07262018 business

business@tribunemedia.net

THURSDAY, JULY 26, 2018

$4.94 Baha Mar awaits Crystal Palace demolition nod

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA MAR yesterday said it was still awaiting the necessary regulatory approvals to begin demolishing the former Crystal Palace resort and casino, although its target dates have not altered.

Robert Sands, the $4.2bn development’s senior vicepresident of governmental and external affairs, told Tribune Business that work has yet to start after several sources reported seeing heavy trucks carrying debris from the Wyndham/Crystal Palace area on roads near Baha Mar. “It hasn’t commenced,” Mr Sands said of the planned demolition. “Baha Mar is still in the process of getting its approvals; it will begin as soon as we have them. All the requirements of the Ministry of Works are in the process.”

Desmond Bannister, minister of works, told Tribune Business that the Cable Beach-based resort’s

SEE PAGE 4

Post Office’s woes solved by year-end

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

CABINET minister yesterday declined to specify a timeline for introducing VAT on Airbnb-type vacation rentals, as the government has yet to develop “a working mechanism” for its collection.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that an “online portal” needed to first be created so that booking agents and Bahamas-based vacation rental owners could easily remit and pay VAT to the Department of Inland Revenue (DIR).

Arguing that convenience

Public Treasury staff ‘burnt out, at their limits’ * TROUBLING 2014 SITUATION AT AGENCY REVEALED * ‘INCREASED ABSENTEEISM’ ADDED TO STAFF, SKILL WOES

THE Post Office’s woes should be resolved by year-end, a Cabinet minister forecast yesterday, while admitting that the site for its proposed relocation requires renovations “above and beyond” what was expected.

Renward Wells, minister of transport and local government, who has now assumed responsibility for the Post Office, told Tribune Business: “The amount of renovations that is necessary for the Gladstone Road facility is above and beyond what we had initially thought.

“The Ministry of Works will be bringing forth a scope of works to address the entire building, and the Government of The Bahamas will make a decision

PUBLIC Treasury staff were “burnt out and stretched to their limits” in 2014, with the Treasurer warning that “increased absenteeism” was worsening personnel and skill shortages.

Eugenia Cartwright’s blunt concerns were only revealed yesterday - almost four years later - when the government’s financial statements for the fiscal year 2013-2014 were tabled in the House of Assembly by the Minnis administration.

The financials contained an October 31, 2014, memorandum from Ms Cartwright to then-financial secretary in the Ministry of Finance, John Rolle, warning that staffing levels at the Public Treasury were “at a critically low level”.

The memo reveals troubling details about internal working conditions at an agency which is at the centre of the government’s financial systems, acting

SEE PAGE 6

SEE PAGE 6

Tribune Business Reporter

nmckenzie@tribunemedia.net

$4.94

Vacation rentals avoid VAT embrace - for now

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NATARIO MCKENZIE

$4.99

of payment led to greater compliance, Mr D’Aguilar said the government had

yet to reach out to all online vacation rental websites to inform them of the need to

Auditor General finds ‘gross manipulation’ of public monies

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

levy and remit 12 percent VAT. The Minister also revealed that the DIR has determined vacation rentals are to be treated as the importation of a service, as opposed to a good, for VAT purposes in a bid to ease Airbnb’s concerns over having to act as a “tax policeman” on the Bahamian government’s behalf.

Following the signing of the Ministry of Tourism’s Memorandum of Understanding (MoU)

CENTRAL and local government agencies on Grand Bahama have been given until August 7 to explain how they will address weaknesses that, in one case, led to public monies being “grossly manipulated”.

Reports by Terrance Bastian, the Auditor-General, into the Port Department and West Grand Bahama central and local government accounts for 2016 branded the results of all three audits as “unsatisfactory”.

The reports, tabled in the House of Assembly by speaker Halson Moultrie, in particular found that revenues collected by the Port Department and

SEE PAGE 4

SEE PAGE 7

* Minsiter: Online collection ‘mechanism’ needed * Inland Revenue addresses Airbnb concerns * ‘Push back’ accepted, but visitors used to tax

DIONISIO D’AGUILAR

$4.94

PAGE 2, Thursday, July 26, 2018

THE TRIBUNE

Minister says change is coming to BAMSI

THE DELEGATION visited BAMSI’s campus and paused to take a photo with staff members.

A BAMSI worker beings the postharvest preparation for the bananas to be shipped to Nassau.

A NEWLY-appointed Cabinet Minister shared his vision for the Bahamas Agriculture and Marine Science Institute (BAMSI) with its 200 staff when he toured the North Andros

facility last week.

The visit by Michael Pintard, minister of agriculture and marine resources, was intended to enable him to understand BAMSI’s role and operations, and to familiarise himself with staff members. It included stops at BAMSI’s research and tutorial farm, school campus and other offices and entities.

Mr Pintard said parts of BAMSI’s operations will be much different going forward. Changes would come, he assured staff members, after necessary research and discussions with stakeholders, including his predecessor, Renward Wells, and BAMSI’s Board members and senior management team.

The Minister, who studied agricultural economics at McGill University, said at that stage of his academic development it became clear that many obstacles hindering the agriculture industry’s development were political in nature.

He added that, as with the tourism sector, many workers confused service with servitude, suggesting that agriculture’s close entanglement with the slave era had cast a deep stain on the sector, causing the younger Bahamians to disengage and quickly turn away from opportunities.

“I keep in mind the reason I was motivated to study agriculture; it was about changing the condition of our people. We are going to increase not just food production, but the production of non-food items as well. And remember, BAIC is an integral part of this ministry also,” Mr Pintard said.

He also highlighted the fact that Bahamian agriculture was not producing in the quantities that

are needed to satisfy the demands of the market.

With poultry production, despite the fact that Bahamians consume a tremendous amount of chicken, producers can only currently supply some 30 per cent of what the market requires.

Mr Pintard also questioned why the sector is not producing the feed that animals require. “There are opportunities everywhere. Why are we not processing those things,” he said.

Accompanying the minister was parliamentary secretary, Carlton Bowleg, who is also MP for North Andros and the Berry Islands.

Representing BAMSI was its chief executive and general manager, Alaasis Braynen, and members of its public relations and IT teams.

Highlighting the Institute’s mission to formulate a sustainable food security plan, and introduce initiatives that will help reduce The Bahamas’ $1bn food import bill, the group toured the Lan’ Crab Cafeteria, Organic Solar and the research division – including the campus facilities and the BARTAD Building.

These are headed by executive director, Dr Raveenia Roberts-Hanna.

While at the latter location, registrar Deanne Williamson introduced Mr Pintard and his delegation to BAMSI support staff and led them on a tour of the classrooms and laboratories. The group also visited the packing houses, where Mr Pintard was able to witness the post-harvest procedures that are implemented to ensure produce is properly prepared for shipment to New Providence.

THE TRIBUNE

NEW MINISTER: GOVT TARGETING POTTER’S CAY, MONTAGUE MOVES

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday said the government is eyeing a cost-effective “transformation” of both the Potter’s Cay Dock as well as the Montague Ramp.

Michael Pintard, pictured, minister of agriculture and and marine resources, told Tribune Business he will tour Potter’s Cay today to gain a better

understanding of its layout and vendor concerns. “I will look at the layout once again with fresh eyes serving in this role to examine the produce exchange and to look at the stalls,” he said.

“I am very much interested in a public-private partnership, working with the Ministry of Transport and the Ministry of the Environment so we are able to look at a macro-plan for the transformation of that area in a way that is cost-effective

for government and the partners we hope to enter into an agreement with.”

Mr Pintard’s predecessor, Renward Wells, had previously suggested that a public-private partnership (PPP) was an option being considered to revamp Potter’s Cay. The Christie administration estimated it would cost $9m to overhaul the site.

“The Montague foreshore is the same thing,” Mr Pintard said yesterday. “We are

Fisheries protection goes beyond poaching

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET Minister yesterday said a “multi-pronged” approach is needed to ensure marine protection and sustainability, adding that this cannot be confined to anti-poaching measures.

Speaking with Tribune Business following a press to announce a public consultation over 44 proposed new marine protected areas (MPAs), Michael Pintard, minister of agriculture and marine resources, said the Ministry of Foreign Affairs is open to continuing discussions with the Dominican Republic over the fisheries poaching problem.

“One of the preliminary action points was that the government of the Dominican Republic had intended to place transponders on various vessels so that one could track their movements.

There is nothing on our side to suggest that has been done or, if it was, those items were disabled because vessels that have been caught had no such devices on them,” said Mr Pintard.

He stressed that a strong message must be sent to would-be poachers. “We have to send a strong message to those countries where persons are coming from and poaching. One of the ways you send a strong message is to dramatically increase the penalties,” Mr Pintard added.

“If, presently, $50,000 is the fine given to a captain of a vessel that is found poaching, we must dramatically increase that. If the crew pays $2,000 it must be increased so that it becomes a disincentive.”

Mr Pintard added, though, that the discussion should not be confined only to poaching.

“We must also send the message to Bahamians that the practices they use must be safe and legal when extracting marine resources,” he said.

“They must observe the appropriate size; whether it’s grouper, lobster or conch.

We wish to discourage persons from cracking conch on the sea bed and leaving the shells behind. Anecdotal evidence suggests that it drives conch away from that area.

This really has to be a multipronged approach.”

Since 2008, successive governments have pledged to protect 20 per cent of the country’s marine and coastal environment by 2020 to ensure long-term conservation of marine and coastal ecosystems.

Over the past two years the Bahamas Protected team conducted a national marine gap analysis to identify important areas for marine conservation. A draft list of 44 areas has been proposed to meet the country’s 20 percent goal, as currently only ten percent of the country’s marine environment is included in protected areas.

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going to meet with the persons operating out of there to change the practices that exist. We want to make sure they have a sustainable operation to benefit their family but, similarly, they have to be responsible in how they dispose of their garbage, the conch shells etc.

“We want to assist them, but we want to make it very clear that we are going to be intolerant of the environment not being respected as well.”

Thursday, July 26, 2018, PAGE 3

PAGE 4, Thursday, July 26, 2018

THE TRIBUNE

Vacation rentals avoid VAT embrace - for now

FROM PAGE ONE with Airbnb last June, Mr D’Aguilar revealed it did not address the website’s collection of VAT on the government’s behalf because it was uncertain whether landlords were meeting the $100,000 annual revenue threshold that triggers registration.

With that issue now addressed through the DIR’s definition, the Minister acknowledged that some vacation renters and homeowners will “push back” on VAT’s imposition. He argued, though, that most visitors would be expecting to pay some form of taxation given that this was

commonplace among other destinations they visited.

Besides placing the vacation rental sector on a taxation “level playing field” with Bahamian hotels, Mr D’Aguilar said it was only fair that they contribute to the expansion and upkeep of vital infrastructure and services that facilitate their stay in this nation.

Outlining the remaining steps to implementation, he told Tribune Business: “The government has taken a position in that when a person rents a room on Airbnb, and comes here and stays here, that’s considered the import of a service as opposed to the import of a good.

“There was some confusion initially that if you rented a room or property, and earned less than $100,000 a year, then you did not have to charge VAT. The Department of Inland Revenue has taken the position that it’s the import of a service, as opposed to the import of a good, so therefore when you make a booking Airbnb should be informed - they need to be advised of this - to withhold VAT at a rate of 12 percent and submit it to the government.

“They are happy to do that, but do not want to be in the position of determining or whether a person is subject, or not subject, to VAT. The DIR has opined

that every room rented, the person pays VAT. We now have to roll that out.”

Mr D’Aguilar added that Airbnb was “not the only one” to feature Bahamas vacation rental properties, meaning that the government has to “reach out to every one of them” and get their agreement - and a properly functioning mechanism - to collect and remit VAT on its behalf.

The government is thought to currently be missing out on significant tax revenues related to vacation rentals, given that payments to landlords - locals and foreign - are frequently made outside The Bahamas via the Internet, never touching this nation.

“There’s some mechanism involved in getting it right and getting compliance,” Mr D’Aguilar said.

He added that government revenue officials could currently go online, locate advertised vacation rental properties in The Bahamas, and “follow through” with checks to “make sure the mechanism they’re using is collecting and remitting to the government”.

“You want people, when they collect the tax from the customer, to be able to easily remit it online,” the Minister told Tribune Business. “Not only is it the issue of whether people pay the tax or n not, but how they pay the tax.

“They don’t want to get a cheque and stand in line at the Department of Inland Revenue. They’re never going to do that. We want compliance, and making it as easy as possible to comply. You want a portal online where they pay it.”

The government’s systems currently only allow for VAT (collected domestically), business licence fees and real property tax to be paid online, meaning further modifications will be required to facilitate vacation rental industry payments.

“There’ll be people who push back on this tax,” Mr D’Aguilar said of Bahamian vacation rentals. “My position is maybe the rate of 12 percent is an issue, but if you go on Airbnb anywhere in the world you’ll pay a tax.

“The vast majority of

travellers come from the US. While that’s not to say the amount of tax may deter them from coming, in terms of expectations of paying a tax, yes, that exists. The fact they’re used to paying tax is irrefutable.”

Mr D’Aguilar added that vacation renters also needed to pay their fair share when it came to financing upgrades to the tourism industry infrastructure that supports their stays.

“If you think of The Bahamas as a resort, the resort needs to build infrastructure to accommodate this type of visitors as well, so this is a resort levy,” he told Tribune Business.

“They’re going to produce garbage, use the roads, need the police from time to time.

“They’ll use the services of this nation. This is to assist in maintaining a lot of the tourism infrastructure so we can receive these visitors. You want to drive on a nice road through a clean neighbourhood before you experience your home.”

Baha Mar awaits Crystal Palace demolition nod FROM PAGE ONE demolition plans “certainly haven’t come across my desk yet”, while Romauld Ferreira, minister of the environment and housing, could not be reached for comment.

Mr Sands, meanwhile, said he was “not aware” that Baha Mar and its owner, Hong Kong-based conglomerate, Chow Tai Fook Enterprises (CTFE), required an Environmental Impact Assessment (EIA) to be completed and

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submitted for government approval prior to demolition work beginning.

He added that Baha Mar still hoped to initiate its demolition plans by “late summer”, and said: “We’re hoping for those same dated pending regulatory approvals.”

The demolition of the former Crystal Palace resort and casino this summer is a key part of Baha Mar’s expansion plans beyond the Rosewood hotel opening in May. Graeme Davis, Baha

Mar’s president, told Tribune Business it hoped to “clear the site” by Christmas to make way for family-friendly amenities such as pools and waterbased features - ambitions it has harboured since CTFE was selected as Baha Mar’s new owner.

Listing the developer’s plans, Mr Davis said: “We have some additional restaurants we have to finish; the opening of a steakhouse; the opening of a restaurant by the pier and beach, and demolition of the Crystal Palace to create some additional family amenities, which we will share at a future moment.”

Mr Davis said the demolition was planned for completion “before the end of the year”, with tear-down of the former resort and casino property to start “by the end of summer”. “We hope to have it cleaned up by Christmas time,” Baha Mar’s president, declining to provide specific details on CTFE’s plans.

The demolition will free up prime beachfront land from an aged property that has now outlived its usefulness. The hotel and casino were last used as a training facility for Baha Mar employees, and also as offices/accommodation for China Construction America (CCA), the project’s main contractor.

THE TRIBUNE

Thursday, July 26, 2018, PAGE 5

JOBS WEBSITE DRESSES RECRUITS FOR SUCCESS MORE than 30,000 Bahamians have used 242jobs. com to connect with employers and find jobs, with half registering profiles on the site.

Donavon Powell, 242jobs. com’s chief executive, started the online site to tackle The Bahamas’ unemployment rate and link thousands of jobseekers with employers.

But, wanting to do more, he noticed the importance of job seekers being properly equipped to perform on the job.

During July 2018, 242jobs. com offered $1 professional headshots to subscribers and the general public. Persons were too often uploading headshots that did not meet professional standards.

For just $1, job hunters were able to have a professional headshot taken that would make a big difference in the overall presentation of their applications.

In addition to the professional headshots campaign, 242jobs. com organised a clothing drive called “Dress for Success” to provide job seekers with appropriate interview attire. Mr Powell made it a point to contact employers to find out how successful applicants were in presenting themselves, once they had successfully landed an interview through the website.

He discovered that many employers were dissatisfied with the appearance of some applicants. For this reason, 242jobs.com teamed up with the Salvation Army to conduct a clothing drive that successfully obtained business attire for job seekers.

Members of the public with professional clothing that was unused, or used sparingly, were encouraged to take them to the Salvation Army on behalf of 242Jobs.

Job seekers were able to go to the Salvation Army and collect one or two outfits, based on their need, once they had documentation from the website, authorising them to receive the clothing free of charge.

Through this effort, led by Brittany Stubbs and Therese Sturrup of 242Jobs, many job seekers were able to wear a suit or other professional business attire for their interviews. Persons who donated worthy business attire were entered into a raffle, where the winners received gift certificates from Solomon’s Super Centre, Kelly’s Home Centre, Menchee’s Frozen Yogurt; Popeye’s; Marco’s, and phone vouchers.

242Jobs is now working with local constituency offices to give hope to job seekers. It is installing a computer in constituency offices for use in preparing resumes, and for signing up to 242jobs.com to ensure they are given an opportunity

will install the first computer at the South Beach constituency office with the approval of its MP, Jeffrey Lloyd. Mr Powell will address a South Beach constituency town meeting to announce the initiative one day later.

On September 22, 242jobs.com will host a job readiness fair with the goal of further preparing prospective employees for the next big step in their careers. The

DONAVON POWELL, chief executive of 242jobs.com.

WINNERS of the Dress for Success raffle collect their prizes for donating business attire for job seekers in need. Pictured with Therese Sturrup, left, of 242Jobs. to peruse available jobs and apply for them.

The first constituency will benefit on July 30. 242Jobs

Bahamas Society for Human Resource Management (BSHRM) will assist the company in presenting talks and empowerment sessions to train and guide persons in landing a job. Sessions will include resume preparation, deportment, presentation for the interview and more.

Mr Powell was recently selected as a recipient of the “40 Under 40 most Influential and Successful Professionals in The Bahamas” award, hosted

by Professional Services Bahamas. The awards will be presented at a special awards reception and corporate mixer on September 1 at Sapodilla Restaurant.

The award is given to “young professionals making exceptional strides before their 40th birthday”, calling them the “next wave of leaders who will guide our country and its communities towards the future”.

PAGE 6, Thursday, July 26, 2018

Public Treasury staff ‘burnt out, at their limits’ FROM PAGE ONE as the hub around which most - if not all - incoming

THE TRIBUNE

and outcoming payments, including tax revenues, are received and handled.

Ms Cartwright, referring to a Ministry of Financecommissioned review of the Public Treasury’s manpower needs by the PricewaterhouseCoopers (PwC) accounting firm, wrote: “This needs

assessment review was completed, and confirmed that the manpower needed for the Public Treasury’s internal operations was at a critically low level.

“This was indicated in their audit report under Section 1.3.3, Structure and Staffing, of the final report [which said]: ‘There

is insufficient staff with the right mix of skills in most of the divisions of the Treasury’.”

Ms Cartwright added that there were staff shortages among Treasury accountants posted to other agencies, forcing the Department to establish a new organisational structure to “strengthen the officers in the field”.

“The Treasury continues to experience staff depletion due to retirement,” the Treasurer added. “Staff morale is low, as officers seem to be burnt out and stretched to their limits.

Incidents of absenteeism via call-in days, and medical leave by officers who are normally at full attendance, have increased and are noticeable and amplify the issues created by the staffing needs.

“Further, the staff continues to complain that consistent pressure to meet deadlines with an abnormally low level of staffing required to execute

crucial tasks has impacted the level and quality of production.”

It is unclear whether this situation, which existed under the former Christie administration, has been allowed to persist under the present government. The Public Treasury will be a key player in the $33m InterAmerican Development Bank-financed project to improve the public sector’s financial and information management systems, with the Minnis administration pledging to accelerate its implementation.

KP Turnquest, deputy prime minister, said this involved implementation of “a new, modern Chart of Accounts that is fully compatible with international standards”. Ms Cartwright referenced this in her 2014 memorandum, stating: “Treasury exhausted considerable efforts in restructuring of the chart of accounts, and had made much progress until the

budget process for 2014 when control was assumed by the deputy financial secretary and the project taken over by the Ministry [of Finance].’”

The government’s financial statements for the year to end-June 2014 show the deteriorating state of the public finances in the run-up to value-added tax (VAT) implementation on January 1, 2015, with financial assets worth $226.444m dwarfed by some $1.14bn in current liabilities. Even accounting for almost $200m in fixed assets still left a sizeable solvency deficiency.

The government’s overdraft facility with Royal Bank of Canada (RBC) stood at $91.34m at June 30, 2014, just shy of its $100m limit. And civil service salary deductions due for payment in July 2014 stood at some $26.421m, highlighting how much money is removed from take-home pay to satisfy banks and other lenders.

Post Office’s woes solved by year-end FROM PAGE ONE as to what is going to take place.”

The government had acquired the former Phil’s Food Services building from Bahamas Resolve, the Bank of The Bahamas bail-out vehicle, with the intention of retrofitting the propertty to accommodate the General Post Office, which has long been plagued with mould and a broken air conditioning system.

Bahamian businessmen have warned that the Post Office’s woe continues to impact private sector cash flows and the smooth conduct of commerce, pointing to delays in clients receiving invoices/bills which were contributing to the build-up of accounts receivables.

Anthony Howorth, a

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MARKET REPORT WEDNESDAY, 25 JULY 2018

well-known financial services provider, recently told Tribune Business that high net worth foreign clients and their intermediaries likely viewed The Bahamas as “a third world country” because their mailings and requests received no reply for three months.

And Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, disclosed that he knew of Bahamian businesses who had purchased Florida mail boxes and were travelling to the US on a weekly basis as a costly, time-consuming alternative to beating the postal shutdown.

Priscilla Hudson, a financial services worker, told Tribune Business: “We have not received any mail for my own post office box or my job, an offshore bank. I inquired about it because it was very unusual and concerning for a business, in particular, not to have one piece of mail posted. I also followed up because we have invoices due. I have been very cornered about this. There are people expecting very important mail to be delivered.”

The former Christie administration entered into

a Public-Private Partnership (PPP) to construct a new Post Office at the Independence Drive Shopping Centre opposite the Town Centre Mall, but that project was placed on hold following traffic flow-related complaints from local residents and concerns over whether proper due diligence had been conducted.

“We are still going to be aggressive in ensuring that the operations of the Post Office take place,” Mr Wells said yesterday. “Even if it’s not there it would be some place else, and the issue will be dealt with very quickly.

We have to be able to have the Post Office operating.

It’s important to the economy that that be done.”

He added: “The General Post Office is still operating and we have moved all of its operations to satellite offices. We are not operating at maximum but we are operating. We were looking at the Gladstone Road facility to bring us up to our maximum peak in operations. We are still to do that and we will be able to address that very soon. By the end of the year we will have some resolution to the Post Office situation. That’s my outside time frame.”

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

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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

LAST CLOSE 4.45 17.43 9.09 4.02 1.01 0.18 3.00 9.13 6.15 4.00 11.40 2.78 1.75 7.87 6.10 11.25 6.35 3.69 13.00

CLOSE 4.45 17.43 9.09 4.02 1.01 0.18 3.00 9.13 6.15 4.00 11.40 2.76 1.75 7.94 6.10 11.25 6.35 3.69 13.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.07 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

108.19 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.05 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

108.24 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 50

504,650

228 175

VOLUME

EPS$ 0.268 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 0.719 0.277 0.631

DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.580

P/E 16.6 18.7 N/M 14.2 N/M N/M -3.0 14.3 10.7 23.4 18.2 27.1 7.6 N/M 11.2 16.6 8.8 13.3 20.6

YIELD 2.25% 6.48% 0.00% 5.72% 0.00% 5.56% 0.00% 7.78% 3.58% 3.00% 5.44% 2.17% 4.00% 1.06% 5.25% 4.44% 3.15% 3.25% 4.46%

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%

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

MUTUAL FUNDS 52WK HI 2.16 4.16 2.00 180.30 157.58 1.56 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 1.50 1.62 1.58 1.08 6.41 7.62 5.66 8.65 10.54 9.57

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

NAV 2.16 4.12 2.00 180.30 155.10 1.56 1.70 1.65 1.09 7.24 8.28 6.46 11.16 11.65 10.26

YTD% 12 MTH% 1.87% 3.98% -0.44% 4.28% 1.05% 2.26% 0.90% 3.44% 1.11% 6.05% 2.14% 4.33% 0.17% 4.01% 1.67% 4.18% -0.96% 0.73% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Jun-2018 30-Jun-2018 29-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-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

NOTICE NOTICE is hereby given that KERBY NELSON of Clark Alley #12, St. James 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 26th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that KETTY LOUIDOR of Golden Isles Road, off Carmichael 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 26th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, July 26, 2018, PAGE 7

Auditor General finds ‘gross manipulation’ of public monies FROM PAGE ONE central government in west Grand Bahama were not being deposited “in a timely manner”.

The Auditor-General’s office, in its examination of the Port Department’s finances, found that boat registration fees for 2016 had increased by 82 percent or $65,063 year-over-year, jumping from $79,039 to $144,102.

Yet jet ski registration revenues had fallen by $2,970, or 11 percent, over the same period to $24,070, leaving the Port Department with a cumulative revenue increase yearover-year of 59 percent or $62,093.

Turning to the weaknesses identified, the Auditor-General’s report said: “Twelve deposit slips totalling $13,650 were not verified by a second person.

We recommend that all bank deposits are verified by a second person, and the deposit slips signed by the preparer and the verifier prior to bank depositing.

“Our audit examination to ensure that funds collected were deposited within 24 hours of receipt revealed that funds collected on a daily basis were sometimes deposited as late as ten business days after funds were collected.”

Concerns were also raised over the revenue deposits and reports to the Public Treasury, with

the latter’s staff producing documents to show monies were received from the Port Department even though “the deposit was not found in the actual revenue detail”.

The Auditor-General’s office concluded: “It is evident, from the results of this examination, that the Port Department - in the administration of public funds - has not employed all reasonable care in adherence to good and sound internal controls.

“Lack of adherence to established controls weakens the reliability of the information produced by the system... It is our opinion that this department must exercise due diligence in the performance of their

duties to ensure that revenue is accurately assessed, collected, recorded and deposited intact and in a timely manner.”

As for central government’s revenue accounts in west Grand Bahama, the Auditor-General’s Office found examples of where revenue from building permit fees and the like was “not brought to account”, and receipts that did not match deposit slips.

“It is evident from the observations above that public funds/revenue is being grossly manipulated,” its report said.

“Custodian of the accounts in the district must be held accountable for this practice of manipulation of public funds. We continue

to emphasise that this delay in reporting of revenue collected constitutes misuse or abuse of public funds.”

Revenue sometimes took up to 29 business days to be deposited, the Auditor-General’s Office discovered, rather than the 24-hour timeframe required by the Government’s internal control guidelines.

“Funds collected were not brought to account within a timely manner (within 24 hours of receipt) in an effort to mitigate the risk of theft or misuse/ abuse of public funds,” the report said, noting that three months of missing bank statements were not available for audit inspection.

When it came to local government’s expenditure accounts in West End, the Auditor-General’s Office found $38,459 in outstanding cheques dating as far back as June 20, 2007 more than a decade.

“There were 45 staledated cheques totalling $11,582, which have been on the outstanding cheque list from June 20, 2007,” its report said. “It is our recommendation that staledated cheques totalling $11,582 are transferred to the reserve account.

“There were no monthly bank statements or bank reconciliations produced for audit inspection. We hereby note that the bank statement balance at June 30, 2014, was $19,011.”

To advertise in The Tribune, contact 502-2394

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Marlin Marine Sales Team Office: 242-393-7873 Email: bayshoremarina@hotmail.com Address: #64 East Bay Street Nassau, Bahamas

PAGE 10, Thursday, July 26, 2018

THE TRIBUNE

Trump delays proposed Putin meeting until 2019

WASHINGTON Associated Press THE Trump administration on yesterday sought to fend off accusations the president is too soft on Russia, putting off a proposed second summit with Russian leader Vladimir Putin and declaring the US will never recognise Russia’s 2014 annexation of Crimea.

As members of the Senate Foreign Relations Committee peppered Secretary of State Mike Pompeo with demands for details about last week’s summit in Finland, the White House said President Donald Trump had opted against trying to arrange

PRESIDENT DONALD TRUMP

another meeting with Putin this fall. Putin already had sent signals that he wasn’t interested in coming to Washington.

National security adviser John Bolton cited special counsel Robert Mueller’s investigation into Russian interference in the 2016 election as the reason for the delay, although many members of Congress had objected to the meeting and said Putin would not be welcome on Capitol Hill.

“The President believes that the next bilateral meeting with President Putin should take place after the Russia witch hunt is over, so we’ve agreed that it will be after the first of the year,” Bolton said in a statement, using Trump’s favoured but highly controversial term for the Mueller probe.

While the statement signaled optimism that the Mueller probe would be completed by the end of this year, no timetable has been given for when it will be wrapped up and it could very well stretch into 2019.

The White House said last week that Trump had directed Bolton to invite Putin to visit Washington in the fall, moving quickly for a follow-up meeting amid the backlash over Trump’s performance at a news conference with Putin following their Helsinki summit.

In his testimony, Pompeo faced often-contentious questioning from senators demanding information about what Trump discussed with Putin while they were alone for nearly two hours with only translators present.

Pompeo struggled to answer, insisting the president is entitled to have private meetings but stressing that he had a full understanding of the discussion. Heated questions were also posed about North Korea, NATO and Iran.

“It’s not for me to disclose the content of those

To advertise in The Tribune, contact 502-2394

conversations,” Pompeo said in response to one such barrage of questions.

The committee chairman, Sen Bob Corker, R-Tenn, who set a contentious tone for the hearing by telling Pompeo that senators “are filled with serious doubts about this White House and its conduct of American foreign policy”, later said those doubts are due to Trump’s frequent contradictory statements on the Russia probe and assaults on allies.

“It’s the president that causes people to have concerns,” Corker said.

Pompeo replied by saying that some of Trump’s comments “actually achieve important policy outcomes”, but the administration should be judged by its actions rather than the president’s words.

He later clarified that the president’s words are indeed policy, prompting an angry exchange with the ranking committee member, Sen Bob Menendez, D-NJ Menendez said that Pompeo, a former Republican congressman from Kansas, would have been so angry that he would have had to have been peeled off the ceiling of the Capitol if President Barack Obama had said and done some of the same things as Trump.

Pompeo, whom Democrats accused of playing politics with the investigation into the 2012 attack on US facilities in Benghazi, Libya, accused Menendez of pursuing a “political soliloquy” but then declined the opportunity to respond.

Menendez had earlier accused the administration of holding “incoherent and contradictory views” on foreign policy and the president himself of being “misleading and untruthful” in describing his positions.

In an unsuccessful bid to blunt some of the hostile questioning, particularly on Russia, Pompeo before the hearing issued a statement titled the “Crimea Declaration” in which he said the US will continue to insist that Ukraine’s territorial integrity be restored. He said the US would hold to its long-standing principle of refusing to recognise

Kremlin claims of sovereignty over territory seized by force in violation of international law. And he called for Russia to respect principles it claims to respect and “end its occupation of Crimea”.

The spokeswoman for the Russian Foreign Ministry brushed off the Crimea Declaration as just another US policy that could easily change in the future. In a Facebook posting, Maria Zakharova cited the Iran nuclear deal and the Paris climate accord — two Obama-era deals that Trump scrapped.

“We know the value of these ‘fateful declarations,’” she said.

Russia has said Crimean voters approved the annexation in a referendum. The US and its European allies have said the referendum was deeply flawed and illegal, as it was held without the consent of the government in Kiev. Pompeo told senators that US sanctions imposed in response to the annexation would remain in place until and unless Russia returns Crimea to Ukrainian sovereignty.

He also pushed back on allegations the Trump administration has been weak or subservient to Russia over Ukraine or its meddling in the election.

He noted that the administration had just days ago provided the Ukraine government with an additional $200m in military equipment and maintained that the administration was serious about combatting Russian interference in the US and Western democracies. He said he agreed that additional sanctions could be “constructive” to that end.

Pompeo said he had personally told top Russian officials that there will be “severe consequences” for any interference in US elections or the American democratic process. He said that Trump, despite his denigration of the Mueller probe, accepts that there was Russian interference in the 2016 election and fully understands the threat posed by Moscow.

“He has a complete and proper understanding of what happened,” Pompeo said of Trump.

Legal Notice

GLOBAL PART HOLDINGS LTD Company No. 1763143 (in voluntary liquidation)

NOTICE is hereby given, in accordance with the BVI Business Companies Act, 2004 that the above-named company, is in voluntary liquidation. The voluntary liquidation commenced on July 23, 2018 and Michelle Patrice Bain of No. 40 Montgomery Avenue, PO Box N-7902, Nassau, Bahamas is the voluntary liquidator.

Dated: July 24, 2018 (Sgd) Michelle Patrice Bain Voluntary Liquidator LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE

YALDING CORPORATION LIMITED (In Voluntary Liquidation) Notice is hereby given that the above-named Company is in dissolution, commencing on the 25th day of July, 2018. Articies 0f Dissolution have been duly registered by the Registrar. The liquidator is Amicorp Bahamas Management Limited.

Dated this 26th day of July, 2018 Amicorp Bahamas Management Limited LIQUIDATOR

Feigue Ltd.

NOTICE OF DISSOLUTION BARONSMERE CORP. (Incorporated under the International Business Companies Act No. 45 of 2000)

Pursuant to the Provision of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 11th day of April, 2018.

TAKE NOTICE that the International Business Company, BARONSMERE CORP. incorporated on 29th July, 2009 has registered its articles of dissolution with the Registrar General’s Department effective 25‘h July, 2018.

Amicorp Bahamas Management Limited Of FEIGUE LTD.

G W & Partners LP #6 Caves Professional Centre, West Bay Street, Nassau, Bahamas.

The name and address of the Liquidator is:

THE TRIBUNE

Thursday, July 26, 2018, PAGE 11

Fraud claims overshadow Pakistan’s vote for new parliament formation ISLAMABAD Associated Press PAKISTANIS voted for a new government yesterday in an election marred by violence and allegations of fraud. The winner will face a crumbling economy and bloodshed by militants whose latest attack saw a suicide bomber kill 31 people outside a polling station.

Electoral authorities said official results declaring an outright winner were not expected before late this morning. However, early unofficial results gave cricket star Imran Khan and his Pakistan Tehreek-eInsaf Party a commanding lead over his main rival, Shahbaz Sharif’s Pakistan Muslim League.

Jubilant Khan supporters danced to the beat of drums at his party headquarters in Islamabad, sensing a victory. The sound of fire crackers echoed in the night sky.

Sharif, the younger brother of disgraced Prime Minister Nawaz Sharif, who has been jailed on corruption charges, disputed the election results even before they were announced. He charged fraud and vowed not to accept the results, generating fears that disgruntled losers could delay the formation of the next government.

The parliamentary balloting marked only the second time in Pakistan’s 71-year history that one civilian government has handed power to another in the country of 200 million people. There also have been widespread concerns during the election campaign about manipulation by the military, which has directly or indirectly ruled the country for most of its existence.

“We will sweep the elections,” said Abdul Basit, a supporter of Khan’s, who watched the results on a

large TV screen.

Hours after the polls opened, a suicide bomber on a motorcycle detonated his explosives in a crowd waiting to vote in the southwestern city of Quetta. In addition to the 31 dead, the attack wounded 35 people, said Dr Jaffar Kakar, a hospital official. No one immediately claimed responsibility, but local officials were quick to blame the Islamic State group.

The attack in Quetta, the capital of Baluchistan province, underscored the difficulties the majority Muslim nation faces on its wobbly journey toward sustained democracy.

Baluchistan also saw the worst violence during campaigning earlier this month, when a suicide bomber struck at a political rally, killing 149 people, including the candidate Siraj Raisani. Another 400 were wounded. IS claimed responsibility for that attack. Baluchistan has seen relentless attacks, both by the province’s secessionists and Sunni militants who have killed hundreds of Shiites there.

The military deployed 350,000 troops at polling stations across the country.

Moeed Yusuf, associate vice president of the Asia Center at the Washington-based US Institute of Peace, said politically motivated mob violence is rare in Pakistan, while Wednesday’s attack in Baluchistan appeared to be the work of a terrorist group.

“Terrorist violence is a different issue altogether and is unlikely to affect political stability,” Yusuf said. “Unfortunately, Pakistanis have gone through so much violence that they are desensitised to it.”

Yusuf said the top challenge for the next government will be the economic crisis.

“The new government is going to be in an unenviable position, and especially

Imran Khan, as he is not the preferred prime minister for Pakistan’s two traditional chief patrons, China and the US.” Khan has been an outspoken critic of the US-led war in neighboring Afghanistan as well as China’s massive investment in Pakistan, which has racked up millions of dollars in debt to Beijing.

Khan’s supporters showered his vehicle with rose petals as he arrived to vote near his home in the capital of Islamabad. Afterward, he appealed to Pakistanis to vote in huge numbers “to save future generations”.

As polls closed, Election Commission spokesman Nadeem Qasim told The Associated Press that the commission had told Khan that his vote could be disqualified because he cast his ballot in front of TV cameras, violating constitutional provisions on “the secrecy of the ballot paper”.

Video images showed a smiling Khan with his ballot in front of him as he marked it.

As early results gave Khan an edge, Maryam Aurangzeb of Sharif’s Pakistan Muslim League raised the first allegations of ballot fraud and warned that his supporters might revolt if the charges prove correct.

“We will not allow anyone to steal the mandate the nation has given to us,” she told a news conference.

“So far, we are controlling our supporters, but we won’t be able to convince them to exercise restraint if the results were manipulated against our party.”

As voting ended, festive supporters of both parties gathered outside polling stations, dancing to the beat of drums.

The third-largest party is the left-leaning Pakistan People’s Party, headed by Bilawal Bhutto, the son of late Prime Minister Benazir Bhutto, assassinated by the Pakistani Taliban, whom

she had vowed to eradicate.

More than 11,000 candidates are vying for 270 seats in Pakistan’s law-making National Assembly, the lower house of parliament, and 577 seats in four provincial assemblies. Under

Pakistani law, separate seats are reserved for women and for non-Muslim minorities, which comprise four percent of the population.

The 85,307 polling stations were open for tenhours, an hour longer than

in 2013. Voting for two parliamentary seats and six seats in provincial assemblies has been postponed due to attacks on candidates or disqualifications.

Final results are expected early today.

An entrepreneurial spirit, Attention to Detail and a passion to succeed. If you have it, we want you

Fidelity invites applications for the position of:

COMPLIANCE ANALYST Job Summary: In this highly visible position, the successful candidate will co-ordinate, implement and administer the anti-money laundering (AML) program and procedures to combat the financing of terrorism (CFT) of Fidelity Bank (Bahamas) Limited and its subsidiaries domiciled in The Bahamas. This position is also responsible for performing certain AML/CFT compliance responsibilities as specified by the outsourcing agreement with these entities and the Bank.

Main Duties and Responsibilities: • To assist with the administration of the AML/CFT compliance program for the Bank.

• To perform AML/ CFT due diligence and enhanced due diligence functions, including the detection and reporting of suspicious transactions and activities.

• To develop and promote risk-based tools/monitoring systems and maintain the anti-money laundering related database for the Bank.

• Be aware of changes in laws, regulations and trends and shares information with the Chief Compliance & Control Officer with a view to establishing enhanced controls to mitigate AML/CFT risk for the Bank.

• Assisting in the implementation of the AML/CFT training program for all staff.

• To assist in handling enquiries from the law enforcement or regulatory authorities.

Requirements / Qualifications: • Bachelor’s Degree in a business related field • Minimum three years’ experience in the Financial Services Industry • EBasic knowledge of U.S. Foreign Accounts Tax Compliance Act (“US FATCA”) and Common Reporting Standards (“CRS”) • Ability to work independently with minimal day-to-day oversight • Ability to meet deadlines and produce work that is at a professional level • Strong communication skills (written & verbal) with the ability to analyze operational functions • Excellent problem solving and interpersonal skills • Adherence to the highest professional standards and strict confidentiality

Please submit before:

HUMAN RESOURCES

July 30th, 2018

Attn: COMPLIANCE ANALYST HUMAN RESOURCES careers@fidelitybahamas.com

Competitive compensation package will be commensurate with relevant those applications short listed will be contacted.

PAGE 12, Thursday, July 26, 2018

THE TRIBUNE

Trump hotel ruling could open door to his financial records WASHINGTON Associated Press A FEDERAL judge ruled yesterday that Maryland and the District of Columbia can proceed with their lawsuit accusing President Donald Trump of unconstitutionally accepting payments from

foreign and state interests through his Washington hotel. The decision clears the way for the plaintiffs to seek financial records and other materials from the president’s company.

In his ruling, US District Judge Peter J Messitte, based in Maryland, rejected arguments from the Justice

Department that earnings from business activities, including hotel room stays, do not qualify as unconstitutional gifts. At issue is the Constitution’s emoluments clause, which bans federal officials from accepting benefits from foreign or state governments without congressional approval. The

THE TRUMP International Hotel is on Pennsylvania Avenue in Washington. A federal judge ruled yesterday that Maryland and the District of Columbia can proceed with their lawsuit accusing President Donald Trump of unconstitutionally accepting payments from foreign and state interests through his Washington hotel. The decision clears the way for the plaintiffs to seek financial records and other materials from the president’s company.

Photo:Beth J Harpaz/AP plaintiffs argue Trump’s hotel harms area businesses because of the president’s ties.

Messitte’s ruling was the first time that a federal judge has interpreted the emoluments clause, which had never been fully tested in an American courtroom. Two other lawsuits based on the emoluments clause are also being heard in other federal courts.

In his 52-page opinion, the judge said attorneys general for Maryland and the District had “convincingly argued” that the Constitution treats emoluments “as any ‘profit,’ ‘gain,’ or ‘advantage’”.

“The Court finds the President is subject to both Emoluments Clauses of the Constitution and that the term ‘emolument’ in both clauses extends to any profit, gain or advantage,” Messitte wrote.

The judge ordered both sides to provide a schedule

COST CONTROLLER is seeking to hire an individual responsible for maintaining controls and reducing cost for the organization.

RESPONSIBILITIES Include but are not limited to the following; • Daily requisition postings.

• Receive goods on Blue Lagoon Island from local and foreign vendors.

• Ensure that invoices match goods received.

• Receive inventory in POS system on a timely basis.

• Disburse inventory to relevant departments.

• Post daily requisitions.

• Manage and control Retail and F&B storage areas.

• Ensure Inventory controls are maintained.

• Analyze cost and inventory valuation.

• Assist with cycle count/physical inventories • Maintain internal control adherence to policies and procedures.

EXPERIENCE/SKILLS • Good organizational skills • Detail-oriented • Team Player • Able to work weekends & holidays • Inventory management

EDUCATION Associate Degree in Accounting Please submit resumes to

HR@dolphinencounters.com or fax to 363-4437 Only QUALIFIED applicants will be contacted

of their next steps within 21 days, including how to handle legal discovery of records sought by Maryland and the District.

A spokesman for the Justice Department, Andy Reuss, said the administration continues “to maintain that this case should be dismissed.” Reuss added that the department “is reviewing the order and determining next steps to continue vigorously defending the President.” They could appeal Messitte’s ruling to a federal appeals court.

Declaring Messitte’s ruling a “series of common sense conclusions”, Maryland Attorney General Brian Frosh said yesterday that he expected both jurisdictions to press for a wide range of financial documents and related materials from the Trump Organization and the Trump International Hotel.

Among the documents likely sought by the plaintiffs,

Frosh said, would be several years of the president’s income taxes. The tax returns would be necessary to pinpoint any payments from foreign and state interests to the hotel, Frosh said.

Frosh, a Democrat, added that the plaintiffs might ask for tax records dating several years earlier than the hotel’s September 2016 opening to learn more about the hotel’s financing. The attorneys general have already put the hotel and the company on notice to preserve a wide range of records.

“I think it’s clear we’re entitled to financial information that underpins our case,” Frosh said.

Frosh acknowledged that both the company and the hotel would likely object to any subpoenas for records, which could delay the case.

And any appeal could freeze any legal discovery, depending on how a federal appellate court rules.

A Critical Thinker, Analytical, and a Passion for Problem-Solving

We are growing!

Fidelity Bank invites applications for the position

ASSOCIATE INTERNAL AUDITOR Job Summary: Fidelity Bank is currently recruiting for an Associate Internal Auditor to audit, conduct business process reviews and perform fraud investigations. With functional report to the Manager, Internal Audit, this role includes compliance responsibilities and support for various cross functional partners. This is a high visibility role on a small team, and provides the successful candidate with an opportunity to contribute to the organizations’ control environment and exposure to many business areas.

Main Duties and Responsibilities: • • • • •

Conduct financial and operational audits.

Conduct internal investigations of company violations and other legal matters.

Diagnose operational risks and process improvement opportunities.

Provide recommendations to improve financial and operational controls.

Develop reports and presentations on audit findings, results and recommendations.

Requirements / Qualifications: • • • • • • • •

Bachelor’s Degree in a business-related field Minimum 2 years’ experience in the Financial Services Industry Excellent communication skills (verbal and written) Ability to prioritize, meet tight deadlines and work well under pressure Ability to work flexible hours in a self-motivated environment Independent worker Ability to manage the administration of multiple tasks at one time Highly organized

Please submit before:

HUMAN RESOURCES

July 31st, 2018

Attn: Associate Internal Auditor HUMAN RESOURCES careers@fidelitybahamas.com

Competitive compensation package will be commensurate with relevant those applications short listed will be contacted.

THE TRIBUNE

US airlines cave to China’s demand on referring to Taiwan

By DAVID KOENIG Associated Press THE TRUMP administration, several US senators, and Taiwanese business leaders had been urging the three biggest US airlines in recent weeks to stand up against China’s demand about how they describe Taiwan on their websites.

The US airlines, looking at the explosive growth in China’s air-travel market, decided to ignore them all.

American, Delta and United joined other global carriers and bowed to pressure from China on yesterday and stopped listing the city of Taipei as being located in Taiwan. The airlines, however, didn’t go so far as to say that Taipei is part of China.

“Like other carriers, American is implementing changes to address China’s request,” said Shannon Gilson, a spokeswoman for American, the world’s biggest airline. “Air travel is global business, and we abide by the rules in countries where we operate.”

Representatives for Delta and United made similar statements.

Taiwan split politically from mainland China during the 1949 civil war and is self-ruled. China, however, claims the island as part of its territory and has threatened military force to annex it.

In recent years, China has used its economic and political clout to pressure other countries and their businesses to stop recognising Taiwan as a separate entity. In that effort, officials in Beijing targeted airlines, threatening unspecified punishment for carriers that did not heed China’s demands.

The big US airlines declined to say how much revenue they earn from flying between China and the US. In regulatory filings, they only describe revenue by region.

United Airlines, which has the most extensive service to China of the three, reported that 13 percent of its revenue last year came from Pacific service, which includes flights to Japan, Korea, Australia and Singapore. Delta Air Lines got seven percent of revenue

from the region, and American got five percent.

China, however, is a rapidly growing airline market with a booming middle class that is eager to travel. The International Air Transport Association, a trade group of global airlines, predicts that China could overtake the United States and become the world’s biggest air-travel market by 2022.

The US airlines have other financial ties to both China and Taiwan. American owns nearly three percent of China Southern Airlines while Delta owns about 3.5 percent of China Eastern Airlines. Delta is in the same airline alliance as Taiwan’s biggest carrier, China Airlines, and United shares an alliance with Taiwan’s EVA Air. “China is so strategically important to the US carriers that they can’t ignore what the Chinese government mandates,” said Henry Harteveldt, a travel-industry analyst in San Francisco.

“The US airlines were put in an uncomfortable position. No matter what they decided to do, it was a loselose proposition.”

Robert Mann, an aviation consultant and former American Airlines executive, said the US carriers “lose face to some degree”, but they preserve their ability to sell tickets in China and avoid other punishment that might have included extra customs delays for passengers.

China’s foreign ministry applauded the US airlines, calling the changes on their websites “positive progress”. Ministry spokesman Geng Shuang said China welcomes foreign businesses if they “abide

by Chinese laws and regulations, sovereignty and territorial feelings, and the feelings of the Chinese people.”

By Beijing’s yesterday deadline, all 44 global airlines that had been asked to scrub references to Taiwan had complied, according to the People’s Daily, the Communist Party’s official newspaper. They included British Airways, Lufthansa, Qantas and Air Canada.

American, which in searches previously displayed the main airport in Taiwan’s capital city as

NOTICE IN THE ESTATE of EULA CULMER late of the Settlement of Palmetto Point in the Island of Eleuthera one of the Islands of the Commonwealth of The Bahamas, deceased.

NOTICE IS HEREBY GIVEN that all persons having any claim against the above named Estate are required on or before the 31st day of July, 2018 to send their names and addresses and particulars of their debts or claims to the undersigned and if so required by notice in writing from the undersigned to come in and prove such debts and claims or in default thereof they will be excluded from the benefits of any distributions made before such debts are proved AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned.

HAILSHAMS LEGAL ASSOCIATES Counsel and Attorneys at Law RENALDO HOUSE 10 Queen’s Highway Palmetto Point, Eleuthera, Bahamas P. O. Box SS 5062, Nassau, Bahamas Attorneys for the Administratrix of the above Estate

“TPE, Taiwan”, switched to “TPE-Taoyuan International” and it dropped “Taiwan” from search results. Similarly, Delta similarly changed from mentioning Taiwan to just “TPE Taipei” and no other location clue. United went to “Taipei (TPE-Taoyuan)”.

The ending was almost anticlimactic after an intense buildup of opposition in Washington and Taipei to China’s pressure.

President Donald Trump’s White House had called the demand to erase Taiwan from airline websites “Orwellian nonsense”. Eight US senators led by Florida Republican Marco Rubio and New Jersey Democrat Robert Menendez told the CEOs of American and United that Congress supported Taiwan, “a democracy and important partner to the US”.

Taipei’s economic and cultural office in Washington urged the US airlines to stand up to Beijing’s bullying. China, the group’s representative said, was trying to take the free out of free enterprise.

The US asked China to sit down and negotiate, but China refused.

American, Delta and United decided by Tuesday that they would acquiesce to China. The decision seemed to catch the Trump administration off-guard.

State Department

Thursday, July 26, 2018, PAGE 13

TRAVELERS stand near a signboard at the American Airlines check-in counters at the Beijing Capital International Airport in Beijing. China is applauding US airlines for bending to its demand that they cease referring to Taiwan as its own country on their websites, as American Airlines, Delta and United are among a wave of international carriers to remove references to Taiwan on their websites ahead of yesterday’s deadline set by Chinese authorities.

Photo: Mark Schiefelbein/AP spokeswoman Heather Nauert said Tuesday that the US opposed foreign governments demanding

that private corporations alter their labels to suit that government.

“I was not aware that the

companies said that they would fold to the Chinese government,” she added, referring to the airlines.

PAGE 14, Thursday, July 26, 2018

THE TRIBUNE

FORD SAYS RESTRUCTURING WILL COST $7BN CASH OVER 3 TO 5 YEARS

FORD cars wait for deployment after arrival by ship at the Ford Dagenham diesel engine plant in London. An escalating trade war and steep tariffs on steel and aluminum are putting pressure on earnings for automakers, prompting General Motors to slash its outlook while also weighing down shares of Ford Motor Co and auto parts companies.

Photo: Frank Augstein/AP DETROIT Associated Press

www.ub.edu.bs

CAREER OPPORTUNITY SENIOR MANAGEMENT Suitably qualified candidates are invited to submit applications for the following position available at University of The Bahamas:Vice President for Advancement and Alumni Affairs will be responsible for designing and implementing comprehensive institutional advancement programmes and recruiting and developing talented team members focused toward the ultimate goal of significantly increasing constituent involvement and fundraising outcomes. The advancement function includes responsibility for annual fund, corporate and foundation relations, major gifts and gift planning, endowment, capital campaigns, and alumni and constituent relations efforts, stewardship, and other advancement services; namely, Office of University Relations.

Among the duties and responsibilities are: • Advance the mission, vision, and short- and long-term goals of the University in concert with the University President and Senior Administrative Colleagues; • Work closely with the President in all phases of his advancement and campaign leadership activities; • Serve as a member of the University Leadership Team and maintain close working relationships with members of the Board of Trustees and key alumni/parents/friends; • Maintain a dynamic portfolio of high net worth individuals and secure major, capital, and planned gifts, as well as advance annual gifts and endowment support; • Participate in strategic discussions and develop programs to strengthen the financial resources of the University and all University Centres of Excellence; • Create and execute fundraising plans that utilize best practices in annual, major, and planned gift programs to meet fundraising goals; • Ensure dynamic processes in all phases of donor qualification, cultivation, solicitation, and stewardship; • Prepare for the upcoming campaign through comprehensive and effective campaign planning and execution; • Hire, train, inspire and guide direct reports and the entire advancement team toward accountable, goal-oriented outcomes; • Develop annual plans and budgets for Alumni and Parent Relations, Annual Fund, Gift Planning, Comprehensive Campaigns, Major Gifts, Grants Development, Stewardship and Advancement Services; • Engage University faculties, colleges, schools, programmes, and centres of excellence, and enhance the culture of philanthropy. Maintain cooperative working relationships with faculty, coaches, and campus departments whose cooperation is essential to effective outreach and fundraising.

Qualifications The successful candidate must have a minimum of ten years of managerial experience as a fundraising and/or advancement executive and a Masters Degree.

A detailed position announcement is available online at: http://www.ub.edu.bs/about-us/career-opportunities/ Applicants should electronically submit via hrapply@ub.edu.bs, to the attention of the Vice President, Human Resources the following documents: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • A completed UB Employment Application Form http://www.ub.edu.bs/wp-content/uploads/2017/01/Application-for-Employment-Staff.pdf;

• Current Curriculum Vitae or Resume; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • The names and contact information of three professional references.

E-mail: hrapply@ub.edu.bs Attention: President and C.E.O. - University of The Bahamas DEADLINE TO APPLY: 25TH JULY 2018

FORD Motor Co said on yesterday it is in the midst of a major restructuring of the company that will cost $7bn in cash and hit pretax earnings by $11bn over the next three to five years.

But the company, which also reported a 48 percent second-quarter net profit decline, gave few details on what exactly will be cut or changed, bringing criticism and frustration from Wall Street analysts.

The company cancelled its annual presentation for investors scheduled for September because the restructuring is still in progress, but said it would give updates on quarterly earnings calls and in other ways.

The lack of specifics brought criticism from Morgan Stanley analyst Adam Jonas, who encouraged CEO Jim Hackett to communicate more details.

“You’re kind of almost teasing the market with these very large numbers,” Jonas said, telling the company to present the plans “in a narrative that can be understood”.

Jonas even asked if

Hackett would still be CEO by the time the investor meeting is rescheduled.

Hackett replied that he’s proud of the management team and the progress Ford has made, and that he will be in charge on that date.

Chief Financial Officer Bob Shanks said such a major redesign of the company will take time with many parties involved, and pledged to share actions as they’re completed. He noted that Ford is looking to allocate capital spending to high-performing areas and away from low-performing ones.

Ford blamed slumping China sales and a fire at a US parts factory that cut production of lucrative pickup trucks for the profit decline from April through June. The company still made $1.1bn, or 27 cents per share. But that fell short of analysts’ expectations of 31 cents, according to FactSet. China sales slumped due to aging products, and the company’s joint venture lost $483m.

The fire knocked out production of highly profitable F-Series pickup trucks for a little over a week in May. Ford said at the time it had enough inventory so that

sales wouldn’t take a big hit.

Troubles in China as well as Europe caused the company to cut its full-year guidance to $1.30 to $1.50 per share. It had been $1.45 to $1.70.

Revenue was $38.92bn, also short of expectations.

Analysts expected $39.14bn.

Ford shares fell 3.7 percent to $10.13 in after-hours trading.

The company said it’s taking “urgent action” in China to fix the business, including cost cuts, building more vehicles in China and recruiting more local talent for top positions. Ford says it’s also rolling out revamped vehicles with 60 percent of its lineup being refreshed or new by the end of next year.

Ford warned in May that the fire at Meridian Magnesium Products in Michigan would have a short-term impact on earnings. The plant makes front-end parts for Ford pickups and big SUVs. The ensuing parts shortage forced Ford to lay off about 7,600 workers at two truck factories for about a week. But the company went to great lengths to resume production SUVs, even flying equipment from the US to a Meridian factory in Europe.

THE TRIBUNE

Thursday, July 26, 2018, PAGE 15

Trump, European Union leaders pull back from trade war Whatever progress was achieved yesterday could provide some relief for US automakers. The escalating

PRESIDENT DONALD TRUMP, right, and European Commission president Jean-Claude Juncker, left, speak in the Rose Garden of the White House on yesterday in Washington.

Photo: Pablo Martinez Monsivais/AP WASHINGTON Associated Press PRESIDENT Donald Trump and European leaders pulled back from the brink of a trade war over autos on yesterday and agreed to open talks to tear down trade barriers between the United States and the European Union.

But the agreement was vague, the coming negotiations with Europe are sure to be contentious and the United States remains embroiled in major trade disputes with China and other trading partners.

In a hastily called Rose Garden appearance with Trump, European Commission President Jean-Claude Juncker said the US and the EU have agreed to hold off on new tariffs, suggesting that the United States will suspend plans to start taxing European auto imports — a move that would have marked a major escalation in trade tensions between the allies.

Trump also said the EU

had agreed to buy “a lot of soybeans” and increase its imports of liquefied natural gas from the US. And the two agreed to resolve a dispute over US tariffs on steel and aluminum.

“It’s encouraging that they’re talking about freer trade rather than trade barriers and an escalating tariff war,” said Rufus Yerxa, president of the National Foreign Trade Council and a former US trade official. But he said reaching a detailed trade agreement with the EU would likely prove difficult.

The tone was friendlier than it has been. During a recent European trip, Trump referred to the EU as a “foe, what they do to us in trade”. Juncker, after Trump imposed tariffs on steel and aluminum imports, said in March that “this is basically a stupid process, the fact that we have to do this. But we have to do it. We can also do stupid.”

On yesterday, Trump and Juncker said they have agreed to work toward “zero

tariffs” and “zero subsidies” on non-automotive goods.

Trump told reporters it was a “very big day for free and fair trade” and later tweeted a photo of himself and Juncker in an embrace, with Juncker kissing his cheek.

“Obviously the European Union, as represented by @ JunckerEU and the United States, as represented by yours truly, love each other!” he wrote.

The president campaigned on a vow to get tough on trading partners he accuses of taking advantage of bad trade deals to run up huge trade surpluses with the US. He has slapped taxes on imported steel and aluminum, saying they pose a threat to US national security. The US and EU are now working to resolve their differences over steel and aluminum — but the tariffs are still in place. And they would continue to hit US trading partners like Canada, Mexico and Japan even if the US and the EU cut a deal.

trade war and tariffs on steel and aluminum had put pressure on auto company earnings. General Motors

had slashed its outlook, and shares of Ford Motor Co and auto parts companies had fallen.