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WEDNESDAY, MARCH 21, 2018

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Key US markets up 15% for Easter peak

Work permit increase ‘rationale’ questioned

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ourism bookings from the Bahamas’ key US markets are up 15 per cent for the peak Easter period, a Cabinet minister yesterday urging businesses to “work harder” at exploiting this growth. Dionisio D’Aguilar, minister of tourism, told Tribune Business that data provided by ForwardKeys, the travel intelligence platform, revealed ‘double digit’ growth for the MarchMay period in Bahamas airlines tickets purchased in the New York, Miami and

* Canada ahead 27 per cent, UK up 12 per cent * Minister: ‘We must work harder to exploit this’ * Urges entrepreneurs: ‘Step up to the plate’ Fort Lauderdale. And, with data for the same period showing similar growth from Canada and the UK, Mr D’Aguilar said the figures gave a “warm and fuzzy feeling” that tourism was set to contribute significantly to the Bahamas’ projected 2.5 per cent GDP growth for 2018. He then urged Bahamian entrepreneurs to “step up to the plate” and exploit this growth, arguing that this nation’s private sector

was failing to fully “take advantage” of the economic opportunity presented by the total 6.3 million tourists setting foot in this nation annually. Mr D’Aguilar reiterated the need to establish better “linkages” between the tourism industry and the rest of the Bahamian economy, in a bid to reduce the 85 cents of every $1 leakage on imports, and said he was DIONISIO D’AGUILAR

SEE PAGE 6

THE Chamber of Commerce’s labour head yesterday said he did “not understand the rationale” for raising work permit fees, amid warnings it will not reduce Bahamian unemployment. Peter Goudie, head of the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) employment and labour division, told Tribune Business that the organisation had requested the Government’s “position paper” on the issue and would seek to develop its own by today. “I can tell you we

* CHAMBER AWAITS INFO FOR POSITION PAPER * CONCERN ABOUT IMPACT FOR LOCAL SMES * AND WON’T CUT BAHAMIAN UNEMPLOYMENT have requested a copy of the position paper from the Government yesterday [Monday],” he told Tribune Business. “We are waiting for that position paper

SEE PAGE 7

Sarkis: ‘No good cause’ Bahamas must ‘leverage’ EU listing into opportunity to halt my $2.25bn suit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas was yesterday urged to “leverage” the European Union’s (EU) ‘blacklisting’ and reposition itself as an international business centre based on ‘physical presence’. Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business this nation needed to turn challenge into “opportunity” by adjusting its economic model to attract

* BFSB chief: Target multinational presence * And reposition as true global business centre * Renewed impetus for corporate tax talks multinational companies to do ‘real business’ in this jurisdiction. Emphasising that the BFSB would continue to act as industry advocate, rather than as a ‘watchdog’, with government, Ms McCartney said the Bahamas would likely enjoy “broad economic benefits” in terms of faster growth and job creation if international

GOV’T URGED TO JOIN MORTON SALT APPEAL By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government was yesterday urged to join a Privy Council appeal against Morton Salt, amid fears it will “alter the very existence of collective bargaining agreements in the Bahamas”.

* DIRECTOR OF LABOUR CALLS FOR INTERVENTION * SAYS RULING UNDERMINES INDUSTRIAL DEALS * TUC CHIEF: ‘WHERE DO WE GO AS UNIONS?’ SEE PAGE 6

firms established physical operations here. She added that the EU ‘blacklisting’ would also give greater impetus to tax reform discussions, especially the potential introduction of a corporate income tax, which the financial services industry had been seeking government talks on “for decades”. Ms McCartney, though, reiterated that tax reform

talks could not take place in isolation. She added that the potential impact on all sectors of the economy must be taken into account, especially given the upcoming World Trade Organisation (WTO) accession process and need to replace lost government revenues as import tariffs are eliminated/reduced.

SEE PAGE 5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SARKIS Izmirlian says Baha Mar’s contractor has “no good cause” to seal the $700 million deal that is central to its demand that his $2.25 billion fraud lawsuit be halted. Baha Mar’s original developer, in legal filings obtained by Tribune Business, this week argued that China Construction America (CCA) was demonstrating “a pattern of misuse of the very notion of ‘confidentiality’” by requesting that the project’s

* BLASTS BID TO SEAL $700M BAHA MAR FINISH * AGREEMENT KEY TO CCA ARBITRATION DEMAND * BUT ‘NO TRADE SECRETS’ IN ‘NO BID’ CONTRACT construction completion agreement be kept secret. That agreement, named ‘Amendment

SEE PAGE 4

PAGE 2, Wednesday, March 21, 2018

THE TRIBUNE

PI condo targeting May finish after $50m spend A revitalised Paradise Island condo project is targeting early May for second phase completion, having been transformed from a stalled eyesore via its new developer’s $50 million investment. More than 100 workmen have worked on the 79-unit One Ocean development for more than a year, after Vancouver-based Replay Resorts purchased the project from CIBC FirstCaribbean International Bank (Bahamas) following its foreclosure. Replay Resorts acquired 52 of the 79 units left unfinished when the original developer, Al Ballard, defaulted. “We have been called the Cinderella story of Paradise Island,” said Myles Newell, One Ocean’s director of sales and marketing. “We believe that with all the vision, work and hard dollars that we have invested in this residential community, it will set a standard for luxury living within walking distance of the Four Seasons at Ocean Club, Atlantis and the other amenities that continue to make Paradise Island so

highly desirable. “There are many places that offer luxury but there is no place that combines the elegance of One Ocean with the lifestyle of Paradise Island. For persons who like to travel and want a lock-and-go lifestyle, or for those who live here year-round, this is the total package.” One Ocean offers underground parking; 24-hour security and concierge service; fitness centre; large infinity pool on Nassau harbour; meeting and thousands of square feet of common outdoor space; as well as residences featuring large balconies. Replay Resorts rebuilt elevator shafts, replaced large chillers, gutted common areas, and redesigned large portions of the property during its turnaround plan. “It was not easy for residents. We worked closely with them but there were times when we had to move in a certain direction in order for the job to be done right, and there were days when patience was tried,” said Mr Newell. “Now that we are drawing closer to the vision ONE OCEAN, the $50 million, 79-unit project on Paradise Island reinvigorated by Replay Resorts, is on target for phase two completion in early May.

VACANCY NOTICE PRODUCTION ASSOCIATE Cable Bahamas Limited is seeking to employ an experienced Production Associate. The successful candidate must have experience in Media and Camera work and the ability to collaborate effectively with the Media team. JOB SUMMARY The Production Associate will be responsible for assisting with all aspects of work related to the internal and external technical operations of OurTV. JOB DESCRIPTION • • • • • • • •

• •

Responsible for the electronic news gathering function as it relates to OurTV, inclusive of but not limited to Primary Camerawork, ENG Field producing and Editing; Liaising with our strategic news partner for the purposes of gathering news and the technical production of the same; Studio and field camera operation; General IT Support for the OurTV Department. This includes troubleshooting and software support where necessary; Maintenance of the quality standards for broadcast on internal and external productions; Liaising with the Technical Manager on all technical aspects as related to the operation of the Community Channel; Liaising with the Administrative Producer and Executive Producer as related to the production needs of the Community Channel; Operation of OurTV programming which includes directing, producing, editing, shooting, writing, lighting and audio as deemed by your immediate supervisor; Submission of daily production reports to your supervisor; Perform allother media related task as assigned by management.

SKILLS, EXPERIENCE & QUALIFICATIONS REQUIRED • •

• • • • • • • • • • •

Post-secondary degree or certification in video production or related field; Computer literacy, with a good working knowledge of MAC Environments, Final Cut Pro 7 and 10, Adobe After Effects, Photoshop and Word, Excel and PowerPoint essential; Experience in ENG and or an EFP Production Environment; Strong Interpersonal skills to effectively work with team members within the departments and throughout the company; Reliability, punctuality and good interpersonal skills are essential; Ability to work independently with limited supervision; Ability to manage deadlines and high stress situations; Accuracy, neatness and efficiency; Effective communication skills, both oral and written; Excellent leadership skills; Physical dexterity required; Must be flexible to work in a dynamic environment to meet the needs of the organization; Demonstrate a high level of integrity and commitment to service.

Qualified applicants should submit Resumes on or before Wednesday, March 28, 2018, to the Director of Human Resources, P.O. BOX CB-13050, Nassau, Bahamas or send electronically with Ref: Production Associate to humanresources@cablebahamas.com.

becoming reality, there is a growing pride in being part of One Ocean.” A two-bedroom unit recently re-sold for 29 per cent more than the late 2015 purchase price, and the seller sold to buy a larger unit on a higher floor. “One Ocean is by far the best investment opportunity currently available on Paradise Island,” said Dexter Avney, president of R.E. Properties Caribbean Investment Company. “With the combination of the prime location, upscale finishes and aggressive price per square foot, it is not a surprise that Replay has been able to sell so many units. “Our investment company and partners have invested in several One Ocean units, and we anticipate a strong ROI (return on investment) from both the rental market and the future appreciation.”

THE TRIBUNE

Wednesday, March 21, 2018, PAGE 3

Government mulls the Headquarters Encouragement Act to attract tech firms By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* GRAND LUCAYAN DEAL ‘COMPLEX, PROGRESSING’

THE Prime Minister yesterday said the Government was mulling a Headquarters Encouragement Act to entice technology firms and start-ups to domicile their head offices in the Bahamas. Dr Hubert Minnis, in his contribution to the mid-year Budget debate, said the Government was studying this recommendation following receipt of the report from its Grand Bahama Technology Hub steering committee, the contents of which were revealed by Tribune Business yesterday. “The Government is currently considering recommendations which involve legislation for a Headquarters Encouragement Act,” Dr Minnis said, “streamlining the

application processes for Business Licenses for tech companies; making it easier for Bahamian tech startup companies to access funding; amending our education curriculum to focus on technology; making our local University of the Bahamas campus the nation’s technology centre; and marketing Grand Bahama as a technology hub. “The Government is also presently using ways to attract tech companies, not only with our proximity and infrastructure, but also allowing companies to bring their highly-skilled and specialised talent to come with the company. “This will provide training opportunities for Bahamians, and will provide incentives for

PM DR HUBERT MINNIS Bahamians abroad to come home.” The Prime Minister, meanwhile, said the Grand Lucayan deal was “progressing”, but gave

no timeline for its likely completion or what the agreement will look like. The original schedule, of an end-February 2018 closing, following the Christmas signing of a Letter of Intent (LOI) by the proposed purchaser, the Wynn Group, has already passed. “These negotiations are not yet complete and involve putting together not just the sale of assets but the right components, which will provide a unique destination for the island,” Dr Minnis said. “It involves arriving at an agreement on a number of complex issues that must be resolved. The Government is confident that it is doing all it can to complete the deal and move to renovations and full opening of the Grand Lucayan.”

Gov’t hires consultant to review BIA systems By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Prime Minister yesterday revealed that the Government has selected a consultant to review the Bahamas Investment Authority (BIA) and its investment policy framework. During his midyear Budget debate contribution, Dr Hubert Minnis said the six-month consultancy is expected to

begin next month and is being funded by the InterAmerican Development Bank (IDB). “To improve our process the Government has selected a consultant to advise on the work of the BIA, which will include a review of the investment policy framework, streamlining the BIA’s operational methodologies, the development of a more dynamic approach to investment promotion and facilitation, and redesigning the current organisational structure

and technical framework to allow for an improved effective use of FDI, national investment and overall economic growth,” said Dr Minnis. “The consultancy is for a duration of six months and is expected to begin April 4. The Government will proceed with an institutional change and results based framework.” The Bahamas Investment Authority is the Government’s investment promotion agency, and is responsible for the

administrative processing of investments and applications. “The unit assists with investment policy formulation, investment promotion, investment proposal and analysis and post approval monitoring and support,” Dr Minnis said. “As the administrative arm of the National Economic Council, the BIA co-ordinates investment matters within all agencies of the Government, simplifying the process for the investor.”

HOUSE FOR SALE Twynan Ave. off Mackey St. 3 Bed 2 Bath 1 Bed Attached Apt. Appraised value $269,000 Will accept 229,000 O.N.O Owner Leaving Island 422-1832 472-8652 Mr. Moree

PAGE 4, Wednesday, March 21, 2018

THE TRIBUNE

Sarkis: ‘No good cause’ to halt my $2.25bn suit FROM PAGE 1 9’ in previous legal filings, sets out the terms CCA agreed with Baha Mar’s financier, the China Export-Import Bank, and the latter’s Perfect Luck vehicle, to restart and finish the $4.2 billion project. It is key to the Chinese contractor’s bid to persuade the New York State Supreme Court that Mr Izmirlian’s lawsuit be ‘stayed’, and the two sides ordered into mediation, as it allegedly contains the clauses compelling arbitration as a first means of dispute resolution. Mr Izmirlian, though, is arguing that himself and

his BML Properties vehicle are not parties to the construction completion, which was agreed between CCA and Perfect Luck. As a result, they allege they are not bound by any of its arbitration-related clauses especially since it replaced the original deal agreed by Mr Izmirlian. Besides dismissing CCA’s arbitration demand, Mr Izmirlian and his attorneys also argued that the construction completion agreement contained “no trade secrets” or pricing information that would harm the Chinese stateowned contractor. They pointed out that CCA had no competition for the Baha Mar

NOTICE

NOTICE is hereby given that ADRAIN EMILIEN of Baillou Hill Rd., New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, Bahamas.

completion work, which was effectively a ‘no-bid’ contest, and added that the Bahamian Supreme Court’s rationale for sealing all documents related to the project - “to preserve the sales process’s integrity” had fallen away following the purchase by Chow Tai Fook Enterprises (CTFE). “It is especially important in this case for the contents of Amendment 9 to be revealed because this case turns on defendants’ [CCA] concealment of critical facts from plaintiff and the public, and because defendants intend to rely on it in seeking to compel arbitration,” Mr Izmirlian and his attorneys argued in March 19 legal filings. “Defendants have failed to demonstrate it contains ‘confidential’ information or would even threaten any competitive disadvantage were it placed in the public file. Defendants’ motion to seal Amendment 9 continues a pattern of misuse of the very notion of ‘confidentiality’.” Mr Izmirlian’s legal advisers said CCA had initially sought to designate “every one” of the

NOTICE VACANCY (for an) ACCOUNTING ASSISTANT Applications are invited from suitably-qualified applicants for the position of Accounting Assistant. Applicants must possess the following qualifications: •

• • •

Bachelor’s Degree in Accounting OR; an Associates of Arts Degree, with a minimum of two (2) years experience as a Trainee Accountant OR; two (2) subjects at the BGCSE level, and, at least, six (6) years’ experience as a Senior Accounts Clerk; Excellent organizational skills; Excellent communication skills (oral and written); analytical and conceptualized thinking skills; excellent interpersonal skills; Excellent computer skills,(proficiency in Excel required);

The Accounting Assistant will report to the Financial Controller. SUMMARY OF DUTIES: 1. 2. 3. 4. 5. 6. 7. 8. 9.

Prepares payment of invoices; Assists with the preparation of the monthly reports; Assists with the monthly reconciliations; Liaises with departments on outstanding invoices for payment; Responds to suppliers’ queries; Assists with budget preparation; Assists with the issuance of cheques; Assists with the maintenance of company records; Maintains Accounting files.

Letter of application and curricula vitae should be submitted to: The General Manager; P.O. Box N-1986, Nassau, Bahamas; to be received NO LATER THAN Friday, April 20th, 2018. Please note that only short-listed applicants will be contacted for interviews.

documents produced during the ‘discovery’ process as ‘confidential’, but ultimately narrowed this to the construction completion agreement after they objected to such “overreach”. “Defendants [CCA] offer no evidence as to why a document containing neither forward-looking financial information nor trade secrets should be kept secret,” Baha Mar’s original developer alleged. “Nor do they identify any competitive disadvantage they might suffer if its contents were revealed. Defendants... ignore that there was, by definition, no ‘competition’ by any other entity for the work contemplated in Amendment 9 and now completed. “Although defendants purport to rely on the order of a court in the Bahamas, defendants cannot definitively say that Amendment 9 was sealed by that order, and the reason for sealing considered by that court - in August 2016 - that it was key to an ongoing sales process no longer applies

since the sale closed in December 2017. “As a result, there is no good cause, and much less a compelling need, to take judicial action and the motion should be denied.” Among the documents produced by CCA, and attached to Mr Izmirlian’s court filings, was a ‘Certificate of Substantial Completion’, dated July 31, 2017, to confirm that the contractor had effectively met its construction milestones and largely finished the Cable Beach-based resort campus. The ‘Certificate’ reveals that $34.05 million, held by the original developer as “retainage” to ensure CCA performed, had been approved for payment by CTFE. It also set out the remaining items for CCA to address, such as resolving “mold and condensation problems” in the five Rosewood villas, and correcting problems with elevator controllers at the Hyatt. Certificates of operation for the elevators from the Ministry of Works were

NOTICE

NOTICE is hereby given that JOHNETTE CELA of #40 Sea View Drive, Grove West, P.O. Box FH-14392, New Providence, 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 21st day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ARITHA ST. REMY of Hampton Street off Wulff Road, New Providence, 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 21st day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

still outstanding as at that date. Another annex, meanwhile, exempted CCA from having to address issues such as the ‘structural reinforcement of roof steel work’ because they were not within its ‘scope of work’. Around 30-40 issues were deemed to fall into this category. Also produced to Mr Izmirlian and his attorneys were a ‘Deed of Novation’ and ‘Deed of Release’, both dated September 27, 2016. These agreements, which were signed by representatives for CCA, Baha Mar’s then-receivers, Deloitte & Touche, and Perfect Luck and were designed to facilitate the transfer of the project’s real estate and other assets to the latter vehicle. The Deed of Release, in particular, is interesting in the context of Mr Izmirlian’s initial skirmish with CCA, as it stipulates that Amendment 9 “will amend the Main Construction Contract” that was agreed between the contractor and original developer. Peter Sheridan, one of Mr Izmirlian’s attorneys, in an affidavit alleged that CCA’s Amendment 9 deal effectively replaced the original construction contract with his client. Arguing that “Amendment 9 was solely between CCA Bahamas and Perfect Luck”, he alleged: “Amendment 9 and the documents preceding it cancelled and replaced the old Master Construction Contract in every material respect. “Neither plaintiff (nor any affiliated entity) is or ever was a party to Amendment 9, or to any of the other agreements executed in 2016.” Hence Mr Izmirlian’s argument that he and BML Properties are not bound by Amendment 9’s arbitration clauses, and thus CCA should not be allowed to ‘stay’ his lawsuit.

THE TRIBUNE

Wednesday, March 21, 2018, PAGE 5

Bahamas must ‘leverage’ EU listing into opportunity FROM PAGE 1

“Even in these unfortunate circumstances,” she told Tribune Business, referring to the EU’s action, “from where I sit I see some opportunities for us to address matters that industry has seen as critical for some time now to move our industry forward. “We’re going to work with the Government to leverage the opportunities in this current circumstance. We want the Bahamas to be an international business centre, where multinationals find a home and establish a business presence. “That’s good for the overall economy. There could be broad economic benefits if we have a discussion, and take an approach that meets international obligations and puts us in a position to attract international business to the jurisdiction.” Ms McCartney’s comments echo a growing body of opinion that believes the Bahamas must focus on the ‘bigger picture’ and its long-term economic future, rather than simply react to the EU and seek to escape its ‘blacklist’ in the shortest possible time. While that is important, many observers - both inside and outside the financial services industry - believe the Bahamas also needs to exploit this challenge for its own good by restructuring its economic model in a way that positions it for greater economic growth and gets beyond international regulatory initiatives. A key focus will be attracting the financial

services industry’s high net worth clients, and multinational companies and their affiliates, to select the Bahamas as their primary domicile for all activities. Encouraging high net worth clients to follow their assets to the Bahamas would potentially minimise ‘home country’ tax issues, and lead to the creation of ‘family offices’ and other products, boosting not only financial services business but also activity throughout the economy. Enticing companies to establish a physical presence in the Bahamas, and conduct real business from here, would have a similar effect, and further aid job creation and local employment - while also addressing the EU’s ‘economic substance’ concerns that were used to justify this nation’s ‘blacklisting’. Yet to attract such corporate and high net worth observers, reposition the economy and balance this with meeting EU/international demands, tax reform - and especially the introduction of a low-rate corporate income tax - is increasingly likely. The WTO accession makes tax reform in some fashion virtually inevitable, and Ms McCartney reiterated her belief that the Government “has to look” at corporate income tax seriously from both the financial services and broader economy’s perspective. “The Government has to look at this question of corporate income tax,” she told Tribune Business. “Industry facilitated some benchmarking around what other IFCs (international financial centres) have done in this regard.

“We have submitted that to the Government, it has been reviewed, and I anticipate we will begin the dialogue in earnest as to what policy position the Government takes in relation to corporate tax. “The Government has to chart a policy that takes into account global initiatives, the business impact and what comparable IFCs have done in that regard. I believe the dialogue will commence in earnest shortly.” K P Turnquest, Deputy Prime Minister, said the EU had noted the “challenges” the Bahamas faces in meeting its demands in the absence of a corporate income tax. And the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative, compliance with which is being used by the EU to determine if countries should be ‘blacklisted’, seems to push this nation towards corporate income tax implementation. For the Bahamas, in committing to meet the BEPS ‘minimum standard’, has agreed to adhere to its ‘no harmful tax practices’ criteria. Yet the OECD regards ‘no’ corporate tax, or a rate of less than 10 per cent, as a ‘harmful tax practice’ thereby creating the dilemma for the Bahamas. Financial sector executives such as Paul Moss, Dominion Management Services’ president, have repeatedly suggested that introducing a low-rate corporate income tax would enable the Bahamas to shed its ‘tax haven’ label and reposition the industry through paving the way to enter into double taxation

and bilateral investment treaties with other countries. This, in turn, could help the Bahamas attract overseas companies to establish a physical presence here, given that such entities would be amenable to paying taxes here in return for a reduced bill at home when repatriating profits. Ms McCartney said the EU’s demands would likely provide renewed impetus, and spur, discussions on the corporate income tax issue. “Some of what has been asked of us by the EU is what industry has agitated for real, meaningful dialogue on for some time,” she told Tribune Business. “It’s something we’ve asked successive governments to look at for decades. “It just happens that the EU has set out this criteria, but we’ve said we need to look at this for some time now.” The BFSB chief executive, though, emphasised that corporate income tax needed to be discussed in the broader context of the whole Bahamian economy and WTO accession - not just financial services. “This is bigger than the financial services industry.

It’s not just about financial services,” she added. The International Monetary Fund (IMF) last year recommended that the Bahamas introduce a low-rate corporate tax as a means of replacing revenues lost to WTO-induced import tariff eliminations and reductions. But, while

an income tax was among previous revenue reform options, the last Christie government rejected it in favour of VAT due to the fact it was ‘alien’ to Bahamian culture and would have required the creation of a completely new collections bureaucracy together with increased costs.

LEGAL NOTICE

NOTICE

NOVA LUX INTERNATIONAL LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) NOVA LUX INTERNATIONAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 20th March, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 21st day of March, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

VACANCY NOTICE NEWS EDITOR Cable Bahamas Limited is seeking to employ an experienced News Editor. The successful candidate must have experience in Media and Editing and the ability to collaborate effectively with the Media team. JOB SUMMARY The News Editor will be responsible for providing technical assistance with all aspects of the internal and external operations of OurTV -The Community Channel and all OurTV in-house productions with specific responsibility as a News Editor. JOB DESCRIPTION • • • • • • • • •

Responsible for the day to day editing requirements relative to OurTV news process; Providing technical support to OurTV news process; Assisting with the production and editing of materials needed for the community channel as deemed by supervisor; Assisting with camera operations where required; Providing production assistance on in-studio and field productions; Providing assistance with the general operation and maintenance of OurTV’ s production studios, edit suites and field equipment; Providing technical support for OurTV personnel including assisting with the Cable Cares Foundation and Corporate Media; Assisting with any and all aspects of the production process as related to the production original OurTV programming; Performing all other related tasks of OurTV operations (including directing, producing, editing, shooting, writing, lighting and audio) as assigned by Management.

SKILLS, EXPERIENCE & QUALIFICATIONS REQUIRED • • • • • • • • • • • • •

Qualified applicants should submit Resumes on or before Wednesday, March 28, 2018, to the Director of Human Resources, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: News Editor to humanresources@cablebahamas.com.

PAGE 6, Wednesday, March 21, 2018

THE TRIBUNE

Key US markets up 15% for Easter peak FROM PAGE 1 “not convinced we work hard enough” to maximise the sector’s potential spin-offs. “Looking at New York, Fort Lauderdale and Miami, they’re all showing growth of roughly 15 per cent,” he told Tribune Business of the Forward Keys data. “Canada, out of Calgary, Toronto and Montreal, over the next three months is showing 27 per cent growth. The UK is at 12 per cent growth.” ForwardKeys tracks airline tickets purchased, and paid for, to the Bahamas from key source markets over a set period of time. The data, especially the figures from this nation’s critical Florida and US north-east coast markets, indicates that hotels and other tourism industry

players are likely to enjoy an improved Easter showing - at least in terms of volume - given that the sector’s peak period is now less than two weeks away. While cautioning that all data was “relative”, and needed to be assessed in its proper context, Mr D’Aguilar added: “If the source markets, New York, Fort Lauderdale and Miami, are looking up, that gives you a warm and fuzzy feeling that we should continue this upward trend. “It goes in line with our projected economic growth, which I think is projected in excess of 2 per cent this year. I think a lot of the growth is going to be driven by tourism, and what is key is that we get growth in our stopover visitors.” With the outlook positive, Mr D’Aguilar called on Bahamian entrepreneurs

to identify more creative and innovative ways to ensure tourism’s multi-billion dollar annual earnings remain in this nation. “I believe our entrepreneurial class doesn’t do enough to take advantage of the 6.3 million tourists that come here every year and create a lot of business opportunities,” he told Tribune Business. “We have to push ourselves to take advantage of it. There are opportunities there that we need to take advantage of, and I don’t think we maximise that and create linkages between the tourism business and domestic economy. “Don’t let someone come here and, for lack of service and product, they import something. We have to be creative. This is where the private sector has to step up to the plate and take

advantage of all these foreign visitors that come here,” Mr D’Aguilar continued. “That’s work. I’m not convinced we work hard enough to take advantage of the opportunities.” One of the Bahamas’ ‘Holy Grails’ has long been to strengthen, and improve, linkages between the tourism sector and remainder of the domestic economy as a means to boost GDP, employment and entrepreneurship. Successive administrations have targeted this area, but there have been no measurable assessments of their success, with an estimated 85 cents of every $1 spent by tourists visiting this nation still thought to ‘leak out’ beyond the Bahamas’ borders without import substitution. Mr D’Aguilar, though, said Baha Mar’s launch,

combined with the return of Atlantis’s Coral Towers, the RIU Paradise Island’s re-opening, and the arrival of the Warwick Paradise Island and Courtyard by Marriott, meant the Bahamas was looking at its strongest tourism-driven growth for a decade. “We haven’t experienced that growth in any year since 2008,” he said of the IMF’s 2.5 per cent projection. The Minister said Baha Mar’s 5,000 hirings, based on an average annual wage bill of $25,000, will inject some $125 million in new spend into the economy, as he urged Bahamian entrepreneurs to put their surplus capital to work. “All the projections point towards meaningful growth in GDP, and I think the mood is changing,” he told Tribune Business. “Investment is a function of how

you feel about the future. “Whatever you say about the FNM and its style, we’re certainly sending a message that it’s easier to do business here, and we’re much more business friendly in trying to get inward investment. “It’s causing people to look. We need that change in confidence. If we don’t have that change in confidence, people will hold on to their money. “My message to Bahamians is: You have significant amounts of money holed up in the bank earning less than 1 per cent. So now is the time to earn a return, yield on surplus cash you have in the bank,” Mr D’Aguilar added. “Take advantage of what I think is a period of growth. This is time to expand your business, prepare for growth and its impact on the economy.”

Gov’t urged to join Morton Salt appeal FROM PAGE 1 Robert Farquharson, the director of labour, called for the intervention during yesterday’s first National Tripartite Council general assembly, after Obie Ferguson, the Trades Union Congress (TUC) president, said he is preparing to appeal a recent Court of Appeal decision in favour of the Inagua-based salt harvester. Mr Farquharson told stakeholders: “I strongly recommend that the Government of the Bahamas join Mr Ferguson in that appeal to the Privy Council in the interest of every worker in the

Commonwealth of the Bahamas. “The decision, if not changed, will alter the very existence of collective bargaining agreements in the Bahamas. “It will negate the provision of Section 51 of the Industrial Relations Act, which makes collective bargaining agreements binding on all companies if not changed. The ruling has to be tackled now; it can’t wait for legislative change. It must be changed at the highest court.” Mr Farquharson’s dramatic request came after the Court of Appeal dismissed the industrial grievances against Morton Salt as “not tenable”.

The Bahamas Industrial, Manufacturing and Allied Workers Union, which represents the company’s line staff, initially took the matter to the Industrial Tribunal, and the appellate court in a unanimous verdict upheld the latter’s ruling that the company had no case to answer. Acting appeal Justice, Sir Michael Barnett, in a written February 28, 2018, ruling said the union pounced on two issues relating to the 2002-2005 industrial agreement between the two parties. It challenged Morton Salt’s adjustment of the work schedule for 29 maintenance technicians in July 2002, on the grounds this

represented a “unilateral variation” of these workers’ employment contracts and was “therefore unenforceable”. And, in 2008, the union queried overtime payments earned by its members when the industrial agreement was in force. It alleged that Morton Salt staff should be paid ‘double time’, or twice the rate of pay, if they were required to work on either Saturday or Sunday. The union, in its appeal, argued that the Employment Act’s section 10 a), which stipulates that employees be paid twice their regular rate for working on public holidays or days off, meant Morton Salt

MARKET REPORT TUESDAY, 20 MARCH 2018

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

BISX ALL SHARE INDEX: CLOSE 2,025.33 | CHG 0.36 | %CHG 0.24 | YTD -38.24 | YTD% -1.85 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 7.50 3.76 1.64 0.18 4.50 8.70 6.30 5.30 11.50 2.59 1.56 9.25 6.10 10.55 9.00 4.50 12.51 11.00

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.50 8.40 6.00 3.15 9.00 2.18 1.40 7.30 5.83 8.78 5.67 3.35 12.01 10.00

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SYMBOL LAST CLOSE AML 4.23 APD 17.43 BPF 9.09 BWL 3.34 BOB 1.00 BBL 0.18 CAB 3.62 CIB 8.70 CHL 6.10 CBL 4.50 CBB 10.05 CWCB 2.81 DHS 1.50 EMAB 7.54 FAM 6.10 FBB 10.10 FIN 6.41 FCL 4.47 JSJ 12.51 PRE 10.00 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 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 2.13 4.14 1.99 178.69 153.40 1.54 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57

CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.62 8.70 6.10 4.50 10.05 2.88 1.50 7.62 6.10 10.10 6.43 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.08 0.00 0.00 0.02 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

110.39 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.07 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

110.32 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 Royal Fidelity Int'l Fund - High Yield Fund Strategies Fund

VOLUME

24,400

1,008 2,500

VOLUME

EPS$ 0.475 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.583 0.171 0.631 0.102 0.330 0.000 1.129 0.743 0.832 0.298 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.690 0.060 0.050 0.084 0.300 0.500 0.150 0.120 0.570 0.000

P/E 8.9 18.7 N/M 11.9 N/M N/M -2.5 13.6 10.5 26.3 15.9 28.2 4.5 N/M 5.4 13.6 7.7 15.0 23.0 0.0

YIELD 1.89% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.68% 3.61% 2.67% 6.87% 2.08% 3.33% 1.10% 4.92% 4.95% 2.33% 2.68% 4.56% 0.00%

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

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

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

INTEREST 6.00% 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 2.13 4.12 1.99 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

4 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

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

MATURITY 31-May-2018 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-Jan-2018 31-Jan-2018 26-Jan-2018 31-Dec-2017 31-Dec-2017 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

staff were entitled to this compensation if required to work at the weekend. The Industrial Tribunal, though, found that the ‘double’ wage rate only applied to the 24 hours of consecutive rest identified as a ‘day off’ in the Employment Act’s section 9, a ruling the Court of Appeal agreed with. Sir Michael said the Morton Salt union also sought to rely on the industrial agreement, which called for ‘day and shift workers’ to be paid ‘double time’ for working on Sunday. This, though, meant they were not entitled to such compensation for Saturday. As for the ‘unilateral’ schedule change, Sir Michael said this was provided for in the industrial agreement. “This is not tenable,” he added of the union’s arguments. “This provision expressly gives Morton the right to alter or extend existing shift arrangements. All Morton was required to do was to consult with the union prior to implementing such a change. “The Tribunal has found that Morton did consult with the union, and that finding by the Tribunal has

not been challenged on this appeal. The Court of Appeal also rejected the union’s claim that ministerial intervention was required before Morton Salt could change the standard hours of work from eight to 12. “An industrial agreement is a contract. It is an employment contract,” Sir Michael wrote. “The Tribunal is entitled, nay obliged, to construe it in accordance with common law principles of contract law. The fact that it is given force by statute does not affect the way that the Tribunal must construe it. It is still an agreement. It is still a contract.” Mr Ferguson took particular exception to this finding, and asserted that the Tripartite Council should have been working to do whatever was necessary to correct the issue. “I am preparing the documentation to file an appeal to the Privy Council on this matter”, said Mr Ferguson. “Where do we go as a trade union movement? Who will represent workers? Let’s get it together, let’s do what is right. We are regressing; the workers are going backwards.”

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THE TRIBUNE

Wednesday, March 21, 2018, PAGE 7

Labour chief hits Put Tripartite out on Tribunal Council to work, ruling enforce parties urged By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government’s top labour official yesterday described the Industrial Tribunal’s inability to enforce its own judgments as “one of the biggest disappointments”, along with the “frustrating” reluctance of employers to “show up” for conciliation meetings. Robert Farquharson, director of labour, addressing union and employer representatives at the National Tripartite Council’s first annual general

assembly, said: “One of the biggest disappointments is that the Bahamas Industrial Tribunal, which was established to make it easier for workers in this country, to this day is unable to enforce its own rulings.” He added that some employers would rather pay a retainer fee than an award by the Tribunal. Mr Farquharson described the ability of the Tribunal to enforce its rulings as “critical” to industrial relations in the Bahamas. Mr Farquharson also slammed employers who fail to show up for conciliation meetings, arguing that they should be fined

as prescribed by law. “We must compel workers to follow the rules, but we must also compel employers to follow the rules,” he said. “There are employers who we send notices of conciliation to over and over, employers who my messengers have sign and accept the notice of the meeting, but they still refuse to come. “The penalty right now is a fine of $5,000. I have been in the trade union movement for 30-plus years and I have never seen one employer be prosecuted for failing to come to a meeting.” Mr Farquharson suggested that such employers be made an example of.

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Chamber of Commerce’s chief executive yesterday urged the National Tripartite Council’s stakeholders to avoid grandstanding and “put the council to work”. Edison Sumner, speaking on the sidelines of the the National Tripartite Council’s first annual general assembly, said: “The Tripartite Council is absolutely a necessary body to engage the dialogue at a very high level between the employers,

EDISON SUMNER the workers’ representatives and the Government. “I believe the Council is working very well. I believe it is a dynamic organisation. We may disagree on certain points, but the beauty is that we all work together, we understand each other’s differences and

understand when there has to be differences in our positions on certain matters.” The National Tripartite Council was established three years ago to act as a forum on labour and industrial relations in the Bahamas. “We must put the Tripartite Council to work. We don’t want to see people grandstanding when there is an option for them to present themselves to the Council and have their matters addressed by the Council,” said Mr Sumner. “Use the protocols that have been established. The Council works and we must put it to use.”

Work permit increase ‘rationale’ questioned FROM PAGE 1 because we don’t understand what the rationale is, and we’re going to form a position paper tonight or first thing in the morning, and deal with it.” Mr Goudie spoke out after Brent Symonette, minister of financial services, trade and industry and Immigration, revealed the planned work permit fee increase - the first for a decade - in the House of Assembly on Monday. “We will be making an official announcement coming July 1,” Mr Symonette said. “Immigration fees will increase. These have not been increased since 2008. We will publish a full listing of those fees. I will say that one of the areas affected is the lowest level, which has been $1,000 for a work permit. That will be going to $2,000 for a work permit.” Mr Goudie said the 100 per cent increase, or doubling of costs, would impact foreign workers typically

hired for jobs Bahamians do not want to perform, such as maids, gardeners, handymen, labourers and landscapers. None of the other proposed increases, which may take effect from the 2018-2019 fiscal year, were disclosed. However, there were warnings that an increase in work permit fees could negatively impact small and mediumsized enterprises (SMEs) by pricing skilled expatriate workers beyond their reach, while the move would do little to improve jobs prospects for Bahamians. Robert Myers, an Organisation for Responsible Governance (ORG) principal, told Tribune Business he was “a bit disappointed” to hear the Government’s plans as it threatened to impose further costs and bureaucracy on the private sector. “It’s not what I was expecting to hear,” he told Tribune Business. “What the private sector and foreign direct investors are looking to hear about is a reduction in the cost and ease of doing business that

encourages us to invest more in the country.” Mr Myers said businesses also wanted to see a cut in the fiscal deficit and national debt that was achieved through spending reductions and controls, rather than any revenue-raising measures that “further burden the private sector and make us regionally less competitive”. “By increasing work permit fees you actually hurt SMEs, as they are less able to afford the type of employee they need to expand their business,” he told Tribune Business. “That hits GDP. Increasing work permit fees is going to slow growth and not reduce unemployment. “The reason you bring in expatriates is because you don’t have the skill set required available locally.... Doubling work permit fees is not going to help the uneducated get a job, and it’s a bit naive to think it will. It’s not going to make foreign direct investors want to come to the Bahamas. It’s not going to help our level of competitiveness.

“The Government ought to be focused on the right thing, and what they promised they would do, but raising work permit fees is not the best way to improve the economy of the Bahamas. It may be one way, but has the potential to do more damage than good,” Mr Myers continued. “If a business can’t find a Bahamian to do it, and you create prohibitions to bringing in expatriates to do it, they don’t grow. If one expatriate worker means you also hire four Bahamians, that’s a win.” Mr Myers, whose businesses rely on just 2-3 per cent expatriate labour, added that the proposed work permit fee increases could send “the wrong message” to a Bahamian private sector in desperate need of further pro-growth signals from the Minnis administration. He suggested they would be more palatable if the funds collected were used to improve the education system, and train Bahamians so that businesses have a ready-made workforce. “If you told me that the

Immigration Department and Ministry of Education were actively collaborating on this, so that the additional fees from work permits go to workforce development, vocational education, improving

apprenticeship programmes and the education system, so the private sector has more capable people, we would applaud,” Mr Myers told Tribune Business. “But the right hand doesn’t seem to be talking to the left.’

PAGE 12, Wednesday, March 21, 2018

THE TRIBUNE