01092019 BUSINESS

business@tribunemedia.net

WEDNESDAY, JANUARY 9, 2019

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DIONISIO D’AGUILAR

Web shop tax hikes ‘in our best interests’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE web shop industry tax hikes are in “the best interests of the Bahamian people” due to the social costs the sector imposes, a Cabinet minister argued yesterday.

Dionisio D’Aguilar, the minister of tourism and aviation, who has responsibility for gaming, said the Government should increase the revenue it earns from an “extremely profitable” sector to help mitigate gambling addiction and other challenges it creates.

Speaking ahead of yesterday’s full Cabinet meeting, Mr D’Aguilar said: “The Government is hoping for a favourable outcome. We must not lose sight of the fact the Government is hoping to raise additional revenues from the domestic gaming industry.

“It is the belief of the Government that the domestic gaming industry is extremely profitable, and we feel based on the social costs of gambling that the Government should improve its share of the revenues from gaming, so that was our purpose and that was our intention.

“Obviously the gaming house operators have deployed their legal team to contest what we’ve done,” he added, “but I think our motives were open and they were conducted with the best interest of the Bahamian people at heart. That’s what we’re trying to do.

“I think they fundamentally believe our methodology of taxation is not fair, and that’s why they have exercised their constitutional right to contest it. It’s a matter before the courts and the lawyers will address it at some stage.”

Carl Bethel QC, who is leading the Government’s negotiations with the web shop industry as both sides seek to avoid, or minimise, a lengthy and costly court battle, revealed last week that he had “rejected” a proposed settlement from Sebas Bastian’s Island Luck web shop chain and its attorney, Alfred Sears QC. He added that he was awaiting a similar proposal from Wayne Munroe QC, the attorney representing the Island Game and Paradise Games operations, before determining whether the two parties can further narrow their differences or if they will have to revert to the sector’s already-filed Supreme Court challenges.

“We’re always open to discussions and, as I say, the remit for this is now with the Attorney General’s Office,” Mr D’Aguilar said yesterday. “I’m sure the attorney general will bring about an amicable outcome, but the objective was to really increase the share of the Government from the domestic gaming industry.

“Everybody in this country believes that the gaming industry is highly lucrative, and feels that the Bahamian people or the Government should have a greater take from it. There’s no doubt of the social costs. There’s no doubt that a significant

SEE PAGE 8

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Tourism: $630k for $22 song ‘illogical’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Ministry of Tourism has slammed as an “illogical conclusion” findings it should pay an ex-beauty queen $630,000 for using a song that earned just $22 from Internet streaming in four years.

Its assertion came as the copyright violation battle with Khiara Sherman, the former Miss Bahamas Universe-turnedsongstress, heats up once again - this time over the ministry’s bid to depose the “expert” witness that calculated the amount of damages she is allegedly due.

The Ministry of Tourism’s US attorneys, Hogan Lovells, in a January 7 letter to the south Texas federal court argued that the evidence unearthed during the “discovery” process

• Any sums owed ex-beauty queen ‘miniscule’ • Claims she earning more now than its offer • Khiara: Ministry driving ‘financial strain’

KHIARA SHERMAN between the two sides showed that any compensation due to Ms Sherman for the alleged unauthorised use of her song, Fly Away With Me, was negligible.

Besides earning just $22 in Internet streaming “across all platforms” over a four-year period, the ministry’s attorneys reiterated

that the song’s licensing for sums ranging from “for free” to $750 undermined the findings of the exBahamian beauty queen’s witness, Ellis Rich, that she was owed a substantial six to seven-figure sum.

They argued that any sums owed to Ms Sherman were “miniscule” compared to the legal fees incurred by the Ministry of Tourism in defending the case, while claiming that her fellow plaintiff and record company - AK FortySeven Records - was really an individual with no experience in the music business.

However, Ms Sherman and her attorneys hit back immediately yesterday at the Ministry of Tourism’s efforts to undermine her credibility, and that

of Mr Rich, by describing the latter as a 55-year music industry veteran who once hired American Idol judge, Simon Cowell, as an assistant.

And they argued that it was the Ministry of Tourism, rather than the former beauty queen, that has “made every effort to drive up the costs of litigation” in the case in a bid to wear Ms Sherman down via the “financial strain” imposed by a long-running case.

The ministry’s attorneys, firing the first salvo in a dispute over where the London-based Mr Rich should be deposed, and who should pay for it, blasted: “Now that the parties have conducted

SEE PAGE 4

End to tax preferences ‘bites’ exchange control

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s elimination of preferential tax breaks “bites at the exchange control regime” and far more incentives than those identified in the act, an ex-attorney general argued yesterday.

John Delaney urged the Minnis administration to clarify the reach and breadth of the Removal of Preferential Tax Exemptions Act so that he and other attorneys could properly advise investor clients on how The Bahamas’ efforts to meet the European Union’s (EU) anti-tax avoidance demands will impact them.

While the act specifically lists International Business Companies (IBCs), Exempted Limited Partnerships (ELPs), Investment Condominiums (ICONs) and Executive Entities as vehicles whose preferential tax breaks will be eliminated by end-2021, Mr Delaney said its “general”

• Ex-AG: Far more incentives impacted • Urges govt to clarify new law’s reach • Extends to VAT, stamp on business sale

JOHN DELANEY language appears to expand its reach to other laws and products.

The Delaney Partners principal pointed, in particular, to the act’s section three, subsection one, which mandates that all Bahamianincorporated corporate vehicles conducting business “exclusively outside”

this nation pay local taxes at a rate/amount that is more than “nominal” or zero.

This, he suggested, caught more Bahamian corporate vehicles than the four specifically identified in the act, and meant the Removal of Preferential Tax Exemptions Act’s application seemed to extend to “biting into” the long-standing exchange control regime’s “divide” between companies that operate in - and outside - this nation and its economy.

The former attorney general added that the rush to meet the EU’s 2018 yearend deadline for eliminating so-called “ring fencing”, and ending preferential tax breaks provided to nonresident entities and foreign investors that were not available to counterparts operating in the domestic

Bahamian economy, had likely caused the ambiguity on how the new laws will work.

“I do question whether this Removal of Preferential Exemptions Act, which became live as of the first of this month, has sufficient clarity as to how it is intended to apply,” Mr Delaney told Tribune Business, hinting that amendments were likely.

While there was no mystery about how the Government intended to bring IBCs and the other three named products into compliance with the EU’s demands, he added that “of lesser clarity is the intended effect of the fairly general language” in the clause identified

SEE PAGE 2

$4.21 Union leader’s ‘distress’ on anti change labelling

PAUL MAYNARD

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMAS Power & Light (BPL) union leader yesterday asserted he “absolutely and totally embraces change” via renewable energy, adding that he was “distressed” to read otherwise.

Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, told Tribune Business that he was not opposed to the increased penetration of solar energy given the need to slash electricity costs to prevent “the economy tanking”.

Pointing out that he had been urging BPL management, board and the Government to focus on reduced energy costs as a matter of urgency, the union chief said this advocacy over the past four years showed he was focused on the bigger picture - The Bahamas’ economic welfare and that of its people - rather than the narrow interests of his members.

Mr Maynard hit back after Julian Brown, president and chief executive of BISX-listed Benchmark (Bahamas), cited comments he made about the “competition” solar energy provides BPL as an example of why The Bahamas must “embrace disruptive change” and not permit a minority to derail economic reforms that benefit the rest of society.

He suggested that the BEWU concerns over the increased penetration of solar energy was a prime example of resistance to technology-driven change that can improve living standards for the majority of Bahamians.

And, rather than fight the inevitable, Mr Brown urged the BEWU and the Bahamas Power & Light (BPL) workers it represents to push their employer to develop its own solar unit and re-train staff so they can install the technology.

Mr Maynard, though, suggested that the Benchmark principal had snatched at the wrong end of the stick, and said: “I never said I was against solar energy. I’m

SEE PAGE 5

Taylor Industries closes after 74 years

TAYLOR Industries building on Shirley Street.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TAYLOR Industries, the 74 year-old electrical retailer and contractor, was yesterday said to have ceased operating with its sole location completely locked down.

“Taylor Industries has closed down for good,” one well-placed source, speaking on condition of anonymity, told Tribune Business. “I’m

sure they tried to stay in business.” They added that the closure appeared to have occurred within days of the New Year.

A Tribune Business reporter who yesterday visited Taylor Industries’ location on Shirley Street, opposite Princess Margaret Hospital (PMH), at midafternoon found no sign of life with all doors and windows boarded up and shuttered at the peak of

the business day.

The company’s multiple phones just rang out when Tribune Business called them, while assistant general manager, Bryan Taylor, and sales chief, Derek Taylor, did not respond to this newspaper’s e-mails seeking comment.

Taylor Industries, according to its website, was founded in 1945 by cousins Charles and Archie Taylor.

Its store was originally

located on Bay Street until 1957, when it moved to its current Shirley Street site, and it retained its status as a family-owned company throughout its history.

It sold multiple heavyduty electrical appliances, including ovens, air conditioners, freezers, dryers and dishwashers from brands such as Maytag, Westinghouse and Lakeshore. Fans and lights were another of its staple product lines.

The company also offered full electrical contractor services, along with shipping, delivery and salary deduction/financing for government employees only.

Taylor Industries’ closure is another sign of the shake-out occurring within the Bahamian retail sector and other industries, which has already claimed other well-known, long-standing brands such as City Markets and John S George.

PAGE 2, Wednesday, January 9, 2019

THE TRIBUNE

BAHAMAS SAILS TO 45% BOOKING RISE VIA KAYAK DESTINATION booking website, Kayak, has named The Bahamas as one of its top five locations to visit in 2019 after bookings increased by 45 percent over the past year.

“Though flights can be pricey — ranging from roughly $400 to $500 roundtrip — those sugar-sand beaches, crystal blue waters and activities like snorkeling and deep-sea fishing

DIONISIO D’AGUILAR

have long made The Bahamas a hot spot for tourists,” the website said. “It’s trending once again as the Caribbean recovers from a rough tourist season.”

The Bahamas has frequently touted a strong 2018 tourism performance, with Ministry Of Tourism and Aviation (MOTA) officials reporting that stopover arrivals rose by 18 percent year-over-year

from January to October 2018. The Expedia travel website disclosed that room night sales have grown by 30 percent, with forward bookings up by 9.2 percent.

Dionisio D’Aguilar, minister of tourism and aviation, said: “The islands of The Bahamas had an exceptional year. The Ministry of Tourism changed its focus to the booking sites where many people book, like

ENTREPRENEURS IN FIRST ANNIVERSARY A BOUTIQUE print shop and shipping company based in Centreville is celebrating its first business anniversary this month.

“We’re just so grateful for the reception we’ve received in our first year,” said Gia Ifill, CUBIX’s president and graphic designer. “We appreciate that many businesses don’t make it through their first year, and so we want to use this month to thank our customers and to invite new people to experience all of the great services that we offer.”

The CUBIX concept was developed by Gia and her cousin, Tanielle Curtis, young entrepreneurs who nursed a dream to operate their own business after graduation.

“A print shop was the perfect opportunity for us,” said Ms Curtis. “Gia is a talented and creative graphic designer with unlimited ideas, while my passion is for watching our numbers and handling administration.

“We like to say that we are ‘the UPS Store of The Bahamas’ as much of what we do is the same – printing, packaging, shipping. A complete one-stop-shop that exists to make things easier for small businesses looking to have a team on their side.”

After securing funding from the Bahamas Entrepreneurial Venture Fund (BEVFL), CUBIX opened its doors on January 8, 2018.

Expedia and Kayak, and those sites saw increases. I think changing from traditional ways of advertising yielded great results.”

Joy Jibrilu, director-general of tourism, said even though The Bahamas has seen a tremendous increase there is still more to be done.

“We have worked very hard to get our numbers up and we have succeeded,”

End to tax preferences ‘bites’ exchange control FROM PAGE ONE

FAMILY Ties – Cousins Tanielle Curtis, right, and Gia Ifill opened CUBIX last January, and it is celebrating its first anniversary with customer appreciation specials and a social media contest.

“It’s been an exciting, fulfilling yet challenging year,” said Ms Ifill. “We’re a small business solutions and freight forwarding company, but customer service is the true heart of our business.

So it means we’ve spent the year getting to know our customers, finding out their needs and adding to our offerings accordingly.”

CUBIX offers print, design, copy and binding services to small businesses, law firms, teachers, hotels and restaurants, along with freight forwarding services.

“We heard people’s complaints about high shipping costs and unexpected surprises when their goods arrived, so we set out to solve that,” said Ms Curtis.

“So we ship the first 25 pounds freight-free, and we developed the CUBIX cost estimator that allows our customers to jump online and get a very accurate idea of what it will cost to bring in their goods, even before they purchase.”

Another offering includes free unlimited Cloud storage for all active customers, plus a Sweets Bar with treats for in-store customers. The company also introduced gift-wrapping services over the holidays, with boxes transformed into works of art before they left the building.

CUBIX will celebrate its first anniversary with various print specials on Super Bowl paraphernalia, flyers and banners, Free Delivery

Days, customer appreciation gifts and a #CUBIXHAPPY social media contest where the winner will take home a $250 Amazon Gift Card.

“We’re proud to say we have many happy customers after our first year,” said Ms Curtis. “So we’re running a contest until February 8 to make it even more exciting to share their experiences.

“To be eligible to win, entrants must follow or like @cubixbah on Instagram or Facebook, and post a photo of anything CUBIXrelated that makes them happy. It can be something we shipped or printed, something one wants shipped or printed, even just a happy photo of themselves along with the hashtag #CUBIXHAPPY in the caption.”

she said. “But we cannot rest on our laurels. We are still going to work diligently to draw more and more visitors to our beautiful destination, and we expect that 2019 will also be a great year for tourism in the islands of The Bahamas.”

The Ministry of Tourism added that it is getting set to rebrand the destination over the next month.

“There are other statutes that might involve certain activities that are carried on outside The Bahamas by domestic companies,” the Delaney Partners principal said. “There are other groups of Acts that exclude Bahamian companies operating abroad from being subject to the same amount of tax or no tax at all.”

Citing the Stamp Act as an example, he said it did not apply to non-resident companies - meaning those corporate vehicles that conduct business exclusively outside The Bahamas. As a result, unlike resident companies these entities do not currently pay the six percent stamp duty levied when a business or its shares are sold.

Yet Mr Delaney argued that non-resident companies will no longer enjoy this preferential treatment based on the Removal of Preferential Exemptions Act’s language.

“This Act says it applies to Bahamian companies carrying on business abroad,” he explained.

“There’s a question now if that business, carrying on business outside The Bahamas, must pay stamp duty if it is sold. Likewise in relation to the VAT regime. If you sell services to a business where the benefits reside abroad, the question is: If you’re

doing business with a Bahamian company not doing business in The Bahamas, but carrying out business outside The Bahamas, must they pay VAT at the same rate like a business doing business in The Bahamas?”

Mr Delaney argued that the Removal of Preferential Exemptions Act now appeared to intrude on the exchange control regime.

“There is that whole other regime out there and so, as lawyers when we look at the language of the Act, at least to me these terms are generic enough to open it to interpretation that it also bites into the exchange control regime divide between resident and non-resident businesses,” Mr Delaney told Tribune Business.

“To my mind it’s an entirely legitimate interpretation to say that it is not only biting into IBCs, ICONs, ELPs and Executive Entities, but to the extent there’s a component of the exchange control regime that gives companies a preference in relation to tax matters, that’s also removed.

“It seems to me that from an interpretation perspective that this impacts the exchange control regime,” he continued. “I say that as a lawyer having to advise clients of the implications of this, and at least not getting it wrong and leaving someone exposed to something.

THE TRIBUNE

Wednesday, January 9, 2019, PAGE 3

DOWNTOWN NASSAU IN ‘DIRE NEED’ OF PLAN

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net DOWNTOWN Nassau remains in “dire need” of planning and development, a local architect said yesterday, describing the area as “horrible” and “embarrassing”.

Marcus Laing of TDG Architects Ltd, while speaking at press conference to unveil the 28th annual Bahamas Business Outlook conference to be held on January 17, said: “A lot of structures downtown need to be managed differently, but the Government can’t force it.”

He added that Bay Street property owners, and others nearby, have to get on the same page and invest in the downtown

AN UNKEPT building on Bay Street.

Photo: Shawn Hanna/Tribune Staff

area. “Downtown is in dire need of planning and development,” Mr Laing said.

“The private owners can’t seem to to get on the same page. Downtown is the face of the country.

Our downtown is horrible. There definitely needs to be a creation of something different, something that has life and amenities that locals and visitors can enjoy.”

John Cox, founder of Popop Studios and creative arts director at Baha Mar, agreed and said: “It’s difficult sustaining things down there. There needs to be incentives for people to invest. Property owners may need to consider collaborating with a body of individuals, creatives and entrepreneurs who want

to do restaurants, coffee shops and bars to activate the spaces. Downtown is embarrassing. It connects Baha Mar and Atlantis, a bridge between the two, and you just want to speed through.”

Mr Cox added that there was a growing appreciation for Bahamian artists, creatives and their work.

“I think it’s a great time to be an artist in the region, and especially in The Bahamas,” he said.

“I think the appreciation is growing; it’s not where it should be, but it’s much better than it was 20-30 years ago. I think it’s a direct testament to the work and exposure people have and the value they see in creatives.”

Govt working on GB summer airlift

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Government is working to build a summer airlift initiative for Grand Bahama while remaining “resolutely focused” on selling the Grand Lucayan resort, a Cabinet minister said yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, said ahead of yesterday’s Cabinet meeting: “Our primary focus in Grand Bahama is to sell the Grand Lucayan. Our focus is resolutely on that fact. We are looking at airlift, but our focus is to get the Government out of the business of running hotels.

“The whole purpose of why we purchased that hotel was to act as a bridge between the former owner and a new owner, and that is our intention. We are resolutely focused on getting the hotel sold and in the hands of a company

or group of investors who know about running hotels.”

Mr D’Aguilar said the Grand Lucayan’s sale was still expected to complete by the end of 2019’s second quarter, and added: “We in the Ministry of Tourism are actively looking at an airlift programme for the summer.

“There are costs associated with that, and we have gone out of our way to fund the acquisition of the hotel.

We’ve got to manage our resources prudently. The Bahamian people don’t want any increased taxes, and they don’t want us to borrow any more money, so we have to live within our means.”

Canadian tour operator Sunwing last October announced that it had pulled the plug on its 2019 summer airlift programmen to Grand Bahama, blaming an “impasse” with the Government for its decision.

Mr D’Aguilar at the time

branded Sunwing’s financial demands as “madness”, as he accused the operator of failing to deliver and forcing all costs on to the Bahamian taxpayer.

He told Tribune Business then that the Canadian tour operator’s 2018 summer airlift programme had produced just 6,436 of the promised 20,000 visitors to Grand Bahama. Based on the $3m subsidy provided to Sunwing, the minister said this translated into paying more than $466 for every stopover passenger brought in - a sum that suggested 100 percent of the costs and risk were being borne by Bahamian taxpayers.

As a result, Mr D’Aguilar scoffed at the tour operator’s suggestion it had “lost millions of dollars” annually in providing summer airlift to Grand Bahama, adding: “It looks like they’re in the money.”

Blasting the Canadian tour operator’s explanation for pulling the plug on its

2019 summer airlift programme, Mr D’Aguilar said its announcement was “factually incorrect” and “disingenuous”. He added that its production was well short of the 30,000 visitors touted.

Describing Sunwing’s approach as “very confrontational, unwarranted and mean-spirited”, he suggested he would now seek to employ the incentive model agreed with Grand Bahama’s ferry/cruise providers - where tax rebates were determined by the number and type of passengers brought to the island - to airlift deals with the major carriers.

Janine Massey, the Sunwing Group’s chief marketing and technology officer, told Tribune Business at the time: “Simply put, we were unable to get anyone to extend/renew our existing agreement which had been in place for four years.

“Right now we have only

cancelled summer 2019. We will be concluding our planning for winter 2019-2020 in the coming weeks but, under the current circumstances, we may be forced to cancel all winter flights to Grand Bahama as well,” she wrote in an e-mailed reply to Tribune Business questions.

“Sunwing has been developing these routes for the last four years, and has lost millions of dollars each year in doing so, but saw it as a long-term investment and partnership. Last summer

and this summer, the flights were going to lose less than they had in the past and, therefore, with the programmes getting traction and losses reducing we were very sad to have to abandon something which we have worked so hard to foster.

“In addition, these flights in the summer meant that a lot of our hotel partners did not have to close - and did not have to lay off staff - in the low season. We are concerned that without our flying programme more jobs will be lost.”

PAGE 4, Wednesday, January 9, 2019

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THE TRIBUNE

Tourism: $630k for $22 song ‘illogical’ FROM PAGE ONE discovery in this case, it is abundantly clear that the amount in controversy is miniscule compared to the costs plaintiffs [Ms Sherman and AK FortySeven Records] have imposed on the Ministry in defending this case...

“Discovery has also revealed that plaintiff ‘AK FortySeven Records’ is a single individual who has no experience in the music industry, and who has never made a profit from Ms Sherman’s music. Over the last four years, the song at the center of this dispute, Fly Away With Me, has generated in total approximately $22 in streaming revenue across all platforms.

“Not surprisingly, the song has been licensed for free, for $500, and for $750.

Despite these undisputed facts, plaintiffs’ sole liability and damages expert in London has concluded that plaintiffs would have somehow exacted a $630,000 payment from the Ministry to use 15 seconds of the song,” Hogan Lovells argued on the ministry’s behalf.

“It is because of this illogical conclusion, and many others put forth in his report, that the ministry needs to depose Mr Rich before its own experts submit their reports (which will be due on February 8, 2019.”

Besides the copyright violation claim, Ms Sherman is also seeking damages for the Ministry of Tourism’s alleged breach of an employment contract with her - something the latter’s attorneys also sought to discredit in their latest legal filings.

“Discovery has revealed that plaintiff Khiara Sherman has made more money at her current job than she would have received from the allegedly breached employment contract with the ministry,” they added.

These claims provoked a rapid response from Ms Sherman and her legal advisers, who described Mr Rich the international manager at EMI Music Publishing responsible for signing artists such as Blondie.

“Most importantly for purposes of this issue, Mr Rich was chairman of the Performing Rights Society (PRS) for the maximum tenure,” the former Bahamian beauty queen’s attorneys said. “The Performing Rights Society is the entity that oversees licensing and royalty collection in many former

Commonwealth countries, including the Bahamas.

“In addition, Mr Rich has given multiple copyright seminars in the Caribbean, including one with Stevie Wonder’s manager. For these reasons, Mr Rich is uniquely positioned to offer opinions concerning the market value for a licensing fee covering the ministry’s infringement of Fly Away With Me. “We could not locate anyone willing to testify in the United States with Mr Rich’s level of global expertise, which is critical because this is a global case,” Ms Sherman’s attorney, Nick Brown, added. “The Ministry of Tourism is a foreign entity. The infringing commercials aired across the entire United States and twenty-five Caribbean countries.

“My clients are pursuing claims for infringement in both the United States and multiple countries in the Caribbean. The ministry recently required us to travel to Miami for depositions of two key witnesses, and other key witnesses from the ministry are located in The Bahamas, which will require further travel to take those depositions.

“Mr Rich agreed to perform his analysis and work for this case on a reduced fee schedule, as he was moved to help due to the overt and unconscionable

actions of the ministry in this case. Plaintiffs are regular people, and vindicating their rights in court have presented a substantial burden on them.”

Ms Sherman’s attorney blasted the Ministry of Tourism’s complaint about costs “as a farce”, pointing out that Hogan Lovells had admitted in other court cases that its partners were paid $800 per hour - “more than five times’” what the ex-beauty queen is paying.

“To the Ministry of Tourism, a few thousand dollars may not seem like much.

To my clients, paying for even the cost of her own attorneys to fly to London, imposes an extreme economic challenge.

Ms Sherman works an hourly job and her record label has yet to turn a profit,” Mr Brown countered.

“The Ministry has extensively deposed my clients regarding their financial information, and knows the financial strain associated with this litigation. The ministry has made every effort to drive up the costs of litigation, including filing two motions to dismiss; suing her personally; demanding to take the deposition of one of plaintiffs’ witnesses (the owner of the record label) for two full days; and refusing to compromise on even basic discovery issues.

“If the ministry is permitted to make a simple copyright case cost prohibitive to pursue, artists will be robbed of the sole recourse to protect their work... The cost to the ministry of repeatedly shifting positions, sending e-mails, writing letters and now involving the court almost certainly exceeds the cost of being agreeable in the first place.”

Ms Sherman is alleging that the Ministry of Tourism breached her copyright by using her Fly Away With Me song in its advertising and promotional campaigns without permission - a charge the ministry vehemently denies.

To advertise in The Tribune, contact 502-2394 COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW & EQUITY SIDE BETWEEN

2010 CLE/qui/00521

IN THE MATTER OF THE QUIETING TITLES ACT 1958 AND IN THE MATTER of the Petition of JOHN AND GINA NIXON, both of the Island of Mars Bay, Andros, one of the Islands of the Commonwealth of The Bahamas.

AND IN THE MATTER OF ALL THAT: piece parcel or lot of land being 1.217 acres of land in the settlement of Mars Bay in the Island of Andros one of the Islands of the Commonwealth of The Bahamas, which said piece parcel or lot of land is more particularly described on the Plan filed in this action and thereon coloured Pink.

NOTICE TAKE NOTICE THAT: JOHN NIXON AND GINA NIXON, claims to be the owners in fee simple in possession of the piece parcels or lots of land hereinbefore described and have made application to the supreme Court of the Commonwealth of the Bahamas Under Section 3 of the Quieting Title Act, 1959 to have their title to the said the piece parcels or lots of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. A copy of the plan of the said land may be inspected during normal working hours at: i. Registry of the Supreme Court, British American Building, Malborough and George Streets in the City of Nassau, New Providence The Bahamas; ii. The office of the Administrator, in The Bluff, Andros; iii. Lojay Law Chambers, Dennings Manor, Alice Street, Nassau, New Providence, the Bahamas, Attorney for the Petitioners.

NOTICE IS HEREBY GIVEN that any person or persons having any dower or right of dower or an adverse claim not recognized in the Petition shall on or before the 31st, day of March, A.D., 2019 file in the said Registry of the Supreme Court and serve on the Petitioner or the undersigned, a statement of such claim. Failure of any such to file and serve a statement of claim by the above time will operate as a bar to such claim.

Dated this 215t, day of December 2018 LOJAY LAW CHAMBERS. Dennings Manor, Alice Street Nassau, Bahamas Attorney for the Petitioner

THE TRIBUNE

Wednesday, January 9, 2019, PAGE 5

Union leader’s ‘distress’ on anti change labelling FROM PAGE ONE

not. For four years I’ve been advocating that the price of electricity has got to go down.

“I for one realise that the price of electricity being what it is, if nothing is done as quickly as possible we’re going to tank the economy and we’ll all go down with it.”

The BEWU president said Mr Brown’s comments “distress me”, adding that the latter would have seen he has “no problem with solar energy” if the interview had been read and understood un full.

“You know that I’ve been advocating for the Government to lower the cost of electricity for this country, or it is going to tank, for four years,” he told Tribune Business. “You need to tell Mr Brown he’s very wrong in his opinion about me and what I stand for. I’ve been a very unorthodox union president as you know; I call it as I see it.

“As a matter of fact I’m

very for solar energy in the Family Islands as it will save BPL a lot of money since it will not have to ship fuel there. We need to employ renewables. Solar energy is now BPL’s competition, and I intend this year to make sure BPL workers and members of the union get into the fighting spirit and offer stellar service.

“If the lights go off, the customers want them back on as soon as possible.

People want good service, and to compete with solar we’ve got to have impeccable service.”

While the small scale renewable generation (SSRG) initiative has been launched for output of 100 kilowatts (KW) or less, Mr Maynard said he was unaware of “what’s holding BPL up” in terms of its own solar and sustainable energy initiatives.

“It has to be part of the strategy for the Family Islands going forward,” he reiterated. “Anything that modernises and involves renewables is a positive

for BPL staff because they get retooled and retrained.

That’s what has to happen.”

Mr Maynard said such retooling awaited BPL’s moving forward with Shell North America, and concluding the agreement for the latter to build, own and operate a new multi-fuel power plant featuring liquefied natural gas (LNG) - at Clifton Pier that will start producing by 2021-2022.

He added that BPL staff retraining was “absolutely imperative” to adapt to such change, and said: “I am certainly telling the chairman [Dr Donovan Moxey] every time I talk to him that it’s important with any deal that comes forward the members are included in it, and retooled and retrained.

“We’ve got to keep pace.

The staff at BPL, especially the younger ones, are very tech savvy so they should benefit from it a great deal.

I absolutely and totally embrace change. It’s very much needed at BPL. You see the light bill. That bill

needs to be cut in half, and whatever it takes we need to do it.”

Mr Maynard and Mr Brown are in agreement on this aspect at least. The latter told Tribune Business on Tuesday: “Unless BPL adjusts its business model and embraces the change, like the dinosaur it will die.

“We note that some change in the generation plant of BPL is under way and, while that is significant to the future of the company and the cost of electricity for the Bahamian economy, it still is not the most efficient solution for the company or country. Therefore, BPL will need to make further adjustments to its generation plant over the next decade.”

The Benchmark chief added that “the ripple effect of drastically reduced energy costs” via solar and other renewable forms would result in an “explosion of entrepreneurial opportunities and businesses” - advantages that were impossible to ignore.

THE

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EVERY SUNDAY - 10AM TO 1PM

PAGE 8, Wednesday, January 9, 2019

THE TRIBUNE

Web shop tax hikes ‘in our best interests’ FROM PAGE ONE

portion of those that game have not spent their money wisely and, when they don’t, they turn to the state for assistance, so it just behooves the Government to improve its take.”

Tribune Business previously reported that the Government and web shops had narrowed their differences/concerns over the five percent stamp duty levy to be imposed on gaming patrons, but were likely to need the courts to resolve the dispute over the “sliding scale” tax structure.

However, Mr Munroe had argued that his clients believe no taxes are currently owed by any operator. He based this on a combination of the Government repealing the old tax structure in the budget, but then failing to properly replace it because it used incorrect language to describe the basis for the “sliding scale” taxation structure.

While the Government has subsequently corrected this by tabling amendments to the Gaming Act’s regulations in the House of Assembly and Senate, these have not been given effect through an appearance in

the Government’s Gazette.

Mr Munroe also pointed out that taxes cannot be made retroactive to cover the five months already missed.

The Government had previously pledged to clean up language and definitions relating to the five percent “patron tax”, and to address industry concerns over “rounding” that could result in web shops levying more than the due rate, thereby exposing them to patron lawsuits.

However, little to no progress has been made over the “sliding scale” taxation structure. The web shops’ case is based on what they allege is the lack of due process afforded to the industry over its introduction, and they view its new and increased rates as arbitrary, punitive and discriminatory.

Under this structure, web shops pay on each portion of their revenue: • Up to $20m in revenue, a rate of 20 percent.

• Between $20m and $40m, a rate of 25 percent.

• Between $40m and $60m, a rate of 30 percent.

• Between $60m and $80m, a rate of 35 percent.

• Between $80m and $100m, a rate of 40 percent.

• Over $100m, a rate of

NOTICE TRESOR ASSETS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) TRESOR ASSETS 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 4th January, 2019 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 9th day of January, A. D. 2019 _________________________________ Bukit Merah Limited Liquidator

50 percent.

Five out of seven web shop operators fell solely in the lowest 20 percent category, while for a sixth, only a small portion of its revenue fell into the 25 percent category. Only Island Luck, the market leader, whose revenues will attract all tax rates.

The dispute has already resulted in the Government missing its budgeted revenue projections from the gaming industry, with the loss pegged at between $8-$12m for the 2018-2019 fiscal year’s first quarter.

This loss could now increase if a prolonged court battle results.

However, the Government’s recent Fiscal Strategy Report declined to adjust forecasts because its legal case is “on solid ground”. The gaming sector - hotel casinos as well as web shops - is forecast to generate $70m in revenue for the Public Treasury this fiscal year, having exceeded 2017-2018 estimates by 35.8 percent at $37.2m compared to initial projections of $27.4m.

The increased web shop taxation is thus predicted to almost double total gaming revenues in 2018-2019, with the Ministry of Finance is forecasting that gaming revenues will grow steadily to $73.5m in 2019-2020, before increasing further to $76.5m in 2020-2021 and $79.1m in 2021-2022.

Meanwhile, the web shop industry and its consultants have argued that The Bahamas is unique in levying a tax directly on patrons as opposed to the gaming house operators.

However, the Government believes this is necessary to tackle the social ills caused by excessive gambling and help deter the industry’s growth.

To advertise in The Tribune, contact 502-2394

US MEDICAL MARKETING REACHES $30BN, DRUG ADS TOP SURGE

By LINDSEY TANNER Associated Press ADS for prescription drugs appeared five million times in just one year, capping a recent surge in US medical marketing, a new analysis found.

The advertisements for various medicines showed up on TV, newspapers, online sites and elsewhere in 2016. Their numbers soared over 20 years as part of broad health industry efforts to promote drugs, devices, lab tests and even hospitals.

The researchers estimated that medical marketing reached $30bn in 2016, up from $18bn in 1997. Spending on consumer-focused ads climbed fastest. But marketing to doctors and other health professionals still grabbed the biggest share with the bulk of it paying for free drug samples.

“Marketing drives more treatments, more testing” that patients don’t always need, said Dr Steven Woloshin, a Dartmouth College health policy expert. Woloshin wrote the report with his wife, Dr Lisa Schwartz, both longtime critics of overdiagnosis and overtreatment. She died in November.

They analysed marketing data from the US Food and Drug Administration, Medicare, other federal and state agencies, private companies and medical research. The report covers 1997, when the FDA eased rules for TV ads, through 2016. Although some types of spending waxed and waned during those years, Woloshin said the upward trend is concerning and suggests consumers need to be increasingly skeptical about marketing claims.

The report was published Tuesday in the Journal of the American Medical Association. All marketing spending was adjusted to 2016 dollars.

A journal editorial notes that medical marketing has survived legal challenges and “needs no apologist”.

It has helped make patients more informed consumers and it’s up to doctors to help their patients understand product claims, although some physicians need more education themselves about deceptive marketing, the editorial suggests.

CONSUMER-FOCUSED MARKETING

BOTTLES of prescription medicines ride on a conveyor belt at a pharmacy warehouse in Florence, NJ. According to a report released yesterday, annual spending by the US health industry on ads and promotions has reached $30bn.

Spending on direct- has led to spotty overto-consumer marketing sight by both agencies. It climbed fastest, from $2bn notes that while company or 12 percent of total mar- submissions more than douketing to almost $10bn and bled over the two decades, one-third of overall spend- reaching nearly 100,000, ing. Only the US and New FDA violation letters for Zealand allow prescription misleading drug marketdrug advertising, which in the US went from just over ing dropped from 156 to $1bn and 79,000 ads to $6bn 11. That could mean drug and five million ads in 2016. companies are doing a The category also better job of self-policing includes TV ads and other but Woloshin said it’s more marketing for hospitals, likely regulators are overwhich skyrocketed to whelmed by the volume almost $3bn. and can’t keep up.

Spending on diseaseStill, the report notes an awareness ads more than increase in FDA violation doubled, to $430m spent on letters about marketing of 401 campaigns. Woloshin unapproved genetic tests. said this was among the And off-label or decepmost disturbing trends. tive marketing practices Drug names aren’t menhave resulted in $11bn in tioned, but manufacturers often use these to “sell” dis- fines and 103 settlements eases that can be treated by between drug companies and federal and state regucostly new drugs, he said. lators since 1997.

DOCTOR-FOCUSED WHAT DOCTORS SAY MARKETING The American MediMarketing aimed at doctors, nurses and other cal Association in 2015 health professionals went supported banning directfrom $16bn to $20bn, about to-consumer ads for two-thirds of all spending. prescription drugs and says About $12bn went for free doctors should not accept drug samples, although medical industry payments that spending has dropped or gifts intended to influrecently. Spending on per- ence prescribing habits. sonal pitches from drug “The vast majority of phycompany sales reps was mostly unchanged at $5bn sicians prescribe drugs and treatments they believe are after an early increase.

The government’s Open in the best interest of their Payments website lists doc- patients,” the AMA said tors with financial ties to in a response to the new drug and medical device analysis. makers and in 2022 it will WHAT INDUSTRY SAYS expand to include physician Holly Campbell, assistants and nurses with spokeswoman for the Pharadvanced training. maceutical Research and REGULATORY Manufacturers of America, OVERSIGHT defended industry marFederal law says adver- keting practices and said tising must be truthful, not direct-to-consumer ads deceptive and backed by can make patients better scientific evidence. The FDA oversees prescription informed about their health drug and device adver- and treatment options. She tising; the Federal Trade said these ads also “increase Commission regulates over- awareness of the benefits the-counter products. The and risks of new medicines analysis suggests that the and encourage appropriate surge in medical marketing use of medicines.”

NOTICE

NOTICE

NOTICE

SARANTI INVEST LTD.

TIPCLIP INVEST LTD.

DIRHOHILL INVEST LTD.

NOTICE is hereby given as follows:

NOTICE is hereby given as follows:

NOTICE is hereby given as follows:

(a) Saranti Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(a) Tipclip Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(a) Dirohill Invest Ltd. 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 8th day of January, 2019.

Dated 8th day of January, 2019.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated 8th day of January, 2019.

Beatus Limited Liquidator

Beatus Limited Liquidator

NOTICE Nebula Holdings Limited ________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 18th day of December, 2018.

Delano Aranha Liquidator of NEBULA HOLDINGS LIMITED

Beatus Limited Liquidator

PAGE 10, Wednesday, January 9, 2019

THE TRIBUNE

Sears - another reprieve from liquidation

CROSSWORD PUZZLE

Thursday, January 10, 2019

NEW YORK Associated Press SEARS received another possible lifeline yesterday when the company’s chairman and largest shareholder promised to line up the necessary financing to keep the struggling department store chain afloat.

The reprieve came after what Sears lawyers described to a bankruptcy judge in New York as “round-the-clock” negotiations following the company board’s initial rejection of Eddie Lampert’s proposal, which sought to preserve 425 stores and 50,000 workers.

According to lawyers close to the matter, one of the main sticking points was that the bid didn’t include cash. The revised version now requires Lampert to deposit $120m by 4pm today through his ESL hedge fund.

The fate of Sears remains to be determined.

Lampert’s bid will go to an auction set for Jan 14 and will compete with other bids from liquidators looking to shut down the company.

A committee of unsecured creditors has been pushing for straight liquidation and believes there are litigation claims against ESL for prior transactions.

In a statement emailed to The Associated Press, ESL said it “appreciates the encouragement from the court and the constructive engagement of the debtors as we work to formalise our going concern proposal so that it can be evaluated at the upcoming auction.”

MARKET REPORT TUESDAY, 8 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,106.54 | CHG 0.14 | %CHG 0.01 | YTD -2.91 | YTD% -0.14 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.48 0.56 3.92 10.20 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.48 13.50

52WK LOW 3.50 19.17 4.90 3.32 0.90 0.18 2.10 8.70 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 5.85 3.25 12.51

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL LAST CLOSE AML 4.43 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.46 BBL 0.56 CAB 2.30 CIB 10.20 CHL 6.15 CBL 4.50 CBB 11.01 CWCB 2.29 DHS 1.78 EMAB 7.96 FAM 6.30 FBB 12.85 FIN 6.98 FCL 3.62 JSJ 13.01 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.52 1.68 1.61 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.43 17.43 7.00 4.90 1.46 0.56 2.30 10.20 6.15 4.50 11.01 2.32 1.78 8.11 6.30 12.85 6.98 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.15 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 1.00

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

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

91

VOLUME

EPS$ 0.147 0.932 -0.306 0.323 0.085 0.000 -0.523 0.700 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.762 0.578 0.277 0.631

DIV$ 0.120 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.280 0.500 0.150 0.130 0.600

P/E 30.1 18.7 N/M 15.2 N/M N/M -4.4 14.6 12.8 29.2 17.6 22.7 8.5 N/M 13.1 16.9 12.1 13.1 20.6

YIELD 2.71% 7.23% 0.00% 4.90% 0.00% 3.57% 0.00% 6.96% 3.58% 2.67% 5.63% 2.59% 3.37% 1.04% 4.44% 3.89% 2.15% 3.59% 4.61%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.43 8.57 6.57 10.37 11.68 10.32 9.92 8.69 11.79

YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Nov-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018

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

“We believe in Sears and will continue to do everything we can to ensure that it has a profitable future,” ESL added.

It’s unclear who will be the winner of the auction process, which could take a few days. A bankruptcy judge will then weigh different scenarios including the value of retaining 50,000 jobs, according to David Wander, an attorney at Davidoff Hutcher & Citron, which represents two of Sears vendors.

“You always want a competitive bidding process.

You never get the best value if you have only one party,” Wander said.

The 11th hour negotiation is yet another twist in the rocky journey of Sears whose fate has been hanging in the wind, particularly since it filed for Chapter 11 bankruptcy on Oct 15. As of the filing, the company had just under 700 stores and 68,000 workers.

Sears, which began as mail order watch business 132 years ago and grew to be the largest retailer in the world, has been in a slow death spiral, hobbled by the Great Recession and outmatched by competitors like Amazon and Walmart Under Lampert, Sears has bought time over the years by spinning off stores and putting on the block the brands that had grown synonymous with the company, such as Craftsman. Lampert loaned out his own money and put together deals to keep the company going, turning whatever profit he could for his hedge fund.

To advertise in The Tribune, contact 502-2394

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JONIQUE MELITA CAPRON of Barc Project Road, Barc Community, P.O. Box EE17822, Andros, Bahamas, intend to change my name to JONIQUE MELITA RUSSELL. 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 In the Estate of Cyprianna Georgina Brice late of Anson Road and Eneas Avenue, Stapledon Gardens in the Western District of the island of New Providence one of the islands of the Commonwealth of The Bahamas..deceased NOTICE is hereby given that all persons having any claim or demand against the above-named Estate are required to send the same to the undersigned on or before the 23rd day of January, A.D. 2018 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 8th day of January, A.D. 2018 MANGRA & CO. No. 18 Parliament Street, Nassau, N.P. The Bahamas

THE TRIBUNE

Wednesday, January 9, 2019, PAGE 11

California bill would require businesses to offer e-receipts SACRAMENTO Associated Press CALIFORNIA would become the first state to require businesses to offer electronic receipts unless customers ask for paper copies under legislation proposed yesterday.

Many businesses and consumers already are moving toward e-receipts, said Democratic Assemblyman Phil Ting of San Francisco.

But he said a law still is needed because many consumers don’t realise most paper receipts are coated with chemicals prohibited in baby bottles, can’t be recycled and can contaminate other recycled paper because of the chemicals known as Bisphenol-A (BPA) and Bisphenol-S (BPS).

His bill, AB161, would require all businesses to provide proof of purchase receipts electronically starting in 2022 unless the customer asks for a printed copy.

of straws is declining after that law was passed.

Many larger stores already offer the choice involving receipts but it is unclear if a mandate would cause a hardship for small and medium-size stores, said California Retailers

ASSEMBLYMAN PHIL TING, D-San Francisco, displays a long paper receipt as he discusses his bill to require businesses to offer electronic receipts yesterday in Sacramento, Calif. Under the legislation customers could receive a paper receipt on request.

Photo: Rich Pedroncelli/AP It comes days after another first-in-the-nation California law took effect requiring dine-in restaurants to provide drinking straws only at customers’ request.

The penalties in Ting’s bill are modelled on the straw bill, said Nick Lapis of Californians Against

Waste. It calls for written warnings for the first two violations and a fine of $25 a day for subsequent infractions, with a $300 cap.

“It’s intended to be a pretty light touch in terms of enforcement,” Lapis said.

Advocates said the use

World Bank cuts forecast for world economic growth in 2019 WASHINGTON Associated Press THE World Bank is downgrading its outlook for the global economy this year, citing rising trade tension, weakening manufacturing activity and growing financial stress in emerging-market countries.

In a report titled “Darkening Skies”, the anti-poverty agency said yesterday that it expects the world economy to grow 2.9 percent in 2019,

down from the three percent it forecast back in June. It would be the second straight year of slowing growth: The global economy expanded three percent last year and 3.1 percent in 2017.

“Global growth is slowing, and the risks are rising,” Ayhan Kose, the World Bank economist who oversees forecasts, said in an interview. “In 2017, the global economy was pretty much firing on all cylinders. In 2018, the engines started sputtering.”

The bank left its

forecast for the US economy unchanged at 2.5 percent this year, down from 2.9 percent in 2018. It predicts 1.6 percent growth for the 19 countries that use the euro currency, down from 1.9 percent last year; and 6.2 percent growth for China, the world’s second-biggest economy, versus 6.5 percent in 2018.

The bank upgraded expectations for the Japanese economy, lifting its growth forecast to 0.9 percent, up from 0.8 percent in 2018.

Association spokeswoman Pamela Williams. Her association and the California Chamber of Commerce have not taken positons on the bill.

Ting said businesses can save money by moving away from printed receipts.

The advocacy group Green America, which is pushing a “skip the slip” campaign, estimated that millions of trees and billions of gallons of water are used annually to produce paper receipts in the United States.

PAGE 12, Wednesday, January 9, 2019

THE TRIBUNE

Stocks rise again as investors hope for trade breakthrough NEW YORK Associated Press STOCKS climbed for the third day in a row yesterday as the latest round of trade talks between Washington and Beijing continued. It’s the longest winning streak for US indexes since late November.

News reports said the trade negotiations would be extended to a third day, a potential positive sign even though no major developments have been announced so far. Experts say it will take months for them to resolve the causes of the trade war, which include disagreements over Beijing’s handling of technology and intellectual property.

Investors have become notably more optimistic about an eventual deal, a sharp reversal of the concerns that helped send stocks plunging in October and December. An agreement between the two biggest economic powers in the world could remove a major obstacle to global economic growth, and many of the biggest gains yesterday went to companies that usually do better in times of faster growth, including internet, technology and industrial stocks. Oil prices also kept rallying.

Kate Warne, an investment strategist for Edward Jones, said the market’s large moves in recent weeks reflect investors’ questions about major issues including economic growth, the threats of recession and trade tensions, and rising interest rates. She said it’s normal for stocks to repeatedly change course as traders grapple with those issues on a day-to-day basis.

“You have new information that’s driving stock prices both higher and lower, and that’s pretty typical when there’s uncertainty

TRADER TOMMY KALIKAS, left, and specialist Philip Finale work on the floor of the New York Stock Exchange yesterday. Stocks are opening broadly higher on Wall Street, building on two days of solid gains.

Photo: Richard Drew/AP and there’s a lot of new information coming into the market,” she said.

Warne added that trading on Wall Street is typically light during the holidays, and that may have contributed to the huge swings in late December and early January.

The S&P 500 index rose 24.72 points, or one percent, to 2,574.41. The Dow Jones Industrial Average picked up 256.10 points, or 1.1 percent, to 23,787.45.

The Nasdaq composite climbed 73.53 points, or 1.1 percent, to 6,897. The Russell 2000 index of smaller-company stocked gained 21.19 points, or 1.5 percent, to 1,426.55.

Railroad operator Union Pacific made one of the biggest gains among S&P 500 companies. It surged 8.7 percent to $150.75 after hiring longtime Canadian National railroad executive Jim Vena as its chief operating officer.

Other transportation and industrial companies also jumped. Aerospace giant Boeing rose 3.8 percent to $340.53 and trucking and logistics company J.B. Hunt rose 2.8 percent to $95.88.

Among communications companies, Facebook rose 3.2 percent to $142.53.

Verizon added 2.9 percent to $58.38 after it reported strong wireless subscriber gains in the fourth quarter.

Among consumer-focused companies, Amazon gained 1.7 percent to $1,656.58 and Nike shot up 1.3 percent to $76.73.

Oil prices also continued to rally. US crude rose for the eighth day in the last nine, jumping 2.6 percent to $49.78 per barrel in New York.

Brent crude, used to price international oils, gained 2.4 percent to $58.72 a barrel in London.

US crude dropped from $76 a barrel in early October

to about $42 a barrel on Dec 24 as investors worried about slowing economic growth and a supply glut. Brighter prospects for growth and higher energy demand have helped send energy prices higher since then.

Bond prices fell and yields rose, another sign of optimism about economic growth. The yield on the tenyear Treasury note rose to 2.73 percent from 2.65 percent late on Monday.

Despite the upward move in bond yields, which usually helps banks by sending borrowing rates higher, bank stocks lagged the market yesterday.

Investors may have been preparing for future disappointment: analysts for Goldman Sachs lowered their forecasts for bond yields around the world.

The yield on the ten-year Treasury note has fallen sharply since October, when

it reached a seven-year high, and the report says yields “may have peaked for this (economic) cycle”.

South Korean smartphone and computer chip maker Samsung said demand for chips is weak because the global economy is slowing. Last week Apple said its iPhone sales in China slumped, which traders took as a warning sign about its economy.

Samsung fell 1.7 percent in Seoul and US chipmakers slipped. Nvidia lost 2.5 percent to $139.83.

Car retailer AutoNation said 2019 will be challenging year for sales, and its stock lost 3.9 percent to $36.18.

The company also said it is restructuring its business, and several top executives including its chief operating officer are departing. Used car dealership CarMax gave up 2.3 percent to $64.91 while auto parts retailer AutoZone skidded 1.3 percent to $811.37.

The dollar edged up to 108.65 yen from 108.59 yen.

The euro fell to $1.1443 from $1.1478.

In other commodities trading, gold fell 0.3 percent to $1,285.90 an ounce and silver dipped 0.3 percent to $15.71 an ounce. Copper rose 0.7 percent to $2.66 a pound.

Wholesale gasoline rallied 1.6 percent to $1.36 a gallon while heating oil jumped 2.7 percent to $1.83 a gallon.

Natural gas gained 0.8 percent to $2.97 per 1,000 cubic feet.

France’s CAC 40 jumped 1.1 percent and Germany’s DAX rose 0.5 percent. Britain’s FTSE 100 rose 0.7 percent.

Japan’s Nikkei 225 index gained 0.8 percent and the Hang Seng in Hong Kong added 0.2 percent. The South Korean Kospi gave up 0.5 percent.

WHAT’S IN A NAME? 5G WIRELESS CLAIMS, BUT NO REAL NETWORK NEW YORK Associated Press 5G E? 5G Plus? 5G Ultrawideband? Will the real 5G please stand up?

AT&T has drawn ridicule by relabeling the network used by some of its phones as “5G E” to signal that the next-generation wireless network is here. Problem is, phones capable of connecting to 5G aren’t coming for another few months, and a national 5G network won’t be deployed until 2020 or 2021.

But Verizon, which complained yesterday about AT&T’s move, did something similar when it launched a residential wireless service with the 5G moniker using its own proprietary technology. Although there are now industry standards specifying exactly what 5G networks must meet, dubbed “5G NR”, there are still some grey areas, particularly when it comes to marketing. Carriers are using all tools at their disposal as they race to try to convince consumers they’ll be “first” with 5G. A new generation of wireless network comes along every several years, so the stakes are high for carriers to establish their dominance. When it’s fully deployed, the “5G” network is expected to give mobile users faster speeds for video, self-driving cars and connected devices at home as demand for these ramps up.

IDC analyst Jason Leigh said labeling 5G is a “battle between marketers and engineers”, as they try to balance hype and reality.

There’s a history of carriers being murky about network claims. AT&T, T-Mobile and Sprint started calling an enhanced 3G network 4G in the early 2010s.

There’s more pushback this time because people are now more aware of what a next-generation network can do.