05202019 BUSINESS

business@tribunemedia.net

MONDAY, MAY 20, 2019

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Mega BPL refinance eyes November close By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMAS Power & Light’s (BPL) nine-figure refinance is eyeing an end-November 2019 closing, Tribune Business can reveal, with the targeted sum “likely” to be less than the original $650m. Geoff Andrews, chairman of the special purpose vehicle (SPV) that will issue the rate reduction bonds (RRB) to restructure BPL’s multiple legacy liabilities, confirmed that a portion of the needed capital “will definitely” be raised from Bahamian investors. While unable to give many details, given that he and the SPV’s Board were appointed within the last few months, Mr Andrews said they planned to seek bids from financial institutions to act as the RRB issue’s adviser, placement agent and arranger before May’s end. He added that the Board, which also includes exRoyal Bank of Canada

• TARGET SUM ‘LIKELY’ BELOW $650M • PORTION ‘DEFINITELY’ RAISED LOCALLY • FINANCIAL ADVISER RFP BY MONTH END

(RBC) executive, Larry Wilson, and Tanya Carey, planned to select a preferred bidder before the end of June. Once that happened, Mr Andrews said they would then be able to tie down the RRB offering’s details, including its structure, pricing (interest rate paid to investors), and how much will be raised locally versus internationally. “We are definitely working very hard to get the issue done by the end of November. We’re all doing our best to meet that target,” he told Tribune Business. “When you look at the history, this [the RRB issue] has been an ongoing discussion since 2013-2014. It is something we are very much stressing the importance of getting done as

CLIFTON PIER POWER STATION quickly as possible to all the international. That will be something discussed with other parties involved.” Asked whether the the lead arranger. We are RRB issue was aiming to certainly looking to have a raise the $650m initially local component, and I am targeted, Mr Andrews comfortable in saying the responded: “I would rather amount is less than originot give the details on that nally planned for.” BPL’s refinancing, while yet, but it more than likely will be less than that origi- essential to its future finannal amount and we will cial health, may provoke definitely be looking for a controversy among some elements of Bahamian socilocal component. “We have not in our ety given that it is ultimately minds decided how the state-owned energy much will be local versus SEE PAGE FIVE

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PRIVATISING NASSAU FLIGHT: FOREIGNERS NEED NOT APPLY By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A CABINET minister has told foreigners to forget about bidding for Nassau Flight Services (NFS) with his ministry today launching the privatisation process for the state-owned ground handler. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the company’s $8m annual top-line meant it was of “ideal” size to be acquired by Bahamian companies or investor groups as part of the Government’s drive to create a local “entrepreneurial class”.

He reiterated, though, that Nassau Flight Services would not simply be given away by the Government. Mr D’Aguilar said the winning bidder would need to show a credible business plan, together with past expertise, track record and necessary skill set, to convince the Minnis administration they could “ensure the company’s success post-privatisation”. The Ministry of Tourism, in a statement issued yesterday, revealed that the Government will consider a franchise (operating) agreement for Nassau Flight Services as well as its SEE PAGE SIX

BISX INKS ‘WORLD CLASS’ DIGITAL EXCHANGE BOOST By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas International Securities Exchange’s (BISX) goal of becoming a “world class” digital trading player has received a major boost after it secured a partner to launch a new exchange. Keith Davies, BISX’s chief executive, confirmed to Tribune Business that it had signed an agreement with a “major FinTech

(financial technology) company”, which he declined to name for legal reasons, to provide the expertise and trading platform for its proposed digital securities exchange. While the launch date depends on obtaining final regulatory approval from the Securities Commission, Mr Davies said the new digital exchange will place BISX - and The Bahamas - “squarely on the map as SEE PAGE SEVEN

GOVT TARGETS $50M YACHT CHARTER FEES By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Government will target untapped existing revenue sources such as the 4 percent yacht charter fee in the upcoming 2019-2020 Budget, the deputy prime minister has revealed. K Peter Turnquest, addressing the Eleuthera Business Outlook conference, indicated that the Ministry of Finance is focused on improving revenue yields from “low hanging fruit” where past enforcement and collection efforts have been

weak as opposed to new or increased taxes from its main sources. “We are looking at new revenue sources,” he confirmed. “One of the big ones we anticipate is in the yacht registry and chartering industry. We know there are vessels that come here and stay for six months conducting charter business during that time and not registering as commercial entities. “As a result, The Bahamas gets no revenue. There is a 4 per cent charter fee we are supposed to collect but, SEE PAGE EIGHT

LAW SHOULDN’T ‘TAX YOU OUT OF BUSINESS’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government is “taxing people out of business” via an “unconscionable” Business Licence fee that exacerbates the struggles of loss-making firms, a well-known fiscal hawk is arguing. Rick Lowe, an executive with the Nassau Institute think-tank, told Tribune Business “it cannot be the intent of the law” to have a tax that plunges a company further into loss to

the extent it has to consider shutting down. Pointing to the Taylor Industries closure, where the “ongoing requirement to pay a Business Licence fee to the Government even though the Company had been making losses for several years” was cited as one factor behind the 75 year-old business’s demise, Mr Lowe agreed it was a case study of what many Bahamian-owned firms were still enduring. “It’s unconscionable SEE PAGE NINE

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PAGE 2, Monday, May 20, 2019

THE TRIBUNE

Customs’ ‘one-stop shop’ long overdue MORE than 1,600 businesses are now using Customs’ “long overdue” online clearance platform that will create a “one-stop shop” for all users once its roll-out is fully completed. The Ministry of Finance said the ten-phase implementation will help eliminate the manual, paper-based system that Customs has relied on for decades while also improving the speed and ease of conducting cross-border commerce. It is also designed to crack down on tax evasion, corruption, fraud and smuggling, while also producing greater efficiency. The implementation phases include a business management portal; an online payment platform; a new system for filing

declarations online; and a completely integrated system for the online processing of Customs-related permits and licences with other government agencies. Each component is at a different stage of implementation, with many overlapping. “There is no question this is a massive undertaking and it is long overdue,” said K Peter Turnquest, deputy prime minister and minister of finance. “We are still in the early stages of implementation, but when the full system is operational it will significantly improve the speed of doing business, minimise the influence of corruption, and bring greater security and transparency to the process of importing and exporting

goods in The Bahamas.” The roll-out started in late 2018 with New Providence-based air cargo carriers. As at February 2019, more than 1,600 businesses including couriers, brokers and other business importers had transitioned to the new system. Customs started a pilot test in Eleuthera in early 2019 as part of its phased Family Island roll-out for air and sea ports. It is now implementing lessons learned and ensuring internal readiness. In the next few months, Customs will continue the phased rollout, supported by a public education campaign. “Very soon we will formally introduce the public to the new online system, Click2Clear, which we are building into a

one-stop-shop for all Customs clearance processes. We are very confident that Click2Clear will take Customs into the future, and deliver more speed, functionality and efficiency,” said Mr Turnquest. “Just one generation ago, Customs was using a completely manual, paper-based system. In the world of technology, that is light years away. We have an older digital system right now that is no longer fit for purpose, so we are transitioning to an internationally compatible platform that brings all of Customs’ trade process together in one convenient online location.” The Ministry of Finance said that when Click2Clear is fully implemented, the benefits will include:

• Paperless Customs processing • Automated entry checking • End-to-end online processing and tracking, with no need for companies and brokers to run from office to office • Tighter controls and risk management to reduce corruption and fraud • More accountability to protect government revenue • More statistical information for effective policy making. “We want the full system up and running as soon as possible, but a massive change process cannot be implemented overnight. We want to minimise the inconvenience to the general public and ensure that businesses continue to

operate effectively during the transition phase,” said Mr Turnquest. “This system is going to impact every importer, including individuals who purchase items online, so we plan to take the time to ensure everyone is properly informed. As we bring more of the system online, we will experience more of the benefits. “Overall we know there is agreement about the need for Customs to modernise, and I congratulate Comptroller Moss and her team on the strides they have made and continue to make. In the end, their efforts to implement Click2Clear and transform Customs will benefit the business community, Bahamian consumers and the nation on the whole.”

DEPUTY director general of tourism Ellison ‘Tommy’ Thompson speaking to visiting travel agents.

FREEPORT PROMOTED AS SUMMER LOCATION THE Ministry of Tourism targeted south Florida travel agents, influencers and media in shining a spotlight on what Freeport has to offer summer travellers. The Bahamas Tourist Office’s Florida office launched its ‘Summertime in Freeport’ promotion aboard a super yacht in Miami, as it

bids to drive more visitor traffic to Grand Bahama and the nation’s second city. The event included a business-to-business (B2B) networking reception with Freeport vendors followed by a talk show-style presentation, dinner and dance, and sounds of Junkanoo as the boat returned to port. Organised by

the Bahamas Tourist Office’s Florida marketing team under the leadership of Betty BethelMoss, director of sales, the presentation featured Ellison ‘Tommy’ Thompson, the Ministry of Tourism and Aviation’s deputy director general (DDG). Sanique Culmer, of the Grand Bahama Tourist

Office, spoke about the Goombay Summer Festival and Junkanoo Summer Festival that will feature local cuisine, artisans and entertainers. She also spoke about one of The Bahamas’ signature programmes, ‘People to People’, which pairs visitors with local Bahamians who share a common interest or background. Carmel Churchill, of the Grand Bahama Island Tourism Board (GBITB), told guests about 40 activities visitors can enjoy, including kayaking, horseback riding, dolphin encounters, snorkeling, diving, fishing, eco adventures, or simply enjoying one of the many beaches on the Island. Other Freeport vendors taking part in the show

were Anthanea Russell, representing Forbes Charter ground transportation; Woodrow Wilson, Bahamasair; Katie Loughlin, Silver Airways; Catherine Cruz, Balearia Caribbean; and Julian Guzman, Bahamas Paradise Cruise Line. Also present were Juan Romero from the Grand Lucayan; Donna Mackey, Viva Fortuna All-Inclusive Resort; Anna LockhartTannenbaum, Taino Beach Resort; Magnus Alnebeck, Pelican Bay Resort; and Shylocke and Duyla Edwards, S and D Coach Tours. Attendees were given information on travel agent incentive programmes; industry partners’ special offers; familiarisation trips and resources for agents including webinars;

and a monthly travel agent newsletter and special pages on the Bahamas tourism website, bahamas. com. The team also took time to acknowledge graduates - and enrollees - of the Bahamas Specialist Program. Mrs Churchill said: “The event represented the grandeur of Freeport and all that it has to offer.... Guests in attendance got a good taste of what the destination has to offer, and we certainly gave them something to look forward to or to share with others to encourage them to visit our destination. “The Royal Bahamas Police Pop Band, Grand Bahama district, did an outstanding job with bringing the sounds of our Island and the menu, which included blackened grouper, depicted the flavours of Grand Bahama.” She praised the Bahamas Tourist Office marketing team for putting on the event, adding: “It was done tastefully, at a high-end venue, and every detail was at a high-quality level. “Thanks to this event, we in Freeport will be looking forward to welcoming travel professionals and their clients, bloggers, influencers and the like to our destination very soon so that they will really see, touch, taste and feel all of what they got a peek of, but so much more.” Besides Mrs BethelMoss, the marketing team included district manager, Tina Lee; senior marketing representatives, Adrian Kemp and Phylia Shivers; and inside sales co-ordinator, Elke Pettiford. The team’s efforts in promoting Freeport will also include an event at the premier Boca Raton venue, the Addison, and a presentation in Orlando.

THE TRIBUNE

Monday, May 20, 2019, PAGE 3

‘RUNAWAY TRAIN’ SOES: GOVT MUST TAKE CONTROL By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Bahamas must get its state-owned enterprises (SOEs) “under control”, the Deputy Prime Minister is demanding, saying: “They have been running like a runaway train.” K Peter Turnquest, who addressed the Eleuthera Business Outlook conference as the keynote speaker, said: “The reality is we have to get our stateowned enterprises under control. They have been running like a runway train. “They have been used to bulk up employment and place people who may not be competitive in other fields or endeavours, and that is a very destructive practice. Not only are you chewing up revenue but you’re also creating an inefficient environment which permeates out into society, and the public has to pay through inefficient service and increased taxation.” Mr Turnquest said the Minnis administration

DEPUTY Prime Minister Peter Turnquest. is seeking to create an defined so there will be less improved governance struc- room for political appointture around SOEs to ensure ments because we need their efficiency. “We are in professional management, the process of contracting efficiency and people who a consultancy to look at know what they are doing. these SOEs and make some Part of the legislative manrecommendations as to date will be around board how we ought to adjust the appointments and managegovernance structure and ment appointments.” legislation,” he added. The Government, in its “We may need to put the nine-month “fiscal snaplegal structures around that. shot”, unveiled plans to That will mean that the qual- create a State-Owned ifications for some people on Enterprises Bill that will these boards will be more introduce “the same kind

of accountability and discipline” to SOEs that the Minnis administration is currently implementing with central government. The Government’s 20182019 budget listed some $398.294m in subsidies allocated to SOEs and agencies for the 2018-2019 fiscal year, down slightly from the prior year’s $410m. The bulk of this sum, some $216m or more than 50 percent, was due to the Public Hospitals Authority (PHA) to cover its operational costs. The usual loss-making suspects, such as Bahamasair, the Broadcasting Corporation of The Bahamas, Nassau Flight Services and the Hotel Corporation were also included among these subsidies, continuing their reliance on Bahamian taxpayers to underwrite their existence. Besides these SOEs, other perennial loss-makers such as Bahamas Power & Light (BPL) and the Water and Sewerage Corporation also fall into the category of SOEs that fail to recover their costs.

Both are selling their services below cost, with the latter having not seen a tariff rise for two decades. Mr Turnquest, meanwhile, said the Minnis administration plans to use the fiscal head room created by eliminating $360m in outstanding arears to help absorb the anticipated revenue losses associated with tariff reductions under World Trade Organisation (WTO) accession. “In 2017-2018 we put forward a three-year fiscal strategy, and the results up to the nine months are showing that we are making progress towards achieving the intended results,” he added. “One of the things we are proud of is we are starting to pay down all of these massive arrears we have accumulated over the years. This year we had anticipated paying down $172m. We have paid $113m thus far and we will see how far we can get depending on cash flow for the remainder of the year.

“This is important because, as we liquidate these arrears, we free up cash we can spend on others things - whether it’s in reduction of taxes or whether it’s investment in other productive infrastructure to help us grow this economy and provide the kinds of services Bahamians deserve.” Speaking to the pending WTO accession, Mr Turnquest said: “In respect to revenue losses anticipated as a result of tariff reductions that will accompany any WTO concessions, we have already planned that into our threeyear strategy. “As we pay down these arrears it frees up some room to absorb these revenue losses that we anticipate will come as a result of having to reduce tariffs at the border, and doing that without any tax increases but more management of the revenue yield and compliance as well as continuing to be watchful of our overall fiscal policies.”

WATER CORP NETS 47% OUT ISLAND REVENUE RISE By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Water & Sewerage Corporation’s (WSC) total Family Island revenues increased by 47 per cent year-over-year during the 2018 fourth quarter, its executive chairman has revealed. Adrian Gibson, addressing Friday’s Eleuthera Business Outlook conference, said an extra $827,994 was collected “above and beyond 2017” for the same period as the corporation stepped up enforcement and collection. “These gains were led in part by Eleuthera, which was up by 78 per cent to $899,316 during the assertive exercise period,” he added. “Overall revenues for Eleuthera were up 19 per cent for a total of $2.602m. “For 2019, the figures are trending even higher. It should also be noted that the annual revenue numbers would be much more. However, the Family Island rates are much less than that of New Providence. The Family Islands are heavily subsidised.” A recent Inter-American Development Bank (IDB) report revealed tariffs charged to WSC customers in the Family Islands cover just 30 percent of the state-owned enterprise’s production costs. The report, confirming that the state-owned utility is selling water massively below cost to its customers, said: “The country’s national agency, Water and Sewerage Corporation (WSC), supplies less than 50 percent

of overall potable water demand in The Bahamas. Currently, only 14 percent of the population has access to improved sewerage and sanitation facilities. “No tariff adjustments have been granted for several years, and current tariffs presently represent about 60 percent of the cost of service in New Providence, and only 30 percent in the Family Islands (where the cost of service provision is higher and the tariff lower than in New Providence).” As a result, the IDB warned that the benefits from reducing water leaks and losses from the Water & Sewerage Corporation’s system

by 60 percent could be lost if there is no tariff rebalancing. Mr Gibson, meanwhile, said: “The bottom line is that Eleuthera is one of our leading islands in investments, growth and returns. We now continue a number of talks with other developers, like the developer of Jack’s Bay, Disney, new resorts on Harbour Island, etc, so that the corporation remains the provider of choice on Eleuthera.” He added the Water & Sewerage Corporation is the only provider of public water on Eleuthera, operating five reverse osmosis plants, six distribution systems and two well fields on the mainland

as well as operations on Harbour Island, Spanish Wells and Current Island. The largest Family Island reverse osmosis plant is also currently under construction in North Eleuthera. Mr Gibson said over the past two years, the corporation has completed more than 12 projects on Eleuthera involving capital investment of $2.9m. “We have an additional ten projects that are approved; these are projected to cost $3.6m,” he said.

AMMENDMENTS TO THE APPROVED LIST OF CANDIDATES AMMENDED FRIDAY, MAY 3RD, 2019 BY ELECTIONS COMMISSION

EXECUTIVE MEMBERS: 1. Rosemary E. Burrows 2. Maralyn Genette Burrows 3. William Ingraham 4. Cyril Morris Jr. 5. Wayne Thompson 6. Kameisha Delique Wells 7. Judd T. Williams TRUSTEES: 1. Jacqueline Lorene Mckenzie 2. Bolinder Newbold – Munroe 3. Vernincha Louise Delcine Simmons 4. Lana Monique Williams-Smith 5. Haldane Alfred Stubbs AREA VICE PRESIDENTS: NORTHERN BAHAMAS: 1. Ann Marie Bullard 2. Eldecia Thompson GRAND BAHAMA: 1. Quintin Howard Laroda 2. George Austin Trevor Mills. NEW PROVIDENCE: 1. Vernon Jemell Rodgers SOUTHERN BAHAMAS: 1. Ann Louise Strachan TREASURER: 1. Lorraine Knowles 2. John Musgrove ASSISTANT TREASURER: 1. Catherine Knowles-Stubbs 2. Katress Wells SECRETARY – GENERAL: 1. Helena Cartwright 2. Dion Damien Johnson 3. Tiffany M. Delancy-Laing ASSISTANT SECRETARY – GENERAL: 1. Juanita T. Gaitor 2. Cedricka Rolle PRESIDENT: 1. Joan Knowles-Turnquest 2. Belinda Wilson VICE PRESIDENT: 1. Tiffany Burrell-Roberts 2. Jason Haley From the desk of John Musgrove Secretary-General The Bahamas Union of Teachers

PAGE 4, Monday, May 20, 2019

THE TRIBUNE

FROM left, Kevin Moore; Mennette Woodside; Deidre Gardiner; Edwin Simms (Freeport city manager); Kevin Sears; Patston Bevans; Juanita Edwards (administration); Shenique Gibson; Melonie Badmus; Reynaldo Sanchez (ABG training manager); Olivia Collie; Cardinal Gibson. Missing from the photo are Derinique Russell, Geraldo Bullard and Jeanette Thompson.

CUSTOMER TRAINING FOR AVIS STAFF AVIS staff in Nassau and Freeport were given advice on how to enhance the customer experience during training sessions held over the week beginning May 6. Reynaldo Sanchez, training manager for the Latin America and Caribbean region of Avis Budget Group, spent three days in The Bahamas working with

management and line staff at the car rental firm. The training series, entitled The customer lead experience, focuses on Avis’ vision of being relentless in fulfilling customer wants, needs and preferences, thereby ensuring excellence at all stages of service delivery. During the sessions team members were given

challenges, and had to come up with solutions, while playing a variety of roles. Avis’ Bahamian operation is a licensee of Avis Budget Group under the Latin American and Caribbean region, with locations in Nassau and Freeport. It has been Bahamianowned and operated for more than 55 years.

ELEUTHERA OPTIMISTIC BUT ‘NOT OVER HUMP’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

ELEUTHERA’S economy is currently enjoying “a sense of optimism” rarely felt in recent decades, the island’s Chamber of Commerce president says, while warning: “We are not over the hump.” Thomas Sands, who addressed the Eleuthera Business Outlook conference, held at Frigate’s Bar & Grill in Rock Sound, said: “There is a level of interest in Eleuthera as a destination, and a sense of optimism that has not

existed for same time. We are not over the hump but we are headed in the right direction. “Given all that is before us it is clearly time to move on from the small differences that have separated us and begin to figure out how we work together to achieve our greater goals which are mutually beneficial to all.” Mr Sands said that with millions of dollars worth of investment earmarked for South Eleuthera alone over the next several years through the $250m-$400m Disney Cruise Line project at

Lighthouse Point, Eleutherans must plan for success and ways to retain that capital. “Preparation and global thinking is required as we strive to think outside of the box while also seeking additional opportunities beyond the direct spend on our shores,” Mr Sands added. He said the Eleuthera Chamber, with 40 members, is exploring the development of a self-sustaining business platform where “we can share resources and infrastructure required instead of having to absorb all of the cost on our own”.

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THE TRIBUNE

Monday, May 20, 2019, PAGE 5

MEGA BPL REFINANCE EYES NOVEMBER CLOSE

THE BAHAMAS Power and Light head office. from page one monopoly’s customer that will pay for it via an extra charge that will be added to their monthly bills. The original RRB plan, developed by the former Christie administration under the Electricity Rate Reduction Bond Act, calls for the sums raised by this additional charge to be used to pay the interest owed to investors who purchase the bonds. While the proposed charge is somewhat miniscule in relation to the overall size of household and business bills, the Government will likely be wary of a backlash from consumers already fully vexed by high energy costs that are eating into profits and disposable incomes - not to mention supply unreliability. The November targetdate for the RRB coincides with when BPL’s $95m generation investment in 132 Mega Watts (MW) of additional capacity is due to come online, and the Government is likely hoping that the reduced costs and improved reliability from the Wartsila engines will offset any RRB charge on consumer bills.

Photo: Terrel W Carey/Tribune Staff

Meanwhile Mr Andrews, the former Deloitte & Touche (Bahamas) accountant and partner, who also chairs the Small Business Development Centre (SBDC) initiative, revealed that the SPV - formally called The Bahamas Rate Reduction Bond Ltd - is spearheading the RRB issue rather than BPL. “We have met several times with the BPL Board and management,” he added. “I think the appointment of an actual Board for the RRB company was an important milestone because before there was something on paper. Now there’s an actual corporate body behind what’s being driven.” Dr Donovan Moxey, BPL’s chairman, confirmed the meetings, adding: “That process is moving forward. The RRB company are the ones leading the charge and driving that. They have to lead. Under the RRB Act that falls squarely under their purview. The law does not allow us to lead that effort. We at BPL are in a supporting role.” This is because it is The Bahamas Rate Reduction Bond Ltd, not BPL, that will be responsible for issuing the bonds and paying investors due interest

- collected from BPL customers - to service this obligation. This structure will exchange BPL’s legacy Bahamas Electricity Corporation (BEC) debt and other liabilities for new debt, which will be kept off BPL’s balance sheet via the SPV’s role as issuing agent. The old liabilities include around $350m in bond and bank debt; a $100m employee pension fund deficit; and other assorted liabilities including the cost of environmental clean-ups at various sites around The Bahamas. It is likely that some of the RRB financing may also replace the $95m funding for the Wartsila engines, exchanging shortterm monies for long-term. Tribune Business understands that major global financial institutions, including the likes of J P Morgan and Credit Suisse, are interested in bidding on the BPL RRB contract and are already exploring and preparing their offers. “We are aiming to issue an RFP before the month is out,” Mr Andrews said of the financial advisory contract. “We are aiming to [select a winner] some time in June; before the end of June.”

PAGE 6, Monday, May 20, 2019

THE TRIBUNE

PRIVATISING NASSAU FLIGHT: FOREIGNERS NEED NOT APPLY from page one

outright sale when the official Request for Proposal (RFP) is issued today. Tribune Business, which spoke to Mr D’Aguilar on Friday after learning that the RFP’s release was imminent, was told by the minister it would be issued “in the next 30 days if not sooner” with the Government vetting the final details. “This is not something owned by the Bahamas government that we’d like to be in the hands of nonBahamians,” Mr D’Aguilar said. “It will definitely be in the hands of Bahamians if a deal is done. Absolutely. “It’s part of the Government’s mandate to put these businesses into the hands of Bahamian entrepreneurs and businessmen of mid-size under the belief it should help to nurture and grow a vibrant entrepreneurial class. “It’s important to note this

company has revenues of $8m. It’s not a significantly large company, and we think it’s ideal for the type of entity that the Government should put into the hands of the entrepreneurial class.” Emphasising that there would be no give away, Mr D’Aguilar added: “We want to ensure there is success, so we’re going to pick someone who demonstrates success in business, and has some knowledge about business and some experience and background in business to ensure it’s a success once its privatised. “We’ll see who’s interested. Hopefully there’s significant interest, which makes the selection process that much harder, but that comes with the territory... Ultimately the decision rests with the Cabinet as to what to do, and what to accept based on what’s received. Let’s see where this journey takes us.” Mr D’Aguilar identified

Nassau Flight Services as a prime privatisation candidate during his contribution to the 2017-2018 Budget debate, especially given that the business is of a size that puts it within range of the financial capabilities Bahamian investor groups and companies. It is unclear, though, why the Government decided to effectively bind the hands of potential investors/acquirers through Nassau Flight Services’ signing of a new industrial agreement with the representative for its line staff, the Airport, Airline and Allied Workers’ Union (AAAWU), in December. Mr D’Aguilar told Tribune Business earlier this year that Nassau Flight Services’ payroll costs alone now equal 99 percent of revenues, making it a virtual certainty that any buyer will have to right-size the workforce via a voluntary separation plan (VSEP) and allocate additional capital to cover such an expense.

The Ministry of Tourism statement yesterday went to great lengths to reassure Nassau Flight Services staff, saying: “The Government certainly understands the anxiety that exists among the employees, and the objective is to ensure not only compensation as per existing industrial agreements or the Employment Act but reengagement where possible through careful and deliberate negotiation with the successful proposer.” All of which indicates that labour-related issues will be central in negotiations between a preferred purchaser and the Government. Mr D’Aguilar indicated as much, saying: “Any time you contemplate the sale of government-owned assets there’s a pretty detailed and involved process. “You have to go through a heavy consultation and informational period to let everybody know - Board, management and staff - and alerting them. We’ve talked about the process. It’s fairly straightforward. You have

to inform people of what’s coming, and be very open and transparent so they know what’s going on.” Nassau Flight Services is running at a significant loss, as indicated by an annual taxpayer subsidy of around $2m. This has been trimmed to $1.8m for this year’s budget and 20192020, but is projected to rise back to $2m in 2020-2021. The proposed Nassau Flight Services privatisation is part of the Government’s wider efforts to reduce the multi-million dollar taxpayer subsidies that prop up loss-making state-owned enterprises (SOEs). The Ministry of Tourism, in confirming that both acquisition and franchise proposals will be considered, said Nassau Flight Services currently provides airport ground handling, passenger operations and other support services at Lynden Pindling International Airport’s international pre-clearance and international terminals, San Salvador Airport and Exuma International Airport.

The company, acquired by Aircraft Services International, a US ground handling company, in the 1970s was then purchased by the Bahamian government in 1979. “The exploration of the sale of Nassau Flight Services will include a review of the offers received to determine if a recommendation will be made to the Cabinet for the sale or franchise agreement of the business,” the Ministry of Tourism added. “The intent is to create Bahamian entrepreneurs and, given the company’s size, it is well within the reach of medium-size prospective Bahamian buyers. Therefore, the privatisation by direct sale or franchise arrangement is an integral part of the wealth creation and distribution of state-owned assets to qualified Bahamian companies while also delivering better value for money for all stakeholders.” The RFP will be available via the Government’s procurement portal or through the e-mail address published in both newspapers.

THE TRIBUNE

Monday, May 20, 2019, PAGE 7

BISX INKS ‘WORLD CLASS’ DIGITAL EXCHANGE BOOST from page one

a significant player” in a sector many observers see as playing a key role in the future of financial services and the global capital markets. He added that the Bahamian exchange was aiming “at the top”, and “shooting for the stars”, in its ongoing efforts to establish itself as a leader in this area, pledging that BISX “intends to innovate” and introduce “unique features” with its digital securities exchange. Declining to identify these products and services on the basis they had yet to be approved by the Securities Commission, Mr Davies said the proposed exchange will be separate from BISX’s existing trading platform but “wholly-owned” by the exchange and with its own licence. He added its creation would “ultimately” create new jobs and income streams for BISX, with efforts to develop the digital securities exchange lasting “the better part of two years” before it secured its partner. “My mantra has been to take small, positive incremental steps,” Mr Davies said. “Eventually we take a leap, and this is one area where we’ve taken a partial

leap forward with respect to our development. “We’ve been planning to take this positive step for a while, and we’ve done it. It’s significant in the sense that it signals our intent to venture into this area with innovation and develop it for the company and the country.” Mr Davies said BISX had selected its digital securities exchange partner based on their “experience, experience, experience”, and described the FInTech operator as having “vast expertise on the securities side of things, trading and asset management”. He added that the partner entity will “provide the platform” for the proposed exchange, which BISX has already tested, and plans to operate from The Bahamas. “We’re going to marry their expertise in this space and build on what exists,” Mr Davies said. “We will build upon it with additional features that will suit our needs that speak to persons on the sidelines. We’re going to be bringing people back, and introducing innovative features and trading options that people are looking for coming into this space. We’re excited to do something that is only being talked about now.” Mr Davies reiterated BISX’s digital securities exchange will largely steer

clear of initial coin offerings and Bitcoin-type cryptocurrencies and instead focus on the listing and trading of socalled “tokenised securities”. These effectively replicate ordinary shares issued by blue chip companies such as Amazon and Microsoft, with holders enjoying the same voting and other rights. The price of tokenised securities adjusts the same way as a traditional exchange, but with the share register maintained by blockchain technology. Mr Davies said these advances had created “decentralised securities platforms”, where trading could take place in real time. He added information such as jurisdiction, disclosures, pricing and other communications could be programmed into tokenised securities, enabling global capital markets to take “a quantum leap” forward. He conceded it was difficult to currently quantify the digital securities exchange’s earnings potential, but added: “The potential for digital assets, their expansion and usage is phenomenal. The way the technology works, you can access the world all at once. “When you start thinking on that scale you’re talking of a tremendous impact when we’re able to deliver the platform proposed and the

unique features we intend to bring to this space. There are some unique features and technology advances in the blockchain space that we want to capitalise on.” Mr Davies said “one of the hallmarks” of BISX’s digital assets exchange venture is that it will be fully supervised and regulated by the Securities Commission. He added that such an environment prevented him from going into details on the exchange’s plans until they were approved by the Bahamian capital markets regulator.

“We want to take the time to do it right,” the BISX chief executive told Tribune Business, “and we believe the time and effort taken to get it right to this point demonstrates the care we’ve taken to deliver what we consider will be world class. “I think what this will do is place us squarely on the map as a significant player in this space when we bring it to bear. That is our intent and our drive. Hopefully, this will put as at the top. “We want to shoot for the stars, man on the moon. We’re not going backwards

into this space; we’re going in face forward, diving in and establishing ourselves as a credible player in this space.” Mr Davies said the proposed digital securities exchange was just one element of BISX’s efforts to grow the Bahamian capital markets, adding: “We’re doing a heck of a lot; listing mutual funds at an accelerated pace, are heavily engaged in the government debt listing and trading initiative, and taking on another major project with respect to blockchain and digital asset trading.”

PAGE 8, Monday, May 20, 2019

THE TRIBUNE

GOVT TARGETS $50M YACHT CHARTER FEES from page one if they don’t register, then we are not collecting our 4 per cent. It’s estimated that it could be as high as $50m a year. “We’re putting in place some legislation as well as technology-based solutions to help us control that and, hopefully, drive that yield up over the next year. A side benefit is that we will be able to deal with some of the illegal activity happening in our waters because we will be able to tell who, where, when and what by using data.” Bahamian marina operators have been urging the Government for years to enforce the

4 percent charter fee on foreign-owned vessels in Bahamian waters. Peter Maury, then-president of the Association of Bahamas Marinas (ABM), in 2014 told Tribune Business that the Government was only collecting about 30 per cent of the revenues due, and urged it to pursue this “low hanging fruit”. With new or increased taxes on the Government’s main revenue sources, such as VAT and Customs duties, a combination of political suicide and more than the Bahamian economy is likely able to bear, the 2019-2020 Budget is likely to focus on plugging revenue loopholes such as the 4 percent yacht charter fee.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, AMANDA VANISHA JOHNSON, of New Providence, Bahamas, mother and legal guardian of TYESHA TAJAH JOHNSON, a minor, intends to change my child’s name to TYESHA TAJAH RAHMING. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas, no later than thirty (30) days after the date of publication of this notice.

It is almost certain to include the imposition of VAT or some other levy on Airbnb and vacation rentaltype businesses, and other tweaks and adjustments to ensure all taxes existing on the books are fully collected. Other measures will include the Revenue Enhancement Unit’s creation, and a focus on compliance, enforcement and administration to ensure the Government’s revenue yields are maximised. The Budget will also likely reflect the Government’s other policy priorities, including supporting micro, small and medium-sized enterprises (MSMEs) and entrepreneurs, plus improvements to the ease and cost of doing business via the elimination of bureaucracy and red tape. “There is a reformatting of how we calculate business license tax, for instance, where it will be aligned with the Value Added Tax Act,” Mr Turnquest reiterated, “meaning that there will be no business license fee due on export services

INTER-TECH S.A. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act, 2000, INTER-TECH S.A. is in dissolution. The date of commencement of dissolution was May 13th, 2019. Marco Antonio Rios Recuero, of Calle 49 #12 86, Barrancabermeja 687031, Colombia is the Liquidator. L I Q U I D AT O R

___________________

N O T I C E

ESSO NIGERIA HOLDING ONE (OFFSHORE) LIMITED _____________________________________

N O T I C E IS HEREBY GIVEN as follows: (a)

(b)

(c)

ESSO NIGERIA HOLDING ONE (OFFSHORE) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 12th day of June, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 20th day of May, A.D., 2019.

The dissolution of the said Company commenced on the 16th day of May 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

M. Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

The Liquidator of the said Company is M Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Dated the 20th day of May, 2019. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

N O T I C E

ESSO NIGERIA HOLDING TWO (OFFSHORE) LIMITED _____________________________________

NOTICE

NOTICE

DUNMAS INC.

ESSO NIGERIA HOLDING ONE (OFFSHORE) LIMITED

++++++++++++++++++++++

LIMITED

____________________________________________

LEGAL NOTICE

NOTICE

YACHT fees could be targeted in the next Budget. or products. By and large any significant amendments “There will be no there will be no real or adjustments to our fiscal increase in VAT. Take that adjustments to affect you strategy for this fiscal year. out your mind. Nor do we directly.” What has been projected will see any kind of incomeHe added that there will more or less consider some related taxes. What we do be no VAT increase nor of the priorities that have anticipate is amendments the introduction of any come up this year, and so you to the law to make some income-related taxes in the will see some reallocations to of the tax structures more upcoming budget, with the address those priorities. efficient.” Government instead targeting existing revenue sources and legislative amendments NOTICE to make current taxes more efficient. Mr Turnquest said: “We ESSO NIGERIA HOLDING TWO (OFFSHORE) do not see ourselves making

____________________________________________

N O T I C E IS HEREBY GIVEN as follows: (a)

ESSO NIGERIA HOLDING TWO (OFFSHORE) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 16th day of May 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is M Pedercini, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

(In Dissolution)

Pursuant to the provisions of Section 138(4) of The International Business Companies Act, 2000, notice is hereby given that: (a)

DUNMAS INC. is in dissolution.

(b)

The date of commencement of the dissolution is the 16th day of May, A.D., 2019.

(c)

The Liquidator for the above-named Company is GAMOPTI INC., whose address is c/o Callenders & Co., One Millars Court, P.O. Box N-7117, Nassau, Bahamas.

GAMOPTI INC. Acting as Liquidator

SECONDARY TEACHING JOB OPPORTUNITIES Maths, Physics and Physical Education teachers needed. A pre-eminent, well-established, independent, international school in Nassau is seeking fulltime qualified SECONDARY TEACHERS for September 2019. Candidates should have sound classroom experience; a passion for innovative education; a professional attitude towards work; a friendly and co-operative disposition; a willingness to work in a team environment; a determination to grow professionally; and strong communication & organisational skills. Successful candidates will be required to: • Prepare and deliver well-planned learning experiences and curricula • Differentiate curriculum objectives to support a diverse range of learners • Show consistent, compassionate, classroom management skills • Assess student learning and produce detailed reports • Use learning data to inform and adapt instruction • Contribute to the co-curricular programme and whole-school activities in a committed and enthusiastic manner • Maintain high standards of professionalism • Communicate positively with parents, staff, and administration Please forward your resume and introduction letter by email to teachingbahamas@gmail.com.

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 12th day of June, A.D., 201. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 20th day of May, A.D., 2019. M. Pedercini Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

Dated the 20th day of May, 2019. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

THE TRIBUNE

LAW SHOULDN’T ‘TAX YOU OUT OF BUSINESS’ from page one

that the law could place a business in a situation like Taylor Industries was placed,” he told this newspaper. “If you’re struggling as a business, and you’re being taxed above and beyond any net profit you’re making, how is that a reasonable tax? “The law boxes you in. You either pay the money, the tax, or you shut down and go bankrupt and face all the other hurdles you face. I can’t see it being the intent of the law, the Business Licence tax, to do that. It doesn’t make sense to me that would be the fall-out. “I understand the Government is in a financial bind, but we did not put the Government in a financial bind. The solution is less government and less spending.” Mr Lowe spoke out after

Andrew Davies, the Crowe (Bahamas) accountant who is acting as Taylor Industries’ liquidator, revealed that with the company consistently losing six-figure sums in the run-up to its January 2019 closure, it was still having to pay a business licence based on gross revenues of around $1.5m per annum. K P Turnquest, the deputy prime minister, subsequently told Tribune Business that while the Government was “very sensitive” to the Business Licence’s fee inequities and flaws it had “not reached the point” of reform that would balance the private sector’s needs with that of the Public Treasury. The Business Licence fee remains valuable revenue earner for the Government in generating between $120m to $130m

per year, but Mr Lowe said: “The Government, and the debt and the spending, are the albatross - the insatiable appetite for more tax dollars. “If you can’t fund existing stuff, how are you going to fund other stuff bearing in mind you’re taxing people out of business. It’s a dilemma for them as well as those in the business community. It’s certainly exacerbating the situation for those that are not earning money; it’s exacerbating the losses.” He continued: “That can’t make sense. It can’t be the logical reason for having that law in place. Tough times, tough times. It’s really sad when you see a company like Taylor Industries go out of business but it’s the reality. “Look at the automotive industry, which has

Accounts Assistant Are you a people person? Join a team where people come first. About Us – A leading regional player in the retail insurance sector, Colonial Group International, with over 300 employees and offices in Bermuda, the Bahamas, Barbados, the British Virgin Islands, the Cayman Islands and the Turks & Caicos Islands, offers a complete range of premier financial and insurance services to our individual and corporate clients. We know that our products make a real difference to our clients and their families. The Role – Reporting to the Financial Controller, you will assist with managing accounts receivable as well as provide support to the Finance and Underwriting Departments as needed. Duties will include, but not be limited to, monitoring the ageing of accounts receivables, corresponding with brokers/ agents, reviewing monthly statements, following up with brokers/agents as required and posting payments on accounts. In addition you will provide reports, identify issues and make recommendations for bad debt provision to Management as well as undertake administrative and clerical duties to support your primary role and the Finance Department as required. The Person – A Bachelor’s degree in Accounting and a minimum of 2 years’ experience in accounts receivables is required. Superior organizational, attention to detail and strong interpersonal skills as well as proficiency in Microsoft Office Excel and Word is essential. Familiarity with Great Plains would be an asset. The Benefits – We offer an attractive compensation package. To Apply – Please send your résumé/cv by no later than, May 29, 2019 to our Vice-President, Human Resources at bs_hr@atlantichouse.com.bs

SECURITY & GENERAL INSURANCE COMPANY LIMITED Atlantic House, 2nd Terrace & Collins Avenue, P.O. Box SS-5915, Nassau, The Bahamas tel. 326 7100 www.cgigroup.com A member of Colonial Group International Ltd. Insurance, Health, Pensions, Life Security & General Insurance is rated A (Excellent) by AM Best

had a really tough decade. There’s a hopeful spirit with the changes to the import taxation, which is helping

Monday, May 20, 2019, PAGE 9

some and hurting others. How can it be the intent of policymakers to harm business? I don’t see that as

being a reasonable explanation. I think they’re making public policy without gathering the facts.”

Associated Press headlines. dioxide levels in Earth’s PAGE 10, Monday, May 20, 2019 Among Inslee’s ideas atmosphere. THE TRIBUNE DEMOCRATIC presiare a ReBuild America Biden has pushed back on dential candidate LEGAL Jay NOTICE program that would help those reports and promises Inslee is pitching a $9tnretrofit existing public and to unveil his climate-change plus climate action NOTICE plan private structures to meet platform in the coming that he touts as an econew energy standards and days, the first of what his nomic renaissance and a new version of the post- aides say will be a series scientific necessity, putting World War II “GI Bill” of major policy proposals. RIO PLATA the Washington governor TRADING targeted to help coal indus- Another 2020 presidential at the forefront of White try workers who lose jobs candidate, former Texas LTD. House hopefuls pushing for in a transition to renewable Rep Beto O’Rourke, has sweeping action to combat energy. The coal worker aid offered a climate policy the causes and effects of a would include guarantees that calls for $5tn of public Pursuant warming planet. to the provision of Section 138(7) for health insurance and and private spending over a of the International Companies Act 2000, Inslee compares Business his pension benefits, in addi- decade. tion to funds for career “Evergreen Economy” (Chapter 309) notice is hereby given that the O’Rourke does not call training. plan, which company combines above-named has been dissolved and struck for as aggressive a timeline Inslee and his aides note as Inslee has for reducing public and private spend- DEMOCRATIC Presidential candidate Washington Gov Jay Inslee speaks during an event at the Blue off President the Register of Companies. A Certificate of ing, to Franklin Plains Advanced Wastewater Treatment Plant in Washington yesterday during an event where he that many of the ideas stem carbon emissions. Dissolution has issuedunveiled by the Registrar General Roosevelt’s Newbeen Deal, part of his plan to defeat climate change. Photo: Susan Walsh/AP from public and private Inslee acknowledges that initiatives already being getting such sweeping prothe mobilisation ofon the29th US April 2019. The plan would marshal Inslee projects about undertaken in cities and manufacturing base during scientific necessity.” Inslee’s proposal comes 28 new or existing pro- $300bn in annual govern- states around the country. posals through the existing World War II and the 1960s as someLimited Democrats on grammes to shift US energy ment spending over the Aides say Inslee plans a Congress is a near impossiNASA mission to reach the Company Brittany Investment bility.toInslee’s ANDRES QUINTERO, left, fuel and Fermin rest on as they in linehighlightfor over 20 hours fill theirown tankshistorical with gas from fossil Capitol Hill push a Green markets first Perez decade of top theof Perez’s plan, car series ofwait events moon. references — FDR’sAbd/AP New in Cabimas, Venezuela. Photo: Rodrigo dependence to renewable New Deal with a similar with incentives he says will ing some of those efforts. “We didn’t go to the Liquidator Deal and World War II moon because it was easy, focus, but the former con- sources; transform US auto- generate about $600bn in He appeared yesterday at a mobilization, John F Kenmobile manufacturing and gressman, who has spent matching private-sector wastewater treatment plant but because it was hard,” nedy’s NASA investments Inslee told The Associated decades as a leading advo- construction practices; and investment in such areas in Washington, DC, that — all occurred when Press ahead of the release cate for combating rising remake the nation’s infra- as expanding solar energy uses thermal hydrolysis to had together controlMARACAIBO, Venezuela beenrebuilding grabbing dilapidated catnaps on convert Maracaibowastewater on Thursday “It’s all coming from public transit and into Democrats of his 38-page plan yester- carbon levels, is seeking to structure ling majorities in Congress. Associated Pressand rural water the hoods of cars in Flint, truck electricity. captured pictures of cars in a toxic brew,” Dallen municipal water systems likeorthe day. “We need a common carve out his own path on to FDR’s Newhaving Deal beds. up already for a mile said. “Thatcase, is really Inslee hadthrough called In electric co-operatives. Michigan, infrastructure lined purpose ... that meets the the issue. programs US sanctions on oilNearing empty and stuck for the setting city tostandards the pumps, a devastatingwere effect.”passed that JOB OPPORTUNITIES rich Venezuela appear to in line, infectious diseases would according to the by nation’s Maxar using The large Trump Democratic administrarequire be taking hold, resulting doctor Yoli Urdaneta said entire Technologies, a US-based tion this year sanctioned advantages. electrical grid and all in mile-long lines for fuel she couldn’t make her shift new spacevehicles technology in an today effort aimed Democrats must CLASSROOM teachers needed. and company. buildings PDVSA in the South American to treat patients. Russ Dallen, a Miami- contend at drivingwith President Nicolás a Republican to be carbon pollution free Maduro from office, while INTENT TO CHANGE DEED POLL INTENT TO CHANGE NAME BY DEED POLL nation’s second-largest city, NAME “I’veBYspent four days based partner at the Senate, they face an A pre-eminent, well-established, independent, inter2030, while phasingCapout throwingand Maracaibo. to get VANISHA gasoline,” by brokerage firm Caracas its support behind The Public is hereby advised trying that I, AMANDA The Publicschool is hereby we, JOHNELL uphill battle to flip enough national in advised Nassau that is seeking fulltimeHUMES qualiall coal-fired power by 2035. Some drivers saidProvidence, they’d Urdaneta said. and “But I ital Markets, said Sunday seats opposition leader Juan and MICHAEL ALLEN SR., of Pinder’s Point, Freeport, JOHNSON, of New Bahamas, mother legal in 2020 to reclaim the fied PRIMARY TEACHERS for September 2019. His latest proposal onadds had to wait almost 24 hours couldn’t.” that stiff US sanctions top Guadó. Grand Bahama, Bahamas, parents of ANTHONY majority. Senate Majority guardian of TYESHA TAJHA JOHNSON, a minor, intends to additional goals, attaches to fuel up, and people have A satellite cruising over of decaying refineries has The US sanctions essenMitch JUSTIN FEASTER, minor, intends to change his name Candidates shouldahave sound classroom experience; abegun pricetotag details how Leader change my child’s name to TYESHA TAJHA RAHMING. If there hitand home. tially cut offMcConnell, Maduro’s meanwhile, hasfrom declared toa MICHAEL ALLEN JR. If there are any objections to the federal government passion for innovative education; a professional Venezuela doesn’t have government its are any objections to this change of name by Deed Poll, you LEGAL NOTICE himself “the Grim Reaper” this change of name by Deed Poll, you may write such would meet them. attitude towards work; a friendly and co-operative the cash to import key Houston-based subsidiary may write such objections to the Chief Passport Officer, P.O.Box promised to block poliobjections to the Chief Passport Officer, N-742, “There is no up middle ingredients to keep pro- and Citgo, depriving officials of disposition; a willingness to work in a P.O.Box team environN-742, Nassau, Bahamas, no later than thirty (30) days after the NOTICE he dismisses as socialist. duction in country with the cies an estimated $11bn in hard ground ona climate,” Inslee Nassau, no latertothan thirty (30) days afterand the ment; aBahamas, determination grow professionally; Democratic House world’salluding largest oil currency from exports this date of publication of this notice. said, to reserves, recent Even date of publication of this notice. strong communication & organisational skills. said Dallen, estimated year. US Nancy officialsPelosi say this is reports that who former Vice Speaker that the state run oil-firm cashopen flow skeptic long bankrolled an of the President Joe Biden, a Successful candidates will be required to: SILVER RIVER INVESTMENTS Democratic PDVSA is producing 10 to Green what they New call DealMaduro’s resolupresiden15 percent of its capacity. “dictatorship”. tion pushed by progressive tial front-runner, might • Prepare and deliver well-planned learning LTD. pursue a more limited favorite and freshman Rep experiences and curricula approach to combat the Alexandria Ocasio-Cortez. • Differentiate curriculum objectives to support a NOTICE is hereby given that NOTICE is hereby given that diverse range of learners Pursuant to the provision of Section 138(7) EPHRIAMclassroom WEISSFISCH LEON J. LAROSE of Carmichael • Show consistent,ARI compassionate, of the International Business Companies 2000, Road, Butlers Way, ActNassau, of Columbia Road, Lyford Cay, management skills NOTICE is hereby given that (Chapter 309) notice is hereby given that the Nassau, and Bahamas is applying Bahamas is applying to the • Assess student learning produce detailedto the EVELYN ELIDOR of #77 Greenway above-named company has responsible been dissolved and struck Minister for Nationality Minister responsible for Nationality reports Court, Freeport, Grand Bahama, Citizenship,A Certificate for Registration and Citizenship, for Registration off the Register and of Companies. of NOTICE given • Use learning data to inform and adapt instruction Bahamas, is is hereby applying to that the Naturalization a citizenGeneral of The Naturalization a citizen of The CHARLICIA GIBSON of Yeoman • Contribute to the co-curricularasprogramme Dissolution has been issued by theasRegistrar Minister responsible for Nationality and that any person who Bahamas, any person who Woods, Freeport, for Grand Bahama, and whole-school activitiesand in that a committed and and Citizenship, Registration onBahamas, 29th April 2019. knows any reason why registration/ knows any reason why registration/ Bahamas, is as applying the enthusiastic manner Naturalization a citizentoof The naturalization should not be naturalization should not be • Maintain high standards of professionalism Minister responsible forperson Nationality Bahamas, and that any who granted, with should sendstaff, a written granted, Company should Limited send a written • Communicate positively parents, and and for registration/ Registration knowsCitizenship, any reason why Brittany Investment andadministration signed statement of the facts within twenty-eight and signed statement of the facts within twenty-eight Naturalization a citizennot of The naturalization asshould be of May, 2019 to the Minister days from the 17thday of May, 2019 to the Minister days from the 17thdayLiquidator granted, and should a written Bahamas, that send any person who Please forward your resume andCitizenship, introduction and signed statement of the facts responsible for Nationality and P.O.letter Box responsible for Nationality and Citizenship, P.O. Box knows any reason why registration/ of May, within twenty-eightnaturalization days from the should 20th day not by emailNassau, to teachingbahamas@gmail.com. N-7147, New Providence, The Bahamas. N-7147, Nassau, New Providence, The Bahamas. be 2019 to the Minister responsible Nationality and granted, shouldforsend a written Citizenship, P.O. Boxand N-7147, Nassau, New of Providence, signed statement the facts The Bahamas. within twenty-eight days from the 17th day of May,

VAST GAS LINES FORM IN OIL-RICH VENEZUELA

PRIMARY TEACHING

PUBLIC NOTICE

PUBLIC NOTICE

NOTICE

NOTICE

NOTICE

NOTICE

MARKET REPORT

2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

www.bisxbahamas.com

(242) 323-2330

THURSDAY, 16 MAY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,145.27 | CHG: 7.10 | %CHG: 0.33 | YTD: 35.82 | YTD%: 1.70 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.50 2.00 3.35 11.00 6.16 4.64 12.50 2.74 1.96 9.02 7.00 15.60 7.25 4.05 14.00

52WK LOW 3.50 19.17 4.90 3.50 1.00 0.19 2.00 8.89 6.12 3.54 10.00 2.35 1.60 7.25 6.10 10.60 6.20 3.01 12.51

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1000.00 1000.00 1000.00 1000.00

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 4.15 17.43 6.00 5.40 2.50 1.98 2.22 10.94 6.16 4.28 10.00 2.80 1.85 9.30 7.00 15.25 7.25 3.33 14.00

CLOSE 4.15 17.43 6.00 5.40 2.50 1.98 2.22 10.94 6.16 4.28 10.00 2.70 1.85 9.32 7.00 15.25 7.25 3.49 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.10 0.00 0.02 0.00 0.00 0.00 0.16 0.00

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

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

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

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

820 2,000 7,500 524

1,200

VOLUME

EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.636 0.834 0.950 0.205 0.631

DIV$ 0.130 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.068 0.060 0.328 0.240 0.500 0.200 0.090 0.600

P/E 24.9 18.7 N/M 16.7 N/M N/M -5.2 15.5 12.8 27.8 15.9 26.5 8.9 N/M 11.0 18.3 7.6 17.0 22.2

YIELD 3.13% 7.23% 0.00% 4.44% 0.00% 1.01% 0.00% 6.49% 3.57% 2.80% 6.20% 2.52% 3.24% 3.52% 3.43% 3.28% 2.76% 2.58% 4.29%

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%

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%

############### 30-Jul-2018 ############### 30-Jul-2020 ############### 30-Jul-2022 ############### 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% 0.32% 3.95% 0.62% 3.20% 0.69% 2.56% 2.06% 4.97% 4.52% 0.96% 1.15% 4.41% 0.59% 4.31% 0.92% 4.16% 2.79% 4.80% -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% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-Mar-2019 31-Mar-2019 29-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

MUTUAL FUNDS 52WK HI 2.22 4.27 2.05 188.32 158.55 1.61 1.75 1.70 1.14 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 1.55 1.68 1.64 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.22 4.27 2.05 188.32 154.49 1.61 1.75 1.70 1.14 7.54 8.73 6.65 10.66 11.79 10.48 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 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

NOTICE

NOTICE is hereby given that AUNSHANIQUE MARIE GILSAINT of Sunset Park, P.O. BOX N10022 Nassau, Bahamas is applying to the NOTICE is herebyforgiven that Minister responsible Nationality GEORGES MICHAEL LAMOUR of and Citizenship, for Registration Chippingham, Nassau, Bahamas is Naturalization as a citizen of The applying to the Minister responsible Bahamas, and that any person who for Nationality andwhy Citizenship, for knows any reason registration/ Registration a naturalizationNaturalization should notas be citizen of should The Bahamas, that granted, send aand written any of person whowithin knowstwenty-eight any reason and signed statement the facts registration/naturalization day of May, 2019 to the Minister days from the 20th why should not be Citizenship, granted, should responsible for Nationality and P.O.send Box a written and signed statement of N-7147, Nassau, New Providence, The Bahamas.

the facts within twenty-eight days from the 15th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that HAROLD DORVILUS of Sea Breeze Estate, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for NOTICE is Naturalization hereby given asthata Registration JOANNA of #122 citizen of SIMEON The Bahamas, andCoral that Fish Street, Grand any person who Freeport, knows any reason Bahama, Bahamas is applying to the why registration/naturalization Minister responsible forshould Nationality should not be granted, send and Citizenship, for statement Registration a written and signed of Naturalization as a the citizen dayThe of the facts within twenty-eight days from 13thof Bahamas,responsible and that any who May, 2019 to the Minister forperson Nationality knowsBox any reason registration/ and Citizenship, P.O. N-7147,why Nassau, New Providence, The Bahamas. naturalization should not be granted, should send a written and signed statement of the facts LEGAL NOTICE OF DISSOLUTION within twenty-eight days from the 10th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, International Business Companies Act The Bahamas. (No. 45 of 2000)

NOTICE

In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies NOTICE is hereby given that Act, (No.45 of 2000), MONTI MANAGEMENT KENSON TIMOTHEE of Infant View LTD. is in dissolution. The date of commencement Nassau, is applying of the dissolution Road, is 14th May, Bahamas 2019. VICTORIA to theand Minister responsible for KULIK is the Liquidator can be contacted at 12, KASOU STR., BLOCK TH, FLAT NICOSIA, Nationality and 101, Citizenship, for CYPRUS. All persons having Naturalization claims againstasthea Registration above-named company to send citizenare of required The Bahamas, andtheir that names, addresses and particulars theirany debts or any person who of knows reason claims to the Liquidator before the 12th day of June why registration/naturalization 2019.

should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17thday of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, May 20, 2019, PAGE 11

MOVE OVER, AVENGERS, JOHN WICK IS IN TOWN LOS ANGELES Associated Press

THE box office has a new king and his name is John Wick. The third installment of the hyper violent Keanu Reeves franchise has taken the top spot at the North American box office and ended the three-week reign of Avengers: Endgame.

Studios yesterday said John Wick: Chapter 3 — Parabellum has grossed an estimated $57m in its opening weekend. Not only did it far exceed expectations, it’s a franchise best that nearly doubled the opening of the second film, which itself doubled the opening of the first film from 2014. The audience, in other

words, is growing exponentially for this series about a talented assassin who never seems to get a break. This time, there’s a $14m price tag on his head. “This is the best reviewed film of the series so far,” said Joe Drake, chairman of the Lionsgate Motion Picture Group, in a statement. “We believe word-of-mouth

will continue to drive strong business for the film all over the world.” Internationally John Wick 3 earned $35.2m from 66 territories. Avengers: Endgame slid to second place in its fourth weekend with $29.4m. In its second weekend, Pokémon Detective Pikachu also continued to do well, placing third with $24.8m.

KEANU Reeves in John Wick: Chapter 3 - Parabellum. The movie too top spot at the North American box office with an estimated $57m in its opening weekend.

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PAGE 12, Monday, May 20, 2019

THE TRIBUNE