05082018 business

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TUESDAY, MAY 8, 2018

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‘Tech hub’ pioneer sparks Grand Bahama jobs frenzy

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE investor aiming to kickstart Grand Bahama’s “technology hub” yesterday pledged to fully “Bahamainise” “sooner rather than later”, having been inundated with 100 job applications per day.

Greg Wood, GIBC Digital’s chief executive, told Tribune Business it was the “right company” to fulfill and “accelerate” the Government’s vision, given that its training focus will help develop a skilled, technology-savvy Bahamian workforce that will attract like-minded companies to The Bahamas.

Describing GIBC Digital as “a natural fit” for the Minnis administration’s plans, Mr Wood said the

* GIBC Digital gets 100 resumes daily * Bahamianisation ‘sooner rather than later’ * Workforce training to ‘accelerate’ gov’t vision * $50m annual economic impact ‘conservative’ company’s projected $50m annual economic impact by 2020 was a “conservative” estimate given the spin-offs its presence will generate.

The New York-headquartered firm will begin training of its first Bahamian employees on June 4, with GIBC Digital’s founder expressing hope that the Freeport workforce will be “90 per cent” local from the start.

Mr Wood said the company planned to attract foreign technology firms to use its training facility, thus creating an influx of corporate travellers that

will boost Freeport’s hotel occupancies and spending in restaurant.

Describing the island’s existing IT and other infrastructure as “adequate”, he warned that continuous investment by both the Government and private sector was necessary to maintain this support platform and The Bahamas’ competitiveness versus global rivals.

GIBC Digital’s Freeport investment will likely prove “a model” for the company’s expansion into Asia and Africa, Mr Wood added, with its training and data centres playing critical role in this strategy.

He suggested that Grand Bahama could become known as the Caribbean’s “Silicon Valley” within a decade, with Bahamians wasting no time in reacting to GIBC Digital’s impending arrival.

“We’ve had over 400 resumes come in, so we’re sorting through those,” Mr Wood told Tribune Business. “We’re getting about 100 a day so far. We’ve had some good discussions, and are going to be making about seven offers in the next couple of days. It’s looking good.

SEE PAGE 3

Caribbean bank: Bahamas fiscal plan ‘very ambitious’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS’ plan to reverse its fiscal woes has been branded “very ambitious” by the Caribbean Development Bank (CDB), with this nation needing to outperform GDP growth forecasts to hit target.

The CDB, in a recentlyreleased economic assessment of The Bahamas, warned that this nation faced

* Nation needs GDP outperform to hit targets * Gov’t must be ambitious as ‘running out of time’ * Bahamians warned to brace for short-term ‘hurt’ an “unsustainable” debt burden as a result of borrowing levels that exceed economic growth rates.

“The debt level in The Bahamas is currently unsustainable,” the CDB said. “The Government has continued to increase its

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debt at a rate that exceeds the growth of the economy, causing debt payments to absorb an increasingly higher proportion of GDP. “The Government of The Bahamas’ fiscal plan to stem this tide is very ambitious. While a higherthan-anticipated growth

outcome may help the Government to meet its fiscal projections for the medium term, a slightly slower pace of fiscal consolidation is projected in this outlook.

“In 2018, the primary and

SEE PAGE 2

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LODGES ‘CONFOUNDED’

BY MIXED REGULATORY MESSAGE FROM GOV’T

By NEIL HARTNELL AND NATARIO MCKENZIE Tribune Business Reporters BONEFISH lodge operators yesterday said they were “confounded” and “mystified” by the contradictory messages coming from the Government over the industry’s controversial regulations.

Clint Kemp, president of the newly-formed Bahamas Fly Fishing Lodge Association, told Tribune Business that the Minnis administration needed “to get on message” after the Prime Minister was seemingly contradicted by the Cabinet minister with responsibility for oversight of the $141m industry.

Renward Wells, minister of agriculture and marine resources, issued a press statement over the weekend confirming that the Fisheries Resources (Jurisdiction and Conservation) (Flats Fishing) Regulations 2017 remained in effect.

However, both Mr Kemp and Cindy Pinder, the Abaco Fly Fishing Guides Association’s vice-president, have separately told Tribune Business that Dr Hubert Minnis informed them during a meeting on the island around four weeks ago that the regulations had been suspended pending further review.

“It’s confounding to me,” Mr Kemp, managing partner at the Abaco-based Blackfly Lodge, said of the opposing government statements. “I’m just at a loss to where this government is.

“I respect what he’s [Mr Wells] saying, but I heard this directly from the Prime Minister. I don’t understand why the message is not clear. They have to get on message together.”

Mr Kemp reiterated that statements by Mr Wells

* WELLS STATEMENT CONTRADICTS PM * URGE GOV’T TO ‘GET ON MESSAGE’ * ‘SAD DAY IN FLATS FISHING WORLD’ and Edison Deleveaux, acting director of marine resources, contradicted the “suspension” message that was delivered last year by Benjamin Pratt, a Ministry of Tourism official, to an international audience at the Bonefish Tarpon Trust’s Florida conference.

He added that this position had been “affirmed to us many times” subsequently by Cabinet ministers, plus James Albury, the south Abaco MP. “I just sit here, as a lodge owner in Abaco, a bit mystified as to what’s going on,” Mr Kemp told Tribune Business. “I understand a review process is going on, and I haven’t contributed to that. Hopefully it will happen soon. But I have to take the word of the highest authority in the land, and that’s the Prime Minister.”

While there is no opposition to regulation, the Fisheries Resources (Jurisdiction and Conservation) (Flats Fishing) Regulations 2017 have proven difficult to implement in practice as there is no online portal or payment mechanism for foreign anglers to obtain and pay for licences.

And the Abaco Fly Fishing Association, among the regulations’ major critic, is also expressing alarm that the 1:2 guide/angler ratio requirement “will have the unintended consequence of further destroying the

SEE PAGE 3

Ex-beauty queen’s Tourism copyright lawsuit survives

Save the Bays chairman warns on oil ‘dark ages’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

nmckenzie@tribunemedia.net

A FORMER Bahamian beauty queen’s copyright violation lawsuit has survived, after a US federal court was “unpersuaded” by the Ministry of Tourism’s effort to dismiss it.

Khiara Sherman, the former Miss Bahamas Universe, and her record company won a partial victory before the southern Texas court after it ruled that the complaint alleging unauthorised use of her song, Fly Away With Me, should be determined at trial.

However, Judge Nancy Atlas found that the second strand of Ms Sherman’s lawsuit, involving the purported breach of

* US COURT ‘UNPERSUADED’ BY MINISTRY * ‘UNAUTHORISED’ SONG USE HEAD TO TRIAL * BUT KHIARA’S ‘CONTRACT BREACH’ CLAIM TOSSED her $130,000 employment contract by the Ministry of Tourism, should be dismissed because the former beauty queen-turned-songstress had failed to provide “sufficient facts” to support her claim.

The April 19, 2018, ruling

SEE PAGE 4

By NATARIO MCKENZIE

Tribune Business Reporter

AN ENVIRONMENTAL activist yesterday warned that the Government was taking The Bahamas back to “the dark ages” by entertaining petroleum industry investments.

Save the Bays chairman Joseph Darville yesterday urged the Minnis administration to “come clean” and provide “specifics” on its policy towards offshore oil drilling after the Bahamas Petroleum Company (BPC) took several steps towards “spudding” its first well.

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 plans to drill a first well in waters south-west of Andros. And it last week announced the signing of a three-month exclusivity deal with an undisclosed “farm-in” partner for the drilling joint venture.

BPC’s project continues to attract criticism from environmentalists despite the potential economic benefits from discovering recoverable, commercial quantities of oil in Bahamian waters.

“It is disturbing that we can get information on these developments from outside the country, and we are not getting it directly from our leaders and in a systematic manner which respects the dignity and pride of our people,” said Mr Darville.

SEE PAGE 4

PAGE 2, Tuesday, May 8, 2018

THE TRIBUNE

Budget must show Gov’t ‘serious’ on business ease

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE UPCOMING Budget will show how “serious” the Government is about transforming The Bahamas’ “ease of doing business”, the Chamber of Commerce’s chief executive said yesterday.

Edison Sumner said the private sector organisation was eager to see evidence that the Minnis administration was following through on numerous business community recommendations to overhaul the country’s permitting processes and systems.

Mr Sumner said: “We at

the Chamber have identified that there are still some issues we have to work with, particularly in the areas of the “ease of doing business”.

“We commend the Government for forming two very important national committees; one is the Ease of Doing Business Committee, and the other is the Economic Advisory Committee. Those committees have been putting forward recommendations on how we can grow the economy, reduce the bottlenecks and how we can get business done in the country.”

Mr Sumner added: “We have seen a number of

recommendations that have already made their way into the Government’s papers.

We are looking forward to seeing the draft of the Budget over the next few weeks.

“We will have the occasion to sit with the Minster of Finance to go over those, and see how much of those recommendations have made it into the Budget. Once it gets into the Budget, then we know the Government is serious about moving some things ahead because they would have put aside the resources to make those things happen.”

Mr Sumner, who was

speaking at a press conference to announce the Chamber’s second annual Cyber Security Forum, added that the organisation is also assessing the Minnis administration’s “Over-the-Hill” revitalisation initiative.

“We’re looking at that now as well. We are expecting to make some comments on that very shortly,” he said. “While we see that there are some benefits, we see that it will have some impact on other businesses operating in certain sectors Over-the-Hill currently. We’ve got to look at the balanced approach to how that is being done.”

EDISON SUMNER

CARIBBEAN BANK: BAHAMAS FISCAL PLAN ‘VERY AMBITIOUS’

FROM PAGE ONE

overall balances are projected to improve to -0.6 per cent and -3.7 per cent [deficits] respectively.

This will not be enough to reduce the central government’s debt-to-GDP ratio, which is projected to increase to 73.7 per cent of GDP in 2018.”

Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that while the Government’s deficit reduction targets were “ambitious”, they had to be if The Bahamas was to pull out of its fiscal “nosedive”.

He added that the near$8bn national debt, and $300m-plus annual deficits, represented a major distraction that frequently distracted the Government’s attention away from economic planning and long-term growth strategies.

And the ORG executive warned that Bahamians must prepare to endure

short-term pain for longterm gain if the country is to enjoy a brighter, more prosperous future.

“I think it’s vital,” Mr Aubry said of The Bahamas’ fiscal consolidation plan. “The higher we get on this debt ceiling, the further it gets, the harder it is to get down, and it makes it much more difficult for us to pull out of the nosedive.

“The demands to repay this debt keeps us in a reactive state, so we are unable to prioritise a more proactive model to develop the local economy and bring in foreign direct investment (FDI). When we’re reacting we’re making short-term decisions, not long-term ones.

“I can see where it’s ambitious,” he added of the Government’s deficit reduction strategy. “There needs to be some significant changes in the way the Government works; to become more dexterous and measured, and go after opportunities.

MATT AUBRY be because they’re quickly running out of time.”

Mr Aubry said ORG and other civil society groups were eagerly awaiting the upcoming budget, normally delivered during the last week in May, to see whether

“If the country is trying to stem the tide of borrowing, it’s not so much focused on growth opportunities and limits the growth strategies for different industries. I think they are ambitious. At the same time they need to

the Government would deliver on promises of transparency and accountability through Fiscal Responsibility legislation and so-called “Fiscal Rules”.

He added that ORG also aimed to partner with the Government and other stakeholders on an initiative designed to engage the Bahamian public “more in our fiscal situation”, and gain their input to help address it and enact the necessary reforms.

“The formula we agree with is we have to reduce government spending, and make it work more efficiently and effectively, and make sure the economy grows - and grows more rapidly,” Mr Aubry said.

“The distance between our debt and increase in GDP is starting to get very close to a point where it’s very difficult to come back..... ORG always operates on a spirit of optimism that we have the capacity to pull ourselves back into line, and avoid hitting the

ground like Jamaica and other places, but it’s going to require honest and clear collaboration between the sectors.

Mr Aubry warned that Bahamians would have to make short-term sacrifices for long-term gain, suggesting that cuts to the public sector workforce may be unavoidable if this nation is to eliminate its fiscal imbalances and reposition the economy for long-term growth.

“The Deputy Prime Minister said it’s going to hurt for a little while, and we have to be prepared to do that,” he told Tribune Business. “Talking about cuts in the public service, if it makes sense and people are not meeting their goals, and systems are not creating the right outcomes, this is the time they need to be addressed.

“We can’t be focused on the short-term. We have to maintain long-term goals that, if we get through this, will benefit all sides.”

THE TRIBUNE

Tuesday, May 8, 2018, PAGE 3

BAHAMAS COMPANIES WARNED: Lodges ‘confounded’ by mixed ‘HACKERS DON’T DISCRIMINATE’ regulatory message from Gov’t

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net AN INTERNATIONAL cyber security expert yesterday stressed the need for heightened awareness of The Bahamas’ potential vulnerabilities, warning: “Hackers don’t discriminate.”

Ken Wong, chief technology officer (CTO) for CQURE, a tech company headquartered in Poland, said the firm was looking to expand into the Caribbean and South America.

“We do not have an operation here in the Bahamas, but we are looking to do something here,” said Mr Wong. “We are trying to expand in the Caribbean and South America.”

The company, which offers specialised services in IT (information technology} infrastructure, security, business applications, consulting and advisory services, has already worked with Bahamian entities such as Arawak Port Development Company (APD) and Furniture Plus.

“There must be a focus on education and awareness of cyber security in this world,” said Mr Wong. “That’s what we see is really lacking in the personal lives, and in businesses in the corporate environment; to allow businesses to thrive without being hacked or intruded into a state where they are no longer doing business.

“In the cyber security

world it’s not localised to any country. We have to look at it in a global perspective. Hackers don’t discriminate; they just look at the dollar value and how to take advantage of vulnerabilities from a very global perspective.”

Mr Wong was speaking at a press conference to announce the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) second annual Cyber Security Forum, scheduled for this Thursday, Christina Lee Darville, the BCCEC’s head of communications and members services, and vice-president of sales and marketing at Furniture Plus, said this year’s forum will offer not only discussions but solutions.

‘Tech hub’ pioneer sparks Grand Bahama jobs frenzy FROM PAGE ONE “We will begin training on June 4. That will be our first class of employees, between 15-20. What we are hoping is that 90 per cent of it can be Bahamian, and we will ten per cent [expatriate] to continue the training process and do specific projects.

“At some point - I don’t know when that will be - but hopefully sooner rather than later, we will go close to 100 per cent Bahamian. They will manage the office, and be responsible for the management of operations and delivery of services.”

Besides acting as a “magnet” to attract similar companies to Grand Bahama, Mr Wood said GIBC Digital will also create the necessary supporting platform by training workers other than its own.

He described the availability of a skilled workforce as critical to fulfilling the Government’s “technology hub” vision, and said: “We see ourselves as being able to accelerate that, coming in to offer training and provide technology skills that will be necessary for other companies.

“I think that if we do this well we’ll all end up better off; the company, the people and the Government, here and in Grand Bahama. It’s one of these situations where if we do this well there’s an opportunity to accelerate the growth that can take place here. We think we can play a significant role in educating the workforce.”

Mr Wood said “the right elements are in play” for the “technology hub” initiative, including the Government’s support and commitment.

He added that yesterday’s dormitory opening at the University of The Bahamas (UoB) northern campus further fed into this narrative, as the institution planned to make it the centre of its technology-related activities.

“One of the things we hope to do, having the training centre, is bring in people from other companies to train - and it will be Bahamians doing the training,” Mr Wood said. “That will help to fill the hotels and create demand for other economic activities.

“We calculated we’d bring about a $50m per year benefit to the local economy in Freeport by 2020. I think that’s probably being conservative. We’ve estimated that two-and-a-half jobs will be created in addition to the jobs we create directly due to the demand in other areas.”

“This is a good time for us to be coming into the market. We’re the right company as we’re focused on training,” the GIBC Digital chief continued. “A lot of technical skills don’t exist to the extent they need to in Grand Bahama.

“We’ll be able to build that out, and hopefully other companies will take advantage of a skilled labour force coming forward. We’re trying to bring some momentum that creates additional momentum. If we don’t have the workforce, other companies less interested in investing in their employees will be less likely to come here.”

Besides the training

facility, Mr Wood said GIBC Digital will also develop a data and artificial intelligence centre as part of its Freeport investment. Servers will store data, and “artificial intelligence experts” will offer their services to local and international companies to help them interpret data and spot trends/patterns.

GIBC Digital’s investment is especially important for the Minnis administration given that it marries three key initiatives - establishing Grand Bahama as a “technology hub”; the Commercial Enterprises Act; and encouraging international companies to establish a physical presence/real operations in The Bahamas.

The Act, together with the Grand Bahama “technology hub” initiative, are major components in the Government’s plan to restructure and reposition the Bahamian economy by diversifying away from its reliance on tourism and financial services.

With liberalisation/deregulation, and full World Trade Organisation (WTO) membership, other important elements, the Minnis administration is focusing on attracting knowledgebased industries with the potential to be major foreign exchange earners and creators of high-paying jobs.

Mr Wood yesterday told Tribune Business that while he did not attend last year’s conference, which “kickedoff” the Government’s “technology hub” plans, he already had a “connection” to The Bahamas through having come to this nation on vacation for four years.

“I had a discussion with the Prime Minister in early February,” he recalled. “I was talking to him about some of the things I read about what he was doing.

I was interested in how we might play a role in executing his vision.

“When I had the conversation, hearing his vision and sharing mine, it was just a natural fit.” Mr Wood said. The Grand Bahama “technology plan”, coupled with availability of land and lower costs, meant GIBC Digital chose Freeport over Nassau.

Warning that change, and the pace of change, was everincreasing due to technology, Mr Wood said The Bahamas

needed to constantly invest in - and upgrade - its ITsupporting infrastructure to ensure it matched global rivals.

He added that the company would work with the Government to promote the Grand Bahama “technology hub” initiative when it hosts a block-chain and financial (FinTech) conference on the island this summer.

GIBC Digital was founded

by Mr Wood in 2011 as an enterprise focused on the provision of operational and information technology (IT) strategy, with a focus on regulatory-driven change. As client demands changed, its business model has evolved into a focus on other sectors, including cyber security and fraud prevention, plus data intelligence.

Apart from its New York headquarters, GIBC Digital also has offices in Boston, Stamford, Tampa, London, Hong Kong, and Singapore.

Besides Freeport, it also plans to establish a presence this year in Dublin, Toronto, Johannesburg and Lagos this year, according to its website.

Mr Wood suggested that Freeport will serve as the prototype for these ambitions, and said: “This is, in some respects, the model for how we do it in other places, where we come in and provide the training and embed ourselves in the community and become part of the community, particularly when we look at Asia and Africa, where we’re looking to go.”

He added that investing in people first was a strategy that bore fruit in the medium to long-term, and confirmed that Freeport was “very important to the growth and strategy of the company” as not all investments would involve data and training centres.

The GIBC Digital chief said “there does seem to be momentum” behind the Government’s “technology hub” plan, and added: “I would love to be a part of creating something here that’s unique, and it really begins by putting people first.

“When we look back in ten years, I’d like to see Grand Bahama thought of as kind of the “Silicon Valley of the Caribbean”. That would be a goal to accomplish.”

WESTRYDE CONSULTING INC. Company No. 617866 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that WESTRYDE CONSULTING INC. is in voluntary liquidation. The voluntary liquidation commenced on 30th April, 2018 and Ursula Guss of Holbeinstrasse 20, 8008 Zurich, Switzerland, has been appointed as the Sole Liquidator.

Dated this 1st day of May, 2018 Sgd. Ursula Guss Voluntary Liquidator

FROM PAGE ONE

Bahamas flats fishing tourism sector, as anglers who don’t want to hire a guide will travel to tourist-friendly destinations instead”.

Mr Kemp yesterday reiterated that “people are not opposed to reasonable regulation”, but this was made impossible by the rushed way in which the regulations were implemented without the proper supporting infrastructure in place.

Without a proper online application and payment mechanism, visiting anglers have often been forced to play “hunt the Family Island administrator” to obtain the necessary licence. This has caused frustration and a loss of time, while the sanctions - financial penalties and even jail time - that can be imposed on those without the required permits has been blamed for “scaring off” potential visitors.

Mr Kemp said the licensing system should have been “properly thoughtout out so it was not an inconvenience”, while he continued to receive e-mails asking: “What’s going on in The Bahamas?”

He added that concerns over the licence and accompanying penalties were being voiced all the time, and said: “This is buzzing on social media.

This is a global business, completely dependent on visitors. They [the regulations] didn’t take into account the regulations that make it happen.”

The Blackfly managing partner added that the mandatory “guide” requirement was also deterring “do-it-yourself” fishermen, who did not want to hire such services, from visiting The Bahamas.

Instead, they were heading to countries such as Mexico and Belize, and less stringent regulations.

“The Opposition is saying it is not having an

impact,” Mr Kemp told Tribune Business. “I don’t know where they’re getting their figures from. It has had an impact.

“According to everyone in the business we know, local and foreign, they’ll tell you Bahamas bookings are down primarily because of the confusion going on here. Does The Bahamas want us to fish? It really has to get resolved, hopefully sooner rather than later.”

Ms Pinder, of the Abaco Fly Fishing Guides Association, yesterday told Tribune Business that the regulations continue to place The Bahamas in a “bad light”, adding that it was a “sad day in the flats fishing world” given the Minnis administration’s apparent backing for them.

Mr Wells noted in his statement that the regulations call for “visiting anglers engaged in fly fishing activities to be required to use the services of a licensed guide”.

Ms Pinder, though, challenged this, arguing: “I’m not sure that he’s ever read the law because that is not what it says. Unless, perhaps, he has changed it to ban “do it yourself” anglers, like Prescott Smith and BFFIA wanted in the beginning, that caused such blow back in the industry?”

She added: “He [Mr Wells] further states that ‘we have resolved to empower a new class of entrepreneurs that includes practitioners in the fishing industry’. I’m not exactly sure what he means by that either, as unlicensed guides and small Bahamian-owned and foreign-owned lodges that have always adhered to the rules and regulations.. have already built a $141m industry without the Government’s “empowerment”. Lodge owners and guides in the southern Bahamas are feeling the downturn in business because of the Government’s empowerment efforts.”

Ms Pinder added that

the Minister also failed to address the contentious guide/angler ratio. “He fails to address the 1:2 guide/ angler ratio that applies to both foreigners and Bahamians that fish in boats, and harms foreign investment in our country, and the fact the regulation does nothing to address the commercial mothership issue that has two new operations operating off the coast of Andros this year alone. This legislation continues to put The Bahamas in a bad light in the fishing world.”

Tribune Business has reported extensively as to how the regulations have effectively divided Bahamian guides and the bonefish lodge owners/ operators, who are both Bahamian and foreign, into two separate camps.

This newspaper also previously revealed that the Cabinet was split on the matter, with some ministers not convinced of the arguments put forth by Mr Wells and the BFFIA (Bahamas Fly Fishing Industry Association).

The regulations which came into effect last January require anglers over the age of 12, and those who wish to fish in the flats, to apply for a personal angler’s licence and pay a set fee.

Non-Bahamians have to pay $15 for a daily license; $20 for a weekly license; $30 for a monthly license; and $60 for an annual licence. They also require a foreign vessel wishing to fish in The Bahamian flats to obtain the usual sports fishing permit, with each person on the vessel also holding a personal licence.

The regulations also ban commercial fishing in the flats, and anglers are only allowed to catch and release when catching bonefish, permit, snook, cobia and tarpon. One of the most contentious aspects of the regulations is the requirement of a ratio of one “certified guide” to every two anglers, if they are fishing from a boat.

PAGE 4, Tuesday, May 8, 2018

THE TRIBUNE

Save the Bays chairman warns on oil ‘dark ages’ FROM PAGE ONE “This is taking us back into the dark ages; it’s really mind-boggling. I am disgusted and terrified by the way this country is going when there are so many ways to create wealth and employment, and we want to subject it to oil drilling, refineries and things that will not be of any use in 20 years because of the damage to the environment.

“Every single Bahamian should know what is going to affect his welfare and the welfare of the country. The

Government needs to come clean on this issue. We want to know specifics.”

Back in 2013, the Christie administration indicated it would allow exploratory wells to be sunk ahead of a referendum, after initially indicating that no form of drilling would take place ahead prior to approval by the Bahamian people.

Then-minister of the environment, Kenred Dorsett, said the Government had determined that “we need to find out first, through exploration drilling, whether we do indeed have oil in commercially viable quantities”.

Mr Darville added yesterday: “We want to know what will happen in the case of any mishaps. We need to know the penalties such companies will face if there is a major oil spill in our ocean. We have very flimsy regulations right now, and we do not have an Environmental Protection Act which levies the proper penalties.”

Environmental advocate and businesswoman, Diane Phillips, added: “With regards to oil drilling, we are 20 years behind and, as the world understands the need to move toward renewables, I say leave it right where it is. The risk is too great. One oil spill could have incalculable consequences.”

Sam Duncombe, reEarth’s president, recently called on the Minnis administration to “step into the light” and instead embrace renewable energy. She urged the Government to deny BPC’s Environmental Authorisation application, adding: “The last thing this country needs is oil drilling.”

EX-BEAUTY QUEEN’S TOURISM COPYRIGHT LAWSUIT SURVIVES

FROM PAGE ONE

thus effectively represents a “score draw” for the two sides with neither able to claim total victory. Ms Sherman’s case lives to fight on, although only the alleged copyright breach remains.

Summing up the complaint, Judge Atlas’s ruling said: “Since July 2014, Plaintiffs [Ms Sherman and AK Fortyseven Records] have owned a copyright in the musical work entitled Fly Away with Me. Sometime in late 2016, defendant [Ministry of Tourism] used the song in connection with a multimedia advertising campaign.

According to plaintiffs, defendant did not have their permission to use the song in its campaign.”

The judge noted that to succeed on their claim under US federal law, Ms Sherman and her record company needed to prove they owned a valid copyright to the song and that the Ministry of Tourism had copied it.

“Defendant does not dispute that plaintiffs have alleged sufficiently that they are the owners of a valid copyright on the song,” Judge Atlas found. “Rather, defendant argues that plaintiffs’ copyright infringement claim should be dismissed because the complaint fails to identify, and give defendant fair notice of, the specific acts of its alleged infringement.

“The court is unpersuaded by this argument. Plaintiffs

PUBLIC NOTICE

FORMER Miss Bahamas Universe Khiara Sherman

allege in the complaint that, in late 2016, defendant reproduced and distributed a verbatim copy of the song in an advertising campaign without plaintiffs’ permission. The advertising campaign included at least one television commercial and postings on the website YouTube.

“Plaintiffs also allege that defendant observed a performance of the song in Houston, Texas, and that there was a business relationship between defendant and plaintiff Sherman,” the ruling continued.

“In this case, the wellpleaded factual allegations in the complaint support a plausible inference that defendant had access to - and copied - the song, plaintiffs’ copyrighted material, without the requisite consent.

“The allegations also provide defendant with notice of what copyright it infringed, how it allegedly infringed that copyright (without permission in a television commercial and in

postings on YouTube), and when the alleged infringement occurred.”

As a result, Judge Atlas ruled that the Ministry of Tourism had received “fair notice of the copyright infringement claim”, while Ms Sherman and her record company had submitted “a plausible claim for relief”.

“Factual disputes as to which of defendant’s late 2016 advertisements, if any, made use of the song without permission are best suited for resolution through discovery and summary judgment, not a motion to dismiss,” the judge concluded.

The Ministry of Tourism, though, fared better in its efforts to dismiss the former beauty queen’s “breach of contract” claim on the basis that she had not provided adequate facts to underwriter her case.

“Defendant contends that the complaint lacks sufficient factual allegations with respect to the formation of a valid contract between it

Legal Notice

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ST MA MOMBRUM ISMA of Pompano Beach, Florida USA, intend to change my name to MOMBRUN ISMA. 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.

NOTICE ST. LAWRENCE GROUP LIMITED (the “Company”)

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, HUBERT RICHARD HANNA of Landrail Point, Crooked Island, Nassau, Bahamas, P.O. Box N-4655, intend to change my name to HUBERT RICAHRD HEPBURN. 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.

MARKET REPORT MONDAY, 7 MAY 2018

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

NOTICE IS HEREBY GIVEN as follows: (a)

ST. LAWRENCE GROUP LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000.

(b)

The dissolution of the said Company commenced on the 8th day of May, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is Brian Jones of Harbour Colony III 001, Nassau, Bahamas.

BISX ALL SHARE INDEX: CLOSE 1,939.17 | CHG -4.08 | %CHG -0.21 | YTD -124.40 | YTD% -6.03 BISX LISTED & TRADED SECURITIES 52WK HI 4.40 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.60 5.30 11.50 2.71 1.56 8.21 6.10 11.48 7.29 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 8.40 6.00 3.15 9.00 2.30 1.40 7.25 6.00 8.78 5.67 3.35 12.01

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

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 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 1.55 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 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 3.92 10.05 2.70 1.50 7.82 6.10 10.44 6.43 4.20 12.51

CLOSE 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.80 6.10 3.89 10.05 2.53 1.50 7.80 6.10 10.44 6.43 4.20 12.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 -0.17 0.00 -0.02 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

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.76 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 100.00 109.78 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

2,000 927 639 500

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

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

P/E 12.2 18.7 N/M 11.9 N/M N/M -2.3 13.8 10.6 22.7 15.9 24.8 4.5 N/M 5.4 14.1 7.7 14.3 23.0

YIELD 1.82% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.64% 3.61% 3.08% 6.17% 2.37% 3.33% 1.08% 4.92% 4.79% 3.11% 2.86% 4.56%

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 1.55 1.68 1.63 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% 1.04% 4.26% -1.06% 2.15% 0.58% 3.61% -0.48% 4.84% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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-Mar-2018 31-Mar-2018 31-Mar-2018 31-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018 29-Mar-2018

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

and Sherman, or Sherman’s performance thereunder, to state a plausible claim for relief,” Judge Atlas found.

“The court concludes that defendant’s assertion regarding Sherman’s performance under the service agreement is persuasive. The complaint alleges that defendant and Sherman reached an agreement whereby defendant would pay her to perform “work”.

There are no factual allegations in the complaint identifying or describing the “work” Sherman was to perform pursuant to the service agreement.

“Sherman’s only allegation addressing the second required element of her breach of contract claim, her performance or tendered performance under the service agreement, is that she ‘attempted to perform the work under the contract but the Ministry of Tourism refused to accept’,” the ruling continued.

“Absent any factual allegations describing the nature of Sherman’s obligations under the service agreement or what she ‘attempted to perform’ thereunder, this allegation amounts to little more than a formalistic recitation of an element of Sherman’s breach of contract claim.

“Such a formalistic recitation “will not do” in terms of satisfying Sherman’s obligation to plead sufficient facts to state a facially plausible claim for relief.”

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

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

Brian Jones Liquidator LEGAL NOTICE

NOTICE FIRE LTD. NOTICE is hereby given as follows: • Fire Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

•

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.

• The Liquidator of the said Company is Roger Carpenter of Charlotte House, Shirley Street, Nassau, Bahamas.

Dated this 7th day of May, 2018 Roger Carpenter Liquidator