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THURSDAY, MAY 23, 2019

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Fidelity targets $25m full-year profitability

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BISX-listed bank yesterday said it is on target to beat 2018’s earnings growth and deliver $25m in full-year profits despite the absence of first quarter loan book expansion.

Gowon Bowe, pictured, Fidelity Bank (Bahamas) chief financial officer, told Tribune Business that its 8.8 percent net income

growth to $6.833m for the three months to end-March 2019 was largely driven by increased interest income stemming from credit portfolio expansion in the prior year.

Emphasising that the commercial bank is focused on “steady growth on our asset base”, Mr Bowe said Fidelity’s main goal is to maintain return on equity (ROE) at around 25 percent to ensure its shareholders

SEE PAGE 12

MP admits concerns over Harbour Island project ‘legitimate’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net NORTH Eleuthera’s MP yesterday admitted there are “legitimate” concerns over a Harbour Island development’s massive expansion given the insufficient infrastructure to accommodate it.

Howard “Ricky” Mackey told Tribune Business of the 4M Harbour Island project, which is set to increase five-fold as a result of a November 2018 land acquisition: “There is a legitimate argument to be made, and that is whether or not the

Target below par sectors for cuts, gov’t is urged

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GOVERNANCE reformers yesterday urged the government to target any spending cuts in the 20192020 budget on areas that have historically “not generated great returns”.

Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that continuing to support workforce numbers in sectors of the public sector that are underperforming

current infrastructure can handle the additional strain that would take place with the proposed development.

“The second phase of the project is much more extensive than the first, and there are legitimate concerns being expressed. As the MP for the area I have to weigh the concerns of these stakeholders, and I have to be careful as to how I deal with this. I did support the marina in the first phase; that’s public record. At the town hall meeting I spoke to that.

“While it hasn’t changed

SEE PAGE 6 is “not the best use” of taxpayer dollars.

With the budget due to be unveiled in the House of Assembly next Wednesday, Mr Aubry said: “We know the ministries have been working on their budgets, and from what we can tell there’s really been this focus on austerity.

“What we’re looking to see is cuts, if they are there, are focused in on the areas not generating great returns... There’s going to come a combination of appropriate cuts and minimisation of expenditure. If the government is continuing to support staff in areas that have not been performing, that’s not the best use of government funding.”

SEE PAGE 5

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‘Extraordinary’ price increases warning

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

AHAMIAN consumers and businesses were yesterday warned to brace for “an extraordinary level” of increase in the price of US imports as a result of Donald Trump’s trade war with China.

Michael Maura, chief executive of the Nassau Container Port’s operator, told Tribune Business that the escalating tit-for-tat tariff battle between the world’s two largest economies - and key Bahamian trading partners - would

• Port chief’s alarm on US-China war • Fall-out for Bahamas unavoidable • APD profits just $13k behind forecase

MICHAEL MAURA almost inevitably translate into price rises and an inflation increase.

The Arawak Port Development Company (APD)

head said The Bahamas had little choice but to ride out the storm until the US and China resolved their differences, given that the former accounted for around 75 percent of physical goods imports coming into this country.

The US president unexpectedly raised tariffs from ten percent to 25 percent on $200bn worth of Chinese goods earlier this month after he became frustrated over Beijing’s reluctance to

address his trade-related concerns. China retaliated with tariffs on $60bn of US imports and The Bahamas, with its importdependent economy and a regressive tax structure concentrated on consumption, cannot escape the fall-out.

“To place the impact of these tariff increases in context we should note that China is the US’ largest trading partner,” Mr Maura said. “And it is important to be reminded that approximately 55 percent of US imports are parts and components used in a US-based

SEE PAGE 10

Construction cost offset derailed by height restrictions

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BERRY Islands investor is alleging that his plan to offset The Bahamas’ high construction costs by building condominiums has been derailed by the non-disclosure of height restrictions.

Michael Stegawski and his Berry Islands 3-66-4 Trust, in legal documents obtained by Tribune Business, are claiming that the islands’ largest

real estate owner and their Bahamian agents failed to reveal a “restrictive covenant” that limits building height to 35 feet or three storeys.

The papers identify the local “agents” for Marcus Fender and his companies, Bahamian Asset Trust and Southward Trust, as the E Dawson Roberts & Company law firm and Coldwell Banker Lightbourn Realty, which acted as their real estate agent, Neither Bahamian

company is named as a defendant in the lawsuit, or accused of wrongdoing,

by Mr Stegawski, a Miamibased attorney and investment banker who launched his own private equity/investment house, Convergent Capital Group.

The dispute centres on “one-half acre of prime real estate located in the Berry Islands”, namely Lot 3, Block 66, Unit 4 at Great Harbour Cay - the numbers that Mr Stegawski’s trust has incorporated into its name.

The land, said to be “located directly across” from Great Harbour Cay’s main beach within the 18-hole golf course, and close to the 65-slip marina and airport, caught Mr Stegawski’s eye when it was brought to his attention by Coldwell Banker agent, Lauren Higgs, on February 26, 2019.

Talks about acquiring the property appear to have progressed quickly with Lori

SEE PAGE 11

PAGE 2, Thursday, May 23, 2019

THE TRIBUNE

DESIGNING A CAREER FROM EARLY PASSION

C

HARLENE Bullard is a name synonymous with Bahamian graphic design. Since her childhood years she has always had a strong interest and passion for the arts, which compels her to continue experimenting with painting, drawing and colour coding.

She also loves working with her hands, and uses her spare time to draw and create concepts that challenge her.

Scrolling through magazines, and travelling and exploring the internet, are another sources of inspiration that

CHARLENE BULLARD

have refined her skills.

Although Charlene enjoys applied art, she is equally efficient in computers and basic publication software. These interests were all stepping stones to the graphic world. While her interest in art started in primary school and continued throughout high school, she still wanted to know more and enrolled in extra computer classes. This training strengthened her overall creativity, but Charlene admits she never imagined that her passion for computers would steer her to a career path in graphic design.

“Having a weakness or strength in the graphic design field truly depends on the designer,” she says. “It’s all about how far they are willing to go, and how much they want to learn. In this field only a designer gets to determine how great they really want to be. My creativity stems from a variety of different mediums such as music, culture and people.

Sometimes, it just comes out of nowhere, but the process to create a conceptual design takes time and, in some cases, research”.

Charlene says she loves what she does as a designer, and believes that creativity brings with it a unique responsibility. “We make people dream, to imagine, encourage and invoke feelings of emotion. This is what we do,” she explains. “That’s why brands spend millions of dollars on products, or why organisations - whether they be political or nonpolitical - understand the power of visual communications when it comes to advertising a product or an idea”.

Shortly after graduation, and determined to learn more, Charlene enrolled at AIU American Intercontinental University in Atlanta, Georgia, to further her training in visual communications and other graphic design programmes. Upon completing four years of studies

The Art of Graphix

BY DEIDRE M BASTIAN

in 2006, she was relieved to have successfully obtained a BFA degree in fine arts.

Upon her return to Grand Bahama in 2008, Charlene felt she was ready to share her knowledge with the business world. She found employment at a laminating company, and thereafter was blessed with many other opportunities. Her own company, Bullart Design, was started officially in 2014.

Asked what would she say to a young, aspiring graphic designer, Charlene replied: “I would encourage them to always look for ways to inspire themselves because that’s what makes a designer unique. Attend international conferences and, if you can’t, join digital conferences online. One of the key things in the design industry is to stay creative but, most importantly, stay current”.

Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionallytrained graphic designer/ marketing co-ordinator and life coach with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

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THE TRIBUNE

Thursday, May 23, 2019, PAGE 3

POLICE SHIFT FROM ‘WHO YOU KNOW’ RECRUITMENT

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday said efforts to boost the Royal Bahamas Police Force’s (RBPF) ability to combat cyber crimes are ongoing, as he admitted that recruitment had too often been based on “who you know”.

Marvin Dames, minister of national security, said the drive to “build capacity” continued as the police moved away from a past recruitment strategy that was focused on “numbers” as opposed to acquiring the

MARVIN DAMES necessary skill sets.

Speaking outside Parliament, Mr Dames said: “We are working at building capacity but also the investigation of financial crime. This is the way the world is moving. Just last

week I spoke at an event in Atlanta where we would have graduated a number of our senior officers in the Royal Bahamas Police Force and the Department of Corrections.

“We will continue to do that, and continue to expose our officers and create partnerships and relationships locally and abroad. We are building capacity. As we move into this year we are also recruiting based on our needs.”

Mr Dames continued: “Too often we have recruited based on who you know. We have recruited based on not only who you

know but based on numbers; making up numbers.

We’re not doing that any more; we’re recruiting based on needs. We have to look at the needs of a modern police force in the 21st century and how we meet those challenges.

“We are very excited about that and hope to build that. Once we enact this National Crime Intelligence Agency Bill we will also be building a cyber component within that which will give us even greater ability to protect our systems from intrusions, locally as well as abroad.”

To advertise in The Tribune, contact 502-2394

LOCAL START-UPS ACCESS $786,000 IN FINANCING THIRTEEN small businesses have collectively gained access to $786,000 in financing to-date via the Small Business Development Centre (SBDC), which says another $7m is in the pipeline.

The latter sum is earmarked for splitting between 55 start-ups and small businesses, with the SBDC hosting a recent celebration with the initial 13 financing recipients to highlight their success.

While 11 entrepreneurs have been funded by loans from the Bahamas Development Bank (BDB), the other two have obtained credit from Royal Bank of Canada (RBC). The Bahamas Entrepreneurial Venture Fund has also offered equity funding to several of the entrepreneurs. They include: • Island Breeze and found Kelsey Bridgewater • Better Days Pizzeria and founder Petula Clammons-Henfield • WonderTech and founder Don Brown • Exuma Christian Academy and founder Keniqua Burrows • Pulpy and founders Shaquille & Anthonique Coleby • Fineena Artis and founder Donaita Outten • A Stitch In Time and founder Jennis Thompson • Jujukanoo and founders Vanessa Miller/Kevin Knowles • Greene Corporate Services and founder Albertha Rolle • Remarkable Carz Rental Service and founder Brian Williams • Vue AV and founder Juan Bethel • Shiver and founders Elvis Percentie

PULPY’S FOUNDERS

DON BROWN

SBDC ADVISORS

DAVINIA BLAIR

and Melissa Darville • Drive Greene and founder Benjamin Davis Among those entrepreneurs are a young man who broke his mother’s television set and learned to fix it on the spot; a woman who helped a former prisoner get his first business started; and a man who dove for his first lobster at 12 as his father looked on.

Don Brown, of Wonder Tech, was sitting down to watch “the Rock” wrestle when his wrangling led to a broke television cord. His mother was unhappy with this interruption and he had to find a way to appease her.

“I can fix it,” he exclaimed, and proceeded to do so.

Almost 20 years later, Mr Brown has turned his passion for fixing things into a business that keeps people connected, fixing cell phone and tablet screens affordably and with delivery. Wonder Tech has received $6,000 in business loans from the Bahamas Development Bank (BDB) with favourable terms through the Access Accelerator SBDC. The SBDC also enabled the BDB to provide $15,000 to Green Corporate Services founder, Albertha Rolle.

Through her company’s business management consultancy services, she was able to help a former prison inmate navigate the business license process to start his own business. She will use the money awarded to expand her administrative, business license and corporate document services.

Island Breeze owner, Kelsey Bridgewater, will use the $15,000 loan from the BDB to purchase boat engines and materials that will help to expand his excursion business. His father, Douglas Bridgewater, had taken Kelsey and his siblings boating ever since they were small children growing up in Exuma. He dove for his first lobster at 12 years-old and never forgot the feeling of immense pride and satisfaction he felt.

Davinia Blair, the SBDC’s executive director, said: “We are extraordinarily pleased to have 13 clients funded for $786,000 in the space of eight months. Some of our clients have been seeking funding for some time, but have not been successful until going through our process.

“These companies are

now going to hire Bahamians, expand their work and increase their revenue. This was our objective when we started, and it feels good to be here. There are 55 business plans in the pipeline, and we trust that some $7m will be approved for funding by the end of the year.”

To-date, the SBDC has advised some 752 clients.

Existing businesses continue to work on the financials necessary to secure funding, while start-up entrepreneurs are guided through the planning process.

Monies obtained by the firms that receive funding are paid directly to the various vendors and institutions that the client has identified in their business plan. No money goes to the individual, and this is what makes the SBDC different from any other government-funded program.

The Access Accelerator 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 Employer’s Confederation (BCCEC).

The centre works to guide the development, funding, growth and evolution of micro, small and mediumsized enterprises (MSMEs) in The Bahamas.

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PAGE 4, Thursday, May 23, 2019

THE TRIBUNE

Bahamian law firm sponsors conference

H&J Global Managing Director, Oscar N Johnson; Senior Associate, Sharmon Ingraham; Associate, Nia Rolle; and Minister of Financial Services, Trade and Industry and Immigration, Brent Symonette.

H&J partners, Dr Earl Cash and Leroy Smith with CIBC attendees Perry Rolle, Schevon Miller and Lillian Russell.

THE Higgs & Johnson law firm was among the sponsors of the Society of Trust and Estate Practitioners (STEP) Caribbean Conference recently held in Nassau.

The May 12 to 15 event represented the conference’s 20th anniversary. It was hosted by STEP Bahamas under the theme Mind the Gap: Future Proofing IFCs, and featured sessions on the latest trends in family inheritance and succession planning.

Dr Earl Cash, Higgs & Johnson’s private client and wealth management chair, and trust attorney, Heather Thompson were speakers at the conference.

Dr Cash took delegates through critical drafting

issues, and the potential pitfalls that arise, when preparing documents such as deeds of appointment and deeds of amendments.

Ms Thompson, a founding member of STEP Bahamas, spoke to attendees on the legacy of leadership. She shared how a successful career is built by the right attitude, mentorship and networking, and discussing strategies to securing a meaningful legacy.

Other Higgs & Johnson attorneys in attendance at the conference were litigation trusts partner, N. Leroy Smith; senior associate and STEP Bahamas director, Sharmon Ingraham; and Cayman senior associate, Wendy Stenning. Millennial

associates, Kamala Richardson and Nia Rolle, joined the list of delegates at the conference.

Dr Cash said: “I’d like to commend STEP Bahamas on doing an excellent job of hosting such a stellar event.

They certainly succeeded in ensuring an outstanding conference here in The Bahamas by providing delegates with informative and timely sessions, as well as a plethora of networking opportunities during the course of the conference.

“Higgs & Johnson has consistently supported the STEP Caribbean conference over the last 20 years and will definitely continue to do so in the future.”

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BY MONDAY JUNE 10, 2019

THE TRIBUNE

BAHAMAS HOSTS MAJOR ACCOUNTING CONFERENCE MORE than 50 accounting firms from around the Americas will gather at Atlantis today when UHY Bain & Associates hosts a major conference for the chain’s regional and European firms.

K Peter Turnquest, deputy prime minister, will officially open a three-day conference that is being held under the theme, How to build a world class organisation. He is expected to address the realities of the global financial climate.

The conference will include delegates from South and Central America, the Caribbean, Canada, the US, Geneva and the UK. “This is the first time that a small country like The Bahamas has had the honour of hosting the UHY annual conference for the Americas,” said Dr John Bain, pictured, managing partner of host firm, UHY Bain & Associates. “It is a tribute to The Bahamas, symbolising the relevance of – and acknowledging this historical respect for – the jurisdiction in the wider world of financial services.

“The group is thrilled that the deputy prime minister, who also happens to be a CPA, will bring remarks that will no doubt outlay a welcome from the Government of The Bahamas and comment on the timeliness of the conference and the choice of The Bahamas as a meeting place.”

The conference will be addressed by Rhys Madoc, UHY’s chief executive from the UK office.

Mr Bain added: “In addition to working sessions, we wanted to seize this opportunity to showcase The Bahamas so delegates will travel from Paradise Island to the western end of New Providence with a lively historic tour among other activities and social events.

“While we are enjoying planning the lighter side, conferences like those hosted by UHY affiliates are increasingly significant in an era when there is so much vulnerability in an electronically dominated world, where we are all guarding against risks that can impact businesses, cities, utilities, corporations and individuals.

“The need for serious attention to an increasingly digitised Bahamas business ecosystem, and ubiquitous computerised systems, has never been greater. Professional and networked associations like UHY provide business solutions, expertise and connections that would be more difficult for individual offices practicing in the consulting industry.”

London-based UHY is a network of independent accounting and consulting firms with offices in over 300 major business centres across 100 countries.

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Thursday, May 23, 2019, PAGE 5

Target below par sectors for cuts, gov’t is urged FROM PAGE ONE

“The biggest area we see in this strategy is to have a significant effect on government efficiency, and looking at cuts that are appropriate and don’t make us repeat monies that aren’t being spent efficiently.”

The government’s three-year fiscal projections, though, which were unveiled with the 2018-2019 budget, show its recurrent or fixed-cost spending being held steady at just over $2.5bn for the three years of its fiscal consolidation plan.

There is likely to be little appetite for significant cut-backs, given the likely political fall-out, as making a significant dent in recurrent spending would almost certainly require the government to trim civil service headcount and a $738.5m wage bill that is forecast to further increase to over $790m by 2020-2021.

While many observers have argued that small, incremental cuts in the government’s workforce are necessary to reduce the tax burden on businesses and individuals, Mr Aubry noted that the Minnis administration appeared to have reversed course on its initial pronouncements about letting go persons whose temporary contracts

MATT AUBRY had come to an end.

Ministers recently revealed that many had been re-hired following

the completion of training or placed elsewhere in the public service.

As for any budget revenue-enhancing measures, Mr Aubry backed the government’s seeming strategy of targeting loopholes and taxes/fees already on the books that are not being properly collected or enforced.

“What we see on the revenue side is going to be tricky,” he added. “We hope the focus is going to be on areas where the government has not been very successful in getting the taxes that are due, like real property tax and yacht charter fees, and regaining the gaming taxes that were expected.

“Spending as much effort

as possible to gain money that is supposed to be ours, we hope, is going to be the focus where they drive a big part of new revenue.” Mr Aubry echoed the warnings of others, though, against any new or increased taxes that might set economic growth and job creation back.

He did, however, praise the government and Ministry of Finance for pushing ahead to establish the Fiscal Responsibility Council that will advise and oversee the government’s fiscal affairs.

“We’re very encouraged that the Ministry of Finance is sticking to the timeline mandated by the Act and seems to be doing very well,” he said.

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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 6, Thursday, May 23, 2019

THE TRIBUNE

BAHAMAS INCREASES ITS CHINA PRESENCE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas participated in China’s business-to-business tourism industry exhibition for the first time this year in a bid to generate increased visitor traffic from that rapidly-growing market.

Ministry of Tourism and Aviation officials attended ITB China 2019 in Shanghai, which was held from May 15-17, as the official Island Travel Partner.

Paul Strachan, the Ministry’s senior director for Canada, delivered a speech that highlighted the variety of tourism experiences this nation has to offer.

“We have been involved in ITB Berlin for many years,” Mr Strachan said.

“However, this is our first time participating in ITB China, and we are very happy with the level of the meetings and interactions we have had with the Chinese trade and with Chinese tourism industry professionals.

“In the past few years, we have achieved steady growth in the Chinese market, and feel confident that our meetings and negotiations conducted at this event would increase our numbers.”

The Bahamas’ booth featured stuffed pigs representing the swimming pigs of Exuma. Attendees lined up to learn more about the swimming pigs, and participated in interactive activities for a chance to take one of the stuffed pigs home.

THE PUBLIC HOSPITALS AUTHORITY

NOTICE

TENDER FOR THE PROVISION OF SECURITY GUARD SERVICES AT THE PRINCESS MARGARET HOSPITAL AND SELECTED PUBLIC HOSPITALS AUTHORITY FACILITIES Tenders are invited from qualified companies for the provision of Security Guard Services for The Princess Margaret Hospital and selected Public Hospitals Authority facilities.

Tender documents, which include instructions to tenderers, specifications and other relevant information, can be collected 9 am - 5:00 pm Monday to Friday at The Public Hospitals Authority, Corporate Centre Building “B”, Third & West Collins Avenue.

A Tender must be submitted in duplicate in a sealed envelope or package identified as a Tender for the Provision of Security Guard Services at The Princess Margaret Hospital and selected facilities of The Public Hospitals Authority” and addressed to: The Chairman Tender Committee The Public Hospitals Authority Corporate Centre Building “B” Third & West Terraces, Collins Avenue P.o. Box N–8200 Nassau, Bahamas Tenders are to arrive at The Public Hospital Authority no later than 12:00 p.m. on Friday, June 14th, 2019.

All Tender submissions must be accompanied by: (i) a current Business License that states your company is Licensed to provide security guard services; (ii) a copy of the Ministry of National Security license indicating that your company is authorized to perform Security Guard Services (iii) three (3) references from current or previous clients; (iv) Value Added Tax (V.A.T) Registration Certificate; (v) An up-to-date (not less than one (1) month old) V.A.T Compliance Certificate; (vi) a copy of Insurance Policy Certificate indicating that your company is insured against loss of life, injury or damages; (vii) a letter from the National Insurance Board (NIB) stating that your company is up to date (not less than one (1) month old) and in good standing in the payment of its NIB contributions on behalf of those persons employed in your company; and (viii) a signed copy of the Public Hospitals Disclosure statement.

The Public Hospitals Authority reserves the right to accept or reject any or all Tender(s).

MP admits concerns over Harbour Island project ‘legitimate’ FROM PAGE ONE in the sense that I believe Harbour Island could handle the additional business, I am concerned with the fact that our current infrastructure levels cannot handle it. As the representative of the area I am aware of the fact that the government is moving rapidly to remedy that, and once that is done I would be less concerned.”

Many residents and second home owners have expressed concern that the development, now called Briland Residences & Marina and headed by US investor Michael Wiener, is set to become much larger than initially planned. If the expansion plans are approved, the development will expand across the width of the island, creating fears that the pristine environment and quaint charm of the community will be eroded.

Mr Mackey told Tribune Business he had been assured that the proposal to

run a canal cutting through the small island “is not going to happen”.

“That canal, that is not going to happen. I have that assurance. I agree that can’t happen,” he said. “I have been assured that there is no way in the world approval would be given for cutting a canal into Harbour Island.

“That is a part of what has angered a lot of the residents of Harbour Island. The developers, I’m quite certain, knew that wasn’t going to be approved but they had it up on their website and a lot of people were angry about that. I understand that was taken down but persons still have questions.”

The National Economic Council (NEC) gave an approval-in-principle to 4m Harbour Island to develop the 5.6 acre Harbour Island Marina project on October 6, 2017.

The Bahamas Environment Science Technology (BEST) Commission approved the developer’s environmental studies on December 11, 2017, and the Heads of Agreement was signed on March 14, 2018, although it has never been made public.

In November 2018, the government approvedin-principle the developer’s acquisition of a further 21.4 acres of land and an expanded marina resort comprising “a waterfront restaurant, a gourmet food store, retail stores, restaurants and spa facilities, cottages, villas and suit [and four] over-the-water bungalows, subject to meeting the requirements”. The project now cakls for an “exclusive 27-acre waterfront community with 83 residences”.

Mr Mackey said: “There is also concern being expressed by many, both local residents and second home owners, that the development of Harbour Island - and its explosive growth is not being developed in an organised manner.

“We have literally had a construction boom in Harbour Island for the past 20-plus years, and the traffic issue is something that has to be addressed. Just on Saturday I was trying to navigate through the island and it was madness.”

Mr Mackey added: “I can only image what will happen if the expansion goes forward. I am not faulting persons for asking questions, and I’m not faulting persons for saying this appears to be a deviation from what was initially proposed, and they are concerned about it because the concerns are legitimate.

“We want development in a systematic, organised respectful way. Change will come, and my only concern is that we do it properly and respectfully so that persons don’t feel slighted.”

PAGE 10, Thursday, May 23, 2019

THE TRIBUNE

‘EXTRAORDINARY’ PRICE INCREASES WARNING FROM PAGE ONE manufacturing process.

“As I understand it just about all of the Chinese products will be affected to some degree by these new tariffs. Wal-Mart has advised that it expects its retail prices to increase on those items affected by the increase in tariffs. Everything from hardware, toys, flooring, tuna fish, laptops, furniture, automotive and marine parts, clothing, baby formula and much more being impacted.”

As to the consequences for The Bahamas, Mr Maura said the increased tariffs on Chinese imports would raise the price of US-manufactured goods that employ them as components in the finished product. With this nation importing around $3.5bn in goods from the US annually, such cost increases will be ultimately passed on to local businesses and consumers in higher prices.

“The United States in The Bahamas’ largest trading partner with no close second,” the APD chief told Tribune Business. “A factor that may mitigate the cost increase in goods purchased by The Bahamas is the competitive environment between WalMart and Amazon.

“While both will see their costs increase, they are likely more concerned with market share today. This competitive environment will serve the end consumer. It, however, does not apply to all US suppliers to The Bahamas, and Bahamian businesses will

very likely see their US origin product costs continue to rise at an extraordinary level until the US and China resolve their differences.”

The fall-out from the Donald Trump-inspired ‘trade war’ is especially illtimed for Bahamians, who are already facing “cost of living” increases due to the VAT rate rising to 12 percent and the ongoing international oil price volatility.

Mr Maura, who is perfectly placed to observe the impact as the head of New Providence’s sole commercial shipping port, pointed out that the continued tension between the US and Iran, together with the political crisis in Venezuela, could produce further increases on top of the “marginal” oil price increase seen over the past few months.

He added that forecasts from the International Monetary Fund (IMF) and other agencies “suggest that the US and China will both continue to experience a slowdown into 2020. The US CPI (consumer price index) as forecasted by the IMF, while it increases compared to prior years, does not show an alarming increase.

“It is important to note that the IMF forecast does not consider the recent tariff increases announced by the US and China. These increases will undoubtedly place upward pressure on US CPI and, by extension, The Bahamas CPI (inflation),” he added.

Despite the external pressures, APD’s net income for the first nine months of its financial year was just $12,737

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behind the BISX-listed operator’s own internal projections, coming in at $5.6m for the period to end-March 2019.

“The Nassau Container Port’s TEU (twenty-foot equivalent unit) container volumes are presently same as prior year with our strong tourism industry helping to drive container volumes,” Mr Maura added. “Without the healthy tourism showing we may have been looking at a moderate reduction in TEU volumes.”

Total TEU volumes, both entering and exiting the Nassau Container Port, were just 406 behind where APD projected them to be for the first nine months, coming in at 97,926 in total. Vehicle imports, though, were some 10,641 behind forecast.

However, Mr Maura said dry bulk imports were 69,359 tons over-budget for the period to end-March 2019, finishing at 211,859. “We had budgeted approximately 190,000 tons for fiscal year 2019 so we have exceeded that forecast,” he revealed.

“As previously discussed this segment is heavily influenced by 30,000 ton individual deliveries, and while we will finish the year ahead we do not expect the trend to continue to this extent.”

While APD’s revenues for the first nine months were some $763,509 behind forecasts at $22.61m, this was partially offset by expenses coming in $491,953 lower than expected at $13.176m.

“The revenue reduction was due to the shortfall in TEU and vehicle volumes as well as significant reductions in storage attributable to improved container management by the ocean carriers, but had the benefit of the 69,359 in dry bulk tons,” Mr Maura explained.

“Expenses were primarily influenced by the reduction in volumes and continued fiscal constraint in other expenses, while net income was heavily influenced by the shortfall in storage and vehicle income but benefited from the over plan in dry bulk tons and general expense management.

“We continue to await government’s approval for the development of the 15 acres which, as previously explained, will support improved port border controls and offer greater trade facilitation by way of the vehicle terminal.”

THE TRIBUNE

Thursday, May 23, 2019, PAGE 11

Construction cost offset derailed by height restrictions FROM PAGE ONE Lowe, E Dawson Roberts’ daughter and the alleged trustee for Mr Fender’s Bahamas’ assets. Documents seen

by Tribune Business include a sales agreement dated just weeks later, March 12, 2019, with the $40,000 purchase price paid in two instalments

by April 23.

However, Mr Stegawski claims he only learned of the three-storey height restriction on April 3 when he received draft documents relating to the closing of the acquisition. He alleges that Mr Fender and his agents have failed to deliver the property “without restriction” in accordance with the sales agreement’s terms.

“Defendants are familiar with the island, its real estate, and its facilities. Directly and/or directly through their affiliated companies, Fender is believed to be the largest land owner of the island and owns the marina, golf course, and airport,” Mr Stegawski and his trust claimed.

“Despite extensive familiarity with the island and having first-hand knowledge of, and having possession of documents evidencing the

restrictive height covenant at issue, defendants failed to disclose the covenant to plaintiff.”

They added: “From the inception of the relationship, plaintiff communicated an intention to build multistorey condominiums on the property and inquired as to height and density restrictions. When presented with the property on February 26, 2019, this was the very first issue discussed when the property was presented by Coldwell Banker’s representative.”

A copy of Mr Stegawski’s e-mail to Ms Higgs, filed with the South Florida federal court, shows he inquired about zoning and height restrictions for the Great Harbour Cay property but did not give specifics of his plans or what he was looking for.

“Do you have any information on zoning or density with the multi-family lot (ie how many units/height restriction/building size limits)?

This could be spectacular with three apartments and a rooftop terrace,” he wrote on February 26, 2019.

Mr Stegawski alleged that Ms Higgs replied the

following day “and made certain document disclosures, but specifically omitted any reference to the restriction regarding allowable building height”.

Arguing that he has fully performed his obligations under the contract, Mr Stegawski is demanding that the South Florida court grant him possession of the halfacre without any construction height restrictions.

Should Mr Fender and his agents be unable to deliver that, he is requesting a damages award “equal to the value of the land without restrictions” less its present value.

Disclosing why the removal of the three-storey height restriction is absolutely vital to his strategy, Mr Stegawski’s lawsuit revealed: “Due to the remote nature and few inhabitants, almost all construction materials and labour must be imported to the island.

“In addition, The Bahamas is characterised by high local wages and has governmental restrictions imposed on hiring foreign labour. The result is that construction costs are extremely high. In order to offset the high cost

of construction, plaintiff sought to develop higher density and luxury properties to sell the condominiums at a profit.

“The property sits at a high natural elevation and, beginning at about 25 feet in height, the proposed construction would have sweeping, panoramic views of one of the most beautiful beaches in The Bahamas.

However, with the height restriction, plaintiff would be substantially limited in the number of units of construction and the views that could be obtained from each unit.

“The property without height restriction is extremely valuable. However, with the pertinent restriction of building height and in combination with the high construction costs, the property has nominal value and is not suitable for plaintiff’s intended use.”

Ms Lowe declined to comment when contacted by Tribune Business yesterday, while Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, said he was off-island and had not been able to review the legal documents sent to him by this newspaper.

However, one source familiar with the dispute, speaking on condition of anonymity, suggested

that Mr Stegawski’s lawsuit appeared to ignore the fundamental concept of “caveat emptor” or “buyer beware”.

“It’s frivolous and vexatious,” they added of the legal filings. “This is not an issue of title. It’s buyer beware, and I understand he was put on notice that there were restrictions.” Mr Stegawski, according to the documents filed with the south Florida court, also appears to have been represented by a Bahamian attorney in the shape of Adam Cafferata of Freeportbased Cafferata & Company.

The sales agreement, which has been studied by Tribune Business, specifically says the land being purchased is “subject to the applicable restrictions imposed on lots in the subdivisions in Great Harbour Cay, including those for single-family residential lots”.

Such usage appears to be incompatible with Mr Stegawski’s condominium plans. The lawsuit, though, refers to “multi-family residential land”, while the sales agreement - acknowledging that the purchaser needs to comply with the International Persons Landholding Act - also says he does not need a permit.

The deal also enables the seller, namely Mr Fender, to rescind the sale if the

purchaser makes unreasonable demands. The source suggested that Mr Stegawski should have first checked whether the height restrictions could be overcome before paying the purchase price.

Another source added: “This type of thing has to be determined by Town Planning. Realtors can’t tell you what the restrictions are.

They’re willing to do changes in places like Great Harbour Cay because they’d love to see development there.”

Mr Fender and his family have been heavily involved with Great Harbour Cay since the early 1990s, when they obtained a Heads of Agreement to redevelop the island’s rundown clubhouse and airstrip into a resort development. The Government, though, revoked the deal after the family failed to live up to their obligations within the set five-year timeline.

A May 2013 report in this newspaper confirmed they still own one thousand unsold lots, a ten-acre hotel site, the marina, the golf course (which is maintained by the homeowners themselves), the dilapidated beach club, the roads, the water utility, the monopoly fuel concession, and two blocks of rundown apartments.

PAGE 12, Thursday, May 23, 2019

THE TRIBUNE

Fidelity targets $25m full-year profitability FROM PAGE ONE receive a strong return on their capital.

Disclosing that it will declare a substantial dividend in June, he added that Fidelity would finance the payout from profits generated over the 2019 first half as it awaits the windfall from the sale of its 50 percent equity stake in affiliate Royal Fidelity Merchant Bank & Trust.

Fidelity Bank (Bahamas) will receive $16.449m, plus half the investment bank’s undistributed earnings and retained earnings when that deal closes, but Mr Bowe said the institution was continuing to perform strongly - and remained on course to hit net income targets - without these proceeds.

“They’re trending still in the right direction, upwards,” he told Tribune Business of the 2019 first

quarter results, adding that interest income growth generated by its $440m loan portfolio had “stabilised” since last year’s expansion and will now deliver “fullyear benefits” for Fidelity.

Mr Bowe said the bank had “maintained our position” despite virtually zero growth in its loan portfolio since the 2018 year-end.

He added that such an outcome was not unexpected, since the commercial banking industry generally

experienced first quarter declines while there was also “more competition” in the shape of rivals’ loan campaigns.

“If we maintain the quality of loans we’re writing, and grow the book at a steady pace, we will certainly be looking at a very favourable 2019,” the Fidelity chief financial officer said. “The first quarter is tracking us in the right direction without any loan growth.”

Coming off a 2018 in which Fidelity had targeted ten percent bottom line growth, Mr Bowe said the bank expected to beat that outcome this year - especially as it did not have to cope with changes to global accounting standards that previously resulted in a one-time increase to loan loss provisions.

“I wouldn’t say we will be super-aggressive, but we expect to exceed ten percent this year,” he told Tribune Business.

“In terms of dollar amount, we’re aiming for $25m this year.” The first quarter results have placed Fidelity on track to achieve this, with interest income up $1.5m or 10.3 percent at $16.554m.

“What is most important to us is maintaining the equity percentage,”

Mr Bowe revealed. “Our loan book is not growing, but our return on equity is growing. We’re more concerned with ensuring return on equity is in the mid-20m percent range, which we’ve consistently done in the last couple of years.

“It means the capital deployed is delivering returns to the shareholders.

Growth without profitability is not our target, and equally having profitability without steady growth that is sustainable is not our aim as well... We want steady growth on the asset base, and our ultimate goal is to maintain return on equity in the range of 25 percent; we don’t mind a couple of percent either way.”

Reiterating that Fidelity will not sacrifice these goals for short-term profit gain, Mr Bowe said the expansion of its capital base was readying the commercial bank “to sustain loan growth going forward”.

With first-half profitability set to cover June’s dividend, he added that the bank’s capital was at a “comfortable” 21 percent of risk-weighted assets just ahead of its 20 percent target.

“We are certainly aspiring to loan growth this year, even though I believe the economy and competitors

will make it more difficult,” Mr Bowe told Tribune Business. “As you become a significant player in your target markets, and as you become bigger, the opportunity for growth is reduced.”

Fidelity’s cash holdings increased by a further $20m to $126.783m during the 2019 first quarter, and Mr Bowe said that while the bank was aware of the need to deploy these reserves into higher-yielding investments there was no cause for panic.

“We are conscious of the cash on the balance sheet,” he added, “but in the last six months we’ve been able to deploy some of that into earning interest. While the cash is growing, it gives us the flexibility on loan growth - it means we’re able to fund it organically, and with investments and private securities that meet our risk profile.

“The excess liquidity is a market phenomenon, but we believe the cash levels are comfortable and we can certainly manage them to maintain profitability.” Fidelity Bank (Bahamas) net equity stood at $96.701m at end-March 2019, with retained earnings accounting for just over $61m of this sum.

THE TRIBUNE

Thursday, May 23, 2019, PAGE 13

RETAILERS, SHOPPERS COULD FEEL MORE PAIN IF TARIFFS SPREAD NEW YORK Associated Press AN ESCALATING trade war between the US and China could mean higher prices on a broad array of products from toys to clothing. But some retailers will be less equipped to handle the pain than others, leaving consumers to carry the load.

Analysts say big box giants like Target and Walmart who marked their latest quarter with strong performance are best positioned to absorb the higher costs because of their clout with suppliers. They’re also taking a judicious approach to price increases to lessen the impact.

The losers will be the ones that have been struggling all along — the mall-based clothing stores and others that sell commoditised products like basic sweaters or that don’t have the financial wherewithal to

absorb extra costs.

Consumers, as well as most retailers, had been left largely unscathed by the first several rounds of tariffs that the US imposed on China because they mostly focused on industrial and agricultural products. But that began to change when items like furniture saw an increase in tariffs to 25% two weeks ago.

Retailers will absorb the extra costs when those products arrive in US ports in June. But now the Trump administration is preparing to extend the 25% tariffs to practically all Chinese imports not already hit with levies, including toys, shirts, household goods and sneakers.

Cowen & Co estimates shoppers could see as much as 10% to 15% in price increases across all goods imported from China, which would mean an incremental cost of $100bn or more.

COMMONWEALTHOF OFTHE THEBAHAMAS BAHAMAS COMMONWEALTH COMMONWEALTH OF THE BAHAMAS INTHE THESUPREME SUPREMECOURT COURT IN IN THELaw SUPREME COURT Common Lawand andEquity Equity Division Common Division Common Law and Equity Division

Retail executives from a wide array of stores from Walmart to Kohl’s said on conference calls with analysts this week and last week that they remain optimistic about the financial health of the consumer, citing low unemployment and a strong economy. But shoppers could balk at paying higher prices on things they don’t need, especially those in the lower income bracket who are sensitive to any cost increases.

Analysts believe shoppers’ habits will change if the trade wars escalate and the next round of hikes stay in place for a while.

“It will change behaviors and change how much people buy and where people do that buying,” said Neil Saunders, managing director of GlobalData Retail.

Greg Petro, CEO of First Insight, a technology firm that advises retailers and brands on pricing decisions,

2019/CLE/qui/ 2019/CLE/qui/ 2019/CLE/qui/

THEMATTER MATTEROF OFALL ALLTHAT THAT ININTHE IN THE MATTER OF ALL THAT piece parcel landcontaining containing areaofof33.30 33.30 piece parcel ororlotlotofofland ananananarea piece parcel orinclusive lot of land containing an an area of 33.30 acres(32 (32acres acres inclusive adjourning swamp land) and acres ofof adjourning swamp land) and acres (32 acres inclusive of adjourning swamp land) and being a portion of the Daniel Evans tract approximately being a portion of the Daniel Evans tract approximately portion of the Daniel Evans tract approximately ½mile mileaNortheast Northeast the Settlement Tarpum Bayininthe the ½being ofof the Settlement ofof Tarpum Bay ½ mile Northeast of the Settlement of Tarpum Bay in the Island of Eleuthera one of the Islands of the Commonwealth Island of Eleuthera one of the Islands of the Commonwealth ofBahamas.

Eleuthera one of the Islands of the Commonwealth ofThe TheBahamas. ofIsland of The Bahamas.

AND AND AND THEMATTER MATTERofofThe TheQuieting QuietingofofTitles Titles ININTHE IN MATTER of The The Quieting of Titles Act,THE 1959, Chapter357, 357, TheStatute StatuteLaws Laws TheBahamas Bahamas Act, 1959, Chapter ofofThe Act, 1959, Chapter 357, The Statute Laws of The Bahamas AND AND AND THEMATTER MATTERofofThe ThePetition PetitionofofRUBY RUBYJOHNSON JOHNSON ININTHE IN THE MATTER of The Petition of RUBY JOHNSON

NOTICE NOTICE NOTICE

THEPETITION PETITIONOF OFRUBY RUBYJOHNSON JOHNSONininrespect respectof:of:THE THE PETITION OF RUBY JOHNSON in respect of:ALLTHAT THATpiece pieceparcel parcelororlotlotofofland landcontaining containingananarea areaofof 1.1.

ALL 1.

ALL THAT piece parcel or lot of land containing an area ofand 33.30 acres (32 acres inclusive of adjourning swamp land)and 33.30 acres (32 acres inclusive of adjourning swamp land) 33.30 (32ofacres inclusive of adjourning swamp land) and beinga acres a portion ofthe theDaniel DanielEvans Evans tractapproximately approximately mile being portion tract ½½mile being a portion of the Daniel Evans tract approximately ½ mile Northeast of the Settlement of Tarpum Bay in the Island of Northeast of the Settlement of Tarpum Bay in the Island of Northeast ofone theofSettlement of Tarpum Bay in the Island ofofofThe Eleutheraone ofthe theIslands Islands the Commonwealth The Eleuthera ofofthe Commonwealth Eleuthera Bahamas one of the Islands of the Commonwealth of The Bahamas Bahamas claimstotobebethe theowner ownerofofthe theunincumbered unincumberedfee feesimple simpleestate estateininpossession possessionofofthe thesaid saidland landand and claims claims to application beapplication the ownertoof the unincumbered fee estate in possession of Bahamas the said land and hasmade made tothe theSupreme SupremeCourt Court theCommonwealth Commonwealth The Bahamas under has ofofsimple the ofofThe under has made application to the Supreme Court of to the Commonwealth ofsaid Theland Bahamas under Section Three the Quieting TitlesAct, Act,1959 1959 tohave have titleofofthe the said land investigated Section Three (3)(3)ofofthe Quieting Titles itsitstitle investigated Section Three (3) of the Quieting Titles Act, 1959 to have its title of the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted and the nature and extent thereof determined and declared in a Certificate of Title to be granted the nature and extent with thereof determined and declared in a Certificate of Title to be granted bythe the Court accordance withthe the provisionsof ofthe the saidAct. Act. byand Court ininaccordance provisions said by the Court in accordance with the provisions of the said Act. Copiesofofthe thePetition Petitionand andthe theplans plansofofthe thesaid saidland landmay maybebeinspected inspectedduring duringnormal normal Copies Copies of the Petition and the plans of the said land may be inspected during normal officehours hours thefollowing following places:office ininthe places:office hours in the following places:TheRegistry Registryofofthe theSupreme SupremeCourt, Court,Bank BankLane Laneininthe theCity CityofofNassau, Nassau,Bahamas; Bahamas; 1.1.

The 1.

The Registry of the Supreme Court, Bank Lane in the City of Nassau, Bahamas; TheChambers ChambersofofBootle-Williams Bootle-Williams&&Company, Company,c/o c/oofofMinnis Minnis&&Company, Company, 2.2.

The 2.

The Chambers of Bootle-Williams &Nassau, Company, c/o of Minnis & Company, Alkebulan House, PoincianaDrive, Drive,Nassau, Bahamas; Alkebulan House, 1919 Poinciana Bahamas; Alkebulan House, 19 Poinciana Drive, Nassau, Bahamas; 3.

The office of the Attorney General, Paul L. Adderley Building, John F. Kennedy Drive,, Nassau, Bahamas.

3.

The office of the Attorney General, Paul L. Adderley Building, John F. Kennedy Nassau, Notice Drive,, is hereby givenBahamas. that any person having dower or right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the 14th day of Notice is hereby that anyCourt person having right to dower an Adversea June A.D., 2019 file in given the Supreme and serve dower on theorPetitioner or the or undersigned Claim or ofa her claim recognized the verified Petitionbyshall on or tobefore 14th day of Statement claimnot in the prescribedinform an Affidavit be filedthe therewith.

June A.D., 2019 file in the Supreme Court and serve on the Petitioner or the undersigned a Statement of herofclaim in theperson prescribed form an Affidavit to be filedon therewith.

Failure any such to file andverified serve abystatement of his claim or before the 14th day of June A.D., 2019 will operate as a bar to such claim.

Failure of any such person to file and serve a statement of his claim on or before the 14th day of June A.D., 2019 will operate as a bar to such claim.

Bootle-Williams & Company

BOOTLE-WILLIAMS & COMPANY Bootle-Williams & Company c/o Minnis & Company BOOTLE-WILLIAMS & COMPANY Chambers c/o Minnis House & Company Alkebulan Chambers 19 Poinciana Drive Alkebulan House Nassau, Bahamas 19 Poinciana Drive Nassau, Bahamas Attorneys for the Petitioner Attorneys for the Petitioner

believes that if prices do rise because of the new tariffs, they will be permanent but not all products will be hit the same way. For example, home decor is less sensitive to price increases than big furniture based on millions of data points his firm collects monthly. Women’s clothing is more sensitive to price hikes than men’s clothing. In children’s shoes, which lost a big player Payless ShoeSource, retailers will have more power to increase prices since the shoe supply has gone down, he said.

Meanwhile, UBS is offering a dire analysis of what the new tariffs could mean in terms of store closures.

UBS was already forecasting that nearly 21,000 stores in the US would shutter by 2026, but with the next round of tariffs, more than 50% of those closures

would occur within one year instead of four, it said.

“We continue to think the apparel and footwear consumer’s willingness to spend remains tepid at best,” UBS retail analyst Jay Sole wrote in his report.

In fact, nearly 200 footwear retailers and brands including Adidas and Shoe Carnival wrote a letter to President Donald Trump on Monday calling for him not to slap tariffs on footwear imported from China.

The group, the Footwear Distributors and Retailers of America, estimates Trump’s proposed actions will add $7bn in additional costs for customers every year.

Many retailers from Macy’s to Walmart warned that even though the escalating trade wars would mean higher prices for shoppers, the situation is still fluid.

Walmart said it’s been

closely working with suppliers and says it will look at price increases on a case by case basis. Target’s CEO Brian Cornell said it will be able to weather the storm better than others because it sells a variety of items instead of focusing on a single product.

“Our ability to flex our focus from category-tocategory is something that’s somewhat unique to Target versus single-category retailers,” he told analysts yesterday.

Among department stores, the big concern is its private label clothing offerings, much of its sourced in China.

TJ Maxx parent, on the other hand, which sells top brands at discounts and has been a darling in the retail world, sees itself benefiting from other retailers’ woes.

PAGE 14, Thursday, May 23, 2019

THE TRIBUNE

JUDGE REFUSES TO BLOCK TRUMP BANK SUBPOENAS

To advertise in The Tribune, contact 502-2394 COMMONWEALTH OF THE BAHAMAS

NEW YORK Associated Press

2007/CLE/qui/01041

IN THE SUPREME COURT Common Law and Equity Side

NOTICE The Petition of Samuel Basden in respect of: -

ALL THOSE Two (2) tracts of land totaling 1.09 acres situate on Basden Alley East of Jim Carey Road on the Northern side of Step Street in the Eastern District of the Island of New Providence.

SAMUEL BASDEN claims to be the owner of the fee simple estate in possession of the said land and has applied to the Supreme Court of The Bahamas under S.3 of the Quieting Title Act, 19591 ‘in the above action to have its title to the said land investigated the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with provisions of the said Act. Copies of the said plan may be inspected during normal office hours at the Registry of the Supreme Court, Anasbacher Building Bank Lane, in the City of Nassau, and at the Chambers of Turnquest & Co., No. 94 Nassau Street, Nassau, The Bahamas.

A NEW York judge refused yesterday to block congressional subpoenas seeking financial records from two banks that did business with President Donald Trump, making it clear it wasn’t a close call.

US District Judge Edgardo Ramos said in a ruling delivered from the bench that Trump and his company were “highly unlikely” to succeed in a lawsuit arguing that the subpoenas seeking records from Deutsche Bank and Capital One were unlawful and unconstitutional.

Ramos also concluded that the subpoenas have “a legitimate legislative purpose” and dismissed one-by-one arguments made to try to bury them, though he conceded that records released publicly could cause Trump

and his family irreparable harm.

The lawyers for the House Financial Services and Intelligence committees say they need access to documents from the banks to investigate possible “foreign influence in the US political process” and possible money laundering from abroad.

Deutsche Bank has lent Trump’s real estate company millions of dollars over the years.

When Ramos finished reading aloud a lengthy ruling, he asked Trump’s lawyer, Patrick Strawbridge, if he would appeal.

“That’s probably a safe bet,” Strawbridge responded.

The judge then noted that both sides had agreed that the subpoenas would not require a response for another week, giving Trump, his family and his companies time to appeal.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LOVLY SOLON of Ridgeland Park, New Providence, Bahamas intends to change her name to LOVELY SOLON. 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-792, Nassau, New Providence, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE IS HEREBY GIVEN that any person having dower or a right to dower or any adverse claim not recognized in the Petition shall before the 30th day of May, A.D., 2019 file in the said Registry of The Supreme Court and serve the Petitioner or the above Turnquest & Co a statement of such claim in the prescribed form verified by an Affidavit to be filed herewith. Failure of any such person to file and serve a statement of such claim by the above time will operate as a bar to such claim.

NOTICE

The Public is hereby advised that I, DEONETTE DEVONNIA SMITH of B 101 Sea Sky Lane, Sandy Port, Nassau Bahamas intends to change her name to DEONETTE DEVONNIA FERGUSON. 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-792, Nassau, New Providence, The Bahamas no later than thirty (30) days after the date of the publication

The Public is hereby advised that I, ALLISON ALEXANDRIA MUSGROVE, of #64 Jobson Avenue, Freeport, Grand Bahama, Bahamas, mother of MARIHA TORI JEAN, a minor, intends to change her name to MYKEAL ALEXANDRIA SANDS. 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.

NOTICE

(242) 323-2330

WEDNESDAY, 22 MAY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,180.57 | CHG: 0.19 | %CHG: 0.01 | YTD: 71.12 | YTD%: 3.37 BISX LISTED & TRADED SECURITIES

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

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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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

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

E J K L M N

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

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 11.05 6.16 4.48 10.00 2.73 1.85 9.41 7.00 15.50 7.25 3.49 14.00

CLOSE 4.18 17.43 6.00 5.40 2.50 1.98 2.22 11.05 6.16 4.48 10.00 2.79 1.85 9.41 7.00 15.50 7.25 3.49 14.00

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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 1,000

81 1,300 913 200

VOLUME

250

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 0.250 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 25.0 18.7 N/M 16.7 N/M N/M -5.2 15.6 12.8 29.1 15.9 27.4 8.9 N/M 11.0 18.6 7.6 17.0 22.2

YIELD 3.11% 7.23% 0.00% 4.63% 0.00% 1.01% 0.00% 6.43% 3.57% 2.68% 6.20% 2.44% 3.24% 3.49% 3.43% 3.23% 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% 1.57% 4.58% 0.99% 4.25% 1.32% 4.12% 3.22% 5.64% -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 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-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 1.62 1.76 1.70 1.15 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 1.56 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 1.62 1.76 1.70 1.15 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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

Magdaline Carey and Tachaka Mullings LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

www.bisxbahamas.com

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 7.50 6.10 11.00 6.20 3.01 12.51

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

MARKET REPORT 52WK HI 4.50 20.91 7.00 5.50 2.50 2.00 3.35 11.05 6.16 4.64 12.50 2.74 1.96 9.32 7.00 15.60 7.25 4.05 14.00

investigate him”.

In court papers, lawyers said the House’s Committee on Financial Services and Permanent Select Committee on Intelligence sought the information as they investigate “serious and urgent questions concerning the safety of banking practices, money laundering in the financial sector, foreign influence in the US political process, and the threat of foreign financial leverage, including over the president, his family and his business”.

Lawyers for Trump responded in writing that accepting the view of the committees would mean “Congress can issue a subpoena on any matter, at any time, for any reason, to any person, and there is basically nothing a federal court can do about it”.

Trump’s lawyers had asked the judge to temporarily block Congress from obtaining the records.

The banks took no position in the dispute.

The ruling is the second blow in New York on yesterday to the privacy of Trump’s financial details. State lawmakers earlier passed a measure that would allow the president’s tax returns to be released to congressional committees.

Legal Notice

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that ICA Limited is in dissolution and the date of commencement of the dissolution is 08th May 2019.

TURNQUEST & CO. Chambers Turnquest House Nassau Street Nassau, New Providence The Bahamas

The hearing falls two days after a federal judge in Washington ruled against Trump in a similar case, finding that the president cannot block a House subpoena for information from a financial services firm that had done accounting work for him and the Trump Organization.

And it comes a day after Trump blocked his former White House lawyer, Don McGahn, from testifying before the House Judiciary Committee.

In a written submission prior to yesterday’s hearing, lawyers for two congressional committees wrote that Trump’s effort to block the subpoenas was “flatly inconsistent with nearly a century of Supreme Court precedent”.

Attorney Douglas Letter cited some of those rulings when he argued before Ramos on yesterday that Trump should not be able to block “a very major complex investigation across a whole industry, not just Mr Trump”.

He said there were about ten subpoenas sent to individuals or entities that have “nothing to do with Mr Trump”.

Letter said there is a “massive fundamental misunderstanding by Mr Trump about Congress ... that we’re a nuisance and we can’t

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

NOTICE is hereby given that DARIO JOSEPH of Carmicheal Road Mckinney Drive, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that JEAN ROBERT DESHOMMES of Sunrise Road, P. O Box SS-6151, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE GENTIAN HOLDINGS LTD. NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Gentian Holdings Ltd., has been completed and the company has been struck from the Register on the 9th day of May, 2019.

Shareece E. Scott Liquidato 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