12282018 BUSINESS

business@tribunemedia.net

FRIDAY, DECEMBER 28, 2018

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AG ‘unaware’ of alternative non-profit bill

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE attorney general has revealed he was only made aware of alternative legislation to regulate Bahamian non-profits days before the current bill was due to be passed by Parliament.

Carl Bethel QC, pictured, told Tribune Business that he was never approached “at any stage” to look at the Civil Society Organisations Bill 2015, adding: “Consultation goes both ways.”

He disclosed that it was only brought to his attention by civil society groups as the Government prepared to move ahead with the Non-Profits Organisations Bill - a piece of legislation it has withdrawn for re-drafting and changes following consultation with the sector.

Mr Bethel said the Government is now seeking to incorporate the best elements of both bills into the revised legislation it hopes to return with to Parliament before the end of January 2019.

Although several nonprofit representatives have questioned why the Government ignored the Civil Society Organisations Bill, conceived under the former Christie administration, and instead drew up new legislation, Mr Bethel said the 2015 version focused only on a narrow range of groups.

Arguing that the Civil Society Organisations Bill

SEE PAGE 4

THE Government has been urged to “swiftly address the cries of our domestic economy” and its inefficient processes otherwise the financial services industry’s adjustment will be undermined.

Michael Maura, pictured, the Chamber of Commerce’s chairman, told Tribune Business that compliance with anti-tax evasion demands from the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) meant The Bahamas must develop “new domestic value” for its International Business Companies (IBCs).

He added, though, that it was currently difficult to see where this “value” will come from given the Bahamian economy’s challenges with bureaucratic approval processes, high energy costs and ever-increasing taxation - all of which threaten to erode this nation’s competitiveness.

Mr Maura warned that these negatives could thwart hopes that The Bahamas can encourage financial services clients impacted by the EU/ OECD-related reforms to establish a physical presence in The Bahamas and conduct real business operations from here - something that would lead to increased

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Govt ‘strained’ by first non-profit bill

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Government would have placed increased “financial strain” upon itself had it gone through with the initial Non-Profit Organisations Bill version, sector representatives warned.

Civil Society Bahamas (CSB), in a report to Carl Bethel QC, the attorney general, said the Government would have been forced to fill the vacuum created as a result of “devastating” legislation that would render many Bahamian non-profits “incapable of operating”.

The analysis of the original bill, which has been obtained by Tribune Business, warned: “The bill as

(CSOs) incapable of operating, which will increase the demand for public services on the executive branch which it is already finding challenging to deliver. This will not benefit anyone.”

With the Government cash-strapped from an $8bn-plus national debt that continues to grow, and still confronting a $415m deficit that it is trying to shrink to at least $237m to meet the Fiscal Responsibility Act’s requirements, it needs all the help it can get in meeting some of the necessary financial burden to address

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net FOX HILL’S MP “fell far short” of the evidence needed to persuade the Court of Appeal to halt her eviction from the Centreville property that housed the Crab House and Seafood Emporium.

Appeal Justice Roy Jones, in a December 18 ruling, found that Shonel Ferguson, pictured, had “given contradictory reasons” to support her argument that her company, Turtle Creek Investments, would suffer “irreparable harm and prejudice” unless the Supreme Court order for it to vacate

•...OR FINANCIAL SERVICES TRANSITION ENDANGERED •CHAMBER CHAIR: IBCS REQUIRE ‘NEW VALUE’ •BAHAMAS FOOD SERVICES EYES EXPANSION

employment and job opportunities for Bahamians.

“The new IBC regime, which satisfies a residency test and mitigates the BEPS (OECD’s Base Erosion and Profit Shifting initiative), it would seem will require some new domestic value to replace the advantages offered under the old IBC regime,” the chamber’s chairman told this newspaper.

“Where is this value going to come from? Notwithstanding the recent but few positive steps to remove Government business licence bureaucracy,

SEE PAGE 5

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

SEE PAGE 4

SEE PAGE 3

society’s needs.

But the Civil Society Bahamas analysis also warned that “many nonprofits (NPOs) will be unable to comply” with the Act’s original registration demands, especially given that it currently takes more than two years for the registrar general to register most entities.

“The registry does not have the capacity to register all the non profits in existence,” the report to the attorney general warned.

SEE PAGE 4

• Appeal court refuses Crab House stay • Shonel gave ‘contradictory reasons’ • Despite claim of ‘irreparable harm’ was stayed prior to the hearing of its full appeal.

Despite claiming that Turtle Creek’s appeal would be rendered pointless if the property’s alleged owner, Daybreak Holdings, was able to sell it prior to the appeal, Appeal Justice Jones said Ms Ferguson’s Supreme Court filings spoke “to a desire” for such a sale so that her company’s equity interest could be recovered.

Effectively finding that

Arawak Cay hits back at crime notice

the Fox Hill MP had not got her story straight, Appeal Justice Jones said there was no good reason to delay Daybreak Holdings and its principal, Donna Davis, from enjoying the benefits of their Supreme Court victory.

That ruling, delivered in writing by Justice Keith Thompson on November 20, required Turtle Creek

• Would have placed increased burden on itself • By making non-profits ‘incapable’ of operating • Sector’s society services faced cut-back drafted will have a devastating impact on the civil society organisation sector resulting in the reduction of services provided to the general public.

“It is generally accepted that these services ultimately reduce strain, financial and otherwise, on The Bahamas’ government, which cannot provide all of the services required to address all of the social issues of this country.

“So if Parliament, the legislative branch, proceeds with this bill as drafted it will render many civil society organisations

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ARAWAK Cay vendors yesterday hit back at a “double whammy” of crime warnings by accusing a major cruise line of “getting it all mixed up” and hurting their businesses.

Businesses at the popular Bahamian food and cultural hub pushed back against separate warnings by Royal Caribbean Cruise Line and the Canadian government that the Fish Fry is an area of “particular concern”as a crime hotspot and should be avoided by tourists.

Dwight Armbrister, proprietor of D’Waters Cafe, told Tribune Business that Royal Caribbean’s warning may be part of a deliberate strategy by the cruise line and its rivals to keep their passengers on-board in port and deter them from visiting Nassau.

“Sometimes the cruise lines get it all mixed up.

At Junkanoo beach some people carry the name ‘Fish Fry’ because they want to trap people right there,” he said.

“These incidents they refer to may not even be in this vicinity at all. We are very vigilant out here and the police are visible. If there are any incidents out here they are extremely rare, but they normally get Junkanoo Beach and Fish Fry mixed up.”

“That type of thing will hurt business. Sometimes the cruise lines are trying to get the guests to stay on the ship as long as possible, and we are trying to get them off.

When I was at tourism, as director of religious tourism that was a concern for us; how do we combat that?”

Terrell Johnson, a manager at Goldie’s, told this newspaper: “We don’t really have any problems on this

MP ‘far short’ on proof to halt eviction

Govt urged: ‘Hear cry of domestic economy’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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PAGE 2, Friday, December 28, 2018

THE TRIBUNE

BUSINESS STRATEGIES TO LAST A GENERATION E

ACH New Year brings with it a time of reflection for individuals and businesses alike. As 2018 is on its way out, small and medium-sized businesses must take the opportunity to examine the past year, with all its peaks and valleys, and plan for the upcoming 2019 with those lessons in mind.

Of course, business operations do not happen in a vacuum, and trends are always changing. Whether the changes are related to technology, marketing, finance or public policy, companies need to be aware of all these external factors as well as their own internal operations.

Today we focus on what global experts say will be critical for business success this coming year. Since the greater share of what businesses do is focused on the market, and those engaging the market, companies

BUSINESSES should analyse their work place and strive to look through the lends of the average “Generation Z’er”. that will win in the coming years must get serious about hiring and retaining millennials while turning their promotional efforts towards “Generation Z”.

There is not a serious business owner on the planet who is unaware of

the need to understand, and engage with, millennials. Born between 1981 and 1996, millennials are the largest generation in the global labour force, and have forced brands to reimage the products they sell and the talent they hire.

As we approach a new decade, however, millennials are quickly becoming old news. The new generation, Generation Z, are true digital natives and their preferences will dictate a company’s future prospects of success for years to come.

Born between 1997 and 2016, this group numbering hundreds of millions across the globe is expected to represent 40 percent of all consumers by 2020 and potentially influence trillions of dollars in family spending each year.

Savvy small business owners are already looking at this generation as a huge opportunity. Most “Generation Z’ers” are either still in high school or just entering college or the workforce. They are at that sweet spot where they are about to spend more for higher ticket items, but have not been consumers long enough to know what to buy. Businesses that

study and figure out how to strategically market to this generation could have a built-in customer base for years to come.

In addition to adapting marketing strategies, small businesses should also consider how they hire and engage talent as this young generation enters the workforce. “Generation Z’ers” (even more than millenials) will soon be the most skilled and technology savvy generation of workers. To prepare for these new hires, small businesses should analyse their workplace and strive to look through the lens of the average “Generation Z’er”.

Whether you are building a sales team or hiring technical talent, 2019 is the beginning of the “Generation Z” takeover in the workforce, and small businesses should be prepared.

• NB: Ian R Ferguson is a talent management and organisational development

IAN FERGUSON BY

consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@bahamas.com.

BISX lists ten more funds THE Bahamas International Securities Exchange (BISX) has listed a further ten investment funds, including some with subfunds, after they fulfilled all its regulatory requirements.

The newly-listed investment funds are: • 21st Luxury Luxtech Fund Ltd Class A sub-fund • 21st Luxury Luxtech Fund Ltd Class B sub-fund • AT Series Fund Ltd, SAC (segregated accounts company) Galactica Global sub-fund • AT Series Fund Ltd, SAC Edelweiss Global sub-fund • AT Series Fund Ltd, SAC Samaritan 314 sub-fund • B Capital UK Commercial Property Fund • Bayalag Fund, SAC Balanced Portfolio sub-fund • Bayalag Fund, SAC Credit Opportunities sub-fund • Bayalag Fund, SAC Equity Opportunities sub-fund • Capital Quant Fund • Clarion Fund, SAC • Drexler Capital Fund • Income Global Fund • Kylix Fund • Lapidibus Fund The shares in all these funds have now been added to those listed on BISX’s Mutual Funds tier. All of the newly-listed funds are open-ended mutual funds, with subscriptions and redemptions carried out by their administrator.

The funds are all incorporated as Bahamian International Business Companies (IBCs), and are licensed under the Investment Funds Act 2003. The Winterbotham Trust Company served as the BISX sponsor member that brought the funds to the exchange. UCAP Bahamas is the investment manager, and The Winterbotham Trust Company is

YOUR

KEITH DAVIES their administrator.

Ivan Hooper, The Winterbotham Trust Company’s chief executive, said: “We are pleased to continue our effort of listing funds on BISX - this time by sponsoring the listing of ten licensed funds with diverse investment objectives.

“Working together with UCAP Bahamas, investment manager for these funds, we hope to be able to sponsor further funds in the future. As the largest fund administrator by number of funds in The Bahamas, listing has become a key component of our offering.

Listing with BISX is a key enhancer to this offering and our ability to attract funds to The Bahamas.”

Keith Davies, BISX’s chief executive, said: “This is a major step forward for our mutual fund listing facility, and it demonstrates the ability of the exchange to handle a high volume of listing applications at one time.

“BISX worked with the administrator, The Winterbotham Trust Company, to ensure that the application and listing process was executed in a smooth and efficient manner. We wish to thank Winterbotham for their support in this entire listing process, and of the exchange in general.”

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

THE TRIBUNE

Friday, December 28, 2018, PAGE 3

Bank liquidity ‘cheaper but equal’ to global rule

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank believes its proposed bank liquidity standards “will be much simpler and cheaper” to implement than global rules but still have the same or “super-equivalent” effect.

The Bahamian regulator, setting out how it plans to meet the latest liquidity risk management principles set by the Basel Committee on bank supervision, says it is seeking to introduce a regime that complies with global standards but is more suited to the realities of the local banking industry.

Launching a two-month consultation on its proposals, the Central Bank said it plans to combine the separate liquidity regimes for the Bahamian commercial and international banking sectors into one single standard.

But the implementation of similar standards for credit unions, which also fall under the Central Bank’s regulatory oversight, will be “deferred” until the new regulatory framework has been implemented by the banking sector.

Unveiling its goals, and the rationale behind them, in a paper issued on Christmas Eve, the Central Bank said: “The Basel standards are intended for much more complex banking systems - in much more complex capital markets - than exist in The Bahamas.

“Accordingly, and similarly to the Central Bank’s proposed implementation of Basel III capital standards, the proposed liquidity standards will be much simpler and cheaper to comply with than the full Basel rules text. The outcome will be equivalent or superequivalent to the full Basel rules text.”

The Basel Committee is the acknowledged standard-setter for prudential risk management by the global banking industry, establishing capital ratios and other targets institutions must adhere to as a means to avoid running into financial difficulties.

The Central Bank’s consultation paper added that liquidity risk management, which is intended to ensure banks have sufficient cash reserves on hand to deal with all eventualities, was “a key banking function”.

It credited Bahamian commercial banks, in particular, with maintaining traditionally “high surpluses of liquid assets” well above international regulatory thresholds. As at June 30, 2018, the sector’s liquidity surplus was around 170 percent above legal minimum requirements.

With the banks’ role in supplying credit essential to the Bahamian economy’s ability to operate, the regulator added: “Historically, Bahamian banks have been comfortably liquid. Any disruption to the banking sector, however, could have widespread adverse effects on the economy from both bank-specific and systemic standpoints.

“Bahamian internationally-licensed banks have less direct effect on the local economy, but also require strong liquidity risk management - both for their own preservation,

and the preservation of the Bahamian reputation for financially-sound banks.

“For these reasons, it is important that our regulatory framework for liquidity risk keeps pace with international standards. The proposals in this paper will improve our existing liquidity standards, monitoring tools and risk management systems, consistent with the Basel III international standard.”

The Central Bank of The Bahamas Act currently requires commercial banks to maintain a statutory capital reserve equivalent to five percent of their Bahamian dollar liabilities.

This ratio can be increased to a maximum of 20 percent if required, while the Central Bank also employs a secondary reserve - called the Liquid Asset Ratio (LAR) - that requires commercial banks to maintain an average ratio of liquid assets (cash and equivalent instruments) equal to 20 percent of their demand deposits, 15 percent of savings and fixed deposits, and 15 percent of borrowings due to or from the regulator.

Under the new regime, the Central Bank is planning to do away with the LAR requirement but preserve the statutory capital reserve mandate. The same rules will apply to the international banking sector.

The Central Bank confirmed it plans to use the proposed reforms as an opportunity for regulatory consolidation. “The Bahamas currently has three separate liquidity regimes for domestic commercial banks, international banks and credit unions. None of these regimes is necessarily Basel III compliant,” it added.

“With these proposals, the Central Bank seeks to improve efficiencies that will result in one liquidity regime for all banks, while limiting costs where possible. Preliminary analysis suggests that this will be feasible for all or nearly all banks.”

But change will be delayed for credit unions.

“The Central Bank has also considered the appropriateness of applying the new liquidity requirements to less complex SFIs (supervised financial institutions) such as credit unions,” the Central Bank said.

“As a supervisory matter, the Central Bank has determined that the applicability of the new liquidity framework will be deferred for credit unions until the LCR and NSFR have been implemented for the commercial and international banks.

“For the moment, these requirements will therefore apply to all public banks and/or trust companies, subsidiaries and branches of foreign banks and trust companies. These proposals exclude pure trust companies.”

LCR refers to liquidity coverage ratio, while NSFR means net stable funding ratio. The liquidity coverage ratio allows banks to assess whether they have an adequate supply of highly liquid assets, such as cash, that can immediately be available for use, whereas the NSFR measures the amount of stable funding a bank has available.

To advertise in The Tribune, contact 502-2394

Baha Mar eyes ‘maximum’ occupancies for New Year

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHA MAR yesterday said it was targeting “maximum New Year’s capacity” for its three new resort properties after they enjoyed “a much better Christmas” this year following their completion.

Robert Sands, pictured, Baha Mar’s senior vice-president of governmental and external affairs, told Tribune Business that the developer’s 2019 bookings were “very robust”.

Confirming that the Grand Hyatt, SLS and Rosewood were all eyeing strong New Year’s occupancies, he added: “Christmas was much better for us this year, and all of our properties are looking to be at maximum capacity for New Year’s.

“We had an excellent festive season. Bookings for next year are very robust, and we are very encouraged by the level of bookings that we have to-date for next year.

Ed Fields, Atlantis’ vicepresident of public affairs,

BAHA MAR

in an e-mailed response to Tribune Business simply described the resort’s Christmas and New Year’s business as “extremely strong”.

As recently reported by Tribune Business, Nassau/ Paradise Island hotels have seemingly shrugged off the arrival of Baha Mar’s extra 2,000 rooms as average daily rates (ADRs) rose by 35 percent for the year to October 2018.

Data in the Central Bank

of The Bahamas’ monthly report for November suggested that the sector has retained its pricing power despite the Cable Beach mega resort’s completion, although average occupancy rates were down slightly.

Drawing on Ministry of Tourism and Bahamas Hotel and Tourism Association (BHTA) data, the Central Bank said: “A survey of large hotels showed a 34 percent gain in room revenue during October. This outturn reflected a $5.43 (3.1 percent) advance

in the average daily room (ADR) rate to $179.48, and a 30 percent increase in the number of room nights sold, while the average occupancy rate steadied at 45.1 percent.

“Similarly, on a yearto-date basis, total room revenue expanded by 31 percent, underpinned by a 27 percent uptick in room nights sold combined with a $60.36 (34.7 percent) increase in the ADR to $234.41, which overshadowed a slight 40 basis point fall in the average occupancy rate to 61.5 percent.”

ARAWAK CAY HITS BACK AT CRIME NOTICE FROM PAGE ONE side; maybe there are issues at Junkanoo Beach.

They’re saying Arawak Cay but some of that is Junkanoo Beach and they’re just throwing everything together. Business is up and down at times, but the tourists are still coming. The taxi drivers help to bring a lot of the tourists here.”

She added: “One of the things I think needs to be done is there needs to be better lightning out here in the evenings.”

The controversy was sparked after Captain Srecko Ban, in a letter to Anthem of the Seas passengers that was dated December 26, 2018, wrote: “We feel it is important to make our guests aware that Nassau has been experiencing an increase in crime.

Non-violent crimes, such as theft of personal items, are the most common types of crimes being committed.”

The Royal Caribbean captain’s letter, which was published on a well-known cruise industry website,

ARAWAK CAY

conceded that “thousands of visitors routinely travel to Nassau without incident” before offering personal safety tips.

However, Captain Ban then added: “We recommend guests not venture too far from tourist areas and consider participating in an organised tour. Particular areas of concern include the Sand Trap, the Fish Fry and other areas of Nassau referred to as ‘Over-theHill’ by locals, which should be avoided after sunset.”

The Royal Caribbean letter appears to mirror, and regurgitate, the concerns outlined in the US State Department’s January

2018 travel advisory on The Bahamas, which also urged American visitors to stay clear of the Arawak Cay Fish Fry - a major hub where tourists can experience Bahamian culture and cuisine.

And, in what can be considered a double blow for Arawak Cay, the same language was also repeated in the Canadian government’s revised December 20 travel advisory to its citizens.

“Avoid Nassau’s ‘Over the Hill’ (south of Shirley Street) and Fish Fry (Arawak Cay) areas, especially at night,” the Canadian advisory warned, while also cautioning its

citizens about renting jet skis and dealing with the water sports industry.

“The water sports rental industry is poorly regulated in The Bahamas. Tourists have been seriously injured using jet skis and other watercraft,” it added. “Be wary when embarking on jet ski rides with licensed or unlicensed operators, as several incidents of sexual assault have been reported.

Rent water sports equipment from reputable, locally registered operators only.”

Meanwhile Jean Milfortaurel, operator of the Conch Bar at Arawak Cay, told Tribune Business of the advisories: “I just started working out here a few weeks ago. I can’t really say anything about crime. While I have been out here business has been OK. Nothing has happened while I’ve been out here.”

Another vendor, who did not wish to be identified, told Tribune Business: “There’s always concern about crime. You have a bunch of criminal activity around here, that’s a fact.”

FULLPLATE FINANCE S.A. Company No. 1491216 (In Voluntary Liquidation)

GEOMAX CAPITAL Corp.

Company No. 1405130 (In Voluntary Liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that FULLPLATE FINANCE S.A. is in voluntary liquidation. The voluntary liquidation commenced on 29.06.2018 and CARMINE BAILEY of 2nd Floor Abbott Building, Waterfront Drive, 87 Main Street, P.O. Box 3169, Road Town, British Virgin Islands, has been appointed as additional Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that GEOMAX CAPITAL Corp. is in voluntary liquidation. The voluntary liquidation commenced on 20th December, 2018 and Peter Harald Frommelt of Austrasse 37, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.

Dated this 19th day of December, 2018 Sgd. CARMINE BAILEY Voluntary Liquidator

Dated this 24th day of December, 2018 Sgd. Peter Harald Frommelt Voluntary Liquidator

NOTICE This is to inform the

GENERAL PUBLIC

that the private roadways and parking areas situated in the Harbour Bay Shopping Centre between East Bay Street and Shirley Street will be closed on Tuesday the 1st of January, 2019 in order to preserve the right of ownership thereof.

The Owners

PAGE 4, Friday, December 28, 2018

THE TRIBUNE

Govt ‘strained’ by first non-profit bill FROM PAGE ONE “Most existing non-profits took years to get their NPO licence under the Companies Act from the Attorney General’s Office, and they certainly would not want to go through that long process again.”

The Civil Society Bahamas analysis called for existing non-profits to be permitted to complete “a partial registration process”, with all such organisations given six months - as opposed to the bill’s 90 days - to complete the process.

And it branded the initial registration requirements, which included details on anticipated donation sources, records of past contributions and how they were applied as “excessive and onerous given the current capacity of non-profit organisations”.

“This level of information is not required for registration of a forprofit company,” Civil Society Bahamas added. “​ Many local non-profit

associations (NGOs) operate on a shoe string through the goodness of their heart and provide services that the Government cannot, will not and should not provide.”

It also suggested that providing evidence that a non-profit was compliant with Know Your Customer (KYC) style due diligence on donors was unnecessary, given that the banks which held their accounts already performed such a function.

“Having a licensed bank administering anti-money laundering and counter terror financing procedures protects and ensures that a non-profit organisation is not engaged in activities that constitute an identified risk,” Civil Society Bahamas added.

It recommended that the Non-Profit Organisations Bill not apply to entities regulated under other laws, such as the Foundations Act and Banks and Trust Companies Act, in a bid to avoid regulatory duplication.

However, Civil Society Bahamas acknowledged

the need to strike a balance between allowing the sector to operate freely and addressing the Government’s desire to protect this nation from any further “blacklisting” or sanctions because it is deemed non-compliant with global anti-money laundering/counter terror financing standards.

“Anonymous donors must be balanced with the overriding priority for the Government to curb/eliminate money laundering, corruption, exploitation of the vulnerable,” it agreed. “It must be concretely demonstrated to Government that civil society understands and is prepared to assist the Government in solving this challenge.”

Yet it suggested that the requirement to report donors who made aggregate, or total contributions, of $50,000 or more in any given year imposed a greater burden than that place on the private sector.

“The requirement for aggregate sums means that any

not-for-profit... has to report on all donations across the year by that donor,” Civil Society Bahamas said. “This is more stringent than investment firms that have to report KYC to the Central Banks.

“What about groups who run events like Hands for Hunger? This would require a person-by-person list for that event or anyone who purchased an auction prize or brought Red Cross raffle tickets. What about those donors that wish to give anonymously? What assurances can be given to ensure that their information would be kept confidential?

“Wouldn’t this be available via Freedom of Information Act (FOIA)? Seems more logical to track amounts of the top five to six significant donations and total donations overall. Then, as the registrar sees a pattern or questions related to the services provided or impact, they can further investigate that specific charity.

Otherwise you are incentivising donors to give

less than $50,000.”

Mr Bethel and the Government subsequently appeared to heed the warnings from Civil Society Bahamas and other non-profits, withdrawing the bill for redrafting following extensive consultation with the sector in the hope it can be re-presented to Parliament in January.

The Attorney General told Tribune Business it had “accommodated 80-90 percent” of non-profit concerns over plans to regulate the sector, and ensure The Bahamas was not subjected to “blacklisting” or any further sanctions by the Financial Action Task Force (FATF).

The FATF, which sets the global standards for combating money laundering and terrorism financing, is understood to be particularly vexed by what it views as minimal to non-existent regulation of non-profits by The Bahamas.

“I think we’ve accommodated 80-90 percent of their concerns, and possibly even

more than that... At the end of the day, the Government does not wish to make life difficult for anybody. We don’t want to make it so difficult for non-profits to function that we drive them out of their causes,” Mr Bethel told this newspaper previously.

“It’s in light that the Government has taken on as many of their concerns as we possibly can, and is still trying to find other ways to make the bill more effective and serviceable. This week we’ll be preparing the bill, cutting it down and making it more user friendly. It requires a bit of good thought. We’ll come up with something broadly acceptable, and I think they’ll be alright.”

Civil Society Bahamas, in a later statement, said the Government had agreed to raise the $50,000 threshold above which donors - and their donations/disbursements - must be reported to a “considerably higher” level.

MP ‘far short’ on proof to halt eviction FROM PAGE ONE and Ms Ferguson to vacate the building on the corner of Collins Avenue and Sixth Terrace by the close of business on December 15, 2018.

Turtle Creek lodged its appeal on November 29 and, with the Court of Appeal setting January 8, 2019, as the date for both sides to agree the evidence that will be heard at appeal, Ms Ferguson sought to block enforcement of Justice Thompson’s order.

“Irreparable harm is likely to be occasioned to the defendants [Turtle Creek] if the said order is allowed to be executed whilst the appeal is pending, as I am advised and verily believe that the prospect of success is high,” Ms Ferguson alleged in her December 11, 2018, affidavit.

The MP and her attorney, Randol Dorsett, argued that the “harm” would be caused if Daybreak Holdings followed through with plans to sell the building, while also claiming that Justice Thompson’s ruling was “flawed”.

However, Appeal Justice Jones ruled: “On the evidence in support of the application for a stay, the

appellant [Turtle Creek and Ms Ferguson] falls far short of what is required to provide the grounds to enable me to exercise my discretion in this matter.

“First, the appellant has given contradictory reasons about the nature of the prejudice and irreparable harm that she faces if the stay is denied. From the affidavit evidence in the trial below, the appellant is claiming an interest in the building that can be ascertained. The order made by the trial judge provides for an accounting to be done to determine the interest of the parties.

“Second, the appellant in their affidavit evidence from their president, Shonel Ferguson, speaks to a desire and agreement for the building to be sold to enable repayment of its equity. This evidence contradicts the claim made on this application that the sale of the building by itself makes their claim nugatory if successful on appeal.”

Appeal Justice Jones added that there was also no suggestion by Ms Ferguson/Turtle Creek that Daybreak Holdings, if it repossessed and sold the property, would “dissipate” the proceeds such that they

would be unable to recover any monies they are entitled to.

Daybreak Holdings and Ms Davis appear to have already acted on the court rulings in their favour, with social media photos showing fixtures and furnishings dumped outside the former Crab House and Seafood Emporium restaurant building during the week leading up to Christmas.

The dispute between Ms Ferguson/Turtle Creek and Daybreak/Ms Davis stems from a near 13 year-old hire purchase agreement between the two sides for the building. Ms Ferguson and Turtle Creek agreed to pay a $150,000 deposit, with $10,833 monthly rental payments from October 30, 2005, as part of a deal that gave them an option to acquire the property.

They were also to receive credit for the deposit if the purchase option was exercised. However, Ms Davis and Daybreak initiated legal proceedings on July 31, 2018, claiming that Ms Ferguson and Turtle Creek were in breach of the deal. They sought an order requiring the MP to vacate the building within 30 days and cease operating

a business from it, and payment of $249,159 representing 23 months’ unpaid rent.

Daybreak then applied to the Supreme Court for a judgment based on Ms Ferguson’s evidence, and Justice Thompson duly ruled that Turtle Creek was “in breach of the hire purchase agreement and ordered the appellants to leave the building”.

However, Ms Ferguson argued before the Court of Appeal that the alleged admissions “were not unambiguous” and there was “no clear admission of liability”

by Turtle Creek.

In his November 20 ruling, Justice Thompson ordered that $150,000 be deducted from all sums owed by Turtle Creek to Daybreak to reflect the deposit paid. Ruling that the balance owing be paid, he also ordered the appointment of an accountant to determine “the amount of arrears, outstanding bills, outstanding taxes, outstanding fees, outstanding duties, outstanding fines and outstanding registration charges”.

Daybreak had alleged that Turtle Creek owed $70,000 in real property taxes that had not been paid

since it assumed responsibility for the building.

It also claimed that Ms Ferguson’s company owed the Water and Sewerage Corporation some $22,173.15 as of July this year when it was disconnected, having not paid “any utilities and insurance” on the building for at least two years. The last time the water bill was allegedly paid was July 2014.

Daybreak then claimed that Turtle Creek had not purchased any insurance coverage for the building over the past three to four years, causing it to pay $15,963.75 to JS Johnson. It was alleged that Turtle Creek had not paid its light bill for “some time now”, and was relying on a generator.

Ms Ferguson, though, countered by arguing that at August 17, 2018, her company had paid Daybreak Holdings $1.549m in addition to investing over $700,000 in renovations for what was initially a building in a “dilapidated state”.

She claimed that as the $1.5m exceeded the sum owing on the hire purchase agreement, and both parties concluded that the principal amount due under the agreement was settled, the

only remaining issue was the amount of outstanding interest.

Ms Ferguson added that after entering into the hire purchase agreement, Turtle Creek opened several businesses in the building and made “timely” monthly payments. But as the economy declined and crime escalated in the area, both parties agreed to reduce the monthly lease payment to $5,000 until the $1.35m was liquidated.

When the economy didn’t improve, she said both parties agreed to put the building up for sale and distribute the proceeds between them. In particular, Ms Ferguson claimed both parties agreed that upon the building’s sale, Turtle Creek would be reimbursed for the equity it put into the building.

As for the outstanding taxes, Ms Ferguson claimed both parties agreed that all real property taxes would be settled at the sale of the building. She alleged that Daybreak Holdings’ previous tenant, Papa John’s, was responsible for the outstanding water bill and not Turtle Creek something Daybreak Holdings was “fully aware” of.

AG ‘unaware’ of alternative non-profit bill FROM PAGE ONE was not broad enough, the attorney general told this newspaper: “Nobody approached me at any stage to say: ‘Look at this bill’. Consultation goes both ways. I didn’t know

anything about it until several weeks’ ago. They did not raise it with me.

Nobody exposed it to me, pulled it out of a hat.”

Mr Bethel said his legislation drafters had also been unaware of the 2015 bill, which he said was “directly

aimed at civil society and not the broader range of non-profits”.

Pointing out that The Bahamas is home to a vast cross-section of civil society and non-profit groups, he added: “It didn’t extend to the wider range of nonprofits. The bill was very much targeted at civil society agitation groups such as human rights, women’s rights, good governance as opposed to the broader range of non-profit activities.

“It was not a good fit, but there are aspects of that bill we have incorporated into this bill. We are looking at the positive aspects of both bills that can be combined

into this bill.”

Mr Bethel said there were numerous civil society and non-profit groups that had yet to comply with the registration requirements of the sector’s existing regulations, even though it was “quite clear we were pushing for all” to do so.

The Financial Action Task Force (FATF), the organisation that sets the global standards for combating money laundering and terrorism financing, is putting the pressure on The Bahamas to pass this latest legislation. It is understood to be particularly vexed by what it views as minimal to non-existent regulation of non-profits by

NOTICE BLUE TIDES INVEST SA (Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 19st day of December, 2018. The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator)

The Bahamas.

However, the Christian Council and Bahamian churches are seeking “a complete exemption” from the Non-Profit Organisations Bill and its provisions, citing one other jurisdiction that had developed a law exempting the church from such regulation, and arguing that it had established a precedent to justify their demands.

Bishop Delton Fernander, head of the Christian Council, said: “We met with the attorney general. We had our lawyers put our case forward, citing jurisdictions. We will wait and see what the new bill looks like and make our

position known from there.

“We are at the point now where we have made our case from a legal perspective. We’re just waiting to see what the new bill looks like, if it takes into consideration what we proposed or not. Then, if it does or doesn’t, we will make our position very clear.”

Mr Bethel, though, has described the church’s viewpoint as an “unsustainable position”, adding that the information he possessed contradicted their assertions. While agreeing that one country had drafted such a law, he added that it never been brought to Parliament or passed on to the statute book.

NOTICE GREY MIST ADVISORS SA (Liquidation)

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 21st day of December, 2018. The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator)

THE TRIBUNE

Friday, December 28, 2018, PAGE 5

Govt urged: ‘Hear cry of domestic economy’ FROM PAGE ONE we remain a jurisdiction challenged by inefficient Government processes, high energy costs with no clear path to greater reliability and lower costs, and on a path toward higher taxes which makes us an expensive jurisdiction.”

Mr Maura continued: “One wonders if our strategy considers our existing reality of relative inefficiency compared to the larger, more efficient jurisdictions which provide business with an efficient operating platform while complying with potentially onerous requirements.

“While we understand the pressure brought by the likes of the OECD and others to eliminate ‘ring fencing’ and other preferential practices, we are concerned that our domestic inefficiency will result in a continued loss of foreign direct investment (FDI) that includes the financial services, and IBCs which initially make the effort to comply with the residency requirement only to eventually follow their predecessors and close shop.”

IBCs, and other nonresident entities, will lose all preferential tax advantages such as the existing 20-year stamp duty exemption by end-2021 to enable The Bahamas to meet EU demands for an end to socalled “ring fencing” - the practice of giving foreign investors preferential tax breaks that are not available to Bahamians and the

domestic economy.

The Bahamas has also passed legislation to meet the EU’s “substance” demands, which require these corporate vehicles - if they are part of a multinational company’s network - to have a physical presence doing real business in this jurisdiction or be subject to tax reporting requirements in the nation where their revenues/profits are generated.

Many in the financial services industry are hoping The Bahamas can turn the “substance” legislation to its advantage and entice specific industries, such as shipping and company headquarters, to domicile in this nation and exploit its tax neutral platform to their advantage.

Mr Maura, though, warned that such optimism may not materialise unless the Government becomes more aware of the consequences of its tax and economic policy actions.

He added that The Bahamas had to avoid reacting to every external pressure, pointing out that it “seems to be very eager” to comply with the likes of the EU while neglecting the needs of its domestic economy and business community.

“We ask that the Government continue to carefully consider the alternatives and consequences to its various plans,” Mr Maura told Tribune Business. “When we consider our very real challenges and costs to doing business in The Bahamas; the global

slowdown; the efficient jurisdictions of many of our competitors; that any new or increased tax will have negative growth consequences; and that The Bahamas is a brand and has a reputation, we need to tread carefully and be certain of the consequence of our new policies and legislation.

“These decisions must be rooted in what is in the best interest of our Bahamas. We should not react to foreign policy and pressure that does not lead to a stronger Bahamas. We have no control over, and nor can we seemingly influence, the next wave of demands that the OECD or ABCD may come up with. We seem to be very eager to comply with these foreign demands while not hearing or swiftly addressing the cries of our domestic economy.

“The potential for further tax increases and/or the introduction of new taxes will negatively affect growth prospects,” the chamber chief continued. “Many businesses engaged in the domestic economy - that is, not selling to a tourist - have shared that their businesses have not recovered from the introduction of the 4.5 percentage point VAT increase in July 2018.

“The prospect of a National Health Insurance (NHI) which leads to additional or new costs to both the employer and employee may negatively impact employment expansion and business investment. There is also a concern that NIB costs will be increasing.”

Mr Maura added that the banking industry’s conservative lending stance “continues to curb economic growth” and, despite the Small Business Development Centre’s (SBDC) launch, The Bahamas had “not made enough progress in creating opportunity for young Bahamians. It is too difficult for entrepreneurs with solid business plans to get into business”.

Still, Mr Maura praised the Government’s fiscal reform measures for protecting The Bahamas from a further sovereign credit rating downgrade. Speaking in the wake of Standard & Poor’s (S&P) recent decision to maintain the country’s present rating, he described the economic growth outlook - and the forces driving it - as mixed.

With air arrivals up 16.5 percent for the year to endSeptember 2018, Mr Maura said the “very positive” tourism performance - aided

by Baha Mar’s full opening and addition of over 2,000 extra rooms - was directly impacting other sectors of the economy.

With The Pointe project continuing to progress, and Baha Mar planning to begin construction of a water park at the old Crystal Palace site in 2019, the Chamber chairman said the tourism-related FDI pipeline appeared promising.

He revealed that Bahamas Food Services will this year “initiate expansion plans in preparation for Baha Mar’s increase in occupancy in the coming years”.

And, with the Government set to select a private operator for Nassau’s cruise port in early 2019, Mr Maura said: “If this selected project contemplates Bay Street and waterfront redevelopments, we can expect other development projects in and around Bay Street to materialise using the substantial Prince George Wharf project as justification. This has the potential to have an unprecedented impact on downtown commerce.”

He warned, though, that Nassau’s cruise port faced a significant competitive threat. “The cruise industry is investing close to $1bn in the private islands they operate,” Mr Maura said. “These projects likely benefit from various concessions and will not generate any material tax benefit to the Public Treasury.

“There is real concern that these cruise-controlled exclusive facilities will create additional competition to the domestic Bahamian economy.”

Despite the seemingly positive domestic outlook, Mr Maura said The Bahamas faced potential headwinds from global economic developments. He warned that the US-China trade war, and “tit-fortat” imposition of tariffs on each country’s exports, would increase the cost of Bahamian imports given this nation’s reliance on sourcing products from both nations.

Warning of the potential inflationary impact for The Bahamas, the Chamber chief said: “The tariff

increases at the US border will result in the cost of many imports increasing and, with approximately 64 percent of US imports being components and parts, we can expect to see the cost of US goods increasing.

“Over 50 percent of imports to the Bahamas come from US businesses, which will result in the costs of goods in the Bahamas increasing. The CPI (consumer price index) table anticipates US goods becoming more expensive compared to years prior to 2017. The table also describes similar trends in Canada and Europe, where close to 25 percent of Bahamas imports originate from.”

With US stock markets beset by volatility as 2018 draws to a close, due to concerns over perceived presidential interference with the Federal Reserve’s independence and the ongoing government shutdown, Mr Maura acknowledged rising concerns over the US economy’s growth momentum.

“The US appears to be approaching a slowdown and, while it presently enjoys full employment in many areas, we will likely see some affect here in The Bahamas,” he said. “That said, Baha Mar will likely insulate Nassau to some degree from a reduction in total overnight volumes while seeing occupancy volumes underperforming against plan that did not anticipate a US slowdown.”

US STOCKS STAGE BIG RALLY, ERASE 600 POINT DROP IN DOW

By ALEX VEIGA Associated Press WALL Street staged a swift, last-minute turnaround yesterday that rescued stocks from a steep dive and put the market on track to end a topsy-turvy, volatile week with a gain.

The comeback reversed a 611 point drop in the Dow Jones Industrial Average.

The S&P 500 and Nasdaq eked out modest gains after having been down 2.8 and 3.3 percent, respectively.

Yesterday’s sharp swing in stocks followed their best day in ten years. Even so, the market remains headed for what could be its steepest annual loss since the financial crisis.

The market’s sharp downturn that began in October has intensified this month, erasing all of its 2018 gains and nudging the S&P 500 closer to its worst year since

2008. Even with the twoday winning streak, the Dow, S&P 500 and Nasdaq are all down more than nine percent for the month and stocks are on track for their worst December since 1931.

“There are reasons we should be volatile, including a lot of unknowns as we head into 2019, starting with tariffs,” said JJ Kinahan, chief markets strategist for TD Ameritrade, noting that below-average trading volume this time of year is also contributing to the market’s volatility this week.

Prior to the two-day rally, the S&P 500 had fallen in 11 of 16 trading sessions in December, with five of the declines by two percent or more. Investors had grown worried that the testy USChina trade dispute and higher interest rates would slow the economy, hurting corporate profits.

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

“The last two days are really demonstrable of what the market is struggling with,” said Tom Martin, senior portfolio manager of Globalt Investments. “It’s looking for a bottom. It’s looking for a reason to gain a little more confidence.

And it’s also looking for opportunities to reposition

and lessen risk.”

Health care and technology companies, banks and industrial stocks accounted for much of the broad gains.

The S&P 500 index rose 21.13 points, or 0.9 percent, to 2,488.83. Earlier, it had been down more than 69 points. The Dow gained 260.37 points, or 1.1

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BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

percent, 1,331.82.

Bonds prices rose. The yield on the ten-year Treasury slipped to 2.78 percent from 2.79 percent late on Wednesday, although the yield dropped as low as 2.73 percent when stocks were near their lowest levels as investors sought safer investments.

MARKET REPORT THURSDAY, 27 DECEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 2,108.02 | CHG 14.51 | %CHG 0.69 | YTD 44.45 | YTD% 2.15 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.48 0.56 3.92 10.20 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.48 13.50

52WK LOW 3.50 19.17 4.90 3.32 0.90 0.18 2.10 8.70 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.85 3.25 12.51

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)

MEMBERSHIP PACKAGES

percent, to 23,138.82. Both indexes rose about five percent on Wednesday, when the Dow had its biggestever single-day point gain.

The tech-heavy Nasdaq added 25.14 points, or 0.4 percent, to 6,579.49.

The Russell 2000 index of smaller-company stocks picked up 2.01 points, or 0.2

52WK HI 100.00

52WK LOW 100.00

SYMBOL LAST CLOSE AML 4.44 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.46 BBL 0.56 CAB 2.29 CIB 10.20 CHL 6.16 CBL 4.38 CBB 11.25 CWCB 2.22 DHS 1.78 EMAB 7.53 FAM 6.30 FBB 12.85 FIN 6.98 FCL 3.62 JSJ 13.01 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) 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 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 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

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 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

CLOSE 4.44 17.43 7.00 4.90 1.46 0.56 2.29 10.20 6.16 4.49 11.25 2.28 1.78 7.68 6.30 12.85 6.98 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.11 0.00 0.06 0.00 0.15 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

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

VOLUME

2,400

15

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 0.020 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 20.7 18.7 N/M 15.5 N/M N/M -3.9 14.6 14.0 29.2 17.9 22.4 8.5 N/M 9.4 18.3 12.1 13.1 20.6

YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 3.57% 0.00% 6.96% 3.57% 2.67% 5.51% 2.63% 3.37% 1.09% 4.44% 3.89% 2.15% 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

0.000 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%

NAV 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.41 8.57 6.55 10.68 11.65 10.62 9.92 8.69 11.79

YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -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

MATURITY 19-Oct-2022 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 NAV Date 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

MARKET TERMS For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

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

THE TRIBUNE

Friday, December 28, 2018, PAGE 7

FEDERAL WORKERS FACE GRIM PROSPECT OF LENGTHY SHUTDOWN WASHINGTON Associated Press

THREE days, maybe four. That’s how long Ethan James, 21, says he can realistically miss work before he’s struggling.

So as the partial government shutdown stretched into its sixth day with no end in sight, James, a minimum-wage contractor sidelined from his job as an office worker at the Interior Department, was worried. “I live check to check right now,” he said, and risks missing his rent or phone payment. Contractors, unlike most federal employees, may never get back pay for being idled.

“I’m getting nervous,” he said.

Federal workers and contractors forced to stay home or work without pay are experiencing mounting stress from the impasse affecting hundreds of thousands of them. For those without a financial cushion, even a few days of lost wages during the shutdown over President Donald Trump’s border wall could

have dire consequences.

As well, the disruption is starting to pinch citizens who count on a variety of public services, beyond those who’ve been finding gates closed at national parks. For example, the government won’t issue new federal flood insurance policies or renew expiring ones.

Trump and congressional leaders appear no closer to a resolution over his demand for $5bn for the border wall that could now push the shutdown into the new year. The House and Senate gaveled in for a perfunctory session yesterday, but quickly adjourned without action.

No votes are expected until next week, and even that’s not guaranteed. Lawmakers are mostly away for the holidays and will be given 24-hour notice to return, with Republican senators saying they won’t vote until all parties, including Trump, agree to a deal.

The president spent part of the day tweeting about the shutdown, insisting “this isn’t about the Wall”, but about Democrats

denying him “a win”.

“Do the Dems realise that most of the people not getting paid are Democrats?” he asked in one tweet, citing no evidence for that claim. That earned him a reprimand from Democratic Sen Mark Warner of Virginia, who tweeted: “Federal employees don’t go to work wearing red or blue jerseys.

They’re public servants.”

Roughly federal 420,000 workers were deemed essential and are working unpaid, unable to take any sick days or vacation.

An additional 380,000 are staying home without pay.

While furloughed federal workers have been given back pay in previous shutdowns, it’s not guaranteed.

The Senate passed a bill last week to make sure workers will be paid. The House will probably follow suit.

The longer the shutdown lasts, the more government activities will grind to a halt. It’s already caused a lapse in money for nine of 15 Cabinet-level departments and dozens of agencies, including the departments of

Homeland Security, Transportation,Interior,Agriculture, State and Justice.

Many national parks have closed while some have limited facilities.

The National Flood Insurance Program announced it will no longer renew or issue policies during the shutdown.

“I think it’s obvious that until the president decides he can sign something — or something is presented to him — that we are where we are,” said Sen Pat Roberts, R-Kan, who opened the Senate for the minuteslong session. “We just have to get through this.”

House Democrats tried yesterday to offer a measure to re-open government, but they were blocked from action by Republicans, who still have majority control of the chamber until Democrats take over Jan 3.

“Unfortunately, 800,000 federal workers are in a panic because they don’t know whether they’ll get paid,” said Rep Jim McGovern, D-Mass, who tried to offer the bill. “That may make the president feel good but the rest of us

should be terribly bothered by that, and should work on overtime to end the shutdown now.”

Government contractors like James, placed indefinitely on unpaid leave, don’t get compensated for lost hours.

James said the contracting company he works for gave its employees a choice: take unpaid leave or dip into paid time-off entitlements. But James doesn’t have any paid time off because he started the job just four months ago.

His only option is forgoing a paycheck.

“This is my full-time job, this is what I was putting my time into until I can save up to take a few classes,” said James, who plans to study education and become a teacher. “I’m going to have to look for something else to sustain me.”

Mary Morrow, a components engineer on contract for NASA, is in the same predicament. In addition to caring for a family largely on her own, she’s got a mortgage.

“I have three teenage boys, it’s near Christmas

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 83° F/28° C Low: 68° F/20° C

TAMPA

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Clouds and sun, a shower; breezy

Partly cloudy

Partly sunny

Sunny to partly cloudy

Sunny and pleasant

A morning shower; partly sunny

High: 81°

Low: 73°

High: 81° Low: 72°

High: 80° Low: 71°

High: 81° Low: 71°

High: 81° Low: 70°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

83° F

75° F

86°-73° F

83°-71° F

84°-73° F

86°-69° F

High: 81° F/27° C Low: 69° F/21° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 77° F/25° C Low: 74° F/23° C

10-20 knots

S

WEST PALM BEACH High: 80° F/27° C Low: 71° F/22° C

10-20 knots

FT. LAUDERDALE E

W

FREEPORT

High: 81° F/27° C Low: 74° F/23° C

N

S

E

W

High: 79° F/26° C Low: 71° F/22° C

MIAMI

High: 82° F/28° C Low: 75° F/24° C

8-16 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 75° F/24° C Low .................................................... 72° F/22° C Normal high ....................................... 78° F/26° C Normal low ........................................ 66° F/19° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 68° F/20° C Precipitation As of 1 p.m. yesterday ................................. 0.47” Year to date ............................................... 45.12” Normal year to date ................................... 39.45”

ELEUTHERA

NASSAU

High: 81° F/27° C Low: 73° F/23° C

Forecasts and graphics provided by AccuWeather, Inc. ©2018

High: 79° F/26° C Low: 76° F/24° C

N

KEY WEST

High: 82° F/28° C Low: 75° F/24° C

High: 80° F/27° C Low: 75° F/24° C

N

S

E

W

8-16 knots

S

10-20 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

uV inDex toDay

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High Today

Ht.(ft.)

Low

Ht.(ft.)

12:20 p.m.

-----

2.9 -----

6:09 a.m. -0.1 6:49 p.m. -0.4

Saturday

1:02 a.m.

1:20 p.m.

2.7 2.7

7:15 a.m. 0.0 7:47 p.m. -0.3

Sunday

2:07 a.m.

2:22 p.m.

2.7 2.5

8:24 a.m. 0.1 8:45 p.m. -0.3

Monday

3:09 a.m.

3:23 p.m.

2.7 2.3

9:30 a.m. 0.1 9:41 p.m. -0.3

Tuesday

4:07 a.m.

4:20 p.m.

2.8 2.2

10:32 a.m. 0.1 10:33 p.m. -0.3

Wednesday 5:00 a.m.

5:13 p.m.

2.8 2.2

11:27 a.m. 0.0 11:22 p.m. -0.3

Thursday

2.8 2.2

12:17 p.m. 0.0 ---------

5:48 a.m.

6:02 p.m.

sun anD moon Sunrise Sunset

6:54 a.m.

5:29 p.m.

Moonrise Moonset

none 11:50 a.m.

Last

New

First

Full

Dec. 29

Jan. 5

Jan. 14

Jan. 21

CAT ISLAND

E

W

time and we just spent money, there are credit card bills and normal bills and it’s really nerve-wracking,” she said. “It’s scary.”

As federal employees tell their stories on Twitter under the hashtag #Shutdownstories, Trump has claimed that federal workers are behind him, saying many have told him “stay out until you get the funding for the wall”. He didn’t say whom he had heard from, and he did not explain the incongruity of also believing that most are Democrats.

Steve Reaves, president of Federal Emergency Management Agency union, said he hasn’t heard from any employees who say they support the shutdown.

“They’re all by far worried about their mortgages,” Reaves said.

Reaves said the shutdown could have consequences that stretch beyond a temporary suspension of salary. Many federal government jobs require a security clearance, he said, and missed mortgage payments or deepening debt could hurt their clearance.

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 75° F/24° C

High: 80° F/27° C Low: 76° F/24° C

N

High: 80° F/27° C Low: 75° F/24° C

S

LONG ISLAND

insurance management tracking map

High: 81° F/27° C Low: 76° F/24° C

H

E

W

12-25 knots

MAYAGUANA High: 81° F/27° C Low: 75° F/24° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 77° F/25° C

High: 81° F/27° C Low: 76° F/24° C

GREAT INAGUA High: 83° F/28° C Low: 76° F/24° C

N

E

W

E

W

N

S

S

10-20 knots

12-25 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS SE at 10-20 Knots SE at 6-12 Knots SE at 8-16 Knots ESE at 7-14 Knots E at 10-20 Knots ESE at 8-16 Knots E at 12-25 Knots E at 10-20 Knots E at 10-20 Knots SE at 7-14 Knots ESE at 8-16 Knots SE at 6-12 Knots E at 10-20 Knots ESE at 8-16 Knots E at 12-25 Knots E at 10-20 Knots E at 12-25 Knots E at 10-20 Knots E at 15-25 Knots E at 10-20 Knots E at 8-16 Knots SE at 6-12 Knots E at 10-20 Knots E at 10-20 Knots E at 12-25 Knots ESE at 8-16 Knots

WAVES 8-12 Feet 5-9 Feet 3-5 Feet 1-3 Feet 6-10 Feet 4-8 Feet 8-12 Feet 5-9 Feet 8-12 Feet 5-9 Feet 3-6 Feet 1-3 Feet 3-5 Feet 1-3 Feet 6-10 Feet 5-9 Feet 4-8 Feet 3-6 Feet 10-14 Feet 6-10 Feet 3-6 Feet 1-3 Feet 5-9 Feet 4-8 Feet 4-8 Feet 2-4 Feet

VISIBILITY 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 76° F 76° F 78° F 78° F 78° F 77° F 80° F 80° F 78° F 78° F 75° F 75° F 78° F 78° F 81° F 81° F 80° F 80° F 80° F 80° F 75° F 75° F 80° F 80° F 79° F 79° F

Covering The Bahamas for over 40 years.

NEW PROVIDENCE | GRAND BAHAMA | ABACO | ELEUTHERA | EXUMA

INSURANCE MANAGEMENT

(BAHAMAS) LIMITED. INSURANCE BROKERS & AGENTS

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PAGE 8, Friday, December 28, 2018

THE TRIBUNE

Legal marijuana industry toasts banner year

STEVE FAGAN, grower and collective owner of SLOgrown Genetics, attends to his organically cultivated cannabis at his farm in the coastal mountain range of San Luis Obispo, Calif. California became America’s largest legal marketplace in 2018, while Canada became the second and largest country with nationwide legal recreational marijuana.

Photo: Richard Vogel/AP PORTLAND, OREGON Associated Press THE last year was a 12-month champagne toast for the legal marijuana industry as the global market exploded and cannabis pushed its way further into the financial and cultural mainstream.

Liberal California became the largest legal US marketplace, conservative Utah and Oklahoma embraced medical marijuana, and the US East Coast got its first commercial pot shops. Canada ushered in broad legalisation, and Mexico’s Supreme Court set the stage for that country to follow.

US drug regulators approved the first marijuanabased pharmaceutical to treat kids with a form of epilepsy, and billions of investment dollars poured into cannabis companies. Even main street brands like Coca-Cola said they are considering joining the party.

“I have been working on this for decades, and this was the year that the movement crested,” said US Rep Earl Blumenauer, an Oregon Democrat working to overturn the federal ban on pot. “It’s clear that this is all coming to a head.”

With buzz building across the globe, the momentum

will continue into 2019.

Luxembourg is poised to become the first European country to legalise recreational marijuana, and South Africa is moving in that direction. Israel’s Parliament approved a law allowing exports of medical marijuana.

Thailand legalised medicinal use of marijuana, and other Southeastern Asian countries may follow South Korea’s lead in legalising cannabidiol, or CBD. It’s a non-psychoactive compound found in marijuana and hemp plants and used for treatment of certain medical problems.

“It’s not just the US now.

It’s spreading,” said Ben Curren, CEO of Green Bits, a San Jose, California, company that develops software for marijuana retailers and businesses.

Curren’s firm is one of many that blossomed as the industry grew. He started the company in 2014 with two friends. Now, he has 85 employees, and the company’s software processes $2.5bn in sales transactions a year for more than 1,000 US retail stores and dispensaries.

Green Bits raised $17m in April, pulling in money from investment firms including Snoop Dogg’s Casa Verde Capital. Curren hopes to expand internationally by 2020.

“A lot of the problem is keeping up with growth,” he said.

Legal marijuana was a $10.4bn industry in the US in 2018 with a quarter-million jobs devoted just to the handling of marijuana plants, said Beau Whitney, vice president and senior economist at New Frontier Data, a leading cannabis market research and data analysis firm. There are many other jobs that don’t involve direct work with the plants, but they are harder to quantify, Whitney said.

Investors poured $10bn into cannabis in North America in 2018, twice what was invested in the last three years combined, he said, and the combined North American market is expected to reach more than $16bn in 2019.

“Investors are getting much savvier when it comes to this space because even just a couple of years ago, you’d throw money at it and hope that something would stick,” he said. “But now investors are much more discerning.”

Increasingly, US lawmakers see that success and want it for their states.

Nearly two-thirds of US states now have legalised some form of medical marijuana.