03182019 BUSINESS

business@tribunemedia.net

MONDAY, MARCH 18, 2019

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GRAHAM WHITMARSH

NHI chief: ‘We have work to’ justify model

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net NATIONAL Health Insurance’s (NHI) top executive yesterday admitted “we have work to do” to convince the government its “financing model” will not result in multi-million dollar shortfalls.

Graham Whitmarsh, the NHI Authority’s managing director, confirmed to Tribune Business that the assumptions underpinning the scheme’s proposed pricing and costs were being assessed in conjunction with the Ministry of Finance to ensure they were accurate.

Describing this as “healthy” and “part of the process”, Mr Whitmarsh said the government wanted to get it right rather than risk burdening

SEE PAGE 6

THE Bahamas’ chief WTO negotiator last night slammed as “absolute nonsense” assertions that the government is willing to open the legal services sector up to foreign firms.

Zhivargo Laing, the former Cabinet minister, told Tribune Business it was “an absolute lie” to suggest that The Bahamas was prepared to permit the physical presence of foreign law firms in this nation as part of its accession to full World Trade Organisation (WTO) membership.

He said he had “made it

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

BAHAMASbased oil explorer has cemented “the certainty we’ve been craving” with a $2.54m working capital raise that will underpin all activities leading to the drilling of its first well by 2020.

Simon Potter, Bahamas Petroleum Company’s (BPC) chief executive, told Tribune Business yesterday that last week’s share placement had generated funding that will enable it “to put our best forward” as it seeks to secure the joint venture (farm in) partner and government approvals necessary to spud its first exploratory well.

Earlier, in an announcement to the markets on the capital raising, Mr Potter said “now, more than ever, we believe that the ingredients for success are present” - indicating that BPC feels its current licence, regulatory and financial certainty provide it with the

clear that no such thing will happen” during a recent meeting between The Bahamas’ negotiating team and the Bar Association, adding that he had warned WTO member states he would “need an apartment in Geneva” should that be permitted.

However, Dave Allen, an attorney with Bahamas Law Chambers, last night told this newspaper he stood by his concerns that The Bahamas is prepared to open the legal profession to foreign law firms establishing a physical presence in this nation.

The assertion, made in a column he has authored,

SEE PAGE 7

Freeport can be exchange control removal test bed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A WELL-KNOWN QC has urged the Government to use Freeport to test out further exchange control liberalisation and end Bahamians’ status as “second class citizens in their own economy”.

Fred Smith QC, pictured, the Callenders & Co attorney and partner, told Tribune Business it was “absurd” that Bahamian investors must continue paying an exchange control

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Oil explorer’s $2.54m is ‘certainty we’ve craved’

WTO open up to foreign law firms ‘total nonsense’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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premium - albeit much reduced - to invest and purchase shares in foreign listed companies operating in this nation.

Arguing that this was further depriving Bahamians “of a piece of their own economic pie”, he blasted: “I again invite the government to give up these unnecessary, stringent exchange controls on the purchase of shares in non-Bahamian companies that are listed on international stock exchanges and

SEE PAGE 3

• BPC ‘now, more than ever’ closer to drilling • Capital raise puts its ‘best foot forward’ • ‘Not resting on laurels’ with end-2020 goal strongest foundations it has ever enjoyed.

When asked by this newspaper whether BPC believed the stars were starting to align for its project, Mr Potter said that was “certainly the feeling”. However, he was quick to add that it was “not counting our chickens, not resting on our laurels”, and has much work to do to bring the exploratory well to reality before its current three-year licence expires at year-end 2020.

Already boosted by the government’s recent confirmation of that licence’s duration, BPC last week moved to capitalise on that clarity by raising $2.54m in gross proceeds from investors by selling 120m ordinary shares at a price of 1.6p - an amount equivalent to 7.1 percent of its new share capital.

“That’s just a small working capital raise,” Mr Potter

explained yesterday. “We need enough working capital to ensure the company can run efficiently through the terms of the licence...

“Now that we and the government have established a level of certainty there’s a bunch of work we need to get done, and this working capital raise ensures we can get it done effectively and allows us to underpin that work.”

Putting the capital raising together with the licence confirmation, and both BPC and the government’s commitment to develop a process for obtaining the necessary environmental approvals, Mr Potter said of their combination: “It gives everybody the level of certainty we’ve been craving for the last few years, and we can certainly pass this on to any third party.

“It gives us the ability to put our best foot forward.

That’s the best foot forward in geological terms and a technical sense, but also in an environmental sense to ensure we have a safe, environmentally responsible well.

“We’re not counting our chickens, not resting on our laurels. There’s quite a lot of work to be done to ensure we complete the well to the highest standard, environmentally and geologically, and ensure we complete the well to the highest standards environmentally and geologically, and choose the best location to maximise our chances of success.”

The capital raising’s completion clears the way for BPC to focus solely on its parallel paths of securing a farm-in, or joint venture partner, to share the multimillion dollar costs and technical burden of drilling

SEE PAGE 8

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KRAVITZ

SHERMAN

Kravitz deal new focus of beauty queen’s struggle

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Ministry of Tourism’s multi-million dollar marketing deal with Lenny Kravitz is central to the latest flare-up in its ongoing copyright battle with a former Bahamian beauty queen.

Tribune Business can reveal that the agreement with the Grammy-award winning rock artist is the only music licence that the Ministry is refusing to hand over to Khiara Sherman, the former Miss Bahamas Universe, in their ongoing legal fight in the southern Texas federal court.

The ministry’s US attorneys, Hogan Lovells, in a March 15, 2019, letter to Judge Nancy Atlas, said the Kravitz deal’s details were “highly sensitive and confidential because this is an

SEE PAGE 9

PAGE 2, Monday, March 18, 2019

THE TRIBUNE

NO ‘ONE-SIZE FITS ALL’ FOR ENTERPRISES ACT T

HE introduction of the Commercial Enterprises Bill faced heavy scrutiny from the Bahamian public, who weighed in on how beneficial the legislation would be to Bahamians as opposed to foreign investors. The Act, first unveiled in October 2017 but now passed into law, is expected to improve the country’s ease of doing business by liberalising the granting of work permits via a Commercial Enterprises Facilitation Unit and providing a reasonable minimum investment threshold for start-ups. This, in conjunction with the Central Bank of The Bahamas efforts to relax exchange controls, allows potential investors to fast-track the process of opening small, medium and large-sized businesses in areas such as international

THRESHOLDS

Roderick Simms II

CALL for minimum investment thresholds to account for each island’s economy.

trade, captive insurance, nano technology, and computer programming.

It is important to understand how beneficial this piece of legislation could be for the entire Bahamas.

However, the government should not only pay close attention to the impact on New Providence and Grand Bahama. For the Act should be crafted in a way where certain amendments are made for each of the Family Islands. Since supply and demand is

different across each island, the government should consider the health of each Family Island economy and process the level of value-added from this legislation. For instance, the minimum investment requirement to be considered a commercial enterprise is $250,000 for non-Bahamians.

For Bahamians and joint ventures between foreigners and Bahamians, there is no minimum investment threshold.

While the $250,000 benchmark may be little to no money for some investors, he or she also has to consider the extrinsic value that investment would have on a particular island. If an investor decides to invest in Grand Bahama or New Providence, it could be argued that $250,000 is a reasonable amount given that these islands have a fair amount of developed human capital, infrastructure, utilities, and other assets in place to facilitate business expansions. Of course, these advantages have to be offset against potential disadvantages, given that the cost of labour is relatively high throughout The Bahamas; the standard of living is also high; and the cost of imports can pose a concern.

However, there is also a parity concern regarding the investment thresold for each island. Would it be fair for an investor to pay $250,000 if they decide to invest in Mayaguana or Inagua? It depends on the investor. Some may not care about the minimal cost to invest, but others may be deterred from doing so after assessing the island’s conditions and the potential it has to offer. On the other hand, it is important to point out that each island has a unique potential or established industry, whether it lies in eco-tourism, boating, industrial or conservation projects.

Therefore, $250,000 could be a fair amount if that industry is well established and booming on a particular Family Island.

However, costs for goods and services are higher, for the most part, on Family Islands. It would then boil down to the pros and cons for the potential investor.

For example, if an investor would like to open a state-of-the-art boutique health and wellness facility

for visitors in San Salvador, they would need to weigh in on variables such as airlift demand, airport conditions, room inventory, access to supplies and materials, cost of transportation and cost of labour. All of these aspects would be at a higher cost in San Salvador versus New Providence.

GROWTH While this Act should deliver many benefits, it must also ultimately lead to economic growth for The Bahamas. To achieve such results, a significant amount of research should be performed to understand the challenges faced by each inhabited island of The Bahamas.

For instance, the government’s ease of doing business committee should undertake research into the current economic climate facing all islands.

This research should identify the different industries in the Family Islands that need to be revamped, revisited or established. In the absence of such research, potential investors are put at a risk in terms of the survival of a technology-driven company or any of the other industries listed in the Act. COMPETITIVE ADVANTAGE OR DISADVANTAGE

One of the concerns that stood out was if Bahamians will be able to fairly compete with their foreign counterparts in the same industries. Bahamian businesses, particularly those on the Family Islands, are already faced with challenges such as high energy, labour and transportation costs. But a foreign company that has the ability to perform well despite these challenges may be able to provide a better good or service in the same area. In the Family Islands, however,

this challenge could in itself become an advantage to those residents living there.

For instance, if an investor would like to open a technology firm in one of the islands, it is unlikely that there is much competition in that field already. But the economic impact of this new venture would be significant and help with unemployment levels. In addition, it could also incentivise and allow local investors to find ways to enter the same field, therefore, providing room for competition to flourish in a new market. This can help with the proliferation of joint ventures and public-private partnerships to address lingering issues that business owners and residents are faced with.

CONCLUSION In conclusion, the Act should help all islands of The Bahamas. However, it cannot function without comprehensive research being done on the current business climate of each.

Consideration should also be given to a lower threshold for investors wanting to start companies in the Family Islands. While the $250,000 may be too low for foreign investors, it may still be too high for potential Bahamian investors when considering the costs of goods and services on Family Islands.

The Act should also allow for a clause where a foreign entity is committed to develop human capital by assigning a larger percentage of required Bahamians to be employed within that company on a Family Island. It has the potential to deliver a vast amount of positive good once it is properly monitored and executed.

• Roderick A Simms II is an advocate for sustainable Family Island growth and development. He can be reached at RASII@me.com for questions and comments.

THE TRIBUNE

Monday, March 18, 2019, PAGE 3

MORTON SALT UNION PLANS Freeport can be exchange TRADE DISPUTE FILING TODAY control removal test bed

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE union representing line workers at Morton Salt says it will today file a trade dispute against the company, with its president accusing the Inagua-based harvester of “tit for tat” tactics.

Jennifer Brown, president of the Bahamas Industrial, Manufacturers & Allied Workers Union (BIMAWU), told Tribune Business yesterday that the union - which represents around 100-line staff at Inagua’s largest employer – was disappointed by the company’s recent decision to employ part-time workers on the weekend shift.

“What has happened is they have made up a schedule of persons working on the weekend, and only part-timers working,” she said. “All of our regular workers are home. They

didn’t even ask our workers if they wanted to work.

It’s like a tit for tat thing.

They’re upset they’re not getting the tonnage they usually get, but what they expect if our workers are disgruntled?

“We will be filing a trade dispute on that,” she added.

“They claim they are working on a counter-proposal.

It’s been two weeks’ now.

We have been negotiating for over a year. We are not signing for a 1.5 per cent wage increase. That’s an insult. I don’t care what kind of pressure they apply, we’re not accepting that.”

The threat of industrial unrest has loomed over Morton Salt’s Inagua operations since late last year, with the union saying it was “insulted” by the company’s original industrial agreement offer. Attempts to obtain a comment from Morton Salt were unsuccessful up to press time.

Morton Salt spokesman,

Paul Jackiewicz, said in a previous statement: “Morton Bahamas has actively participated in negotiations with the Bahamas Industrial, Manufacturers and Allied Workers Union since February (2018) in an effort to reach a long-term labour agreement for our Inagua salt production site.

“We’ve continued to have productive conversations with the union, and the parties met in Nassau to negotiate in good faith in the interest of a fair and amicable agreement for all involved.”

He added: “The company’s offer includes wage increases in each year of the proposed agreement, and updates to the company’s healthcare benefits.

We believe the offer is fair and provides for both operational and employee needs in order to preserve good jobs in Inagua.” Morton Salt is a subsidiary of K+S, a German company.

FROM PAGE ONE are coming to do business in The Bahamas.

“It remains absurd that every foreign person can own shares in most of the companies involved in The Bahamas - Global Ports Holding, Carnival, Royal Caribbean, Hutchison Whampoa - yet no Bahamian can own or receive any dividend from these enterprises.

“Bahamians remain economic parasites in their own paradise, relying on picking up towels, cleaning beaches

and toilets, performing menial functions as opposed to having an interest in the real money coming to The Bahamas and making investments,” Mr Smith added.

“Why continue with these controls that deprive Bahamians of a piece of their own economic pie, and fail to provide their own people with the opportunities foreigners get. This is simply insane.”

Mr Smith argued that Freeport could provide the testing ground for the further relaxation, and eventual elimination, of exchange

controls before such reforms were extended to the wider Bahamas.

“Freeport is the ideal place where the government might want to liberalise exchange controls completely,” he told Tribune Business. “It could try it out in Freeport.

“Allow Bahamians to buy shares in Carnival without paying the exorbitant premium required. With that premium for the acquisition of shares abroad, they do not make it economically worthwhile for Bahamians to invest in these companies.”

Sisters pricing app moves to test stage A MOBILE pricing app created by Bahamian twin sisters has met its second milestone by promotion to the testing track on the Google Play Store.

Programmer Caliope Sandiford, who has developed 4theGoodzNService working with her sister, Penelope Sandiford MD, said initial testing will be conducted with a closed group. As features are cleared, testing will open to a wider group and then the public.

4theGoodz, rebranded 4GoodzNService, is a dual mode app supporting goods and services, via a “who has

it, where is it, how much, any form, any configuration” marketplace/pricing app.

It lets consumers know exactly when products are available, where to get them and how much it is going to cost. Businesses can have their forms hosted in the app and made available to customers. The app can support surveys, incident reporting, data capture, event registration, and any other form function. Each form can be attached to a workflow. The app also has a feature to support historical pricing.

On the services side, the app has been designed to support data moving

through a flow, irrespective of the nature of the data or the flow. It is also scalable and flexible enough to support businesses with one product or 100,000 products.

If a business is concerned about data privacy, they can provide a link to their API and 4Service will direct the form data to their private database.

The sisters are in the middle of a patent application process and currently exploring partnerships in the community. They also have plans to expand their app suite to include i-health solutions.

PAGE 4, Monday, March 18, 2019

CRUISE PORT WINNER MEETS CONTRACTORS

THE Nassau cruise port bidder has met with the Bahamian Contractors Association (BCA) to discuss opportunities for its members to participate in Prince George Wharf’s $250m transformation.

Colin Murphy, Global Ports Holding’s head of business development for the Americas, reinforced its desire and commitment to work with Bahamian contractors in the execution of its plans for The Bahamas’ main cruise port. Both

sides are seeking to work together and forge a positive relationship.

Pictured from left: Charles Kemp, BCA Board member; Robyn Ogilvie; BCA secretary; Michael Pratt, BCA president; Colin Murphy, Global Ports Holding; Tameka Hanna, BCA vice-president; John Michael Clarke, BCA Board member; Maya Nottage, director of communications, Blue Orchid Advertising and Public Relations.

THE TRIBUNE

Culinary team finalised to take on region’s best THE Bahamas Hotel and Tourism Association (BHTA) has finalised the National Culinary Team that will compete against the region’s finest at the upcoming Taste of the Caribbean event.

It held an intense Culinary and Mixology Competition at the University of The Bahamas to select the final members who will represent this nation at the Caribbean Hotel and Tourism Association’s Taste of the Caribbean competition in Miami from June 21-25.

The BHTA, alongside public and private sector sponsors, fields the team each year in an effort to highlight the culinary and mixology prowess of The Bahamas, and to support the growth and development of Bahamian professionals.

“Bahamian cuisine and cocktails are in a realm

FRONT ROW from left: Chef Devin Johnson; Derrick Blackmon; Chef Celeste Smith; Chef Jamal Small; and Suzanne Pattusch, executive vice-president, BHTA. BACK ROW from left: Sharon Farrington, BHTA, team co-ordinator; Junior Chef Hazen Rolle; Chef Leonardis Moss; Chef Kevyn Pratt; Chef Asteir Dean; Chef Tevin Kemp; Chef Mario Adderley. of their own,” said Carlton Russell, BHTA president. “We continue to see our young and seasoned chefs and mixologists create food and drinks that are at the cutting edge, yet retain the essence of Bahamian flavours.

“We recognise how important this element of our culture and heritage is to Bahamians and visitors alike. It reflects who we are as a people, and we are so pleased to help bring raw,

innate talent to new levels of development through competitions such as the Taste of the Caribbean.”

The 2019 National Culinary Team features the following members: Devin Johnson – team manager; Mario Adderley – team administrator; Jamal Small – team captain; Kevyn Pratt – senior chef; Celeste Smith – pastry chef; Hazen Rolle – junior chef; Asteir Dean – chef, beef category; Tevin Kemp – chef, seafood

category; Leonardis Moss – chef, “Caribbean 305”; and Derrick Blackmon - mixologist.

The Bahamian team’s participation at the Taste of the Caribbean is being sponsored by the Ministry of Tourism, REVOICE, University of The Bahamas, Lyford Cay Club, RIU, Baha Mar’s SLS, Grand Hyatt and Rosewood, Fusion Superplex, Commonwealth Brewery and Coventry Realty.

Piper Chieftain FOR SALE, LEASE OR TRADE

Asking $175,000.00 Will also trade for commercial building or real estate.

For purchase, offers or additional information please Email: mallardgpu305@gmail.com

BOUYGUES BATIMENT INTERNATIONA BAHAMAS BRANCH, MSC Ocean Cay Marine Reserve is looking for candidates to work on Ocean Cay, a remote island, located 35 miles south Bimini. You will be required to live and work on Ocean Cay for weeks at a time. Accommodation and meals are provided free of cost.

At this moment we are seeking to fill the following positions: HEAVY EQUIPMENT OPERATOR Candidate must be able to operator one of the following equipment’s: Backhoe, Telehandler, Dump Truck Operator certification is a requirement CRANE OPERATOR Candidate must be well experienced in operating moving crane Crane Operator license is a must SKILLED EQUIPMENT MAINTENANCE EXPERT Candidate will be responsible to review and complete list of equipment spare parts.

Revise job site equipment to determine which ones are needed. Organize maintenance process, etc.

SKILLED MECHANIC Experience working on hydraulic; truck engine and boat engine SKILLED ELECTRICIAN Candidate must have knowledge of 3 phase electricity; generator; able to do installation; understanding of blue print SKILLED PLUMBER Candidate must have knowledge of pipe work and installation as well as understanding of pitch QUANTITY SURVEYOR • Liaise and collaborate with the construction and design teams in all aspects of contractual activities. Take ownership for maximizing commercial results for allocated projects, to represent and meet client expectations • Prepare the cost / value reconciliation reports accurately • Agree final accounts with subcontractors to maximise project margins • Prepare or assist with cost/value reconciliation reports on a monthly basis • Agree final accounts with subcontractors to maximise project margin under direction of line manager CAD TECHNICIAN • Responsible of translating project requirements into drawings/models • Collaborate with other designers, engineers and architects to convert information into layout designs, drawings and models using REVIT and AutoCAD • Understand and operate according to project scope, specifications and design criteria • Ideally candidate will have at least 5 years of experience, knowledge of construction field, reading blueprints and architectural drawings preferred or equivalent combination of education and experience PROJECT QUALITY OFFICER • Assist with job site incident reporting, corrective action follow up, audits and advisory functions • Monitors job site development and implement Corrective and Preventive Action track quality control • Ensure that management system requirements are implemented and maintained • Maintain a system of reporting job site incidents and recommend solutions to rectify deviations • Conduct weekly and monthly inspections and audits based on project requirements • Bachelor’s degree on Quality Management / Health & Safety is required • Good knowledge on Health & Safety Management System & OHSAS 18001 Standards • Working knowledge of ISO 9001 requirements and Local Bahamians Regulations If you are interested in these great opportunities, please submit your resumé to: recruitment@bouygues-construction.com

THE TRIBUNE

Monday, March 18, 2019, PAGE 5

Women explore path to entrepreneurship SMALL Business Development Centre (SBDC) representatives met last week with members of the Women Investment Group (WIG) for a post-International Women’s Day panel discussion.

The event, held in collaboration with the US Embassy and the InterAmerican Development Bank (IDB), centred on a panel discussion featuring Davinia Blair, the SBDC’s executive director; Melissa Darville, co-owner of Shiver; Tyrina Neely, advisor on the SBDC’s board of directors; and Tamarind Isaacs, entrepreneur and advisor for the SBDC. Moderated by Anastarcia Palacious, the SBDC’s associate director of advancement, the group shared experiences about being women entrepreneurs in micro, small and mediumsized businesses, and how the SBDC is helping to transform entrepreneurship in The Bahamas.

Turning to the SBDC’s progress, Ms Blair said it was essential to measure this through milestones, whether they be from the client, the centre or the advisors.

“The advisors, myself and some of the admin team, are in a chat group, and on a daily basis we will have an advisor say: ‘My client just received a better deal on his lease, my client just got

WOMEN’s Investment Club Members are pictured with US Embassy and Small Business Development Centre officials. Missing from the photo is Davinia Blair, executive director of the Small Business Development Centre.

FROM LEFT: ANNE MARIE BAIN, political specialist, US Embassy; Davinia Blair, executive director, Small Business Development Centre; Tyrina Neely, director, Small Business Development Centre; Santina Mckinney, president, Women’s Investment Group; Lindsey Plumley, political officer, US Embassy. exclusive rights for a sale’ or some other milestone, and everyone is ecstatic,” she added.

Ms Blair also pointed to the SBDC’s increased reach beyond New Providence with training

sessions now happening on Eleuthera, Long Island, Abaco, Exuma and Grand Bahama.

“For us the fact that we have a constant stream of persons on the Family Islands getting just as much

LYNDEN PINDLING INTERNATIONAL P.O. BOX AP-59222 NASSAU, BAHAMAS

The Airport Authority is seeking to recruit suitably qualified Bahamians to fill the following position:

SURVEILLANCE OPERATOR Applicants must possess an Associates Degree in Business Administration from an accredited educational institution.

Or the applicant must have a minimum three (3) years’ experience in the related field.

The applicant must exercise the utmost degree of confidentiality.

The applicant should be self-motivated and be able to work in a high demand environment.

The successful applicant will report to the Surveillance Manager and Surveillance Supervisors.

The salary for the position is commensurate with qualification and experience.

Qualified applicants must submit their resumé and copies of academic certificates along with three letters of reference no later than Friday, March 22nd, 2019.

Sealed envelopes should be addressed as follows: ATTENTION: SURVEILLANCE POSITION Manager, Human Resources The Airport Authority Lynden Pindling International Airport P.O. Box AP-59222 Nassau, Bahamas

attention as those on the capital, we are excited about that,” she added.

Ms Darville, whose frozen dessert company was one of the first to reach the grant funding stage of the SBDC process, said: “We also feel a lot of pressure because we understand that being one of the first companies going through (the process), it is imperative that we are successful because that will pave the way for all of the other entrepreneurs coming behind us.

“Everyone else can see that this process is working because it has worked for us. Once we got into

the doors (of the SBDC) and started working with Mr Rolle (Winston Rolle, advisor) and Davinia, they were able to show us where our weaknesses were. We thought we had a great business plan, but our financials were not up to par, and we didn’t know that until we came into the centre and got the help we didn’t even know we needed.”

With the SBDC’s assistance, Ms Darville and her business partner, Mr Percentie, were able to improve their business plan and enhance their business overall. “Sometimes you think you are doing your best

because that’s all you know how to do,” she added.

“We didn’t come from financial backgrounds. (My partner) is an engineer, and I was a teacher, so we didn’t know what we didn’t know.

They were able to show us: ‘This is missing from here’, ‘you need to work on this’, ‘do you keep every receipt?’. That showed us where our weaknesses were, and we were open to it because we knew from this we would grow.”

Before the panel presentation, IDB representatives detailed funding opportunities available to entrepreneurs, and provided information on where relevant research data about The Bahamas might be found for those seeking to expand their businesses.

To advertise in The Tribune, contact 502-2394

PAGE 6, Monday, March 18, 2019

NHI chief: ‘We have work to’ justify costs FROM PAGE ONE

the economy, employers and working Bahamians with an unsustainable universal health coverage (UHC) funding mechanism whose costs were ever-increasing.

He told Tribune Business: “The way I view this is when I started the process of developing a new policy framework for NHI, there were two real things the government said. They said that they wanted a programme that was affordable, and wanted a programme that could be implemented in line with what the economy here can afford.

“That is what we have been doing. We have been working through various situations with the government, refining policy and getting feedback from them.

“We have been working with the Ministry of Finance to explain our financing model to them. We have been making really good progress on that. We have done a lot of detailed work on the costing. We have been refining it continuously and will continue to do that.”

Mr Whitmarsh spoke after Dr Duane Sands, minister of health, revealed to Tribune Business last week that the NHI Authority (NHIA) must “give it another go” after failing to win Cabinet approval for the scheme at the first try.

He disclosed to this newspaper that the government wants answers to multiple questions raised during its first presentation to Cabinet on the reformed health care financing plan.

While not providing specifics on the queries raised by Cabinet, Dr Sands indicated there needed to be further testing of the “assumptions” that the NHI Authority has made to support how it has chosen to structure the scheme’s financing, operational and administrative mechanisms.

“I see this as naturally part of the process,” Mr Whitmarsh said yesterday. “It’s welcomed because we all want to make sure that we have the best and most accurate numbers going into it.

We have a very detailed cost model for NHI; for the cost of delivering services both to the beneficiaries of NHI and the cost of delivering it to those who have private health insurance through their employer.

“We have numerous important stakeholder groups moving this forward.

I think everyone is getting a better understanding of what we’re proposing, and this is going to continue.

“We have done a lot of work with the doctors around prostate cancer. We have

THE TRIBUNE started the work on cervical cancer and just completed the work on kidney disease.

I’m pleased with how the oncologists have engaged on this, but all of this will continue until the point that we implement.”

One of the major queries raised by both healthcare providers and employers is how the NHI Authority has been able to price the scheme, and cost the SHB’s annual premium at $1,000 split between employers and employees - when it has yet to agree a fee schedule with both doctors and medical facilities, the basic determinant of how much healthcare will cost.

The greatest fear raised by the Bahamas Chamber of Commerce and others in the private sector is that if the NHI Authority gets its calculations wrong, and the $1,000 SHB premium severely undervalues the scheme’s price tag, businesses and their employees could be burdened with ever-increasing levies to finance its escalating costs and cover any shortfall.

Tribune Business revealed last month that NHI’s true cost was closer to a range between $200m to $236m, with the much-touted $100m-$130m price tag only covering “the government’s exposure” to the scheme.

Healthcare for the 206,000 persons covered by the employer mandate will be financed through their annual $1,000 Standard Health Benefit (SHB) premium, NHI’s minimum level of care, which is to come from a combination of 1.5 percent of their annual gross salary and employer contributions.

This cost is separate, and on top of, the $130m that will be incurred by the government (Bahamian taxpayer) in financing NHI coverage for the 160,000 persons not covered by the employer mandate.

The NHI Authority has said the $130m cost for persons outside the “employer mandate” will be financed via “a diverse mix of revenue sources”, one of which is NHI’s “existing budget allocation” that stands at $20m.

That leaves a further $110m to be located, but the NHI Authority said it would come from VAT paid on private health insurance premiums; a “reallocation” of resources from the Public Hospitals Authority’s (PHA) existing $216m budget to cover services NHI will now provide; the $8-$10m that a “sugary drinks tax” may raise; and the scheme’s own “risk equalisation” method.

However, neither the “sugary drinks tax” or the reallocation of VAT on health insurance premiums has been legislated or approved. And some 80-90 percent of the PHA’s budget goes on staff costs, with the Princess Margaret Hospital operator also consistently facing an annual $30-$40m funding shortfall.

THE TRIBUNE

Monday, March 18, 2019, PAGE 7

WTO open up to foreign law firms ‘total nonsense’ FROM PAGE ONE and which is due to run in Tribune Business tomorrow, expressed fears that The Bahamas is “being bullied into losing control over important sectors of our services economy” as the price for being admitted to full WTO membership.

He e-mailed to this newspaper documents purporting to back his case, which were issued at the Bar Association meeting with Mr Laing. On the third page of a four-page document, under the heading ‘Proposal for The Bahamas’ legal sector’, mode three which refers to the ability of companies to establish a physical presence in this nation under its WTO offer features the word “none”.

This means there are “no limitations” to market access and/or national treatment, which in theory means foreign law firms will be able to enter The Bahamas.

However, they would still have to overcome so-called “horizontal limitations” that may exist, which require all incoming businesses - regardless of which industry they are in - to seek the necessary government approvals.

A closer look at the small print, though, suggests that “physical presence” in the context of foreign law firms will be limited to those offering services strictly limited to their home country law and

international law. This indicates The Bahamas is not planning an ‘Open Sesame’ when it comes to international law firms, which Mr Allen also appears to acknowledge in his column.

And Mr Laing yesterday said no WTO member was currently “pressing or pushing us” to open any industry to foreign firm physical presence beyond what was contained in The Bahamas’ initial offer.

“That is an absolute lie,” he told Tribune Business, when contacted about the assertions of opening the Bahamian legal services profession to physical presence by foreign firms. “I don’t have anything else to say about that.

“I just spoke recently to the Bar Association, and made it very clear no such thing was happening - not at all, so far in this process. It’s absolute nonsense. Speaking to the lawyers at one point, I indicated to the that I’d told the WTO and its members that if I wanted to open that area you’d have to find me an apartment in Geneva because I couldn’t go home like that.

“It’s absoute nonsense. At this point no one has pressured or pushed us to open any area to mode three. We have had no such pressure to-date across-the-board.

These areas are not up for

discussion. It does not mean somebody will not ask about that, but there’s no pressure or threat in that direction at all. Not at the moment.”

Mr Allen, though, wrote in his column that while allowing Bahamians to consume legal services in other WTO members’ countries and vice versa was not controversial, as it merely reflected the “status quo”, opening up the sector to foreign law firms to establish physical presence would be - even if limited to practicing home country or international law.

Confirming that he went to the Bar Association meeting with the WTO negotiating team, Mr Allen said attorneys present were informed that The Bahamas was not going to open up the industry to foreign law firm physical presence.

“I was quite taken aback when I spoke to the experts at the back,” he told Tribune Business. “I was so amazed that they had talked on and on about nothing changing, and when I spoke to a lady afterwards she let it slip out. They said: ‘Why’d you tell him that?’, and the main reason they said they didn’t say anything earlier was because they didn’t want to upset us.

“I was so amazed. It blew me away that they’re actually considering this.”

PAGE 8, Monday, March 18, 2019

THE TRIBUNE

Oil explorer’s $2.54m is ‘certainty we’ve craved’ FROM PAGE ONE that exploratory well plus obtain all the necessary environmental approvals from the government.

BPC, in a presentation to investors just prior to last week’s capital raising, promoted its progress in resolving “above ground issues” relating to its licence extension and exploratory well drilling obligations as paving the way for further investment in the company.

It added that rising oil prices, and a renewed industry focus on exploration, had enhanced BPC’s prospects of finding a joint venture partner - a search it estimated to investors would conclude in the “next six to 12 months”.

BPC’s investor presentation pointed to “immediate upside potential from a successful farm-in process” together with the “longerterm upside” associated with a successful exploratory well.

It estimated that the latter objective will be achieved in 12-18 months, consistent with when its second licence term ends.

The presentation showed the current three-year licence as expiring at the end of the 2021 first quarter, which is when that first full exploratory well must be dug, rather than year-end 2020. BPC was said to possess a 12-year exploration grant, divided into four three-year terms, and be in the second of those periods, which takes the full duration to end-2026 if the company so chooses.

Mr Potter yesterday explained that the 12-year licence was originally granted to BPC in 2007, but delays associated with establishing The Bahamas’ maritime boundary with Cuba and implementing the “upgraded and modernised” regulatory regime for oil exploration both of which were outside the company’s control - had resulted in the extension.

Whether BPC extends its licence beyond end-2020 will depend on the results of its first well and meeting all its obligations, and Mr Potter said he and the company were firmly focused on “the chances of success and what that could mean for the government in terms of national income and wealth creation for the people of The Bahamas”.

“We know what we need to do and are determined to carry that out to the highest possible standard,” he told Tribune Business, adding that “all work to-date has exceeded” what is required by the Bahamian regulatory regime in meeting international best practices.

BPC has a 30-year production lease “by right on application” once it discovers commercial quantities of extractable oil in Bahamian waters, and Mr Potter yesterday said the first exploratory well’s location will be closer to Cuba rather than The Bahamas.

Based near the two countries’ maritime boundaries, he added that it will be between 30-40 miles from the Cuban coast but “over 100 miles” from the nearest land in The Bahamas at south Andros.

BPC’s presentation reassured investors that the technical and financial aspects merits of its Bahamas project had not changed. It described the government’s royalty terms as “attractive”, starting at 12.5 percent and increasing to 25 percent

once production levels hit 350,000 barrels per day upon discovery.

The oil explorer added that discovery would be profitable even if global oil prices dropped to $30-$40 per barrel, and volumes recoverable were around 200m barrels or less.

With the “distressed” oil rig market enabling BPC to source equipment cheaply, the company’s presentation added that relatively modest water depths of 500m to 1,500 meant it its first exploratory well’s drilling into the seabed would likely cost between $25m to $60m.

BPC now has to work with the government on developing a process for finalising its Environmental Authorisation application “that is consistent with the regulations”, with the two parties also having to determine and “reconcile” what licence fees are to be paid up to end-2020.

The need to do this has been caused as a result of the delays inflicted by the maritime boundary establishment and imposition of the new regulatory regime, with BPC suggesting it has paid $1.05m to-date “despite the inability to undertake licence activities”.

The company added that the previous $250,000 annual licence fee agreed with the government may be modified due to “changing industry circumstances”, noting that the government already held $620,000 on account relating to it.

“In 2018 the company submitted to the government a proposed reconciliation... which indicated a balance payment of approximately $200,000 for licence fees up to the end of 2020,” BPC said.

The company has set aside £390,000 to cover this, and gave investors a range of £200,000 to £800,000 between which these licence fees may fall. It will shift funds from elsewhere in its operations should this come in at the high end of estimates.

BPC, in a statement to the markets, said it was “confident” it will be able to secure a joint venture partner and that talks are ongoing “with a number of potential candidates”. Exclusive talks with one potential party last year came to nothing.

“Our focus at Bahamas Petroleum remains clear and unwavering: To drill an initial exploration well on our highly prospective acreage in The Bahamas,” Mr Potter added. “Now, more than ever, we believe that the ingredients for success are present. We have a worldclass, drill-ready asset, with multi-billion barrel potential as certified by third parties.

“We have a robust technical case, as endorsed by the interest to-date of potential partners. The Bahamian regulatory regime is fully enacted, and we have a clear licence term through to the end of 2020, thus providing potential farm out partners with clarity as to tenure, term, schedule and operating environment.

“Now, with today’s placing, we have secured the funds needed as we continue to seek a farm-out agreement, and thereafter move forward to drilling of the initial exploration well and realising the offshore potential in The Bahamas.”

Legal Notice

NOTICE

Deltec Cash Management Fund Ltd. (the “Fund”)

NOTICE IS HEREBY GIVEN as follows:

(a) Deltec Cash Management Fund Ltd. is in dissolution under the provisions of the International Business Companies Act, 2000. (b) The dissolution of the said Fund commenced on the 14th day of March, 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Fund is Shareece Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O.Box N-3229, Nassau, Bahamas.

Shareece E. Scott Liquidator

THE TRIBUNE

Kravitz deal new focus of beauty queen’s struggle FROM PAGE ONE ongoing marketing campaign for The Bahamas”.

For that reason, they argued, the terms should not be disclosed to Ms Sherman and her attorneys, especially given the gulf between the ex-beauty queen turned songstress and a multi-platinum, Grammy award winning artist who had sold millions of albums around the globe.

Fly Away With Me, the song Ms Sherman claims the Ministry of Tourism used in its advertising/ promotional campaigns without permission, is not dissimilar - in name at least - to Mr Kravitz’s 1998 track, Fly Away, which features in The Bahamas’ much-hyped, recently launched global marketing offensive.

Describing Ms Sherman as “a warehouse office manager” whose song has allegedly generated income of $22 across all online streaming platforms in the past five years, the Ministry of Tourism’s attorneys accused her of perpetrating a “conspiracy theory” that Mr Kravtiz’s song had effectively replaced her own.

The ministry’s sharp response came in reply to a March 13, 2019, letter from Ms Sherman’s attorneys to the US court, in which they requested an order “compelling production” of all its TV and radio advertising song licences going back to 2014.

The former beauty queen argued that they were essential to her expert witnesses to assess “a reasonable royalty” or damages that she is allegedly due for the unauthorised use of her song, Fly Away With Me, in the ministry’s marketing campaigns.

However, the deal with Mr Kravitz is one area that the Ministry of Tourism is insisting remains firmly off-limits to Ms Sherman.

“Although licenses unrelated to Khiara Sherman’s music are irrelevant, Ministry of Tourism has offered to provide all music licenses the ministry has entered into for the past five years, with one exception,” Hogan Lovells wrote.

“That sole exception is a license with multiple Grammy-award-winning artist, Lenny Kravitz, for a marketing campaign that launched last month.

Plaintiffs allege that multiple-platinum record-holder Lenny Kravitz and his Grammy-award-winning 1998 song, Fly Away, are somehow comparable to unknown Khiara Sherman and her unknown song Fly Away With Me, apparently because the songs share two words in common, ‘fly’ and ‘away’.”

The Ministry of Tourism’s attorneys said the production of 18,000 e-mails and documents had shown Ms Sherman’s song was never used in any of its international marketing campaigns, but said their client had offered to produce all licensing agreements signed over the last five years - bar the one with Mr Kravitz.

Suggesting that Mr Kravitz was in a wholly different league compared to Ms

Monday, March 18, 2019, PAGE 9 Sherman, Hogan Lovells argued that his agreement with the Ministry of Tourism was “irrelevant” to the case at hand because the two were not comparable.

“Expensive discovery into the ministry’s dealings with one of the world’s most famous artists is not - and cannot be - relevant to damages in this case,” the ministry’s attorneys argued.

“The details of the ministry’s relationship with Lenny Kravitz are highly sensitive and confidential because this is an ongoing marketing campaign for The Bahamas. The burdens of producing this license far outweigh the probative value, which is completely lacking.

“Plaintiffs have engaged in conspiracy theory after conspiracy theory to prolong this case. They now allege that the intro bumpers with Ms Sherman’s $22 song were part of campaign for which Lenny Kravitz now somehow serves as Ms Sherman’s backup...

“This allegation does not make sense because a ‘Khiara Sherman campaign’ does not exist, as explained above: Her song played in two intro bumpers aired for four weeks in the summer of 2016, as fully permitted by the agreement she signed.

The ministry’s ‘Fly Away’ campaign with Lenny Kravitz was launched only weeks ago.”

The Ministry of Tourism’s attorneys argued that the only comparable licences were those executed by Ms Sherman for Fly Away With Me, which ranged in value from zero to $500 and $750, and purportedly showed the “lack of demand” for her work..

“Ms Sherman is the office manager of a Houston warehouse, who supplements her income by singing on the weekends at local Houston restaurants.

She has had no financial success as an artist, admitting at her deposition that she practically has to pay DJs to play her music, and they often still ignore her emails,” they alleged.

“The song Fly Away With Me has generated a sum total of $22 in revenue across all online streaming platforms over the last five years. Not surprisingly, plaintiff AK FortySeven has never turned a profit managing Ms Sherman’s music.”

However, Ms Sherman’s attorneys had previously argued: “There is no credible argument that the value of licenses that the ministry has entered into with other artists - to use their songs in international television ad campaigns to promote tourism in The Bahamas - is not relevant in a case about the value of a song that was improperly used in an international television ad campaign to promote tourism in The Bahamas.

“Comparable licenses are relevant to the calculation of a reasonable royalty, which is the measure of damages sought by Ms Sherman in this case... In our conferences on the subject, the Ministry of Tourism has taken the position that the licenses are not comparable. However, the Ministry of Tourism has not produced the licenses so Ms Sherman has no way of evaluating that position.”

GN-2195

PAGE 10, Monday, March 18, 2019

THE TRIBUNE

Workers on Bernie Sanders’ 2020 campaign have unionised

To advertise in The Tribune, contact 502-2394

By JUANA SUMMERS Associated Press

WORKERS on Bernie Sanders’ 2020 Democratic campaign have unionised, becoming the first presidential campaign staffers in history to do so.

Sanders, campaigning in South Carolina on Friday, said he was proud of the distinction.

“We cannot just support unions with words, we must back it up with actions,” he tweeted. “On this campaign and when we are in the White House, we are going make it easier for people to join unions, not harder.”

The United Food & Commercial Workers Local 400 confirmed that Sanders’ campaign workers were the first to win union representation.

“We expect this will mean pay parity and transparency on the campaign, with no gender bias or harassment, and equal treatment for every worker, whether they’re in Washington, DC, Iowa, New Hampshire or anywhere else,” UFCW Local 400 President Mark P Federici said in a news release.

Working on political campaigns at any level often involves grueling hours and low pay. And recently, workers on some campaigns have been pushing to unionise.

Earlier this year, Sanders apologised to female staffers on his 2016 presidential campaign who said they had experienced sexual harassment from male staffers. The New York Times had reported allegations of unwanted sexual advances,

BERNIE SANDERS as well as pay inequity.

At that time, Sanders said his 2018 re-election campaign to the Senate representing Vermont established “some of the strongest sexual harassment policies in the country”, including requiring training for all employees and providing staffers with a way to report harassment to an independent firm.

UFCW said Sanders’ campaign had agreed to use “card check” to determine whether most workers wanted a union. In card check, union organisers ask workers to sign cards affirming that they support a union. If a majority of workers sign them, the union presents those cards to the employer so that the employer will recognise the union.

The union said that by Friday, a majority of the campaign’s 44 bargainingunit-eligible employees had signed union cards. Sanders’ aides said on a recent conference call that the campaign has roughly 70 paid staffers.

The union says that all campaign employees below the level of deputy director will be represented by the union and that negotiations for a collective bargaining agreement will begin “as soon as possible”.

NOTICE MARKET REPORT THURSDAY, 14 MARCH 2019

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

BISX ALL SHARE INDEX: CLOSE 2,114.13 | CHG 0.05 | %CHG 0.00 | YTD 50.56 | YTD% 2.45 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 5.50 1.96 0.96 3.68 10.20 6.60 4.64 12.50 2.74 1.81 9.02 6.40 15.60 6.99 4.47 13.85

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

1000.00 1000.00 1000.00 1000.00

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 1.95 0.96 2.28 9.85 6.16 4.50 10.65 2.63 1.79 9.02 6.40 15.60 6.98 3.34 13.85

CLOSE 4.37 17.43 6.49 5.39 1.96 0.96 2.28 9.85 6.16 4.50 10.65 2.66 1.79 8.97 6.40 15.60 6.98 3.34 13.85

CHANGE 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 -0.05 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

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

1,000 1,000

273

VOLUME

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 0.200 0.090 0.600

P/E 29.7 18.7 N/M 16.7 N/M N/M -4.4 14.1 12.8 29.2 17.0 26.1 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% 2.08% 0.00% 7.21% 3.57% 2.67% 5.82% 2.26% 3.35% 0.94% 3.75% 3.21% 2.87% 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%

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

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

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

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.

LEGAL NOTICE

NOTICE

International Business Companies Act (No. 45 of 2000)

MAYDENA HOLDINGS LIMITED In Voluntary Liquidation Notice is hereby given in accordance with Section 138 (4) of the International Business Companies Act, (No. 45 of 2000), MAYDENA HOLDINGS LIMITED (the “Company”) is in dissolution. The date of commencement of the dissolution is March 13, 2019.

Mrs. Katie Ahmed-Sharman is the Liquidator and can be contacted at 17 avenue de la Costa, BP 167, Monaco, MC 98003 Cedex. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before April 12, 2019.

LEGAL NOTICE

NOTICE

LIFESTYLE CONSTRUCTION LTD. (In Voluntary Liquidation)

Notice is hereby given that pursuant to a Resolution of the Members of LIFESTYLE CONSTRUCTION LTD. dated the 14th day of March, A.D., 2019 LIFESTYLE CONSTRUCTION LTD. is in dissolution.

The date of commencement of dissolution was 14th day of March, A.D., 2019.

ROBERTS ISAACS & WARD NOMINEES LIMITED of Professional Centre, Cable Beach Court, Unit No. 2, 400 West Bay Street, P. O. Box N-4755, Nassau, Bahamas was appointed as the official liquidator of LIFESTYLE CONSTRUCTION LTD. RIW NOMINEES LIMITED Secretary, LIFESTYLE CONSTRUCTION LTD. (In Voluntary Liquidation)

PAGE 12, Monday, March 18, 2019

THE TRIBUNE

Jury rules Apple owes Qualcomm $31M for patent infringement SAN DIEGO Associated Press A JURY has decided Apple should pay $31m in damages for infringing on patents for technology owned by mobile chip maker Qualcomm that helps iPhones

quickly connect to the internet and extend their battery life.

The verdict Friday in a San Diego federal court follows a two-week trial that pitted two former allies that have become bitter adversaries. The trial is a fragment of a legal battle involving Apple and

Qualcomm, which are sparing over who invented some of the technology used for key features in smartphones and other mobile devices.

The stakes will be much larger in another federal trial next month that will determine whether Apple should be required to pay Qualcomm for licensing

other technology used in iPhones.

Apple had been paying the licensing fees until it stopped in 2017 and filed a lawsuit alleging that Qualcomm was abusing his dominance of the mobile chip market to gouge smartphone makers for technology that it hadn’t even invented. That trial is scheduled to start April 15.

In the trial that just concluded, the jury

unanimously agreed with Qualcomm’s contention that it should be paid $1.41 per iPhone relying on three of its patents. The damages date back to July 6, 2017, when Qualcomm filed its lawsuit, and covers technology used in the iPhone 7, iPhone 7 Plus, iPhone 8, iPhone 8 Plus and iPhone X. San Diego-based Qualcomm hailed the verdict as a validation of its

technology’s importance to iPhones. “The technologies invented by Qualcomm and others are what made it possible for Apple to enter the market and become so successful so quickly,” said Don Rosenberg, Qualcomm’s general counsel.

Apple expressed disappointment with the decision.

“Qualcomm’s ongoing campaign of patent infringement claims is nothing more than an attempt to distract from the larger issues they face with investigations into their business practices in US federal court, and around the world,” the Cupertino, California, company said.

The dispute between Apple and Qualcomm is also part of an antitrust lawsuit that the US Federal Trade Commission filed in 2017. In that case, the FTC alleges that Qualcomm had been abusing its market power in mobile chips for years. The trial concluded in San Jose, California, earlier this year, but the judge still hasn’t ruled.