10292019 BUSINESS

business@tribunemedia.net

TUESDAY, OCTOBER 29, 2019

$4.52 Sarkis receiver claims ‘wrong, misconceived’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SARKIS Izmirlian’s accusations that Baha Mar’s former receivers breached a Supreme Court order by passing material to the project’s contractor have been blasted as “misconceived and wrong”.

Brian Simms QC, senior partner at Lennox Paton, told the original developer’s US attorneys in an August 28, 2019, letter that the Order did not prevent the “voluntary release” of documents in the Supreme Court files to parties such as China Construction America (CCA).

Mr Simms, who represented both Baha Mar’s financier, the China Export-Import Bank, and the Deloitte & Touche receivers it subsequently appointed for the $4.2bn Cable Beach mega resort, wrote that the Order was merely intended to protect such documents from being accessed by persons not involved with the dispute between Mr Izmirlian and his erstwhile Chinese partners.

“Your claim that the documents were provided to China Construction in breach of an order of the Bahamas Supreme Court is misconceived and wrong,” Mr Simms told Mr Izmirlian’s US attorney, Peter Sheridan.

“The order in question only prohibits inspection by third parties of affidavits and their exhibits that have been placed on the court file. The order does not prohibit the voluntary release to third parties of documents.”

Mr Simms’ letter, not surprisingly, has been seized upon by CCA and its US attorneys amid their ongoing battle with Mr Izmirlian and his BML Properties vehicle over whether legal opinions and valuation reports - which the latter claims are confidential legal documents that belong to him - can be used as evidence in their $2.2bn fraud and breach of contract dispute.

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B

ANK of The Bahamas has defeated an ex-Cabinet minister’s bid to enforce a $6m default judgment against it despite being branded “careless and negligent” in its approach to the case.

Stephana Saunders, the Supreme Court’s deputy registrar, found that there was sufficient “merit” in the BISX-listed institution’s defence to set aside the default judgment obtained by companies 50 percent owned by the family trust of Damian Gomez, former minister of state for legal affairs under the former Christie government.

Mr Gomez last night told Tribune Business his attorneys had “lodged an immediate appeal” following the deputy registrar’s October 21, 2019, ruling on the basis that she had “no jurisdiction” to set aside the default judgment obtained when Bank of The Bahamas failed to file a defence within the time ordered.

Miss Saunders found that the dispute, which plunged Bank of The Bahamas into

• Bank rapped for ‘careless’ defence • But rescued by ‘strong merits’ of case • Gomez: Appeal lodged immediately

DAMIAN GOMEZ a $4.039m net loss for the three months to end-March 2019 after it was forced to take provisions to cover the claim, should be dealt with at a full Supreme Court trial featuring evidence from both sides.

But Mr Gomez said: “We lodged an appeal immediately following the ruling of the deputy registrar in Freeport. We are attempting to have the appeal/ rehearing heard as quickly as possible. We know that the circumstances in Freeport are challenging given the Dorian damage, [but] in spite of the setbacks we are

confident we will have our matter heard as quickly as possible.”

Companies that are jointly owned 50/50 by the family trusts of Mr Gomez and David Jennette had initially obtained a default judgment against Bank of The Bahamas on March 31, 2016, after it failed to appear in response to the action they filed over a mortgage loan dispute.

The four disputed loans, which were secured on real estate controlled by the trusts’ companies, totalled some $7.659m. Bank of The Bahamas is also also alleging “breach of fiduciary duty” for failing to ensure compliance with leases that were assigned to it as collateral for credit extended to one of the companies.

The first default ruling was set aside prior to then-acting Supreme Court justice, Andrew Forbes, ordering that the dispute proceed to trial in traditional fashion before the Supreme Court. While the companies owned by

A GOVERNANCE reformer yesterday argued “nothing has changed” to improve The Bahamas’ stagnant ease of doing business ranking, as he revealed: “I don’t know how much more I can take.”

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), cited recent personal experiences with driver’s licence renewals, bank account opening and customs registration as to why he was reluctant to invest in more business ventures in The Bahamas.

A proprietor with multiple businesses, Mr Myers said he was now thinking of leaving “capital sitting in the bank” rather than “continuing to invest in this country decade after decade” as he has done due

the family trusts filed their case in accordance with the judge’s orders, Bank of The Bahamas failed to submit its defence, leading to another default ruling.

That was granted two years ago in October 2017, and the family trusts of Messrs Gomez and Jennette subsequently obtained a multi-million damages award Bank of The Bahamas on March 7, 2019, before moving to enforce it.

Bank of The Bahamas argued that the default judgment was “irregular” and should be thrown due to “mixed claims” being made against it. The trusts, for their part, alleged that the deputy registrar had no jurisdiction and could not interfere because the judgment stemmed from a Supreme Court judge’s order, meaning any challenge could only be heard by the Court of Appeal.

Miss Saunders, disagreeing with both arguments, found that the Supreme

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Marina operator fears over boating fee hikes

By YOURI KEMP and NEIL HARTNELL Tribune Business Reporters

BAHAMIAN marina operators yesterday warned that proposed boating fee hikes will “definitely put people off” despite the government cutting some levies by up to 60 percent.

Peter Maury, the Association Of Bahamas Marinas’ (ABM) president, told Tribune Business that the industry felt negotiations over up to near seven-fold fee increases - which were announced in last year’s budget - had never been completed due to the interruption provided

by Hurricane Dorian.

He revealed that the association believed the increases to still be too high, and that it was seeking further reductions, even though the Ministry of Tourism has gone ahead and revealed the new fee schedule on its website - a development

• Associated chief: We thought talks ongoing • Top fees cut 60% but still considered too high • Industry wants six-month fee, not for three that is now being picked up by international boating and yachting media.

The new schedule contains a two-tier structure, with separate fees for a three-month and annual stay cruising Bahamian waters. Yet Mr Maury told this newspaper he and the association would prefer a six-month and annual fee schedule, not a quarterly charge.

“We never finished the negotiations with the government,” Mr Maury said. “We wanted to negotiate a better rate, and we were supposed to meet.

Because of the storm we never met again after we sent our initial letter to the government on their initial proposed fee rates. We wrote a letter and said the

fees were too high, and can we come into something more agreeable.”

He revealed that the government was initially proposing that large boats of 200 feet and over were going to be charged $5,000 for an annual permit, but this was negotiated down to the current $2,000.

Mr Maury said he never knew the government had finalised the fee structure, and no communication was given prior to the Ministry of Tourism publishing it on its website.

“Definitely I think the price hike will put people off,” he added. “The bigger boats are the ones we want to keep the most, and they are the ones that are going to be hit the hardest.

“We particularly wanted

‘I don’t know how much more of this I can handle’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.55

‘Negligent’ BOB defeats ex-minister’s $6m default

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BRIAN SIMMS QC

$4.57

• Businessman ‘not alone’ over ‘headaches’ • Driver licence, bank account, customs woes • Queries if continued frustrations ‘worth it’

ROBERT MYERS to the “headaches” created by the Bahamian economy’s structural bottlenecks.

Speaking after The Bahamas fell by one notch to 119th spot in the World Bank’s “ease of doing business rankings”, the ORG chief said he was “sure I’m not alone” among entrepreneurs mulling whether it

was “worth” the frustration to continue taking risks in a bureaucratic, inefficient economy.

He added that there had been no reforms of significant enough impact to justify an improvement in the World Bank rankings, and added that the ongoing stresses and hassles of operating a company in this nation were likely to be a key factor for some business owners in deciding whether to rebuild after Hurricane Dorian.

“I incorporated a business earlier this year and it must have taken me at least, I’m not kidding, four months to have gotten a bank account open,” Mr Myers told Tribune Business. “That’s

through the business licence process, the lawyers and everything else.

“It took four months to get the accounts open, and I’m still waiting for digital banking. I have an account but can’t access it digitally.

It takes too damn long. It’s obscene how long it takes.

It’s just arduous.

“If I was not Bahamian and involved, I’d be pulling my hair out, leave and go elsewhere. You just give up. It definitely hurts us. No doubt. It’s not just the cost; it’s the ease and cost of business. The harder they make it to do business, the more costs go up,” he continued.

“You have to hire a lawyer

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the fee schedule broken down by six months to a year, and not three months to a year. The point is to keep these boats here in The Bahamas. The longer they spend here the more money they spend in The Bahamas.”

According to the Ministry’s website, the fees for boats entering The Bahamas will be increased from the current $150 for boats up to 35 feet in length and $300 for larger vessels.

The new fees, to take effect from January 1, 2020, are: Boats Up to 34 feet: $150 for three months; $300 annually; Boats from 35 to 100 feet: $300 for three months; $600 annually;

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$4.56 Operators unite against URCA’s 3-year phase-in

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CABLE Bahamas and the Bahamas Telecommunications Company (BTC) have united in opposition to regulators’ proposals to gradually lower call termination rates over a three-year period.

The giant communications rivals, together with the former’s Aliv mobile operator, lashed the Utilities Regulation and Competition Authority’s (URCA) plan for such a “glide path” as “unnecessary and unreasonable” given that it has had ample time to develop final rates.

Cable Bahamas, pointing out that termination rates were already “grossly outdated”, argued that any transition should last no longer than one year, while Aliv said it would only add to the “substantial delay” caused by the review being one year late.

“Cable Bahamas strongly disagrees with a glide path, especially of three years,” the BISX-listed operator said. “Cable Bahamas is of the view that a glide path should be no more than one year, and finds interim rates acceptable given that the current termination rates are grossly outdated.

“Current rates are obsolete, and a rational operator would have forecast a termination rate reduction and planned for its impact.

Cable Bahamas proposes a much faster correction of rates to ensure they are cost-based. Any time lag results in over-recovery of costs for operators at the expense of consumers as long as service unit costs of production keep falling.”

Cable Bahamas added: “Current rates are at least three years out of date, and the implementation of the proposed rates may take another year. Adding a three-year glide path towards cost-based rates implies at least a seven-year delay before the Bahamian market can benefit from cost-based rates.

“Cable Bahamas is aware of three-year glide paths in other jurisdictions, but notes that in the cases it has looked at the total delay until cost-based rates were ultimately reached was substantially shorter than at least seven years.”

This was echoed by Aliv’s response to URCA, which said: “Aliv furthermore does not support URCA’s proposal for a three-year glide path to update the

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PAGE 2, Tuesday, October 29, 2019

THE TRIBUNE

BREWERY’S ‘MAJOR MILESTONE’ THROUGH RETAIL STORE RE-OPEN THE Bahamian Brewery & Beverage Company yesterday hit “a major milestone” in its postDorian recovery with the opening of its flagship Freeport retail store.

The re-opened Jimmy’s Wines & Spirits location on Queen’s Highway has allowed 12 staff to resume work just two months after the category five storm’s passage devastated Abaco and Grand Bahama.

“We are so proud of our staff who have really made this possible,” said Donny Delahey, the brewery’s Grand Bahama general manager. “Nineteen of our employees here in Freeport experienced extensive damage to their homes, but they have been present every day and we’ve worked as a team to ensure that we could hit this milestone as quickly as possible.”

Hurricane Dorian forced the Bahamian Brewery & Beverage Company to temporarily close its operation

JIMMY’s Wines & Spirits flagship store in Freeport. due to severe flood damage.

It has since embarked on a six-month rebuilding strategy.

The rebuilding process, which began in earnest a week after Hurricane Dorian’s storm surge covered the brewery’s manufacturing plant in nearly five feet of water, includes the restoration of its physical structure and the replacement of state-of-the-art brewing equipment.

The company’s sales operations have continued from a makeshift workspace located in the warehouse behind the store.

“Sales is a crucial part of the business” explained Michelle Laing, Jimmy’s store manager. “In order for us to maintain our loyal customer base, we need to get the retail store open and product in and get some returns coming back to us.”

As stocks of the locallybrewed Sands beer dwindle, the company will continue to promote its other product lines and plans to keep all of its affected staff employed.

“We’ve definitely seen an increase in the number of requests for all our Sands products,” said Nassau general manager, Gary Sands.

DEVELOPMENT BANK TO EXPAND SERVICES THE Bahamas Development Bank is aiming to expand its products and services using existing powers provided under its founding Act, its managing director says.

Dave Smith pledged that the institution is seeking to to incubate emerging or struggling industries to expand the economy, create opportunities and ensure that natural resources will continue to provide for future generations during his address to the annual Exuma Business Outlook conference.

He said: “These kinds of transformative programmes have a higher

rate of success/sustainability because BDB is able to connect technical expertise, funding and governmental support through partnerships with international agencies such as IICA (Inter-American Institute for Co-operation on Agriculture, CARDI (Caribbean Agricultural Research and Development Institute), and various government ministries, departments and agencies such as the Ministry of Tourism and the Ministry of Agriculture and Marine Resources.”

Established in 1974, Mr Smith said the BDB - as a developmental finance

DAVE SMITH institution - is driven by profit and the responsibility to support national development through economic investment.

BDB has extended credit to hundreds of entrepreneurs over the past four decades in sectors such as manufacturing, fishing, services, transportation and tourism. It has also played a significant role in building inter-island connectivity, acting as the principal funding agent

BAHAMIAN Brewery general manager, Gary Sands, centre, poses alongside staff members of the company’s newly-reopened Jimmy’s Wines & Spirits Store in Freeport. Photo: Alfred Anderson/ Barefoot Marketing “As well as our Strong Back Stout and Triple B Malt products. Sadly, our customers know they won’t have access to it for some time but we have tried to fairly distribute our supplies.”

The Freeport flagship store is one of nine Jimmy’s locations across The Bahamas. With its locallyproduced beer at the centre of its offerings, Jimmy’s Wines & Spirits also boasts a

large inventory of wines and spirits.

Through its Jimmy’s operations, the company distributes Anheuser-Busch brands as well as Philip Morris International lines.

The retail operation is also the distributor for Tito’s vodka and Macallan whiskey, and a wide range of Jackson Family Wines.

“We know that full restoration is still months away

but we’re extremely happy with the progress we are making,” said Mr Sands.

“This is a major milestone for us today.

“My family and I want to thank our dedicated staff for all their work – most especially those who also lost their homes. As my father said, we are in the boat together, we will make it float and we will rebuild to be better and stronger than before.”

for mailboat services and more.

“This kind of facilitation translates into wealth creation, job creation, increased exports and reduced imports, thus transforming and growing our economy,” Mr Smith added. The BDB is also providing loan funding for small and medium-sized Bahamian enterprises through partnerships with the Small Business Development Centre.

Mr Smith highlighted two examples of the bank’s investment in programmes and initiatives aimed at spurring economic activity across The Bahamas. He cited the industrialisation of Cascarilla in Acklins, Crooked Island and Samana Cay, and an Apiary initiative in Grand Bahama where more than 30 young persons were trained in “bee keeping”.

Turning to Hurricane Dorian’s impact, the BDB chief said: “As we look to rebuild, BDB will champion opportunities for Bahamians that will ultimately enhance our self-sufficiency. In the short term, we are proposing a poultry revitalisation project for Grand Bahama and a small ruminant programme for Long Island that will combine training, logistics, and market preparedness.

Bonefishing tours, fishing boats and equipment, vehicles and taxis, hotels and motels are among the industries that the BDB has extended loans for in Exuma. Mr Smith added that the BDB is working to strengthen partnerships with organisations such as the Chamber of Commerce.

“While our credit extension facilities have

supported SME growth across the archipelago over the last four decades, we will increase our efficacy by expanding our activities to include those typically offered in our region by development financing institutions (capital leases, guarantees, equity positions) in concert with other local development institutions,” he said.

“Further, as BDB continues to be a catalyst for economic development we recognise stakeholder collaboration and partnership, service consistency and communication to raise awareness in the areas of access and opportunity as important axioms for BDB’s success. We intend to be transparent and inclusive as we craft and communicate our progress on specific programmes and policies.”

THE TRIBUNE

Tuesday, October 29, 2019, PAGE 3

BOOST PRODUCTIVITY TO END BUSINESS EASE STAGNATION

By NEIL HARTNELL and YOURI KEMP Tribune Business Reporters nhartnell@tribunemedia.net

THE Bahamas must match increased business costs with “productivity and efficiency” improvements to reverse its ‘ease of doing business’ stagnation, the private sector urged yesterday.

Christel Sands-Feaste, chair of the Chamber of Commerce’s (BCCEC) ‘ease of doing business’ committee, said the country’s latest one-notch drop in the World Bank rankings further highlighted “the need for an ongoing focus on increasing the efficiency of the infrastructure for doing business in The Bahamas”.

Responding after The Bahamas fell to 119th out of 190 countries, Mrs SandsFeaste warned that the “benchmark” against which this nation’s competitiveness is judged also continues to rise due to the improvements made by rival countries to their systems.

And, renewing calls for a holistic approach involving all stakeholders to address The Bahamas’ long-standing ease of doing business woes, she called for particular emphasis to be placed on developing a system of

registered land to make it easier to transfer property; bringing the long-awaited credit bureau to fruition; and “streamlining” the approvals process for starting a business.

“Whilst the World Bank’s report acknowledges the progress that has been made in certain of the 11 categories by which countries are assessed, including the protection of minority investors (where there was a significant positive improvement of 44 places) and starting a business (where there was a positive movement of 11 places), the overall downgrade reflects the sentiments expressed by certain chamber members that the increasing cost of doing business in The Bahamas must be matched by corresponding increases in productivity and efficiency,” Mrs Sands-Feaste said.

Noting that standards continue to change, she added: “Making it easier to do business is not a discrete issue that can be assigned to a single committee or stakeholder group; it is a national issue that affects (and requires the assistance of) government, businesses, civil society and individuals, and must be an integral part of the short, medium and long-term development

DIGITAL PRINTER GAINS $215,000 FROM RBC A DIGITAL printing company has obtained $215,000 in loans from the Royal Bank of Canada (RBC) through the Small Business Development Centre (SBDC).

Juluis Tinker started Kevco Printing, a large format digital printing company, as an auxiliary marketing branch of another organisation.

However, after receiving his first major contract with Sun Oil, the affiliate of BISXlisted FOCOL Holdings, he forged ahead on his own.

The RBC loans will enable him to scale-up Kevco Printing’s production by adding new equipment, products and services to the company’s line-up as he aim to fulfill his long-term ambition of becoming the largest print service in the Caribbean.

“The hardest part of the funding process is the waiting,” said Mr Tinker.

“I didn’t go through the classes since we already had an existing business.

Everything else was relatively straightforward. A close second is scrapping all your ideas to start over and accepting the constructive criticism, then moving past it with the change implemented.”

Tehranique Darrell, Kevco Printing’s SBDC advisor, added: “Kevco Printing is a fun and promising company. I’m looking forward to witnessing the

expansion of the company and the continued growth in Juluis.

“It’s just as exciting to see a business grow as it is to see young entrepreneurs getting a better outlook on their businesses and nurturing the mindset needed to succeed as business owners.”

Mr Tinker credited the SBDC for giving him a better grasp of running his business properly, and has encouraged other entrepreneurs to seek the organisation’s services to do the same.

“My conversations with my advisors at the SBDC helped me to get a firm grasp of the procedure and theoretical business deals that I later turned into real deals, with real money,” he added. “I recommend people to the SBDC all the time, even if it’s just to get a good grasp on how to run a business properly and not just for funding.”

The SBDC is the product of a tripartite arrangement between the Government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The Centre will work to guide the development, funding, growth and evolution of micro, small and medium-sized enterprises (MSMEs) in The Bahamas.

plan for the country.

“The process of improving The Bahamas’ service delivery model is ongoing and must continue to evolve to meet the expectations of the global marketplace of which we are a part. Put another way, our competitor jurisdictions are continuing to improve which means that the benchmark by which we are judged both domestically and internationally also continues to rise.”

For The Bahamas to address its weaknesses, and begin to climb the World Bank rankings, Mrs Sands-Feaste said: “Looking forward, the BCCEC recommends that as a part of the preparation for the national budget, every government agency be mandated to identify strategic and measurable goals for improving efficiency in their agency during each Budget year.

“And the government work with all relevant stakeholders to continue the formulation and execution of legislative, policy and structural changes to positively transform the processes for doing business in The Bahamas, including streamlining the approval process for starting all businesses in The

RENEWABLE ADOPTION HIT BY ‘OUT OF SYNC’ APPROVALS

By YOURI KEMP A RENEWABLE energy provider yesterday said an eight month to fouryear approvals process featuring “out of sync” government agencies is the greatest obstacle to the technology’s adoption.

Philip Holdom, president of Alternative Power Supply (APS), spoke out following comments made by the Utilities Regulation and Competition Authority’s (URCA) regulatory manager, Jonathon Hudson, on a talk show last week where he spoke about the body’s application and approval process for Small Scale Renewable Generation (SSRG) systems.

Mr Hudson said there was nothing preventing homeowners and businesses from implementing these solutions, adding: “It is possible today for small businesses and homes to do this today.

Persons under that framework (SSRG) are being compensated for the energy they consume.”

Mr Holdom, though, begged to differ, telling Tribune Business: “The biggest hindrance to homeowners and installers is the time that it takes to complete the process because it involves three government agencies that are not in sync with each other or not communicating

Bahamas; moving toward a system of registered land to make it easier and quicker to transfer property in The Bahamas; and complete the implementation of the credit bureau.”

Mrs Sands-Feaste’s comments came as the government, through the Ministry of Finance, sought to emphasise the positive by arguing that The Bahamas had achieved a “marked improvement” in five categories assessed by the World Bank.

It identified these as starting a business; dealing with construction permits; getting electricity; enforcing contracts and protecting minority investor/shareholder rights.

The latter registered the greatest improvement of 44 spots, with The Bahamas moving from 132nd in the world to 88th.

This nation also improved by 11 and 14 places on “starting a business” and “dealing with construction permits”, moving to 94th and 77th.

However, it fell down in three key areas - registering property, getting credit and resolving insolvency - falling by 12, eight and two places, respectively, in these categories.

The World Bank dropped

this nation to 169th in the world on the “ease of registering property”, finding: “The Bahamas made property registration more costly by increasing the stamp duty on property transfers.”

But K Peter Turnquest, deputy prime minister, argued that this was a “misunderstanding” by the World Bank as it seemed to have misinterpreted the 10 percent Stamp Duty’s replacement of the previous 7.5 percent stamp duty/2.5 percent VAT split on property transfers as a tax increase.

“Overall, The Bahamas fell in the World Bank’s doing business rating by one point in 2019 compared to 2018, revealing new areas for improvement,” the Ministry of Finance said. “Despite improvements in the five key areas of focus, the slippage was caused by a decline in three categories and neutral results in two areas.

“The categories that saw a decrease in ratings related to registering property, getting credit and resolving insolvency. In the upcoming year, the [Government’s] ease of doing business committee anticipates addressing the former two issues substantially

with the land reform initiatives announced by the government, coupled with digitising the registry.

“The credit bureau, once fully up and running this year, should also greatly assist with the ease of granting and receiving credit. The matter of resolving insolvency requires additional public consultation. The government plans to take those steps over the reminder of the year working with partners at the Bar Association, BICA and insolvency practitioners.”

The Ministry of Finance described itself as “satisfied overall with the improvements made over the course of the last two years to address the ease of doing business, and anticipates even greater improvements in the upcoming year for those on the ground, particular local business persons”.

It added: “Efforts to provide a one-stop-shop to starting a business are being finalised; business start-up grants, credit and equity capital have ramped up with over $2m being granted this year, as well as other incentives and concessions to help ensure the success of MSMEs.”

with one another.”

Describing parts of the relevant laws as completely “archaic”, he added: “Any time that we have to interact with the Ministry of Works the process stalls at the department responsible for electrical inspection.”

Mr Holdom said he was once told that the Ministry does not have vehicles for their inspectors, and this was the chief reason for the delay and backlog in approving renewable energy applications.

He added that he sometimes has to “transport the inspector to the site”, and said: “This is not conducive to the ease of doing business.

That needs to stop.”

Mr Holdom also recalled the extreme case of his client, the Windsor School, which he said has been waiting for an inspection certificate for four years.

He argued that URCA, which together with Bahamas Power & Light (BPL) are the other two agencies involved in the approvals process, needed to put more pressure on the Ministry of Works to get such inspections done.

“After you get the electrical inspection certificate back from the Ministry of Works you then have to submit the inspection back to Bahamas Power and Light (BPL), and then on and on and on it goes,” Mr Holdom added:

“The worst thing is that the Ministry of Works does not work by e-mail and you can’t speak to any inspector directly.”

He suggested Ministry of Works inspectors ultimately do not view solar and renewable energy installers as their technical equivalents, even though “the training of a solar installer is extremely intensive and covers all aspects of electrical training. You are training in both Alternating Current (AC) and Direct Current (DC) with theory and practice”.

“The net effect is that many of the solar installers are not engaging the process and are going through the backdoor,” Mr Holdom said.

AG NAMED CFATF DEPUTY CHAIRMAN

CARL Bethel QC, pictured, the attorney general and minister of legal affairs, has been named deputy chair of the Caribbean Financial Action Task Force (CFATF).

A CFATF ministers’ meeting was held in Miami at the end of August 2019 during which Mr Bethel was named deputy chairman for a term of 12 months beginning in November 2019.

Mr Bethel is due to assume the CFATF chairmanship in November 2020 for a 12-month period ending November 2021.

The CFATF is an organisation of 25 member states and territories of the Caribbean Basin, which have agreed to implement common counter-measures against money laundering and terrorism financing based on the Financial Action Task Force (FATF) 40 recommendations. The CFATF is an associate member of the FATF.

The Cove Eleuthera is seeking a qualified Resort Manager to join our Operations Team. The successful The Cove Eleuthera is seeking a qualified Spa Thercandidate should have the following minimum requirements: apist – Thai Specialist to join our Spa Team on a Fix Term Contract. The successful candidate should Bachelor’s degree from four-year College or university or equivalent experience. A minimum of three to have the following minimum requirements: five years of Food & Beverage and Rooms Executive Management experience at high end luxury properties are highly desired. Prior Resort Manager or Director of Operations position preferred. Must Bachelor’s from four-year College or and verbal communication skills and be able to have strong degree organizational skills, excellent written university; orprioritize equivalent related work related perform and multiple tasks with ease. Computer skills required. Strong team member experience and/or training. Prior Spa Lead relations skills. Must maintain current CPR and First Aid certification. Safety sensitive position.

experience and Yoga or Pilates trainer preferred.

Must have strong organizational skills, excellent All interested applicants can forward their Resume and Cover Letter to written and verbal communication skills and be Human.Resources@thecoveeleuthera.com.

able to perform and prioritize multiple tasks with ease. Computer skills required. Strong guest and team member relations skills. Must have therapist certifications. Must maintain current CPR and First Aid certification. Safety sensitive position.

All interested applicants can forward their Resume and Cover Letter to

Human.Resources@thecoveeleutheracom.

PAGE 4, Tuesday, October 29, 2019

THE TRIBUNE

‘I don’t know how much more of this I can handle’ FROM PAGE ONE to sit on top of it, and the cost and ease of doing business is inflated, which is not good when you’re trying to attract foreign direct investment and local investment.”

The Bahamas has effectively stagnated in the World Bank’s ‘ease of doing business’ rankings, staying put in much the same spot for the past four years. This nation improved from 121st spot in 2016 to 119th the following year and 118th in 2018, before falling back again to 119th this year and leaving itself further adrift from its professed ambition to catch Jamaica in 75th position.

Mr Myers said such concerns are likely to “weigh heavily” on whether some Abaco and Grand Bahamabased businesses elect to rebuild in Hurricane Dorian’s aftermath. “That frustration will cause a negative effect for businesses that have the decision to start or fold post-Dorian,” he warned.

“It does have an effect locally, not just on foreign direct investment. I said to my wife the other day: ‘I don’t know how much more of this I can handle’. It gets to the point where I could start more businesses but it’s such a headache. I don’t know if it’s worth it.

“You capital is sitting in the bank, it isn’t working and people aren’t working.... That’s a bad situation because money is sitting in the bank and not creating employment. I’ve been one of those people who has continued to invest in the country decade after decade. It’s not good when I start thinking like that and I’m sure I’m not alone.”

Mr Myers argued that

“not very much has changed at all” when it comes to the ease of conducting commerce in The Bahamas, and said: “The banks are still a disaster, exchange control makes it difficult to move money in and out.

“Customs is doing its best to get into Click 2 Clear, but it’s not working well and is a bit of a disaster. Stuff is not showing up in the system, then it works, and then it doesn’t work. Everyone has to be registered in the system. I went to be registered and nothing happened. It wouldn’t take my information.

“I went to the driver’s licence place [at Road Traffic] last week and they’re out of licence cards. I don’t have a driver’s licence, so cannot go to the US and drive a car as they don’t have anything to put the damn licence on.

They’ve been out for three weeks. It’s ridiculous.”

Mr Myers, though, praised the Passport Office for the efficient processing of his expedited application.

Yet he pointed out that US and UK citizens are able to apply for, and renew, their passport applications online.

“You can go to Cayman and get your driver’s licence, and check your immigration status, online; click, click,” he added. “Why incorporate in The Bahamas when you can incorporate in Cayman with significantly less hassle, and why hire people in The Bahamas when you can hire them in Cayman, Bermuda, Panama for significantly less hassle?

“We should be making massive strides in the other direction to see faster GDP growth, and the harder you make it the less likely you are to see GDP growth.

We’re just less competitive and people just don’t

take us seriously.”

The Bahamas’ stagnation in the World Bank rankings, with this nation seemingly making little to no improvement, creates a reputational risk for this nation as potential investors will perceive the jurisdiction as encumbered by red tape and a destination to potentially avoid.

This could be especially damaging given The Bahamas’ positioning as an international business and financial centre where efficiency, minimal bureaucracy and speedy processes are key to the economy’s competitiveness.

The government had continually voiced optimism over the past year that The Bahamas would enjoy an improvement in its World Bank ranking due to the series of reforms it was implementing, but last week’s assessment has proven something of a setback.

Lynn Holowesko, chair of the government’s ease of doing business committee, earlier this year said its members had kept in close contact with the World Bank to ensure it was being informed of everything The Bahamas was doing.

“A concerted effort was made to meet with the World Bank prior to this year’s questionnaires being circulated, and many members of the committee have been in direct contact with the bank’s managers of the process,” she said.

“The committee has facilitated the World Bank survey process this year by providing a recommended list of potential survey candidates, following up with individuals on their survey responses, and providing clarification on the information sent to the World Bank by the survey candidates.

“We sincerely hope that these efforts, along with those made by the Ministry of Finance, will result in significant improvement

in The Bahamas’ rating for 2019-2020.”

The Bahamas did improve this year in five categories assessed by the World Bank - starting a business; dealing with construction permits; getting electricity; enforcing contracts and protecting minority investor/ shareholder rights.

The latter registered the greatest improvement of 44 spots, with The Bahamas moving from 132nd in the world to 88th, due to reforms to the Companies Act and Securities Industries Act that increased “disclosure requirements for conflicts of interest, clarifying ownership and control structures, and requiring greater corporate transparency”.

The Bahamas also received credit for improved transparency surrounding electricity prices via their online publication; improving the online VAT filing system and making it more accessible to taxpayers; and reducing the business licence renewal timeframe to just two to three days together with related upgrades.

Yet The Bahamas fell down in three key areas registering property, getting credit and resolving insolvency - falling by 12, eight and two places, respectively, in these categories.

The World Bank dropped this nation to 169th in the world on the “ease of registering property”, finding: “The Bahamas made property registration more costly by increasing the stamp duty on property transfers.”

But K Peter Turnquest, deputy prime minister, argued that this was a “misunderstanding” by the World Bank as it seemed to have misinterpreted the ten percent stamp duty’s replacement of the previous 7.5 percent stamp duty/2.5 percent VAT split on property transfers as a tax increase.

BAHA MAR

Sarkis receiver claims ‘wrong, misconceived’ FROM PAGE ONE CCA’s attorneys, in an October 21 letter to New York State Supreme Court judge, Saliann Scarpulla, accused Mr Izmirlian, pictured, and his attorneys of “mischaracterising” the documents as “undisputed attorney-client opinion communications”.

For Mr Simms also rejected the original Baha Mar developer’s claim to have any rights to these papers, arguing that the advice was provided to Baha Mar and not Mr Izmirlian’s BML Properties. He also said the latter vehicle was not entitled to them even if it had acted as Baha Mar’s manager as claimed.

“I question what possible interest BML Properties has in the documents in question,” Mr Simms said. “The documents consist of privileged legal advice provided to Baha Mar, not BML Properties. You assert that the documents belong to BML Properties, but you do not provide any evidence in support of that assertion.

“It is not apparent to me how the documents could belong to BML Properties when there is no evidence that the advice to which the documents pertain was ever sought or obtained by BML Properties. By contrast, I am aware that the documents came into existence in the course of providing advice to Baha Mar. “I do not accept that BML Properties was the ‘day to day manager’ of Baha Mar. However, even if that was the case, that fact does not entitle BML Properties to Baha Mar’s legally privileged material. An agent has no right to, or ownership in, the legally privileged material belonging to its principal.”

Both CCA and China Export-Import Bank are owned by the Chinese state.

Mr Izmirlian first alleged in August that the receivers appointed by the latter “surreptitiously delivered” papers crafted by his

attorneys to CCA, claiming that the hand over occurred just one day before the Bahamian Supreme Court heard arguments over the contractor’s bid to gain access to them.

The Chinese state-owned contractor’s push to have the papers “unsealed” was rejected by the Bahamian courts, and Mr Izmirlian is effectively accusing it of circumventing this nation’s judicial system to obtain an advantage in their New York legal battle.

The issue has resurfaced after CCA and it attorneys recently sought to subpoena “extensive, privileged material” from one of the law firms that wrote the legal opinions central to the parties’ latest skirmish.

“Plaintiff remains concerned over improper use and dissemination of its privileged and protected material which, as we advised the court on August 9, 2019, was surreptitiously transmitted by Bahamian receivers to representatives of defendants, in China, one day before those same receivers told the Bahamian Supreme Court that plaintiffs privileged material remained under seal,” Mr Izmirlian’s attorneys told the New York court on October 16.

“On plaintiff’s behalf we respectfully request permission to seek an order to protect its privileged and protected material as described above. Alternatively, we respectfully request that the court consider appointing a special master to facilitate the resolution of this issue and subsequent discoverydisputes as and when they may arise.”

The Cove Eleuthera is seeking a qualified Resort The Cove Eleuthera is seeking a qualified Resort Manager to join our Operations Team. The successful Manager to join our Operations Team. The candidate should have the following minimum requirements: successful candidate should have the following

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THE TRIBUNE

Tuesday, October 29, 2019, PAGE 5

‘Negligent’ Marina operator fears over boating fee hikes BOB defeats ex-minister’s $6m default FROM PAGE ONE

FROM PAGE ONE Court rules empowered her to set aside a default judgment something that Mr Gomez last night disagreed with.

“We were disappointed that she did not appreciate the point of her lack of jurisdiction,” he told Tribune Business. “The judge specifically set aside the previous ruling of the assistant registrar, thereby restoring the judgment in default of appearance.

“The judge did not state that he was exercising any jurisdiction to set aside the judgment in default, which would have been necessary to give effect to the intention discerned by the deputy registrar. She has effectively assumed the jurisdiction of the Court of Appeal, which she is not permitted to do. But we await the rehearing of the application before a Supreme Court judge.”

As for Bank of The Bahamas, the deputy registrar said it had failed to follow both the Supreme Court’s order and defend the matter. “It would therefore follow that the plaintiffs under the rules of the Supreme Court were entitled to file a judgment in default of defence.

“In the view of this court, the defendant [Bank of The Bahamas] or its previous attorneys through the history of this matter have been careless and negligent. Were the plaintiffs to allow their matter to languish in obscurity and not be heard? The plaintiffs said no and, in my estimation, rightly so.”

Yet Miss Saunders found that Bank of The Bahamas had set out “a quite lengthy and thorough” defence, urging the court to assess the merits of the case and denying the trusts’ allegations.

Explaining how the default

judgment came to be filed, the BISX-listed institution blamed it on turnover in its legal department and changes in its attorneys handling the matter, coupled with a lack of communication between both.

It added that there were “over 30 separate alleged losses” caused by Bank of The Bahamas, but those said to be responsible had also left its employment. The loans in question had also been transferred to Bahamas Resolve, the government-owned vehicle used to twice bail-out the bank.

“It would seem that many errors occurred in the response to the litigation of the plaintiffs based on the failure of the defendant’s previous counsel to communicate with the defendant and lack of communication within the defendant’s corporate structure,” Miss Saunders found.

“The most important issue is whether the defence has a meritorious claim and, in my determination, it does. I conclude that the nature of the claim should be fully ventilated at trial when all of the evidence would be heard and perused, orally and in written documents.

“At this juncture, the court has only one side of the story, and that is the plaintiff’s side. Setting the judgment in default of defence aside will allow the entire claim to be examined and justly adjudicated. It would permit the defendant and the plaintiff’s claims to be properly reviewed and assessed by the court.

“I therefore set aside the judgment in default of defence filed on October 23, 2017, and grant leave to the defendant to file a defence within seven days of the date hereof.”

Boats from 100 to 150 feet: $500 for three months; $1,000 annually; Boats from 150 to 200 feet: $800 for three months; $2,000 annually; Boats over 200 feet: $1,000 for three months; $2,000 annually.

The Ministry’s website added that the fees will cover a cruising permit, fishing permit, and the departure tax for up to three persons. “Each additional person above three will be charged a $20 departure tax.

This fee is good for a second re-entry within a 90-day period,” it said, adding that special arrangements must be made with Bahamas Customs and Immigration for staying longer than 12 months.

One marina operator, who chose to remain anonymous, said they were aware fee changes were going to be made since the

2019-2020 budget, but had heard nothing further until Tribune Business made contact and made them aware.

Another industry operator, who also chose to remain anonymous, said they were made aware of the proposed changes and that the Marina Operators Board had circulated some e-mails about it, but they have not been involved in the decisions that would ultimately determine the fee scale.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, yesterday told Tribune Business there had been consultation with the marina industry on the fee increases.

“We did consult with them over the development of the fee schedule, so we did get some feedback. We shared with them what our aims were and had some discussions,” he said.

Neither Renward Wells, minister for transport and local government, nor min-

ister of tourism, Dionisio D’Aguular, who was travelling, could be reached for comment up to press time.

K Peter Turnquest, deputy prime minister, told a postBudget briefing in late July that the Government could generate between $20m$50m in extra revenue from fully collecting all due cruising permit and yacht charter fees.

“We have, quite frankly, been missing that segment.

What we think, and what industry tells us, is a significant amount of revenue. We know that there are vessels in The Bahamas cruising throughout,” Mr Turnquest said.

“We know that there are facilitators in the US selling charters. Some of those charters are here and not declaring that they are actually doing charters from The Bahamas. There are others coming over from the US. Particularly in Bimini, this is a problem. They come over

for a day fishing and whatever, and don’t declare they are on a charter.

“We are missing all that revenue. The estimates could be anywhere from $20m-$50m. What we have built is a system to track marine traffic, and is going to be able to tell us who has and has not - paid. It is going to make it easier and more efficient for people to register. Hopefully that will drive natural compliance, and derive the kind of revenue we are seeking.

Mr Turnquest, in unveiling the 2019-2020 budget, confirmed that “government will increase cruising permit fees from $150 on boats up to 34 feet, and $300 on boats 35 feet and over, to a set of rates based on size and length of stay ranging from $150 per three months to $4,000 per year. These rates will become effective January 1, 2020, so as to allow a transition period for the boating industry”.

Operators unite against URCA’s 3-year phase-in FROM PAGE ONE rates because it is unnecessarily long, and based on prior URCA commitments operators’ expectations have been set for the immediate introduction of rates given the passage of time....

“The rates applied currently are largely based on cost studies carried out between five to ten years ago and/or based on methodologies that are not typically used for termination rate setting purposes.

Therefore, they have not represented efficiently

incurred costs for a long time and should be corrected as soon as possible.”

Call termination charges are fees levied by communications carriers for accepting calls originating on a rival’s network that are made to their own customers and terminate on their own system, BTC, meanwhile, agreed that it was “unreasonable and unnecessary” to phase-in adjustments to these rates over a threeyear period given that the current mobile termination levy had itself been set on an “interim” basis in 2016.

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PAGE 6, Tuesday, October 29, 2019

THE TRIBUNE

STOCKS SET ANOTHER RECORD. THE CHAMPAGNE’S STILL CORKED. NEW YORK Associated Press

US stocks are back at a record. Don’t feel excited?

Neither does Wall Street.

After a shaky few months, the stock market has pushed through worries about President Donald Trump’s trade wars, weakening corporate profits and the slowing global economy to set another all-time high.

The S&P 500 closed yesterday at 3,039.42, eclipsing the previous record set on July 26.

The resurgence belies how much caution still runs through markets, however.

The strongest performers in recent months have been companies that pay big dividends and are more likely to hold up during downturns.

Investors, meanwhile, remain hesitant

to plow their money into stocks.

“We’ve slowly crept up to these all-time highs, but there’s still a lot of uncertainty,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management. “We’re open to the idea that there could be a reacceleration in global economic growth, but we haven’t seen confirmation yet.”

Some glimmers of increased optimism have shone through the past couple of days, such as improved performance for smaller companies and tech stocks, but plenty of apprehension is still apparent in the catalysts for the S&P 500’s return to a record high: • Defense has been the best offense.

Of the 11 sectors that make up the S&P 500, the ones seen as the stodgiest have been the best recently.

Since July 26, utilities have jumped 6.3%. Profits for these kinds of companies are generally steadier than for the rest of the market, but also slower growing.

That’s why they don’t typically do better than the overall market when times are good.

But their relatively high dividends look more alluring now that the Federal Reserve has cut interest rates twice since August, in hopes of protecting the economy. The only other sector in the S&P 500 to rise more than 1.4% is another high-dividend sector, realestate, which is up 5.6%.

• Stocks THAT RISE WITH A STRONG ECONOMY are scuffling.

If investors were feeling gung ho, they’d likely be piling into areas of the market closely tied to the strength of the economy, which are known as “cyclical” stocks. They are not.

Energy stocks have been the worst performers in the S&P 500 since July 26, down 5%, for example.

And tech stocks lagged the S&P 500 from late July until last week, after surging ahead of the rest of the market in the early part of this year.

The struggles tie into all the uncertainty that still exists about how much trade wars will hurt the economy, said Willie Delwiche, investment strategist at Baird.

That would hurt cyclical stocks more than defensive stocks.

• Low interest rates DRIVE the market as much

as anything else.

In addition to utilities and real-estate investment trusts, homebuilders have been among the market’s best performers recently. Lennar, PulteGroup and DR Horton are all up more than 16% in the last three months as lower mortgage rates have drummed up more business for them. The average 30-year fixed mortgage has a rate of 3.75%, down from 4.51% at the start of the year, according to Freddie Mac. • Euphoria is still lacking.

Investors are still cautious, and they’re not chasing after the rising stock market. In four of the seven weeks through Oct 16, they pulled more money out of US stock funds and ETFs than they put in, according to the latest estimates from the Investment Company Institute.

To advertise in The Tribune, contact 502-2394

Before that, investors yanked a net $101bn through the year’s first eight months and instead poured money into the safety of bond funds.

To a contrarian, this is actually an encouraging sign. It means stocks could push even higher if investors do decide to get more aggressive with their portfolios. Recent performance suggests they might need a confidence-booster, such as a US-China trade deal.

“We’re not seeing an excessive amount of optimism out there,” said John Hancock Investment Management’s Roland. “That’s one reason the market could still have some legs here.

We’re open to that, but we’re just waiting for some confirmation that the backdrop can support earnings growth going forward.”

PAGE 8, Tuesday, October 29, 2019

THE TRIBUNE

EU delays Brexit to Jan 31; Johnson election bid fails

LONDON Associated Press BRITAIN got Brexit breathing space but no clarity yesterday when the European Union granted a three-month delay to the UK’s departure from the bloc, postponing it until Jan 31.

British politicians immediately began using the extra time to do what they have done for more than three years: bicker about Brexit.

Prime Minister Boris Johnson pushed for an early election as a way of breaking the political deadlock over the country’s stalled departure from the EU, only to be rebuffed by lawmakers.

Legislators voted by 299-70 for Johnson’s motion to hold a Dec 12 election — short of the two-thirds majority of the 650 members of Parliament needed for it to pass.

Still, an election appears inevitable well before the next scheduled one in 2022

if Britain is to move on from the stasis caused by a prime minister who vowed to deliver Brexit “do or die” and a Parliament that has repeatedly thwarted him.

Johnson said he would try again today, using a different procedure: a bill, which only needs a simple majority to pass.

“We will not allow this paralysis to continue, and one way or another we must proceed straight to an election,” Johnson said.

Earlier, he had accused his opponents of betraying voters’ decision to leave the EU by thwarting the government’s Brexit plans.

He said that unless there was an election, the government would be “like Charlie Brown, endlessly running up to kick the ball only to have Parliament whisk it away”.

“We cannot continue with this endless delay.”

Yet further delay stretched ahead after the EU agreed to postpone Brexit until Jan 31, acting to avert a chaotic UK departure just three

BRITAIN’s Prime Minister Boris Johnson speaks to lawmakers during the election debate in the House of Commons, London yesterday.

Lawmakers yesterday rejected Johnson’s call for a December national election, in the hope of breaking the political deadlock over Brexit.

Photo: Jessica Taylor/AP days before Britain was due to become the first country ever to leave the 28-nation bloc.

After a short meeting of diplomats in Brussels, European Council President Donald Tusk tweeted that the EU’s 27 other countries would accept the UK’s request for a “flextension”. Under the terms of the agreement, the UK can leave before Jan 31 — on Dec 1 or Jan 1 — if the British and European parliaments both ratify a Brexit divorce agreement.

It’s the third time the Brexit deadline has been changed since British voters decided in a 2016 referendum to leave the bloc.

The decision was welcomed by politicians in the UK and the EU as a temporary respite from Brexit anxiety — but not by Johnson, who said just weeks ago that he would “rather be dead in a ditch” than

postpone the UK’s leaving date past Oct 31.

In the end, the choice was not in his hands. The UK Parliament forced Johnson to ask for a delay to avoid a no-deal Brexit, which would hurt the economies of both Britain and the EU. In a letter to Tusk, Johnson said that under UK law “I have no discretion to do anything other than confirm the UK’s formal agreement to this extension.”

But he called the delay “unwanted” and said it was “imposed on this government against its will”.

Johnson urged the 27 other EU countries “to make clear that a further extension after 31 January is not possible.”

Johnson took office in July vowing to “get Brexit done” after his predecessor, Theresa May, resigned in defeat.

Parliament had rejected her divorce deal with the bloc three times, and the EU had

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 28 OCTOBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,204.19 | CHG: 2.60 | %CHG: 0.12 | YTD: 94.74 | YTD%: 4.49 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 5.92 2.60 2.00 5.47 11.75 6.17 4.64 12.40 2.81 3.85 10.21 7.51 16.50 9.40 3.64 14.20

52WK LOW 3.70 20.91 4.90 4.46 1.01 0.22 2.00 9.25 6.15 3.95 6.75 2.35 1.76 7.51 6.10 12.10 6.20 3.01 13.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital 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

52WK HI 2.27 4.31 2.07 194.86 158.57 1.65 1.82 1.74 1.21 8.01 9.60 6.83 11.39 12.30 10.68 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.58 1.69 1.66 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

MUTUAL FUNDS

MARKET TERMS

LAST CLOSE 3.70 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.10 8.01 3.33 3.85 10.21 7.51 16.50 9.33 3.54 14.20

CLOSE 3.70 17.43 6.00 5.92 2.46 1.80 4.70 11.06 6.16 4.12 8.01 3.35 3.85 10.13 7.51 16.50 9.33 3.54 14.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.02 0.00 -0.08 0.00 0.00 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

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

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

VOLUME

15,000

500

VOLUME

NAV 2.27 4.30 2.07 193.72 158.42 1.65 1.82 1.74 1.19 8.23 10.10 6.85 11.24 12.28 10.74 9.92 8.68 11.38

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 15.5 18.7 N/M 16.0 N/M N/M -10.7 15.3 13.7 22.4 57.2 32.8 8.2 15.7 10.3 20.2 9.9 17.4 22.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.59% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 2.91% 0.00% 12.96% 1.56% 3.24% 3.20% 3.27% 2.14% 3.39% 4.30% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

YTD% 12 MTH% 2.77% 3.84% 1.38% 3.46% 2.03% 2.76% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 7.17% 8.76% 11.07% 12.58% 3.50% 4.96% 8.92% -0.97% 5.22% 5.44% 2.95% 2.64% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 30-Sep-2019 30-Sep-2019 27-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

delayed Britain’s scheduled March 29 departure, first to April, and then to October.

Johnson has faced similar political gridlock, as Parliament blocked his attempt to push through his Brexit deal before the October deadline and made him ask the EU for more time.

Johnson hopes voters will give his Conservative Party a majority if there is an election, so that he can push through the divorce deal he struck with the EU and — finally — take Britain out of the bloc.

Opposition parties also want an election, though not on Johnson’s terms.

Kirsty Blackman of the Scottish National Party said her party favored a slightly earlier Dec 9 vote and “we will not be dancing to Boris Johnson’s tune on this”.

The main opposition Labour Party said it would study the government’s bill before deciding whether to back it.

“We look forward to a clear, definitive decision that no deal is absolutely off the table and there is no danger of this prime minister not sticking to his word,” said Labour leader Jeremy Corbyn.

There’s also a strong chance an election could produce a Parliament as divided over Brexit as the

current one. All the political parties are worried about a backlash from grumpy voters asked to go to the polls at the darkest, coldest time of the year. Britain has not had a December election in almost a century.

European officials, meanwhile, urged Britain not to waste the extra Brexit time.

German government spokesman Steffen Seibert welcomed the Brexit delay, but cautioned Britain to “use the additional time productively”.

Guy Verhofstadt, head of the European Parliament’s Brexit group, wrote on Twitter that whatever Britain ultimately decides to do, “the uncertainty of Brexit has gone on for far too long.”

“This extra time must deliver a way forward.”

France had resisted another extension to Brexit, but European Affairs Minister Amelie de Montchalin said the prospect of a new election in Britain justified the new delay. Montchalin also said it was not too late for Britain to revoke Article 50 of the EU treaty and cancel Brexit, something that Johnson has vowed he will never do.

“The prime minister can pick up his phone and call Brussels to say: ‘I stop everything,’” she said.

NOTICE NOTICE is hereby given that MERISELENE GERTIN, of Fritz Lane, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29th day of October, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC NOTICE

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

NOTICE NOTICE is hereby given that FONISE SAINT SURIN, of Fire Trail Road, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of October, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.