07272018 business

business@tribunemedia.net

FRIDAY, JULY 27, 2018

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Deal imminent to get BPL ‘out of dark ages’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

CABINET Minister yesterday confirmed that a deal for Nassau’s new power plant could be signed as early as next week to bring the energy sector “out of the dark ages”.

Desmond Bannister, minister of works, told Tribune Business that the signing of a Memorandum of Understanding (MoU) between Bahamas Power & Light (BPL) and Shell North America for a new plant at Clifton was “very imminent” .

Tribune Business Reporter

nmckenzie@tribunemedia.net THE UK’s decision to approve marijuana for medical use shows why The Bahamas must “get on board”, one advocate yesterday dismissing estimates pegging its economic impact at $5m as “jokey”.

Terry Miller, chairman of the Bahamas Cannabis Research Institute (BACARI), scoffed at the forecast provided by the Regional Commission on Marijuana. Its report to CARICOM suggested

The Bahamas could see a financial benefit of around $5m from legalisation and regulation of its sale.

Speaking with Tribune Business yesterday, Mr Miller said: “The market is far bigger than the jokey $5m they mentioned. That’s probably the Bahamian market, but when you look at the six million people coming through The Bahamas [as tourists], the economic benefit is potentially in the tens of millions of dollars.”

His comments came after the UK government this week approved marijuana for medical use, allowing

Less than 20% of suspicuous deals passed to Police Force

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DESPITE a 46 percent surge in suspicious transactions reports (STRs) in 2017, the Financial Intelligence Unit (FIU) passed less than one in five over to the police for further investigation.

The FIU’s annual report, tabled in Parliament on Wednesday, revealed that just 73 out of the 446 STRs submitted by the financial services industry were deemed worthy for the Royal Bahamas Police Force (RBPF) to probe.

Of the remaining 373,

some 87 or 19.51 percent were closed by the FIU, while some 286 or 64.13 percent of the total - the majority - were placed in the “pending” category.

Reuben Smith, the FIU’s director, wrote in the report: “The 446 suspicious transaction reports received in 2017 represents a 45.75 percent increase in STRs received over the same period in 2016.”

Some $64.468m worth of assets were caught up in 2017 STRs submitted to the FIU, with those passed on to the police for investigation involving 39.73 percent

SEE PAGE 5

2,765 overtime hours but no payment due

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Grand Bahama Power Company manager should have taken 2,765 overtime “in-lieu” hours before voluntarily resigning rather than suing for compensation two years later.

The Court of Appeal, in a unanimous verdict written

by Sir Hartman Longley, its president, backed the Supreme Court’s dismissal “in its entirety” of the claim

by Anthony Rahming for up to $285,000 plus interest.

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

were due to return to The Bahamas next Wednesday, August 1, although some expressed doubt there would be any MoU signing.

However, Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, confirmed to this newspaper that he understood the MoU would likely be signed either on Wednesday or Thursday.

“They’re going to sign it on the first or second [of August],” he said. “They’re

supposed to sign it. They’re coming to sign the MoU.” Mr Maynard suggested other details of BPL’s commercial arrangement with Shell, which is intended to provide cheaper, more reliable energy for New Providence will be worked out in the weeks to come.

While the cabinet selected Shell North America as the preferred bidder on the BPL generation supply contract back in April 2018, the details of the two sides’ commercial partnership still had to be

specialist doctors to legally prescribe it starting later this year.

Mr Miller pointed to this as another sign that the world is shifting its stance on marijuana and its usage, and he urged The Bahamas not to be left behind.

“We haven’t really been a leader in anything other than tourism,” he argued. “The rest of the world has seen this coming a long time ago.

Smoking is just a small part of this whole industry. There are over 2,000 applications of cannabis; we’re talking things like construction materials and body products

just to name a few.

“Right now we are importing all sorts of marijuana products, such as hemp seed and hemp oil. This industry still has the potential to generate tens of millions of dollars for the Bahamian people. We need to get on with it.”

Mr Miller added that legal pathways already exist for medicinal and scientific use in The Bahamas. Dr Duane Sands, who has responsibility for dangerous drugs and poisons, confirmed to The Tribune earlier this month that the Dangerous Drugs Act provides an opportunity to request imports for a specific purpose. However, he noted access was not so clear cut.

The Minister of Health said: “People can (apply). Dentists can use cocaine for certain indications; they don’t use it as much as they used to, but they can. Opiates, other mind-altering drugs, are all available, but in terms

of mass availability it’s not generally available like that so any available doctor can prescribe it. It’s not something any doctor can up and prescribe - I mean they could but it would generate a flag.

“The Dangerous Drugs Act allows physicians to prescribe a number of mindaltering substances,” Dr Sands continued. “That does not mean other drugs are generally available in The Bahamas. There has been no policy change to make it readily and easily available.

That doesn’t mean there is not a tremendous amount of interest or speculation. But as I’ve said repeatedly, we’re going to be guided by the regional experts’ review and analysis.”

The Regional Commission, analysing the social, economic, health and legal issues surrounding marijuana use in the region, put forward the view that, in a regulated framework, it should be treated similarly to tobacco and alcohol.

Bahamas must ‘get on board’ following UK’s marijuana bid

By NATARIO MCKENZIE

Home insurance drop-off may ‘get more extensive’

* Shell power plant MOU may sign next week * Minister: ‘We haven’t gone back’ on selection * GE concerns, numerous issues ‘unresolved’ “Based on what I’ve been told, I expect that they’re going to sign it very soon,” Mr Bannister replied, after this newspaper was informed it could happen next week. “I would have to call and find a date, but my understanding is probably, yes. I am sure that very imminently they will make an announcement.”

Tribune Business sources, speaking on condition of anonymity, said Shell North America executives

It did, though, overturn Justice Estelle Gray-Evans’ finding that the former project manager in the utility’s technical services department “had failed to prove” he had accumulated 4.212 overtime hours for which he should have been compensated.

The Court of Appeal, while noticing a Grand Bahama Power Company probe into “an outrageous claim for 6,000 hours of ‘in-lieu time’” in 2009, said such hours claimed by Mr Rahming in previous years

SEE PAGE 6

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DESMOND BANNISTER

SEE PAGE 3

A BAHAMIAN insurer yesterday branded its top rating as “a feather in the cap”, while expressing fears that under-insurance among homeowners may “get more extensive” via the VAT reforms.

Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that VAT “exempt” status for owners of residential dwellings remains “the big correction in the room” as they will have to increase sums insured under their insurance coverage.

With the industry still adjusting to the budget changes, he said: “There’s going to be a degree of underinsurance that is going to be out there because of the exemption on the premium, and that we are not allowed to claim back any claim from the government.

“If you rebuild a home now it will cost you 12 percent more because you have to pay VAT. The public and industry have to be very careful in reviewing sums insured to ensure the incidence of under-insurance does not get more extensive.”

Mr Saunders said that unless homeowners increased sums insured under their policies to account for the impact of 12 percent VAT they will be “getting less monies to rebuild” post-hurricane, because it will otherwise be assumed they are willing to take on a greater proportion of the risk.

The RoyalStar chief’s comments reinforce the message previously delivered by the Bahamas Insurance Association (BIA), which previously warned that the VAT rate increase - coupled with the

SEE PAGE 4

PAGE 2, Friday, July 27, 2018

THE TRIBUNE

HOW YOU COUNTER WORKPLACE CLIQUES E

VERY company wants its employees to get along. After all, teamwork is an essential part of a company’s success. But sometimes groups of employees form cliques at work. When this happens, it is detrimental to employee morale and can lead to workplace bullying.

What is more, cliques cause employees on the outside to feel like they are less important or worthy than those on the inside.

It is important to address issues with cliques as soon as they occur. While it is important that there be unity among all workers, leaders want to be careful not to punish employees for having close friends at work. The manager should know the difference

IAN FERGUSON BY

between a clique and a group of friends before efforts are taken to break them up.

Here are some reasons

why workplace cliques are bad for business: They do not usually socialise outside their group Excessive togetherness is bad for companies because those on the outside become distracted and dissatisfied with the work environment. They may even expend more energy trying to cope with the clique than they do on their actual job. What is more, cliques can become more about the group than they are about the company. In the end, this impacts the company’s bottom line. And it causes good employees to flee the company when they have had enough.

They ostracise other employees One way to prevent employees from ostracising others is to assign them

to group projects instead of allowing them to choose their own groups. When you allow employees to pick their own groups, you are opening the door to workplace bullying. Conversely, when you select the group, you are ensuring that they include those outside their circle of friends. Preselected groups also give employees an opportunity to learn how to work with different types of people.

They bully others Remember, not all bullies are the same. Some bullies are very covert and manipulative. As a result, this type of bullying is hard to recognise. Be sure you know what constitutes workplace bullying. This will help you identify workplace issues within your company and eliminate cliques.

Cliques often mean gossip Nothing disrupts the work environment more than an office “rumour mill”. As a result, be sure your employees can identify the perils of gossip and rumor-spreading in the workplace. You also should educate your employees on what constitutes workplace bullying, and how they should respond when they witness bullying in the workplace.

They require conformity Being alike can make employees feel safe. But it also hinders productivity. People feel discouraged to think outside the box or suggest new ideas because they do not want to rock the boat or be different.

Stress to your employees that you are looking for

fresh and new ideas, and that you do not want cookie cutter approaches to problems. Try to get them to see that you do not want them to be like everyone else at work. Be sure they know that you value creativity and authenticity from your employees. When you do that, you will discourage the like-mindedness that holds cliques together.

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

CONTRACTORS ARE WARNED: GOVT DEALS ‘NOT AUTOMATIC’ A CABINET minister has described enforcement of the Construction Contractor’s Act and e-procurement as two of the greatest challenges facing the construction industry.

The electronic procurement process was recently launched by the Ministry of Finance for all public sector contracts, and Desmond Bannister, minister of works, warned: “Getting a contract from the government is not going to be an automatic thing. There are certain procedures that are being put in place, and which will have to be followed.

“Those contractors who decided not to show up to this seminar will miss out on some very important information which will be needed as we move forward.”

The minister spoke as he officially opened a contractor’s seminar yesterday at the Church of the Ascension Hall. The event was held by the Ministry of Public Works, and was

DESMOND BANNISTER, minister of works, yesterday opened the Contractors Seminar in Freeport at the Church of the Ascension Hall.

Photo: Lisa Davis/BIS designed to update Grand Bahama contractors on some of the new procedures set to be implemented by the ministry.

Some of the topics covered during the seminar included pre-qualification documents and assessment criteria; the Construction Contractor’s Act; contract pricing and

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division BETWEEN

payment procedures; project management; and site safety and e-procurement.

He thanked those who attended the seminar, but expressed disappointment in what he called a “poor showing” for Grand Bahama.

“We are introducing new procedures to the Ministry of Public Works, including our pre-qualification process, and no one should take it for granted that they are going to get work from the Ministry of Public Works,” said Mr Bannister.

“All of you would be given a pre-qualification form, and it will be important for each of you to pre-qualify.

It is going to be a new era of transparency in how we do work. The world is changing, so the information that we will be disseminating in this seminar will be very important.”

Mr Bannister told the contractors that the success of the Ministry of Public Works is very much in the hands of the private sector,

2017 CLE/GEN/ 00162

RBC ROYAL BANK (BAHAMAS) LIMITED (formerly “ROYAL BANK OF CANADA”) AND KIRKWOOD J. BAIN

First Defendant

AND DESIREE BAIN To:

Plaintiff

Second Defendant

KIRKWOOD J. BAIN AND DESIREE BAIN

TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of the Bahamas by Finance Corporation of Bahamas Limited, Main Branch, 323 Bay Street, Nassau, New Providence, Bahamas in which the Plaintiff’s claim as set out in the Writ of Summons filed in this action on the 14th day of February, A.D., 2017 renewed by an Order of the Court dated the 3rd day of July, A.D. 2018 claiming against you inter alia the sum of $35,348.63 arising from your default of a loan granted by the Plaintiff to you on or about the 30th day of September, A.D. 2008 AND THAT it has been ordered that service of the Writ of Summons filed herein on the 14th day of February, A.D. 2017 and all other process in the said action be effected on you by way of this advertisement.

If you desire to defend the said action, you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (1) by handing in the appropriate forms duly completed, at the Registry of the Supreme Court, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or (2) by sending them to that office by post. Please also note that if you enter an appearance, then unless a Summons for Judgment is served on you in the meantime, you must also serve a Defence on the Attorneys for the Plaintiff within fourteen (14) days after the last day of the time limited for entering an appearance, otherwise Judgment may be entered against you without notice.

A copy of the said Writ of Summons and Order may be obtained from the Supreme Court Registry, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or from the Attorneys of the Plaintiff below mentioned.

Dated the 6th day of July, A.D., 2018

HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

as the government seeks to develop the building environment in The Bahamas.

“What I have found since coming to the ministry is that many contractors do not use the services of a quantity surveyor, and often rely on their experiences to calculate and tender prices, which often leads to a wide range of prices coming into the Ministry of Public Works,” said Mr Bannister.

“I have seen this too often, where someone comes in too low and someone comes in too high. Quantity surveyors at my Ministry are working to develop standards to help contractors. In doing that we plan to bring uniformity to our pricing structure.”

The minister added that he is well aware there are contractors who have difficulty in trying to get paid in a timely fashion by the Ministry of Public Works for works that have already been completed.

He said the session on payment procedures was designed to give contractors insight on all the information required when an invoice is submitted, so as to minimise the amount of time it takes for them to be paid.

“But I am not going to pretend that all of the problems are with the

contractors,” said Mr Bannister. “Some of the delays in payment are within the ministry. I say we have to do a better job, because when people work, they would like to be paid. So, it is very important that you, as the contractor, do your part and it is very important that we in the Ministry do our part.”

Mr Bannister said the Ministry of Public Works, in collaboration with the Department of Information Technology, is in the process of updating the contractor’s database and also the tendering and payment certificate process.

He said that in order to provide transparency and fair opportunity for all who participate in the government’s capital works programme, the database of qualified contractors needed to be brought up to date.

“This is the digital age and times have changed,” said Mr Bannister. “You are in a totally new age for your profession. Contractors who do not keep up with the times will likely be left out of many of the opportunities that will be advertised on government websites.

“Contractors are being encouraged to take advantage of the many educational opportunities available

locally, overseas and on the Internet; to delve deeply into the art and science of project management. It is only then you can realise the type of profits that you need to realise, without skipping on the works and to enable your business to grow.”

The minister told Grand Bahama contractors that the ministry is in the process of tendering two major projects in Freeport – the total renovation of the Garnet Levarity Building, and the Freeport Post Office.

“Those works will generate work among selected main contractors and many sub-contractors in specialist trades, as the scope includes special roof repairs, air conditioning, electrical and plumbing replacement, exterior and interior finishes, window repair and replacement, and more,” Mr Bannister added.

“The Ministry of Public Works is going to change in the way that it is focused in serving our constituents and in this case our constituents are contractors. We are committed to giving service, but we are also committed to enforcing the standards which the Bahamian people hired us to enforce when we spend their money.”

THE TRIBUNE

Friday, July 27, 2018, PAGE 3

Deal imminent to get Over-the-Hill residents BPL ‘out of dark ages’ warned: Don’t miss out FROM PAGE ONE thrashed out in negotiations, the results of which are supposed to be formalised in the MoU. Shell is seeking to meet New Providence’s long-term energy needs by constructing a liquefied natural gas (LNG) driven power plant at Clifton by 2021, although Mr Bannister yesterday said it would be designed to use multiple fuels so that it can employ the most viable source at any particular time.

“We need some reliability in what we have and what we do,” Mr Bannister told Tribune Business with respect to the energy sector. “For us to come out of the dark ages with respect to the Clifton plant, and be able to clean it up is going to make a huge difference for this country.

“I’m not an economist, I’m a simple lawyer, so these things with respect to economic benefits are not something I can measure, but what I would certainly like to see is some reliability for the Bahamian people; reliability with generation, reliability with transmission. If I see that in my lifetime it will be a dream.”

Mr Bannister said the government was fully committed to the solution offered by Shell North America, adding: “It was the best option at the time when all the bids were evaluated, and we haven’t gone back to look at anything else since. We have no reason to.”

Few details on the Shell proposal have been provided to-date, other than construction of its LNGdriven solution will be completed in 2021 and provide up to 270 megawatts (MW) of power generation.

Darnell Osborne, BPL’s chairman, told Tribune Business almost two weeks ago that she expected MoU negotiations with the global fuels giant to be completed

within one to two months - a timeline that appears to have shortened.

However, some contacts spoken to yesterday by this newspaper expressed surprise that an MoU signing may be imminent, suggesting many commercial issues remained unresolved between BPL and Shell.

Several also revealed that there was confusion over who will be responsible for selecting, and procuring, the technology and generation engines for the new plant. Tribune Business sources revealed Shell is saying BPL will be responsible for this, but BPL is telling people the opposite, with one saying: “Let Shell do what they do best; they got the contract, so let them deal with it.”

And complaints are also being voiced by General Electric (GE), the leading multinational and electricity turbine manufacturer, that it “cannot get a fair hearing” and is being shutout of the process to supply the new Clifton plant and short-term generation.

“There are no real concerns, but a number of issues remain unresolved,” one source said of the BPLShell situation. “The Power Purchase Agreement (PPA) is not done. There’s a lot of work to be done on completing the agreement, the final terms of the contract, and they’re no closer to signing this thing than a couple of months ago.

“Shell is coming to the country on Wednesday, August 1, and that team is not coming here to sign; they’re coming to negotiate.”

The PPA is key, as this will set out the price and other commercial terms governing BPL’s purchase of energy from the Shell plant, and for how long.

It will also deal with the plant’s potential handover to BPL at the end of this period.

The source, speaking on condition of anonymity, added that “the real issue” was GE’s complaint about

seemingly being unable to participate in the provision of generation technology.

They added that GE had made “a viable offer to supply the new plant at Clifton... but have not been able to get a fair hearing”.

GE is up against Wartsila and MAN Diesel, but the source said calls for Shell to select the engine/technology provider were currently problematic because it did not have a signed MoU agreement with BPL and the government.

Another contact, confirming this situation, said that while “there’s no certainty the GE offer is so much better” than its rivals, the process “should at least be transparent and allow GE to make a presentation”.

“It’s in the interests of all parties that GE is given a chance to present their solution,” this source added. “Have a government technical team review the offer, and make a decision in the best interests of the company and country.”

The source added that among the unresolved issues was where the new power plant will be built, given the scarcity of available land around BPL’s existing Clifton plant.

New Providence Development Company is among the existing landowners Shell has spoken to, while the infrastructure to bring LNG from ship to shore may have to cross property owned by the likes of FOCOL Holdings and Tennyson Wells’ Source River entity.

Seabed leases from the government will also be required, and the source added: “There are so many pieces to this puzzle. There are negotiations that have to happen to facilitate this new plant.”

THE deputy prime minister yesterday said residents in over-the-hill areas covered

by Economic Empowerment Zone legislation will miss a “tremendous opportunity” if they did not capitalise on its benefits.

KP Turnquest, pictured, while speaking in Parliament yesterday, said: “If you live in these communities and you don’t go out and do something for yourself, you’re missing a tremendous opportunity. There is tremendous savings in this budget and bill for the average man on the street in these communities.”

Bain Town and Centreville will encompass the first Economic Empowerment Zone. This zone is between Nassau Street on the west, up to Collins Wall in the east, and from Wulff Road and Poinciana Drive in the south to Delancey Street in the north. The government will then move to declare Englerston, St Barnabas, Rock Crusher, Kemp Road, Fox Hill and Gambier as zones also. Prime Minister

To advertise in The Tribune, contact 502-2394

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT 00361 Common Law and Equity Division

2017 CLE/GEN/

IN THE MATTER of an Indenture of Mortgage made the 26th day of June, A.D., 2000, between Andrew P. Clarke and Norma M. Clarke and Finance Corporation of Bahamas Limited

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division BETWEEN

AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN

FINANCE CORPORATION OF BAHAMAS LIMITED AND ANDREW P. CLARKE AND NORMA M. CLARKE

To:

Dr Minnis did not give a timeline of when this could be expected.

Once passed, the bill will lay the legislative framework for several economic growth initiatives. Businesses in the area earning $5m in revenue or less may apply to the Ministry of Finance to receive a trade certificate. This certificate will allow for a waiver of business licence fees. It will also allow businesses that may require a vehicle for their operations to import one vehicle and pay no customs duties or other taxes on the vehicle. Upon application, requirements such as the clear marking of the

RBC ROYAL BANK (BAHAMAS) LIMITED (formerly “ROYAL BANK OF CANADA”) AND

Plaintiff

First Defendant

Second Defendant

ANDREW P. CLARKE AND NORMA M. CLARKE

TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Main Branch, 323 Bay Street, Nassau, New Providence, Bahamas, in which the Plaintiff’s claim is set out in the Originating Summons filed in this action on the 22nd day of March, A.D., 2017 renewed by an Order of the Court dated the 3rd day of July, A.D. 2018 seeking, inter alia, an order to direct you to deliver up possession of Mortgaged Property situate in the Western District of the Island of New Providence and being a portion of a larger tract of land now or formerly the property of Twilight Construction Company Limited which said larger tract of land forms a portion of 5.53 acres of land granted to George McKinney by the Crown under a Crown Grant dated the 6th September, A.D., 1996 and recorded in the Registry of Records in the Island of New Providence in Volume 1029 at pages 393 to 394 to the Plaintiff within Twenty-Eight (28) days of the order and judgment for the sums outstanding under the Indenture of Mortgage dated the 26th day of June, A.D. 2000 AND THAT it has been ordered that service of the said Originating Summons filed herein be effected on you by way of this advertisement.

If you desire to defend the said action, you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (1) by handing in the appropriate forms duly completed, at the Registry of the Supreme Court, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or (2) by sending them to that office by post.

A copy of the said Originating Summons and Order of the Court may be obtained from the Supreme Court Registry, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or from the Attorneys of the Plaintiff below mentioned.

KEISHA HORTON To:

2017 CLE/GEN/ 00156

Plaintiff

Defendant

KEISHA HORTON

TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of the Bahamas by RBC Royal Bank (Bahamas) Limited (formerly “Royal Bank of Canada”), Mackey Street Branch, 120 Mackey Street, Nassau, New Providence, Bahamas in which the Plaintiff’s claim as set out in the Originating Summons filed in this action on the 14th day of February, A.D., 2017 renewed by an Order of the Court dated the 3rd day of July, A.D. 2018 seeking inter alia an Order to direct you to deliver up possession of the Mortgaged Property being Lot “C” situate at the back of “High Wood” in the Settlement of Dumfries near the Settlement of Bennets Harbour on the Island of Cat Island one of the Islands of the Commonwealth of the Bahamas to the Plaintiff within Twenty-Eight (28) days of the order and judgment for the sums outstanding under the Indenture of Mortgage dated the 25th day of November, A.D. 2008 AND THAT it has been ordered that service of the said Originating Summons filed herein be effected on you by way of this advertisement.

If you desire to defend the said action, you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (1) by handing in the appropriate forms duly completed, at the Registry of the Supreme Court, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or (2) by sending them to that office by post.

A copy of the said Originating Summons and Order of the Court may be obtained from the Supreme Court Registry, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or from the Attorneys of the Plaintiff below mentioned.

Dated the 6th day of July, A.D., 2018

Dated the 6th day of July, A.D., 2018

HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

vehicle and any other conditions will be outlined. The concessions under the bill will not extend to places that primarily sell alcohol or offer gaming.

Mr Turnquest yesterday again sought to defend the Minnis administration’s decisions regarding valueadded tax (VAT). “When it comes to the poor people in particular, when it comes to the breadbasket, we are not increasing the cost on the poor and the vulnerable communities. We are reducing the cost on these communities. Come next week there will be no VAT. Before the change they were paying 7.5 percent on breadbasket items. Come next week it will be zero.

That is a savings to the poor,” said Mr Turnquest.

He added: “There is no increase for the most vulnerable communities, there’s absolutely a decrease in their cost. For businesses there are all kinds of benefits in this legislation as well as in the budget for these communities.”

HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

PAGE 4, Friday, July 27, 2018

THE TRIBUNE

Home insurance drop-off may ‘get more extensive’ FROM PAGE ONE “exempt” status for residential property premiums - would result in homes becoming “underinsured or not insured to true replacement costs”.

A BIA ad, spelling out the consequences, states: “Property and casualty insurance member companies of the Bahamas Insurance Association hereby notify the insuring public that when replacement costs increase, the sums insured must also increase. Otherwise, the property may become underinsured or not insured to its true replacement cost.”

The Association added that all property insurance policies include an “averaging” or “underinsurance” clause, the effect of which is to make policyholders responsible for the extent of the underinsurance they effectively become their own insurance. “This is often discovered at the

worst possible time; at the time of a claim,” the BIA added.

The BIA used the example of a $200,000 home that was only insured for $150,000, or 75 percent of its replacement amount. As a result, the homeowner or “insured” is left responsible for “self-insuring” the remaining 25 percent or $50,000.

VAT “exempt” status for residential property premiums took effect from July 1, and Mr Saunders said implementation had gone well “for the most part”. He added: “We are still having little hiccups. We are working through them to have as smooth a transition as possible.”

His comments came as AM Best, the global insurance rating agency, reaffirmed RoyalStar’s “A” (excellent) financial strength rating - said to be the joint highest in the Caribbean region. The Bahamian property and casualty insurer also saw its long-term Issuer credit

NOTICE TO THE GENERAL PUBLIC

This is to advise that the Bahamas Civil Aviation Authority, Corporate Services (Accounts and Human Resources) main line 397-4700 is presently down.

We apologize for any inconvenience caused.

Numbers to contact the Bahamas Civil Aviation Authority in the interim are as follows: 823-5488- Office of the Director General 376-3608- Corporate Services 824-9828- Quality Assurance 376-0830- Safety Oversight Department 427-4963/826-6821- Aviation Security & Facilitation 823-5486 - Manager of State Safety Programme

rating maintained at “A”, with a “stable” outlook placed on both.

Mr Saunders said it was “very gratifying” to have the ratings reaffirmed in the aftermath of a 2017 hurricane season that devastated some of the markets in which it operated, namely Turks & Caicos and the British Virgin Islands (BVI).

He added that RoyalStar was looking to its new holding company structure to facilitate investments that will diversify it away from high hurricane exposure risks.

“I think it shows the confidence in RoyalStar,” Mr Saunders said of the renewed AM Best rating,” and hopefully that translates into confidence our clients have in us.

“We continue to control the things we can control to ensure our rating remains as high as possible. It’s a feather in the cap of the employees at RoyalStar that we continue to do the best we can to ensure our clients are well served and have a company they can rely on in case of catastrophic and other events.”

Mr Saunders added that AM Best had “concluded we’re deserving of the

rating they gave us”, pointing out that no other “pure bred” Bahamian insurer - originating or headquartered - in this nation currently possessed an “A” rating for financial strength.

Only Caribbean insurers with branches or subsidiaries in The Bahamas were at a comparable level.

AM Best, justifying the rationale for RoyalStar’s (RSA) rating, said: “The ratings reflect the company’s balance sheet strength, which AM Best categorises as strongest, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

“RSA continues to generate overall earnings, which are derived from its strong underwriting performance and steady levels of investment income, especially in non-catastrophe years. Positive earnings have enabled RSA to continue to maintain strongest risk-adjusted capitalisation.

“Under the direction of its experienced management team with local market expertise, RSA provides personal and commercial lines coverage throughout The Bahamas, the Cayman Islands, and

Turks and Caicos Islands.”

AM Best said downside risks were largely confined to RoyalStar’s concentration of business and risk in The Bahamas, given this nation’s vulnerability to major hurricanes. “These strengths are partially offset by the geographic concentration of RSA’s business in The Bahamas, the company’s exposure to weather-related catastrophe events and its dependence on reinsurance to mitigate losses and protect its surplus,” the rating agency added.

“RSA mitigates much of its catastrophe exposure through prudent risk management planning, which includes minimising coverage written in flood and storm surge areas, along with its comprehensive reinsurance programme placed with a panel of highquality reinsurers.”

Mr Saunders told Tribune Business that RoyalStar’s “model has served us well for the last 14 years” since it became an independent, Bahamian-owned company.

He added that it conducts business in four Caribbean territories, which also include the Cayman Islands, British Virgin Islands and Turks & Caicos.

“That doesn’t mean we don’t look at opportunities,” the RoyalStar chief said of further diversification, “but unless it’s the right opportunity for RoyalStar we’re not going to go anywhere else. If an opportunity makes sense we’ll look at it.”

Instead, Mr Saunders said the insurer was looking to its new corporate structure, and creation of RoyalStar Holdings as its holding company, for diversification via opportunities to invest outside of underwriting and managing risk.

He pointed to its 20 percent equity stake in the company owning a 100-acre tract of land opposite St Andrews School, around Solomon’s Yamacraw, as one such investment opportunity.

“We’re more focused on diversification through the holding company, and some investment opportunities that we have in The Bahamas and Turks & Caicos,” Mr Saunders told Tribune Business, “where it diversifies us away from hurricane exposure only”.

He described the landholdings opposite St Andrews as “the horizontal diversification we want for profitability long-term”.

Freeport outsourcer to add 100 in five months A CABINET minister yesterday lauded a Caribbean-based outsourcer’s move to add 100 Bahamian employees at its Freeport unit within the next five months.

Kwasi Thompson, minister of state for Grand Bahama, said in a statement that the first 25 of Itelbpo’s new recruits will start work in August this year, as it expands to handle the increased call volume generated by new clients.

“The government is especially pleased that this expansion is in keeping with our Grand Bahama Tech Hub initiative,” Mr Thompson added. “Itelbpo was one of the first technology

companies to come to Grand Bahama and participate in the Grand Bahama Tech Summit.

“The government has committed to working with Itelbpo to ensure that Grand Bahamians are able to take advantage of every opportunity. To build a skills bank of qualified Bahamian candidates, the Office of the Prime Minister-Grand Bahama will collaborate with Itelbpo to coordinate a job fair to provide Bahamians with the opportunity to apply for potential positions.”

Itelbpo has operated in Freeport since 2013, expanding its business process outsourcing (BPO) capabilities from its Jamaican base by establishing a growing presence in The Bahamas, Mexico and the US. Initially known as Island Outsourcers, the company moved into Freeport as Grand Bahama’s first

MINISTER of State for Grand Bahama, Kwasi Thompson, left, with Prime Minister Hubert Minnis.

BPO operator when it won the contract to act as the Ministry of Tourism’s call centre. It is also understood to be the business who Bahamasair’s reservations department has been outsourced to.

Itelbpo now has three call centre facilities within the Caribbean and Central America, with

another call centre facility in Tampa, Florida.

Mr Thompson said Itelbpo will be recruiting applicants in areas such as inbound and outbound sales and reservations; inbound and outbound customer service; outbound NPS surveys; outbound collections; market research; digital Marketing (PPC); and social media management.

MAP DIRECTIONS

Eastern Road Entrance House on the corner orange and white

PUBLIC AUCTION

LOT 22 BLACKBEARD’S TERRACE SUBDIVISION

EASTERN ROAD

NOTICE

ANY PRICE OR ANY OFFER WILL BE CONSIDERED To be sold by Public Auction pursuant to the Writ of Execution of the Honourable Madam Registrar of the Supreme Court of the Commonwealth of The Bahamas, dated the 22 November 2017 in Supreme Court Action number CLE/gen/00041 of 2017.

Description:- 3-4 Bedrooms 3 Bathroom, Just off Eastern Road, Recently Built Home. (Details without guarantee) The above particulars and any further particulars that may be given with regard to the Property and Home at Lot 22 Blackbeard’s Terrace Subdivision are and will be given in good faith, but no responsibility and/or liability will be accepted for their accuracy. Purchasers must make their own independent enquires.

All Bids may be submitted in a Sealed Envelope by Monday 30 July 2018: To Rolle & Rolle, No 13, Seventh Terrace West, Centreville, Nassau, Bahamas, by hand delivery. (Same Street as Xerox) The winning bidder must present Twenty-five (25%) of the purchase price/deposit at the time of the winning auction. The balance is to be paid within Twenty-one (21) days thereafter. All deposits are nonrefundable. Price analysis for homes in Blackbeard’s Terrace Subdivision can be obtained from reputable Real Estate Agents. The Provost Marshall reserves the right to reject any and all bids.

The sale is made without warranty as to condition or fitness for any purpose; that interested parties should make their own enquiries as to title and satisfy themselves of all rights and liabilities or other burdens which may attach to the land; that the sale is subject to the reserve price; that only unconditional bids will be accepted.

THE TRIBUNE

Friday, July 27, 2018, PAGE 5

Less than 20% of suspicuous deals passed to Police Force FROM PAGE ONE or $25.626m of this sum.

“The Financial Intelligence Unit did not detect any criminal activity in 75.47 percent of the suspicious transactions reports received,” the FIU annual report added. “Fraud and other illicit matters were detected in 12.56 percent and 1.35 percent, respectively, of the reports received.”

It is unclear whether the surge in STRs will impress international anti-money laundering/terror financing bodies who are currently assessing whether The Bahamas has addressed the weaknesses identified by the Caribbean Financial Action Task Force’s (CFATF) review last year.

The CFATF reported that Bahamian financial institutions show “a lack of enthusiasm” in reporting clients’ questionable transactions to the authorities, with the volume of STRs made by Bahamian financial services providers “low” when compared to the industry’s size and potential risk level.

It suggested that this “may in no small measure” be caused by the Financial Intelligence Unit’s (FIU) failure to report back to providers on the outcome of investigations into their filed STRs. “The overall number of STRs filed by financial institutions and non-bank financial institutions is low, given the substantial size of the financial sector in The Bahamas, as well as the substantial presence of higher risk activities such as private banking, trust, company service providers and real estate owned by foreigners,” the CFATF said.

Tribune Business sources have previously suggested that The Bahamas is weak on enforcement of its regulatory regime, with not enough prosecutions

for money laundering and other financial crimes taking place. The CFATF’s parent, the Financial Action Task Force (FATF), is now assessing whether these deficiencies have been addressed.

The FIU’s 2017 annual report revealed that it received an average of 37 STRs per month, with an average transaction value of $144,547. The average transaction value of those reported to the police was higher at $350,901.

Domestic and international banks accounted for the vast majority of STRs, at 80.04 percent, with Bahamian and US dollar transactions involved in almost 99 percent of reports. In some 45.29 percent of STR filings institutions “did not know the nature of the offence”, with fraud and “other illicit matters” accounting for 25.34 percent and 12.78 percent, respectively.

Bahamas residents accounted for almost twothirds, or 62.11 percent, of “contract partners” whose transactions were the subject of STRs. And Bahamians accounted for 46.41 percent of transaction “beneficial owners”.

“Long-standing customers of the disclosing institutions accounted for 66.14 percent of the reports received, whereas new customers accounted for 22.42 percent of the reports,” the FIU report added.

The FIU received 117 requests for assistance from foreign counterparts in 2017, of which 78.63 percent were processed and another 20.51 percent being dealt with. One matter was denied.

The Bahamian unit sent 102 assistance requests of its own, with responses received in 89.22 percent of cases. Of the remaining matters, one request was withdrawn and ten are being processed.

Domestically, the FIU sent 792 requests to

Bahamian law enforcement agencies and financial institutions. Of these, almost 80 percent received replies, while the remainder are being processed. Of the 71 domestic requests for help made of the FIU, all were dealt with.

The FIU analyses STRs, and passes those requiring further investigation on to the police, but last year’s CFATF report said there was “ineffective application” of such intelligence to uncover money laundering offences.

“The FIU indicated that the quality of the STRs is sometimes not satisfactory, and believes that some financial institutions can provide a better quality product,” the CFATF report found.

“This should be coupled with the fact that the majority of interviewed reporting entities indicated that there was nominal feedback from the FIU on STRs filed, save for an acknowledgment of receipt of the STRs. “There is an apparent lack of enthusiasm by reporting entities to file STRs, as they are unaware of the outcome and therefore may question the utility of the exercise,” the report continued. “Giving feedback is essential to motivate the financial institutions to file better quality STRs, as well as enable financial institutions to better understand the relevance of the STRs they filed.

“This may in no small measure be contributing to the fluctuation in STRs received by the FIU during the period 2011-2014. It may also be contributing to the small number of STRs which are being filed in The Bahamas.”

Still, the CFATF report praised the FIU for “having made considerable strides as an organisation in building its capacity”. It added that it was “a well-structured and resourced unit”,

with 23 staff members who included nine analysts; four IT officers; an attorney; and an accountant.

However, it slammed the way in which the Royal Bahamas Police Force appeared to be using the intelligence gathered by the FIU. “Generally there seems to be an ineffective application of financial intelligence and other relevant information in the development of evidence with regards to money laundering offences, and other associated predicate offences and terrorism financing, by the [RBPF],” the CFATF report said.

“This may be symptomatic of an investigative deficiency, or a deficiency in the financial intelligence.

During the period under review a total of 220 STRs were disseminated to the [RBPF].

Notwithstanding this, only a total of 45 production orders were applied for, and an even more negligible number of 15 search warrants.

“It is uncertain as to whether those investigative tools were used in relation to the investigations into money laundering and other associated predicated offences. As regards terrorism financing, the FIU indicated that there was no merit in STRs filed on terrorism financing and thus they were both closed,” the report continued.

It concluded: “Effectiveness is not being demonstrated with respect to the analysis and dissemination of financial intelligence. The intelligence is not being used by the RBPF to further investigations in money laundering.”

To advertise in The Tribune, contact 502-2394

MARKET REPORT THURSDAY, 26 JULY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,974.46 | CHG 0.30 | %CHG 0.02 | YTD -89.11 | YTD% -4.32 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.02 1.39 0.19 4.00 9.16 6.60 5.30 11.93 2.71 1.77 8.21 6.21 11.50 7.29 13.67 13.00

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 3.00 8.50 6.00 3.15 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

LAST CLOSE 4.45 17.43 9.09 4.02 1.01 0.18 3.00 9.13 6.15 4.00 11.40 2.76 1.75 7.94 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 11.42 2.79 1.75 7.95 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 0.02 0.03 0.00 0.01 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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

108.38 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.19 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

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

VOLUME 50 1,200

3,300 3,900 1,500 35,000

10

VOLUME

10

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 27.4 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% 5.43% 2.15% 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 SHANNON TYRECK ROLLE of Detura Avenue, Nassau, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 27th July, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas

PAGE 6, Friday, July 27, 2018

THE TRIBUNE

2,765 overtime hours but no payment due FROM PAGE ONE had not been challenged and should stand.

Noting that “in-lieu time” meant that managerial employees received an hour off with pay for every overtime hour earned, the appellate court said the evidence on the matter “is far from clear”.

Noting that Mr Rahming’s appeal revolved around the issue, Sir Hartman wrote: “The company itself initiated an investigation into the hours claimed because of the apparent

inflation of the claims.

“It does not appear that the investigation was ever completed before the appellant resigned his employment, and the truth or otherwise of his claim was never resolved.

But clearly there were issues which suggested the claims were not free from difficulty.”

Noting “conflicting reports” by Mr Rahming’s supervisors, Sir Hartman found that the Supreme Court was mistaken because the pre-2009 “in-lieu” hours were not in dispute.

“The investigation seemed to have been initiated in relation to the 2009 claims when there was an outrageous claim for 6,000 hours of ‘in lieu time’ accumulated that year,” the Court of Appeal ruled.

“There is nothing to suggest that the pre-2009 hours were also under review and, even if they were, there is nothing to question the accuracy of the time claimed for those years.” Based on the claims signed-off on, Sir Hartman said Mr Rahming was entitled to 2,464 “in-lieu hours” for 20052008, and 301 for 2009, for a grand total of 2,765 overtime hours.

This finding, though, proved a hollow victory for Mr Rahming as the Court of Appeal backed the Supreme Court’s reasoning for rejecting his bid for between $125,045 to $187,566 in “in-lieu” compensation.

It, too, said the former managerial employee should have resolved the matter before resigning voluntarily on February 11, 2011, rather than waiting almost two-and-a-half years to July 2013 to file his compensation claim in the Supreme Court.

Sir Hartman found that the industrial agreement between Grand Bahama Power Company and the union representing its managerial staff did not provide for monetary compensation to be paid for “in-lieu” hours.

“As the judge pointed out, the appellant should have had his hours verified before leaving his employment and taken those hours prior to his resignation,” the Court of Appeal ruled, pointing out that Mr Rahming was neither fired nor terminated.

“It was not the company’s fault, therefore, that he was not permitted to take his “in-lieu time” with pay, although in his letter seeking compensation after he had resigned he raised the prospect that his request to take some of his accumulated hours was denied because of the exigencies of the company.

“In the circumstances, the claim for compensation for payment if a “time in-lieu” payment under the Industrial Agreement fails.” Mr Rahming’s claims for a $68,875 gratuity and vacation pay of $28,500 were also rejected.

US TO HIT NATO-ALLY TURKEY OVER DETAINED PASTOR, TRUMP SAYS WASHINGTON Associated Press PRESIDENT Donald Trump, pictured, declared on yesterday the United States will impose sanctions on Turkey, a crucial NATO ally, in retaliation for the detention of an American pastor on terror and espionage charges.

Turkey’s response was both harsh and dismissive, calling his words “unacceptable” and a “cheap threat”.

Trump’s promise of unspecified punishing action marks the latest deterioration in relations between Turkey and the US as President Recep Tayyip Erdogan’s powers expand two years after a failed coup against his government.

Trump also has praised his counterpart, saying Erdogan’s leadership is “getting very high marks”.

The US has long depended on a key air base in Turkey’s south, most recently to launch airstrikes against the Islamic State group.

Pastor Andrew Craig Brunson was first detained

by Turkish authorities in the aftermath of the failed 2016 coup. On Wednesday, he was let out of jail after 1 1/2 years, transferred to house arrest because of “health problems”, according to Turkey’s official Anadolu news agency.

Trump said that was insufficient.

“He is suffering greatly.

This innocent man of faith

should be released immediately!” Trump wrote on Twitter.

The announcement of sanctions — though no details of how or when — came as the State Department was holding a three-day event promoting religious freedom. Brunson’s case has become a cause for conservative Christians who form an important part of Trump’s political base.

Turkey responded that Brunson’s detention falls within the jurisdiction of its independent judiciary.

“Rule of law is for everyone; no exception,” said Foreign Minister Mevlut Cavusoglu, also via Twitter.

And an Erdogan spokesman warned the US to “reconsider its approach and adopt a constructive position before inflicting further damage to its own interests and its alliance with Turkey.”

Vice President Mike Pence announced the threat of action at the religious freedom conference, then Trump tweeted that his government “will impose large sanctions on Turkey for their long time detainment of Pastor Andrew Brunson.”

Legal Notice

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

Tsain San Enterprise Company Ltd. In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). Tsain San Enterprise Company Ltd., is in Dissolution.”

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

CHIOU, HAO-HSUAN of 10F.-5, No. 800, Sec. 5, Zhongxiao E. Rd., Xinyi Dist., Taipel City 110, Taiwan Liquidator

Legal Notice

Legal Notice

NOTICE

NOTICE

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Fair Oaks International is in dissolution and the date of commencement of the dissolution is 20 July 2018.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Urbacon Buildings Group Corp. has been dissolved and has been struck from the Register with effect from 16th May, 2018.

Lynn Kelly and Halson Ferguson LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas

Lynn Kelly and Halson Ferguson LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas

NOTICE ASPEN EQUITIES CORP. Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), ASPEN EQUITIES CORP., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 3rd day of July, 2018.

RAMON ORTIZ DE TARANCO of Ruta 8, km. 17.500, of. 115 - 91600, Zonamerica, Montevideo, Uruguay Liquidator

Legal Notice

Legal Notice

Legal Notice

NOTICE

NOTICE

NOTICE

Overseas Ship Invest Ltd.

B&B Industries S.A.

Quantum Engineering Corp.

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 24th day of July, 2018. The Liquidator is Kim Thompson of Nassau, Bahamas.

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 24th day of July, 2018. The Liquidator is Kim Thompson of Nassau, Bahamas.

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 24th day of July, 2018. The Liquidator is Kim Thompson of Nassau, Bahamas.

Kim Thompson (Liquidator)

Kim Thompson (Liquidator)

Kim Thompson (Liquidator)

(In Voluntary Liquidation)

(In Voluntary Liquidation)

(In Voluntary Liquidation)

THE TRIBUNE

Friday, July 27, 2018, PAGE 7

Airlines trim flights, France and Spain want US action on make other tweaks steel, aluminum tariffs reduction to offset fuel costs DALLAS Associated Press AIRLINES are bowing to the pressure of higher fuel prices by culling unprofitable flights while trying to boost revenue by being nicer to customers.

American Airlines said yesterday it will join rivals by growing more slowly during the rest of 2018 than it had originally planned.

Airline investors have soured this year as the carriers kept adding more flights and seats, pushing fares lower even when demand for travel seemed strong enough to produce higher prices. American’s announcement and upbeat comments from Southwest Airlines cheered investors and triggered a rally in airline stocks.

Earlier this month Delta Air Lines and United Airlines both announced slight reductions in planned growth to cope with fuel bills expected to be $2bn higher than last year.

Airlines are trying other tactics to raise revenue.

American, for example, will try to boost sales by making its cheapest “basic economy” tickets less austere. The airline will let buyers stow a rolling bag in the overhead bin like all other passengers, but they still won’t be allowed to pick a seat until 48 hours before departure, won’t be eligible for upgrades, and will board the plane last.

Spot prices for jet fuel are up nearly 50 percent from a year ago, and a fresh round of financial reports yesterday underscored how that is cutting into airline profits.

— American Airlines Group Inc The Fort Worth, Texas-based airline said second-quarter profit plunged 34.5 percent to $566m as it spent $729m more on fuel than a year ago when including spending by its regional subsidiaries. Revenue rose 3.7 percent to $11.64bn.

Excluding what American considered non-repeating costs, earnings were $1.63 per share. That was four cents higher than the average forecast of 16 analysts surveyed by FactSet.

For the second time this year, American cut its forecast of full-year earnings. The new forecast — between $4.50 and $5 per share — is $1 lower than the original. Some analysts had predicted the lower forecast.

American trimmed planned growth in passenger-carrying capacity in the third and fourth quarters and said it will delay delivery of some new planes starting next year to conserve cash from 2019 through 2021.

On the passenger side, American announced that starting Sept 5, buyers of basic economy tickets on domestic and short international flights will be able to bring a carry-on bag in addition to one “personal item” like a backpack or messenger bag that fits under the seat. CEO Doug Parker hinted that American is losing price-conscious customers to Delta Air Lines, which already lets basic economy customers have a carry-on bag. (United does not.)

Don Casey, American’s senior vice president of revenue management, said the change would bring in more than $100m a year.

— Southwest Airlines Co Southwest’s second-quarter profit slipped by $10m, to $733m, while revenue was about flat at $5.74bn.

The Dallas-based airline spent 40 percent more on fuel, but losses last year and gains this year on hedging — it’s like buying insurance against price spikes — reduced the impact to Southwest’s bottom line.

In April, a woman died on a Southwest flight when an engine tore apart and a piece struck her window, breaking it — the airline’s first passenger fatality from an accident. Southwest stopped advertising for a time, and the airline said yesterday that the pause in marketing, followed by discounting to sell seats, led to $100m in lost revenue.

The average second-quarter fare was four percent lower than a year ago, down to $151.94 one-way, but Southwest expects that the accident’s impact on revenue will subside in the coming months.

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NOTICE In the Estate of NEVILLE COURTNEY MAJOR late of No. 11 Bay Berry Drive, Imperial Park, in the Eastern District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased.

NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 24th day of August, 2018, after which date the Executor will proceed to distribute the assets having regard only to the claims of which he shall then have had notice.

AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

HIGGS & JOHNSON Chambers Ocean Centre Montagu Foreshore East Bay Street P. O. Box N-3247 Nassau, Bahamas.

Attorneys for the Estate of Neil Courtney Major

MADRID Associated Press

THE LEADERS of France and Spain said they welcomed a trade truce between the United States and Europe called this week, but demanded action yesterday from their ally across the Atlantic to reduce tariffs and rejected negotiating a new trade agreement with the US. “A good trade dialogue can only be based on a balanced, reciprocal basis, but never under any sort of threat,” French President Emmanuel Macron said at a press conference with Spanish Prime Minister Pedro Sanchez in Madrid.

Macron added that he wanted to see “clear signals on steel and aluminum that are subject of illegal tariffs in the United States.”

The US has imposed tariffs on imports of the metals and threatened to put taxes of 20 to 25 percent on cars, trucks and auto parts imported from the EU, justifying the actions on national-security grounds.

The EU has imposed retaliatory taxes on American-made products.

But on Wednesday, US President Donald Trump and European Commission President Jean-Claude Juncker agreed to engage in talks that would open markets. The EU also agreed to purchase more soybeans from the US and to build more terminals for imported American liquefied natural gas.

Sanchez said neither France nor Spain were

FRENCH President Emmanuel Macron waves as he leaves Bagneres-de-Bigorre, France, after visiting the Pic du Midi observatory yesterday.

Photo: Bob Edme/AP comfortable with the deal’s potential to harm Europe’s common agricultural policy and said they would seek clarification from Juncker, the European Union’s chief trade negotiator.

Macron said the deal eliminates “useless tension”, but also warned that he was against launching negotiations on a vast US-EU trade accord “because the context doesn’t allow it”.

The French president made his first official visit to Spain on yesterday. He

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INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, SKY KAHSHAWN HOLBERT aka SKY BUTLER, Legal Guardian of PATRICK BUTLER of the South-Western District of New Providence, intend to change his name to PATRICK DANIEL GOFFE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

and Sanchez have agreed to pursue a joint agenda on expanding the EU’s membership and reaffirmed their shared views on mass migration from northern Africa to Europe.

But both leaders had to field questions about separate scandals that threaten to tarnish their public images.

Macron accused journalists of “stirring a storm in a glass” over his former security aide who was seen beating a protester in video footage published by Le

Monde last week.

Prosecutors and French lawmakers have opened a judicial investigation of Alexandre Benalla’s actions at the May 1 demonstration he attended with riot police he was supposed to be observing. Macron’s office has been under attack for not disclosing the incident weeks ago and how Benalla was disciplined before his firing last week.

“Something grave has occurred which was met with an immediate and proportionate response from the Elysee Palace,” Macron said in reference to the home of the French president’s offices. He said he was awaiting a “profound and legal analysis” from the investigations.

Sanchez has faced sharp criticism from the political opposition after his government defended a trip the prime minister took with his wife on the official government jet last week to attend a music festival in the eastern region of Valencia.

The Spanish leader said the controversy was “artificial” and the government’s security department requires the prime minister to travel by plane.

Macron was hosted for dinner by Spain’s King Felipe VI and scheduled to go to Portugal on Friday to meet Prime Minister Antonio Costa and attend a debate on the future of Europe.

Macron and Costa will be later joined by Sanchez and European Commission officials for a mini-summit on energy policy in the region.

PUBLIC NOTICE

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PAGE 8, Friday, July 27, 2018

THE TRIBUNE

Facebook-led tech slump dims broader gains for US stocks

By ALEX VEIGA Associated Press A PLUNGE in Facebook shares weighed on US stocks on yesterday, erasing more than $100bn of the social media giant’s market value and snapping a three-day winning streak for the S&P 500 index.

Facebook’s tumble led a sell-off in technology companies that offset solid gains in other areas of the market, including industrial and energy stocks and consumer goods companies. Smallcompany stocks did better than the rest of the market.

The broader gains reflect another round of strong company earnings and fresh optimism among investors that trade tensions between the US and European Union may be on the mend.

“It’s a shock what happened to Facebook, but that little improvement in the trade picture and the continuation of the earnings results have just been spectacular,”

said Ted Theodore, portfolio manager at TrimTabs Asset Management.

The S&P 500 index dropped 8.63 points, or 0.3 percent, to 2,837.44.

The Dow Jones Industrial

Average climbed 112.97 points, or 0.4 percent, to 25,527.07.

The Nasdaq composite index lost 80.05 points, or one percent, to 7,852.18.

The Russell 2000 index

Amazon’s quarterly profit tops $2 billion for first time NEW YORK Associated Press AMAZON’S quarterly profit soared past $2bn for the first time as its online shopping, cloud computing and advertising businesses continued to grow.

The company, which started in 1995 as an online bookstore, has expanded beyond online retail to boost its profits. Its Amazon Web Services unit, which provides cloud computing services to companies

and government, has been a strong source of income.

And its advertising unit recently became a billiondollar business that sells ads to companies that want their products to show up first when shoppers search on the site.

After Amazon.com Inc released its financial results yesterday, its shares rose more than three percent to $1,870.23 in after-hours trading. Its stock is already up nearly 72 percent in the last year, and Amazon is

getting closer to surpassing iPhone maker Apple as the world’s most valuable company.

Seattle-based Amazon reported net income of $2.53bn, or $5.07 per share, in the three months ending June 30, blowing past the $2.48 per share Wall Street analysts expected, according to FactSet. Revenue soared 39 percent to $52.89bn in the second quarter, but was below the $53.37bn analysts expected.

of smaller-company stocks gained 10.16 points, or 0.6 percent, to 1,695.36. More stocks rose than fell on the New York Stock Exchange.

The S&P 500, the market’s benchmark index, is still on track for its fourth weekly gain in a row.

Facebook sank 19 percent to $176.26 after the social media giant said that its user base and revenue grew more slowly than expected in the second quarter, and that it expects slower revenue growth ahead. The slower growth came about as the company grappled with privacy scandals. All told, $119bn of its value was wiped out, more than the entire value of General Electric.

“For such a big company to suffer such a significant decrease in price is really amazing to watch,” said Erik Davidson, chief investment officer at Wells Fargo Private Bank.

Investors have been focused on the mostly

favourable run of company quarterly earnings the past couple of weeks. At the same time, traders have been wary of global trade tensions, which have ratcheted up in recent weeks as the US and some of its trading partners imposed tariffs and threatened more.

But talks held late Wednesday between President Donald Trump and a European Union delegation gave markets cause for encouragement after both sides agreed to work on a pact to dismantle trade barriers.

Facebook wasn’t the only big company to report disappointing quarterly results or outlooks.

Ford lost six percent to $9.89 after the automaker disclosed a sharp drop in quarterly profits and said it would undertake a restructuring that will cost $11bn over the next three to five years.

Mattel also slumped, dropping 4.2 percent to $15.61 after the maker of Barbie and Hot Wheels reported a loss that was larger than analysts were expecting. It also said it would eliminate more than 2,200 jobs.

Reports from other companies put investors in a buying mood.

DR Horton jumped 10.9 percent to $43.84 after the homebuilder reported earnings and revenue that easily beat Wall Street’s forecasts.

It also announced a $400m share repurchase program.

Qualcomm vaulted seven percent to $63.58 after the chipmaker reported earnings that beat analysts’ expectations and said it would abandon a bid to acquire NXP. Mondelez International, which sells Oreo cookies and Cadbury chocolate, climbed 4.3 percent to $43.27 after

the company’s latest quarterly earnings and revenue topped analyst estimates.

Traders also bid up shares in rival Hershey, which gained 7.4 percent to $99.66.

Several airlines also traded higher, contributing to industrial sector gains. Alaska Air Group surged 9.6 percent to $64.76, while Southwest Airlines jumped 8.4 percent to $56.70. American Airlines added 4.8 percent to $40.02.

Benchmark US crude rose 31 cents to settle at $69.61 per barrel in New York.

Brent crude, used to price international oils, added 61 cents to close at $74.54.

The pickup in oil prices gave a boost to some energy stocks. Marathon Petroleum climbed 7.3 percent to $80.16.

Bond prices fell, sending yields higher. The yield on the ten-year Treasury rose to 2.98 percent from 2.97 percent.

The dollar rose to 111.23 yen from 110.83 on yen Wednesday.

The euro weakened to $1.1645 from $1.1699.

Gold fell $6.10 to $1,225.70 an ounce. Silver lost nine cents to $15.50 an ounce.

Copper was little changed at $2.82 a pound.

In other energy futures trading, heating oil rose three cents to $2.18 a gallon.

Wholesale gasoline added four cents to $2.16 a gallon.

Natural gas added a penny to $2.78 per 1,000 cubic feet.

Major stock indexes in Europe rose. Germany’s DAX jumped 1.8 percent while France’s CAC 40 added one percent. Britain’s FTSE 100 gained 0.1 percent. In Asia, Japan’s Nikkei 225 lost 0.1 percent while South Korea’s Kospi added 0.7 percent. Hong Kong’s Hang Seng lost 0.5 percent.