06292018 business

business@tribunemedia.net

FRIDAY, JUNE 29, 2018

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‘Put brakes on WTO accession’, Govt told

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE government was yesterday urged by the private sector to “put on the brakes” over the submission of its latest negotiating “offer” for WTO membership.

Darron Pickstock, who heads the Chamber of Commerce’s trade and investment division, told Tribune Business that the Minnis administration appeared to be “forging ahead” with efforts to join global trade’s rules-setting body despite the business community’s unanswered questions and concerns.

Calling for the private sector to be given more information, Mr Pickstock

Property fund chief blindsided by BISX trading suspension

* Concern first offer before Cabinet, set to go * Ex-minister ‘shocked’ at lack of consultation * Industries lack details to set ‘red lines’

said many Bahamian industries were unable to determine where to set “the red line” in terms of what this nation could absolutely not concede in its negotiations because WTO membership’s impact remained uncertain.

He was backed by Ryan Pinder, the former financial services minister, who yesterday confirmed to this newspaper that the government’s chief WTO negotiator had informed the recent national Chambers of Commerce conclave that The Bahamas’ latest offer was before Cabinet

for its approval prior to being sent to the WTO. Raymond Winder, who is stepping down as Deloitte & Touche (Bahamas) managing partner, said he was in a meeting and unable to speak when contacted by Tribune Business. But Mr Pinder, who had responsibility for trade when in office under the Christie administration, said he was “rather shocked and surprised” that the government appeared to be proceeding with its WTO accession drive without fully consulting the private sector.

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Mr Pickstock, an attorney at the Glinton, Sweeting & O’Brien law firm, said industries such as insurance and the legal profession (via the Bahamas Bar Council) were “in the process of” submitting their WTO “red lines” to the government.

The Minnis administration requested from all sectors, during industryto-industry consultations earlier this year, such positions on what The Bahamas cannot afford to concede in negotiating its WTO accession terms - particularly how far they should open up to foreign imports and

RYAN PINDER

AN IMAX cinemacentred entertainment destination cannot open until a $1.2m roadworks project is completed, its developer revealed yesterday.

Carlos Foulkes, the Atavus Group’s chief executive, told Tribune Business it expected to hear from the government “in the next week” on the way forward for expanding the northern entrance of Gladstone Road to accommodate the extra traffic its project is expected to generate.

He disclosed that Atavus, whose project dominates

* OPENING DEPENDS ON GLADSTONE ROAD UPGRADE * PRINCIPALS HOPE TO HEAR FROM GOVT ‘WITHIN WEEK’ * INVESTMENT OVER $42M DUE TO COST ‘OVERRUNS’ the skyline overlooking JFK Drive, was seeking to share the cost of upgrading Gladstone Road to a four-lane corridor with the government and create “a permanent solution for 50 years”.

Pledging that the Fusion Superplex will “definitely

BPL rejects one-third of departure requests

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMAS Power and Light’s (BPL) chief executive yesterday said “one-third” of the company’s voluntary separation (VSEP) applicants have been deemed “critical employees” who cannot be released at this time.

Whitney Heastie said those employees will be asked to remain with the company to assist the stateowned utility through its summer peak season. Given that BPL received 314 voluntary separation requests,

CONSTRUCTION site of new IMAX cinema on Gladstone Rd.

be open before the end of this year”, Mr Foulkes said the roadworks - a condition set by Town Planning for approving the project - would take at least two months to complete.

“We have had some delays with construction,”

he told Tribune Business.

“We have yet to start our roadworks. We’re waiting for the government to sort out the Gladstone Road expansion and Munnings Road. That’s two months of work for sure. Our opening won’t be before that.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

“Part of our requirements, as required by the Town Planning Committee, is to improve the roads in the area. We’re waiting on the government to do their Traffic Analysis, and then we’ll get cracking.”

Mr Foulkes said Atavus had already submitted a traffic impact study conducted on its behalf by a Canadian company recommended to it by the government, and explained: “We’re waiting for the Ministry [of Works] to analyse it, and give us the OK. “All of the road from the roundabout with JFK Drive all the way to the entrance of our property, that’s going

THE Bahamas Property Fund’s administrator last night expressed hope that its trading suspension will be short-lived, having been blindsided by the stock exchange’s move.

Michael Anderson, pictured, RoyalFidelity Merchant Bank & Trust’s president, who only learned of the Bahamas International Securities Exchange’s (BISX) action when Tribune Business contacted him, said the publiclytraded company’s annual financial statements should be filed and disclosed today.

BISX announced late yesterday that had suspended trading in the real estate investment trust’s (REIT) stock with effect from this morning “until further notice”, due to the Property Fund’s failure to file its audited financial statements for the 2017 fullyear and 2018 first quarter.

SEE PAGE 4

SEE PAGE 5

SEE PAGE 6

$1.2m roadworks wait for IMAX’s developer

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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“We’re looking at about 300 people. A third of those we have deemed as critical employees, and we are going to have to ask them them to stay back and help us through this most critical part of the year, which is

SEE PAGE 7

Hotel union chief: VAT hike’s urgency for industrial deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE hotel union’s newlyelected president yesterday said the VAT rate hike had increased the urgency for the leadership to secure a new industrial agreement for its 5,000 members.

Darren Woods, pictured, told Tribune Business that the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) executive team had to “get moving” on a new agreement that would help to mitigate the tax increase’s impact on alreadystretched workers.

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PAGE 2, Friday, June 29, 2018

THE TRIBUNE

Don’t dismiss benefits of a higher education

W

E have known the benefits of pursuing a college education for a long time. Research tells us that individuals with higher education earn more, pay more taxes and are more likely than others to be employed and have benefits such as pensions and health insurance. Adults with more education also have better prospects for moving up the socioeconomic ladder, and are less likely to rely on public assistance. These basic truths should encourage everyone in industry, and The Bahamas at large, to focus on academic achievement.

It is true that collegeeducated individuals are still most attractive to employers. On top of field training, college develops analytical and critical thinking, organisation skills and the ability to see a project through from start to finish. These proficiencies qualify graduates for a flexible range of employment in fields that offer more job openings, upward mobility and a lifetime of open doors. Additionally, employers find that graduates exhibit a “teamplayer” attitude, strong decision-making, communication and an innate sense of self-discipline in a work environment.

The goal of every company should be to send

To advertise in The Tribune, contact 502-2394

IAN FERGUSON BY

a clear message that it endorses and supports higher education in our communities. Here is a check-list of what companies can do to promote education and encourage persons to pursue tertiary level degrees: 1. Hire them. Every company, regardless of its industry, level, size or field, should have a healthy balance of professionals with degrees. No one in 2018 should be turned away from a job that they have applied for because they are “OVER QUALIFIED”. College-educated Bahamians should have greater ease in returning to their homes to find employment in their own country.

2. Pay them well. No right-thinking person after four to six years, an $100,000-plus investment, and thousands of hours of study and sleepless nights, is going to subject themselves to entry-level drudgery. In the ‘real world’ this simply does not make sense. Degrees from reputable colleges and universities should indicate that an individual has some degree of mastery in their chosen field and should be respected as such.

3. Connect them with mentors who have the experience.

Employers usually lament that there is a gap between college graduates and workplace reality.They often demean the recent graduate for not being able to immediately produce results, and dismiss their “book-smarts” as meaningless. This unfair handling of recent graduates bolsters a sinister spirit that keeps people economically and socially depressed. We must all reject it.

4. Give them meaningful work and hold them accountable for results.

Recent graduates often begin their careers with zeal. One of the things that can burn this away rather quickly is when they are given tasks and assignments that do not challenge their intellectual capacity.

5. Have them serve as models and mentors for entry level roles, inspiring other youth to want more. The most effective way to honour a quality education is to have the educated teach, train, coach and mentor others.

Structured mentorship programmes, involving high school students or younger entry-level team members, proves quite inspiring for both the mentee and the college graduate imparting knowledge.

• 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 tcconsultants@coralwave.com

THE TRIBUNE

Friday, June 29, 2018, PAGE 3

Palm Cay benefiting AMERICAN AIRLINES BPL talking from $2m expansion TO ELIMINATE CASH ‘fuel levelling’ to shell

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMAS Power & Light (BPL) is seeking to maximise its generation output from Clifton Pier, and speaking to its fuel supplied, in a bid to mitigate against surging global oil costs.

Whitney Heastie, BPL’s chief executive, said yesterday: “The first thing we need to do is really look at the difference in heavy fuel oil versus diesel. Clifton Pier is our heavy fuel oil plant. We need to try and maximise the heavy fuel oil engines at Clifton Pier.

“We’ve always known that the diesel price point is almost 50 percent higher than the price of heavy fuel oil. That is why we have tried to focus over the past winter on the Clifton Pier side. We’re still not getting all the engines where we want them to be at Clifton Pier to leverage burning heavy fuel oil against diesel, but we’re working aggressively to try and do that.”

While the government has confirmed Shell North America as BPL’s long-term generation partner, the new liquefied natural gas (LNG) power plant will not be completed until 2021. In the meantime, Mr Heastie said BPL is in talks with the company on potential “fuel levelling” He added: “The other thing is that as Shell North America has been our supplier of fuel, and will be our supplier of LNG, we’re now talking to Shell about whether there is a programme that we can look at to work together so we can do some fuel levelling, knowing that whether it is heavy fuel oil, diesel or LNG it’s all Shell North America.

“I think between the two is what we are really aiming to try and get done so the public at large don’t feel the brunt of the increase in prices we are seeing today.”

A SOUTHERN New Providence community believes it is reaping the benefits of a six-month expansion that saw it invest $2m to refresh its amenities.

Palm Cay, located in the island’s south-east, employs some 100 Bahamians during peak season.

The upgrades included construction and installation of equipment for Palm Cay club members’ fitness centre; a half-size Olympic swimming pool; and the extension of the dockside café to feature an open kitchen concept with space for a convenience store.

“The feedback has been fantastic. We launched the membership programme upon completion of the upgrades and we currently have 200 members,” said Palm Cay’s general manager, Richard Browning.

Among the new amenities and services are spa services; a beach bar and grill; a beachscape including private cabanas; a deck area with sun loungers and the members-only club.

Palm Cay also updated its beach furniture and provided additional

PALM Cay’s new half-size olympic swimming pool.

non-motorised watersports, including kayaks and paddle boards for members.

The 69-acre property features 1,200 feet of beach; a 194-slip full-service marina; boat tours to the Exumas; swimming pools; tennis courts; recreation areas and 24-hour security.

“We plan to host a plethora of exciting social events designed to foster a sense of community among our diverse Palm Cay residents

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and club members, further positioning the development as the place to live and play out east,” Mr Browning said.

AMERICAN Airlines yesterday said it will be going cashless at Lynden Pindling International Airport (LPIA) from July 16, 2018.

Passengers will be required to use a credit or debit card to make any transactions at the airport, including purchasing tickets and paying for checked baggage.

“American has transitioned to a cashless airport environment at many locations around the world, allowing our team members to assist our customers in a faster and more efficient manner,” said Caroline Hollingsworth, the airline’s

country manager for The Bahamas.

“Moving away from cash transactions also reduces the complexity of work for our agents who will no longer have to worry about handling cash, finding exact change or closing out a cash drawer at the end of the day. This is positive news for our customers and for our team members at the airport.”

American Airlines currently offers non-stop service to Nassau from its hubs at Miami (MIA), Charlotte (CLT), Philadelphia (PHL), Dallas/Fort Worth (DFW) and Washington (DCA).

PAGE 4, Friday, June 29, 2018

THE TRIBUNE

BAHAMAS CULINARY TEAM NAMED CARIBBEAN’S BEST THE Bahamas National Culinary Team was selected as the region’s best for 2018 as they secured numerous gold, silver and bronze awards at the “Taste of the Caribbean” competition.

Apart from winning the coveted “Caribbean National Team of the Year”, Chef Jamal Small was selected as “Caribbean Chef of the Year” and inducted into the “Hall of Fame” - the highest possible ranking.

Junior Chef Hazen Rolle also won top honours and a Gold Medal for “Junior Chef of The Year”, resulting in his entry to the same “Hall of Fame”. He received the Hans Schenk Commemorative Award for the Most Innovative Dish Utilising Indigenous Ingredients, marking the second time a Bahamian has won this award.

Chef Celeste Smith won silver in the Pastry Chef Competition, while Chef Owen Bain take the same in the Beef Competition. Newcomer Derrick Blackmon secured Bronze in the Bartender Competition, alongside Chef Pratt’s Bronze in Seafood.

to be expanded to four lanes. The government may choose to extend it beyond that; that’s what they’re looking at now - they may go to Munnings Road.

“We’re hoping to have this settled in the next week.

We won’t be open until the

talented, consummate professionals who represented The Bahamas with passion, dignity, a sense of spirit and reverence for the field of cuisine and mixology”.

Team Bahamas featured: • Chef Devin Johnson, head team consultant • Chef Mario Adderley, team manager • Chef Owen Bain, team captain

• Charlotte KnowlesThompson, team administrator • Chef Jamal Small • Chef Kevyn Pratt • Chef Asteir Dean • Chef Carvison Pratt • Chef Tamar Rahming • Chef Celeste Smith • Junior Chef Hazen Rolle • Donovan Moss (apprentice)

next week. The government has been very helpful, and we want it to be a permanent solution for 50 years.”

The Fusion Superplex was initially scheduled to open by April 20 this year, but Mr Foulkes conceded that the project had also incurred “some internal construction delays” that have pushed it beyond its initial $42m investment budget.

“Because of the roadworks there’s no need to go faster than we need to do,” he added. “If the roadworks to start on July 1, the

earliest they’d be completed would be August 31. Our interior stuff will be done before then. All the interior, fine finishes will be done in seven to eight weeks. If the roads start now they will be finished at the same time.”

Atavus expects the Fusion Superplex to attract “north of 800,000” persons annually with its nine theatres, including the five-storey IMAX and 4DX (four dimensional experience) cinema.

Mr Foulkes said the project now had 418 staff on its “employment plan”, and

was in the process of calculating its construction cost overruns. He added that some had been incurred to improve the product, upgrading operational details, technology and back-of-house areas that will boost staff efficiency.

“It started out as a $42m investment,” he told Tribune Business. “We obviously have cost overruns as anyone does. We’re actually determining those overruns now.

“There will be cost overruns, no doubt about it. Any time a project is delayed there’s cost overruns, with your carrying cost of staff and construction change orders. A project this large, 100,000 square feet, there’s bound to be overruns.”

Atavus Group and its contractors began site

clearance and levelling efforts in January last year, with the foundation poured in September 2016 prior to the start of vertical construction.

Targeted at all age ranges and tastes, the Fusion Superplex will also include an indoor playground and children’s daycare centre, plus an arcade area and the normal movie theatre drinks and food concessions - including a Starbucks coffee lounge and Sub-Zero ice cream that is made from liquid nitrogen.

“This is world renowned,” Mr Foulkes told Tribune Business of the Atavus Group’s vision. “We’re competing at a global level.

Getting you out of your home to a facility, it has to be more than you get at home.”

FRANK COMITO, chief executive and director-general, CHTA; Chef Mario Adderley; apprentice Donovan Moss; Chef Devin Johnson; Chef Celeste Smith; mixologist Derrick Blackmon; Chef Owen Bain; Chef Jamal Small; Chef Kevyn Pratt; Junior Chef Hazen Rolle; and CHTA incoming president, Patricia Affonso-Dass.

The Bahamas thus became the first team in the event’s history to win The Caribbean Chef of the Year, Caribbean Junior Chef of the Year, The Hans Schenk Commemorative Award and come away with gold for Caribbean Team of the Year.

“The Team has made us proud. It was evident the moment they stepped into

$1.2m roadworks wait for IMAX’s developer FROM PAGE ONE

the spotlight at the Caribbean 305, and throughout the intense competition.

The Bahamas National Culinary team has made an indelible impression among their regional competitors,” said Carlton Russell, the Bahamas Hotel and Tourism Association’s (BHTA) president.

“Our emerging and seasoned chefs are formidably

• Ryan McIntosh (apprentice) • Mixologist Derrick Blackmon • Alternate Mixologist Chavano Jones Its participation was not be possible without public and private sector stakeholders such as the Ministry of Tourism, Atlantis, Baha Mar, Cable Bahamas, Aliv, British Colonial Hilton, Carriearl Boutique, Berry Islands, Sandals Emerald Bay, Sandals Royal Bahamian, Lyford Cay Club, Comfort Suites, Nassau/ Paradise Island Promotion Board, Bahamas Out Islands Promotion Board, Association of Bahamas Marinas, Bahamas Food Services, Bahamian Brewery, Ardastra Gardens & Zoo, Cheryl’s Taxi & Tours, Majestic Tours, Liquid Courage, University of the Bahamas, Coventry Realty (Heron Cove), Bahamasair, Commonwealth Brewery, Fusion Superplex, Cassava Grille, Manuelo Lettuce Eat, New Oriental Cleaners, Cacique Judges, Bahamas Culinary Association and Wildflowers Event and Occasions.

roads are done. We’ve been speaking to the Office of the Prime Minister and Ministry of Works, and they’re just as anxious to get this problem sorted out as we are,” Mr Foulkes told Tribune Business.

“The prime minister was looking at this matter with the greatest urgency. We’re expecting to have an answer

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THE TRIBUNE

Friday, June 29, 2018, PAGE 5

Property fund chief blindsided by BISX trading suspension FROM PAGE ONE Keith Davies, pictured, BISX’s chief executive, told Tribune Business that the exchange had acted to preserve an orderly market because there was no up-todate financial information to inform investors’ about the Property Fund’s actual, material financial health.

“It’s somewhat of a standard operating procedure,” he said of the trading suspension. “In order for a company to continue trading it needs to have adequate financial information in the public domain, and at this point the Property Fund is unable to do that despite receiving several extensions. Therefore we have to take action to ensure the integrity of the market.”

Mr Davies said BISX judged such issues “on the merits”, and a “case by case basis”, but emphasised the need for all listed, publicly-traded securities to provide timely disclosures of material information to the market to ensure investors can make informed decisions.

BISX-listed companies have to file their quarterly financial results within 90 days of each quarter ending, and their full-year results within 120 days of period end. The exchange, though, has frequently granted its listed entities extensions to these filing deadlines once the case is made.

Mr Anderson, who was in Barbados when contacted

by Tribune Business, confirmed that the Property Fund had requested and obtained an extension until June 18 for the filing of its 2017 year-end financials.

The RoyalFidelity chief, who returned this week from a lengthy holiday, said he thought the audited statements would have been completed by that deadline only to return and find they were not.

He explained that the delay related to the valuations that had to be

costs associated with vacant rental space, which required assessment and independent verification by PWC. Still, Mr Anderson said he had been unaware of

conducted on the Property Fund’s three commercial properties - the Bahamas Financial Centre in downtown Nassau; One Marina Drive on Paradise Island; and Providence House, the former PricewaterhouseCoopers (PwC) head office.

“We had extended the filing date formally until June 18,” Mr Anderson told Tribune Business. “We felt we would get the audit completed by the end of May. When I came back on Monday we were in the final stages of closing the financials. I signed them

yesterday [Wednesday], and the directors approved them today [Thursday]. They’re going to be filed [today].”

That could mean the Property Fund’s trading suspension lasts for a day or less, with Mr Anderson conceding that the 2017 fullyear audit “took a lot longer than anticipated” due to the number of personnel involved from its external auditor, PWC. He added that another contributing factor was a change in past accounting treatment for common area maintenance (CAM)

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the trading suspension until Tribune Business called, adding: “I’m surprised they didn’t bother to tell me.”

In practical terms, the Property Fund’s suspension

is unlikely to have a major impact on the Bahamian capital markets, given that it is among the most illiquid and thinly-traded stocks listed on BISX.

PAGE 6, Friday, June 29, 2018

THE TRIBUNE

‘Put brakes on WTO accession’, govt told FROM PAGE ONE companies wanting to establish a physical presence here.

Mr Pickstock, though, said many industries were unable to draw these “red lines” due to uncertainty over how WTO membership will impact them - a gap the Chamber of Commerce is now seeking to fill through empirical studies and economic modelling.

“While we’re doing that, I understand the government is forging ahead to go and sit with the WTO and start its negotiations,” he told Tribune Business. “We definitely think more information is needed.

“The government has still to provide a revenue study, and industry still has come concerns. We’re trying to say to the government: Put on the brakes. Let us get some information. We want to be in a position to further advise the private sector, the people we work for, and the only way we can do that is having the necessary research done.”

Recalling the extensive economic modelling on the likely impact of VAT’s introduction in 2015, Mr Pickstock explained that the Chamber wanted to “do the same thing for WTO”.

“We’re trying to say to the government: Let us do that,” he added. “You may

have your own research or you may not, but at least get another opinion. These studies will involve looking at various sectors and really seeing what kind of impact joining WTO will have on them.

“A revenue study will be a component of that. You eliminate customs duty at the border, and what is the appropriate alternative tax?

They’ve obviously made that decision by raising VAT to 12 percent. I feel that was done in part to get ready for WTO and elimination of these Customs duties.

“How are you going to bridge that gap? The 12 percent by itself won’t do that.

The question is what other tax are you going to have to implement to bridge and fill that gap.”

Mr Winder previously suggested that The Bahamas will have to replace between $100-$200m in import tariff revenues as a result of accession to full WTO membership, since such rules-based trading regimes view these duties as barriers to trade.

He was unable, though, to specify just how much revenue the government will have to replace as this depends on the accession terms The Bahamas will have to negotiate on the elimination and reduction of import tariffs. In

the meantime, the government has engaged Deloitte & Touche’s UK arm to conduct a study of The Bahamas’ current tax system and reform options with one eye on the WTO. Mr Pickstock said the Chamber was now seeking to engage its own consultants “to assist us with some technical points on the offers that will be made, and give us some more information”.

“We’re not experts on everything,” he added.

“Neither is the government. Let’s get the people who have done this already, are experts in the area, and that’s what we are seeking.”

The budget, with its VAT and web shop tax increases, has consumed the government’s and private sector’s attention for the past month. With its provisions set to be implemented come Sunday in time for the 2018-2019 fiscal year, the focus is now swinging back to other matters such as the WTO. “What I’m afraid of there was this little talk because of the budget, and all of a sudden the government is going full steam ahead with the negotiations at the WTO and putting in an initial offer,” Mr Pickstock told Tribune Business.

“There’s a feeling in various sectors that the consultation did not achieve

what it needed to achieve.

They felt it was a rubber stamp, and the government was checking a box to say they have consulted.

“When you ask industries what their red line is, they don’t know. In some industries you’re really backing them against the wall without knowing what you’re asking them for.”

The result, Mr Pickstock said, was likely to be industries and individual businesses turning against full WTO membership and the prospect of opening up to foreign rivals and products.

Meanwhile, Mr Pinder, who is advising the Bahamian manufacturing and light industries sectors on WTO, confirmed that Mr Winder had revealed the government’s progress during a panel discussion at the Chambers of Commerce conclave.

“He had indicated to me and the room that the latest offer was before the Cabinet to be approved and sent to the WTO,” Mr Pinder told Tribune Business. “I found it rather surprising and shocking given that industry was not consulted on the additional offer and reductions in duty with respect to specific items.”

While acknowledging that the government should not disclose its negotiating hand by publishing

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ENERVO ADMINISTRATION LIMITED LIQUIDATOR East Bay Street P.O. Box N-3924 Nassau, The Bahamas

MARKET REPORT THURSDAY, 28 JUNE 2018

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

BISX ALL SHARE INDEX: CLOSE 1,974.75 | CHG 6.50 | %CHG 0.33 | YTD -88.82 | YTD% -4.30 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.00 1.48 0.19 4.00 9.10 6.60 5.30 11.00 2.71 1.77 8.21 6.10 11.48 7.29 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.00 8.50 6.00 3.15 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS 52WK HI 2.15 4.16 2.00 179.39 157.58 1.55 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.49 1.62 1.58 1.07 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.40 17.43 9.09 4.00 1.01 0.18 3.00 8.98 6.12 4.20 10.90 2.58 1.72 7.85 6.10 11.00 6.32 3.44 12.51

CLOSE 4.40 17.43 9.09 4.00 1.01 0.18 3.00 9.10 6.12 4.20 10.90 2.60 1.75 7.88 6.10 11.00 6.32 3.44 12.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.12 0.00 0.00 0.00 0.02 0.03 0.03 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

107.10 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

107.10 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

3,000 8,500

2,000

5,000

VOLUME

EPS$ 0.361 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.610 0.277 0.631

DIV$ 0.080 1.130 0.000 0.230 0.000 0.010 0.000 0.320 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.580

P/E 12.2 18.7 N/M 14.1 N/M N/M -3.0 14.3 10.7 24.6 17.4 25.5 7.6 N/M 11.2 16.2 10.4 12.4 19.8

YIELD 1.82% 6.48% 0.00% 5.75% 0.00% 5.56% 0.00% 3.52% 3.59% 2.86% 5.69% 2.31% 4.00% 1.07% 5.25% 4.55% 3.16% 3.49% 4.64%

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% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.15 4.12 2.00 179.39 153.02 1.55 1.69 1.64 1.09 7.15 8.14 6.41 11.26 11.68 10.24

YTD% 12 MTH% 1.55% 4.09% -0.45% 4.34% 0.84% 2.31% 0.39% 5.05% -0.25% 4.57% 1.29% 4.18% -0.61% 2.84% 1.02% 3.84% -0.87% 1.82% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

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

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

the entire WTO “offer”, he argued it should at least hold “side bar conversations” with individual industry groups to explain how they would be impacted specifically “as a fundamental part of good governance”.

Mr Pinder said this would have involved meeting with Bahamian bottled water manufacturers, for example, to explain the tariff rates on rival imported product that would be submitted as part of the WTO “offer”.

“The offer is going out, in my opinion and the opinion of many in the private sector, without adequate consultation with industry,” he said. “These industries are significant for Bahamian entrepreneurship and employment, and significant for the stability of the domestic economy.

“Have the conversation with the private sector; it’s the right thing to do. No one’s saying publish the full offer in the newspaper.

My understanding is that they’re proceeding without that happening, and proceeding without proper consultation with the private sector.

“I don’t think it’s a good way to go about an accession process. Let’s hope they have a little more transparency about what they plan to do. No one is asking for more. Once you propose it, you can’t back off it. People should know, and be consulted, about what they’re doing.”

Mr Pickstock, meanwhile,

said the escalating tit-fortat trade war between the US and its major trading partners, such as China, Europe, Canada and Mexico, was making Bahamians extra cautious about the move to join WTO. Many, he added, were questioning the “relevance” of the WTO and its dispute resolution mechanisms as Donald Trump and other developed nations appear to be doing as they please in violation of international trade rules.

“Some manufacturers want their tariffs increased because that’s their way of protecting their industry,” he added. “We’re still soldiering. We’re again meeting, and meeting with various sectors to get a further understanding and letting them know what we’re doing. We are going about getting these studies done.”

The government has set an ambitious end-2019 target for completing The Bahamas’ accession to full WTO membership. The move is a key component in plans to restructure and reposition the Bahamian economy through deregulation and liberalisation, diversifying it away from reliance on tourism and financial services by attracting new industries.

It views the WTO’s rules-based regime as providing greater, more certain market access for Bahamian exports, a development that would potentially encourage higher levels of foreign direct investment (FDI).

NOTICE

NOTICE is hereby given that SAMUEL JOSEPH of Gladestone 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 22nd day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CHRISTOPHER LOUIDOR of Mt. Pleassant Village, P.O.Box N-7776, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 29th day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that EVENE GEORGES of Jerome Ave., New Providence, The 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 22nd day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ALBERTINI ALCIRA of 1045 NW 116 Ter., Miami, Fl., USA. 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 22nd day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KENDELL PIERRE of General Delivery, Church Street, Palmetto Point, Eleuthera, 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 29th day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JOHN RICO CORNEILLE of Hope Town,P.O.Box-GD 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 29th day of June, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, June 29, 2018, PAGE 7

BPL rejects Hotel union chief: VAT hike’s one-third of urgency for industrial deal departure requests FROM PAGE ONE

FROM PAGE ONE summer and our peak season. Then there is a phase-out approach with those staying on as to when they can be released,” said Mr Heastie.

“A lot of folks that have left are the most senior people in the organisation, with the most experience in this organisation, and we certainly have learned from these type of exercises in the past where voluntary separation packages are being offered.

“What happens is the senior and most experienced folks leave, and all of a sudden you are in a more critical situation than before. We have applied those lessons to make sure we don’t fall into the same trap as before. I think we’re in a good position across the board, both technically and administratively, to make sure that we can run this business safely and reliably through the summer period.”

He added: “All we are doing is asking them to defer their leaving the company until such time that they can be released.” BPL had originally expected to

save between $1m to $2m per month when the VSEP was completed, but that may not be realised now.

Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, told Tribune Business earlier this week that the state-owned utility monopoly could not keep those workers it had rejected “longer than two years”.

He said there was “some concern” among staff whose VSEP applications had been rejected, but expressed hope that all issues will be “worked out in meetings” this week with BPL management.

LEGAL NOTICE MADISON INVESTMENT HOLDINGS LTD. (In Voluntary Liquidation) Notice is hereby given in pursuance of Section 138(8) of The International Business Companies Act, 2000 (as amended), the Dissolution of the above-named company has been completed, a Certificate of Dissolution has been issued and the above-named company has therefore been struck off the Register. The date of the completion of the dissolution was the 12th day of June 2018.

He revealed that the “informal talks” had already been held two weeks’ ago with the Bahamas Hotel and Restaurant Employers Association (BHREA), the employer representative, and the union now planned to send it a formal letter outlining suggestions on the way forward.

Mr Woods, meanwhile, added that the union was also speaking to merchants about its proposed “membership discount cards” in a bid to further alleviate the burden from a VAT-induced increase in the cost of living.

He described the 60 percent rate increase to 12 percent as akin to the government “taking out of the well with nothing going back in, and it’s not spinning water”.

Pledging to negotiate a registered industrial agreement, which would be legally binding and ensure its terms were incorporated in union members’ contracts, Mr Woods said: “With the increase in VAT it’s incumbent on us, as a

new administration, to get an industrial agreement in place that brings relief to the members.

“As I indicated on the campaign trail, and indicated to the members, it has to be more than an industrial agreement; it has to be a registered industrial agreement.”

The VAT increase, coupled with stagnant wages and benefits, will drive all unions - not just the hotel sector - to seek greater compensation when industrial deals come due for renewal.

The hotel industry has been without such a deal since 2013, after the previous union leadership failed to submit a new proposal by the specified deadline.

Declining to dwell on the past, Mr Woods said: “We’re doing our best. We’ve had informal talks about what we want to see and how to proceed; informal talks with BHREA. We are going to put a formal letter to them around that. We have our game plan, and the main thing is to get a registered industrial agreement.

“We have to get moving.

We have to get moving right

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, NUEVA INGENIO LTD. is in dissolution as of June 18, 2018

The public is hereby advised that I, MALIAKA T. FOX of Fox Hill Road South, New Providence, Bahamas mother of JAYDEN DEONTE LASISTER intend to change his name to JAYDEN CLAY FOX. 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 the publication of this notice.

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000).

GENESIS MANAGEMENT LIMITED, is in Dissolution.

The date of commencement of dissolution is the 25th day of June, 2018.

Lauren Ramsay, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 6380, Nassau, Bahamas Liquidator

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GOSNER FALLS INC. is in dissolution as of June 5 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

NOTICE GUARANTEED FUNDS S.A. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GURANTEED FUNDS S.A. is in dissolution as of June 26, 2018

LIQUIDATOR ______________________

LIQUIDATOR ______________________

NOTICE WESPRO VENTURES LIMITED In Voluntary Liquidation

NOTICE HEADLEY INVESTMENTS LIMITED In Voluntary Liquidation

LIQUIDATOR ______________________

NOTICE GOSNER FALLS INC. In Voluntary Liquidation

GENESIS MANAGEMENT LIMITED

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

To advertise in The Tribune, contact 502-2394

INTENT TO CHANGE NAME BY DEED POLL

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, WESPRO VENTURES LIMITED is in dissolution as of June 20, 2018

living increase from 2013 to the present. We’ve had the implementation of VAT, and now the increase in VAT. “As I see it from the sector I represent, you are taking out of the well, nothing is going back into the well, and it’s not spinning water. I can’t fault the Government for what they’ve done; they think it’s necessary for the country as a whole. My focus is on the people I represent,

PUBLIC NOTICE

Bennet R. Atkinson Liquidator

NOTICE NUEVA INGENIO LTD. In Voluntary Liquidation

away. Some of our membership programmes, the discount card, will bring equity and equality to stretch the spending dollar members have.”

He added: “We’re trying to get merchants to buy into the programme we have, so our dollars will be able to stretch a bit further even with rising inflation.

We have just over 5,000 members, and if we’re able to direct a chunk of that to your business, you will be able to make money off the volume coming in even with the rise in VAT. “We’re working aggressively on that now. We recognise what we’re faced with. We have to take into consideration the cost of

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, HEADLEY INVESTMENTS LIMITED is in dissolution as of June 21, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

PAGE 8, Friday, June 29, 2018

THE TRIBUNE

Sweeping data privacy bill approved in California SACRAMENTO Associated Press

CALIFORNIA will soon have what experts call the nation’s most far-reaching law to give consumers more

control over their personal data under a bill the governor signed yesterday.

The law will compel companies to tell customers upon request what personal data they’ve collected, why it was collected and what

categories of third parties have received it.

The new law will take effect Jan 1, 2020, and lawmakers say they will likely make alterations to improve the policy before then.

Consumers will also be able to ask companies to delete their information and refrain from selling it.

It’s similar to data privacy regulation in the European Union, which also aims

to give consumers control over use of their data.

The California bill signed

by Gov Jerry Brown will apply only to California consumers. However, internet users in other states will likely see changes, said Cynthia Larose, a cybersecurity expert at the law firm Mintz Levin.

“It’s going to be impractical for companies to maintain two separate sets of privacy protections — one for California and one for everyone else,” she said.

The move by California came after large breaches in recent years at companies including Target and Equifax. Facebook also has faced intense scrutiny amid revelations that Republican-linked consulting firm Cambridge Analytica collected data from millions of Facebook users without their knowledge.

The bill by Assemblyman Ed Chau, an Arcadia Democrat, gives companies the ability to offer discounts to customers who allow their data to be sold and charge those who opt out a reasonable amount based on how much the company makes selling the information.

It also bars companies from selling data from children younger than 16 without consent.

“We in California are taking a leadership position with this bill,” said Sen. Bob Hertzberg, a Van Nuys Democrat who co-authored the bill. “I think this will serve as an inspiration across the country.”

Brown signed the measure just hours after lawmakers passed it with no dissenting votes in a last-minute scramble to convince San Francisco real estate developer Alastair Mactaggart to remove a similar initiative from consideration for the November ballot ahead of a yesterday’s deadline.

Mactaggart spent $3m on the related initiative but

withdrew it shortly after the law was signed.

Voter-enacted initiatives are much harder to alter than laws passed through the legislative process.

Given the significance and complexity of the issue, supporters and even many opponents said they wanted legislators to pass the bill instead of allowing the initiative to move forward so lawmakers can more easily change it in the future.

Lawmakers suggested the bill will need amendments.

Republican Assemblyman Jay Obernolte of Hesperia said he thinks the parts of the bill allowing people to sue companies over data breaches are too broad.

Although the bill is aimed at regulating internet and tech companies, some opponents say it could have unintended consequences on other industries.

A lobbyist for the newspaper industry, for example, said he worried the bill could harm news reporting by allowing subjects of negative investigative stories to prevent publication.

Lawmakers said that’s not the bill’s intent.

TechNet, a technology lobbying group, urged lawmakers to improve the law before it takes effect “so it provides meaningful privacy protections for Californians while also allowing all the benefits and opportunities consumers expect from US technology to continue”.

“Policymakers around the country looking at what California has done on this issue should understand that the California Legislature’s work is far from finished and that this law remains a work in progress,” the group said in a statement.