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MONDAY, NOVEMBER 19, 2018

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MICHAEL ANDERSON

BISX-listed fund targets 40% profit boost from rental By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BISX-listed Bahamas Property Fund is predicting a 40 percent net profit boost from the $455,000 annual lease of office space that will have been empty for more than one year. Michael Anderson, the Property Fund’s administrator, told Tribune Business that more than 12,000 square feet of space vacated by the (PwC) Bahamas accounting firm will be taken over by RoyalFidelity Merchant Bank & Trust from February 1, 2019. Mr Anderson, who is also RoyalFidelity’s president, emphasised that the transaction had been conducted on an arm’s length basis, with the investment bank taking over the space at the same rental rate and terms as PwC enjoyed. The move, which will return Providence House on East Hill Street - one of three office buildings owned by the Property Fund - to 100 percent occupancy, comes as the BISX-listed real estate investment trust (REIT) continues its efforts to locate a suitable site for a multi-storey parking garage in downtown Nassau. Mr Anderson revealed that it is also seeking to expand its property portfolio, which currently also includes the Bahamas Financial Centre in downtown Nassau and One Marina Drive on Paradise Island, either by acquisition or developing a vacant site. He added that the Property Fund was especially interested in western New Providence opportunities as this would enable it to diversify away from central Nassau to an area where companies were increasingly seeking office space in a less traffic-congested area. However, the immediate boost that the Property Fund and its shareholders will receive comes from securing RoyalFidelity as a tenant, since this will increase top-line rental income while also eliminating the Providence House common area maintenance (CAM) costs it was incurring. “RoyalFidelity will relocate there early next year from February 1 and take all that space available for rent in that building,” Mr Anderson told Tribune Business. “The total square footage being leased is

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‘Stealth’ corporate tax fear on licence fee regulations By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Ministry of Finance’s top official yesterday “categorically rejected” fears that the new business licence regulations are the first step towards implementing a corporate income tax regime. Marlon Johnson, the financial secretary, told Tribune Business that “no decision has been made” on any potential taxation reforms given that Deloitte & Touche UK’s study on possible alternatives to the business licence regime is not yet complete. He spoke out amid growing private sector and accounting industry suspicions that the increased information demanded by the new regulations, which will apply for the first time

* Top official ‘categorically rejects’ suspicions * Top accountants eye ministerial meeting * Accountant brands ‘insidiously surreptitious’

MARLON JOHNSON to 2019 business licence filings, is akin to a “trojan horse” paving the way for corporate income tax’s introduction. Philip Galanis, HLB Galanis & Company’s

PHILIP GALANIS managing partner, told this newspaper that the regulations would impose a “really appalling” cost and bureaucratic burden on multiple businesses that was unnecessary to confirm whether they

were paying due business licence fees. He branded them an “insidiously surreptitious attempt” by the Government to breach legitimate corporate privacy and, by mandating the provision of “certified” bank statements, determine via stealth whether it will earn sufficient revenues from imposing a corporate income tax. Mr Johnson, though, rejected such suspicions and fears, telling Tribune Business: “I wouldn’t know where that came from. No form of decision has been made on any adjustments to the business tax regime. There have been no leanings, no indications of the

Brewery ‘eats’ VAT increase on Kalik By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net COMMONWEALTH Brewery has absorbed a “significant” cost by choosing to “eat” the 4.5 percentage point valueadded tax (VAT) hike across its entire Kalik beer product line. Dennis Hanna, the BISX-listed brewer’s vicepresident of corporate affairs, confirmed to Tribune Business that it had elected to absorb the tax increase on its “number one brand” rather than pass it on to Bahamian and foreign consumers. He said the move was made to maintain Kalik’s price competitiveness and as a goodwill gesture to

* ‘Reason enough’ to put accession off * Freeport ‘bureaucratic port’ with 2 Gov’ts * Gov’t ‘sales mission’ not tackling problems KALIK BEER

consumers struggling to adjust to the impact of a 12 percent VAT rate introduced with the 2018-2019 budget. Commonwealth Brewery, which is 25 percent owned by Bahamian shareholders, revealed the decision in unveiling its results for the third quarter and first nine months of 2018. Management said that while the three months to end-September is typically the slowest month in any calendar year, the 2018 period had “presented more challenges than

Tribune Business Reporter

nmckenzie@tribunemedia.net

union protests, triggered by fears BTC will outsource its call centre overseas with a corresponding loss of jobs, and tensions over the company’s alleged failure to negotiate a new industrial agreement that resulted in the BCPOU, the line staff union, filing a trade dispute, Mr Sinclair said he did not view the situation as “a fight”. He urged both of BTC’s trade unions to work with him to “change the paradigm” as Aliv continues to

Insurance chief: Agent sector ‘ripe for consolidation’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

seize mobile market share in an area where the former state-owned incumbent once enjoyed a lucrative monopoly. Mr Sinclair, a Jamaican, stressed the need for partnership while confirming he would have preferred that union officials had been a little “less public” over their disagreements with the company. Both the BCPOU and the Bahamas Communications

SEE PAGE 5

SEE PAGE 6

* Warning for staff ‘not adding value’ * Firm ‘late’ adjusting to competition * Seeks union help to ‘change paradigm’

THE Bahamas Telecommunications Company’s (BTC) chief executive has warned that unproductive staff should be “anxious” for their jobs as the company is “late” in adjusting to competition. Garfield “Garry” Sinclair told Tribune Business he wanted to prove it was “an advantage” for BTC to have unionised staff, pointing out that its upstart mobile rival, Aliv, is able to undercut it on price because it does not face the same costs and GARFIELD SINCLAIR relationships. Responding to last week’s

SEE PAGE 4

THE Bahamian insurance agent/broker market is “ripe for consolidation”, Bahamas First’s chief believes, with its latest acquisitions set to boost its subsidiary’s performance by over ten percent. Patrick Ward, the property and casualty underwriter’s president and chief executive, told Tribune Business that expansion through purchasing intermediaries was “an easier growth path” than seeking to acquire rival insurers. Speaking after Bahamas First’s recent acquisition of CMA Insurance Brokers & Agents (CMA), along with gaining the renewal rights to Response Insurance Agency’s (RIA) client portfolio, Mr Ward said the two deals combined with have a “material” impact on the top-line and profitability of its wholly-owned agent subsidiary, NUA Insurance Agents & Brokers (NUA). He added that the “very competitive” Bahamian insurance market was continuing to squeeze both premium pricing and margins, especially at the broker/agent level, and might force further sales and mergers and acquisitions in this sector. “The market is ripe for consolidation,” Mr Ward confirmed to this newspaper. “Acquiring businesses through a broker/agent is an easier growth path as

usual” due to a combination of the VAT hike and a shift in consumer spending towards spirits and “economic” alcoholic drinks brands. “Due to the seasonality of the business, it is typical of the third quarter to see declines in revenue growth,” Commonwealth Brewery’s results statement said. “However, this period has presented more challenges than usual. “As reported in previous quarterly reports, a shift in

BTC chief: Unproductive staff should be ‘anxious’ By NATARIO MCKENZIE

sort. I want to categorically reject any suggestions to that effect.” The Financial Secretary added that a Tax Committee, featuring representatives from the Bahamas Institute of Chartered Accountants (BICA) and Bahamas Chamber of Commerce, as well as other private sector stakeholders has been formed to “work along with Deloitte” on its study of the country’s taxation structure. Groups not represented on the committee have also been consulted, Mr Johnson said, with the body working to develop “some recommendations for policymakers’ consideration” that have yet to be submitted. As for Deloitte UK, it is expected to provide the Government with an update on its taxation study imminently. “We’re at the point

PAGE 2, Monday, November 19, 2018

THE TRIBUNE

Chamber hires consultant Summit to hold second for WTO impact analysis edition at SuperClubs By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Chamber of Commerce has hired Oxford Economics to study the likely economic impact of this nation’s accession to full World Trade Organisation (WTO) membership. Darron Pickstock, who heads the Chamber’s trade and investment division, said: “There has been significant pubic discourse about the prospect of WTO accession and its potential impact on the economy, businesses and people of The Bahamas. “Therefore, the Chamber thought it critical and necessary to engage Oxford Economics. They have a proven track record with assisting governments and private sector organisations with economic modelling and forecasting.” Mr Pickstock added that the Oxford Economics team had arrived in The Bahamas last week, and has already met with various government ministries and regulators. Starting this week, they will be consulting with the private sector over the next three weeks.

“The report will be shared with government and they have agreed to review it and, hopefully, the Government will take into consideration the report in its deliberations on WTO,” Mr Pickstock added. Oxford Economics managing director, Scott Livermore, said the analysis will carefully consider the impact of WTO on key sectors in the Bahamian economy. “We have a deep understanding of the Bahamian economy and its trading relationships,” he added. “In looking at the economic implications of WTO accession it is important to realise the unique characteristics of the Bahamian economy. This analysis of the impact on the economy will require careful consideration of WTO, and the impact of WTO obligations, on key sectors such as tourism, retail and financial services, as well as the assessment of

potential policy reforms to enhance competitiveness in key sectors. “Even if the economy benefits overall as a result of joining WTO there are also important other socioeconomic considerations to factor in,” continued Mr Livermore. “Through consultation we will do an assessment of The Bahamas’ current readiness in key sectors for WTO accession, identify sectors where WTO accession will have the greatest positive benefit, and develop a better understanding of the remaining red lines that should not be crossed in negotiations. From this analysis we will build up a scenario of the most desired outcome of WTO negotiations.” Mr Livermore said the study would not only be a research exercise but is intended to be a guide for the Government in the negotiation process.

FOLLOWING its launch in 2017, Hubert Edwards Global will host its second annual Success Summit under the theme World Class success through Bold Leadership. “We dub our presenters Success Advocates, as that is what they will do on the day”, said Hubert Edwards. “These individuals will actually be advocating for the success of those in attendance. Our value proposition is that everyone who attends will become acutely aware of how to shift his or her thinking to one which is success centred. As a result, you will often hear us refer to Success Summit to as a mind-shift moment”. Success Summit 2018 will be held at Super Club Breezes, on December 1. One attendee at last year’s event, Kendra G Munroe, a director of Toastmasters International, said: “The line-up was one that

brought great anticipation; the delivery from each presenter was excellent sharing from their own perspective. Quality, time oriented and effective. Looking forward to next year.” Marvin Bain, a manager at Bahamas First, which facilitated the attendance of some of its staff members, added: “I was not able to make it out to the Summit. However, I spoke to our staff who attended and they all gave it rave reviews. I understand it was very well organised and the presenters were ‘on point’. We look forward to the experience next year.” International speakers this year include Simone Edwards, a WNBA champion with Seattle Storm. Sergeant-major Peter Hall, a retired US Marine, will headline the event. Local speakers include Pastor Dave Burrows; former Cabinet

minister Zhivargo Laing; Pastor Mario Moxey; Former House of Assembly speaker, Dr Kendal Major; Gowon Bowe; Duquessa Dean; Cheryl Bazard; Simmone Bowe; Valentino Munroe; Karlos Mackey and Carlos Palacious; Rodney Bain; Wellington Hepburn; Nathan Sweeting; and Donovan Rolle. Hubert Edwards will also be a presenter sharing on his success journey. “Despite the financial outcome last year we are extremely proud to have supported The Pilot Club of Nassau with a donation of $1,000.” said Mr Edwards. “This year we plan to extend at least two scholarship grants to students from the Bain Town area in honour of Dr Myles Munroe, and of one of our 2017 speakers, Michelle Miller, who grew up in that area and passed shortly after the event.”

THE TRIBUNE

Monday, November 19, 2018, PAGE 3

Tourism ‘dismayed’ by beauty queen dispute

Bahamas targets maritime growth with Hong Kong trip

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Tourism has broken its silence to say it “is dismayed” by its protracted copyright battle with ex-beauty queen-turned songstress, Khiara Sherman, pictured, in the Texas court. Defending its position, the ministry said in a statement released over the weekend: “We take our mission to promote our destination, our culture and our artists very seriously and work diligently to do so in a variety of ways. “Our work with the Bahamas National Festival Commission to market Bahamas Junkanoo Carnival was an important project which we supported. Our hope was to generate interest in the festival, but also greater awareness of Bahamian artists who participated in the Music Masters competition. “Our actions were appropriate and in full compliance with the contest rules, and we are confident that the appropriateness of our actions and the benefits they provide to all artists will be recognised by the court.” It is unclear why the Ministry of Tourism has chosen to speak out now outside the court process, but it is likely related to Ms Sherman’s allegations that it violated the copyright of other artists by using their songs without permission in commercials promoting The Bahamas to potential tourists. Ms Sherman, in legal filings with the south Texas federal court that were revealed by Tribune Business on November 6, accused the ministry of flagrantly abusing” Bahamian singers with a “take what we want, don’t pay and deny” approach to paying for use of their songs. She alleged that her ongoing claim had exposed “a pattern and practice” where the Ministry of Tourism has failed to pay multiple local artists for use of their intellectual property. Other impacted Bahamian singers, according to the documents, include Angelique Sabrina, who performs the National Anthem on NB12 at midnight every night, and Sketch Carey. Ms Sherman and her record company, AK Fortyseven Records, claim that the legal discovery process over their claim resulted in the Ministry of Tourism admitting it had no licensing deal or other agreement in place allowing it to use these artists’ songs in its promotional campaigns that market The Bahamas to the world. “Discovery in this case has revealed the ministry’s acts of infringement were part of a pattern and practice of flagrantly abusing the intellectual property of Bahamian artists like Ms Sherman,” the former beauty queen and her attorneys alleged. “The ministry has featured songs of multiple other local artists in its advertising campaigns. For instance, the advertisements produced in

this case feature not only Fly Away With Me by Khiara Sherman, but also music by Sketch Carey and Angelique Sabrina, other prominent Bahamian artists. “In its discovery responses, the ministry has admitted that it has no licensing agreements authorising the use of these or any other works in its advertising campaigns. Further, the ministry has expressly denied entering into a single license for any musical work for any television or radio advertisement in the United States in the last five years with anyone, despite the fact that it has engaged in extensive advertising which features music and sound recordings of several different artists,” Ms Sherman’s revised October 31, 2018, lawsuit continues. “The ministry’s specific denial of having entered into any such license is reflective of an entity that has engaged in willful, flagrant, and repeated infringement of intellectual property rights. When this issue was first raised,

the ministry accused Ms Sherman of fabricating the existence of the infringing works and threatened to file sanctions against her and her counsel upon the filing of this suit. “The ministry’s philosophy with regard to the intellectual property of singers, songwriters, musicians and composers can best be summed up as ‘we’ll take what we want, we won’t pay for it, and then deny it ever happened’.” The Ministry of Tourism’s previous defences to Ms Sherman’s claims have cited multiple grounds for rejecting her case. It has previously argued that Ms Sherman’s deal with the Bahamas Junkanoo Carnival organisers protected it from her copyright violation lawsuit, as this purportedly released the Bahamas National Festival Commission and its sponsors - which included the Ministry of Tourism - from any copyright infringement liability over the use of her Fly Away With Me track. This argument, though, was rejected by the Texas courts.

THE Deputy Prime Minister has led a government delegation to Hong Kong as it bids to grow its maritime business from major Asian shipping centres. KP Turnquest led a group that last week met with the Hong Kong Ship Owners Association, and other ship owning groups whose vessels are flying The Bahamas’ flag. The visit was designed to promote The Bahamas Maritime Authority (BMA) in Hong Kong and the wider Far East, as this nation seeks to grow its role in serving the region’s maritime interests. Mr Turnquest was accompanied by Renward WELLS, minister of transport and local government; Juanita Denise Lewis-Johnson, chairman, The Bahamas Maritime Authority; Peter Goulandris, deputy chairman, BMA; Cora Bain-Colebrooke, permanent secretary, ministry

of transport and local government; Cardie Glen-Cox, director, BMA; Corey Terrez Damianos, aide to Deputy Prime Minister; Captain Dwain Hutchinson, managing director and chief executive (acting), BMA; Captain Jahangir Hussain, regional director, BMA. The Hong Kong visit came after the Government team officially opened the BMA’s new Tokyo office. “Japan is a great maritime nation, and The Bahamas ship registry is one of the world’s top registries,” Mr Turnquest said. “The opening of our BMA Tokyo office represents an ever closer commitment to serving our valued Japanese shipowner clients. This will benefit the Japanese maritime community, and it will further the growth of The Bahamas flag, which has been a consistent contributor

to our economy.” Mr Wells added: “The BMA serves its maritime clients comprehensively, rapidly and proactively. Though we have been registering and administering Japanese-owned vessels for many years, I am confident that our permanent office presence in Tokyo will enable us to further enhance our support for Japanese maritime interests, and build on the BMA’s impressive record of success.” Mrs Lewis-Johnson, the BMA chairman, added: “Many have worked hard and long to help make the BMA Tokyo office a reality. We look forward to this office serving both Japan, and The Bahamas, for many years to come.” Also present were BMA Board director Cardi Cox; Bahamas Shipowners Association manager, Anders Brodje; and senior BMA staff.

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PAGE 4, Monday, November 19, 2018

THE TRIBUNE

‘Stealth’ corporate tax fear on licence fee regulations FROM PAGE ONE where they should be presenting to the Ministry of Finance soon, giving us an update,” Mr Johnson added. “That will happen in a matter of weeks, and once the ministry sees it and makes a determination, we’ll decide whether it goes up to Cabinet or more work is needed.” A key component of Deloitte UK’s study is to evaluate options for replacing the existing

turnover-based Business Licence fee with a tax or levy that is less distortive, with a profit-based fee or corporate tax among the main alternatives. This objective, coupled with the additional reporting requirements set out in the business licence regulations, has ignited concerns that the Government may have already taken a decision without informing the private sector - a notion that was refuted by Mr Johnson. The amended regulations, which were put into effect

almost unnoticed on May 30 amid the general outcry over the budget’s VAT hike, require companies with an annual turnover of $10m or more to provide audited financial statements that will confirm their prior year earnings. But for those businesses earning between zero to $10m, the regulations stipulate that “a financial statement” confirming their turnover must be supplied to the Department of Inland Revenue (DIR). This, though, must also be

accompanied by “a certified bank statement” covering each bank account held in the business’s name and any other accounts “that are used in transactions” on its behalf. Tribune Business understands that the most Bahamas’ most senior accountants, namely managing partners at both small and large firms, are interested in banding together to seek a meeting with KP Turnquest, the deputy prime minister, in a bid to persuade the Government to alter course. Mr Galanis yesterday confirmed there had been an industry “reaction” to Mr Johnson’s address at last week’s BICA “accountants week” conference, and said of the regulations: “I think this is really appalling. “My hunch is, and I asked him [Mr Johnson] to confirm or deny this: The Government is considering the implementation of corporate income tax, which is why they need these financial statements and bank statements.” Many accountants and private sector executives view the new regulations as “overkill” and an incursion into corporate privacy, especially since business licence fees are currently calculated based on just one indicator: Top-line turnover. Accountants verify this, with businesses submitting such attestation along with their filings and payment by endMarch every year. “I believe the real reason for the Government’s intrusive incursion into private businesses is that it intends to assess the viability of imposing a corporate income tax in The Bahamas,” Mr Galanis told Tribune Business. “Why else would the government need information relating to the net income of businesses, both large and small? “Why else would the government require certified bank statements from such businesses to verify whether companies are reporting their correct incomes, using certified bank statements that will not necessarily corroborate a company’s reported revenue?” Mr Galanis argued that it was “an insidiously surreptitious attempt” by the Government to calculate how much

revenue a corporate income tax will generate. He urged it to disclose its true intentions and motivations, while warning that Bahamian businesses will likely be concerned about the potential for any data provided to be leaked into the public domain. Rick Lowe, a director of the Nassau Institute think-tank, voiced similar suspicions to Mr Galanis about the motivation for the enhanced business licence reporting and verifications. “Other than the pot calling the kettle black about ‘shoddy accounting’,” he said, referring to Mr Johnson’s justification for the move, “what could be the motive for government forcing businesses to provide audited financials with their business license application? “Could it be they want to measure what a new corporate tax will bring upon implementation? Maybe it should not be surprising this legislation was forced through Parliament without debate.” Mr Lowe added: “What happened to the Green Paper on this subject? In fact, what has happened to following Parliamentary procedure with Bills? Successive governments have now become like American presidents with their use of Executive Orders to circumvent the democratic process. “It is very discouraging when a political party promises accountability while campaigning only to reverse course on several fronts once elected.” Mr Galanis, meanwhile, said the Bahamian accounting industry was resisting regulations that would deliver more work and fee income for the profession “because we feel it’s an onerous and enormous expense for companies they need not incur. “We’d prefer to forego any gain in terms of additional fees to let companies not incur additional costs,” he added. “There will be an enormous cost for companies not presently audited who now have to submit their books to audit.” While Bahamian banks and trust companies, insurance companies and other industries subject to statutory regulation all must subject their financials to annual audits, Mr Galanis said there were numerous privately-owned entities with annual turnovers exceeding $10m who currently do not have to undergo such a rigorous examination. And, while Mr Johnson had justified the Government’s stance by arguing that some business licence filings “cannot be trusted” because accountants are under-certifying revenue earned, Mr

Galanis said accessing bank account information would bring it no closer to foolproof verification. “The bank accounts are not going to tell the story,” he told Tribune Business. “A number of credits go through bank accounts that don’t relate to revenue. It defeats the purpose, and you’re going to create another expense for business. “Banks are not going to do it for free. They will charge a fee for certification, and they don’t issue statements any more; it’s done online. It’s an unnecessary expense that’s being foisted on businesses that are already over-taxed.” Examples of transactions that do not comprise “revenue” are loan proceeds, dividend payments and capital expenditures. Still, many in the private sector have long desired that business licence fees, which are projected to generate $101.207m during the 20182019 fiscal year, be replaced by a less distortive tax. For its calculation on gross turnover is viewed as penalising high turnover, low margin businesses while favouring low turnover businesses that are more profitable. Tribune Business has received complaints from numerous companies that they pay more in annual business licence fees than they do in profits, and/or that the fees push them into losses. Michael Maura, the Chamber of Commerce’s chairman, told Tribune Business before the 2018-2019 budget that “a real hard look” was needed at reforms to the business licence fee structure, although nothing was announced then. Mr Turnquest, the deputy prime minister, told Tribune Business in a recent interview that the Government is aware of the business licence fee’s “unfairness” - especially where high turnover, low margin businesses such as food stores and gas stations were concerned. “We’re very cognisant, if you will, of the unfairness of the tax,” he said of the business licence. “This is one of the reasons we are having the study done to see how we can make the tax more progressive. “It is an important consideration for us. This was one of the things we promised in our campaign; to look at the fairness of the business licence fee, particularly as it relates to high turnover, low margin businesses. “We believe, fundamentally, that no tax should be so burdensome that it creates a negative cash flow and puts businesses into a loss. Whatever changes we make have to be incremental and be well thought-out.”

THE TRIBUNE

BTC chief: Unproductive staff should be ‘anxious’ FROM PAGE ONE

and Public Managers Union, the middle managers’ union, have recently expressed concerns over further downsizing at the telecommunications company, with Mr Sinclair warning that he cannot allow under-performing workers to hold the company back. “Colleagues who are adding value, who are setting the house on fire, don’t have anything to worry about,” he said of job security. “We’re not going to separate from people who are going to add value to the business. There are others who are not adding any value; who are holding us back. If you know that’s where you fall then, yes, you should be anxious and that’s the type of business we have to run in a competitive environment. In an interview with Tribune Business, Mr Sinclair explained he was was hoping to prove that BTC’s relationship with the unions was advantageous. “My competitor doesn’t have the luxury of having partners like my union partners to contend with, and I want to prove that is a disadvantage for them and not an advantage, but it will take more work clearly,” he said. “I’ve been on the ground here about two-and-a-half months now. In that time I have met with our union partners about three times face-to-face already. That was in furtherance of a clear strategy I have to increase the transparency around running this business, and to encourage them to become partners with me in the process of running this business.” Mr Sinclair described The Bahamas’ now fully-liberalised telecommunications market as “highly competitive”, and acknowledged that BTC and its current business model were struggling to adjust. “We recently liberalised and we are transitioning into a highly

competitive environment. I think we have a proud legacy as a business in the telecommunications sector in The Bahamas. It’s a legacy we rightly ought to be proud of, and one I take very seriously,” he added. “We are in a very competitive environment, and we have come to that environment late. Most of the other operators in the region were just like us here at BTC, being partly government owned, had the market all to themselves and had to transition to a competitive environment. The thing is that most of the other operators have done that ten to 12 years ago. We are just doing it today, and so the tension and challenges are apparent.” Mr Sinclair called on both the line staff and management union to work with BTC to boost its competitiveness. “I would have preferred if our partners had been a little less public with our disagreement,” he added. “I have certainly tried to bring a spirit of transparency and openness to our relationship. “It’s a relationship which has been made even more challenging by the fact that my intense competitor [Aliv and Cable Bahamas] does not have the benefit of union partnerships to contend with, and are able to adjust their cost and, accordingly, have priced their products in a way that continues to eat away at my market share.” BTC’s subscriber numbers at September 30, 2018, support Aliv’s claim to have seized more than one-third of all Bahamian mobile market subscribers. BTC was shown to have 228,300 total subscribers at that date, with 89 percent of 203,000 of that client base concentrated in pre-paid customers. Damian Blackburn, Aliv’s top executive, pegged its subscriber base at 125,000 which, when combined with BTC’s numbers, gives The Bahamas’ second mobile operator a 35.4 percent market share

- placing it on track to hit its target of 39 percent share by end-June 2019. BTC’s once-lucrative mobile monopoly generated almost three-quarters of its annul revenues, along with the bulk of its profits, and it has been unable to make inroads into Cable Bahamas’ TV and Internet dominance to compensate for the market share loss to Aliv. Liberty Latin America (LiLAC), BTC’s ultimate parent, recently expressed hope that its mobile subscriber loss “will bottom out in 2019” after another 12,400 customers exited in this year’s third quarter. Mr Sinclair, meanwhile, said: “What I said to my union partners right from the start is: Let us create a model that shows not just The Bahamas, but the region, that working in partnership between the businesses and unions can actually produce a high-performing and bestperforming organisation. Let’s change the paradigm and the view about how unions and businesses work together, because I truly believe that if we work together and get through this tough transition period in a way that is progressive we can set a model for other to emulate.” He added: “I want to be clear that I don’t consider this a fight. They are vigorously advocating for their members and ensuring that their members’ rights are protected, and they have a proud tradition of doing that. Let’s work together to change the paradigm. “I blame myself. The three times I met face-to-face may have not been enough. We may need to meet and discuss and go through these issues a bit more. I am convinced that the way to go is to develop a partnership between the labour and the business that is going to be productive, progressive and yield a company that is best-performing.”

In the ESTATE OF CLYDE KILROY GARDINER late of 2 Yarrow Street in the Eastern District of the Island of New Providence, The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against or interest in the above Estate are required to send such claim or demand duly certified in writing to the undersigned on or before 9th day of December A.D. 2018 after which the Personal Representative in the said Estate will proceed to distribute the assets of the Estate having regard only to the claims, demands or interest of which she shall then have notice AND all persons indebted to the above Estate are required to settle such debts or make arrangements with the Personal Representative for such settlement on or before the date mentioned above. STRATFORD LAW CHAMBERS Attorneys for the Personal Representative Attn: Attorney Keith O. Major Jr. 46 Carmichael Road Nassau, N.P., The Bahamas

Monday, November 19, 2018, PAGE 5

BISX-listed fund targets 40% profit boost from rental FROM PAGE ONE 10,205 square feet, and then 1,984 square feet of storage space. “There’s another tenant, Inter-Trust, that has stayed there renting about 3,000 square feet. The total annual rental will be in excess of $455,000 a year, including CAM, which will be a net contributor to the bottom line of the Property Fund to a similar amount. That should be a 40 percent-odd increase to the bottom line associated with that deal.” Mr Anderson said RoyalFidelity will “take over the property on the same terms as agreed with PwC”, bringing Providence House back to 100 percent occupancy just over a year after the accounting firm exited. “It’s a significant impact and good for us to get that building tenanted,” he added, “and now we need to focus on our other buildings, One Marina Drive and the Financial Centre, in terms of getting their occupancies back up again. “We’ve had expressions of interest from parties, more in the Financial Centre than One Marina Drive, and it’s trying to find people with a need for space in town. At the moment there’s a general exodus of people from town so they’re hard to find. “People are paying a lot more for moving out west than they’d need to rent in town, but some people don’t

want to deal with the parking issues, and there’s a lot of people moving out west to live that don’t want to travel far.” Mr Anderson told Tribune Business that solving downtown Nassau’s chronic parking shortage was not only in the area’s best interest but that of its office property landlords, including the Bahamas Property Fund with its Charlotte Street-based Bahamas Financial Centre. “There are a number of buildings downtown with similar problems, so if we can find suitable space for a parking garage we will rent that space out to people who want a parking space for their tenants; we could rent space to building owners downtown,” he said. “We’ve had conversations with a number of parties to find a piece of suitable land, and conversations are ongoing, but we’ve not made up our minds on a piece of land for it. It needs to be large enough to justify putting up a multi-storey parking lot on it to meet the needs of downtown office buildings and be attractively priced so people can afford to pay for it.” Should the Property Fund be successful, and not only locate but build such a facility, Mr Anderson said it would directly link to efforts by the Downtown Nassau Partnership (DNP) and others to enhance Bay Street and the surrounding area. The Financial Centre’s

current occupancy rate is in “the mid-60 percents”, with around 35,000 square feet vacant, while One Marina Drive has between 5,0006,000 square feet that is empty. The Property Fund is not only losing rental income but has to cover the CAM cost for that space itself, resulting in a squeeze from both the top-line and expense line. Expressing confidence that the BISX-listed fund will find sufficient tenants to fill the space, Mr Anderson indicated it was looking to expand its existing threestrong portfolio - even to the extent of constructing a new-build development property if it could secure a commitment from a longterm tenant. “We continue to look for other buildings, and possibly having a building out west where people seem to be moving,” he told Tribune Business. “From a development perspective it would be a good idea for us to look at. We’re ultimately trying to find where people want to find space, and we may even look at developing a property if we can find a tenant long-term that can justify the investment. “We are looking at one particular building and need to speak more with them. There’s one building we’re seriously considering that’s fully tenanted at the moment, so it could be a desirable property for us.”

PAGE 6, Monday, November 19, 2018

THE TRIBUNE

Insurance chief: Agent sector ‘ripe for consolidation’

Brewery ‘eats’ VAT increase on Kalik

FROM PAGE ONE

opposed to the alternatives. Organic growth is very difficult, and buying insurance companies is also more difficult and less easy to conclude.” Both CMA Insurance Brokers & Agents and Response Insurance Agency will be merged into NUA, and Mr Ward said of the expected benefits: “It is expected to have a positive material impact on overall top-line growth and the bottom line as well. “It’s difficult to say what will happen in year one, as there will be a lot of issues to sort out, but if the material threshold is 10 percent I would say the impact will be beyond 10 percent.” Mr Ward said market forces were driving consolidation among Bahamian insurance intermediaries, and explained: “I think it’s very competitive in the market, which is obviously a great thing from a client point of view. “Competition tends to be around price for the most part, but this continues to put pressure on margins for all players in the market, particularly in the intermediary sector. The dynamics of what makes a viable operation are changing because of that. If intermediaries have very limited growth opportunities, they might have to consolidate with other entities or look for a sale.” The two acquisitions represent the latest phase of Bahamas First’s long-running strategy to pursue expansions through the purchase of other insurance agents and brokers that fit with its own portfolio. Each of CMA Insurance Brokers & Agents and Response Insurance Agency already write business for Bahamas First, but Mr Ward said this was “not the only issue we considered in terms of whether they were good acquisition targets or not”. “We still proper due diligence on the enterprise,” he explained. “The driving factor is more: Does it have the portfolio and history; the criteria we’re looking for, and to what extent can we rely on the client base remaining solid for a reasonable period of time. “We know them well, we are very comfortable with the portfolio make-up, and we feel there’s a shared outlook in terms of the underwriting focus and client servicing, and to that extent there should really be a seamless integration into our business.” Mr Ward said there would be “no negative impact from a staffing perspective as a result of this acquisition”, with both CMA and Response staff set to be merged into NUA. He added that Bahamas First would continue to explore expansion-by-acquisition opportunities where “it’s the right fit and it ties in with the overall profile of what we’re looking for”.

consumer spending habits gives rise to sales gravitating towards spirits and more economic brands. This, coupled with the impact of a VAT increase of 4.5 percentage points effective July 1, 2018, has limited the spending power of our consumers and resulted in negative revenue growth of 3.5 percent for the quarter.” Commonwealth Brewery, which is 75 percent majority-owned by multinational brewing giant, Heineken, added that the shift in consumer preferences to spirits and lower-priced brands had

resulted in its “cost of goods sold” increasing year-overyear “due to higher import costs” compared to its Bahamian-produced beer brands such as Kalik. “In an effort to remain competitive and assist consumers with rising costs, the company decided to forego the above VAT price increase on its main brand, Kalik,” the management analysis confirmed. Mr Hanna was unable to confirm the additional cost Commonwealth Brewery is absorbing as a result of electing not to pass the VAT increase on to Kalik drinkers, other than to brand it “significant”.

“We have the same price before the VAT was increased. We maintained the same price for the Kalik family,” he told Tribune Business. “Kalik is our number one brand by far. “It was a goodwill gesture and we also wanted to remain competitive. We decided to absorb it, Kalik being number one.” Mr Hanna was unable to say whether absorbing the “output” VAT on all Kalik products will be a long-term strategy for Commonwealth Brewery, or if it is just a short-term measure. He added that the 2018 third quarter was “not unusually slow”, with performance

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matching the “norm” for a time of year that coincides with the slowest part of the tourism season. Commonwealth Brewery actually incurred a small $3,574 total comprehensive loss for the 2018 third quarter, with its top-line revenue dropping by more than $1m to $30.044. This was partially offset by a near $3m decline in operating expenses, driven by an almost-$2m fall in raw materials, costs and services costs to $24.185m, while staff costs dropped by some $600,000 to $5.22m. For the first nine months of 2018, while Commonwealth Brewery’s total comprehensive income was down by

56.2 percent year-over-year, standing at $5.361m compared to $12.242m in 2017, the prior year figure was boosted by the $6.3m insurance settlement and expense clearing related to Hurricane Matthew damages from October 2016. While revenue was ahead one percent year-over-year for the first nine months, Commonwealth Brewery’s management cautioned: “Continuous changes in consumer spending power, slow economic growth and resultant changes in consumer preferences compels the company to further sharpen its focus on innovation and cost optimisation.”

THE TRIBUNE

Monday, November 19, 2018, PAGE 7

PACIFIC SUMMIT ENDS WITH NO COMMUNIQUE AS CHINA, US DIFFER PAPUA NEW GUINEA Associated Press

AN ACRIMONIOUS meeting of world leaders in Papua New Guinea failed to agree yesterday on a final communique, highlighting widening divisions between global powers China and the US. The 21 nations at the Asia-Pacific Economic Co-operation summit in Port Moresby struggled to bridge differences on the role of the World Trade Organization, which governs international trade, officials said. A statement was to be issued instead by the meeting’s chair, Papua New Guinea Prime Minister Peter O’Neill. “The entire world is worried” about tensions between China and the US, O’Neill told a mob of reporters that surrounded him after he confirmed there was no communique from leaders. It was the first time leaders had failed to agree on a declaration in 29 years of the Pacific Rim summits that involve countries representing 60 percent of the world economy. Draft versions of the communique seen by The Associated Press showed the US wanted strong language against unfair trade practices that it accuses China of. China, meanwhile, wanted a reaffirmation of opposition to protectionism and unilateralism that it says the US is engaging in. The US has imposed additional tariffs of $250bn on Chinese goods this year and Beijing has retaliated with its own tariffs on American exports. “I don’t think it will come as a huge surprise that there are differing visions” on trade, said Canadian Prime Minister Justin Trudeau. “Those prevented there from being a full consensus on the communique.” The two-day summit was punctuated by acrimony and also underlined a rising rivalry between China and the West for influence in the usually neglected South Pacific, where Beijing has been wooing impoverished island states with aid and loans. US Vice President Mike Pence and Chinese President Xi Jinping traded barbs in speeches on Saturday. Pence professed respect for Xi and China but also harshly criticised the world’s number two economy for intellectual property theft, forced technology transfers and unfair trading practices. He accused China of luring

this region of the world has never been stronger,” Pence said at a signing ceremony. A separate statement from his office said other countries are welcome to join the electrification initiative provided they support the US vision of a free and open Pacific. China, meanwhile, has promised $4bn of finance to build the the first national road network in Papua New Guinea, among the least urbanised countries in the world.

To advertise in The Tribune, contact 502-2394 FROM left: Mexico’s Undersecretary of Foreign Trade Juan Carlos Baker Pineda, Brunei Sultan Hassanal Bolkiah, New Zealand Prime Minister Jacinda Ardern, Canada Prime Minister Justin Trudeau, Peru Foreign Affairs Minister Nestor Popolizio, Chilean President Sebastian Pinera, Philippine President Rodrigo Duterte, Chinese President Xi Jinping, Russian Prime Minister Dmitry Medvedev and Papua New Guinea Prime Minister Peter O’Neill wave during the family photo arrival at the APEC Economic Leaders Meeting at Port Moresby, Papua New Guinea yesterday. Photo: Aaron Favila/AP developing nations into a debt trap through the loans it offers for infrastructure. The world, according to Xi’s speech, is facing a choice between cooperation and confrontation as protectionism and unilateralism grows. He said the rules of global institutions set up after World War II such as the World Trade Organization should not be bent for selfish agendas. Pence told reporters that during the weekend he had two “candid” conversations with Xi, who is expected to meet President Donald Trump at a Group of 20 summit at the end of this month in Argentina. “There are differences today,” Pence said. “They begin with trade practices, with tariffs and quotas, forced technology transfers, the theft of intellectual property. It goes beyond that to freedom of navigation in the seas, concerns about human rights.” The US is interested in a better relationship “but there has to be change” from China’s side, Pence said he told Xi, who responded that dialogue is important. China’s foreign ministry rejected the US criticism that it was leading other developing nations into debt bondage. “The assistance provided by China has been warmly

welcomed by our partners in this region and beyond,” Wang Xiaolong, a foreign ministry official, told a news conference. “No country either in this region or in other regions has fallen into a so called debt trap because of its cooperation with China. Give me one example,” he said. China is a relative newcomer to providing aid, and its loan-heavy, no-strings attached approach has unsettled Western nations that have been the mainstay donors to developing nations and often use aid to nudge nations towards reforms. In Port Moresby, Papua New Guinea’s capital, the impact of China’s aid and loans is highly visible. But the US and allies are countering with efforts to finance infrastructure in Papua New Guinea and other island states. The US has also said it will be involved in ally Australia’s plan to develop a naval base with Papua New Guinea. Yesterday, the US, New Zealand, Japan and Australia said they’d work with Papua New Guinea’s government to bring electricity to 70 percent of its people by 2030. Less than 20 percent have a reliable electricity supply. “The commitment of the United States of America to

PAGE 8, Monday, November 19, 2018

THE TRIBUNE

MACRON, MERKEL SEEK COMMON APPROACHES TO TRUMP, EURO FRANKFURT, Germany Associated Press FRENCH President Emmanuel Macron and German Chancellor Angela Merkel consulted yesterday on migration, fixing the euro currency, Europe’s defense, taxing digital companies and other issues as the two leaders looked to preserve their influence abroad while their authority flags at home. Macron, who came to Berlin to take part in Germany’s national remembrance day for the victims of war and dictatorship, urged European government to

seize more responsibility for their own fate, especially regarding defense. Macron said that the French-German alliance “is invested with this obligation not to allow the world to slide into chaos, and to accompany it on the road of peace”. He said that Europe can’t play its role “if it doesn’t take more responsibility for its defense and security and is content to play a secondary role on the international scene”. Macron looked ahead to the European Parliament elections in May, which will give populist and anti-EU parties another

chance to test their appeal with voters. “We must do a great deal by May next year to achieve a more united, more sovereign and more efficient Europe, which we so urgently need,” he said. The two biggest countries in Europe can be a powerful force, but their leaders at the moment are hampered by falling domestic support. Macron has seen his poll ratings sag at home, where more than a quarter-million people protested on Saturday over proposed gas tax hikes. Merkel has been a lame duck since saying she wouldn’t seek another term.

FRENCH President Emmanuel Macron hugs German Chancellor Angela Merkel in the courtyard of the Elysee Palace in Paris while marking the 100th anniversary of the end of World War I. Macron and Merkel, both limping in the polls, are looking for common approaches to US President Donald Trump and fixing the flaws in the euro currency. Macron will address the German parliament yesterday. Photo: Thibault Camus/AP Merkel has offered sup- Europe needs to depend port for Macron’s proposal less on others — such as the for a European army some- US — for its defense. day. Both leaders have said US President Donald

Trump has unsettled NATO allies by demanding member countries either pay more for defense or “protect themselves”, as he put it in a recent tweet. However, ceremonial appearances and warm words offered ahead of a December summit on the euro can’t hide the persistent friction between the French and German approaches to the European Union’s economic issues. Germany and France have apparently struck a deal on a common budget for the EU countries that use the shared euro currency, something Macron pushed for. German Finance Minister Olaf Scholz told the dpa news agency the proposal was to be presented to European finance ministers today.

THE TRIBUNE

Monday, November 19, 2018, PAGE 9

POPE DECRIES THAT ‘WEALTHY FEW’ FEAST ON WHAT BELONGS TO ALL

POPE FRANCIS VATICAN CITY Associated Press CHAMPIONING the cause of the poor, Pope Francis yesterday lamented that “the wealthy few” enjoy what, “in justice, belongs to all” and said Christians cannot remain indifferent to the growing cries of the exploited and the indigent, including migrants. Francis invited about 6,000 poor people as well as some of the volunteers who help them to the splendor of St Peter’s Basilica where he celebrated Mass on a day the Catholic Church dedicates to the needy. Later, he sat down with 1,500 of the indigent for a lunch of lasagna, chicken, mashed potatoes and tiramisu in a Vatican auditorium. In his homily, Francis said “we Christians cannot stand with arms folded in indifference or with arms outstretched in helplessness” about those in need. He cited the “stifled cry” of the unborn, of starving children, “of young people more used to the explosion of bombs than happy shouts at the playground”. He also drew attention to the plight of abandoned elderly, the friendless and “the cry of all those forced to flee their homes and native land for an uncertain future. It is the cry of entire peoples, deprived even of the great natural resources at their disposal”. Francis said the poor were weeping “while the wealthy few feast on what, in justice, belongs to all. Injustice is the perverse root of poverty.” “The cry of the poor daily becomes stronger but every day heard less,” he said. That cry is “drowned out by the din on the rich few, who grow ever fewer and more rich,” the pontiff said. Last week, doctors, nurses and other health workers volunteered their time to offer medical assistance to the homeless and other need from morning till night in St Peter’s Square. The initiative reflects the Francis’ determination that the Vatican promote by way of example priorities for rank-and-file faithful. Francis said during Mass Sunday that “it is important for all of us to live our faith in contact with those in need”. Later, in remarks to pilgrims and tourists in St Peter’s Square, Francis spoke of the futility of making riches one’s goal. He noted that with at the end of each life “the power of money and of economic means with which we presume with presumptuousness to buy everything and everyone won’t be able to be used anymore”.

BRITAIN’s Prime Minister Theresa May reacts during a press conference inside 10 Downing Street in London on Thursday. Two British Cabinet ministers, including Brexit Secretary Dominic Raab, resigned on Thursday in opposition to the divorce deal struck by Prime Minister Theresa May with the EU — a major blow to her authority and her ability to get the deal through Parliament. Photo: Matt Dunham/AP

UK leader warns ousting her won’t make Brexit talks easier LONDON Associated Press BRITAIN’S besieged Prime Minister Theresa May warned yesterday that a leadership change wouldn’t make Brexit negotiations easier, as opponents in her Conservative Party threaten to unseat her and the former Brexit secretary suggested she failed to stand up to bullying from European Union officials. As furious Conservative rebels try to gather the numbers to trigger a no-confidence vote, May insisted she hadn’t considered quitting. “A change of leadership at this point isn’t going to make the negotiations any easier and it isn’t going to change the parliamentary arithmetic,” she told Sky News in an interview. May added that the next seven days “are going to be critical” for successful Brexit talks, and that she will be travelling to Brussels to meet with EU leaders before an emergency European Council summit on Nov 25. An announcement this week that Britain has struck a draft divorce agreement with the EU triggered a political crisis in Britain, with the deal roundly savaged by both the opposition and large chunks of May’s own Conservatives. Two Cabinet ministers and several junior government members quit, and more than 20 lawmakers have submitted letters of no confidence in May. Forty-eight such letters — or 15 percent of Conservative lawmakers — are needed for a leadership challenge vote. Asked about the attacks directed at her, May said: “It doesn’t distract me. Politics is a tough business and I’ve been in it for a long time.” Dominic Raab, who quit

on Thursday as Brexit secretary, said “there is one thing missing and that is political will and resolve.” “If we cannot close this deal on reasonable terms, we need to be very honest with the country that we will not be bribed and blackmailed or bullied and we will walk away,” he told the Sunday Times. Many pro-Brexit Conservatives want a clean break with the EU and argue that the close trade ties between the UK and the EU called for in the deal would leave Britain a vassal state, with no way to independently disentangle itself from the bloc. The draft agreement envisions Britain leaving the EU as planned on March 29, but remaining inside the bloc’s single market and bound by its rules until the end of December 2020. It also commits the two sides to the contentious “backstop” solution, which would keep the UK in a

customs arrangement with the EU until a permanent trade treaty is worked out. That will serve to guarantee that the border between the UK’s Northern Ireland and EU member Ireland remained free of customs checkpoints after Brexit. Both Britain and the EU want to ensure Northern Ireland’s hard-won peace process isn’t undermined, but reaching an agreement on how to achieve that had long been a key obstacle in the negotiations. Opposition leader Jeremy Corbyn called the deal a “one-way agreement” in which the EU “calls all the shots”. He told Sky News Sunday that his party will vote against the deal and demanded that May return to Brussels and renegotiate the divorce agreement. May’s Conservatives don’t have a parliamentary majority, and it’s not clear if her deal can successfully pass Parliament. Raab said that while the

NOTICE CASPIAN ASSET HOLDINGS LTD. NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Caspian Asset Holdings Ltd., has been completed and the company has been struck from the Register on the 24th day of October, 2018.

agreement was “fatally flawed”, it’s not too late to change that. “I still think a deal could

YOUR

be done but it is very late in the day now and we need to change course,” he told the BBC.

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

NOTICE EXTRANOVA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) EXTRANOVA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 15th November, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is CST Administration (Bahamas) Limited, Shirley and Charlotte Streets, PO Box N-3023, Nassau, Bahamas Dated this 19th day of November, A. D. 2018

Shareece E. Scott Liquidator

_________________________________ CST Administration (Bahamas) Limited Liquidator

NOTICE

LEGAL NOTICE

WHITE BALU LIMITED

BELADONIS HOLDINGS LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a) WHITE BALU LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 15th November, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

N O T I C E IS HEREBY GIVEN as follows: (a) BELADONIS HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 15th November, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, Shirley and Charlotte Streets, PO Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 19th day of November, A. D. 2018

_________________________________ CST Administration (Bahamas) Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

A.J.K. Corporate Services (Bahamas) Limited (In Voluntary Liquidation) Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o Ronald Atkinson & Co., Marron House, Virginia and Augusta Streets, P.O. Box N-8326, Nassau, Bahamas on or before the 3rd day of December 2018. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 14th day of November 2018. Bennet R. Atkinson Liquidator

PAGE 10, Monday, November 19, 2018

THE TRIBUNE

‘Fantastic Beasts’ flies to top of weekend box office LOS ANGELES Associated Press “FANTASTIC Beasts: The Crimes of Grindelwald” crawled, slithered and flew its way to the top of the weekend box office with a $62.2m opening in the US and Canada, according to studio estimates yesterday. The latest offering from the Harry Potter multiverse fell short of the opening of the first film in the Warner Bros series, 2016’s “Fantastic Beasts and Where to Find Them”, which debuted with $74m in a similar November release and went on to earn $234m in the US and Canada. But all the Harry Potter films have had a broad international reach, and “Fantastic Beasts” had a hearty worldwide weekend gross, bringing in $191m internationally for a total of $253m, according to the studio’s estimates. “Clearly it’s a huge phenomenon globally,” said Jeff Goldstein, president of domestic distribution for Warner Bros. Last week’s top film, “Dr Seuss’ The Grinch”, was second with $38.1m, bringing its domestic tally to $126m for Universal Pictures after two weekends. It took in $9.4m more internationally. “Bohemian Rhapsody”, 20th Century Fox’s Freddie Mercury biopic, is still rocking, taking third place with $15.7m for a total of $127m. It remains a global hit, bringing in an additional $45.5m internationally. “Fantastic Beasts”, the second film in the series of Potter prequels written by JK Rowling and starring Eddie Redmayne, Johnny Depp and Jude Law, had a budget of $200m. Its reviews were largely lackluster, with critics saying Rowling’s

EDDIE Redmayne in a scene from “Fantastic Beasts: The Crimes of Grindelwald”. Photos: AP magical world is wearing thin after ten films. Globally the first nine films have earned $8.5bn, a total that this one’s worldwide take will inflate. “This is yet another example of a movie whose opening weekend skewed heavily into the international territories,” said Paul Dergarabedian, senior media analyst for comScore. “This happens a lot with bigger franchise movies. For many of these blockbusters, it’s the international component that comes in and saves the day.” In the US, Warner Bros is hoping young devotees who are out of school will keep “Fantastic Beasts” in flight through Thanksgiving. “It’s a big week coming up,” Goldstein said. “Friday is one of the biggest movie days of the year.” It will have a major challenger in Disney’s “Ralph

JUDE Law in a scene from “Fantastic Beasts: The Crimes of Grindelwald”.

Breaks The Internet”, which opens on Wednesday, as does “Creed II”. “Fantastic Beasts” continues a year of high points and hits for Warner from a diverse string of movies, including “The Meg”,

‘’Crazy Rich Asians”, ‘’The Nun” and “A Star is Born”. “Warner Bros is on a roll that every studio would envy,” Dergarabedian said. In this weekend’s smallerbudget openings, “Instant Family” starring Mark

MARKET REPORT THURSDAY, 15 NOVEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 2,006.31 | CHG 0.07 | %CHG 0.00 | YTD -57.26 | YTD% -2.77 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.22 0.52 3.92 9.30 6.60 4.97 12.50 2.74 1.78 8.21 6.30 13.20 6.79 4.49 13.50

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.16 2.25 8.60 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 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 0.52 2.30 9.30 6.16 4.00 12.42 2.62 1.78 8.08 6.30 12.98 6.41 3.62 13.01

CLOSE 4.45 17.43 9.09 4.46 1.01 0.52 2.30 9.30 6.16 4.00 12.42 2.65 1.78 8.14 6.30 12.98 6.41 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.06 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

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

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.588 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.578 0.277 0.631

DIV$ 0.100 1.260 0.000 0.240 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 0.600

P/E 20.8 18.7 N/M 14.1 N/M N/M -3.9 13.3 14.0 26.0 19.8 26.0 8.5 N/M 9.4 18.5 11.1 13.1 20.6

YIELD 2.25% 7.23% 0.00% 5.38% 0.00% 1.92% 0.00% 7.63% 3.57% 3.00% 4.99% 2.26% 3.37% 1.03% 4.44% 3.85% 2.34% 3.59% 4.61%

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 8.69 11.79

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 9.92 8.69 11.79

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% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

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-Sep-2018 30-Sep-2018 30-Sep-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

Wahlberg brought in $14.7m for Paramount Pictures, and “Widows”, the latest from “12 Years a Slave” director Steve McQueen, earned $12.3m domestically and $2.8m internationally for 20th Century Fox. “Instant Family” has only opened in North America. Overall, the weekend was down 14.5 percent in the US and Canada from the same timeframe a year earlier,

when “Justice League” made for a major preThanksgiving weekend. Here are estimated ticket sales for Friday through yesterday at US and Canadian theaters, according to comScore. Where available, the latest international numbers for also are included. Final domestic figures will be released today. 1. “Fantastic Beasts: The Crimes of Grindelwald”, $62.2m ($191m international). 2. “Dr Seuss’ The Grinch”, $38.1m ($9.4m international). 3. “Bohemian Rhapsody”, $15.7m ($45.5m international). 4. “Instant Family”, $14.7m. 5. “Widows”, $12.3m ($2.8m international). 6. “The Nutcracker and the Four Realms”, $4.7m ($6.7m international). 7. “A Star Is Born”, $4.3m ($5.5m international). 8. “Overlord”, $3.8m ($2.6m international). 9. “The Girl in the Spider’s Web”, $2.5m ($2.8m international). 10. “Burn The Stage: The Movie”, $2.3m ($5.2m international). Estimated ticket sales for Friday through yesterday at international theaters (excluding the US and Canada), according to comScore: 1. “Fantastic Beasts: Crimes of Grindelwald”, $191m. 2. “Venom”, $55m. 3. “Bohemian Rhapsody”, $45.5m. 4. “Dr Seuss’ The Grinch”, $9.4m. 5. “A Cool Fish”, $8.1m. 6. “The Nutcracker and the Four Realms”, $6.7m. 7. “A Star Is Born”, $5.5m. 8. “Burn The Stage: The Movie”, $5.2m. 9. “Intimate Strangers”, $4.6m. 10. “Detective Conan: Zero the Enforcer”, $2.8m.

NOTICE Notice is hereby given that MERLINE NOEL of Nassau Village, 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 19th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE Notice is hereby given that Billy TheophaT of Marsh Harbour, Abaco, Bahamas 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 19th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE Notice is hereby given that DeANGELO ALBURY LIGHTBOURNE of Holmes Rock, P.O. Box F-40191, Grand Bahama 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 12th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas