03222018 business

business@tribunemedia.net

THURSDAY, MARCH 22, 2018

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Corporate taxation on the way for Bahamas

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

he Government’s planned legal reforms pave the way for the introduction of “corporate taxation” on a wide range of Bahamian financial services products, it was revealed yesterday.

Carl Bethel QC, the Attorney General, confirmed to Tribune Business that legislation intended to address the European Union’s (EU) ‘blacklisting’ concerns was designed to give the Minister of Finance “flexibility” in determining the type of corporate taxation that will be imposed.

The Multinational Entities Financial Reporting Bill 2018, a copy of which has been obtained by this newspaper, repeals and amends numerous financial services-related laws to allow for the introduction of corporate tax “of

* AG: Type of tax to be determined * Bill gives Finance Minister ‘flexibility’ * ‘Ring fencing’ end impacts IBCs, other entities any nature” on International Business Companies (IBCs); Foundations; Executive Entities; Exempted Limited Partnerships; and Investment Condominiums (ICONs).

The amendments to the Acts for these products include a new section on taxation, which incorporates broadly the same language for each. Besides making them “resident or non-resident for exchange control purposes”, the new language states the listed financial products will be “subject to such corporate taxation of any nature in respect of its resident or non-resident income, capital gains, shares, dividends, debt, obligations or securities, Business Licence,

Gov’t ‘trusts’ EU blacklist escape by May ‘latest’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Deputy Prime Minister yesterday said the Government “trusts” the European Union (EU) will remove the Bahamas from its ‘blacklist’ by May 2018 at “the latest”.

K P Turnquest, addressing a financial services

industry briefing, said he and Brent Symonette, the minister of financial services, left Brussels last week with the understanding they had presented everything necessary to demonstrate the Bahamas’ compliance with the EU’s anti-tax avoidance drive. Emphasising that the ‘ball is in the

SEE PAGE 4

Ex-Bahamian beauty queen’s Tourism claim ‘falls woefully short’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Bahamian beauty queen’s copyright lawsuit against the Ministry of Tourism “falls woefully short” and should be dismissed, the

Government agency is demanding. The Ministry, in its March 19 response to the action filed by ex-Miss Bahamas Universe, Khiara Sherman, alleged that she and her record company had failed to identify the

SEE PAGE 5

SCOOTER, JET SKI OPERATORS SHRUG OFF US WARNING

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMIAN jet ski and scooter rental companies yesterday said the latest US crime alert had not dampened what one operator described as an “exceptionally good” Spring Break.

Renwick Rolle, owner of J.R. Action Water Sports, in the industry for more than 30 years, told Tribune Business that measures initiated under the former minister of transport and aviation, Glenys Hanna Martin, had led to a significant reduction in complaints against jet ski operators.

SEE PAGE 13

CARL BETHEL estate, inheritance or gift tax or other transactions related to such company as shall be prescribed by the Minister in regulations”.

The new Bill also tackles another EU concern

by eliminating ‘ring fencing’, or the existence of preferential tax regimes for foreigners/non-resident entities, by enabling IBCs and the other corporate entities to conduct business in the domestic Bahamian economy as well as internationally.

Mr Bethel yesterday confirmed that corporate taxation is on the way, although the Government has yet to determine what type. He added that this will be based on advice received from consultants, who he did not name, but were hired prior to the EU’s decision to ‘blacklist’ the Bahamas last week. “In the Act, we give with respect to

SEE PAGE 7

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National Cyber-Crime Strategy critical to underpin ‘tech hub’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must develop a National Cybercrime Strategy otherwise its plans to become a ‘technology hub’ will be “gravely affected”, the Attorney General’s Office has warned.

Rashif Duncombe, a consultant in the Government’s ‘law chambers’, said the Bahamas needed to strengthen numerous areas - including intellectual property laws and the Data Protection Commissioner’s Office - and develop a National Digital ICT Strategy to achieve a key Government objective.

His January 15, 2018, report, which responded to the recommendations from the Government-appointed Grand Bahama Technology

* OTHERWISE PLAN ‘GRAVELY AFFECTED’ * AG CONSULTANT URGES NATIONAL ICT STRATEGY * DATA PROTECTION OFFICE POWERS ‘NOT SUFFICIENT’ Hub Steering Committee, indicate this nation has much work ahead of it to create the legal, regulatory and enabling environment to attract such companies to the Bahamas.

The Committee, based on its own report, appears to have been working to a very ambitious timetable that included starting to

SEE PAGE 6

PAGE 2, Thursday, March 22, 2018

THE TRIBUNE

Tackling vectors for better design effect IF you are confused over the difference between the many image file types, you are not alone. When beginning a branding project for a business, one of the first things requested from a client is a vector file logo. However, that request is often met with blank stares or responses such as: “Can’t you just pull the logo from my site?”

As a marketer, understanding the importance and role of different image file types is essential to ensuring your brand is properly represented, and to better communicate with designers, developers and

printers. But, before we get lost in the forest, a vector graphic must be defined.

Vectors are digital illustrations, with points, lines and curves, which use mathematical formulas that can be resized infinitely without any quality loss. Because vector-based images are not made up of a specific number of dots, they can be scaled to a larger size and not lose any image quality. For example, if you enlarge a raster graphic it will appear blocky or ‘pixelated’. But if you blow up a vector graphic, the edges of each object within it stay smooth and clean

This makes vector images ideal for graphics such as business logos, banner ads, and other images that often require scaling. Most images created with tools such as Adobe Illustrator and CorelDraw are in the form of vector image files. Many Flash animations also use vector graphics, since they scale better and typically take up less space than bitmap images.

Advantages of vector images Vectors are far better than other types of images for many reasons. The quality

of the vector image is limited only by the resolution of the display. It enlarges without losing quality. This does not happen with raster images,for when they are enlarged they look pixelated. That is why vectors are great for logos; you can use them on flyers or billboards, and they will always look good.

Vectors can be separated from the background, and elements pulled apart easily. Vectors can be created in outlines so the font never loads differently. The file sizes are smaller as, for example, while a 50 x 50 pixels raster file has to save

2500 pixels of information, a vector only needs to know the co-ordinates of the starting points, width and height.

Disadvantages of vector graphics Vector formats are not well suited for photographic images. Vector art is not as universally inter-operable as bitmaps. Occasional knowledge on complex design software is needed to manipulate vectors.

File abbreviations and their meaning .ai Adobe Illustrator is usually the preferred vector art file among the design community. .eps Encapsulated PostScript: This file is used frequently, even though it is losing its popularity. .svg Scalable Vector Graphics: Developed in 1999, this vector art format has gained popularity fast. .pdf Portable Document Format: This file can be read on a very common program called Acrobat Reader. .cdr Corel Draw Vector: This vector image file is not very common these days, but they can be opened on Corel Draw.

There are many companies who have made software to work with vectors that are respected by users of: Adobe Illustrator, Corel Draw3, GIMP4, Inkscape and Affinity Designer.

The Art of Graphix

BY DEIDRE M BASTIAN

disadvantages, and how it relates to graphic design.

Simply put, the technical definition of vector graphics seems complicated, but they are mathematical algorithms that allow images to be scaled or modified without loss of image quality or resolution. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained Graphic Designer/ Marketing Coordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

As a final point, knowledge is power, and I guarantee you will feel incredibly empowered after learning about vector art and its advantages and

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TENDER NO. 999/18 INSTALLATION & COMMISSIONING OF TWO (2) 20-TON AC CONDENSING UNITS AT THE CLIFTON PIER POWER STATION (CPPS) Prospective Bidders are required to send an email to bpltenders@ bplco.com, so that the document can be forwarded and any updates, clarifications or responses to questions can be responded to via email.

RFPs should be marked as follows

TENDER NO. 999/18 INSTALLATION & COMMISSIONING OF TWO (2) 20-TON AC CONDENSING UNITS AT THE CLIFTON PIER POWER STATION (CPPS) and are to be addressed to: The Chief Executive Officer Bahamas Power and Light Company Ltd. Administration Offices Peter I. Bethel Building Blue Hill & Tucker Roads Nassau, Bahamas Deadline for delivery to BPL: On or before 4:00 p.m. on Friday, April 20, 2018 BPL reserves the right to accept or reject any or all proposals.

Bahamas Power and Light Company Ltd.

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THE TRIBUNE

Thursday, March 22, 2018, PAGE 3

Airport upgrade promise called ‘dream come true’

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government’s promise of improved airport facilities represents “a dream come true” for Long Island, its MP yesterday branding it as key to sparking an economic revival.

With Dr Hubert Minnis, the Prime Minister, having assured the long-standing complaint will be addressed, Adrian Gibson told Tribune Business: “The reality is this is a dream come true for the people of Long Island. Our economy has been dying, and with an airport that would immediately lead to spin-off jobs as well as a driver for local and foreign investors and new business. We would see people returning to the island.”

Inter-American Development Bank (IDB) representatives told Tribune Business last November they had approved a feasibility study for upgrades to

* RBC’S LONG ISLAND CLOSURE PUSHED BACK TO JUNE

ADRIAN GIBSON Long Island’s main airport, and Mr Gibson yesterday said the study had been submitted to the relevant branches of government.

He added that improved airport facilities have been a “long time coming”, saying it was anticipated that financing for its construction will be

contained in the upcoming 2018-2019 Budget.

“During the campaign we spoke about a back to the island campaign. Family islands such as Long Island are the future of the Bahamas,” said Mr Gibson.

He added that infrastructure improvements, such as an airport and water mains, could yield significant economic benefits that will cause persons to return to Long Island and high school leavers to stay.

“We have seen a brain drain for quite some time where persons leave and never return except for regatta.

“Improving the island’s positioning as a tourism destination can help the economy and allow local entrepreneurs to emerge,” said Mr Gibson.

He told Tribune Business that the Government is still looking at solutions for Long

Island’s banking issues.

Back in January, Royal Bank of Canada (RBC) announced the closure of its Andros Town and Long Island branches with effect from March 30 and April 13, respectively.

While Scotiabank has a branch on Long Island, it is only open two days a week with limited services.

Mr Gibson said RBC has pushed its closure date back to June, and said: “It gives our government room to help facilitate another financial institution in there. We have been talking to the Bank of the Bahamas, and there are also some other groupings that have expressed some interest in Long Island.

“I’m hoping we would be able to encourage and facilitate a banking entity coming into Long Island.

The island simply cannot be left without having banking facilities.”

NASSAU’S AIRPORT IN 11-YEAR ARRIVALS HIGH LYNDEN Pindling International Airport’s (LPIA) operator yesterday reported that air arrivals for December 2017 and January 2018 were the highest in its 11-year history.

Nassau Airport Development Company (NAD) said the numbers represented a return to pre-recession travel levels for the first time in the decade since the 2008-2009 recession.

Some 151,454 passengers landed at LPIA in December, and another 140,314 in January, the largest numbers since the pre-recession holidays of 2007-2008.

December’s increase was the highest in a single month, up nearly 15,000 over the second-best year a decade earlier. Preliminary results for March are up by 24 per cent over 2017 arrivals. “The strong increase in air travel to LPIA is

excellent news,” said NAD’s chief executive, Vernice Walkine.

“While we are handling more passengers than ever before, we are also pleased that enhanced systems including pre-clearance check-in kiosks have made the LPIA experience smooth, efficient and enjoyable for passengers from around the world.”

The uptick in arrivals is being driven by several factors, according to NAD officials. They include increase in airlift, the return of Sunwing Airlines, strengthening of the Canadian dollar and a cold winter in the US northeast and Canada.

They also credited a marketing and promotional ramp-up by the Ministry of Tourism and destination partners, especially in Canada and

specific markets in the US and UK. “Canada is driving growth in international arrivals all on its own,” said Jan Knowles, NAD’s vicepresident, marketing and commercial development.

Canada’s West Jet and Air Canada are seeing significant growth in passenger numbers this season, with capacity on flights averaging 89 per cent. The cold and a change in flight times helps account for the Canadian boost.

British Airways also enjoyed about a 10 per cent increase in air arrivals, while a Baltimore to Nassau route operated by Southwest Airlines showed a strong increase over last year’s performance.

The Baha Mar factor is yet to be quantified, but officials report that nearly every US airline has added seats in anticipation of

increased demand driven by marketing of the new luxury resort and casino.

Various promotion boards’ marketing efforts are also credited, with the image of Exuma’s famed swimming pigs also driving traffic.

Overall, NAD is forecasting a 15 per cent increase in non-US international seat capacity through June 2018. More than 3.3 million passengers pass through LPIA every year, with the airport serving 55 destinations via 24 airlines.

PAGE 4, Thursday, March 22, 2018

EU BLACKLIST FROM PAGE 1

EU’s court’, Mr Turnquest confirmed that the Government was “taking a closer look” at the Business Licence Act and other legislation to ensure the Bahamas met the 28-nation bloc’s demands by the December 2018 deadline.

Mr Turnquest, in prepared remarks that were obtained by Tribune Business, described the ministerial duo’s meeting with EU officials post-blacklisting as “very cordial and productive”.

“We left there with positive feedback, which we trust will result in the delisting of the Bahamas by April or May 2018, the latest,” he said. “From our dialogue, we understand that there are no outstanding deliverables to prevent

the Bahamas from being delisted in the near future.

“In the words of the representative of the chair of the EU Code of Conduct Group, the Bahamas has done everything it needed to do and now it is the EU’s time to act.” How quickly the EU acts remains to be seen, as the delisting decision is its alone, and it is unlikely to want to admit it is wrong by removing the Bahamas so quickly, as will cause it to ‘lose face’ and potentially undermine the credibility of its initiative.

Mr Turnquest was travelling late yesterday, and could not be reached for further comment before press time last night.

However, he confirmed in yesterday morning’s address that the Minnis administration was “committed to taking a closer look at our legislation” to ensure the EU’s December 2018 deadline was met.

THE TRIBUNE This, he added, will require a review of the Business Licence Act as well as all financial services product legislation such as the International Business Companies Act, Foundations Act and Investment Condominium (ICON) Act. “We have completed and submitted to the EU an implementation and action plan outlining the steps to be undertaken,” the Deputy Prime Minister told the financial services industry. “We realise that our work does not stop here. As the goal posts continue to change it is evident that the Bahamas must always be vigilant of evolving international standards and best practices on matters that affect its economic, development and financial well-being.

“We need to continue to convey and demonstrate that the Bahamas is a legitimate International Financial Centre (IFC) that

is transparent and adheres to best practices.”

Mr Turnquest acknowledged the confusion and uncertainty caused by the Bahamas’ sudden ‘blacklisting’, given that the Government had been sending soothing signals for some months that all was well and there was no need to worry.

Describing the EU move as “a very unfortunate turn of events”, Mr Turnquest said: “You have probably been asking the same questions I have been asking myself: Like how did the Bahamas arrive at this point? What did we do or did not do? How long will the Bahamas remain on the list? What does the Government need to do to be delisted or removed from the list? And what are the repercussions of being included on the list?”

Mr Turnquest blamed the ‘blacklisting’ on an “apparent misunderstanding of

governmental processes in the Bahamas”, a likely reference to the fact that this nation’s initial commitment letter, signed by Marlon Johnson, the Ministry of Finance’s acting financial secretary, was not the ‘high political level’ demanded by the EU. He also previously told Tribune Business that it had been seeking “a specific form of words” from the Bahamas that were not received.

The Government’s main legislative reform, the Multinational Entities Financial Reporting Bill 2018 that was issued yesterday for industry consultation and feedback, is designed to tackle the EU’s two main concerns - ‘ring fencing’ and ‘economic substance’ head on.

It addresses the first issue by eliminating all preferential tax regimes for foreign, non-resident entities, and combats the second by introducing a

Notice of Intention to Declare Interim Dividend (O.18, r.6) THE COMPANIES ACT, CH. 308 NOTICE OF INTENTION TO DECLARE INTERIM DIVIDEND Tillerman Securities Limited (In Liquidation) Supreme Court Cause No. 43 of 2017 TO: The Creditors of Tillerman Securities Limited (In Liquidation) TAKE NOTICE that the Joint Official Liquidators intend to declare an interim dividend.

Any Creditor wishing to participate in the interim dividend must lodge his proof of debt with the Joint Official Liquidators (“the Liquidators”) no later than April 30, 2018.

The Liquidators are not obligated to adjudicate upon any proof of debt received after this date. With the result that your failure to lodge a proof of debt by April 30, 2018, may result in the Liquidators excluding you from the interim distribution but you will not be excluded from any subsequent distribution or the final distribution.

Dated this 22nd day of March 2018.

Raymond Winder Joint Official Liquidator Suisse Security Bank & Trust Limited (In Liquidation) c/o Deloitte & Touche Bahamas Dehands House, 2nd Terrace West Centreville Nassau, N.P., The Bahamas Telephone: (242)302-4800 Fax: (242)302-3101 Notice of Intention to Declare Interim Dividend (O.18, r.6) THE COMPANIES ACT, CH. 308 NOTICE OF INTENTION TO DECLARE INTERIM DIVIDEND Suisse Security Bank & Trust Limited (In Liquidation) Supreme Court Cause No. 436 of 2001 TO: The Creditors of Suisse Security Bank & Trust Limited (In Liquidation) TAKE NOTICE that the Joint Official Liquidator intends to declare an interim dividend.

Any Creditor wishing to participate in the interim dividend must lodge his proof of debt with the Joint Official Liquidators (“the Liquidators”) no later than April 30, 2018.

The Liquidators are not obligated to adjudicate upon any proof of debt received after this date. With the result that your failure to lodge a proof of debt by April 30, 2018, may result in the Liquidators excluding you from the interim distribution but you will not be excluded from any subsequent distribution or the final distribution.

Dated this 22nd day of March 2018.

Raymond Winder Joint Official Liquidator Suisse Security Bank & Trust Limited (In Liquidation) c/o Deloitte & Touche Bahamas Dehands House, 2nd Terrace West Centreville Nassau, N.P., The Bahamas Telephone: (242)302-4800 Fax: (242)302-3101

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country-by-country financial reporting regime for Bahamas-domiciled entities that are part of multinational corporate empires earning more than $850 million in consolidated group revenue during their prior financial years.

Carl Bethel QC, the Attorney General, emphasised to Tribune Business yesterday that only IBCs and other Bahamian entities in structures that exceed this threshold will face such reporting requirements, as they will not apply to all.

Those corporate vehicles that fit this criteria, and are either the ‘ultimate parent’ or ‘surrogate parent’ of such a multinational network, will have to file an annual report with the Ministry of Finance that breaks down their profits and losses according to each jurisdiction where they are earned.

A ‘surrogate parent’ is defined as a Bahamas-resident entity designated as responsible for filing country-by-country reporting in situations where the ‘ultimate parent’ is not required to do this, or its ‘home country’ does not have a Competent Authority Agreement with this nation.

A Competent Authority Agreement is required for the Bahamas to exchange the country-by-country information, and the Bill indicates that the Government proposes to employ the same mechanism and data safeguards for achieving this as those used for automatic tax information exchange under the Common Reporting Standard (CRS).

Entities that are not the ‘ultimate parent’ or ‘surrogate parent’ in multinational networks will be required to inform the Ministry of Finance of “the identity and tax residence” of the vehicle responsible for doing the reporting by the final day of their financial year. This notification has to be filed by May 31, 2019, if the financial reporting year begins in 2017. As for Bahamas-domiciled entities that are ‘ultimate parents’ or ‘surrogate parents’, the first country-by country report is required “no later than March 31, 2019” for financial years that began on or before May 31 this year. The different reporting timelines raised eyebrows yesterday among at least one attorney.

“This Bill seeks to provide the exchange of financial information (country-by-country reporting of profit and loss attributed to entities incorporated or resident within the Bahamas which have no substantial economic presence),” the Bill’s ‘objects and reasons’ stated. “This Bill seeks to meet the obligations of the Bahamas under the Base Erosion and Profit Shifting (BEPS) project to discourage non-resident entities from holding profits which do not reflect real economic activity that occurred in the Bahamas.

“The Bill provides for the reporting of entities in this jurisdiction that are apart of an [multinational] group to the Authority where such entity is the ultimate parent entity or the surrogate parent entity of that group. “That entity is required to file a country-by -country report which contains aggregate accounting information for the group and the identification of each constituent entity of the group and the jurisdiction of its tax residence and related information.”

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THE TRIBUNE

EX-BAHAMIAN BEAUTY QUEEN FROM PAGE 1 advertisements that used her Fly Away With Me song without permission.

Without specifics on the claimed violation, the Ministry of Tourism is arguing that it is “unable to defend” itself against the lawsuit by Mrs Sherman and AK Fortyseven Records, thereby giving the southern Texas district court sufficient grounds to dismiss the action.

The Ministry is also employing a similar argument against Ms Sherman’s second allegation, which involves the purported breach of her $130,000 employment contract, arguing that she has also failed to provide sufficient evidence to “state a claim”.

Bidding to knock out Mrs Sherman’s lawsuit at the first attempt, the Ministry of Tourism said: “In July 2014, plaintiffs [Ms Sherman and AK Fortyseven Records] allegedly published a musical work entitled Fly Away With Me. “Plaintiffs allege in their complaint that the Ministry of Tourism engaged in copyright infringement by airing advertisements that used the song Fly Away With Me without permission. Plaintiffs claim that the Ministry ‘reproduced and distributed a verbatim copy of Fly Away With Me in conjunction with a coordinated advertising and media campaign, including a high-dollar television commercial and postings on YouTube’.

“This factual background is drawn from the complaint. The Ministry disagrees with many of these assertions.... Plaintiffs do not identify a single Ministry advertisement or Ministry commercial that used plaintiffs’ song, and plaintiffs provide no links or other directions for locating them.”

Thursday, March 22, 2018, PAGE 5 Mrs Sherman and her attorneys previously e-mailed Tribune Business a 12-second video which purported to show the Ministry of Tourism using her song in its paid advertising campaigns.

The video seemingly shows the use of her song, Fly Away With Me, in a TV commercial, which features several bikini-clad models splashing around in the clear-blue tropical sea. The Ministry of Tourism’s Bahamas logo is visible on the screen, and the commercial ends with the catchphrase ‘Find Your Splash Zone’.

The line ‘The Islands of the Bahamas’ is also present, together with the Ministry of Tourism’s logo, the bahamas.com address and contact information.

The sound on the clip is patchy, but the words ‘Fly Away’ can just about be made out.

The Ministry of Tourism’s legal filings, though, argued that Ms Sherman and her record company had “not pleaded sufficient facts” to show it had violated her copyright and used the song without their permission.

“Plaintiffs do not specifically identify a single advertisement, attach a single media piece, or provide a single YouTube link or other web link,” the Ministry argued. “Plaintiffs do not identify or direct the Ministry - or this court - to any specific advertising or media campaign. The complaint also fails to identify even a single online posting showing infringement by the Ministry.

“Plaintiffs’ allegation that the Ministry used Fly Away With Me in an unidentified ‘advertising and media campaign’ amounts to nothing more than an allegation of purported harm without supporting facts. Indeed, the facts needed for the Ministry to locate and view the allegedly infringing commercial are completely missing.”

Arguing that the southern Texas court should dismiss the case on these grounds alone, the Ministry of Tourism added: “The

Ministry cannot properly defend itself without knowing what plaintiffs believe it did wrong.

“The Ministry has been forced to expend resources trying to locate the allegedly infringing work - a work that plaintiffs presumably have in their possession but have chosen not to share.

“Through its own search (which it should not have had to undertake), the Ministry has identified one of Ms Sherman’s own marketing brochures in which she boasts about the use of her song in an advertisement by an airline called Bahamasair,” the Ministry’s attorneys, Hogan Lovells, continued.

“Of course, plaintiffs do not allege that the Ministry oversees or controls Bahamasair because the Ministry does not. Ms Sherman further boasts that the Bahamian Junkanoo Carnival selected her song for a compilation CD. Once again, the Ministry does not oversee or control the Bahamian Junkanoo Carnival.

“The complaint does not direct the Ministry or the court to any identifiable act of infringement that would reveal the grounds upon which plaintiffs’ purported copyright claim rests. This omission is plainly insufficient, and the court should dismiss plaintiffs’ copyright claim.”

Mrs Sherman, who once represented the Bahamas at the global Miss Universe pageant then-controlled

by US president, Donald Trump, is also alleging that the Ministry of Tourism breached an employment contract that was agreed when the former Christie administration was in office.

She claimed the Ministry offered a three-year contract that was to pay her $113,160 directly, and result in other benefits worth at least $15,000.

“Mrs Sherman accepted the Ministry of Tourism’s offer, and a binding contract was formed between the parties,” her claim alleged. “Mrs Sherman

Nassau Airport Development Company Ltd.

Expression of Interest (EOI) Lynden Pindling International Airport

Nassau Airport Development Company is seeking prescribed EOIs from qualified proponents for the design, financing, construction and operation of an on-airport hotel and multi-purpose facility at Lynden Pindling International Airport (LPIA).

The hotel and facility would play an important role in meeting the needs of connecting or in-transit domestic and international travelers; and enhance the passenger experience by providing conveniences, quality services and amenities for both business and leisure passengers.

Qualifications: Interested proponents should have at least 10 years of experience as a developer and operator of hotels within The Bahamas, Caribbean region or otherwise internationally and preferably in an airport environment.

Interested proponents must clearly demonstrate the ability to finance, develop and operate any hotel and multi-use facility project deemed feasible for the airport.

NAD’s Goals and Objectives are to: 1. Meet the needs of passengers and other airport stakeholders by providing appropriate amenities and services within the airport footprint.

2. Understand the current availability, capabilities and preferences of potential proponents to Design, Build, Finance and Operate an on-airport hotel and multi-use facility at LPIA. A detailed and confidential Expression of Interest Document for the above is available for distribution to potential proponents via email by contacting Ms. Jan Knowles, Vice President, Marketing and Commercial Development at jan.knowles@nas.bs.

Documents may also be collected from NAD’s Executive Offices located on the 3rd floor of The International Arrivals Terminal at The Lynden Pindling International Airport.

Documents will be distributed up to 4:00 P.M. EST on March 23, 2018.

Submissions in response to this EOI are to be received no later than Midnight EST on Friday, May 11, 2018.

After reviewing responses, NAD may request additional information or may schedule individual meetings with any respondent to gain additional information about the EOI.

attempted to perform the work under the contract, but the Ministry of Tourism refused to accept. The Ministry of Tourism breached the contract by failing to make any of the promised payments.”

But the Ministry of Tourism this week hit back by arguing that Mrs Sherman had failed to prove “the existence of a valid contract”, or even a valid

written agreement between the parties.

It added: “Material elements, such as when and where Ms Sherman would perform, and what she would do, are absent. Also lacking are any factual allegations suggesting a meeting of the minds; whether each party consented to the contract’s terms, and the execution and delivery of the contract

with the intent that it be mutual and binding on the parties.

“These omissions - individually and collectively - are fatal.”

The Ministry of Tourism argued that it would be “futile” to permit Mrs Sherman and her record company to amend their claim, and concluded by requesting that the Texas court dismiss her claim.

PAGE 6, Thursday, March 22, 2018

THE TRIBUNE

National Cyber-Crime Strategy critical to underpin ‘tech hub’ FROM PAGE 1 promote Grand Bahama “as a hub for technology companies” by “no later than February 15” this year. The “drafting of required legislation, framing of public policy and deployment of required systems and infrastructure” was targeted for “no later than” March 15, with the legislation passed by Parliament in early May 2018.

International trade missions to promote the Bahamas “as an ideal location to start and grow a technology company”, according to the committee’s aggressive schedule, were to begin just two weeks later.

But Mr Duncombe’s recommendations warned: “The focus of the Steering Committee is focused on development of ICT (information and communications technology) sector

activity in the island of Grand Bahama. However, the achievement of these goals will be difficult if there is no nationally embraced enabling policy and regulatory environment.”

He suggested the creation of a National Digital ICT Strategy to “chart the course forward”, identifying priorities and “clusters of stakeholders” that would drive the technology sector’s expansion, as well as

analyse the ‘enabling environment’s ability to attract such investment.

The Attorney General’s Office also called for existing industries that are heavily technology-reliant, such as financial services, to be engaged in the ‘hub’ discussions given that they were potentially “a dynamic partner” in the mission.

“It is recommended that while developing our National ICT Strategy we also consider developing a National Cyber-crime Strategy, which will have a symbiotic relationship with the National ICT Strategy,” Mr Duncombe told the Committee.

“From the perspective of cyber criminal activity there are several types of crime which will need to be reconciled in our criminal laws, [and] which will gravely affect the development of the proposed sector if not addressed at the outset.

“It also signals to investors that we are taking the development of the new sector seriously if we incorporate relevant offences into our penal laws when launching the new sector.”

Mr Duncombe’s recommendations emphasised that data and related intellectual property rights were “an emerging asset class among investors (in the fields of Analytics and Artificial Intelligence) and therefore introduce new forms of risk and vulnerabilities”.

His warning appears especially timely given the current global controversy that has knocked billions of dollars off Facebook’s share price, amid allegations that Cambridge Analytica, a data analysis firm, illegally mined the data of some 50 million users to aid political campaigns in the US and elsewhere.

Mr Duncombe warned that the Bahamas’ national cyber-crime strategy needed to incorporate such crimes into its criminal laws, with “stiff penalties” for violators.

At-risk data and information needed to be properly classified, with an ‘incident management strategy’ developed for e-government.

Given the importance of cross-border data flows, and the need to safeguard this information, the Attorney General’s Office consultant called for the Data Protection Commissioner’s role to be strengthened as part of the Bahamas’ technology hub strategy.

“Presently, the office of the Data Protection Commissioner serves as a local administrative moderator for the e-level of data transfer, use and control within the local economy, and this is not sufficient in terms of monitoring and ensuring compliance with data protection laws in the context of increasing cross border data flows,” Mr Duncombe warned.

“Investors are always concerned about their assets when they enter new markets, and in the digital economy data is a very valuable asset. We may note the recent hacking of cryptocurrency exchanges internationally, accumulating to losses of hundreds of millions of dollars in investment capital.

“Cyber security policies and strong intellectual property protection provides one level of protection for investors, but ever increasingly the importance of data to conducting cross-border transactions will require stronger data protection laws and rules for data controllers and users in our territory.

“Central to this effort is improving the regulatory powers of the Office of the Data Commissioner.

“The pragmatic approach to improving our laws and regulations in this regard will require re-evaluating the framework for data protection to enhance the function and perspective of the Data Commissioner in protecting the digital business environment.”

This, Mr Duncombe wrote, will require the Bahamas to implement global best practices and “expand data rights” to incorporate the transfer of confidential and corporate trade data, as well as broaden the ‘rules of consent’ for information transfer.

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.

THE TRIBUNE

Thursday, March 22, 2018, PAGE 7

Corporate taxation on the way for Bahamas FROM PAGE 1 each entity the power for the Minister of Finance to prescribe any tax,” the Attorney General told Tribune Business. “We’re not specifying the type of taxation. That will be based on what the experts tell us. I wanted to give him complete flexibility.”

Mr Bethel added that whatever form of corporate taxation was selected, it cannot be a “nil or nominal rate”, given that this would run afoul of the Organisation for Economic Co-Operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative.

“A week or so before this blacklisting came up, we had already [engaged] a private consulting firm to give advice on how to structure this issue of taxation, bearing in mind the BEPS requirement that taxation cannot be nil or nominal,” he revealed to Tribune Business.

Compliance with BEPS is key for meeting the EU’s demands, as the latter is using the OECD initiative as one of three criteria to judge whether a nation should be ‘blacklisted’ as non-cooperative in the fight against tax avoidance.

BEPS itself is designed to combat tax avoidance by multinational companies, and the Bahamas has already committed to signing up to the initiative’s Joint Inclusive Framework and meet the ‘minimum standard’.

This requires the Bahamas to comply with four criteria, one of which is countering ‘harmful tax practices’. The OECD, though, considers a corporate income tax rate of between 0-10 per cent as ‘harmful’, hence the dilemma for this country given that it currently levies no such taxation.

With the proposed ‘corporate taxation’ will be of

the income variety has yet to be determined, although many inside the financial services industry - and outside - are urging the Government to seriously examine it as a tool that could help reposition the sector and wider economy.

Mr Bethel yesterday said corporate income tax was “not something entirely unknown to us in the Bahamas”, pointing to the 3 per cent and 1 per cent levies, respectively, that are currently imposed on the gross premium income of domestic and external (captive) insurance companies.

He noted that captive insurers were not included in the Bill for that very reason, and added of corporate taxation: “It’s not something that cannot be done, and keep the business here.”

The Attorney General then backed those suggesting that the introduction of corporate taxation could “open up” opportunities for the Bahamas to attract multinational companies, and their subsidiaries, to establish a physical presence in this jurisdiction and conduct real business from here.

With “real decisions” being taken in the Bahamas, Mr Bethel said this could “open up a whole new business” for this nation, pointing to the success Switzerland had enjoyed in adjusting its business model along similar lines.

“We’re being dragged, encouraged, pushed to comply with the baseline rules that European banks are being forced to comply with,” he told Tribune Business. “We’re very prepared to go there, and still feel we can compete and compete on a level playing field.

“One of the things this could open up, as it did for Switzerland, is attracting headquarters with real economic substance and presence in the jurisdiction, generating jobs, rentals, housing, employment for

Bahamians, training and capacity building for Bahamians. It opens up some possibilities in the area of headquartering; substantial headquartering.”

Mr Bethel said this also held out better leadership prospects for Bahamians in these organisations, and the creation of higher-paying jobs.

Such a retooling of the Bahamas’ economic model would enable it to address the ‘economic substance’ and ‘ring fencing’ concerns used by the EU to justify its ‘blacklisting’ at the same time as repositioning for greater growth.

However, Tribune Business sources have warned that the Bahamas has to do much more than introduce corporate taxation to make this vision a reality.

They say this nation has a long way to go in creating the necessary platform to attract multinational firms, with improvements to the cost and ‘ease of doing business’ key, together with swifter government processing of permit applications and the faster administration of impartial justice.

The Multinational Entities Financial Reporting Bill, meanwhile, also proposed to remove ‘ring provisions for exchange control purposes’ via its section 23. This repeals all provisions in the IBC Act and similar product legislation that “grant any tax, foreign exchange control or other benefit which are preferential to those accorded to Bahamian resident purposes”.

“The extent to which there may well be taxation on IBCs is under the ring fencing provision,” Mr Bethel told Tribune Business. “We have removed all the restrictions in the Bills... that prevented IBCs, except with permission, and those offshore entities from operating in the domestic market for exchange control purposes.”

On behalf of the Board of Directors, I am pleased to report the second quarter results for FOCOL Holdings Limited. The net income for the two quarters ended January 31, 2018 was $12.8 million compared to $13.3 million for the same period last year.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (B $000)

During the second quarter of fiscal 2018, Management has safely completed several strategic capital investment projects started in fiscal 2017. The initial results from the investments are meeting our expectations, hence we have made significant progress toward stabilizing our financial performance since Hurricane Irma.

Management will remain focus on staff training and development to ensure full utilization of the recently installed industry specific software, that will improve the Company’s operational efficiency and customer service.

The Board of Directors wishes to thank our loyal customers, dedicated staff and shareholders for their continued confidence in FOCOL Holdings Limited.

Sir Franklyn Wilson, KCMG Chairman.

Copies of a full set of the unaudited financial statements can be obtained from Barbara Pinder (bpinder@sunoilbahamas.com), FOCOL Holdings Limited, P.O. Box F-42458, Freeport, Grand Bahama, Bahamas.

PAGE 10, Thursday, March 22, 2018

THE TRIBUNE

SUPPORT THE BLOOD BANK

SAVE A LIFE GIVE THE GIFT OF

BLOOD

BECOME A REGULAR DONOR

1 PINT CAN SAVE 3 LIVES GIVE BLOOD - GIVE LIFE

SOME HELPFUL TIPS BEFORE YOU DONATE:

4 You must have eaten at least once for the day.

4 You need at least 30 minutes between your last meal and donating blood.

4 You will need at least 10 minutes rest after donating blood.

4 You can donate blood every 8 weeks.

4 The Blood Bank will do FREE Pre-screening tests to make sure you are healthy enough to donate blood.

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THE TRIBUNE

Thursday, March 22, 2018, PAGE 11

INTERNATIONAL BUSINESS HIGHLIGHTS Facebook’s Zuckerberg admits mistakes, outlines fixes NEW YORK (AP) — Facebook CEO Mark Zuckerberg is admitting mistakes and outlining steps to protect user data in light of privacy scandal involving a Trump-connected datamining firm. Zuckerberg is breaking more than four days of silence as he posts

an update about the Cambridge Analytica scandal.

Zuckerberg says Facebook has a “responsibility” to protect its users’ data, and “if we can’t then we don’t deserve to serve you.”

Fed raises key rate and foresees 2 more hikes this year WASHINGTON (AP) — The Federal Reserve is raising its key interest rate

NOTICE JACARANDA HOMEOWNERS ASSOCIATION Will hold its

ANNUAL GENERAL MEETING

on Sunday, March 25, 2018 in the park at 3:00 p.m.

All property owners are invited to be present.

and signaling confidence in the U.S. economy’s durability but plans to continue a gradual approach to rate hikes for 2018 under its new chairman, Jerome Powell. The Fed expects to increase rates twice more this year. At the same time, it increased its estimate for rate hikes in 2019 from two to three, reflecting more optimistic expectations for solid growth and low unemployment.

Stocks meander but stay higher after Fed raises rates NEW YORK (AP) — U.S. stock indexes give up early-afternoon gains and finish with small losses after the Federal Reserve raised interest rates and said it might increase those rates at a faster pace next year.

The market slumped during a press conference by new Fed Chairman Jerome Powell. Smaller companies rose, while energy stocks climbed with oil prices.

Powell’s press briefing shorter than Yellen’s WASHINGTON (AP) — New Federal Reserve chairman Jerome Powell’s first press conference clocked in at about 45 minutes, shorter than his predecessor Janet Yellen, who typically went for about an hour. Powell took plenty of questions, but his answers were shorter than Yellen’s, who frequently gave careful, economically complex responses that sometimes seemed intended to run out the clock.

Help Wanted Maersk Line is the world’s largest container shipping company, moving 12 million containers every year and delivering to and from every corner of the globe.

Our international presence and knowledge of global trade have made us the carrier of choice for the world’s biggest brands and those aspiring to be. With 30,000 employees in 114 countries, we combine our global network with local expertise to increase the reliability of your deliveries.

Through local agents, Maersk Line and its Intra-Americas regional brand, Sealand, will commence operations in Nassau and are seeking local, knowledgeable sales staff positioned to serve the unique requirements of shippers in this market.

Key Responsibilities • Strong focus on developing new business opportunities while maintaining existing relationships.

• Manages assigned customers.

• Probes and identifies customer needs and provides solutions.

• Builds a good understanding of target customers and the assigned account base.

• Communicates rate changes and policies to assigned accounts.

• Researches and understands the territory to identify and establish business contacts with potential customers.

• Ensures customer relationship management tools are updated accurately.

Who We Are Looking For: • 3 to 5 years work experience in a commercial role within the logistics, shipping or freight forwarding industries.

• Experience in Sales • Intermediate level of experience with MS Office • Candidate must be outgoing, proactive with a very open minded • Self-Management • Self-Motivated Please send your resume to hrmgr.bahamas@gmail.com by March 31, 2018.

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 • •

• • • • • • • • • • •

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, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: News Editor to humanresources@cablebahamas.com.

PAGE 12, Thursday, March 22, 2018

THE TRIBUNE

INTERNATIONAL BUSINESS HIGHLIGHTS Which countries will dodge tariff ax?

Answer by end of April WASHINGTON (AP) — America’s top trade negotiator says the Trump administration will decide by the end of April which countries will be spared from steep taxes on steel and aluminum imports.

U.S. Trade Rep. Robert Lighthizer told the House Ways and Means Committee that some countries won’t have to pay the tariffs, which take effect Friday, while they try to negotiate exemptions.

Trump swings behind massive budget; big military increase WASHINGTON (AP) — Despite second thoughts, President Donald Trump swung behind a $1.3 trillion government spending bill Wednesday. It would give him a partial victory on funding for a U.S.-Mexico border wall. House Speaker Paul Ryan had rushed to the White House amid worries that Trump was talking about withdrawing his support for the measure.

US existing-home sales climbed three per cent in February WASHINGTON (AP) — U.S. sales of existing homes rebounded in February after declining for the previous two months. It’s a sign that many Americans are still looking to buy despite rising prices and a shrinking number of homes available on the market.

The National Association of Realtors says sales rose 3 percent last month to a seasonally adjusted annual rate of 5.54 million.

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

NOTICE

NOTICE is hereby given that RICO DOR of Key West Street, 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 twentyeight days from the 22nd 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 Jackson Mirtil of Panza Corner Blue Hill 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 15th 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 KATIANA FREDERIQUE of Shirley Street, P.O. Box N-7798, 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 15th day of March, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE IN THE ESTATE OF VIRGINIUS CONRAD WELLS late of the Settlement of Mangrove Bush, Long Island, one of the islands of the Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demands against the above named Estate are required to send their names, addresses and particulars of the same duly certified in writing to the undersigned on or before the 30th day of April, A.D., 2018, and if required, to prove such debts or claims, or in default be excluded from any distribution; after the above-mentioned date the assets will be distributed having regard only to the proved debts or claims of which the Administrators shall have had notice.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the 30th day of April, A.D., 2018.

Dated this 22nd day of March A.D., 2018 DELANEY PARTNERS Attorneys for the Administrators Lyford Manor (West Bldg.), Western Road, Lyford Cay Nassau, The Bahamas

THE TRIBUNE

Scooter, jet ski operators shrug off US warning FROM PAGE 1

Thursday, March 22, 2018, PAGE 13

MARKET REPORT WEDNESDAY, 21 MARCH 2018

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

BISX ALL SHARE INDEX: CLOSE 1,972.05 | CHG -53.28 | %CHG -2.63 | YTD -91.52 | YTD% -4.44 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 7.50 3.76 1.64 0.18 4.50 8.80 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

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE

LAST 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

CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.60 8.80 6.10 4.05 10.07 2.82 1.50 7.75 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 -0.02 0.10 0.00 -0.45 0.02 -0.06 0.00 0.13 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

1,070 1,000

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

including Cabbage Beach 9,500 and Cable Beach. We 2,400 These measures or rules, strongly recommend you he added, prohibit male also avoid patronising jet operators from riding with ski rental operations.”

When it came to the female guests, and female rental compaoperators from riding with scooter male guests. Greater polic- nies, the advisory warned: PREFERENCE SHARES ing by the Port Department, “Every year US citizens 1050.00 1000.00 Cable Bahamas Series 6 CAB6 1000.00 1000.00 0.00 0.000 0.000 and self-policing by local are killed or very seriously 1000.00 1000.00 Cable Bahamas Series 8 CAB8 1000.00 1000.00 0.00 0.000 0.000 injured in scooter accidents.

1000.00 1000.00 Cable Bahamas Series 9 CAB9 1000.00 1000.00 0.00 0.000 0.000 operators, was also said 1000.00 1000.00 Cable Bahamas Series 10 CAB10 1000.00 1000.00 0.00 0.000 0.000 to have helped curb issues Inspect the equipment 1.00 1.00 Colina Holdings Class A CHLA 1.00 1.00 0.00 0.000 0.000 carefully and avoid old or affecting the industry’s 103.00 100.00 Commonwealth Bank Class E CBLE 100.00 100.00 0.00 0.000 0.000 100.00 100.00 Commonwealth Bank Class J CBLJ 100.00 100.00 0.00 0.000 0.000 rundown machines. Ask reputation.

106.00 100.00 Commonwealth Bank Class K CBLK 100.40 100.40 0.00 0.000 0.000 to see a copy of the opera“One bad apple spoil 105.00 105.00 Commonwealth Bank Class L CBLL 100.00 100.00 0.00 0.000 0.000 103.00 100.00 Commonwealth Bank Class M CBLM 100.00 100.00 0.00 0.000 0.000 the whole bunch, and any tor’s Business License and 100.00 100.00 Commonwealth Bank Class N CBLN 100.00 100.00 0.00 0.000 0.000 time something negative inquire about their medi10.00 10.00 Fidelity Bank Class A FBBA 10.00 10.00 0.00 0.000 0.000 1.01 1.00 Focol Class B FCLB 1.00 1.00 0.00 0.000 0.000 occurs it can give the entire cal and liability insurance CORPORATE DEBT - (percentage pricing) industry a bad name,” Mr coverage in the event of 52WK HI 52WK LOW SECURITY SYMBOL LAST SALE CLOSE CHANGE VOLUME INTEREST Rolle said. “I’m not sure accident or injury.”

100.00 100.00 Fidelity Bank Note 18 (Series E) + FBB18 100.00 100.00 0.00 6.00% 100.00 100.00 Fidelity Bank Note 22 (Series B) + FBB22 100.00 100.00 0.00 Prime + 1.75% One local scooter rental if persons listen to those BAHAMAS GOVERNMENT STOCK - (percentage pricing) Spring Break advisories. operator, speaking on con6.95% 115.92 104.79 Bahamas Note 6.95 (2029) BAH29 110.39 110.25 -0.14 4.00% 100.00 100.00 BGS: 2015-1-3Y BG0203 100.00 100.00 0.00 It certainly hasn’t affected dition of anonymity, argued 4.25% 100.00 100.00 BGS: 2014-12-5Y BG0105 100.00 100.00 0.00 our business in any way that such advisories could 4.25% 100.00 100.00 BGS: 2015-1-5Y BG0205 100.00 100.00 0.00 give Bahamian businesses 4.50% 100.00 100.00 BGS: 2014-12-7Y BG0107 100.00 100.00 0.00 whatsoever.

4.50% 100.00 100.00 BGS: 2015-1-7Y BG0207 100.00 100.00 0.00 “I don’t think that it has a bad reputation. “I don’t 6.25% 100.00 100.00 BGS: 2014-12-30Y BG0130 100.00 100.00 0.00 affected the scooter rental think people should be 6.25% 100.00 100.00 BGS: 2015-1-30Y BG0230 100.00 100.00 0.00 4.00% 100.00 100.00 BGS: 2015-6-3Y BG0303 100.00 100.00 0.00 business either. They come given the impression that 4.25% 100.00 100.00 BGS: 2015-6-5Y BG0305 100.00 100.00 0.00 here with their minds made we are being irresponsible 4.50% 100.00 100.00 BGS: 2015-6-7Y BG0307 100.00 100.00 0.00 6.25% 100.00 100.00 BGS: 2015-6-30Y BG0330 100.00 100.00 0.00 up to jet ski, drink rum and or trying to deter visitors 3.50% 100.00 100.00 BGS: 2015-10-3Y BG0403 100.00 100.00 0.00 party. Spring break has from patronising our busi3.88% 100.00 100.00 BGS: 2015-10-5Y BG0405 100.00 100.00 0.00 4.25% 100.00 100.00 BGS: 2015-10-7Y BG0407 100.00 100.00 0.00 been exceptionally good, ness,” they said.

MUTUAL FUNDS “The guests are the operand with Baha Mar coming 52WK HI 52WK LOW FUND NAV YTD% 12 MTH% on stream it has given an ators of these vehicles, and CFAL Bond Fund 2.13 0.31% 4.30% 2.13 1.67 CFAL Balanced Fund 4.12 0.16% 5.93% 4.14 3.04 extra boost to the Cable many times they need to be CFAL Money Market Fund 1.99 0.17% 2.36% 1.99 1.68 more responsible. We cauBeach area.”

CFAL Global Bond Fund 178.69 4.66% 3.89% 178.69 164.74 CFAL Global Equity Fund 153.40 5.58% 6.65% 153.40 116.70 The March 8 advi- tion them as much as we FG Financial Preferred Income Fund 1.54 0.36% 4.29% 1.54 1.48 sory from the US State can but, at the end of the FG Financial Growth Fund 1.69 -0.15% 3.50% 1.70 1.62 FG Financial Diversified Fund 1.62 0.23% 3.89% 1.62 1.57 Department’s Bureau day, it’s not all on us. Locals FG Financial Global USD Bond Fund 1.09 -0.34% 4.66% 1.10 1.04 of Diplomatic Security also have to respect persons Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund 7.16 -1.08% 1.77% 6.99 6.41 Royal Fidelity Bahamas Opportunities Fund Targeted Equity Fund 8.40 -5.96% -3.05% 8.54 7.62 (OSAC), headlined ‘Secu- on ATV and motorcycles.

Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund 6.29 1.90% 4.59% 6.15 5.66 rity Alert: Nassau (The We have a lot of people Royal Fidelity Int'l Fund - Equities 11.28 7.24% 11.96% 10.52 8.65 Royal Fidelity Int'l Fund High Yield Fund 11.60 2.77% 3.88% 11.46 10.54 Bahamas)’, and labelled who get into accidents Strategies Fund 10.46 9.57 10.21 3.94% 4.69% ‘Spring Break Security’, because we have locals who MARKET TERMS warned visiting Ameri- are not mindful of persons BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 YIELD - last 12 month dividends divided by closing price cans to again “avoid jet ski on motor vehicles. “ 52wk-Hi - Highest closing price in last 52 weeks Bid $ - Buying price of Colina and Fidelity As to the potential impact 52wk-Low - Lowest closing price in last 52 weeks Ask $ - Selling price of Colina and fidelity operators” and be careful in Previous Close - Previous day's weighted price for daily volume Last Price - Last traded over-the-counter price dealing with scooter rental on business, the operator Today's Close - Current day's weighted price for daily volume Weekly Vol. - Trading volume of the prior week Change Change in closing price from day to day EPS $ - A company's reported earnings per share for the last 12 mths said: “The business is not companies.

Daily Vol. - Number of total shares traded today NAV - Net Asset Value The advisory said: “Jet bad, but I’m certain it can DIV $ - Dividends per share paid in the last 12 months N/M - Not Meaningful P/E Closing price divided by the last 12 month earnings ski operators continue to be much better if people commit sexual assaults and weren’t being advised that other crimes against tour- we aren’t safe, as opposed ists. US Embassy personnel to telling them be cautious, are instructed not to use jet wear your helmets, don’t ski rentals on New Provi- drink and drive and that of thing.” dence and Paradise Islands, TO TRADE CALL: CFAL sort 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

P/E 8.9 18.7 N/M 11.9 N/M N/M -2.5 13.8 10.5 23.7 16.0 27.6 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% 3.64% 3.61% 2.96% 6.85% 2.13% 3.33% 1.08% 4.92% 4.95% 2.33% 2.68% 4.56% 0.00%

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%

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