05152019 BUSINESS

business@tribunemedia.net

WEDNESDAY, MAY 15, 2019

$4.90

$4.95

‘Like a cancer’: Port to join URCA battle

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Grand Bahama Port Authority (GBPA) is set to intervene in Freeport’s utilities regulation battle, with a top QC yesterday accusing the government of “eating like a cancer” at the city’s governance.

Fred Smith QC, the Callenders & Co attorney and partner, confirmed to Tribune Business that the GBPA has hired him to defend the Hawksbill Creek Agreement - and the powers that it grants to

• Hires top QC to intervene in court case • Smith slams Hawksbill Creek ‘gnawing’ • Asks: ‘Is it economic misery till 2054?’

FRED SMITH QC

regulate all utilities in the Port area - from the Utilities Regulation and Competition Authority’s (URCA) challenge to its jurisdiction.

The national regulator is arguing in legal papers that itself - not the GBPA - has the legal authority to supervise Freeport’s energy sector through the Electricity Act 2015, which “implicitly repealed” key parts of the Hawksbill Creek Agreement.

URCA’s case, filed with the Supreme Court at end-March 2019, is that Parliament was “constitutionally entitled” to override Freeport’s founding treaty when it passed the legislation into statute law.

That is a response to the position taken three years ago by the Grand Bahama Power Company. Sensing

SEE PAGE 4

‘Critical surgery’ for Bahamian economy

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas “must perform critical surgery on our economy” to return to the three percent-plus average GDP growth enjoyed pre-recession, the Chamber of Commerce’s chief executive said yesterday.

Jeffrey Beckles told Tribune Business that 2018’s 1.6 percent real GDP expansion, unveiled by the Department of Statistics on Monday, was “not sustainable” and inadequate to solve The Bahamas’ pressing economic and social needs.

He added that the fact it had taken six years to return to 2012’s economic output levels “spoke for itself” in terms of highlighting The Bahamas’ economic “struggle” over

• Chamber chief: 1.6% growth ‘not sustainable’ • Six-year expansion stall ‘speaks for itself’ • Says ‘market forces must be in play’

JEFFREY BECKLES the past decade since the 2008-2009 recession.

Arguing that three consecutive years of 1.6 percent GDP growth “won’t do much for us”, Mr Beckles said The Bahamas was well

“past the time for talking” when it came to implementing real structural reform that removed obstacles to improving the cost and ease of doing business in this nation.

He called for the private sector to lead the charge for higher GDP growth, and warned that “market forces need to be in play” if The Bahamas is to achieve the faster expansion necessary to make a serious dent in the stubborn double-digit unemployment rate.

“The short answer is: ‘No’,” Mr Beckles replied, when asked if 1.6 percent GDP growth was sufficient to meet The Bahamas’

needs. “Anything less than pre-recession growth rates will be a struggle for The Bahamas, and what happened in the last ten years is trending in the wrong direction.

“The more we struggle to get back to pre-recession, the longer the road is going to be for us. It means that the recovery has been far longer than most of us anticipated. While we’re not the only ones recovering, to be in this position where we’re still struggling to get two percent average growth speaks to the fact we have more to do.”

SEE PAGE 5

Sarkis dismisses $150m Technology hub flagship admits damages claims from CCA problems but no GB pull-out

By NATARIO MCKENZIE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA Mar’s original developer yesterday dismissed the $150m counter-claim launched by the project’s contractor as another episode in its “long history of misrepresentations”.

Sarkis Izmirlian’s, pictured, BML Properties vehicle, responding to the long-awaited defence filed by China Construction America (CCA) and its affiliates, said in an e-mailed response to Tribune Business’ inquiries: “CCA has a long history of misrepresentations regarding Baha Mar. This is merely more of the same.”

The statement came after this newspaper revealed that CCA is claiming damages

Tribune Business Reporter

nmckenzie@tribunemedia.net

for alleged “shareholder oppression” by Mr Izmirlian and BML Properties that wiped out its entire $150m investment in the $4.2bn mega resort development.

This element of CCA’s counter-claim is likely to raise eyebrows, not least because it is based on the Bahamian Companies Act in an action that is before the New York State Supreme Court. And many observers will wonder how

SEE PAGE 6

THE “flagship” for the government’s Grand Bahama technology hub yesterday denied it plans to exit the island while admitting its business strategy had run into problems.

GIBC Digital conceded it had “overestimated” demand for its services, but said suggestions it was pulling out of The Bahamas were “simply not true” and reiterated its commitment to Grand Bahama.

“Developing business in The Bahamas continues to be a challenge, and we have had to make adjustments, as businesses do,” said Greg Wood, GIBC Digital’s chief executive. “We overestimated demand for the transformative work we do, and unfortunately, we’ve

had to reduce staff to align with current demand, but the suggestion that we are leaving is simply not true.”

This is not the first time GIBC Digital has been forced to clarify its intentions. As recently as February 2019 the company was forced to clarify reports of “lay-offs” on Grand Bahama while acknowledging that business had been slower than expected.

“Business has been slower than expected, and we have had to make adjustments, but this is no cause for concern,” Mr Wood said at the time. “We’ve also had to part ways with some senior employees who did not share our values, but we have replaced them with an all-Bahamian leadership team and are now on track

SEE PAGE 5

$4.95

$4.95

‘Quality of life’ disconnect between gov’t and people

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A PROMINENT businessman yesterday said there was a disconnect between WTO-type policy decisions and how they “translate into an improved quality of life” for most Bahamians.

Sir Franklyn Wilson, pictured, the Arawak Homes and Sunshine Holdings chairman, told Tribune Business that he was “starting to understand more clearly” why Bahamian voters had decided to change the government every five years since 2002.

While successive PLP and FNM administrations had talked about investments and job creation, Sir Franklyn said they had failed to address the issues that mattered most to Bahamians - especially improving their incomes and living standards.

He argued that the debate over whether The Bahamas should seek full membership in the World Trade Organisation (WTO) was thus irrelevant to many who had more pressing day-to-day needs that were either being ignored or not addressed by government ministers.

Sir Franklyn also questioned whether there were sufficient entrepreneurs and Bahamian companies willing to exploit the improved overseas market access that WTO is billed as providing, saying he had heard little to no talk of companies planning to invest if this nation became a full member.

Nevertheless, he praised the Bahamas Chamber of Commerce for commissioning the Oxford Economics report on WTO’s likely impact as an effort that shows how “public policy can be influenced by serious independent study”.

Sir Franklyn added:

“Beyond all the talk, subject to further study and all that type of stuff, the part of the Oxford Economics study that got my attention was the call for economic reform.

“What are we going to get from this? Where’s the manufacturers? Who are the exporters? What’s going on? There’s no manufacturing base; there’s fewer manufacturers than there were 30 years ago; Syntex and all those.

“Where are they today?

Where are the Bahamian entrepreneurs doing anything? To me, whether we join WTO or not, it’s almost one of those debates saying where is the return? What are we doing? Where are the Bahamians building anything, doing anything?”

Sir Franklyn continued.

“That, to me, is the larger question. Joining the WTO or not joining the WTO, what are we trying to achieve? Where is the Bahamian building a plant because we have access to markets x, y and z? Who’s talking that? To me it’s just more talk, which is why I’ve not got heated over it.”

The Oxford Economics study said its findings were that WTO membership will be “moderately positive” for the Bahamian economy, especially if this nation undertakes broadbased structural reforms

SEE PAGE 4

PAGE 2, Wednesday, May 15, 2019

THE TRIBUNE

SANDALS HONOURS LEAD PERFORMERS SANDALS Royal Bahamian Spa & Offshore Island honoured its top performers on May 9 through the resort’s annual Sandals Prestige Awards.

Held in the property’s grand ballroom, the ceremony featured 16 categories with a combined 50 nominees competing for the prizes.

The top honour went to Lesley-Ann Markland of the Epix Photo Shop department, who won the team member of the year (Diamond Team Member) award. This placed her in the running to be the Sandals Ultimate Team Member of the Year, competing against other top employees from all other Sandals resorts in the Caribbean.

Lucky Kahlon, Sandals Royal Bahamian’s

general manager, said: “It was a pleasure to be a part of this gala to honour some of our hardest working team members here at Sandals Royal Bahamian.

“Every single nominee deserved to win, so it was very difficult to choose the winners of each category this year. I’m incredibly proud of this team and I encourage them to keep pushing to outdo themselves and become leaders in their respective departments.”

Ms Markland said: “I was honestly so shocked when I heard my name called by the general manager for the team member of the year award. It really is a great feeling to be recognised by the company for the care and commitment we all put into our positions at Sandals.

Multilinguals Required!

ActivTrades seeks the following candidates in Nassau

Account Representatives Client Onboarding Assistants No experience is required as full training will be provided. Knowledge of financial markets is desirable but not mandatory. Candidates should be open to travel opportunities.

Fluency in Chinese is compulsory.

Applicants can send their CVs to careers@activtrades.bs For further information visit www.activtrades.bs

Online Broker since 2001

ActivTrades is a leading global online broker, with headquarters in London, United Kingdom. It provides trading services in Forex, Contracts for Difference (CFDs) and Spread Betting.

“The four years I’ve spent at Sandals Royal Bahamian have been incredible. I can’t wait for what’s to come and to meet the other team members at the Sandals Ultimate Team Member Awards in Jamaica later this year.”

Lazar Delorenzo Charlton, Sandals Royal Bahamian’s spokesperson, added: “Not only is Lesley loved by her team mates and every guest of the hotel that comes into contact with her, she is one of the

ABOVE: All the evening’s winners. Lesley-Ann Markland, pictured right, is the Diamond Team Member of the Year for Sandals Royal Bahamian. hardest working people at Sandals Royal Bahamian.

“We’re so honoured to have these beacons of hospitality greatness with our company, and we’re going to continue to do what we can to nurture their growth so they can become the new leaders of the hospitality industry of the Bahamas.”

BTC’S JUNIOR ACHIEVER GB GROUP WINS BIG THE Bahamas Telecommunications Company’s (BTC) Grand Bahama Junior Achievement (JA) company, ‘BTC B.O.S.S.’ (Bold Outstanding Successful Students), took the top awards at the local JA Banquet.

JA president, Ketora Clarke, was honoured with the Most Distinguished Achiever and Most Outstanding President awards.

She said: “This programme was truly a blessing for me this year. I placed third in the speech competition, I’ve met so many people, I got top grades in the JA exam and I was awarded President of the Year and Most Distinguished Achiever.

BTC advisors and achievers celebrating.

“I can truly say that I’ve gained a lot in just this one year. I will always have BTC in my heart. I absolutely love my JA company, my extraordinary advisors and this programme. Hopefully, if God’s willing, I will be an advisor and give back because I’ve reaped my rewards and would love to see others experience the same.”

The JA advisory team also received top honours. Executive advisors,

Dequann Carol and Eleanor Munroe, who are both past BTC team members were awarded the Most Outstanding Advisory Team.

BTC’s chief executive, Garfield Sinclair, said: “This has been a tremendous year for our Junior Achievement companies. Our students have done exceptionally well and we are proud of all of them.

“This is definitely attributed to our team members, both past and present, that

invest their time and energy into this programme. We are indeed grateful for their support. We believe that our investment in JA over the last 40 years continues to pay dividends as we help to cultivate an entrepreneurial spirit amongst our youth.”

BTC has been a supporter of Junior Achievement since its inception in The Bahamas. Presently, the company operates two JA groups in New Providence and Grand Bahama.

THE TRIBUNE

Wednesday, May 15, 2019, PAGE 3

FERRY DAY EXCURSION TARGETS 70K GUESTS

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A BAHAMIAN entrepreneur is aiming to take 70,000 passengers per year on day excursions to Eleuthera by launching a passenger ferry service later this year.

Tyrone Sawyer II, director/chief operating officer of Tourism Adventures, told Tribune Business that the venture will create 70

jobs within its first year of operation as well as spin-off opportunities for Bahamian entrepreneurs.

“We plan to launch in the fall/winter,” he said. “The actual date hasn’t been pinned down as yet but we’re looking at November 15 as the tentative date.

“We’re going to get about 70,000 excursion passengers a year. That will be an awesome boost to Eleuthera. The people there are very excited

about it, and it is something that is much needed.”

Tourism Adventures will launch a high-speed, 400-passenger ferry service to facilitate “Day Trip” excursions between Nassau and Eleuthera at a speed of 47 knots per hour. This cuts the travel time to one hour, making the product attractive to cruise passengers as well as hotel-based tourists and locals.

Mr Sawyer said the service was not intended

to compete with Bahamas Ferries. “Bahamas Ferries takes almost three hours to get from Nassau to Eleuthera,” he added. “Our focus is the excursion passenger who is staying in Nassau and wants to go to Eleuthera that day, and can still sleep in their hotel room that night. We plan to provide an authentic Out Island settlement experience at a site in North Eleuthera.”

Mr Sawyer said the

business has been ten years in the making, describing it as a return home to his roots. “Eleuthera is home. My grandad was from Harbour Island.

Really and truly this is an entrepreneurial initiative.

We know that it is something that the people really want,” he added.

Mr Sawyer said his father, long-time Ministry of Tourism executive Tyrone Sawyer, who was the founding president

of Bahamas Ferries, has provided him with immense knowledge of what is required for the venture.

Bahamas Ferries introduced its 35 knots per hour inter-island ferry service between Nassau, Spanish Wells and Harbour Island and Eleuthera in 1999. Mr Sawyer said its Bo Hengy vessel takes the name of his great grandfather.

objectively demonstrate that they are tax residents. We have a number of persons who are permanent residents in the country.

“We need to distinguish between permanent residency and tax residency so that we do not run afoul of any international regulations. We had submitted recommendations to

government some time ago about implementing a tax residency certificate. What was approved was the result of a collaborative effort between the public and private sector. We stand ready and willing to work expeditiously to see that this is implemented.”

Ms McCartney was responding to confirmation by Brent Symonette, minister of financial services, trade and industry and immigration, that the government has approved the creation of tax residency certificates.

The minister told the Society of Trust and Estate Practitioners (STEP) Caribbean conference that the government has approved the development of a product that will each have their own taxpayer identification number (TIN).

Besides confirming that The Bahamas is the holder’s main domicile, these certificates will help certify

their compliance with home country tax laws and address Organisation for Economic Co-Operation and Development (OECD) claims that this nation’s economic permanent residency product is in danger of being abused by tax evaders.

The OECD sparked major concern within the Bahamian financial services industry and wider economy last year when it included The Bahamas’ key investment product on a list of regimes that could undermine global automatic tax information exchange.

Many viewed it as a further broadening of the OECD’s efforts beyond pure tax information exchange and transparency to investment products and regimes it deems potentially harmful to the global crackdown on tax avoidance and evasion.

The listing report called for “financial institutions to undertake enhanced due diligence on clients that

are citizens or residents of countries with [investment citizenship or investment residency] programmes to prevent cases of [tax] avoidance and tax evasion”.

Apart from creating negative perceptions of The Bahamas in the minds of potential investors, the OECD listing’s demand for enhanced scrutiny, and likely extra costs, time and exposure involved, threatened to deter wealthy investors from applying for permanent economic residence - thereby undermining a key component of the foreign direct investment (FDI) regime that has been in place for decades.

Mr Symonette, speaking to the tax residency situation earlier this week, said: “When the DPM (deputy prime minister), attorney general and myself were in Paris months ago, the OECD stated that they had an issue with persons using

permanent residency as a way of avoiding tax requirements in their own country.

“What is up at the Attorney General’s Office at the moment, and has been approved in principle, is that we will have a permanent residency certificate. This means you would have to spend a minimum of 90 days in this country - not consecutively - but over the year, and no more than 183 days in one other country.

“Let’s say you were born in France; you would get a tax information number on your permanent residency [certificate], and you would use that in any country in the world and say: ‘Look, this is my tax information number in The Bahamas. I am a permanent resident in The Bahamas and that would offset any taxes that are required in that country or any other country in the world.”

growth target as having “no credibility”.

K Peter Turnquest, addressing the Department of Statistics report that found real Bahamian gross domestic product (GDP) expanded by just 1.6 percent, told Tribune Business: “Overall the economy is doing well and is on a positive path.

“The interesting thing is, if you look at the Department of Statistics’ report, the growth is private sector led versus government intervention. That is certainly quite positive with respect to

sustainability. We continue to do our part to create more opportunities for Bahamians to succeed in this economy.”

He spoke out after Chester Cooper, the PLP’s deputy leader and finance spokesman, said in a statement that the Minnis administration must explain why its projection for two percent GDP growth was not met.

He argued that the 1.6 percent expansion rate should be “alarming to Bahamians”.

“With the opening of Baha Mar, and record tourist arrivals the current administration had nothing to do with, the

booming US economy and no major shocks to the economy, like a hurricane, over the past year, the government must explain why the growth projection was not met,” Mr Cooper said.

“Could it perhaps be the arbitrary raising of valueadded tax (VAT) and the subsequent starving of capital expenditure to meet a rigid deficit target the government was told was ill-advised?

“The government will not meet its revenue collection projection; the economy did not meet the stated growth projection. Which projections

uttered by this administration should we believe? Where does fantasy end and reality begin? Any growth in the economy is good, but it stands to reason the government is doing more harm to economic growth than good.”

Mr Cooper argued that household consumption had increased because of Baha Mar’s full opening as well as the VAT increase.

“Yes, household consumption is up because of Baha Mar,” he said. “However, household consumption is also up because VAT is up – people are paying more

taxes. Household consumption is also up because electricity bills and the fuel charge are up, not necessarily because people have more money to spend.

Mr Turnquest yesterday pushed back these criticisms, arguing that the report did not support the opposition’s assertions. “All I would say is that the numbers speak for themselves. They have no credibility in this matter, none,” he said, pointing to the Christie administration’s handling of the country’s finances and the economy during its term in office.

FINANCIAL SERVICES HAILS TAX RESIDENCY CERTIFICATE

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE financial services industry yesterday hailed the long-awaited introduction of tax residency certificates as a means to ensure The Bahamas “does not run afoul” of global watchdogs.

Tanya McCartney, pictured, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business there had to be a distinction between permanent residency and tax residency to protect both the jurisdiction, its clients and residents.

She said: “This is something that industry has been asking for for some time; to create certainty around how individuals will be able to

PLP HAS ‘NO CREDIBILITY’ ON GDP GROWTH ATTACK

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE deputy prime minister yesterday slammed the opposition’s criticisms of the failure to hit 2018’s 2.3 percent economic

www.ub.edu.bs

CAREER OPPORTUNITY SENIOR ADMINISTRATION Suitably qualified candidates are invited to submit applications for the following position:

Executive Vice President who will serve as the chief operating officer of the University of The Bahamas system. Reporting to the President, the Executive Vice President has the primary responsibility of assisting the President in maximizing the institution’s operating performance and achievement of goals. The EVP’s duties include, but are not limited to, overseeing the implementation of the University’s Board-approved strategic plan across all areas of the University; initiating and managing strategic alliances; participating in the development of operating and capital budgets; and assuring effective guidelines and standard operating procedures for the management of the various units reporting to the President. The EVP will work collaboratively with the President’s Cabinet and staff and will provide the President and Board of Trustees with regular updates on the achievement status of academic milestones, admissions and retention initiatives and strategic planning initiatives. In the absence of the President, or during a vacancy in the Office of the President, the Executive Vice President shall be the most senior officer who shall, upon authorization of the Board, exercise and perform the functions and duties of the President. When requested, the EVP will also assist in fundraising and other development or alumni activities.

Essential Qualifications are: • Ten or more years of highly successful senior-level higher education administrative leadership experience or the equivalent as determined by the university; • Earned doctorate degree or other terminal degree; • Excellent oral and written communication skills are essential; • Must have collaborative leadership style and be comfortable in an egalitarian environment; • Excellent interpersonal skills are essential.

Applications should submit a Letter of Interest, Curriculum Vitae and contact information for three professional references to: Ms. Maelynn Seymour-Major Chief of Staff Email: maelynn.seymour-major@ub.edu.bs Office of the President University of The Bahamas University Drive P. O. Box N-4912 Nassau, The Bahamas Electronic applications are preferred. All applications must be submitted by 31st May, 2019. Late submission will not be considered. Employment is expected to begin July 2019. Official transcripts for all degrees and three current letters of recommendation are required prior to the commencement of employment.

The detailed position announcement is available at: http://www.ub.edu.bs/about-us/career-opportunities/administration/.

PAGE 4, Wednesday, May 15, 2019

THE TRIBUNE

‘Like a cancer’: Port to join URCA battle FROM PAGE ONE the danger immediately that the Electricity Act was passed, the utility headed to the Supreme Court to challenge URCA’s ability to license and regulate it on the basis that this “conflicts” with the provisions of the Hawksbill Creek Agreement as Freeport’s founding treaty.

The GBPA’s hiring of Mr Smith, though, indicates it feels URCA’s stance is sufficiently threatening to its own interests and the Hawksbill Creek Agreement’s integrity that it must intervene on GB Power’s side through being joined as a party to the action.

And Tribune Business understands that Cable Bahamas’ separate legal challenge to URCA’s authority, and whether it has the jurisdiction to regulate its Internet and telephony businesses in the Port area, is likely to be heard jointly with GB Power’s case because both raise the same issues.

Mr Smith yesterday accused “small-minded bureaucrats” within the government and its agencies of undermining both Freeport’s economy and the wider Bahamas through constantly “gnawing away” at the Hawksbill Creek Agreement.

Urging the Minnis administration to “recognise the value” in Freeport’s founding treaty, he questioned why itself and URCA were seemingly ignoring multiple rulings from the Supreme Court that had upheld the GBPA’s exclusive regulatory jurisdiction in the Port area.

Asking if the government was determined “to make everyone’s life an economic misery until 2054”, when the Hawksbill Creek

Agreement expires, Mr Smith instead urged it to “grow up” and respect the GBPA’s regulatory status so that Freeport’s private sector “can grow instead of continue to collapse”.

“I can confirm that the Grand Bahama Port Authority has retained me to act for them in regard to the URCA matter,” he told Tribune Business. “It is regrettable that government after government eats away at the Hawksbill Creek’s jurisdiction for the GBPA like a cancer.

“If only the government in The Bahamas would recognise the value of the Hawksbill Creek’s jurisdiction, and support its development and growth.

It would help to create a resurrection of the Freeport economy which, in turn, would be a magnificent boon to the Public Treasury.

“But the small-minded bureaucrats that continue to gnaw away at the Hawksbill Creek’s jurisdiction don’t seem to understand they are hurting not only Freeport but the rest of The Bahamas.”

Pointing out that the resulting regulatory uncertainty undermined business confidence and investment, Mr Smith yesterday sought to dissuade URCA from pursuing the matter further by highlighting the numerous Supreme Court rulings he has won against the government that uphold the GBPA’s authority within Freeport.

“We have successfully litigated over a dozen cases that have set judicial precedent for the GBPA’s exclusive regulatory authority in Freeport,” he said. “It is regrettable that the attorney general in successive administrations chooses not to abide by the many

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

precedent-setting judicial pronouncements that the GBPA has the exclusive regulatory jurisdiction.

“Are they going to continue to fight this to 2054, and make everyone’s life an economic misery? It’s why I urge the government to grow up and accept the GBPA as the regulator in Freeport, while ensuring the Port Authority lives up to its statutory responsibilities.

“Stop this internecine, unnecessary judicial warfare. It inures to everyone’s detriment. Businesses in Freeport continue to collapse instead of grow.”

Tribune Business understands that the GBPA was alarmed by this newspaper’s report last week on URCA’s legal filings, together with the regulator’s decision to hold a series of Town Meetings across Grand Bahama and Freeport at the same time.

It yesterday issued a robust defence of its GB Power regulation, arguing that it had created a supervisory framework that incentivised a 70 percent improvement in supply reliability; a 50 percent reduction in fuel costs; and the integration of renewable energy into the supply mix.

However, URCA’s position has the support of many Freeport and Grand Bahama residents who argue that the GBPA is too close to GB Power. They cite the GBPA owners’ former shareholdings in the utility, as well as the significant fee income generated for the Port Authority by GB Power.

Residents are also complaining that the GBPA, in its regulatory role, does too little to redress consumer complaints about burnt-out equipment and such like, and that they can never

get compensation from GB Power.

Who has responsibility for utilities regulation in Freeport has been a thorny, unresolved issue for years, with both the government and GBPA remaining relatively silent on the matter until it flares up.

Several observers view the whole idea of an enclave such as the Port area, with its own separate regulatory regime, as outdated and ill-matched with modern governance and the concept of having a national regulator.

Some, too, believe that GB Power may be using its legal action as leverage or a bargaining chip in its negotiations with the government over renewal of its East and West End supply agreements, which expired last year.

The GBPA is understood to fear that relinquishing regulatory authority will open the door to further Hawksbill Creek Agreement changes that will ultimately undermine its power and significance.

However, several observers, speaking on condition of anonymity, have told Tribune Business that the GBPA has only itself to blame for bringing such pressures on itself.

They point to Freeport’s 15-year decline, and the seeming inability of both management and ownership to reverse this by attracting new investment and reviving the economy.

As an example, both the $100m Carnival cruise port talks and efforts to find a buyer for the Grand Lucayan have been led by the government rather than the GBPA, which some have interpreted as a sign that the Port Authority is no longer a “major player” in such developments.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

‘Quality of life’ disconnect between gov’t and people FROM PAGE ONE that improve the cost and ease of doing business through better governance and transparency, coupled with the elimination of bureaucracy and red tape.

Should The Bahamas adopt this comprehensive reform strategy in parallel with WTO accession, Oxford Economics estimated it could lift the economy’s long-run average annual GDP growth rate to around two percent - higher than the 1.5 percent currently forecast by the International Monetary Fund (IMF).

And the chamber’s consultants also projected that this will help slash The Bahamas’ national unemployment rate from its current ten percent to 6.5 percent over the next decade, driving it to its lowest level this century.

Sir Franklyn acknowledged to Tribune Business that the economy was “in a tail spin and serious problems”, but suggested that higher growth and a reduction in the jobless rate were not translating into significant living standards improvements for enough Bahamians.

“Yes, there’s going to be economic growth, the unemployment rate in May will show a reduction, but what does that mean?” he asked. “How is that translating into an improved quality of life in this country? I don’t see it.

“I don’t hear any minister saying how they are going to change the quality of life in a positive fashion. All I hear is a bunch of talk. ....

The more I see the more

I am concerned, and the more I think I understand why the people are changing the government every five years. I’m beginning to understand that more clearly.

“The bottom line position is that people are reaching a point where none of you all [ministers, MPs and political parties] are talking about things important to me.”

Sir Franklyn agreed that his assessment was uncomfortable and “really challenging for the political establishment”, but added: “I have yet to hear the prime minister or any cabinet minister in their two years say anything about something that will transform The Bahamas if this happens.

“What is going to change to make us Bahamians stronger, better, be more productive, work better and be more co-operative? This is not a partisan political position; I want to make that abundantly clear.

But I’m not hearing anything for that boy in Ross Corner, even the Over-theHill thing.

“What are people saying once these things come through? Do people have a transformed quality of life?”

To advertise in The Tribune, contact 502-2394

NOTICE IN THE ESTATE OF GUNNARD ARMAND RUBINI, late and domiciled of 114th Street in Miami-Dade County, in the City of Miami in the State of Florida, one of the States of The United State of America

The Public is hereby advised that, VERA NEWBOLD of Stanyard Creek, Andros, intends to change her name to ELVERA LAVERNE NEWBOLD. 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-792, Nassau, New Providence, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

The Public is hereby advised that I, AMANDA VANISHA JOHNSON, of New Providence, Bahamas, mother and legal guardian of TYESHA MADISON JOHNSON, a minor, intends to change my child’s name to TYESHA MADISON RAHMING. 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

NOTICE

NOTICE is hereby given that JACKSON NORALUS of Joe Farrington 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 8th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that DANIEL KOBINA NYARKO DONKOH of Penny Lane Stapledon Gardends, P.O. BOX N-8541 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 twentyeight days from the 8thday of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE

NOTICE is hereby given that MIKE McCOY of Roosevelt Avenue, Mackey Street #54 P.O. BOX SB52287 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 8th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that STELLA NIKI NTOLLY LIVANOS of Coronis House, Clifton Bay Drive, Lyford Cay, 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 8th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that OKARDO DENISTON JARRETT of Cromwell Street #3, off Boyd 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 8th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE

NOTICE

NOTICE is hereby given that JOCELYNE SILVEST of Wilson Track, 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 8th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that SHERMAN TROY FERGUSON JR of Block 48 Yeaoman Woods,Pin Tail Street, Freeport, Grand Bahama 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 May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 16th day of June A.D. 2019 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 15th day of May, A.D. 2019 CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

NOTICE is hereby given that DUNNIA MARIA VEGA OVARES of Forest, Exuma, 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 8th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Wednesday, May 15, 2019, PAGE 5

‘CRITICAL SURGERY’ FOR BAHAMIAN ECONOMY FROM PAGE ONE The Department of Statistics data, which took 2012 as its baseline, revealed that it took six years for the Bahamian economy’s real GDP output to move beyond the level recorded for that year.

GDP, which measures the total value of goods and services that an economy produced, stood at $10.721bn for 2012. However, this output slumped by more than $300m the following year to $10.404bn as a result of a three percent contraction.

The Bahamas spent the next five years regaining this lost output, with real GDP growth rates ranging from a high of 0.7 percent in 2014 to a low of 0.1 percent in 2017. The “major” growth surge came in 2018 as a result of the 1.6 percent expansion, which finally moved real GDP above 2012 levels to $10.763bn.

Last year’s improvement was likely driven by Baha Mar’s full opening and improved tourism numbers spurred by a rising US economy and consumer/traveller confidence, but Mr Beckles

told Tribune Business that The Bahamas could take little comfort from the economy’s performance over that period.

“Over that span we can’t see that as an improvement,” he argued. “Some may see it differently, but if you’re comparing 2018 to 2012 levels that makes the point itself. Even if we were to repeat 1.6 percent for the next three years that’s not going to do much for us.

“I think it’s obvious that we cannot continue to the same things we have been doing. We talk about the need to diversify, make structural changes and reforms. I think we’re past the time of talking about these things. We literally have to do critical surgery on our economy, look at what’s working and what’s not working, and stop doing those things.

“If we’re serious about it we have to perform surgery on our economy and cut out those things not helping it, and look at ways to diversify so there can be more activity. Our standpoint is: We’ve been talking about this for a long time, and have fantastic minds in the country.

Let’s get them around the

table and figure out what it takes to get this economy to move.”

The 1.6 percent GDP growth rate unveiled by the Department of Statistics meant The Bahamas missed the 2.3 percent expansion projected by the International Monetary Fund (IMF), together with the government’s own estimates which were in line with that.

The 0.7 percentage point difference is roughly equivalent to a $70m undershoot on the GDP/ economic output forecast, and has been seized upon by the government’s political opponents to slam its economic policies and management.

The government, though, can hit back by arguing that the data shows the economy actually contracted in real terms during the 2012-2017 Christie administration’s term in office, with growth never exceeding 0.7 percent.

Mr Beckles said the IMF’s growth target was “reasonable”, and added: “The truth is we’ve gone back to the average we had in previous years. If you look at everything, the needle hasn’t moved a lot.

Technology hub flagship admits problems but no GB pull-out FROM PAGE ONE to meet our targets for 2019.”

GIBC Digital was among the first companies to apply for, and be approved, under the government’s new Commercial Enterprises Act, which aims to smooth the path for investment in targeted industries by easing Immigration bureaucracy and “red tape”.

The Act allows approved companies to send key personnel to The Bahamas, and establish operations, without first being in possession of valid work permits. Such permits must be applied for within 30 days of these executives’ arrival in The Bahamas and, should no reply be received from the director of Immigration within 14 days, the permits are automatically deemed to have been granted.

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.

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. GIBC helps its clients re-engineer their data resources in order to help them stay competitive and optimise their data security.

The firm launched an office in Nassau last October after opening on Grand Bahama last June.

To advertise in The Tribune, contact 502-2394

Legal Notice

NOTICE NOTICE IS HEREBY GIVEN as follows: GALED ASSET MANAGEMENT LTD. Pursuant to the Provisions of Section 138(8) of the International Business Company Act 2000 notice hereby given that the above named Company has been dissolved and struck off the Registrar pursuant to a certificate of Dissolution issued by the Registrar General on 2nd day of May, 2019.

“Realistically, I don’t think we were in a position to grow much more in 2018.

I don’t see anything that would have impacted us to move close to two percent.

That being said, there’s a lot to be done to effect that and how we foster more activity on the domestic side.

“We need to let the private sector lead the business sector; policymakers play their role, although we have to be careful to balance the two, and market forces need to be in play in The Bahamas to see the kind of activity we want.”

The Oxford Economics report on full World Trade Organisation (WTO) membership’s likely impact on The Bahamas, which was commissioned by the Chamber of Commerce, made a similar call for broad-based structural reforms that improved governance and transparency, eliminated bureaucracy and red tape, and boosted the ease - and lowered the cost - of doing business.

It said low growth rates have become the ‘new norm’ for the Bahamian economy, pointing out

that average annual GDP expansion between 20112017 averaged a mere 0.6 percent. This represented a “marked slowdown” from the 3.1 percent growth rates achieved prior to the 20082009 financial crisis.

“Traditional growth engines of tourism and financial services have been struggling and unemployment remains stubbornly high,” the report added, despite the double-digit growth in both stopover and total visitor arrivals to The Bahamas during 2018 and 2019 to-date.

PAGE 6, Wednesday, May 15, 2019

THE TRIBUNE

Sarkis dismisses $150m damages claims from CCA FROM PAGE ONE CCA can claim it was oppressed given that its failure to complete Baha Mar on budget, and on time, was a key element that led to the project’s failure.

While it could be argued that CCA was the author of its own misfortune, the Chinese state-owned contractor will have been more than adequately compensated for the “wipe out” of its $150m Baha Mar investment in any event.

Besides being reimbursed for the sums said to be owed to it by Baha Mar at the time of the Chapter 11 filing, it was also the recipient of a $600m-$700m contract to complete the mega resort once Mr Izmirlian had been removed from the project.

The two other strands to CCA’s counter-claim are allegations that Mr Izmirlian breached their investors’ agreement contract, and not deal fairly and in “good faith” as a result of the Chapter 11 bankruptcy filing that was designed to save his and his family’s investment in the project.

CCA’s response to the $2.25bn fraud and breach of contract lawsuit against it, which was filed late on Monday night, effectively

BAHA MAR RESORT

attempts to throw the original developer’s allegations back at him by pinning the blame for Baha Mar’s failure on Mr Izmirlian and his team.

Besides retreating to its

long-cited argument that the 5,614 construction change directives (CCDs) issued by Baha Mar were responsible for the building delays, CCA also claimed that $100m of the $2.45bn construction

loan from China ExportImport Bank was spent on “unbudgeted soft costs”.

“Notwithstanding the constant design changes and CCDs, CCA Bahamas saved the project $200m-$300m in

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

International Business Companies Act No.45 of 2000

GRANOLA INVESTMENTS LIMITED

SEBASTOS OVERSEAS LIMITED. (the “Company”)

Notice is hereby given that, in accordance with Section 138(8) of the International Business Companies Act, No.45 of 2000, the Dissolution of SEBASTOS OVERSEAS LIMITED. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 27th day of March, 2019.

Pursuant to the provisions of SECTION 138 (8) of The International Business Companies Act, notice is hereby given that GRANOLA INVESTMENTS LIMITED has been dissolved and struck off the Register as of the 25th day of April, 2019.

_________________________________ Erica M. Ferreira t/a Ferreira & Company - Liquidator for the above-named Company

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 14 MAY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,173.55 | CHG: -0.94 | %CHG: -0.04 | YTD: 64.10 | YTD%: 3.04 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 6.12 3.54 10.00 2.30 1.60 7.25 6.10 10.60 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 2.50 1.98 2.22 10.94 6.16 4.50 10.00 2.63 1.85 9.17 7.00 15.25 7.25 3.50 14.00

CLOSE 4.00 17.43 6.00 5.39 2.50 1.98 2.22 10.94 6.16 4.50 10.00 2.66 1.85 9.20 7.00 15.25 7.25 3.50 14.00

CHANGE -0.22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.03 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 66,900

13,000 14,300

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 24.0 18.7 N/M 16.7 N/M N/M -5.2 15.5 12.8 29.2 15.9 26.1 8.9 N/M 11.0 18.3 7.6 17.1 22.2

YIELD 3.25% 7.23% 0.00% 4.45% 0.00% 1.01% 0.00% 6.49% 3.57% 2.67% 6.20% 2.56% 3.24% 3.57% 3.43% 3.28% 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

hard costs and stayed well under its budget,” the Chinese state-owned contractor claimed via allegations that are directly contradicted by Mr Izmirlian.

CCA also took issue with Baha Mar’s hiring of Mace International as co-construction manager, alleging that the latter enabled the developer to

issue “Non-Conformance Reports” against it so that due payments could be withheld.

“Mace deliberately interfered with and obstructed CCA Bahamas’ work,” the Chinese contractor claimed.

“For example, Mace fed information to Baha Mar so that Baha Mar could issue so-called non-conformance reports (NCRs) against CCA Bahamas.....

“When an NCR is issued, the developer may withhold, or cause to be withheld, payment to the construction manager. When properly applied, NCRs allow a developer to avoid paying for non-conforming work.

With the help of Mace, however, BML Properties caused Baha Mar to grossly abuse its ability to issue NCRs in an attempt to improperly withhold money from CCA Bahamas.”

CCA complained that NCRs were issued for “minor deficiencies”, or work that matched design drawings or was not actually complete, resulting in “significant delays in construction”.

To advertise in The Tribune, contact 502-2394

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, AMANDA VANISHA JOHNSON, of New Providence, Bahamas, mother and legal guardian of TYRESE MADISON JOHNSON, a minor, intends to change my child’s name to TYRESE MADISON RAHMING. 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

NOTICE is hereby given that ANTONIA PATRICE ORDELUS of Gamble Heights, 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 May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE International Business Companies Act No.45 of 2000

BETHOVEN COMPANY LTD. (the “Company”)

Notice is hereby given that, in accordance with Section 138(8) of the International Business Companies Act, No.45 of 2000, the Dissolution of BETHOVEN COMPANY LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 1st day of May, 2019.

NOTICE International Business Companies Act No.45 of 2000

MEDEA Group Investment S.A (the “Company”) Notice is hereby given that, in accordance with Section 138(8) of the International Business Companies Act, No.45 of 2000, the Dissolution of MEDEA Group Investment S.A. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 1st day of May, 2019.

THE TRIBUNE

Wednesday, May 15, 2019, PAGE 7

UK’S MAY TO MAKE NEW PUSH ON HER BREXIT DEAL NEXT MONTH LONDON Associated Press

BRITISH Prime Minister Theresa May will try again next month to secure Parliament’s backing for a Brexit deal so that the UK can leave the European Union this summer, May’s office said yesterday.

Downing Street said May intends to ask lawmakers to vote on a withdrawal agreement bill starting the week of June 3.

Parliament has three times rejected the divorce deal May and the EU struck late last year, laying out the terms of Britain’s departure from the bloc. Brexit, long set for March 29, has been delayed until Oct 31 while Britain’s politicians try to break the deadlock.

May’s office said in a statement that if lawmakers passed the bill, the UK could still leave the EU “before the summer Parliamentary recess”, which is likely to start in late July.

But it is far from clear how the government plans to persuade a majority of lawmakers to back May’s EU divorce terms, since few legislators on either side of the Brexit divide seem prepared to change their positions.

And approving the bill, which implements the terms of Britain’s departure, does not remove the need for Parliament to separately ratify the thrice-rejected EU withdrawal deal.

BRITISH Prime Minister Theresa May speaks during a media conference at the conclusion of an EU summit in Brussels. Brexit talks between Britain’s Conservative government and the main opposition Labour Party are resuming with little sign of progress, with the two parties far apart on terms of the UK’s departure from the European Union.

Photo: Francisco Seco/AP The government calculates that if a majority of lawmakers can be persuaded to approve the legislation on Brexit terms, they will then back the deal as well.

Ministers also hope that the process of debating — and potentially amending — the bill will help lawmakers reach a form of Brexit a majority can support.

But that looks like a longshot. May’s Conservative government has held weeks of talks with the opposition Labour Party in an attempt to reach a compromise on some of the major sticking points, but so far without signs of much progress.

The two sides do not agree on how close an economic relationship the UK should have with the EU after Brexit. Both May and Labour leader Jeremy Corbyn are under strong pressure from their party members not to make concessions to their rivals.

However, neither side wants to be the one to pull the plug on negotiations.

May and Corbyn met for face-to-face talks yesterday.

Downing Street said the meeting was “useful and constructive”. Their representatives are set to continue the talks today.

But Labour sounded pessimistic about the chances of a breakthrough. The party said in a statement lastnight that Corbyn expressed concerns to May “about the prime minister’s ability to deliver on any

compromise agreement”.

Labour said Corbyn “raised doubts over the credibility of government commitments.” The party fears any promises from May could be undone by her successor. The prime minister is under immense pressure from Conservative lawmakers to quit because she failed to lead Britain out of the EU on schedule.

NOTICE

NOTICE is hereby given that ALTON PRESENDIEU of Jennie St Balfour Avenue, 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 May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

POSITION AVAILABLE Cardiac Catheterization Laboratory Technician At least 2 years experience Flexible hours

Contact Ms. Carey 242-502-9676 E-mail: Info@tmp_bahamas.com

PAGE 8, Wednesday, May 15, 2019

THE TRIBUNE

GOP scrambles to ease blow from Trump’s trade war WASHINGTON Associated Press PRESIDENT Donald Trump’s allies on Capitol Hill are scrambling to soften the blow from his trade war with China amid mounting anxiety from farm-state lawmakers that the protracted battle and escalating tariffs could irreparably damage their local economies.

Vice President Mike Pence met privately yesterday with Senate Republicans for a second week in a row and urged them to stick with the White House. Senators were working with the administration to craft a relief package for farmers and ranchers, some $15bn that Trump announced this week would be coming soon. Details of the package remained in flux.

“One thing I think we all agree on is that nobody wins a trade war,” Senate Majority Leader Mitch McConnell said after the private lunch meeting.

McConnell said there was hope that the tough negotiating tactics being used by the administration “get us into a better position, vis-àvis China, which has been our worst and most unfair trading relationship for a very long time”.

Pence heard an earful from senators last week as uncertainty mounted.

The administration on Friday launched a fresh round of tariffs on some $250bn of Chinese goods; China retaliated this week with tariffs on $60bn on American goods on top of those already hurting US markets.

The tariffs risk spiking prices for US consumers while leaving growers with commodities they cannot

VICE President Mike Pence, left, talks with Sen Todd Young, R-Ind, as they enter a Senate Republican policy luncheon at the Capitol in Washington yesterday.

Photo: J Scott Applewhite/AP sell to the Chinese markets.

Already soybean and hog farmers are among those home-state interests senators say are struggling under Trump’s trade policies. With China talks stalled, senators pushed the White House to wrap up the negotiations and resolve the standoff.

“There’s a lot of concern,” said Sen John Cornyn, R-Texas, a member of GOP leadership.

“If this is what it takes to get a good deal, I think people will hang in there, but at some point we’ve got to get it resolved,” Cornyn said. “If this goes on for a long time, everybody realises it’s playing with a live hand grenade.”

Yesterday, though, senators appeared more reserved, and largely held their fire as they tried not to undermine the president’s negotiating hand and worked to shore up their home-state communities with a new round of federal aid.

Pence told them that talks on another trade front, a new US-MexicoCanada deal to replace the North American Free Trade Agreement, were progressing. Senators said they were hopeful those talks were at the finish line and would open new markets for commerce, but the deal would need approval from Congress, which

remained uncertain.

Sen John Hoeven, R-ND, the chairman of the agriculture appropriations subcommittee, is working with the administration on the latest aid package. Last year, Congress gave the Agriculture Department some $30bn annually that can be tapped to provide up to $15bn Trump wants to offer as aid. Congress could advance some of the money by tucking it into a disaster aid package that’s expected to be voted on next week.

The federal aid could go toward existing government programmes, including those that provide market payments for certain agricultural producers or that

fight hunger in poorer or war-torn countries abroad.

Last year, the Trump administration made some $12bn available to domestic producers of soy, corn, dairy, hogs and others hit hard by the retaliatory tariffs.

“We’re stepping forward with more assistance,” Hoeven said. “The goal is to get a trade agreement.”

Senators said they were hopeful that talks would resume before the latest Chinese tariffs kick in on June 1. Trump is expected to meet Chinese President Xi Jinping in late June at the G-20 summit in Japan.

Trade is the rare issue in Congress that cuts across party lines. Several top

Democrats, including Sen Chuck Schumer of New York, the Democratic leader, want the president to stay tough on China.

Schumer said that while Trump’s tariff fights with other countries “make no sense”, he thinks the president should work with US allies to confront China.

“We have to have tough, strong policies on China,” he said.

Other Democrats, though, doubt Trump’s ability to negotiate a good deal for Americans. “The president is essentially betting the farm — somebody else’s farm,” said Sen. Richard Blumenthal, D-Conn.