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FRIDAY, JUNE 30, 2017

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$42m IMAX developer eyes 800k client base By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE all-Bahamian investor group behind a $42 million, IMAX-centred entertainment destination yesterday said it expects to attract “north of 800,000” persons annually to “a facility the world can admire”. Carlos Foulkes, the Atavus Group’s chief executive, told Tribune Business that the IMAX theatre would serve as “the anchor attraction” for the 100,000 square foot complex currently being built at the junction of Gladstone Road and JFK Drive. Revealing that the family entertainment centre, to be called Fusion Superplex,

WAYNE MUNROE QC

All-Bahamian group builds complex ‘world can admire’

MORTIMER PAID $5M AIRPORT RENT UNDER LAST GOVT

Project to create 125 full-time jobs; 200 on construction ‘Iconic’ experience with Caribbean’s largest screen

Targeted tenant hits back at D’Aguilar

had been in development for some 12 years, Mr Foulkes and his fellow Bahamian investors pledged to create an “iconic” experience that See PG B4

No ‘favourable’ treatment from any Govt $1.2m ‘write-off’ was Cafe Kalik guarantee

IMAX Theater. Photo/TERREL W. CAREY/Tribune Staff

Aviation investors Bahamas requires $160‘stonewalled’ by $180m swing to ‘stabilise’ debt the Christie Govt By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AMERICAN aviation investors complained that the former Christie administration “stonewalled” their projects due to lobbying by Bahamian rivals, the US government revealed yesterday. The State Department, in its annual ‘investment climate statement’ on the Bahamas, said the need for all foreign direct investment (FDI) projects to obtain government approvals meant they were subject to arbitrary, politically-related influences. “The approval process provides opportunities for Bahamian businesses with competing interests to lobby Cabinet members to delay review or approval of FDI applications,” the report said. “The Embassy [in Nassau] is aware of several cases in which investors who have submitted applications have not received responses, or

US Govt hits at Bahamian rivals’ lobbying Urges Bahamas electricity price increase Reiterates concerns on Govt tendering have experienced significant delays in the approvals process. “For example, the Embassy has been contacted by American companies seeking to do business in the aviation sector whose applications have been stonewalled due to the impact of lobbying efforts on Cabinet members in the decisionmaking process.” Neither the US companies nor the projects in question are identified in the US report. However, it See PG B7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas needs a $160-$180 million ‘positive swing’ on its primary Budget balance to “stabilise” the debt-to-GDP ratio, with an even “stronger adjustment” needed to slash the $7 billion-plus national debt. The Inter-American Development Bank’s (IDB) latest Caribbean Quarterly Bulletin lays out the scale of the task facing the Government, and wider Bahamas, in trying to arrest this country’s fiscal crisis. While modelling suggests

‘Stronger change’ needed to cut $7bn

IDB sees 85% debtto-GDP peak And warns of ‘tepid’ GDP growth that the Bahamas’ debt growth rate will ease “over time”, even if the economy is hit by adverse shocks, the IDB paper warned that the total debt-to-GDP ratio could peak at 85 per cent in the medium to long-term.

“The Bahamas’ debt-toGDP ratio (including publicly guaranteed debt) is expected to range between 70 and 85 per cent of GDP over the medium to longterm,” it said. “The probability that the debt trajectory rises above 75 per cent by end of 2017 is 95 per cent, highlighting the need to continue fiscal consolidation efforts to reverse the increasing trend.” The Minnis administration’s own Budget projections show that the Government’s direct debt, as a percentage of GDP (Bahamian economic output), will See PG B5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ATTORNEYS for the airport tenant targeted by the Minister of Tourism yesterday said she had paid $5 million in rent over the past five years, and never received “favourable consideration” from any government. Wayne Munroe QC told Tribune Business it was “erroneous” for Dionisio D’Aguilar to claim that Patricia Mortimer’s rental settlement with the Nassau Airport Development Company (NAD) had been influenced by political favouritism. Responding to Tribune Business on behalf of Mr Mortimer and her PatMor Group of Companies, Mr Munroe described his client as “very put out” by See PG B6

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‘SENSE OF URGENCY’ DEMANDED OVER HIGH ENERGY COSTS By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Chamber of Commerce’s chairman has questioned “the sense of urgency” over addressing the Bahamas’ high energy costs, arguing that this would be a “game changer” for the economy. Mike Maura, while speaking at a Utilities Regulation & Competition Authority (URCA) oral hearing on Wednesday night, said: “While I know everybody is working hard, where is the sense of urgency? I say that from the standpoint that there was a National Energy Plan, and the fact is that we pay a higher cost of energy than we need to. Where is the sense of urgency?” Mr Maura said cleaner and less expensive fuel, along with more a modern and efficient energy infrastructure, would help reduce the cost of energy in this nation. “If our energy infrastruc-

Chamber chief: Would lower Govt borrowing

Covering The Bahamas for 40 years. NEW PROVIDENCE MIKE MAURA ture was modern and efficient, utilising LNG, our government may be seeking a loan for less than $720 million right now,” he said, referring to the Government’s borrowing authority for the 2017-2018 fiscal year. Mr Maura said the world See PG B2

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PAGE 2, Friday, June 30, 2017

SET THE LIMITS OVER STAFF ‘MOONLIGHTING’ DIFFICULT economic times and a squeeze on living standards have forced many employees to seek supplementary employment, which can cause difficulties for their principal employer. ‘Moonlighting’ can lead to divided allegiances, conflicts of interest and poor job performance. Some senior leaders in government indicate that almost 10 per cent of public servants are engaged in some private sector activity or entrepreneurial initiative, separate and apart from their contract with the Government of the Bahamas. The ‘second job’ often begins quite innocently, and the principal employer is usually aware. It is not uncommon for an employee to want to work an additional job, and this often presents

no obvious problem to their employer. The challenge begins when the burden of this second job starts to affect the employee’s performance in the workplace, simply because they have taken on too much and are too fatigued to work to the required standard. This situation is further complicated if the moonlighting employee works for a competitor, and begins to divert customers to this rival. The employer must move swiftly to address this conflict. The employee’s initial ‘onboarding orientation’ experience is perhaps the best time, and opportunity, to detail the company’s ‘moonlighting policy’. Employees should hear from the human resources team that there is a basic requirement

for them to devote full-time attention to the employer’s business during working hours. All employees are expected to promote and protect the interests of the employer, and to disclose to the employer any information relating to wrongdoing by themselves or any other employee. The employer should make it mandatory that an employee seeks permission before accepting a second job, and/or that the new recruit disclose if they already work for another employer. In cases where moonlighting cannot be discouraged, make as a matter of policy the following statements to employees:

company’s business. Discourage employees from selling items to other employees.

Closely monitor the work assignments and deliverables of moonlighting employees to ensure their level of productivity is not declining. Many times, moonlighting employees are the ‘gogetters’ on the team, and have sufficient integrity to

THE TRIBUNE

manage their personal affairs well. The leader and employer must be certain that despite their drive to supplement their salary, these employees understand time on the task. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to

IAN FERGUSON their business growth and development issues. He

Tell employees they cannot mix their business with your

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The Landscape Maintenance Project Manager is responsible for managing the portfolio of commercial and residential clients for the Company Essential Duties • Oversees the scheduling of work to ensure all clients are serviced in a timely manner • Oversees and assists with the maintenance of clients’ property which includes mowing, whacking, blowing, pruning, weeding and debris control • Supervises landscape crew members to ensure proper completion of tasks • Monitors routine inspections and documents progress and challenges to resolution • Provides horticulture improvement recommendations to client properties • Regularly reviews, with the project teams, the quality of work completed to ensure all work is performed according to standard • Keeps the senior leadership team apprised of progress on projects • Ensures teams have adequate resources and are trained to execute properly • Holds regular staff meetings and makes site visits to monitor task completion • Conducts staff performance evaluations and identifies deficiencies for development • Procures the most cost effective resources for task completion within budget and on time • Develops and maintains excellent customer service with current and potential clients • Performs additional duties as assigned by the Vice President. Qualifications/Skills • A valid driver’s license is required • 5+ Years of Experience • Industry certifications (CMP, CMT, CLT, FCLC) • Strong communication, planning and organizational skills • Ability to work independently and in team settings • Proficiency In Excel, Word Benefits are commensurate with Job Experience. Please send Resume to: hrnassau@gmail.com. Deadline – Tuesday July 4, 2017. Only those candidates short-listed will be contacted.

WARWICK PARADISE ISLAND

Warwick receives ‘rave reviews’ from TripAdvisor The Warwick Paradise Island resort yesterday said it has earned the 2017 Certificate of Excellence honour from TripAdvisor, which recognises the resort for earning high ratings based on traveller reviews. The newly-opened resort has achieved an average 4.5 rating from reviewers, out of a possible five. It is currently ranked as * The ‘number two’ hotel out of 14 hotels on Paradise Island * The number two hotel out of 52 hotels in New Providence (Nassau/Paradise Island) * The number 10 hotel

out of 157 hotels in the Bahamas * 54 per cent of respondents rated the resort as ‘Excellent’ * 33 per cent of respondents rated the resort as ‘Very Good’ * It achieved a 4.5 out of 5 rating in the categories of location, sleep quality, service, value and cleanliness. “The reviews and feedback on TripAdvisor help us improve our product offering, and we strive to provide an all-inclusive vacation worthy of a 5.0 TripAdvisor rating,” said Benjamin Davis, Warwick Paradise Island’s general

‘Sense of urgency’ demanded over high energy costs From pg B1 had shifted away from state-run power producers, with governments operating more as regulators rather than owners/operators of power plants, instead contracting independent power producers. “Solar as a renewable energy source is another area that must be taken seriously,” Mr Maura added, pointing out that Arawak Port Development Company (APD), which he heads, had placed a 36 Kilowatt (KW) system on the roof of its main administration building at Arawak Cay. An Inter-American Development Bank (IDB) report yesterday said the Bahamas had suffered “lost opportunities” as a result of its inability to diversify energy sources away from an almost total reliance on fossil fuels, particularly Bunker C and heavy fuel oils (HFOs). As a result, the Bahamian economy remains at the mercy of global oil prices, which “have a significant impact” on this nation’s current account balances and domestic prices (inflation). “Current lower fuel oil prices are having a positive

manager. “Our ratings on TripAdvisor reflect the hard work that our team has put in to make the visitor experience truly exceptional. We are proud of the rave reviews that we have received about our friendly staff, as well as the fresh ingredients and the high-quality dining experience in our five unique restaurant operations.” Warwick Hotels and Resorts (WHR) has invested nearly $50 million to create the four-star Warwick Paradise Island - Bahamas. Set along Nassau Harbour with views of Nassau and Paradise Island, the resort features 250 rooms impact on the economy,” the IDB’s Caribbean Quarterly Bulletin said. “During the past five years, oil imports averaged almost 10 per cent of GDP and just over a third of the trade balance. “At the end of 2015, oil imports accounted for 6 per cent of GDP ($520 million). The country’s external position improved and the current account deficit as a per cent of GDP declined from 16 to 11 per cent, largely driven by lower fuel imports. Expectations are that this trend will continue.” The IDB report said petroleum oils and other crude accounted for more than 20 per cent of nonagricultural imports, which themselves are 75 per cent of the Bahamas’ total imports. APD obtained a $3 million loan for the installation from the Inter-American Investment Corporation (IIC), the IDB arm that finances the private sector. Mr Maura told Tribune Business that APD’s rooftop solar PV system had already slashed energy costs at the administration building by almost two-thirds, dropping them from $0.29 per kWh to $0.09-$0.10 per kwh. The bulk of APD’s savings will be generated when it replaces the port’s existing lights with LEDs, and Mr Maura said: “We expect our energy costs to fall by [a further] 40 per cent.

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DPM PROMISES BAHAMAS ‘STILL OPEN FOR BUSINESS’

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

mas’ capacity to allocate, manage and monitor public resources. Under the programme, the Bahamas Investment Authority will also THE Deputy Prime Min- be restructured to make it ister said yesterday that more effective in carrying strengthening investor con- out its mandate. We want to fidence is high on the Min- ensure that investments are nis administration’s agenda, targeted to sectors that will pledging that the Bahamas add to the long-term growth “remains open for business”. and sustainability of the BaK Peter Turnquest, who hamian economy.” He added: “A focus will was delivering remarks at the Billionaire Roundtable also be placed on ensuring conference at Baha Mar’s value for money – meaning Grand Hyatt resort, said for- that every dollar of customs eign direct investment (FDI) exemptions, VAT and real presents itself to countries property tax relief or other benefits given – must transviewed as ‘safe bets’. “FDI flows to where there late into true economic imare strong institutions and pact in the economy.” Mr Turnquest said domesgood governance. Therefore, chief on our agenda as a gov- tic savings and investments ernment, is to ensure that we must play a significant role strengthen investor confi- in the Bahamas’ economic dence by strengthening our growth. “Encouraging a fundamentals as a country strong culture of savings through fiscal discipline and and investment, therefore, greater effectiveness,” Mr is important to facilitate an increase in locally-financed Turnquest said. “We must be transparent, investments to grow the accountable and free of cor- economy,” he added. “It is, therefore, crucial ruption. We must close the gaps for wastage and leak- that we take active steps to ages, improve public spend- improve both our houseing and ensure that public hold and domestic savings services are provided in a performance for sustainable way that makes it easier to economic growth and investdo business. There must be ment.” Mr Turnquest said the greater certainty, clarity and Ministry of Finance, the US speed of action.” He added: “We wish for Small Business Developall investors to know that ment Centres and the Unithe Bahamas remains open versity of the Bahamas are for business, and that it’s not currently collaborating to just better in the Bahamas create the Bahamas Small for touristic activities, but Business Development Cenalso a better place to invest tre, which will be hosted at your funds into innovative the University. “All of the services will projects.” Mr Turnquest said the Ba- be provided free to the pubhamas was strengthening its lic, as a public service,” he public sector’s institutional said. “Our aim is to ensure and management capacity. that we maximise the ef“The Public Financial Man- ficiency of every dollar of agement Reform project, capital invested in entreprefinanced through a loan op- neurial activities by Bahaeration by the Inter-Ameri- mian businesses. We want can Development Bank, will our investments to succeed enhance the quality of man- and to eliminate unnecesaging public expenditure by sary failure. “Funding for the Centre better performance monitoring; the generation of better has been allocated in the statistical information and national Budget, premises the improvement of Budget have already been secured, execution,” he said. and I am advised that plans “The project’s overall ob- are well underway to making jective is to strengthen the this dream a reality in the Government of the Baha- coming months.”

Friday, June 30, 2017, PAGE 3

URCA hit by 30% staff attrition in ‘16 By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Utilities Regulation and Competition Authority (URCA) lost nearly 30 per cent of its staff in 2016, its chief executive conceding this had impacted its ability to deliver on projects. Stephen Bereaux, while speaking at the regulator’s oral hearing on Wednesday night, cited employee attrition and the added responsibility of regulating the electricity sector as the primary challenges URCA faced in 2016. He described it as a “very busy and tu-

multuous year” for the regulator. “Other than having to adapt to the electricity sector, in 2016 we lost almost 30 per cent of our staff through attrition fundamentally, and that created a significant change in our ability to deliver on the projects that we had identified, and also created a tremendous pressure for us to recruit new team members,” said Mr Bereaux. “We have, as of now, replaced the staff that we lost and there is still more growing to do.” Mr Bereaux said the Electricity Act, which came into effect on January 28, 2016, “happened a bit sooner than we were aware of.

“What we had to embark on in 2016 was a quick and expedited foray into what we needed to do to regulate the sector,” he added. Mr Bereaux also noted that being a Nassau-based regulator had presented challenges for URCA. “We are not a 100-200 person organisation, and one of the challenges is how do we meet expectations from these Out Islands,” he said. Mr Bereaux said URCA was aiming to increase accountability to the public by reviewing key performance indicators, and developing a set of indices to measure its regulatory impact. URCA is also looking

to improve and increase its social media presence. Mr Bereaux also noted that The Bahamas is getting set to host the International Telecommunication Union (ITU) conference, the Global Symposium for Regulators or (GSR-17) slated for July 11th-14th at The Atlantis, Paradise Island Resort. GSR-17. Mr Bereaux noted that the promotion of the information and communications technology (ICT) sector ‘does not stop at our borders’, adding that as a regulator and advisor to the government, URCA is responsible to implementing ICT policy and promoting it.

BTC outage caused by copper thieves THE Bahamas Telecommunications Company (BTC) suffered widespread service outages in several Grand Bahama areas yesterday, after its Lewis Yard sub-station was hit by copper thieves around 1am. The communities of Pinder’s Point and Hunters, as well as portions of the Hawksbill area on Grand Bahama, were worst affected. Restoration teams were immediately dispatched to the area, and worked to replace the damaged wire and restore services. However, BTC warned that residential and commercial customers in the area can anticipate delays in the resumption of their services for landline and cell. “We want to ask the public to be alert in instances like this,” said BTC’s northern vice-president, Eldri Ferguson Mackey. “The impact is large and the cost is significant, but we want

to work with the police department. “We are asking citizens to call in with any tips you may have to the police, and we’re offering a reward to anyone who can give us a lead into who is doing this and disrupting everyone’s essential services.” This incident represents the second time in four days that BTC has been targeted by copper thieves, creating significant challenges for commercial and residential customers who depend on the services. “Our team here in GB has worked diligently to repair our services after Hurricane Mathew,” said Mrs Ferguson Mackey. “Now that we are back to full service it’s so disappointing that our customers are forced to deal with this inconvenience because of a few dishonest persons.” See photos on pg8

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PAGE 4, Friday, June 30, 2017

THE TRIBUNE

$42m IMAX developer eyes 800k client base From pg B1 could match the world’s best through the “largest IMAX screen in the Caribbean”. He added that the project would “initially” create jobs for 125-150 Bahamians, with the Fusion Superplex’s opening targeted for the 2018 first quarter. Some 200 persons are currently working on the complex’s construction under lead contractor, Wooslee Construction. Mr Foulkes explained that himself and his three partners were creating a destination product, akin more to a resort or a shopping mall-type complex, rather than just a pure movie theatre. Apart from the nine theatres, including the five-storey IMAX and 4DX (four dimensional experience), Bahamians will also be able to enjoy a glass-encased rooftop restaurant with views over Lake Cunningham towards Baha Mar. Targeted at all age ranges and tastes, the Fusion Superplex will also include an indoor playground and Children’s Daycare Centre, plus an arcade area and the normal movie theatre drinks and food concessions - including a Starbucks coffee lounge and Sub-Zero ice cream that is made from liquid nitrogen. “We decided to design a facility that the world can admire,” Mr Foulkes told Tribune Business. “The vision for the company was to advance the entertainment experience. “We had a desire to improve the entertainment

experience in the country, not only for ourselves but we thought the Bahamian people deserved a better experience.” Mr Foulkes explained that he and his Atavus Group partners were all former school friends who, after going away to college, had returned and reconnected to pursue their dreams of investing in a business in their homeland. Together with colleagues Dominic Richards, chief operating officer; Tecoyo Bridgewater, director and in-house legal counsel; and Demarco Gibson, chief of security, facilities and maintenance Mr Foulkes has been working to bring the Fusion Superplex concept to reality since 2005. Besides investing their own monies, Atavus Group was able to raise the necessary financing from other investors via a private placement offering (PPM) and commercial bank financing. Mr Richards told Tribune Business that obtaining the necessary financing became much easier once Atavus Group obtained a 22year license for the IMAX product, exclusive to the company, in 2013. Explaining that this gave Atavus Group instant credibility, Mr Richards said it would offer “the most advanced display system in the world” and “the most advanced sound system”. “What we have is in less than 1 per cent of theatres in the entire world. That’s the level we think Bahamians need to be at, “ he told Tribune Business.

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Las Tortugas Ltd. is in dissolution and the date of commencement of the dissolution is the 23rd day of June, 2017. Lynn Kelly and Ian Atkins LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd West Bay Street and Sea View Drive 3rd Floor, Goodman’s Bay Corporate Centre P.O. Box CB 10956 Nassau, Bahamas

PICTURED from left to right: Demarco Gibson; chief of security, facilities and maintenance, Carlos Foulkes; the Atavus Group’s chief executive, Dominic Richards; chief operating officer and Tecoyo Bridgewater; director and in-house legal counsel.

“It’s more than just the movies,” Mr Bridgewater added, emphasising that Atavus Group’s financing did not include contributions from any politician or web shop gaming sources. “Even though we were being turned down by bank after bank, we refused to entertain offers that compromised the integrity or scope of what we set out to achieve,” he added. “We are very focused on Bahamian ownership, but not at the risk of accepting backing from anyone or any organisation that would tarnish what we are offering; quality family entertainment and wholesome experiences.” Mr Foulkes said the complex, which aims to attract an annual customer base that is around three times’ New Providence’s population, would generate multiple revenue streams besides the movies. “On an annual basis,

we expect to be north of 800,000,” he told Tribune Business. “The total seating capacity is 1,520 seats, and we have an additional 100 seats in the restaurant, 125 on the terrace, 250 in the Kids Daycare Centre, and 150 in the Arcade. “At full capacity, with all the seats occupied and people hanging around the lobby, this facility can hold 3,000 people at once.” Mr Foulkes said the Fusion Superplex’s grounds could accommodate a further 500 persons, and they - along with the facility could be used for corporate events, church groups, weddings and private functions. Mr Richards added that the complex’s design was “more of an Asian model”. While a Thai-based firm, the Office of Bangkok Architects (OBA), had developed the initial concept drawings, the Atavus Group handed everything else over to Bahamian con-

NOTICE

OBERONIA INTERNATIONAL LIMITED

LOGISTICS ALLY LIMITED

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

(a) OBERONIA INTERNATIONAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) LOGISTICS ALLY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 28th June, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 30th day of June, A. D. 2017

sultants. A. K. Rolle & Associates “have been leading the design and development ever since”, with modifications made to the original plan as construction progressed. Atavus Group and its contractors began site clearance and levelling efforts in January last year, with the foundation poured in September 2016 prior to the start of vertical construction. “We were looking for some place centrally located,” Mr Foulkes said of Fusion Superplex’s home, overlooking the Airport Highway and JFK Drive/ Gladstone Road roundabout. “The heart of the island, something easily accessible from out east and west, and close to the tourist destinations. “While this is built for Bahamians, we recognise that largely this is a tourist country, and wanted to build something” that

would impress and attract visitors. Mr Foulkes said Atavus Group was projecting that 10 per cent of its customer base could be tourists, although it had the capacity to accommodate numbers greater than this estimate. While declining to reveal financial projections, Messrs Foulkes and Richards said Atavus Group’s forecasts were “conservative” and below average movie industry occupancy standards. Mr Foulkes said the group had initially sought to acquire land from the Government, before purchasing the current site that was not even formally for sale. He added that they had already obtained government approval to expand northern Gladstone Road from two lanes to four, given the “need to improve traffic flow” to both the Fusion Superplex and other nearby businesses. The Atavus Group chief executive added that the complex would also have a “built-in air filtration system” to combat any further blazes and pollution from the nearby New Providence landfill, promising that the developer will add its voice to those “agitating” for the problems to be resolved. The Fusion Superplex is also planning to exploit its 37,000 square feet of roof space by fitting it with solar panels, in a bid to tap into renewable energy and lower its electricity costs. Mr Foulkes said the opening date would be pinned down as construction neared completion, and added: “We want to give time to train our staff “There’s a lot of technology in the building, and we want them to have skill sets so they can operate it with a level of expertise. This is a hotel-type of experience, and we want the service level to be just like that. That takes time.” Mr Richards told Tribune Business: “If you want to be iconic, do something that stands the test of time, you research the product properly. There’s a huge need for this in this market. “When you look at what we’ve done, we haven’t taken any short cuts. We spent years in research, we took the time to build our resources in terms of the technology, and took the time to employ the right expertise and professionals. “The biggest challenge our group faced is making sure the experience is what it needed to be. Bahamians are very peculiar, and want something that’s a cut above.”

_________________________________ Bukit Merah Limited Liquidator

NOTICE

SHINING CASTLE LIMITED

G&L GOH LIMITED

YTW INVESTMENTS LIMITED

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

(a) SHINING CASTLE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) G&L GOH LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) YTW INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 28th June, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 30th day of June, A. D. 2017

_________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Friday, June 30, 2017, PAGE 5

Bahamas requires $160-$180m swing to ‘stabilise’ debt From pg B1 hit 72.7 per cent by the fiscal year-end for 2017-2018. Adding in debt the government has guaranteed on behalf of the public corporations and agencies, equivalent to about 9 per cent of GDP, means that the total debt-to-GDP ratio will be close to 82 per cent by June 30 next year - just shy of the IDB’s 85 per cent peak. “Our estimates suggest that the Bahamas’ debt-toGDP ratio would continue to rise in the short-term and stabilise at 78 percent, with downside risks,” the IDB paper said. “The modest tourism recovery, any further delays to the comprehensive opening of the Baha Mar mega resort and its respective economic contribution, and modest fiscal consolidation (particularly on the expenditure side) are downside risks to growth over the next two to

YOUR

three years. “Upside risks include materialisation of the Government’s projected pipeline of tourism-related projects and respective private capital inflows. In addition, faster recovery in the tourism sector with growth in arrivals and higher spending per tourist could also contribute to growth above the baseline.” The IDB said the International Monetary Fund (IMF) is projecting that the Bahamas’ primary balance (revenues minus spending), but which strips out interest payments from the latter, could improve to a positive 0.7 per cent in 2017-2018. However, this appears somewhat optimistic, given that it is largely based on Baha Mar and investment projects that have yet to come to fruition - such as the Freeport Container Port expansion, Children’s Bay resort development

in the Exumas, and the Mediterranean Shipping Company (MSC) project on Ocean Cay. With the Bahamas projected to run a 0.3 per cent primary deficit for the 2016-2017 fiscal year, the IDB said post-Matthew reconstruction and relief efforts had likely increased the Government’s debt-toGDP ratio by 2.5 percentage points to around 77 per cent - a level well above the IMF’s ‘danger threshold’. “Simulations show that the Bahamas would need to adjust the primary balance by 2.17 percentage points of GDP to stabilise its debtto-GDP ratio,” the IDB said. Given that Bahamian annual GDP is between $8$9 billion, this implies that a $160-$180 million swing ‘into the black’ is required by the Minnis administration. Many observers believe faster economic growth is the key element to resolving the Bahamas’ fiscal and unemployment woes, but even here the IDB report

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was less than encouraging. “The Bahamas faces a tepid growth outlook,” it warned. “Growth has been averaging 0.5 per cent over the past 10 years. Real GDP is projected to grow by 1.4 per cent in 2017, compared to flat growth a year earlier. The International Monetary Fund’s projected average medium-term growth rate for the next five years is 1.7 per cent.” The only ‘positive’ takeaway from the IDB report is that the Bahamas’ debtto-GDP ratio would still stabilise over the medium to long-term, even if the economy suffered sudden shocks.

Yet even here it warned that “a stronger adjustment” is required if the Bahamas is to slash, rather than merely stabilise, its $7 billion national debt and accompanying ratios. “A simulation of the expected medium-term debt trajectory, subject to growth and interest rate shocks sustained over the two-year period from 2017– 2018, suggests that even under adverse shocks the debt path stabilises over time,” the IDB paper said. “The Bahamas remains vulnerable to shocks. Simulations of the sensitivity of the debt trajectory, using a one standard deviation

shock sustained over the two-year period from 2017– 2018, suggest that under all shock scenarios the debt path stabilises over time, though at a higher level, implying a stronger adjustment is needed to decrease debt in the medium to longer term. “The Bahamas is most sensitive to declines in GDP growth, lower than projected primary surpluses or a combination of several shocks, all of which would shift the debt trajectory up. In contrast, the Bahamas is less sensitive to interest rates shocks, partly because interest rates have been relatively stable in the past.”

PAGE 6, Friday, June 30, 2017

THE TRIBUNE

Mortimer paid $5m airport rent under last Govt From pg B1 Mr D’Aguilar’s attack and the potential impact on her business reputation. He added that she was “most upset” by the fact that all information relating to her dealings with NAD was readily available to the Minister, yet she appeared to be the victim of a politically-motivated address. Wayne Munroe QC, who was Mr D’Aguilar’s Freetown opponent as the PLP’s general election candidate, said it “would be useful and helpful” for the Minister to correct the remarks made about his client. Mr D’Aguilar, during his Budget debate address, had alleged: “Mr Deputy Speaker, there is a large tenant who operated five stores in LPIA. How she got five stores in the first place is mind-boggling to me, and reeks of an ‘all for me baby’ policy adopted by someone, sometime ago. “Anyway, Mr Deputy Speaker, as soon as the government changed in 2012, this tenant stopped paying rent, and by the end of December 2016 owed NAD $3.3 million. I am told that every effort that was made by NAD to collect this money was rebuffed by direct intervention by the political

directorate telling NAD to back off and stand down.” He added that $1.2 million of the $3.3 million receivable was written-off by the NAD Board under the Christie administration, with the remaining balance to be paid over time, in return for giving up one store. The Minister’s clear inference was that Ms Mortimer had obtained a ‘sweetheart deal’ due to her connections to the then-governing Progressive Liberal Party (PLP). Mr D’Aguilar’s comments ignited a firestorm of controversy, but nothing had been heard from Ms Mortimer until Tribune Business’s e-mail to her prompted Mr Munroe’s response on her behalf. Hitting back at each of the Minister’s allegations, the QC charged that while all other existing Lynden Pindling International Airport (LPIA) tenants were ‘grandfathered’ into leases in the new terminal buildings, Ms Mortimer had to bid on a Request for Proposal (RFP) to retain hers. “Any suggestion that my client received any favourable consideration from the PLP government or any government in the award of the leases her group of companies operate is er-

roneous,” Mr Munroe told Tribune Business. “The first point is that the leases for the news agents were the subject of a competitive RFP process in 2009 when the FNM was in power. Our client was made to compete for the lease of four locations, notwithstanding that everyone else - apart from the restaurant lease acquired by Mark Nabbie - was grandfathered. “Our client had previously operated news agent in the NIA (old airport), but was made to compete while other existing tenants were simply awarded leases,” he added. “The next point is that the RFP was for four stores together as a unit. It was a ‘winner of the RFP takes all four stores’. There was therefore nothing sinister about our client ending up with those four stores.” Mr Munroe then explained how the $1.2 million ‘write-off’ related to another LPIA tenant, whose obligations Ms Mortimer had inherited after she provided a guarantee to back them. “Tyrone Nabbie’s Kafe Kalik trademark restaurants won the restaurant leases, and he opened his trademarked restaurant,” the QC wrote to Tribune Business. “Our client, having guaranteed certain obligations of Mr Nabbie’s company, was forced to step in when

Legal Notice

Mr Nabbie fell into arrears with his rent. “Our client took an assignment and transfer of Mr Nabbie’s shares in his company,” Mr Munroe added. “She was made to pay a sum in the low to middle ‘six figures’ as arrears on Mr Nabbie’s operation. It is to be noted that $1 million of the arrears said to have been owed by our client is in relation to arrears from Mr Nabbie’s operations before our client took over. “The assignment and transfer of the shares, and the payment towards the arrears, was finalised in January-February 2012 when the FNM was still the Government of the Commonwealth of the Bahamas. “It can therefore be seen that the our client’s interest in all of the locations operated in LPIA was acquired under the FNM, and not the PLP.” Mr Munroe then refuted Mr D’Aguilar’s claims that PatMor had paid no rent at LPIA since 2012, saying: “The records of NAD would show that our client has paid approximately $5 million in rent over the last five years. It is difficult to understand how this fact could have not been known.” He then explained that the $2.1 million ‘balance’ of the $3.3 million receivable cited by Mr D’Aguilar was a ‘disputed sum’, relating to rental payments for which

Legal Notice

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

UKE LIMITED

RICKO LIMITED

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), UKE LIMITED., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 17th day of May, 2017.

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), RICKO LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 8th day of June, 2017.

In Voluntary liquidation

Aquitaine Services Limited Level 5, Mill Court La Charroterie, St Peter Port Guernsey, GY1 1EJ Liquidator

ROCKWELL LTD., 25 Mason Complex, Stoney Ground, The Valley, Anguilla, Liquidator

Ms Mortimer believed she was over-charged. Mr Munroe said his client felt she was paying almost four times’ as much as other LPIA tenants, and explained: “NAD started calculating our client’s rent as 38% of gross revenue [profit] based on a projection of a throughput of 3.8 million travellers. The actual throughput fell far short of the projections and our client filed a complaint with NAD. “NAD agreed to revisit the matter and negotiations followed. For context, NAD was at this time charging other tenants at a rate of 10 per cent of gross profits.” Mr Munroe said Ms Mortimer sought equal treatment for her stores, and “NAD eventually agreed that it was so after protracted negotiations. In the meantime they had continued to charge rent at 38 per cent of gross profits. “At all material times our client paid rent at the rate of 10 per cent as it understood applied,” he added. “NAD added interest on the difference and, together with that difference, this accounts for the sum said to be owed as arrears. “It should be obvious that there would be no reasonable justification for NAD discriminating by charging our client rent at a rate almost four times higher than everyone else.” Mr Munroe, on Ms Mortimer’s behalf, declined to comment further on the settlement agreement due to “legal and contractual restraints”. However, he added that the explanation for the former Board’s actions by then-chairman, Anthony McKinney, was “consistent” with their position. Mr Munroe emphasised that Ms Mortimer was honouring the settlement agreement with NAD, and emphasised that her primary concern was the damage done to her business reputation by the controversy. “She was very put out by it,” he told Tribune Business. “What she finds most unattractive is that the information was readily there. “She’s continuing to move on. The reputational thing in a small, vicious little country like the Bahamas

takes longer to subside and be forgotten. From a business perspective, she’s going ahead doing business. “It would be useful if Dionisio came out and at least corrected what he said. That would be useful and helpful.” Mr Munroe said he was prepared to give the Minister “the benefit of the doubt”, suggesting he may have been given misleading, inaccurate or incomplete information on PatMor’s arrangements with NAD. However, he criticised the practice of MPs and Ministers using the protection afforded by Parliamentary privilege to attack persons and companies who were not present to defend themselves. “Personally, I find it disturbing that Ministers of the present Government see it fit to attack private citizens and companies in the House of Assembly where they have the benefit of absolute privilege from actions for defamation,”Mr Munroe said. “I have always understood that the ethics of Parliament abhorred that practice, as the individual has no ability to respond or defend himself.” He urged the media to treat such attacks “with the proverbial bucket of salt unless the allegations are repeated outside of Parliament”. “You might be interested to note that Desmond Bannister’s rant about the contractors contracted to construct the sea wall at Smith’s Point is riddled with a lot of the same obvious inaccuracies,”Mr Munroe argued. “For instance he asserts, that the contractor had no experience in constructing sea walls when the contractor, as far as I am aware, has built all of the sea walls in Grand Bahama contracted by the Bahamas Government. “In fact, the same contractor built sea walls between 2007 and 2012 when Mr Bannister was a member of the Cabinet. In fact, the contractor was represented by Kwasi Thompson, the current FNM Minister, in an issue over compensation for works.”

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

MARKET REPORT THURSDAY, 28 JUNE 2017

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

BISX ALL SHARE INDEX: CLOSE 1,864.82 | CHG -0.05 | %CHG 0.00 | YTD -73.39 | YTD% -3.79 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.56 8.60 6.10 10.60 14.49 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.62 17.43 8.19 3.50 1.47 0.12 3.80 8.35 5.83 10.05 10.02 2.18 1.31 5.80 7.55 8.56 7.90 6.35 11.92 10.00

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

1.00 100.00 100.00 100.00 105.00 100.00 100.00 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

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

MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.49 1.67 1.58 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 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.27 15.85 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.49 10.02 2.48 1.56 6.00 9.75 9.00 9.75 6.90 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 109.07 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.27 15.85 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.49 10.02 2.48 1.56 6.00 9.75 9.00 9.75 6.90 12.50 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 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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

109.07 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 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

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

93,000

VOLUME

NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.444 0.932 -0.510 0.383 -1.117 0.000 -0.406 0.587 0.190 0.540 0.570 0.102 0.197 0.753 0.763 0.330 0.830 0.600 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000

P/E 9.6 17.0 N/M 9.4 N/M N/M -9.9 14.7 31.6 19.4 17.6 24.3 7.9 8.0 12.8 27.3 11.7 11.5 17.9 0.0

YIELD 1.87% 6.31% 0.00% 5.83% 0.00% 0.00% 2.25% 3.49% 3.67% 3.43% 5.69% 2.42% 3.85% 4.83% 4.62% 0.00% 3.49% 2.03% 4.96% 0.00%

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 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% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 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 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-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

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

The Public is hereby advised that I, VANDYKE DANIEL THOMPSON of Seabreeze Estates, New Providence, Bahamas intend to change my name to DANIEL VANDYKE THOMPSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer,P. O. Box N – 742, Nassau, Bahamas no later than Thirty (30)days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that Eliphene Sanon of Sandilands Village Road, New Providence, 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 30th day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MEDILIA DORESTIN of Durham Street, P.O.Box N-10441, 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 30th day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JUNIOR PETIT-HOMME of Pride Estates III, New Providence, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd Day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that Linda Pierre of Lucky Heart Corner off East Street, P.O.Box N-7060, 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 30th day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, June 30, 2017, PAGE 7

Aviation investors ‘stonewalled’ by the Christie Govt From pg B1 makes clear that it is referring to events that occurred under the former Christie administration, as the contents “cover the period through May 9, 2017” - the day before the general election. The ‘aviation companies’ complaints could again act as a deterrent to foreign direct investment (FDI) in the Bahamas, as they suggest the investment approvals process is far from transparent and subject to unknown influences. Yet it also offers the Minnis administration to make a ‘clean break’ with whatever happened in the past, and show it is committed to facilitating investment both Bahamian and foreign - via a process that is easily understood, offers precise response times that are adhered to, and is transparent and accountable. Oft-repeated concerns over the Government’s tendering and procurement processes were also reinforced by the US State Department’s report. “Some US companies have alleged a lack of transparency and undue political influence with government bidding and procurement processes, noting that not all potential government contracts, particularly those not financed through international financing institutions, are put out for tender,” it said. “Companies also complain that it is difficult to obtain information on the status of bids. In several highly publicised requests for proposals (RFP) in recent years, the Government did not meet stated deadlines or changed the nature of the RFP, and some contract renewals have been pending for 12 months or more.” Meanwhile, the US report also warned that Bahamas Power & Light’s (BPL) woes will not be solved until the Government permits increases in its base tariff rates - a prospect likely to be greeted with dread by most Bahamian households and businesses. “Electricity in the Bahamas remains expensive, unreliable and of poor quality, which continues to hinder development of large-scale manufacturing in the country,” the US State Department report said. “The situation is unlikely to change until the Government approves increases in electricity rates to support needed improvements in

power generation and distribution. “One bright spot is in residential renewable energy. URCA published initial regulations for gridtied, residential solar in December 2016, and BPL is now issuing licenses for small-scale solar systems. The BPL business plan calls for utility-scale solar in the Family Islands, but this is not likely to occur in the near-term.” The grim reality is that the US report is correct where BPL is concerned, since it will only be able to upgrade its aging infrastructure via increased cash flow and profitability generated by a rise in its base tariff. “The major challenges to investment in the [Bahamas] include the high cost and uncertain reliability of electricity; high unemployment combined with a limited pool of skilled labour; high labour costs and low rates of productivity; cumbersome and sometimes opaque administrative requirements; and an escalating crime rate,” the US State Department report said. “In addition, the reservation of certain sectors of the economy for Bahamians only acts as a non-tariff trade barrier to certain foreign investments that do not fit clearly within the National Investment Policy. The Bahamas remains the only country in the Western Hemisphere that is not a member of the World Trade

Organisation (WTO). “Companies report that the approval process for FDI and work permits can be cumbersome and timeconsuming and that, in some cases, applications have lingered for years. Large FDI projects require approval by the National Economic Council, which includes members of the Cabinet of The Bahamas....... “The Government of the Commonwealth of The Bahamas (GCOB or the Government) asserts, however, that the majority of foreign investment applications are processed quickly and without significant issues.” The US State Department also reiterated concerns over the failure to discipline wrongdoing by Bahamian attorneys, and the slow pace at which judicial disputes are resolved in the court system. “Property disputes can be challenging, sometimes lasting several years in the Bahamian court system,” the report said. “Investors complain that these matters are difficult to resolve, and that, even after a court decision has been rendered in their favour, they face difficulty in collecting or enforcing the court judgments. “The Embassy is aware of several complaints about local attorneys, primarily involving real estate transactions, which have resulted in significant losses to American investors. Embassy referrals to the Bahamas Bar Association for appropriate disciplinary action in these matters often go unanswered.”

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

. C O M

@100JAMZ242

PAGE 8, Friday, June 30, 2017

THE TRIBUNE

Global cyberattack seems intent on havoc, not extortion By RAPHAEL SATTER, JAN M. OLSEN and FRANK BAJAK Associated Press

PARIS (AP) — A cyberattack that caused indiscriminate economic damage around the world was apparently designed to create maximum havoc in Russia’s neighbor and adversary Ukraine, security researchers said. While the rogue software used in the attack was configured as extortionate “ransomware,” that may have just been a ruse. “It is clear that this was targeted indiscriminately at Ukrainian businesses, and the Ukrainian government,” Jake Williams, president of the security firm Rendition Infosec and a former member of the U.S. National Security Agency’s elite cyberwarfare group, told The Associated Press in an online chat. “The ‘ransomware’ component is just a smokescreen (and a bad one).” UKRAINE IN PAIN Although the attack was global in its reach, Ukraine bore the brunt. Computers were disabled at banks, government agencies, energy companies, supermarkets, railways and telecommunications providers. Many of these organizations said they had recovered by Thursday, although some experts suspected that work was incomplete. “There is still a lot of damage, especially in banks,” said Victor Zhora, CEO of the Kiev cybersecurity firm InfoSafe. “ATMS are working (again) but some bank operations are still limited.” He estimated damage in “the millions of dollars, perhaps tens of millions.” And that’s just in Ukraine. Microsoft said the malware hit at least 64 nations, including Russia, Germany and the United States. “I expect that we will see additional fallout from this is the coming days,” said Williams. In Ukraine, suspicion immediately fell on hackers affiliated with Vladimir Putin’s regime, although there is no direct, public evidence tying

Russia to the attack. Relations between the two nations have been tense since Moscow annexed the Crimean peninsula from Ukraine in 2014. Pro-Russian fighters are still battling the government in eastern Ukraine. Experts have also blamed pro-Russian hackers for major cyberattacks on the Ukrainian power grid in 2015 and 2016, assaults that have turned the eastern European nation into the world’s leading cyberwarfare testing ground. A disruptive attack on the nation’s voting system ahead of 2014 national elections is also attributed to Russia. THE MOSCOW CONNECTION The malicious program, which is known by a variety of names, including NotPetya, initially appeared to be ransomware. Such malware locks up victims’ files by encrypting them, then holds them hostage while demanding payment — usually in bitcoin, the hard-to-trace digital currency. But researchers said the culprits would have been hard-pressed to make money off the scheme. They appear to have relied on a single email address that was blocked almost immediately and a single bitcoin account that collected the relatively puny sum of $10,000. Firms including Russia’s anti-virus Kaspersky Lab, said clues in the code indicate that the program’s authors would have been incapable of decrypting the data, further evidence that the ransom demands were a smoke screen. The timing was intriguing, too. The attack came the same day as the assassination of a senior Ukrainian military intelligence officer and a day before a national holiday celebrating the new Ukrainian constitution signed after the breakup of the Soviet Union. “Everything being said so far does point to Russia being a leading candidate for a suspect in this attack,” said Robert M. Lee, CEO of Dragos Inc. an expert who has studied the attacks on Ukraine’s power grid.

What’s most worrisome and reprehensible, said Lee, is that whoever was behind the attack was unconcerned about the indiscriminate, collateral damage it caused — much of it within Russia itself. That’s highly atypical behavior for nation-states. ACCOUNTING FOR MALWARE Williams and other researchers said all evidence indicates that NotPetya was introduced via Ukrainian financial software provider MeDoc. It is one of just two companies in the eastern European nation that supplies required tax software, Zhora said. Security experts believe MeDoc was the unwitting victim of something akin to a “watering-hole attack,” where a malicious program surreptitiously planted at a popular destination infects parties that visit. MeDoc’s user base is heavily financial — and includes multinational corporations with offices in Ukraine. NotPetya was cleverly engineered to spread laterally within Windows networks and across the globe via private network connections. Globally, dozens of major corporations and government agencies have been disrupted, including FedEx subsidiary TNT. Danish shipping giant A.P. Moller-Maersk, one of the global companies hit hardest, said Thursday that most of its terminals were running again, though some are operating in a limited way or more slowly than usual. Problems have been reported across the shippers’ global business, from Mobile, Alabama, to Mumbai in India. At Mumbai’s Jawaharlal Nehru Port, several hundred containers could be seen piled up at just two of more than a dozen yards. “The vessels are coming, the ships are coming, but they are not able to take the container because all the systems are down,” trading and clearing agent Rajeshree Verma said. “We are actually in a fix because of all this.”

RESTORATION teams responded quickly to reports of service outages in the Lewis Yard, Pinder’s Point and Hunters area to begin replacement of stolen copper wires from a BTC substation. PHOTOS courtesy of BTC for Barefoot Marketing

BTC outage caused by copper thieves

BTC’s northern vice-president, Eldri Ferguson Mackey, surveys the damage with Adrian Allen of BTC’s field services following the discovery of copper cable theft in the Lewis Yard area.