10312018 BUSINESS

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WEDNESDAY, OCTOBER 31, 2018

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Ex-landfill manager faces $5m judgment THE NEW PROVIDENCE LANDFILL

ahamas B in t c e ll o c to • US firm bidsear supplier also owed • Recycling gamas left multiple debts • Renew Bah

$5.05

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE New Providence landfill’s former manager is facing a $5m-plus summary judgment bid against it as the long-running fall-out from its controversial exit continues for multiple creditors.

Attorneys for Massachusetts-based American Paper Recycling yesterday confirmed to Tribune Business that they will push for enforcement/ recognition of its US judgment against Renew Bahamas at a Supreme Court hearing scheduled for November 20.

The disclosure came after this newspaper obtained legal documents exposing the scale of the problems, liabilities and “loose ends” that the Christie administration’s chosen landfill operator left behind in the wake of its sudden October 2016 pull-out following

$5.05 Hurricane Matthew.

American Paper Recycling initiated Bahamian legal proceedings on May 14, 2018, after a Massachusetts court awarded it $5.037m over allegations that Renew Bahamas reneged on a recycled materials supply contract.

The US firm, which was acting as a “middleman” in providing recycled materials “mined” from the New Providence landfill to US mills, claimed that Renew Bahamas effectively “cut” it out of the deal by supplying these other companies directly itself.

“On June 4, 2014, the plaintiff [American Paper Recycling] and the defendant [Renew Bahamas] signed a written Letter of Intent whereby the defendant agreed to provide the plaintiff with all of its baled fibre and polymer products prior to the installation and commissioning of permanent baler machines,” American Paper Recycling’s

SEE PAGE 5

Bran: Alternatives needed to ‘Skeletons in closet’ fear on fiscal report ‘crushed’ financial services

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas was yesterday urged to explore alternative industries to its “crushed” financial services sector, the DNA’s former leader warning: “Let’s not fool ourselves.”

Branville McCartney told Tribune Business that this nation was “complying itself right out of the industry” with how it responded to an unrelenting international regulatory offensive that had caused further negative fall-out for The Bahamas within the past week.

Speaking out after the UK government called on

BRANVILLE MCCARTNEY its financial institutions and companies to apply greater scrutiny to financial transactions originating with The Bahamas and its clients, he argued that the “ultimate goal” of the Financial Action Task Force (FATF) and similar bodies was to “close down our banking industry”.

DPM: Full VAT impact may not be till new year

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government “may be a little behind” its 20182019 fiscal projections, it was revealed yesterday, with the full VAT rate hike impact not felt until the New Year.

KP Turnquest, pictured, deputy prime minister, told Tribune Business that the Ministry of Finance was “happy with the overall results” of its first quarter fiscal performance even though it could have fallen short of expectations.

He explained that VAT

collections, which were $32m or 19.1 percent ahead of prior year figures at

SEE PAGE 6

National debt grows $137m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ national debt increased by $136.5m during the 2018-2019 fiscal year’s first quarter, taking the total sum owed by this nation to around the $8bn mark.

The Ministry of Finance’s “snapshot” report, its first effort at quarterly financial reporting, revealed that the rate of national debt increased slowed by 65 percent compared to the same period in 2017 when

the Government added $378.9m in “red ink”.

“To meet its operational requirements, the Government incurred a net increase in liabilities of $136.5m,” the Ministry of Finance’s report said. “A total of $143.5m was spent to repay (existing) debt maturing in the review period. Of this amount, $108.4m was for Bahamian dollar liabilities, and the balance of $35.1m settled foreign currency obligations.

SEE PAGE 3

Suggesting that The Bahamas’ small size, and limited international influence, meant there was little it could do to withstand the onslaught, Mr McCartney said he had been personally impacted as recently as this week when one of his “offshore bank” tenants downsized ahead of leaving his property at month’s end.

He reiterated his previous call for The Bahamas to diversify away from financial services, which has been under attack for almost two decades, and urgently explore new sectors such as medical marijuana to help fill a potential gap caused

SEE PAGE 4

GOVERNANCE reformers yesterday expressed fears that the Government’s finances may still contain “skeletons in the closet” because of its continued reliance on cash-based accounting.

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that the public sector’s outdated financial reporting systems meant doubts persist over whether Bahamians are being presented with the true fiscal position.

While praising the first quarterly fiscal “snapshot” for indicating the Minnis administration’s fiscal consolidation initiative is “headed in the right direction”, Mr Myers said its

ROBERT MYERS pledge to switch to accrualbased accounting could not occur quickly enough.

Calling on the Government to maintain the momentum created by the 52 percent year-over-year fiscal deficit reduction and improved tourism numbers, the ORG chief said The Bahamas “needs to make hay while the sun shines” and pay down its near-$8bn national debt as

rapidly as possible.

Reiterating his concerns over the revised National Health Insurance (NHI) initiative, Mr Myers warned it was “the wrong time to increase business costs” through the proposed payroll tax mechanism given that the Bahamian economy was already uncompetitive.

The Ministry of Finance’s report for the 2018-2019 fiscal year’s first quarter revealed that the deficit had shrunk by more than $56m compared to the same period in 2017, with the decline largely driven by VAT and stamp tax-related revenue increases.

More than half of the $60.1m total revenue rise came from VAT, where collections rose by $32m or 19.1 percent to $199.4m compared to $167.4m in the

SEE PAGE 4

PAGE 2, Wednesday, October 31, 2018

THE TRIBUNE

BTVI receives technology gift THE Bahamas Technical and Vocational Institute (BTVI) recently received a donation of 13 desktop computers and 15 monitors for its Student Resource Centre.

Retired accountant, Robert V Lotmore, partnered with Custom Computers to make the donation in hopes that other companies will follow suit in investing in a BTVI education.

“When I became aware of BTVI’s dire need for computers, I immediately decided to get involved, recognising the importance of technology in today’s education system.

FROM left: BTVI technical services manager, Wellington Bain; BTVI dean of student services, Raquel Bethel; BTVI associate vice-president of fund development, Alicia Thompson; Robert V Lotmore and Custom Computers account representative, Racquella Sweeting.

Photo: Paulette Richardson/BTVI

Further, I hope this donation helps to spur other individuals, organisations and companies to donate to this valuable institution,” said Mr Lotmore.

“I take this opportunity to encourage corporate Bahamas to invest in our people who are undertaking a technical and vocational education. The skills they will acquire are desperately needed in a modern, functioning society. These students will graduate and eventually work on our vehicles and computers, and repair our light fixtures and our plumbing.”

Pia Farmer, director of Custom Computers, said: “We are proud to have once again partnered with BTVI as it continues to encourage members of our community to ‘Learn, Grown, Achieve’ by pursuing excellence in education.”

BTVI’s associate vice-president of fund development, Alicia Thompson, said: “This donation by Mr Lotmore and Custom Computers will now enable us to accommodate twice as many students in our Student Resource Centre as we did previously.

“The use of technology is prominent on our campus and, as we prepare our students to be globally competitive, computer access is of utmost importance. While accessing a computer may be a small deal for some, we still have many students whose only access to a computer is in one of our labs.

“With our increase in enrolment, there is a corresponding need for additional computers. It is our hope that a lot more persons will follow the lead of Mr Lotmore and Custom Computers and make donations to the BTVI.”

NAD’S DEBT REFINANCING LAUNCH BEFORE YEAR-END

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Nassau Airport Development Company’s (NAD) $125m-$130m is due to come to market before year-end 2018, a senior Royal Fidelity executive has revealed.

Jim Wilson, the investment bank’s vice-president of corporate finance, confirmed in a press release that the refinancing of the Lynden Pindling International Airport (LPIA) operator’s participating debt should begin shortly.

“We have a couple of deals on the go right now, but of course these remain confidential until we are close to going to market,” he said. “One of the larger propositions currently with us is a refinancing of some of the debt held by NAD for the airport. We are looking at bringing this to market before the end of the year.”

Mr Wilson described his role at RoyalFidelity as “finding companies that may already be suitable as an investment, but also... recognising companies that

LPIA could be suitable for investment, given the guidance and assistance Royal Fidelity provides”.

“I’ve been in the business for a while,” he added. “Developing good contacts is important, but it’s about the experience – recognising the opportunities and understanding the nuances of what makes a business or a proposal successful and, hopefully, having developed a good reputation and the trust with the clients who may look to you for guidance and support. My own view and that of the company is I won’t raise funds for a company I wouldn’t be prepared to invest in myself.”

Mr Wilson said that with bank interest rates at alltime lows, the desire for a

better return has resulted in some depositors looking beyond savings accounts in favour of investments in local and overseas stocks and bonds.

“We all want more of a return on our savings,” said Mr Wilson. “So more and more Bahamians are looking at investing in local and overseas companies through our brokerage platform and Global Invest, our managed service that facilitates investments in international stock exchanges.”

When asked if there were more Bahamasbased foreign-owned companies for which Royal Fidelity raises capital, Mr Wilson replied: “No, I don’t think so. Our business is Bahamian focused and our capital raising and other

corporate finance services are focused on businesses in The Bahamas. There are lots of Bahamians who run very successful businesses.

“What you find is that certain segments tend to be dominated by foreign ownership – such as hospitality and, given the dominance of hospitality in our economy, that gets most of the attention. Some of that is because of the large amount of capital required to start a hotel project, for instance, and also it’s a specialised kind of experience required.

“Obviously we have some very talented Bahamians working in the hospitality industries here who’ve come up under Atlantis and so on, but are they opening their own hotels? Are they moving into that business?

If they are, we’re certainly not aware of it.”

Mr. Wilson said business opportunities existed in the non-hotel tourism sector through AirBnB and vacation rentals. “They’re renting a room out. To me, that’s a form of business ownership and entrepreneurship in how you’re

running that,” he added.

“I think there are opportunities for bed and breakfasts through the Family Islands and, perhaps, even here in Nassau that tells us there are opportunities for hotel projects that are less than the mega projects costing tens of millions of dollars.

“It is focused, obviously, on the tourist product still, which I know we talk about diversifying away from, but while that is, if you like that tourism goose – that golden goose that we have – I think there are still opportunities there to be had.”

Mr Wilson also sees opportunity in tourism activities such as the food, art and historic Nassau tours - all Bahamian-run and owned. “Tourists want the flavour of the Bahamian point of view and the Bahamian view of the country,” he added.

Another opportunity, he said, exists in business succession. “As owners of long-time existing businesses begin looking for an exit for whatever reason - age, lack of interest from

family members to take over the business, lack of funding for needed growth – we can assist in determining the best options on the way forward,” Mr Wilson said.

Calling for more foreign investors to partner with Bahamians, he added: “Having somebody from abroad come in and say they’re going to do something, whatever business it may be, may have wonderful and different ideas, but typically they should be partnering with somebody local.

“I don’t think that should be forced, though, but I think partnering with somebody local, who understands the local market, who understands how things get done, is an important catalyst and support for any new venture. I do believe there are lots of different businesses – it’s only limited by our imagination in terms of what Bahamians can be getting into.

“Obviously, you want to focus on something where you have some experience and some knowledge in what you’re doing to do.”

BAHAMAS POWER AND LIGHT COMPANY LTD.

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BUILDING FOR BETTER

THE TRIBUNE

Wednesday, October 31, 2018, PAGE 3

SECURITIES COMMISSION ‘SHIFTING THE NARRATIVE’ THE Securities Commission has joined a small group of regulators approved to be signatories to the International Organisation of Securities Commissions’ (IOSCO’s) new enforcement-related information-sharing agreement.

The new Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU) was adopted by IOSCO in 2017, and builds on the success of its existing informationsharing memorandum.

The Bahamian capital markets regulator, in a statement, said the new standard signals its commitment and ability to be at the forefront of international regulatory co-operation in combating the cross-border violations of securities laws.

“By being among the first jurisdictions to make an application to become a signatory to the EMMoU, the commission and, by extension, The Bahamas, is showing its commitment and seriousness with respect to cross-border enforcement issues,” Christina Rolle, the Securities Commission’s executive director, said.

“The commission continues to embrace opportunities to join with the global regulatory community in order to protect investors, and to safeguard

ROBERT Lotmore, chairman

the integrity and efficiency of markets in a manner that respects this jurisdiction’s laws and regulations.”

The Securities Commission’s chairman, Robert Lotmore, said the regulator was “shifting the narrative” with respect to The Bahamas.

“Enforcement is a core tool for regulators. The ability to access relevant cross-border information is often vital for the investigation of criminal activity. By

becoming an early adopter of the EMMoU, the commission is shifting the narrative with respect to The Bahamas’ commitment to cross-border investigation and enforcement,” Mr Lotmore said.

The EMMoU opens additional avenues for regulators to co-operate and enhance the outcome of investigation and enforcement activity when compared to the prevailing standard (the

CHRISTINA Rolle, chief executive

Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information or MMoU). Referred to as “ACFIT” powers, they require signatories’ legal empowerment to: • “Obtain and share audit work papers, communications and other information relating to the audit or review of financial statements, including with the assistance of a prosecutor,

National debt grows $137m FROM PAGE ONE

“To finance the deficit and meet other funding requirements, the Government borrowed a total of $280m —of which $100m was by way of a Bahamian dollar bank loan.

New domestic bond issuances aggregated $110m, and were partly used to refinance the $80m in maturing bonds.

“The Government also had recourse to shortterm borrowings via an additional $70m in Treasury bill issuance. As a consequence, the direct charge on the Government increased to an estimated $7.382bn from $7.245bn at end-June 2018.”

The addition of around $700m in contingent liabilities, not mentioned in the report but which

the Government has guaranteed on behalf of corporations and agencies, takes the national debt through the $8bn mark when factored in.

Still, the Ministry of Finance’s report showed that the Government’s gross new borrowing for the first quarter represented a 42 percent decline year-over-year, with debt repayments amounting to a 24 percent rise.

A further $6.6m was added to the “sinking fund” set up to finance future debt redemptions, taking the total value allocated to three international bond issues and three local facilities to $107.8m and $9.6m, respectively.

The Ministry of Finance’s report also confirmed, though, that a total 27 percent - more than

one quarter - of first quarter government spending went on a combination of interest payments and subsidies to state-owned enterprises. This illustrates how The Bahamas’ debt mountain, and lossmaking public sector agencies and corporations, continue to bleed Bahamian taxpayers.

“Interest payment on the public debt was $73.2m, compared to $77.7m last year. Approximately $23.5m was on foreign currency obligations, and the balance of $49.7m was on Bahamian dollar debt,” the Ministry of Finance said.

“Subsidies, mainly representing transfers to government-owned and/ or controlled units which provide commercial goods and services to the public, amounted to $70.7m, up

To advertise in The Tribune, contact 502-2394

NOTICE

VACANCY (For an)

ACCOUNTANT Applications are invited from suitably-qualified applicants for the position of Accountant.

Applicants must possess the following qualifications: • Minimum of a Bachelor’s Degree in Accounting, with a

minimum of five (5) years’ experience in the industry; • Excellent organizational skills; • Excellent communication skills (oral and written); analytical

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skills; • Excellent computer skills, (proficiency in Microsoft applications required) • Ability to meet deadlines The Accountant will report to the Financial Controller.

SUMMARY OF DUTIES: 1.

Draft financial statements 2.

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Maintain accounting files Interested persons should submit a letter of application, along with their curricula vitae, to: the General Manager; via: P. O. Box N-1986 or; fax #322-4880, to be received NO LATER THAN Wednesday, November, 7th, 2018.

Please note that only short-listed applicants will be contacted.

$10.4m from the same period in the prior fiscal year.

“Transfers to public nonfinancial corporations, at $68.1m, exceeded last year’s spend by $8m,” the report continued. “This outcome was primarily explained by higher assistance payments to the Public Hospital Authority ($14.9m), being offset by timing-related reductions in assistance to the national airline carrier and the Water & Sewerage Corporation.

“Transfers to private non-financial enterprises increased to $2.4m from a negligible level in the comparable period, influenced by timing-related payments made under specific arrangements with the cruise line operators and a hotel-related Heads of Agreement.”

court or other authority.”

• “Compel physical attendance for testimony (by being able to apply a sanction in the event of non-compliance) including with the assistance of a prosecutor, court or other authority.”

• “Freeze assets if possible or, if not, advise or provide information on how to freeze assets at the request of another signatory.”

• “Obtain and share

existing Internet service provider (ISP) records (not including the content of communications) including with the assistance of a prosecutor, court or other authority.”

• “Obtain and share existing telephone records (not including the content of communications), including with the assistance of a court, prosecutor or other authority.”

IOSCO said the EMMoU was established “to keep pace with technological, societal and market developments; to bolster deterrence; and to ensure that IOSCO continues to meet its objectives”.

As of October 24, IOSCO’s website listed six “A1” signatories to the EMMoU: British Columbia Securities Commission; Securities and Futures Commission (Hong Kong); Ontario Securities Commission; Autorité des Marchés Financièrs (Quebec); Monetary Authority of Singapore; and the Commodity Futures Trading Commission (US).

The Securities Commission’s application to be a signatory to the new standard was approved by the EMMOU verification committee in September 2018. It anticipates executing the EMMoU once all of IOSCO’s procedural requirements are completed.

NOTICE ESTATE OF THE LATE PETER RANDOLPH JOHNSTONE Notice is hereby given that all persons having any claims or demands against the above-named Estate are requested to send the same duly certified to the undersigned on or before the 12th day of December, 2018.

And Notice is hereby also given that after the expiration of the time above mentioned, the assets of the deceased will be distributed among the persons entitled thereto having regard only to the claims of which the Executors shall then have had notice.

LENNOX PATON Chambers 3 Bayside Executive Park West Bay Street & Blake Road Nassau, The Bahamas Attorneys for the Executors of the Estate of the late Peter Randolph Johnstone

PAGE 4, Wednesday, October 31, 2018

THE TRIBUNE

‘Skeletons in closet’ fear on fiscal report FROM PAGE ONE prior year period. With total government spending held relatively flat compared to 2017, the deficit could have been cut below $40m if the Government had been able to realise its projected $12.6m web shop taxation increase.

Praising the Ministry of Finance for achieving “great results”, Mr Myers nevertheless expressed concern that the first quarter “snapshot” did not include government spending commitments already made - but for which funds have not been released - due to the public sector’s continued use of cash-based accounting.

“We are now getting closer to a balanced budget,” he told Tribune Business, “but that’s only one quarter. We don’t know what’s coming. One quarter doesn’t paint the whole picture, that’s for sure, but the signs are good.

“What disturbs me is that it is not accrual-based accounting. It’s still cashbased. In my mind we’ve still got a long way to go,

but that’s [the 2018-2019 fiscal first quarter] looking considerably better.

“It’s a much better report, but we have to get to accrual-based accounting. It worries me that there may be skeletons in the closet, and a lack of accountability in the public sector not doing things as they should and leaving things out of this. That creates skeletons in the closet and things of concern.”

The Ministry of Finance’s “snapshot” confirmed that its figures were based on “modified” cash-based accounting that was guided

by International Public Sector Accounting Standards (IPSAS). “Revenue is recognised when received and not when earned, expenditure is recorded in the period it is incurred and paid,” the report added.

The prime minister last year told the Bahamas Institute of Chartered Accountants (BICA) that the Government is committed to reforming its accounting systems, with the transition to accrualbased accounting targeted for end-June 2022. Its rollout to the wider public

sector, including agencies and corporations, will follow in 2023.

The switch is designed to provide a more accurate pinpointing of the Government’s financial position, and enable it to produce a “balance sheet” of assets and liabilities. Its current cash-based system only recognises revenues when they come in, and expenditures when they become due for payment. In contrast, an accrual-based system will recognise expenditures for which future commitments have been given, but monies not yet released.

“It’s headed in the right direction as long as there aren’t any skeletons in the closet,” Mr Myers told Tribune Business of the first quarter. “They’ve got to keep working as hard as they are. Let’s keep the sleeves rolled up.

“There’s no need to put any more taxes in place, and we ought to be able to see in each fiscal period that they can maintain and keep that deficit well under what it was last fiscal year and within the constraints of the Fiscal Responsibility Act. They would seem to be

on track and let’s hope they can hold that.”

Both KP Turnquest, deputy prime minster, and Marlon Johnson, the Ministry of Finance’s acting financial secretary, said they are “cautiously optimistic” that the Government remains on track to hit its $237.6m full-year deficit target based on the first quarter performance.

Mr Myers, meanwhile, said the 2018-2019 fiscal year’s second quarter should “be stronger theoretically” in terms of revenue performance because it will contain the Christmas and Thanksgiving holidays that typically mark the start of the winter tourism season.

The Government typically earns the bulk of its revenues during the fiscal year’s third quarter, the January-March period, which coincides with tourism’s peak, the payment of business licence fees and real property taxes, and commercial vehicle licensing month.

With air arrivals up 15.1 percent for the year to end-August 2018, aided in large part by Baha Mar’s full opening, Mr Myers

said he was expecting to see consistent improvement in the Government’s fiscal performance throughout 2018-2019 due to the tourism upswing and better business climate.

He warned, though, that The Bahamas’ still-fragile economy could be derailed if initiatives such as NHI were mishandled, which would in turn have negative consequences for the Government’s fiscal recovery.

“We have to be very careful,” Mr Myers told Tribune Business. “I’m pro- NHI, but not pro-NHI when the country’s economy is as sick as a dog. I just don’t think it’s the right time to be increasing business costs when we’re already highly uncompetitive regionally.

You can’t keep putting on these costs.”

He added that the tourism plant in countries ravaged by hurricanes Irma and Maria was set to re-open soon, providing more pressure and competition for a Bahamian destination already perceived as high cost.

“We’ve got to try and make hay while the sun shines and pay off some of this $8bn debt, and lower

operational costs in the private and public sectors to remain competitive in the short and medium-term,” Mr Myers said.

“The Government of The Bahamas must realise that we are experiencing a boom economy that will not last forever, so provisions must be made now for a future downturn.... There is a definitive tax elasticity and pricing elasticity for The Bahamas, and we have reached that breaking point.

“Focus must now be on obtaining those efficiencies and creating accountability in the public sector,” he continued. “The Bahamas has become too expensive a place to visit, and this will hurt the economy as the rest of the hurricane-ravaged Caribbean gets their tourism product back online next year.

“The Government must continue to find ways to make The Bahamas more competitive and thus improve our GDP, which is the only tide that will float all boats. GDP needs to be at 5.5 percent to deal with the unemployment and debt. We still have a lot of work to do.”

Bran: Alternatives needed to ‘crushed’ financial services FROM PAGE ONE by the loss of high-paying jobs and foreign currency earnings.

“I don’t know what they want from our country,” Mr McCartney said, after the FATF placed The Bahamas on an 11-strong “monitoring list” of nations with “structural deficiencies” in their anti-money laundering/counter terror financing (AML/CFT) regimes that could pose a risk to the global financial system.

“Ultimately I think their goal is to really close down our banking industry. No matter what they do their going to keep on moving the goal posts and come

up with some reason why we’re not complying. I see they’re now saying we don’t have enough prosecutions for money laundering and the like.

“Ultimately, they want their monies out of this country and back in theirs.

I don’t think we need to fool ourselves any more.

Any time they put certain requirements on our country we do our best to comply. We’re going to comply ourselves right out of this industry.”

The consequences of The Bahamas’ inclusion on the FATF list, together with war-ravaged nations such as Syria and Yemen, and others - none of whom is a major player in global

financial services - continue to deepen with the UK’s Treasury advising all institutions and businesses conducting business with this nation to now apply greater scrutiny to their dealings as a result.

It has advised them to “take appropriate actions to minimise the associated risks, which may include enhanced due diligence measures in high-risk situations” - meaning that financial transactions between the UK and The Bahamas may be subject to greater scrutiny and delay, interrupting commerce and increasing time and costs for all concerned.

“We as a country need to start looking at other means and mechanisms, and other industries,” Mr McCartney told Tribune Business, suggesting that the ‘writing is on the wall’ as regards the Bahamian financial services industry’s future.

“What we need to determine as a country is what we are going to do to counter this. It’s like a business selling a particular product, and it loses its value and interest, and they have to look at other products to sell. That’s what we have to do as a country.

“Let’s not fool ourselves. No matter what we do, whatever we put in place, is not going to be sufficient. We’ve seen this

over the last 18 years. It’s a tough call as to whether we comply or otherwise. It’s a Catch-22 situation. We’re very small in the scheme of things. If we don’t comply we’re ‘blacklisted’, which has severe consequences, and if we do comply we kill the industry.”

The ex-DNA’s leaders comments reflected the fears of Paul Moss, president of Dominion Management Services, who told Tribune Business yesterday that he feels The Bahamas is losing the will to “fight” for its financial services industry’s survival.

“We really need to step up and fight, but I don’t believe we have that fight any longer,” he said.

“They’re being so relentless in coming after us that we don’t seem to have the fight any more. We’ve got to get ahead of it and make a move to try and save the industry. That’s where we are now.”

Mr Moss added that the UK Treasury’s warning in response to the FATF listing will cause “greater stress” for the Bahamian financial services sector, as it now almost seemed to be facing demands coming at the rate of “one a day”.

The UK’s advisory, he said, would subject Bahamian financial transactions to “the scrutiny everyone seeks to avoid”, resulting in

NOTICE Notice is hereby given that LEVEL SAINVIL of #6 Twynam Ave., P.O.Box N356, Nassau, 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 signed statement of the facts within twenty-eight days from the 31st October, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

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the dissolution of the said Company commenced on the 23rd October, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

the Liquidator of the said Company is Mistral Renewable Limited.

Dated the 31st day of October, A.D., 2018.

MISTRAL RENEWABLE LIMITED The Liquidator for the above-named Company

potential delays that impact commerce and cost participants time and money.

“We’re taking longer to get it done, and that’s not going to be an advantage. That’s a disadvantage for us,” added Mr Moss, calling for a more proactive response by the Government to secure The Bahamas’ removal from the FATF list.

Mr McCartney, meanwhile, said he has been personally impacted as a landlord, explaining: “I have a tenant who is an offshore bank that downsized this week. At the end of this month they will be out of my building because they had to downsize. There’s a ripple effect.

“Our hands are in the lion’s mouth: Period. What do we do in circumstances like that? The country is faced with a difficult situation, so let’s look ahead, be innovative as a country and use the resources we have here to build.

“When one door opens another two open. Let’s take that alternative and move forward. It’s unfortunate, but there’s nothing we can do. Let’s think about it. They have crushed the financial services industry and will continue to crush it. It is what it is. Let’s look it straight in the eye, accept it and move forward.”

The Minnis administration

has already made moves to diversify the Bahamian economy beyond its reliance on the “twin pillars” of tourism and financial services with its “technology hub” ambitions for Grand Bahama, and focus on the “blue economy”, maritime and agriculture with InterAmerican Development Bank (IDB) funded projects.

Urging The Bahamas to be proactive, Mr McCartney said: “Medical marijuana is something we need to pursue urgently now. That is something we have in abundance. They don’t call it ‘weed’ for nothing. It means it grows anywhere.

Let’s make something natural for us, grown in our environment, and get money for it.”

The FATF effectively started the Bahamian financial services industry’s near-20 year decline when it “blacklisted” this nation in 2000, and Mr McCartney said its latest listing featuring this nation showed “nothing has changed to any great extent” over the past 18 years despite numerous legal and regulatory reforms being enacted.

“There’s nothing we can do to satisfy them,” he added. “As a matter of fact the industry is dying. What they will do at the end of the day is eventually shut us down.”

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Wednesday, October 31, 2018, PAGE 5

leaders meet in Germany Ex-landfill manager African at development summit faces $5m judgment FROM PAGE ONE Supreme Court claim alleges.

“Under the terms of the Letter of Intent, the defendant was to provide the plaintiff with the greater of 45,000 tons or 50 percent of the total annual tonnage of cardboard mixed paper, mixed plastic bottles and used beverage cans produced, which the plaintiff would then market and sell to other sources.”

American Paper Recycling alleged that its agreement with Renew Bahamas was formalised on December 27, 2014, with a written marketing and sales agreement.

“The agreement provides that Renew will sell American 50 percent of the total output of cardboard, mix paper and plastic polymers, and 100 percent of the aluminum can grades,” the Supreme Court alleges.

“For any tons not shipped through [American Paper Recycling], the defendant would pay a ‘buy back’ commission of $6 per ton for any shortfall weight.”

However, the commercial relationship between the two parties took less than one year to sour. American Paper Recycling filed its claim with the Massachusetts Superior Court’s Trial Court on November 12, 2015, alleging a breach of contract by Renew Bahamas.

“The allegation was that the defendant failed to ship the required tonnage from its plant in The Bahamas and failed to pay any ‘buy back’ commission,” American Paper Recycling said.

“The defendant was aware that the plaintiff committed to resell the materials, and that certain mills were waiting for shipments for recycle from the defendant through the plaintiff. Instead of shipping recyclate to the plaintiff or on its behalf, the defendant shipped the material directly to these mills.”

American Paper Recycling subsequently obtained the $5.037m judgment that it is now seeking to enforce in The Bahamas on May 24, 2017. It is also seeking 12 percent interest on this sum from July 31, 2014. Massachusetts court documents show that while Renew Bahamas initially defended the action, it appears to have ceased doing so around the time it ceased landfill operations, thus paving the way for a summary judgment that has not been appealed.

Roy Sweeting, partner at the Glinton, Sweeting & O’Brien law firm that is acting for American Paper Recycling, yesterday confirmed to Tribune Business that it was still pursuing enforcement/recognition of the company’s award by the Bahamian courts.

“We have an application for a summary judgment scheduled for November 20.

That’s as far as it has gone,” he confirmed. “The only thing I can tell you is that it’s continuing. We’re instructed to proceed and see what we can achieve for the client,

but we don’t know what that’s going to be.”

Tribune Business sources familiar with developments at the New Providence landfill yesterday suggested American Paper Recycling and its Bahamian attorneys will face a tough battle to recover any assets to realise its award even if recognised by the Bahamian courts.

Renew Bahamas stopped operating more than two years ago, and most - if not all - its remaining assets will likely have been dissipated over that period. And Tribune Business can reveal that other creditors face a similar uphill task.

Fred Prins, director of international business development for Machinex, the Canadian-based supplier that provided Renew Bahamas with all the equipment for its materials recycling facility, yesterday confirmed that it was still owed several hundred thousand dollars in unpaid rent on the machinery.

Machinex’s equipment remains at the New Providence landfill site on Tonique Williams Highway, and Mr Prins said the company was waiting for the Government to conclude talks with Providence Advisors and its Bahamian waste provider partners on a management contract before determining how to proceed.

“We’re working with someone in The Bahamas now as regards the legal ramifications and where we stand,” Mr Prins told Tribune Business. “We are working with the Government and all concerned to bring this to an amicable conclusion. That’s the way it is.”

This newspaper understands the sum owed to Machinex by Renew Bahamas on the equipment lease could be close to a $1m.

The Canadian firm has also obtained a lien over the materials recycling facility to secure its ownership, given that the equipment still belongs to it, and plans to discuss its fate with the Providence Advisors-led group once the new landfill management contract is completed.

“Whoever is going to take over the facility, we would like to discuss with them what we can do with the equipment itself,” Mr Prins confirmed. “Nothing can be done until that is finalised and we see where we go from there. We will have to have discussions with government and whoever is taking over the whole landfill. We’re just waiting.”

Mr Prins revealed Machinex had also continued “amicable discussions” with Michael Cox, Renew Bahamas’ former chief executive, who has remained in The Bahamas despite the company’s demise.

Mr Cox did not respond to e-mail requests sent to him seeking comment, but multiple sources told Tribune Business that he has formed a new company, Bahamas Processing and Trading, which submitted a bid on the latest landfill tender. It was rejected by

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, SAMUEL MICHAEL SAWYER of the resort Area of Treasure Cay of the Island of Great Abaco, The Bahamas intend to change my name to MICHAEL SAMUEL SAWYER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this Notice.

NOTICE Notice is hereby given that TELCY SAINVIL of #6 Twynam Ave., P.O.Box N356, Nassau, 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 signed statement of the facts within twenty-eight days from the 31st October, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

the Government in the first round.

Renew Bahamas “suspended its services” in the wake of Hurricane Matthew, after shootings, tyre slashings and widespread theft following the storm made operating conditions unsafe.

Mr Cox told Tribune Business at the time that these incidents, combined with the loss of electrical power in Matthew’s wake, had brought landfill operations - especially the revenue-generating recycling activities - to “a grinding halt”.

The former manager also complained that it “encountered tremendous difficulties” in developing a co-operative relationship with the Christie administration, arguing that the latter’s failure to plan and enter into “consistent dialogue” helped prompt Renew Bahamas’ exit.

Some observers, though, believe Renew Bahamas exploited Hurricane Matthew to exit a five-year contract and business model that had proven both unprofitable and unsustainable. Gerhard Beukes, its principal and Mr Cox’s predecessor as chief executive, told Tribune Business in April 2016 that it wanted to renegotiate the contract after it had lost “millions of dollars”.

DURING a trade with Africa meeting, with centre left to right, Rwanda’s President Paul Kagame, Austria’s Chancellor Sebastian Kurz, German Finance Minister, Vice-Chancellor Olaf Scholz, German Chancellor Angela Merkel and German Development Minister Gerd Mueller take part in a meeting at the “Compact with Africa” conference on trade, aid and diplomacy, meeting at the Chancellery in Berlin yesterday.

Photo: John Macdougall/AP BERLIN Associated Press CHANCELLOR Angela Merkel met with a group of African leaders, international organisations and corporate heads yesterday to promote a programme launched during Germany’s Group of 20 presidency last year to encourage private investment in Africa.

Working with the World Bank, International Monetary Fund and the African Development Bank, the G20 hopes to create in African countries the conditions needed to attract private investment, including economic stability, anti-corruption systems and financing.

The goal of the programme is to bring together “reform-minded” African governments to coordinate country-specific plans

in a continent that Merkel said has been too frequently overlooked.

“The core idea of the Compact with Africa is not only to talk about Africa, but to talk with Africa,” Merkel said.

“For many years we were very concentrated on Asia,” Merkel added. “I think in the future, we need to turn the view more toward Africa.”

The compact is open to all African countries. So far, 11 have joined: Benin, Ivory Coast, Egypt, Ethiopia, Ghana, Guinea, Morocco, Rwanda, Senegal, Togo and Tunisia. South Africa’s president, Cyril Ramaphosa, was present in his role as co-chair of the G20-Africa Advisory Group.

At the summit, German industrial conglomerate Siemens signed agreements with Togo on a new gas-fired power plant and Egypt on

helping develop a multi-year plan to improve the competitiveness of Egyptian industry, the company said.

Siemens said it was also working with German automaker Volkswagen, the German Development Agency for International Cooperation and others on a mobility project for the Rwandan capital of Kigali to make electric vehicles available for local residents.

The project includes a VW production facility for vehicle assembly, as well as the infrastructure needed for electric mobility.

Siemens CEO Joe Kaeser told participants the right conditions would lead to greater investment and more jobs for Africans.

“That will help us win the fight against poverty and overcome the social divide,” he said.

PAGE 6, Wednesday, October 31, 2018

THE TRIBUNE

DPM: Full VAT impact may not be till new year FROM PAGE ONE $199.4m for the three months to end-September 2018, would take time to stabilise given the “zero ratings” and exemptions that took effect after July 1.

Mr Turnquest also pledged that the Government would guard against “excessive spending programmes” to ensure it did not squander the benefits of any fiscal gains such as the 52 percent year-overyear cut in the 2018-2019 first quarter deficit.

While public spending was expected to increase during the 2019 calendar first half, as infrastructure projects came on stream, the deputy prime minister said the fiscal impact was forecast to be offset by rising revenue during a period when the Government traditionally earns the bulk of its income.

Mr Turnquest spoke out as he sparred with the

Opposition’s deputy leader, Chester Cooper, over the Ministry of Finance’s first quarter “snapshot” - its first ever quarterly update to the Bahamian people on the Government’s finances, which he sought to hail as the start of a new era in fiscal transparency and accountability.

Mr Cooper, though, argued that data showed VAT was underperforming because less than 20 percent of the $1.061bn projected for the full year had been collected during the 2018-2019 first quarter.

While careful to acknowledge that the fiscal year’s first quarter is typically the slowest for government revenue collection, since it coincides with the traditional tourism season lull, the Opposition’s finance spokesman argued: “The collections for the quarter are significantly under budget.

“This seems a clear indication that projections are

not being met and the projected net increase for the year will not be met. Noting the potential for seasonality in revenues, this is still a major red flag... On the current trajectory, we would likely see more tax hikes, more borrowing or massive recessionary cut backs at year-end.”

Mr Cooper, though, seemed to contradict himself later in his statement by saying it was “much too soon to make empirical conclusions” based on the first quarter data, even though he appeared to be doing exactly that with the VAT figures.

In response, the deputy prime minister argued that the full impact of the 12 percent VAT rate increase may not be felt until New Year 2019. He pointed to the “breadbasket” food and medicines “zero ratings”, both of which took effect on August 1, and the extensions granted to

hotels and the construction sector.

“Hotels and contractors that had projects in train, we have them until January to wrap up those projects at the old [7.5 percent] rate,” Mr Turnquest told Tribune Business. “We were aware the full effect of the VAT rate increase would not come into effect until January, quite frankly.”

He added that the 2018-2019 first quarter VAT take may also have been impacted by lower consumer spending as Bahamians adjusted to the new rate, and asserted that the Government is “pleased with where we are and on track” with its main revenue earner.

The Ministry of Finance’s “snapshot” compares the 2018-2019 first quarter with the same period in the prior year, and does not include matching it to its financial projections to see whether performance

exceeded, met or fell short of expectations.

“I don’t have that in front of me,” Mr Turnquest said, when asked about comparisons to the ministry’s forecasts, “but if memory serves we we may be a little behind where we anticipated we would be. But we’re certainly happy with the overall results.”

He added that the Government also hoped to obtain the extra revenue projected from the increased web shop taxation, namely the “sliding scale” structure and five percent stamp tax on patrons, during the fiscal year’s second half.

The increased taxation is currently subject to legal challenge, and Mr Turnquest yesterday estimated this may have cost it around $8m in 2018-2019 first quarter revenues, although the Ministry of Finance’s report put this at $12.6m.

Stamp tax and trade taxes

had also “outperformed” 2017 comparisons during the first quarter, and the Government was focusing on “judicious” management of its spending.

“The message is we have to continue to be disciplined.. so we don’t allow any perceived gains to mean there is any extra funds to engage in excessive spending programmes,” Mr Turnquest told Tribune Business of spending controls.

“Based upon where we are now and what we see for the rest of the year, we believe we would see improvement in the revenue results and, as we continue to monitor expenditure, there is likely to be some increase in expenditure in the second half of the year that will be more than offset by revenue. It we track where we are we should meet or exceed targets for this fiscal year.”

TRUMP TARGETS CITIZENSHIP, STOKES PRE-ELECTION MIGRANT FEARS WASHINGTON Associated Press THOUSANDS of US troops to stop an “invasion” of migrants. Tent cities for asylum seekers. An end for the Constitution’s guarantee of birthright citizenship.

With his eyes squarely on next Tuesday’s elections, President Donald Trump is rushing out hardline immigration declarations, promises and actions as he tries to mobilise supporters to retain Republican control of Congress. His own campaign in 2016 concentrated on border fears, and that’s his final-week focus in

the midterm fight.

“This has nothing to do with elections,” the president insists. But his timing is striking.

Trump says he will send more than 5,000 military troops to the Mexican border to help defend against caravans of Central American migrants who are on foot hundreds of miles away. Tent cities would not resolve the massive US backlog of asylum seekers.

And most legal scholars say it would take a new constitutional amendment to alter the current one granting citizenship to anyone born in America.

Still, Trump plunges

ahead with daily alarms and proclamations about immigration in tweets, interviews and policy announcements in the days leading up to elections that Democrats hope will give them at least partial control of Congress.

Trump and many top aides have long seen the immigration issue as the most effective rallying cry for his base of supporters. The president had been expected to make an announcement about new actions at the border yesterday, but that was scrapped so he could travel instead to Pittsburgh, where 11 people were massacred in a synagogue on Saturday.

Between the shootings, the deadliest attack on Jews in US history, and the mail bomb scare targeting Democrats and a media organisation, the caravan of migrants slowly trudging north had faded from front pages and cable TV. But with well-timed interviews on Fox and “Axios on HBO”, Trump revived some of his hardest-line immigration ideas: • An executive order to revoke the right to citizenship for babies born to non-US citizens on American soil.

• And the prolonged detention of anyone coming across the US-Mexico

MARKET REPORT TUESDAY, 30 OCTOBER 2018

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

BISX ALL SHARE INDEX: CLOSE 2,002.91 | CHG 0.67 | %CHG 0.03 | YTD -60.66 | YTD% -2.94 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.26 0.27 3.92 9.26 6.60 4.97 12.50 2.74 1.78 8.21 6.30 13.20 6.90 4.50 13.50

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.16 2.30 8.60 6.09 3.54 9.00 2.30 1.50 7.25 6.00 10.00 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 4.00 17.43 9.09 4.46 1.01 0.23 2.30 9.25 6.16 3.98 12.42 2.46 1.75 7.51 6.29 13.14 6.60 3.63 13.01

CLOSE 4.05 17.43 9.09 4.46 1.01 0.25 2.30 9.25 6.16 3.98 12.42 2.54 1.78 7.67 6.30 13.14 6.60 3.63 13.01

CHANGE 0.05 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.08 0.03 0.16 0.01 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

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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 1,000

21,000

525 17,273 11,250

VOLUME

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.154 0.627 0.102 0.209 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 0.060 0.084 0.280 0.500 0.150 0.130 0.590

P/E 18.9 18.7 N/M 14.1 N/M N/M -2.3 13.2 14.0 25.8 19.8 24.9 8.5 N/M 9.4 18.7 9.2 13.1 20.6

YIELD 2.47% 6.48% 0.00% 5.16% 0.00% 4.00% 0.00% 7.68% 3.57% 3.02% 4.99% 2.36% 3.37% 1.10% 4.44% 3.81% 2.27% 3.58% 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 2.18 4.16 2.02 182.41 158.55 1.58 1.70 1.66 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 1.52 1.68 1.61 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 2.18 4.16 2.02 182.41 158.55 1.58 1.69 1.66 1.09 7.36 8.47 6.53 11.32 11.67 10.54 9.93 8.45 11.20

YTD% 12 MTH% 2.90% 4.07% 0.44% 4.38% 1.70% 2.35% 2.08% 3.47% 3.35% 5.94% 3.22% 4.22% -0.38% 3.34% 2.39% 4.01% -0.38% 0.53% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A

NAV Date 30-Sep-2018 30-Sep-2018 28-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-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

border, including those seeking asylum, in “tent cities” erected “all over the place”.

The administration on Monday also announced plans to deploy 5,200 active duty troops — double the 2,000 who are in Syria fighting the Islamic State group — to the border to help stave off the caravans.

The main caravan, still in southern Mexico, was continuing to melt away — from the original 7,000 to about 4,000 — as a smaller group apparently hoped to join it.

Trump insists his immigration moves have nothing to do with politics, even as he rails against the caravans at campaign rallies.

“I’ve been saying this long before the election.

I’ve been saying this before I ever thought of running for office. We have to have strong borders,” Trump told Fox News host Laura Ingraham in an interview on Monday.

Critics weren’t buying it.

“They’re playing all of us,” said David W Leopold, an immigration attorney and counsel to the immigration advocacy group America’s Voice.

“This is not about locking people up. This is not about birthright citizenship.

This is about winning an election next week.”

Trump’s citizenship proposal would inevitably spark a long-shot legal battle over whether the

president can alter the longaccepted understanding that the 14th Amendment grants citizenship to any child born on US soil, regardless of his parents’ immigration status.

Omar Jadwat, director of the Immigrants’ Rights Project at the American Civil Liberties Union in New York, said the Constitution is very clear.

“If you are born in the United States, you’re a citizen,” he said. He called it “outrageous that the president can think he can override constitutional guarantees by issuing an executive order”.

James Ho, a conservative Trump-appointed federal appeals court judge, wrote in 2006, before his appointment, that birthright citizenship “is protected no less for children of undocumented persons than for descendants of Mayflower passengers”.

Even House Speaker Paul Ryan, typically a supporter of Trump proposals, said on WVLK radio in Kentucky: “Well you obviously cannot do that. You cannot end birthright citizenship with an executive order.”

But Trump says he’s been assured by his lawyers that the change could be made with “just with an executive order” — an argument he has been making since his early days as a candidate, when he dubbed birthright citizenship a “magnet for illegal immigration” and pledged to end it.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I,TREY GORDON WESTTE LOWE of #114 Treasure Cove, P.O. Box SS-19337, Nassau New Providence, Bahamas intend to change my name to TREY GORDON WESTTE LOWE-DAVIS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, KEION DAMAL HORTON of Market Street South, P.O.Box N735, New Providence, Bahamas intend to change my name to DEON LAMAR HALL. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, EVELYN SHARMAINE CAREY of New Providence, Bahamas mother of MEGAN AVA JOHNSON intend to change my child’s name to MEGAN TALIA AVA CURTIS. 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.

THE TRIBUNE

Wednesday, October 31, 2018, PAGE 7 SAUDI Arabia Crown Prince Mohammed bin Salman tours an innovation gallery of Saudi Arabian technology, including an exhibit by King Abdullah University of Science and Technology, during a visit to Massachusetts Institute of Technology in Cambridge, Mass. While some US colleges rethink their ties to Saudi Arabia, many more have shown no signs of backing away. An Associated Press analysis of federal data finds that 38 schools received at least $359m from the Saudi government from 2011 through 2017.

Photo: AP

AMID GLOBAL UPROAR, SOME US COLLEGES RETHINK SAUDI TIES BOSTON Associated Press US colleges and universities have received more than $350m from the Saudi government this decade, yet some are rethinking their arrangements in the wake of the killing of a journalist that has ignited a global uproar against the oil-rich nation.

The Associated Press analyzed federal data and found that at least $354m from the Saudi government or institutions it controls has flowed to 37 American schools since 2011. Much of the money was provided through a scholarship program that covers tuition for Saudis studying in the US, but at least $62m came through contracts or gifts from the kingdom’s nationally owned companies and research institutes, the AP found.

Those benefiting the most from Saudi contracts include Northwestern University, which has received $14m from a top Saudi research centre since 2011,

and the University of California, Los Angeles, which accepted $6m from the same institute, known as the King Abdulaziz City for Science and Technology.

Meanwhile, Saudi Arabia’s national oil company, Saudi Aramco, has channeled $20m to American universities, including $9m to Texas A&M University and $4m to the Massachusetts Institute of Technology. A national chemical company known as SABIC steered another $8m to US schools.

Although some of the contracts halted before last year, questions surrounding Saudi writer Jamal Khashoggi’s death at the Saudi Consulate in Istanbul have spurred some schools to reconsider current or future deals.

On Oct 22, MIT announced it will undertake a “swift, thorough reassessment” of the institute’s partnerships with Saudi Arabia, calling Khashoggi’s disappearance a “grave concern”. Richard Lester, an associate provost, said faculty who work with the

kingdom can “make their own determinations as to the best path forward”.

The institute pairs with Saudi universities on numerous research projects and has a long history working with Saudi Aramco. In March, the oil company pledged $25m to MIT for research in areas including renewable energy and artificial intelligence.

Officials at the Saudi Embassy in Washington could not immediately be reached for comment by telephone yesterday.

At Babson College near Boston, which has received $2.5m through a contract with the SABIC chemical company, officials said they are “monitoring events closely and gathering input from our community regarding potential paths forward.” The school’s deal provides leadership training to Saudi business managers, and it joins several other research and training partnerships between Babson and Saudi universities.

But many other schools have given no indications they’re reconsidering ties.

Officials at the University of California, Berkeley, said they are not reviewing their Saudi funding, which includes a $6m contract to develop nanomaterials that can be used to support renewable energy. Spokesman Roqua Montez said the kingdom’s support represents only a small fraction of the contracts and grants that go to campus researchers.

Northwestern University refused to say whether any of its funding is under review. Spokesman Bob Rowley said only that the “vast majority” of the $14m is for science grants but did not respond to further questions.

Tufts University spokesman Patrick Collins said school officials are closely following the “deeply concerning news” but remain committed to global engagement. The school has received about $42m from the Saudi government, including $2.9m from Saudi Aramco, records show.

Others, including the University of Michigan, did not provide details about their Saudi funding.

The AP analysis examined data from the Education Department’s Foreign Gift and Contracts Report, which details foreign funding to any US university that received $250,000 or more in a given year. The self-reported data covers funding from 2011 through 2017.

Besides money directly from the Saudi government or entities controlled by it, US universities received a combined $140m from private Saudi sources, universities and hospitals.

Another $114m could not be accounted for because schools did not report the specific source of the funding within Saudi Arabia.

That included about $40m at Johns Hopkins University and $28m at Harvard University.

Officials at Johns Hopkins and Harvard did not provide further details.

The largest sums of money came through a Saudi scholarship programme that sends thousands of students to US schools every year. George Washington University

received $73m from the programme, followed by George Mason University, with $63m.

Those schools said they won’t refuse the scholarship money because it would force them to reject the students it covers.

“Refusing payment would result in us denying an educational opportunity to otherwise qualified students. This would run counter to our mission of serving students,” Michael Sandler, a spokesman for George Mason, said in a statement.

The public school in Virginia hosts about 250 Saudi students through the program each fall and spring term.

America’s ties with Saudi Arabia have come under intense scrutiny in the wake of Khashoggi’s killing in Turkey, which President Donald Trump called “the worst cover-up ever”. Activists and some politicians have called on the US and its industries to break with the nation, and some have.

PAGE 8, Wednesday, October 31, 2018

THE TRIBUNE

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