05282019 BUSINESS

business@tribunemedia.net

TUESDAY, MAY 28, 2019

$4.90

RAYMOND WINDER

Bank to redeem $81.5 million preferred shares in 2019

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

C O M M O N W E A LT H Bank is aiming to redeem all its outstanding $81.5m preference share capital before year-end 2019 in a bid to “maximise returns” for equity investors.

The BISX-listed bank’s newly-released 2018 annual report confirms the redemption strategy, with the footnotes disclosing that five preference share classes worth a collective $48.9m were due to be fully paid out by May 1.

Raymond Winder, Commonwealth Bank’s president, who was travelling when contacted

by Tribune Business yesterday, said he believed the redemption had been completed as scheduled although he needed to check on the last class.

He said he would call this newspaper back to confirm, but nothing was received before press time.

Dividend payments to Commonwealth Bank ordinary shareholders will potentially increase as a result of the preference share redemption, and the end of interest payments to holders of those securities. That, though, may not be the only motive for the move, with Mr Winder yesterday saying the objective was “twofold” although he did not explain that further.

However other Bahamian commercial banks, such as Bank of The Bahamas, have also been redeeming and paying out their preference shares in order to come into compliance with the new international bank capital standards set out by the Basle Committee on Bank Supervision.

Commonwealth Bank’s annual report makes no mention of this, though, merely saying: “In 2019 the group expects to redeem its outstanding preference shares in an effort to maximise returns to common shareholders. The total amount of preference shares outstanding is $81.5m.”

The BISX-listed

SEE PAGE 6

$4.95

$4.91

Union chief warns over ‘general strike mayhem’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

TRADE union leader yesterday warned that industrial “mayhem” via a general strike will result unless employers stop attacking worker rights that have taken decades to build.

Bernard Evans, the National Congress of Trade Unions of The Bahamas (NCTUB) president, told Tribune Business that this nation’s industrial relations climate was currently “a ticking timebomb” amid fears that long-established benefits and protections are under threat.

Affirming that the umbrella union body stood “100 percent” behind its hotel union affiliate ahead of this Thursday’s strike vote, Mr Evans said The Bahamas was “headed in the direction of a general strike” with workers withdrawing their labour en masse unless multiple disputes and grievances were swiftly resolved.

He added that the hotel industry was seemingly trying to “roll back and cut” worker benefits and salaries

• Evans: Decades-old rights ‘under threat’ • Says labour relations ‘a ticking timebomb’ • ‘Something has to give’ in hotel industry

BERNARD EVANS at a time when The Bahamas was rated the fourth most expensive country in the world, with society having been hit by two VAT increases within five years.

Warning that “something has to give”, Mr Evans said the labour movement felt it was being locked out of “proper and meaningful dialogue” with the government and employers over its concerns while workers bore

the brunt of continuous cost of living increases.

“We’re very concerned we’re heading for mayhem,” he told Tribune Business.

“As human beings we have a right to protect ourselves for survival, and once we see those protections being torn down our only course is to retaliate in a manner we don’t want to do...

“When anybody is asking for a strike vote - the Water

& Sewerage Corporation unions have got strike votes, the hotel workers are asking for a strike vote - when you see all those unions asking for a strike vote only one thing can happen. A general strike.

“We don’t want that to happen, but it’s unfortunately headed in that direction. The workers will withdraw their labour,” Mr Evans continued. “If there’s one message to take from this interview, this is the inevitable we see happening.

“We don’t want it to happen. This is the last resort. But, if these matters are not resolved, it’s unfortunate but that’s the end result.”

Mr Evans’ comments add to the sense of a rapidly deteriorating Bahamian industrial relations climate in both the public and private sectors, especially following the hotel union’s burning of an employer

SEE PAGE 5

Bahamas can’t be ‘last of the mohicans’ on tax

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must avoid becoming “the Last of the Mohicans” by ensuring foreign companies actually “benefit from paying taxes” here, a top accountant is arguing.

Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that this nation must shed “the selfish blinkers” and develop an innovative tax structure fit for the 21st century if it is to remain “a meaningful player in the global economy”.

Reiterating his belief that the consumption-based tax system in existence since the 1950s is no longer sufficient to maintain The Bahamas’ economic competitiveness, Mr Bowe called for the development of “a modern, progressive tax infrastructure” that would incentivise investors

• Foreign firms ‘must benefit from paying taxes’ • BICA chief: Shed ‘selfish blinkers’ on tax reform • Only way to be ‘meaningful economic player’ and companies rather than seeing them pay “no tax”.

Acknowledging that many remain opposed to paying an income tax in any form, whether personal or corporate, the BICA chief said a recent regional conference organised by the World Bank had shown how such structures could be used to encourage investment by the private sector in infrastructure projects.

He explained that private investors and companies who made a $50m investment in a public-private partnership (PPP) in Peru received a tax credit for an equivalent amount, while providing that country’s government with the

GOWON BOWE

SEE PAGE 4

$4.95 ‘Abandon’ $580m project’s location, developer is told

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FISHERIES group is urging the developers behind the $580m South Abaco mixed-use resort project to “abandon” that location amid fears of “detrimental effects for the entire country”.

The Fisheries Conservation Foundation, which has strong ties to The Bahamas due to the research it conducts here and its links to the Eleuthera-based Island School, has renewed its call for Tyrsoz Family Holdings to shift its proposed development to an already-used site such as a marina/resort that is either up for sale or lying derelict.

The group, which was one of multiple environmental organisations to sign an April 15, 2019, letter urging the prime minister to reject the project, doubled down on warnings about the negative impact on Abaco’s bonefishing industry and fisheries population if development proceeded as planned.

“The importance of the bonefish recreational fishery to The Bahamas cannot be overstated,” the foundation said in a statement. “In a country whose economy relies heavily upon tourism, this iconic fishery is a vital component of that industry, particularly in the Family Islands.

“According to a 2009 survey, there were more than 60 bonefish guides on Abaco, and the total economic benefit to the island was more than $20m annually. Since that time, those numbers have undoubtedly grown substantially as a result of the addition of new lodges and the expansion of independent guide services.

“On average, anglers spend $600 more per trip than general visitors, and those economic benefits extend beyond fishing guides and lodges to the broader economy in many ways - to restaurants, shops, car rental companies and tour operators.”

The proximity of the Tyrsoz Family Holdings project to breeding grounds for bonefish and other fish/ marine mammals is what is alarming the foundation, which fears those vital habitats will be altered for ever should the project proceed.

Dr David Philipp, the Foundation’s chairman, said: “Bonefish throughout the Bahamas undergo long distance migrations to

SEE PAGE 6

Government warned over infrastructure ‘can kicking’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE government cannot keep “kicking the can down the road” by holding capital spending at 50 percent of the level recommended at a recent World Bank summit, a top accountant is warning.

Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business he attended the Latin America and Caribbean-focused conference which called upon regional states to allocate a sum equivalent to four to five percent of annual gross domestic product (GDP) to infrastructure projects.

Such spending by the Bahamian government is well short of this level, projected to average around 2.2 percent of GDP for three fiscal years to 2020-2021, and Mr Bowe warned that this nation could soon pay

• Capital spend half of World Bank summit’s call • BICA chief warns of ‘tremendous’ future outlay • And ‘retarding of economic development’ a heavy price for potential under-investment by “incurring a tremendous amount of expenditure later on”.

The findings also have implications for the government’s fiscal strategy, as restricting capital spending has been one of the main ways in which the Minnis administration has reduced the deficit and ensured it comes close to achieving its targets even as revenue under-performs.

But, pointing out that the World Bank-organised regional conference accepted that a sum equivalent to four to five percent of national GDP needed to be “put on infrastructure”, Mr Bowe said: “Failure to do so is going to result in a tremendous amount of expenditure

incurred later on.

“It potentially retards growth because, if you have deteriorating infrastructure, that retards economic progress. That may not be at the forefront of the government’s thinking, but it’s one that I’ve communicated since I returned from that conference.”

The government’s socalled “fiscal snapshot” for the first nine months of 2018-2019 confirmed it is continuing to rein in capital expenditure, which is typically devoted to public infrastructure projects and upgrades, as a means to ensure its outgoings match revenue streams that have potentially undershot revenue projections by hundreds of millions of dollars.

Capital spending for the period to end-March 2019 stood at $126.7m, equivalent to just 42.3 percent of the $299.3m projected full-year spend, and some $56.8m lower than the $183.5m outlay at the same time in the previous fiscal year.

The discretionary nature of capital expenditure means it is easier to cut than its recurrent counterpart, which goes on the government’s fixed costs such as civil service wages and rents. Yet Mr Bowe warned that there is a price to pay that becomes more expensive the longer the Government limits its capital expenditure.

SEE PAGE 6

PAGE 2, Tuesday, May 28, 2019

THE TRIBUNE

CONDOS INCREASINGLY POPULAR WITH RETIREES A BAHAMIAN real estate firm says condominiums are becoming popular with retirees seeking to downsize in a way that maximises both retirement income and quality of life.

“Many retirees, or soonto-be-retirees, choose to move to a smaller space because they no longer have children living with them,” said George Damianos, chief executive of Damianos Sotheby’s International Realty.

“Additionally, they’re

often looking to live somewhere that allows them to travel more often; a place they can ‘lock and leave’ without having to worry about whether or not the pool man is going to show up while they are away.”

Noting the increasingly popularity of condominium living, Mr Damianos added: “People are buying condos because they come without the stress of repair and maintenance.

Maintaining a full-sized, single-family home can

become quite expensive and exhausting no matter what age you are - not to mention the drain on your savings.”

He said a number of Eastern Road homeowners have recognised the lifestyle upgrade that condominiums can provide, and in recent years have chosen to western New Providence condo complexes such as Caves Heights. The area has less traffic and easier access to the airport, making it attractive to retirees

FOR Bahamians looking towards retirement, condominiums such as Caves Heights, pictured, on West Bay Street offer smaller, easier to maintain spaces coupled with resort-style amenities.

To advertise in The Tribune, contact 502-2394

seeking an improved quality of life.

“Purchasing this style of luxury condominium is a good investment any way you look at it,” Mr Damianos said. “If you’re retiring in the immediate future, it makes for a turnkey relocation process.”

THE TRIBUNE

Tuesday, May 28, 2019, PAGE 3

Opposition urges: ‘Give Ex-Bar president finishes workers piece of the pie’ Caribbean judicial tenure

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE government’s political opponents yesterday said they were “very taken aback” over the state of hotel industry industrial relations, adding: “The workers need to get their piece of the pie.”

Senator Fred Mitchell, pictured, the Progressive Liberal Party’s (PLP) shadow minister for labour, told Tribune Business: “We are very taken aback that things have gotten to this at a time when the minister of tourism is boasting of record numbers and record rates.

“The workers need to get their piece of the pie. I will be reaching out to both sides to see how we can help, but we cannot support regression in the terms of employment. We are very concerned that workers have a livable wage.”

He spoke out as members of the Bahamas Hotel Catering & Allied Workers Union (BHCAWU) prepare to take a strike vote this Thursday, having emphatically rejected the Bahamas Hotel and Restaurant and Employers Association’s opening industrial agreement offer by burning it last week.

Confirming this week’s strike vote, John Pinder, director of labour, said of the hotel union yesterday. “They do have some disputes at the Labour Department. I think that one or two have been resolved.

“I think that they want to hold a strike vote on those issues that were not resolved

and, as mandated by the Department of Labour, once there is a dispute and the Minister gives the OK to have the poll conducted we have to conduct the poll. We will be conducting the poll.”

Mr Pinder added: “The gratuity is one of the issues.

They are still not satisfied with some reporting that was supposed to be adjusted. I think there were some persons whose jobs were made redundant, and one of the properties is still having the task carried out on property. If you make the post redundant you have to move that job away from the property.” He did not identify the property in question.

Sheila Burrows, the hotel union’s general secretary, recently told Tribune Business that the offer by resort employers threatened to take the union’s 4,0005,000 membership “back 60 years”.

Speaking after union members burnt copies of the industry’s proposal during a heated meeting at Workers House last Thursday night, she said: “We got a proposal from them but there was nothing in it.

We had actually submitted three proposals to them, one under the former president, Ms Martin, and two under Mr [Darren] Woods.

“We recently went to the Labour Department and because of that they sent us a proposal. I think they just sent it to say that they sent us something.”

The most controversial proposals in the offer from the BHREA, the employers bargaining group that negotiates industry-wide industrial agreements, are elimination of the automatic 15 percent gratuity and delaying the payment of Christmas bonuses until the second week of January.

In addition, the Christmas bonus will be tied to the hotel’s performance, and not guaranteed. Nor will the traditional provision of Christmas ham and turkey by resorts for their staff be guaranteed, as Ms Burrows accused the industry of “taking away all the benefits” previously obtained for workers by the union.

Russell Miller, president of the employers’ negotiating body, the BHREA, in an e-mailed response to Tribune Business inquiries said simply: “There is a process for negotiations with the bargaining unit, and we intend to fully adhere to that process.”

The last industrial agreement between the two sides expired back in 2013, and its terms are being treated as if it is still in effect. This resulted from the union missing the October 8, 2012, deadline by which it had to submit its proposal for a new industrial agreement as it was required to do by the conditions set out in the old deal.

Employment Opportunity Bahamasair is the national airline of the Commonwealth of The Bahamas; our mission, to provide a safe and dependable airline, where quality service is paramount and an excellent travel experience is our priority. We are currently seeking to fill the following position:

Security Administrator, Information Technology Reporting to the Senior Manager - Information Technology, the Security Administrator will manage, monitor and troubleshoot Local and Wide Area network access and will drive implementation of network security policies and procedures; while ensuring network (LAN/WAN, telecommunications, and voice) security access and protecting against unauthorized access, modification or destruction. The IT Security Administrator functions as the primary point of accountability for the Security of Information Technology throughout the company.

Essential Duties • Running reports on SQL databases and performing SQL 2014 backup and restoration process • Monitoring, managing and administrating Dark Trace Security Appliance, Blue Coat Proxy Server and Microsoft 365 platform • Import/set-up maintenance contracts associated with assets • Develops and maintains processes for managing and tracking the full IT asset, license, and maintenance life cycle from procurement to retirement.

• Maintains an understanding of vendor service agreements to ensure compliance and the most cost effective use of assets • Works closely with the IT Manager to support audit processes, defines metrics, gathers data and reports the effectiveness of IT Security processes.

• Manages the configuration documentation of IT assets and ensures proper records are kept and updated regularly.

• Investigates all asset discrepancies identified through the daily asset reconciliation process • Identifies and escalates any IT process which may negatively impact the short/long term IT Security objectives • Perform other related duties as assigned Qualifications • A two-year degree or a minimum of 5 years IT work experience.

• Skilled at running reports on SQL databases • Working knowledge of Microsoft 365 Administration and Security and Kiosks Experience Required • ITIL, ITAM and Microsoft office certifications preferred.

• 2+ years of IT Security experience • Cisco certification desirable / CCNA preferred • Security plus and or A+ plus certification required • CISA certification and CISSP certification considered a plus All interested applicants are asked to submit a resume and reply to: ATTN: Director of Human Resources RE: IT SECURITY ADMINISTRATOR via email to hr@bahamasair.com no later than end of business May 31, 2019.

Only shortlisted candidates will be contacted.

FROM left: Dr Francis Alexis QC (Grenada); B St Michael Hylton QC (Jamaica); Susan BrankerGreene (Barbados); Dr Peter Maynard; Lady Beverley Walrond QC (Barbados); Delano Bart QC (St Kitts and Nevis); Alvin McIntosh JP (Jamaica).

Dr Peter Maynard, the former Bahamas Bar Association president, is pictured here with fellow commissioners at the end of his six-year tenure on the Regional Judicial and Legal Service Commission (RJLSC) of the Caribbean Court of Justice (CCJ).

“Thankful for having been nominated by the

To advertise in The Tribune, contact 502-2394

Organisation of Commonwealth Caribbean Bar Associations and the Organisation of Eastern

Caribbean States Bar Association, I served as RJLSC deputy chair,” Dr Maynard said.

PAGE 4, Tuesday, May 28, 2019

THE TRIBUNE

UNION CHIEF’S ATTORNEY GENERAL ADDRESSES WORK RETURN ANTI-FINANCIAL CRIME GROUPING KEY TO WATER CORP SOLUTION CARL Bethel QC, the attorney general and minister of legal affairs, addressed the launch of the Association of Certified Anti-Money Laundering Specialists (ACAMS) Bahamas Chapter last Friday. He pledged the full support of the Government.

Mr Bethel is pictured with members of the founding steering committee JOHN PINDER

DWAYNE WOODS

By NATARIO MCKENZIE

resolve their issues.

“It is only a matter of the president getting himself sorted out to get back in the workplace. I don’t see that as a big issue. I believe that matter will go away very soon. That should be resolved favourably.”

The line-staff union has been at odds with the corporation for several months over multiple issues, including talks over a new industrial agreement. Tensions between executive chairman, Adrian Gibson, and union president, Dwayne Woods, peaked in April as an industrial dispute escalated into allegations of sabotage and threats of lawsuits.

Both the line staff and managerial union demonstrated outside the corporation’s University Drive headquarters last month in what was termed a “withdrawal of enthusiasm”.

Tribune Business Reporter

nmckenzie@tribunemedia.net THE government’s top labour official yesterday said the Water & Sewerage Corporation’s (WSC) line staff union appears to be on track to resolving its grievances with executive management.

John Pinder, director of labour, speaking at an International Labour Organisation (ILO) workshop at the National Training Agency (NTA), confirmed that both the managerial and line-staff union at the corporation have been given strike certificates.

Speaking to the line staff union, Mr Pinder said: “With regards to the Bahamas Utilities Service and Allied Workers Union (BUSAWU), their matter is being resolved.

A meeting is scheduled for next week, I believe, to

and the executive board, including other officials such as John Rolle, Central Bank governor (sixth left); ACAMS vice-president and general manager for the Americas, Geoffrey C. Fone (eighth left); and ACAMS co-chair for Bahamas chapter, Charles W Virgill (ninth left).

Photos: Raymond A Bethel, Sr/BIS

CARL BETHEL QC

Bahamas can’t be ‘Last of the mohicans’ on tax FROM PAGE ONE expertise and attention to ensure the project succeeded.

Without such a tax structure, Mr Bowe said The Bahamas and its government had to instead rely on tax breaks and concessions as its contribution to PPPs as there was no ability to provide tax credits. He added that it was often difficult to measure whether this nation received value for money in terms of whether the “infrastructure contributed” matched the revenue foregone.

Calling for Bahamians to be “more open minded” when it came to tax reform,

the BICA president argued that any changes should not simply focus on increasing revenues “but, more importantly, how we use tax infrastructure as an economic lever to promote or push growth and sustainability”.

“We have to take off the selfish blinkers,” Mr Bowe told Tribune Business.

“We have become too complacent in the fact we believe the tax system we put in place in the 1950s is appropriate in the 21st century.

“I strongly believe that if we’re going to be a meaningful player in the global economy, we have to be far more innovative in our tax infrastructure. That has to

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

EVERONWARD INVESTMENTS INC. In Voluntary liquidation

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

The date of commencement of dissolution is the 22nd day of May, 2019.

Lucia E. Broughton, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 6380, Nassau, Bahamas Liquidator

NOTICE

NOTICE is hereby given that BAZILE JOSEPH SILVERNY of Palm Beach Avenue, P.O. Box EE-15891, 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 21st day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

be focused on not being a low or ‘no tax’ jurisdiction but being an efficient tax jurisdiction that allows for an equitable distribution of the tax burden and allows foreign companies to benefit from paying tax as opposed to paying no tax.

“Those days are gone.

Being the Last of the Mohicans is not a smart move for The Bahamas.

It’s about how we get to the framework of a modern, progressive tax infrastructure. We have to take the new frontier by the horns, and look at how we make The Bahamas a trailblazer in how we manage our fiscal affairs,” Mr Bowe continued.

“We’re small enough to do that, but have to be brave and bold in our decisions. We can’t shy away from things because we’re trying to please the electorate. We have to find ways to make it happen.”

The BICA president said The Bahamas’ current tax burden, where revenues are forecast to be around 20.1 percent of GDP this fiscal year and in the immediate future, was an acceptable ratio that needed to be maintained.

Instead, he said this nation needed to “look at how to become more efficient in collecting that 20 percent and become more progressive” with a tax structure that imposed a more equitable burden on Bahamian society.

Even though VAT has replaced import duties as the government’s main

revenue source ahead of the potential World Trade Organisation (WTO) accession, this has meant The Bahamas’ taxation model remains primarily a consumption-based one. As a result, lower income Bahamians are still spending a higher proportion of their income on taxes than those earning more.

Most nations rely on income tax, both personal and corporate, as their government’s primary source of revenue since it is viewed as a progressive levy directly linked to ability to pay. Those earning more pay more in tax compared to those on lower income, thereby upholding the system’s perceived equity and fairness.

But The Bahamas, which has long cherished its tax neutral platform and the absence of any form of income tax, has bucked this world trend. While income tax was one of the alternative options to VAT, the former Christie government ultimately rejected it due to the fact it has no history here and, more importantly, the extra costs and bureaucracy involved in setting up and administering such a system.

Some cynics, though, suggested that income tax was also turned down because it would force all Bahamians to declare their annual income - thereby exposing all those seemingly living above their means.

NOTICE

NOTICE is hereby given that DUROFARO CANJUSTE of Palmetto Point, P.O.Box EL-29952 Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Tuesday, May 28, 2019, PAGE 5

Union chief warns over ‘general strike mayhem’ FROM PAGE ONE

stopped paying him his full salary until he does so.

And, while National Insurance Board (NIB) workers ended their “sickout” and returned to work yesterday, new unionrelated disputes appear to be occurring as fast as existing ones are solved.

Mr Evans said fears that employers are attempting to “erode” long-established worker rights that were fought for, and won, decades ago, together with a perceived “lack of respect” being shown towards labour and its union representatives, were the core issues behind the current state of workplace relations.

“We 100 percent support the hotel workers and their union. We in the NCTUB definitely support president Darren Woods and his executive team, and their efforts to seek a strike vote this Thursday,” he told Tribune Business.

“There would seem to be

proposal it considered inflammatory in terms of loss of benefits and workers’ rights roll-backs.

With workplace tensions now extending beyond the government and public sector to include The Bahamas’ largest industry and private sector employer, the Minnis administration and its Department of Labour are facing the prospect of a long, hot summer unless they can quickly cool passions and address grievances.

John Pinder, director of labour, yesterday indicated that it was close to achieving that in the dispute between the Water & Sewerage Corporation and its line staff union (see article on Page 3B). He said the only outstanding issue was the return of the union’s president, Dwayne Woods, to work, after the corporation

an ongoing trend that labour is under attack. All the benefits negotiated decades ago seem to be under attack, and attempts being made to have them reversed.”

Also pledging the NCTUB’s support for the NIB workers and their Union of Public Officers, Mr Evans said the umbrella union body will be there in full force whenever they [and the hotel union] call on us”.

He suggested that the hotel industry’s opening offer, which sought to eliminate the automatic 15 percent gratuity for tipped employees and make Christmas bonuses and ham/ turkey discretionary rather than guaranteed, was counterproductive for worker morale and productivity in the vital tourism industry.

“Given what the tourism industry means for the country, the service the workers provide goes hand-in-hand with the facilities the hotels

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

2018

IN THE SUPREME COURT

CLE/gen/00621

Common Law and Equity Division IN THE MATTER of the property comprised in a Mortgage dated the 30 th day of December, 2010 and made between Sean Deveaux and Cynteche Lavette King as Borrowers and FirstCaribbean International Bank (Bahamas) Limited as a Lender.

BETWEEN

AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Revised Statute Laws of the Commonwealth of The Bahamas.

FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED Plaintiff AND SEAN DEVEAUX AND CYNTECHE LAVETTE KING

First Defendant

Second Defendant

To: CYNTECHE LAVETTE KING Last known address of Seagrape Subdivision, New Providence, The Bahamas

ADVERTISEMENT OF SERVICE OF THE ORIGINATING SUMMONS

TAKE NOTICE that an action has been commenced against you in the Supreme Court, Common Law and Equity Division, Action No. 2018/CLE/gen/00621 in which the Plaintiff, FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED, has issued an Originating Summons and the supporting Affidavit of Garth McDonald both filed on the 21st day of January, 2019 seeking the following orders: 1.

2.

delivery up of possession of ALL THAT piece parcel or lot of land comprising being Lot Number Two (2) of the subdivision in the area of Seagrape on the Island of Grand Bahama known and referred to as Parcel J in an Indenture of Conveyance dated the 4th of June A.D. 1968 and recorded in the Registry of Records in the City of Nassau on the Island of New Providence aforesaid in Volume 2126 at page 577 to 581 (hereinafter referred to as “the said Indenture”) which said piece parcel or lot of land is delineated on the diagram or plan attached to the said Indenture and is thereon coloured PINK.

judgment in the sum of $241,550.27 being combined principal and interest due as of the 18th July, 2018 with interest continuing to accrue at the contractual rate until the date of judgment.

TAKE FURTHER NOTICE that upon application by Mr. Christopher Francis of Counsel for the Plaintiff on the 3rd day of May, 2019 it was ordered by Mrs. Constance Delancy, Deputy Registrar of the Supreme Court, that the service of the aforesaid Originating Summons (and the aforesaid Affidavit in support) in the said action be effected on you by way of this advertisement. The said Affidavit of Garth McDonald filed on the 21st day of January, 2019 can be collected from the Chambers of the Plaintiff’s Attorneys as set out below.

AND TAKE FURTHER NOTICE that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance to this action, otherwise Judgment may be entered against you as the Court may think just.

DATED this 6th day of May, A.D., 2019 BAYCOURT CHAMBERS Cumberland House 15 Cumberland and Duke Streets Nassau, The Bahamas Attorneys for the Plaintiff

provide,” Mr Evans said. “A happy worker gives good service, so I can’t see how management expects workers to give good service when they’re trying to roll back the income for them and their families.

“I recently saw a report that said The Bahamas was the fourth most expensive place in the world to live.

The cost of living is increasing, and they want to roll back the amount of money you make to confront the increase in the cost of living.

“Something has to give.

You can’t continue like that.

We hope cool heads prevail, the government intervenes and allows the workers to maintain the benefits they have and get a modest increase.”

Mr Evans then referred to “continuous legislation to erode workers protections”, although he did not cite any new or proposed Bahamian laws that will have this effect when pressed by

Tribune Business to do so.

He instead referred to The Bahamas’ planned World Trade Organisation (WTO) accession as something that would be detrimental to workers.

The NCTUB chief also blamed unions and workers’ “trivial participation” in dialogue and negotiations, including with foreign investors coming into The Bahamas, as another factor driving the strained industrial relations climate.

“We hope in the remainder of this year that they open meaningful dialogue and show respect for workers and their representatives,” Mr Evans said of the government and employers.

He added that unions and organised labour had been further unnerved by the Court of Appeal’s ruling in the Morton Salt dispute, in which it ruled that an industrial agreement was an employment contract and had to be assessed in

accordance with common law principles.

Mr Evans explained that the ruling, which the Morton Salt line staff union hopes to appeal to the Privy Council, threatens and undermines the very rationale for collective bargaining agreements between union and employer.

Describing this as a benefit multiple unions had enjoyed for years, he told Tribune Business: “We feel under attack on everything we have fought for. It’s bad.

We see ourselves as under threat; real threat.

“We hear the minister of labour say he’s with us, and I believe him, but he’s limited in his powers. It’s ironic that as we near Labour Day we se a bunch of problems with each union. They will have placards saying what is going on. It’s a ticking time bomb. It’s unfortunate, but labour is on the verge of a ticking time bomb.”

Employment Opportunity Bahamasair is the national airline of the Commonwealth of The Bahamas; our mission, to provide a safe and dependable airline, where quality service is paramount and an excellent travel experience is our priority. We are currently seeking to fill the following position:

Senior Manager, Information Technology

Reporting to the Director of IT, the Senior Manager - Information Technology, will oversee the activities of one or more major functional area(s) in the Information Technology Department inclusive of Human Resources, Administration, Budget Input and Management. The individual will also implement and facilitate the strategic direction of institutional policy for information systems and serve as a member of a management team that implements operational procedures and manages departmental budgets.

Essential Duties • Performs annual business assessments to determine business goals and objectives.

• Performs annual IT department capabilities and capacity assessments for business value.

• Develops annual IT strategic and tactical plans with performance measurements.

• Review, evaluate, and approve proposals for hardware or software acquisition.

• Coordinates new system development and improvements to existing systems with computer information services.

• Serves on committees/councils for on-going analysis of system and Information Security improvement.

• Participates in the development, implementation, and maintenance of policies, objectives, short and long range planning; develop tracking and evaluation programs to assist in accomplishment of established goals.

• Develops and establish policies and objectives consistent with those of the organization to ensure efficient operation of individual department • Develops and maintains Information Technology Architecture for innovation and planning • Ensures confidentiality, integrity and availability of data and information pertaining to the organization.

• Develops, tests and maintains department disaster recovery and IT continuity • Participates as a member of the management team in planning, problem resolution and reviewing department performance.

• Develops annual operating budget and provides fiscal direction to the unit.

• Implements appropriate educational and training programs to ensure high quality professional staff performance • Maintains knowledge of current and future technology by reading technology periodicals, evaluating new technologies and attending trade-shows/conferences, technical seminars and training sessions • Performs miscellaneous job-related duties as assigned Qualifications • Bachelor’s Degree in Information Technology; a minimum of 10 years technology, security and management experience, inclusive of A+, Network+, Server+, MCSE certifications.

• Ability to read, analyze and interpret general business strategic plans to IT • Strong ability to set strategic plans for department with performance indicators • Knowledge of COBIT, ITIL and ISO 27002:2005 standard, skills and ability to localize to business environment • Ability to effectively present information and respond to questions from groups of directors, managers, clients, and customers. Ability to perform risk/impact assessments, treatments and create controls through policies, procedures and standards with guidelines.

All interested applicants are asked to submit a resume and reply to: ATTN: Director of Human Resources RE: SR. MANAGER - IT via email to hr@bahamasair.com no later than end of business May 31, 2019.

Only shortlisted candidates will be contacted.

PAGE 6, Tuesday, May 28, 2019

THE TRIBUNE

Government warned over infrastructure ‘can kicking’ FROM PAGE ONE “The easiest budget to trim is the capital budget, but that’s a little bit kicking the can down the road,” the BICA chief told Tribune Business. “When you think about utilities infrastructure, logistics infrastructure - airports, roads and mailboats - and think about upgrades to IT infrastructure we certainly know there is a continuing and pressing need for most types of expenditure.

“While it’s the easiest to defer, the real question is: What is the cost of that deferral? If you don’t spend a dollar today it will cost you $2 tomorrow. We want to maintain capital expenditure and ensure we spend an appropriate amount on infrastructure.”

The government will unveil the 2019-2020 budget in the House of Assembly tomorrow, but past projections show little increase in its capital expenditure going forward. It is currently forecast to be maintained at existing levels, rising just barely to $306m in the upcoming fiscal year and then to $315m in 2020-2021.

This keeps it at 2.2 percent of GDP.

To address The Bahamas’ infrastructure “gap”, which the KPMG accounting firm estimated at $1.8bn in 2013, the government has increasingly sought to mobilise private sector capital and expertise via public-private partnerships (PPPs) in a bid to reduce the burden on a cash-strapped Public Treasury.

Mr Bowe, meanwhile, said he was “waiting with a little bit of bated breath” to see whether the government unveiled a long-term fiscal/ economic development strategy with this year’s budget.

He suggested this task had been made more difficult in the absence of a completed National Development Plan (NDP), and warned: “Without a long-term strategic plan we are going to be in a situation where we respond to bespoke priorities that are contrary to long-term economic progress.”

The BICA chief urged the current and future governments to break with planning based on the fiveyear election cycle, and which sought to “please the electorate”, in favour of a strategy that “focused more on what I am investing in today for long-term

development and growth”.

Calling for the government to better educate Bahamians on what is required for national progress, Mr Bowe said: “Individuals are selfish, if you will, and want to see things immediate to them.

They do not always appreciate that you have to plant the seed to reap the corn and bear fruit later on.

“It has to be a focus where we’re planning a 15-20 year approach as opposed to one based on the election cycle.”

He added that the government faced a number of competing international and domestic pressures with the 2019-2020 budget, pointing out that its tax policies had to remain compliant with The Bahamas’ commitments to the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD) while still generating the necessary revenue.

It also needed to ensure it does nothing to disrupt the signs of a Bahamian economic rebound, Mr Bowe added, while meeting the Fiscal Responsibility Act’s target of a 2019-2020 deficit equivalent to one percent of GDP.

‘Abandon’ $580m project’s location, developer is told FROM PAGE ONE spawn at one of only a few specific aggregation sites. Because the proposed Tyrsoz development is adjacent to the aggregation/spawning site at South Abaco - one of the largest and most important in all of The Bahamas - construction and operation of such a development would clearly impede bonefish migrations, potentially causing them to abandon this site all together.

“That outcome would undoubtedly trigger substantial declines to the bonefish population throughout the Little Bahama Bank. In addition, the proposed development would also greatly reduce or even eliminate the areas at Cross Harbour that serve as nursery grounds for juvenile bonefish, queen conch and Nassau groupers.”

Dr Aaron Shultz, one of the foundation’s fisheries biologists, added: “We strongly recommend that plans to develop this site be abandoned. Barring that, a better site in a less ecologically sensitive area should be selected. In that case, serious consideration should be given to selecting a site that has already been altered in the past

- an abandoned marina or resort.”

Should the Tyrsoz Family Holdings project remain in the same location following the completion of an Environmental Impact Assessment (EIA) and Environmental Management Plan (EMP), the foundation called for a “detailed mitigation plan” - showing how it would be built and funded - be approved before any construction takes place.

“We hope that an accurate assessment of the true ecological impacts of the proposed development will be fully conducted, reviewed by outside experts, and made public prior to any decisions on whether or not this proposed project moves forward,” said the foundation’s Dr Liz Wallace.

“The loss/decline of these iconic species would have tremendously detrimental long-term ecological, cultural and economic effects that would be felt not only throughout Abaco, but across the entire country as well.”

However, Tyrsoz Family Holdings and its principal, Ronnie Ben-Zur, have repeatedly emphasised that addressing all environmental concerns is at the top of their agenda. The developer’s promotional material promises to create “a world-class, environmentally-sustainable luxury island retreat with local

appeal via the participating community while, importantly, maintaining South Abaco’s natural charm”.

“Tyrsoz Family Holdings Ltd’s financial advisor and real estate developer, Ra’anan ‘Ronnie’ Ben-Zur, is proposing a low-density, ultra-luxury hotel, residential and marina development for the secluded undeveloped coastal region of South Abaco, Bahamas,” their four-page booklet said.

“Based on sound economical footing, yet designed with great care and responsibility to the environment and original nature of the area, it is intended to provide significant ongoing and expanding employment opportunities for the community and important infrastructure improvements for the benefit of residents and visitors alike.”

Mr Ben-Zur’s career has largely involved transforming existing resort properties, such as the Radisson at JFK Airport and multiple hotels in Atlanta and Florida, rather than the “greenfield” property earmarked for the Tyrsoz Family Holdings project.

The developer is pledging to create 600 full-time jobs, and inject $2bn into south Abaco’s struggling economy, during the development’s first ten years in operation.

Bank to redeem $81.5 million preferred shares in 2019 FROM PAGE ONE institution, widely regarded as a market leader on personal loans, added that it was “cautiously optimistic” on The Bahamas’ 20189 economic prospects as a result of improved GDP forecasts from the IMF and other international agencies.

Looking back to 2018, Commonwealth Bank said profits of $51.9m, a 1.6 percent or $0.8m rise upon the prior year, were driven by a combination of a 24 percent year-overyear decline in impairment losses to $27.7m and a reduction in deposit rates.

“The bank’s total allowance for loan impairment was $74.8m, which

represented seven percent of total loans,” the annual report said. “Total impaired loans was $64.8m, of which $45m or 69 percent were secured mortgages and business loans.

“Commonwealth Bank continues to report stronger credit quality ratings

overall than the industry.

The Bank’s delinquency ratio at the end of the year was 9.34 percent compared to 14.26 percent for the industry. Similarly, the bank’s non-performing loan ratio was 5.13 percent compared to 9.1 percent for the industry.”

PAGE 10, Tuesday, May 28, 2019

THE TRIBUNE

New auto giant? Fiat Chrysler wants to merge with Renault PARIS Associated Press FIAT Chrysler proposed yesterday to merge with France’s Renault to create the world’s third-biggest automaker, worth $40bn, and combine forces in the race to make electric and autonomous vehicles.

The merged company would reshape the global industry: it would produce some 8.7 million vehicles a year, leapfrogging General Motors and trailing only Volkswagen and Toyota.

Shares of both companies jumped on the news of the offer, which would see each side’s shareholders split ownership in the new manufacturer.

Renault welcomed what it called a “friendly” offer.

The company’s board met yesterday at its headquarters outside Paris and said afterward that Renault will study the proposal “with interest”.

In a statement, Renault said such a fusion could “improve Renault’s industrial footprint and be a generator of additional value for the Alliance” with Japan’s Nissan and Mitsubishi.

Fiat Chrysler’s offer comes at a key moment for Renault. The French

THE FIAT logo, left, is mounted on a 2019 500 L on display at the 2019 Pittsburgh International Auto Show in Pittsburgh. Fiat Chrysler is proposing a merger with French carmaker Renault, logo right, aimed at saving billions of dollars for both companies. manufacturer had wanted to merge fully with Nissan, but those plans were derailed by the arrest of boss Carlos Ghosn on financial misconduct charges in Japan.

Now, questions are growing over the RenaultNissan-Mitsubishi alliance, which together make more passenger cars than any one company. While Fiat Chrysler says the merger with Renault would accommodate the alliance and lead to savings for them, it is unclear how the Japanese companies might react in the longer term to being tied to a much larger partner.

Automakers have collaborated more in recent years as they come under pressure to invest heavily in developing electric cars,

NOTICE

NOTICE is hereby given that RONISE CÉNÉCHARLES of Carmichael Road, East Avenue, 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 28th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

self-driving vehicles and in-car connectivity. Regulators, particularly in Europe and China, are pushing automakers to produce electric vehicles and meet tougher climate change regulations, pressure that only grew after scandals over the amount of pollutants emitted by gas and dieselpowered engines.

A deal would save five billion euros ($5.6bn) a year for the merged companies by sharing research, purchasing costs and other activities, Fiat Chrysler said. It promised the deal would involve no plant closures, but it didn’t address potential job cuts.

The companies are largely complementary: Fiat Chrysler is stronger in the US and SUV markets, while Renault is stronger in Europe and in developing electric vehicles.

Analysts say both companies are weak in China, which is now the world’s

largest auto market.

Together, they would be worth almost 37 billion euros ($40bn). Fiat Chrysler, which includes the holding company of the founding Agnelli family with a 29% stake, proposed that its shareholders get a 2.5 billion euro ($2.8bn) special dividend because of Fiat Chrysler’s higher market value.

“This operation will bring benefits to both countries,” Fiat Chrysler Chairman John Elkann told reporters in Italy, noting that it had been ten years since Fiat’s takeover of bankrupt Chrysler, in exchange for small-car technology and management know-how.

The car market has shifted dramatically in the meantime, with Fiat Chrysler abandoning small cars in the United States in favor of SUVs. Analysts at financial firm Jefferies said it was “hard to disagree with the logic” of the deal, as there is a strong

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ELSIE PETITFROIS of Linkford Road, Carmichael Road, in the Western District of the Island of New Providence, Bahamas, intends to change my name to ELSIE PETITFRERE. 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, New Providence, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

MONDAY, 27 MAY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,166.57 | CHG: 3.62 | %CHG: 0.17 | YTD: 57.12 | YTD%: 2.71 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.50 2.00 3.25 11.05 6.17 4.64 12.50 2.74 1.96 9.32 7.00 15.60 7.25 3.95 14.00

52WK LOW 3.50 19.17 4.90 3.50 1.00 0.19 2.00 8.89 6.13 3.54 10.00 2.35 1.60 7.50 6.10 11.00 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 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

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

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 4.18 17.43 6.00 5.40 2.50 1.95 2.22 11.05 6.16 4.48 10.00 2.75 1.85 9.42 7.00 14.15 7.25 3.48 14.00

CLOSE 4.18 17.43 6.00 5.40 2.50 1.95 2.21 11.05 6.16 4.48 10.00 2.75 1.85 9.43 7.00 14.45 7.25 3.48 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.30 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 215

3,570

500

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 0.250 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 -5.1 15.6 12.8 29.1 15.9 27.0 8.9 N/M 11.0 17.3 7.6 17.0 22.2

YIELD 3.11% 7.23% 0.00% 4.63% 0.00% 1.03% 0.00% 6.43% 3.57% 2.68% 6.20% 2.47% 3.24% 3.48% 3.43% 3.46% 2.76% 2.59% 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%

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

YTD%12 MTH% 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

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

fit in the markets each company covers and the brands they offer.

“The elephant in the room is who will run the entity,” analysts Philippe Houchois and Himanshu Agarwal wrote in a note to investors.

Mergers of equals can be difficult to manage over questions of who gets the top leadership positions and which brands are promoted and invested in most. A tie-up between Daimler and Chrysler in the 1990s was billed as a merger of equals, but it eventually collapsed amid cultural differences and recriminations.

Investors were nevertheless enthusiastic about Fiat Chrysler’s plan, pushing the company’s shares up 8% and Renault’s 12%.

The French government, which owns 15% of Renault, said it is “favourable” to the idea of a merger but wants to study the conditions more carefully, especially in terms of “Renault’s industrial development” and employees’ working conditions, government spokeswoman Sibeth Ndiaye said. “We need giants to be built in Europe.”

Ghosn’s legal problems in Japan have left Renault vulnerable.

Ferdinand Dudenhoeffer, head of the CAR automotive research center at the Duisburg-Essen University, said Ghosn’s plans to merge Renault with Nissan-Mitsubishi had “little appeal” for the Japanese.

He noted that Renault’s sales represented just 36 percent of 2018 alliance sales - and the Japanese didn’t want to see the French

carmaker drive a merger with those numbers.

A Renault merger with Fiat Chrysler, however, could strengthen both companies’ positions and put pressure on smaller companies like Ford in Europe.

The merger idea is the biggest corporate move so far by Fiat Chrysler CEO Mike Manley, who took his position after the unexpected death last year of the charismatic leader Sergio Marchionne.

What happens to jobs is likely to be a source of concern.

France’s influential CGT union warned against cuts and said it wants the French government to retain a blocking stake in any new company.

“We know that when there is talk of a merger ... at the end, it’s the employees who are paying the high price for it — loss of jobs, having to compete with others around,” said Fabien Gache of the CGT. Matteo Salvini, the leader of Italy’s rightwing populist League party and the deputy premier, said that “if Fiat grows, it is good news for Italy and Italians,” though he warned a deal should protect “every single job”.

In Tokyo, Nissan CEO Hiroto Saikawa wouldn’t comment directly on the merger idea but said, “I am always open to exchanging constructive views on strengthening the alliance.”

The merger will be complicated because the combined company would involve operations in the US and multiple European countries and Renault’s “eroding alliance” with two Japanese carmakers, said Karl Brauer, the executive publisher of Kelley Blue Book and Autotrader.

“It’s a powerful combination in theory,” he said, “but aiming for a single, aligned automotive entity, with everyone rowing in the same direction, might not be realistic.”

NOTICE

NOTICE is hereby given that NIXON VICTOR of Acklins Street, 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 twentyeight days from the 21st 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 RENEAU BRIZE of Palm Beach Street, 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 twentyeight days from the 21st 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 ALEX JONAS ALPHONSE of Mildred Avenue 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 28th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.