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MONDAY, MARCH 11, 2019
$4.24 Royal Caribbean targets western Paradise Island
MICHAEL BAYLEY By NEIL HARTNELL and NATARIO McKENZIE Tribune Business Reporters ROYAL Caribbean Cruise Lines (RCCL) is acquiring real estate at Paradise Island’s western end in a bid to develop what is thought to be a “getaway destination” for its passengers. Multiple sources have confirmed to Tribune Business that the cruise line has quietly been acquiring or bidding on properties near the lighthouse that is a key Nassau harbour landmark, with some already under contract. Government and Royal Caribbean principals were last week tight-lipped on the cruise line’s Paradise Island plans, but did not refute their existence or its likely development strategy. Michael Bayley, Royal Caribbean International’s president and chief executive, did not comment
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GALLERIA Cinemas has won permission to appeal a judgment, which its attorney says threatens to “stagnate” the Bahamian creative economy, to the London-based Privy Council.
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Ex-boss ‘robbed’ ferry firm of Bahamas route By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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HE former chief executive of Balearia Caribbean must pay his ex-employer $2.844m in damages for effectively stealing the Resorts World Bimini ferry contract from under them. The Spanish ferry operator, which already services Freeport from Fort Lauderdale on an almost-daily basis, was deprived of the chance to bid on the Bimini deal because Hernan Calvo concealed the opportunity from it. Calvo, according to a US court ruling obtained by Tribune Business, first entered into secret talks to steer the Resorts World contract to a rival Argentinian ferry company, Buquebus. When it pulled out in April 2016, he found a German transportation company, Forde Reederei Seetouristik GmbH (FRS), to take over the deal and it duly signed a contract with
Galleria’s copyright fight to Privy Council By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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Gregory Moss told Tribune Business that the cinema operator’s 18-year battle with the Performing Rights Society (PRS) was “a very important case” for the development of all artistic “genres” and determining what the Copyright Act’s provisions really mean.
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the Commonwealth of The Bahamas figures prominently in any proposed tourism activity affecting The Bahamas,” Balearia, in its original action, alleged. “Calvo, as Balearia Caribbean’s chief executive, knew that on Balearia Caribbean’s existing ferry operations between Fort Lauderdale and Grand Bahama, Balearia Caribbean was able to obtain through negotiations a reimbursement of certain marketing expenses from the Government of the Commonwealth of The Bahamas as an incentive to promote these ferry operations. “Calvo also held discussions with Bahamian government representatives when he was negotiating the Genting ferry deal for Balearia Caribbean, and these discussions would
WTO tariff cut fears for ‘40,000 Bahamian jobs’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
have included the marketing reimbursement tourism incentive. “Calvo kept [Balearia] in the dark about the discussions he was having with representatives of the Government of the Commonwealth of The Bahamas at the time he was also negotiating the Genting ferry deal.” Balearia claimed that a representative for Genting Group, the Malaysian conglomerate that owns Resorts World, informed it that the agreement with FRS involved the ferry operator “ceding to Genting the marketing incentives that FRS would obtain from the Bahamian government”. In other words, Resorts World and Genting would be the ones to benefit from
LOCAL contractors have voiced mixed reactions to fears that a WTO-induced 50 percent tariff rate cut on prefabricated buildings “puts 40,000 Bahamian construction jobs at risk”. A March 7 letter, being circulated to “all Bahamian construction industry participants”, warns that cutting the import tariff on pre-fabricated homes from the current 45 percent to 20 percent - as is proposed by The Bahamas’ original World Trade Organisation (WTO) goods offer - presents “serious dangers” for Bahamian contractors and their employees. Pre-fabricated buildings are largely constructed abroad, and then broken down before being shipped to The Bahamas and other countries in “modules”, which can then easily and quickly be assembled once they reach their destination. Arguing that the proposed tariff reduction represents a major competitive threat, especially in a stagnant
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• Ordered to pay Balearia $2.844m • Held secret incentive talks with govt • Marketing rebates went to Bimini resort the Bimini resort’s owner. Judge Kathleen Williams found that Calvo, while still working at Balearia, was competing against his thenemployer for two months over the Resorts World deal prior to his eventual departure. She ruled that he had “breached his fiduciary duty” to the Spanish ferry operator, and therefore needed to pay it $2.844m compensation for loss of profits. Documents filed with the the US south Florida federal court, which have been obtained by Tribune Business, also allege that Calvo kept secret negotiations he was holding with the Bahamian government over investment incentives for the Resorts World Bimini ferry route. “The Government of
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TAXI DRIVERS MEET ON CRUISE PORT OVERHAUL
MEMBERS of the Bahamas Taxi Cab Union met with executives of Global Ports Holding and the Downtown Nassau Partnership to begin discussions about plans to redevelop the cruise port. From left: Perry McPhee, Prince George Wharf Taxi Association trustee; Davinci Simms, Bahamas Taxi Cab Union trustee; Sulayman Khalfani, general secretary, Bahamas Taxi Cab Union; Colin Murphy, Global Ports Holding, head of business development (Americas); Ed Fields, managing director, Downtown Nassau Partnership; and Frederick Wallace, chairman, Prince George Wharf Taxi Association. TAXI drivers last week met with the preferred Nassau cruise port bidder and Downtown Nassau Partnership (DNP) to discuss Prince George Wharf’s impending redevelopment. Bahamas Taxi Cab Union (BTCU) executives and the Prince George Wharf Taxi Association met with Global Ports Holding officials and the DNP. The group included Perry McPhee, Prince George Wharf Taxi Association trustee; Davinci Simms, Bahamas Taxi Cab Union trustee; Sulayman Khalfani, general secretary, Bahamas Taxi Cab Union; Frederick Wallace, chairman, Prince George Wharf
Taxi Association; Colin Murphy, Global Ports Holdings’ head of business development for the (Americas); and Ed Fields, managing director, Downtown Nassau Partnership. Global Ports Holding will operate the new cruise port, Nassau Cruise Port Ltd, under a 25-year leasehold concession from the government. Nassau Cruise Port Ltd is a majority Bahamian-owned company, with Global Ports holding 49 percent of its equity. The 51% balance will be owned by the YES Foundation and the Bahamas Investment Fund (BIF). “We had a great introductory meeting, which I
think marks the beginning of a very positive relationship between Nassau Cruise Port Ltd and the BTCU, with the support of the Downtown Nassau Partnership,” said Mr Murphy. “The BTCU is very keen on ensuring that its members are a part of the redevelopment process, and we understand and appreciate that.” Mr Khalfani, the union’s general secretary, said: “The meeting went well. Mr Murphy took the time to listen and learn about how we currently operate, and we offered suggestions and shared some of the concerns our members have raised about the project. He gave us some
clarity about how Global Ports Holding plans to move forward and engage key stakeholders in this process. “We found their use of technology interesting, and can see real benefits to our industry. It was an important first step in helping us to forge a strong partnership that will benefit taxi drivers, Nassau Cruise Port Ltd, and the cruise passengers. We look forward to this partnership improving the lives of our members and fellow Bahamians. This project has been a long time coming.” Mr Fields added: “There are exciting things happening downtown that are bringing stakeholders
together that will lend to the success of its transformation. The meeting between the BTCU, Global Ports and the DNP shows how folks with a common cause can work together and overcome challenges as long as all concerns are on the table for consideration.” Mr Murphy concluded: “Our proposal is about the positive transformation of downtown and the cruise port, and creating opportunities for Bahamians. We don’t want to take anything away from the taxi drivers or make it more difficult for them to survive. “No one should have to sleep at the dock to be
able to make a living. Our goals are to help taxi drivers generate more revenue and enhance their business model where needed through improved organisation and other forms of support. This only works if we work together.” Global Ports Holding operates including 16 cruise ports and two commercial ports in ten countries, most of which are in the Mediterranean, Atlantic and Asia-Pacific regions. It serves over eight million passengers at its cruise ports and handles more than 300,000 TEUs (twenty-foot equivalent units) and about five million tons of total cargo at its commercial ports.
Bank conference focuses on technology disruption A BAHAMAS-based financial services provider has hosted a conference analysing how technology advances have the potential to transform every economic sector. Deltec International Group (Deltec), parent company of Deltec Bank & Trust, brought together more than 300 academics, regulators, emerging companies and financial services professionals at its annual conference from March 3-5 at the Rosewood Baha Mar. Under the theme Trusting Disruption, the conference featured keynote addresses on trends in geopolitics, fintech (financial technology), artificial intelligence and futurism. Speakers included: • Henri Arslanian, PwC Fintech and cryptocurrency leader for Asia; chairman of the Fintech Association of Hong Kong; and adjunct associate professor at the University of Hong Kong • Calum Chace, artificial intelligence (AI) trends expert. Author of The Economic Singularity: Artificial Intelligence and the Death of Capitalism (2016), and Surviving AI, The Promise and Peril of Artificial Intelligence (2015) • Peter Zeihan, geopolitical strategist, former US State Department analyst, and author of The Accidental Superpower and The Absent Superpower • Jim Carroll, expert futurist specialising in global trends and innovation • Hugo Rogers, chief financial strategist, Deltec
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International Group • Zachary Lyons, senior investment analyst, Deltec Bank & Trust Jean Chalopin, Deltec International Group’s chairman, said: “To trust disruption, we need to understand what innovation means for us, so that we can adjust our vision and investment approach and be better armed to capture the next best opportunities. We were thrilled to welcome innovators to The Bahamas to share ideas and discuss the impact of technology on our society.” In addition to the keynote addresses, the Deltec annual conference featured The Innovator’s Marketplace, a component of the conference designed to provide a forum for emerging companies in biotech/life sciences, virtual reality, Blockchain, fintech, quantum computing and other cutting-edge industries to pitch their ideas to investors and attendees in 45-minute presentations. K Peter Turnquest, deputy prime minister, said: “I commend Deltec and Mr Chalopin for hosting this conference. I am very impressed at the diversity of the speakers and the programming, and I think this conference sets an example for what we need to explore in The Bahamas. “We need to push the boundaries of what is possible in technological development, and in collaboration across sectors in the global community. This is what inspires our people, helps us to create and innovate, and dares us to take risks – all crucial parts of building The Bahamas’ reputation as a global economic player.” Pepe Moreno, chief executive of Beachhead VR, an alternative reality world powered by decentralised crypto-economics, and a participant in The
Innovator’s Marketplace, said: “We were grateful for the opportunity to share our technology and vision the future of VR at Deltec’s annual conference. “Working with innovative partners like Deltec has allowed us to broaden our network and share the experience of VR with a wider audience. Deltec’s Innovator’s Marketplace allowed us to challenge participants to embrace their own imaginations through our technology – an experience that could change the way our society approaches education altogether.” The Deltec annual conference also highlighted the work of the Deltec Initiatives Foundation, a three-pillar charitable organisation funded by the bank to empower young Bahamians to drive positive social impact through arts, entrepreneurship and education. As part of Deltec’s Initiative for the Arts, this year’s conference featured colourful artwork by young Bahamian artists throughout the conference venue and music by local Bahamian musicians at the conference gala dinner. The gala also featured Deltec’s Initiative for Young Entrepreneurs, formed to assist young, motivated Bahamian entrepreneurs with an integrated support package to further their business. The $10,000 Young Entrepreneurs Award was given to blockchain technology company HODL, founded by young entrepreneurs Tamar Pinder, Matthew Munroe, John Bridgewater and P Jillian Bethel. Special Mention and a $2,000 prize were given each to 11-year-old Karis Knowles, for her Balloon Princess company, and Te’ja Munnings, founder of Ribbons for Life.
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Monday, March 11, 2019, PAGE 3
CRUISE LINE: 2,000 JOBS IN GRAND LUCAYAN OFFER By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net A TOP Royal Caribbean executive has confirmed it is working with Mexican port developer, ITM Group, on a proposal to redevelop the Grand Lucayan that could create 2,000 jobs. Michael Bayley, the cruise line’s president and chief executive, said: “We’re currently working on a proposal. We’re in a period of negotiation. With our partner we are working on what we think would be a very exciting proposal that will really rejuvenate Freeport as a destination, and we’re quite excited about the opportunity.” While giving few details about the partnership’s plans and scope, Mr Bayley said their offer - if accepted - would mark a first for the company in terms of involevment in resort development. “Certainly, in terms of this idea we call destination development, it’s new for us to go into that side of the business,” he said. “Our partner, which is ITM, which is a Mexican company, has more experience in that side of the business. I think that is why we have come together to develop this. We have been in discussions with other groups in terms of the
operation and the licensing of the hotel property. I think people will be quite excited with the proposal that will come forward. “We haven’t come forward with a final proposal to the government; we are in very productive discussions, but we do have to come up with a final product.” Mr Bayley said the ITM/Royal Caribbean proposal, if selected out of the 60 offers to redevelop the Grand Lucayan, could create close to 2,000 jobs. ITM and Royal Caribbean, which were also together in a bid to operate/manage Nassau’s cruise port, are planning to add additional cruise berths in Freeport Harbour as well as develop waterbased adventure theme parks at both the harbour and Grand Lucayan. Their proposal was exclusively revealed by Tribune Business. Mr Bayley, meanwhile, dismissed concerns that the failure of the cruise lines to win the bid to manage/operate Prince George Wharf would result in decreased calls to Nassau, telling Tribune Business: “Everything is going to be great for The Bahamas.” He added: “I think what people need to do is start looking into the future. What we see is when you look at the cruise ship orders there is a lot of
capacity coming online. Everything is going to be great for The Bahamas. “What we need to do now is work together to develop destinations in The Bahamas so that we can bring more people. We have got plenty of people to bring, and that’s what we need to focus on; working to build the destination. Whether it’s Nassau, Freeport or the private destinations, there are plenty of tourists coming. The better we are prepared for that, the better we are all going to do.” Mr Bayley, who on Friday addressed the Rotary Club of East Nassau, said of the cruise port’s planned $250m transformation under Global Ports Holding, said: “I personally think it’s a great thing that is going to be a unified attempt to make some changes to downtown Nassau, and get things to maybe a slightly different place. “I think the plans are going to change somewhat. You’re going to have to go from concept to reality. I think there is going to be a period where everybody can participate, understand the plans and contribute to them. I think it’s going to be a huge opportunity for Nassau if we can collectively figure out how to make the destination more desirable. “There are things that do have to change. It is
Bahamian destination manager wins award To advertise in The Tribune, contact 502-2394
PAUL BERGERON, senior vice-president of event solutions at BI WORLDWIDE, congratulates Lio Mograbi, senior vice-president and general manager, and Shawn M Sawyer, president and creative director of Cacique International. CACIQUE International, the Bahamian destination management company (DMC), has been named as a BI WORLDWIDE Inspirational Partner for 2018. This designation aligns Cacique International with other companies who maintain a strong partnership, and provide top service, in the event industry. The company has been recognised in the award category for “A service well done”, which is presented to companies that best support the on-site delivery of a programme. “We’re proud to recognise Cacique International as an inspirational partner. Their high standards help us create great experiences and deliver powerful moments for our clients. We look forward to continuing our partnership,” said Paul Bergeron, senior vicepresident of event solutions
at BI WORLDWIDE. “Being awarded among the best for what we do is entirely invigorating. I am so, so proud of the team. Their tenacious spirits and boundless creativity drives Cacique beyond our clients’ expectations,” said Shawn M Sawyer, Cacique International’s president and creative director. “This is the third international award that Cacique has received in six months, which is both humbling and gratifying, as it confirms that we are a major player on the DMC stage. We look forward to what the future holds as we continue to establish our presence in the DMC world.” BI WORLDWIDE’s Inspirational Partner forum is designed to bring key supplier partners together for celebration, education and information exchange.
a remarkably popular destination. One of the challenges or opportunities is that people are interested in coming, but they struggle with the actual delivery. I think collectively we can make a lot of improvements, and the development project is going to help with that.” Mr Bayley added that Royal Caribbean is
finalising its work on Coco Cay, its private island in the Berry Islands. “We have had a private destination in Coco Cay for over 25 years. We are now investing a quarter of a billion dollars ($250m) in Perfect Day, Coco Cay,” he reaffirmed. “We are close to finalising all of the construction, and the work we are doing consists of two components;
thrill and chill. It will have the tallest water slide in America, the biggest wave pool in the Caribbean, the biggest oasis lagoon fresh water pool in the Caribbean. “We think this is a game changing concept as it relates to cruise destinations connected to private destinations. We’re very excited about that and we’re looking to that opening.”
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Galleria’s copyright fight to Privy Council FROM PAGE ONE The former MP said the Court of Appeal verdict in favour of the PRS, which overturned an earlier Supreme Court verdict that found for Galleria, threatened to create an unworkable scenario where artists had to be compensated at every turn - even if just a small piece of their work was used - by their counterparts in a later, original creation. Mr Moss said he had “absolute confidence in the outcome” of the case, and expressed belief that the UK-based Privy Council, the highest court in the Bahamian judicial system, will “set it right” and reinstate the first verdict by Supreme Court justice, Ian Winder. “We’ve been fighting this case now for 18 years, and we were very pleased to have the judgment of
CHRIS MORTIMER, principal at Galleria.
Justice Ian Winder a yearand-a-half ago when he agreed with our position, but the Court of Appeal reversed him. “We were able to convince the Court of Appeal that we have the right to appeal to the Privy Council, and are quite confident the Privy Council will prefer the verdict of Justice Winder on this. I have absolute confidence in the outcome of the case. I think the judgment of Justice Winder properly reflected the law. We’re satisfied the Privy Council will set it right and reinstate his judgment.” Copyright is intended to protect inventors and creators by preventing their works, in any form, from being copied or used without permission. Strong laws and regulations in this area are critical to developing not only the cultural/artistic economy but also if The Bahamas is to attract innovative industries based on research and development, such as the technology sector. Trade-Related Intellectual Property Rights, or TRIPS, are also a key component in rules-based trading regimes, and will assume critical importance as the Bahamas moves to become a full World Trade Organisation (WTO) member by mid-2020. The government has sought feedback on numerous intellectual property rights upgrades, and their accompanying regulations. Galleria, whose principal is former Democratic National Alliance (DNA) leader, Chris Mortimer, had argued that the owners of musical copyright relinquished such rights when their work was incorporated into movie soundtracks, with ownership now vested solely in the latter. The UK-based PRS, acting on behalf of its Bahamian and international members, who include song writers, composers and music publishers, had initiated the legal battle in 2001 by claiming Galleria was breaching the musical copyright of its Bahamian and international members. It claims Galleria has “repeatedly ‘authorised’ or ‘permitted’ public performances at its Cineplex of ‘films containing musical works in the plaintiff’s repertoire’ without the licence of the appellant [PRS]”. While Justice Winder backed the cinema operator’s position, acting appeal
Justice Milton Evans, in a ruling that was last year supported by his two fellow Appeal judges, found there was nothing in the Copyright Act 1998 to support Galleria Cinemas’ contention that the authors of music give up their ownership rights when their works are used in film sound recordings. The outcome of the case thus has critical implications for singers, musicians and songwriters - both Bahamian and foreign over the use of their works in The Bahamas and the compensation/royalties they will receive - hence Galleria’s appeal to the Privy Council. Mr Moss told Tribune Business on Friday that it was “a very important case, a very important case” whose outcome could have the effect of stifling artistic development in The Bahamas depending on which way the Privy Council rules. He argued that it deals with “the whole right of derivative works”, and the differences between old UK law on one hand and the modern UK copyright version, the Berne Convention, the US Copyright Act/ Title 17 and the Copyright Act 1998. Mr Moss said the old UK version required the creators of musical works to be compensated with royalty payments every time their song was played on the radio, TV and cinema. Artists were collectively represented by the PRS, but the attorney argued that the modern world had recognised this was unworkable, amending copyright laws accordingly. “Once you licence your musical work to be included in an audio-visual work, it does not have a separate equity from the audio-visual format,” Mr Moss said, laying out Galleria’s case. “The audio-visual format becomes the derivative work when it is shown on screen; you can’t complain when it is shown on the cinema screen.” He added that the same principle applied to “derivative works for music”, where “snippets” of a song were taken and included in a new, original work. Mr Moss argued that such artistic development will be stifled if royalty payments have to be made to the first song creator every time the new work was played. “This, then, frees up artists to develop their art,” he
explained. “It gets past the point of stagnating the art... The Copyright Act was supposed to get past this. .... If the position is that you can only extend development of a particular genre by paying a royalty to someone else who introduced the genre, it’s like saying you’re paying someone not to stagnate further development. “It [the Court of Appeal] ruling is stagnating creative development, artistic development in our country. The Copyright Act was passed in 1998 and enacted in 2000. The fact we do not understand it is somewhat troubling.” Mr Moss said the Copyright Act was intended to extend artistic expression, but did not provide protection for “carbon copies” of original works. Justice Winder, at the Supreme Court level, found that the soundtrack was “separate and distinct from a musical work” and that “any overlap” of copyright ownership would create confusion. Mr Moss and Galleria argued that the Copyright Act’s section 74 reinforced this position, as the owner of ‘musical works’ did not retain their copyright when this was incorporated into a sound recording. But Ferron Bethell, of Harry B Sands & Lobosky, argued on the PRS’s behalf before the Court of Appeal that ‘musical works’ maintain a separate identity from sound recordings or film tracks, meaning that there were in effect two copyright owners. And acting appeal justice Evans found: “On my reading of the Act I can find nothing which substantiates the position that a holder of that copyright loses his right to the same once that musical work is incorporated into a musical recording. In my view, the author of the musical work and the author of the sound recording which comprises the musical recording can each at the same time hold copyrights to their creations.” Mr Moss previously argued the ruling deviated from the Berne Convention, the international treaty designed to protect literary and artistic works, and which The Bahamas’ Copyright Act 1998 is intended to parallel and be aligned with.
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Monday, March 11, 2019, PAGE 5
STERLING NAMES WEALTH MANAGEMENT UNIT HEAD A BAHAMAS-based financial services provider with $9bn in assets under management has named Patrick Milot-Daignault as head of its wealth management unit. Patrick Milot-Daignault, pictured, a Canadian wealth management adviser and high-level relationship executive, will head Sterling Wealth Management, an affiliate of Sterling Global Financial. Mr Milot-Daignault, who has had more than 25 years’ experience in wealth management, will be responsible for developing the unit’s
Royal Caribbean targets western Paradise Island FROM PAGE ONE specifically on the cruise line’s intentions when pressed by Tribune Business last week. Speaking in general terms, he said: “We’re always looking around for opportunities. Anything we think we can do to help enhance the customer experience, and also the community, we’re interested in exploring. There is always something going on with Royal Caribbean.” Dionisio D’Aguilar, minister of tourism and aviation, responded: “I have no comment on that” when asked about Royal Caribbean’s Paradise Island plans. He, too, did not deny them. Tribune Business understands that the government, while having no objection to Royal Caribbean acquiring Bahamian real estate, has some reservations about approving an exclusive ‘beach getaway/excursion’ type destination for a major cruise line so close to Prince George Wharf. The concern is that Royal Caribbean would direct all its passengers to this location, thereby depriving downtown Nassau merchants, straw vendors, taxi drivers
and hair braiders, together with local attraction, tour and excursion providers, of significant revenues and customer base. This newspaper’s contacts, speaking on condition of anonymity, said nothing has been confirmed or approved yet in relation to Royal Caribbean’s Paradise Island designs. However, revelation of their existence comes just as the government has unveiled Global Ports Holding as the preferred bidder to undertake a $250m transformation of Nassau’s cruise port. This newspaper also understands that there are Bahamian-owned and generated proposals for developing a similar style destination experience at Paradise Island’s western end, centred on the lighthouse and beach, which may rival Royal Caribbean’s plans and are under consideration by the government. “Royal Caribbean is buying up the entire western end of Paradise Island, buying all the land,” one well-placed contact familiar with developments said. They suggested Royal Caribbean was seeking to develop a water-based park by combining the properties it is
purchasing, although other sources said such a park was not in the offing. This contact, though, said Royal Caribbean was likely to have been motivated by Atlantis’ success in attracting its passengers - and those of other cruise lines - to its facilities, and especially its water-based theme park, on day passes. “Atlantis’ biggest business is the day visitors from the cruise ships,” the source said. “If Royal Caribbean is only getting 30-40 percent of what they pay, why not build their own water park so they make 100 percent of what Atlantis is making?” It is unclear whether the cruise line will seek to lease the lighthouse and surrounding beach area, which sits on crown land and is thus owned by the government. It is thought the government would be reluctant to agree to this - especially to a nonBahamian interest.] One realtor, speaking on condition of anonymity, said he was aware of Royal Caribbean’s interest in, and activity on, western Paradise Island. “There is one piece that I know they’ve bought” he said. “They have under contract the western end of the island. It’s definitely in the works. We don’t know what they’re actually proposing. We were assuming it was to take people over there.” Another contact pointed out that the western end of
business strategy. He most recently served on the senior executive team for one of the world’s leading financial institutions,. interfacing with large global asset managers and financial services institutions. “Patrick brings a unique skill set to our business having worked all over the world and with a diverse group of clients,” said Stephen Tiller, president, Sterling Global Financial. “As financial products evolve and technological advances continue, what distinguishes a premier asset manager is the client
experience. And we believe that Patrick who has, over a long and successful career acquired a solid understanding of management principles, will deliver to our clients an unparalleled experience.” Mr Milot-Daignault’s appointment to head up Sterling’s wealth management division is the latest in a pattern of deliberate, steady growth for the firm headquartered in Nassau. It is financing numerous residential, resort and commercial real estate and development projects around the world.
Sterling-managed funds are currently assisting with projects in London, Boston, Ireland, Grand Cayman, Miami and The Bahamas. In The Bahamas, Sterling broke ground last month on its $250m Sterling Hurricane Hole development that includes construction of condominiums, prime harbourfront office space, dining, retail and marina renovation. Sterling is also set to announce a major project in Grand Cayman, where its Cayman office maintains one of the oldest trust companies in the hemisphere.
Paradise Island was zoned commercial, and that it had become a residential setting “by accident”. Several properties on Paradise Island’s western end have been on the market in recent years. Hollywood actor Nicholas Cage’s property, Kilkee House, was put up for auction in 2016, while art dealer Gilbert Lloyd, whose father co-founded the Marlborough Gallery, was said to be seeking near-$16m when his property was advertised for sale in 2017. Tribune Business was told that Royal Caribbean has been acquiring, and seeking to acquire, properties extending from the boundaries of the government’s crown land up to the property owned by Sterling Financial Group chief, David Kosoy. There were also suggestions it was interested in land near the Yoga retreat and former Club Med. Royal Caribbean’s last year said it will “bring closer” to 2m visitors to
The Bahamas by 20202021, marking a two-thirds increase in just two to three years. Mr Bayley said then that the cruise line was likely to exceed its own projections of bringing 1.75m passengers - a 45.8 percent increase - to The Bahamas within that timeframe. It therefore makes sense that it would seek new destinations and experiences in The Bahamas to match the increase in customer base. The Royal Caribbean chief also pledged that it will grow its current
estimated $300-$350m annual Bahamas economic impact, adding that it was mindful of the need to strike a “balance” between calls on Nassau and visits to its Coco Cay private island in the Berry Islands. The latter property is currently undergoing a $240m upgrade and expansion, which will largely be completed by May 2019 and facilitate the hiring of a further 100-120 Bahamians to join the 250 already employed at Coco Cay by Royal Caribbean.
GATE CLOSURE The south shore side gate on the foot path to Alpha Sierra, Frys Mangrove, Elbow Cay, Abaco WILL BE CLOSED to all traffic from Noon on March 15th to noon on March 16th each year.
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Ex-boss ‘robbed’ ferry firm of Bahamas route FROM PAGE ONE substantial concessions granted on the Bahamian taxpayer’s behalf - in addition to the multi-million dollar tax breaks and other incentives already granted to them for the resort’s development. Balearia, upon learning of Calvo’s conduct, initiated a lawsuit for breach of fiduciary duty and the US Trade Secrets Act against the man it appointed head of its Caribbean (really Bahamian) operations in 2013. Judge Williams, in her ruling, said Calvo knew Balearia was “on the look-out for an opportunity with Genting Group to provide ferry service between Miami, Florida, and a casino in Bimini, The Bahamas [Resorts World]” from the time he was appointed.
While Balearia had serviced the Bimini route from 2011 to 2013, Genting ultimately decided to use its own Superfast vessel to service Resorts World once the latter opened. “However, Balearia knew that the Superfast was too big for the route and that, ultimately, Genting would need a third party to operate that line,” Judge Williams noted. The Spanish operator was the only company then providing ferry service in the Caribbean, and Genting contacted Calvo in March 2015. He met Genting’s outgoing president for the Americas, Dana Leibovitz, and his replacement, Ed Farrell, with the duo visiting Fort Lauderdale to inspect the company’s vessel, the Pinar Del Rio, one month later. Calvo then visited Bimini
to inspect Resorts World’s dock, but cancelled a test visit by the Pinar Del Rio in early July 2015. He resigned the following month, supposedly to move to Plastic Energy, an energy company, but was persuaded to remain until October 2015 to train his replacement. While in Spain, Calvo received an August 26, 2015, e-mail from Dana Liebovitz seeking to re-open negotiations on Genting’s behalf over the Bimini route. Concealing this from Balearia, Calvo set up a meeting for September 8 and contacted Buquebus - the Argentine firm and his employer’s rival in the interim to alert it to the opportunity. He also ensured Buquebus’s vessel, the Silvia Ana, was certified by the US coast guard while still in Balearia’s
pay. And, on November 22, 2015, he sent Bimini Bay’s founder, and Genting’s partner, Gerardo Capo, a draft Memorandum of Understanding (MoU) for the Argentine firm to take over the Bimini route. Balearia finally found out that the contract was available when Genting announced on January 6, 2016, that the Superfast was ceasing operations. It sought to begin talks with the Malaysian conglomerate but was unaware of how far advanced Calvo and its rival, Buquebus, were. Even the Argentine firm’s withdrawal in April 2016 failed to faze Calvo, as he swiftly found a replacement in the German firm, FRS. It sealed its own deal to operate the Miami to Bimini route some two months later, using virtually identical terms to those sought by Buquebus. “During the negotiations with FRS, Calvo used an Excel document template that had been created by Balearia,” Judge Williams found. “The document contained revenue and cost
projections based on data points used by Balearia including seasonability percentages; commission rates; average price per passenger; average price per cargo unit; ration of bins to pallets.” Balearia argued that Calvo had breached the US Defend the Trade Secrets Act because he used its confidential, proprietary information to assist a competitor in the shape of FRS. This, though, was rejected by Judge Williams on the basis that the information Calvo used came from his 20 years’ experience in the ferry industry, and that most of the details in the spreadsheet could be obtained by anyone in the sector. She also found that Balearia “did not take reasonable steps to protect” itself, as Calvo was not required to sign an employment contract or non-disclosure/confidentiality agreement. Nor was he asked to return any confidential information when he left. However, Judge Williams found the former Balearia Caribbean chief did breach
his fiduciary duties by concealing the Bimini opportunity from his employer. She brushed away Calvo’s claim that he did not compete with his former employer until after he left, and that his actions prior were “just pre-departure planning activities”. “The court finds that from late August 2015 until the end of October 2015 - while he was still Balearia’s chief executive - Calvo was, in fact, competing against Balearia,” Judge Williams ruled. “The court concludes that by keeping the opportunity from Balearia since September 2015, Calvo effectively robbed Balearia of a corporate opportunity... But for Calvo’s actions, neither Buquebus nor FRS would have even become aware of the opportunity had it not been for Calvo.” Judge Williams accepted Balearia’s claim that it had suffered $2.844m in lost profits as the damages Calvo must pay, but rejected its argument for an additional $1.982m to cover costs relating to having a ship sit idle.
NOTICe TO OUR LONG STANDING & VALUeD CUSTOMeRS:
Corri Miller and Theo Kemp (former employees) are no longer employed with GG Fire & Safety Services and is NOT authorized to conduct any business; under any circumstances, on behalf of the company.
If these individuals are found or seen perpetrating please contact the police.
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION
2014 CLE/Qui/01039
IN THE MATTER of the Quieting Titles Act, 1959 AND IN THE MATTER OF ALL THAT parcel of land being Lot Number 5 in Block Number 305 in the “Grants Town” comprising 22539 square feet situate on the Southern Side of Fleming Street approximately 109 feet East of Blue Hill 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 KRANSTON KEY, VERNA BROWN, GERARD BROWN, WENDALL PEDICAN, JOHN ADDERLEY, ANTHONY HARRIS, DENICE BLACK and TARIANO ADDERLEY, ANYA M. JASMIN, SHANDO JOHNSON and ELLAMAE EVANS AND SHARON WHYLLY NOTICE OF ADVERSE CLAIM TAKE NOTICE THAT KRANSTON KEY, VERNA BROWN, GERARD BROWN, WENDALL PEDICAN, JOHN ADDERLEY, ANTHONY HARRIS, DENICE BLACK and TARIANO ADDERLEY, ANYA M. JASMIN, SHANDO JOHNSON and ELLAMAE EVANS AND SHARON WHYLLY of Grants Town, Fleming Street, Nassau, NP, Bahamas, claims to be the owner of the fee simple estate in possession of the tract of land herein before described free from encumbrances. AND the Petitioners have made application to the Supreme Court of The Bahamas under Section # of The Quieting Titles Acts, 1959 to have her title to the said tract of land investigated and the 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 Dower or a Right Dower or an Adverse Claim or a claim not recognized in the Petition, which was filed in the Registry of the Supreme Court on the 14th of July, 2014, shall, on or before Friday the 25th of April, 2019, file in the Supreme Court and serve on the Petition Attorney at the address below a statement of his/her statement of his/her claim in the prescribed form verified by a Affidavit to be filed there with. Failure of any such person to file and serve a statement of his/her Claim on or before Friday, the 25th day of April, A.D. 2019 will operate as a bar to such Claim Petitioner’s Attorney at the address below. AND FURTHER TAKE NOTICE that copies of the Plan was filed in the Supreme Court on the 14th day of February, 2019 and may be inspected at the Registry of the Supreme Court situate at the Ground Floor of the British American Building, Malborough Street (Annex), Nassau, The Bahamas and at the office of the Petition’s attorneys below. DATED this 14th day of February, A.D. 2019 DULWICH LAW CHAMBERS 2nd Floor, Destiny Plaza #86 Farrington Road Nassau, The Bahamas
THE TRIBUNE
WTO tariff cut fears for ‘40,000 Bahamian jobs’ FROM PAGE ONE housing market, to local industry by reducing this product’s landed cost, the letter argued: “Foreign manufactured prefab buildings are a direct substitute to traditional homes constructed by the Bahamian construction industry. “The existing 45 percent import duty protects the domestic construction industry by keeping the landed cost of foreign prefab buildings high. This has prevented foreign prefab manufacturers from undercutting Bahamian contractors and construction companies on price. “The proposed reduction removes the existing protection by reducing the landed cost of foreign manufactured prefab housing. This should be a very serious concern for the Bahamian
Monday, March 11, 2019, PAGE 7 construction industry.” The letter, drawing on statistics from trademap.org, said The Bahamas has imported “an average of $10m worth of prefab buildings per year since 2007, with this sum peaking at $41.929m in 2013. It suggested that the “opportunity cost” of a consumer choosing to import a pre-fabricated home worth $250,000, rather than have it built from scratch in The Bahamas, was “about $80,000 or a full year of employment for three Bahamian construction workers”. Besides this loss, the letter writer suggested that $246,000 out of the $250,000 purchase price would flow out of The Bahamas to China or wherever the prefabricated buildings were manufactured, leaving just $3,600 in salaries paid to an average of two Bahamian workmen. “If the same consumer had hired a Bahamian contractor almost all of the value would remain in the Bahamian economy - only the price paid by the raw material importer for raw materials (cinder blocks, PT pine, plywood) would leave The Bahamas,” the letter added.
“Based on the above example figures, prefab imports into the Bahamas have reduced the number of Bahamian construction jobs available by an average of 120 per year, which is equivalent to $32m lost in salaries over the full ten-year period. “In 2013, importing prefab reduced the number of Bahamian construction jobs available by 503, which is equivalent $13.44m in salaries for that year alone... These calculations are only with regard to the opportunity cost to the Bahamian workman. They do not include the opportunity cost suffered by Bahamian contractors and other Bahamian business involved in construction.” The letter concludes by encouraging Bahamian contractors to signal their opposition to the proposed pre-fabricated building tariff cut, and instead call for it to remain at 45 percent to protect Bahamian jobs and companies. An e-mail address calls for signed letters to be sent to an e-mail address, from where they will be submitted to the Ministry of Financial Services, Trade and Industry and Immigration in a bid to push for the
goods offer to be changed. Michael Pratt, the Bahamian Contractors Association’s (BCA) president, confirmed to Tribune Business that he had seen the lettercum-petition, and that it was discussed at the Association’s monthly meeting last week. He said he had “invited the gentleman” behind the letter, who he did not name, to attend given that Zhivargo Laing, The Bahamas’ chief WTO negotiator, was addressing the meeting. Emphasising that the BCA had yet to develop a position on the pre-fabricated tariff issue, Mr Pratt said he had personally asked the letter’s author “to think about it from another perspective” when it came to the root causes of the housing/construction market stagnation. The BCA chief said the biggest impediment was the risk averse posture being adopted by Bahamian commercial banks towards mortgage lending, both for new builds and existing properties, and the stringent qualifying criteria
that many buyers were finding it impossible to meet. Mr Pratt said banks were frequently asking buyers to produce up to 30 percent of the construction/purchase price as an equity downpayment, which often translates into a sum equivalent to $50,000 to $80,000 for a standard home. Few Bahamians have access to such funds from their own resources. Viewing the prefabricated tariff issue from another angle, Mr Pratt said anything that “brings down the cost of construction” and makes home and property development more affordable could be seen as a plus because it improved the chance of work for contractors. Robert Myers, a Bahamian contractor, questioned how competitive pre-fabricated buildings will be given the extra freight costs and logistics required to ship them to The Bahamas. “I don’t see that as a threat,” he told Tribune Business. “If you’re shipping pre-fabricated modules the sheer freight costs
are going to be almost prohibitive versus labour on-site.... It’s such a logistical nightmare to move these things in. “We should be competitive on labour costs for this type of thing. I don’t see our labour productivity being wildly different to other types of places. Labour efficiency is lower, no doubt, but not double digits lower.” Mr Myers added that time lags in getting replacements, should pre-fabricated homes arrive in The Bahamas damaged or unusable, were a further impediment to this product given that it could take four to five weeks to secure something new. “A lot of contractors use local manufacturers because they don’t have that problem,” he added. “You don’t have a 12-week wait; you don’t have that headache.” Mr Myers also warned that prefabricated homes would have to meet The Bahamas’ stringent building code standards to ensure they can withstand hurricanes.
PAGE 8, Monday, March 11, 2019
THE TRIBUNE
How Facebook stands to profit from its ‘privacy’ push By FRANK BAJAK Associated Press AT FIRST glance, Mark Zuckerberg’s new “privacy-focused vision” for Facebook looks like a transformative mission statement from a CEO under pressure to reverse years of battering over its surveillance practices and privacy failures. But critics say the announcement obscures Facebook’s deeper motivations: To expand lucrative new commercial services, continue monopolising the attention of users, develop new data sources to track people and frustrate regulators who might be eyeing a breakup of the socialmedia behemoth. Facebook “wants to be the operating system of our lives,” said Siva Vaidhyanathan, director of media studies at the University of Virginia.
Zuckerberg’s plan, outlined on Wednesday, expands Facebook’s commitment to private messaging, in sharp contrast with his traditional focus on public sharing. Facebook would combine its instant-messaging services WhatsApp and Instagram Direct with its core Messenger app so that users of one could message people on the others, and would expand the use of encrypted messaging to keep outsiders — including Facebook — from reading the messages. The plan also calls for using those messaging services to expand Facebook’s role in e-commerce and payments. A Facebook spokesperson later said it was too early to answer detailed questions about the company’s messaging plans. Vaidhyanathan said Zuckerberg wants people to abandon competing,
person-to-person forms of communication such as email, texting and Apple’s iMessage in order to “do everything through a Facebook product”. The end goal could be transform Facebook into a service like the Chinese app WeChat, which has 1.1 billion users and includes the world’s most popular person-toperson online payment system. In some respects, Facebook was already headed in this direction. It has dabbled with shopping features in its Messenger app for a few years, although without much effect. And WhatsApp, which Facebook acquired for $22bn in 2014, embraced a strong privacy technology known as “endto-end encryption” nearly three years ago. Messages protected this way are shielded from snooping, even by the services who deliver them. But Zuckerberg said
nothing in the Wednesday blog post about reforming privacy practices in its core business, which remains hungry for data. A recent Wall Street Journal report found that Facebook was still collecting personal information from apps such as user heart rates and when women ovulate. Facebook, which perfected what critics call “surveillance capitalism”, knows it has serious credibility issues. Those go beyond repeated privacy lapses to include serious abuses by Russian agents, hate groups and disinformation mongers, which Zuckerberg acknowledged only belatedly. “Until Facebook actually fixes its core privacy issues — and especially given their history — it’s difficult to take the pivot to privacy seriously,” said Justin Brookman, who was a research director at the Federal Trade Commission before joining Consumers Union as privacy and technology chief in 2017.
Combining the three messaging services could allow Facebook — which today has 15 million fewer US users than in 2017, according to Edison Research — build more complete data profiles on all its users. The merged messaging services should generate new profits from the metadata they collect, including information on who you message, when you do it, from where and for how long, said Frederike Kaltheuner of the advocacy group Privacy International. That is the information that users leave behind when they message each other or conduct retail, travel or financial business, she added. And Facebook doesn’t just use people’s information and activity on its platform, dissecting it to target people with tailored ads. It also tracks people who don’t even use the platform via small pieces of software embedded in
third-party apps. Privacy International published research in December showing that popular Android apps including KAYAK and Yelp were automatically sending user data directly to Facebook the moment they were opened. KAYAK, which was sending flight search results, halted the practice and said the transmission was inadvertent. Yelp continues to send unique identifiers known as “advertising IDs” that link to specific smartphones. Facebook also has trackers that harvest data on people’s online behaviour on about 30 percent of the world’s websites, said Jeremy Tillman of Ghostery, a popular ad-blocker and anti-tracking software. “When they say they are building a private messaging platform there is nothing in there that suggests they are going to stop their data collection and ad-targeting business model,” he said.
THE TRIBUNE
Monday, March 11, 2019, PAGE 9
Merkel successor backs Macron’s EU call, floats own ideas
CDU party chairwoman Annegret Kramp-Karrenbauer. The leader of German Chancellor Angela Merkel’s party is backing French President Emmanuel Macron’s call for a stronger European Union. BERLIN Associated Press THE leader of German Chancellor Angela Merkel’s party has backed French President Emmanuel Macron’s recent call for a stronger European Union, but suggested some solutions that are unlikely to be welcomed in Paris. In an op-ed published by German weekly Welt am Sonntag, Annegret Kramp-Karrenbauer responded directly to Macron’s appeal on Monday for voters to reject populist parties in this year’s upcoming European Parliament elections and instead support parties that want to strengthen the bloc. Contrasting what she called the “European way of life” with the social and political models of China, the United States and Russia, Kramp-Karrenbauer said the answer could only be: “Europe must become stronger.” The op-ed, which was released to media Saturday, contains proposals for tackling challenges
including populism, economic uncertainty, international security and migration. Not all of them will find favor in France. Kramp-Karrenbauer called for the EU to have a permanent seat on the UN Security Council — where France currently has its own — and suggested that the European Parliament should focus its work in Brussels, rather than regularly hold sessions in Strasbourg, France, as well. The 56-year-old, who succeeded Merkel as leader of the ruling Christian Democratic Union in December and is considered the front-runner to follow her as chancellor, also rejected Macron’s proposal for an EU-wide minimum wage and made clear that Germany won’t take responsibility for other countries’ public debts. Kramp-Karrenbauer, who was governor of Germany’s state of Saarland on the border with France for six years, suggested a Europe-wide “pact for climate protection” that would involve consulting
all parts of society to ensure it has the broadest possible support. The idea mirrors Macron’s efforts to engage in a dialogue with voters angered over a recent fuel price hike. She also expressly agreed with Macron on the need for the EU to better protect its external borders and said Europe should try to shape a version of Islam that’s compatible with its values.
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PAGE 10, Monday, March 11, 2019
THE TRIBUNE
Brexit backers to UK prime minister: Don’t delay LONDON Associated Press TWO prominent Brexit backers are warning Prime Minister Theresa May not to seek a delay to Britain’s scheduled March 29 departure from the European Union if her withdrawal deal is rejected tomorrow.
Conservative Party lawmaker Steve Baker and Democratic Unionist deputy leader Nigel Dodds wrote in the Sunday Telegraph that prolonging the Brexit process rather than making a clean break would lead to “political calamity”. The two said slowing Britain’s departure would
mean a “costly delay” for British businesses and irreparable damage to public trust in politics. Brexiteers who are ready to embrace a “no-deal” Brexit if no agreement is approved by Britain’s Parliament worry that a possible vote this week to seek an extension of the
BRITISH Prime Minister Theresa May
talks will eventually lead to a softening or cancellation of Brexit plans. Their warnings are based on the widespread belief that May’s 585-page withdrawal agreement, reached after more than two years of rigorous talks with the EU, will be defeated in Parliament unless last-minute
concessions are made by European leaders. Thus far, the terms are unchanged from the withdrawal plan that received a shellacking in Parliament in January, losing by some 230 votes, a record rejection of a sitting government. The prospect of another defeat has all sides in the
Sections Editor A daily newspaper is seeking a sections editor to design news pages and write eye-catching headlines. Solid journalistic credentials are essential including, a keen news sense, excellent text-editing ability and an aptitude for supervising staff. Experience using InDesign, Quark Xpress and Photoshop is essential. Send a covering letter, your resume and examples of your work to: Sections Editor DA115350 P.O. Box N-3207 Nassau, Bahamas
Brexit conflict jockeying for position. Scottish National Party leader Ian Blackford said Sunday that his party will put forward an amendment giving it the authority to hold another independence referendum if Britain does leave the EU. The Scottish party is firmly opposed to Brexit, and its leaders point out that Scotland’s population voted to remain in the EU in the 2016 referendum. Blackford says the party seeks “a recognition that if the UK does leave the European Union that the people of Scotland should be able to determine their own destiny and in particular should have that power to have an independence referendum if we so choose”. Scotland voted to remain part of the UK in a 2014 vote, but its leaders have complained bitterly that it is being dragged out of the EU against its will.
To advertise in The Tribune, contact 502-2394
PAGE 12, Monday, March 11, 2019
THE TRIBUNE
Presidential hopeful Castro isn’t ruling out reparations AUSTIN Associated Press DEMOCRATIC presidential candidate Julian Castro isn’t ruling out direct payments to AfricanAmericans for the legacy of slavery — a stand separating him from his 2020 rivals. “If under the Constitution we compensate people because we take their property, why wouldn’t you compensate people who actually were property,” the former Obama-era housing secretary and ex-San Antonio mayor said yesterday. Castro was among the last of a pack of 2020 candidates to speak at the South by Southwest Festival in Texas, in what amounted to
JULIAN CASTRO
one of the biggest gatherings of the Democratic field yet. As Democrats have addressed reparations in the early stages of the race, other candidates are discussing tax credits and other
subsidies, rather than direct payments for the labour and legal oppression of slaves and their descendants. Vermont Sen Bernie Sanders would put resources such as “Medicare for All” and tuition-free college into
NOTICE
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, KEVIN NATHANIEL ADDERLEY of #64 Jobson Avenue, Freeport, Grand Bahama, Bahamas intend to change my name to KEVIN NATHANIEL HUNT. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box F-43536, Grand Bahama, no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that WESLEY CALIXTE of Fire Trail Road, P.O. Box N-1918, Nassau, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Povidence, The Bahamas.
distressed communities. Castro tells CNN’s “State of the Union” he doesn’t think that’s the proper argument for reparations if “a big check needs to be written for a whole bunch of other stuff”. Castro stopped short of saying he would push for direct compensation to descendants as president, saying instead that he would appoint a commissioner or task force that would make recommendations. Sanders was in New Hampshire, while Sens. Elizabeth Warren of Massachusetts was in Dallas, Kamala Harris of California was in Miami and Amy Klobuchar of Minnesota was in Tampa. Other highlights from
NOTICE is hereby given that ROSMITHA JOSEPH of Malcolm Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 11th day of March, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, COCHISE AKEEM THOMPSON of Cowpen Road, in the Southern District of New Providence, Bahamas, P.O. Box EE-15770, intend to change my name to COCHISE AKEEM LYNES. 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 the publication of this notice.
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 2,097.24 | CHG 15.33 | %CHG 0.74 | YTD 33.67 | YTD% 1.63 52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.70 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51
1000.00 1000.00 1000.00 1000.00
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PREFERENCE SHARES
1.00 103.00 100.00 100.00 105.00 103.00 100.00 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 AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ 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 2.20 4.24 2.03 184.51 158.55 1.60 1.74 1.69 1.12 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 1.54 1.68 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
LAST CLOSE 4.37 17.43 6.49 5.39 1.78 0.80 2.28 9.85 6.16 4.29 10.99 2.69 1.81 8.62 6.40 15.00 6.98 3.34 13.85
CLOSE 4.37 17.43 6.49 5.39 1.78 0.80 2.28 9.85 6.16 4.35 10.99 2.61 1.79 8.71 6.40 15.60 6.98 3.34 13.85
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.00 -0.08 -0.02 0.09 0.00 0.60 0.00 0.00 0.00
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CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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 250
14,500 100 47,000 1,000
VOLUME
50 NAV 2.20 4.24 2.03 184.51 147.81 1.60 1.74 1.69 1.12 7.47 8.64 6.60 10.37 11.69 10.38 9.92 8.69 11.79
EPS$ 0.147 0.932 -0.306 0.323 0.104 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 0.240 0.500 0.150 0.090 0.600
P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 14.1 12.8 28.2 17.5 25.6 8.6 N/M 13.3 20.5 12.1 12.1 21.9
YIELD 2.75% 7.23% 0.00% 4.45% 0.00% 2.50% 0.00% 7.21% 3.57% 2.76% 5.64% 2.30% 3.35% 0.96% 3.75% 3.21% 2.15% 2.69% 4.33%
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% YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 0.47% 4.42% -0.04% 2.71% 0.27% 3.85% 0.75% 2.58% -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-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Jan-2019 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-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
The Vermont senator emphasised his rise from longshot candidate to major Democratic presidential contender in his first trip to New Hampshire since launching another run for president. Sanders said his ideas that seemed “radical and extreme” four years ago are now helping define Democrats campaigns across the country. “Those ideas that we talked about when I came here to New Hampshire four years ago, ideas that seemed so very radical at that time,” Sanders said. “Well, today, virtually all of those ideas are supported by a majority of the American people and they are being supported by Democratic candidates from school board to president of the United States.” Sanders topped Hillary Clinton by 22 points in the state’s 2016 primary. But he now faces a wider field of rivals who have adopted some of the same views on policy issues he pioneered during his last run for the White House. “This is where the political revolution took off,” Sanders said. “Thank you, New Hampshire.” JAY INSLEE Washington Gov Jay Inslee laid down a challenge for his 2020 rivals — join him in calling to abolish the Senate filibuster. Inslee is a newcomer to the Democratic field and is running a campaign that’s almost singularly focused on climate change. But he was similarly adamant about doing away with the Senate filibuster while speaking to a small
JOHN HICKENLOOPER Former Colorado Gov John Hickenlooper said he’s not cut out for the Senate — and that he doesn’t see himself switching races if his presidential run fizzles out. “I don’t see it in my future,” Hickenlooper said. Democrats have sights on Sen Cory Gardner’s seat. The Colorado Republican is up for re-election in 2020. Hickenlooper said he’s spoken with Senate Minority Leader Chuck Schumer but says he considers running for president a calling. Hickenlooper also said decriminalising prostitution is worth exploring. He brought up the recent Florida crackdown on massage parlour prostitution and investigation into human trafficking, which resulted in New England Patriots owner Robert Kraft being charged with two misdemeanour counts of prostitution. Kraft has pleaded not guilty.
INTENT TO CHANGE NAME BY DEED POLL
BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.80 0.80 3.68 10.20 6.60 4.64 12.50 2.74 1.81 8.50 6.40 15.60 6.99 4.47 13.85
BERNIE SANDERS
audience early yesterday morning at SXSW. He said the six Democratic senators currently running for the White House shouldn’t think twice. “Maybe they get religion on this and realise that the filibuster is going to stop us from doing anything from health care to climate change,” Inslee said. “As long as Mitch McConnell has the keys to the car, we’re not going to drive it anywhere.” He was followed on stage by Castro, who also signaled an openness to the Senate doing away with the filibuster, which is a procedural tool that requires a supermajority of at least 60 votes to pass many big items, instead of a simple majority.
PUBLIC NOTICE
MARKET REPORT THURSDAY, 7 MARCH 2019
Sunday’s campaigning:
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
The Public is hereby advised that I, PAULETTE DAVIS of #64 Jobson Avenue, Freeport, Grand Bahama, Bahamas intend to change my name to PAULETTE HUNT. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box F-43536, Grand Bahama, no later than thirty (30) days after the date of publication of this notice.
PAGE 18, Monday, March 11, 2019
THE TRIBUNE
UK OFFICIAL SAYS EU PLAYING GAMES OVER BREXIT LONDON Associated Press WITH tensions escalating, Britain’s House of
Commons leader said on Saturday that European Union officials need to take seriously British proposals for ending the Brexit
impasse before a crucial vote in Parliament. Andrea Leadsom said EU leaders are wrongly accusing Britain of failing
to put forward detailed proposals, while offering proposed solutions that Britain had rejected months ago because they
would threaten ties to Northern Ireland. She told BBC she finds It “extraordinary” that EU leaders are being so intransigent and said she is asking herself what “games” the bloc is playing. Leadsom said the EU is pushing Britain toward a “no-deal” Brexit that would, paradoxically, make it much harder to avoid a hard border between Ireland and Northern Ireland that both sides say they are trying to prevent. Her harsh words and Britain’s immediate rejection of a proposal offered Friday by top EU negotiator Michel Barnier signal exasperation as the days dwindle before a make or break vote tomorrow in Britain’s Parliament on a deeply unpopular withdrawal plan. The long promised “meaningful vote” on the 585-page withdrawal agreement will signal whether Prime Minister Theresa May has managed to win over Parliament after a shocking loss by a 230-vote margin on the same proposal in January. May needs something substantive to show from ongoing crisis talks with the EU taking place this weekend if she is to have any hope of victory for her signature legislation. The chairman of Britain’s Conservative Party Saturday urged Parliament to back the bill or risk seeing the entire Brexit process reversed. Brandon Lewis warned recalcitrant lawmakers, including many in his own party, that if the
government’s withdrawal plan is voted down it is possible Britain will end up staying in the EU despite the 2016 referendum in favor of severing ties to the EU. “We need to win that vote,” he told BBC, stating that a defeat for the withdrawal plan agreed after two years of negotiations would lead to a totally unpredictable situation. “Nobody quite knows where we will end up — whether we end up with a hard Brexit with no deal ... but there is also a risk with Parliament that we end up with no Brexit at all,” he said. If Parliament rejects the deal again, lawmakers will vote on whether to leave the EU without an agreement on March 29— a prospect with little evident support in Parliament — or to ask the EU to delay Brexit beyond the scheduled departure date. May has also warned that a second defeat to her bill could thwart the Brexit process altogether. But there is no sign of progress in the crisis talks. If anything, the tone in recent days has hardened. EU leaders are adamant in their refusal to make alterations to the legal document that would govern Britain’s withdrawal from the 28-nation bloc EU leaders have rejected May’s effort to cast them as inflexible, with Barnier saying he isn’t interested in playing the “blame game”.
Legal Notice
NOTICE
NOTICE IS HEREBY GIVEN as follows: (a) SOFT CONSULT LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The Dissolution of said Company commenced on March 8, 2019 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before April 8, 2019 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. March 8, 2019 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY
LEGAL NOTICE
NOTICE
Brasiletto Advisory Ltd. In Voluntary Liquidation
Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Brasiletto Advisory Ltd. is in dissolution as of March 1st, 2019. Lighthouse Corporate Services Ltd., situated at Old Fort Building 4, Suite 303, Lyford Cay, Nassau, Bahamas is the Liquidator.
LIQUIDATOR ______________________
PAGE 20, Monday, March 11, 2019 By DAVID KOENIG Associated Press YESTERDAY’S devastating plane crash in Ethiopia could renew safety questions about the newest version of Boeing’s popular 737 airliner. The Boeing 737 Max 8 operated by Ethiopian Airlines crashed shortly after taking off from the capital of Addis Ababa, killing all 157 people on board. The plane was new. The weather was clear. Yet something was wrong, and the pilots tried to return to the airport. They never made it. In those circumstances, the accident is eerily similar to an October crash in which a 737 Max 8 flown by Indonesia’s Lion Air plunged into the Java Sea minutes after takeoff, killing all 189 people on the plane. But safety experts cautioned against quickly drawing too many parallels between the two crashes. William Waldock, an aviation-safety professor at Embry-Riddle Aeronautical University, said suspicion will be raised because the same type of plane appeared to crash the same way — a fatal nosedive that left wreckage in tiny pieces. “Investigators are not big believers in coincidence,” he said. Waldock said Boeing will look more closely at the flight-management system and automation on the Max. But he noted that it is very early, and more will be known after investigators find and analyse the Ethiopian plane’s black boxes. Alan Diehl, a former National Transportation Safety Board investigator, said the similarities included both crews encountering a problem shortly after takeoff, and reports of large variations in vertical speed during ascent, “clearly suggesting a potential controllability problem” with the Ethiopian jetliner. But there are many possible explanations, Diehl said, including engine problems, pilot error, weight load, sabotage or bird strikes. He said Ethiopian has a good reputation, but investigators will
THE TRIBUNE
Boeing likely to face new questions after another 737 crash
BOEING 737 MAX 8 planes are parked near Boeing Co’s 737 assembly facility in Renton, Wash. Investigators were rushing to the scene of a devastating plane crash in Ethiopia yesterday, an accident that could renew safety questions about the newest version of Boeing’s popular 737 airliner. look into the plane’s maintenance, especially since that may have been an issue in the Lion Air investigation. By contrast, the Ethiopian Airlines CEO told reporters that a maintenance checkup did not find any problems with the plane before yesterday’s flight, “so it is hard to see any parallels with the Lion Air crash yet,” said Harro Ranter, founder of the Aviation Safety Network, which compiles information about accidents worldwide. “I do hope though that people will wait for the first results of the investigation instead of jumping to conclusions based on the very little facts that we know so far,” he said. Boeing representatives
did not immediately respond for comment. The company tweeted that it was “deeply saddened to learn of the passing of the passengers and crew” on the Ethiopian Airlines Max airplane. The Chicago-based company said it would send a technical to the crash site to help Ethiopian and US investigators. A spokesman for the NTSB said the US agency was sending a team of four to assist Ethiopian authorities. Boeing and the US investigative agency are also involved in the Lion Air probe. Indonesian investigators have not stated a cause for the Lion Air crash, but they are examining whether faulty readings from a sensor
might have triggered an automatic nose-down command to the plane, which the Lion Air pilots fought unsuccessfully to overcome. The automated system kicks in if sensors indicate that a plane is about to lose lift, or go into an aerodynamic stall. Gaining speed by diving can prevent a stall. The Lion Air plane’s flight data recorder showed problems with an airspeed indicator on four flights, although the airline initially said the problem was fixed. Days after the Oct 29 accident, Boeing sent a notice to airlines that faulty information from a sensor could cause the plane to automatically point the nose down. The notice reminded pilots of
the procedure for handling such a situation, which is to disable the system causing the automatic nose-down movements. Pilots at some airlines, however, including American and Southwest, protested that they were not fully informed about the new system. Boeing Chairman and CEO Dennis Muilenburg said in December that the Max is a safe plane, and that Boeing did not withhold operating details from airlines and pilots. Diehl, the former NTSB investigator, said the Ethiopian Airlines pilots should have been aware of that issue from press coverage of the Lion Air crash. The 737 is the best-selling
airliner in history, and the Max is the newest version of it, with more fuel-efficient engines. The Max is a central part of Boeing’s strategy to compete with European rival Airbus. Boeing has delivered about 350 737 Max planes and has orders for more than 5,000. It is already in use by many airlines including American, United and Southwest. The Lion Air incident does not seem to have harmed Boeing’s ability to sell the Max. Boeing’s stock fell nearly seven percent on the day of the Lion Air crash. Since then it has soared 26 percent higher, compared with a four percent gain in the Standard & Poor’s 500 index.