01112019 BUSINESS

business@tribunemedia.net

FRIDAY, JANUARY 11, 2019

$4.20 Joining WTO no ‘snap election’ style decision

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must not treat WTO membership as “a snap general election decision” that can be reversed in five years’ time, private sector leaders warned yesterday.

Jeffrey Beckles, the newly-appointed Chamber of Commerce chief executive, told Tribune Business that deciding whether or not it was in The Bahamas’ best interests to become a full World Trade Organisation (WTO) member was a decision that will impact all citizens “for the rest of our lives”.

Emphasising that the choice confronting The Bahamas should not be taken lightly, given its longlasting implications for the economy, Mr Beckles and Darron Pickstock, who heads the chamber’s trade and investment division, said this nation had one chance “to get it right”.

Both conceded that it has yet to be determined whether full WTO membership is part of the solution to The Bahamas’ persistent low GDP growth woes, but argued that the final decision cannot be viewed in a vacuum or isolation from this nation’s other economic challenges.

Acknowledging growing anti-WTO sentiment among some Bahamians,

SEE PAGE 6

‘Deceived’ on $12m ankle bracelet deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

BAHAMIAN security firm says it was “deceived” by its foreign partners into unjustly parting with two-thirds of the $12m proceeds from the criminal ankle bracelet monitoring contract.

Stephen Greenslade, founder and president of ICS Security Concepts, told Tribune Business that its US and Puerto Rican joint venture partners failed to disclose their

TAYLOR Industries’ principals say three years of losses, combined with a harsh economic climate featuring escalating cost and tax hikes, gave them no choice but to close and layoff 40 staff.

The 74-year-old electrical retailer and contractor, confirming it had closed its doors for good on Monday, revealed that it was insolvent and will be naming a liquidator to wind-up its affairs due to a “significant liability” related to employee terminations.

The company’s statement, explaining the reasons for the closure, represents a case study of the pressures facing many Bahamian-owned businesses in the current low growth/ fiscal austerity environment, again highlighting the need for urgent action to tackle the cost and ease of doing business.

Besides blaming a fiveyear “depressed” economy with annual growth at one percent or less, Taylor Industries said the construction industry - upon which its electrical contracting business relied heavily - had been particularly “severely impacted”.

Meanwhile, the retail side of its business has been squeezed by the shift to online shopping and Florida, at the same time it has been forced to cope with value-added tax’s (VAT)

accused Bahamian criminals released on bail.

Mr Greenslade, though, alleged that Secure Alert (now renamed Track Group) and International Surveillance Services (ISS) deliberately concealed how close they were - and the fact they were effectively one and the same company following a July 2011 “merger” - to obtain a greater share of the contract

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A SECURITY firm’s principal says he intends to “pursue members of the former Christie administration” through the courts for “politically targeting” his contract to monitor hundreds of accused.

Stephen Greenslade, president and founder of

•74-YEAR-OLD FIRM CONFIRMS CLOSURE •BLAMES TAXES, COSTS AND ECONOMY •HITS AT THIEVING, LABOUR LAWS, BANKS introduction and subsequent hike to 12 percent, plus rising electricity and fuel costs.

Taylor Industries added that cash flow had been “severely depleted” by delinquent and uncollectable debts owed by customers, known as accounts receivables, which were too expensive and time consuming to collect through the court system.

It also cited employee theft as a major problem, together with “inflexible and draconian labour laws that made it financially impossible to appreciably reduce staff numbers in order to downsize”.

In what appears to be a final nail in the coffin, Taylor Industries said Bahamasbased commercial banks had declined to provide restructuring financing despite being provided with what was described as “adequate collateral”.

“The company has been operating at a loss for the last three years, but has continued to have to pay a regressive business licence tax on gross income, further

SEE PAGE 9

While not identifying any ex-ministers and officials who he might go after, Mr Greenslade emphasised his determination to seek redress through the judicial system, saying “justice will not go undone” even if his children have to

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SEE PAGE 5

SEE PAGE 8

revenues than they were entitled to.

Upon discovering the extent of his partners’ ties in 2015, Mr Greenslade stopped remitting them two-thirds of the ankle bracelet contract revenue and cut it to 50 percent to reflect ICS’ belief that it was now a 50/50 joint venture with Secure Alert.

SEE PAGE 4

• Claims initiative ‘politically targeted’ • Lost ability to earn from ‘big investment’ ICS Security Concepts, told Tribune Business that the previous government “took away my company’s ability to earn from the huge investment” it made in the first ankle bracelet monitoring contract without good reason.

‘Fine tooth comb’ for WTO offer

take on the cause.

He added that he would turn his attention to local litigation once the ongoing dispute with ICS’ former foreign partners to the contract, Track Group

• Foreign partners ‘unjustly’ got two-thirds • Accused monitor initiative hit by dealings • Bahamian security firm battling in US courts “true relationship” - which included common ownership and a forced acquisition - to both himself and The Bahamas government.

Their arrangement, which won the first ankle bracelet contract after it was put out to bid in 2009, provided for an even threeway split of the monies paid by the Ministry of National Security - each receiving one-third - for monitoring

$4.21

BAHAMIAN poultry producers are already facing WTO-related tariff cut pressures, with the private sector yesterday pledging to examine this nation’s opening offers “with a fine tooth comb”.

Darron Pickstock, who heads the Chamber of Commerce’s trade and investment division, told Tribune Business that while the initial goods and services offers were said to represent the “status quo” of the National Investment Policy there were “minor changes” that required further scrutiny.

His comments came after Zhivargo Laing, The Bahamas’ chief negotiator in the bid for full World Trade Organisation (WTO) membership, revealed that poultry was one area where foreign countries were interested in seeing tariff reductions beyond what this nation has offered to-date.

“Some countries have asked us to lower duties further in areas in which they have an export interest; poultry is one of those areas,” Mr Laing said. That is not good news for the likes of Abaco Big Bird Poultry Farm and other local poultry producers who

Ankle bracelet firm to ‘pursue’ ex-govt

Taylor Industries: Insolvency forces 40 staff redundancies

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.21

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PAGE 2, Friday, January 11, 2019

THE TRIBUNE

STRATEGIES FOR ACHIEVING GREATER BUSINESS SUCCESS

L

AST year brought its share of business challenges, and 2019 will certainly have them as well.

Businesses, particularly the most vulnerable, must adequately prepare for success and viability. Preparation is key, and establishing goals just as crucial.

Goal-setting is one of the most important activities you can do in your business, regardless of how old it is, where you are located, how profitable it is, or what you sell. Goals help you stay focused, and they can prevent your business from becoming stagnant.

IAN FERGUSON BY

This week, we simply share five “golden tips” for greater business success in 2019.

1. Ramp up productivity. This productivity refers not only to the production of goods and services, but also the productivity of your team. You can become more productive by eliminating distractions during the work day, and improving the way you use business tools.

2. Reduce or eliminate ongoing business expenses.

Unnecessary rent payments, releasing unproductive workers and managing energy sources are just a few ways you can mitigate expenses this year. Be prudent with

KFC staff gain five-year deal

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net MANAGERIAL and supervisory staff at Kentucky Fried Chicken (KFC) have secured a new fiveyear industrial agreement, a trade union leader saying it was a “great way to begin the New Year”.

Obie Ferguson, president of the Trades Union Congress (TUC), told Tribune Business that the new agreement with franchise operator Restaurants Bahamas, which he has been trying to secure for years on behalf of both managerial and supervisory staff, was “quite comprehensive”.

OBIE FERGUSON “It’s certainly a good way to begin the New Year,” he said. “I must say that this is certainly a very comprehensive agreement.” He added that it provides benefits such as insurance, a

$5,000 lump sum payment, a nine percent increase in base salary, pension and holiday pay.

“We are very pleased that we were able to get this completed,” said Mr Ferguson of the agreement, which took effect on January 9. He credited former union leader turned labour consultant, Robert Farquharson, and labour minister, Dion Foulkes, for aiding negotiations with Restaurants Bahamas, which is headed by businessman George Myers. Mr Ferguson also credited KFC’s operator for what he described as “civility” in the negotiations.

your spending; you might want to honour diligent employees with some of these savings.

3. Create a new customer service process. Set a goal that focuses on making your customer service process exceptional, handling customer complaints more effectively, or incorporating customer service into your social media practices. Do not forget about the power of asking your customers for feedback in order to identify what your business can be doing better.

4. Increase traffic on your business website or blog.

More website traffic often

translates into increased sales and customer loyalty, making this a great goal for small businesses. There are many ways to get more eyes on your website or blog. Start by creating a plan to ramp up your content marketing strategy.

5. Do a thorough SWOT analysis. A SWOT analysis is a tool that helps you identify the strengths and weaknesses of your business, a new product offering and the competition. It can be used in any stage of business to help you determine what makes your business unique, identify potential new areas of the market that are untapped,

and explore what your competition is doing better than you are. Do a SWOT analysis this year as part of a larger process to improve your decision-making ability.

• 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 their business growth and development issues. He may be contacted at iferguson@ bahamas.com.

Tourism officials meet with American Airlines THE Ministry of Tourism’s airlift team welcomed American Airlines’ newly-appointed senior regional manager for the Caribbean during his recent visit to Nassau.

Wellesley Joseph and Caroline Hollingsworth, American Airlines’ Bahamas country manager, met with Ministry officials to discuss key issues affecting the partnership between the airline and this nation, including improving the customer experience.

“American Airlines is a very solid leader and committed airline partner to the

islands of The Bahamas,” said Tyrone Sawyer, the Ministry’s senior director of airlift. “We see great strides being made by American Airlines.

“This is evident in American Airlines’ growing ‘footprint’ in The Bahamas by virtue of its recentlyintroduced Saturday-only flights to Marsh Harbour and North Eleuthera from Charlotte, and its Saturday-only flights from New York/La Guardia and Chicago/O’Hare to Nassau.

On behalf of the minister of tourism and aviation, we thank American Airlines

for its sustained support of Bahamas tourism.”

American Airlines has more non-stop flights to more destinations in the The Bahamas - and from more airports - than any other airline. It provides non-stop flights from Miami and Charlotte, Philadelphia, Dallas and Chicago to Nassau. The carrier also provides non-stop flights from Miami and Charlotte to Freeport, and non-stop flights from Miami (and now, Charlotte) to North Eleuthera, George Town, Exuma and Marsh Harbour, Abaco.

‘Buy Bahamian’ best defence under WTO

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIAN consumers can do “far more” to sustain local industries than any government under the World Trade Organisation’s (WTO) ruled-based set-up, says the country’s lead negotiator.

Zhivargo Laing, pictured, speaking as he unveiled The Bahamas’ initial goods and services offers that kickstarted the process of accession to full WTO membership, conceded that Bahamian manufacturers and other vulnerable industries would face intense pricing and other competitive pressures if they lost their existing tariff protection as a result.

“Competition is about my price versus yours,” he added. “If the Government sees a circumstance in which manufacturers may face additional competitive pressure, it can do what it has been doing. It can have concessions, WTOcompliant concessions that allow persons to maintain their price where it is. The WTO has mechanisms to allow local manufacturers to maintain their pricing in a competitive sscenario. Local consumers can help local industry far more than the Government can.”

He continued: “We vote

for them when we purchase their product, and we vote against them when we buy the competitor’s product.

We look at price and look at quality, and vote against them. No one can do more for a local manufacturer than the Bahamian public.

That’s a choice you make.”

Mr Laing said there was broad agreement by the WTO working party, whose members will negotiate The Bahamas’ accession terms, that this nation’s opening goods and services offers were an improvement on previous submissions.

“Of the 164 members of the WTO, to-date we have received requests from some seven WTO members. These requests were largely requests to seek tariff lowering in specific areas of interest to the particular countries,” said Mr Laing, adding that the US has taken the “most active interest” thus far.

He added: “We have had a number of countries, Brazil, the EU and others who in our bilateral meetings or in writing provided some questions and or requests for changes.

“These are negotiations.

They are live. Nothing is final at all. A decision on whether The Bahamas finally joins depends on these negotiations.”

THE TRIBUNE

Friday, January 11, 2019, PAGE 3

WATER CORP UNIONS ‘IN DARK’ OVER 120 WORKER RIGHT-SIZE

By NATARIO MCKENZIE

packages are satisfactory.”

The Water and Sewerage Management Union’s (WSMU) president, Ednel Rolle, said his members had received “absolutely no” communication from executive management on the VSEP issue. “Right now we don’t even have an industrial agreement, so all this talk about VSEPs, I don’t pay any mind to it. That can’t happen,” said Mr Rolle.

Tribune Business Reporter

nmckenzie@tribunemedia.net THE unions representing Water and Sewerage Corporation (WSC) staff have slammed management for “practically no communication” on plans to right-size by up to 120 workers.

Dwayne Woods, president of the Bahamas Utilities Service and Allied Workers Union (BUSAWU), which represents the corporation’s line-staff, questioned how it could proceed with a proposed Voluntary Separation (VSEP) exercise in the absence of a new industrial agreement.

He told Tribune Business he had been left “confused” by the corporation seemingly proceeding with plans to offer voluntary separation packages when its industrial agreements with staff had expired last June.

Adrian Gibson, the corporation’s executive chairman, said it was “currently reviewing” plans for a voluntary separation and determining the financial compensation to be offered to staff.

“Human Resources is putting together the packages. These things take time. You have to review the full employment listing of the corporation, decide how you are going to look at the financial impact, decide how you are going to carry out such an exercise,” he said.

“Certainly that is something we endeavour to do, and we are still working on putting those packages together. I expect to have something firm in hand. I had spoken to one of the human resources managers and told her to have something to me this week.”

Asked to specify how many workers the corporation is seeking to shed, Mr Gibson said: “These are all voluntary. I would say anywhere from, let’s say conservatively, 50-120 people. There are persons who have been with the corporation 40 years or longer. Once we finish the process of internal reviews we will be engaging in a consultative process with the unions.”

He first revealed that VSEPs were coming in an interview with Tribune Business last April. He stated

Mr Gibson, while addressing the expired agreements on Wednesday, added: “The non-managers agreement expired a couple of months ago... No formal negotiations have happened as yet. The past agreement still subsists. The conditions still apply until a new one is in place. With respect to the management union, no agreement is in place. We are abiding by

the previous agreement.”

He added: “There has been quite a bit of back and forth over the years with a respect to a clause. There is also a matter of a court action filed maybe two or three years ago. The substantive matter was concluded, but it’s still before the court on the issue of damages. We have had several meetings in recent months with respect to a new agreement.”

ADRIAN GIBSON

DWAYNE WOODS at the time there was “no doubt” the company will have to restructure and reorganise in a bid to align its staffing and cost base with revenues and future needs.

Mr Woods, though, told Tribune Business: “We want to notify our members that we are not privy to what is going on. I don’t understand it because I would have thought that they would deal with the industrial agreements, then the VSEPs.” He added that his union had not held any talks with management over the VSEP offering. “We

thought that the union and the corporation would have had a tripartite relationship,” Mr Woods added.

“Since the new Board took over until now we have not seen that type of arrangement. There has been little to no communication between the executive chairman and the union. If we were to be asked about the board of directors we couldn’t answer much less speak to their objectives.

“We have had persons express concerns about the morale at the corporation and they would be breaking down the doors to leave if the

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

2018/CLE/gen/00327

IN THE MATTER OF Property comprised in a Mortgage dated the 13th day of April, A.D., 2007 Between JANET BRANZANTI JOHNSON TO SCOTIABANK (Bahamas) LIMITED of record in the Registry of Records in the City of Nassau in the Island of New Providence in Book 12258 at pages 290 to 300.

AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the rules of the Supreme Court 1978.

BETWEEN

SCOTIABANK (BAHAMAS) LIMITED -ANDJANET BRANZANTI JOHNSON

NOTICE TO:

Plaintiff Defendant

JANET BRANZANTI JOHNSON

TAKE NOTICE that an action has been commenced against you in the Supreme Court, in the Commonwealth of The Bahamas, Common Law and Equity Division, Action Number 2018/CLE/gen/00327 in which the Plaintiff, Scotiabank (Bahamas) Limited, has issued an Originating Summons dated the 17th day of March, A, D., 2018 and filed on the 21st day of March, A.D., 2018, in addition to the Affidavit of Joseph Albury dated the 16th day of January, 2018 and filed on the 21st day of March, A.D., 2018, seeking the following Orders:1.

2.

3.

4.

5.

Delivery up possession to Scotiabank (Bahamas) Limited ALL THAT Condominium Unit 117 Island Bay Condominium Phase III. Situate in the City of Freeport on the Island of Grand Bahama one of the Island of the Commonwealth of The Bahamas.

The said Mortgage be enforced by sale.

Judgment on the monies due and owing on the said Mortgage dated the 13th day of April, 2007 and recorded in Book Number 12258 at pages 290 to 300.

Further and other relief.

Costs.

TAKE FURTHER NOTICE that it was ORDERED on the 1st day of August, A.D., 2018 by Deputy Registrar Mrs. Constance Delancy of the Supreme Court that Janet Branzanti Johnson the Defendant herein be served with all proceedings to the action by way of Substitute Service by advertising in both the Nassau Guardian and The Tribune.

PLEASE TAKE FURTHER NOTICE that the said ORIGINATING SUMMONS filed on the 21st March, 2017 and the NOTICE OF APPOINTMENT AND NOTICE OF ADJOURNED HEARING filed herein on the 27th September, 2018 and 29th November, 2018, respectively can be collected from the Chambers of the Plaintiff ’s Counsel as set out below.

AND FURTHER TAKE NOTICE that you must attend the said hearing set down for Tuesday the 23rd day of January, A.D., 2019 at 9:30 a.m. before His Lordship Justice Mr. Gregory Hilton otherwise Judgment may be entered against you without further notice.

DATED this 7th day of January, A.D., 2019 HALSBURY CHAMBERS HALSBURY COMMERCIAL CENTRE VILLAGE ROAD NORTH NASSAU, THE BAHAMAS ATTORNEYS FOR THE PLAINTIFF

PAGE 4, Friday, January 11, 2019

‘DECEIVED’ ON $12M ANKLE BRACELET DEAL FROM PAGE ONE

This sparked a furious legal battle which has continued even after the ICS joint venture lost the ankle bracelet contract when it was put out for renewal by the Christie administration and subsequently awarded to Migrafill, which is headed by former assistant police commissioner, Grafton Ifill Snr, in late 2016.

The details of ICS’ struggles are revealed in a bundle of US court documents obtained by Tribune Business, which raise questions about whether its

foreign partners also breached the contract with the Ministry of National Security by failing to properly disclose the acquisition and its terms.

The ankle bracelet monitoring contract was hailed as a landmark initiative for The Bahamas’ criminal justice system when it was first unveiled, billed as a way to supervise accused criminals released on bail and ensure they complied with the conditions imposed on their movements/activities by the courts to keep Bahamian society safe.

Besides preventing such

THE TRIBUNE persons from engaging in further criminal activity, the ankle bracelets’ introduction was also designed to reduce overcrowding at Fox Hill Prison by enabling the release of remand prisoners while awaiting trial.

However, concerns over the ankle bracelets’ effectiveness surfaced almost immediately. Several persons wearing them were murdered, while it was reported that the bracelets’ could be removed by those wearing them and/ or disabled by placing tin foil around them.

This caused concerns at the Ministry of National Security, with court documents revealing: “The Ministry complained in an e-mail to ICS dated October 20, 2015, of the poor quality of the devices and services that it was receiving.”

The dispute, and controversy surrounding the first ankle bracelet monitoring contract, emerged after Track Group, Secure Alert’s successor, last week filed a legal action in Puerto Rico’s federal court demanding that a $689,613 arbitration award in its favour - and against ICS be upheld.

The move came after the Bahamian security firm successfully convinced the arbitrator, Stuart WeinsteinBacal, that he had made “a mathematical error” in that award resulting in an “overpayment” to Track Group.

Mr Weinstein-Bacal, on October 22, 2018, amended his calculations to find that ICS owed “zero” to its former partner - the decision that Track Group is now seeking to overturn in federal court, thus prolonging its legal battle with Mr Greenslade’s company.

The initial arbitration award, delivered on August 30 last year, revealed that ICS and Secure Alert teamed up when the Bahamian company was “seeking a partner with which to compete” for the ankle bracelet monitoring contract when it was put out to tender in 2009.

Secure Alert was to supply the ankle bracelets and associated technology, with ISS, the Puerto Rican firm, having signed a 2007 agreement to become its “exclusive distributor” in the Latin and Central American region.

ICS and its partners secured the contract, signing a deal with the Ministry of National Security on November 19, 2010. This required Secure Alert to notify the ministry if there was any change in its ownership “by more than 50 percent” within 90 days, and gave the ministry the right to terminate the deal if it did not agree with the change.

On the same day that the contract was signed, Secure Alert loaned ICS some $180,000 to construct, furnish and equip the “Monitoring Centre” that would track all accused criminals wearing the ankle bracelets.

This loan was eventually increased to a $342,491 promissory note and, on November 30, 2010, the two companies and ISS entered their revenue-sharing agreement that split the proceeds evenly between the three of them.

However, eight months later Secure Alert acquired the entire share capital of ISS, which became the former’s subsidiary. Even though Secure Alert, as a publiclytraded company, was required to disclose the deal to investors, it never provided ICS nor the Ministry of National Security with notice of the deal, its terms or its Securities & Exchange Commission (SEC) filings.

Describing Mr Greenslade as a “credible” witness, the arbitrator found that the ICS chief - although aware of the ISS acquisition - did not discover the terms until 2015.

These revealed that the purchase took place “in a hostile environment” for Secure Alert where it acted “under duress” due to the actions of Hector Gonzalez, ISS’s owner. He was described as an “insider” at Secure Alert, owning 7.5 percent of its shares at the time of the deal, thus giving him a significant interest in both buyer and seller.

With Gonzalez the “controlling shareholder” at Secure Alert, the arbitration verdict found that he forced its acquisition of ISS by threatening to demand immediate repayment of a defaulted loan he had made to the former. Had he done so, the technology provider for the ankle bracelet contract “would have had no choice but to file for bankruptcy”.

The arbitrator found that Mr Greenslade was unaware of any of this, ruling: “Had ICS known of the circumstances surrounding the terms of the ISS acquisition or the role and actions of.. Mr Gonzalez in forcing it, ICS would have joined with one of two other partners available to it in order to compete for the monitoring agreement with the ministry.

“ICS had been complaining for several years to Secure Alert (and then to Track Group) as early as 2011 that ISS had not been performing the work required of it pursuant to the agreement in order to earn its one-third of the revenues from the monitoring agreement.”

The ankle bracelet contract continued on a month-tomonth basis once it expired in 2013. “After Mr Greenslade learned of the true relationship between [Gonzalez] and

Secure Alert in 2015, and that ISS was no longer a real partner to ICS, ICS began remitting only half (50 percent) of the revenue received from the Ministry to Secure Alert, since it had not responded to numerous requests to reform the commercial agreement’s terms for revenue sharing from one-third each to 50/50 each for Secure Alert and ICS.” This triggered the dispute with Track Group, Secure Alert’s successor, which involves ongoing litigation in the Utah courts as well as the arbitration hearing and the latest Puerto Rico court filings. ICS’ counterclaim in Utah is alleging “negligent misrepresentation and fraud”

by Track Group.

The Bahamian firm, while admitting it is still liable to Track Group for the promissory note, said it had paid some $6.7m to Track Group and its predecessor between April 2011 and November 2016. The US company terminated their deal on August 23, 2016, and claimed $963,553 was owing by the Bahamian security firm - of which $773,950 represented monies withheld under the revenue deal.

The arbitrator found Secure Alert/Track Group had “acted in bad faith” and “injured” ICS by failing to fully disclose details of the ISS deal, and were guilty of making a “false representation”. However, while cutting the sum claimed by Track Group from $773,950 to $515,238, when added to the $174,375 due on the promissory note, this took the initial award to the US firm to $689,614.

ICS, though, subsequently convinced the arbitrator to reduce this award to zero, arguing that based on a 50/50 split of the $11.779m paid by the Ministry of National Security over the contract both sides were due $5.89m each.

It added that some $6.676m had been shown as paid to Track Group, meaning that the US firm had been overpaid by $785.937. Allowing for the sum due on the promissory note, I.C.S. said this was stilL an overpayment of $611,562 meaning that Track Group was entitled to receive nothing.

THE TRIBUNE

Friday, January 11, 2019, PAGE 5

Ankle bracelet firm to ‘pursue’ ex-govt FROM PAGE ONE

(formerly Secure Alert), was settled in the US courts or via arbitration (see other article on Page 1B).

Mr Greenslade said the former Christie administration’s failure to properly extend the ankle bracelet monitoring contract beyond 2013, instead allowing it to continue on a month-tomonth basis for three more years, exacerbated the differences with his partners and resulted in them failing to upgrade the system with “next generation technology”.

“The Government at that time really targeted that programme for political reasons,” he told Tribune Business.

“The Christie administration targeted that programme politically; there’s no other way to address it.

That’s the fact.

“Most of the claims made against it were untrue. The issue of the upgrade came in the heat of the moment when we were trying to ward off the then-government and political attacks on the programme.

“When we discovered the need for the upgrade we were on a month-to-month contract. Our partners refused to do the upgrade because of the month-to-month contract. That caused more strain on the contract, but that was intended by the former government.”

Mr Greenslade continued: “I’m still not at rest with how to deal with that. We’re just trying to get through the litigation stage with Track Group and, as long as we’re not statute or time-barred, I will instruct my attorneys to pursue individuals in the former Christie administration that took away my company’s ability to earn revenue from that investment.

That’s my plan.

“It was a huge investment

by ICS in The Bahamas. If I don’t get it complete, my children will. It’s not going undone. It was a gross wrong against my company. That’s not going to go undone in terms of justice.”

ICS lost the ankle bracelet monitoring contract when it was put out for renewal by the former Christie administration and subsequently awarded to Migrafill, which is headed by former assistant police commissioner, Grafton Ifill Snr, in late 2016.

The ankle bracelet monitoring contract was hailed as a landmark initiative for The Bahamas’ criminal justice system when it was first unveiled in 2010-2011, billed as a way to supervise accused criminals released on bail and ensure they complied with the conditions imposed on their movements/activities by the courts to keep Bahamian society safe.

Besides preventing such persons from engaging in further criminal activity, the ankle bracelets’ introduction was also designed to reduce overcrowding at Fox Hill Prison by enabling the release of remand prisoners while awaiting trial.

However, concerns over the ankle bracelets’ effectiveness surfaced almost immediately. Several persons wearing them were murdered, while it was reported that the bracelets’ could be removed by those wearing them and/or disabled by placing tin foil around them.

ICS is now embroiled in a dispute with its former US and Puerto Rican partners over the revenue-sharing arrangement from their deal, with the Bahamian security firm alleging that it was “deceived” over how close the relationship between those two entities was.

Asked whether problems with ICS’ partners, Track

Group and International Surveillance Services (ISS), had impacted the contract, Mr Greenslade acknowledged to Tribune Business that this was true “to an extent”.

“The extent is when they upgraded the platform and implemented next generation devices in other jurisdictions, they didn’t do the same in The Bahamas,” he revealed.

“That caused glitches we may not have experienced had they followed through with their commitment to upgrade The Bahamas as well as they did in the US and other territories.”

Mr Greenslade added that ICS had “won the case” at arbitration, after the arbitrator changed a $689,614 award in favour of Track Group to zero - something the US firm is now appealing in the US federal courts.

“The arbitrator made a mathematical error that he corrected, and that’s what caused the amount to go from that award to zero,” he told Tribune Business. “That was the difference with the overpayment we made to Track Group.

“Our case was that they deceived us from the outset - the failure to declare the change in ownership and the relationship between the two companies. They gave us the impression they were two separate companies other than the ties of coming together as manufacturer and distributor to sell the product [the ankle bracelets] in this territory.

“We found out their relationship went much deeper, and they contrived their presentation to get a bigger portion of the revenues in The Bahamas. My thing is we were deceived through and through. We presented our case and the arbitrator agreed with us. That’s where we are.”

PAGE 6, Friday, January 11, 2019

Joining WTO no ‘snap election’ style decision FROM PAGE ONE the duo called on accession opponents to base their case on facts and proper analysis, just as the chamber was doing through the study it has commissioned from the Oxford Economics consultancy.

This analysis, which forecasts WTO’s impact on the wider economy and key industries, will be completed around Easter 2019 and give the chamber and wider private sector empirical evidence on which to make their case to the Government for any changes in

negotiating strategy.

Mr Beckles argued that amid the focus on potential “challenges” arising from full WTO membership it was easy to overlook the fact that The Bahamas’ economic status quo was struggling, with its two key industries - tourism and financial services - facing competitive and international regulatory pressures that will only increase.

He added that he “cannot understand how we as Bahamians believe we don’t have to change” when the rapid pace of technology-driven evolution meant this nation had little choice but to align its economic model with 21st century demands.

The chamber’s chief executive and Mr Pickstock spoke out after activists opposing the Government’s decision to join the WTO yesterday held a protest march from Arawak

THE TRIBUNE Cay to Rawson Square.

The Say no to WTO protest, organised by many of the same persons who put together last year’s march to the House of Assembly over electricity costs, appeared to attract a much smaller number based on Facebook videos of the event that showed around 50-60 present at most.

“While objectors will always be there, it’s important that when they do put forward their perspective it should be from a factual base,” Mr Beckles told Tribune Business. “The mistake we cannot make is that we cannot treat this decision like a general election.

“If enough people are vex we get together on election day and vote for the other party. If that doesn’t work we switch and do the same thing five years later. We cannot

treat this [WTO accession] like that.

“The objectors must be encouraged to put together a fact-based analysis or provide an alternative. Once we make a decision, this is no three, four or five-year term where we can say: ‘We don’t like this group. We can switch back’.”

Messrs Beckles and Pickford argued that there was no time for regrets, or “buyer’s remorse”, should The Bahamas later determine that whatever decision it takes on the WTO was incorrect.

Many in the UK are currently having such “second thoughts” over the vote to leave the European Union (EU), but the chamber chief executive said: “We want to let the public know that we strongly support research and analysis so that, at the end of the day, The Bahamas is much better off from whatever decision it makes.

“This is not a snapshot decision; it has implications for the rest of our lives. We must treat this like any other national policy decision, and take care and act in the best interests of our members, who are part of the community in which they live and there’s no differentiation between the two.”

Mr Beckles told Tribune Business that the WTO decision cannot be divorced from The Bahamas’ current economic reality, which is one of persistently low GDP growth

and high unemployment under austerity measures designed to tackle an $8bnplus national debt.

“We cannot look at any of these discussions in a myopic way,” he said. “They all have an impact on our ability to grow the economy. If we just look at the conversation of whether or not to join the WTO, and forget the fact there’s energy issues, forget that financial services is under great pressure and forget that tourism - despite recent gains - is under great pressure; forgetting all these things will put us in great danger.

“None of these can be viewed as silo conversations.

It has to be a holistic conversation about how we set the economy up.”

Mr Beckles added that fear of the unknown, in the shape of WTO membership, was distracting persons from focusing on The Bahamas’ reality of an economic model that may no longer meet the demands of a growing population and modern world.

“Sometimes it’s easy to look at WTO as presenting challenges,” he told Tribune Business. “The fact is even in a status quo position we have limitations and restrictions on what we can do as we are.

It’s not as if the idea of WTO suddenly created challenges.

“It’s a negotiation, and as the world around us changes I really don’t understand how we as Bahamians believe

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we don’t have to change.

It doesn’t make sense in a global context. We have to face everything in the global context. If the world is changing we can’t expect to remain the same.”

While there are valid concerns about the economic implications of The Bahamas’ accession, Mr Pickstock yesterday reiterated alarm that much of the “anti-WTO sentiment” was being fuelled by inaccurate information that seemed designed to spread fear.

Chief among these concerns, which have been circulated widely on social media, is that full WTO membership will lead to a mass influx of foreign workers pushing Bahamians out of jobs.

However, The Bahamas’ just-released initial services offer leaves “mode four” - the ability for foreign workers to come into this country to sell goods and services “unbound” across all sectors.

This means The Bahamas will not permit this beyond the current regulatory regime and its Immigration, Investments Board and National Economic Council (NEC) approvals, effectively maintaining the current position.

While the Government has always maintained that WTO membership will not lead to such “free movement of labour”, opponents have also claimed it imposes a “privatisation policy” that will force a sell-off all government services, and Bahamians will thus be unable to depend on government jobs.

“There’s a lot of anti-WTO sentiment around,” Mr Pickstock told Tribune Business, rejecting such arguments as invalid. “It’s necessary to be informed, and that’s why we have the anti-WTO sentiment.

“It’s important for any research to be based on fact.

We at the chamber and our members would support debating issues of national importance but it has to be based on analysis and fact.

We don’t want to get the wrong result by not basing something on the facts.

“Yes, there is concern about the sentiment and it’s not factually-based. Obviously that is of some concern to us, and should be of concern to everyone.”

PAGE 8, Friday, January 11, 2019

THE TRIBUNE

‘Fine tooth comb’ for WTO offer FROM PAGE ONE

have relied on tariffs to remain price-competitive against rival imports.

The Government has also used quotas and health and safety regulations to limit foreign chicken imports, but Mr Laing’s comments highlight

how The Bahamas will come under pressure during the WTO accession talks to further reduce tariffs or open up certain industries to foreign companies as other countries seek to advance the interests of their own private sector.

Mr Laing, meanwhile,

said the National Investment Policy “status quo” was maintained for all but eight of the 106 industries included in The Bahamas’ services offer. The eight are legal services; landscape architecture services; market research services; multi-modal courier

services; franchising; educational services; hospital services; and maintenance and repair of vessels.

He explained that all eight were “unbound” when it came to opening up to foreign firms and allowing them to establish a physical presence here, meaning The Bahamas currently does not have to liberalise them or offer incentives currently extended to local firms beyond what is included in the National Investment Policy.

Praising the Government for following through on its commitment to transparency by releasing the full 300-page goods and services offer, Mr Pickstock said it represented “a good basis” from which The Bahamas can begin negotiations.

“I understand that it is the status quo, but there were small minor changes made of no consequence, according to the chief negotiator,” he told Tribune Business. “We have

to go through it with a fine tooth comb just to see what the end result of that offer could be.

“We know it’s a status quo, and that’s a good basis to start. From there we will canvass our members to see what their feedback is on the offer. That will go a long way to informing us at the chamber what our members expect and our study will come into play.”

The Oxford Economics consultancy’s study, commissioned by the chamber to determine what the impact of joining the WTO will be for specific industries and the wider economy, is due to be completed by end-March/ early April.

“We owe this to our members to get this right,” Mr Pickstock told Tribune Business. “I don’t think our membership would be pleased if we were there advocating a position that was not based on

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facts and analysis.

“We owe it to our members. They’re a reflection of the public. We owe it to all to get it right. We’re not going in the direction of supporting the WTO, and not going in the direction of opposing the WTO. We are going to base our position on facts and analysis.”

Mr Pickstock said The Bahamas’ opening offer would give the business community “confidence”, even though the final accession terms will likely be much different in some areas once negotiations are completed.

“We really want to applaud the Government for releasing the goods and services offer. It’s critical,” he added.

“People want to know what is in this offer, and people really want to know what is being negotiated on my behalf.”

Tax reform, triggered by the requirement to eliminate or reduce existing tariff rates from an average 32 percent to 15 as part of the WTO accession, will impact every Bahamian - especially as the Government has to cover the resulting $40m revenue shortfall.

Jeffrey Beckles, the chamber’s chief executive, expressed hope that the Government would seek to make-up any revenue shortfall - as indicated by Mr Laing - through reducing the estimated $1bn of investment incentives handed out annually rather than by new or increased taxes.

“I was very happy to hear the chief negotiator give some hope on how the shortfall will be made up, so Bahamians are not further burdened to make it up,” he told Tribune Business.

“We’re currently giving up $1bn in concessions, and I was very happy to hear that being offered.

“The fear is that with all this pending change the Bahamian public can expect a significantly increased tax burden. It was very positive to hear him say that, rather than putting it on the backs of the Bahamian people.”

THE TRIBUNE

Friday, January 11, 2019, PAGE 9

Taylor Industries: Insolvency forces 40 staff redundancies FROM PAGE ONE deepening those losses,” Taylor Industries said. “The economy for the last five years has been depressed with growth at one percent or less, the construction industry in particular being severely impacted.”

It also pointed to the “escalating cost of doing business due to increasing government taxation and astronomical electricity and fuel costs. The increase in VAT to 12 percent without a corresponding reduction in customs duties, and a shift to online shopping has further impacted our retail business”.

Turning to its cash flow woes, Taylor Industries said: “Recovery through litigation with the state of the court system was not a realistic option.

“Theft has been a major contributor to the yearly losses despite every effort being made to minimise or eradicate it. Inflexible and draconian labour laws made it financially impossible to appreciably reduce staff numbers in order to downsize.

“A consequence of the termination of the employees has been the crystallisation of a significant liability that has now rendered the company insolvent. As such, the company will be appointing a liquidator who will be responsible for winding up the affairs of the company.”

Taylor Industries’ statement did not explain what this liability is, and the company’s principals declined to comment further when contacted by e-mail. It is unclear whether this refers to severance and other monies potentially owed to former employees.

Graham Taylor, Taylor Industries’ sales chief, told Tribune Business in a brief reply: “I can say that it is with deep regret that we

THE NOW closed Taylor Industries building on Shirley Street. had to close our doors to the Bahamian public, and that it was a difficult decision to make. However economic opportunity left us with no choice.”

The company’s statement concluded: “Lastly, [it was] the clearing banks’ refusal, despite their liquidity, to provide financing for restructuring even when provided with suitably valued collateral. The closure of this still family-owned business has unfortunately resulted in 40 staff members, many of

long standing, being made redundant.”

However, several sources suggested to Tribune Business that Taylor Industries’ business model had failed to evolve and keep pace with changing market demands and competition, and that its brand had become worn down and tired as a result.

“They didn’t keep up with the times,” the source said.

“It’s just sad. The whole thing is sad. What can I say?”

One construction industry source, speaking on

condition of anonymity, told Tribune Business that Taylor Industries and all sector players had been hit hard by a combination of VAT and a stagnant housing market that most small contractors rely on for work.

“Taylor Industries surprises me but doesn’t surprise me,” they said. “2014 was up 30 percent over 2013, but VAT kicked in from 2015 and we were down 30 percent at the end of the year. In 2016 we got back to where we were in 2013.

“It’s like somebody flipped on a switch in January 2015.

I don’t think anyone in government knows or doesn’t

care. We’re all fighting for the crumbs. We’ve had to go looking for new products to sell.”

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.

Tribune Business reported previously that 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.

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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, CEDRAL MATTHEW BOWLEG KEMP of No. 73 Montgomery Avenue, Flamingo Gardens in the Western District of New Providence, intend to change my name to CEDRAL ALEXANDER BOWLEG. 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, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Side

2018 CLE/Qui/

IN THE MATTER of the Quieting Titles Act, 1959 AND IN THE MATTER of ALL THAT piece parcel or Lot of Land being Lot 6 in Block 5C in Englerston Subdivision comprising an area of 4,244 square feet and situate on the Northern Side of a Public Road called Florida Court and now known as Coco Plum Road in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas.

AND IN THE MATTER of the petition of TEZEL FLORINE ANDERSON ________________________________ NOTICE ________________________________ THE PETITION OF TEZEL FLORINE ANDERSON in respect of:-

“ALL THAT piece parcel or Lot of Land being Lot 6 in Block 5C in Englerston Subdivision comprising an area of 4,244 square feet and situate on the Northern Side of a Public Road called Florida Court and now known as Coco Plum Road in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas and more particularly described and shown and delineated on Plan No. 5872 NP filed in the Department of Lands and Surveys.”

THE PETITIONER claims to be the owner of the fee simple estate in possession of the parcel of land hereinbefore described free from encumbrances and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959, in the above action, to have her title to the said 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. NOTICE is hereby given that any person having a dower or a right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days after the final publication of these presents, file in the said Registry of Supreme Court and serve on the Petitioner or the undersigned a Statement of her claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of Thirty (30) days after the final publication of these presents will operate as bar to such claim.

Copies of the Petition and Plan of the said land may be inspected during normal office hours in the following places:- the Registry of the Supreme Court, 1st Floor, British American Building, George Street, Nassau, The Bahamas, and the Chambers of the Petitioner’s Attorneys, Suite # 6, Gomez Building Dowdeswell Street east of Christie Street in the City of Nassau, The Bahamas.

NORWOOD A. ROLLE & CO. Chambers Suite #6 Gomez Building Dowdeswell Street east of Christie Street Nassau, N.P. The Bahamas Attorneys for the Petitioner

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THE TRIBUNE

Friday, January 11, 2019, PAGE 11

US APPAREL FIRM CUTS OFF CHINESE FACTORY IN INTERNMENT CAMP

By MARTHA MENDOZA and YANAN WANG Associated Press A US supplier of T-shirts and other team apparel to college bookstores has cut ties with a Chinese company that drew workers from an internment camp holding targeted members of ethnic minority groups.

In recent years, authorities in the far west Chinese region of Xinjiang have detained an estimated one million Uighurs and Kazakhs in heavily-secured facilities where detainees say they are ordered to renounce their language and religion while pledging loyalty to the China’s ruling Communist Party.

Last month, an Associated Press investigation found the Chinese government had also started forcing some detainees to work in manufacturing and food industries. The investigation tracked recent shipments from one such factory, the privately-owned Hetian Taida Apparel,

MUSLIM trainees work in a garment factory at the Hotan Vocational Education and Training Centre in Hotan, Xinjiang, northwest China. A US company that stocks college bookstores with t-shirts and other team apparel cut ties on Wednesday with a Chinese company that drew workers from an internment camp holding targeted members of ethnic minority groups. located inside an internment camp, to Badger Sportswear, a leading supplier in Statesville, North Carolina.

In a statement posted to its website, Badger said on Wednesday it will no longer do business with Hetian Taida, nor import any goods from the same region “given the controversy around doing

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Commercial Division

2004/COM/bnk/00072

IN THE MATTER of REALTO (BAHAMAS) LTD. (In Compulsory Liquidation) AND IN THE MATTER of the INTERNATIONAL BUSINESS COMPANIES ACT Ch. 309 Statute Laws of The Bahamas, 2000 Edition

business” there.

“Furthermore, we will not ship any product sourced from Hetian Taida currently in our possession,” the company

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that , CECILE KNOWLES of Cockburn Town, San Salvador, mother of KIANO KAMARI KNOWLES, a minor, intends to change his name to KIANO KAMARI KIRK CAREY. 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.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Commercial Division

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Commercial Division

NOTICE TAKE NOTICE that by Order of the Supreme Court of the Commonwealth of The Bahamas made on the 7th day of December, 2018 RS FIXED FUND LTD. was ordered to be dissolved.

Dated this 7th day of January, 2019 HIGGS & JOHNSON Chambers Western Road Lyford Cay New Providence, The Bahamas

The Public is hereby advised that I, RENONA MIRIAM BOWLEG KEMP of No. 73 Montgomery Avenue, Flamingo Gardens in the Western District of New Providence, intend to change my name to RENONA MIRIAM BOWLEG. 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, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Commercial Division

2004/COM/bnk/00070

AND

IN THE MATTER of the INTERNATIONAL BUSINESS COMPANIES ACT Ch. 309 Statute Laws of The Bahamas, 2000 Edition

IN THE MATTER of the INTERNATIONAL BUSINESS COMPANIES ACT Ch. 309 Statute Laws of The Bahamas, 2000 Edition

NOTICE

NOTICE

TAKE NOTICE that by Order of the Supreme Court of the Commonwealth of The Bahamas made on the 7th day of December, 2018 REALTO INVEST FUND LTD. was ordered to be dissolved.

TAKE NOTICE that by Order of the Supreme Court of the Commonwealth of The Bahamas made on the 7th day of December, 2018 REALTO INVEST BAHAMAS LTD. was ordered to be dissolved

Dated this 7th day of January, 2019

Dated this 7th day of January, 2019

HIGGS & JOHNSON Chambers Western Road Lyford Cay New Providence, The Bahamas

HIGGS & JOHNSON Chambers Western Road Lyford Cay New Providence, The Bahamas

IN THE MATTER of RS FIXED FUND LTD. (In Compulsory Liquidation)

IN THE MATTER of the INTERNATIONAL BUSINESS COMPANIES ACT Ch. 309 Statute Laws of The Bahamas, 2000 Edition

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

AND

2004/COM/bnk/00071

AND

which sent an auditor to a different Hetian Taida facility, not the one inside the internment camp. That factory “is not engaged in the use of forced labour”, WRAP and Badger concluded. But Badger added that “historical documentation provided by Hetian Taida regarding their prior facility was insufficient to conclude with certainty” that it had met Badger’s sourcing standards.

WRAP spokesman Seth Lennon confirmed to AP that the facility they investigated is not the same place AP wrote about.

“Our model centers around factories approaching us requesting to be audited,” Lennon wrote in an email. “We do not seek out any factories whatsoever to audit unsolicited.”

IN THE MATTER of REALTO INVEST BAHAMAS LTD. (In Compulsory Liquidation)

Dated this 7th day of January, 2019 HIGGS & JOHNSON Chambers Western Road Lyford Cay New Providence, The Bahamas

2004/COM/bnk/00069

comment on individual business decisions, Badger appeared to have been acting on “misinformation”.

The vocational training centres in Xinjiang are “totally different from so-called forced labour”, Lu said, referring further questions on the camps to statements made by the regional government, which maintains that the centers help poor Uighurs gain employable skills.

“It’s a tragedy for that business,” Lu said.

Universities stocking Badger clothing began pulling items from their shelves and websites after the report appeared in December.

Hetian Taida was certified as complying with good business practices by Worldwide Responsible Accredited Production,

IN THE MATTER of REALTO INVEST FUND LTD. (In Compulsory Liquidation)

NOTICE TAKE NOTICE that by Order of the Supreme Court of the Commonwealth of The Bahamas made on the 2nd day of July, 2018 REALTO (BAHAMAS) LTD. was ordered to be dissolved.

said, adding that the supplier accounted for about one percent of Badger’s total annual sales.

Repeated calls to Hetian Taida’s chairman, Wu Hongbo, rang unanswered on Wednesday. In a previous conversation with the AP, Wu said while Hetian Taida was located in the same compound as one camp that the government calls a “vocational skills education and training centre”, Hetian Taida was not involved in the camp’s activities.

However, Wu said his company employed 20 to 30 “trainees” from the center as part of the region’s efforts to alleviate poverty.

Asked about the case, Chinese Foreign Ministry spokesman Lu Kang said yesterday that while the ministry doesn’t generally

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

PAGE 12, Friday, January 11, 2019

THE TRIBUNE

California pot taxes lag as illegal market flourishes LOS ANGELES Associated Press DEEP in Gov Gavin Newsom’s new budget is a figure that says a lot about California’s shaky legal marijuana market: The state is expecting a lot less cash from cannabis taxes.

The Democrat’s proposed spending plan, released yesterday, projects the state will bank $355m in marijuana excise taxes by the end of June. That’s roughly half of what was once expected after broad legal sales kicked off last year.

Industry experts say the diminished tax income reflects a somber reality: Most consumers are continuing to purchase pot in the illegal marketplace, where they avoid taxes that can near 50 percent in some communities.

Tax collections are expected to gradually increase over time, but predicting what that amount will be remains something of a guess.

Tax collections for “a newly created market are subject to significant uncertainty,” the budget said.

Josh Drayton of the California Cannabis Industry Association credited Newsom with taking “a realistic look at the challenges” after a bumpy first year of broad legal sales.

Newsom also recommended a sharp increase in spending for regulatory programmes, although it’s

VENDORS from MF Extracts counting their intake of cash at their booth at Kushstock 6.5 festival in Adelanto Calif. Gov Gavin Newsom recommended a sharp increase in spending for cannabis programs, although it’s an open question whether it will be enough to help steady the California pot economy.

THE WEATHER REPORT

5-Day Forecast

ORLANDO

High: 70° F/21° C Low: 54° F/12° C

TAMPA

TODAY

TONIGHT

SATURDAY

SUNDAY

MONDAY

TUESDAY

Partly sunny, a shower; breezy

Partly cloudy, a shower; breezy

Partly sunny, a shower; breezy

Periods of sun with showers around

Partly sunny with a passing shower

Partly sunny, a shower; breezy

High: 76°

Low: 67°

High: 79° Low: 66°

High: 80° Low: 68°

High: 80° Low: 66°

High: 76° Low: 65°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

74° F

63° F

78°-63° F

81°-72° F

86°-63° F

76°-62° F

High: 71° F/22° C Low: 55° F/13° C

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

N

almanac

E

W

ABACO

S

N

High: 71° F/22° C Low: 68° F/20° C

10-20 knots

S

WEST PALM BEACH High: 72° F/22° C Low: 62° F/17° C

8-16 knots

FT. LAUDERDALE E

W

FREEPORT

High: 74° F/23° C Low: 65° F/18° C

N

S

E

W

High: 73° F/23° C Low: 62° F/17° C

MIAMI

High: 74° F/23° C Low: 65° F/18° C

7-14 knots

KEY WEST

High: 75° F/24° C Low: 71° F/22° C

High: 76° F/24° C Low: 67° F/19° C

Forecasts and graphics provided by AccuWeather, Inc. ©2019

High: 73° F/23° C Low: 71° F/22° C

N

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

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

11:03 a.m.

11:34 p.m.

2.5 2.1

4:51 a.m.

5:31 p.m.

0.3 0.1

Saturday

11:45 a.m.

-----

2.3 -----

5:37 a.m.

6:12 p.m.

0.4 0.2

Sunday

12:21 a.m.

12:30 p.m.

2.2 2.2

6:29 a.m.

6:56 p.m.

0.5 0.1

Monday

1:13 a.m.

1:21 p.m.

2.2 2.1

7:26 a.m.

7:44 p.m.

0.5 0.1

Tuesday

2:08 a.m.

2:17 p.m.

2.3 2.1

8:27 a.m.

8:36 p.m.

0.5 0.0

Wednesday 3:05 a.m.

3:16 p.m.

2.5 2.1

9:29 a.m. 0.3 9:30 p.m. -0.2

Thursday

2.7 2.2

10:29 a.m. 0.1 10:26 p.m. -0.4

4:01 a.m.

4:15 p.m.

sun anD moon Sunrise Sunset

High: 75° F/24° C Low: 72° F/22° C

N

S

E

W S

7-14 knots

6:57 a.m.

5:39 p.m.

Moonrise Moonset

10:37 a.m.

10:33 p.m.

First

Full

Last

New

Jan. 14

Jan. 21

Jan. 27

Feb. 4

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 76° F/24° C Low: 72° F/22° C

High: 75° F/24° C Low: 73° F/23° C

N

High: 76° F/24° C Low: 71° F/22° C

E

W S

LONG ISLAND

insurance management tracking map H

uV inDex toDay

CAT ISLAND

E

W

7-14 knots

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

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 75° F/24° C Low .................................................... 71° F/22° C Normal high ....................................... 77° F/25° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 73° F/23° C Last year’s low ................................... 68° F/20° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 0.94” Normal year to date ..................................... 0.43”

ELEUTHERA

NASSAU

patchwork of tax rates around the state.

The state’s top marijuana regulator, Lori Ajax, has said the state intends to get more businesses licensed and operating in 2019, while cracking down on rogue operators who continue to proliferate across the state.

At year’s end, California’s effort to transform its longstanding illegal and medicinal marijuana markets into a unified, multibilliondollar industry remained a work in progress. By some estimates, up to 80 percent of sales in the state remain under the table, snatching profits from legal storefronts.

Drayton said more than half the municipalities in the state do not have laws governing the industry. That means pot businesses cannot locate there, since companies are required to have a local license before seeking one from the state.

an open question whether it will be enough to help steady the state pot economy. The budget recommends just over $200m for marijuanarelated activities in the fiscal year that starts July 1, which would be over a 50 percent boost from the current year.

Initially “the state was too optimistic about how the implementation of legalisation was going to work. This governor has paid attention to that,” Drayton said.

That said, Drayton added that legal businesses need a break from hefty tax rates that are driving consumers to the illicit economy. Various proposals have been made to cut state pot taxes.

State taxes include a 15 percent levy on purchases of all cannabis and cannabis products, including medical pot. Local governments are free to slap on taxes on sales and growing too, which has created a confusing

High: 77° F/25° C Low: 73° F/23° C

8-16 knots

MAYAGUANA High: 77° F/25° C Low: 74° F/23° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 76° F/24° C Low: 75° F/24° C

High: 77° F/25° C Low: 74° F/23° C

GREAT INAGUA High: 78° F/26° C Low: 73° F/23° C

N

E

W

E

W

N

S

S

8-16 knots

8-16 knots

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

Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday: Today: Saturday:

WINDS NE at 8-16 Knots E at 10-20 Knots NE at 7-14 Knots E at 12-25 Knots ENE at 8-16 Knots ENE at 12-25 Knots NE at 8-16 Knots ENE at 8-16 Knots ENE at 10-20 Knots E at 10-20 Knots ENE at 10-20 Knots ESE at 10-20 Knots NE at 7-14 Knots ENE at 15-25 Knots NE at 8-16 Knots ENE at 8-16 Knots NE at 8-16 Knots E at 10-20 Knots NE at 8-16 Knots ENE at 8-16 Knots NE at 8-16 Knots E at 7-14 Knots NE at 8-16 Knots E at 10-20 Knots NE at 8-16 Knots ENE at 12-25 Knots

WAVES 4-8 Feet 3-6 Feet 1-3 Feet 2-4 Feet 3-5 Feet 4-7 Feet 1-3 Feet 3-5 Feet 3-6 Feet 4-7 Feet 3-6 Feet 3-5 Feet 1-2 Feet 2-4 Feet 2-4 Feet 3-5 Feet 1-2 Feet 2-4 Feet 4-7 Feet 5-9 Feet 1-3 Feet 2-4 Feet 1-3 Feet 2-4 Feet 2-4 Feet 3-5 Feet

VISIBILITY 8 Miles 10 Miles 10 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 10 Miles 10 Miles 8 Miles 8 Miles 8 Miles 10 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 10 Miles 7 Miles 8 Miles 8 Miles

WATER TEMPS. 76° F 76° F 78° F 78° F 79° F 78° F 81° F 81° F 76° F 76° F 78° F 78° F 78° F 78° F 81° F 81° F 81° F 81° F 80° F 80° F 77° F 77° F 80° F 80° F 78° F 78° F