12302019 BUSINESS

business@tribunemedia.net

MONDAY, DECEMBER 30, 2019

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Capital markets eye $200m ‘busiest year’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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TOP investment banker is predicting the Bahamian capital markets will have one of “the busiest years” ever in 2020 with around $200m worth of deals needing funding.

Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, told Tribune Business “the trick” will be to ensure there is sufficient capital available at exactly the time different

• Deals to ‘double’ in number, grow in size • ‘Trick’ to match timing of funds and issues • RoyalFidelity chief predicts ‘year of change’

MICHAEL ANDERSON

Harbour Island sees $5m dock ‘backlash’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister yesterday pledged that Harbour Island’s infrastructure needs will be neglected no longer even after a local “backlash” forced the government to suspend a $5m dock upgrade.

Desmond Bannister, minister of works, acknowledged to Tribune Business that the popular tourist destination’s utilities, roads and other public infrastructure may not have received sufficient attention in the past following the 72-hour power blackout suffered over the

DESMOND BANNISTER Christmas holiday.

Suggesting that the Minnis administration had been well aware of the need for critical improvements, he revealed that it had been forced to place a signed contract to overhaul Harbour Island’s main dock on hold after Briland residents called for the

SEE PAGE 5

Bahamas told: Target our marijuana ‘niche’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE Bahamas needs to take a more scientific approach and “select our niche market” from 50,000 industrial hemp applications, an advocate for marijuana’s legalisation is urging.

Terry Miller, head of the Bahamas Cannabis Research Institute (BACARI), told Tribune Business this nation should adopt the same model employed for legalising web shop gaming by keeping taxation rates relatively low so

as to combat any marijuana “black market”.

Responding to the Bahamas National Commission on Marijuana’s (BNCM) draft report, Mr Miller called for it to provide more “specifics” on how a legalised, fully-regulated medical marijuana could boost local employment and the economy as well as outlining strategies to protect young Bahamians from abusing the drug.

“We (BACARI) had looked at more specifics on

SEE PAGE 4

companies and groups are seeking financing.

He argued that it will be “a year of change” for both those issuing securities and investors buying into them, with each forced to move beyond the commercial banking system as a source of financing and savings returns, respectively.

The RoyalFidelity chief suggested there was sufficient demand to “double”

the typical number of annual capital market transactions, while the size of fund-raisings is also set to increase from $10m-$15m to $30m and $100m deals.

“It looks like it could be the busiest year in a long time,” Mr Anderson revealed. “For so many years we’ve had three to four transactions per year.

SEE PAGE 5

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Minister vents on ‘butt busting tourism hiccups’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE tourism minister has vented his frustration that “butt-busting” efforts to spark a post-Dorian rebound are being undermined by selfinflicted “hiccups” during the peak winter season.

Dionisio D’Aguilar, pictured, told Tribune Business that “we really must improve our game” after Harbour Island’s 72-hour power outage over the Christmas holiday, combined with Sunwing’s inability to depart Grand Bahama International Airport after dark, struck directly at the Ministry of Tourism’s efforts to market The Bahamas as “open for business” following the category five storm.

He argued that the “fiasco” of Harbour Island, one of The Bahamas’ most

popular tourist destinations, being plunged into darkness for three days highlighted the need for this nation to have “resilient, well-tested back-up plans” in place to prevent such situations from spiralling out of control.

And Mr D’Aguilar added that aviation industry personnel should have realised the potential for Sunwing’s return flight to Canada to be halted, and “been able

SEE PAGE 4

PAGE 2, Monday, December 30, 2019

THE TRIBUNE

CHAMBER EYES INFRASTRUCTURE ‘BUMP UP’ FOLLOWING BRILAND

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HARBOUR Island’s 72-hour Christmas blackout paves the way for discussions on how to “bump up” infrastructure improvements that are vital to Eleuthera’s growth, the private sector is urging.

Thomas Sands, the Eleuthera Chamber of Commerce’s president, told Tribune Business that the business community and government needed to turn Briland’s woe into a positive by “taking the opportunity” to collaborate on how utilities, roads, docks, airports and the like can be upgraded to support planned investment on the island.

Pointing to Disney Cruise Line’s planned destination experience at Lighthouse Point on south Eleuthera’s tip as an example, Mr Sands said there was simply insufficient accommodation in the area to house both workers required for the project’s construction and to encourage former residents to return and exploit entrepreneurial opportunities created by project spin-offs.

And, with the peak winter tourism season’s start marred on Harbour Island by the power outage, Mr Sands said companies

THOMAS SANDS “cannot afford to lose anything in this period of time” as they typically rely on profits here to carry them through the quieter parts of the year.

“Moving forward, in order to encourage economic development and growth, we have to have a real honest discussion about the infrastructure needs, and how we plan together as a group to position the island for growth and to take advantage of those who are coming and have chosen to visit Eleuthera as an option,” the Eleuthera chamber chief added.

Agreeing that a multimillion dollar investment would be required for

“all-around improvement”, Mr Sands said: “We understand the government is in a challenging position, but the reality is if the level of projected growth is to take place it means increasing the traffic, the number of bodies coming here, increasing airlift and, to be more efficient and productive, all these areas need improvement.”

With The Bahamas promoting that it is “open for business” post-Dorian, he argued that “to make that tagline a success the infrastructure that supports that, which is already challenges and needed some level of improvement, needs to be bumped up and improved further to make sure there’s a good experience for guests and visitors, and people who live and work here.

“It’s an opportunity. We want to take the positives from this. It’s how we work together for the success of the country. We need the Family Islands to make this country succeed because it cannot afford to lose that revenue. It opens up a new avenue for discussion in the New Year. What does it take to make that a success and to maximise this opportunity.”

Describing the blackout’s impact as “really tough” for Briland resorts and businesses, Mr Sands

said: “This is the window of opportunity to have enough revenue to get through the tougher times.

Harbour Island has very strong, successful winter seasons but there are times in the summer when there is hardly anybody there.

“We need every window to maximise that opportunity. We need to succeed with every one of those guests as much as possible... Operating my own businesses, you cannot afford to lose anything in this period of time. You just can’t afford it. Any loss you cannot recover it, it’s gone, but your operating and fixed costs remain the same.”

The Eleuthera Chamber of Commerce, in a statement, said the power outage “crippled many businesses during the peak retail season”. It added: “As many of you know, mid-December to mid-April constitutes the busiest retail period for our economy, which is heavily dependent on tourism.

“According to Eleuthera Chamber of Commerce (ECC) director Ryan Austin, who resides on Harbour Island, a number of local businesses were closed during the outage. Those closures signalled a loss of revenue for businesses, and likely a loss of income for

persons employed by those businesses.”

While praising Bahamas Power & Light (BPL) engineers for their efforts, the Eleuthera Chamber added: “We think it important to highlight the need for a swifter response strategy (like increased BPL manpower) when major incidents like this occur.

“Also, a number of persons noted that there was no clear timeline given for the restoration of power, which meant that businesses without generators were left helpless and uncertain regarding when they would be able to resume business.

“Throughout the island of Eleuthera, businesses frequently lament that they cannot rely on the current power grid. Reliable infrastructure is paramount to the further growth and development of our island, so more investment is required if we are going to grow this economy,” it continued.

“We have all heard about the major direct foreign investments planned for the island, but these investments will not succeed unless our infrastructure challenges are addressed.

Following the devastating hurricane that impacted the islands of Abaco and Grand Bahama, and given the Ministry of Tourism’s

herculean effort to promote the other islands of The Bahamas; Eleuthera is poised to increase its visitor arrivals.

“That’s why it is imperative that all Eleuthera stakeholders come together with BPL and the government in an effort to see how we can mitigate long down times when incidents occur.

Businesses who can afford to invest in generators do, but let’s face it, many of the smaller businesses are not in a position to make such a significant investment,” the chamber added.

“And to provide our guests with an enjoyable and engaging ‘Bahamian’ experience, we need those small businesses just as much as we need the multi-million dollar resorts. What took place over the Christmas holiday was unfortunate but it provides us with an important opportunity to revisit our vulnerabilities in an effort to build a stronger Eleuthera.

“In 2020 we, the board of the Eleuthera Chamber of Commerce, hope to reach out to the various stakeholders and begin meaningful dialogue in an effort to develop a strategic plan that will mitigate losses due to power outages and other infrastructural challenges on our island.”

FUNERAL PROVIDER GAINS $186K THROUGH SBDC A GRAND Bahamabased funeral services provider has obtained $186,000 in debt financing from the Royal Bank of Canada (RBC) by working with the Small Business Development Centre (SBDC).

Le Pavillion, a cemetery and mausoleum service, is owned by Grand Bahama native, Nicole Johnson.

With a motto that says “we care for your loved one like our own”, Le Pavillion offers internment plots, mausoleum niches, hearse and luxury SUV rental services, headstone creation, graphic services and counselling.

Ms Johnson said: “I am an event planner by heart, and always found myself planning events and usually funerals.” Disappointed by some of the cemeteries on Grand Bahama, she decided to offer residents an alternative and sought the Small Business Development Centre’s assistance after learning about it on the news.

“I joined the SBDC with a desire to make a difference, and the idea to create wealth for myself and family was impressed upon me,” Ms Johnson said. “I had dreams but did not have the funding, especially for a massive project like this.

“I had a wonderful experience working with the SBDC. Kudos goes out to my wonderful advisor, Shamine Johnson. She and Mrs Grant were my strongest advocates. Shamine, in particular, kept on encouraging me, texting me and advising even immediately after the storm when she was facing her own challenges.

“I can’t say enough about her tenacity and willingness to go all out for her clients.

She is a genuine gem. Le Pavillion would not have become a reality, but merely an unrealisable dream to me, if I did not receive access to capital through SBDC.” Now that Le Pavillion has received funding from RBC, Ms Johnson added: “It feels awesome to

be funded. I can finally watch my vision unfold. It makes it easier having that financial backing. To me this validates all I have put into birthing this dream, with God leading me every step of the way. I am now able to exhale. It has been a long journey, but with God and Shamine, Le Pavillion is born.

“One of our immediate goals for Le Pavillion is to work to create the atmosphere and aura that we want our clients to experience. We intend to provide Grand Bahama with top notch, first-class service that has not been experienced here.”

The SBDC is the product of a tripartite arrangement between the government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The Centre works to guide the development, funding, growth and evolution of micro, small and medium-sized enterprises (MSMEs) in The Bahamas.

CANADIANS PLANNING ‘CLEAN TECHNOLOGY’ BAHAMAS VISIT

Bahamas enjoy a longstanding friendship and deep people to people ties, hence our desire to be part of building climate resilience and strengthening disaster response in the region.

“An important aspect to this partnership is our respective private sectors, which is why we plan to lead a clean technology and infrastructure mission to The Bahamas in January 2020 to bring them together and plan for the future.”

The Canadian High Commission’s participation in the January 16 conference is part of its multi-faceted approach to impact disaster preparedness in the region.

Richard York, senior trade commissioner at the Canadian High Commission, said many Canadian companies reached out to his office about the possibility of sharing technology and environmental solutions that would be relevant to the

reconstruction of Abaco and Grand Bahama.

“A lot of these storms that we are now seeing are the result of climate change, and we’re expecting that these types of events will become more common in the future,” said Mr York. “So our visit to The Bahamas is more about planning for the future.

“Rather than having to endure the full impact of these types of events, we’re hoping to mitigate and to help where we can to share knowledge and experience with our partners in the Caribbean so they are fully prepared for what will likely be even stronger events in the future.”

Canadian companies that specialise in various environmental fields such as coastal engineering, microgrid solutions for small islands, engineering and dredging will attend the Business Outlook 2020 as well as a cocktail reception being sponsored by the High Commission immediately following the day-long forum.

CANADA’S High Commissioner has revealed plans for a “clean technology and infrastructure mission” to The Bahamas next month in the wake of Hurricane Dorian.

Laurie Peters, pictured, who will address next month’s Bahamas Business Outlook conference over how Canada is engaging the Caribbean on climate change, the environment and disaster preparedness, said: “The devastation experienced in the Caribbean following the hurricanes and storms over the last few years has reminded Canadians of the vulnerability of small island states in the region.

“Canada and The

THE TRIBUNE

Monday, December 30, 2019, PAGE 3

Dorian ‘hangover’ greater concern for Briland hotels

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HARBOUR Island hoteliers say the postDorian “hangover” is a greater concern than the Christmas power blackout, with one resort voicing optimism it can “make up” a 16 percent January booking gap.

Dean Spychalla, general director for Valentine’s Resort and Marina, told Tribune Business that the 72-hour Christmas outage was “certainly a black eye” for Briland especially given recent Ministry of Tourism and private sector efforts to promote this nation as “open for business” following the category five storm.

Anticipating that some negative tourist reviews may eventually emerge on Trip Advisor as a result of Bahamas Power & Light’s (BPL) woes, Mr Spychalla nevertheless said the continued fall-out from Hurricane Dorian remained a bigger long-term issue than the blackout which he predicted will “blow over pretty quickly”.

Valentine’s was spared the worst by its two 600 kilowatt (KW) generators, one which powers the hotel when BPL is out, and the other, the marina. Mr Spychalla revealed that the marina generator was only installed this November, and said: “Thank goodness for that.”

He added that the resort was also in no danger of running short of fuel for the generators thanks to the diesel storage tanks it uses for sales to visiting boaters.

“We decided not to sell fuel to the boats to save fuel for the generators,” Mr Spychalla explained.

“We weren’t in danger of running out of fuel, but that’s certainly not something we want to have to do. Between them, the two

DIGITAL B$ PROVIDER EYES 3% BANKING PROFITS RISE

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE digital Bahamian dollar’s technology provider believes its roll-out can increase bank profits by three percent despite its US counterpart’s dominant role in circulating currency.

Simon Kim, managing director of NZIA Ltd, speaking at the Project Sand Dollar launch last week, said: “Currently, looking at the overall economic volume, it’s about 70 percent depending on the US dollar and only 30 percent on the Bahamian.

“So even that 30 percent, if we make sand dollar as the backbone of any banking service we can easily increase the net profit of the banks by three percent. But if we move into the international payments well, in future, we can even increase the net profit further.”

generators use 50 gallons per hour. Running for 24 hours over three days, you do the math. The cost of running those generators was very significant. That’s how it impacted me.”

Expressing sorrow for the impact the outage had on Brilanders without generators, Mr Spychalla told Tribune Business: “We’ve worked so hard to try to mitigate the damage from Dorian and get people to come back to The Bahamas. Our slogan, from the Ministry of Tourism, is that we’re open for business and pleasure.

“It’s a black eye for Harbour Island certainly. I haven’t seen any Trip Advisor reviews yet but there will be some. It couldn’t have come at a worse time.

We’ll get where we need to go eventually. Nobody’s going to throw in the towel.

We still expect we’ll have a good season in the long-run but it’s unfortunate.

“I think the longer term concern we have now is still Hurricane Dorian hangover. I do believe that’s had a negative impact on The Bahamas. The Harbour Island power situation, that will blow over pretty quickly.”

Mr Spychalla said Valentine’s had enjoyed 100 percent occupancies for the past fortnight, but December was down by more than 8 percent overall. “We’re down 16 percent in pacing for January, a little less for February, but we have time so hopefully we will make that up,” he added.

Tracy Barry, proprietress of The Landing, told Tribune Business: “The fact that we had no ‘public service announcement’, no official word from anyone one during this 48 hour ordeal not central government, not local government, not BPL, was insulting.

“We were asked to provided a service in peak

season to a very high-end clientele with our hands tied behind our backs and blindfolded... While personally our guests were not directly affected during their stay with us in the 48 hours without electricity, as both of our high-powered (and exceptionally expensive) generators operated without incident during that time, that does not make us complacent.

“This was outrageous.

To have nothing officially said until a piece appeared in The Tribune today after power had been restored was crazy. This is sadly typical of how we are treated on Harbour Island. We make everyone (The Bahamas) look good with the product that we produce under unbelievably difficult circumstances, and do not even get the minimal respect from the government to enable us to continue to do what we do.”

George Cross, of Valentine’s Dive Centre, added: “Some of our customers were upset and will likely not return. There was no real ‘heads up’ on a solution/timing of this power failure.

“I lost a veteran captain who was hired to help fix the power cable cut by the barge between Eleuthera and Spanish Wells. We could not fill scuba tanks and lost business, and when it was finally restored the voltage at the Valentine’s resort compressor room was too low... so we cancelled all diving till further notice.”

Another Briland resort operator, speaking on condition of anonymity, said the industry had to move beyond the blackout and focus on this New Year’s week and working with the necessary stakeholders to solve Harbour Island’s long-standing power woes once and for all.

John Rolle, the Central Bank’s governor, added: “One of the main important benefits that we provide is for all financial institutions in the country to communicate. So it is foremost a communications platform. Whatever financial service provider or individual chooses the Sand Dollar network will be in the background allowing for money to come and go.

“So literally you will be able to say that you can text money to somebody. You just need to know their alias or whatever their name is in the system, and you don’t need to know who is their financial institution or where their account is. I mean, that information is in the system, but it really provides for the seamless communications and payment instructions in the background that is a very important part of this.”

Mr Rolle added: “We want to make sure we support the set-up of that system because, even if it is profitable to provide financial services in parts of The Bahamas, we don’t want the decision to be made solely on the basis of where businesses decide it is profitable.

We want to make sure that the national infrastructure

makes it possible and justifiable for all of the pockets of the communities.

“For persons still without a bank account, a mobile wallet will be an entry point to access other domestic financial services. The system of electronic customer due diligence that the Central Bank proposes to establish will allow persons to go online and open bank accounts remotely from anywhere in The Bahamas.

To do this, financial institutions will be able to rely on centrally available data on potential customers.”

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More than 75% of Exuma firms eager on digital B$

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net MORE than 75 percent of Exuma businesses have shown interest in participating in trials of the digital Bahamian dollar, the Central Bank’s governor says.

John Rolle, speaking at the launch of the six-month “pilot test” on the island, said he had been informed that government and public sector agencies, plus the utility companies, were equally as enthusiastic about joining in with the initiative called “Project Sand Dollar”.

Pedro Rolle, the Exuma Chamber of Commerce’s president, described the test phase as “critical” for Exuma as it represented “a wonderful opportunity” to bring persons outside the formal financial services system into mainstream banking. He conducted the first digital Bahamian dollar transaction.

“I think that this initiative is critical for us in Exuma, as it would be for any other island in The Bahamas,” he said. “It is critical for people on the ground level; for those persons who may

not be a part of the banking system, as this gives them a wonderful opportunity to do their banking and keep up with their records.

“It gives them the opportunity to get into mainstream banking in order for them to get loans and to empower small businesses. Based on the number of persons that have signed up and agreed to use it, I think it is really impressive. I didn’t think that a large number of them would have signed up to it so easily and readily.”

John Rolle said the Bahamian digital dollar, known as a “sand dollar”, is not a cryptocurrency.

Nor does it work like a traditional debit card. Instead, it is backed by the reserves of the Central Bank.

“A final point to stress is that the sand dollar is not a cryptocurrency. It is a Central Bank digital currency - the digital counterpart to Bahamian dollar notes and coins,” he explained. “It has the same value as our printed currency. It can never have a different valuation. It is backed by the foreign reserves of the Central Bank in the identical way as other demand liabilities of the bank.

“A debit card is linked to your money in the bank, and your debit card is just bearing what you are holding, or what is owed to you by your commercial bank. This is really going to be the equivalent of the paper notes and coins that you hold, and those that are liabilities of the Central Bank. So when you are holding currency, you are going to be holding

a direct liability of the bank.

So it won’t be a liability of a financial institution.”

John Rolle added: “We will get to the other islands.

The opportunity of starting in Exuma is to fine tune the experience. It is to give the payment services firms and the other financial institutions the opportunity to build out and integrate their systems so that they can tie-in.

“In the beginning a lot of people will see an app that looks very generic - the Sand Dollar app. But eventually the payment service providers have their own front-end applications where people would experience sending and receiving funds.

“The importance of the Exuma pilot is to allow us to improve the technology and the experience before sand dollars are distributed nationally. This is a sixmonth period during which financial institutions will tailor the front-end integration between their systems and the sand dollar network.

It will also allow the technology to be more closely integrated with the rest of the banking system.”

John Rolle added that the Bahamian digital dollar will be rolled out on Abaco while the Exuma testing is still going on. “The preparation we need to make to enter Abaco is to complete some logistical work,” he said. “The way the network operations are going to work is that each person that gets a digital wallet will get a card that is attached to them uniquely.”

PAGE 4, Monday, December 30, 2019

Minister vents on ‘butt busting tourism hiccups’ FROM PAGE ONE to solve that problem” before it occurred, lamenting: “Everybody always turns to the politician for a solution.”

He revealed that advice to the aviation industry has since been “modified” to ensure there is no repeat of an incident that forced the airline and its passengers to endure the extra expense and inconvenience of another night in Freeport, due to the absence of required airport lighting preventing night-time landings and departures.

The two incidents have potentially created some setbacks just as The

Bahamas was making headway in recovering lost ground post-Dorian, and Mr D’Aguilar blasted: “These hiccups that we’re having are very, very frustrating. We really need to improve our game.

“We had the Sunwing issue in Freeport, and the power supply issue in Harbour Island. Obviously the latter was not planned. No one ever expected it; that was very unforeseen. But we should have back-up plans, and the need to have resilient, well-tested back up plans was highlighted by this fiasco.”

Turning to the Sunwing flight’s enforced stay in Grand Bahama for an extra

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night, Mr D’Aguilar added: “Everybody always turns to the politician for a solution.

It’s somewhat frustrating that the technical people on the ground should really have been able to solve that problem.

“I run a laundromat; I’m a wash house guy. There are people in the aviation industry who know how to deal with these situations. It’s incredibly frustrating that you go out and bust your butt to market the destination, and you bust your butt to get the airport open to international flights...

“Everyone must have known this plane was coming in, and no one had the foresight to see this was going to be a problem until after the time had passed. No one was thinking about the problem until it presented itself: You have to leave now, it’s past the time.”

Mr D’Aguilar said Sunwing’s pilots and onground staff must also bear some of the responsibility, given that they knew their arrival was late and that a rapid turnaround of the plane was required since no departures after sunset were being permitted due

THE TRIBUNE to Grand Bahama International Airport’s condition following Dorian’s wrath.

Yet he quickly added: “Our people on the ground should have known this might be a problem. People have to think. Politicians are not there to solve every problem. We need the help of the technical people to solve these problems. That was very, very frustrating.

“There’s been a modification to the notice to airmen to help mitigate this problem. It’s not my airport and I believe - although I do not know for sure - that lights could have been deployed.

Someone has to care and make an effort to make it work. Usually, we find out about it when it’s too late.

“Sunwing had to incur the extra expense. It’s just frustrating that things like this happen and you go into a mitigation plan. We should be able to solve these problems well before they cost a heck of a lot of money and inconvenience,” Mr D’Aguilar continued.

“Obviously, after the storm it’s been a challenge to convince people to visit Grand Bahama and, finally, we’ve got foreign passengers to come. This happens and it’s like: ‘Aaargh’.

Anyway, you live and you learn.”

Expressing similar sentiments over Harbour Island, Mr D’Aguilar told Tribune Business: “It was incredibly frustrating that Harbour Island sustained a complete power loss at, of course,

Bahamas told: Target our marijuana ‘niche’ FROM PAGE ONE

how it can boost the economy,” he added. “But before I do there are some other aspects of this I think we really have to emphasise, and particularly from my perspective as someone in treatment and rehabilitation

during my life as the executive director of the Bahamas Association of Social Health (BASH).

“One of the reasons why I got into this whole thing was because of how important it is to protect our young people from this new industry. The Commission also said to keep the taxes low so that we do not develop a vibrant black market, because that is the way you are going to be able to protect our kids.”

Mr Miller, drawing parallels between web shop gaming’s legalisation and the possibility this might happen with marijuana, said: “We can develop this in such a way that it cuts out the black market, and those people that are in the black market can be encouraged to participate in legal side of it, just like the guys in the pre-gambling illegality; they were the people that were doing it illegally and now they are legal.

“So the guys that are now selling marijuana illegally should figure out ways to get into the legal side of it, because if we can knock out the black market then we can protect our children. A

what is probably the busiest period of the year. It could not have happened at a worse time.

“The power supply was out for three days. A lot of businesses had to shift over to stand-by generator power, and that ran into other problems in terms of getting a sufficient diesel supply. The back-up systems that Bahamas Power & Light had in place failed to materialise, and the situation just compounded.

“There’s no way to dance around it. It was a most unfortunate situation and, in discussions with BPL, I guess it highlighted the weakness in the ‘Plan B’ and ‘Plan C’.”

Tribune Business reported last week that a perfect storm of events resulted in Harbour Island losing power from early evening on Monday, December 23, right through Christmas Eve and Christmas Day until it was finally restored to all areas during the Boxing Day late afternoon.

This newspaper was told that the main power cable serving Harbour Island from mainland Eleuthera, which comes ashore at the Three Island Dock, was likely damaged when the barge that transports the island’s garbage was driven by high winds on to the adjacent bank.

The barge, which is understood to be owned and operated by a company in which relatives of

Rickey Mackey, the north Eleuthera MP, have an interest, is thought to have impacted BPL’s cables when it was dragged off the bank.

And, with the state-owned utility’s on-island generators in a state of mechanical breakdown and disrepair, there was nothing to pickup the slack when the cables went down.

With Abaco still offline following Hurricane Dorian, Mr D’Aguilar said Eleuthera - and especially Harbour Island - and Exuma would likely become the busiest Family Island destinations responsible for accommodating some of the vacation rental business lost in the Dorian-ravaged islands.

“For Eleuthera to experience what it experienced when it experienced it was most unfortunate,” Mr D’Aguilar added. “I’m sure there were a lot of unhappy foreign visitors. Residents in north Eleuthera were calling me, those that know me, and I have family members there who were calling me and advising me of the situation.

“But we were very much at the mercy of BPL. There was nothing tourism or any minister could to. We had to wait for technicians on the ground to develop a maintenance plan and implement that solution. We had to fly in engineers to find out why the engines brought on to the island were not kicking in. It was very unfortunate.”

person who has a license, and who is paying a lump sum for a license every year, would not risk losing his license to sell to an underaged person. But a person who is already doing something illegal, and is a part of the black market, they don’t really care who they sell to.

So that would be a protective measure for our kids.”

The commission’s report detailed that “licensing fees, real estate, employment, an equity programme and taxation are areas that would produce direct economic effects from the legislation and creation of a cannabis industry for medicinal or recreational use”.

However, it seemingly contained no economic impact assessment or projections on the number of jobs that might be created; the total wage and benefits that would be earned; potential increase in medical tourists; export earnings and other spin-off economic benefits that might be enjoyed.

Mr Miller said: “To put a bit more flesh on the aspect of licenses, what they have missed out... is the industrialisation of hemp, which is huge. When I first came across the Canadian manual on industrial hemp, which was produced in 2005, the Canadians said that they had a vision.

“You see, if you get into this and you don’t have a

vision - a clearly-defined national vision on how we want this industry to develop and where we want to be in this industry internationally - again, we are going to have some problems.

“The Canadians said that Canada will be the number one producer of industrial hemp products in the world, but from The Bahamas all I’m hearing about is individual personal use and recreational use and medicinal, but there is an industrial part of this that we need to start really looking seriously at this because we can turn into a producer nation.

“When the Canadians produced that 2005 booklet they said that marijuana had about 2,000 industrial applications. But, as of last year, industrial hemp has now over 50,000 applications so we need to pick and choose our niche market in that.”

Detailing the main economic benefits from legalising marijuana, Mr Miller said: “So, when we look at licensing, the number one license would be the grower/cultivator license, but that would be broken into two categories where one would be industrial hemp and one would be medicinal marijuana, and we are possibly looking at three types of licenses when we add in recreational use.”

THE TRIBUNE

Monday, December 30, 2019, PAGE 5

Island sees Capital markets eye Harbour $5m dock ‘backlash’ $200m ‘busiest year’ FROM PAGE ONE

FROM PAGE ONE This next year we’re probably going to end up with double that, and larger transactions.

“Instead of $10m-$15m transactions you’re going to get $30m transactions and $100m transactions.

Somewhere in the region of a couple hundred million dollars will come to market. Bigger transactions and more of them, so it’s going to put a strain on the availability capital when it’s needed.

“It’s going to be very busy in terms of people looking for capital, and will create an opportunity for investors to put their money to work and enjoy better returns.

If it works properly, we will have people move out of the banks and put their funds to work by making more money available for people as they require it.”

Among the known financing transactions in the pipeline is the $71m local component of the Bahamas Power & Light (BPL) bond issue, which the state-owned utility and the government are hoping to place early in the New Year.

Mr Anderson, though, suggested this deadline may be tough to meet given the need for the full $650m capital raise to obtain a rating from the credit rating agencies before it can be priced.

He said the industry standard was that it typically takes six to nine months to obtain such a rating.

Still, the RoyalFidelity chief pointed to the estimated $140m that the Government is seeking to raise for the upgrading of 28 Family Island airports as another deal that will likely come to market in 2020, although it will likely be split into smaller tranches and spread over a two to three-year period.

Tribune Business previously reported that a similar structure is being employed with the $100m bridge financing facility for Nassau Cruise Port’s redevelopment, a financing also referred to by Mr Anderson, with that some also broken down into smaller parcels - some of which will be placed in 2020.

He added that several construction projects will also be spurred “on the back of” the Prince George Wharf redevelopment by

Global Ports Holding, while other capital raises - including so-called “green bonds” and those for power plant opportunities in the Family Islands - will also likely come to market.

“I think they’ll be looking at issuing green bonds for those renewable energy opportunities out there,” Mr Anderson said.”I think there will be a variety of investment opportunities out there. These are reasonable size deal. These are not small companies, so it’s a good opportunity to get money working.

“In terms of the number of transactions and the size, the amount of money sought will be much larger than is normally the case.

To fund them we will have to get people mobilised to move money out of the banks, so I hope we can get that recipe right. That’s where the trick is; to make the capital available at the the right time.”

He added that the markets will “get a better sense of the timing” of upcoming capital raisings early in the New Year, which will be key in laying out a road map for when institutional investors and high net worth individuals need to convert certificates of deposit (CDs) in the bank into liquid, investment-ready cash.

“I think there’s a huge gap been created in the market by the hurricane as a lot of money is needed for repairs,” Mr Anderson said.

“The government is looking to raise capital for privatepublic partnership (PPP) transactions.

“It will be a year of change, forced change, for both issuers and investors.

People have to come and

raise money this way. They will be forced into situations they may not have considered worthwhile or necessary, but if they can’t access capital traditionally they will have to look at alternative mechanisms.

“And if investors can’t find decent returns in the bank they will have to look elsewhere. People have been rolling over CDs for two to three years, and have been told they’re getting half the interest rate they received previously. That forces the money to go elsewhere, and hopefully it will go to people looking for it.”

Mr Anderson added, though, said Bahamian capital market raises typically “have a habit of sliding, so it’s hard to organise them”.

He urged potential securities issuers to ensure their paperwork and other essentials are “ready ahead of time”, and said: “It’s more a six-month process.

“It could be longer depending on what people are trying to do. People looking for cash need to get themselves organised earlier than they think.”

The latest Central Bank data shows there are some $1.817bn in surplus liquid assets in the Bahamian commercial banking system, a figure that grew by over $285m for the 11 months to end-November 2019.

The traditional year-end draw down is likely to have been offset by reinsurance inflows and government foreign currency borrowings associated with Hurricane Dorian, which means there should be plenty of capital and investors available and seeking higher returns beyond what is available in the banks.

NOTICE NOTICE is hereby given that KATSIE THOMAS of 302 SW 15th Terrace, Delray Beach, Fl 33444 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 30th day of December, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

facility to be relocated.

But, with the proposed new location fraught with “environmental sensitivities”, Mr Bannister said the government had effectively been forced to put the project on hold until the necessary studies were conducted. As a result, the $5m was reallocated to upgrading dock facilities in South Eleuthera.

Responding to Brilander charges that the government has ignored their escalating infrastructure needs, and that Harbour Island sees little of the major tax contributions it makes to the Public Treasury, Mr Bannister said: “That may have been the case in the past; that will not be the case as we move on.

“The government has plans to invest almost $5m in upgrading the dock and infrastructure there. Last year we were forced to suspend that project even when it was ready to go and we had signed the contract.

“The feedback was just not favourable; that the dock was wanted in another location,” the minister continued. “That location is environmentally sensitive, and we’re going to have to do any number of studies. I don’t know how soon that is going to happen.

We had moved that $5m in funding to upgrade the docks in South Eleuthera.

“Our concern was that we had a commercial dock that is out-of-date, out-of-touch and out of time. It continues to have challenges whenever a big boat comes in. Our intent was to upgrade it, and we had to stop and reconsider it. As a government we don’t want to do anything where we have a backlash. We want to do projects that are fully supported.

“I anticipate we will canvass the community in upcoming years and see where we get support in terms of infrastructure projects.

It will get the investment.

Certainly for government infrastructure requirements, for roads and power, and for any challenges they face in Harbour Island. It is a very unique community.”

Mr Bannister said Bahamas

Power & Light (BPL) “has a plan to increase the generation capacity to Harbour Island”, although that may currently be of little comfort to Briland resorts, businesses and residents following one of the destination’s longest ever total blackouts that occurred at the worst possible time - right through the Christmas holiday and start of the peak winter tourism season.

“Harbour Island has grown tremendously, and the government has approved a new project there,” the minister added, seemingly referring to the controversial development by 4M Harbour Island Ltd. “The capacity required for Harbour Island has increased, and we have to increase the capacity to serve it.

“I know the whole idea behind BPL seeking to go out with renewable energy throughout Eleuthera was to meet the needs of Eleuthera and Harbour Island. There is a huge need, and what is traditionally there is not fit for purpose. It’s [Harbour Island] become a commercial centre, has a number of resorts and continues to grow even though its footprint is so small.”

James Malcolm, a Harbour Island-based realtor with Damianos Sotheby’s International Realty, and whose family have been Briland natives for 72 years, told Tribune Business “there’s absolutely no excuse” for the government’s chronic lack of infrastructure investment given how much the location contributes annually in taxes to the Public Treasury.

“Successive governments have never understood Harbour Island and the huge economic impact it has for the Public Treasury,” Mr Malcolm told Tribune Business. “There’s never been a return on investment despite the incredible amount of money going into the Treasury, whether it’s VAT, stamp duty or real property tax on foreign-owned properties.

“Government has never put it back into infrastructure. We should have the best roads, fantastic-tasting water and reliable power supply.

My family has been on this

island for 72 years, and there’s absolutely no excuse for it.

My family has been in the hospitality business and we speak from experience.

“We don’t have adequate roads, we don’t have adequate water, and we don’t have adequate power. There’s absolutely no excuse for it.”

Describing the 72-hour power outage, which began last Monday evening and lasted through Christmas Eve and Christmas Day as “dreadfully embarrassing”, Mr Malcolm said it meant that few locals and visitors were out celebrating the festive season - an occurrence that “affected the economy without a doubt”.

Stand-by generators, meant to run for six to eight hours, were being asked to operate 24/7 and had to be shut down for periods to give them a rest, he recalled. The loss of electricity also meant Cable Bahamas’ service was knocked out, the water supply “lost its prime” and showers became impossible, while ATMs and electronic payment transactions were rendered inoperable.

Mr Malcolm, who spoke to Tribune Business on Friday, said despite BPL restoring supply there were still challenges with power quality. He revealed that, at a Harbour Island home he manages, the voltage being supplied

by BPL was insufficient to run both the commercial AC system and the swimming pool’s water heater - disrupting the guest experience for a US executive who had rented the property for $30,000 per week.

“The infrastructure can’t keep up with the demands of the island. Harbour Island is a very popular place. We’re not getting clean power,” Mr Malcolm added. He said the on-island generation units purchased by Power Secure, the former BPL manager under the Christie administration, were designed for mining operations rather than being run day in, day out.

Besides being the wrong equipment, Mr Malcolm said these engines were run around the clock and “burned up over time”, resulting in no back-up generation availability when BPL’s main supply cable from the Eleuthera mainland was impacted.

PAGE 6, Monday, December 30, 2019

THE TRIBUNE

Legal marijuana sales may spark Midwest interstate tension

CHICAGO Associated Press

RETAILERS legally selling marijuana for the past month in Michigan say they have drawn customers from surrounding Midwestern states where the drug remains illegal and, as Illinois prepares to joins the recreational market on Wednesday, officials are renewing warnings to consumers against carrying such products over state lines.

The dynamic is familiar for states on the West and East coasts where the sale and use of marijuana has

been broadly allowed since Colorado’s market opened in 2014, despite a federal ban that created a patchwork of legal and cultural snares. Nebraska and Oklahoma went so far as to file an unsuccessful lawsuit against Colorado, arguing that its marijuana law would have ill effects for surrounding states.

In the years since, the industry has wrestled with questions over companies’ obligation to pay federal income taxes or follow laws on employee safety. Other thorny issues confronted state regulators, who were

LEGAL NOTICE

NOTICE GUNGA SHIPPING COMPANY LIMITED NOTICE IS HEREBY GIVEN as follows: (a) GUNGA SHIPPING COMPANY LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 27 December, 2019, when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, The Bahamas.

forced to determine suitable pesticides for growing cannabis plants, and which ingredients were safe to include in products meant to be eaten or burned. That terrain is usually reserved for federal agencies.

The tensest point, though, remains the illegal market that has survived in states with legal cannabis markets. Some of that product comes from outside the legal systems tracked closely by states’ regulators, while other states have struggled to keep “diverted” legal marijuana from bleeding into the illegal market at home or in far-flung states.

Data also suggests that some customers will cross state lines in search of statelicensed marijuana retailers, despite warnings that it’s illegal to bring the product back home.

The start of legal sales in Michigan on Dec 1 and in Illinois on Jan 1 brings that same climate to the Midwest, where some neighboring states allow limited marijuana use for medical purposes. But none other has moved to permit recreational use.

States often differ in the regulation of contentious issues, including guns, speed limits and the drinking age.

But Sam Kamin, a professor of marijuana law and policy at the University of Denver, said interstate accusations about the effect of marijuana sales on legal states’ neighbours are likely to linger unless federal law changes.

“Supply and demand tells us it’s going to be a constant thing,” Kamin said. “Regulations can only do so much and once product leaves a state, it ceases to be a regulatory problem and becomes a criminal one.”

Illinois is the 11th state to broadly allow marijuana’s use and sale, shrinking early states’ market advantage and ability to draw tourists.

Industry analysts expect “canna-tourism” will remain popular in some places, such as Las Vegas, but that most companies trying to survive in an expensive, challenging industry must build a local customer base.

“Nonresident demand is not going to be the primary driver of revenue in these Midwestern states,” said John Kagia, chief knowledge officer at the industry analytics firm New Frontier Data.

“Local consumers will be that primary driver.”

Kagia said available data on nonresident buyers suggests the percentage of traveling shoppers varies dramatically between states.

One Colorado study found that about 9% of total cannabis product demand came from visitors to the state, while New Frontier Data estimates that the share of purchases by visitors in Nevada is about 25%.

In Michigan, where $4.7m of recreational marijuana was sold in the first three weeks of December, regulators do not know how much was bought by out-of-state customers. But shops say

business has been brisk, particularly from neighboring Ohio and Indiana and nearby Illinois.

“There’s been people from all over,” said Bart Kupczyk, co-owner and director of retail at Ann Arbor-based Greenstone Provisions, one of 23 Michigan retailers licensed for adult-use recreational sales. “Ann Arbor is close to Ohio. It’s a destination city in its own right as a fairly well-known college town.”

Some 45 miles to the south in Morenci, a town of 2,100 people along the Ohio border, a dispensary has reported that a majority of its customers hail from Ohio, where only medical marijuana is legal. Another retailer in Morenci secured its state license last week.

“It is important for residents of Ohio and nonresidents traveling through the state to understand possession of marijuana remains a criminal violation in Ohio, even if it is purchased legally in another state which permits recreational use,” said Staff Lt Craig Cvetan, public affairs commander for the Ohio State Highway Patrol.

Illinois marijuana companies said they have trained employees to remind non-residents that their products cannot legally be transported across state lines and can only be consumed in private residences or hotels that permit it. Cities can decide to allow marijuana consumption at tobacco shops or dispensaries, but

none will have rules in place

by January, said Pamela Althoff, executive director of the Cannabis Business Association of Illinois.

“If you want to enter into Illinois and participate in consuming cannabis, you need to be responsible and you need to know the law,” she said. “Just like alcohol, this should not be something you plan to consume and then get back in the car.”

Nonresidents can purchase less marijuana than Illinois residents under the state’s new law, and law enforcement in surrounding states have announced plans to strictly enforce their standing restriction on marijuana. Michigan’s single-transaction limit is the same for residents and nonresidents.

At Green Thumb Industries’ five “Rise” dispensaries licensed to sell recreational products in Illinois, employees have been trained to remind nonresidents customers that they can’t bring marijuana products home and to warn them not to drive after consuming, said Dina Rollman, the company’s senior vice president of government and regulatory affairs.

“We’re most focused on serving the people of Illinois, but we recognise that we’re surrounded by states that have not legalised cannabis for recreational use,” Rollman said. “Our focus is just on education for those consumers, so that we can be compliant.”

PUBLIC 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 WEDNESDAY, 1ST OF JANUARY, 2020 IN ORDER TO PRESERVE THE RIGHT OF OWNERSHIP THEREOF.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

THE OWNERS LEGAL NOTICE

NOTICE ORYX SHIPPING COMPANY LIMITED NOTICE IS HEREBY GIVEN as follows: (a) ORYX SHIPPING COMPANY LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 27 December, 2019, when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, The Bahamas.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company LEGAL NOTICE

NOTICE GAZELA SHIPPING COMPANY LIMITED NOTICE IS HEREBY GIVEN as follows: (a) GAZELA SHIPPING COMPANY LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 27 December, 2019, when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, The Bahamas.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

LEGAL NOTICE NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) that Archer Commodities Fund Ltd. (IBC No. 201358 B) is in dissolution. The date of commencement of the dissolution is October 22nd, 2019 Mr. Arnaldo Luiz Correa is the Liquidator and can be contacted R Dr Egidio Martins 13, Ponta Da Praia, 11030-161 Santos SP, Brazil. All persons having claims against the above-named company are required to send their names, addresses and particular of their debts or claims to the Liquidator before November 21st, 2019

_____________________ Arnaldo Luiz Correa Liquidator

THE TRIBUNE

Monday, December 30, 2019, PAGE 7

To advertise in The Tribune, contact 502-2394

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CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

2019

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

CLE/qui/00618

Common Law and Equity Division IN THE MATTER of the Quieting Titles Act, 1959.

AND IN THE MATTER OF ALL THAT piece parcel or lot of land containing Nine thousand Five hundred and Four (9,504) square feet at the Southwest junction of East Lake Road and Pilot Drive being Lot No. 15 in the Coral Heights East Subdivision situate in the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas AND IN THE MATTER OF ALL THAT piece parcel or lot of land containing Eight thousand Eight hundred (8,800) square feet at Pilot drive being Lot No. 16 in the Coral Heights East Subdivision situate in the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas AND IN THE MATTER of the Petition of KRYSTYN DEVEAUX and KIM MONIQUE DEVEAUX ____________________________ NOTICE OF PETITION ____________________________ The Petition of KRYSTYN DEVEAUX and KIM MONIQUE DEVEAUX both of the Western District of the Island of New Providence one of the Islands in the Commonwealth of The Bahamas (hereinafter called “the Petitioners) in respect of:a) ALL THAT piece parcel or lot of land containing Nine thousand Five hundred and Four (9,504) square feet at the Southwest junction of East Lake Road and Pilot Drive being Lot No. 15 in the Coral Heights East Subdivision situate in the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas which said piece parcel or lot of land is bounded NORTHWARDLY by Pilot Drive and running thereon Fifty-seven and Ninety-six hundredths (57.96) feet NORTHEASTWARDLY by Pilot Drive and East Lake Road and running thereon along a line Thirty-five and Eighty-seven hundredths (35.87) feet in an arch EASTWARDLY by East Lake Road and running thereon Eighty-nine and Twenty-one hundredths (89.21) feet SOUTHWWARDLY by Lot No. 14 and a portion of Lot No.13 and running thereon Ninety-four and Eighty hundredths (94.80) feet and WESTWARDLY by Lot No. 16 and running thereon One hundred and Ten (110.00) feet which said piece or parcel of land has such position boundaries shape marks and dimensions as are shown on the diagram or plan filed herein and marked “5936NP”and is delineated on that part which is coloured “Pink”. b) AND ALL THAT piece parcel or lot of land containing Eight thousand Eight hundred (8,800) square feet at Pilot Drive being Lot No. 16 in the Coral Heights East Subdivision situate in the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas which said piece parcel or lot of land is bounded NORTHWARDLY by Pilot Drive and running thereon Eighty (80.00) feet EASTWARDLY by Lot No. 15 and running thereon One hundred and Ten (110.00) feet SOUTHWWARDLY by a portion of Lot No. 13 and a portion of Lot No.12 and running thereon Eighty (80.00) feet and WESTWARDLY by Lot No. 17 and running thereon One hundred and Ten (110.00) feet which said piece or parcel of land has such position boundaries shape marks and dimensions as are shown on the diagram or plan filed herein and marked “5936NP”and is delineated on that part which is coloured “Pink”.

TAKE NOTICE that by Petition filed in the Supreme Court of The Bahamas on the 9th day of May, A.D., 2019 the Petitioners claim to be the owners in fee simple in possession of all those pieces parcels or lots of land hereinbefore described and have made an application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act 1959 to have their title to the said pieces parcels or lots of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the Plan of the said land may be inspected during normal office hours in the following places: 1. The Registry of the Supreme Court of the Bahamas, Ansbacher House Building, East Street; and 2. The Chambers of Ferreira & Company, situate in the Kemp Building, No. 39 East Street North, Nassau, The Bahamas.

TAKE NOTICE that any person having dower or right of dower or any adverse claim or a claim not recognized in the Petition must on or before the expiry of Thirty (30) days following final publication of this Notice file in the Supreme Court and serve on the Petitioner or the undersigned a Statement of his/her claim in the prescribed form, verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a Statement of his/her claim on or before the Thirtieth (30) day following final publication of this notice will operate as a bar to such claim.

FERREIRA & COMPANY Chambers Kemp Building No. 39 East Street North.

Nassau, The Bahamas Attorneys for the Petitioner

PAGE 8, Monday, December 30, 2019

THE TRIBUNE

California vastly expands digital privacy. Will people use it?

SAN FRANCISCO Associated Press FORTY million Californians will soon have sweeping digital-privacy rights stronger than any seen before in the US, posing a significant challenge to Big Tech and the

data economy it helped create.

So long as state residents don’t mind shouldering much of the burden of exercising those rights, that is.

Come Wednesday, roughly one in ten Americans will gain the power to review their personal

information collected by large companies around the world, from purchase histories and location tracking to compiled “profiles” that slot people into categories such as religion, ethnicity and sexual orientation.

Starting January 1, they can also force these companies

— including banks, retailers and, of course, tech companies — to stop selling that information or even to delete it in bulk.

The law defines data sales so broadly that it covers almost any information sharing that provides a benefit to business, including

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 27 DECEMBER 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,204.99 | CHG: 18.02 | %CHG: 0.82 | YTD: 95.54 | YTD%: 4.53 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.50 11.01 2.81 4.35 10.21 7.90 16.99 9.40 3.63 14.20

52WK LOW 3.35 20.91 4.90 4.46 1.45 0.22 2.00 9.50 5.60 3.95 6.75 2.35 1.76 8.00 6.25 12.15 6.80 3.01 13.01

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

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

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 Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.59 17.43 6.00 6.10 2.35 1.80 4.40 11.06 6.16 4.25 8.01 3.32 4.35 10.25 7.60 15.05 9.33 3.29 14.00

CLOSE 3.59 17.43 6.00 6.10 2.35 1.80 4.40 11.06 6.16 4.31 8.01 3.31 4.35 10.37 7.60 15.05 9.33 3.51 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.00 -0.01 0.00 0.12 0.00 0.00 0.00 0.22 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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

VOLUME

179,056

10,000

VOLUME

EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631

DIV$ 0.170 1.260 0.000 0.260 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610

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

P/E 15.0 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 23.4 57.2 32.5 9.3 16.1 10.4 18.4 9.9 17.3 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 4.74% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.78% 0.00% 13.11% 1.38% 3.16% 3.16% 3.59% 2.14% 3.42% 4.36% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 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% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 10.91% 11.57% 17.57% 18.60% 4.72% 5.08% 13.44% 13.49% 5.38% 5.44% 3.28% 3.80% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019 30-Nov-2019

MUTUAL FUNDS 52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.31 10.26 6.91 11.76 12.32 10.74 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.58 1.69 1.66 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.27 4.32 2.08 193.72 158.42 1.65 1.82 1.74 1.19 8.29 10.16 6.91 11.76 12.32 10.72 9.92 8.68 11.38

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

30-Mar-2019 30-Mar-2019 30-Mar-2019

data transfers between corporate affiliates and with third party “data brokers” — middlemen who trade in personal information.

It remains unclear how it will affect the business of targeted advertising, in which companies like Facebook amass reams of personal data and use it to direct ads to specific groups of people. Facebook says it doesn’t share that personal information with advertisers.

Still, because it applies to any company that meets a threshold for interacting with state residents, the California law might end up serving as a de facto national standard. Early signs of compliance have already started cropping up in the form of “Don’t sell my personal information” links at the bottom of many corporate websites.

“If we do this right in California,” says California attorney general Xavier Becerra, the state will “put the capital P back into privacy for all Americans.”

California’s law is the biggest US effort yet to confront “surveillance capitalism”, the business of profiting from the data that most Americans give up — often unknowingly — for access to free and often adsupported services. The law is for anyone ever weirded out when an ad popped up for the product they were just searching on, or who wondered just how much privacy they were giving up by signing into the briefly popular face-changing tool FaceApp. But there are catches galore. The law — formally known as the California Consumer Privacy Act, or CCPA — seems likely to draw legal challenges, some of which could raise constitutional objections over its broad scope. It’s also filled with exceptions that could turn some seemingly broad protections into coarse sieves, and affects only information collected by business, not government.

For instance, if you’re alarmed after examining the data that Lyft holds on you, you can ask the company to delete it. Which it will legally have to do — unless it claims some information meets one of the law’s many exceptions, among them provisions that allow companies to continue holding information needed to finish a transaction or to keep it in a way you’d “reasonably expect” them to.

“It’s more of a ‘right to request and hope for deletion,’” says Joseph Jerome, a policy director at privacy group Common Sense Media/Kids Action.

A more fundamental issue, though, is that Californians are largely on their own in figuring out how to make use of their new rights. To make the law effective, they’ll need to take the initiative to opt out of data sales, request their own information, and file for damages in the case of data breaches.

“If you aren’t even reading privacy agreements that you are signing, are you really going to request your data?” asks Margot Kaminski, an associate professor of law at the University of Colorado who studies law and technology. “Will you understand it or sift through it when you do get it?”

State residents who do make that effort, but find that companies reject their requests or offer only halting and incomplete responses, have no immediate legal recourse. The CCPA defers enforcement action to the state attorney general, who won’t be empowered to act until six months after the law takes effect.

When the state does take action, though, it can fine businesses up to $7,500 for each violation of the law — charges that could quickly add up depending on how many people are affected.

The law does offer stronger protection for children, for instance by

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forbidding the sale of data from kids under 16 without consent. “The last thing you want is for any company to think that we’re going to soft on letting you misuse kids’ personal information,” Becerra, the attorney general, said at a press conference in December.

Many of the CCPA’s quirks trace back to the roundabout way it became law in the first place. A few years ago, San Francisco real estate developer Alastair Mactaggart asked a friend who worked at a tech company if he should be concerned about news reports on how much companies knew about him.

He expected an innocuous answer.

“If you knew how much we knew about you, you’d be terrified,” he says the friend told him .

With help, Mactaggart produced a ballot initiative that would let California voters implement new privacy rules.

Although initially a long shot, the proposal quickly gained steam amid news of huge data breaches and privacy leaks.

That drew the attention of Silicon Valley, whose big companies considered the ballot initiative too risky. Moving the proposal into the normal legislative process would give them influence, the chance to pass amendments, and above all time to slow down what seemed to be a runaway train.

“I always knew I was signing up for a fight,” Mactaggart says .

The developer agreed to pull the initiative off the ballot and have it introduced as a bill. In slightly changed — or weakened, per critics — form, it passed. Gone, for instance, was a provision that would have allowed people to sue when companies improperly declined to hand over or delete data.

The coming year will provide the first evidence of how much protection the CCPA actually offers — and how thoroughly Californians will embrace it.

Among other limitations, the law doesn’t really stop companies from collecting personal information or limit how they store it.

If you ask a company to delete your data, it can start collecting it again next time you do business with it.

Mary Stone Ross, incoming associate director of the Electronic Privacy Information Center and coauthor of the original ballot initiative, worries that CCPA might just unleash a firehose of data on consumers. “A business could actually drown a consumer in information so the important pieces are lost,” she says.

There’s a way to avoid that by just asking for which categories of information a company holds, such as demographics, preferences or interests. But it’s not clear how many will know to do that.

The law’s biggest impact, in fact, may lie in how it requires companies to track what data they have, where they keep it, and how to get it to people when requested, says Jen King, director of consumer privacy at Stanford Law School’s Center for Internet and Society. That effort alone, which can be substantial, might cause corporations to reconsider how much data they decide to hold onto.

That may lead to some unintended consequences and even corporate attempts to discourage people from using the law.

The job-search site Indeed. com, for instance, now explains that when anyone opts out of data sales under CCPA, it will also ask them to delete their associated accounts and all personal information.

Such people will still be able to use the website without logging in. Indeed said in a statement that it routinely transfers personal information such as job-seeker resumes to employers as part of its service. Because it believes that such transfers may qualify as “sales” under CCPA, Indeed will not hold such information for people who opt out of data sales under the law.