11022018 BUSINESS

business@tribunemedia.net

FRIDAY, NOVEMBER 2, 2018

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Moody’s boost for govts ‘credibility’

Cable pushes $97m debt repay to 2020

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MINISTER of Finance, K P Turnquest

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

M

OODY’S yesterday delivered a major boost for the Government by hailing the launch of its quarterly fiscal reports as a move that will help regain lost “policy credibility”.

The international credit rating agency, in an update to the capital markets, said such enhanced fiscal transparency and performance reporting will help restore confidence among global investors who were rattled by the Minnis administration’s recent revelation of $760m in unfunded spending arrears.

It also praised the

* Rating agency hails quarterly fiscal reports * To restore market trust after $760m arrears * Warns accounting change ‘very important’ Government’s “timeliness” in releasing the data within four weeks of the 2018-2019 fiscal first quarter’s September end, adding that this will enable “better understanding” of the reasons for any “deviation” from budget projections.

Moody’s, though, warned that it was “particularly important” for the Government to deliver on its promises of switching the public sector to accrualbased accounting by 2022, a method that should provide a more accurate picture of its financial position because - unlike the existing

cash-based system - it will account for spending commitments when they are made, not when funds are released.

Describing the introduction of quarterly reporting as “a step forward” in returning the Government’s finances to a sustainable path, through the elimination of $300m-plus annual deficits and reducing the $8bn national debt, Moody’s said it would prevent the recent “shocks” caused by The Bahamas consistently missing fiscal projections by a wide margin.

“The Bahamas’ fiscal

framework has faced challenges in recent years given large revisions to fiscal outcomes that contributed to missed deficit targets and the uncovering of large arrears,” Moody’s said.

“Over the past few years, fiscal deficit outcomes tended to be revised after being presented in mid-year budget updates or budget speeches, which points to issues regarding fiscal data transparency and quality.

“A particular issue that weighed on The Bahamas’ fiscal policy credibility involved the revelation by the Free National

digital solution, The List, which rewards subscribers with discounts if they have an average monthly spend of $45 or more.

BTC’s first mobile rival has also just launched its “refer-a-friend” initiative, which rewards subscribers who persuade others to transfer to its services, while two apps billed as “transforming” the tourism and charity sectors will be launched before the calendar year-end.

“The critical thing is we are growing in all segments of the market having got a full suite of products out, the

CABLE Bahamas has secured a two-year extension for repaying $97.169m of debt that was falling due, and which had caused current liabilities to exceed assets by 95.6 percent.

The BISX-listed communications provider, in its just-released annual report, went to great lengths to reassure investors that there were no potential solvency issues or other causes for alarm over the bank debt repayment.

Gary Kain, Cable Bahamas chairman, told shareholders that the twoyear repayment extension was secured prior to its financial statements for the year to end-June 2018 being approved by the board.

He explained, though, that International Financial Reporting Standards (IFRS) required the bank debt to be recorded as a current - rather than long-term liability - on the balance sheet.

Deloitte & Touche, Cable Bahamas’ external auditors, flagged the issue as an “emphasis of matter” in their audit report and drew shareholder attention to its refinancing post year-end.

The accounting firm added that its audit opinion was unchanged as a result.

Moving to give extra comfort, Mr Kain wrote: “I would like to highlight that after June 30, 2018, our senior bank facility was due to mature but was extended by the company’s request with the syndicate banks in September of this year for 24 months to September 2020.

“However, due to International Financial Reporting Standards (IFRS), we were required to report our senior secured facility as a current liability and not a long-term

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Movement (FNM) government, after it took office in May 2017, of large arrears.

Arrears worth $205m were incorporated into the fiscal 2017 (which ended June 30, 2017) result, while another $195m were included in the fiscal 2018 outturn,” Moody’s continued.

“Additionally, as presented in the fiscal 20182019 budget, the remaining arrears amount to $360m and will be mainly covered by the Government between fiscal 2018-2019 and 2020-2021. These $760m in arrears constitute six percent of 2018 GDP. The arrears contributed to a continued deterioration in the government’s debt metrics.”

SEE PAGE 4

Aliv targets summer 2019 ‘break even’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* Innovation focus after $109m start-up losses * 43,400 Bahamians switch to it from BTC * Subscriber acquistion costs ‘very high’

ALIV is targeting an operating income “break even” position by summer 2019 as it transitions from startup losses that totalled more than $109m during its first two years.

Damian Blackburn, the mobile operator’s top executive, told Tribune Business yesterday that it was “growing in all segments of the market” as it moves from a nationwide infrastructure roll-out to focusing on serDAMIAN vice innovation for its now BLACKBURN 125,000-plus client base.

He added that Aliv was

porting, or transferring, “thousands” of former Bahamas Telecommunications Company (BTC) customers per month to its services, with some 43,400 having elected to make the switch over the past 14-17 months.

This helped Aliv’s revenues near triple yearover-year, jumping by 183.7 percent from $12.871m to $36.526m for the 12 months to end-June 2018, due to the expanded subscriber

Bahamas already breaches WTO industry ‘carve outs’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas has already breached the local ownership exemptions it is seeking for certain industries, the country’s chief World Trade Organisation (WTO) negotiator said yesterday.

Zhivargo Laing, the former Cabinet minister, told the the Rotary Club of West Nassau that The Bahamas has to “some degree” already permitted foreign ownership in sectors supposedly reserved for Bahamians only under the

ZHIVARGO LAING National Investment Policy.

“One of the negotiating challenges that faces us when we go to the WTO is we say that we reserve

SEE PAGE 4

Bran’s business ease ‘nightmare’ over licence woe

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE DNA’s ex-leader yesterday blasted that his ongoing two-and-a-half year wait for an aviation charter licence proves “doing business in The Bahamas is a nightmare”.

Branville McCartney, pictured, told Tribune Business that he “lives every day” what this nation’s 118th place ranking in the World Bank’s “ease of doing business” index highlights, with the

bureaucracy and “red tape” involved in dealing with government agencies continuing to stifle Bahamian and foreign investment.

Arguing that “the left hand does not know what the right hand is doing” in many government agencies, the Halsbury Chambers principal described The Bahamas’ business ease - or lack of it - as a “deterrent” and “turn off” to innovative entrepreneurs.

Mr McCartney revealed

SEE PAGE 5

base and improved yields.

Mr Blackburn revealed it is targeting a monthly average revenue per user (ARPU) range above $40plus, with a “plan” already developed to grow it from current levels “well in excess of $30” as Aliv gains deeper penetration into the mobile data, corporate and postpaid segments of the market.

He added that there was already “a backlog” of local businesses wanting to become part of Aliv’s first

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THE TRIBUNE

Putting multiple jobs under the ‘moonlight’

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BUILDING FOR BETTER

“MOONLIGHTING” has become a mainstay for many Bahamian workers, who enjoy the benefits of receiving two or three salaries at any given time.

With all the talk about multiple streams of income, the increase in taxation and the mounting pressure to earn more, many workers are seeking to supplement their main salary.

Although corporate executives and human resources departments often frown upon this practice, there are advantages to both the individual - and the company - that might encourage employees taking another job.

Our dialogue today, then, explores the advantages and disadvantages, both perceived and actual, of an individual who takes on a second or third job.

Money, of course, remains the key factor motivating persons to seek employment outside their main job. The chief breadwinner for the home, particularly with an expanding family and the constantly rising cost of living, finds it almost necessary to supplement their salary with a second job.

For some, this employment is seasonal and does not conflict with normal work.

For example, many teachers during their Christmas and summer breaks find work for the weeks and months they have off, while nurses charge for additional home care for the elderly or disabled.

Persons also use a second place of employment as their “safety net”, and a means of securing themselves in the event of termination. Having a second job provides individuals with a greater degree of freedom and, psychologically, allows them to not feel tied to one place of business. This second place of employment is often the hobby or place where they exhibit their true and innate gifting, but cannot rely

IAN FERGUSON BY

solely on it for their entire income. The baker will hold on to their main source of income, but sell cakes and bread on the side, while the receptionist with a beautiful voice can be seen on weekends in the hotel lobby alongside the local band.

A second job often gives individuals an avenue to acquire new skills. This opportunity can prove beneficial to aging employees who want to remain vibrant and current, as well as younger team members who are looking to earn extra cash. Enrolling in vocational programmes at the local technical institutions allows persons to provide services, and begin entrepreneurial exploits, during their free time.

But, while there are advantages to having a second job, the drawbacks are just as real and worth considering. Limited time must be one of the greatest drawbacks to having a second job. Working a 40-hour week, and then finding an additional 20-40 hours to commit to another company, will significantly cut into rest time, family time and leisure time - which are all vitally important to healthy and productive living. The wise employee must count the cost and prioritise well.

There is often a direct “conflict of interest” in working a second job. Consulting for a direct (or even indirect) competitor can put you in a dicey situation, as important trade secrets, sales and marketing strategies can be exposed by the employee trading their services.

The greatest fear for the employer, leading to workplace policies that restrict “moonlighting”, is performance slippage by an overwhelmed employee who cannot afford to give up the second job, yet cannot balance the time demands involved in serving two masters. Burn out is a real challenge, as both companies will require your full attention, devotion and loyalty.

Scripture provides this warning: “No man can serve two masters, for either he will love the one and hate the other.” In the decisionmaking process for whether to take a second job or not, please do all of the following: • Pick an unrelated field (avoid at all cost any conflict of interest).

• Consult your human resources department (ensure you are within your company’s policy confines).

• Sit down with the people you know and trust, and evaluate why you are taking on a second job. If this requires too much of your time and energy away from your wife, children and family, some life and budget adjustments may need to be made.

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

Bahamian key ‘architect’ on African digital venture A BAHAMIAN is one of the main “architects” behind a digital network that has attracted Caribbean backing in its bid to open commerce throughout Africa.

The African Digital Asset Framework (ADAF), built by a team from Africa, North America and the Caribbean, aims to create pan-African standards for technologies that will allow people to trade digital assets throughout the entire African continent and its diaspora.

Marvin Coleby, the ADAF’s founder and cotrustee, is originally from The Bahamas. Its platform provides an open repository of standards designed to encourage the creation of digital economies by consumers, civil society, entrepreneurs and policymakers.

The ADAF has attracted support from the Caribbean Blockchain Alliance (CBA), an organisation formed to promote the adoption of blockchain technology in the region through software developer

YOUR

education and working with regulators to build out supervisory frameworks.

Stefen Deleveaux, CBA’s founder, said: “ADAF is the perfect mechanism for which peoples of African descent around the world can adopt blockchain and DLT in a way that is co-operative and non-exclusionary.

“The launch of this framework could result in a ‘Cambrian explosion’ for regional trade networks and digital asset adoption.

I sense that ADAF will be a beacon for other emerging regions to properly and purposefully embrace these technologies.”

Mr Deleveaux added: “Being also from The Bahamas, it is wonderful to see a Bahamian as one of the architects behind this framework, as many island nations in the Caribbean are proving themselves to be strong players in the blockchain world. It also reminds us that strengthening our economic ties to Africa is a worthy and important goal.”

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

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Friday, November 2, 2018, PAGE 3

BISX sets ‘Benchmark’ over broker members THE Bahamas International Securities Exchange (BISX) yesterday announced that Benchmark Advisors (Bahamas) has been approved to become its sixth broker/ dealer member.

Benchmark Advisors (Bahamas) is a wholly-owned subsidiary of Benchmark Bahamas, which is among the public companies listed on BISX’s “Main Board”. Keith Davies, BISX’s chief executive, said: “It is our pleasure to welcome Benchmark Advisors (Bahamas).

“In the past, Benchmark expressed its intention and desire to seek membership on the exchange, and after much work and effort they have taken this next positive step as part of their corporate evolution.”

FROM left: BISX’s chief operating officer, Holland Grant; Benchmark Advisors president, Avril ElcockMajor; Benchmark Advisors’ senior trader, Nolan Johnson; BISX chief executive, Keith Davies.

Avril Elcock-Major, Benchmark Advisors’ president, said: “Becoming a BISX broker/dealer member moves the company one step closer to not only providing additional trading and brokerage services to its clientele, but is in line with the overall firm strategic plan.”

Combined with Benchmark’s recently-acquired blockchain and digital currency trading platform, Mrs Elcock-Major said the company has strengthened its position within the sector at a critical time for the financial services industry’s global technological revolution.

She added that through its digital platform, Benchmark is geared towards developing solutions, using smart contracts and decentralised technologies, to establish secure products

that will enhance the financial services products and economic growth of The Bahamas.

Mr Davies added: “Benchmark’s membership came as a result of the due diligence by the exchange, and then approval by the BISX membership committee. We look forward to this new membership benefiting Benchmark, but equally we eagerly anticipate the benefits that this will bring to Bahamian investors and the Bahamian capital markets.

“The growth and development of the Bahamian markets is dependent upon the innovation and expertise of market participants, and from our long history with Benchmark we are certain that they will bring unique benefits to our market.”

Cable pushes $97m debt repay to 2020 FROM PAGE ONE liability despite the extension being received prior to the authorisation of the financial statements for issue.

“Since this extension of the facility, our bank syndicate has committed to offering additional support to the group to allow us to continue in the effective execution of our group plan if the need arises.”

Cable Bahamas’ annual report, headlined A Bright New Direction, seemed to go to extra lengths to reassure shareholders that its strategy remains on course to deliver future value and profits following two years of $50m-plus net comprehensive losses.

These losses stem from the start-up financing needs of Aliv, the mobile affiliate in which it has a 48.25 percent stake, and its US expansion - both of which have yet to deliver bottom line results.

But, given that the Government owns the 51.75

percent majority interest in Aliv, the total losses experienced by Cable Bahamas shareholders over the past two years total $22.986m and $25.077m respectively.

Still, the annual report contains an entire section on a topic called Turning the corner to a new horizon. It seems intended to encourage shareholders to remain patient and stay the course until the Aliv and Florida investments produce, while reassuring that the company has the necessary strength and access to financing to weather any problems it may encounter.

“Over the last eight quarters from July 1, 2016, to June 30, 2018, revenue has grown from $45m in quarter one of 2017 to $59m in quarter four of 2018,” Cable Bahamas said.

“This increase is largely due to the success of Aliv in gaining market share since its formation as the second mobile license holder.

Summit and its continued expansion in the US market

is also contributing significantly to the revenue growth we are experiencing.”

It then conceded, though: “Consolidated net income, however, is in a loss position for the quarter at $9m compared to a $4m loss at the end of quarter one of 2017. The increase in the loss is as a result of star-up costs and losses associated with Aliv, and additional non-operating costs such as depreciation and amortisation and preferred dividends relating to the REV segment.

“Earnings per share (EPS) follows the trending of net income, and declined from a loss of $0.09 in quarter one of 2017 to a loss of $0.13 at the end of quarter four of 2018. As Aliv’s market share and operations continue to grow, we do anticipate the company’s bottom line to be positively impacted and future gains generated for our shareholders.”

No timeline was given for when this would occur, although Cable Bahamas said it generated “in excess of

US charges China-controlled company in trade secrets theft LOS ANGELES Associa etd Press THE United States has charged a government-controlled company in China with stealing trade secrets from an American semiconductor company, the Justice Department said yesterday as it outlined an initiative focused on what officials said was the growing threat of Chinese economic espionage.

The prosecution comes

amid heightened trade tensions between China and the US and as the Trump administration raises alarms that Beijing remains intent on stealing technology and inventions to gain an economic upper hand. The two nations have each imposed billions of dollars in tariffs on each other in a reflection of a confrontational relationship with national security as well as economic ramifications.

The case, which involves trade secrets worth up to

$8.75bn and allegedly stolen from Idaho-based Micron Technology Inc, is the latest in a series of prosecutions targeting Chinese corporate espionage. On Tuesday, for instance, federal prosecutors in California charged Chinese intelligence officers and hackers working for them with trying to steal information on commercial jet engines.

Other cases have involved stolen wind turbine technology and software source code.

$32m in cash from its consolidated operations” during the 12 months to end-June 2018.

The BISX-listed communications provider then ran through the financing options open to it, including bank debt, preference shares and even the issuance of ordinary shares should the need arise, in a bid to provide shareholders with further reassurance.

“The combination of cash flows from operations and the sources of funding, as described, place the company in a material position of financial strength,” Cable Bahamas asserted. “This is a major advantage as it provides the ability for the company to take advantage of growth opportunities very quickly, inevitably increasing overall shareholder value.

“The Company completed the acquisition of four Florida-based communications companies in 2013, and acquired 48.25 percent and management and board control of ALIV in 2016. These companies require financial support for their operations.

“During this time of financial support, the company will have additional external cash outflow requirements and commitments. However, funding requirements are being provided via cash flows from operations, the refinanced credit facility, preference shares and issuance and

note issuance that will mitigate the need for cash draws directly from cash positions on hand. Apart from the aforementioned, there are no currently identifiable adverse issues facing the company that could have a material impact on projected cash flow and liquidity.”

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2017/CLE/gen/01277

BETWEEN SERENITY PROPERTY OWNERS ASSOCIATION LIMITED AND ZANETA ADDERLEY

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PAGE 4, Friday, November 2, 2018

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THE TRIBUNE

Moody’s boost for govts ‘credibility’ FROM PAGE ONE Having identified the problem the Government’s more frequent updates are meant to cure, Moody’s added: “The new quarterly reporting will provide increased transparency and allow for more timely monitoring of fiscal performance.

“Increased periodicity (releasing quarterly data rather than annual data) and timeliness (releasing the data within four weeks after the end of the referenced quarter) will strengthen transparency and accountability of fiscal policies, and support evidence-based policymaking.

“From a monitoring perspective, it will allow for a better understanding of the effect of in-year fiscal developments that may lead to deviations from the budget.

This is particularly relevant for The Bahamas given its exposure to climate-related events, mainly in the form of hurricanes.”

Moody’s announcement suggests that The Bahamas has improved its chances of retaining its “investment grade” credit rating, which currently lies one level above so-called “junk” status with this agency.

It also gives the Minnis administration a badlyneeded endorsement of its fiscal consolidation reforms and strategy, providing it with a defence against political opponents and critics who are arguing that the first quarterly report has produced nothing meaningful in terms of trends.

Chester Cooper, the

Opposition’s deputy leader and finance spokesman, on Wednesday described the Ministry of Finance’s first quarter “snapshot” as “a commendable effort at timely reporting” while cautioning against reading too much into the figures.

He then added: “In the interim, the Government has released a colorful narrative that does nothing to create a discernible picture of a pathway to anything of note.”

Moody’s note, though, suggests the quarterly reporting introduction may produce more than Mr Cooper gives it credit for. The rating agency suggested it would complement the Fiscal Responsibility Act, and the achievement of the deficit, debt and spending targets it lays out, together with other planned reforms.

“The FNM administration has presented a fiscal consolidation plan to reduce the deficit, and presented a Fiscal Responsibility Bill in September 2018 to serve as an anchor for future fiscal policy. The new quarterly reporting complements these efforts by improving transparency,” Moody’s said.

It emphasised, though, the need for the Government to fulfill promises to move to accrual-based accounting and provide a more accurate position of its finances.

“The budgetary data included in the new quarterly reports will be prepared using a modified cash basis of accounting, and guided by international public sector accounting standards (IPSAS),” Moody’s said.

“Moreover, under the

current cash accounting methodology, issues related to expenditure commitments that have not yet been paid as of the time of publication of the new quarterly reports will not be reflected in the fiscal outcomes. Thus the Government’s commitment to its eventual adoption of IPSAS accrual-basis accounting is particularly important.

“Overall, the publication of quarterly public finance statistics is a step forward in improving the transparency of The Bahamas’ public accounts. Furthermore, the expected approval of the Fiscal Responsibility Bill and other legislative measures will support the strengthening of the country’s fiscal framework.”

The Ministry of Finance’s “first quarter snapshot” revealed that a $60.1m yearover-year revenue increase, more than half of which came from VAT, drove the 52 percent reduction in the fiscal deficit for the July to September 2018 period.

The deficit, which measures the amount by which Government spending exceeds revenue, was itself slashed by $56.6m compared to the 2017 fiscal first quarter performance - falling from $108.6m to $52m year-over-year.

VAT revenues increased by $32m or 19.1 percent, jumping to $199.4m compared to $167.4m in the prior year, with the Government’s income also further boosted by an 89.6 percent rise in stamp tax. That revenue item grew from $30.8m to $58.4 year-over-year.

Bahamas already breaches WTO industry ‘carve outs’ FROM PAGE ONE wholesale for Bahamians only,” Mr Laing explained, “but who is the largest wholesaler in the Commonwealth of The Bahamas?

“Bahamas Food Services, which is owned by Sysco, an American company. We say we reserve the retail trade for Bahamians but, when

we go down Bay Street, kind of relief.” who is retailing in those This past summer, the stores? Indians and Mexi- island nation’s US ambascans and so forth. I say that sador, Sir Roland Saunders, to point out that to some was reported stating that degree we have already Antigua and Barbuda was breached the very polices losing hope that it would that we say that we are get justice in its 15-year negotiating.” dispute.

Mr Laing said the The dispute between Government stands to the two countries stems lose $40m in revenue by from the US government’s eliminating or reducing efforts to prohibit Ameriimport tariffs as part of cans from gambling at its accession to full WTO online sites domiciled in membership. “Based on Antigua and Barbuda. our very extensive model Antigua and Barbuda won is that, given the offer we the right to suspend its oblihave put on the table, it will gations to the US in respect be to the order of $40m,” of intellectual property he added. rights to recover $2m annu“I have been in the ally, but reportedly has Ministry of Finance. not acted on that The Government authorisation in of the Bahathe hopes of mas wastes reaching a fair GOVT stands to lose about $40m settlement. $40m in revenue by annually. Not eliminating import tariffs Mr Laing, only that; the meanas part of its accession Government while, said to WTO. of the BahaThe Bahamas gives up mas would have $1bn in exempbetween three to tions to international five years to adjust and domestic companies. to its WTO accession It could reduce that by ten terms, dismissing concerns percent and make up $40m. that compliance will have It is not insurmountable.” to be “immediate” and Responding to concerns “automatic” upon complethat the long-standing dis- tion of negotiations. pute between the US and Suggesting that local Antigua and Barbuda over industries will have time Internet gambling dem- to make the necessary onstrated that the WTO adjustments, he explained: lacks “teeth” to enforce “There is a view that The its rulings, Mr Laing Bahamas government is argued that the case proved seeking to complete these smaller nations can get negotiations by the end “fair play” in the process. of next year, and the view “It is one of many is that once we complete resolved disputes in the these negotiations by the WTO,” he added. “When end of next year, come Janyou got to court in The uary 2020, the Government Bahamas you say I want has to make all of these $1m, the judge looks at the exorbitant adjustments to matter, rules in your favour WTO rules. That is absoand says you aren’t getting lutely untrue. $1m; they say $200,000.

“If you complete the That’s what they assess. negotiations by the end “Antigua won its settle- of 2019, there is a ratificament, which shows small tion process by the trade countries can get fair play ministers of the WTO that in the process. In the WTO, will not take place until the rules allow for you to June 2020. After that, the get relief in many ways. Government of The BahaThe US opted for a cer- mas has to pass legislation tain way. Antigua wanted to ratify The Bahamas’ $250m, and why not? What involvement in WTO. Any is unresolved is not that adjustment will be no earthey won, and not that they lier than three years and as have relief to get; it’s the much as five years.”

THE TRIBUNE

Friday, November 2, 2018, PAGE 5

Aliv targets summer 2019 ‘break even’ FROM PAGE ONE last of which was consumer post-paid,” Mr Blackburn told Tribune Business. “I’m confident about market share growth.

“Where we’re now focusing is innovation. Now people have got these good smart phones in their hands, what do they want to use them for? What can Alive deliver?”

Mr Blackburn said Aliv’s subscriber base was now over 125,000 on a 60-day retention basis, having expanded further beyond the 110,000 recorded at its June 30, 2018, financial year-end.

Subscriber growth has been boosted by number portability’s launch, albeit delayed, which allows Bahamian mobile communications users to keep their existing number when switching between BTC and Aliv as their service provider.

Mr Blackburn said number portability was key to creating mobile market competition given BTC’s entrenched, long-standing monopoly that had already gained significant penetration among consumers.

“The market was so penetrated before Aliv came in that number portability was a very necessary condition to competition, which Cable Bahamas had argued

strongly for before Aliv was formed,” he added. “It’s proven to be a very necessary part of the mix.”

Cable Bahamas, which has board/management control and a 48.25 percent equity stake in Aliv, emphasised the importance of number portability in its just-released 2018 annual report.

“A significant boost to our network was the recent introduction of mobile number portability,” Cable Bahamas said of Aliv. “This was key in allowing mobile subscribers the opportunity to keep their current mobile numbers if they switch from one mobile service provider to another. To date, we have ported 43,400 customers to our network, 36,000 of which came from the competitor’s [BTC’s] pre-paid service alone.”

The BISX-listed communications provider expressed confidence in Aliv’s continued top-line growth, disclosing that the latest projections - based on the most recent quarterly results - showed “annualised” revenues of $43.5m.

“Revenue in all segments has seen significant growth over the operating periods, and is expected to continue within the next 12 months,” Cable Bahamas said. “Annualised revenues have increased steadily, with 2018 indicating a forward annualised

amount of $43.5m.

“This annualised revenue also underpins the future revenue forecast. Market share has grown to over 30 percent, and further growth is projected to reach 39 percent in financial year 2019 - a terrific achievement just 33 trading months after launch.”

Aliv’s 2019 market share projection represents a further increase on the 33 percent it was said to hold at end-June 2018, with Cable Bahamas adding: “The revenue growth demonstrated in financial year 2018 was a factor of both the 34 percent growth in subscribers and the increased average revenue per user (ARPU).

“This increased ARPU was largely driven by the increase in data consumption by all subscribers.

Profitability improved further as the operational cost base stabilised as the network roll-out was completed.”

Mr Blackburn told Tribune Business yesterday that Aliv’s ARPU margins/ yields will further improve as it penetrates deeper into the mobile data segment, together with the more lucrative corporate and post-paid markets.

Revealing that current ARPU yields are “well in excess of $30,” he added: “We have a plan that is going to grow it as we deeper penetrate each segment. The

industry average is typically in the 40 percent range.”

Start-up costs associated with Aliv’s November 2016 launch, namely the build-out of its network infrastructure and subscriber acquisition, have resulted in losses of $55.538m and $53.879m for its first two years, respectively.

Mr Blackburn said cash flow and operating income, rather than “bottom line” net income, were a better measure of Aliv’s success to-date given that it typically took mobile start-ups anywhere from three to five years to generate their first profit.

With Aliv now beginning its third year, he added: “We’re working very hard to hit the key metrics. We’re targeting, as much as we can, to get to the point where we will hit that operating break even by next summer. We’re getting within touching distance.”

Cable Bahamas’ annual report sought to reassure shareholders over Aliv’s financial performance to-date, noting that the telecommunications industry’s capital intensive nature was exacerbated by the high subscriber acquisition costs that had to be paid to make inroads into BTC’s longestablished customer base.

“The financial year ending in 2018 reflected the realities of building a company in the capital intensive telecommunications industry,” it

said. “The costs of acquiring spectrum and operating licenses, building technologically advanced networks and support systems, and negotiating interconnection rates with other operators and the Internet providers all must be incurred before any revenues can be achieved in any material way.

“The company also had to confront the marketing costs of acquiring subscribers in a marketplace that had over 90 percent mobile phone penetration upon the date of our license acquisition on July 1, 2016.

“These subscriber acquisition costs are visible in the subsidies of mobile phones and other devices needed to induce new customers to take services, are also particularly high and led to the losses that were incurred in the two first years of trading.”

Mr Blackburn told Tribune Business that subscriber acquisition costs were “a feature of the industry”, and that those paid by Aliv were not excessive or out of line when compared to global norms.

“I wouldn’t say it’s out of line with other places,” he said. “We have to compete heavily on making sure people have the phones they want. We’re an Apple market, always have the Samsung S phones, and have brought in cost conscious

phones from Samsung and Alcatel.

“I wouldn’t say it’s any more or less than other places for the stage of evolution of the market. It’s the normal modus operandi.

There are significant costs associated with that, but we’re happy with the efficiency of what we’ve done here.”

Cable Bahamas, confirming that its mobile affiliate is now focused on service delivery, wrote in its annual report: “The first of these digital solutions was The List; The Bahamas’ most comprehensive rewards programme, and the only one that is digitally-based.

“The List allows Aliv customers to receive rewards from participating partners simply for being an Aliv subscriber with an average monthly spend of $45 or more. The programme encourages high ARPU spend, provides another reason for new subscribers to join the network, and supports the outreach and marketing strategies of participating vendors and businesses.

“Other digital strategies that Aliv will formally launch before the end of the year 2018 include a digital refer-a-friend programme and two apps that will transform the tourism and charitable industries – the Discover and Together apps respectively.”

Bran’s business ease ‘nightmare’ over licence woe FROM PAGE ONE that he often “finds it easier to do business in a foreign jurisdiction” than The Bahamas, as he called upon the Minnis administration’s many Cabinet ministers from the private sector to deliver on pre-election promises to reduce the cost and time associated with permit applications.

Reminded of the Government’s campaign pledges to improve The Bahamas’ “ease of doing business” rankings, the former DNA leader replied: “I’ll tell you this: A comfort is a promise to a fool.

“Nothing has changed,” he added of The Bahamas’ one-spot rise in the World Bank rankings. “That’s not significant at all. The reality is that doing business in The Bahamas is a nightmare.

“I live it, I’m in it, and with the variety of businesses I have I deal with it every day.

It has been a nightmare. I’m

sure I speak for every business person in The Bahamas.

Trying to get things out of the Government agencies, many times they don’t know what they’re doing because certain circumstances have changed, policies have changed, and the left hand doesn’t know what the right is doing.”

Mr McCartney cited the continuing two-anda-half year wait for an aviation charter licence, endured by himself and his brother-in-law, as a prime example of the obstacles and bureaucracy that “turn off” Bahamian businessmen from investing in their own country.

“We haven’t got that licence yet,” he blasted to Tribune Business. “I had to speak to the minister, Dionisio D’Aguilar, who was very helpful because he was frustrated himself. He put a fire under the agency we had to go through to get the approval.

“For Christ’s sake, if not

To advertise in The Tribune, contact 502-2394

for him we would be running into a brick wall at every step. They’re now moving on it but the process is very slow.

They also changed some of their policies and processes because of the recent crash [in Andros], and one department does not know what the other is doing because of the changes. I find it difficult.

It’s a deterrent.”

Tribune Business revealed yesterday that the World Bank has seemingly concluded that it is easier to do business in the West Bank and Gaza Strip, the Palestinian territories regularly bombarded and blockaded by the Israeli military, than The Bahamas because they were ranked two places higher at 116th.

KP Turnquest, deputy prime minister, pledged that a “drastic improvement” will soon be forthcoming through the increasing use of technology in the Government’s permitting processes.

He argued that this will warrant “a significant

upgrade” to The Bahamas’ standing in the World Bank rankings, with the Government set to give effect to recommendations from its “Ease of Doing Business” committee, chaired by Lynn Holowesko, when the midyear budget is unveiled in the House of Assembly in early 2019.

Mr Turnquest also argued that The Bahamas was frequently “short changed” by assessments from the World Bank and other international agencies, which often failed to account for improvements and reforms enacted by this nation.

His assertion was backed

by Michael Maura, The Bahamas Chamber of Commerce’s chairman, who revealed to this newspaper that the World Bank had failed to follow through on promises to cut the time required to clear goods at the border by almost 50 percent.

The Government can also point to the Commercial Enterprises Act, which streamlined the Immigration regime for approved companies in targeted industries, and introduction of the “single portal” Internet window for business licence applications by startups, as moves that could

NOTICE

NOTICE

Notice is hereby given that BELINDA SAINVIL of Golden Isles, Carmichael Rd., 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 signed statement of the facts within twenty-eight days from the 2nd November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

Notice is hereby given that KENNY PIERRE of P.O. Box General Delivery, Murphy Town, Abaco, 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 26th October, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

NOTICE

NOTICE

Notice is hereby given that ROBENS ALTIDORT of East Street North, 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 signed statement of the facts within twentyeight days from the 2nd November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

Notice is hereby given that KENDRICK PIERRE of P.O. Box General Delivery, Murphy Town, Abaco, 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 26th October, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

have merited a much higher upgrade from the World Bank.

Mr McCartney, who has interests in sectors including law, education, pharmacies and real estate, said such reforms had yet to translate into tangible gains for the private sector. “On the ground, in reality, in practice, business people are having a very difficult time getting business licences,” he added.

He also seized on the irony in the reforms that the World Bank did give credit for, namely the online system for filing and paying value-added tax (VAT), with The Bahamas’ highest category ranking relating to the “ease of paying taxes” in general.

The ex-Democratic National Alliance (DNA) leader said “money is coming out of the Bahamian people’s pocket” to enable improvements in the country’s “ease of doing business” rankings, which had “confirmed what all Bahamian businessmen say: It’s difficult to do business in The Bahamas”.

“The word ‘ease’ should not even be in that sentence,” Mr McCartney added, “and it’s a deterrent for foreign investors coming to do business in The

Bahamas when they could look at other jurisdictions, set up businesses and invest easier than they can do so in The Bahamas.

“If they can do something with greater ease, less bureaucracy they would go to that jurisdiction. It’s a deterrent; it’s a turn off. I’m frustrated every day trying to do things in this country. I have found it easier, and I’m at the airport now travelling to Fort Lauderdale, to do things in a foreign jurisdiction like the US. “It’s easier in a foreign country than I find it in my own country. It shouldn’t be that way. That’s one of the reasons you find many Bahamian businessmen are reluctant to invest or continue to invest in the country.”

Mr McCartney urged the “brilliant business minds” in the Minnis Cabinet to “come to the forefront and put into practice” their election campaign pledges to reform the “ease of business” as rapidly as possible.

“The small businesses are the backbone of any economy, and we need to see they survive,” he said. “The Government must make every effort possible to make doing business easy.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, LEON ARDIS RICHARDS of New Providence, Bahamas intend to change my name to GURNET LEON ROLLE III. 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.

NOTICE TROY CONSULTINGS 1975 CORP. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TROY CONSULTINGS 1975 CORP., is in dissolution as of October 25th, 2018.

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

LIQUIDATOR ______________________

PAGE 6, Friday, November 2, 2018

THE TRIBUNE

US charges Malaysian financier in multibillion-dollar scheme WASHINGTON Associated Press THE Justice Department announced charges yesterday against a fugitive Malaysian financier and two former Goldman Sachs bankers accused in a money laundering and bribery scheme that pilfered billions of dollars from a Malaysian investment fund created to spur economic development projects in that country.

A three-count indictment charges Low Taek Jho, also known as Jho Low, with misappropriating money from the state-owned fund and using it for bribes and kickbacks to foreign officials, to pay for luxury real estate, art and jewelry in the United States and to help finance Hollywood movies, including “The Wolf of Wall Street”.

Also charged was a former Goldman Sachs banker, Tim Leissner, who pleaded guilty to money laundering conspiracy and to conspiring to violate foreign bribery laws. Another former bank

JHO LOW, Director of the Jynwel Foundation. The Justice Department yesterday charged the fugitive Malaysian financier in a money laundering and bribery scheme that pilfered billions of dollars from a Malaysian investment fund created to promote economic development projects in that country. The three-count indictment charges Low Taek Jho, who is also known as Jho Low, with misappropriating money from the state-owned fund and using it for bribes and kickbacks to foreign officials, to pay for luxury real estate, art and jewelry in the United States and to fund Hollywood movies, including “The Wolf of Wall Street”. official, Ng Chong Hwa, 51, also known as Roger Ng, was arrested earlier yesterday in Malaysia and accused

of circumventing internal accounting controls, prosecutors said.

Leissner’s attorney did

not return messages seeking comment. It was not clear if Ng had a lawyer.

A spokesman for

LEGAL NOTICE

LEGAL NOTICE

A.J.K. WEALTH MANAGEMENT INC. (In Voluntary Liquidation)

A.J.K. Corporate Services (Bahamas) Limited (In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Shareholder of the above-named company by Resolution passed on the 23rd day of October 2018 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.

All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 2nd day of December 2018, after which date the books will be closed and the assets of the company distributed.

NOTICE is hereby given in pursuance of Section 218(e) of the Companies (Winding Up Amendment) Act, 2011, that the Members of the above-named Company by Resolution passed on the 30th day of October 2018 resolved that the Company be wound up voluntarily forthwith and that the Liquidator be Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.

Dated the 31st day of October 2018.

Dated the 31st day of October 2018.

Bennet R. Atkinson Liquidator

Bennet R. Atkinson Liquidator

MARKET REPORT THURSDAY, 1 NOVEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 2,005.38 | CHG 2.61 | %CHG 0.13 | YTD -58.19 | YTD% -2.82 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.22 0.30 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 2.25 8.60 6.09 3.54 9.00 2.30 1.50 7.25 6.00 10.06 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 4.45 17.43 9.09 4.46 1.01 0.25 2.30 9.25 6.16 3.98 12.42 2.46 1.78 7.55 6.30 13.00 6.60 3.63 13.01

CLOSE 4.45 17.43 9.09 4.46 1.01 0.30 2.30 9.25 6.15 4.00 12.42 2.52 1.78 7.48 6.30 13.00 6.60 3.63 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 -0.01 0.02 0.00 0.06 0.00 -0.07 0.00 0.00 0.00 0.00 0.00

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

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

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

CLOSE 100.00

CHANGE 0.00

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 1,000 115 100 1,000 1,100 1,000 600 913 3,000

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 20.8 18.7 N/M 14.1 N/M N/M -2.3 13.2 13.9 26.0 19.8 24.7 8.5 N/M 9.4 18.5 9.2 13.1 20.6

YIELD 2.25% 6.48% 0.00% 5.16% 0.00% 3.33% 0.00% 7.68% 3.58% 3.00% 4.99% 2.38% 3.37% 1.12% 4.44% 3.85% 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

Goldman Sachs, which the indictment says raised about $6.5bn through bond offerings for the fund, said the firm “continues to cooperate with all authorities investigating this matter”.

Police in Malaysia said in July that Low had fled Macau to an unknown destination. Before facing criminal charges, Low became well known in the New York City and Los Angeles club scenes.

In 2012, he threw a lavish 31st birthday bash attended

by Leonardo DiCaprio, Kim Kardashian and other celebrities that The Wall Street Journal called the “wildest party (Las) Vegas ever saw”.

Low, who remains at large, issued a statement through a spokesman maintaining his innocence.

“Mr. Low simply asks that the public keep an open mind regarding this case until all of the evidence comes to light, which he believes will vindicate him,” the statement said.

Leissner acknowledged paying millions of dollars in bribes and kickbacks to government officials in Malaysia and Abu Dhabi, according to court records. He was ordered to forfeit $43.7m as part of his guilty plea.

The set of charges represent the first criminal prosecutions in the US arising from the epic corruption scandal at the state investment fund known as 1MDB. The Justice Department in 2016 moved to recover more than $1bn that it said had been stolen, filing a civil complaint that sought the forfeiture of property, including a Manhattan penthouse, a Beverly Hills mansion, a luxury jet and paintings

by Vincent Van Gogh and Claude Monet.

In a speech last year in Washington, US Attorney General Jeff Sessions denounced the scandal as “kleptocracy at its worst”.

The pilfered funds were used on a “lavish spending spree”, the attorney general said, including a $265m yacht and a $100m investment in the music label EMI. “In total, 1MDB officials allegedly laundered more than $4.5bn in funds through a complex web of opaque transactions and fraudulent shell companies with bank accounts in countries ranging from Switzerland and Singapore to Luxembourg and the United States,” Sessions said.

The fund, 1Malaysia Development Berhad, was set up in 2009 by then-Prime Minister Najib Razak to promote economic development. It relied primarily on debt to fund investment and economic development projects and was overseen by senior Malaysian government officials, according to court records.

Najib chaired its advisory board and as finance minister held veto power over its activities. Low, a friend of Najib’s stepson Riza Aziz, had no official role at 1MDB but had considerable influence over its dealings and was in frequent contact with Najib, US authorities have said.

“As noted in the indictment today, Mr. Low held no formal position at 1MDB, nor was he ever employed

by Goldman Sachs, or the Governments of Malaysia or Abu Dhabi,” Low’s spokesman said.

The scandal has already had major political ramifications in Malaysia, where Najib in 2015 sacked his attorney general and a deputy prime minister for demanding answers about 1MDB. A parliamentary inquiry found many irregularities but had no mandate to prosecute.

Former leader Mahathir Mohamad, outraged over the scandal, came out of retirement and the opposition united behind him in the national elections, leading to Najib’s ouster in May. Najib and his former treasury chief were charged last week with criminal breach of trust involving 6.64 billion ringgit ($1.6bn), charges that came on top of 32 earlier counts of corruption, breach of trust and money laundering that Najib faces in connection with the 1MDB scandal.

Najib and Mohamad Irwan Serigar Abdullah, the former treasury secretary-general, pleaded not guilty to misappropriating government funds between December 2016 and December 2017.

Police have also seized hundreds of luxury handbags, jewelry and cash — worth more than $266m — during raids on apartments linked to Najib’s family.

An attorney for Najib, Shafee Abdullah, dismissed the latest charges as “foolish”.

LEGAL NOTICE A.J.K. WEALTH ADMINISTRATION INC. (In Voluntary Liquidation) Notice is hereby given in pursuance of Section 138 of The International Business Companies Act, 2000 (as amended) that the Shareholder of the above-named company by Resolution passed on the 23rd day of October 2018 resolved that the company be wound up voluntarily forthwith and that the Liquidator is Mr. Bennet R. Atkinson of Ronald Atkinson & Co., Chartered Accountants, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas.

All persons having claims against the above-named company are requested to submit particulars of such claims and proofs thereof in writing to the Liquidator, Mr. Bennet R. Atkinson, Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas, not later than the 2nd day of December 2018, after which date the books will be closed and the assets of the company distributed.

Dated the 31st day of October 2018.

Bennet R. Atkinson Liquidator

LEGAL NOTICE GUDA WEALTH MANAGEMENT LTD. (In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138(8) of The International Business Companies Act, 2000 (as amended), the Dissolution of the above-named company has been completed, a Certificate of Dissolution has been issued and the above-named company has therefore been struck off the Register. The date of the completion of the dissolution was the 26th day of October 2018.

Bennet R. Atkinson Liquidator

THE TRIBUNE

Friday, November 2, 2018, PAGE 7

Stocks rise as major market rebound stretches to a 3rd day NEW YORK Associated Press STOCKS climbed yesterday as major indexes extended a rebound into a third day. The dollar dropped, a change that provided a relief to big exporters like industrial and technology companies.

The US stock market continued its gradual rebound from a plunge that lasted almost the entire month of October, and many of the biggest gains yesterday came from stocks that struggled badly last month like chipmakers and other technology companies and smaller, domesticallyfocused companies.

Stocks headed higher after US President Donald Trump tweeted that he had spoken to Chinese President Xi Jinping and that the two countries were making some progress in trade negotiations. He didn’t give details, but there have been few signs of movement in the trade dispute in recent months, and investors are getting nervous about the prospect of huge tariff increases.

Liz Ann Sonders, chief investment strategist for Charles Schwab, said one reason for the market rout was that companies started to give more details about how much the tariffs could hurt them.

“Companies are saying ‘this is biting and here’s how,’” she said. “They’re starting to talk about profit margins and whether they’re going to pass the expenses onto consumers.”

Strong earnings from US companies have helped the market recover its footing over the last three days.

Chemicals maker DowDuPont jumped after reporting a strong quarter, as did Arm & Hammer maker Church & Dwight and insurer AIG. Apple climbed 1.5 percent

to $222.22 prior to releasing its quarterly report, but it slumped four percent in aftermarket trading after reporting that it sold fewer iPhones than analysts expected and gave a weak forecast for the current period.

The S&P 500 index added 28.63 points, or 1.1 percent, to 2,740.37. The Dow Jones Industrial Average picked up 264.98 points, or 1.1 percent, to 25,380.74.

The Nasdaq composite climbed 128.16 points, or 1.8 percent, to 7,434.06. The Russell 2000 index jumped 33.57 points, or 2.2 percent, to 1,544.98.

Stocks fell sharply from early October through the last few days of the month, a skid that briefly wiped out their gains for the year.

After a rally over the last two days, the S&P 500 is up 2.5 percent in 2018.

During the sell-off, highgrowth companies like technology and industrial companies and smaller stocks were hit especially hard as investors worried about various factors that could slow their growth and their profits. Those included the US-China trade fight, rising interest rates that could make it more expensive to borrow money, and higher costs for fuel and other necessities.

Chemicals maker DowDuPont surged 8.1 percent to $58.27 after its thirdquarter profit surpassed

analysts’ estimates. The company said sales grew in all regions, with strong gains in Asia-Pacific and Latin America. DowDuPont also said it expects to save more money from a cost-cutting program and plans to buy back another $3bn in stock.

Fertilizer and chemicals maker CF Industries jumped 6.3 percent to $51.05 after it said it expects better nitrogen fertilizer prices over the next few years.

Exporters rose as the dollar slumped. The ICE US Dollar Index slid 0.9 percent after reaching a 16-month high on Wednesday. A weaker dollar helps companies that do a lot of business outside the US, as it makes their products more affordable in foreign markets and also increases their profits when they are translated back into dollars.

Boeing rose 2.3 percent to $363.07 while farm equipment maker Deere added 3.8 percent to $140.65.

Among chipmakers, Nvidia gained 3.5 percent to $218.11 and Advanced Micro devices leaped 11 percent to $20.22. The S&P 500 fell 6.9 percent last month, and technology and industrial companies and retailers fared even worse.

The decline in the dollar also sent metals prices sharply higher. Gold jumped 1.9 percent to $1,238.60 an ounce. Silver soared 3.5 percent to $14.78 an ounce.

Copper gained 2.4 percent to $2.72 a pound.

The pound rose sharply following reports that Britain and the European Union had reached a deal to give UK financial services companies access to the bloc after Brexit. The article by The Times cited anonymous sources, and other reports suggested a deal had not yet been finalized. The British pound rose to $1.3018 from $1.2771.

Canadian energy company Encana said it will buy oil and gas company Newfield Exploration for $5.5 billion in stock. Newfield climbed 16.1 percent to $23.46, while Encana dropped 12.6 percent on the Toronto Stock Exchange.

Germany’s DAX rose 0.2 percent and the British FTSE 100 dipped 0.2 percent. After a big rally Wednesday, the CAC 40 in France fell 0.2 percent.

Hong Kong’s Hang Seng gained 1.7 percent while Tokyo’s Nikkei 225 index tumbled 1.1 percent. The Kospi in South Korea finished 0.3 percent lower.

Oil prices continued to weaken after the Department of Energy said US crude stockpiles increased for the sixth straight week.

Benchmark US crude slumped 2.5 percent to $63.69 a barrel in New York.

Brent crude, used to price international oils, shed 2.9 percent to $72.89 a barrel in London.

Wholesale gasoline fell two percent to $1.72 a gallon and heating oil skidded 2.2 percent to $2.20 a gallon. Natural gas fell 0.7 percent to $3.24 per 1,000 cubic feet.

Bond prices turned higher. The yield on the ten-year Treasury note fell to 3.14 percent from 3.15 percent.

The dollar fell to 112.69 yen from 113.06 yen. The euro rose to $1.1409 from $1.1314.

Google employees leave work to protest treatment of women

MEREDITH WHITTAKER, a research scientist at New York University who leads Google’s Open Research Group, addresses hundreds of Google employees during a protest rally yesterday in New York. Google employees around the world walked off the job yesterday in a protest against what they said is the tech company’s mishandling of sexual misconduct allegations against executives.

Photo: Bebeto Matthews/AP SAN FRANCISCO Associated Press CARRYING signs that included a mocking reference to the company’s original “Don’t be evil” motto, thousands of Google employees around the world briefly walked off the job yesterday to protest what they said was the tech giant’s mishandling of sexual misconduct allegations against executives.

From Tokyo and Singapore to London and San Francisco, highly paid engineers and other workers staged walkouts of around an hour, reflecting rising #MeToo-era frustration among women over frathouse behaviour and other misconduct in heavily male Silicon Valley.

In Dublin, organisers used megaphones to address the outdoor crowd of men and women, while in other places, workers gathered in packed conference rooms or lobbies. In New York, there appeared to be as many men as women out in the streets, while in Cambridge, Massachusetts, men outnumbered women by perhaps 6 to 1.

“Time is up on sexual harassment!” organiser Vicki Tardif Holland shouted, her voice hoarse, at a gathering

of about 300 people in Cambridge. “Time is up on systemic racism. Time is up on abuses of power. Enough is enough!”

About 1,000 Google workers in San Francisco swarmed into a plaza in front of the city’s historic Ferry Building, chanting, “Women’s rights are workers’ rights!”

The demonstrations reflected a sense among some of the 94,000 employees at Google and its parent Alphabet Inc that the company isn’t living up to its professed ideals, as expressed in its “Don’t be evil” slogan and its newer injunction in its corporate code of conduct : “Do the right thing”.

“We have the eyes of many companies looking at us,” Google employee Tanuja Gupta said in New York.

“We’ve always been a vanguard company, so if we don’t lead the way, nobody else will.”

The protests unfolded a week after The New York Times detailed allegations of sexual misconduct about the creator of Google’s Android software, Andy Rubin. The newspaper said Rubin received a $90m severance package in 2014 after Google concluded the accusations were credible. Rubin has denied the allegations.

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