business@tribunemedia.net
WEDNESDAY, APRIL 4, 2018
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Gov’t to ‘get cracking’ on cruise shake-up By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
T
he Tourism Minister yesterday pledged to “get cracking” on Prince George Wharf’s overhaul, revealing that cruise ship crew spend more in St Maarten than their passengers do in Nassau. Dionisio D’Aguilar told Tribune Business that “the time has come to put pen to paper” on the transformation of Nassau’s cruise port, and its outsourcing to private sector management, with St Maarten illustrating just how much the Bahamas needs to improve.
* St Maarten’s crew spend higher than Nassau visitors * Minister: Crew must be ‘won over to Bahamas’ * Pledges to ‘put pen to paper’ on port overhaul Speaking after himself and Frankie Campbell, minister of transport, returned from a ‘fact finding’ mission to the D’AGUILAR Caribbean’s highest-yielding cruise destination, Mr D’Aguilar said the Bahamas had yet to unlock “the power of
SEE PAGE 7
CRUISE ships docked at Prince George Wharf.
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Web shops: No ‘red flag’ with us By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net WEB shops yesterday slammed claims they are open to financial abuse and responsible for the Bahamas’ recent ‘blacklisting’, G MAJOR saying: “No one can point to any red flags.” Gershan Major, the Bahamas Gaming Operators Association’s (BGOA) chief executive, told Tribune Business it was “virtually impossible” to suggest the sector represented a money laundering/ terror financing risk given the strict regulatory and
* SLAM CLAIMS RESPONSIBLE FOR ‘BLACKLISTING’ * ‘IMPOSSIBLE’ FOR SECTOR TO BE HIGH RISK * SAY ALLEGATIONS HAVE NO FACTUAL BASIS operating standards it is subjected to. The Association, which represents the Bahamas’ licensed domestic gaming operators, yesterday said it was becoming “increasingly concerned” about claims it
SEE PAGE 6
CHARGE BUNGLE ACQUITS TRIO OF FALSE DECLARATION By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A WELL-known businessman and two employees were acquitted of making a false $28,401 US currency declaration because Crown prosecutors failed to charge them with a conspiracy. This meant that allegedly “inconsistent” statements made by James Curling, principal of sand miner, Tycoon Management, and his two workers to Bahamian police and a US Customs and Border Protection Officer could not be used against them. The Court of Appeal, unveiling its rationale for
overturning Mr Curling’s prior conviction, and those of Dion Feaste and Patrick Pinder, found that the offences with which Mr Curling was charged could not be upheld “devoid of the statements” by the three. Acting Justice Milton Evans, in a verdict unanimously upheld by his two fellow Appeal justices, said the evidence also suggested there was no “sinister motive” in Mr Curling giving monies to his workers. And, with the Tycoon Management chief’s conviction and sentence quashed, the ‘abetting’ convictions imposed on Messrs Feaste and Pinder also had to fall away.
Insurance cover ‘did not pay off’ post-Matthew By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Inter-American Development Bank (IDB) has backed industry calls to eliminate VAT on property and casualty insurance, as many policies “did not pay off” following Hurricane Matthew. The bank, in its assessment of the economic damage and loss inflicted by the storm, called for action to reduce insurance costs that are among “the highest
* IDB BACKS VAT ELIMINATION CALLS * INSURANCE COSTS TOP THE REGION * BANK CALLS OUT POOR INFRASTRUCTURE UPKEEP in the Caribbean” in a bid to make private coverage more affordable for a wider cross-section of Bahamian homeowners. It added that
SEE PAGE 5
Irma to widen deficit by $44m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net HURRICANE Irmarelated reconstruction is expected to widen the 20172018 fiscal deficit by $44 million, the Inter-American Development Bank (IDB) has warned. The multilateral lending institution, in its assessment of the economic loss and damages inflicted by last September’s storm, said the main macroeconomic effects would be felt in the Government’s finances and balance of payments
* AND EXPAND TRADE BALANCE DEFICIT BY $40M * EXPORTS TO DECLINE 2% FROM MORTON IMPACT * BUT HOTEL REPAIRS TO BOOST FDI BY 5% as construction-related imports increased. “The rehabilitation and reconstruction effort is therefore expected to
SEE PAGE 3
* Tycoon chief, workers not hit with ‘conspiracy’ * Meant ‘inconsistent’ statements can’t be used The trio were previously convicted by Magistrate Samuel McKinney on July 18, 2016, for breaching the Bahamas Preclearance Agreement Act by failing to declare they possessed more than $10,000 in US currency when travelling through Lynden Pindling International Airport (LPIA) to the US on August 14, 2015. The conviction, which also included making a false declaration, was based on the prosecution’s claim that the $28,401 was distributed between the three men in
such a way that they each had less than $10,000 on them to “avoid detection”. Edward Levi, a US Customs and Border Protection Officer, testified that both Pinder and Feaste were referred to ‘secondary screening’ after revealing they were carrying $9,075 and $9,000 in US currency, respectively. “Officer Levi testified that he had further conversations with appellants Pinder and Feaste, whereby he learned that they both worked for appellant Curling, who was scheduled to
travel to Orlando, Florida that same day,” Acting Justice Evans wrote. “Officer Levi further averred that appellants Pinder and Feaste informed him that it was appellant Curling who had purchased the tickets on which they were travelling. According to Levi, one of the appellants provided him with the cellular phone contact for appellant Curling. He then made contact with appellant Curling by phone.” Mr Curling was by then in the airport’s departure lounge, and the judgment
recorded: “Officer Levi further testified that the person on the phone identified himself as James Curling, and confirmed that appellants Pinder and Feaste were his employees. “According to Levi, appellant Curling told him that he had given both appellants Pinder and Feaste $9,000 US dollars each to carry on his behalf.” Mr Curling then returned to ‘secondary screening’, where his currency declaration form was assessed. He had declared that he was not carrying $10,000 or more US dollars, and was found to only be in
SEE PAGE 5
PAGE 2, Wednesday, April 4, 2018
THE TRIBUNE
Private sector ‘can’t sit still’ on energy solutions By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE private sector has been urged to drive green energy solutions for the Bahamas, a Chamber of Commerce executive arguing: “Sitting still gets us nowhere.” Debbie Deal, head of the Chamber’s energy
and environment division, told Tribune Business that it was time for “less talk” and more action on finding solutions to the country’s energy problems. “For the last three or fours years, the only thing we have talked about is our problems and government. “That’s not the way to go,” she said.
“It doesn’t make any sense to continue talking about the problems and talking about government; we have to talk about solutions. “The government is for policies and regulation, and while it would be nice for the Government to be 100 per cent on board and work with the private sector on all of our issues and needs,
that isn’t always the case. “The whole purpose of the green initiative was to get the private sector businesses on board knowing that we could reduce our own energy cost by reducing our energy consumption.” Ms Deal, touting the success of the Chamber’s annual energy forum last month, reiterated: “Sitting still gets us nowhere. We have
to be the drivers. “The energy registry is very important. Any company which produces anything to do with the reduction of energy, we want them to sign up. “The more people we have sign up, we can show the Government that we are serious, that we have the expertise and we want to discuss policy and regulations,” she said.
BAHAMIAN students at Thompson Rivers University, where the first Vantage scholarship was provided in 2016.
NASSAU AIRPORT OPERATOR UNVEILS NEW SCHOLARSHIP VANTAGE Airport Group, which manages both Lynden Pindling International Airport (LPIA) and Greater Moncton Roméo LeBlanc International Airport, has introduced a new aviation scholarship. The Rob Robichaud Vantage Airport Group Scholarship offers $9,000 Canadian dollars to an international student to attend Mount Allison University in Moncton, New Brunswick, and enter the Bachelor of Science (Aviation) Programme. This is an undergraduate programme that pairs a degree with pilot training. “This is the second education award established by Vantage and its network airports, and we are so proud to help facilitate the educational journey for Bahamian students studying abroad,” said Vernice Walkine, Nassau Airport Development Company’s (NAD) president and chief
executive. “Aviation is an essential sector for the Bahamas, and this is an excellent opportunity for a local student to learn about this industry and experience the power of building international connections.” Vantage Airport Group is NAD’s operating partner. The scholarship is modelled after the education award established by Vantage with Thompson Rivers University (TRU) in 2016. It has been presented to two Bahamian students, and sparked interest in TRU from around the Caribbean. “On behalf of Greater Moncton Roméo LeBlanc International Airport and Vantage Airport Group, we are very excited to launch this scholarship and further invest in our community in recognition of our past CEO, Rob Robichaud,” said Bernard LeBlanc, president and chief executive of the airport.
“Through this scholarship, we are investing in our community and giving a student an opportunity for a Canadian learning experience, while strengthening connections across Vantage’s global network.” Mount Allison’s aviation programme is offered in partnership with the Moncton Flight College. The Bachelor of Science degree programme is one of only a few in Canada that allows students to earn an undergraduate degree incorporating flight and ground school training. Students focus on subjects relevant to aviation such as geography, mathematics and physics at Mount Allison; complete ground school training at the Moncton Flight College; and complete more than 200 hours of flight training. The new Rob Robichaud Vantage Airport Group Scholarship in Aviation is
named in honour of the late Edgar (Rob) Robichaud, past chief executive of the Greater Moncton Roméo LeBlanc International Airport. The scholarship is available for the first time in 2018-2019 to a full-time Bahamian student in, or entering, the Bachelor of Science (Aviation) degree programme. The scholarship will be awarded to one student per year at a value of $9,000, unless there are two equally ideal and qualified students, in which case two scholarships will be awarded at a value of $4,500 each. Applicants interested in the Rob Robichaud Vantage Airport Group Scholarship in Aviation can learn more about the programme and how to apply at www.mta.ca/apply. Applicants interested in the Vantage Airport Group International Education Award at TRU can learn more www.tru.ca/truworld.
THE TRIBUNE
Wednesday, April 4, 2018, PAGE 3
Fishers Alliance not opposed to Oban By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net MANY fishermen are not opposed to the $5.5 billion Oban Energies oil refinery and storage terminal project, the Bahamas Commercial Fishers Alliance’s (BCFA) president said yesterday. Adrian LaRoda told Tribune Business that the Bahamas should seek to extract as many long-term benefits as possible from
such investments, suggesting the organisation will not simply follow market noise on the matter. “There have been discussions about oil drilling here in the Bahamas, and now there is this deal that speaks to an oil refinery,” he said. “We have been approached by a number of environmental groups on how we feel about oil drilling and such. “While I cannot deny that there is some opposition against such activities, many fishermen have expressed
* PRESIDENT: NO DANGER IF PROPER SAFEGUARDS * EYES POTENTIAL FUEL CONCESSION BENEFITS to me that they do not oppose it. They see an industry, and if safeguards are in place there should be no real danger because these things exist in other places and this is not the first refinery we have had,” BCFA president Adrian LaRoda told Tribune Business. The $5.5 billion Oban Energies project, planned
for eastern Grand Bahama, has been at the centre of controversy in recent weeks amid concerns over its environmental impact, financing and its chief promotor’s previous legal issues. Still, Mr LaRoda said the Alliance will not simply follow the chorus of opposition. It sees the project as an opportunity to initiate
discussions on extracting greater economic benefits for other sectors. “I think we have to see what positives can be derived and look at the long-term benefits. There is the job component and, while personally I’m not sure about the 600 jobs projection, there must be other benefits,” he said.
Mr LaRoda expressed optimism that investments such as Oban Energies could open the door to talks on fuel concessions for industries such as the fisheries sector. “The industry has been advocating for years for fuel concessions. “I think these kind of developments could open the door for those discussions, and we can see what other long-term benefits can be derived to help promote local industries,” he added.
FISHERMEN EYE ‘BIGGER’ 2019 CRAWFISH SEASON By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHAMIAN fishermen are already looking towards a “bigger” 2019 crawfish season, the Bahamas Commercial Fishers Alliance’s (BCFA) president yesterday confirming this year “did not turn out as bad as expected”. “I think we did OK,” Adrian LaRoda told Tribune Business. “It’s still too early to say how the season compared to previous years, but overall, given all that we have faced, from
IRMA
FROM PAGE 1 lead to a widening of the fiscal deficit by $44 million,” the IDB report said. “Total revenue is projected to decline by 0.5 per cent [of GDP], reflecting loss of revenue from tax exemptions for citizens in the affected islands.... “Total expenditure is projected to expand by $35 million to $2.3 billion, or 22.2 per cent of GDP, in line with growth in both current and capital spending. Current spending is expected to increase by 1.2 per cent, owing to higher outlays on goods and services that is associated with the purchase of equipment, materials and supplies to aid recovery and reconstruction after the hurricane. “Capital expenditure is projected to increase by 4.5 per cent ($11 million) in 2015 to aid in the reconstruction process.” While Irma’s macroeconomic impact is relatively mild, given that it largely spared the Bahamas’ major population centres as it carved through the southern Bahamas, the IDB assessment said several restoration projects begun in the aftermath of hurricanes Joaquin and Matthew
what I’m hearing from the fishermen we did fairly well. A lot of fishermen that I spoke to said they did well. We are now looking to a bigger 2019 season. “Even with the absence of a number of operators others, particularly in the northern Bahamas where the storms had minimal effect, made up for the shortfall and made good on the season. This season didn’t turn out as bad as we expected.” The 2017-2018 crawfish season closed on April 1. The Department of Marine Resources has warned that it is an offence to have
in one’s possession, kill offer for sale or market any fresh or live crawfish between April 1 and July 31. During closed season, all crawfish traps must be stored on land and all crawfish processors, restaurant and food stores must file a report to the Department of Marine Resources stating the exact quantity of crawfish in their possession as of April 1. Processors with ambitions to export crawfish during the closed season are reminded that they must first obtain a special permit from the Department of Marine Resources.
in 2015-2016 had been impacted. “Important among these were the rehabilitation of the Queens Highway in Acklins at a cost of $16.7 million, the Crooked Island seawall and carriageway rehabilitation estimated at $6.6 million, and the construction of a seawall and road rehabilitation in Long Island ($1.07 million),” the IDB said. “It is expected that given the desire to contain the growth of debt, the Government would seek to reallocate expenditure from some projects and activities wherever feasible to contain growth in capital expenditure. However, additional spending will still be required, especially for the most affected islands.” Turning to Irma’s other impacts, the IDB analysis said: “The balance of payments current account deficit is expected to widen by roughly $40 million; from 14.4 per cent of GDP to 14.7 per cent of GDP in 2017 after Irma. “The outcome will be mainly driven by an additional increases in merchandise imports, reflecting higher imports of building materials, equipment and supplies for the reconstruction and relief efforts after the hurricane. Domestic imports are projected to
increase by an additional $20 million to $3.2 billion, while exports are expected to decline by 2 per cent to $363 million, partly reflecting lower salt exports from Inagua and other exports.” It continued: “The tourism sector did not suffer as much damage or losses as during Hurricane Matthew last year. Nevertheless, some properties on Grand Bahama, Bimini and the other islands were affected. Therefore, travel receipts are estimated to decline marginally by 0.4 per cent to $2.7 billion after Irma. “Net payments for construction services are projected to increase by around 6 per cent, reflecting the hiring of foreign contractors by some hotel and other properties to aid with the repairs and reconstruction. “The capital and financial account surplus was projected to expand by 1.8 per cent to $1.7 billion. Foreign direct investment is expected to increase by around 5 per cent to $305 million, partly reflecting increased inflows for reconstruction of some hotel and other tourism properties. Public sector long-term capital is also expected to increase marginally in line with increased borrowing for reconstruction and repairs.”
NOTICE International Business Companies Act (No. 46 of 2000)
thyssenkrupp Elevator Bahamas, LLC Registration Number: 171163 B (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) thyssenkrupp Elevator Bahamas, LLC commenced voluntary liquidation on the 29th day of March, 2018. Any person having any claim against thyssenkrupp Elevator Bahamas, LLC is required on or before the 30th day of April, 2018 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved. GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of thyssenkrupp Elevator Bahamas, LLC. GSO Corporate Services Ltd. Liquidator
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION
2015/CLE/gen/01341
IN THE MATTER OF Property comprised in a Mortgage dated the 29th day of November A.D., 2001 between Kerrington Knowles and Danella Nixon to Bar clays Finance Corporation (Bahamas) Limited recorded in Book 8387 at pages 519 to 538 at the Registry of Records in the City of Nassau in the Island of New Providence. AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the Rules of the Supreme Court 1978. BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED Plaintiff AND KERRINGTON KNOWLES First Defendant AND DANELLA NIXON Second Defendant NOTICE TO: KERRINGTON KNOWLES and DANELLA NIXON TAKE NOTICE that an action has been commenced against KERRINGTON KNOWLES and DANELLA NIXON in the Supreme Court, Common Law and Equity Division, Action No. 2015/CLE/gen/01341 in which the Plaintiff, FirstCaribbean International Bank (Bahamas) Limited, has issued an Originating Summons filed on 27th day of August, A.D. 2015 and renewed on the 23rd day of August, 2017, seeking the following orders:(i) (ii) (iii) (iv)
Delivery up of possession of ALL THAT piece parcel or lot of land being Lot Number 38 Chippingham Subdivision situate in the Western District of the Island of New Providence, The Bahamas; The said Mortgage be enforced by sale; Further and other relief; Costs.
TAKE FURTHER NOTICE that it was ordered on the 23rd day of August, A.D. 2017 by Deputy Registrar Mrs. Camille Gomez-Darville of the Supreme Court that the service of the aforesaid ORIGINATING SUMMONS (and the aforesaid Affidavit in support) in the said action be effected on you by way of this advertisement. PLEASE TAKE FURTHER NOTICE that the said ORIGINATING SUMMONS (and the aforesaid Affidavit in support) filed on the 27th day of August, A.D. 2015 and renewed on the 23rd day of August, A.D. 2017 can be collected from the Chambers of the Plaintiff ’s Counsel as set out below. AND FURTHER TAKE NOTICE that you must attend the hearing set before His Lordship Justice Gregory Hilton on Wednesday, the 11th day of April, A.D. 2018 at 9:30 a.m. otherwise Judgment may be entered against you without further notice. DATED this 6th day of March, A.D., 2018 HALSBURY CHAMBERS VILLAGE ROAD NORTH P.O. BOX SS-19050, SUITE #548 HALSBURY COMMERCIAL CENTRE NASSAU, THE BAHAMAS ATTORNEYS FOR THE PLAINTIFF
PAGE 4, Wednesday, April 4, 2018
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Wednesday, April 4, 2018, PAGE 5
Insurance cover ‘did not pay off’ post-Matthew FROM PAGE 1 the Bahamas suffered from underinsurance and “low insurance penetration”, a problem underscored last year by the International Monetary Fund (IMF), which estimated that 60 per cent of Bahamian households - six out of every 10 - lack hurricane coverage either completely or partially. “Areas damaged by Hurricane Matthew had higher rates of insurance coverage than those damaged by Hurricane Joaquin,” the IDB report said. “However, in many cases, even if a building was covered by insurance, deductibles were so high that policies did not pay off, causing homeowners and institutions to absorb all of the financial shock associated with repairs. “In general, insurance in the country has two problems: Low insurance penetration and underinsurance. One measure to help relieve this problem would be the elimination of the Value-Added Tax (VAT) on insurance policies. “Insurance rates in the Bahamas are the highest of
the Caribbean countries; a typical policy has an annual cost of 1 per cent of covered value, with a 2 per cent deductible. To encourage acquisition of insurance by the private sector, the Government could consider eliminating the VAT on insurance.” This will likely be music to the ears of many in the Bahamian property and casualty industry, who have been intensifying calls for the Government to eliminate the 7.5 per cent levy on such premiums - especially given reinsurance-driven rate increases post-Irma and Maria, which are threatening to put coverage beyond the reach of even more households. Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business earlier this year that the Government and industry needed to have “a mature discussion” that dealt with all issues surrounding VAT “once and for all”, with insurance ‘affordability’ just one part of such a discussion. The Bahamas is one of very few nations to levy VAT on property and casualty premiums, given that it is difficult to determine
exactly where the ‘value has been added’ in the production chain. But this means that insurers are able to ‘net off’ the VAT paid on their inputs against the 7.5 per cent levy collected from their customers, but also requires that they obtain tax refunds on claims that are paid out. K P Turnquest, Deputy Prime Minister, acknowledged that the Government and taxpayers will be stuck with an ever-increasing repair bill should catastrophe coverage be priced out of reach of more Bahamians. Yet he argued that the Government needed to balance this with the revenue lost if VAT was removed from property and casualty premiums. “This is an issue that we have been concerned about even before the election, and one that is of great concern to many Bahamians,” Mr Turnquest told Tribune Business in January this year. “We don’t have to go through the issues that are put on the Government, or the burden put on the Government, as a result of the increasing number of residents that are not insured
or under-insured because of the cost of coverage today.” The IDB report, meanwhile, called for the Bahamas to further study the acquisition of insurance for public infrastructure assets, as it blamed “lessthan-optimal maintenance standards” for the destruction Matthew inflicted in this sector - especially on electricity networks. “The purchase of insurance for public sector infrastructure should be further studied,” it urged. “The Bahamas is a country very exposed to natural hazards, and the resulting disasters have significant effects on public infrastructure. Financial protection should be established starting with new public works. “For this, it is important to conduct negotiations with private insurance companies to include costs that the Government would incur when buying this service. This policy is followed in other countries, such as Ecuador, where the purchase of insurance for public infrastructure is mandatory.” Turning to the utilities, the IDB report said electricity transmission and
Charge bungle acquits trio of false declaration FROM PAGE 1 possession of $9,326. “According to Levi, he was not satisfied with the answers provided by the men so he seized the currency totaling $28,401 for failure to report, and then turned the currency along with the men over to the Bahamian police for further investigations,” Acting Justice Evans wrote. During interviews with Detective Corporal Donald Rolle, which led to the trio being charged, Mr Curling said the other two were employed by Tycoon Management. While he had given Pinder monies for his own personal use, he denied doing the same for Feaste. Both employees denied a conspiracy with their boss “to elude US Customs officials”, with Pinder disclosing the monies received from Mr Curling were for personal use in purchasing vehicle parts. Feaste said the funds he was carrying represented savings for personal shopping. Wayne Munroe QC, representing the trio before the Court of Appeal, argued that the fact Mr Curling and his employees were headed to different destinations - the former to Orlando, and the latter duo to Fort Lauderdale - did not suggest a conspiracy where they would all meet up and return the funds to the Tycoon Management boss. “Counsel [Mr Munroe] submitted that as the appellants were not charged with conspiracy, nothing the individual appellants said could be used against the others,” Acting Justice Evans noted. “Flowing from that there was nothing incriminating in any of the statements made by the appellants, either to the Customs Official or the Bahamian police. “Each appellant, he says, declared what funds they each had in their possession and the Crown has not been able to show that their evidence as to the source of the funds and the reasons for carrying the same was false.” Mr Munroe also argued that there was nothing to
prevent someone giving funds to others to carry on their behalf. He added that this only required completion of a FinCEN 105 form, a US mandate that requires travellers to declare currency and other monetary instruments they are carrying, but there was no offence in law for failing to do this. Vernal Collie, for the Attorney General’s Office, argued that the statements by Pinder and Feaste were “inconsistent” with Mr Curling’s admission that he had given them funds to carry on his behalf. And, as a result, he insisted the Tycoon Management chief had made a false declaration. In overturning the convictions and sentences, the Court of Appeal backed Mr Munroe’s argument. “It appears that the case for the prosecution was based on suspicions formed after
speaking with the three appellants,” Acting Justice Evans found. “However, in bringing the various charges against appellant Curling and the others the prosecution failed to lay a charge of a conspiracy against them. Under the rules of evidence, the out-ofcourt statements made by the individual appellants could not properly be used against the others, but in this case that is clearly what the magistrate did. “The officer’s suspicion as to the falsity of appellant Curling’s declarations to all three appellants being concerned together in his making it was based on the fact that he claimed to have received inconsistent answers from the appellants. The magistrate fell into the same trap by seeking to determine the veracity of the individual’s statements made by
comparing it to those made by the other appellants.” With the statements effectively inadmissible, the Court of Appeal added: “Even if he [Curling] gave money to appellants Pinder and Feaste, his declarations were factually correct. In the absence of a conspiracy charge, his admission could not carry the matter any further. “Appellants Pinder and Feaste on the evidence were travelling to Fort Lauderdale, whereas appellant Curling was travelling to Orlando on a different flight. It was only natural, then, that each of them would fill out a separate declaration form. “It also stands to reason that if appellant Curling had a sinister motive in giving the funds to the employees, it’s not likely he would have been so quick to confirm that he had given the funds to them to carry.”
PUBLIC NOTICE To the Attention of:
Pharmacist Torah Strachan Please TAKE NOTICE that the Disciplinary Committee of the Bahamas Pharmacy Council has set the hearing date for April 23rd, 2018 at 10:00 am in the offices of The Bahamas Pharmacy Council (BPC) located on Augusta & Virginia Streets, Nassau, The Bahamas. The purpose of the hearing is to address the nature of the complaint made on October 2nd, 2017 by Mr. Delton Bain of Doc’s Pharmacy. You are required to bring any documents and witnesses to the hearing. Please note that you are required to attend the hearing and any failure on your part to attend may result in the Committee deciding to proceed to hear the complaint in your absence. Dated 14th March, 2018 Issued by the Disciplinary Committee of the Bahamas Pharmacy Council
VACANCY (for an) ACCOUNTING ASSISTANT
ESTATE OF ANTHONY CHRISTOPHER COLLINS, SR. late of Retirement Road, Nassau, Bahamas, deceased
FREDERIK F. GOTTLIEB & CO. Attorneys for the Executor P.O. Box AB-20405 Royal Harbour Village #2 Bay Street, Marsh Harbour Abaco, The Bahamas
than on a per-operator per pole basis. “There is also a need to review charges paid by the Government for public-sector uses of this infrastructure.” The IDB also called for the creation of a ‘Hurricane Fund’ to assist power company restoration efforts post-hurricane. “Such a fund would be established under supervision of the regulator, and paid for through a surcharge on electricity bills,” the report suggested. “Payments into this fund would continue until such time as the fund reaches a certain threshold – say $15 million – at which time the funds would be set aside to gain interest through managed investments. “In the event of disaster that will require a costly expenditure for recovery, power utilities could petition the regulator for release of these funds to defray their expenses. In effect, this would provide power companies with an insurance policy against damage to the distribution infrastructure, with coverage financed by the utility’s own customers.”
NOTICE
NOTICE
NOTICE is hereby given that all persons having any claim or demand against or interest in the above Estate should send same duly certified in writing to the undersigned on or before 15th May, 2018 after which date the Executor will proceed to distribute the assets of the Estate having regard only to the claims, demands or interests of which he shall then have had notice AND NOTICE is hereby given that all persons indebted to the above Estate are requested to make full settlement on or before 15th May, 2018.
distribution networks were typically not covered by insurance because the risk of hurricane damage and associated repair costs were considered so excessive. “Lack of insurance on this infrastructure also means a lack of pressure from insurance inspectors that would help assure high standards of maintenance, particularly in tree trimming and in replacing old or obsolete poles,” the report added. “During Hurricane Matthew, less-than-optimal maintenance standards contributed to much of the service failure of this infrastructure. “Broader cost sharing between pole owners (electricity utilities) and pole tenants (telecommunications companies) would help to fund better utility pole and right-of-way maintenance, thus reducing overall risk not only to these parties but also to those who rely on them. “The utilities regulator should consider whether it would be appropriate for telecommunications operators to be charged for their tenancy on a per-attachment per-pole basis, rather
Applications are invited from suitably-qualified applicants for the position of Accounting Assistant. Applicants must possess the following qualifications: •
• • •
Bachelor’s Degree in Accounting OR; an Associates of Arts Degree, with a minimum of two (2) years experience as a Trainee Accountant OR; two (2) subjects at the BGCSE level, and, at least, six (6) years’ experience as a Senior Accounts Clerk; Excellent organizational skills; Excellent communication skills (oral and written); analytical and conceptualized thinking skills; excellent interpersonal skills; Excellent computer skills,(proficiency in Excel required);
The Accounting Assistant will report to the Financial Controller. SUMMARY OF DUTIES: 1. 2. 3. 4. 5. 6. 7. 8. 9.
Prepares payment of invoices; Assists with the preparation of the monthly reports; Assists with the monthly reconciliations; Liaises with departments on outstanding invoices for payment; Responds to suppliers’ queries; Assists with budget preparation; Assists with the issuance of cheques; Assists with the maintenance of company records; Maintains Accounting files.
Letter of application and curricula vitae should be submitted to: The General Manager; P.O. Box N-1986, Nassau, Bahamas; to be received NO LATER THAN Friday, April 20th, 2018. Please note that only short-listed applicants will be contacted for interviews.
PAGE 6, Wednesday, April 4, 2018
THE TRIBUNE
Web shops: No ‘red flag’ with us FROM PAGE 1 was responsible for the European Union’s (EU) March 9 decision to brand this nation ‘non-cooperative’ in the fight against tax avoidance. Mr Major emphasised that the rationale for this ‘blacklisting’, which is based on ‘economic substance’ and ‘ring fencing’, was effectively a different world from that inhabited by a domestic gaming industry which creates no tax-related concerns for the EU’s 28 member states. And he also reiterated the sector’s compliance with strict regulatory conditions in response to a recent US State Department report, which identified “gaming” as a popular money laundering mechanism in the Bahamas. The annual US International Narcotics Control Strategy Report (INCSR) did not distinguish between whether it was referring to casino or web shop-based gaming, or both, thus allowing a
negative perception to hang over both sectors even though no specific evidence was produced to back up the allegations. “We are very concerned given that a lot of the comments and overtures are not based on fact at all,” Mr Major told Tribune Business. “If one was to take their time and recognise the tremendous amount of oversight by the Gaming Board, and what the industry is complying with, they would realise it would be virtually impossible to have such concerns regarding anti-money laundering and terrorism financing issues.” Praising the Gaming Board for “doing a fantastic job”, Mr Major said the regulator had access to web shop servers; is able to carry out daily monitoring of gaming activities through its inspectors’ presence at the industry’s locations; and received regular Suspicious Transactions Reports (STRs) from operators. “The level of oversight by regulators is quite
significant, and the level of compliance and standards adhered to by operators is significantly high,” the Association’s chief executive reiterated. “I think the actual business and industry itself has been operating in accordance with its required regulations since it was regularised in 2014. The Association recognises that approved operators, and I emphasise the word ‘approved’, are doing their part to ensure they operate in a world-class manner, complying with audit and regulatory requirements. “We have had no issues, nothing has been raised, and there are no red flags anyone can point to with regard to the industry operating in accordance with its regulatory requirements. Absolutely none.” The Association and its members are thus pushing back hard against those seeking to blame the industry for the Bahamas’ recent regulatory woes, with Mr Major questioning why so few were failing to check
NOTICE
the facts before speaking out. Still, the US State Department’s INCSR report described the web shop sector as “flourishing”, and called on the Bahamas to enforce the “full implementation of appropriate safeguards” on the gaming industry. “Money is laundered through the purchase of property, businesses created for money laundering purposes, and gaming,” the report said. “The Bahamas has three large casinos, including the Caribbean’s largest casino (the $3.5 billion Chinese Export-Import Bank-funded Baha Mar mega resort) which partially opened in April 2017. Gaming operations based on US lottery results, locally known as ‘web shops’, flourish.” No evidence was supplied to support the US government’s assertion about the gaming industry’s abuse by money launderers, and the report acknowledged the strict regulatory
NOTICE
(In Voluntary Liquidation)
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 29th, day of March 2018. The Liquidator is Dillon Dean of Nassau Bahamas.
YANWORTH LIMITED In Voluntary liquidation
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). YANWORTH LIMITED, is in Dissolution.” The date of commencement of dissolution is the 28th day of March, 2018.
MARKET REPORT TUESDAY, 3 APRIL 2018
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,962.00 | CHG -0.11 | %CHG -0.01 | YTD -101.57 | YTD% -4.92 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.30 5.30 11.50 2.59 1.56 9.25 6.10 10.55 9.00 13.67 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 6.00 8.78 5.67 3.35 12.01 10.00
1050.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01
1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00
52WK LOW 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.13 4.14 1.99 178.69 153.40 1.54 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.60 8.80 6.10 3.94 10.07 2.91 1.50 7.74 6.10 10.44 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 3.94 10.07 2.67 1.50 7.86 6.10 10.44 6.43 4.47 12.51 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.24 0.00 0.12 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 100.00
CLOSE 100.00 100.00
CHANGE 0.00 0.00
109.54 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.05 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
109.49 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Royal Fidelity Int'l Fund - High Yield Fund Strategies Fund
VOLUME 3,384
VOLUME
EPS$ 0.475 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.583 0.171 0.631 0.102 0.330 0.000 1.129 0.743 0.832 0.293 0.543 0.000
DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.690 0.060 0.050 0.084 0.300 0.500 0.150 0.120 0.570 0.000
P/E 8.9 18.7 N/M 11.9 N/M N/M -2.5 13.8 10.5 23.0 16.0 26.2 4.5 N/M 5.4 14.1 7.7 15.3 23.0 0.0
YIELD 1.89% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.64% 3.61% 3.05% 6.85% 2.25% 3.33% 1.07% 4.92% 4.79% 2.33% 2.68% 4.56% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 6.00% Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
NAV 2.13 4.12 1.99 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21
YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
4 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
NOTICE is hereby given that GENETTE SAINTVIL of Ridgeland Park, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 28th 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 WILNER DIEUIVEUIL of Bacardi Rd., New Providence,Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
ROCKWELL LTD. of #25 Mason Complex Stoney Ground, P.O. Box 193 The Valley, British Anguilla Liquidator
Dillon Dean (Liquidator)
reputation, by allowing its accounts to be used for money transfer purposes. He argued that the industry was not verifying the source of customers’ funds, but the web shops hit back by arguing they had implemented stricter anti-money laundering (AML) regulations and standards than ‘mainstream’ financial services providers. Island Luck, recognised as the market leader, moved to close down accounts not being used for gaming purposes. Mr Major, meanwhile, said he had “no idea” why some observers were blaming the web shop industry for the Bahamas’ EU ‘blacklisting’ when there was not even the remotest link between the two. He added that all Government ministers addressing the issue had confirmed it related to tax matters, especially the issue of ‘economic substance’ and physical presence, and the Bahamas’ failure to satisfactorily address the EU’s concerns in a manner the latter deemed satisfactory.
NOTICE
Legal Notice
Tsedaka Inc.
requirements imposed on both hotel casinos and web shops to counter such crimes. “Casinos and web shops are licensed by the Gaming Board, and are required to maintain strict internal controls and accounting, comply with AML/CFT (anti-money laundering/ counter terror financing) requirements, and submit STRs (suspicious transactions reports),” the US government report said. “Geo-fencing protections built into gaming software ensure online gaming activities are inaccessible outside the country. The Gaming Board vets all online gaming platforms (software) and retains the ability to log into the programs remotely to observe operations in real time.” Dionisio D’Aguilar, the Cabinet minister responsible for gaming, generated significant controversy and web shop ‘push back’ last year when he suggested the industry was vulnerable to money laundering, and could damage the Bahamas’
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
NOTICE
NOTICE is hereby given that SHIRLEY DORSETT of #93 Gambier Drive, Freeport, Grand Bahama,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 4th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that, THE SENSO PTC LTD is in dissolution and that the date of commencement of the dissolution is the 26th day of March A. D. 2018
Enervo Administration Limited, LIQUIDATOR Montague Sterling Centre, East Bay Street Nassau, The Bahamas, P.O.Box N-3924
NOTICE
Nartex Inc.
(In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 29th, day of March 2018. The Liquidator is Dillon Dean of Nassau Bahamas.
Dillon Dean (Liquidator)
THE TRIBUNE
Wednesday, April 4, 2018, PAGE 7
Gov’t to ‘get cracking’ on cruise shake-up FROM PAGE 1 cruise ship crew” to influence passenger perceptions of this destination. Revealing that the ministerial duo visited St Maarten at the suggestion of cruise line executives, a number of whom accompanied them on the trip, the Minister of Tourism said he was constantly told that ships’ crews can help ‘make or break’ a destination. Agreeing that crew, especially those involved with promoting the different Caribbean destinations, needed to be “sold on the Bahamas” and “won over to our side”, Mr D’Aguilar said the fact cruise personnel spend more per capita in St Maarten than their customers do in Nassau showed the extent of the task facing this nation. “One thing they’ve [St Maarten] targeted, which we don’t seem to be able to tap into at all, is the crew on these ships,” he told Tribune Business. “A comment by one of the cruise line executives was their crew spend more in St Maarten per capita than our cruise passengers spend per capita in Nassau. “We don’t tap into, recognise the crew as an important segment. The cruise executives emphasised constantly that if their crew enjoy and like a destination, and talk that to the passengers, that helps your destination. If the crew don’t like the your destination, or do not find it reasonable in terms of expenditure and things to do, they talk down your destination.” Previous reports by the Florida-Caribbean Cruise Association (FCCA), which represents the major cruise lines that call on the Bahamas, described crew perceptions of this nation as ‘been there, seen it,
done it’, meaning that they find little new or exciting to do when voyage itineraries take them to Nassau. The impact this has in depressing visitor spending was disclosed in the last Caribbean cruise economic impact assessment, which revealed that St Maarten’s per passenger yield of $191.26 is almost three times’ greater than the Bahamas’ $64 average. Data published by the Central Bank shows that despite a 23.7 per cent increase in cruise passenger arrivals from 2010 to 2016, rising from 3.8 million to 4.7 million per annum, total spending has remained stubbornly at $300 million. This is because per passenger spending yields have fallen from $78 to $64 over the same period, a drop of 18 per cent. Mr D’Aguilar has targeted an increase in spending yields as a priority, and yesterday said it was critical for the Bahamas to win over onboard marketing directors who inform cruise passenger about the activities available in each Caribbean destination. “While we hear these complaints all the time that passengers are informed the Bahamas is not safe, don’t take too much money with you and that it’s not an interesting destination,” he told Tribune Business. “The cruise lines say it doesn’t happen, but we have to focus on the cruise ship directors on every ship, and make sure we develop a relationship with them. We have to drill down to a granular level to these individuals to find out what their concerns are and sell them on the Bahamas. “It’s very important that persons on the ship interacting with the passengers; it’s very important to have them on side. It seems as if the crew on these
ships like St Maarten as a destination.” Mr D’Aguilar said he had identified “a number of issues” that make St Maarten the region’s highest per capita cruise spending destination, including a pleasant shopping environment where passengers were not hassled or bothered by vendors, hawkers and others to make purchases. Suggesting that the Bahamas’ Caribbean rival had created a seamless experience and flow of passengers between destination and cruise port, Mr D’Aguilar suggested this nation needed to examine its tax structure for shopping - including duty-free retailing - and the provision of a quality beach near Prince George Wharf. “We need to look at what tourists buy and how we can affect our tax structure to allow them to spend more,” he told Tribune Business. “In St Maarten, they do a lot of electronics sales. There’s the perfume and jewellery, and they have no duty on clothes. “Persons come from far and wide in the southern Caribbean to buy clothes because it’s inexpensive. Another takeaway is the wonderful set-up they have that allows people to shop and stroll at their own pace in an environment where there aren’t people bothering you to buy this and buy that.” Mr D’Aguilar said research showed that 70 per cent of cruise passengers on Caribbean voyages were seeking a beach experience, meaning that the Bahamas needed to offer a suitable destination in close proximity to Nassau’s cruise port. He suggested that Junkanoo Beach, stretching all the way to Arawak Cay, needed to be improved, but added that upgrading the experience will
come second to sorting out Prince George Wharf as the main cruise gateway to the Bahamas. While the Government’s plan to adopt the ‘NAD model’, and outsource the port’s management to the private sector, has not altered, Mr D’Aguilar said it has yet to determine the best structure for doing so. Arawak Port Development Company (APD), the BISX-listed Nassau Container Port operator, and its prospective joint venture partner, Global Port Holdings, the world’s largest cruise port manager, have made no secret of their desire to bid, but the Minister yesterday indicated no release of a formal Request for Proposal (RFP) tender is imminent. “This is something we urgently want to do, get
fixed and get cracking on,” Mr D’Aguilar told Tribune Business. “This is one of the projects we want to work on. We’re at the stage of having done the research, and now have to put pen to paper on the way forward. “We’re still in the preliminary stages, and trying to ascertain what the best strategy is to manage the port. “We’re not at that point where we can make any comment; it’s still in the development stages. We haven’t come to a definite way forward, how we structure it in the best interests of the country. “Whatever deal we strike has to be in the best interests of the country and the destination. We have to get the balance right. It’ll be done in short order.”
Mr D’Aguilar said the Government was assessing various public-private partnership (PPP) and management models to determine which was most suitable, pointing to the ‘10 per cent Internal Rate of Return’ minimum that was embedded in APD’s set-up as one example. “It was very clever,” he added of APD. “You’re giving someone a monopoly to run an asset of the state, but you do not want them to realise abnormal returns. “Those are the things we’re looking at, and what works here to get the investment we need, attract the capital, but ensure we remain a reasonably priced destination. We want the private sector to run it because that seems to have been successful.”
Public Notice
The Bahamas Pharmacy Council (BPC) Pharmacist Registration Examination (PRE)
The Bahamas Pharmacy Council wishes to advise all prospective applicants for registration as pharmacists under the provisions of the Pharmacy Act that with effect from the 30th June, 2018 the Council shall require all applicants to take the Pharmacist Registration Examination (PRE). The examination shall include testing of the core competencies for pharmacy practice in the following areas: Foundations in Pharmacy Practice, Pharmacy Law and Ethics and an Objective Structured Clinical Examination (OSCE). The Council has set the following dates in 2018 for the sitting of the examination: EXAMINATION DATES JUNE 21ST, 22ND, & 23RD SEPTEMBER 20TH, 21ST, & 22ND DECEMBER 13TH, 14TH, & 15TH
APPLICATION DEADLINE MAY 11TH AUGUST 10TH NOVEMBER 9TH
PAGE 8, Wednesday, April 4, 2018
THE TRIBUNE
INTERNATIONAL BUSINESS HIGHLIGHTS By The Associated Press Spotify wins more fans in stock market debut as shares surge SAN FRANCISCO (AP) — Spotify’s opening act on Wall Street struck a chord with investors betting the unprofitable company’s trend-setting music streaming service will maintain its early lead over Apple and other powerful challengers. After several hours of anticipation Tuesday, Spotify’s shares traded as high as $169 in their stock market debut before falling back. The stock closed at $149.01, minting Spotify with a market value of about $27 billion, one of the best-ever debuts by a tech company.
IN this file photo, Spotify CEO Daniel Ek arrives at the PreGrammy Gala & Salute to Industry Icons with Clive Davis honouring Richard Branson, in Beverly Hills, California. (AP Photo/Vince Bucci)
Stocks jump late, clawing back ground lost on trade fears NEW YORK (AP) — U.S. stocks jump in a late rally as banks and retailers recover some of their steep losses from a day earlier. GM and Ford finish solidly higher. CBS rises and Viacom falls on reports CBS will offer to buy Viacom, but that its bid will be for less than the company’s current market value. Microsoft and Apple climb, as does Amazon. Woman opens fire at YouTube, 4 wounded and shooter dead SAN BRUNO, Calif (AP) — Police say a woman opened fire at YouTube headquarters and wounded four people. Officials say the unidentified woman died of a self-inflicted gunshot. San Francisco General hospital says it was treating three patients. One is in critical condition and another patient is in serious condition. Police and federal agents swarmed YouTube’s headquarters in San Bruno after the shooting was reported.
A TRADING post sports the Spotify logo on the floor of the New York Stock Exchange yesterday. Spotify, the No. 1 music streaming service which has drawn comparisons to Netflix, is about to find out how it plays on the stock market in an unusual IPO. (AP Photo/Richard Drew) Sky News could be sold to Disney under new plan LONDON (AP) — Sky News could be sold to Walt Disney or completely ringfenced in concessions put forward Tuesday by Rupert Murdoch’s 21st Century Fox as it seeks to bolster its chances of taking full control of the U.K. satellite broadcaster Sky. The proposals are aimed at easing some of the regulatory concerns over the extent of Murdoch’s influence on British media if his 21st Century Fox is cleared to buy the 61 per cent of Sky it doesn’t already own for 11.7 billion pounds ($16.4 billion). Tesla raises production but falls short of Model 3 goals DETROIT (AP) — Electric car maker Tesla Inc. increased production of its Model 3 mass-market car in the first quarter but still
fell far short of the numbers it promised last summer. The Palo Alto, California, company says it made just under 9,800 Model 3s from January through March. Williams picked as next president of New York Fed WASHINGTON (AP) — John Williams, currently head of the Federal Reserve’s regional bank in San Francisco, has been selected to be the next president of the Fed’s New York regional bank. The New York job is considered the most influential position among the central bank’s 12 regional banks. EPA chief draws Trump praise — and ire WASHINGTON (AP) — President Donald Trump has offered a measured gesture of support for the embattled head of the Environmental Protect Agency. But those words
of encouragement for Scott Pruitt also came with a White House warning about the ethical questions surrounding his travel spending and ties to Washington lobbyists. And on Tuesday, a Republican in the House said Pruitt should quit or be fired. Argentine drought hits farmers hard, undermining economy PERGAMINO, Argentina (AP) — A harsh drought in Argentina that began in November is causing big losses, reduced expectations of economic growth and growing concerns among farmers, government officials and experts in the world’s thirdlargest exporter of soybean and corn. Farming is the Argentine economy’s main engine, and what is expected to be the poorest harvest in at least a decade has already cut growth
forecasts by up to a percentage point. Midlife ‘wealth shock’ may lead to death, study suggests A new study says middle-aged Americans who experienced a sudden large economic blow were more likely to die than those who didn’t. The study was published Tuesday in the Journal of the American Medical Association. It looks at what the researchers called a “wealth shock.” Overall, wealth shock was tied with a 50 per cent greater risk of dying, although the study couldn’t prove a cause-and-effect connection. Auto sales up 6.3 per cent in March as SUV, pickups dominate DETROIT (AP) — U.S. auto sales grew 6.3 per cent in March on rising sales of SUVs and pickup trucks.
Automakers sold more than 1.6 million vehicles for the month as buyers came out of hibernation after a cold, snowy winter in much of the country Truck and SUV sales rose 16.3 per cent while car sales plunged 9.2 per cent, according to Autodata Corp. Nearly two-thirds of all vehicles sold were trucks or SUVs. ___ The Standard & Poor’s 500 index rose 32.57 points, or 1.3 per cent, to 2,614.45. The Dow Jones industrial average rose 389.17 points, or 1.6 per cent, to 24,033.36. The Nasdaq composite climbed 71.16 points, or one per cent, to 6,941.28. The Russell 2000 index of smaller-company stocks added 19.62 points, or 1.3 per cent, to 1,512.15. A barrel of U.S. crude gained 50 cents to $63.51 in New York while Brent crude, used to price international oils, rose 48 cents to $68.12 a barrel in London. Wholesale gasoline added 1 cent to $1.97 a gallon and heating oil rose 1 cent to $2 a gallon. Natural gas picked up 1 cent to $2.70 per 1,000 cubic feet.