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business@tribunemedia.net

WEDNESDAY, JULY 31, 2019

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DAVE BECKFORD

Negotiating ‘in the dark’ fears on hotel talks By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER hotel union presidential candidate has voiced concern that a new industrial agreement is being negotiated “in the dark” with members unaware of what is being done on their behalf. Dave Beckford, who led Team Destiny in its unsuccessful 2013 election bid, told Tribune Business it was “not fair and right” that Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) members did not know the salary increases and benefits improvements being sought. He explained that his concerns had been sparked after union president, Darren Woods, told this newspaper on July 23 that he had agreed with the resort industry’s bargaining agent, the Bahamas Hotel and Restaurant Employers Association, not to discuss the details or progress of the industrial agreement negotiations publicly. This follows a rocky period in Bahamian hotel industry labour relations that saw the union burn the employers’ initial proposal with its members subsequently voting to strike, although no action has yet been taken. The Employers Association responded by accusing the union of riling up its members to take a strike vote over “issues that simply do not exist”, pointing out that the industry had never sought the elimination of the 15 percent automatic gratuity as suggested by the BHCAWU. The apparent “gag” on any public statements concerning the negotiations’ progress, or lack thereof, is likely designed to prevent a repeat of this situation and the possibility of any industrial action. But Mr Beckford, while accepting a bar on any public statements, said union members had a right to know what was being negotiated on their behalf. Several other hotel union members spoken to by Tribune Business confirmed they knew nothing about the terms their representatives were seeking, and Mr Beckford said: “He [Mr Woods] still has the obligation to tell the members what’s in the union’s proposal. “You don’t have to talk publicly, but the membership is supposed to know. I have no objection to not saying anything publicly, but the members want to

SEE PAGE 4

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‘Surprise’ at just three Nassau Flight offers By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SENIOR government official yesterday voiced surprise that the Nassau Flight Services (NFS) privatisation had attracted just three bids from potential Bahamian purchasers. Algernon Cargill, director of aviation, told Tribune Business that “a lot more than three” had been expected based on the level of inquiries and information requests that were sparked by the release of the formal privatisation tender. Declining to identify the bidder trio, he said an evaluation committee featuring a mixture of “outside experts” and Ministry of Tourism officials will now be formed to review the offers and make a recommendation to

ALGERNON CARGILL the government on which, if any, it should accept. Mr Cargill said the committee would aim to complete its work “within the next 30 days”, and added that a franchise arrangement - where a

A “BAD mortgage” acquirer is aiming to further relieve distressed borrowers and their lenders by expanding into unsecured loan purchases, it was revealed yesterday. Sir Franklyn Wilson, whose group is one of the investors behind Gateway Financial, told Tribune Business that the joint venture involving an arm of the World Bank was “exceeding every expectation in terms of how much good it is doing” for all sides of The Bahamas’ delinquent loan crisis.

SEE PAGE 5

SEE PAGE 6

SEE PAGE 4

• Gateway Financial moving beyond mortgages • Sir Franklyn: ‘It’s exceeded every expectation’ • Family of seven hail ‘not being thrown on street’

SIR FRANKLYN WILSON

While unable to place a value on the distressed loans acquired from Bahamian commercial banks, Sir Franklyn said Gateway’s “very material” impact had eradicated the doubts previously harboured by the Christie Cabinet’s members who had initially been reluctant to approve the venture. He shared with Tribune Business an e-mail received on Saturday from a mother of seven, expressing gratitude

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

that Gateway had managed “not to throw us out on the streets” and instead given them “a fresh start”, as one example of how the debt restructurer’s work is benefiting Bahamians. “Gateway Financial quietly, quietly is doing a yeoman’s work in terms of keeping people in their homes,” the Sunshine Holdings chairman said. “You

low level of interest in Nassau Flight Services, and said: “Based on the response from the Request for Proposal, and the explanations and clarifications sought, we were expecting a lot more than three. We were surprised.” It is unclear why the privatisation tender did not attract more interest, given that the airport ground handling services provider’s annual $8m revenues place it well within the range of the Bahamian investor groups targeted by the government. The Minnis administration has long made clear that it views Nassau Flight

Distressed debt acquirer’s unsecured loan expansion By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Law firm urges ‘clarification’ on $13m judgment BAHAMIAN law requires further “clarification” following the Privy Council verdict that allowed a liquidator to serve a $13.148m “claw back” claim outside this nation, it was argued yesterday. Attorneys for ZCM Asset Holding Company (Bermuda) Ltd, whose resistance to being served was finally defeated at the highest court in the judicial system, said the ruling’s effect is to enable the Bahamian courts to exercise “extraterritorial” authority over insolvency claims even though this is not provided for by statute law. Lennox Paton, in a statement, said the Privy Council had “painstakingly wove a needle” through multiple different procedures to enable the liquidator of a Bahamas-based investment fund to serve legal proceedings on their client in a bid to “claw back” a “voidable or fraudulent preference” it had allegedly received. The law firm, whose senior partner, Brian Simms QC, and Sophia Rolle-Kapousouzglou, represented ZCM, argued that one effect of the verdict was to provide International Business Company (IBC) liquidators with a “claw back” provision that their Companies Act counterparts do not have. In a statement pointing out this discrepancy, Lennox Paton said the Companies Liquidation Rules 2012 do not allow claims to be served outside The Bahamas - something that was not addressed by the Privy Council. Noting that the newlyappointed Chief Justice, Brian Moree QC, had appointed a committee to address the “long outof-date Bahamian Court

• Aviation chief: ‘A lot more expected’ • Recommendation to Cabinet in 30 days • Govt to ‘franchise if can’t get desired price’ bidder would lease Nassau Flight Services’ assets and assume total responsibility for managing the company’s daily operations - remained an option if the government did receive its “desired” price for the business. “There were three bids. They were opened today,” Mr Cargill revealed to this newspaper. “The next step is that an evaluation committee will review the bids and make a recommendation to the Cabinet. The Cabinet will make a final decision. The committee cannot accept or reject; it can only make a recommendation based on the bids.” The aviation director admitted that officials were surprised by the relatively

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Minister not intervening in Sky Bahamas dispute By NATARIO MCKENZIE and NEIL HARTNELL Tribune Business Reporters A CABINET minister yesterday declined to intervene in the dispute that has prevented Sky Bahamas from flying for three weeks and left it on the brink of financial collapse. Dionisio D’Aguilar, minister of tourism and aviation, instead urged Captain Randy Butler, the airline’s principal, to continue meeting with the Bahamas Civil Aviation Authority and “work out” his differences. Addressing the matter ahead of yesterday’s Cabinet meeting, Mr D’Aguilar said: “I believe, although I haven’t confirmed, that he had discussions with the regulator. I want to be very clear: No minister of

• D’Aguilar: Airline must figure it out • Sky chief hits out on NAD debt tie • Operator ‘past point of no return’

DIONISIO D’AGUILAR

CAPT RANDY BUTLER

aviation with any sense is going to intervene on a safety issue. “If Sky Bahamas has a matter before the Bahamas Civil Aviation Authority, it’s up to him to figure out

how to get the necessary approvals in order for him to obtain his air operating certificate (AOC).” Mr D’Aguilar continued: “I don’t have the technical expertise to intervene on

his behalf; this is something he has to work out with the regulator. The aviation sector is highly regulated with a lot of technical standards and technical rules, which the regulator knows and the operating airlines know. “He needs to sit with the regulator and work out what difference he has in order to bring ease and calm to the matter, and put the regulator at bay to fulfill all of the requirements that he has.” Captain Butler last night confirmed that Sky Bahamas’ AOC, which is the permit required for an

airline to carry fare-paying passengers, had still not been renewed as he accused regulators of linking the matter to debts the airline allegedly owes to Nassau Airport Development Company (NAD). Arguing that the AOC was a separate issue from any debt owed to the Lynden Pindling International Airport (LPIA) operator, and that the two should not be linked, Captain Butler told this newspaper: “They’re now attaching the fact we owe NAD, which is a completely separate organisation from the Bahamas Civil Aviation Authority.” Tribune Business understands that NAD and Sky Bahamas are now embroiled in a Supreme

SEE PAGE 6

PAGE 2, Wednesday, July 31, 2019

THE TRIBUNE

VENDORS TOLD TO READY FOR CRUISE ‘GOLD MINE’ BIMINI’S craft vendors have been urged to ready themselves for the November launch of Mediterranean Shipping Company’s (MSC) private cruise resort at nearby Ocean Cay. Bishop Gregory Collie, the Bahamas Agricultural and Industrial Corporation’s (BAIC) chairman, challenged vendors to offer authentic Bahamian-made gifts and souvenirs to the thousands of cruise passengers that will be disembarking on a weekly basis. The multi-million dollar Ocean Cay project will welcome its first 4,600 passengers on November 9. MSC has transformed the 95-acre island into a destination that is expected to attract over 500,000 visitors in its first year. Bishop Collie urged vendors at a meeting last

BISHOP GREGORY COLLIE

RESIDENTS of Bimini in attendance.

week to make “made in The Bahamas” a more popular label than any other. He added that MSC representatives have been in talks with BAIC officials to help identify and recommend Bahamians who are capable of providing quality Bahamian items on a consistent basis. “BAIC is assisting to improve employment opportunities and the economic situation in the country by training and equipping people to produce more Bahamian products,” Bishop Collie said. He added that the corporation will also develop an online portal listing suppliers of products made in The Bahamas to help vendors source goods by partnering with other Bahamians. All four of MSC’s Miami-based ships will call

at Ocean Cay as part of their Caribbean itineraries. BAIC’s senior deputy general manager, Debbie Strachan, met last month with the cruise line’s representatives to discuss what has been described as “the beginning of something big for Bimini”. MSC’s Heads of Agreement with the government require it to provide authentic Bahamian goods at Ocean Cay. Ms Strachan told craft vendors “this is an excellent opportunity for potential stall operators to partner with other suppliers in New Providence, Grand Bahama, Exuma, Long Island and Andros to ensure that they have supplies of Bahamian-made items on a regular and consistent basis.” All craft vendors and artisans must have a business license to operate on Ocean Cay. An MSC

representative will be visiting Bimini at a later date to inform craft vendors of other requirements. Nine of the 15 members of the Bimini Straw Vendors Association were in attendance at the meeting. Triska Rolle, a food processor, said: “This is an awesome opportunity and time to expand as far as being an entrepreneur and selling authentically Bahamian stuff.” Glenda Lockhart said “it is a big opportunity for Biminites”, adding that there is “a big need for training to take advantage of this gold mine”. Micheline Valcom, who sells jewellery at the Bimini Market, added: “It’s a good opportunity and I am willing to give it a try.” Once MSC opens its cruise port on Ocean Cay, ships will be calling three days a week initially.

FRANCHISE BROTHERS BLUE LAGOON GETS ITS RECEIVE BIG HONOUR OWN WEATHER STATION THE NEW WeatherSTEM at work on Blue Lagoon island. FROM left: Dr RE Cooper Jr; CA Smith, governor general; and Chris Tsavoussis.

FROM left: Dr RE Cooper Jr; CA Smith, governor general; and Terry Tsavoussis. THE principals of fast food franchise group, Aetos Holdings, have been awarded the RE Cooper Sr. Meritorious Service Award for business development and community support. Chris and Terry Tsavoussis were presented with the honour at a private ceremony hosted at

Government House by governor-general, CA Smith, and Dr RE Cooper Jr. The brothers and business partners, who operate the Marco’s Pizza, Popeyes, and Wendy’s franchises, as well as Premiere Homes, were rewarded for their community involvement as

well as business success. The duo established the Tune Into Reading Programme through Mission Educate, which is aimed at improving the literacy rate among school-age children. They also host an annual Christmas Party at Princess Margaret Hospital (PMH) for the Children’s Ward.

BLUE Lagoon has become the first Caribbean destination to invest in a WeatherSTEM weather station to provide real-time weather information for the island’s management and guests. Keeping a close watch on weather that will impact the private island tourist attraction, situated a few miles north-east of New Providence, is critical for keeping guests, staff and animals safe. “Weather plays a major role in our day-to-day, and even hour-to-hour, operations,” said Blue Lagoon Island president, Robert Meister. “Our new WeatherSTEM system means we have access to not only the weather forecasts and alerts issued for Nassau and the north-western Bahamas, but for our island and the area immediately surrounding it.” The Blue Lagoon WeatherSTEM station collects data including current temperature, water temperature, wind speed and direction from various sensor points on the island. It also measures humidity, barometric pressure,

rainfall amounts and rate, and ultra violet (UV) radiation, while providing a ten-day forecast with hourly projections for the island. The data, which is available in desktop and mobile formats, is updated every 8/10 of a second automatically, and reports how close a lightning strike is to the island at any given time. The island-specific weather reporting and alert system allows Blue Lagoon Island’s operations team to quickly evacuate the water if there is approaching lightning, or take down umbrellas if the wind at the island reaches a certain speed. Knowing the exact temperature on Blue Lagoon as well as the ‘feels like temperature’ heat index reading at any given time also helps management know when it is necessary to remind staff and guests to remain hydrated. WeatherSTEM chief executive and founder, Ed Mansouri, said: “We could not have chosen a more idyllic location for our first WeatherSTEM installation in The Bahamas. Our 100 percent solar-powered

cellular WeatherSTEM unit at Blue Lagoon has two streaming weather cameras and features moment-bymoment weather updates. “The staff at Blue Lagoon Island went out of their way to make what would have otherwise been a complicated installation easy and fun. We are excited to offer visitors to this private island destination a hyperlocal source of real-time weather information and the ability to enjoy spectacular real time views of the island long after their vacation ends via their mobile phone or computer.” The weather data is publicly accessible at http:// bahamas.weatherstem. com/bli and is a useful tool for Bahamian recreational boaters, eastern New Providence residents and other tour operators. WeatherSTEM Scholar is a comprehensive weather education platform suitable for all ages to provide a better understanding of weather, terminology and also data literacy. The education platform is free to all Bahamians through http:// bahamas.weatherstem.com/ bli.

THE TRIBUNE

Wednesday, July 31, 2019, PAGE 3

MINISTER IN MEETING WITH UN ARBITRATION LAW OFFICIAL

SBDC graduates together with team members, donors and the prime minister.

ANNA Joubin-Bret, secretary of the United Nations Commission on International Trade Law (UNCITRAL), met this week with Elsworth Johnson, minister of financial services, trade and jndustry and Immigration. Photo: Raymond A Bethel, Sr/BIS

POOL SPECIALIST IN NEW CONSULTANCY

PRIME MINISTER DR HUBERT MINNIS

GRAD pose with SBDC executive director.

‘Community specific’ model to expand for small business By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Small Business Development Centre’s (SBDC) executive director says it will look to expand the “community specific” model of the Over-the-Hill initiative, where 18 entrepreneurs were awarded $2,500 in grant funding. Those awards represented the first cohort to graduate from the SBDC’s Over-the-Hill Access Accelerator programme. The grant funding came from a donation to the Over-the-Hill initiative by Bahamian investor, Mark Holowesko, on Monday night. Davinia Blair, the SBDC’s executive director, explained: “We did a special programme for the Over-the-Hill community, and the first cohort has now

graduated. They were given their $2,500 grant, which would go to vendors for the things they need for their small businesses. “I believe the class started with 25, and those who remained helped each other along. It was a team effort to finish.” Among the businesses receiving funding were landscaping and cleaning companies, mechanics, a salon, and a media company. “This fits right in with the overarching vision of the SBDC,” said Ms Blair. “The only difference is that it has a communityspecific target because of the historic value to the country. We took the same programme, just broke it down and made it a bit easier to digest, but also a little more hands on. “It’s probably a model we will morph to that will help communities be able to grasp the

material and, afterwards, be able to get up and going quickly. We are finding on the Family Islands as well that these type of community-based models are already working because they have close-knit communities and help each other in similar ways,” said Ms Blair. She added that the SBDC continues to accept applicants who now number over 4,000. The SBDC is the product of a tripartite agreement between the Government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employer’s Confederation (BCCEC). The Centre will work to guide the development, funding, growth, and evolution of micro, small and medium-sized enterprises (MSMEs).

CORPORATE ADMINISTRATOR July 2019

Trident Trust is a leading independent provider of corporate, trust and fund services to the financial services sector worldwide, employing 800 staff across a global footprint that spans Africa, the Americas, Asia, the Caribbean, Europe and the Middle East. We are seeking a Corporate Administrator to join our team in The Bahamas. Client-focussed and service-oriented, we only employ individuals who are professionally minded, committed and able to demonstrate good interpersonal skills.

The Role

The position is a full-time permanent role. The Corporate Administrator will report to the Senior Corporate Administrator.

Key Responsibilities

The successful candidate will be required to: • Liaise with clients and other Trident Trust Group offices to facilitate the formation and further management of IBCs and other Bahamian entities such as SACs, EEs and Foundations • Maintain client files and ensure required filings are made with the relevant Government agencies • Conduct KYC reviews prior to onboarding • Liaise with the Registrar General’s office and Ministry of Foreign Affairs as required

Required Skills and Experience • • • • • • • •

Minimum of 3 years’ relevant industry experience including but not limited to incorporation, management and dissolution of IBCs. Understanding and knowledge of the regulatory environment in The Bahamas Proficient in Microsoft Office Suite – Word and Excel Proven ability to maintain a professional, positive and enthusiastic attitude when dealing with clients and colleagues. Excellent verbal and written communication skills Proven ability to work under pressure, work independently and to be organised Demonstrably responsive and reliable Commitment to personal service and detail oriented

Compensation

Competitive compensation will be offered, based on the successful candidate’s relevant experience and overall suitability for the position.

How to Apply

Applicants should outline the skills and attributes that would be brought to the role, salary expectations and date of availability in a brief cover letter, together with a current resumé. Applications should be submitted not later than 7 August 2019 to bahamas@tridenttrust.com.

A SWIMMING pool services provider has expanded with the launch of his new consulting service, Pool Solutions. Gavin Knowles, longstanding owner and operator of Saline Pools, said he started his new consultancy to ensure swimming pools are free of health and environmental hazards. “You might chlorinate and clean your pool regularly, but did you know, as confirmed by the Centers for Disease Control and Prevention, that waterborne diseases can result from infected pool water,” he added. “Diseases like gastroenteritis, dysentery, amoebic dysentery, cholera, typhoid, hepatitis A, giardiasis, cryptosporidiosis, salmonellosis, shigellosis and dermatitis. “I know that swimming pools can be problematic, so I launched my new consultancy service Pool Solutions in addition to Saline Pools to address this need.” Mr Knowles said Pool Solutions will offer solutions for any pool type, whether saline or regular tablet run pool, on New Providence. His existing business, Saline Pools, specialises in the installation and maintenance of saline systems, but largely in the western district of New Providence because of time constraints. He added: “Saline Pools

GAVIN knowles, owner of newly-launched Pool Solutions. provides a service to salinerun pools, but I have had so many calls from owners of tablet-run pools as well that I felt I needed to help those pool owners too. I decided the best way I could do this was to provide a pool consultancy service, so I set up

my new business, Pool Solutions, in addition to Saline Pools.” Pool Solutions offers services including testing water levels, checking equipment and delivering a report and recommendations on actions to be taken.

PAGE 4, Wednesday, July 31, 2019

THE TRIBUNE

‘Surprise’ at just three Nassau Flight offers FROM PAGE ONE Services as “low hanging fruit” when it comes to privatisation, outsourcing and getting the government “out of business”. It also sees the privatisation as part of its drive to create more Bahamian entrepreneurs, diversify the economy and spread the wealth, hence its insistence that foreign bidders need not apply given that

Nassau Flight Services’ size makes it a prime candidate to remain in local hands. One possibility is that some groups may have been deterred by the amount of work required to transform the company into a profitable operation. Dionisio D’Aguilar, minister of tourism and aviation, previously told Tribune Business that Nassau Flight Services’ annual wage bill was equivalent to 99 percent of its top-line revenues, and the

company requires regular annual subsidies of $2m. The privatisation tender document also laid out relatively modest growth prospects for the company, with revenues from its main ground handling business projected to grow at two percent per annum over the next decade. And a downsizing of the company’s 244-strong workforce, featuring 166 full-time workers and 78 temporary staff, is almost inevitable

given the need to better align costs with income. This, though, will not be easy given the presence of trade unions via the Airline, Airport and Allied Workers Union and an existing industrial agreement. All this illustrates the extent of the task facing any buyer, and another factor that may have also influenced the seemingly low number of bids is the risk averse nature of Bahamian investors, since many tend to stick to the traditional investments and industries they know - the likes of real estate, fixed income securities such as preference shares, and retail/ restaurants. Mr Cargill, meanwhile, said any foreign interest would have to partner with Bahamians if their bid was to stand any chance of success. He reaffirmed that the Nassau Flight Services privatisation was “high on our priority list” for Mr D’Aguilar, his officials and the wider government. “We have the option to sell it outright or sell a franchise,” the aviation director explained. “If the price is not at the desired level, we’ll franchise. The government will not be in day-to-day control, but it will lease the operations to a third party that will have full management of the employees. We’d lease the entire operation.” The privatisation tender

spoke to a “minimum tenyear franchise agreement” with the winning bidder, and Mr Cargill said this or an outright sale would bring The Bahamas into line with Caribbean and global practices when it came to government ownership of a ground handling services provider. “We believe through the outsourcing of Nassau Flight Services that we can have a company that has the expertise to partner with international or local companies to run Nassau Flight Services,” he told Tribune Business. “The government wants to advance Bahamian entrepreneurship so that Bahamians can manage and run Nassau Flight Services. Throughout the Caribbean ground handling operations are now owned and managed by governments, and globally the practice is that private managers run them.” The government’s privatisation tender forecast that top-line revenue from ground handling will to rise by 21.9 percent, or two percent per annum, increasing from an actual $6.251m in 2018 to $7.62m in 2028 - a relatively modest pace of growth that, in total, is less than $1.5m. “NFS has managed an average of 6,600 flights during the period 20152018, and is projecting a two percent annual growth over

the next ten years,” the bid documents confirm. “NFS has managed an average of 6,600 flights during the period 2015-2018.” The number of flights handled by Nassau Flight Services is also forecast to increase from the 6,850 handled in 2018 to 8,350 by 2028 - an increase of 1,500 annually, or 21.9 percent, that matches the level of revenue growth. It currently operates at Lynden Pindling International Airport (LPIA), Exuma and San Salvador airports. The fate of the staff, and the industrial deal with the Airport, Airline and Allied Workers Union that any buyer will inherit, are likely to be key subjects in negotiations between the government and preferred bidder. The union deal is valid until February 2020. Nassau Flight Services’ client base comprises British Airways, Air Canada, West Jet, Sunwing Airlines, InterCaribbean Airlines, Caribbean Airlines, COPA Airlines and Cubana Airlines at LPIA’s international terminal, and Jet Blue, Southwest Airlines, United Airlines and Silver Airlines at the US terminal. It also serves a host of charter and other operators, including Air France and Condor, while in Exuma it serves Air Canada and takes care of American Airlines and Air Cariabes in San Salvador.

Negotiating ‘in the dark’ fears on hotel talks FROM PAGE ONE know what you’re negotiating; what percentage increase in salary are you asking for and, if negotiations don’t go well, what the members will be striking for. “He should inform the members what’s in the proposal and what he’s negotiating on their behalf,” Mr Beckford continued. “I’m very concerned in terms of how effective, how strong the union will be if it doesn’t tell members what it’s negotiating for in the proposal. It’s not fair

and it’s not right that you’re negotiating on behalf of the workers and they don’t know what for.” He argued that the union’s approach had broken with past practice, which was to first meet with its members to find out what they wanted before determining what was “in their best interests” when it came to salary and benefit increases. Once this was worked out the union leadership would meet again with members to gain their approval before the opening offer was made to hotel employers and talks began.

“It’s negotiating in the dark as far as members are concerned,” Mr Beckford blasted of the current situation, “because they don’t know what the union is negotiating for. The workers should at least know what increase in salary they’re asking for, what new benefits they’re looking for. “I hope the negotiations go well for all parties, especially for the workers and union, in terms of getting what they’re negotiating for. My only concern is knowing what’s in the proposal, what they are negotiating for.”

EMPLOYMENT OPPORTUNITY Property & Casualty Underwriter

We are looking for serious career-minded persons to assist in developing and servicing our various lines of business. Applicants should meet the following minimum criteria: -

Achievement of post secondary education Strong Mathematical and analytical background Insurance Industry Qualifications Two years industry working experience Basic accounting knowledge desired but not essential Age 25 or above

Applicants should also be computer literate and demonstrate excellent communication, and customer service skills. Further selection of candidates will be made on the basis of superior attitude, and leadership capabilities. The successful applicants can expect to receive high quality training, competitive salary and benefits and opportunities for personal and professional growth. Detailed resume with passport photo should be emailed to: info@advantagebahamas.com

THE TRIBUNE

Wednesday, July 31, 2019, PAGE 5

Distressed debt acquirer’s unsecured loan expansion

FROM PAGE ONE would note there’s not as much adverse commentary about people being put out of their homes. “A major reason for that is Gateway Financial. A note I got from a customer the other day speaks in terms of how she couldn’t believe what happened. This woman was literally out of her home, and we worked it out where we were able to give her a deposit and found her another home she and her family could qualify for.” That note, shared with Tribune Business, said: “It was very stressful to me not knowing where my family would end up due to the sale of the house. I thank God for allowing your company to... show the compassion that it did, along with the realtor that was allocated to make this hard transition easier. She was very humble in doing what she can and very patient..... “My family just wanted to

YOUR

say: ‘Thank you Gateway’. In a difficult situation, you made a way out of no way for a family of seven. Thank you for giving us a fresh start, hope and a chance. Thank you for not looking down at our previous condition because of our issues. Most of all, we thank you for not throwing us on the streets with our kids.” Sir Franklyn added that the message had also been shared with members of the former Christie administration, who he said “were ambivalent as to whether to approve Gateway”. That process took some time, and he added that they expressed relief that Gateway was not only operating as intended but moving to expand. “The company is very active,” Sir Franklyn explained, “not only in the distressed mortgage market but extending this to where it is financing the acquisition of unsecured loan portfolios. “The governor [of the Central Bank] spoke about the level of delinquency,

and the banks are becoming conscious not only of distressed mortgages but unsecured loans. Gateway is now securing unsecured loans. Its impact has exceeded every expectation we had in terms of how much good it is doing for this society.” By purchasing delinquent loans below value, or at “cents on the dollar”, Gateway Financial is able to ensure that Bahamian commercial banks recover something of their worth while also cleaning up their balance sheets. The removal of this distressed credit also reduces loss provisioning and other costs, freeing the banks to resume new lending activities. And, by acquiring delinquent mortgages below book value, Gateway is often able to restructure and rewrite the loans to the point where distressed borrowers can actually afford the repayments, thus keeping Bahamians in their homes and current with their new loans. Its move into unsecured

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

Commonwealth of the Bahmas In the supreme Court Common law & equIty DIvIsIon IN

THE

MATTER

2008 Cle/qui/1307

the quieting titles act, 1959 anD IN THE MATTER of the petition of s. G. B. Company ltd. anD IN THE MATTER of all that piece parcels of tract of land 250 acres more or less situate in the settlement of The Bright long Island one of the Islands of the Commonwealth of the Bahamas. NOTICE

Copies of the filed plan may be inspected during normal working hours at;-

(a) The registry of the supreme Court, 2nd floor ansbacher Building, east street north & Bank lane, nassau, Bahamas; (b) The Chambers of hanna Kellman & asscociates. elizabeth on Bay marketplace & marina, Bay street & elizabeth avenue, nassau n.p., The Bahamas; and (c) The administrator’s office in the settlement of Clarence town and stella maris, long Island, The Bahamas. NOTICE is hereby given that any person having an interest and or a claim not recognized in the petition shall on or before the expiration of thirty (30) days after final publication of these present, file in the registry of the supreme Court and serve on the petitoner on the undersigned a statement of such claim in the prescribed form and verified by an affidavit to be filed therewith. failure of any such person to file and serve a statement of such Claim on or before the aforementioned date will operate as a bar such Claim HANNA KELLMAN & ASSOCIATES Elizabeth on Bay Marketplace & Marina Bay Street & Elizabeth Avenue Nassau, Bahamas Attorneys for the Petitioner

loans now also takes it into personal credit, meaning it will be dealing with borrowings to purchase cars, furniture and other highend, expensive goods. Besides Sunshine Finance and RoyalStar Assurance, the two Sunshine Holdings group affiliates, Gateway Financial’s other investors/shareholders include the World Bank arm, the International Finance Corporation (IFC), and the Mexican firm, Ascendancy. Sir Franklyn argued that the World Bank’s involvement has “no precedence” in this country, and he added that the International Monetary Fund (IMF) on a recent visit to The Bahamas “made it a point to visit Gateway to monitor what’s happening because its impact is that material”. The planned expansion of Gateway Financial’s activities comes just as John Rolle, the Central Bank’s governor, said he wants to further cut the banking industry’s “terrifying” 8.7 percent loan delinquency

rate by more than half despite it having fallen to its lowest level since November 2008. While describing the consistent decline in nonperforming bank loans as “very encouraging”, John Rolle said even a four percent delinquency ratio was “not complimentary” by international standards. Pointing out that one consequence of high loan delinquency rates is higher interest rates and fees for Bahamian borrowers who are in good standing, he added that the proportion of outstanding bank credit in default locally is still more than double the ratio that would strike fear into developed country banks and their regulators. Mr Rolle said a “comfort zone” for non-performing credit, which represents loans that are 90 days or more past due, would be “a rate that is less than half of what we are experiencing” now. Based on the governor’s comments, this implies a rate of less than four percent - a ratio not

seen by the Bahamian commercial banking industry since before the 2008-2009 recession. The total value of nonperforming Bahamian commercial bank loans peaked at just under $1bn in June 2014, but the Central Bank’s latest economic developments report reveals that figure has been cut by around 50 percent to $491.8m or 8.7 percent of outstanding credit. Total private sector arrears, which also includes bank loans between 30-90 days past due, fell by $28m or 3.9 percent in June alone to close the month at 12.2 percent of outstanding credit - a figure described by the Central Bank as “the lowest level recorded since November 2008” - almost 11 years ago.

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PAGE 6, Wednesday, July 31, 2019

THE TRIBUNE

Minister not intervening Law firm urges in Sky Bahamas dispute ‘clarification’ on FROM PAGE ONE

Court battle over that debt, although Captain Butler declined to go into details or comment on the matter. It emerged last year that the airline owed NAD some $454,000 in passenger facility and security fees it collects from ticket prices on the airport operator’s behalf, but Captain Butler said Sky Bahamas had been making inroads into this sum as well as paying what was due currently. At the time he branded NAD’s threat to terminate Sky Bahamas’ airport operating licence as “a nonissue”, adding that the debt owed had been reduced and that such a situation was not uncommon with other airlines. Tribune Business understands that the Bahamas Civil Aviation Authority now wants to conduct an inspection of Sky Bahamas’ premises and records tomorrow in a bid to determine whether it has

addressed the regulator’s safety inspection findings findings that Captain Butler and the airline have bitterly disputed and contested. The Sky Bahamas chief has repeatedly asked why, given that the safety inspection in question took place at end-May, the airline was allowed to keep flying for another month before the regulator ordered it to cease on July 8. Sky Bahamas and other airlines are also subject to constant surveillance yearround by the Bahamas Civil Aviation Authority, with inspectors going on flights and attending training programmes. Captain Butler queried why no issues that could affect the AOC renewal were raised during that time, and why concerns were suddenly appearing now. Voicing “surprise” at Mr D’Aguilar’s reluctance to intervene, Captain Butler said Sky Bahamas’ ongoing inability to fly during the “peak” summer period continues to cost it hundreds of thousands of dollars.

While the airline was effectively “past the point of no return”, he added that several of its remaining 63 staff had agreed to defer their wages due yesterday for another week, while offers of financial assistance from outside had also inspired him to keep going. Captain Butler said there were also “a number of very good options for strategic partners” seeking to invest in and join Sky Bahamas, adding that two had signed non-disclosure agreements despite the perilous situation in which the airline finds itself. “As far as we’re concerned we’re past the point of no return had someone not come along today and said: ‘Here’s some help’,” he told Tribune Business. “Based on the fact that we’re not operating that will help pay the bills, and some staff have given me permission to go ahead for another week. “We’re trying to get this done in the next week. We’re past that point if not for the help that’s come in.”

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$13m judgment FROM PAGE ONE rules”, Lennox Paton voiced hope that the effort would also clarify the procedures dealing with insolvency/liquidation claims. It added that the Privy Council’s verdict appeared to be based on a “universalism” approach, meaning that the same “claw back” procedures should apply throughout the world, with the ruling often referring to statute law in then UK. “The judgment raises important issues of international cross-border jurisprudence as well as issues for the Bahamian legislature concerning the jurisdictional reach of claw back claims in winding up proceedings,” Lennox Paton said. “The effect of the judgment is that although The Bahamas does not have express statutory provisions governing the jurisdictional scope of claw back claims, nonetheless a liquidator may (with leave of the court) serve an interlocutory summons within the Bahamian winding up proceedings under Order 11 Rule 8(4) of the Rules of the Supreme Court on a party outside the jurisdiction if the alleged fraudulent preference was paid within three months of

BRIAN SIMMS QC

SOPHIA KAPOUSOUZGLOU

the commencement of the company’s liquidation.” This was despite the Supreme Court’s rules against the service of claims outside The Bahamas in the case of bankruptcies and company winding-ups. “In order to reach its determination the [Privy Council] painstakingly wove a needle through the difficult procedural landscape and determined that Order 11 rule 8 (4), which provides that an interlocutory summons can be served out of the jurisdiction, applied in existing winding-up proceedings,” Lennox Paton added. “The Privy Council also held that the Companies (Winding Up Rules) (now repealed) did not apply to the winding up of an IBC Act company. The Companies Liquidation Rules 2012 do not provide for service of a claim out of the jurisdiction, and the [Privy Council] did not address this lacuna in the law relating to these Companies Act companies as the issue was not before them. “As a consequence, on their Lordships’ reasoning it would appear that in so far as the Rules are disapplied in relation to Companies Act companies it might successfully be argued that a claw back

claim in the liquidation of a Companies Act company cannot be served out of the jurisdiction, whereas a claw back claim in the liquidation of an IBC Act company can.” By ruling that Bahamian courts can reach outside this jurisdiction on insolvency claims, even though this is not expressly provided for in statute law, Lennox Paton suggested that the Privy Council had effectively made “a policy choice... which has not been expressly endorsed by (and was not necessarily the intention of) the Bahamian” parliament. It added: “The new Chief Justice of the Bahamas has recently appointed a committee tasked with updating the long out-of-date Bahamian Court rules. It is hoped that the committee’s recommendations will go a long way towards clarifying and, where appropriate, rectifying the procedural rules applicable to claims. “If the committee recommends a universalist approach it will be for the Bahamian legislature to make it clear in any subsequent legislation whether it approves of universalism or not. Either way, clarification and rectification will be welcome in order to avoid further appeals to the Privy Council.”

THE TRIBUNE

Wednesday, July 31, 2019, PAGE 7

NOTICE

Events look at balancing security, ambiance after shooting

In Voluntary Liquidation

LOS ANGELES Associated Press

LEGAL NOTICE

WARMEN CONSULTING LTD Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, WARMEN CONSULTING LTD is in dissolution as of July 30, 2019. International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR

LEGAL NOTICE

NOTICE

Gordola Valley Ltd In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Gordola Valley Ltd is in dissolution as of July 30, 2019. International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR

LEGAL NOTICE

NOTICE

FARLANES FALLS INC. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, FARLANES FALLS INC. is in dissolution as of July 19, 2019. International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR

LEGAL NOTICE

NOTICE

Vodinberg Trading Ltd. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Vodinberg Trading Ltd. is in dissolution as of July 19, 2019. International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR

LEGAL NOTICE

NOTICE

Pharma and Global Limited In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Pharma and Global Limited is in dissolution as of July 19, 2019. International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR

EVENT organisers should review their emergency plans after a deadly shooting at a California food festival to see if they can make additional safety improvements as the peak of summer and fair season culminates with a series of open-air events that are notoriously difficult to secure, law enforcement experts said. The weekend shooting at the Gilroy Garlic Festival left three dead — including two children — and a dozen injured at the famous threeday event that attracts more than 100,000 people annually to the agricultural community in Northern California. The festival included a perimeter fence, metal detectors, a bag search and police patrols. Santino William Legan, 19, cut through the fence and opened fire with an AK-47-style rifle before three officers fatally shot him in less than a minute. “Anytime you put on a large event with a lot of people you’re always concerned, which is why we try to run a very tight, closed event where there’s, you know, controlled access,” Gilroy Police Chief Scot Smithee said at a news conference Monday. “Do

we think about how we’re going to respond if something were to happen? I would say the answer is yes.” Experts ticked off a list of ideal precautions: a perimeter fence — or even two — with police patrols, as well as drones, security cameras, social media monitoring, bag checks, metal detectors, limited points of entry and an “overwatch” police unit that monitors the event from a high perch. Recommendations for an overwatch position and securing beyond the site of the event are similar to suggested improvements after another deadly festival shooting: In 2017, a gunman on the 32nd floor of a Las Vegas hotel fired into a concert crowd and killed 58 people. It became the deadliest mass shooting in modern US history. A review recommended securing high-rise buildings overlooking open-air venues, not just the festivals themselves. “It’s not just OK to secure your perimeter and think you’re safe,” said Michael Downing, a former Los Angeles Police Department deputy chief. Still, officials said first responders and event coordinators need to balance safety concerns, costs and a welcoming atmosphere for visitors, noting that

LEGAL NOTICE

NOTICE

eventgoers likely do not want to be subjected to extensive screening with X-ray machines and metal detectors. “You obviously can’t do an event that is set up like an international airport,” said Sheriff Tony Spurlock of Douglas County, Colorado, where the annual county fair is being held this week. “It’s not the kind of environment that we would set up magnetometers at every entrance.” Brian Higgins, a former Bergen County, New Jersey, police chief, said controlling an event’s perimeter through technology and police is key to safety. Although a long line of people at a single point of entry can pose its own target, limited access means law enforcement can more easily see who is coming in and out — and with what. “Just because it’s a family-friendly event doesn’t mean that something bad can’t happen,” Higgins said. Although festivalgoers may notice increased security in the coming weeks, experts don’t foresee a major shift in safety protocols going forward. “Events like this are occurring across the country every weekend and it’s up to those event coordinators to determine the extent to which they want to employ security features,”

Craig Fair, deputy special agent in charge at the FBI’s San Francisco office, said told reporters Monday. Experts praised the Gilroy Police Department’s precautionary efforts and quick response, noting that law enforcement there had taken many critical steps. “If somebody’s that determined to do something that terrible, it’s going to be hard to stop them,” said Soraya Sutherlin, managing partner of Los Angeles-based Emergency Management Safety Partners. Sutherlin said event planners should clearly label exits, with signs pointing people toward an evacuation route, and design a way for visitors to report suspicious activity either in person, over the phone or through an app. Officials said there must be greater efforts to identify future shooters beforehand, through social media monitoring or other means. “How do we figure out that he was an absolute ticking time bomb waiting to go off?” said Stephan Dembinsky, public safety director in Daytona Beach Shores, Florida. “Until we figure out how to identify them, we’re going to keep having these shootings.”

LEGAL NOTICE

NOTICE

Cereza Business Company Ltd

Alecoco Invest & Trade Ltd

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Cereza Business Company Ltd is in dissolution as of July 30, 2019.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Alecoco Invest & Trade Ltd is in dissolution as of July 30, 2019.

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

LIQUIDATOR

In Voluntary Liquidation

PAGE 8, Wednesday, July 31, 2019

THE TRIBUNE

US stocks end slightly lower amid mixed company earnings By ALEX VEIGA Associated Press A MIXED batch of corporate earnings helped drag the major US stock indexes slightly lower yesterday,

pulling the market farther from its recent record highs for the second straight day. Mixed or disappointing reports from Under Armour, Dish Network, Corning, HCA and Beyond

Meat and others weighed on the market. Capital One Financial slumped after the credit card issuer and bank disclosed that roughly 100 million people had some personal information stolen

by a hacker. Apple climbed 3% in after-hours trading after its latest results handily beat analysts’ estimates. Homebuilders also bucked the broader decline

after DR Horton reported strong quarterly results and positive gains in new home orders. This week’s modest market pullback came as investors looked cautiously ahead to a key policy update from the Federal Reserve today. That’s when the central bank is widely expected to cut its benchmark interest rate for the first time in a decade. The Fed has decided that a rate cut now — and possibly one or more additional cuts to follow — could help inoculate the economy against a potential downturn. “There’s just a lot of confusion on whether is there really going to be a rate cut, which the market seems to think there will be, and then if there’s going to be any indication of further rate cuts,” said Karyn Cavanaugh, senior markets strategist at Voya Investment Management. The S&P 500 index fell 7.79 points, or 0.3%, to 3,013.18. Despite its two-day slide, the benchmark index remains within 0.4% of its all-time high set on Friday. The Dow Jones Industrial Average dropped 23.33 points, or 0.1%, to 27,198.02. The Nasdaq composite slid 19.71 points, or 0.2%, to 8,273.61. Small-company stocks fared better than the rest of the market. The Russell 2000 index rose 16.57 points, or 1.1%, to 1,585.60. Major stock indexes in Europe finished lower. Bond prices fell. The yield on the ten-year Treasury note rose to 2.06% from 2.05% late on Monday. Even with the broader market pullback this week, indexes are still poised to close July with solid gains. The S&P 500 is up 2.4% for the month and the Nasdaq is up 3.3%. The Dow is up 2.3%. Technology stocks accounted for the biggest share of the selling yesterday. Communications services stocks, retailers and health care companies also weighed on the market. Energy stocks led the gainers, benefiting from a 2.1% pickup in US crude oil prices. Capital One Financial fell 5.9% after the bank said a hacker gained access to the personal information of more than 100 million people. Companies are about midway through earnings reporting season, and results have generally been better than the dismal expectations that analysts had coming into it. Still, most of the companies that reported disappointing quarterly results yesterday put investors in a selling mood. Gartner led the technology sector decline, tumbling 19% after the research company cut its earnings and revenue guidance. Under Armour plunged 12.2% after the sports apparel company’s revenue fell short of Wall Street forecasts. The company also said it expects a slight sales decline in North America this year and its overall profit forecast for 2019 is weaker than analyst forecasts. Dish Network slid 8.7% after the satellite television provider’s second quarter profit fell short of analysts’ forecasts.

Beyond Meat slumped 12.3% after the plant-based burger maker reported a bigger loss than Wall Street anticipated during the second quarter and announced a stock sale. The loss and secondary stock offering overshadowed solid sales results and an increased sales forecast. Offshore drilling company McDermott International plunged 35.3% after it slashed its financial forecast and told investors it will register a loss in 2019. Other companies got a boost after their latest results impressed investors. Procter & Gamble led consumer products makers higher after reporting results that easily beat Wall Street’s forecasts. The stock gained 3.8%. DR Horton climbed 5.7% after the homebuilder’s fiscal third quarter earnings and revenue topped estimates. The builder, which touted increased new home orders and prices, also authorized up to $1bn in share buybacks. Horton’s results helped boost most other homebuilder stocks. Traders also had their eye on the trade dispute between the US and China, as negotiators began a new round of talks. The lingering trade war between the US and China has been cutting into corporate profit for some industries all year and has investors concerned that it will continue to crimp business investment and growth. Delegates from the US and China are meeting in Shanghai this week in the latest round of negotiations, months after the trade spat escalated with more tariffs. President Donald Trump ramped up criticism of Beijing just as the new round of talks began yesterday. In a series of tweets, Trump claimed China is trying to hold off on an agreement until after the next US elections. Trump threatened to get “much tougher” with China on trade if he wins in 2020. The remarks didn’t appear to have much of an impact on the market, however. “Investors are coming to the realisation that this is going to be a long and drawn-out process, and they can’t bet the farm every single time that there’s some type of announcement,” Cavanaugh said. Beyond earnings, trade and, investors were looking ahead to other potentially market-moving events this week, including a government jobs report on Friday. Benchmark crude oil rose $1.18 to settle at $58.05 a barrel. Brent crude oil, the international standard, gained $1.01 to close at $64.72 a barrel. Wholesale gasoline added four cents to $1.90 per gallon. Heating oil climbed three cents to $1.94 per gallon. Natural gas was unchanged at $2.14 per 1,000 cubic feet. Gold rose $9.30 to $1,429.70 per ounce, silver rose 13 cents to $16.50 per ounce and copper fell four cents to $2.67 per pound. The dollar fell to 108.60 Japanese yen from 108.80 yen on Monday. The euro strengthened to $1.1156 from $1.1146.

LEGAL NOTICE

NOTICE International Business Companies Act No. 45 of 2000 PTC GROUP LIMITED (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No. 45 of 2000, the Dissolution of PTC GROUP LIMITED has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 23rd day of July, 2019

THE TRIBUNE

Wednesday, July 31, 2019, PAGE 9

Trump administration, Democrats make progress on new NAFTA WASHINGTON Associated Press CONGRESSIONAL Democrats appear to be moving from “no way” to “maybe” on President Donald Trump’s rewrite of a trade pact with Canada and Mexico. House Democrats have met four times with US Trade Representative Robert Lighthizer, most recently on Friday, and both sides say they are making progress toward a deal that would clear the way for Congress to approve Trump’s US-Mexico-Canada Agreement, or USMCA. Democratic Rep Earl Blumenauer of Oregon, who heads a House subcommittee on trade, declared a couple of months ago that there was “no way” Democrats and the administration could bridge their differences. Lately, he’s reconsidered. “In the course of the last two months, we have seen significant progress,” Blumenauer said. Negotiators so far have not offered details on where they’re making progress. Democrats want the agreement to include stronger protections for workers and the environment. They also are seeking to jettison a provision they see as a giveaway to big pharmaceutical companies. Talks could still fall apart. Meetings between congressional staffers and officials from Lighthizer’s office during Congress’ August recess could prove critical. House Democrats working on USMCA will submit text next week to the administration “memorialising the concrete and detailed proposals that we have made”. They called on the administration to do the same. “It is time for the administration to present its proposals and to show its commitment to passing the new NAFTA and delivering on its own promises,” the Democratic lawmakers said. Supporters of USMCA are pushing for a deal before the 2020 election campaign heats up, which could make it harder for Democrats and Republicans to compromise. A senior administration official, who spoke on condition of anonymity to discuss internal deliberations, said

US Trade Representative Robert Lighthizer testifies before the Senate Finance Committee on Capitol Hill in Washington. Congressional Democrats appear to be moving from “no way’’ to “maybe’’ on President Donald Trump’s rewrite of a trade pact with Canada and Mexico. House Democrats have met four times with Lighthizer, most recently on Friday, and both sides say they are making progress toward a deal that would clear the way for Congress to approve Trump’s US-Mexico-Canada Agreement, or USMCA. there was growing optimism within the administration about USMCA’s prospects amid signs that House Speaker Nancy Pelosi was willing to work toward a compromise. “The smart money in Washington is that USMCA will pass this fall following a bargain,” said Daniel Ujczo, a lawyer with Dickinson Wright in Columbus, Ohio, who specialises in North American trade. “However, it is just as likely that we will be in a ‘bump and blame’ scenario where the president can blame Speaker Pelosi and Speaker Pelosi can blame the president.” By ratifying the agreement, Congress could lift uncertainty over the future of US commerce with its number two (Canada) and number three (Mexico) trading partners last year and give the US economy a modest boost. US farmers are especially eager to make sure their exports to Canada and Mexico continue uninterrupted. Rep Cheri Bustos of Illinois, who oversees efforts to get Democrats elected to the House, said Pelosi “understands the sense of urgency” about USMCA among some lawmakers who represent rural districts. “The hope is that we can get to a yes,” Bustos said. “But first and foremost, it has to look out for working men and women in our country.”

NOTICE

NOTICE is hereby given that ANAYO FRANCIS KELVIN of Yamacraw Hills, Nassau, The Bahamas, P.O. Box EE16707 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 24th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

The USMCA is meant to replace the 25-year-old North American Free Trade Agreement, which eliminated most tariffs and other trade barriers between the US, Mexico and Canada. Critics — including Trump, labor unions and many Democratic lawmakers — called NAFTA a job killer for America because it encouraged factories to move south of the border, take advantage of low-wage Mexican workers and ship products back to the US duty free. Lighthizer last year negotiated a do-over with

Canada and Mexico. But it requires congressional approval. He sought to reach a deal that would win over Democrats. It includes provisions designed to nudge manufacturing back to the United States. For example, it requires that 40% to 45% of cars eventually be made in countries that pay autoworkers at least $16 an hour — that is, in the United States and Canada and not in Mexico. Vice President Mike Pence highlighted the carmaker provisions during a speech yesterday in

Lancaster, Ohio, where officials are beginning construction of a car seat manufacturing plant. He’s been traveling to states the Trump administration believes would most benefit from a new agreement. I mean, this state has so much to gain from the USMCA,” Pence said. “And so, for Ohio, for the automotive industry, and for America, we’ve got to get the USMCA done. And we got to get it done this year. “ But Democrats say it still doesn’t go far enough. Democrats are also lined up against a provision of USMCA that gives pharmaceutical companies ten years’ protection from cheaper competition in a category of ultra-expensive drugs called biologics, which are made from living cells. Shielded from competition, critics warn, the drug companies could charge exorbitant prices for biologics. Congress is supposed to give trade agreements an up-or-down vote, no amendments allowed. The reality is different. Despite those so-called fasttrack provisions, Congress has managed to pressure past administrations into making changes to the last four US free-trade agreements before approving them. The trade pact picked up some momentum after Mexico in April passed a labor-law overhaul required by USMCA. The reforms

are meant to make it easier for Mexican workers to form independent unions and bargain for better pay and working conditions, narrowing the gap with the United States. Mexico ratified USMCA in June. But Democrats are also watching whether Mexico budgets enough money later this year to provide the resources needed for labor reform. In Washington, lawmakers are getting pressure from all sides. Business and farm groups want the new deal approved as soon as possible. Meanwhile, labor, environmental and other activist groups last month declared a “No Vote Until NAFTA 2.0 is Fixed” day and collected 300,000 signatures on petitions demanding changes to the trade pact. “The only way forward is making the fixes,” said Lori Wallach, director of Public Citizen’s Global Trade Watch. Trump has repeatedly threatened to withdraw from the existing NAFTA — it remains in effect — if Congress won’t OK his version. But analysts say that pulling out of NAFTA would squeeze automakers and farmers. “The president knows that his voters here in the heartland and manufacturing Midwest cannot take another hit — we hope,” Ujczo said.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHANA DENISE CLARKE, of Shirley Street P.O.Box N-3941 Nassau, Bahamas, mother of MYLES BRADLEY CLARKE, a minor, intends to change his name to ARIEL KEVIN RICHARDSON. 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.

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

TUESDAY, 30 JULY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,217.70 | CHG: 1.37 | %CHG: 0.06 | YTD: 108.25 | YTD%: 5.13 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.60 2.60 2.00 3.00 11.75 6.17 4.64 12.50 2.74 2.41 10.00 7.10 15.60 9.00 3.75 14.00

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

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

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

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 Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 4.19 17.43 6.00 5.39 2.49 1.95 2.18 11.75 6.16 4.44 9.02 2.83 2.40 10.16 7.00 15.45 9.00 3.37 14.00

CLOSE 4.19 17.43 6.00 5.39 2.49 1.95 2.18 11.75 6.16 4.44 9.02 2.86 2.40 10.12 7.00 15.45 9.00 3.40 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 -0.04 0.00 0.00 0.00 0.03 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

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

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

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

VOLUME

300 495 700

100 27,900

VOLUME

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

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

P/E 17.5 18.7 N/M 16.7 N/M N/M -5.0 16.6 12.8 24.1 14.4 28.0 5.1 N/M 11.5 20.8 9.6 16.7 22.2

YIELD 3.82% 7.23% 0.00% 4.64% 0.00% 1.03% 0.00% 6.13% 3.57% 2.70% 0.00% 2.38% 2.50% 3.24% 3.43% 3.50% 2.22% 3.53% 4.29%

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

0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

MUTUAL FUNDS 52WK HI 2.25 4.29 2.06 191.61 158.55 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.63 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.56 1.68 1.64 1.08 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

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

NAV 2.25 4.29 2.06 191.61 158.33 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.57 9.92 8.68 11.38

YTD%12 1.86% 1.25% 1.35% 3.85% 7.12% 1.57% 0.99% 1.32% 3.22% 3.25% 3.82% 2.59% 8.44% 3.87% 1.84% -0.71% 7.40% 10.20%

MTH% 3.97% 4.23% 2.73% 6.28% 2.08% 4.58% 4.25% 4.12% 5.64% 6.65% 8.36% 4.81% 0.78% 4.17% 2.29% 0.16% 2.70% 1.30%

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

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

NAV Date 30-Jun-2019 30-Jun-2019 28-Jun-2019 30-Jun-2019 30-Jun-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019