03282019 BUSINESS

business@tribunemedia.net

THURSDAY, MARCH 28, 2019

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Bank competition woes hit financial services access

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LACK of competition in the Bahamian commercial banking industry has created barriers to accessing financial services, an Inter-American Development Bank (IDB) report is arguing.

The IDB’s Caribbean Quarterly Bulletin for the first three months of 2019, released yesterday, said the absence of greater “price competition” among the six Bahamas-based commercial banks had increased lending rates and spreads that made products too costly to access for some Bahamians.

“The cost of financial services reflected in rising lending rates limits access to credit and strengthens barriers to financial inclusion,” the IDB report said.

“Spreads between deposit and lending rates increased by almost three percent from 2010 to an estimated level of 10.4 percent in 2018, roughly two percent higher than countries in the Latin America and Caribbean region.

“The oligopolistic nature of the commercial banking market limits price competition within a profitable sector. Return on equity (ROE) levels were favourably measured at 6.8 percent in 2017, slightly below the 7.9 percent level at the end of 2016.”

More companies in The

SEE PAGE 6

THE government yesterday hit back at its detractors by arguing it was “on the money” with both the timing and value of its $65m Grand Lucayan deal.

Dionisio D’Aguilar, minister of tourism and aviation, lost little time in pointing out that the sale price agreed with the ITM Group/ Royal Caribbean Cruise Lines joint venture is exactly the same as the sum the government paid to purchase the resort from Hutchison Whampoa last September.

Implying that there will be no loss to the taxpayer

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE winning Grand Lucayan bidder was yesterday said to be “very close to perfection” with its “game-changing destination” solution for resurrecting Freeport’s tourism economy.

Dionisio D’Aguilar, minister of tourism and aviation, voiced optimism that Grand Bahama is now “on the path to the promised land” as he confirmed previous Tribune Business revelations that the ITM Group/Royal Caribbean joint venture had been selected as the resort’s preferred purchaser.

Speaking after the government signed a Letter of Intent (LOI) with the cruise line and Mexican port developer, triggering exclusive negotiations between the parties for the Grand Lucayan’s sale, Mr D’Aguilar compared their proposal’s potential impact to the effect Disney World has had on Orlando.

He explained that it envisions combining Port Lucaya and Freeport

as a result, Mr D’Aguilar said the agreement with the Mexican port developer and cruise line had put the government “on a path to hopefully realise a return on our investment”.

Branding it “a good deal all around”, Mr D’Aguilar said the Grand Lucayan’s resurrection - and combination with Freeport Harbour to turn the area into a destination product - was a key element in the government delivering on its promises to revive Grand Bahama’s economy.

He added that the ITM/ Royal Caribbean deal, for which a Heads of

SEE PAGE 5

Work visa reform to ‘jumpstart’ tech hub

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net IMMIGRATION reforms tabled by the government in parliament yesterday were hailed as “a way to jumpstart” ambitions for Grand Bahama to become a “technology hub”.

Dr Donovan Moxey, who headed the governmentappointed technology hub steering committee, told Tribune Business that the legislation to create the “BH-1B work visa” was

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Lucayan winner ‘close to perfect’

Govt ‘on money’ with $65m Grand Lucayan disposal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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DR DONOVAN MOXEY “huge” for The Bahamas given the “strong signal” it sends to the industry and its highly-skilled workforce.

SEE PAGE 7

• Govt signs LOI with ITM/Royal Caribbean • $195m first phase to create 2,000 jobs • Minister: GB ‘on path to promised land’ • Likens project impact to Disney’s

MINISTER of Tourism, the Hon Dionisio D’Aguilar, seated third left, along with Minister of State for Grand Bahama, Senator Kwasi Thompson, seated second left, was joined by Michael Scott, seated centre, chairman of Lucayan Renewal Holdings Ltd; Russell Benford, seated, third right, vice-president of Government Relations/Americas for Royal Caribbean; Mauricio Hamui, seated second right, chief executive officer of ITM, along with Board Members of Lucayan Renewal Holdings, standing, for LOI signing for the purchase of the Grand Lucayan resort, in the Office of the Prime Minister yesterday.

Photo: Lisa Davis/BIS Harbour into a “unique des- period, creating around plans for Freeport in early tination” that will set Grand 2,000 jobs. It ultimately February, the proposal Bahama apart from its com- plans to bring an extra two focuses on developing petitors, not just Florida and million cruise passengers water-based adventure other Caribbean nations, to Grand Bahama every theme parks at both Freebut Nassau/Paradise Island year by transforming the port Harbour and around and the Family Islands. area into “a world class the resort. The Grand The ITM Group/Royal destination”.

Lucayan will be upgraded to Caribbean consortium is As previously detailed “five-star hotel accommodaproposing to invest $195m by Tribune Business, tion”, and feature multiple in phase one of its pro- which exclusively revealed SEE PAGE 4 ject alone over a 24-month the joint venture and its

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DESMOND BANNISTER

Digital building plan submission to come in 2019

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister yesterday pledged that the electronic submission and approval of building plans “will happen this year” once the necessary funding is in place.

Desmond Bannister, minister of works, acknowledged to Tribune Business that the planned process needed to improve as “too many people depend on us to continue operating the way we do”.

Responding to concerns raised by the Institute of Bahamian Architects (IBA) that efforts to upgrade the Building Controls Department’s practices “to the 21st century” were constantly being rejected, Mr Bannister said the department itself had already bought into the need for change.

The IBA, in a Wednesday statement, reiterated its call for licensed Bahamian architects to be able to submit plans and drawings electronically, and make the approvals process both more efficient and less costly

SEE PAGE 3

PAGE 2, Thursday, March 28, 2019

G

ETTING thrown into the world of graphic design can sometimes feel like learning a new language, especially for novices who may sometimes need to communicate with more experienced counterparts.

But even though designers have their very own language, vocabulary or words that only “they” can understand, at times not

THE TRIBUNE

Designing language all can understand even they know every exact definition. But, due to their daily use and familiarity, understanding the functions and their purpose comes easy. Let us take a look at a few commonlyused design terms.

Rule of Thirds The rule of thirds is a technique that designers use to determine focal point. Using a grid of three rows and columns, focal points are indicated where the lines converge. Designers use this as a guide to determine where to place important elements in their design.

Bleed Sounds pretty gruesome, but bleed is when a design actually extends past its printed edge so there is no chance of white borders when it is trimmed down after printing.

Trim Trim size is the final size of a printed piece after it has been trimmed from its page. Trimming is executed along crop marks that show where to cut.

Mock-Up A mock-up is a real or digital model used to test early design ideas and see

how they could look in the real world.

Scale Scale is the size of an object in relation to another object. It can be used to create interest and grab a viewer’s attention.

Hierarchy In design, hierarchy is the organisation of elements by level of importance. Newspapers, magazine spreads and movie posters are good examples of the use of design hierarchy.

Headlines (also called display type) are usually placed at the top, while subheads and body copy fall underneath.

Leading Pronounced “ledding”, leading (also known as line-height) is the space between two lines of text.

Tracking Not to be confused with kerning, tracking is the adjustment of space for groups of letters and entire blocks of text.

Tracking affects every character in the selected text, and is used to change its overall appearance.

Widows and Orphans Widows and orphans make designers very sad.

That is because they are poor, lonely words at the beginning or end of a paragraph left dangling at the top or bottom of a column, and separated from the rest of the paragraph.

Lorem Ipsum Lorem ipsum (also known as dummy text) is used as a placeholder that will be swapped out later with actual copy.

Monochromatic A monochromatic colour palette uses one single colour.

The Art of Graphix

BY DEIDRE M BASTIAN

Analogous Colours that are adjacent to one another on the colour wheel (red violet, red and red orange) are analogous.

Complementary colours Complementary colours are opposites on the colour wheel. This relationship will produce visual tension and “shock”.

Triadic Triadic colours are three colours evenly spaced on the colour wheel. One colour dominates, the second supports, and the third accents.

Pantone Pantone is the most widely used, proprietary colour system for blending colours. The system includes colours that cannot be mixed in CMYK. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game!

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre Marie Bastian is a professionally-trained graphic designer, marketing co-ordinator and certified life coach. She has qualifications of MSc, BSc, ASc, and trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Thursday, March 28, 2019, PAGE 3

Contractors chief eyes construction rebound

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamian Contractors Association’s (BCA) president yesterday said construction activity could soon experience a major rebound with several major developments in the pipeline.

Michael Pratt told Tribune Business that several new projects, such as Sterling Global Financial’s $250m Hurricane Hole redevelopment, were “coming on stream”. His comments came after the Department of Statistics found that despite an increase in the number of construction projects underway during the 2018 third quarter, fewer dollars were being invested overall.

Digital building plan submission to come in 2019 FROM PAGE ONE and time consuming - something that Mr Bannister yesterday said was already in train.

“We expect that all of the funding will be provided and we will be able to get that moving this year,” he told this newspaper of the electronic submissions. “We anticipate this year that that is going to happen; that things will be in place for it to happen.

“We’ve done all the research, and it’s only a case of putting limited funding in place to make sure it happens. There’s only a few million dollars involved.

We’re going to have the funding; we’re going to have the money to be able to do it.

“Baha Mar is pretty much wrapped up. The Pointe is still out there. There aren’t really any new projects online at this time but I do know that very soon several will be coming on stream,” said Mr Pratt. “Permits are being sought for those right now, so in time that trend could very well be reversed.

In another quarter the value of the projects may go up with some of these major developments such as the Disney project on Eleuthera.”

The number of new construction permits issued by the Ministry of Public Works increased by 37.2 percent during the 2018 third quarter compared to the same period the previous year. “The number of new construction permits issued in the third quarter of 2018 (413) was higher

than in the third quarter 2017 by 112 or 37.2 percent,” the Department of Statistics said.

“In contrast, the value of permits issued over this period decreased from $137.7m in 2017 to $118.8m in 2018. The main reason for this decrease in value was a $43.3m drop in the value of permits issued for the private sector in New Providence.”

Mr Pratt added: “We are heavily dependent on FDI projects, and the construction sector is still being adversely impacted by the banks and their lending practices. The banks are not really lending right now, and perhaps people are having a hard time qualifying. That is impacting the construction sector.

“I can’t say what the end game will be, but we remain

positive. We have to remain positive and ensure that the money from these FDI projects continues to flow through the economy and get more of our contractors involved.”

Mr Pratt continued: “Bahamians must be able to have more than a car and a TV. We have to be able to convince the banks to assist them in building their businesses. If banks allow us to properly invest in construction we believe there can be a major improvement in the Bahamian economy.

“A lot of these banks have wound down and taken their activity abroad.

There is a disconnect there where they may only be thinking about the bottom line and a quick turnover to repatriate profits. We have to address that attitude.”

“We really have to improve the process. It’s important to do that. Too many people depend on us to continue to operate the way we are. The Department of Building Control knows that and wants to see improvements. That’s going to happen.”

Mr Bannister said many of the issues raised by the IBA had been discussed with him before. He rejected assertions that comments

by Ministry of Works parliamentary secretary, Iram Lewis, relating to the number of hurricane-damaged properties that were non-compliant with The Bahamas building code represented an “indictment” of building control.

“People are before the court because of that,” the minister revealed. “There was a very serious issue.

Anyone responsible for that will have a very serious problem. What we found in Grand Bahama, in my view, was a crime and we’ll see what the courts say about that.”

Mr Bannister branded the IBA’s concerns over the alleged failure to appoint a new Professional Architects Board since the Minnis administration came to office in May 2017 as “disingenuous”, saying he had requested and received the industry’s proposed nominees to the board.

Revealing that initially there were “some challenges” with those nominated, Mr Bannister said he had taken all the names to Cabinet “once the persons were clear”. Indicating that Cabinet had approved the board members, he added that those involved “should be informed by now”.

The minister also expressed disquiet that the IBA had gone to the media rather than discussing its concerns with him first. “None of this in the media helps them, helps them as professionals and makes them look good as professionals,” Mr Bannister argued.

“They know I’m available to them and working with them

through these challenges, bringing them to Cabinet and addressing them. I’m trying not to respond to Bahamian professionals in the media. I try to give them the respect I’d like them to give me.

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Airline still focused on international expansion REXY ROLLE IN FRONT OF A WESTERN AIR AIRCRAFT.

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net WESTERN AIR yesterday confirmed that international growth remains in its sights after commencing the expansion of domestic services.

Sherrexcia “Rexy” Rolle, the Bahamian airline’s vice-president of operations and general counsel, told Tribune Business that the airline expects delivery of its fourth Embraer ERJ 145 LR jet at “the beginning of the second quarter” this year.

The company had announced last summer that it was upgrading its fleet with the addition of the

50-seat Embraer 145 jets, with domestic expansion in its sights as well as multiple destinations in the Caribbean and Latin America.

“It’s still on the table,” Ms Rolle added of international growth. “We actually did introduce new routes domestically. We go to Exuma, which is a new route that started in December of last year.

We go to Marsh Harbour, which started in December, and we go to Cat Island in the Saab, but it all started in December of last year.

We have expanded to different routes locally, and internationally we are still currently working on those.”

PAGE 4, Thursday, March 28, 2019

THE TRIBUNE

Lucayan winner ‘close to perfect’ FROM PAGE ONE gaming, entertainment and restaurant experiences.

“The most amazing thing about this project is it creates a destination,” Mr D’Aguilar told Tribune Business. “It’s an incredible water park. I want you to think of Disney and Orlando. Disney creates a reason for people to go to Orlando. It’s not the hotel; there’s a reason to go to the destination.

“ITM and Royal Caribbean, I wouldn’t necessarily say it’s perfect, but they come very close to perfecting this type of construct. ITM builds water parks and signs up companies to guarantee traffic.

They have water parks and run a hotel in Mexico, so they have hotel experience.

“Combine that with Royal Caribbean’s marketing machinery, and the reach they have, and we felt this had the greatest chance of success,” Mr D’Aguilar continued. “We didn’t want to sell to an investor who couldn’t articulate a reason to come to the resort.

“We wanted to create a

MAKING THE ANNOUNCEMENT – Minister of State for Grand Bahama, Senator the Hon Kwasi Thompson, speaking during a press conference and official signing of Letter of Intent for the Purchase of the Grand Lucayan yesterday. Looking on is President of the Senate, the Hon Katherine Forbes-Smith. destination, a reason for people to come to what is a beautiful beach, a beautiful resort, and couple that with a water park.”

Michael Scott, chairman of the government-owned Lucayan Renewal Holdings vehicle, which currently controls the resort, said the ITM Group/Royal Caribbean offer was the stand-out

candidate from among the 62 “expressions of interest” received.

Some 11 firm “offer letters” were ultimately submitted, but Mr Scott indicated none came close to matching the breadth of vision, track record and financing capabilities offered by the joint venture.

He explained that the

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ITM/Royal Caribbean proposal will generate both stopover and sea arrivals, and day and longer-stay traffic, setting it apart in terms of the variety of visitors it will seek to attract.

“This is a lateral, out-ofthe box approach because it involves sealift as well as airlift, and day traffic as well as sea traffic,” Mr Scott told Tribune Business. “It’s three-fold. It’s the resort, transportation links between the harbour and Port Lucaya, and the complete redevelopment of Freeport Harbour as an updated cruise terminal facility.

“It’s a game changer. It’s lateral, out-of-the-box. It’s not just involving a hotel.

It’s involvement in a vision for the redevelopment of Port Lucaya and, by extension, the rest of Grand Bahama. It’s multi-dimensional, it’s imaginative, and it’s a lot different from the other offers we got which were entirely hotel-centric.

“The people of Grand Bahama should be ecstatic because there’s the prospect over the next two to three years of 2,000-3,000-plus jobs being created.”

Mr Scott added that Freeport Harbour, and its additional cruise berths, will not be for Royal Caribbean’s exclusive use. He explained that other cruise lines, such as Norwegian Cruise Lines (NCL) and Mediterranean Shipping Company (MSC), will be calling on the facility too.

His and Mr D’Aguilar’s sentiments were echoed by Senator Kwasi Thompson, minister of state for Grand Bahama, who pledged that negotiations with ITM/

Royal Caribbean to finalise the Grand Lucayan’s sale and a Heads of Agreement for the project will begin “immediately”.

“When we first came to office we recognised we had to make Grand Bahama unique and distinct from the other islands,” Mr Thompson explained. “Our competition is not just Florida and the other Caribbean states; our competition is New Providence and Abaco and Exuma.

“We had to create something that is unique, and this is a project that does just that. For the first time it combines Freeport Harbour and the hotel property itself.

It’s not just about building hotel rooms but creating experiences and attracting airlift and cruise passengers at the same time.

“It’s a game changer.

Obviously we are only at the LOI stage. We now have to start negotiating the Heads of Agreement, the purchase agreement. We still have a lot of work to do, but if we fully complete - and we anticipate we will it provides a game changer for us.”

Neither Mr Thompson nor Mr D’Aguilar provided a timeline for when the Heads of Agreement/ purchase agreement will be complete, although LOIs typically grant a buyer around 90 days to conduct necessary due diligence on the assets and close.

“I want to move expeditiously,” Mr D’Aguilar told Tribune Business. “We have to go through the Heads of Agreement and purchase agreement, but I can see some light at the end of the tunnel. We’re on the right path and, notwithstanding any bumps in the road, hopefully we will get to the promised land.”

Still the selection of ITM/ Royal Caribbean, and the LOIs signing, moves Freeport and Grand Bahama closer to ending a near twoand-a-half year nightmare that began with the closure of two of the Grand Lucayan’s three resort properties in the aftermath of Hurricane Matthew in October 2016.

Hutchison Whampoa, the resort’s immediate past owner, pocketed the hurricane insurance proceeds and refused to repair Matthew-related damage. That resulted in the departure of Memories, the Canadian resort operator, and the loss of around 500 jobs, while also taking around 1,000

rooms or 59 percent of the island’s total room inventory off-line.

Airlines slashed airlift in response to the drastic decline in demand as the Grand Lucayan suffered several “false starts” with efforts to ensure its reopening. Two separate proposals by the Torontobased Wynn Group, now carrying out its own development at Goodman’s Bay in Nassau, fell through after the government deemed its multi-million dollar taxpayer subsidy demands too rich.

Faced with repeated threats by Hutchison Whampoa to close the resort, and inflict more misery on a moribund Freeport tourism economy that was losing multiple Port Lucaya Marketplace vendors weekly, the Minnis administration ultimately felt it had no choice but to acquire the Grand Lucayan for $65m.

The government’s purchase closed on September 11, 2018, and yesterday’s LOI signing indicates it has made progress in delivering on promises that it would seek to exit Grand Lucayan ownership in the shortest possible timeframe to minimise taxpayer costs and exposure.

ITM’s initial plan called for Freeport Harbour to be turned into a water park called Harbour Village, complete with food and beverage facilities, at a cost of $56m. A similar water park at the Grand Lucayan, called Lucaya Islands, was pegged at a $30m investment.

Upgrading Freeport Harbour’s docking facilities and providing the transportation links were projected to require investments of $35m and $9.8m, respectively, with passenger spend from the two million new arrivals estimated at $180m per year. Some 18,000 indirect jobs could also be created if the proposal comes to fruition.

ITM operates a 600 room hotel and convention centre in Mexico, and has relationships with resort brands including Starwood, Hard Rock, Nobu and Accor. Its current port projects include Costa Maya and Mahahual in Mexico, and the port of Roatan in Honduras. ITM also has pending projects in Ensenada, Mexico; and Puerto Plata in the Dominican Republic.

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THE TRIBUNE

Thursday, March 28, 2019, PAGE 5

Govt ‘on money’ with $65m Grand Lucayan disposal FROM PAGE ONE Agreement and purchase deal now has to be concluded, together with the $100m Carnival cruise port that also remains a “work in progress” and the “technology hub” ambitions, should make all Grand Bahama residents “positive and optimistic about the future”.

The minister’s position was backed by Michael Scott, chairman of Lucayan Renewal Holdings, the Government-owned vehicle that currently controls the Grand Lucayan, who said the Minnis administration had delivered on its commitments to the Bahamian people in relation to the resort.

“The minister [Mr D’Aguilar] and I gave a commitment that we would get this done [the sale] by the end of the first quarter in 2019, and we are on the money,” Mr Scott told Tribune Business. “We were on the outer limits of it, but are on the money.”

The government yesterday signed a Letter of Intent (LOI) with ITM Group/ Royal Caribbean to trigger exclusive negotiations with the joint venture for the Grand Lucayan’s sale and a Heads of Agreement on their wider proposal, which involves combining the resort and upgraded Freeport Harbour into a water-based adventure theme park-type destination.

While no timeline was given for when talks will complete, and the sale close, LOIs and similar sales agreements usually give both sides 90 days to complete any deal and all the necessary documentation before closing - unless an extension is

DIONISIO D’AGUILAR agreed. Mr D’Aguilar previously indicated a sale may close by the end of the 2019 second quarter, consistent with the 90-day timeframe.

Mr Scott, meanwhile, said the ITM/Royal Caribbean deal meant the government was also making good on pledges not to exit the Grand Lucayan’s ownership at a loss. “Not only are we on time, I said we would not take a loss on the hotel. We got $65m,” he told Tribune Business. When asked how happy taxpayers should be, he replied “very”.

The government took heavy criticism from its political opponents and others last year over its decision to acquire the loss-making resort from Hutchison Whampoa, with many fearing it would trap taxpayers in never-ending subsidies to prop up a hotel it would struggle to sell.

The Minnis administration, buoyed by yesterday’s LOI signing, will now seek to throw such concerns back in the opposition’s face, although the “matching” $65m purchase price does not necessarily mean all expenses incurred to-date will be recovered.

Besides the initial sale outlay, the government also

EXCITED ABOUT THE PURCHASE – Mr. Russell Benford, centre, vice-president of Government Relations/Americas for Royal Caribbean, says the company is excited about the project in Grand Bahama and promised to bring excellence and dedication to the restoration and redevelopment of the Grand Lucayan resort, as well as redevelopment of the Cruise Port in Freeport. At right is Mr Mauricio Hamui, chief executive officer, ITM, and at left is Mr Michael Scott, chairman of Lucayan Renewal Holdings Limited.

Photo: Lisa Davis/BIS committed to paying Hutchison Whampoa around $1.5m to cover losses incurred between the date their purchase agreement was signed and the actual September 2018 closing. There are also the estimated $1m per month subsidies incurred over the past seven months to cover operating losses, and the $3.2m payout to departed line staff.

Further potential costs of between $3.1m to $5.5m could arise depending on whether a similar payout deal is struck with the Grand Lucayan’s managers, along with interest on the bonds given to Hutchison as part of the purchase price.

The government’s sixmonth fiscal “snapshot” for the period to end-December 2018 revealed that it had injected $45.4m into the Grand Lucayan over that period, including $13m to cover its operational costs.

The latter sum will not be recovered by the purchase price.

However, the Minnis

administration will likely argue that reviving the resort was always its main objective, and that what it will earn in taxes on the back end from all the economic activity and jobs created will more than make up for any initial taxpayer exposure.

“It’s important to emphasise there were a lot of naysayers out there,” Mr D’Aguilar told Tribune Business yesterday. “It’s important to highlight that we bought a hotel for $65m and are selling the hotel for $65m.

“We’re selling the hotel to a partnership coming with an incredible project, and the impact will be significant for the Grand Bahama community through employment and empowerment.

“At the end of the day it was the right decision to buy

the hotel,” he added. “We’re now on a path that hopefully, and ultimately, will realise a return on our investment. It’s a great deal all around.

“People in Grand Bahama should feel positive and optimistic about the future. If you’re thinking about investing in a new business, starting a new business, building a new home, couple this with the Carnival transaction which is also a work in progress and there’s a sense of optimism.”

While the details of the Heads of Agreement with ITM/Royal Caribbean have yet to be worked out, Mr D’Aguilar promised that the government will “solidify and ensure that embedded in the agreement are the necessary guarantees to ensure Bahamian businesses are given first priority” on the retail,

restaurant, transportation and tour/excursion opportunities that will become available.

He reiterated that The Bahamas needed to exploit the “booming” cruise industry, with between 80 to 111 new vessels expected to come online within the next several years, by creating new destinations and experiences to attract its passengers.

While Freeport becoming “a home port” for cruise ships via the ITM/Royal Caribbean investment was “always a possibility”, Mr D’Aguilar said this was unlikely given The Bahamas’ proximity to three of the largest such ports in the world - Miami, Fort Lauderdale and Cape Canaveral.

“The cruise industry is booming,” he said. “Every single ship that leaves Miami, Fort Lauderdale and Cape Canaveral is going 100 percent full. This is a market that is experiencing phenomenal growth, and they need destinations to go to.

“That’s why they’re looking for new ports, and existing ports to be expanded. Studies have shown this is a very recession-proof business.

Despite all the calamities that happen in the world, the cruise industry continues to grow.

“God has blessed The Bahamas with great geography, putting it next to the three busiest cruise ports in the world. We have to take advantage of this blessing.”

PAGE 6, Thursday, March 28, 2019

THE TRIBUNE

Bank competition woes hit financial services access FROM PAGE ONE Bahamas than anywhere else in the Caribbean identified access to financing as a “very severe obstacle” to their performance and productivity in a 2014 survey, although financing costs were deemed less of an obstacle than in all other regional states.

The same survey also showed that access to financing, including costs (interest rates) and difficulties in providing sufficient collateral security to satisfy lenders, were cited by Bahamian companies as the second greatest barrier to improved productivity and performance - behind only an educated labour force.

“Key drivers of these constraints are the level of development of domestic financial markets, and

structural factors impeding access to finance and inclusion,” the IDB report said, although it described credit markets in The Bahamas as “relatively robust and above the level of many regional peers.

“The country’s ratio of domestic private credit to GDP of 54 percent in 2015

was above the regional average for Latin America and the Caribbean (49 percent), and ahead of all other [major Caribbean] countries except Barbados.

“In this context, the financial sector is relatively well developed and functionally dynamic, and it provides several different types of

intermediation as credit remains strong and on par or above other major financial economies.”

The IDB report, though, noted that income distribution inequality was a likely driver of disparities in access to financial services in The Bahamas. It said that the income share of the top 20 percent of the Bahamian population was “about 16 times’ that of the bottom 20 percent” based on IMF research.

“The geographic profile of the nation – most of the population resides in the islands of New Providence (with Nassau as its capital) and Grand Bahama – creates particular access challenges that require the provision of financial

resources across vast areas of sea and, in some places, sparsely populated islands,” the IDB added.

“This affects banking costs within the financial sector. The outer-most regions of the Family Islands within the archipelagic chain, where roughly 15 percent of the general population resides, appear to be most affected.”

The Bahamas’ large undocumented immigrant population and lack of trust in financial services products were also identified as major factors in different levels of access to financial services. “According to a report from the International Organisation for Migration (IOM), an estimated 50,000 undocumented migrants from Haiti are living in The Bahamas,” the IDB report said.

“Some 5,000 are registered workers according to the IMO, and up to some 13,000 dependent family members are reliant on these workers. The IMO reported most undocumented immigrants are unable to open a bank account and experience other issues common to being stateless within the archipelago.

“The financial literacy

survey conducted in October 2017 found that while Bahamians had knowledge of basic financial products and services, their philosophy has not translated into positive personal actions or higher usage of more sophisticated instruments such as long-term savings and investments products,” it continued.

“Financial behaviour was evenly divided between those who seek to spend now before saving versus those who save first before spending. Most residents expressed concern about finding viable financial options to achieve their long-term goals.

“Findings regarding the use of financial buffers as a measure of security varied, as some 48 percent of households had up to six months of income saved for emergencies, versus 13 percent that had only one month or less of savings.”

The IDB report said improving financial access, and lowering associated costs, will boost private sector competitiveness and reduce “economic bottlenecks slowing private sector growth to help the economy reach higher levels of potential growth”.

NASSAU DOWNTOWN | JUNKANOO BEACH West Bay Street, P.O. Box SS-6230, Nassau, The Bahamas OPEN POSITION:

Experience Sales Manager REQUIREMENTS: Excellent interpersonal leadership skills Flexibility; decisiveness; motivation; reliability and creativity Extensive knowledge of the local hotel market, and the international markets to solicit group business Ability to multitask Strong organizational, sales and negotiation skills Ability to work on own initiative Extensive knowledge of the hotel, its services and facilities Must be able to work/perform under pressure in a fast pace environment QUALIFICATIONS: Bachelor Degree in hospitality Management Three years minimum experience in Hotel or Resort Sales RESPONSIBILITIES INCLUDE BUT ARE NOT LIMITED TO: Develop and maintain relationships with key clients in order to produce group and/or convention business, FIT, Retail Travel Agent and OTA Segments to include room sales.

Develop and maintain good relationships with officials and representatives of local community, groups, companies and trade organizations, and attend local and out of town meetings, trade shows and conventions in order to generate sales for the Courtyard by Marriott Nassau Downtown/Junkanoo Beach Hotel.

Ability to negotiate with clients, achieve maximum revenue/profit potential while satisfying the client’s needs.

Sales calls to Local Corporate, Churches and organizations to solicit new business for the hotel Participate in industry -related events, promotions and trade shows to represent The Courtyard by Marriott Nassau Downtown/Junkanoo Beach Hotel.

Work cohesively with Director of Sales and Marketing to create new strategies, implement packages and programs to increase business/revenue.

Please forward your cover letter and Resume to: Clinton.Davis@Courtyard.com

THE TRIBUNE

Thursday, March 28, 2019, PAGE 7

Work visa reform to ‘jumpstart’ tech hub FROM PAGE ONE Revealing that it would take “15-20 years” to build a technology sector with “critical mass” through organic growth, Dr Moxey said the reform established The Bahamas as a “practical and viable” location just off the US east coast where companies and their workers can relocate.

The steering committee suggested the creation of a “BH-1B” visa to facilitate the smooth entry of highlyskilled technology workers in its February 2018 report to the government, urging it to exploit the uncertainty surrounding the Trump administration’s willingness - or lack thereof - to renew similar style work permits for the US. The Immigration (Amendment) Bill 2019, tabled yesterday, indicates that the government is now moving to translate such advice into reality. The Bill makes clear that the BH-1B work visa is intended to underpin, and complement, the Commercial Enterprises Act and its promise to liberalise the Immigration regime for companies in sectors targeted by that law.

Besides the new work visa, the Bill also aims to further eliminate Immigration bureaucracy and red tape and occasionally unpleasant experiences at the airport - by eliminating the requirement for business executives to obtain a “short term” or any type of work visa/permit if they are in The Bahamas for 14 days.

The exemption applies to persons attending Bahamas-based conferences and seminars as participants; trade shows and summits; or working as a non-executive director of a business “being carried on in The Bahamas” where they are not involved in daily operations.

Also exempt are senior executives and management professionals who fly in to “attend a business meeting with a local company”.

This applies to chairmen, directors, shareholders, all executives from the rank of chief financial officer up, managers, consultants, attorneys, compliance officers and accountants.

Others included under this initiative, and exempt from the short-term work visa requirement, are auditors, actuaries, medical professionals, analysts and controllers.

The private sector has been pushing for such reforms for years, both on the grounds that it will enhance The Bahamas’ ease of doing business and reputation, while avoiding embarrassing incidents that have over the years seen senior corporate executives refused entry and/or detained and given an grilling by Immigration officers.

Meanwhile, Dr Moxey said of the BH-1B work visa: “This is huge for us. Not only does it attract the highlyskilled workers, but the companies. That targets the companies. One of the things we need to recognise and be clear with is the BH-1B visa is not a standalone; it’s tied to a company.

“It allows The Bahamas and Grand Bahama to build critical mass quicker with regards to technology companies. One of the biggest challenges those companies face is what to do with those workers that have US H-1B visas, and who they are trying to keep together as a team.

“The Bahamas now represents a practical and viable alternative to relocate their workforces to, keeping them together in a jurisdiction that is just offshore. With the broadband and bandwidth we provide, we’re able to offer the same kind of technology infrastructure they’re used to. This visa will go a long way to attracting these companies to The Bahamas once they satisfy the requirements of the Commercial Enterprises Act.” Dr Moxey described the BH-1B work visa’s creation as “the first key step” in developing critical mass

for the government’s GB technology hub ambition, recalling how the idea was first submitted to the government last February by the steering committee.

Attracting more technology companies to The Bahamas would also provide employment and entrepreneurial opportunities for Bahamians in this sector, Dr Moxey added, as well as spin-off benefits that would impact the entire Grand Bahama economy.

“The last research we did indicated those workers earned an average of $86,000 a year,” he told Tribune Business. “Bringing them to The Bahamas will result in an immediate injection of wealth into the local economy.

“This is a very beneficial first step to growing a technology sector in The Bahamas.

We’re pretty excited about that. If we tried to grow organically we’d be here another 15-20 years.

This is a way to jumpstart it, get things started and build critical mass.”

The BH-1B visa is viewed as a way to target US technology companies that are heavily reliant on the H-1B visa workers impacted by Donald Trump’s recent Immigration crackdown.

This has been making it difficult for persons to apply for, or renew, these visas, which facilitate the hiring of specialist foreign workers by US companies, and entry of persons with advanced degrees.

The Bill, though, restricts the BH-1B visa to businesses

covered by the Commercial Enterprises Act is largely focused on industries not present in The Bahamas, but which have the potential to create high-earning jobs and be major foreign currency earners.

Financial services leads the way with reinsurance; captive insurance; investment fund administration; arbitration; wealth management; international trade and international arbitrage included in the “fast track” work permit sectors.

Also covered by the Commercial Enterprises Act are technology-related industries such as computer programming; software design and writing; bioninformatics

and analytics; nano technology; and biomedical health facilities.

“Boutique health facilities”; data storage and warehousing; aviation registration and “approved” aviation maintenance operations; “call centres”; and manufacturing and assembly/ logistics businesses round out the sectors targeted by the government.

The Act is designed to remove the bureaucracy and “red tape” investors encounter when attempting to obtain work permits from the Immigration Department for key management and skilled workers, signalling the government’s commitment to

LEGAL NOTICE

improving the “ease of doing business”.

It attempts to introduce certainty and predictability to the work permit regime by requiring the director of immigration to make a decision on their approval within 14 days of the application’s receipt. Applications from businesses covered by the Act must be submitted within 30 days of the worker’s arrival in The Bahamas.

These conditions will all apply to the BH-1B visa, ensuring Immigration dovetails with the Commercial Enterprises Act, with the annual fee for this permit set at $2,000.

PAGE 10, Thursday, March 28, 2019

THE TRIBUNE

Greece limits foreclosure protection after financial crisis ATHENS, Greece Associated Press LAWMAKERS in Greece begun yesterday to debate tougher regulations

to deal with household insolvency in the wake of the country’s financial crisis.

The debate started at a parliamentary committee

even though the government has so far failed to finalise an agreement with bailout creditors on details of the new regulations.

Roughly 47 percent of

GREEK pensioners take part in an anti-austerity protest in Athens yesterday. About 2,000 pensioners protested in Athens demanding a return of funds lost as part of austerity measures.

Photo: Petros Giannakouris/AP Greek loans had soured by late last year after unemployment and poverty soared during eight years of crisis and international bailouts. Banks have promised to reduce that level to below 20 percent by the end of 2021.

During the crisis, most distressed mortgage holders were protected from foreclosure of primary family residences but the new rules would limit the safeguards to

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW AND EQUITY SIDE BETWEEN

2019 FP/QUI/No. 00041

IN THE MATTER OF THE QUIETING TITLES ACT 1959 AND IN THE MATTER of Petition of Rainbow Rentals (1996) Limited, a company registered under the laws of and doing business in the Commonwealth of The Bahamas.

AND IN THE MATTER of ALL THAT tract of land containing collectively by ad-measurement Nineteen Thousand Eight Hundred and Thirty (19,830) square feet more or less and being a part of the March Harbour Crown Allotments situate in the Island of Abaco and being bounded Northwardly by the sea at high water mark and running thereon irregularly for Two Hundred and Twenty Four and Forty Three Hundredths (224.43) feet South by Bay Street and running thereon Two Hundred and Seventy Five and Fifty Five Hundredths (275.55) feet Westwardly by land now and formerly owned by one Patricia Campbell and a portion of Crown Land and running thereon irregularly for One Hundred and Seventeen and Twenty Six Hundredths (117.26) feet Eastwardly by a parcel of vacant land and running thereon Twenty Five and Eighty Four Hundredths (25.84) feet more or less.

NOTICE TAKE NOTICE Rainbow Rentals (1996) Limited, claims to be the owner in fee simple in possession of the said land and has made application to the Supreme Court of the Commonwealth of The Bahamas Under Section 3 of the Quieting Title Act, 1959 to have his tile to the said land investigated and the nature and extent thereof be determined and declared in a Certificate of Title to be granted by the Court in accordance with the provision of the said Act. A copy of the plan of the said land may be inspected during normal working hours at: (a) The Registry of the Supreme Court in the Lavarity Justice Center Freeport, Grand Bahama New Providence in the Commonwealth of The Bahamas and the Chambers of V. Alfred Gray & Company, Dowdeswell House, Dowdeswell and Armstrong Streets, New Providence and No. 21 A Kipling Building, Freeport Grand Bahama; NOTICE IS HEREBY GIVEN that any person or persons having any dower or right of dower or an Adverse Claim not recognized in the Petition shall on or before the 30th day of April, A.D., 2019 file in the Supreme Court in Freeport, Grand Bahama aforesaid and serve on the Petitioner or the undersigned a Statement of their claim aforesaid on or before the 30th day April, A.D. 2019 or it will forever operate as a bar to such claim.

Dated this 14th day of March A.D., 2019 V. ALFRED GRAY & CO. Chambers Dowdeswell House Dowdeswell & Armstrong Streets Nassau, The Bahamas Attorney for the Petitioner

low-income families.

Greece no longer relies directly on bailout loans for financing but its massive national debt, which is the equivalent of 180 percent of the country’s annual GDP, has left the country in need of additional debt relief measures from the eurozone’s rescue fund, the European Stability Mechanism, and other creditors.

Lenders earlier this month delayed approving an additional round

of relief measures worth nearly one billion euros — that includes profits on Greek government bonds held by the European Central Bank — until details of the new insolvency law are fully agreed. Creditors have expressed doubts that the new rules will adequately identify so-called strategic defaulters who have the ability to pay their debts but exploit protection regulations.

In Athens, government spokesman Dimitris Tzanakopoulos said he still expected Greece to qualify for the relief measures at a meeting on April 5 of eurozone finance ministers.

“There are only two or three unresolved issues and agreement has been reached on all other matters,” he said.

“It is clear that we reserve the right as the Greek government to have a better understanding of the Greek real estate market than our partners do.”

THE TRIBUNE

Thursday, March 28, 2019, PAGE 11

BREXIT CLAIMS ANOTHER POLITICAL VICTIM IN UK’S THERESA MAY LONDON Associated Press

WHEN Theresa May, pictured, became prime minister, she had grand designs.

Her premiership wouldn’t just be about taking Britain out of the European Union, it would be about fighting “the burning injustice” within the country.

But last night, broken by Brexit like her predecessor, May effectively conceded that she won’t be able to do anything more to battle injustice, empower women, and build a more equal society.

May told lawmakers from her Conservative Party that she will move out of 10 Downing Street as soon as Brexit is delivered, leaving the messy business of building a future relationship with Europe to another leader. That paves the way for what will likely be a fierce succession battle in the Conservative Party.

It is a sour moment for May, who for nearly three years has ploughed an often solitary path to get a Brexit agreement with the EU. Following two hefty defeats for her deal, she’s offered her premiership in return for getting the necessary support for her plan.

What she had anticipated

as a moment of triumph — actually delivering Brexit — has morphed into some kind of humiliation.

Like David Cameron before her, she will leave Downing Street earlier than planned, a victim of the same deep divisions in her party over Europe.

Hers has been a hapless task. She campaigned to keep Britain inside the EU in the 2016 referendum — albeit quietly — and then took over from Cameron with the mandate to take Britain out.

May set her course early on in the Brexit negotiations when she decided not to seek cross-party cooperation for the type of Brexit she would pursue.

She instead spelled out a series of “red lines” that she vowed never to cross that narrowed her options in the tough negotiations with the

EU over the divorce.

She decided Britain would leave the European single market, come out of the customs union with Europe, and sever many economic ties that have increasingly bound Britain to continental Europe for decades.

Her single-minded pursuit of these goals did eventually lead to a complex agreement, but when the details were made public, many in Parliament — and many of the most prominent Brexiteers in her own party — rebelled. She was soon stung by a series of high-profile resignations, including her foreign secretary, Boris Johnson, and her Brexit secretary, David Davis.

The pro-Brexit wing of the party said the plan would leave Britain subject to EU rules after it leaves.

CORPORATE IT SERVICE SPECIALIST Sterling Global Financial an international financial services corporation is looking for a Corporate IT Service Specialist who has experience and a positive attitude supporting a regulated company’s IT infrastructure. This role will be based in the Bahamas. The successful candidate will be expected to hit the ground running by managing all on-site support requests, provide ad-hoc and formal end-user training, and maintaining policies and procedures. They will also be involved in the development and implementation of enterprise applications that provide our companies with streamlined operational efficiencies.

Qualifications and Skills required for this job are: • BSc. in Computer Science or preferred minimum qualification, an Associate degree.

• Minimum 5 years’ experience providing technical support in a modern Windows network.

• Minimum 5 years’ experience with application support within the financial services industry.

• Programming experience.

• Working knowledge of TCP/IP networks (Wi-fi, VPNs).

• Demonstrated ability to apply analytical and troubleshooting skills.

• Strong written and conversational communication skills.

Responsibilities for this job are: • Produce and maintain documentation of site-specific issues and requests.

• Setup and install workstations and software applications.

• Troubleshoot and problem solve end-user issues.

• Manage daily tasks through the IT ticketing system, documenting all work and delivered solutions.

• Track trends and user requirements.

• Proactive attitude towards any potential future problems.

• Ongoing and self-training of new and current technology.

• Maintain and demonstrate compliance of policies and procedures.

This is a unique opportunity that provides strong career growth and hands on enterprise support and development experience. If you feel that you are a good fit for the job, please send resumes to hr@sterlinggloballtd. com by Friday, April 5th, 2019.

Only those shortlisted will be contacted. Please no phone calls.

Pro-EU Conservatives criticized May for ruling out a so-called softer Brexit in which Britain remains in the EU’s single market and customs union, perhaps averting a Brexit-fueled economic contraction which the Bank of England has warned could see the British economy shrinking eight percent in a matter of months.

As the months of negotiations dragged on, she effectively lost the “hard Brexit” faction in her own party, without presenting a “soft Brexit” that would satisfy the Labour Party voters she would need to get the plan approved by Parliament.

The result: stagnation, humiliation, and an early exit.

It’s been a jarring end after a promising start.

When May came to power in July, 2016, she came through the middle after more prominent figures, including Johnson and then Justice Secretary Michael Gove, fell out acrimoniously.

Any idea that she had

a political Midas touch evaporated quickly when she made a fateful decision to call a general election for June, 2017, three years before one was required.

It is revealing that she seemed to make this momentous choice on her own, without much input from her staff, while rambling in the Wales countryside with her husband, Philip, during a break from her duties.

The result was calamitous. May fared so poorly during the campaign that her party lost its majority in Parliament, gravely weakening her authority, and leading directly to the predicament she faces today, when she can only get her plan approved if she gets at least some support from other parties.

A more flexible politician might have decided at that time that a minority position in Parliament would require reaching out to others for something as divisive as a Brexit deal, but May opted to go it alone.

May, 62, is a steely,

determined politician who admitted last night that she doesn’t do well in bars or with gossip. Her approach to setback has been to push back and push on, repeating the same talking points — “Brexit means Brexit”, for example — almost to the point of self-parody..

Few doubt her fortitude and commitment to an idea of public service instilled in her upbringing as the daughter of an Anglican vicar. Her career has not been tainted by tales of personal greed or corruption, and she has earned praise for soldiering on in an extremely demanding position despite suffering from type 1 diabetes.

It was by all accounts an emotional moment when she told fellow party members last night she would step down early, despite her clear, stated preference to remain in office.

George Freeman, a former adviser, said she had “tears not far from her eyes” as she admitted she had fallen short.

PAGE 12, Thursday, March 28, 2019

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Venezuelan opposition leader’s wife emerges as potent force

FABIANA ROSALES, left, wife of Venezuelan opposition leader Juan Guaido, speaks to reporters before attending Mass at St Teresa’s Church on the Lower East Side of Manhattan on Tuesday in New York. Rosales is emerging as a prominent figure in Guaido’s campaign to bring change in the crisis-wracked country.

Photo: Mary Altaffer/AP LIMA, Peru Associated Press WITH her youthful energy and globe-trotting, the 26-year-old wife of Venezuelan opposition leader Juan Guaido is emerging as a prominent figure in his campaign to bring change to the crisis-wracked country.

Fabiana Rosales’ age and informal dress, often jeans, while touring Latin America belie an inner toughness and maturity cultivated with her activist husband during violent street protests in Venezuela’s capital. Her husband has since claimed Venezuela’s interim presidency with the support of dozens of nations including the United States, setting up a standoff with President Nicolas Maduro, who refuses to step down amid what he calls an attempted coup.

“Look, I am the wife of President Juan Guaido and I will accompany him on whatever route he takes and we will overcome whatever obstacles we face as we have done through all our years together,” Rosales said during an interview in Peru’s capital of Lima. “But I got involved in politics because I want to change my country.”

“I don’t want my daughter to grow up wanting to leave Venezuela,” she said, a reference to the roughly three million Venezuelans who have fled their country amid a collapsing economy, hyperinflation and shortages of food and medicines, and now blackouts .

As her husband leads efforts to remove Maduro through protests at home and by trying to persuade Venezuela’s military to abandon the socialist leader, Rosales is trying to drum up international support for Venezuela’s beleaguered opposition with highly publicised tours of neighbouring countries.

This month she traveled to Peru and Chile, where

she met with the presidents of both countries, and spoke in universities about Venezuela’s humanitarian crisis.

Yesterday, she met US President Donald Trump at the White House as the US ratchets up sanctions on the Maduro administration.

“It’s a great honour to have the first lady of Venezuela,” Trump said. “She’s been through what people don’t want to have to go through and should never have to go through.”

Rosales met her husband at a youth rally for Voluntad Popular, an opposition party she has worked with since her university years.

She has become a household name in Venezuela in recent months, standing at her husband’s side in rallies attended by thousands. Recently, she has also taken on the role of international ambassador for Venezuela’s opposition, as her husband becomes bogged down in domestic affairs.

Venezuela’s first lady in waiting has helped her husband look more presidential, says Dimitris Pantoulas, a Caracas-based political analyst.

“She is a professional, young, educated woman, and to a certain extent she is conservative,” Pantoulas said.

“That image corresponds to (Venezuelan) stereotypes of what a presidential couple should look like, especially for those in the middle classes.”

In the interview, Rosales say that her “most important role is to be a mother, and I’m also a sister and wife.”

Guaido declared himself Venezuela’s interim president in late January. The opposition leader was serving as the president of Venezuela’s Congress, and said the constitution allowed him to form a transitional government because Maduro had been re-elected in a sham vote last year.

LEGAL NOTICE

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)

E.V.A. INVESTMENT FUND LTD. IBC No. 169610 B

(In Voluntary Liquidation) NOTICE is hereby given that as follows: (a) That E.V.A. INVESTMENT FUND LTD. is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 27th day of March 2019. when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the Company is Sterling (Bahamas) LTD of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas. (d) Any person having a Claim against the above name Company are required on or before the 27th day of April 2019 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

Sterling (Bahamas) Limited Liquidator

THE TRIBUNE

Thursday, March 28, 2019, PAGE 13

Lyft hikes IPO target to $70$72 a share as excitement rises SAN FRANCISCO Associated Press LYFT is lifting the price target for its initial public offering in a sign of the excitement surrounding the stock market debut of a ridehailing service that’s gaining ground on its rival Uber.

With the revision disclosed yesterday, Lyft is now seeking $70 to $72 per share, up from its previous goal of $62 to $68. If it attains its new pricing goal, Lyft will have a market value of about $24bn, even though the San Francisco company still hasn’t turned a profit since co-founders Logan Green and John Zimmer started the service in 2012.

Since then, Lyft and Uber have combined to popularize the trend of summoning a ride on a smartphone app that connects them to drivers who use their own cars to pick up passengers. The fares are split between the drivers and the ride-hailing companies that make the connections.

The trend has turned into a worldwide cultural phenomenon with plenty of room with future growth, the key reason why so many investors appear to want a slice of the action now. Uber is expected to price its IPO later this spring.

Lyft’s pricing adjustment comes after the company’s management bankers spent a week meeting with investors to explain why buying into the IPO makes sense even though the company has an uninterrupted history of losses totaling nearly $3bn so far. What’s more, Lyft has acknowledged it may be many more years before it starts making money, especially if it is unsuccessful in its efforts to develop a fleet of self-driving cars so it can lower its costs.

The higher price target implies investors are clamoring to buy the nearly 31 million shares that Lyft is selling in its IPO. The proof will come today when a final IPO price is

determined, setting the stage for the stock to begin trading tomorrow morning under the ticker symbol “LYFT”.

It’s still possible the IPO price could end up being above $72 per share if Lyft’s investment bankers believe investor demand justifies another increase.

Despite its losses, Lyft has other impressive numbers to dangle in front of prospective investors. Its revenue doubled last year to $2.2bn, as its share of the US ridehailing market rose to 39 percent in December, up from 22 percent at the end of 2016, according to its IPO filings.

Those market gains came at the same time that Uber

was being sullied by a variety of unsavory revelations, including evidence of rampant sexual harassment within its ranks, allegations that it stole some of its selfdriving car technology and a yearlong cover-up of a massive computer break-in that heisted personal information about millions of passengers and drivers.

Lyft tried to position itself as the kinder, gentler ridehailing service, a strategy that appears to be paying off in spades. Even before the IPO pricing, some stock market analysts have already released research reports asserting the company’s stock is worth $75 to $80 per share.

Legal Notice

NOTICE

Boder Fund ICON NOTICE IS HEREBY GIVEN as follows: (a) Boder Fund ICON has been dissolved on the 8th day of March, 2019 under the provisions of the Investment Condominium Act, 2014

Legal Notice COMMONWEALTH OF THE BAHAMAS

2017

IN THE SUPREME COURT

Calynn Thurston Liquidator

COMMON LAW AND EQUITY DIVISION

CLE/GEN/01325

IN THE MATTER of the property comprised in an Indenture of Mortgage dated the 21st day February 1997 made between Wellington David Rahming and Patricia Ann Rahming and the Bank of Scotia and a Further Charge dated the 18th day of May 2005 and Second Further Charge dated the 4th day of August 2011 all made between Wellington D. Rahming and Patricia A. Rahming as Borrowers and Scotiabank (Bahamas) Limited as Lender.

AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Revised Statute Laws of the Commonwealth of The Bahamas.

BETWEEN

SCOTIABANK (BAHAMAS) LIMITED

Plaintiff

AND WELLINGTON DAVID RAHMING AND PATRICIA ANN RAHMING

First Defendant Second Defendant

ORDER TAKE NOTICE that on the 15th January, A.D., 2019 the following Order was granted to the Plaintiff upon application by Originating Summons and Affidavit both filed on the 22nd day of November 2017 before the Honorable Mr. Justice Gregory Hilton.

IT IS HEREBY ORDERED: 1. That the Defendants do deliver up to the Plaintiff vacant possession of the property comprised in a Mortgage dated the 21st day of February 1997, made between Wellington David Rahming and Patricia Ann Rahming of the one part and The Bank of Nova Scotia of the other part and recorded in the Registry of Records in the City of Nassau in the said Island of New Providence in Volume 6897 at pages 176 to 195 being ALL THAT piece parcel or lot of land situate in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas known as “Elizabeth Estates East Subdivision” (hereinafter called “the Subdivision”) and being Lot Number Five Hundred and Thirty-two (532) in the said Subdivision which said piece parcel or lot of land has such position boundaries shape marks and dimensions as are shown on the diagram or plan attached to an Indenture of Conveyance dated the 29th day of November, A.D., 1986 (hereinafter referred to as “the said Conveyance) made between the Minister of National Insurance of the one part and the Defendants of the other part and recorded in the Registry of Records in Volume 4655 at pages 147 to 157A and is delineated on that part which is colored PINK on the diagram or plan TOGETHER WITH the right of way granted in AND SUBJECT TO the restrictions conditions and stipulations contained in an Indenture of Conveyance dated the 29th day of November, A.D., 1986 made between Minister of Housing and National Insurance of the one part and Wellington Rahming and Patricia Rahming of the other part and recorded in the Registry of Records in Volume 4655 at pages 147 to 157A by Friday, 15th March, 2019; and 2. That the Plaintiff be at liberty to enter Judgment against the Defendants for the sum of $93,899.81 at the rate of 6.5% as at the 15th day of January, 2019 and thereafter at the statutory rate of 6.25% from the date of Judgment until paid in full; and 3. That the Defendants do pay the Plaintiff’s costs of this action to be taxed if not agreed.

AND FURTHER TAKE NOTICE that on the 6th day of June, A.D., 2018 His Lordship Mr. Justice Gregory Hilton, Justice of the Supreme Court, ordered that service on the Second Defendant was to be by way of advertisement in the local newspapers namely, The Tribune and The Nassau Guardian each being one week apart.

Issued the 6th day of February A.D., 2019

MITRE COURT Chambers Suite 227, 2nd Floor, Island Lane Building Olde Towne, Sandyport West Bay Street Nassau, The Bahamas Attorneys for the Plaintiff SSS-2091-229

PAGE 14, Thursday, March 28, 2019

THE TRIBUNE

Facebook extends ban on hate speech to ‘white nationalists’ SAN FRANCISCO Associated Press FACEBOOK is extending its ban on hate speech to prohibit the promotion and support of white nationalism and white separatism.

The company previously allowed such material even though it has long banned

white supremacists. The social network said yesterday that it didn’t apply the ban previously to expressions of white nationalism because it linked such expressions with broader concepts of nationalism and separatism — such as American pride or Basque separatism (which are still allowed).

But civil rights groups

and academics called this view “misguided” and have long pressured the company to change its stance. Facebook said it concluded after months of “conversations” with them that white nationalism and separatism cannot be meaningfully separated from white supremacy and organised hate groups.

Critics have “raised these

issues to the highest levels at Facebook (and held) a number of working meetings with their staff as we’ve tried to get them to the right place,” said Kristen Clarke, president and executive director of the Lawyers’ Committee for Civil Rights Under Law, a Washington, DC-based legal advocacy group.

LEGAL NOTICE

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UNDERWATER MANPOWER SOCIETY LTD.

PERINA INVESTMENTS LTD.

Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 4th day of March, 2019.

Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 18th day of March, 2019.

RODRIGO KHOURI DUARTE

AMICORP BAHAMAS MANAGEMENT LIMITED

LIQUIDATOR Of UNDERWATER MANPOWER SOCIETY LTD.

LIQUIDATOR Of PERINA INVESTMENTS LTD.

“This is long overdue as the country continues to deal with the grip of hate and the increase in violent white supremacy,” she said. “We need the tech sector to do its part to combat these efforts.”

Though Facebook Inc. said it has been working on the change for three months, it comes less than two weeks after Facebook received widespread criticism after the suspect in shootings at two New Zealand mosques that killed 50 people was able to broadcast the massacre on live video on Facebook. Also yesterday, a man convicted on state murder charges in a deadly car attack at a white nationalist rally in Charlottesville, Virginia, pleaded guilty to federal hate crime charges. The bloodshed in 2017 prompted tech companies to take a firmer stand against accounts used to promote hate and violence.

But apparently not enough. Now, Facebook is trying to do more. As part of yesterday’s change, people who search for terms associated with white supremacy on Facebook will be directed to a group called Life After Hate, which was founded by former extremists who want to help people leave the violent far-right.

Clarke called the idea that white supremacism is different than white nationalism or white separatism a misguided “distinction without a difference”.

She said the New Zealand attack was a “powerful reminder about why we need the tech sector to do more to stamp out the conduct and activity of violent white supremacists”.

Rashad Robinson, the president of Color of Change, says the racial justice group warned Facebook to the growing dangers of

white nationalists on its platform years ago and that he was glad to see yesterday’s announcement.

“Facebook’s update should move Twitter, YouTube, and Amazon to act urgently to stem the growth of white nationalist ideologies, which find space on platforms to spread the violent ideas and rhetoric that inspired the tragic attacks witnessed in Charlottesville, Pittsburgh, and now Christchurch,” he said.

Twitter does not currently ban white nationalists or white separatists, though its hateful conduct policy forbids the promotion of violence or threats against people on the basis of race, gender, religion and other protected categories. It also bans the use of “hateful images or symbols” in profile or header images. YouTube also bans hate speech and says it removes content promoting violence or hatred on the basis of these categories.

Amazon has an “offensive products” policy that does not allow the promotion or glorification of hatred, racial violence or sexual or religious intolerance. The three companies did not immediately respond to messages for comment on yesterday.

Madihha Ahussain, a special counsel for anti-Muslim bigotry at the nonprofit Muslim Advocates, said what’s needed now is more information on how Facebook will define white nationalist content — and how it will enforce its new rules.

“Now, the question is: how will Facebook interpret and enforce this new policy to prevent another tragedy like the Christchurch mosque attacks?” she said.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

MARKET REPORT WEDNESDAY, 27 MARCH 2019

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

BISX ALL SHARE INDEX: CLOSE 2,120.68 | CHG -0.05 | %CHG 0.00 | YTD 57.11 | YTD% 2.77 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.15 1.15 3.50 10.21 6.60 4.64 12.50 2.74 1.81 9.02 6.40 15.60 7.08 4.47 13.85

52WK LOW 3.50 19.17 4.90 3.34 1.00 0.19 2.10 8.80 6.10 3.54 9.75 2.30 1.50 7.25 6.10 10.10 5.85 3.01 12.51

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.20 4.24 2.03 184.51 158.55 1.61 1.74 1.69 1.12 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.55 1.68 1.63 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

LAST CLOSE 4.25 17.43 6.00 5.39 2.15 1.15 2.22 9.85 6.16 4.50 10.64 2.70 1.79 9.24 6.40 15.57 6.98 3.54 13.85

CLOSE 4.25 17.43 6.00 5.39 2.15 1.15 2.22 9.85 6.16 4.50 10.64 2.65 1.79 9.23 6.40 15.57 6.98 3.54 13.85

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

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

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

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

CLOSE 100.00

CHANGE 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

VOLUME

950

VOLUME

EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.481 0.834 0.578 0.205 0.631

DIV$ 0.130 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.060 0.060 0.084 0.240 0.500 0.200 0.090 0.600

P/E 25.4 18.7 N/M 16.7 N/M N/M -5.2 13.9 12.8 29.2 17.0 26.0 8.6 N/M 13.3 18.7 12.1 17.3 21.9

YIELD 3.06% 7.23% 0.00% 4.45% 0.00% 1.74% 0.00% 7.21% 3.57% 2.67% 5.83% 2.26% 3.35% 0.91% 3.75% 3.21% 2.87% 2.54% 4.33%

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

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

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

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

INTEREST Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.20 4.24 2.03 184.51 147.81 1.61 1.74 1.69 1.12 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.69 11.79

YTD% 12 MTH% 3.97% 3.97% 2.49% 2.49% 2.43% 2.43% 3.26% 3.26% -3.65% -3.65% 0.76% 4.39% -0.03% 2.04% 0.51% 3.65% 1.03% 3.78% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 31-Dec-2018 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Sep-2018 30-Sep-2018 30-Sep-2018

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

The public is hereby advised that I, LAMOND ISAAC JOHNSON of 26 Pear Street, Nassau, The Bahamas intend to change my name to JAY MICHAEL PHOENIX. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of this publication notice.

NOTICE

NOTICE is hereby given that YARMONY MACTAGGART BELLOWS of 21000 Hwy 6, Eagle, Colorado, 81631, P.O. Box 1885 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, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 16, Thursday, March 28, 2019

THE TRIBUNE

APPLE VS NETFLIX: WHY TURF WARS ARE FLARING IN BIG TECH

By MATT O’BRIEN Associated Press

APPLE’S ambitious leap into streaming video illustrates an escalating trend: Tech’s biggest companies, faced with limits to their growth, are encroaching on each other’s turf.

Apple is taking on Netflix by launching a subscription TV service with its own original shows. Facebook is edging into Amazon’s e-commerce sphere by enabling users to make

purchases within Instagram.

Google, which has already challenged Amazon and Microsoft in cloud computing, is launching an online game service that could undercut the lucrative game-console business at Microsoft and Sony.

Apple, which is also launching a gaming service and introducing its own credit card, may be veering the most outside its comfort zone, technology industry analyst Rob Enderle said.

“This is an awful lot of

breadth really quickly for a company that hasn’t been known for being great at breadth,” Enderle said.

“This is much more diversity than Apple’s ever had.”

Before, when the company’s product suite grew too varied, “what Steve Jobs did with Apple was, he made the company focus,” Enderle said.

These are different times, however, and Apple may have decided that it doesn’t have much choice amid declining sales of

its premier product, the iPhone.

“They have kind of bled the device market dry,” said Sally Edgar, of UK-based technology consultancy Waterstons.

“Companies will increasingly be about subscription services. I

think they have to do it to survive.”

Apple’s financial report for the last three months of 2018 — the crucial holiday season — revealed the magnitude of the iPhone slump: a 15 percent drop in revenue from the previous year.

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Tech companies, of course, have explored new markets and fought turf battles over them for years.

Facebook and Google have long scrapped over digital ads, though both face the prospect of hitting a wall and have angled for alternatives. A memo this month from Facebook CEO Mark Zuckerberg signaled a shift away from an advertising-dependent business to something more focused on private messaging and other services.

Meanwhile, Google and Amazon are battling it out over voice assistants in the home. Google and Microsoft have competing search engines. And Apple and Google have waged an epic smartphone battle for roughly a decade.

But longtime tech industry analyst Tim Bajarin sees new urgency in the latest push into streaming services and other businesses that bring in continuous flows of money — not just when consumers make big investments in new phones or other hardware.

“It’s just becoming clearer today that the only way a company is going to grow is by adding a recurring revenue model,” Bajarin said. “Apple is becoming an aggregator of content. They now have multiple services that will help them grow their bottom line.”