution rates to more than double to over 20 percent to prevent a long-term Bahamian pension crisis.

NIB contributions, which take the form of a payroll tax, are currently split 3.9 percent/5.9 percent between employee and employer, respectively. Should the IDB’s forecast prove accurate, The Bahamas’ 200,000-plus workforce will all take a hit from reduced “take home pay” and suffer a loss of disposable income, leading to reduced living standards.

And the corresponding increase in employer contributions will cut into corporate profits and cash flow, acting as a significant drag on economic growth by deterring job-creating investment and expansion. With the Government’s pension liabilities projected to exceed Bahamian economic output (GDP), the issue effectively represents an “iceberg” that can sink the economy long-term.

The IDB’s projection thus emphasises the need for The Bahamas to urgently enact NIB reforms, which successive governments have elected to “kick down the road” to the next administration, despite knowing the social security system’s $1.6bn reserve fund will be exhausted by 2030 without fundamental change.

Besides NIB, the IMF’s 2018 Article IV report warned that the unfunded civil service pension liabilities alone are projected to hit $3.7bn by 2030 if no corrective action is taken.

It added that the current

system - where civil servants contribute nothing to funding their retirement - is “unsustainable”. The IMF said: “Government employees draw pensions at retirement without contributing to the system while employed.

“Staff analysis in the 2016 Article IV Staff report noted that accrued government pension liabilities totaled B$1.5bn in 2012, and would rise to B$3.7bn by 2030 as the population ages.”

The IMF called for reforms that involve “moving to a contributory regime in the near term, and to a definedcontribution scheme in the medium-term”. This would require civil servants to contribute a portion of their salary to funding their retirement, rather than having this financed 100 percent by the taxpayer through the Budget - as is done currently.

The IDB’s Caribbean Quarterly Bulletin, meanwhile, said “low social returns” were acting as a drag on Bahamian economic growth by creating “human capital deficiencies” as a result of low educational achievement.

“Despite significant per capita spending levels in education and health, The Bahamas continues to struggle with high levels of students of both genders who leave school without diplomas or certifications,” the report said. “With rising education failure rates, especially among males, there is the indication of a beginning of a structural deficiency within the labour market.

“The country is impacted by low social returns and appropriability due to a large and inefficient government sector and a private sector weakened by an inadequately trained workforce,

operating within a vast geographic expanse of islands and cays with weakened infrastructure.

“The archipelago does have access to international finance, albeit with a weaker sovereign credit rating. Historically, however, the high cost of financing, along with elevated unemployment rates (especially among youth), have further weakened domestic consumption and demand.”

Assessing the challenges facing the business community, the IDB report added: “The private sector faces challenges in the form of high energy costs and frequent power outages, financing access and rising costs, and low research and development expenditure.

“Limited infrastructure quality (air and maritime connectivity), poor public services (road network and transportation services), weak protection of minority investors and property rights, rising crime and violence, and low levels of coordination between the Government and the private sector to develop industries that encourage diversification and sophistication have all diminished the country’s ability to mitigate its dependence on exogenous factors and improve factor productivity.

“The Bahamas needs to develop a framework and programmes that encourage economic incentives for diversification and intralinkages, as well as the respective institutional capacity to implement them. Policy interventions that aid private sector growth by improving the business environment would go a long way towards placing The Bahamas on a higher growth trajectory.”

UNIQUE VACATIONS LIMITED VACANCY

Business Analyst Unique Vacations is looking for an ambitious, hardworking, individual who will be responsible for reviewing, analyzing and evaluating systems and user needs. Documentation requirements define scope and objectives and formulate systems to parallel overall business strategies.

Job Summary: • Serves as systems application expert for assigned functional applications to assist business units with development and ongoing support.

• Provides project direction and support including research, analysis, review, documentation, development, implementation, and monitoring of new revised systems.

• Acts as liaison for the project team and typically perform analysis supporting the strategies and objectives of the business unit.

• Complies and analyzes information that is very detailed and often interpretive making project release recommendations based on findings.

• Interfaces with internal and external resources to ensure successful completion, installation, and implementation in accordance with client needs.

• Work well with a flexible work schedule (including weekends) and adjustable hours.

• Provide additional adhoc/special projects as assigned • Any other duties as assigned by management.

Experience/Skills/Qualifications: • 5 or more years’ experience in Project Management and Computer technology applications and analysis.

• Bachelor’s Degree IT or equivalent • Ability to analyze business needs, including scheduling meetings, planning agendas, conferring with business units, documenting and making verbal and written presentations.

• Strong understanding of project life cycle methodology (Agile) and

testing methodology/procedures • Ability to develop test schedules, review testing plans, track test issues and report on test results.

• Proficient computer skills especially in Microsoft Office applications • Excellent Planning, interpersonal verbal, written communication and organizing skills • Strong leadership and negotiation skills Only short-listed candidates will be contacted. Interested persons should submit their applications by October 10th, 2018 with curriculum vitae to hrreport6@gmail.com

Passionate, Team Player, Ability To Work In A High Pressure Environment, Driven To Succeed If you possess these qualities, we invite you to apply for the position of

BRANCH UNIT COMPLIANCE OFFICER Job Summary: This position represents the critical first line of defense in the prevention of the Bank being used for money laundering and/or terrorist financing, as it oversees, implements and administers the branch compliance with laws, regulatory pronouncements and internal procedures designed for anti-money laundering (AML) and combating the financing of terrorism (CTF).

Main Duties and Responsibilities: • Review and approval of account opening forms and documents (for accuracy and completeness).

• Review and verify that all customers’ information are complete and accurate to meet legal and regulatory obligations in accordance with AML/CTF regulations and policies.

• Liaison with Customers for missing or incomplete forms and documents.

• Approval of Digital Banking accounts and access.

• Identify, assess, advise, monitor and report on unusual or suspicious transactions.

• Responsible for the adherence to manuals, which documents all internal control policies and procedures by ensuring that internal control processes are documented.

• Training on account opening, KYC and AML/CTF regulations and policies.

• Effectively monitor and manage customer complaints.

• Issuance on Monthly Attestation Reports to The Manager of Compliance and the Office of The President.

• Administer on-site examinations by regulatory examiners.

• Implement record-keeping procedures to ensure that complete physical identity along with identity verification documents, customer transactional activity (including DSF Forms) and customer correspondence are retained; and documents are clear, legible and in date order.

• Central point of contact for the reporting of suspicious customer activity; and investigator of all unusual or suspicious customer activity.

• Responsible for Financial Literacy Program and Financial Coaching for Customers

Requirements/Qualifications: • • • • • • • • • • •

Bachelor’s degree or equivalent in related field from a reputable college A recognized anti-money laundering (AML) certification.

Ability to work independently with minimal day-to-day oversight Ability to travel and work extended hours as required Ability to meet deadlines Strong Communication (verbal and written) skills Strong attention to detail Strong analytical skills Strong integrity Excellent problem solving skills Highly Confidential

PLEASE SUBMIT BEFORE October 12th, 2018 to:

HUMAN RESOURCES Re: Branch Unit Compliance Officer 51 Frederick Street P.O. Box N-4853 | Nassau | F: 328.1108 careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification.

Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

PAGE 8, Tuesday, October 9, 2018

THE TRIBUNE

AA aims to avoid putting delayed travelers on other airlines DALLAS Associated Press

there are long delays or cancelled flights.

A new policy at American directs airport agents not to rebook economy passengers on competing airlines — with no stated limit on how long they must wait for a seat on another American flight. A manager can make exceptions in a few cases, such as people flying to a wedding or funeral and those who would be stranded overnight with no hotel room.

Agents can still put economy passengers on American’s international partner airlines, but that won’t help customers flying within the US. By contrast, American told agents in late September to help the airline’s best customers get to their destinations quickly, even if it means putting them on Delta or United.

Elite-level members of American’s frequent-flyer programme and people who bought a first-class or business-class ticket can be booked on another airline if they face a delay of at least five hours — and even sooner for the highest level of elite customers.

The policy highlights the growing divide between airlines’ best customers and everyone else. It also shows how, for many travelers, flying on the biggest airlines is becoming more like taking a discount airline, with cramped planes, fewer perks and more extra fees.

Many of the largest and oldest airlines have agreements to put passengers on one another’s flights when there are long delays or cancellations. American, Delta Air Lines and United Airlines all have alliances with other global carriers and socalled interline agreements with each other. Airlines pay for such transfers, but at discounted fares.

AMERICAN Airlines is telling employees to think twice before rebooking stranded customers on rival airlines, and regular economy-class passengers are the most likely to suffer when

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT CLE/GEN/00597 Common Law and Equity Division

2017

IN THE MATTER of the Law of Property and Conveyancing (Condominium) Act, Chapter 139, Statute Law of The Commonwealth of The Bahamas (the Act). AND IN THE MATTER of A Declaration of Condominium dated the 8th day of October A.D. 1979 made under the Act, Recorded at the Registry of Records in Volume 3189 at Pages 366 to 405 establishing “The Town Court Condominium”, situated in the Central District of the Island of New Providence, on Nassau Street between Cunningham Street and Virginia Street, as shown on the plans and drawings annexed to the said Declaration of Condominium (the Condominium). AND IN THE MATTER of Unit B-39 in the Condominium (the Unit). AND IN THE MATTER of the Mortgage and Further Charge of the Unit between the 1st Defendant and the 2nd Defendant Recorded at the Registry of Records in Volume 1719 at Pages 431 to 445 and Volume 4786 at Pages 186 to 192. AND IN THE MATTER of the Charge perfected against the Unit by the Plaintiff and Recorded in Volume 11849 at Pages 522 to 524 (the Charge).

BETWEEN

THE TOWN COURT MANAGEMENT COMPANY V. JOHN KEVIN KEMP GULF UNION BANK (BAHAMAS) LIMITED NOTICE

Plaintiff 1st Defendant 2nd Defendant

To: The Defendants: John Kevin Kemp & Gulf Union Bank (Bahamas) Limited Pursuant to the Order of the Supreme Court in this matter made and dated the 18th day of April A.D. 2018 TAKE NOTICE that: 1.

This action has been commenced in the Supreme Court against you by way of Originating Summons filed on the 9th day of May A.D. 2017 and claiming the following relief: a)

b) c) d) e) 2.

An Order that the Defendants do deliver up vacant possession of the Unit in the Condominium to the Plaintiff forthwith so as to enable the Plaintiff to rent and/or sell the same to discharge the amounts due to the Plaintiff secured by the Charge on the Unit of which the Defendants are the owners of record.

An Order restraining the Defendants whether by themselves, through their agents, tenants, or otherwise from trespassing upon the Unit.

Judgment for the Plaintiff in the amount of $53,785.34 with interest at the statutory rate with respect to the sum due and owing to it with respect to the Unit.

Such further or other relief as the Court may in the circumstances deem just.

The costs of and occasioned by this action.

Publication of this Notice hereby constitutes good and sufficient service of the said Originating Summons upon you.

The Defendants may obtain the said Originating Summons and supporting documents from the Chambers of Cedric L. Parker & Co. during normal office hours.

AND FURTHER TAKE NOTICE that unless you the Defendants, John Kevin Kemp and Gulf Union Bank (Bahamas) Limited, enter an appearance by filing the same in the Registry of the Supreme Court within fourteen (14) days of the date hereof the Court may proceed in this action in your absence and make such Order as it deems just.

CEDRIC L. PARKER & CO. Chambers Neil’s Court 9 Harcourt (Rusty) Bethel Drive Nassau, The Bahamas Attorneys for the Plaintiff

Often, however, lowcost competitors including Southwest, JetBlue, Spirit and Frontier lack those deals. Their passengers are at greater risk of being stranded for a long time if the airline encounters a mechanical breakdown, a computer outage or bad weather.

Even though few travelers know about airline alliances and even fewer have heard of interline agreements, those rebooking options can make the big airlines much better than their smaller brethren when things go wrong.

Airlines have been putting displaced customers on other carriers for decades, but American, the world’s biggest airline, never had a written policy.

Some of American’s key airports including DallasFort Worth and Chicago O’Hare see frequent long delays and cancellations because of storms. In July, American and regional affiliate American Eagle canceled 5,422 flights, according to the most recent government figures. That was the second highest rate in the industry behind Frontier Airlines, and compared with 2,394 cancellations at United and United Express and 1,154 at Delta and Delta Connection. The lopsided numbers suggest that American could be spending more than Delta and United to accommodate stranded passengers.

American Airlines spokesman Ross Feinstein said managers will have authority to make exceptions on a case-by-case basis.

He said Delta and United have similar rules.

American made its instructions to agents available to The Associated Press.

Delta made a portion of its guidelines available, and they do not appear biased

against transferring economy passengers to another carrier. Delta spokesman Morgan Durrant said agents are told to try to rebook customers on partner airlines, but they can send anyone, including economy passengers, to American or United.

United Airlines declined to provide its guidelines to the AP, but spokeswoman Maddie King described restrictions that were updated last year and seem similar to American’s. She said economy customers can be placed on a non-partner airline like American or Delta if they would otherwise be stranded overnight and the delay was United’s fault. She said if the passenger is going to a big event like a wedding, “our employees are always empowered to make the right decision for our customers”.

The new American policy was first reported by Gary Leff on his blog, View from the Wing. In an interview, he said the ability to be transferred to another airline has always been one of the big advantages of traveling on those large carriers instead of a budget airline. This will narrow that gap, he said.

“We are going to have to wait and see what it looks like in practice. It comes down to how individual employees take this new policy,” Leff said. As for customers who need help getting to their destination on time, “You’ve got to convince someone to do it for you,” he said.

None of the three leading US airlines would say how often they pay to put a passenger on another carrier’s flight, so it is unclear how many people will be affected.

“It may be the kind of thing that customers don’t notice until they need it,” Leff said.

THE TRIBUNE

Tuesday, October 9, 2018, PAGE 9

Initiative seeks to repeal California’s gasoline tax hike FULLERTON Associated Press CALIFORNIA voters will soon decide whether to drive out a gasoline tax increase passed to fund transportation projects across the state.

Proposition 6 seeks to repeal last year’s decision by the Democratic-led Legislature to raise fuel taxes and vehicle fees to pay for roughly $5bn a year in highway and road improvements and transit programmes.

Republicans and Democrats agree the sprawling state known for its car culture needs a transportation overhaul, with suburban commuters clamoring for better freeways and urban dwellers demanding mass transit.

But how to fund these fixes has been hotly disputed, prompting the recall of a Democratic state lawmaker who voted for the tax increase and spurring Republican candidates in races for federal, state and local offices to take up the call for repeal.

“Republicans hate increases in taxes,” said Fred Smoller, a political science professor at Chapman University in Orange County, where Republicans face several competitive congressional races. “They also need something on the ballot to, as they say, ‘gin the base’ for the fall.”

Gov. Jerry Brown signed the transportation deal last year to raise $52bn over a decade for road and bridge repairs. Nearly half the money will come from fuel taxes, with a 12 cent-pergallon boost in gasoline excise taxes that took effect last November.

The repeal initiative — a

CARL DEMAIO, who is leading the Proposition 6 campaign, to repeal a recent gas tax increase, discusses a ballot measure he is proposing to provide money for road repairs and eliminate highspeed rail in Sacramento, Calif. California voters will soon decide whether to drive out a gasoline tax increase passed to fund transportation projects across the state. Proposition 6 seeks to repeal last year’s decision by the Democratic-led Legislature to raise fuel taxes and vehicle fees to pay for roughly $5bn a year in highway and road improvements and transit programmes.

Photo: Rich Pedroncelli/AP saying they would vote constitutional amendment ignored by politicians.”

Opponents contend for repeal and 52 percent proposed by San Diego talk radio host and Repub- there aren’t enough funds saying they oppose it. lican former councilman to keep up with the tranCarl DeMaio — is backed sit needs of California’s 40

by Republican gubernato- million people. Over the rial candidate John Cox last two decades, automoand taxpayer advocates. biles have become more It is opposed by construc- fuel efficient — a boon tion industry and firefighter for the environment but a challenge to transportation unions.

Supporters raised about budgets as drivers need less $5m through September, gasoline.

Kiana Valentine, senior according to campaign legislative representative finance reports. That’s a far with the California State cry from the $30m raised to Association of Counoppose the initiative, which ties, said some roads were would also require voter going to gravel and streets approval to raise vehicle or left unplowed during fuel taxes in the future. snowstorms when local For DeMaio, the issue governments couldn’t isn’t just transportation but afford the upkeep. the rising cost of living in “Ultimately, they’re California especially for the putting the safety of Caliworking class. He argues fornians and the future of fuel taxes should be used our transportation inframore efficiently. structure, and our economy, “Everything in California and our overall quality of is so much more expensive life at risk,” she said. and the question is why,” A September poll by the he said. “Gas taxes for me nonpartisan Public Policy was the issue that was just Institute of California symbolic of this entire cost- showed the measure lagof-living crisis that’s being ging, with only 39 percent

On a train platform in the Orange County city of Fullerton, several people complained about congested freeway driving but had different ideas of how to fix it. Brenda Gentry, a 61-year-old paralegal who rides the train to her job in Los Angeles, said Californians pay far more for gasoline than her out-ofstate relatives.

“I think the gas tax is ridiculous,” said Gentry, a 61-year-old Republican from the small community of Placentia. “I would certainly support getting rid of it.”

Linda Johnson, a 66-year-old retired teacher and Democrat from Anaheim, said she feels just the opposite. She’d like to drive herself to the airport rather than take a lengthy train ride and said she’s willing to pay more in

gasoline taxes to see road improvements.

“Just fix the traffic in LA,” she said. “I don’t mind the gas increase if it goes to fixing the roads.”

While the initiative is a state ballot measure, Republican candidates for Congress are also jumping on the issue as they face increased pressure from Democrats trying to make the most of President Donald Trump’s low approval ratings in the state and capture a majority of seats in the House of Representatives in November.

In the Public Policy Institute survey, Trump had a 37 percent approval rating among likely California voters, and didn’t win the 2016 election even in the once traditional Republican stronghold of Orange County.

PAGE 10, Tuesday, October 9, 2018

THE TRIBUNE

Global executives cooling on deals amid trade uncertainty LONDON Associated Press EXECUTIVES around the world are cooling to the idea of mergers and acquisitions in the face of rising trade tensions, notably between the US and China, a leading adviser on international corporate deals

said yesterday.

In its half-yearly assessment of corporate mergers and acquisitions, or M&A, EY found that only 46 percent of executives are planning a takeover in the next 12 months. That’s down ten percentage points from a year ago and marks the lowest level in four years.

“Geopolitical, trade and tariff uncertainties have finally caused some dealmakers to hit the pause button,” said Steve Krouskos, a global vice chair at EY. “Despite stronger-than-anticipated first-half earnings and the undeniable strategic imperative for deals, we can expect this year to finish with much weaker M&A than how it started.”

EY highlighted the dispute between the US and China and uncertainty over Britain’s looming exit

from the European Union as key reasons behind the decline in executives’ interest in deals. The former has already led to an increase in tariffs, while Brexit could still yet, especially if Britain does not secure a deal with the EU over future relations ahead of next March’s departure.

Higher tariffs have the potential to weigh on global growth, especially if countries retaliate against each other in a vicious cycle.

In a separate report yesterday, ING Bank said it

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that we, Standford olentiouS Green and deandra teroah Strachan, of Freeport Grand Bahama, Bahamas intend to change our child’s name from SainVil Strachan to aliane aYeciS Green. 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.

expects trade growth to almost halve in 2018, to 2.6 percent, and to drop to 1.3 percent in 2019, the lowest level since the trade collapse of 2009. It said rising protectionism is one key reason behind the slowdown.

The slowdown is evident in China, where authorities are are already trying to mitigate the economic impact of the tariff fight with US President Donald Trump. Over the weekend, Beijing announced it was injecting money into its cooling economy by reducing bank reserve levels.

EY also found that many of the upcoming deals that are being considered are in places where trade uncertainties are highest, as the executives try to pre-empt a potential change in the legal landscape. Britain, for example, is now the number two destination for deals, up from fifth in April.

“Many companies are

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looking to M&A to mitigate the potential impact of trade and tariff policies, secure market access and protect supply chains,” Krouskos said.

Though EY noted a decline in appetite for deals, it said the overall outlook remains positive, with 90 percent of executives expecting the global M&A market to improve in the next 12 months and a similar amount believing global economic growth prospects are improving.

“This is likely to be just a pause, not a complete stop,” Krouskos said.

Krouskos said companies are likely to use the upcoming period to bed in deals undertaken over the past 12 months and that 2018 will remain one of the biggest-ever for the number of M&A deals.

This year has seen a number of mega deals including Comcast’s capture of British satellite television company Sky in a rare auction for around $40bn and Disney’s agreement to buy Twenty-First Century Fox’s entertainment assets for $71bn. German pharmaceutical firm Bayer closed its $63bn acquisition of US seed and weed-killer maker Monsanto.

EY’s survey was based on responses from more than 2,600 executives across 45 countries.

MARKET REPORT THURSDAY, 4 OCTOBER 2018

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

BISX ALL SHARE INDEX: CLOSE 1,946.85 | CHG -0.12 | %CHG -0.01 | YTD -116.72 | YTD% -5.66 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.46 1.26 0.19 3.92 9.22 6.60 5.30 12.50 2.71 1.77 8.21 6.21 13.20 7.00 4.50 13.50

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.15 2.30 8.55 6.09 3.54 9.00 2.30 1.40 7.25 6.00 9.75 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.51 17.43 9.09 4.46 1.01 0.19 2.30 9.22 6.16 3.60 12.42 2.69 1.75 7.52 6.21 13.20 6.35 3.65 13.01

CLOSE 3.51 17.43 9.09 4.46 1.01 0.19 2.30 9.22 6.16 3.60 12.42 2.65 1.75 7.41 6.21 13.20 6.35 3.65 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 -0.11 0.00 0.00 0.00 0.00 0.00

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

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

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

CLOSE 100.00

CHANGE 0.00

106.73 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.57 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.30 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

VOLUME

EPS$ 0.268 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.154 0.627 0.102 0.231 0.000 0.670 0.701 0.719 0.277 0.631

DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.280 0.500 0.200 0.120 0.590

P/E 13.1 18.7 N/M 14.1 N/M N/M -2.3 13.2 14.0 23.4 19.8 26.0 7.6 N/M 9.3 18.8 8.8 13.2 20.6

YIELD 2.85% 6.48% 0.00% 5.16% 0.00% 5.26% 0.00% 7.70% 3.57% 3.33% 4.99% 2.26% 4.00% 1.13% 4.51% 3.79% 3.15% 3.29% 4.53%

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

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

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

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

MUTUAL FUNDS 52WK HI 2.17 4.16 2.01 180.30 157.58 1.57 1.70 1.65 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.51 1.64 1.59 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 2.17 4.15 2.01 180.30 155.10 1.57 1.69 1.65 1.10 7.36 8.53 6.50 11.41 11.66 10.41 9.93 8.45 11.20

YTD% 12 MTH% 2.58% 4.11% 0.39% 5.07% 1.47% 2.34% 0.90% 3.44% 1.11% 6.05% 2.88% 4.24% -0.49% 4.11% 2.09% 4.19% 0.06% 0.72% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A

NAV Date 31-Aug-2018 31-Aug-2018 31-Aug-2018 30-Jun-2018 30-Jun-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018

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

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

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

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 Notice is here by given that AVESTA TRADING COMPANY LIMITED is in dissolution and the date of commencement of the dissolution is the 5th October 2018. The Liquidator of said company is ELCO CORPORATE SERVICES LTD. Located at Loyalist Plaza, Don Mackay Blvd. P.O .Box AB 20377 Marsh Harbour Abaco Bahamas