03132017 business

business@tribunemedia.net

MONDAY, MARCH 13, 2017

$4.20 Central Bank targets non-bank e-payment rules by mid-year ‘17

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Central Bank is aiming to implement initial regulations that will enable it by mid-2017 to license non-bank electronic payments solutions providers, as it bids to cause “a significant shift” from Bahamians’ reliance on cash.

John Rolle, the Central Bank’s governor, expressed understanding for Royal Bank of Canada (RBC) and Scotiabank’s decisions to exit certain Family Islands, as the Bahamas’ relatively small population size meant it was impossible to generate sufficient economies of scale and efficiencies from branch banking.

In e-mailed replies to Tribune Business questions, Mr Rolle confirmed that the Central Bank was looking towards electronic banking solutions, such as the Internet and mobile apps, to fill the void left by the loss of all commercial bank branches on islands such as Bimini and Spanish Wells.

Explaining the likely reasons driving RBC’s latest four-branch consolidation, he said: “In an archipelagic

Aiming to license providers to fill branch void Wants ‘significant shift’ from dependency on cash No targets ‘yet’, but better for security, anti-crime setting of less than half a million total population, provision of physical branch services will not achieve the level of efficiency that can be realised in larger, more contiguous market spaces.

“Electronic technology has to feature more in the cost effective provision of our financial services. In the case of the Family Islands, this means making it more cost effective to access e-payments related services for both consumers and businesses.”

Detailing the regulator’s plans for achieving this, Mr Rolle told Tribune Business: “The Central Bank’s See pg b4

Web shop gaming moratorium ‘stinks’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Democratic National Alliance’s (DNA) leader says the 10-year moratorium on new web shop gaming licenses “stinks”, branding it anti-competitive and accusing the Government of pandering to ‘special interests’.

Branville McCartney See pg b4

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$4.23

Flowers: Too many web shop issues ‘unresolved’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A prominent web shop operator says there are too many “outstanding issues” facing the industry that have yet to be resolved, including the permitted number of web shop locations and locations per operator, plus zoning enforcement.

Craig Flowers, the FML Group of Companies chief executive, told Tribune Business that with several gaming house operators having effectively exited the industry due to financial challenges, the status of their licenses - which were

FML chief’s concerns on relinquished licenses Still wants same number of locations for all Queries zoning regulation enforcement Craig Flowers among the eight issued by the Gaming Board - remains unclear.

He added that while there have been reports of new

developments within the industry, there appeared to be very little enforcement of the zoning regulations, which prohibit the location

of web shops near schools and churches.

“It has been argued that there should be a moratorium on the amount of licenses issued in the Bahamas,” Mr Flowers said. “The problem that I am having is that I am not too familiar with how many licenses are active now that we are talking about locking up.

“We started with eight of us, and there were at least two or three companies that were having financial challenges. Is the Government allowing us to buy these licenses and leave them active? Is the Government cancelling these licenses and taking them back in?

See pg b7

Consumer chief to banks: ‘We can’t take all of this’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Jerome Gomez

The Consumer Protection Commission’s chairman is openly questioning whether Bahamians benefit from foreign-owned banks, and urged this country to “get to the position where we say enough; we can’t take all of this”.

Jerome Gomez told Tribune Business that the com-

mercial banks, especially those Canadian-owned, were imposing fee increases and restrictive lending practices at the same time as they were downsizing and sending Bahamian jobs ‘offshore’.

With decision-making power increasingly residing outside the Bahamas in Toronto, and Caribbean regional head offices, Mr Gomez said Bahamians See pg b6

Questions if foreign banks benefiting Bahamas Criticises Central Bank and calls for more ‘pressure’ Jamaica to create regulator solely for bank fees

Bran: 10-year exclusivity anticompetitive Says ‘select few’ want to keep all wealth themselves Ratio of one web shop for every 1,000 Bahamians

AML chief’s concern on ‘awful’ Freeport economy

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AML Foods is expressing concern that Freeport’s “awful” economy could drag down previously strong sales growth, its chief executive saying reports of the city’s unemployment levels were “staggering”.

Gavin Watchorn said the BISX-listed food retail and franchise group viewed Freeport, where it operates five stores, as its sole concern following Hurricane Matthew and the subsequent hotel closures.

“The only area we’re looking at with some concern is Freeport,” he told Tribune Business. “We’re kind of looking at it glass half full. We’re still predicting overall positive numbers in the market, but Freeport is concerning.

“The economy is just awful up there. I don’t think there’s any other way to put See pg b5

Group sales growth slowing due to city’s challenges No decision on Highway land acquired for $3m Shrinkage reduced to record low levels

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PAGE 2, Monday, March 13, 2017

THE TRIBUNE

$477m deficit if prior year trends matched

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The FNM’s finance spokesman says Central Bank data proves the $314.4 million first half deficit cannot be blamed solely on

Hurricane Matthew, as he slammed Prime Minister Perry Christie’s “reckless spending”.

K Peter Turnquest, who is also the party’s deputy leader, said that comparing the numbers from different central Bank quarterly

statistical reports showed the Government needed a “10 per cent improvement” above normal second half trends if it was to hit its $2.2 billion revenue target for 2016-2017.

The numbers, also reviewed by Tribune Busi-

ness, cast doubt on assertions by Michael Halkitis, minister of state for finance, that the increased economic activity and revenue inflows seen during the Budget year’s second half will keep the deficit in check.

The Minister, for two consecutive years, has suggested that increased revenue inflows associated with the peak winter tourism season, the March payment of Business License fees, commercial vehicle licensing month and the collection of the majority of real property taxes, provide a deficit-narrowing boost.

However, the Central Bank’s data shows that the Government ran GFS deficits of $113.038 million and $49.441 million, respectively, during the third and fourth quarters of its 20152016 Budget year.

That period is the first six months of the calendar, which means that a repeat performance would add $162.479 million to the deficit in the 2016-2017 second half - taking it to almost $477 million for the fullyear, and a sum close to where the Christie administration started in 2016-2017.

Mr Turnquest, mean-

Central Bank stats show $162m second half ‘red ink’ FNM deputy urges Govt to privatise state assets while, said the Bahamas has been downgraded four times in five years, and is now at non-investor grade status (Junk) with S&P, as he slammed the Government’s fiscal policies.

Mr Turnquest said that the Central Bank reports showed the Government had spent around half its full-year projected expenditure in the six months to end-December 2016, while collecting only 39.3 per cent of projected revenue.

The latter figure is not unusual, given that the bulk of revenues are collected in the second half.

“But, disaster spending is far from what happened in the second quarter of 20162017,” Mr Turnquest said, arguing that while recurrent spending was in line with previous quarters, the Government spend less on

public works in Matthew’s aftermath.

He pointed out that the $34.399 million spend was less then the prior quarter’s $39.809 million, with the bulk of $95.859 million in capital spending during the three months to endDecember 2016 going “to fixing up government buildings as usual”.

Noting the increased transfer payments and subsidies to loss-making stateowned corporations, Mr Turnquest said: “We have repeatedly demanded that Christie privatise stateowned assets.

“We note that since 2011-2012, expenditure in the form of transfer payments and subsidies, $398.7 million, had increased by $375.3 million to $774.1 million at the end of 20152016.

“The FNM has implored Christie since 2012 to continue the policy of selling government assets to Bahamians and private enterprises to mitigate the strain on government resources. With this said, we call on the Government to make public the details of the bids in BEC’s request See pg b7

Biminites: No change over RBC’s departure

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Royal Bank of Canada’s (RBC) branch departure from Bimini appears to be set despite the outcry from businesses and residents, with the bank now rushing to explain the new arrangements it is putting in place for clients.

Only a few businesses persons and stakeholders were allowed to attend a meeting last Wednesday that was attended by RBC’s Bahamas managing director, Nathaniel Beneby.

One businessman present at the meeting, but who wished not to be named, told Tribune Business: “There was a meeting Wednesday morning. They are going to definitely amal-

gamate the activities here with the bank in Freeport.

“They are going to come back to explain to residents exactly what the set-up is going to be. They’re going to be meeting with persons in various categories to explain the system as it is proposed.

“I’m also waiting to hear how it’s going to affect us.

They are coming back to explain the system that they are going to have in place so that residents will be comfortable with whatever it is they are expected to do.”

RBC, which acts as the Government’s banker, has unveiled plans to close four branches - Bimini and Spanish Wells, as well as its locations at Lynden Pindling International Airport (LPIA) in Nassau and Treasure Cay.

RBC told Tribune Business that all four branches will be consolidated with remaining locations, starting with the Treasure Cay branch, which will be merged with Marsh Harbour on April 7, 2017.

That will be followed by the LPIA branch’s consolidation with RBC’s Cable Beach operation on May 19, with the Bimini and Spanish Wells locations to be merged with Freeport and Harbour Island, respectively, on May 26 and June 23.

Lorrick Roberts, owner of Dolphins Golf Cart Rentals, told this newspaper: “They only invited a few people to the meeting. It was a private affair.

It wasn’t a public meeting.

In any event it doesn’t look like anything is going to change.”

BICA teams for ethics seminar The Bahamas Institute of Chartered Accountants (BICA) has teamed with the Chartered Professional Accountants of Canada

(CPA Canada) and PricewaterhouseCoopers (PwC) to hold Professional Ethics and Enterprise Risk management workshops on March 15 The workships, which will take place from 9am to 5pm at the British Colonial Hilton, will feature several international speakers.

Karen Wensley, of CPA Canada, will present on ‘Professional ethics: New challenges and how to meet them’. PwC’s Bruce Scott will present on ‘ERM: Better risk management, better business performance’.

Ms Wensley is an adjunct lecturer in professional ethics at the University of Waterloo, and the author of the monthly ethics column, ‘The Right Thing’, in CPA Magazine.

She retired from Ernst & Young in 2010, where she served as a tax partner and the national humnan resources leader. She is on the board of directors of Gore Mutual Insurance Company and Trillium Health Partners.

Mr Scott is the regional risk assurance leader for PwC in the Caribbean. He is a regional expert on Enterprise Risk Management (ERM) and Business Continuity Planning (BCP).

He has been with the firm

for 26 years, and has over 14 years’ experience performing ERM and BCP services.

Mr Scott currently serves as president of the Institute of Chartered Accountants of Jamaica, and is involved in several other communitybased activities.

“BICA is the regulator and standard setter for the accountancy profession in the Bahamas,” said its president, Darnell Osborne.

“As the regulatory body of the accountancy profession in the Bahamas, BICA sets professional and ethical requirements by which its members are governed.

“As a member of the International Federation of Accountants (IFAC), BICA has adopted the Code of Ethics issued by the International Ethics Standards Board for Accountants (IESBA), which is one of the standard setting boards of IFAC. It is important for BICA members, in accordance with BICA’s Continuing Professional Development (CPD) policy, to incorporate ethics in their CPD curriculum.”

Persons seeking to register for the workshops, can do so online at http://bicaevents.org/ or by contacting the BICA Secretariat – email: info@bica.bs / telephone: 326-6619.

Karen Wensley of CPA Canada will present on “Professional Ethics: New Challenges and How to Meet Them”.

Bruce Scott of PwC will present on “ERM: Better Risk Management, Better Business Performance”.

THE TRIBUNE

Monday, March 13, 2017, PAGE 3 Emmanuel Komolafe said insurance claims incurred as a result of Hurricane Matthew currently stand at $176 million based on initial returns.

Matthew gives Bahamas $300m reinsurance boost

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Insurance Association’s (BIA) chairman has estimated that this nation will benefit from a $300 million foreign currency inflow from reinsurers as a result of Hurricane Matthew.

Emmanuel Komolafe said insurance claims incurred as a result of Hurricane Matthew currently stand at $176 million based on initial returns. He added that the injection of foreign currency into this nation via the industry could be seen as one positive from the storm.

Mr Komolafe said that based on reporting from 50-60 per cent of the industry, the $176 million incurred claims “figure is growing”. Ninety-eight per cent of these claims relate to private property.

Mr Komolafe, who last week addressed the Grand Bahama Business Outlook, said total insured losses from Matthew could exceed the BIA’s initial $400 million estimate.

“Initially after the storm we estimated that the total insured losses could be $400 million, and it could be more than that for the Bahamas,” he said.

“Out of that we expect between $300 million to be coming in in foreign currency from reinsurance recov-

Foreign currency injection one storm positive Some $176m claims reported to BIA to-date eries. If there is anything positive from the hurricane, it’s the foreign currency coming into the Bahamas via the insurance industry that is helping to boost the reserves.”

Mr Komolafe added that $64 million in claims were incurred in Grand Bahama based on the initial assessment. The industry, he said, plans to carry out a followup assessment in about a month’s time to refine the figures.

Three insurers, based on their reports to Tribune Business, have incurred more than $200 million in Matthew-related claims, a figure in excess of what has been reported to the BIA to-date.

Adding Summit Insurance’s $37 million in gross losses to the $90 million and $80 million incurred by RoyalStar Assurance and Bahamas First, respectively, means that collectively those three underwriters alone have paid out $207 million in claims to Matthew victims.

‘Shine light’ on Grand Bahama

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Government has been urged to “shine the light” on Grand Bahama and “stop pushing everything to Nassau”, a real estate broker arguing that the island is simply “not on anyone’s radar”.

Donna Laing-Jones, a real estate broker with Keys Bahamas Realty, told the Grand Bahama Business Outlook last week that the island was now losing out on real estate sales to islands such as Eleuthera and Abaco.

She added that there were

Realtor: ‘Everything being pushed to Nassau’ Island losing sales to Abaco and Eleuthera Urges GBPA and DevCo to fulfill their mandate persons on Grand Bahama who were acting as real estate agents but were not licensed Bahamas Real Estate Association (BREA) members.

Baha Mar brings back top casino executives Baha Mar yesterday unveiled its senior casino executive team, although there has been no confirmation yet that its casino license has been approved.

The annoucement of Alex W. Pariente and John Zaremba’s appointments also confirmed that Baha Mar will cost more than $4 billion to construct, something that Tribune Business predicted in 2015 following the Chapter 11 bankruptcy protection filing.

The total $4.2 billion price tag is some $700 million higher than the $3.5 billion projected in 2011, with the increase representing the further monies injected by the China ExportImport Bank to complete the development.

Mr Pariente will take the post of executive vicepresident, casino operations and marketing, while Mr Zaremba will become vice-president of casino operations.

The statement, from Chow Tai Fook Enterprises (CTFE), Baha Mar’snew owner, also affirmed that the casino will open on April 21, 2017. And, at 100,000 square feet, it will

be the largest in the Caribbean.

Mr Pariente was initially hired as Baha Mar’s casino executive vice-president, international marketing, by the project’s former developer in August 2014.

With more than 20 years of leadership experience in the hospitality, entertainment and gaming industries, he was the chief gaming officer for Hard Rock International in Punta Cana, Dominican Republic, before coming to Baha Mar. Before then, Mr Pariente was the executive vice-president of international and domestic marketing at the Wynn-Encore in Las Vegas.He also served as senior vice-president of international marketing for Caesars Entertainment.

Mr Zaremba, too, is a pre-Chapter 11 veteran of Baha Mar, and is returning to the same post he was appointed to then.

Most recently, he was vice-president of gaming operations for The Cosmopolitan of Las Vegas, where he served as a member of the senior management team responsible for its

During a presentation on ‘The Good, The Bad and The Ugly’ of Grand Bahama real estate, Mrs LaingJones said sellers were now more negotiable than ever, with more properties on the market and prices the lowest they have been in decades.

“Right now, one has the potential to become a real estate investor. That’s the amount of potential we have on Grand Bahama,” said Mrs Laing-Jones.

“The bad news is when we look at what Grand Bahama used to be, Freeport’s magical past compared to our present state, it is not good. Having reached out

to real estate industry partners, it would be misleading to suggest that things are going great. The current state is sad.”

She added: “The Government should reduce the requirement for permanent residency status on Grand Bahama to encourage foreign persons to invest in Grand Bahama.

“All agents working in Freeport and The Bahamas as a whole should be licensed

by BREA. Right now, there are persons working and walking around as agents giving incorrect information.You have persons who have collected See pg b5

opening.

Recognised for his expertise and innovation in high roller gaming, Mr Zaremba helped create and operate high limit and private gaming salons in Las Vegas at The Cosmopolitan, Venetian and Palazzo.

He will now oversee the Baha Mar casino’s slot operation and exclusive high roller salons and private gaming offerings.

“Alex and John possess extensive experience in opening and operating luxury casinos and resorts globally,” said Graeme Davis, president of Baha Mar and CTFE’s Bahamian subsidiary. “As owners and op-

erators of the largest casino in the Caribbean, CTFE and the executive team at Baha Mar look forward to welcoming Alex and John, and drawing upon their deep expertise in the industry to create the next great gaming and entertainment destination for guests and visitors alike.”

The Baha Mar casino will be operated by CTFE Bahamas’ subsidiary. It will feature more than 1,000 slot machines, 126 table games, race and sports betting, mobile gaming and exclusive high roller gaming salons.

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PAGE 4, Monday, March 13, 2017

Web shop gaming moratorium ‘stinks’ From pg B1 blasted the Government for restricting web shop gaming ownership to “a select few”, after it last week confirmed that no more than eight operator licenses will be available until 2027.

Besides stifling competition, the DNA leader suggested that no other industry was subject to such “special treatment” where the Government barred new entrants from the market to protect the interests of existing operators.

He suggested that the newly-licensed web shop operators were now acting like typical businessman who had acquired success and wealth, pulling up the ladder and shutting the door behind, so that they could keep it all for themselves and prevent others from following them.

“It stinks of special interests within the gaming sector,” Mr McCartney told Tribune Business of the 10-year moratorium, which was announced by Obie Wilchcombe, the minister responsible for gaming, last

Thursday.

“I think that as we get close to the election, and as the Government tries to prepare for the election, it’s going to try and do whatever is necessary to reward those special interest groups, notwithstanding the long-term negative effect it will have on the country and a particular industry.”

Mr McCartney questioned why the Government had chosen to restrict the number of operator licenses to a maximum of eight until 2027, but not seen fit to curtail the number of web shop locations in the Bahamas.

Mr Wilchcombe, in his statement on Thursday, boasted about the reduction in the number of web shop locations since the process to legalise, regulate and tax the sector began.

He said about 635 web shops existed at the start of the industry’s regularisation process but, by June 2016, only 372 locations had been licensed, with 31 pending.

“This will result in a total of approximately 403

Central Bank targets non-bank e-payment rules by mid-year ‘17 From pg B1 emphasis is therefore now on facilitating expansion of e-payments services, which may also be provided through non-bank providers.

“We intend, before the end of the second quarter of 2017, to put preliminary regulations in place so that we can begin licensing such solutions providers. Considerable interest is being already being expressed by local firms to enter such markets.”

Mr Rolle’s response likely explains why Sebas Bastian, Island Luck’s chief executive, was so effusive in his praise of the Central Bank governor last week,

describing him as “a very progressive thinker”.

He even alluded to the regulator issuing licenses to non-banks to provide electronic payments solutions, especially in the Family Islands.

For newly-legalised web shops are among the leading contenders to obtain such licenses, especially since they already have a physical presence throughout the Bahamas, especially in the Family Islands.

This, combined with the sophisticated gaming technology they employ, makes them a ‘natural fit’ to provide electronic payments solutions through affiliates, especially since they are

THE TRIBUNE

licensed locations in the country, which equates to a 36.5 per cent reduction in the number of locations that were active at the commencement of the regularisation process,” Mr Wilchcombe’s statement said.

However, given that the Bahamas has an estimated 377,374 population based on 2013 data, the 403 web shops still amount to a ratio of one location for every 936 Bahamians and residents.

Mr McCartney implied that the failure to impose restrictions on the number of web shops nationwide, and the number of locations each operator can have,

showed that the Government’s true intent was to simply protect and reward existing operators.

“It’s not fair. I don’t think it was good for the Government to be allowing it, the moratorium, in these circumstances,” he told Tribune Business.

“It’s certainly anti-competitive and, in the circumstances, we see that although there may be a moratorium on the number of operators who can get involved in this particular industry, the number of gaming houses that can be allowed by those participating entities is tremendous.

“It’s very anti-competitive,” Mr McCartney reiterated of the moratorium.

“I would have thought this industry is made for competition, and would be more open that just to a select few.

“That tells me that the Government, even with this particular sector, seems to be pandering to, certainly, a group that can have its way.

This certain group doesn’t want any other person to be part of the gaming industry, but I can guarantee you that this certain group will have the majority of the web shops. They’re getting what they want.”

The Government had initially proposed a five-year moratorium on new operator licenses, but the existing web shop operators - represented by the Gaming House Operators Association - successfully pushed for this to be doubled to 10.

They argued that such an exclusivity period was necessary to enable them to recoup the extra costs, bureaucracy and taxes incurred during the legalisation process, and that it was unfair for new entrants - who do not participate - to benefit from the existing operators’ hard work.

Sebas Bastian, Island Luck’s chief executive, added that allowing new entrants into web shop gaming would saturate the market, resulting in too many players and little to no profit for all.

Mr McCartney, though, said he was unable to think of any other Bahamian industry where the Government now gave existing operators total exclusivity through the blocking of new entrants.

He added that the existing operators also seemed to want to keep all the wealth for themselves through the moratorium on new competition.

“I cannot think of any off-hand,” the DNA leader responded, when asked to name industries that received similar protection.

“Now that they [the web shop operators] have been able to qualify, they seem not to want anyone else to have any part of the industry.”

The closest comparisons to the 10-year web shop gaming moratorium in recent memory are the Bahamas Telecommunications Company’s (BTC) mobile monopoly and Cable Bahamas’ 15-year cable TV exclusivity, both of which have expired.

Tribune Business sources, speaking on condition of anonymity, suggested that a desire to keep out new entrants was also evident when the Government blocked the tie-up between Bahama Dreams and Super Value owner, Rupert Roberts, which was ultimately designed to see the latter acquire the web shop chain.

That was scuppered by the Government’s regulatory action, which allowed Island Luck to come in and acquire the majority 65 per cent stake in Bahama Dreams for itself.

already effectively in the money transmission business.

Other contenders for the licenses referred to by Mr Rolle are more conventional payments solutions providers, such as Cash N’ Go and Omni Financial Services, provider of the Mango card.

The Central Bank governor, meanwhile, said targets had been set to reduce Bahamians’ dependency on cash as their primary means of payment, arguing that this would help combat crime and improve personal and business security.

“The Central Bank has set a target of reducing domestic dependence on the use of cash over the medium-term. This is for all parts of the country,” Mr Rolle said.

“The infrastructures that permit this are likely to have the greatest posi-

tive impact in the Family Islands and among households, even in New Providence, where access to banking services might already be constrained.”

He added: “We have not set numerical targets for cash reduction yet. However we would like to see significant shifts, particularly in the Family Island communities.

“First, it will it will help to suppress criminal activities that thrive on the anonymity of cash. Indeed, electronic payments systems permit more traceability of financial flows.

“This is important in reducing the financial system’s exposure to money laundering. It aligns with a Caribbean-wide strategy to strengthen anti-moneylaundering (AML) safeguards, and to portray our countries in a more favourable, low-risk light interna-

tionally.”

Mr Rolle continued: “Second, e-payments solutions are expected to reduce the cost of over-the-counter business transactions, and improve the record keeping process within businesses.

“Third, business can expect to better protect themselves against theft, as opposed to operating with cash.

“Fourth, the consumer users of non-cash services can employ safeguards that better limit their losses from theft as compared to porting or storing cash.”

The Central Bank governor emphasised that the regulator saw improved Bahamian access to financial services “as most achievable through non-traditional delivery channels”.

“A key focus in encouraging persons to make use of electronic banking platforms is to increase their

comfort in the safety and security of the platforms,” Mr Rolle said. “As part of the Central Bank’s financial literacy campaign, we will be developing targeted messaging around how consumers can protect themselves against cyber fraud; the kind of precautions they should take to monitor their financial accounts on a realtime basis; and the practices they can adopt to avoid being victims of phishing.

“We already monitor our licensees to ensure that they adequately manage technology risks. This also speaks to a perspective from which confidence must be upheld in the system. The current supervisory framework, therefore, monitors how commercial banks and other licensees manage technology risks, including the security that licensees place around sensitive systems and data.”

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THE TRIBUNE

Monday, March 13, 2017, PAGE 5

AML chief’s concern on ‘awful’ Freeport economy From pg B1 it. When you speak to people on the ground, the level of unemployment is staggering.”

Mr Watchorn said the impact was not confined to the 591 workers terminated when Memories closed, and the hundreds of Grand Lucayan workers still on reduced or no work weeks, but those engaged in tourism support services, such as taxi drivers, restaurants and the Port Lucaya Marketplace’s retail offering.

“Our sales are positive, but not as strong as they were six to nine months ago,” the AML Foods chief executive added. “That’s largely driven out of Freeport.

“Freeport is very challenging for businesses and residents. Our sales for the market are up, but not as strong as they were prior to the hurricane.”

AML Foods has two Domino’s Pizza locations in Freeport, along with two Solomon’s “neighbourhood” style food stores and one Cost Right site.

Prime Minister Perry Christie attempted to give Freeport’s residents and private sector hope at last Thursday’s Business Outlook conference, talking up the bid from Canadian real estate developer, the Wynn Group, to acquire the Grand Lucayan - including the former Memories property.

What was absent from his speech, though, was any mention of how the Grand Lucayan’s owner, Hutchison Whampoa, was reacting to the ‘new and improved offer’ by Wynn, and if it is prepared to exit at terms and a price acceptable to the purchaser.

Tribune Business sources yesterday suggested that the potential deal “remains on”, but that is unlikely to ease the fears of companies such

as AML Foods in the shortterm.

“We’re concerned in the short to medium-term if some of the hotels do not re-open,” Mr Watchorn reiterated. “We’re concerned about what it may do for our numbers.”

The AML Foods chief was speaking following a Christmas quarter in which Nassau continued to drive its business, with net income for the three months to end-January 2017 up 43.8 per cent year-over-year at $3.078 million.

Sales were ahead by 3.3 per cent, standing at $42.467 million for the quarter as compared to $41.096 million the year before.

The improved bottom line was driven largely by higher margins, as AML Foods’ ‘cost of sales’ remained largely flat year-over-year, while sales, general and administrative expenses rose by just under $350,000.

This enabled most of the sales increase to drop to the operating and net income level, and Mr Watchorn confirmed that the quarter to end-January was “pretty much on target” with the BISX-listed group’s expectations.

He added that AML Foods had yet to determine how it would use its recently-acquired 4.5 acre site on Charles W Saunders Highway, which is located on the opposite side to Superwash, near to Sir Lynden Pindling Estates and the Sadie Curtis primary school.

The company’s message to shareholders said the property, which was acquired for $3 million, would be used for expansion, as it takes AML Foods into an area of New Providence it does not directly serve.

“We’re examining our options. There’s a couple of things we can do down there,” Mr Watchorn said.

“We’ve secured the site, but we haven’t determined

what’s best for it right now.

“We have an opportunity to serve a location we currently don’t serve. We don’t serve the southern shores of New Providence at all.”

The Charles W Saunders land purchase was financed from a $7 million Royal Bank of Canada (RBC) loan facility, the balance of which will help to fund additional capital spending.

Mr Watchorn said the remaining RBC facility would likely be held in reserve in case AML Foods needed it to finance completion of its $10.4 million Solomon’s Yamacraw store.

He told Tribune Business that the BISX-listed group had already invested $4 million in the project to-date, with construction both on budget and on target for a November 2017 opening opposite St Andrew’s School.

“Yamacraw is coming along really well,” Mr Watchorn said. “We’ll be putting the roof on the building soon enough; within the next couple of weeks.

“We believe that we will be able to finance Yamacraw out of cash flows. We will put those funds together with RBC in case we need it. We don’t expect to

need it for Yamacraw, but it’s [the loan] there if it’s needed or if something else comes up in the meantime.”

Mr Watchorn said AML Foods’ ongoing operational strategy is “to focus on what we can control”, and seek to drive internal efficiencies and cost savings in a stilltepid economy.

He added that reducing inventory shrinkage, and improving customer satisfaction through reducing “out of stock” items, were key performance targets for AML Foods.

“We’re doing an excellent job on shrinkage. Our shrinkage is at the best level we’ve ever had,” Mr Watchorn told Tribune Business. “We’ve recorded our lowest ever shrinkage level, and it continues to move down.

“That’s helping to offset sales numbers that are not as strong as they were at the beginning of the year.”

He added that AML Foods’ third Carl’s Jr location on Carmichael Road had been “spot on” in terms of its initial performance, with the opening not ‘cannibalising’ existing sales as expected.

‘Shine light’ on Grand Bahama From pg B3

money from buyers, and those buyers think that they are purchasing properties, when that agent has no right at all to sell.

“It should be mandatory for a BREA-certified realtor to be a part of every real estate transaction in a development. For example, the Ginn development sold over $200 million worth of properties in west Grand Bahama; maybe one or two agents benefited.”

Mrs Laing-Jones suggested that banks be more flexible in giving potential home buyers a chance. “Our buyers do not have a 20-30 per cent down payment to purchase a property,” she said.

“We need to get single mothers and young couples into their first home. There are a few banks reducing the down payment requirements, but the vast majority are not.

“We cannot compare to the Nassau, Abaco or Eleuthera consumer. We need the Grand Bahama Port Authority and Grand Bahama Development

Company to reduce those astronomical service charges being levied on the consumer.”

Mrs Laing-Jones said that even with all its potential, Grand Bahamas was losing out to other islands. “We are losing out because we are not competing and cannot compete,” she said. “We are not on anyone’s radar.

“We need the Government to shine the light on Grand Bahama and stop pushing everything to Nassau. We need the Grand Bahama Port Authority and the Grand Bahama Development Company to do what there missions say: Developing and bring in investors, and bringing life to Grand Bahama.”

to advertise today in the tribune call @ 502-2394

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PAGE 6, Monday, March 13, 2017

THE TRIBUNE

Consumer chief to banks: ‘We can’t take all of this’ From pg B1 were “better off doing things ourselves, as he repeated his call for more banking licenses to be issued to locals.

He admitted that he wanted to keep the issue before the public as a means “to put the pressure on the Central Bank” to become more proactive in regulating commercial bank fees.

Jamaica’s government last week announced that it was creating a financial services consumer protection agency specifically to regulate that country’s bank fees, following a public outcry over Scotiabank Jamaica’s move to charge a $385 Jamaican dollar fee to change a $5,000 Jamaican dollar bill into smaller denominations.

Applauding Jamaica’s move, Mr Gomez said the Bahamas should follow suit, suggesting the Consumer Protection Commission could set up either a separate Board or offshoot agency to tackle the issue.

He argued that Royal Bank of Canada’s (RBC) decision to close four branch locations, leaving Spanish Wells and Bimini without a physical commercial bank presence, was the latest in a series of burdens that foreign-owned banks had placed on Bahamians.

“They are increasing fees to the Bahamian consumer at the same time as they are moving back office operations out of the country, and laying off staff,” Mr Gomez told Tribune Business.

“What benefit are these banks to us at the end of the day, particularly the foreign-owned banks, moving back offices, cutting staff and increasing fees, all to add to the bottom line?

“We have to get to the point where we say: ‘Enough, we can’t take all of this’. We’re the biggest earner in the Caribbean, but they’re taking jobs to Jamai-

ca, Barbados and Trinidad.

All the head offices have gone to those countries as well. The country management are also figure-heads now; they hardly approve anything.”

All three of RBC, Scotiabank and CIBC FirstCaribbean International Bank have reduced staff and branch locations following the 2008-2009 recession, in response to the Bahamas’ weak economic environment that has resulted in low growth and high delinquent loan levels.

The trio have also consolidated back office functions in their Caribbean service hubs in Jamaica, Barbados and Trinidad, transferring jobs from the Bahamas to low labour cost countries, as they seek to drive efficiencies and cut expenses.

In response, Mr Gomez argued: “We are better off doing things ourselves, and I wholeheartedly support the issuance of more bank licenses to Bahamians and let your business compete.

Whoever can’t compete in the market will have to close shop.”

He then criticised the Central Bank for its unwillingness to step in and regulate commercial bank fees, the subject of frequent Bahamian consumer complaints, suggesting it was too focused on macroeconomic monetary policy.

“We have to continue to put the pressure on,” Mr Gomez told Tribune Business. “I’m doing all this in the hope the Central Bank might stop for a moment and take a look.

“The Central Bank seems unprepared to do anything about it. They only seem to be concerned with foreign exchange and foreign reserves.”

Despite increases as high as 43 per cent on “a significant number of services” during the six months to end-June 2016, the Cen-

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tral Bank rejected direct intervention on bank fees through mechanisms such as price controls,arguing that these would only create further distortions that negatively impact consumers.

It, like the commercial banks, placed greater emphasis on improved consumer education and awareness, so that Bahamians could understand changes in fees and what drove them.

Mr Gomez acknowledged the ‘cause and effect’ between increased taxes imposed on the commercial banks by the Government, and the subsequent rise in many fees.

However, he argued that commercial bank profits were still high enough to ensure there was “room not to pass on every fee increase to Bahamian consumers”.

Recalling his recent meeting with Commonwealth Bank president, Ian Jennings, who was representing the Clearing Banks Association (CBA), Mr Gomez acknowledged that the 2015 imposition of the 3 per cent Business License fee had increased that bank’s licensee fees from $0.5 million to $5 million.

“When fees are increased on the banks, they increase fees to the consumer, so it’s a pass-on effect,” he told Tribune Business.

“I can understand that, and every bank trying to make shareholders happy, but when you’re making $50 million, $60 million, $80 million in profits, I think there’s room not to pass on every fee increase you have to the consumer.”

Scotiabank’s Bahamas profits more than tripled in 2016 to around $30 million, while RBC and CIBC generated net income of $61 million and $73 million, respectively. All three, though, remain significantly down on the net income they were producing prior to the 2008-2009 recession.

Mr Gomez, though, argued that the commercial banks “don’t seem to be doing anything to attract new business”, adding that they had effectively “shut out” small businesses from access to credit through “almost 100 per cent collateral” demands tied to cash and property.

The Consumer Protection Commission chair described fees as “the easy low hanging fruit”, which banks could increase with impunity as there was no regulatory oversight.

“Once one bank does it, everyone seems to fall in line,” Mr Gomez said.

“It seems like a ‘follow the leader’ attitude. You never see the kind of healthy competition you see in the US.”

THE TRIBUNE

Monday, March 13, 2017, PAGE 7

$477m deficit if prior year trends matched

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, KENNY JOASSAINT of Arawak Avenue, off Chesapeake Road, New Providence, The Bahamas P.O. Box N-10744, intend to change my name to KENNY ETIENNE. If there are any objections to the 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 the publication of this notice.

From pg B2 for proposals, and of its 2 per cent buy back of BTC shares.”

Mr Turnquest also expressed “shock” at the $14 million of debt in Poinciana SPV Ltd, the special purpose vehicle (SPV) created by the Government to acquire UBS House on East Bay Street as the new home for the non-Central Bank financial services regulators.

He also called for more information from the Government and the Central Bank of the Bahamas over the latter’s increased Treasury Bill holdings, which jumped by $97.6 million in 2016, and urged the Government not to increase spending in a bid to win the upcoming general election.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, BARRY ULRICK DEVEAUX of #99 Sea Beach Blvd., P.O. Box CB-12480, New Providence, The Bahamas, P.O. Box SS-19334, intend to change my name to BARRY ULRICK ARMBRISTER. If there are any objections to the 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 the publication of this notice.

NOTICE

K P Turnquest

Flowers: Too many web shop issues ‘unresolved’ From pg B1 What are the number of licenses that currently exist?

“If someone can tell me there are five licenses and we are putting a moratorium on those, then fine, but if you are going to tell me that there is a moratorium being put in place and don’t say how many licenses are now active, I don’t know how I can endorse it.”

Nine companies applied for gaming house licenses when the Government began the process to legalise, regulate and tax the sector.

Eight applicants were subsequently provided with provisional licenses, with Bet Vegas the only operator to have been denied. Bet Vegas has since mounted a legal challenge to that decision via Judicial Review.

Island Luck, Nassau Games, Percy’s Island Games, A Sure Win, Chances, Paradise Games, Bahama Dreams and Asue Draw were all awarded licenses. However, Asue Draw + Spin later announced it would not renew its gaming house operator license for 2016-2017, and exited from the industry.

And Bahama Dreams ultimately sold a majority 65 per cent equity stake in its business to rival web shop chain, Island Luck, raising questions as to the fate of two of the eight licenses, and how they will be treated going forward.

Alluding to this, Mr Flowers said: “There has been zero information back to us as to how many of us really qualified when the licenses were issued.

“Companies have been closing left, right and centre. What are they doing with these licenses? Are they reissuing them? Have they been cancelled permanently, or is the Government allowing us to buy them and keep them active?

“We need public disclosure on the amount of active licenses out there. The Government had indicated to us at a meeting that there will be another license issued. Is that included as well? They never said who the license was going to be for; they only said another license is going to be considered.”

Obie Wilchcombe, who has ministerial responsibility for gaming, announced in a statement last week that the Government had decided to limit the number of gaming house operator licenses to eight until 2027.

However, this moratorium does not prevent the Minister from issuing a request for proposal (RFP) for a gaming house operator license in the event that its existing holder goes out of business or has it revoked.

And no such moratorium has been placed on the number of web shop houses that will be allowed to exist

in the Bahamas, or on the number of locations each operator will be allowed to have.

This allows the Gaming Board and the Government to have the flexibility to “react appropriately to the development of the industry”, Mr Wilchcombe said.

The number of permitted web shop locations per operator had been a key concern for Mr Flowers. “I’m hearing a lot of things come out from the Government as it relates to new activities in the industry, and we haven’t been able to address the outstanding ones,” he told Tribune Bsiness.

“What is the limit on the amount of stores that a company will be allowed to have? All of us must be granted the opportunity to have the same number of locations. I need to know so I can plan and create a business plan conducive to my investment.

“In addition to that, are we ever going to follow up on the fact that there are some of us operating in proximity to churches as well as schools that need to be removed. There has been no conversation about stores that need to be relocated. The Act speaks to these things.”

A key objective of the newly-released regulations on gaming house premises licenses is to minimise any negative impact on communities, particularly places of worship, schools, premises where videos or similar games may be played by people, or premises at

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which pensions or welfare payments are collected.

The regulations say that no gaming house can be located “immediately adjacent, [or] at any property line, to a property whose dominant use is residential, unless zoned to be multiuse (commercial and residential)”.

And no gaming house can be located “within 100 feet of a place of worship, school, games arcade or premises at which pensions or welfare payments are collected.”

Gaming houses can also not be located “within 100 feet of any other licensed gaming house premise, unless the Gaming Board expressly determines there is good cause to conclude that proximity to another licensed gaming house of less than 100 feet does not offend the character of the area in which the premises is located, and the need to prevent over-proliferation of gaming house premises in any area”.

NOTICE is hereby given that RICARDO NELSON BASTIAN of Alocasia Road, Garden Hills #2, 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 6th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 8, Monday, March 13, 2017

THE TRIBUNE

In 1st budget, Trump to push conservative view of government WASHINGTON (AP) — President Donald Trump sends Congress a proposed budget this week that will sharply test Republicans’ ability to keep long-standing promises to bolster the military, making politically painful cuts to a lengthy list of popular domestic programs.

The Republican president will ask his adopted political party, which runs Capitol Hill, to cut domestic agencies such as the Environmental Protection Agency and the departments of Education and Housing and Urban Development, along with grants to state and local governments and community development projects.

The spending plan, set for release Thursday, would make the Pentagon the big winner with a $54 billion boost to defense spending.

Trump has promised to “do a lot more with less,” but his blueprint faces a reality test with Republicans, many of whom are already protesting.

Republicans have groused

about some of the preliminary plans, including elimination of the $3 billion community development block grant program that’s popular among local GOP officials, a 25 percent cut to the EPA and elimination of 3,000 jobs, and essentially scuttling a $300 million peryear program to clean up the Great Lakes.

Sen. Rob Portman, ROhio, is joining with Democrats to push back on that last proposed reduction.

Cuts to the Coast Guard are meeting Republican resistance. Trump’s plan to eliminate community development block grants was dismissed on Capitol Hill by those who remember how a modest cut to the program sank a spending bill not long ago.

“Unfortunately, we have no alternative but to reinvest in our military and make ourselves a military power once again,” White House economic adviser Gary Cohn said on “Fox News Sunday.”

The United States, how-

ever, already spends more than half trillion dollars on defense, more than the next seven countries combined.

Cohn defended the spending cuts elsewhere as necessary to balance the budget.

“These are tough decisions, but the president has shown he is ready, willing and able to make these tough decisions,” he said Sunday.

Democrats are unlikely to support the cuts, and Republican defections raise the possibility of a congressional train wreck and a potential government shutdown when the 2018 budget year begins Oct. 1.

Preliminary reports on the budget show some domestic Cabinet agencies, such as the departments of Homeland Security and Veterans Affairs, would see increases, including $3 billion for Trump’s promised wall on the U.S.-Mexico border.

Trump said repeatedly during the campaign that Mexico would pay for that project, but Mexico has said no.

Those intended spending increases, however, would

budget director Mick Mulvaney speaks to reporters at the White House in Washington. President Donald Trump unveils a proposed budget on March 16 that will sharply test Republicans’ ability to keep longstanding promises to beef up the military by making politically painful cuts to a lengthy list of popular domestic programs. (AP Photo) mean deeper cuts elsewhere.

People familiar with the budget who spoke on condition of anonymity in advance of the public release say the White House is seeking a 30 percent cut from an Energy Department office that promotes energy efficiency and renewable energy. The office has funded research on projects such as LED light bulbs, electric trucks, advanced batteries and biofuels.

The Office of Energy Ef-

NOTICE

N O T I C E

GRAND CAY RESEARCH COMPANY LIMITED (In Voluntary Liquidation)

EDWARDS (BAHAMAS) LIMITED (In Voluntary Liquidation) ___________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P. O. Box SS-19084, on or before the 3rd day of April, 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

_________________________________________ Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P. O. Box SS-19084, on or before the 3rd day of April, 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 13th day of March, 2017.

Dated the 13th day of March, 2017.

David Evans LIQUIDATOR of GRAND CAY RESEARCH COMPANY LIMITED

David Evans of EDWARDS (BAHAMAS) LIMITED

MARKET REPORT FRIDAY, 10 MARCH 2017

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

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

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

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

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.03 3.92 1.94 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.07 1.55 5.83 9.75 10.14 9.25 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 105.12 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.07 1.55 5.83 9.75 10.90 9.25 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.76 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01

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 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

105.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

2,000

VOLUME

200 NAV 2.03 3.92 1.94 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 0.000

P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 14.0 23.3 107.8 20.3 19.4 19.4 18.8 11.4 11.3 23.5 19.7 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 0.0

YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.44% 4.13% 2.90% 3.87% 4.12% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00% 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 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 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 15-Dec-2017 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% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

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

NOTICE

NOTICE is hereby given that RITA PETIT-FRERE of Augusta 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 twenty-eight days from the 13th day of May, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

EDWARDS (BAHAMAS) LIMITED ____________________________________ NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of EDWARDS (BAHAMAS) LIMITED is hereby called to be held in Lincoln, United Kingdom on the 4th day of April, 2017 at 12 o’clock in the forenoon. The object and purpose of said meeting is to have laid before the Shareholders of the Company the accounts of the Liquidator, David Evans, showing the manner in which the winding up of the Company has been conducted and also to hear any explanation that may be given by said Liquidator.

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

BISX ALL SHARE INDEX: CLOSE 1,916.51 | CHG 8.86 | %CHG 0.46 | YTD -21.70 | YTD% -1.12 52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 3.80 8.15 5.56 7.72 11.00 2.18 1.31 5.80 6.78 8.56 7.00 6.35 11.92 10.00

materials for energy generation, storage and use.

Trump’s preliminary budget, delivered in secret to agencies last month, proposes a 37 percent cut to the State Department and foreign aid budgets. Those cuts and others were subject to revision in the back and forth that the White House had with agencies leading up to the coming release this week.

Dated the 13th day of March, 2017.

BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.27 2.72 1.60 5.83 9.75 11.00 9.25 6.90 12.01 11.00

ficiency and Renewable Energy is targeted for at least $700 million in cuts from its current $2.1 billion budget, said Scott Sklar, chairman of the steering committee of the Sustainable Energy Coalition.

The Energy Department could see steep cuts for its 17 national laboratories, which conduct cutting-edge research on topics from nuclear power to advanced

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

David Evans LIQUIDATOR of EDWARDS (BAHAMAS) LIMITED GRAND CAY RESEARCH COMPANY LIMITED __________________________________________ NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of the Shareholders of GRAND CAY RESEARCH COMPANY LIMITED is hereby called to be held in Lincoln, United Kingdom on the 4th day of April, 2017 at 12 o’clock in the forenoon. The object and purpose of said meeting is to have laid before the Shareholders of the Company the accounts of the Liquidator, David Evans, showing the manner in which the winding up of the Company has been conducted and also to hear any explanation that may be given by said Liquidator.

Dated the 13th day of March, 2017.

David Evans LIQUIDATOR of GRAND CAY RESEARCH COMPANY LIMITED

THE TRIBUNE

Monday, March 13, 2017, PAGE 9

UK minister tells lawmakers not to delay Brexit LONDON (AP) — Britain’s top minister for leaving the European Union said Sunday that lawmakers should let Prime Minister Theresa May “get on with the job” of quitting the bloc, and the main opposition Brexit spokesman said he expects the divorce papers to be filed this week.

prime minister to be able to get on with the job,” Davis said in a statement.

Prime Minister Theresa May has said for months that she would invoke Article 50 of the EU’s key treaty, the trigger for two years of exit negotiations,

by March 31.

But she can’t do it until

Brexit Secretary David Davis said lawmakers should pass a bill authorizing exit talks on Monday without amendments so the government can enter EU negotiations “with no strings attached.”

“However they voted in the referendum, the majority of people now want the

Parliament approves a bill authorizing the government to start the divorce process. The House of Commons and House of Lords are currently battling over the bill’s contents, with the Lords wanting it to include a provision that would give Parliament a vote on the final deal between Britain

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 80° F/27° C Low: 60° F/16° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Sun and clouds

Overcast with a stray shower

Clouds and sun with a brief shower

Clouds giving way to some sun

Partly sunny and pleasant

Nice with clouds and sun

High: 87°

Low: 71°

High: 87° Low: 70°

High: 84° Low: 61°

High: 78° Low: 61°

High: 78° Low: 63°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

94° F

71° F

89°-73° F

87°-63° F

82°-62° F

81°-64° F

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

N

almanac

E

W

ABACO

S

N

High: 77° F/25° C Low: 71° F/22° C

7-14 knots

S

High: 82° F/28° C Low: 62° F/17° C

4-8 knots

FT. LAUDERDALE

FREEPORT

High: 82° F/28° C Low: 66° F/19° C

N E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TONIGHT

High: 75° F/24° C Low: 62° F/17° C

High: 80° F/27° C Low: 67° F/19° C

MIAMI

High: 82° F/28° C Low: 66° F/19° C

4-8 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 67° F/19° C Normal high ....................................... 79° F/26° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 86° F/30° C Last year’s low ................................... 69° F/21° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 0.95” Normal year to date ..................................... 3.49”

ELEUTHERA

NASSAU

High: 87° F/31° C Low: 71° F/22° C

Forecasts and graphics provided by AccuWeather, Inc. ©2017

High: 78° F/26° C Low: 73° F/23° C

N

KEY WEST

High: 80° F/27° C Low: 71° F/22° C

E

W

6-12 knots

S

6-12 knots

High

Ht.(ft.)

Low

Ht.(ft.)

Today

9:14 a.m.

9:36 p.m.

2.9 2.8

3:08 a.m. -0.5 3:31 p.m. -0.5

Tuesday

9:54 a.m.

10:16 p.m.

2.8 2.8

3:50 a.m. -0.4 4:09 p.m. -0.4

Wednesday 10:32 a.m.

10:56 p.m.

2.6 2.7

4:32 a.m. -0.2 4:46 p.m. -0.3

Thursday

11:11 a.m.

11:36 p.m.

2.4 2.6

5:13 a.m. -0.1 5:23 p.m. -0.1

Friday

11:51 a.m.

-----

2.3 -----

5:56 a.m.

6:02 p.m.

0.1 0.1

Saturday

12:19 a.m.

12:34 p.m.

2.5 2.1

6:41 a.m.

6:44 p.m.

0.3 0.2

Sunday

1:05 a.m.

1:22 p.m.

2.4 2.0

7:30 a.m.

7:31 p.m.

0.5 0.4

sun anD moon Sunrise Sunset

7:21 a.m.

7:18 p.m.

Moonrise Moonset

8:27 p.m.

8:04 a.m.

Last

New

First

Full

Mar. 20

Mar. 27

Apr. 3

Apr. 11

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 75° F/24° C

High: 78° F/26° C Low: 75° F/24° C

N

High: 81° F/27° C Low: 71° F/22° C

E

W S

LONG ISLAND

insurance management tracking map L

tiDes For nassau

High: 78° F/26° C Low: 74° F/23° C

N

S

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

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

CAT ISLAND

E

W

mons, which has already approved it, will prevail.

If the bill passes Monday, May could announce she is triggering Article 50 as early as Tuesday. The Labour Party’s Brexit spokesman, Keir Starmer, told Sky News that he expected it to happen on Wednesday or Thursday.

and the 27-nation bloc.

Members of the Lords have also called for explicit protection to the rights of EU citizens living in the U.K. after Brexit.

If the unelected Lords digs in its heels, the parliamentary feud could delay the bill for several days. Ultimately, the elected Com-

High: 80° F/27° C Low: 76° F/24° C

6-12 knots

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

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 79° F/26° C Low: 76° F/24° C

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

N

N E

W

E

W

L

High: 79° F/26° C Low: 75° F/24° C

S

S

7-14 knots

7-14 knots

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

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS S at 4-8 Knots W at 8-16 Knots SE at 6-12 Knots NNW at 6-12 Knots ESE at 6-12 Knots WNW at 6-12 Knots E at 8-16 Knots SSW at 4-8 Knots ESE at 6-12 Knots WNW at 7-14 Knots S at 7-14 Knots NW at 8-16 Knots E at 6-12 Knots NW at 6-12 Knots E at 7-14 Knots SSW at 4-8 Knots E at 7-14 Knots WNW at 4-8 Knots E at 8-16 Knots SSE at 7-14 Knots SE at 7-14 Knots NW at 7-14 Knots E at 7-14 Knots NW at 4-8 Knots SE at 6-12 Knots WNW at 7-14 Knots

WAVES 3-6 Feet 3-6 Feet 1-2 Feet 0-1 Feet 3-5 Feet 2-4 Feet 3-5 Feet 2-4 Feet 3-6 Feet 3-5 Feet 1-3 Feet 3-5 Feet 1-2 Feet 1-2 Feet 2-4 Feet 1-3 Feet 1-3 Feet 1-2 Feet 4-8 Feet 4-8 Feet 1-2 Feet 1-2 Feet 1-3 Feet 1-2 Feet 2-4 Feet 1-3 Feet

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

WATER TEMPS. 73° F 73° F 77° F 77° F 79° F 76° F 77° F 78° F 76° F 73° F 77° F 77° F 76° F 76° F 78° F 78° F 78° F 78° F 77° F 77° F 74° F 75° F 77° F 77° F 78° F 75° F

PAGE 10, Monday, March 13, 2017

THE TRIBUNE

Health and Human Services Secretary Tom Price talks with a guest as they wait for the arrival of Vice President Mike Pence to begin a meeting with conservative groups to discuss healthcare, Friday, March 10, 2017, in the Indian Treaty Room of the Eisenhower Executive Office on the White House complex in Washington. (AP Photo)

Republicans dismiss upcoming budget analysis of health plan WASHINGTON (AP) — Republicans on Sunday dismissed an upcoming Congressional Budget Office analysis widely expected to conclude that more Americans will be uninsured under a proposal to dismantle Barack Obama’s health law, despite President Donald Trump’s promise of universal coverage.

Meanwhile, GOP opponents from the right and center hardened their positions against the Trumpbacked legislation. House conservatives vowed to block the bill as “Obamac-

are Lite” unless there are more restrictions, even as a Republican senator warned the plan would never pass as is due to opposition from moderates.

“Do not walk the plank and vote for a bill that cannot pass the Senate and then have to face the consequences of that vote,” said Sen. Tom Cotton, RArk. “If they vote for this bill, they’re going to put the House majority at risk next year.”

Speaking in television interviews, House Speaker Paul Ryan and Trump administration officials vowed to move forward on their proposed “repeal and replace” plan regardless of the CBO findings, insisting they can work past GOP disagreements and casting the issue as one of “choice” in which consumers are freed of a government mandate to buy insurance.

The CBO is scheduled to release its long-awaited cost analysis of the House GOP leadership plan early this week, including estimates on the number of people likely to be covered. It’ll likely affect Republicans’ chances of passing the proposal.

Ryan, R-Wis., said he fully expects the CBO analysis to find that fewer people will be covered under the

more people on Obamacare today than there actually are,” said Mick Mulvaney, director of the White House Office of Management and Budget, disputing the accuracy of CBO data.

“Sometimes we ask them to do stuff they’re not capable of doing, and estimating the impact of a bill of this size probably isn’t the best use of their time.”

Health Secretary Tom Price said he “firmly” believed that “nobody will be worse off financially” under the health care overhaul.

He said people will have choices as they select the kind of coverage they want as opposed to what the government forces them to buy.

In actuality, tax credits in Republican legislation being debated in the House may not be as generous to older people as what is in the current law.

“I believe and the president believes firmly that if you create a system that’s accessible for everybody and you provide the financial feasibility for everybody to get coverage, that we have a great opportunity to increase coverage over where we are right now,” he said.

Gary Cohn, Trump’s chief economic adviser, described past CBO analyses as “meaningless.”

“What we’re trying to achieve here is bringing down the cost of care, bringing down the cost of insurance not through government mandates and monopolies but by having more choice and competition” GOP plan because it eliminates the government requirement to be insured.

“What we’re trying to achieve here is bringing down the cost of care, bringing down the cost of insurance not through government mandates and monopolies but by having more choice and competition,” he said. “We’re not going to make an American do what they don’t want to do.”

The GOP legislation would eliminate the current mandate that nearly all people in the United States carry insurance or face fines. It would use tax credits to help consumers buy health coverage, expand health savings accounts, phase out an expansion of Medicaid and cap that program for the future, end some requirements for health plans under Obama’s law, and scrap a number of taxes.

During the presidential campaign and as recently as January, Trump repeatedly stressed his support for universal health coverage, saying his plan to replace the Affordable Care Act would provide “insurance for everybody.”

But on Sunday, his aides took pains to explain that a CBO finding of fewer people covered would not necessarily mean that fewer people will be covered.

“If the CBO was right about Obamacare to begin with, there’d be 8 million

“We are offering coverage to everyone,” he said.

“If you are on Medicaid today, you’re going to stay on Medicaid. If you are covered under an employee-sponsored plan, you’re going to be continued to be covered under an employee-sponsored plan. If you fall into that middle group, we’re going to provide tax credit so you can go out and buy a plan.”

House conservatives weren’t buying it.

Rep. Jim Jordan, R-Ohio, a co-founder of the House Freedom Caucus, criticized the plan as an unacceptable form of “Obamacare Lite.”

He reiterated that he and other caucus members will seek to block the House bill unless there are additional changes. They want a quicker phaseout of Medicaid benefits and are opposed to proposed tax credits as a new entitlement that will add to government costs.

Members of the caucus will meet with White House officials on Tuesday. Jordan expressed hope that Trump is sincere in expressing a willingness to negotiate changes, criticizing Ryan for his “take it or leave it” stance.

“I’m not for this plan and I think there’s lot of opposition to this plan in the House and Senate,” Jordan said. “Either work with us or you don’t end up getting the votes. That’s the real choice here.”