05012018 business

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TUESDAY, MAY 1, 2018

$4.40

$4.63

CCA slams ‘implausible’ $2.25bn Sarkis lawsuit

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

B

AHA MAR’S main contractor yesterday slammed Sarkis Izmirlian’s $2.25 billion fraud claim as “implausible”, branding his action as groundless and having no basis in law.

China Construction America (CCA), in its long-awaited response to the fraud and “breach of contract” lawsuit by Baha Mar’s original developer, argued that the claims Mr Izmirlian is seeking to assert were all “released” when the $4.2 billion project was taken out of receivership in late 2016.

The Chinese state-owned contractor, in legal filings with the New York State Supreme Court, cited numerous reasons

* Says ‘released’ in 2016 by receiver deal * Cloaks itself in Bahamian law ‘protection’ * QC advice: Baha mar founder ‘lacks standing’

SARKIS IZMIRLIAN why Mr Izmirlian’s claim should be dismissed regardless of whether Judge Saliann Scarpula sent it to arbitration.

Relying on an affidavit supplied by Brian Moree QC, the senior McKinney, Bancroft & Hughes partner, CCA argued that Baha Mar’s original developer “lacks standing” to bring a

legal claim over the loss of his - and his family’s - $830 million equity investment in the project.

Mr Moree argued that, under Bahamian law’s “reflective loss rule”, shareholders and the company they own are separate legal entities. As a result, Mr Izmirlian cannot assert a direct claim for loss relating to the value of his family’s equity investment when this “reflects damages suffered by the company”, meaning Baha Mar. CCA, again drawing on Mr Moree’s advice, also argued that Mr Izmirlian could not claim his action was a ‘derivative claim’ because he had never met

the three Companies Act requirements to initiate such an action.

In particular, the contractor claimed that Baha Mar’s original developer had never obtained permission from the Bahamian Supreme Court or Baha Mar liquidator (Bahamian accountant Ed Rahming) - as required under Bahamian law.

CCA’s legal filings represent an “all in” effort to knock out Mr Izmirlian’s lawsuit at the first hurdle, poking fun at his “claim to be a highly sophisticated real estate developer with

SEE PAGE 4

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Insurer: Profits goal beaten by 57% if no Irma

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN insurer yesterday said it would have beaten 2017 profit projections by 57 per cent had Hurricane Irma not inflicted a $2 million net loss on its Turks & Caicos portfolio.

Tom Duff, Insurance Company of the Bahamas (ICB) general manager, told Tribune Business that the Category Five storm’s impact further south had made such forecasts “academic”, and conceded: “That’s the business we’re in.”

Hurricane-related claims payouts dampened ICB’s “bottom line” for a second consecutive year, dropping profits from the typical $2.5$3.5 million experienced in a storm-free period to just $685,550.

That still represented a near 33-fold increase on

* ICB TARGET BLOWN AWAY BY $2M HIT * NON-HURRICANE LOSSES DOWN 19% * PREMIUM RISES TO ‘CERTAINLY HAPPEN’ the $20,885 in total comprehensive income earned in 2016, a year dominated by Hurricane Matthew claims, with ICB’s reduced profitability also acting as a drag on the earnings of its largest shareholder, BISX-listed JS Johnson.

ICB’s results are incorporated into the publicly-traded insurance broker’s figures, and Mr Duff told Tribune Business: “The fact of the matter is that ICB was affected again by one storm.

“Though the Bahamas was thankfully spared

SEE PAGE 4

‘DRAW THE RED LINES’ ON WTO OPEN UP

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE BAHAMAS Society of Engineers (BSE) president yesterday urged his colleagues and other industries “to draw the red lines” on what should be liberalised under WTO. Quentin Knowles told Tribune Business that all sectors of the Bahamian economy needed to determine what they can live with under the World Trade Organisation’s (WTO) rules-based trading regime

before “someone makes that decision for us”.

The Government, in its continuing consultations with the private sector, wants to discover the “minimum acceptable” position for each industry to help craft The Bahamas’ opening offer for full WTO membership - a process that it hopes to conclude by end-2019.

Mr Knowles said “ambivalence is the order of the day” among Bahamian engineers over the potential benefits and downside to joining the WTO, with

* Don’t allow others to ‘make decision for us’ * ‘Ambivalence order of day’ with engineers * But could give ‘fairer shake’ over FDI

some BSE members vehemently opposed on the basis that it will open up the sector and wider economy to foreign professionals and firms.

Suggesting that there were many “misunderstandings” and “false assumptions” surrounding the WTO accession and its likely impact, the

BSE president said he was focusing on the potential benefits.

Mr Knowles explained that a WTO regime would “set the rules of the game” by which all must play, which could help Bahamian engineers and other professionals get “a fair shake” on work

generated by foreign direct investment (FDI) projects.

Pointing out that the Bahamian engineering industry was already heavily exposed to foreign competition, he argued that WTO membership was unlikely to “make it worse than it is now” when it came to obtaining FDIrelated work.

The BSE last week held a luncheon to discuss WTO’s implications, and Mr Knowles said of the profession’s position: “I think the best way to describe it is ambivalence. We’re unsure what the impact will be.

“You don’t want to allow your mind to.. make false assumptions. There were people inside that meeting that expressed extreme misapprehension about this.

There’s a lot of misunderstanding, assumptions being

SEE PAGE 5

AVOID ‘EMOTIONAL RUSH’ ON OVER-THE-HILL REVIVAL

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Government was yesterday urged to avoid a “rushed, emotional” Overthe-Hill revitalisation in favour of developing a “sustainable blueprint” that can be rolled-out across The Bahamas.

Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business

it was critical to determine whether revitalisation will be driven by existing businesses in the area or through attracting new economic activity in from outside.

Raising questions over whether existing businesses and residents in the Bain Town, Grants Town and Centreville areas have the ability to access the Business Licence and real property tax breaks proposed, Mr Bowe also called on the Government to

* BICA chief urges ‘sustainable blueprint’ * Asks: Will ‘outsiders’ drive the growth? * Queries ability to access concessions

GOWON BOWE

employ key performance indicators (KPIs) to measure the initiative’s impact in real terms.

“It’s important to determine how we’re going about this; how we approach this,” he told Tribune Business. “Is it a drive to bring new investment and

opportunities into Overthe-Hill, so that we drive a migration from the malls and western district in terms of where commercial activity is?

“If that’s the case, who’s the target of the tax concessions? Is it to enhance the ability of the existing

population to expand or bring new business in?”

Several observers, including the Government’s political opponents, were expressing concern - even before the May 10 general election - that Dr Hubert Minnis’s Economic Empowerment Zone plan for reviving Over-the-Hill could lead to a “gentrification” of the area.

The fear is that existing businesses and residents

SEE PAGE 3

Gov’t urged: ‘Step into light’ on oil exploration

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net AN ENVIRONMENTALIST yesterday urged the Government to deny the Bahamas Petroleum Company (BPC) the necessary approvals, arguing that oil drilling “is the last thing this country needs”.

Sam Duncombe, reEarth’s president, called on the Minnis administration to “step into the light” and instead embrace renewable energy. “They need to deny this application,” she charged. “The last thing this country needs is oil drilling.

“If, God forbid, they let them go ahead and drill, and there is an oil spill, who is going to clean that up?”

* ACTIVIST URGES: NO PERMITS FOR BPC * DRILLING ‘LAST THING COUNTRY NEEDS’ * ARGUES WON’T RESULT IN LOWER PRICES

SAM DUNCOMBE

queried Mrs Duncombe, pointing to the infamous Deepwater Horizon accident in the Gulf of Mexico.

She continued: “We should be pushing ahead with renewables. Getting into an industry like this, where we have Clifton haemorrhaging oil every day, how can we be assured that there will be the necessary oversight? For anyone who believes that if they find oil here, that oil is going to be cheaper for The Bahamas, I have about three bridges to sell them.

“That oil will be taken to a refinery and sold back to us at market prices. We will get no better deal. It’s the same thing when they talk about Shell coming here with LNG. By the time

BPL tacks on VAT and the legacy debt that BEC has, we will be paying the same price that we’re paying right now.”

Bahamas Petroleum Company (BPC), which has spent more than a decade on its exploration project, recently confirmed it has “lodged an application for Environmental Authorisation” with the Ministry of the Environment and Housing over its plans to drill a first well in waters south-west of Andros.

Simon Potter, BPC’s chief executive, told Tribune Business yesterday that the submission was another “step” in the process to ‘spudding’ its first well, having taken two years to

SEE PAGE 5

PAGE 2, Tuesday, May 1, 2018

THE TRIBUNE

$30M CONDO PROJECT RELEASES FINAL UNITS THE DEVELOPERS behind a $30 million Paradise Island condominium complex have released the final units this week, with 65 per cent of inventory already sold.

Aristo Development’s 36-unit project, THIRTY SIX, is expected to be ready for occupancy by year-end.

“We are extremely pleased with how the project is evolving, and excited about the response it has been generating,” said Aristo’s director of sales and marketing, Matt Marco.

“To be 65 per cent sold at this stage, with completion a few months ahead, is a success by any measure.”

Mr Marco credits THIRTY SIX’s success to the continuing appeal of Paradise Island, and the design, style and amenities of the project itself.

“Paradise Island is a brand unlike any other,” he said. “Whether you are in Florida or halfway round the globe, you know Paradise Island. You’ve seen Atlantis on TV, the golf course at Ocean Club, the waters,

* PI DEVELOPMENT ALREADY 65% SOLD * OCCUPANCY EXPECTED

BY YEAR-END

the beauty, and it is hard not to think that Paradise Island really is a paradise.

It has a lasting appeal, and the limited offerings means that demand for a worldclass, top quality product is extraordinary.”

THIRTY SIX, which is being constructed in partnership with Sterling Global Financial, is the first new, multi-family residential development on Paradise Island for a decade. The same demand that Marco said drove interest also drove property values up, making identifying the right property and business model - while keeping the sale price at a marketable level - a challenge.

Aristo’s president, Jason Kinsale, said: “We wanted THIRTY SIX to be about lifestyle, and for that to happen you have to have the kind of people who feel like they are part of a community.

THREE open-air atriums add a tropical feel to the centre of THIRTY SIX, the $30 million luxury condominium complex nearing completion on Paradise Island. Aristo Development released the final units to market this week.

“We want residents to feel proud to own at THIRTY SIX, to make friends among other residents, enjoy gathering around the infinity pool and deck, working out

at the fitness centre, taking a yoga class, walking on PI, or relying on the concierge to make dinner reservations on the island.”

“Just as Paradise Island

is unlike any other, so is THIRTY SIX,” said Mr Marco, standing in one of three open air atriums staggered along the centre of THIRTY SIX’s structure, as more than 100 workmen were putting finishing touches to the interior.

Each atrium, open to the sky, will be landscaped with palms, greenery and four-storey tall bamboo, providing an oasis amid the residences. Atriums adjoin an elevator with access to four units per floor.

Interiors include nine and a half-foot ceilings; stormrated glass; fine molding around all doors and windows; top appliances; lavish bathrooms; and large patios.

Studio and one-bedroom units are sold out.

The remaining two-bedroom, two-bath residences range in price from $765,000 to $905,000. Six penthouses, with private roof-top terraces and breathtaking views, are still available and represent THIRTY SIX’s premium product with a price of $1.65 million.

A rental programme will allow homeowners to

maximise their investment.

Built on the highest elevation on Paradise Island, half-way between Nassau Harbor and Paradise Island Drive, THIRTY SIX is 30 feet above sea level at ground level with underground parking for cars and golf carts. Ownership also entitles residents to apply for golf membership to the Ocean Club.

“You will be within walking distance of Atlantis, Four Seasons at Ocean Club, the famous Ocean Club Golf Club, all the dining, entertainment and shopping and boating options you could dream of, and if you are interested in permanent residency, you will qualify,” said Mr Marco.

“But we are very pleased that Bahamians have also appreciated how special and unique THIRTY SIX is. We have sold two units so far to local residents who want to live the Beverly Hills of The Bahamas lifestyle, and we have had a lot of interest from other local residents.

That may be the best testament of all to the fact that we are doing something special.”

TOURISM STAFFER WINS ADMINISTRATIVE AWARD

THE BAHAMAS Hotel and Tourism Association’s (BHTA) executive administrator, Charlotte Knowles Thompson, has received The Distinguished Administrative Professional Award.

She was awarded the honour at the ‘Administrative Professionals Conference’, which was hosted by Island Human Resources Enterprises, a local consulting and training firm, on Administrative Professional’s Day. The award is considered one of the highest honours for administrative professionals, and is given to

an administrator who has “achieved distinction in their chosen field”; “rendered outstanding service to their community; “rendered outstanding service to, and demonstrated loyal interest in, their current role and organisation”; and personal/professional growth that improves their own performance and that of the organisation.

Suzanne Pattusch, the BHTA’s executive vicepresident, said: “Charlotte Knowles-Thompson has been a key team member of the BHTA for over a decade. During that time, she has been recognised for her ability to excel in

FROM left: Rachel Rolle, Island Human Resources; Dominique Duncanson, BHTA, Charlotte Knowles-Thompson, BHTA, Latasha Allen, BHTA and Suzanne Pattusch, BHTA.

her chosen career. She has grown immensely as the BHTA has evolved, embracing new challenges with determination and a desire to see the projects that she takes on culminate into unprecedented successes.

“She has displayed tenacity, fortitude and professionalism in her role as administrator, thereby playing an essential role alongside a small cadre of fellow employees in her organisation’s ability to achieve its goals. Charlotte is intrinsically motivated, and displays considerable proficiency in her ability to guide and nurture young

Bahamian professionals who interact with her in varying capacities.

“For example, she has made an indelible mark on the lives of many young, burgeoning professionals who participate in international competitions. This, too, is another inestimable quality of a leader; someone who will go the extra mile to make a difference.

It is these qualities that put her at the forefront. It is why she has come to be known and respected for the role she plays, and why she has earned the award of the Distinguished Administrative Professional 2018.”

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Tuesday, May 1, 2018, PAGE 3

OVER-THE-HILL REVIVAL TO AID ‘INFORMAL ECONOMY’ SHRINK

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE GOVERNMENT’S proposed Over-the-Hill revitalisation could have the “unintended consequence” of regularising many firms operating in the informal economy, a top official said yesterday.

Dr Nicola Virgill-Rolle, head of the government’s economic planning unit, told Tribune Business that the Minnis administration planned to introduce an electronic card, or ‘E-card system’, to ensure the right companies access ‘tax breaks’ and thus prevent fraud and tax evasion.

“We are going to assist businesses with regulation, so business facilitation is something we will do, and we really encourage people to be regularised,” Dr Virgill-Rolle said. “Once you are a business in the area and you meet the qualifications of under $5 million [turnover] and the other stipulations also, about being engaged in the sale of alcohol or gaming, we are able to work with you to help you through the process.”

She added: “I think that may be an unintended consequence, but we will - as much as possible - facilitate that because it’s very good data in terms of what the GDP is coming out of this area. If it is an unintended consequence, it’s one I’m sure will be very helpful.

“There are benefits of regularisation.

It’s really important to get

Avoid ‘emotional rush’ on overthe-hill revival

regularised. We will be having a series of education programmes to really encourage formalisation. In many cases it’s the law, and in other cases we know it’s something you can see benefits from.”

As for enforcement, Dr Virgill-Rolle added: “We’re working with the minister of finance for an e-card system in order to monitor that. For example, if you’re going to get a Customs exemption to do something to your home you’re going into the Department

of Inland Revenue and there is a certificate that will be issued to say you will get Customs exemptions up to a certain amount; a reasonable amount, to do the project you say you’re going to do.

“You then have two years to utilise that exemption, and the e-card system will track you in order to say that you’ve drawn down on this much if you don’t have a blanket exemption, and are using it at this and that store.

“We’re trying to use technology. We have a project team at the Ministry of Finance working with us to ensure that this is done with a minimal amount of fraud because there are teeth in this legislation about fraud. We want those people to flourish and have a proper programme designed to prevent fraud in the first place.”

Dr Virgill-Rolle also acknowledged concerns over gentrification, something she said would receive the Government’s close attention, so that the revitalisation programme and creation of an Economic Empowerment Zone did not end up pushing out existing residents and businesses through an influx of wealthy outsiders seeking to access the tax incentives.

“We are going to pay close attention to that,” she promised. “As a new company seeks to benefit, we are going to be able to monitor trends. What we have found in our research on gentrification, in terms of housing, is that the best approach is to ensure that there is always a good available stock of affordable housing.

“One of the actions in the programme is about ensuring that we build, through either government or private sector means, affordable housing for any land that is identified so there is always a good stock there that would give people options. It’s important to think through those things and monitor carefully what we see happening.”

to make sure that as much as possible we utilise those funds very carefully.”

Prime Minister Dr Hubert Minnis last week tabled the long-awaited Over-the-Hill ‘White Paper’ 2018, unveiling his administration’s proposed plans for impoverished communities, which include a variety of tax concession and a plan for physical rejuvenation, along with social and economic empowerment.

Dr Virgill-Rolle said the tax breaks will be revealed in the upcoming Budget, and will take effect on July 1. The government collected $6 million in real property tax revenue in 2017, though it will not necessarily forego that amount as it includes businesses with a $5million-plus annual turnover, who will not be exempt from taxes under the initiative.

“This is more than just the taxes; it’s the impact of the social programme and other programmes.

Tax is just one part, and a very important part,” Dr Virgill-Rolle said.

The Over-the-Hill project will focus on Bain and Grants Town, and parts of Centreville.

Dr Minnis revealed last week that incentives outlined under the initiative will apply to residential properties – both owned and rented, commercial and industrial undertakings, with an aggregate turnover of $5m or under, and all enterprises whose primary income is not derived from the business of gaming or the sale of alcohol.

“For those qualified residents and business owners, with respect to the redevelopment of land and buildings it is proposed

(that there will be) exemption from real property taxes, exemptions from Customs duties related to construction, equipping and completing building and structures for a specified period and exemptions from excise taxes,” Dr Minnis said.

There will also be exemptions from Stamp Tax imposed on real property.

Dr Minnis added when it came to business taxes, all those companies - with the exception of establishments engaging in restricted activity - and upon obtaining a Trade Certificate proving location in the empowerment zone, will receive a 100 per cent waiver on Business Licences. Customs duties for the purchase of a vehicle, with appropriate markings for use by the business, will also be waived.

DR NICOLA VIRGILL-ROLLE

FROM PAGE ONE

could be “pushed out”, and displaced, by an influx of outsiders - wealthier companies, property developers and individuals - who are betterplaced to access the “tax breaks” the Government is offering.

The Minnis administration is seeking to prevent this through the use of “Trade Certificates” and an electronic “E-Card” that will ensure the concessions can only be accessed by persons and businesses within the zone, thereby eliminating the potential for fraud and tax evasion.

Mr Bowe also expressed concern over whether existing businesses and residents “have the wherewithal to take advantage of these tax concessions being offered”.

The Government’s own “White Paper” reveals that around two-thirds of businesses in the Bain Town and Grant’s Town areas are retail in nature, indicating that a significant proportion are likely “Mom and Pop” stores with turnover levels likely to mean Business Licence fee waivers have minimal impact.

Mr Bowe, meanwhile, said the Economic Empowerment Zone concept was typically used to attract new businesses into run-down and deprived communities, where their capital investment

would “jump” start economic activity, create jobs and improve infrastructure, and result in a “trickle down” effect to existing residents.

He suggested that, based on the White Paper, the Over-the-Hill initiative as currently structured would benefit those with capital and the ability to access it, and not necessarily existing residents and companies.

The BICA president said he preferred a “hybrid” solution, where companies from outside Over-the-Hill partnered with current businesses and residents to create new economic opportunities. This, he added, would prevent “tax arbitrage” and inject new capital, while those in the community needed to bring marketing and local knowledge to the table.

“What we don’t want is a rushed revitalisation, tax concessions and tax plan because this ultimately should be the blueprint for all communities we want to be revived,’” Mr Bowe told Tribune Business.

“It has to be a sustainable initiative, where we can see the metrics and social benefits coming through so we can replicate it. If we’re doing it for emotional reasons, responding primarily to the cries of those in these communities for something to happen, while it may it give us a warm feeling it will not be sustainable.”

OVER-THE-HILL TAX BREAKS FOR JULY 1

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE GOVERNMENT will roll-out its Over-theHill revitalisation ‘tax breaks’ in the upcoming 2018-2019 Budget, with the targeted area currently generating $6.2 million in annual property taxes.

Dr Nicola Virgill-Rolle, head of the Government’s economic planning unit, said it had committed at least $5 million annually to the initiative. “At least $5 million has been the commitment from the Government,” she added, “but it’s beyond $5 million because we also work with the ministries and the various agencies of government and also PPPs, in order to bring about the funding for projects. We are working

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PAGE 4, Tuesday, May 1, 2018

THE TRIBUNE

CCA SLAMS ‘IMPLAUSIBLE’ $2.25BN SARKIS LAWSUIT

FROM PAGE ONE

more than two decades’ of experience in the Bahamas”.

Targeting the Lyford Cay resident’s fraud claim, the Chinese state-owned contractor argued that Mr Izmirlian’s ‘hands on’ involvement with the project meant it was impossible for him to claim he was ‘misled’ over its progress towards completion by CCA’s alleged “misrepresentations”.

“The fundamental but implausible premise of plaintiff’s [Mr Izmirlian’s] fraud claims is that plaintiff was misled for at least three years into believing that the project would be completed on time and on budget, until plaintiff allegedly realised in 2015 that it had been duped and was forced into insolvency,” CCA alleged.

“The implausibility of this premise is revealed by the Investors Agreement, on which plaintiff relies, which provides that plaintiff was ‘responsible for the day-to-day management of the company [Baha Mar] and its subsidiaries in the ordinary course of business, and all other decisions of the company and its subsidiaries’.

“The complaint confirms that plaintiff had access to complete information by virtue of its managerial role. It is replete with allegations that the plaintiff

BAHA MAR

believed as early as 2012 that the statements giving rise to its fraud claims were false, or at a minimum was on inquiry notice as to their alleged falsity,” CCA and its attorneys continued.

“In light of its access and alleged knowledge, plaintiff - which claims to be a highly-sophisticated real estate developer with more than two decades of experience in the Bahamas —cannot now claim ignorance for the better part of three years with respect to the subject matter of defendants’ purported misrepresentations.”

CCA then sought to cloak itself in the protection of Bahamian law, which underpinned most if its arguments for dismissing Mr Izmirlian’s case. Besides asserting that the New York

court had no jurisdiction over its Bahamian subsidiaries, the contractor also argued that all the events subject to the complaint occurred in this nation, which was the proper forum for resolving the dispute.

“A Bahamian court would be better suited to co-ordinate any litigation with Baha Mar’s wind-up proceedings in the Bahamas, which would be necessary because plaintiff’s claims have been released in connection with those proceedings,” CCA alleged.

This refers to the deeds of novation and release, executed by CCA, the China Export-Import Bank’s Perfect Luck vehicle, and Baha Mar’s Deloitte & Touche receivers in September 2016, as part of efforts to

extricate the project from receivership and sell it to current owner, Chow Tai Fook Enterprises (CTFE).

These arrangements waived, or released, all legal actions and claims previously asserted by Mr Izmirlian, when he controlled Baha Mar, against CCA. As a result, the latter is arguing that this ‘release’ bars the original developer and his BML Properties vehicle from reasserting the same claims in their New York lawsuit.

“It is inconceivable that the Bahamian liquidator or court would grant permission to pursue the claims here because those claims were released in connection with the Bahamian court’s wind-up proceedings,” CCA alleged.

“Specifically, the Asset

SPV (Perfect Luck) to which the MCC (main construction contract) was novated executed a Deed of Release through which it released all claims against CCA Bahamas that arose out of, or in connection with, the MCC, with the exception of certain warranty claims.

“The scope of the Release is broad and includes ‘all claims . . . in respect of the Main Construction Contract’ against CCA Bahamas - the party to which the MCC was assigned in 2010, and the only defendant responsible for the construction of the project,” the contractor added.

“It is implausible that the Bahamian wind-up court, or the parties to the Release, would risk the project’s restructuring plan by allowing plaintiff to bring claims that belonged to Baha Mar against affiliates of CCA Bahamas.”

CCA added that the Bahamian legal points identified by Mr Moree meant Mr Izmirlian has “no standing to bring his claims directly”, while he had also failed to give ‘reasonable notice’ to Baha Mar’s liquidator and the Supreme Court he would be launching the New York action - as required by the Companies Act. “Plaintiff fails to allege that it has met these presuit requirements,” CCA alleged. “Nor does plaintiff

allege that it sought or received consent from the Bahamian liquidator of Baha Mar or the Bahamian court overseeing Baha Mar’s wind-up proceedings to bring claims on its behalf, which is required under Bahamian law.”

For good measure, CCA also claimed that the case would “impose a substantial burden” on the New York court given that many of the witnesses are located in the Bahamas.

Jason McAnarney, CCA Bahamas vice-president of mechanical, engineering and plumbing, listed the involvement of numerous Bahamian companies in the project.

Apart from Reiss Engineering, the Ministry of Works inspectors, these included electrician Gojo Electric; Young’s Plumbing; Global Tech for fire alarms; Propane Tech; Graphite Engineering and Integrated Building Services (IBS) as engineers of record; Island Site Development and Bahamas Hot Mix; Universal Security; and Brent Creary as ‘architect of record’.

CCA, meanwhile, is demanding that the New York court order Mr Izmirlian’s action into arbitration if it does not dismiss it, on the basis that it is “asserting rights and seeking remedies based on the” main construction contract - which mandates dispute resolution as a first step.

INSURER: PROFITS GOAL BEATEN BY 57% IF NO IRMA FROM PAGE ONE

in 2017, our portfolio in Turks & Caicos was affected.

We ended up with another sizeable loss. In net terms, Hurricane Irma cost us around $2 million.”

That figure represents ICB’s share of the losses/ claims payouts, the bulk of which will have been absorbed by its deeper-pocketed reinsurance partners.

Mr Duff said Irma’s gross claims were equivalent to one-sixth of those received from Hurricane Matthew.

“The impact on our net account was not quite as substantial, but pretty close,” he added. “Had it not been for Hurricane Irma, then ICB would have produced a net profit 57 per cent better than budget.

“That’s all academic now, but we have a strong book that’s performing well and

would have produced a handsome profit. But that’s the business we’re in.”

Despite Irma’s impact, Mr Duff identified “a couple of positives” for ICB in the 5 per cent year-over-year increase in gross written premiums (excluding ‘fronting’ premiums). The underwriter’s non-hurricane related claims also came in 19 per cent below projections, indicating it was selecting and pricing risks well.

“It’s all down to hurricane activity for companies like ICB,” Mr Duff added of the financial performance.

“If it’s a hurricane free year, typically we do very well. In a year when we get smashed, profits get substantially affected.

“It’s unfortunate that we’ve had two years of backto-back hurricane losses.

We’re looking forward to 2018, and hopefully we get a quite year.”

Legal Notice

NOTICE

Mr Duff said the premium rate increases anticipated for 2017 had not quite materialised, but he warned Bahamian households and businesses that these are starting to “filter through” in 2018 as reinsurers seek to cover losses incurred from Hurricane Matthew and last year’s hurricane season.

Reiterating previous warnings to consumers, the ICB chief said premium increases “will certainly happen” given the pressure being imposed upon Bahamian property and casualty underwriters by the global reinsurance market.

“I think all of us in the market anticipated rates increasing a little bit more on the backs of Hurricane Matthew the previous year,” Mr Duff told Tribune Business. “I think in 2018 that we will see those rate increases filter through.

“There does tend to be

a lag before the increase catches up with the premium. It took 2017 for the Matthew losses to become formulated and a clearer picture emerge in insurers’ minds. We have reacted, and with the latest set of reinsurance renewals there’s been further pressure exerted by reinsurers.

“So, in 2018 you will see local insurers’ gross written premiums rising in a delayed response to Hurricane Matthew and associated losses.

The reinsurers were looking for significant rate increases to cover previous losses; that will certainly happen.”

Mr Duff declined to estimate the extent of the premium rises that Bahamian consumers will face, saying it depended heavily on the relationship each underwriter has with their particular reinsurer.

“We’re all under pressure to restore rates to more

Legal Notice

NOTICE

WHITESAND PARTNERS LTD.

Beall Fund ICON

NOTICE IS HEREBY GIVEN as follows:

NOTICE IS HEREBY GIVEN as follows:

(a) WHITESAND PARTNERS LTD. has been dissolved on the 25th day of April, 2018 under the provisions of the International Business Companies Act, 2000.

(a) Beall Fund ICON has been dissolved on the 16th day of April, 2018 under the provisions of the Investment Condominium Act, 2014.

Jonas Barcellos Correa Filho Liquidator

Calynn R. Thurston Liquidator

satisfactory levels,” he said.

“Having said that, customers have had several good years in terms of the risk premium. They could see rates have come down, although some of that was negated by the introduction of VAT. “All local insurers are under pressure from the reinsurance market to have the average premium increased by various amounts. It depends on each contractual relationship. There’s no question rates will rise. It will be down to individual companies to understand their book of business, look at their exposures, the risk each exposure brings, and rate accordingly.”

Bahamian insurers have no choice but to purchase huge quantities of reinsurance annually, as their multi-million dollar capital bases pale into comparison to the multi-billion dollar risks they underwrite. This effectively makes them a ‘price taker’ from reinsurers, which cover the bulk of these risks and their value, and therefore dictate the premium rates charged to Bahamian consumers.

Mr Duff, meanwhile, said there was also “greater pressure” being imposed on insurance companies’ cost bases as a result of new regulatory requirements, such as actuarial testing of loss reserves and the hiring of compliance/internal audit functions.

The ICB chief, though, said that barring any hurricane activity the company was looking forward to an improved 2018, amid hopes that an improving economy will boost employment and consumer disposable income.

“We’ve been operating in an economic environment which was quite depressed

and, for the first time in a long while now, we’re beginning to see some optimism that the economy is beginning to grow,” Mr Duff told Tribune Business.

“Not just because of Baha Mar, but there’s various other projects that are starting to have a trickle down effect, which will improve disposable income for customers and potential customers.

“We’re looking for people’s disposable income to improve because when it does, people buy more motor cars, buy additional furniture for the home, and that all helps to generate premium growth. I’m more optimistic than I have been for several years.”

Mr Duff explained that higher disposable incomes, combined with improved job security, should drive an increase in new vehicle purchases and comprehensive insurance policies. With premiums linked to vehicle value this, in turn, will raise insurers’ top-line incomes.

“What we can certainly seen is our motor book has not changed to much in terms of vehicles insured, but we can see the average premium has dropped in terms of less comprehensive policies,” he said.

“People are either holding vehicles longer or switching to used cars. It’s a reflection of a depressed economy. We should start selling more comprehensive coverage over the next few years, as people get more job security, more disposable income.

“There will be a move back to higher value vehicles. It will be slow, but we will see that happening over the next several years. It will help ICB because we have a fairly sizeable motor book.”

LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

NOTICE

SOLDEMARI INVEST LTD.

SUNYANI LTD.

HAVNOTTS INVEST LTD.

NOTICE is hereby given as follows:

NOTICE is hereby given as follows:

NOTICE is hereby given as follows:

(a) Soldemari Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(a) Sunyani Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(a) Havnotts Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 1st May 2018.

Dated this 1st May 2018.

Dated this 1st May 2018.

Beatus Limited Liquidator

Beatus Limited Liquidator

Beatus Limited Liquidator

THE TRIBUNE

Tuesday, May 1, 2018, PAGE 5

‘DRAW THE RED LINES’ ON WTO OPEN UP FROM PAGE ONE

made. People are equating this with Immigration and jobs being taken away.”

He added: “On the other hand, there’s some of us who view it [WTO] as an opportunity. Myself, I view it with ambivalence. We have a lot of competition now; competition is not something we’re not used to.

“A lot of competition is foreign. It [the sector] is open, but signing on to WTO will make that official.

To speak as a group, ambivalence is the order of the day.”

Brent Symonette, minister of financial services, trade and industry and Immigration, has already moved to reassure Bahamians that the WTO will not result in the free movement of labour, which was contemplated by other trade regimes such as the

CARICOM Single Market & Economy (CSME).

The liberalised, rulesbased trading regime overseen by the WTO is largely focused on the crossborder flow of commerce, meaning the movement of goods and services, together with the ability of foreign-owned companies to establish themselves in member states.

The industries that the Bahamas must liberalise, and to what extent, will depend heavily on the skills of the negotiating team who must determine this nation’s WTO accession terms in talks with a ‘Working Party’. This will feature countries interested in trading with the Bahamas, such as the US, Canada, European Union (EU), UK, China and other CARICOM states.

The Bahamas’ will likely be able to negotiate ‘carve

outs’ or exemptions for certain sectors, which reserve them for Bahamian ownership only, and do not require that they be opened to foreign competition.

Mr Knowles, though, warned that the Bahamas needed to be careful of “the law of unintended consequences” when negotiating its accession terms, meaning it must account for the concerns of all industries.

Having attended the WTO consultations held with both the engineers and contractors, the BSE president said the Government was seeking a “consolidated position with red lines” from each industry on what should not be liberalised in the negotiations.

“We’ve got to draw these red lines. We have to,” Mr Knowles told Tribune Business. “I’m telling my group: ‘If we don’t, someone will make that decision for us,

and I’d prefer to have an engineer make the decision for engineers.

“We don’t know what’s going to happen,” he added. “We know there are players out there most definitely interested in our market. There are a lot of people doing work now in the Bahamas. Having a rules-based system in place, at least they and we will know what to expect.”

The BSE president, saying he was taking a “positive” approach that focuses on WTO’s potential benefits, said full membership could benefit Bahamian engineers when it came to obtaining work on FDI projects because it will set the terms upon which foreign competitors can access this market.

“Oddly enough, it may start to reverse the trend,” he said. “The way I look at it, this [entrance of foreign rivals] happens all the time.

And it’s not like the local professionals have access to FDI projects.

“They come with the engineers, architects and even the contractors in tow, and we have to act as local representatives, getting permits from the Ministry of Works. If this thing [WTO] is formalised, we as a group can assert our rights. If we’re going to be signing on to a rules-based trading regime, we should have a fairer shake at these projects.

“I’m hoping local professionals will have more access. I’m looking at WTO from a positive perspective.

It’s not going to make it worse than it is now. Right now, considering our access to these FDI projects, at least in the last several years, I don’t think we’ll be restricted more than we are now.”

Dominican Republic forges tie with China, breaks with Taiwan SANTO DOMINGO Associated Press THE DOMINICAN Republic’s government announced yesterday that it is establishing diplomatic relations with China and breaking diplomatic ties with Taiwan and will later recognise Taiwan as an “inalienable part of Chinese territory”.

The decision was the latest setback for Taiwan in the Caribbean and Latin America. Panama dropped its longtime ties with Taiwan last year and established relations with China, which considers Taiwan to be Chinese territory. The island is recognised as a sovereign nation by only 19 mainly small, developing countries, ten of them in this region.

Taiwan swiftly condemned what it called China’s “dollar diplomacy” and announced it would terminate ties with the Dominican Republic immediately, including all projects and assistance it provides to the Caribbean nation.

Beijing has been seeking to increase pressure on Taiwan’s independence-leaning President Tsai Ing-wen.

Tsai’s ruling Democratic Progressive Party says it wants stable relations with

DOMINICAN Foreign Minister Miguel Vargas, left, hugs with Chinese Foreign Minister Wang Yi after they signed the joint communique in Beijing.

Photo: Andy Wong/AP China, but it hasn’t followed Tsai’s predecessor, Ma Yingjeou, in endorsing the “one China” principle.

Flavio Dario Espinal, legal consultant to the Dominican presidential office, said at a news conference that the change in foreign policy was based on the “needs, potential and future prospects” of his Caribbean nation.

“History and socioeconomics reality now force us to change course,” he said.

Some analysts say Chinese President Xi Jinping, one of the most powerful Chinese leaders in decades, seems determined to bring Taiwan under Beijing’s control during his time in office,

Legal Notice

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Hereford Holdings Limited has been dissolved and has been struck from the Register with effect from 11th April 2018.

Lorna Kemp and Magdaline Carey LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas LEGAL NOTICE

NOTICE

AIRCRAFT II INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows:(a) AIRCRAFT II INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 27th April, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 1st day of May, A. D. 2018. _______________________________________ Bukit Merah Limited Liquidator

something that would place him in the history books alongside Mao Zedong.

The island’s 23 million residents are strongly in favor of maintaining their de facto independent status, but Xi has previously warned a Taiwanese envoy that the issue of unification cannot be put off indefinitely.

In Taipei, Foreign Minister Joseph Wu said the Taiwanese government was “deeply upset by China’s actions”.

Wu said Beijing offered “vast financial incentives” to the Dominican Republic to get it to end 77 years of diplomatic relations with Taiwan. Wu warned that

Beijing has failed to deliver on hundreds of millions of dollars in pledges to some of Taiwan’s former diplomatic allies.

Taiwan “strongly condemns China’s objectionable decision to use dollar diplomacy to convert Taiwan’s allies”, Wu said.

He said such moves only served to “drive a wedge between the people on both sides of the Taiwan Strait”.

“While Taiwan faces serious diplomatic challenges, the government will not bow down to pressure from Beijing,” Wu said.

In Santo Domingo, Espinal said that even without formal diplomatic relations with China, trade between the two countries “has grown year after year to the point that today China is the second biggest supplier of our imports”.

After Panama cut its ties with Taiwan, then-Taiwanese Foreign Minister David Tawei Lee visited the Dominican Republic last July as part of a campaign to shore up its relations and propose new co-operation projects. During his stay in Santo Domingo, Lee also met with Taiwan’s ambassadors in Latin America to discuss strategies for not losing more allies.

The Dominican Republic has received millions of dollars in donations for development programs from Taiwan, but the government also started commercial and political contacts with China beginning in the middle of the past decade.

According to the Dominican government, bilateral trade with China has reached $2 billion a year, making the Dominican Republic the second-largest trading partner for China among the Caribbean and Central American nations.

Espinal said the government informed Taiwan of its move earlier Monday and thanked the Taiwanese for “the co-operation that we have shared for years”.

He said that had allowed “the development of very important programs” for the Dominican Republic.

The Dominican announcement came when it was already Tuesday in China, and Chinese State Councilor Wang Yi and Dominican Foreign Minister Miguel Vargas held a brief event this morning marking the establishment of ties.

Mr Knowles said the involvement of Bahamian professionals, such as engineers and architects, would provide the local knowledge to help investors avoid “pitfalls”.

He recalled his involvement in the $409.5 million redevelopment of Lynden Pindling International Airport (LPIA), saying he and other Bahamians made “a tremendous contribution to that project”.

“It will give us the rules by which we will operate,” the BSE president added of the WTO. “Sometimes I believe anything goes out here, and if we have the rules set out on how we operate, we know what is allowed and not allowed, and if there are violations we can appeal to whoever we have to appeal to.

“I’m ambivalent. There’s good and bad, so I look at it from both sides.”

GOV’T URGED: ‘STEP INTO LIGHT’ ON OIL EXPLORATION

FROM PAGE ONE

complete the work.

He also described BPC’s prospects of discovering commercial quantities of extractable oil as “the best I’ve seen”, based on the company’s $100 million investment to-date in obtaining seismic data and “de-risking” the project.

BPC is currently working on a “parallel track”, which involves obtaining the necessary environmental approvals from the Government at the same time as it seeks to secure a “farm in”, or joint venture, partner to share the financial and technical burden of drilling that first exploratory well.

BPC’s submission was made in accordance with the Petroleum (Offshore Environmental Protection and Pollution Control) Regulations 2016, and its application will now be scrutinised by both the Ministry and the Bahamas Environment, Science and Technology (BEST) Commission.

Obtaining the required “Authorisation” was described by BPC as “the first step in commencing offshore field activity”, with Mr Potter branding it as “the indepth part” of the company’s environmental compliance.

LEGAL NOTICE

LEGAL NOTICE

International Business Companies Act (No. 45 of 2000)

International Business Companies Act (No. 45 of 2000)

CBS Investment Fund Ltd. (the “Company”)

RK Investments Fund Ltd. (the “Company”)

In Voluntary Liquidation

In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), CBS Investment Fund Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 25th day of April, 2018. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 25th day of May, 2018..

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), RK Investments Fund Ltd. (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 25th day of April, 2018. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 25th day of May, 2018.

Luciane Ribeiro Moreno Liquidator

Luciane Ribeiro Moreno Liquidator

LEGAL NOTICE

LEGAL NOTICE

NOTICE

PING YAN ASSETS LIMITED

NOTICE

RANSON GLOBAL LTD.

N O T I C E IS HEREBY GIVEN as follows:-

N O T I C E IS HEREBY GIVEN as follows:-

(a) PING YAN ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) RANSON GLOBAL LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 27th April, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 27th April, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas.

Dated this 1st day of May, A. D. 2018

Dated this 1st day of May, A. D. 2018

_______________________________________ Bukit Merah Limited Liquidator

_______________________________________ Bukit Merah Limited Liquidator

PAGE 8, Tuesday, May 1, 2018

THE TRIBUNE

White House delays tariffs on EU, Canada and Mexico WASHINGTON Associated Press THE WHITE House said yesterday it would postpone a decision on imposing tariffs on US imports of steel and aluminum from the European Union, Canada and Mexico for 30 days, avoiding the potential for a trade battle with Europe as the US prepares for tense trade talks in China this week.

The Trump administration said it had reached an agreement with South Korea on steel imports following discussions on a revised trade agreement, the outlines of which were previously announced by US and South Korean officials. And the administration said it had also reached agreements in principle with Argentina, Australia and Brazil on steel and aluminum that will be finalised shortly.

Announcing the trade actions, the White House said “in all of these negotiations, the administration is focused on quotas that will restrain imports, prevent transshipment and protect the national security.”

Facing a self-imposed

deadline, President Donald Trump was considering whether to permanently exempt the EU and Mexico, Canada, Australia, Argentina and Brazil from tariffs that his administration imposed last month on imported steel and aluminum. The White House provided temporary exemptions in March and had until the end of yesterday to decide whether to extend them.

The EU has said if it loses its exemption it will retaliate with its own tariffs on US goods imported to Europe.

The confrontation stems from the president’s decision in March to slap tariffs of 25 percent on imported steel and ten percent on imported aluminum. Trump justified the action by saying it was needed to protect American metal producers from unfair competition and bolster national security. But the announcement, which followed an intense internal White House debate, triggered harsh criticism from Democrats and some Republicans and roiled financial markets.

At the time, Trump excluded several vital

PRESIDENT DONALD TRUMP trading partners — the European Union, Mexico, Canada, Australia, Argentina and Brazil — from the tariffs.

That meant the steel tariff covered just 30 percent of all imports, according to Oxford Economics. If all the exemptions were ended, it would have deepened the impact of the tariffs on American companies that use steel and potentially affect financial markets.

Stock prices fell nearly two percent when the tariffs were announced.

Two people familiar with the process said the Trump administration had been

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LETISHA DIANNA THOMPSON of Maliwi Street, P.O. Box N-4632, Nassau, Bahamas, legal guardian of a minor intend to change my child’s name from TASHEA ALIYHA BAIN to TASHEA ALIYHA THOMPSON If there are any objections to this 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 publication of this notice.

considering whether to provide a short-term extension of the exemptions to allow for more time to review the countries’ efforts to secure permanent exemptions.

One of the officials said the US trade representative has been overseeing the process for all of the countries except for the European Union, whose tariffs are being evaluated by the Commerce Department.

The officials spoke on condition of anonymity to describe internal deliberations.

The EU and others had been asked to spell out what

NOTICE

NOTICE is hereby given that MAXIN PIERRE of Marsh Harbour, Abaco, 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 24th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

limits they could accept on the amount of steel they export to the United States, how they would address the issue of excess production of steel and aluminum and how they would support the US before international bodies like the World Trade Organization.

Security relationships with the US have also been part of the criteria.

South Korea agreed to limit its exports to the United States as part of broader discussions involved in updating its bilateral trade agreement with the US and was granted a permanent exemption.

China, Japan and Russia haven’t received exemptions from the duties. That will likely reduce steel shipments from those countries over time. Commerce Secretary Wilbur Ross said late Friday that quotas on imports from Europe and other countries are necessary so imports from those countries don’t simply replace Chinese imports.

The goal of the tariffs is to reduce total steel imports and boost US production, Ross said.

“If you let everybody back out of the tariff, and you let them out of any kind of quota, how would you ever reduce the imports here?” Ross asked at a conference of business journalists. Ross is set to discuss the issue yesterday with EU Trade Commissioner Cecilia Malmstrom.

Germany, the EU’s largest steel exporter to the US, accounted for about five percent of US steel imports last year. South Korea made up the largest share, shipping about 13 percent of US imports, according to an American Iron and Steel Institute analysis of

government data.

The EU has compiled a list of retaliatory tariffs worth about $3.5bn it will impose if its steel and aluminum isn’t exempted.

European leaders have resisted the idea of a quota.

German Chancellor Angela Merkel said in a statement Sunday that she discussed the issue with French President Emmanuel Macron and British Prime Minister Theresa May after returning from a White House visit Friday.

The three European leaders “agreed that the US ought not to take any trade measures against the European Union”, which is “resolved to defend its interests within the multilateral trade framework”, Merkel’s statement said.

In her meeting with Trump, Merkel said, she saw little progress in obtaining permanent exemptions.

“The decision lies with the president,” she said Friday.

In a separate trade battle with China, the United States has threatened to impose tariffs on $150bn of Chinese goods in retaliation for what it argues are Beijing’s unfair trade practices and its requirement that US companies turn over technology in exchange for access to its market. The White House also wants China to agree to reduce its $375bn goods trade surplus with the US. China has said it would subject $50bn of US goods to tariffs if the US taxes its products. Trump has announced that an administration delegation led by treasury secretary Steven Mnuchin, US trade representative Robert Lighthizer and trade adviser Peter Navarro will visit Beijing for negotiations on Thursday and Friday this week.

JOB OPPORTUNITY

MARKET REPORT MONDAY, 30 APRIL 2018

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

BISX ALL SHARE INDEX: CLOSE 1,971.69 | CHG 0.21 | %CHG 0.01 | YTD -91.88 | YTD% -4.45 BISX LISTED & TRADED SECURITIES 52WK HI 4.31 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.60 5.30 11.50 2.59 1.56 9.25 6.10 11.48 8.10 13.67 12.51 11.00

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 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

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

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

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

E J K L M N

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

52WK LOW 100.00 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB18 FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.13 4.14 1.99 178.69 153.40 1.54 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

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

LAST CLOSE 4.25 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 4.13 10.02 2.84 1.50 7.83 6.10 10.44 6.43 4.24 12.51 10.00

CLOSE 4.25 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 4.13 10.05 2.83 1.50 7.61 6.10 10.44 6.43 4.24 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 0.03 -0.01 0.00 -0.22 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

109.67 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

109.62 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME 115

1,000

VOLUME

EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.573 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 0.620 0.060 0.050 0.084 0.300 0.500 0.200 0.120 0.570 0.000

P/E 11.8 18.7 N/M 11.9 N/M N/M -2.3 13.8 10.6 24.2 15.9 27.7 4.5 N/M 5.4 14.1 7.7 14.5 23.0 0.0

YIELD 1.88% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.64% 3.61% 2.91% 6.17% 2.12% 3.33% 1.10% 4.92% 4.79% 3.11% 2.83% 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 2.14 4.13 2.00 179.39 135.02 1.54 1.69 1.62 1.09 7.16 8.22 6.39 11.30 11.67 10.19

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

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

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

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

MATURITY 31-May-2018 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Mar-2018 31-Mar-2018 30-Mar-2018 31-Mar-2018 31-Mar-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018

A Bahamian Corporate entity that deals with International clients is seeking a person with diplomatic skills, proper protocol and knowledgeable in foreign languages.

Interested person may send their Curriculum Vitae to: lintona83@gmail.com

NOTICE

NOTICE is hereby given that NTHAWA BENNET of Lumumba Lane, P.O. Box N-9668, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LAVARDO ANGELO SMITH of P.O. Box GT-2308, Nassau, Bahamas, intend to change my name to LAVARDO ANGELO MUNROE. If there are any objections to this 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 publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, VANESSA CHILEAN WHYTE of #64 Jobson Avenue, Freeport, Grand Bahama, Bahamas, biological mother of a minor intend to change my child’s name from LACEE BELLE CATELYIA LIGHTBOURNE to MALAYA BELLE TRENIQUE GRANT If there are any objections to this 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 publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, RENARDO THURSTON of Kemp Road, P.O. Box SS-6835, Nassau, Bahamas, intend to change my name to RENARDO JOHNSON. If there are any objections to this 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 publication of this notice.