05112019 BUSINESS

business@tribunemedia.net

FRIDAY, MAY 10, 2019

$4.90 Airlift model ‘debunked’ by 35% expansion rate

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE 35 percent expansion in Nassau/Paradise Island airlift over the past 18 months has “debunked” a business model that “cost The Bahamas a fortune”, a Cabinet minister said yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the past yearand-a-half had shown The Bahamas needed to drive demand for this destination to attract increased flights and seat capacity instead of providing massive subsidies to the airlines as it has done in the past.

“Airlift has grown 35 percent over the past 18 months,” he said. “It’s all been grown organically, and not through any increased funding by the Ministry of Tourism. This debunks the theory that if you supply airlift support that makes a

big difference.

“We have to drive the narrative that once you create demand for people to come, and once the airlines see the load factors and yields go up, they’re able to put airlift in without any incentives.

“It’s a far more strategic plan than trying to do it the old-fashioned way, which was to give credits, minimum revenue guarantees (MRGs) and support which cost a fortune. All these strategies are not necessary if you drive demand.”

Mr D’Aguilar said the “double digit” growth in Nassau/Paradise Island hotel room rates and pricing, despite the increased supply created by the full release of Baha Mar’s 2,300 net room growth, “speaks volumes” to the current strength of Bahamian tourism.

He pointed out that March’s results were

SEE PAGE 4

$4.95

$4.95

$4.95

Top resort owner targets last Hotel Corp property

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

LEADING Andros-based developer has emerged as the likely buyer of the last Hotel Corporationowned resort, a Cabinet minister saying yesterday: “The quicker a deal happens the better.”

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business he was ecstatic that Kamalame Cay’s principal, Brian Hew, was “doing due diligence” and negotiating to acquire the Lighthouse Yacht Club and Marina.

He added that Mr Hew’s “wealth of experience” in developing an ultra luxury

• Kamalame Cay chief in ‘due diligence’ talks • Minister ‘excited’ for Lighthouse Club sale • Says ‘life’s mission’ to get govt out of hotels

DIONISIO D’AGUILAR private island destination just a mile from Andros’ Great Barrier Reef gave the government confidence that he could do likewise in transforming the still-closed Lighthouse Club into a sustainable, attractive product.

The resort has been shuttered since incurring significant damage from Hurricane Matthew in October 2016, with Mr D’Aguilar disclosing that his “life’s mission” since becoming tourism minister has been to secure the government’s exit from hotel industry ownership.

Mr Hew’s emergence as frontrunner to purchase the Lighthouse Club comes after an earlier deal headed by a Bahamian entrepreneur appears to have stalled. Local businessman Burton Rodgers, and a group featuring some of the

investors who worked with him to purchase Exuma’s Club Peace & Plenty hotel, had previously been identified as the preferred buyer.

Confirming these developments yesterday, Mr D’Aguilar said the government’s departure from the hotel business could not come soon enough given that it had “never enjoyed any success” in the sector.

“You’re right,” Mr D’Aguilar responded, when contacted by Tribune Business. “The Burton Rodgers deal has fallen through,

SEE PAGE 6

‘We can’t blindly Chamber director ‘tasked’ with national pension fund set-up march into WTO’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A PROMINENT businessman yesterday said the Oxford Economics study had reinforced his view “that the government must get its house in order before we blindly march into the WTO”.

Robert Myers, a former Chamber of Commerce chairman, told Tribune Business that “decades-old

Bahamian businesses that have kept this economy afloat will be put at significant risk” unless this nation reforms its cost and ease of doing business prior to attaining full World Trade Organisation (WTO) membership.

While agreeing that WTO membership was ultimately the “right way to go”, Mr Myers explained that it “has to be on our terms” and

SEE PAGE 7

Manufacturers not convinced of WTO merits

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIAN manufacturers yesterday said they are “not yet fully committed to the necessity of joining the World Trade Organisation (WTO)” based on the Oxford Economics study’s findings.

The Bahamas Light Industries Development Council (BLIDC), commenting on the recently-released report that was commissioned by the Bahamas Chamber of

Commerce and Employers Confederation (BCCEC), said it backed the authors’ conclusion that full WTO membership will “not be the catalyst to right The Bahamas’ ship” by itself.

The BLIDC, which represents some 30 local manufacturers, added that the sector’s future expansion into new areas could be inhibited by the inability to provide tariff protection for infant companies because all rates would become

SEE PAGE 5

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A CHAMBER of Commerce director yesterday revealed he has been “tasked” with developing a National Workers Pension Fund in a bid to tackle The Bahamas’ looming retirement crisis.

Peter Goudie, who sits as one of the private sector representatives on the National Tripartite Council, told Tribune Business the initiative was designed to get Bahamians “thinking about saving for retirement for themselves” rather than relying on the government and/or their employers to take care of them.

Confirming that the Council has given him this “mandate”, Mr Goudie said the Fund was primarily

• Take more retirement responsibility, workers urged • But objects to National Redundancy Fund concept

targeted at Bahamians whose employers did not provide them with company-sponsored pension plans because this was cost prohibitive or due to other factors.

He added, though, that workers needed to use the proposed fund as a vehicle to start taking responsibility themselves for their postretirement financial needs, given that less than 30 percent of the workforce is thought to be covered by employer-sponsored plans.

With Taylor Industries the latest example of a company to cease operating without paying its 43 employees the collective $682,096 in termination pay

they are entitled to in law, Mr Goudie said greater focus needs to be placed on retirement savings to ensure workers have some kind of financial protection in such situations.

Recalling how pensions legislation drafted under the last Ingraham administration stalled once it was voted out of office in 2012, he added: “It really begs that we need a retirement plan policy in this country.

“I was on the Pensions Task Force under the previous FNM government.

The legislation was brought to the floor of Parliament by the PLP in the first year after they won from the FNM, and nothing

happened to it. Unfortunately, there were changes made which we would have objected to.”

The effort ultimately stalled, with the legislation produced by the Pensions Task Force moving no further forward. However, Robert Farquharson, the former union head and labour director who now chairs the National Tripartite Committee, revealed earlier this year that interest had revived with the creation of portable worker pensions included in its three-year strategic plan.

“We’re also looking at

SEE PAGE 8

PAGE 2, Friday, May 10, 2019

THE TRIBUNE

How companies can fight workplace discrimination

D

ISCRIMINATION has become a real issue in many corporate areas. We define business discrimination as prejudicial treatment in the workplace, which may affect hiring, firing, promotions, salary, job assignments, training, benefits and/or lay-offs based on a person’s age, gender, sexual orientation, race, religion, national origins or disabilities.

There are essentially two types of discrimination: Direct liability and vicarious liability. Discrimination is often confused with bullying and harassment, but occurs when the offending behaviour shuts out an entire grouping as opposed to being directed

at a single person. Harassment occurs when an individual employee endures offensive, intimidating, threatening or humiliating actions or comments because of their association in a grouping.

Here are some of the dimensions of discrimination that require the attention and action of senior leaders and human resource professionals: Age – Both young and older employees suffer by virtue of their age in certain workplace cultures. Government and public office environments have recently become quite aged with a growing older population.

Similarly, many private firms seem to shut out more seasoned employees, instead going after youth

and vitality.

Sex – Gender has long been a line of discrimination for some employers who favour contracting men over women or vice versa.

The last two generations of employees have made it clear that gender-specific roles have vanished.

Race and Ethnicity The civil rights movement, and subsequent legislation around the globe, has begun to address the serious issue of race discrimination.

Much more work must be done at both the national and corporate level to eradicate viewing people differently because of their skin colour.

National origin - Many countries have begun to address the widely-disputed notion of open borders and

IAN FERGUSON BY

the free movement of workers across country lines.

The Bahamas is no exception. While we entertain the dialogue, we cannot deny that many living here from other countries suffer cruelly because of their nationality.

SEE PAGE 4

THE TRIBUNE

Friday, May 10, 2019, PAGE 3

Productivity reforms Minister hails retail plaza’s expansion gain strong backing

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE creation of a National Productivity Council and accompanying legislation is receiving strong backing from the private sector, the project’s primary consultant revealed yesterday.

Edison Sumner, principal of Sumner Strategic Partners, told Tribune Business: “We have gotten a variety of responses throughout the consultation thus far. I don’t want to preempt my full report, but everyone we have spoken with accepts and appreciates - the need for productivity legislation and having a structured body in place to promote the idea of productivity in the country. We have to be able to measure that, define it and ensure that the country as a whole can improve.

Hopefully the end result is that we will see a more productive society.”

The Bahamian private sector has long voiced concerns over what it sees as relatively low productivity by the Bahamian workforce, and has been especially vexed at the quality - or lack thereof - of potential employees coming out of the public high school system. Mr Sumner, who addressed the Rotary Club of West Nassau yesterday, told Tribune Business this was among the many issues being raised.

Sumner Strategic Partners was retained by the National Tripartite Council, which falls under the Ministry of Labour, to conduct widespread

EDISON SUMNER consultations on the proposed creation of a National Productivity Council and a “white paper” dealing with productivity legislation.

“The National Productivity Council is to be established by an Act of Parliament. There are a number of objectives that the council is expected to fulfill. We want to get as much broad -based consultation and feedback from stakeholders, including private sector, academia, government agencies, groups within civil society and even the political groups,” said Mr Sumner.

He added that those consultations will expand to the Family Islands, and said: “It is not only contained to New Providence. The plan is to visit a number of Family Islands, and the first trip will be Grand Bahama next week.

“So far the consultations have been going very well.

We have been impressed with the level of engagement. This process is expect to last until the end of July when we expect to have done a good cross-sweep of the country.”

A CABINET minister yesterday hailed a Freeport retail plaza’s expansion as an example of Bahamians taking ownership of their own economy.

Senator Kwasi Thompson, minister of state for Grand Bahama, speaking at the opening of the new KMW Plaza said its owners provided motivation and hope for all Bahamians on the island.

“The work of these entrepreneurs, like Mr Jones and Mr McCartney, is in alignment with the government’s commitment to small business development and entrepreneurial empowerment,” said Mr Thompson.

“And this is what we like to see, Bahamians owning their country and empowering other Bahamians to do the same. We’ve set out to create an environment especially conducive to the creation and expansion of small and medium-sized businesses, which are essential to the communities.

“These are the kinds of businesses that should really be our focus, because they are the strength and the backbone of our economy.”

KMW Plaza houses businesses such as Mulligans Meats and Spices, two beauty supply stores, a church, and a section of Terreve College. The plaza’s expansion has enabled other businesses to open.

Mr Thompson said the creation of the Grand Bahama Small Business Development Centre (SBDC) showed the government’s commitment to the sector, with millions of dollars being made available to help finance start-ups.

He added that KMW Plaza’s expansion will

SENATOR KWASI THOMPSON, minister of state for Grand Bahama (second right), who was the guest speaker at the official opening of the new KMW Plaza, looks on as Joetha Jones cuts the ribbon.

Also looking on are Michael Jones (centre), manager of KMW Plaza; Frederick McAlpine, MP for Pineridge (third right); and Mr McCartney, one of the owners of the Plaza.

Photos: Lisa Davis/BIS help inspire all those small entrepreneurs who believe they can make a difference in Grand Bahama.

“It is truly pleasing to see Grand Bahamians pouring into the economy that they want to see thrive,” said Mr Thompson.

“It’s always an exciting and proud moment, to not only witness but to share in local businesses achieving major milestones. This plaza is certainly a testament to the growing confidence with the owners having injected some $600,000 into the economy through this renovation and expansion project over

STANDING in front of the KMW student art competition winning painting in the hallway of the new plaza. the past several years.

“I wish to extend commendation to you who originally started the operation of KMW Batteries and Tires in 2004, and later purchased this facility as a dilapidated building, making steady progress in the renovation work. You have certainly come a long way and for that I applaud you.”

Mr Thompson said that in addition to the expansion carried out by KMW Battery and Tires, the government has also seen an increase in confidence among both foreign and Bahamian investors.

He cited the start-up or expansion of businesses such as Pirate’s Cove, Goombay Land Skating Ring, FOWLCO Logistics, Sawyer’s Super market, Home Fabrics, the expansion of Omni Financial, expansion of Pharma Chem, Elnet Maritime, Pelican Bay and other projects coming on stream.

“We would like to see more such businesses in Grand Bahama expanding, which continues to be proof of their confidence and hope for the Grand Bahamian economy,” said Mr Thompson.

COMMONWEALTH OF THE BAHAMAS

2016

IN THE SUPREME COURT

CLE/gen/00858

Common Law & Equity Division BETWEEN SUNSHINE FINANCE LTD. AND DWAYNE EDDISON SMITH

Plaintiff

Defendant

TO: Dwayne Eddison Smith Nassau, The Bahamas TAKE NOTICE that: 1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Dwayne Eddison Smith.

2.

On the 12th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2016/Cle/gen/00858, it was ordered that service of the said Writ of Summons against the Defendant, Dwayne Eddison Smith to be effected by way of this Advertisement.

Dated the 19th day of March, A.D.2019

SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff

COMMONWEALTH OF THE BAHAMAS

2016

IN THE SUPREME COURT

CLE/gen/01653

Common Law & Equity Division BETWEEN

SUNSHINE FINANCE LTD. AND SEATON FERGUSON AND SOPHIA FERGUSON

TO: Seaton Ferguson Nassau, The Bahamas

Plaintiff

First Defendant

Second Defendant

TO: Sophia Ferguson Nassau, The Bahamas

TAKE NOTICE that: 1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Seaton Ferguson and Sophia Ferguson.

2.

On the 12th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2016/Cle/gen/01653, it was ordered that service of the said Writ of Summons against the Defendants, Seaton Ferguson and Sophia Ferguson to be effected by way of this Advertisement.

Dated the 19th day of March, A.D.2019

SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff

PAGE 4, Friday, May 10, 2019

How companies can fight workplace discrimination FROM PAGE TWO Religion – Following the September 11 terror attacks, religious factions came under great scrutiny and those belonging to certain sects have been stereotyped. The Bahamas is no exception, and many who do not fall into mainstream religious thought are ostracised.

Disability – We are like many other countries, still updating our policies relating to the treatment of persons with disabilities.

The movement to increase accessibility, and provide a higher degree of accommodation for these persons, has improved significantly but must continue to do so.

Pregnancy – The act of procreation must always be viewed as a blessing.

Companies must honour this by refusing to discriminate against women who are pregnant, have been pregnant or may become pregnant. They must never be disadvantaged in any way because of circumstances or conditions arising from their pregnancy.

How to avoid workplace discrimination issues While completely

preventing discrimination can be a challenge, there are several steps your company can take to help minimise this risk in the workplace.

1. Create an Employee Handbook that outlines the agreed policies regarding discrimination and its consequences.

2. Engage in consistent employee training.

From the orientation experience to annual staff development seminars, team members must get a consistent reminder of how to work in peace and harmony.

3. Contract the services of an attorney. A consistent relationship with legal counsel helps a company stay on the straight and narrow.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@bahamas.com.

THE TRIBUNE

Airlift model ‘debunked’ by 35% expansion rate FROM PAGE ONE “exceptionally strong” given that the month was up against a tough 2018 comparative that included Easter, whereas the holiday weekend occurred in April this year.

“It really has been exceptionally strong “ Mr D’Aguilar said of the 2019 first quarter performance.

“You have to remember that in 2018 Easter fell in March, but this year Easter fell in April. The effects of Easter were not felt in this year’s first quarter, but we still did exceptionally well.

“The statistics were remarkably strong. Last year in the first quarter the average occupancies were about 64 percent, and this year they’re at 78 percent.

The hotels have maintained their rates despite all the additional supply coming to the market, and the full effect of Baha Mar is being felt this year.

“Not only does that represent an increase in supply, but they did that without any degradation in

rate. That speaks volumes and is quite remarkable.”

All performance indicators for major Nassau/ Paradise Island hotels increased by double digit amounts every month in the 2019 first quarter, with room revenues ending the period up 37 percent.

Ministry of Tourism data confirmed that the resort industry maintained its soaring growth throughout the three months to endMarch, with room revenues up 48 percent, 41 percent and 28 percent for January, February and March respectively.

Revenue per available room (RevPar), a key measure of hotel performance, was up 32.7 percent for the 2019 first quarter as a whole, standing at an average of $232.24 compared to $174.99 in 2018.

The gap between 2019 and 2018 RevPar data was around $60 for each of the first three months.

Room nights sold were also ahead by 36 percent, 27 percent and 17 percent for January, February and March respectively, closing the quarter up by an average of 26 percent.

Mr D’Aguilar attributed the improved tourism performance to the surging US economy and improved consumer confidence,

which was encouraging persons to travel, coupled with the increased marketing activities of Bahamian resorts as they strive to both maintain and grow occupancies.

He conceded, though, that the “double digit” growth in air arrivals and hotel performance indicators is unlikely to be sustained for the 2019 fullyear, with expansion rates likely “tapering off” into the single digits.

“Clearly the rate of growth will taper off as we draw closer to the end of the year,” Mr D’Aguilar told Tribune Business.

“You can’t sustain double digit growth rates indefinitely, and my prediction is that as we get closer to the end of the year double digit growth will go down to single digits.

“Demand has gone up to take advantage of the increase in supply, and I’ll be happy to maintain what we have and grow incrementally. When the Pointe and Wynn come on stream, and Hurricane Hole, all of these facilities will contribute to that growth.

“But the growth will not be sustained at double digits. We do expect it to taper off as we get closer to the end of the year.

Air arrivals grew by 17.3

percent during the 2019 first quarter, and you can’t sustain that rate of growth indefinitely.”

Mr D’Aguilar, meanwhile, said he does “not anticipate” any new or upgraded crime advisories as a result of Wednesday night’s double murder at Potter’s Cay. That, together with a double murder in the Kemp Road area, meant that four murders had occurred in his Freetown constituency within 24 hours - a situation he acknowledged was “alarming”.

He added, though, that no tourist had been in danger, and reiterated that 99.99 percent of The Bahamas’ visitors left without seeing or being involved in any such incidents.

To advertise in The Tribune, contact 502-2394

COMMONWEALTH OF THE BAHAMAS

2015

IN THE SUPREME COURT

CLE/gen/01263

Common Law & Equity Division BETWEEN: SUNSHINE FINANCE LTD.

Plaintiff

AND TIFANNY NEYMOUR

Defendant

TO: Tifanny Neymour Nassau, The Bahamas TAKE NOTICE that: 1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Tifanny Neymour.

2.

On the 13th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2015/Cle/gen/01263, it was ordered that service of the said Writ of Summons against the Defendant, Tifanny Neymour to be effected by way of this Advertisement.

Dated the 19th day of March, A.D.2019

SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff

COMMONWEALTH OF THE BAHAMAS

2015

IN THE SUPREME COURT

CLE/gen/01264

Common Law & Equity Division BETWEEN: SUNSHINE FINANCE LTD. AND DEREK COOPER AND LINDA JANE COOPER AND DAVLIN MILLER

TO: Derek Cooper Nassau, The Bahamas

TO: Linda Jane Cooper Nassau, The Bahamas

Plaintiff

First Defendant

Second Defendant

Third Defendant TO: Davlin Miller Nassau, The Bahamas

TAKE NOTICE that: 1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Derek Cooper, Linda Jane Cooper and Davlin Miller.

2.

On the 13th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2015/Cle/gen/01264, it was ordered that service of the said Writ of Summons against the Defendants, Derek Cooper, Linda Jane Cooper and Davlin Miller to be effected by way of this Advertisement.

Dated the 19th day of March, A.D.2019

SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff

THE TRIBUNE

Friday, May 10, 2019, PAGE 5

Manufacturers not convinced of WTO merits FROM PAGE ONE “bound” - and unable to be increased - once this nation joined.

Pointing out that Oxford Economics’ estimate of a 4,000-strong sector workforce was just 450 less than financial services to highlight its importance to employment, the BLIDC also highlighted the report’s assertion that those workers would struggle to find jobs elsewhere if manufacturing downsized post-WTO accession.

It said in a statement: “The BLIDC, as representatives of the manufacturing and light industries sector in The Bahamas, is not yet fully committed to the necessity of joining the WTO, but appreciates the government’s goal of positioning the Bahamian economy for future growth.

“What is perhaps most relevant to Bahamian businesses today is the finding that substantial reform is required, both legislatively and institutionally. Businesses have long voiced concerns over the ease of doing business, and the lack thereof.

“These hurdles have stifled economic growth in existing sectors and served as deterrents for new market entrants. Oxford Economics has rightly drawn the conclusion that WTO accession alone will not serve as the catalyst to right our ship.”

The BLIDC added that although the report disagreed with their members’ request for “bound” tariff rates higher than those currently in existence, it welcomed Oxford Economics’ assessment that protective tariffs can likely be maintained on goods presently produced.

“This strategy does potentially limit the future expansion of

manufacturing in The Bahamas, as any protection that would normally be provided to facilitate local industry would no longer be in place,” it said.

“It does, however, protect the 4,000-plus jobs in the sector today. In fact, the Oxford Economics report includes data from the Department of Statistics whose records reflect that in excess of 8,000 individuals are employed in manufacturing. It is worth noting that, when referencing the conservative figure of 4,000 workers, this figure is a mere 450 shy of the employee count of the financial services sector.”

The BLIDC added: “Of particular interest to the Board was the finding that it would be unlikely that jobs lost from the potential downsizing of manufacturing would easily be absorbed elsewhere in the economy.

“It has often been suggested that these individuals would be absorbed by the anticipated growth in other sectors, yet the report concludes that this likely would not be the case. The BLIDC must also applaud the government for making the goods and services offers public, and is currently awaiting dialogue as it relates to the most recent working group meeting held last month.”

Ramesh Chaitoo, who co-authored the Oxford Economics study on full WTO membership’s impact on the Bahamian economy, said increasing tariffs during the accession negotiations to better defend local producers simply “won’t fly”.

He told Tribune Business, though, that maintaining existing tariff rates on the 250 import types that compete directly with Bahamian manufacturers was “doable” and could be achieved while

still meeting the 15 percent average tariff rates demanded by the world’s rules-based trading regime overseer.

Mr Chaitoo said the key to accomplishing such an objective will be to “disaggregate” what Bahamas-bound exports are important to the US, as many of the 250 tariff lines key to this nation may not merit such attention from Washington DC. The Oxford Economics report said of The Bahamas: “While it is a services economy, the real challenge for The Bahamas in WTO accession negotiations is trade in goods, particularly tariff bindings and reductions.

“If not properly calibrated, these could negatively affect the manufacturing and agriculture sectors and lead to unemployment, since the local firms will not be able to withstand full competition. It is likely that Bahamian negotiators may have to trade-off concessions on the investment front in order to keep tariffs higher than what has been the norm in recent accessions.”

The Bahamas had 329 manufacturing companies in 2015, according to United Nations (UN) data,

and the Oxford Economics report said: “The products important to the manufacturing and agriculture sector account for only about 250 tariff lines out of a maximum of about 5,000. So, in principle The Bahamas should safeguard these from liberalisation or reduction if the maintenance of local jobs in the Bahamian economy is an important objective of the government.

“But increasing some of the tariffs to the levels proposed by the Bahamas Light Industries Development Council (60-100 percent) before binding them will be difficult to defend in WTO accession negotiations...

“It is therefore recommended that an attempt be made to get to the 15 percent simple average non-agricultural market access (NAMA) tariff that seems to be the basic entry requirement for accession nowadays while keeping the 250 tariff lines out of the liberalisation package,” it added.

“The bottom-line negotiating position should be to bind them at the current applied rates. And it would be advisable to phase in over a three to five-year period the tariffs on some of the other products that are major revenue generators for the government.

“It will be difficult to sell this proposal to the US, but given local sensitivities in The Bahamas these should be considered negotiating ‘red lines’. If not, the political economy costs of acceding to the WTO may be higher than the short- to-medium term benefits.”

COMMONWEALTH OF THE BAHAMAS

2017

IN THE SUPREME COURT

CLE/gen/00929

Common Law & Equity Division

To advertise in The Tribune, contact 502-2394

BETWEEN SUNSHINE FINANCE LTD. AND SHANNA STUBBS

Plaintiff

Defendant

TO: Shanna Stubbs Nassau, The Bahamas TAKE NOTICE that: 1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Shanna Stubbs.

2.

On the 13th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2017/Cle/gen/00929, it was ordered that service of the said Writ of Summons against the Defendant, Shanna Stubbs to be effected by way of this Advertisement.

Dated the 19th day of March, A.D.2019

SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff

COMMONWEALTH OF THE BAHAMAS

2015

IN THE SUPREME COURT

CLE/gen/00631

Common Law & Equity Division BETWEEN SUNSHINE FINANCE LTD. AND ANDREW GREEN

Plaintiff

Defendant

TO: Andrew Green Nassau, The Bahamas TAKE NOTICE that: 1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Andrew Green.

2.

On the 12th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2015/Cle/gen/00631, it was ordered that service of the said Writ of Summons against the Defendant, Andrew Green to be effected by way of this Advertisement.

Dated the 19th day of March, A.D.2019

SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff

PAGE 6, Friday, May 10, 2019

Top resort owner targets last Hotel Corp property FROM PAGE ONE

and all I would say is that Brian Hew is looking seriously at it and he obviously comes to the table with a wealth of experience in operating a hotel in Andros.

“He would be wonderfully positioned to successfully operate a hotel property in Andros.

Not only have his properties been successful, but he’s won endless awards

for a fantastic property and created opportunities for Bahamians. These are very high-end customers [at Kamalame Cay] that are economically impactful on Andros.

“I’m very excited that he’s interested and we’ll see where it takes us. As far as I’m aware it’s still at the Hotel Corporation level. He’s doing his due diligence and hasn’t gotten into the details yet.

I’m not quite sure where in the process he is. He’s

still, I think, contemplating what the details of the deal look like and, because it’s owned by the Hotel Corporation, it has to go to the government for final approval.”

Kamalame Cay is a family run, high-end boutique resort featuring private villas and beach houses in a 96-acre setting.

It consistently attracts both high-end clients and positive reviews from the global travel media, and provides multiple

COMMONWEALTH OF THE BAHAMAS

2016

IN THE SUPREME COURT

CLE/gen/01654

Common Law & Equity Division BETWEEN SUNSHINE FINANCE LTD. AND OSARUMWENSE IDAH

Plaintiff

Defendant

TO: Osarumwense Idah Nassau, The Bahamas TAKE NOTICE that: 1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Osarumwense Idah.

2.

On the 13th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2016/Cle/gen/01654, it was ordered that service of the said Writ of Summons against the Defendant, Osarumwense Idah to be effected by way of this Advertisement.

Dated the 19th day of March, A.D.2019

SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff

amenities and experiences in close proximity to the Great Barrier Reef.

“When Brian Hew puts his mind to it, with the learning curve he has gone through in building a successful hotel in Andros he has a very high chance of developing and creating a successful project there [at the Lighthouse Club], so I’m excited he’s interested in it,” Mr D’Aguilar reiterated to Tribune Business.

The Lighthouse Club’s sale will complete the government’s 27-year bid to completely exit ownership involvement in the Bahamian hotel industry, the Grand Lucayan situation excepted, and even here it is seeking to close a sale to the ITM Group/ Royal Caribbean joint venture.

“That’s been my life’s mission since I took over as minister of tourism and aviation,” Mr D’Aguilar told this newspaper. “I fundamentally don’t believe the Government of The Bahamas should be in the business of owning and operating hotels.

“We’ve never had any success with that. The quicker this can happen the better. We don’t have

THE TRIBUNE the financial resources and wherewithal to be the primary shareholder, owner and operator, so it’s better to put it into the hands of people know how to do that because that way is most economically impactful and empowers Bahamians. We’re all about giving entrepreneurial opportunities.”

Numerous attempts to sell the 20-room Lighthouse Club, whose Fresh Creek-based amenities include a 30-slip marina, pool and tennis court on 11 acres of beachfront land, have been made before with little success.

The last Ingraham administration was trying to negotiate a sale to Illinois-based Scheck Industries when it left office in May 2012, in a bid to end financial bleeding that was costing the Hotel Corporation some $500,000 per year.

Under the proposed agreement with the then-government, land and investment incentives would have been released to Scheck in accordance with “timeframes and milestones for development”.

The company had proposed a $15m investment in the first phase, and construction and full-time jobs of 50-plus, but nothing further was heard of Scheck once the last Christie administration took office.

Tribune Business then revealed in 2014 that rival Bahamian-led bids with strong Andros connections were battling to

acquire the Lighthouse Club. Prescott Smith, owner of Stafford Creek Lodge, confirmed he was heading one group, while Vanlock Fowler, owner of Nassau-based All Purpose Steel Company, confirmed he was part of another.

Again, though, no deal was closed. The property remains shuttered, with the Matthew-related damage not repaired, resulting in the Minnis administration offering the assets on an ‘as is’ basis when it began marketing the Lighthouse Club for sale in September 2017.

Frederick McAlpine, the former Hotel Corporation chairman, told Tribune Business last year it had managed to save taxpayers some $250,000 by terminating the Lighthouse Club’s 20-plus staff and paying them due severance after the Christie administration kept them on despite the hotel being closed.

Mr Rodgers could not be reached for comment yesterday on the fate of his proposal, despite Tribune Business leaving a message on his cell phone.

Michael Scott, the Hotel Corporation’s chairman, said he was in a meeting and asked this newspaper to call him back, but he could not be contacted when we did so.

Mr Rodgers, in a December 2018 interview on his group’s plans for the Lighthouse Club, said they planned to create the country’s “first 100 percent green resort” through a $7m investment that would expand the property and create an initial 40-50 jobs.

Pledging to restore the resort to “its old glory”, he added that the group was seeking to exploit Andros’s “eco-friendly environment” through the implementation of renewable energy sources such as solar and biomass.

Mr Rodgers said the resort’s marina and location, especially its proximity to Nassau, meant they would target the domestic - as well as international - tourism market, as he expressed a willingness to work with the Ministry of Tourism and other Andros resorts to “create synergies” and market the entire island.

THE TRIBUNE

Friday, May 10, 2019, PAGE 7

‘We can’t blindly march into WTO’ FROM PAGE ONE benefit both Bahamians and local businesses rather than their foreign competitors.

Suggesting that accession should be delayed until The Bahamas accomplished the recommended broad-based reforms to its governance and business processes, he added that the government also needed to phase-in tariff reductions to allow existing businesses to recover the capital tied up in pre-WTO duty and VAT border payments.

Revealing that he had just written a $70,000 cheque to cover taxes due on two imported pieces of equipment, a sum equivalent to 75 percent of their purchase price, Mr Myers said it was imperative that the government create a “level playing field” for his and other businesses by either phasing-in tariff cuts or providing tax credits.

Arguing that the Oxford Economics study had “validated” his earlier position on WTO accession, he told Tribune Business: “I’m even more so of the opinion that the government has to get its house in order before it accedes to WTO. “Otherwise they’re going to put all these decadesold businesses at risk, and significant risk. That has to be a priority, and we have to start thinking that as opposed to blindly marching into the WTO. “I caveat by saying I’m not against WTO,” Mr Myers added. “I think eventually it’s the right way to go. But we have to do it on our terms; do it on terms that are good for Bahamians and Bahamian businesses, not terms that are good for foreigners and foreign businesses.

“That could take a number of years. But it has to be on terms that are favourable to Bahamians and Bahamian businesses.

That’s imperative. They have not thought out all these significant issues, and that’s because the technocrats are not business people. They’re not thinking of all the impacts that are going to occur on businesses and business people that have kept the economy afloat for decades.”

Mr Myers praised the Oxford Economics report’s findings as “balanced”, and added: “It still leaves a lot of questions in people’s minds. It makes assumptions one hopes pan out in a positive way, but a lot of that depends on the government putting its best foot forward finally.

“It’s got to lower the

ROBERT MYERS cost of business so that we’re able to compete on a regional scale, which just isn’t the case at the moment.

It goes back to the same issue. It’s the same issue for manufacturers, it’s the same issue for retailers.

“We all operate in a world where power costs are three times’ that of the US. Our base of operations is simply too high to be competitive on a regional basis, especially for us as we’re Florida’s nearest neighbour.

“If you’re down in Barbados it’s a different ball game as they have a lot more distance between themselves and a highly competitive regional rival in Florida.

Even in the Caribbean conditions vary.”

Mr Myers then called on the government to phase-in WTO-related tariff reductions so that companies such as his own were able to “depreciate” and run-off the high duty payments on imported equipment prior to accession.

Otherwise, he warned, foreign rivals and others that establish after the tariff eliminations/cuts took place will have a significant financial and competitive advantage. “Of great concern to me is that you’ve got to phase this on so we have

COMMONWEALTH OF THE BAHAMAS

a chance to depreciate these very large duties and taxes,” Mr Myers told Tribune Business.

“Otherwise you’re going to put people that have invested their lives in The Bahamas at a serious risk of being completely uncompetitive. These are big numbers. I just wrote a cheque yesterday for $70,000 on two pieces of equipment for duty and VAT. It’s 75 percent of the value of the machinery, and I have to depreciate that over the next five to eight years.

“Either do this by phasing it in or giving businesses tax credits back for their duties - the difference between the old rates and what they pay now. When you pay on machinery you get nothing back and pay in advance. We’re paying a large tax upfront that has to be depreciated over five to eight years,” he added.

“We’ve got to have some concessions back if we’re going into an environment where they cut the duty and the guy starting a business on day one post-WTO will have a cost advantage over those who have paid these massive duties.

“That’s simply not fair. It’s an inequitable playing field, and a slap in the face to the good business people that have created employment and GDP growth and everything else for many decades before WTO.” While countries are usually allowed to phase-in tariff eliminations and cuts upon joining the WTO, they are typically only permitted three to five years to do so.

2014

IN THE SUPREME COURT

CLE/gen/01906

Common Law & Equity Division

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

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Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

BENEFITS

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We look forward to your continued support in this worthwhile endeavour.

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115

COMMONWEALTH OF THE BAHAMAS

2016

IN THE SUPREME COURT

CLE/gen/01087

Common Law & Equity Division

BETWEEN SUNSHINE FINANCE LTD. AND DEMEKO SAUNDERS AND MAGDALEINE SAUNDERS AND MONITA T. DANIELS TO: Demeko Saunders Nassau, The Bahamas

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

TO: Magdaleine Saunders Nassau, The Bahamas

Plaintiff

BETWEEN SUNSHINE FINANCE LTD. AND

First Defendant

ELLARESSE E. BURROWS AND SIMONE L. BURROWS

Second Defendant

AND TIFFANY BURROWS

Third Defendant TO: Monita T. Daniels Nassau, The Bahamas

TAKE NOTICE that:

TO: Ellaresse E. Burrows Nassau, The Bahamas

TO: Simone L. Burrows Nassau, The Bahamas

Plaintiff

First Defendant

Second Defendant

Third Defendant TO: Tiffany Burrows Nassau, The Bahamas

TAKE NOTICE that:

1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Demeko Saunders, Magdaleine Saunders and Monita T. Daniels.

1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Ellaresse E. Burrows, Simone L. Burrows and Tiffany Burrows.

2.

On the 14th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2014/Cle/gen/01906, it was ordered that service of the said Writ of Summons against the Defendants, Demeko Saunders, Magdaleine Saunders and Monita T. Daniels to be effected by way of this Advertisement.

2.

On the 12th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2016/Cle/gen/01087, it was ordered that service of the said Writ of Summons against the Defendants, Ellaresse E. Burrows, Simone L. Burrows and Tiffany Burrows to be effected by way of this Advertisement.

Dated the 19th day of March, A.D.2019

SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff

Dated the 19th day of March, A.D.2019

SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff

PAGE 8, Friday, May 10, 2019

THE TRIBUNE

Chamber director ‘tasked’ with national pension fund set-up FROM PAGE ONE the possibility of a National Pension Plan,” Mr Farquharson said at the time. “We feel more people would be willing to change jobs, and be more productive, if they could take their pension with them.”

He added that the design of such pensions would be based on the US 401(k) model.

Mr Goudie yesterday confirmed this task has been assigned to himself, telling Tribune Business: “Through the National Tripartite Council I have been tasked with instituting a National Workers Pension Fund so that people, separate from NIB, have some type of savings for their retirement.

“If companies cannot afford it, people will be able to pay into it. People have to learn to save for themselves. They expect government, the company to look after them for life. People need to think

about their own retirement instead of expecting someone else to take care of them.

“It’s a very difficult discussion about who should look after who. People will say the government will do this, the company will do this, but what are you doing about it yourself. I never expected someone else to take care of me later in life.”

Mr Goudie said the proposed National Workers Pension Fund would be professionally-structured and set up in accordance with international best practice, with its finances overseen by the likes of trustees, pension administrators and fund managers.

“A lot of small companies can’t afford pension plans,” he added, “but if we get people thinking about saving for themselves when they’re young... That’s my mandate and what I’m working on.”

Taylor Industries’ route into insolvency, and lack of funding to pay staff

their due termination pay under the Employment Act, has also highlighted another initiative included in the National Tripartite Council’s three-year plan the creation of a National Redundancy Fund.

Mr Farquharson said in January: “We’re looking at the possibility of establishing a National Redundancy Fund to ease the pressure on employers to pay employees what they are owed when the company fails.”

A National Redundancy Fund has been proposed before, especially by trade union leaders such as Trades Union Congress (TUC) president Obie Ferguson, who have argued that it will provide appropriate protection for employees in terms of paying them severance and other benefits should their employer - especially a foreign one - either close down or skip the country.

While that would have aided the likes of former Royal Oasis employees

and ex-Taylor Industries staff, the prime concern with such an initiative is how it would be financed, by whom, and how much they would pay.

Further expanding The Bahamas’ social safety net frequently fills employers with dread, especially the many who are struggling, because it seems to promise an increased tax on both businesses and employees to finance it.

Mr Goudie yesterday told Tribune Business that he personally objected to the concept of a National Redundancy Fund because it would force well-run, successful companies to pay for those that are poorly managed and unsuccessful.

“There’s been a lot of talk about setting up a Redundancy Fund, which

I don’t agree with, because it means well-run companies are funding poorly-run companies,” he said.

The issue was brought into sharp relief by the sums owed to former Taylor Industries employees. Several observers have privately suggested to Tribune Business that the company’s predicament highlights how the Employment Act’s termination provisions are overly-generous and too great a burden for employers - especially those that are struggling.

Andrew Davies, the Crowe Bahamas accountant who is acting as Taylor Industries’ court-supervised liquidator, wrote that the termination sums due were cost prohibitive for a business losing such significant sums of money,

creating an obstacle to downsizing and saving the business that proved impossible to overcome.

“Taylor Industries staff demographic contained many longstanding employees who, under Bahamian labour law, would have been entitled to significant termination pay for which the company did not have the cash reserves to meet as part of a restructuring exercise,” Mr Davies wrote.

Documents attached to the liquidators report show some former Taylor Industries managers are owed more than $71,000 in termination pay but, with the business possessing realisable net assets of just over $288,000, they are only likely to recover “cents on the dollar”.

COMMONWEALTH OF THE BAHAMAS

2014

IN THE SUPREME COURT

CLE/gen/02085

Common Law & Equity Division BETWEEN SUNSHINE FINANCE LTD.

COMMONWEALTH OF THE BAHAMAS

2014

IN THE SUPREME COURT

Plaintiff

AND

CLE/gen/01900

BRADBURY COLEBY

Common Law & Equity Division BETWEEN

First Defendant

AND SUNSHINE FINANCE LTD. AND ALAGAIL ROLLE AND STERLING RIGBY

TO: Alagail Rolle Nassau, The Bahamas

TO:

LORRAINE COLEBY

Plaintiff

Second Defendant

AND First Defendant

Second Defendant

Sterling Rigby Nassau, The Bahamas

ROBERT RAHMING TO: Bradbury Coleby Nassau, The Bahamas

TO: Lorraine Coleby Nassau, The Bahamas

Third Defendant TO: Robert Rahming Nassau, The Bahamas

TAKE NOTICE that:

TAKE NOTICE that:

1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Bradbury Coleby, Lorraine Coleby and Robert Rahming.

1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Alagail Rolle and Sterling Rigby.

2.

On the 12th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2014/Cle/gen/02085, it was ordered that service of the said Writ of Summons against the Defendants, Bradbury Coleby, Lorraine Coleby and Robert Rahming to be effected by way of this Advertisement.

2.

On the 13th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2014/Cle/gen/01900, it was ordered that service of the said Writ of Summons against the Defendants, Alagail Rolle and Sterling Rigby to be effected by way of this Advertisement.

Dated the 19th day of March, A.D.2019

Dated the 19th day of March, A.D.2019

SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas

SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas

Attorneys for the Plaintiff

Attorneys for the Plaintiff

COMMONWEALTH OF THE BAHAMAS

2015

IN THE SUPREME COURT

CLE/gen/00633

Common Law & Equity Division BETWEEN SUNSHINE FINANCE LTD. AND MAGNUS OBIAGWU AND NELLIE OBIAGWU AND FRANKLYN ROBINSON AND PATRICK DEMERITTE

TO: Magnus Obiagwu Nassau, The Bahamas

TO: Nellie Obiagwu Nassau, The Bahamas

Plaintiff

First Defendant

Second Defendant

Third Defendant

Fourth Defendant TO: Franklyn Robinson Nassau, The Bahamas

TO: Patrick Demeritte Nassau, The Bahamas TAKE NOTICE that: 1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Magnus Obiagwu, Nellie Obiagwu, Franklyn Robinson and Patrick Demeritte.

2.

On the 13th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2015/Cle/gen/00633, it was ordered that service of the said Writ of Summons against the Defendants, Magnus Obiagwu, Nellie Obiagwu, Franklyn Robinson and Patrick Demeritte to be effected by way of this Advertisement.

Dated the 19th day of March, A.D.2019

SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff

THE TRIBUNE

Friday, May 10, 2019, PAGE 9

Crisis point?

High stakes in Trump’s showdown with Congress WASHINGTON Associated Press DEMOCRATS call it a “constitutional crisis”. But is it?

Stunned by the extent of the White House’s blanket refusal to comply with oversight by Congress, the Democrats warn that the Trump administration is shattering historic norms and testing the nation’s system of checks and balances in new and alarming ways.

It’s not just the House’s fight with the Justice Department over the release of special counsel Robert Mueller’s report.

The standoff involves President Donald Trump’s unwillingness to engage with dozens of Capitol Hill probes of his tax returns, potential business conflicts and the running of the administration — from security clearances for his family to actions he’s taken

on his own on immigration.

It’s a confrontation that’s only expected to deepen now that Mueller’s work is finished and the investigation focus shifts to Capitol Hill.

Trump derides the probes as “presidential harassment”. Republican Senate leader Mitch McConnell tries to declare it all “case closed”. But Democrats warn that without the legislative branch staying on the case, keeping watch, any executive becomes more like a “monarchy” — or “tyranny” — that doesn’t have to answer to the representatives of all Americans.

“Will the administration violate the Constitution and not abide by the requests of Congress in its legitimate oversight responsibilities?” asked House Speaker Nancy Pelosi yesterday.

“Every day they are advertising their obstruction of justice,” she said. “We’re not talking about isolated situations. We’re talking

LEGAL NOTICE

NNOOT T IICC EE KAINZ COMPANY LIMITED

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Kainz Company Limited has been completed and the company has been struck from the Register on the 4th day of April, 2019

SPEAKER of the House Nancy Pelosi, D-Calif.=, meets with reporters the day after the Democratcontrolled House Judiciary Committee voted to hold Attorney General William Barr in contempt of Congress, escalating the legal battle with the Trump administration over access to special counsel Robert Mueller’s report. Pelosi agreed with Nadler’s assertion on Wednesday that the Trump administration’s refusal to provide the special counsel’s full Russia report to Congress presents a “constitutional crisis”.

Photo: J Scott Applewhite/AP about a cumulative effect of obstruction the administration is engaged in, and the president has warned that he is not going to honour any subpoenas from Congress.”

Struggles between the executive and legislative branches are nothing new.

The House voted to hold George W Bush administration officials in contempt over an investigation into the firing of US attorneys.

Barack Obama’s attorney general, Eric Holder, was found in contempt over an undercover gun-running operation.

But those were specific cases. The difference, say historians and legal scholars, is that Trump has announced he will essentially ignore all oversight requests from Congress.

Congressional experts say

a big risk is setting a precedent that goes way beyond Trump. What happens, for example, if an administration stonewalls Congress on information it wants for an investigation of air or water quality rules — or anything else? Can the White House just say no?

“We have a big problem,” said Julian E Zelizer, a Princeton University professor who studies history and public affairs.

Trump’s new stance, at the end of the Mueller investigation, comes as the president faces a divided Congress for the first time.

Democrats talked of being a check on him when they took control of the House in January, upsetting the calm he enjoyed during two years of friendlier relations with Republicans in charge of both chambers.

Zelizer said with Trump “aggressively flexing power to shut down oversight capacity of another branch,” it’s “unclear who and how this is resolved, especially with Senate Republicans standing by their man.”

Asked if this is a constitutional crisis, Zelizer said, “I think we are looking at one.”

Jack Balkin, a Yale Law School expert on the Constitution, won’t go that far, but he said the Democrats are describing a real problem.

“There is a breakdown in constitutional norms that keep the republic going,” Balkin said. “In an ordinary world, you just have negotiations over subpoenas. It happens all the time.

Congress and the president work it out.”

After talks broke down

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

TINTOVERO LIMITED

POOLEY LIMITED

NOTICE is hereby given as follows:

NOTICE is hereby given as follows:

(a)

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

TINTOVERO 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 1st May, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 8th May, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas

(c) The Liquidator of the said company is Dizame Consulting S.A., P.O. Box 3149, Pasea Estate, Road Town, Tortola, British Virgin Islands.

Dated this 10th day of May, A. D. 2019

Dated this 3rd day of May, A. D. 2019

________________________ Dizame Consulting S.A Liquidator

________________________

CST Administration (Bahamas) Limited Liquidator

Shareece E. Scott Liquidator LEGAL NOTICE

COMMONWEALTH OF THE BAHAMAS

2017

IN THE SUPREME COURT

CLE/gen/00051

Common Law & Equity Division BETWEEN SUNSHINE FINANCE LTD. AND

NN OOTTII CCEE

GINO MCKINNEY

BAYBRIDGE HOLDINGS LTD.

AND CANDIA MCKINNEY AND EUNICE MCKINNEY

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Baybridge Holdings Ltd., has been completed and the company has been struck from the Register on the 9th day of April, 2019

AND MARIA MCKINNEY-CHARLTON AND ANDREW MCKINNEY AND CORDERO ROLLE

Shareece E. Scott Liquidator LEGAL NOTICE

NOTICE

VASARI INVEST LTD. NOTICE is hereby given as follows: (a)

Vasari 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.

(c)

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

Dated 10th day of May, 2019.

Beatus Limited Liquidator

this week between the House Judiciary Committee and the Justice Department over the panel’s subpoena for the full Mueller report, the committee voted to recommend that Attorney General William Barr be held in contempt of Congress.

Lawmakers want to see a less fully redacted version of the publicly released 448-page document on Russian interference in the 2016 election. They say they need to know what’s in the hundreds of fully or partly blacked-out pages that were publicly released to better understand how to protect elections from future interference. Barr says he tried to accommodate the request as much as he could before asking Trump to invoke executive privilege to enable him to block it.

While there’s no direct oversight written in the Constitution, the House historical website says it’s implied in Article 1 that gives Congress “all legislative powers”, with investigations intended as a way to seek necessary information for that purpose.

Underscoring that, the Supreme Court ruled nearly 100 years ago that “the power of inquiry -- with process to enforce it -- is an essential and appropriate auxiliary to the legislative function”.

Saikrishna Prakash, an expert on presidential power at the University of Virginia, said he doubts that Trump will carry out a total refusal to participate in congressional oversight.

Plaintiff

First Defendant

Second Defendant

Third Defendant

Fourth Defendant

Fifth Defendant

Sixth Defendant

TO: Gino McKinney Nassau, The Bahamas

TO: Candia McKinney Nassau, The Bahamas

TO: Eunice McKinney Nassau, The Bahamas

TO: Maria McKinney-Charlton Nassau, The Bahamas

TO: Andrew McKinney Nassau, The Bahamas

TO: Cordero Rolle Nassau, The Bahamas

TAKE NOTICE that: 1.

A Writ of Summons filed herein has been issued in the Supreme Court of The Bahamas by Sunshine Finance Ltd., by the Plaintiff herein against you, Gino McKinney, Candia McKinney, Eunice McKinney, Maria McKinney-Charlton, Andrew McKinney and Cordero Rolle.

2.

On the 12th February, 2019, an Order was made in the Supreme Court by Registrar in Supreme Court Action No.2017/Cle/gen/00051, it was ordered that service of the said Writ of Summons against the Defendants, Gino McKinney, Candia McKinney, Eunice McKinney, Maria McKinney-Charlton, Andrew McKinney and Cordero Rolle to be effected by way of this Advertisement.

Dated the 19th day of March, A.D.2019 SHARON WILSON & CO. Chambers Delvest House Shirley Street East at Highland Terrace Nassau, Bahamas Attorneys for the Plaintiff

PAGE 22, Friday, May 10, 2019 WASHINGTON Associated Press US and Chinese negotiators were poised to resume trade talks yesterday just hours before the United States is set to raise tariffs today on Chinese imports in a dramatic escalation of tensions between the world’s two biggest economies.

In Beijing, Chinese officials said they will retaliate if President Donald Trump goes ahead with more tariff hikes, adding to the heated rhetoric from both sides that was shaking stock markets around the world.

The talks starting up again in Washington were thrown into disarray this week after top US trade negotiator Robert Lighthizer and Treasury Secretary Steven Mnuchin accused the Chinese of reneging on commitments they’d made earlier. In response to the alleged backsliding, the United States is raising tariffs on $200bn in Chinese imports from 10% to 25% at 12.01am Eastern time today.

The two countries are sparring over US allegations that China steals technology and pressures American companies into handing over trade secrets, part of an aggressive campaign to turn Chinese companies into world leaders in robotics, electric cars and other advanced industries.

Escalation in Trump tariffs looms over US-China trade talks

US President Donald Trump, right, chats with Chinese President Xi Jinping during a welcome ceremony at the Great Hall of the People in Beijing. The United States and China are scheduled to resume talks to try to back off an escalating trade war.

The setback was unexpected. Through late last week, Trump administration officials were suggesting that negotiators were making

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

RTT Investments Ltd (the “Company”) In Voluntary Liquidation

Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), RTT Investments Ltd (the “Company”) is in Dissolution. The date of commencement of the Dissolution is the 6th May, 2019.

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 above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 7th day of June, 2019. ___________________________ Luciane Ribeiro Moreno Liquidator

steady progress.

US officials say they got an inkling of China’s second thoughts about prior commitments in talks last week in Beijing, but that the backsliding became even more apparent in exchanges over the weekend. They wouldn’t identify the specific issues involved.

On Sunday, President

Donald Trump took to Twitter to express frustration with the pace of the talks. “The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!” Trump tweeted, threatening to raise the tariffs. He also said he’d go further and slap 25% tariffs on another $325bn in Chinese imports,

NOTICE

NOTICE is hereby given that GEORGES MICHAEL LAMOUR of Chippingham, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of April, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 9 MAY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,174.83 | CHG: 4.22 | %CHG: 0.19 | YTD: 65.38 | YTD%: 3.10 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.50 2.00 3.35 11.00 6.16 4.64 12.50 2.74 1.96 9.02 7.00 15.60 7.25 4.05 14.00

52WK LOW 3.50 19.17 4.90 3.50 1.00 0.19 2.00 8.85 6.11 3.54 10.00 2.30 1.60 7.25 6.10 10.10 6.20 3.01 12.51

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1000.00 1000.00 1000.00 1000.00

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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 ##########

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 4.22 17.43 6.00 5.39 2.47 1.98 2.01 10.94 6.16 4.47 10.00 2.58 1.85 9.17 7.00 15.57 7.25 3.50 14.00

CLOSE 4.22 17.43 6.00 5.39 2.47 1.98 2.10 10.94 6.16 4.49 10.00 2.59 1.85 9.16 7.00 15.57 7.25 3.50 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.09 0.00 0.00 0.02 0.00 0.01 0.00 -0.01 0.00 0.00 0.00 0.00 0.00

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

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

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

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME 25 366 6,500 13,222

4,000

VOLUME

EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.636 0.834 0.950 0.205 0.631

DIV$ 0.130 1.260 0.000 0.240 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.068 0.060 0.328 0.240 0.500 0.200 0.090 0.600

P/E 25.3 18.7 N/M 16.7 N/M N/M -4.9 15.5 12.8 29.2 15.9 25.4 8.9 N/M 11.0 18.7 7.6 17.1 22.2

YIELD 3.08% 7.23% 0.00% 4.45% 0.00% 1.01% 0.00% 6.49% 3.57% 2.67% 6.20% 2.63% 3.24% 3.58% 3.43% 3.21% 2.76% 2.57% 4.29%

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

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

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

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

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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%

############### 30-Jul-2018 ############### 30-Jul-2020 ############### 30-Jul-2022 ############### 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 0.32% 3.95% 0.62% 3.20% 0.69% 2.56% 2.06% 4.97% 4.52% 0.96% 1.15% 4.41% 0.59% 4.31% 0.92% 4.16% 2.79% 4.80% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-Mar-2019 31-Mar-2019 29-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 31-Mar-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

MUTUAL FUNDS 52WK HI 2.22 4.27 2.05 188.32 158.55 1.61 1.75 1.70 1.14 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.55 1.68 1.64 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.22 4.27 2.05 188.32 154.49 1.61 1.75 1.70 1.14 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.68 11.38

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

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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

covering everything China sells the United States.

US officials are insisting that any deal be strictly enforced so that China lives up to its promises — something they say Beijing has repeatedly failed to do in the past. Also unclear is what would happen to the US tariffs on Chinese imports. China wants them lifted; the US wants to keep tariffs as leverage to pressure the Chinese to comply with any agreement.

Hours before the talks were set to resume in Washington, the Chinese government said it would retaliate if the US tariff increases take effect. It did not provide details, but said it had made “all necessary preparations”, suggesting it might be bracing for worsening conflict.

“If the US tariff measures are carried out, China will have to take necessary countermeasures,” said a Commerce Ministry statement. The spokesman, Gao Feng, said China has the “determination and ability to defend its own interests”.

The volley of threats reignited jitters about global economic growth, prompting another round of losses

THE TRIBUNE on world stock markets.

If tariff hikes go ahead, “risks of a financial market collapse, extreme risk aversion, and sharp slowdown in global growth will spike,” said Philip Wee of DBS Group in a report.

Germany’s DAX index shed 1.2% and France’s CAC 40 lost 1.5%. Hong Kong’s main benchmark skidded 2.4% and the Shanghai Composite Index lost 1.5%. Tokyo’s Nikkei 225 lost 0.9%. Wall Street was set to open lower.

Chinese authorities already have extended retaliation beyond imports by targeting operations of American companies in China. Regulators have slowed down customs clearance for their shipments and delayed issuing licenses in finance and other industries.

The Chinese government has an array of other weapons including launching tax, anti-monopoly or other investigations that can hamper company operations.

Chinese leaders see industry development directed by the Communist Party as a path to prosperity and global influence. They deny their plans violate Beijing’s trade commitments but have offered to change details that provoke the most foreign opposition.

“China is not afraid of conflict,” said the Global Times, a newspaper published by the ruling Communist Party’s People’s Daily that is known for its nationalist tone. It said Beijing has measures in place to “minimise losses” for its companies.

“Mentally and materially, China is much better prepared than its US counterpart,” the newspaper said.

Despite such bluster, factories in Chinese coastal regions that serve the US market have been devastated. Industries including electronics that the Communist Party is promoting as China’s economic future have suffered declines of up to 40% in sales to the United States.

That has increased pressure on President Xi Jinping, who political analysts say faces criticism within the ruling party that he has failed to manage Trump.

NOTICE

NOTICE is hereby given that SERGE SIMON of Spring City, 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 3rd day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that JOANNA SIMEON of #122 Coral Fish Street, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that CRYSTAL ALICIA SWEETING of Infant View Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.