07252019 BUSINESS

business@tribunemedia.net

THURSDAY, JULY 25, 2019

$4.75

BTC spots ‘chinks in Cable’s armour’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas Telecommunications Company’s (BTC) top executive believes there are “chinks in the armour” at Cable Bahamas that it can exploit to win back market share.

Garfield “Garry” Sinclair, pictured, BTC’s chief executive, told Tribune Business that the carrier’s “far superior” TV product and fibre-to-the-home

infrastructure gave it every opportunity to attract consumers based on the “huge reservoir of goodwill” for

SEE PAGE 6

OPPONENTS of a $580m south Abaco resort project have launched an online petition that has amassed 767 signatures in just over one week against the development.

The petition, started by Sustainable South Abaco and aimed at the Prime Minister, warns that approving the Tyrsoz Family Holdings project “will lead to irreparable damage to the ecology and history of

South Abaco, while risking the livelihood of generations of Bahamians that rely on these resources”.

It urges the government to “protect historical, ecological and cultural resources along Soldier Road at Southwest Point, and Lantern Head near Hole in the Wall in South Abaco”, adding: “Both sites contain historic ruins of standing buildings, stone wall carvings and remarkable artifacts.

“Lantern Head ruins,

SEE PAGE 7

National plan demanded for fishing sector

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Fly Fishing Industry Association’s (BFFIA) president yesterday called for a national development plan for the industry, voicing concerns that its regulatory regime needs to be strengthened.

Prescott Smith told Tribune Business that having recently attended a sports fishing workshop in Cuba, which explored the creation of a national plan for its industry, The Bahamas

should likewise craft something similar for sports and fly fishing.

“They are developing a national plan, right down to the community level, but here it’s always a fight,” he told Tribune Business. “It’s so important, but the special interests who control our economy never want this country to be developed to where it involves empowering ordinary Bahamians.

“If you’re talking about developing a national plan, for instance the way Cuba

SEE PAGE 7

$4.83

$4.83

QC: ‘Don’t do business in Bahamas right now’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Petition targets PM on $580m Abaco project

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.83

A

PROMINENT QC yesterday said he “would not advise anybody to do business in The Bahamas right now” because of the “strangulation” caused by excessive red tape and client due diligence.

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that the cost and “ease of doing business” in this nation had “only gotten worse, not better” despite repeated pledges by the

• Warns: ‘We’re strangling ourselves to death’ • Slams six months to open business account • Two businessmen confirm banking woes

FRED SMITH QC

Minnis administration that improvements are being made.

In particular, Mr Smith railed against the six-month wait to open a business account at a commercial bank - a duration that two new company owners, both well-known and established businessmen, speaking on condition of anonymity, told this newspaper they also had to endure.

The outspoken QC

accused Bahamas-based commercial banks of imposing “every kind of restriction under the sun” when it came to Know Your Customer (KYC) due diligence, and ensuring the beneficial owners of accounts and wire transfer originators were really who they said they were.

Disclosing that he was finding it increasingly

SEE PAGE 4

Sky chief asks regulators: do you want us to close?

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SKY Bahamas’ principal last night challenged aviation regulators to clarify whether they want “to shut us down” as the airline “could be at the point of not coming back”.

Captain Randy Butler told Tribune Business that legal action was among the options he is considering after the carrier remained

CAPTAIN RANDY BUTLER

grounded for a 16th day following Bahamas Civil Aviation Authority (BCAA) orders that it not fly given that a key permit has expired.

And he called on Dionisio D’Aguilar, minister of tourism and aviation, and the prime minister, to intervene given that another Bahamian-owned company and its 63 employees were now perilously close to going out of business.

Captain Butler argued

that there was “no reason why we should not have a renewed Air Operator Certificate (AOC)”, which is the permit required for an airline to carry fare-paying passengers. The previous certificate expired on June 29, and the sector regulator sent Sky Bahamas a letter on July 8 warning that it should not continue flying without the AOC. The Bahamas Civil

SEE PAGE 5

PAGE 2, Thursday, July 25, 2019

THE TRIBUNE

DPM hails OECD finding that tax laws ‘not harmful’ THE deputy prime minister yesterday hailed the Organisation for Economic Co-operation and Development’s (OECD) finding that The Bahamas’ domestic tax laws are “not harmful”.

KP Turnquest, in a statement, said the Paris-based body’s assessment reinforced the notion that The Bahamas “is a safe place for financial services and other investment activities”, while also confirming that this nation delivers on its international commitments.

The OECD review, which encompassed 11 other jurisdictions with “no or nominal” income tax regimes, assessed whether they and The Bahamas were in compliance with one of the “actions” they pledged to implement in order to comply with its Base Erosion and Profit Shifting (BEPS) initiative.

It focused on BEPS’ socalled “Action 5”, which deals with countering “harmful tax practices”, and especially whether this nation and the others had imposed “economic substance” requirements on entities operating from their jurisdictions to ensure they were conducting real business through physical offices and employees based there.

The OECD, noting that “economic substance” requirements had taken effect from January 1, 2019, via the Commercial Entities (Substance Requirements) Act 2018, added that The Bahamas’ “domestic legal framework meets all aspects of the standard” and is therefore “not harmful”.

The findings were approved by the OECD’s Forum on Harmful Tax Practices during a June 2019 meeting in Paris, and formally announced last Friday.

“This confirmation by the OECD that The Bahamas’ domestic laws are not

harmful affirms The Bahamas as a partner in the global fight against harmful tax practices, and reinforces to the international community that The Bahamas is a safe place for financial services and other investment activities,” Mr Turnquest said in a statement.

“Our commitment to the enhancement of transparency mechanisms demonstrates yet again that The Bahamas will not be a jurisdiction that encourages or facilitates financial crimes, including tax evasion and money laundering.”

Mr Turnquest added: “The Ministry of Finance will now ensure all participants in the financial services sector, including regulators, industry and other stakeholders are doing their part to monitor full compliance with all the provisions of law.

“The Working Group on Financial Sector Reform will continue to review our legislative framework and engage with the international organisations to ensure the interests of our financial services sector are represented and protected.”

The Bahamas was represented at the OECD’s June meeting by Stephen Coakley Wells, director of regulatory and international affairs at the Ministry of Finance, and Adrianna Knowles Rahming, legal officer at the Ministry of Finance.

The BEPS “Action five” standard requires that geographically mobile activities, such as financial services, and its core income generating activities must be conducted with an adequate amount of qualified employees and operating expenses within a jurisdiction.

The Commercial Entities (Substance Requirements) Act 2018 was passed to address European Union concerns that The Bahamas provided a commercial

environment with no or low effective tax rates on income, thereby attracting investments through corporate vehicles that had no substantial economic presence - and which did not engage in real economic activity - within the jurisdiction.

The EU’s assessment of The Bahamas’ substance legislation was conducted in March 2019, and was the basis for its decision that The Bahamas should not be included on the list of nonco-operative jurisdictions for tax purposes that was published that same month.

The OECD will review The Bahamas’ implementation of the new law, and its effectiveness in practice, in 2020. Its BEPS initiative aims to ensure that the profits of multinational companies are taxed in the country where they are generated, and attempts to prevent multinational companies using often-legitimate tax avoidance strategies to “exploit gaps and mismatches” between different countries’ tax rules and “artificially shift profits” to low or ‘no tax’ jurisdictions.

This enables them to minimise their tax exposure by paying a lower rate, and more than 100 countries worked under OECD oversight to implement 15 so-called BEPS “actions” designed to halt the loss of much-needed tax revenue by developing countries due to such practices.

Countries had to confirm they were implementing a minimum four out of these 15 “actions” by December 2017.

The four that The Bahamas selected were (Action 5): Countering Harmful Tax Practices; (Action 6): Treaty Shopping; (Action 13) Transfer Pricing Documentation and Country-by-Country Reporting; and (Action 14) Dispute Resolution.

BAHAMIAN LAW FIRM IN AWARDS NOMINEE FIRST

LENNOX PATON’S OFFICES

BRIAN SIMMS QC A BAHAMIAN law firm has been shortlisted for Offshore Firm of the Year at this year’s Chambers High Net Worth Awards 2019.

Lennox Paton said its shortlisting as one of three finalists marks the first time a local law firm has been in contention for this award.

The law firms of Walkers and Carey Olsen, who have a presence in most offshore jurisdictions are the other two finalists.

Brian Simms QC, Lennox Paton’s senior partner, said: “We are honoured that Lennox Paton has been recognised for its private client and litigation practice in the areas of trusts, banking and wealth management.

“The nomination by Chambers is a reflection of years of hard work in the area by many members of the firm, and we are proud to be the first Bahamian law firm named as finalists for this award. The other nominees, Walkers and Carey Olsen, are very well respected in the industry and it is a pleasure to be nominated along with them.”

The Chambers High Net Worth Awards celebrate legal excellence in private wealth management.

Chambers is one of the main reviewers of the legal market, and considered a go-to directory for clients and lawyers.

Finalists for the awards are chosen by its specialist high net worth research team, drawing on the directory’s research. The research for Offshore Firm of the Year is conducted in all international financial centres (IFCs), including the Cayman Islands, Jersey, Guernsey, Bermuda, BVI and The Bahamas.

The winner will be announced on October 8, 2019, at a ceremony in London. The evening will bring together more than 180 attendees from some of the most prominent private wealth law firms in the world. Last year’s winners were Conyers Dill & Pearman, with Harneys and Mourant Ozannes named as runners-up.

THE TRIBUNE

Thursday, July 25, 2019, PAGE 3

FUND ACT IMPROVED DUE TO EU DEMANDS

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net REFORMS to the Investment Funds Act will ensure improved investor protection and attract more business to The Bahamas, the deputy prime minister said yesterday.

K Peter Turnquest told Parliament that the changes, tabled in Parliament yesterday, were still being prepared by the Securities Commission when the initial Act was passed into law last year.

He explained that the latest reforms were necessary to meet evolving

K PETER TURNQUEST European Union (EU) standards, and ensure Bahamas-domiciled funds and their managers could maintain access to investors and investments in the 28-nation bloc’s markets.

“Upon review of the investment Funds Act 2019 to address the issue of substance being raised specifically in relation to the investment funds industry, the commission identified two further areas that needed to be addressed, which were the standards being proposed by the EU,” Mr Turnquest said.

“These amendments are prompted by the need to provide minor clarifications, and to correct and close any existing or perceived legislative gaps, and to clarify the law where there is ambiguity or uncertainty with regards to the Act.”

Mr Turnquest added that the proposed amendments “introduce new definitions and amendments to current definitions, clarify the requirements for a fund to appoint an investment fund manager, licensed or registered by the commission; clarify the obligations of an investment fund administrator; provide a valuation regime for standard investment funds; clarify the categories of persons eligible to be appointed as custodians for an investment fund; address the stamp duty exemptions for investment funds; and provide for the approval of an external AIFM (alternative

investment fund management) custodian by the commission.”

The deputy prime minister continued: “Of the proposed amendments, two are substantive changes, being the creation of valuation and custodian regimes for standard funds. The need to introduce these systems became apparent when the Securities Commission was asked to provide the European Union with a summary of its supervisory regime for investment funds specifically.

“It was brought to the commission’s attention that certain standards for substance requirements

were being contemplated for investment funds by the European Union.

These standards include having regimes for annual audits, ongoing reporting obligations as well as having oversight regimes for valuation funds offered to retail investors as well as oversight for custodians appointed to hold the assets of an investment fund.”

Mr Turnquest said the Securities Commission was able to confirm that the 2019 Act had contemplated all the required standards save for the requirements related to valuation and custodians.

NON-PROFIT REGULATION WILL BE ‘LIGHT TOUCH’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net CHANGES to the NonProfit Organisations Bill provide for a “light touch” regulatory framework, the deputy prime minister said yesterday, describing the reforms as a “reasonable compromise”.

K Peter Turnquest, addressing Parliament on the revised legislation, acknowledged that concerns had been expressed by civic, religious and charitable organisations over the level of reporting and disclosure required under the previous Bill.

“Some have felt it was intrusive and may have identified individuals who may have wanted to give anonymous gifts; not for any nefarious reasons but their own personal reason,” Mr Turnquest said.

“The amendments have made provision for what we call a sort of light touch regulatory framework where, rather than keeping a detailed list of everyone

that has made a contribution, the only thing required is financial records including that information are maintained and available in the event that a request is made for that information based upon some investigation or question in regards to that organisation.”

Mr Turnquest added: “We think we have struck a reasonably fair balance in respect to the need for regulation, and the need for a certain level of privacy with respect to these organisations. I know that it is not prefect in the eyes of some of our NGOs, but again there is always a ying

and a yang with respect to regulators and industry participants.

“Sometimes those interests don’t necessarily line up, but it is the obligation of the government to provide an environment that is unquestioned; that we have the ability to ensure that our jurisdiction is not used for any nefarious reasons, and we are able to account in the event we are called upon to provide the information. I think they would all agree that this is a reasonable compromise piece of legislation.”

The reforms debated in the House of Assembly

yesterday mandate that non-profits who fail to renew their registration will have their accounts frozen and be investigated by the authorities. Churches will also be required to maintain financial records and produce them upon request, although such disclosure is no longer automatic. Donations or disbursements of greater than $50,000 must be reported.

The reforms are designed to keep The Bahamas in compliance with international antifinancial crime standards set by the Financial Action Task Force (FATF) and

To advertise in The Tribune, contact 502-2394

Organisation for Economic Co-Operation and Development (OECD).

Mark Palmer, Civil Society Bahamas secretary, told Tribune Business last month that the government’s proposed legislation to regulate non-profit organisations (NPOs) was no longer “the scary Bill that could have decimated the sector”.

Concerns had been expressed concern that many NGOs would unable to meet the strict registration, accounting and record keeping demands set out in the initial Bill.

PAGE 4, Thursday, July 25, 2019

THE TRIBUNE

QC: ‘Don’t do business in Bahamas right now’ FROM PAGE ONE

difficult to wire money to persons he had done business with for four to five years, Mr Smith warned that “we’re going to strangle ourselves to death” with bureaucracy and onerous compliance requirements.

Calling for “the entire Cabinet to go to Singapore for a six-month crash course” on how to run a country efficiently, he added that “the constant barrage” of new laws and regulations had also driven numerous institutions from The Bahamas to the extent that the financial services industry’s future was becoming extremely precarious.

“It’s impossible to do business in The Bahamas because of Know Your Customer (KYC),” Mr Smith blasted, “with the banks imposing every kind of restriction under the sun. What doesn’t apply in the US applies in The Bahamas.

“The government promised to break down this red tape strangulation of business in The Bahamas, but it’s only gotten worse, not better.

I wouldn’t advise anybody to do business in The Bahamas

right now; it’s too difficult with KYC and the difficulties in the banking sector, and having to disclose all your private information to the government.

“In The Bahamas, everyone is found guilty rather than innocent. The presumption of innocence has been turned upside down in The Bahamas.” Mr Smith also pointed to the identification requirements that he said were contained in the proposed Immigration Bill as another example of this “The Bahamas is going to be bureaucratically impossible to function in even for Bahamians,” Mr Smith continued. “It takes six months to open a bank account for a business. Banks I have done business with for 40 years are creating huge problems to wire money out for legitimate businesses we are involved with.”

He added that he had encountered just such a problem this week, when there were “difficulties wiring out to people we’ve done business with for four to five years”. Mr Smith said the bank blamed its compliance department when he inquired about the problems

he was experiencing.

“It’s impossible, and very challenging, to do business in The Bahamas,” the Callenders & Co attorney and partner added. “I call on the FNM government to cut through the red tape or we’re going to strangle ourselves to death.

“Why can’t The Bahamas succeed like Singapore? Singapore is one-third the size of Grand Bahama, and Grand Bahama - on the doorstep of the most powerful nation in the world - is limping to its death. What’s Singapore’s secret? We need to send the entire Cabinet to Singapore for a six-month crash course on how to run a government successfully.”

Mr Smith expressed specific concern for the Bahamian financial services industry, which he argued was suffocating under the weight of legislation and regulatory initiatives imposed in response to the escalating demands of the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD).

“I understand that a number of private banks have closed down in The

Bahamas because they have found that the constant barrage of new, arbitrary and intrusive legislation is crippling them from functioning correctly,” he added. “We will lose our financial services industry if the government does not turn this around sensibly.”

The outspoken QC’s complaint about six months being required to open a business bank account was backed by two entrepreneurs who spoke to Tribune Business on condition of anonymity.

One said their business was effectively shut down for six months after the bank inexplicably closed its account, with the opening of a new one at a different institution taking half a year.

The other revealed that their frustration was finally eased when they contacted the bank’s Caribbean call centre, having endured never-ending delays in dealing with Bahamas-based bank staff due to the imposition of new requirements and documentation requests just when they thought the whole process was complete.

“I was on the phone yesterday with a bank call centre, presumably in

Trinidad, after six months of trying to open a Bahamian dollar bank account dealing with local representatives.

It was painful. Terrible communication skills, and I was forever prodding them for the next fragmented step,” the source told Tribune Business.

“After 15 minutes on the phone with a well-spoken, obviously competent person at the call centre judging by the speed and ease of getting things set up/finished up, it was done. No suck teeth, no attitude, just straightforward, effective, pleasant service in well-spoken English. After hours, too.

“The six-month wait for local ‘service’ is apparently common to Royal Bank of Canada, CIBC First Caribbean and Scotiabank.

It makes no difference.

Ignoring our pathetic reality won’t make it go away or fix it.”

Similar drawbacks were also identified in the US government’s just-released 2019 investment climate report on The Bahamas, which said: “Companies have identified a lack of transparency in government procurement, shortages of skilled and unskilled labour, bureaucratic and inefficient investment approvals process, time consuming resolution of legal disputes, high energy costs, and the high cost of labour as negative aspects of The Bahamas’

investment climate...

“Some businesses have also reported the absence of transparent investment procedures and legislation to be problematic. US and Bahamian companies alike report that the resolution of business disputes often takes years, and collection of amounts due can be difficult even after court judgments.

“Companies also describe the approval process for foreign direct investment and work permits as cumbersome and time-consuming.

According to reports, the Bahamian government does not have modern procurement legislation, and companies have complained that the tender process for public contracts is not consistent, and it is difficult to obtain information on the status of bids.”

While acknowledging the Minnis administration’s efforts to correct these deficiencies through the implementation of a transparent e-procurement system, the US report added: “The Embassy is aware of cases where the Bahamian government failed to respond to investment applications, and several cases where there have been significant delays in the approvals process.

“Despite the challenges that investors have reported, investment continues to grow in tourism, finance and quickserve restaurant franchises.”

We have all the appliances you need to keep your food and drinks cool and fresh this summer.

START SUMMER FRESH

Sales & Full Service Department

T: 322-2188/9

E: geoffjones@comcast.net

THE TRIBUNE

Thursday, July 25, 2019, PAGE 5

Sky chief asks regulators: do you want us to close?

FROM PAGE ONE Aviation Authority revealed at a meeting on July 9 that concerns had been raised by the findings of a recent safety inspection conducted on Sky Bahamas, but Captain Butler is challenging both the conclusions and processes followed by the regulator.

Alleging that the situation represented both a “personal and political” attack on him and Sky Bahamas, Captain disclosed last night that the Bahamas Civil Aviation Authority had also failed to renew the AOC for Butler’s Aviation, a charter company he also owns and operates.

Documents seen by Tribune Business show that the AOC for Butler’s Aviation was renewed for three months in February 2019, instead of the normal 12-month extension usually granted to airline operators. With Butler’s Aviation having “not operated in over a year”, and still waiting for a new AOC,

Captain Butler questioned whether the same problems he is now experiencing at Sky Bahamas were “a coincidence”.

Asked by this newspaper whether he and Sky Bahamas would resort to legal action if the AOC situation is not soon resolved, he replied: “I will. Yes sir.

We have a staff to make decisions on now as we have to pay them on the 30th and don’t have the money because we are not operating.

“These people have to pay mortgages, food, electricity and gas. We are still being billed by the government for business licence and everything else connected day-to-day that we do. Most of the employees are not coming in. We have a skeleton crew that is paying attention to the regulatory areas and dealing with customer calls.

“It’s only because of my goodwill and resources that I’ve kept us going, and that’s not translated into dollars and cents. At this point, and

if they delay their response and everything, it could at the point of not coming back.”

Captain Charles Beneby, the Bahamas Civil Aviation Authority’s director-general, told Tribune Business earlier this week that he had not refused to renew Sky Bahamas’ AOC and that the regulator was conducting a review to determine if it would be renewed.

But Captain Butler argued that “if he has not refused to renew the AOC, why has he not issued a new one”. He added that the Bahamas Civil Aviation Authority had also gone against normal protocol, which is for the previous AOC to remain in effect until the new one was granted provided it was not “suspended, revoked or terminated”, by ordering Sky Bahamas to suspend all services until the renewal was issued.

“The director-general is simply saying: ‘Go home’,” the Sky Bahamas chief added. “It would be better if they say to me: ‘We’ve decided to shut you down.

We don’t want you in the business any more’. That would save time and we can get on with the business at hand.

“There’s no reason why we should not have had a renewal of the AOC... I’m hoping the minister is considering the situation, and I’m hoping the Prime Minister already recognises that people may lose their jobs and another Bahamian company is going out of business.”

Captain Butler, though, conceded that Mr D’Aguilar had previously told him to “sit with Civil Aviation and work this out”, implying that he is - for the moment at least - not intending to intervene. “I said to him: ‘I can’t afford not to work this out’,” he added.

Disclosing that the AOC wait at Butler’s Aviation had cost him “hundreds of thousands of dollars”, Captain Butler said his accountant was still “tallying” the financial fall-out for Sky Bahamas. That is likely to run into “a lot of money”, he admitted, while the airline’s competitors are “having a field day”.

Captain Butler reiterated that he is still unable to properly address the

regulator’s concerns as it has not set out the reasons in writing for rejecting its AOC application, as required by the Civil Aviation Act 2016’s section 73.

And he questioned why Sky Bahamas was allowed to continue flying for a month following the safety inspection if the findings were so severe. Captain Butler said the inspection was conducted in May, and Sky Bahamas responded to the findings the same month, which he added largely dealt with flight crew records, licences and medical certificates.

Sky Bahamas and other airlines are also subject to constant surveillance yearround by the Bahamas Civil Aviation Authority, with inspectors going on flights and attending training programmes. Captain Butler queried why no issues that could affect the AOC renewal were raised during that time, and why concerns were suddenly appearing now.

Sky Bahamas currently possesses two planes that

operated routes to Exuma, Abaco and Cat Island. The airline has in recent months been battling a $500,000 damages award against it by the Supreme Court in favour of rival Southern Air, following a tarmac collision between their planes.

While the Court of Appeal restored Sky Bahamas’ appeal against that award, it emerged last year that the airline owed the Nassau Airport Development Company (NAD) some $454,000 in passenger facility and security fees it collects from ticket prices on NAD’s behalf.

Captain Butler at the time branded NAD’s threat to terminate the airline’s airport operating licence as “a non-issue”, adding that the debt owed had been reduced and that such a situation was not uncommon with other airlines.

Tribune Business also reported this week that Captain Butler confirmed Sky Bahamas has been seeking a “strategic partner” to help take its business forward.

PAGE 6, Thursday, July 25, 2019

THE TRIBUNE

BTC spots ‘chinks in Cable’s armour’

FROM PAGE ONE incumbent if it can get its act together.

He added that customer feedback suggested many Bahamians were hoping BTC will restore itself to its “glory days”, and that they would be willing to switch from Cable Bahamas as their TV/Internet provider if the former government-owned monopoly can provide the right products and prices.

Asked how BTC can compete with Cable Bahamas, given the latter’s long-entrenched dominance of the TV/video and

broadband Internet markets, Mr Sinclair voiced optimism that products “superior to the competition” can win back market share provided all parts of the business - especially its trade unions and staff are all pulling in the same direction.

“What I’ve found is that there are chinks in that armour,” Mr Sinclair told this newspaper of the BISX-listed communications provider.

“Customer feedback says they are no more enamoured with Cable than BTC’s old copper service.

“We have a compelling network proposition. Our

IPTV product is far superior to the competition.

I think we’re well-positioned in areas that have fibre to the home and our copper overlay. We agree the old copper service was not compelling. We’ve over-built that service in the east with fibre-tothe-home passing 37,000 homes.

“In certain areas of the island where we’ve introduced the overlay, that’s going to do more and expand the life of the network. We’re certainly offering IPTV and broadband services that are superior to the competition, and customers

are extremely happy and telling us. We’re well-positioned to compete.”

Mr Sinclair admitted that BTC had failed to exploit these strengths because it had previously failed to perform in other key areas, such as sales and marketing, technical support and installation.

“Where we’ve fallen down is in our sales capacity,” he conceded, while arguing that these issues had now been addressed.

The BTC chief said BTC’s TV and broadband Internet market share had been at 10 percent and 30 percent, respectively, when he took up his post

YOUR

in August 2018. He added that the carrier was now well-equipped to make inroads on Cable Bahamas’ home ground by capitalising on BTC’s legacy brand recognition and customer loyalty towards the carrier.

“All we have to be is aligned, and if we are aligned we can do this in a very short space of time,” Mr Sinclair told Tribune Business. “There is a huge reservoir of goodwill out there for the BTC business with the Bahamian public.

“Everyone out there tells me they wish we would win and get back to our glory days. They say: ‘I switched, but would come

back’. The average Bahamian and customer wants to see BTC succeed and win.

“It’s their nostalgic provider of choice, but if they’re not getting the services, products and prices they want, they won’t switch. There’s this enormous reservoir of goodwill to tap into once we’re better aligned.”

A potential opening could be created for BTC if Cable Bahamas becomes distracted with deleveraging its balance sheet to address the $442m in long-term debt taken on to finance its US and mobile expansions.

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

THE TRIBUNE

Petition targets PM on $580m Abaco project FROM PAGE ONE from around 1820, predate emancipation, and the settlement of Alexandria, from around 1836, was established during the building of the Hole in the Wall lighthouse along with Soldier Road that was constructed to connect the lighthouse to the Alexandria settlement at Southwest point.

“Both sites are listed on the Bahamas National Register of Historical Sites. The developer has no plan to protect these historical sites.

Therefore, it is counterproductive of our government to allow destruction of our history instead of preserving it.”

Tyrsoz Family Holdings and its principal, Ronnie Ben-Zur, have repeatedly emphasised that addressing all environmental concerns is at the top of their agenda.

The developer’s promotional material promises to create “a world-class, environmentally-sustainable luxury island retreat with local appeal via the participating community while, importantly, maintaining South Abaco’s natural charm”.

“Tyrsoz Family Holdings Ltd’s financial advisor and real estate developer, Ra’anan ‘Ronnie’ Ben-Zur, is proposing a low-density, ultra-luxury hotel, residential and marina development for the secluded undeveloped coastal region of South Abaco, Bahamas,” their four-page booklet said.

“Based on sound economical footing, yet designed with great care and responsibility to the environment and original nature of the area, it is intended to provide significant ongoing and expanding employment opportunities for the community and important infrastructure

improvements for the benefit of residents and visitors alike.”

This has yet to impress Sustainable South Abaco, which is a grouping of local and international organisations including the Abaco Fly Fishing Guides Association; Abaco Lodge; Bahamas Marine Mammal Research Organisation; Bairs Lodge; Bonefish and Tarpon Trust; Fisheries Conservation Foundation; Friends of the Environment; Islands by Design; and Delphi Club.

Individual parrot and conservation experts are also part of the group, due to the proximity of breeding and nesting grounds for two endangered species - the Abaco parrot and Kirtland’s warbler - to the proposed development site.

“The proposed development includes paving the road from the highway to the lighthouse and to both developments, three hotels, 50 estate lots, 80 residential lots, employee housing, a medical clinic, and an 18 hole golf course at Lantern Head, as well as a water park, a marina village and an inland 136 slip megayacht marina dug from the land at Soldier Road,” the petition alleges.

“The Sandy Point airstrip will house a private fixed base operation (FBO) facility and the runway will be lengthened to facilitate private jets. When completed, most of this development will be private and off limits to Bahamians. Therefore, it is counterproductive for the government to allow high-density development on Abaco that destroys the land and excludes Bahamians.”

Signatories to the petition seemed to agree.

Sandra Shriner wrote: “Not every ‘natural habitat’ has to be built to rival Miami.

The Abacos belong to

Bahamians.” Darrell Brown added: “This should always be a protected area. It has many diverse animals and plants that are not found in other areas of the Abacos.”

Meanwhile, Buddy Pinder said: “The developer is inexperienced and probably under financed.

If he tears up the land and the project fails we have yet another scar on the land of our beautiful Bahamas.”

And Toni Bennett added: “I’m a part-time Long Island resident of Long Island, Bahamas. This project is too large and will only serve to make the developers more wealth.

“It will not help the Bahamian people. History needs to be protected as well.

Long Island has a huge environmentally damaging project being considered also. It’s important to protect the waters and what lives in them first and foremost, otherwise you will end up with nothing.”

Mr Ben-Zur’s career has largely involved transforming existing resort properties, such as the Radisson at JFK Airport and multiple hotels in Atlanta and Florida, rather than the “greenfield” property earmarked for the Tyrsoz Family Holdings project.

The developer is pledging to create 600 full-time jobs, and inject $2bn into south Abaco’s struggling economy, during the development’s first ten years in operation.

To advertise in The Tribune, contact 502-2394

Thursday, July 25, 2019, PAGE 7

National plan demanded for fishing sector FROM PAGE ONE

is, then you’re talking about doing it from the grassroots level of local ownership. That’s how critical it is. We have never as a country sat down to develop such a plan because it goes against the very way our economy is controlled, and that is by a small few.”

As for the industry’s present regime, the controversial Fisheries Resources (Jurisdiction and Conservation) (Flats

Fishing) Regulations 2017, Mr Smith added: “Even though the legislation was passed they have done nothing to strengthen it. Regardless, we are going to continue to press on.”

Tribune Business has previously reported on how the regulations have effectively divided Bahamian guides and bonefish lodge owners/operators, who are both Bahamian and foreign, into two separate camps due to some of the requirements.

One of the most contentious was the requirement for a ratio of one ‘certified guide’ to every two anglers if they are fishing from a boat.

Mr Smith acknowledged the

implementation challenges produced by the regulations as there is no online portal or payment mechanism for foreign anglers to obtain and pay for licences.

Still, Mr Smith said the Association was working to establish a national training programme for fly fishing guides at BAMSI. “That is a huge deal because what it does is, while you have the legislation, you must also have the training,” he said.

“We are talking about Bahamians becoming owners of the tourism sector. We are talking about training people to develop actual skills, not just in being a guide but other forms of eco-tourism.”

PAGE 8, Thursday, July 25, 2019

THE TRIBUNE

US travel agents get taste of The Bahamas AUTHENTIC Bahamian cultural activities, including the Goombay

Summer Festival, proved a big hit for a recent group of US travel agents who

visited Freeport on a recent familiarisation trip.

The group included

VIP SERVICES MANAGER Are you an energetic individual with a drive for excellence? If you are, Blue Lagoon Island invites you to join its dynamic team of professionals.

JOB SUMMARY The primary responsibility of the VIP Services Manager is to manage all day to day operations of the VIP Beach/Events/Groups in accordance with Blue Lagoon’s policies, practices, and procedures to ensure guest satisfaction and revenue optimization. The manager is expected to interface and engage with VIP guests to provide a warm welcome and a higher level of personalized service.

DUTIES/RESPONSIBILITIES Include but not limited to; • Lead and manage scheduling, hiring, training as well as coaching of VIP staff to deliver exceptional service standards.

• Ensures quality services and standards are maintained on a daily basis.

• Maintains inventory of all VIP areas.

• Develops and coordinates operational procedures with the Beach Service and Food and Beverage Manager to ensure operational / service standards are achieved.

• Implements best practices and pilot new initiatives as requested.

• Responds to and resolves guest complaints on a timely basis.

• Provides inspection of all VIP Beaches prior to guest arrival.

• Establish and maintains an inspection program to ensure all standards of cleanliness and food quality are maintained.

• Ensures the beaches are set up and broken down on a daily basis.

Qualifications/Skills: • Degree in business management or diploma or equivalent • Computer literate • Minimum 5 years’ experience in V.I.P. Service as a manager or assistant with exceptional leadership skills • Experience working with high-end guests - such as Villa Service, Guest Service, or Casino Services.

• Experience in training and mentoring employees in individual and teams skills • Outgoing personality • Goal-oriented • Able to work a flexible schedule Submit resumes to hr@dolphinencounters.com or operations@dolphinencounters.com Only qualified applicants will be contacted.

about 40 travel agents from the Miami, Fort Lauderdale, Orlando and Atlanta areas, all of whom had been exposed to The Bahamas’ product through seminars or presentations during the year.

Tina Lee, district manager for the Bahamas Tourist Office in Florida, said: “This mega fam is the culmination of a series of activities we have done throughout Florida to promote the island of Freeport, Grand Bahama, for summer travel.

“Our push consisted of three Summertime in Freeport events in Miami, Boca and Orlando, which educated the agents on Freeport and three fam trips to the island, one by ferry, one by cruise and the last by air, which allowed them the opportunity to touch, taste and experience all the beauty the island has to offer.

“Additionally, Bahamasair just introduced a new direct flight to Freeport from Orlando which really enhanced our ability to showcase Freeport to our Orlando agents who would have attended, in addition to those from southern Florida.”

Eva Jordan-Johnson, group event specialist from Oakland, Florida, said: “The Goombay Summer Festival was one of the highlights of my Freeport, Grand Bahama experience. I enjoyed the guided nature walk and bush tea tasting. The festival was a taste of The Bahamas - the food, the culture and the people.

“Some other highlights for me were the conch demonstration and, of course, the Goombay Parade with the dancers and the drummers. I will be recommending the Festival to clients who visit during the time the Goombay Festival is offered.”

Sanique Culmer, the Ministry of Tourism & Aviation’s manager of group services and events,

TOURISM reps and travel agents outside Candle Factory, Freeport.

ENTERTAINER D-Mac with BTO team members.

TEA samples with Fenrick Russell aka “Mr Bush Tea”.

TRAVEL agents tour the Candle Factory in Freeport. added: “The travel agents got a taste of Bahamian culture and music. We were so delighted that we were able to also showcase the Goombay Summer Festival. During the third week of the festival we attracted

close to 500 visitors.”

The group’s accommodations were at the Pelican Bay at Lucaya Resort. The familiarisation tour also included site inspections and tours of key attractions.

THE TRIBUNE

Thursday, July 25, 2019, PAGE 9

STOCKS HIT RECORD HIGHS AS INVESTORS REWARD SOLID EARNINGS NEW YORK Associated Press STOCKS steadily gained ground yesterday and closed broadly higher on Wall Street as investors rewarded solid earnings results from several large companies.

The S&P 500 got off to a weak start but gained steam and closed at a record high.

Smaller stocks far outpaced larger ones and gave the Russell 2000 the biggest gain among major indexes.

The Nasdaq gained ground all day and also closed at a record. The Dow Jones Industrial Average fell.

Technology stocks were the brightest spot in the market. A solid earnings report from Texas Instruments pushed the chipmaker’s stock higher and made the sector the biggest gainer.

Industrial stocks moved broadly higher after UPS beat Wall Street’s financial forecasts. The solid results from the delivery service

counteracted steep drops from Boeing and Caterpillar, which both reported weak results.

Anthem sank 4.5% after the insurer reported higher costs. UnitedHealth Group lost 1.5%. The health care sector fell broadly.

The Russell 2000, which focuses on smaller stocks, outshone every other index.

It rose 25.46 points, or 1.6%, to 1,580.42.

The S&P 500 index rose 14.09 points, or 0.5%, to 3,019.56, putting it on track for a weekly gain.

Boeing and Caterpillar weighed down The Dow Jones Industrial Average. It fell 79.22 points, or 0.3%, to 27,269.97.

The Nasdaq rose 70.10 points, or 0.8%, to 8,321.50.

Corporate results have been mixed this week, though investors are jumping on some of the best performers during this latest round. This is a heavy week for financial results, with nearly 150 major companies reporting results through tomorrow. Stocks

have been volatile over the last few weeks as investors assess the results to gain a better picture of the overall economy.

Investors have been treading cautiously as the trade war between the US and China looms over corporate earnings. The uncertainty could continue to sap business confidence, said Scott Wren, senior global equity strategist at Wells Fargo Investment Institute.

“Companies across the world are holding back on capital expenditures as uncertainty reigns supreme,” he wrote in a note to investors.

Looking ahead, the market will remain focused on central banks, particularly the Federal Reserve, as they take measures to support economic growth.

Investors expect the Federal Reserve to cut interest rates next week.

Stocks continued to rise and fall on their earnings results.

Roomba maker iRobot

plummeted 16.9% after slashing its profit and revenue forecasts because of the US trade war with China.

Tupperware Brands plunged 19.1% after the maker of plastic storage containers chopped its profit forecast for the year following a weak second quarter. The company cited lower consumer spending in all of its regions.

Texas Instruments rose 7.4% after surprising investors with a solid profit and

sales forecast, helping to ease concerns on Wall Street about weak demand because of the US-China trade war. Chipmakers have been under pressure because of fears that sales in China would feel the brunt of tariffs and technology restrictions.

UPS rose 8.7% as demand for next-day delivery service pushed its second quarter financial results past Wall Street’s forecasts. The company

has been expanding its delivery service options to meet growing demand from online shopping.

Benchmark crude oil fell 89 cents to settle at $55.88 a barrel. Brent crude oil, the international standard, fell 65 cents to close at $63.18 a barrel. Wholesale gasoline was unchanged at $1.86 per gallon. Heating oil declined one cent to $1.91 per gallon.

Natural gas fell eight cents to $2.22 per 1,000 cubic feet.

LEGAL NOTICE COMMONWEALTH OF THE BAHAMAS

2011/CLE/gen/01497

IN THE SUPREME COURT Common Law & Equity Division IN THE MATTER OF ALL THAT piece parcel or lot of land containing 4,679 square feet being property situate on the Southern Side of Cameron Street about 160 feet Eastward of Baillou Hill Road in the Southern District of the Island of New Providence.

AND IN THE MATTER OF the Quieting Titles Act 1959 AND IN THE MATTER OF the Petition of Gregory Thompson NOTICE THE PETITION of GREGORY THOMPSON of Western District of the Island of New Providence, in one of the Islands of The Commonwealth of The Bahamas in respect of: ALL THAT piece parcel or tract of land containing 4,679 square feet being property situate on the Southern Side of Cameron Street approximately 160 feet Eastward of Baillou Hill Road in the Southern District of the Island of New Providence one of The Commonwealth of The Bahamas GREGORY THOMPSON claims to be the beneficial owner in fee simple in possession of the parcel of land hereinbefore described and such ownership arises by virtue of possession of the said land.

Copies of the filed plan may be inspected during normal office hours at: 1.

The Registry of the Supreme Court, Ansbacher House, East Street North, Nassau, N.P., The Bahamas;

-2The Chambers of Aksum Law Chambers, Aksum House, Okra Hill Road, Nassau, N.P., The Bahamas; recognized in the Petition shall on or before the 30th day of August A.D., 2019 file in the Supreme -2-or right to dower or adverse claim or a claim not NOTICE is given that any person having dower Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form, recognized in the Petition shall on or before the 30th day of August A.D., 2019 file in the Supreme verified by an Affidavit to be filed therewith.

Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form, Failure by any person to file and service a statement of such claim on or before the 30th day of verified by an Affidavit to be filed therewith.

August, A.D., 2019 will operate as a bar to such claim.

Failure by any person to file and service a statement of such claim on or before the 30th day of 2.

August, A.D., 2019 will operate as a bar to such claim.

AKSUM LAW CHAMBERS, Aksum House, Okra Hill Road, AKSUMN.P., LAWThe CHAMBERS, Nassau, Bahamas Aksum House, Attorneys for the Petitioner Okra Hill Road, Nassau, N.P., The Bahamas Attorneys for the Petitioner

THE TRIBUNE

Thursday, July 25, 2019, PAGE 13

BOEING CEO RAISES POSSIBILITY OF PAUSING MAX PRODUCTION DALLAS Associated Press BOEING’S CEO says the company will consider temporarily shutting down production of the 737 Max if the plane’s return is significantly delayed beyond the company’s October forecast.

The comment by Chairman and CEO Dennis Muilenburg underscores the uncertainty swirling around the company and its bestselling plane, which has been grounded since March after two deadly crashes.

Boeing reported yesterday that it suffered its biggest quarterly loss in at least two decades, nearly $3bn, as it absorbed financial damage caused by the Max. Revenue plunged 35% after Boeing halted deliveries of any new Max jets.

The huge second-quarter loss was expected. Boeing removed much of the suspense from earnings day when it announced last week that it would take a $4.9bn after-tax charge for the Max. The charge was calculated from Boeing’s estimate of the cost of compensating airlines for lost use of their Max planes for several months. It did not include Boeing’s potential liability from dozens of lawsuits filed by relatives of the 346 passengers who died in the two crashes.

Boeing is updating US and foreign regulators daily on its work to fix the plane.

Based on those discussions, the company said last week that it expects the Max to resume flying early in the fourth quarter.

The Max assembly line near Seattle has stayed open, although at a reduced rate.

The company even hopes to boost production gradually from the current 42 a month to 57 a month next year, but that assumes the plane will fly and Boeing will soon resume deliveries to airlines — jets have been piling up in Boeing lots since March.

“If that estimate of (an October) return to service substantially changes, then we’ll have to consider alternatives,” Muilenburg told analysts. “Those alternatives could include different production rates, they could include a temporary shutdown of the line.”

Muilenburg’s comments implied that the Federal Aviation Administration can review the company’s changes to flight-control software in one month. The FAA has already been analyzing much of Boeing’s work. An FAA spokesman said the agency has no preconceived timeline for

returning the Max to service, and will do so only when it determines that the plane is safe.

The grounding of Boeing’s plane has caused airlines including American, United and Southwest to cancel thousands of flights into early November. A pause in Max production would hit Boeing assembly workers and the company’s suppliers, including engine maker General Electric.

The Max saga is already dinging durable-goods orders and US exports.

Orders for US nondefense aircraft and parts fell 39.4% in the first five months of 2019, compared with the same period last year, according to Commerce Department figures. Exports of civilian aircraft fell 12% in that stretch, a drop of nearly $2.8bn.

Treasury Secretary Steven Mnuchin weighed in on the importance of fixing the Max, which was designed to compete with a plane built

by Europe’s Airbus.

“There is no question this is very important to us,” he said on CNBC. “We compete, Boeing versus Airbus, every day.”

Chicago-based Boeing Co, which builds planes in Washington state and South Carolina, said it lost $2.94bn in the quarter, compared with a profit of $2.2bn a year earlier. It reported an adjusted loss of $5.82 per share.

Revenue tumbled to $15.75bn from $24.26bn a year earlier.

The huge charge for the Max caused the quarterly numbers to mean less than usual. Some analysts excluded the charge from their forecast of earnings per share, while others did not, making it difficult if not impossible to judge whether Boeing met, beat or fell short of Wall Street expectations.

Boeing is working to complete changes in flightcontrol software on the 737 Max that was implicated in the fatal crashes. The company said it is testing the final software changes that it will submit to the FAA for approval.

Some relatives of passengers who died in the crashes — one off the coast of Indonesia in October, the other in Ethiopia in March — have urged Boeing and regulators to scrap the plane.

They argue that flight-control software called MCAS is a bandage meant to cover a plane that was more prone to aerodynamic stalls because of the larger size and forward position of its engines compared to previous Boeing 737s.

NOTICE

NOTICE is hereby given that VICTORIA SORINA JEAN JACQUES of Brougham Street, Bain Town 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 26th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 14, Thursday, July 25, 2019

THE TRIBUNE

TESLA POSTS $408M LOSS IN 2Q, CAUSING STOCK TO PLUMMET SAN FRANCISCO Associated Press TESLA suffered a loss of $408m during its latest quarter as the company continues to struggle to prove it can make money while producing electric cars at prices that a mass market can afford.

The setback announced yesterday had already been telegraphed by Tesla

A TESLA charges at a Tesla Supercharger site.

ASSISTANT OFFICE MANAGER An established company is presently considering applications for an Assistant Office Manager. The position is open to candidates who possess the following:Qualifications Highly detail-oriented Able to work independently and multi-task, Excellent verbal and written communication skills A Bachelor’s Degree or equivalent Must have a minimum of three (3) years of experience relevant to the responsibilities and computer literate Accounting experience a plus All interested applicants should email resume to nassaurecruitment@gmail.com

CEO Elon Musk, but it still underscored an ongoing challenge that helps explains why the company’s shares have plunged by more than 20% so far this year while the Standard & Poor’s 500 index has surged by 20%.

On the upside, Tesla’s second-quarter revenue climbed 47% from the same time last year to $5.2bn. The company also generated $614m in cash during the quarter, helping to fatten its bank account to $5bn through June.

That’s money Tesla is going to need to repay its massive debt and other bills, unless it can’t stop hemorrhaging red ink.

In a sign that investors are still worried about Tesla’s future prospects, the company’s stock dropped by nearly 10% to

$239 in extended trading after the results came out.

Tesla has sustained losses of more than $6bn since its inception, but Musk promised a year ago that the road ahead would be paved with nothing but profits. The Palo Alto, California, company made good on that pledge with a profit of $451m during the final half of last year, but now has posted successive quarterly losses totaling $1.1bn during the first half of this year.

The loss of $2.31 per share for the April-June quarter was worse than the $1.27 per share loss on a GAAP basis that analysts had expected, according to FactSet. It also came despite Tesla selling more electric cars — 95,356 — than in any other quarter in its history. The company

remains behind the sales pace needed to realise Musk’s goal to deliver 360,000 to 400,000 cars this year.

In a shareholder letter released with its secondquarter result, Tesla said it will focus more on increasing its manufacturing capacity and its car-delivery cars instead of hitting a specific financial target.

The company said it will “aim” for a profit in the current quarter, without making an iron-clad commitment to do so.

Just reaching the lower-end of Musk’s cardelivery goal for this year may prove difficult because the US has reduced its tax incentive for electric car purchases before phasing it out entirely at the end of the year.

THE TRIBUNE

Thursday, July 25, 2019, PAGE 15

Ford 2Q profit falls 86% on cost of overseas restructuring

A FORD employee works on a Ford Explorer line at Ford’s Chicago Assembly Plant in Chicago’s Hegewisch neighbourhood. Ford Motor Co reports earnings yesterday.

DEARBORN Associated Press FORD’S net profit tumbled 86% in the second quarter due largely to restructuring costs in Europe and South America.

Net income for the April-through-June period dropped to $148m, or four cents per share. Without the charges the company made 28 cents per share.

Revenue was flat at $38.9bn.

On average, analysts surveyed by FactSet expected earnings 31 cents per share on revenue of $38.49bn.

Chief Financial Officer Tim Stone says the company had charges of $1.2bn as it moved to close factories in Europe and South America.

He says Ford already is seeing an impact from its global fitness measures that included a reduction of 7,000 white-collar workers.

Ford, which released numbers after the markets closed yesterday, says its results include a $181m valuation loss on an investment in a software company, trimming four cents off adjusted earnings per share.

Its stock fell 6.3% in after-hours trading to $9.68.

Stone said Ford is in the early stages of its restructuring, but already is seeing improvement in some regions. Free cash flow also improved by 80% to $2.1 billion in the first half of the year, he said.

“We’re already starting to see some early benefits,” he said. “A lot of work to do.”

The company expects improvement in the second half of the year as more new big SUVs hit dealerships and more of the restructuring takes hold.

Ford on yesterday forecast

pretax adjusted earnings of $7bn to $7.5bn for all of 2019, compared with $7bn last year. The company previously had only said that pretax earnings would improve.

Full-year adjusted earnings per share are forecast to be $1.20 to $1.35, up from $1.30 in 2018. Previously it did not give per-share guidance.

Ford’s US sales fell nearly 5% in the second quarter, according to the Edmunds.com auto pricing site, as the company exited most of its passenger car business. But Stone said sales of the new Ford Ranger small pickup offset much of that as its share of the small truck segment rose 14%. Edmunds, which provides content for The Associated Press, said Ford’s average vehicle sale price rose 2.8% to $41,328 during the quarter.

In North America, Ford’s biggest profit center, pretax earnings fell 3% to just under $1.7bn, which the company blamed on switching its Chicago factory to build new versions of midsize SUVs. But in Europe, the company showed its first year-overyear improvement in two years with a pretax profit of $53m versus a $73m loss last year. Ford’s loss in China shrank 68% to $155m. The South America loss widened 15%, though, to $205m. Middle East and Africa swung to a loss of $45m from a profit of $49m.

Ford Credit pretax income rose 29% to $831m.

To advertise in The Tribune, contact 502-2394

JOB OPPORTUNITY Receptionist/Med. Assistant Medical and surgical centre seeks energetic and hardworking receptionist/medical assistant with good interpersonal skills.

Email resume to

Bahamasgi@batelnet.net

PAGE 16, Thursday, July 25, 2019

THE TRIBUNE DID Facebook get a slap on the wrist?

The Federal Trade Commission’s record $5bn fine and new oversight of Facebook is a serious attempt to rein in the world’s largest social media network after years of privacy mishaps.

But it doesn’t go as far as the company’s biggest critics would have liked and it may do little to impede Facebook’s massive advertising business or its ability to collect people’s data. It also raises a bigger question: Can the world’s governments actually rein in a transnational corporation that directly touches almost a third of the world’s population?

The fine is by far the biggest the FTC has levied on a tech company, though it won’t make much of a dent for a company that had nearly $56bn in revenue last year. And despite efforts by the FTC’s majority to get a unanimous vote, two of the five commissioners opposed the settlement and said they would have preferred litigation to seek tougher penalties.

“While the $5bn fine is a record for the FTC, that speaks more to the lightness of the FTC’s traditional penalties than it does to the effect on Facebook. Facebook makes that much money in a couple of weeks,” said Siva Vaidhyanathan, professor and author of “Antisocial Media: How Facebook Disconnects Us and Undermines Democracy”. The other terms of the settlement, he added, fail “to crack down on the core misbehaviour of Facebook”.

Now that it’s over, the company can “get back to business as usual,” he said.

Wall Street seems to agree. Facebook’s stock price climbed higher yesterday after the deal was announced and the company is worth much more than it was when the Cambridge Analytica scandal erupted back in March 2018.

The company’s market value yesterday was hovering around $575bn — roughly $40bn above where it stood before the news of the Cambridge abuses broke.

Still, the headaches are

www.bisxbahamas.com

(242) 323-2330

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,203.09 | CHG: -1.30 | %CHG: -0.06 | YTD: 93.64 | YTD%: 4.44 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.60 2.60 2.00 3.00 11.75 6.17 4.64 12.50 2.74 2.40 10.00 7.01 15.60 8.07 3.75 14.00

52WK LOW 3.50 19.17 4.90 4.02 1.00 0.19 2.00 9.17 6.13 3.54 8.59 2.35 1.75 7.51 6.10 11.25 6.20 3.01 13.00

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 1.00

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

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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 4.18 17.43 6.00 5.39 2.49 1.95 2.18 11.75 6.16 4.45 9.02 2.83 2.36 10.04 7.00 15.45 7.98 3.37 14.00

CLOSE 4.19 17.43 6.00 5.39 2.49 1.95 2.18 11.75 6.16 4.44 9.02 2.80 2.36 10.03 7.00 15.45 7.98 3.37 14.00

CHANGE 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.03 0.00 -0.01 0.00 0.00 0.00 0.00 0.00

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

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

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

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME 1,050

2,159

5,000 750

VOLUME

75

EPS$ 0.240 0.932 1.760 0.323 0.098 0.000 -0.438 0.708 0.480 0.184 0.627 0.102 0.467 0.000 0.611 0.743 0.939 0.203 0.631

DIV$ 0.160 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.068 0.060 0.328 0.240 0.540 0.200 0.120 0.600

P/E 17.5 18.7 N/M 16.7 N/M N/M -5.0 16.6 12.8 24.1 14.4 27.5 5.1 N/M 11.5 20.8 8.5 16.6 22.2

YIELD 3.82% 7.23% 0.00% 4.64% 0.00% 1.03% 0.00% 6.13% 3.57% 2.70% 0.00% 2.43% 2.54% 3.27% 3.43% 3.50% 2.51% 3.56% 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%

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

MUTUAL FUNDS 52WK HI 2.24 4.29 2.06 188.32 158.55 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.63 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.56 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 2.24 4.29 2.06 188.32 154.49 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.57 9.92 8.68 11.38

YTD%12 1.55% 1.18% 1.11% 2.06% 4.52% 1.57% 0.99% 1.32% 3.22% 3.25% 3.82% 2.59% 8.44% 3.87% 1.84% -0.71% 7.40% 10.20%

MTH% 3.97% 4.17% 2.71% 4.97% 0.96% 4.58% 4.25% 4.12% 5.64% 6.65% 8.36% 4.81% 0.78% 4.17% 2.29% 0.16% 2.70% 1.30%

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

SAN FRANCISCO Associated Press

MARK ZUCKERBERG far from over. While the FTC action was one of the biggest regulatory threats for Facebook — as a US company whose primary operations are in the US — it still faces probes around the world over privacy, security and other possible violations. Then there’s the broader antitrust probe by the US Department of Justice, which the agency announced this week.

And yesterday Facebook disclosed that it faces a fresh FTC investigation into alleged anticompetitive behavior . It didn’t provide details of the scope or focus of the probe. Representatives of the FTC confirmed the antitrust investigation but offered no additional information.

“There is a lot more to come on the regulatory front for Facebook,” said Debra Aho Williamson, analyst with the research firm eMarketer. To preempt this and do things on its own terms, Williamson said the company is “going to do whatever it can” to change its business model and change the way it gathers data.

Facebook has already signaled that this is coming.

NOTICE

MARKET REPORT WEDNESDAY, 24 JULY 2019

FACEBOOK’S BIG FEDERAL FINE COULD JUST BE THE BEGINNING

Earlier this year, CEO Mark Zuckerberg unveiled a new, “privacy focused” vision for the company that centers on private messaging and encrypted communications. The details are scant.

But it shows that the company is thinking years into the future even as regulators are investigating and punishing it for years-past violations.

As part of the FTC’s settlement with Facebook, Zuckerberg will have to personally certify his company’s compliance with its privacy programmes. The FTC said that false certifications could expose him to civil or criminal penalties. But the settlement did not hold Zuckerberg personally liable for the past violations, as some had expected.

In a Facebook post yesterday, Zuckerberg said the company will “make some major structural changes to how we build products and run this company” as a result of the settlement.

“We have a responsibility to protect people’s privacy.

We already work hard to live up to this responsibility, but now we’re going to set a completely new standard for our industry.”

In a similar tone, FTC Chairman Joe Simons, speaking at a news conference, said the settlement is “unprecedented in the history of the FTC” and is designed “to change Facebook’s entire privacy culture to decrease the likelihood of continued violations”.

To Vaidhyanathan, this sort of agreement by Facebook is not a good sign.

“Anything that Facebook likes is a problem,” he said.

The FTC opened an investigation into Facebook last year after revelations that data mining firm Cambridge Analytica had gathered details on as many as 87 million Facebook users without their permission. The agency said yesterday that following its yearlong investigation of the company, the Department of Justice will file a complaint alleging that Facebook “repeatedly used deceptive disclosures and settings to undermine users’ privacy preferences”.

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

NAV Date 31-May-2019 31-May-2019 31-May-2019 31-Mar-2019 31-Mar-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

NOTICE is hereby given that KEISHA CLERVEAUX of Strachan’s Alley, 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 25th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that MENES KURTWOOD CHERISME of Arundel Street, 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 18th day of July, 2019 to the Minister responsible for Nationality and Citizenship,P.O.Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE DUNMAS INC. ++++++++++++++++++++++ (In Dissolution) Pursuant to the provisions of SECTION 138 (6) of The International Business Companies Act, 2000, notice is hereby given that DUNMAS INC., has been dissolved and struck off the Register as of the 19th day of July, A.D., 2019.

GAMOPTI INC. Acting as Liquidator

THE TRIBUNE

Thursday, July 25, 2019, PAGE 19

Breast implant recalled after link to more rare cancer cases WASHINGTON Associated Press BREAST implant maker Allergan Inc issued a worldwide recall yesterday for certain textured models after regulators alerted the company to a heightened cancer risk with the devices.

The US Food and Drug Administration said it called for the removal after new information showed Allergan’s Biocell breast implants with a textured surface were tied to the vast majority of cases of a rare form of lymphoma. The move follows similar action in France, Australia, Canada and other nations.

The FDA is not recommending women with the implants have them removed because the cancer is so rare, but say they should check with their doctor if they have symptoms, which include pain and swelling.

Biocell implants feature a textured surface designed to prevent slippage and to minimise scar tissue. Those models account for just five percent of the US market.

The vast majority of breast implants used in the US have a smooth surface.

Yesterday’s recall does not affect Allergan’s smooth implants or a different Allergan textured implant sold under the Microcell brand.

Health authorities first linked breast implants to cancer in 2011. The disease is not breast cancer but lymphoma that grows in the scar tissue surrounding the breasts. It grows slowly and can usually be successfully treated by surgically removing the implants.

As recently as May, the FDA said that the danger did not warrant a national ban on textured devices.

But the FDA said yesterday that new data show a direct link to cancer with Allergan’s implants not seen with other textured implants.

“Once the evidence indicated that a specific manufacturer’s product appeared to be directly linked to significant patient harm, including death, the FDA took action,” said FDA deputy commissioner Amy Abernethy, on a call with reporters.

The FDA said the latest

THE ALLERGAN logo. Yesterday, the medical device maker announced a worldwide recall of its Biocell breast implants which are linked to a rare form of cancer. figures show more than 80 percent of the 570 confirmed cases of the lymphoma worldwide have been linked to Allergan implants. Regulators estimate that the risk of the disease is six times higher with Allergan’s implants than other textured implants sold in the US. FDA officials said they decided to act after receiving 116 new reports of the cancer. Those reports increased the number of deaths tied to the disease from nine to 33, including at least 12 cases in women with Allergan breast implants.

FDA’s device director Jeffrey Shuren said the death increase played a significant role in their decision to seek a recall.

“Our team concluded action was necessary to protect the public health,” he said.

The new numbers still reflect a rare disease considering an estimated ten million women globally have breast implants. The FDA estimates that hundreds of thousands of US women have the Biocell implants.

There is no firm agreement on the exact frequency of the disease, known as breast implant-associated anaplastic large cell lymphoma. Published estimates range from one in 3,000 patients to one in 30,000 patients.

Dr Mark Clemens of Houston’s MD Anderson Cancer Center said Biocell’s surface differs from other textured implants, producing a large amount of particles that shed into the body.

“But what key factor is most important, we don’t know at this time,” said Clemens, a plastic surgeon who has published extensively

JOB OPPORTUNITY Nursing Assistant Establish medical and surgical centre seeks an experienced nursing assistant. BLS certification and operating theatre experience required Email resume to

Bahamasgi@batelnet.net

on the disease.

Allergan said in a statement it would no longer sell or distribute Biocell implants and tissue expanders, which are used to prepare patients for breast reconstruction. The company said it would direct surgeons to return unused implants.

Roughly 400,000 US women get breast implants each year. The devices have a silicone outer shell and are filled with either saline or silicone. Silicone-filled implants are more popular in the US because they are considered more natural.

In the US, textured breast implants are also made by Johnson & Johnson and Sientra. A smaller manufacturer, Ideal Implant, only sells smooth implants.

PAGE 20, Thursday, July 25, 2019

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Gulf state US reps back fisheries disaster request NEW ORLEANS Associated Press US House members from three Gulf Coast states are backing their governors’ request for a fisheries disaster declaration, saying freshwater flooding into saltwater ecosystems has killed oysters, hurt fish catches and damaged livelihoods.

The letter released yesterday asked Commerce Secretary Wilbur Ross for the disaster declaration being sought by the governors of Mississippi, Louisiana and Alabama. A news release said seafood and recreational fisheries have been disrupted by the deluge of freshwater from the Bonnet Carré Spillway west of New Orleans, diluting normally brackish and salty waters.

The letter sent on Monday was signed by four US representatives from Louisiana and one each from Mississippi and Alabama.

“The livelihoods of many in our coastal communities are dependent on a healthy marine environment, and disruptions to these ecosystems have heavy impacts on both the commercial and recreational fishing industries,” the letter said.

Mississippi Gov Phil Bryant asked Ross for such a declaration on May 31.

Gov John Bel Edwards of Louisiana followed suit June 17 and Alabama Gov Kay Ivey on July 10.

If Ross declares a fisheries disaster it would make federal grants, loans and other aid available to affected people and open the way for Congress to appropriate money to help fishermen and businesses that rely on them.

Fed by rains and melting snows in the Midwest, the Mississippi River has been high since fall, so even more fresh water than usual is pouring into the Gulf of Mexico. In

addition, the Army Corps of Engineers has twice had to open the spillway, which protects New Orleans’ levees by diverting huge amounts of river water into normally brackish Lake Pontchartrain, a huge tidal basin which feeds into the Mississippi Sound.

The reduced salinity has hurt production and harvesting of oysters, crabs and shrimps, the governors said.

Ivey’s letter said floodwaters coming down the Tombigbee River were a major problem for Alabama, but the spillway has disrupted the marine ecosystem in the Mississippi Sound, which includes Alabama’s western coastal waters.

She said Alabama crab, shrimp and oyster processors receive most of their seafood from Louisiana and Mississippi. “Any impact to fisheries in Louisiana and Mississippi has a direct and pronounced impact on ... Alabama processors,” she wrote.

Seafood is a $2.4bn business in Louisiana and accounts for one out of 70 jobs in the state, with shrimping alone accounting for 15,000 jobs and a $1.3bn impact, according to the Louisiana Seafood Promotion and Marketing Board. It said 70% of the nation’s oysters come from the Gulf Coast waters.

When Bryant made his request, he said 70% of the Mississippi Sound’s already imperiled oyster population was estimated to be dead, with the crab catch down by 35%.

The letter released yesterday was signed by House Republican Whip Steve Scalise of Louisiana, Cedric Richmond, D-La, and Republicans Garret Graves and Clay Higgins of Louisiana, Steven Palazzo, of Mississippi, and Bradley Byrne, of Alabama.