12052017 business

business@tribunemedia.net

TUESDAY, DECEMBER 5, 2017

$4.25

Baha Mar sale meets December 1st deadline

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA Mar’s sale to Chow Tai Fook Enterprises (CTFE) was completed by the December 1 closing deadline, Tribune Business has been informed.

The $4.2 billion project’s purchase from the China Export-Import Bank was confirmed by sources close to the situation, although Baha Mar officials could not be reached for comment. This newspaper understands that a press statement confirming the deal’s closure was supposed to be issued,

but nothing was received before press time last night.

Meeting the December 1 deadline was critical, as failure to hit it would have seen the tax breaks and incentives - originally granted by the former Christie administration to the China Export-Import Bank - fall away.

The previously-sealed ‘Heads of Terms’ for Baha Mar’s construction completion, disclosed earlier this year, revealed that CTFE’s purchase closing deadline had been extended to December 1, 2017, from November 22,

SEE PAGE 5

$4.29

$4.50

$4.46

Bahamians warned: ‘Brace’ for 15-20% premium rises

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

ahamian businesses and households were yesterday warned to “brace” for insurance premium increases of up to 15-20 per cent as a result of the 2017 hurricane season.

Property and casualty insurers warned of potentially “significant” rate increases as reinsurers sought compensation for storm-related losses in the US and Caribbean, and adjusted their pricing to reflect the increased severity and frequency

* Insurers warn of ‘significant increases’ * Have no choice but to pass to consumers * Stems from $95bn storm season losses of hurricanes.

They added that they had ‘no choice’ but to pass these increased costs on to Bahamian consumers, but said rising premiums “shouldn’t be a shock to anyone” given the devastation inflicted elsewhere in the region by Hurricanes Irma and Maria.

Tom Duff, Insurance Company of the Bahamas (ICB) general manager, told Tribune Business: “The position right now, as far as

we can determine, is that reinsurers that typically provide cover to the Caribbean are most likely going to be looking for increases in their prices for providing catastrophe coverage.

“All the conversations we’re having so far is that the reinsurers that provide catastrophe coverage to the region, they are looking for significant increases in their charges. I wouldn’t like to put particular figures

on it as it’s still early in the negotiation process, but the reality is that as the cost of catastrophe cover is typically increased, we have to pass it on to the customers as that’s a major expense that has to be covered.

“I think that in general terms consumers need to brace and prepare themselves for rates to rise. Our costs are going up, and we

SEE PAGE 5

Grand Lucayan buyer must ‘put us back on map’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SELLING the Grand Lucayan to a “destination builder” is the only way to place Freeport “back on the tourism map”, a prominent hotelier warned yesterday, after the Government paused its own acquisition bid.

Magnus Alnebeck, Pelican Bay’s managing director, told Tribune Business that “whoever” acquired Freeport’s ‘anchor resort’ property needed to “bring the airlift with them” otherwise it would likely add one-two years to the city’s tourism recovery.

Mr Alnebeck’s comments are significant given that multiple sources yesterday informed this newspaper that the Toronto-based

* HOTEL NEEDS ‘DESTINATION BUILDER’ WITH AIRLIFT * WYNN ‘BACK IN GAME’; IN DEAL NEGOTIATIONS * GOV’T PAUSES OWN DEAL TO ‘MAKE SPACE’ Wynn Group was “back in the game”, and negotiating with Cheung Kong (CK) Property Holdings over a new, revised offer to purchase the Grand Lucayan.

Several contacts said that as a result the Minnis administration has placed its own takeover offer on hold, in the hope that Wynn or another private investor will successfully conclude a deal with Hutchison Whampoa’s real estate arm, thus limiting the taxpayer’s potential financial exposure.

The Government’s seemingly revised strategy was yesterday challenged by several observers,

with some suggesting that Freeport’s economic deterioration means “time has run out” to re-open the Grand Lucayan, while others questioned whether Wynn is the ‘best fit’ for the property.

Mr Alnebeck’s comments feed the latter concern, with the Pelican Bay chief suggesting that “the very best we can hope for” is a ‘soft opening’ of the Grand Lucayan in fall 2018.

Arguing that the peak winter 2017-2018 season was lost, he said: “It’s pretty grim at the moment to be honest with you.

“This winter season is gone. That is gone. The

A VIEW of the Grand Lucayan resort in Freeport, Grand Bahama. very best we can hope for is a soft opening next autumn.

It’s going to be interesting to see how we rebuild.”

Given the tourism industry’s steep decline since the

Grand Lucayan’s post-Hurricane Matthew closure in October 2016, Mr Alnebeck said the purchaser of Freeport’s ‘anchor property’ had to be an entity with a

“proven record” of building destinations from scratch.

“It’s easier to rebuild something that’s a little bit

SEE PAGE 4

GOV’T TARGETING ‘FISCAL RULE’ GOV’T EYES ‘CONTINGENCY LEGISLATION BY MARCH 2018 BONDS’ FOR STORM FUNDING

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

1 CANAl BeACh

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ASKING $3,495,000.

WEB: 31806 Richard.Sawyer@SIR.com 242.424.9792

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Member of The Bahamas MLS

THE Government will introduce legislation for ‘fiscal rules’ in February/March 2018 to prevent “runaway spending”, the Deputy Prime Minister said yesterday.

K P Turnquest said the Minnis administration was committed to introducing the legislation in time for the 2018-2019 Budget cycle.

Speaking at a fiscal policy workshop hosted by the Inter-American Development Bank (IDB) and the Government, he said: “We have already had the IMF, through its CARTAC Caribbean help desk, come and do an assessment for us to look at some of the restraints that we have.

“Working with all of these

multilateral agencies, we hope to come up with a set of rules that will be progressive but gives us the flexibility to do what we need to do locally to ensure that our growth agenda is not derailed.”

Mr Turnquest added: “The Bahamas has gone through a very steep increase in our debt over the last couple of years, and our fiscal deficit continues to be at a level that is unsustainable. Even with the introduction of VAT we continue to run a fiscal deficit that is unsustainable.

“We have committed to introducing a fiscal rule before the next Budget cycle to help us in not only locking in savings and programmes we have initiated, but to help us to control expenditure and the growth of our expenditure over the

SEE PAGE 3

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE government is exploring “contingency bonds” as a means of providing emergency funding for major hurricane-related catastrophes, the Deputy Prime Minister said yesterday.

K Peter Turnquest, speaking at a fiscal policy workshop hosted by the Inter-American Development Bank (IDB) and the Government, said the Government had renewed the Caribbean Catastrophe Risk Insurance Facility (CCRIF) policy and was also exploring other mechanisms to help finance post-hurricane restoration efforts.

“We re-enlisted with the Caribbean Catastrophic

Insurance fund last year, which provides us with a bit of a back stop,” he said.

“We are talking with our partners in the Caribbean, as well as in the Pacific, about contingency bonds; about blue bonds, green bonds, as a way of providing some contingency funding in the event we have a major catastrophic event.”

Mr Turnquest stressed that the Government is committed to the restoration of Ragged Island, and transforming it into the first totally ‘green island’ in the Caribbean. “The Government of the Bahamas is committed to the citizens and residents of the Bahamas, and ensuring that they have equal access to the best infrastructure available,” Mr Turnquest

SEE PAGE 3

PAGE 2, Tuesday, December 5, 2017

THE TRIBUNE

CIBC GAINS ‘BANK OF THE YEAR’ AWARD BAHAMAS NOT EXPLOITED CIBC FirstCaribbean International Bank has attributed its second consecutive ‘Bank of the Year’ prize to its adoption of innovation and efficiency.

CIBC’s Bahamas managing director, Marie Rodland-Allen, accepted the award on the bank’s behalf at the 18th annual ‘Bank of the Year’ Awards, which are organised by The Banker, an international financial magazine owned

by The Financial Times.

CIBC said the award was the seventh time it has received the honour in the last 11 years. Award winners in each category must “demonstrate resilience in their balance sheets and finances, and trail-blazing achievements in areas such as overall strategy, success in multichannel banking, and financial inclusion”. This year, financial institutions from 141 countries were recognised with various honours.

CIBC said its winning submission included upgrades to the company’s

DATA FROM 100M VISITORS

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

MARIE RODLAND-ALLEN (centre), managing director of CIBC FirstCaribbean International Bank for the Bahamas and Turks and Caicos, accepts the ‘Bank of the Year – the Bahamas’ award from executives of The Banker magazine.

Photo courtesy of The Banker magazine Mobile Banking app and Internet banking platform, which enable clients to conduct transactions and monitor their accounts 24 hours per day.

It also enhanced its ABM machines with chip and PIN technology, and expanded the network for more client convenience.

Mrs RodlandAllen also pointed

to the ongoing training that is helping CIBC FirstCaribbean enhance customer service.

“The bank remains committed to ensuring our employees’ personal and professional successes are among our top priorities,” she said.

“We made considerable investments in training for staff this year through our

innovative CIBC FirstCaribbean online learning portal, and through faceto-face interactions.

“Providing our employees with the tools and resources they require for exceptional customer service continues to set us apart from our competitors and remains a key factor in our success,” said Mrs Rodland-Allen.

A FORMER tourism minister yesterday said the Bahamas must use visitor data to assess trends and make better “business decisions”, adding: “We haven’t used it to the degree we should have”.

Vincent Vanderpool-Wallace, founder of the Bedford Baker Group, speaking as KPMG launched its Centre for Excellence said captured visitor data should be used to guide decision-making in the sector.

“Over the last 30 years you have 100 million people come to the Bahamas, and these people provide us with more information on themselves than any company could possibly get because they provide the information at the border,” said Mr Vanderpool-Wallace.

“When you start with that alone we have such

a wealth of data that can now begin to yield us the kind of information which could be used in guiding decision-making. There is no country on earth that potentially has that kind of information.”

He added that data could be used to look at trends in the sector and allow for ‘business decisions’ to be made.

“Just looking at data by itself it doesn’t have much value,” Mr VanderpoolWallace said.

“You need people who understand tourism to know what is noise and what is good information.

You have to separate noise from knowledge in order to make the right kinds of decisions.

“It’s like an oil well yet to be tapped. We haven’t squandered anything, we haven’t lost the information, we just haven’t used it to the degree we should have been, but I think the opportunity hasn’t been lost at all.”

Sterling names ex-minister to head new advisory unit DAVID Kosoy’s Sterling Global Financial has named a former Cabinet minister to head its newly-created

advisory arm. The real estate development financier has appointed Khaalis Rolle, ex-minister of

state for investments, to lead Sterling Global Advisors, which will provide clients with structuring,

management, banking, finance and operational services.

Sterling’s latest expansion follows last year’s launch of its Sterling Bank & Trust (Bahamas) unit. “The new advisory firm will allow the firm to consolidate and provide a more strategic focus on a component of its business which was previously viewed as valueadded for existing clients,” said Mr Kosoy, Sterling’s chairman.

“Sterling Global Financial has largely built its reputation and singular positioning by responding to needs for financing ranging from high-end homes, commercial shopping centres, luxury condo developments, private islands and resort developments,” said Mr Rolle, who currently serves as Sterling’s senior executive vice president.

The former minister, who will become Sterling Global Advisors’ managing director, added: “The creation of Sterling Global Advisors expands the role we serve with clients and investors by providing guidance, direction and, in some cases, operations management skills.

“This will allow us to take on new roles that we have the skill sets for, including advising on private placement offerings, consulting and advising governments and quasi-government entities, and for-profit and not-for-profit institutions.

This will strengthen Sterling in important ways by creating a sustainable path for our continued growth through the expansion of

KHAALIS ROLLE has been appointed to lead Sterling Global Advisors. our relationship with new and existing clients in the Bahamas, North America and beyond.”

Many of the projects that Sterling finances, or assists with financing, are in the Bahamas. They include ONE Cable Beach’ THIRTY-SIX on Paradise Island; Courtyard by Marriott in downtown Nassau; the Ocean Terraces on West Bay Street; Matt Lowe’s Cay, Abaco; and Sky Beach Estates, Eleuthera.

“We have been growing slowly, steadily since our founding a decade ago,” said Mr Kosoy, who has spent his life in real estate funding and development.

“Launching Sterling Global Advisors strengthens our growth potential, and provides an enhanced and important role in key projects.

“We are taking this strategic step now to further position Sterling to take advantage of the tremendous economic

opportunities across our various business sectors.

We could not find a better person to head Sterling Global Advisors than Khaalis Rolle.”

Mr Rolle has served as Sterling’s senior executive vice-president since June 1, 2017, and is a former two-term chairman of the Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC).

Mr Kosoy added that Sterling will shortly be making additional announcements regarding “exciting new projects, initiatives and partnerships consistent with our medium to long-term growth strategy”.

Sterling, with headquarters on East Bay Street, has $9 billion under administration or asset management.

In 2016, it opened Sterling Bank & Trust (Bahamas), and operates one of the oldest trust companies in Cayman with worldwide clients.

THE TRIBUNE

Tuesday, December 5, 2017, PAGE 3

NOTICE

IDB EXECUTIVE WARNS OVER GOV’T SPENDING

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net

GOVERNMENT spending creates jobs “only up to a point”, a top InterAmerican Development Bank (IDB) executive said yesterday, noting that studies have shown it reduces economic growth.

Therese Turner-Jones, the IDB’s Bahamas country manager, said: “Everyone has a notion that government’s responsibility is to create jobs, and government spending creates jobs, but only up to a point. We know that based on studies government

spending can be deleterious to growth. “It sounds counter-intuitive but government spending tends not to be either well-targeted or is only going to wages and salaries of public servants. These are the two main items on the public’s Budget; wages/salaries and debt servicing.”

Mrs Turner-Jones continued: “Where we would like to see government spend more money is on the capital side.

A part of the idea of ‘fiscal rules’ is to say: ‘Let’s not have debt-to-GDP over 60 per cent of GDP in any one given year’.

“I think we have to be careful how we view government

spending. The Government is there to provide the environment in which the private sector should thrive. Government provides core services for its citizens.”

K Peter Turnquest, Deputy Prime Minister and minister of finance, expressed confidence that the Minnis administration is on the right path to correcting the Bahamas’ fiscal imbalances. “I feel confident that we are on the right path overall to correct our situation, increase our credibility in the international community and the rating agencies, and we have some fundamentals in the economy that are showing

signs of productivity that will help us to achieve our overall consolidation efforts and help us to improve the economy,” he said.

“At this point I believe our fundamentals are good, our prospects for the medium term are good, based on our book of investments, both domestic and international.

We hope for the best.”

NOTICE is hereby given that KENDSON METELLUS of Woods Alley, off Market Street, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

CONSUMER COMMISSION SEES COMPLAINT INCREASE

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Consumer Protection Commission’s (CPC) chairman yesterday said it was working “expeditiously” to resolve a significant increase in public complaints.

Philip Beneby said the CPC has raised its public education and awareness efforts in recent months, which he credited for the rise in consumer complaints. He added that the Commission is expected to ramp up its education efforts in the New Year, pointing out that consumers can file complaints via the Commission’s website.

“We have seen a spike in complaints on services from vendors. There has definitely been a spike in the number of complaints coming in, and they are coming from all sorts of areas in the community. We are trying to address

them as expeditiously as possible,” said Mr Beneby.

“The CPC has been rather dormant since 2006, when it was constituted. Now that some attention is being given to it, now that we have an active Board and we are addressing consumer complaints, more persons are reaching out to the Commission. We believe that the more responsive we are to consumer complaints, the more the word will get out.”

Mr Beneby said the CPC has received several inquiries regarding Royal Bank of Canada’s (RBC) move to digital banking, after it announced several changes that will be implemented in January.

Deposits and transfers to other RBC client accounts, with the exception of RBC FINCO clients, will no longer be accepted over the counter as of January 2. Fast deposits will no longer be available as of January 15; and as of

January 31, wire transfers will not be processed over-thecounter and standing orders for credit card payments will be discontinued among other things.

Instead, the bank has advised customers to use its ATMs to deposit cash or cheques, and its mobile app to pay bills, credit cards, transfer funds, send wire transfers, cheque credit card balances and make payments to other RBC clients.

RBC has also announced it is ending certain services for non-clients. This includes cheque cashing, bill payments, taking deposits or exchanging foreign currency.

“We have had several inquiries regarding what we would do, or what our response would be,” said Mr Beneby.

“We are not prepared to state an official position yet.

We will probably have an official position on that next week.”

BAHAMIAN’S TECH START-UP UPGRADES ANTI-CRIME TOOL A FINANCIAL technology start-up created

by Bahamian born E. Jay Saunders has upgraded its crime-fighting program with the addition of new capabilities.

Domus Semo Sancus’ (DSS) said its SafetyNet Safe City, a version of its award-winning Enhanced Due Diligence Cognitive Search and Crime Prevention Tool SafetyNet, had added upgrades to its underlying image recognition and analysis engines which powers SafetyNet Safe City’s facial search tool.

With these enhancements, it said SafetyNet Safe City is able to: * Detect and recognise text in images. * Conduct real-time facial recognition within datasets of tens of millions of images. * Detect and recognise up to 100 different

persons simultaneously within a single image. * Locate, identify and track persons within realtime video, even if their faces are not visible throughout the video, or even if they go in and out of the field of view.

SafetyNet Safe City’s Facial Search tool is designed to enable law enforcement to identify “multiple persons-of-interest against a collection of millions of facial images from our ever-growing high-risk database in near real-time”.

Rohit Trivedi, DSS’ head of technical development, said: “The new features that we’ve made available today provide the law enforcement community with the latest and greatest in machine learning and visual analysis, thereby allowing them to minimise the time between the detection of a crime and the solving of it.”

GOV’T TARGETING ‘FISCAL RULE’ LEGISLATION BY MARCH 2018 FROM PAGE 1 medium to long-term.”

Mr Turnquest said government spending has traditionally grown during election years, and added: “That is a situation that results in potentially short-term gains but long-term pain for the Bahamian people.

“We want to look at putting in rules that will limit the growth in expenditure from year to year, which will prevent that kind of runaway spending for selfish gain. We are looking at targets of debt-to-GDP. We want to look at targets with respect to wages as a percentage of GDP so that we bring ourselves in line with good practices and country norms.”

Therese Turner Jones, the IDB’s Bahamas country manager, said: “One of

the main reasons behind a fiscal rule is to embed some discipline in the Budget process, but also to create some transparency around the Budget; to have expectations around what a government will and will not do.”

She said that Jamaica is the only country in the Caribbean to have adopted a ‘fiscal rule’ thus far, and added that it does not tie the hands of government.

“There are escape clauses so, in the event of of some natural disaster, there is a way to suspend the target for two years,” Mrs TurnerJones said.

“There is flexibility built into the rule, but we want to keep it simple so that everyone understands how it works. That helps provide an environment where there is predictability in the policy response of the Government.”

GOV’T EYES ‘CONTINGENCY BONDS’ FOR STORM FUNDING FROM PAGE 1 said. “We recognise that storms are getting stronger, there is sea water rise and we have to consider our overall long-term planning. The Government is committed to helping rebuild that island [Ragged Island] in a smart, green way. We are in dialogue with the Carbon War Room

to provide technical skills, design, as well as financial help to make that happen.

“We are committed to the extent our resources allow us to make Ragged Island a model of sustainable building. We will be looking at building codes to determine where we allow people to build, and building up to 200 mile per hour capacity, so that we can can face these super storms.”

“We want to ensure that our law enforcement customers are able to focus on the things that matter – solving crimes and saving lives – and that’s why we’ve worked hard to make these enhancements available free of charge, and without the requirement for an IT department to roll them out,” added Mr Saunders.

MARKET REPORT MONDAY, 4 DECEMBER 2017

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

BISX ALL SHARE INDEX: CLOSE 2,070.55 | CHG 0.01 | %CHG 0.00 | YTD 132.34 | YTD% 6.83 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.77 0.16 5.60 8.60 6.30 5.30 13.50 2.59 1.60 6.01 10.55 11.00 4.50 7.25 12.51 11.00

52WK LOW 4.06 17.43 8.19 3.50 1.09 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.75 3.35 6.61 12.01 10.00

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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS 52WK HI 2.10 3.98 1.97 176.30 149.66 1.52 1.69 1.61 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.31 17.43 9.09 3.70 1.09 0.15 3.70 8.60 6.10 4.93 9.01 2.63 1.51 6.01 10.55 6.29 4.49 7.01 12.50 10.00

CLOSE 4.31 17.43 9.09 3.70 1.09 0.15 3.70 8.60 6.10 4.93 9.01 2.65 1.51 6.01 10.55 6.29 4.49 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

108.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

108.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund 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

VOLUME

150

VOLUME

NAV 2.10 3.98 1.97 176.30 149.66 1.52 1.69 1.61 1.09 6.97 8.00 6.25 10.96 11.60 10.08

EPS$ 0.444 0.932 -0.223 0.540 -1.220 0.000 -1.462 0.611 0.583 0.196 0.631 0.102 0.392 1.217 0.729 0.484 0.310 -0.668 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.500 0.000 0.120 0.140 0.580 0.000

P/E 9.7 18.7 N/M 6.9 N/M N/M -2.5 14.1 10.5 25.2 14.3 26.0 3.9 4.9 14.5 13.0 14.5 -10.5 23.0 0.0

YIELD 1.86% 6.48% 0.00% 6.22% 0.00% 0.00% 0.00% 3.49% 3.61% 2.43% 6.33% 2.26% 3.31% 4.83% 4.74% 0.00% 2.67% 2.00% 4.64% 0.00%

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 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

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

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

YTD% 12 MTH% 3.29% 4.48% 1.69% 2.22% 1.77% 2.42% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017

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

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PAGE 4, Tuesday, December 5, 2017

THE TRIBUNE

Grand Lucayan buyer must ‘put us back on map’ FROM PAGE 1 alive as opposed to dead,” he told Tribune Business. “Whoever come in has to have the contacts to come in with the flights, charter flights and distribution channels, because by then we will have been off the map for two years.

“We don’t really have any tourists any more. There are very few tourists around in Grand Bahama. We [Pelican Bay] are surviving fine on corporate business and the Grand Bahama Shipyard. If you look at the room nights for hotels that are open, the Shipyard probably represents 60 per cent for the last three-four months.”

Mr Alnebeck said the Grand Celebration’s return to Grand Bahama on December 24, on a a three-year contract, would help to boost occupancies and business at properties such as Island Seas and the Lighthouse Pointe, the latter being the only part of the Grand Lucayan that remains open.

The Grand Celebration’s owner, Bahamas Paradise Cruises, has also committed to bringing

another vessel to Grand Bahama from April 2018, but Mr Alnebeck said much depended on the Grand Lucayan’s ultimate buyer if the island’s tourism industry is to successfully rebuild.

“It’s going to need somebody who can bring the airlift with them, and that’s why I believe somebody like Sunwing/TUI are the best people interested who could do that,” he told Tribune Business.

“Getting a brand who negotiates with scheduled airlines, and gets them interested, is going to add one to two years to it. It’s not a Nassau scenario where you have a mature destination and scheduled airlift coming in.”

Mr Alnebeck said commercial airlines, such as Spirit and Jet Blue, would not commit to providing airlift to Grand Bahama until they knew the new owner’s identity and its business strategy.

“They will say: ‘Come back when you have something to tell us’,” Mr Alnebeck said. “Whoever get their hands on that [the Grand Lucayan] has to be someone with a proven track record of being able

to build not only a resort but a destination.

“The best case scenario is that we are back running by the next winter season if a deal happens very soon, but we have lost several months already, which is part of the problem.”

Memories’ all-too-brief success was based on the fact it was part of a vertically-integrated group, which provided both airlift (Sunwing) and sales/distribution through the parent, TUI. This enabled the group to better control costs and margins, something that is critical to ensuring sustainable profitability in the Bahamian tourism industry.

A standalone buyer such as Wynn, though, would have more work to do in securing the necessary airlift.

The Pelican Bay chief expressed concern that Freeport’s depressed economy was becoming deeply ingrained in the psyche of Grand Bahama residents.

He explained: “The scary thing is we are now almost 14 months after the Hurricane Matthew, so it’s almost mentally accepted as the new normal. It’s 14 months that we have been

battling this. Let’s hope that our government realises the need to try and get this moving as soon as possible.”

The Prime Minister had pledged in his July national address that work to reopen the Grand Lucayan would begin in August, with the Government prepared to take an equity stake in the resort’s purchase to ensure its swift opening.

Such work has yet to start, while multiple sources yesterday told Tribune Business that the Government had paused its effort to purchase the resort - a temporary “bridging” move it had sold as essential to get Freeport’s economy moving and re-employ Bahamians.

It had compared the move to the US and UK government ‘bail outs’ of the auto and banking industries, but it is understood to have stepped back to avoid getting in the way of the Wynn Group’s negotiations.

The Toronto-based real estate developer emerged as the ‘front-runner’ to acquire the Grand Lucayan under the former Christie administration, having agreed a $110 million deal in principle with CK Property Holdings.

Wynn, though, was unable to seal the deal, with the Minnis administration sceptical about whether it had the necessary financing, and cool towards the level of government subsidies it was seeking.

A key government objective is to wean Grand Bahama/Freeport’s tourism industry off multi-million dollar taxpayer subsidies, and create a sustainable, profitable destination that can stand on its own.

Wynn withdrew its initial offer and sought to recover its deposit, but re-emerged months later with a revised offer that has now become the leading contender to resolve the Grand Lucayan impasse.

“It appears Wynn has sufficiently altered their offer this time around to make it quite attractive for Hutchison and the Government,” one source familiar with developments told Tribune Business.

“Wynn in all truth has never left. It was a matter of them coming back and making some modifications to the offer they made initially, and seeing if there’s

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any interest. I think there is a commitment to move this forward rapidly.”

The source, speaking on condition of anonymity, added that Wynn had provided its financing sources to prove it ‘has the money’.

The Canadian group was now exchanging offers and counter-offers with CK Property Holdings, in a bid to reach agreement on the purchase.

Emphasising that no deal had been sealed yet, the source said: “It’s getting closer and closer, but until it is signed we don’t have anything. The Government is aware speed is of the essence here, so they’re making sure Wynn or whoever is next in line puts something forward that is acceptable to both the Government and the vendor.

“I think it’s pretty close in being able to come to some conclusion. I think we will find out how close they are this week, and whether it will conclude in a reasonable period of time.”

Should Wynn and CK Property Holdings seal a sales agreement, the former will likely be granted a 60-90 day period to conduct enhanced due diligence and then close the transaction.

Tribune Business sources said the Government was making sure that work was “starting ahead of time” in providing the necessary approvals from its side, should a Grand Lucayan sale be concluded, given the urgency for Freeport’s economic well-being.

One contact, suggesting that other private investors were also interested, said: “As in all these things, there are a number of people coming around and kicking the tyres, and seeing what the possibilities are.”

They added that the Government had ‘stepped back’ from its purchase offer in the hope that Wynn, or another investor group, would consummate a transaction.

“The Government is only in the game if no private investor is found,” the source said. “That is the last resort. They’d rather have someone like Wynn moving along with it with an operating company that can develop a sustainable operation.

“The Government has spent a great deal of time looking at what the acquiring company is asking for, so we don’t find ourselves in a situation where Hutchison says ‘yes’ and the Government says ‘no’. We are getting close, and are hoping this is the last go around for this.”

Wynn’s renewed involvement brought mixed reactions.

One Freeport-based businessman, speaking on condition of

anonymity, said the Government was ‘out of time’ in waiting for a private purchaser due to the ongoing business closures and jobs losses in the Port Lucaya Marketplace and elsewhere.

“Port Lucaya is losing tenants by the day. It’s getting very serious. Government is going to have to take some serious steps,” they told Tribune Business.

“This [the developments with Wynn] are wonderful, but time is flying by.

We need action. Hutchison could stretch this out for another three months. It’s a disaster in the making.

Most of our condo and winter resident people are coming back this winter.

“The hotel can’t open before June anyway, and this will have dire results for Freeport. The situation is getting more and more critical.”

The closure of the Grand Lucayan’s Breaker’s Cay property, and much of the Lighthouse Pointe section, together with Memories subsequent pull-out has deprived Grand Bahama of more than 1,000 hotel rooms - around 59 per cent of its inventory.

The post-Hurricane Matthew hotel closures, and loss of hundreds of jobs, have had a devastating effect on Freeport’s economy and society Other observers familiar with the Grand Lucayan situation questioned whether Wynn was the ‘right fit’ for the Grand Lucayan, given that it would act as a real estate owner and have to contract hotel brands to manage the resort and generate airlift.

Wynn’s previous plan called for the construction of one-two new hotel towers. It had also been talking to AM Resorts as a potential operator for the Grand Lucayan.

AM Resorts owns and operates numerous resorts in Punta Cana, Mexico; Montego Bay, Jamaica; and the Dominican Republic via five-six different brands, and is part of a vertically integrated resort/ leisure company due to their ownership of vacation wholesalers and affiliation with the Apple Leisure Group.

However, one observer said of the proposed deal with Wynn: “The bottom line is there’s no point in simply buying the hotel.

“It’s a lateral move. It’s not advancing the dynamics of Grand Bahama at all.

It’s not going to remodel the paradigm, redevelop the Grand Lucayan as a hub, transform it into an entity that will put people back to work. You’re just going to move the problem laterally.”

THE TRIBUNE

Tuesday, December 5, 2017, PAGE 5

Bahamians warned: ‘Brace’ for 15-20% premium rises FROM PAGE 1 have to pass them on to consumers. I think we’ll see a significant increase. Most insurers will be anticipating a level of increase, and will be factoring it into their December results.”

Mr Duff was backed

by Timothy Ingraham, Summit Insurance Company’s president, who told Tribune Business that Bahamian property and casualty insurers would get a better understanding of the extent of reinsurance price increases over the next fortnight.

Based on preliminary feedback, he suggested Bahamian businesses and households needed to ready themselves for increases that could be material.

“It’s tough to say,” Mr Ingraham said, “but most reinsurers are saying 15-20 per cent increases in areas which didn’t have a loss in the recent storms this year.

That’s the initial comments.

“What it ends up being at the end of the day, I couldn’t say. We’ll have to wait and see what happens.

Obviously, from our perspective, we hope it’s not quite that high. For some of those areas hit [in the 2017 hurricane season], they will be be looking at 100 per cent increases, so hopefully we will be on the lower end rather than the high end.

“The three storms, Harvey, Irma and Maria,

BAHA MAR FROM PAGE 1

2017. This was done via a letter signed by Creswell Sturrup, then-permanent secretary in the Prime Minister’s Office, which was attached as an amendment to the ‘Heads of Terms’.

Bradley Roberts, the former PLP chairman, used the Baha Mar deal’s closing to justify the former administration’s strategy in allying with the Chinese - China Export-Import Bank and the project’s main contractor, China Construction America (CCA) - to remove the original developer, Sarkis Izmirlian.

Arguing that the former government “had the right policy and vision for Baha Mar”, Mr Roberts said in a statement: “With the casino hotel and SLS already open, Bahamians can look forward to the opening of the Rosewood brand, which has committed some $50 million into that project alone. “With thousands of Bahamians already employed and scores of contractors engaged, this means thousands more jobs for Bahamians, contractors, and service providers. In CTFE of Hong Kong, Baha Mar is now owned by a world-renowned developer of highly successful luxury hotels, and an owner with the financial capacity to market, develop and grow this magnificent property called the ‘Riviera of the Caribbean’ into the envy of the world.”

Mr Roberts’ statement is unlikely to end the questions surrounding the

and the two Mexican earthquakes, caused total insured losses of $95 billion, so a lot of pain is being felt by reinsurers and some insurers as well.”

Bahamian property and casualty insurers typically purchase and seal reinsurance contracts towards the end of the calendar year, ensuring they have sufficient protection for the following 12 months.

As a result, the industry is only now gauging the extent of the cost increases that it will largely have to pass on to Bahamian consumers.

Even a 15-20 per cent increase in local insurance premiums will concern policymakers as well as the industry, given that such a rise could price catastrophe coverage - a necessity in the hurricane-prone Bahamas out of reach of a significant segment of the population.

This, in turn, could expose the Government and Bahamian taxpayer to increased post-storm restoration costs if more home and business owners do not possess property and casualty insurance. Hurricane recovery will thus become more protracted, creating a further drag on an alreadystruggling economy.

And, for those still able to afford insurance cover, the increased premiums mean less disposable income for business investment or consumer spending. former government’s decision to turn against Mr Izmirlian and his Chapter 11 bankruptcy petition, which the former PLP chairman argued would have resulted in the mega resort project still being closed had it been allowed to play out.

CTFE, the Hong Kongbased conglomerate controlled by the Cheng family, committed in its Baha Mar ‘Heads of Agreement’ to incur “acquisition consideration, pre-opening expenditures and operating losses and capital spending of at least $2 billion”.

It has already achieved one ‘milestone’ in ensuring the SLS property was opened by December 1, while the ‘Heads of Agreement’ also relieved CTFE of the obligation to “fund all public infrastructure costs outside the boundaries of the project necessary for a world-class resort, in addition to providing for waste treatment or backup electric power and water desalination facilities”. These obligations had been imposed upon Mr Izmirlian.

It also remains to be seen whether the Government will meet the December 31, 2017, targets to address the New Providence landfill, Bahamas Power & Light’s (BPL) energy supply issues, and the Water & Sewerage Corporation’s provision of a waste treatment facility to CTFE and Baha Mar’s satisfaction. Failure would relieve the latter, at least temporarily, from its own ‘Heads of Agreement’ commitments.

NOTICE IN THE ESTATE OF SUZELLE MARIE FRANCES GERMAINE ROULEAU of 3759 Rue Gabrielle Vallée, in the Province of Québec, Canada, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having any claim or demand against the said Estate are required to send the same to the undersigned on or before the 4th day of January, A.D. 2018 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 5th day of December, A.D. 2017 CALLENDERS & CO. Chambers, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

Global reinsurers tend to treat the Caribbean as a single market, grouping the Bahamas with the entire region and Florida, which means insurance premiums here are not immune from the impact of Irma and Maria’s Category 5 winds.

Mr Ingraham suggested reinsurers were still determining the severity of their losses and payouts, given that the three hurricanes and Mexican earthquakes had occurred towards the end of the year.

“I just had a conversation yesterday with our brokers, and was commenting on how slow the pace has been this year in getting quotes back from the reinsurance market,” he told Tribune Business. “It’s been one of the slowest years for a while.

“We’re still waiting, and anticipate a mad scramble in December to get this done. We’re sitting on our hands, waiting to see where this all goes. In the next two weeks, we anticipate things will start heating up quickly and we will start to see

some pricing coming back from the market.”

Reiterating Mr Duff’s warning to “brace”, the Summit Insurance chief added that the Bahamian insurance industry would do its best to minimise the property and casualty premium increases passed on to consumers.

“The local insurers will do their best to contain the increase as much as possible,” Mr Ingraham said, “but I would say to clients to expect some increase.

Talk to your agent, look at the options to soften the impact as much as possible.

We’re hoping this is not a large increase, but it’s very much out of our hands.

“A lot of numbers are thrown out, and it may be in the heat of the moment.

Many reinsurers are waiting to see how their losses develop; do they go higher, or lower, than expected.

But given the [hurricane] activity we’ve had in the region, it shouldn’t be a total shock to anyone that their insurance premiums might go up this year.”

While the Bahamas largely escaped Irma and Maria (Ragged Island, Inagua and Acklins excepted), Mr Duff said this nation had incurred “a run of significantly high losses” as a result of Matthew in 2016 and Joaquin the year before.

Bahamian insurers have not choice but to purchase huge quantities of reinsurance annually, as their multimillion dollar capital bases pale into comparison to the multi-billion dollar risks they underwrite. This effectively makes them a ‘price taker’ from reinsurers, which cover the bulk of these risks.

Mr Ingraham described the sector as “resellers”, adding: “We get charged a price and, like any retailer, we have to look at it and see what our selling price will be.”

Giving a more technical explanation, Mr Duff said: “The reality is that if you insure your home, a very substantial part of the insurance cost is the cost

the insurer has to pay to purchase catastrophe protection from reinsurers.

“This is how the market works. Many insurers give away a proportion of the rate to reinsurers, and the reinsurer pays a portion of the claim in proportion to the premium received.

That’s the first line of defence.

“In regard to insurance retention, the bit of the premium the insurer keeps, that has to be protected by catastrophe excess of loss coverage to protect the balance sheet,” Mr Duff added. “When that cover rises, it has to be met with premium increases as it’s a major cost.

“The majority of our costs is the cost of catastrophe protection. It’s a simple fact of life. Most Bahamian insurers, like Caribbean insurers, don’t have the capital base to write risks on their own account. We have to protect the capital base, and the only way to do that is purchase catastrophe reinsurance. That comes at a price.”

PAGE 6, Tuesday, December 5, 2017

THE TRIBUNE

THE TRIBUNE

Tuesday, December 5, 2017, PAGE 7

NOTICE

NOTICE is hereby given that DIERUNE JOSEPH of Minnie St., P.O. Box N10326, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that CLARISE JEAN-LOUIS of Key West Street off Balfour Ave., New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

BELOS LTD N O T I C E IS HEREBY GIVEN as follows: a) BELOS LTD 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 30th November, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 05th day of December, A. D. 2017 _________________________________ Octagon Management Limited Liquidator

INTERNATIONAL BUSINESS COMPANIES ACT, 2000 CRANE MOUNTAIN CONSULTING LTD. In Voluntary Liquidation NOTICE is hereby given that in accordance with Section 138(4) of The International Business Companies Act, 2000, CRANE MOUNTAIN CONSULTING LTD. is in dissolution.

The date of commencement of the dissolution was the 1st day of December A.D., 2017.

Mrs. Theodora M. Miller, P.O. Box EE-17971, Nassau, Bahamas is the liquidator of CRANE MOUNTAIN CONSULTING LTD. Theodora M. Miller Liquidator

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

Auya Inc.

In Voluntary liquidation “Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). Auya Inc., is in Dissolution.”

The date of commencement of dissolution is the 30th day of November, 2017.

Elba Bethancourt c/o of Villa Lucre, Residencial Boulevard Hill Calle Peregrina No. Ep-29 Panama, Republic of Panama Liquidator

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

Nashville Management Ltd. In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). Nashville Management Ltd., is in Dissolution.”

The date of commencement of dissolution is the 30th day of November, 2017.

Elba Bethancourt c/o of Villa Lucre, Residencial Boulevard Hill Calle Peregrina No. Ep-29 Panama, Republic of Panama Liquidator