08022018 BUSINESS

business@tribunemedia.net

THURSDAY, AUGUST 2, 2018

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Ex-Grand Lucayan buyer: BPL ‘five to seven years’ $200m ‘better’ in Nassau out from global standards * GB deal needed ‘massive subsidies’ * Hutchison refused lower $40m deal * Building remediation set at $45-$55m

* Getting there has ‘zero to do with money’ * CEO recalls ‘oil over the place’ culture * Abaco ‘model’ for better management

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Grand Lucayan’s former purchaser yesterday said he “feels much more comfortable investing” $200m in Nassau than seeking “massive subsidies” to make that deal work.

Paul Wynn, the Wynn Group’s chief executive, told Tribune Business that Freeport’s anchor property was “not for me” and he “can’t do it”, given that the potential purchase lacked “economic feasibility”.

He argued that any buyer

He described BPL as “a mirror image” of what he found upon being appointed Grand Bahama Power Company’s (GBPC) vice-president of generation in 2010, where little to no focus was also being placed on safety

due to BPL’s inability to repay the principal following a decade in which annual losses have averaged between $20-$30m.

“Every administration has simply re-negotiated to push the principal down the road,” Mr Heastie confirmed. “All BPL has been paying is interest. The last one the Board engaged in, the banks, the financial institutions said to us: ‘You’ve done this a couple of times. You can’t do this again. If it happens again

T

would be seeking the same multi-million dollar taxpayer subsidies that he required to rebuild airlift into Freeport, plus renovate and remediate the existing hotel properties, pegging the latter cost

at between $45-$55m.

Mr Wynn said his potential operating partners, AMR Resorts and Sunwing/Memories, had both sought “substantial sums”

SEE PAGE 4

BAHAMAS Power & Light (BPL) is “five to seven years away” from hitting global utility standards, but its chief executive yesterday said improvement “has zero to do with money.”

Whitney Heastie, pictured, told Tribune Business that rigorous management, rather than extra dollars, was key to transforming a dysfunctional corporate culture where “oil was all over the place” and minimal equipment maintenance occurring.

on a $212m loan “down the road” any more.

The warning came as BPL’s Board and management push forward with plans to restructure the utility’s debt-laden balance sheet through a Rate Reduction Bond (RRB).

This will exchange old debt for new, with the latter held-off the utility’s balance sheet and investor interest payments financed by BPL’s business and household customers.

Mr Heastie said the total

amount BPL will seek has yet to be determined, but estimated it could reach anywhere between $450$550m depending on which liabilities it sought to address and pay-off.

He estimated that around $100m of RRB proceeds will be used to finance capital investments and infrastructure upgrades, with talks ongoing over whether to cover the employee pension deficit - estimated at around another $100m -

through the issue.

“The difficulty we have as an entity is we have this huge debt on our books that we have met, and we have got to pay-off this debt,” Mr Heastie told Tribune Business, putting existing bank and bond debt at a collective $350m.

Around $250m represents bank debt, most of which is owed to a syndicate of local banks. This loan has been extended, or “rolled over”, several times under successive administrations

GRAND LUCAYAN PROPERTY

and the environment.

Mr Heastie said failings in these areas inevitably translated into operational woes and, following his appointment as BPL chief executive in October 2017, he is now seeking out “change agents” to overhaul the utility’s management at minimal cost to energy consumers.

He pointed to Abaco as an example of what he is trying to achieve, arguing that little to nothing had been heard from an island plagued by blackouts and outages for years since he appointed a former GB

SEE PAGE 5

Bankers warn BPL: no more roll-overs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

BAHAMAS Power & Light’s (BPL) lenders have warned they will not permit any more debt roll-overs as it readies a $450-$550m restructuring of its long-term finances.

Whitney Heastie, the state-owned utility’s chief executive, yesterday revealed that BPL’s banking syndicate will not permit it to push principal repayment

Consumers face 2019 wait on BPL fuel costs

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMAS Power & Light (BPL) will move “aggressively” to return its Clifton Pier power plant to 80 percent capacity by summer 2019, in a bid to relieve consumers from increased fuel costs.

Whitney Heastie, the state-owned utility’s chief executive, told Tribune Business that its primary generation station is currently producing just 37-44 percent of its potential 135 megawatt (MW) output

from units still in their “useful life”.

This has left BPL in an “upside down” position, where it is having to consistently run the 180 MW Blue Hills plant at or near capacity to cope with New Providence’s peak summer demand of 240 MW. And, with Blue Hills operating off more expensive diesel fuel, Mr Heastie conceded that fuel costs - which are 100 percent passed through to BPL customers in their electricity bills - have been “negatively

SEE PAGE 6

‘Dumping ground’ fear on used autos

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Chamber of Commerce’s chief executive yesterday warned that the Bahamas is serving as a “dumping ground” for vehicles that have been rejected as unsafe by other nations.

Edison Sumner, pictured, said more than 17,000 vehicles are being exported to the Bahamas from Japan on an annual basis, despite concern over their “roadworthiness”

and possible “radioactive contamination”.

Mr Sumner, who also serves as deputy chair of the Bahamas Bureau of Standards and Quality (BBSQ),

SEE PAGE 6

we’ll call it’.”

With BPL handicapped by its legacy debt and other liabilities, Mr Heastie said the utility was “working diligently” to move the RRB placement and issuance process forward. Darnell Osborne, BPL’s chairman, suggested that it might now come to market early in 2019.

The former Christie administration’s plan involved issuing the RRB

SEE PAGE 6

PAGE 2, Thursday, August 2, 2018

THE TRIBUNE

THE ROLE OF GENDER IN GRAPHIC DESIGN

I

T is often said that graphic design is, by and large, a boys’ club. Many believe it has not always had the best reputation for gender equality, but we should all be on an even playing field when it comes to artistic talent and knowledge.

John Gray, a famous American philosopher and relationship counsellor, wrote a book with a title that has been much talked about recently: Men Are from Mars, Women Are from Venus. If you read this book carefully you will understand one global truth: Men and women, in general, are different in similar ways. Does this include designers, and does their work differ not only by style and ability, but also by gender?

Men are hunters by nature and, in prehistoric times, they were charged with catching prey for their tribe in order for it to survive. The stereotype suggests that men should earn money and be strong for their families’ sake.

Male designers reflect all this. Designs, created by men, are powerful and capable of earning money for their owners.

They are warriors, and want to create designs that are not simply contending but winning, which is perhaps why graphic design

The Art of Graphix

BY DEIDRE M BASTIAN

I must declare that women designers have now become very confident and brave, and have decided to set their own trends. was considered a man’s world.

Looking back historically, it is a common narrative that women spent many decades trying to make their mark, especially within already-established businesses, which were often founded by men.

It was documented that Germans had a special

slogan for the female role in society, which included the rule of 3 Ks (Kinder, Küche, Kirche), and is translated as “children, kitchen, church”. Times have changed: Kitchen is no longer a woman’s place.

And the graphic design industry is seeing many more women not only taking on leading roles in existing agencies, but also establishing their own businesses or successful freelance careers.

Female designers have come a long way, as I have seen amazement on clients’ faces when they were told the creative director was the 40 year-old in the skirt, not the grey-haired guy in the suit.

I must declare that women designers have now become very confident and brave, and have decided to set their own trends.

Those who are making an impact are pushing boundaries and redefining what it means to take the lead.

I have further observed that female designers are attentive to detail, multitaskers and tend to be influenced by their emotions. They began to make waves at the start of the 20th century, and early forms of graphic design played a big part in this.

Male and female designers are completely different in their attitude towards

creative work. Male designers are much more decisive and confident in decisions they make, so it is easier for their clients to resolve basically all issues easily.

As for “some” women, they are rather spontaneous and tend to follow their heart, which directs their passion. Despite the multitude of mixed perceptions, my personal belief is that the issue of gender is now obsolete, as both women and men are playing an equally significant role in shaping the world of graphic and web design as we know it today. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game.

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre Bastian is a professionally-trained graphic designer/ marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

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THE TRIBUNE

Thursday, August 2, 2018, PAGE 3

MINISTER: 100-150% INCREASE IN BAHAMIANS AT THE POINTE

By NATARIO MCKENZIE

participation. In one report it is over 100 percent, and in another report it’s over 150 percent. We want to ensure that we are looking at apples vis-a-vis apples as opposed to apples and oranges.

“If you analyse both phases, the garage plus the new development, it’s like 73 percent Bahamian and 27 percent non-Bahamian, just looking at those two phases. We want to restrict this analyses to the development going on now.”

Mr Foulkes said the Government wants to ensure that, at a minimum, The Pointe’s workforce is 70

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Labour Minister yesterday said the number of Bahamians employed on downtown Nassau’s Pointe project has increased by between 100 to 150 percent.

Dion Foulkes, pictured, said: “I have received two reports recently, one from the Department of Labour - which we did about three weeks ago - and we also received a report from The Pointe yesterday.

“There has been an increase in the Bahamian

‘Over 80%’ of food products VAT-free

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Government yesterday urged consumers to be “patient” as they familiarise themselves with the VAT-free breadbasket, with the industry suggesting “80 percent” of products fall into this category.

The Ministry of Finance, in a statement yesterday, said the Retail Grocers Association and the Manufacturers’ Agents and Wholesalers Association had worked with it to facilitate the transition.

“This was critical to minimise any inconvenience to Bahamian consumers, and to ensure businesses are in compliance with the new laws and regulations,” the Ministry said. “It is important to note the VAT-Free breadbasket is not limited to the price control list.

“The VAT regulations, which are administered by the Department of Inland Revenue, are directly tied to the classification of goods

under the Bahamas Customs tariff headings. This allows for a broad range of breadbasket goods to be included in the VAT-Free list. Unlike price control, which only regulates a portion of breadbasket items, most types and variations under the breadbasket are VAT-Free with only a few exceptions, including prepared foods.”

K Peter Turnquest, deputy prime minister, said: “The VAT-Free breadbasket is going to make grocery shopping a lot less expensive. Literally thousands of every day items are now VAT-Free.

“This is not something I need to promise consumers.

This is something Bahamians will see for themselves when they look at their grocery bills and compare the difference. Before, Bahamians had to pay 7.5 percent on everything purchased in the food store.

Now, Bahamians will pay zero VAT on most of their items.”

Rupert Roberts, Super

Value’s president, said while grocery stores will end up collecting less VAT for the Government, those savings are going to Bahamians in the form of lower prices.

“The list of VAT-free items is actually very extensive, and I think people will not realise the magnitude of the savings until they see how many VAT-free items are on their receipts,” he said.

“In the case of Super Value, 8,000 of the items in our inventory are now VAT-free. That is around 80 percent of the store the Government is giving away in VAT. For some of the smaller convenience stores, nearly 100 percent of their items may very well be VAT-free. This means huge savings for consumers that will bring down the cost of living on a major weekly expense.”

Philip Beneby, Retail Grocers Association (RGA) president, said: “It took a lot of effort to implement all of the changes, and

SEE PAGE 5

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percent Bahamian.

“They have assured us that next summer it would be way beyond 70 percent, and may get as high as 80-85 percent at some points. Every three months we are doing a report to ensure that is happening,” said Mr Foulkes.

The Bahamian Contractors Association (BCA) and its president, Leonard Sands, have repeatedly expressed concern over the the ratio of Bahamian versus Chinese workers employed at the Pointe development.

They previously branded as “hogwash” the Government’s finding that The

Pointe is not in breach of its Heads of Agreement on labour ratios.

In May, Ministry of Labour officials met with Daniel Liu, the Pointe’s president, his vice-president and legal counsel to discuss a report that found the ratio of workers at the downtown Nassau development was 75 percent/25 percent in favour of Chinese employees. The Heads of Agreement calls for a 70/30 split in favour of Bahamians, meaning the ratio has been reversed.

The Ministry of Labour said at the time: “The explanation noted is that the

present stage of construction, representing the second phase of The Pointe development, is the erection of the superstructure.

“This requires specialised post-tension concrete structure workers to complete this phase in a very short timeframe. Qualified Bahamians have been, and continue to be, sought. In the following phases substantially more Bahamian workers and contractors will be engaged in order to comply with the overall 70 percent Bahamian, and 30 percent non-Bahamian, workforce composition.”

PAGE 4, Thursday, August 2, 2018

THE TRIBUNE

Ex-Grand Lucayan buyer: $200m ‘better’ in Nassau FROM PAGE ONE to defray the cost of building sufficient airlift capacity - something he was unable to accommodate after the Grand Lucayan’s owner declined to accept a lower price.

The Canadian developer said he had attempted to renegotiate the purchase price down from an initial $65m to $40m, but Cheung Kong (CK) Property Holdings - the entity into which Hutchison Whampoa transferred as its real estate assets - refused to accept.

The $25m difference between the two prices is the same amount included in the 2018-2019 budget by the Minnis administration to finance the Government’s purchase of an equity stake in the Wynn deal, plus airlift and marketing support.

But, with that deal now off, the Government will have to find considerably more if it is forced to intervene and purchase the Grand Lucayan itself to prevent its closure - Mr Wynn admitting that the administration was in a “no-win situation”.

He also denied assertions

by Philip “Brave” Davis,

the Opposition’s leader, that the former Christie administration had left a solid deal in place with him before being voted out of office last May. Mr Wynn described that arrangement as “vague and nebulous”, and branded as “unconscionable” what he described as “a lot of money being thrown at me” just prior to that month’s general election.

Putting the Grand Lucayan and Freeport behind him, the Wynn Group chief said he was focusing his Bahamian investment interests solely on New Providence. Apart from the $120m GoldWynn project, upon which he hopes to break ground

by September 1 once final permits are obtained, Mr Wynn said he was eyeing two other potential projects.

Declining to provide much detail, he suggested one would be “a regular housing development”, while the other involved a $72m investment at a western New Providence property that is already under contract.

Speaking one day after the prime minister’s press secretary, Anthony Newbold, said Wynn’s Grand

Lucayan proposal had been rejected as “unacceptable” to the Government, the Canadian developer said that while such assertions were “subjective” he was “not disagreeing”.

“I feel much more comfortable spending my money on these other developments in New Providence,” Mr Wynn told Tribune Business. “I’m coming to the Government [on the Grand Lucayan] needing massive subsidies on the building side and the lift side.

“Whether it was AMR or Sunwing, they were asking for substantial monies to rebuild the lift... At the end of the day I feel I’m asking the Government too much, but anyone looking at it is going to ask the Government for the same or more.

“We’re investing over $200m in New Providence.

I feel comfortable doing developments where I’m creating employment, creating a tax base, bringing in new tourists but you’re not asking me to stick my hand out for money,” he continued.

“I have a lot of faith in The Bahamas. I like the people, like everything about it, but the business for us is in New

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Providence. You have the airport, you have the lift.

It’s established, and you have the old city, you have Paradise Island. It has attributes Grand Bahama can’t achieve. The facts for the last 15 years speak for themselves.”

That period has seen the closure of both Freeport’s major resort properties, the Royal Oasis and Grand Lucayan, with CK Property Holdings/Hutchison Whampoa thought to have lost between $15-$20m per year prior to its post-Hurricane Matthew closure.

Some observers are likely to interpret Mr Wynn’s comments as a damning indictment of Freeport’s economic and investment prospects, especially in the moribund hotel sector, which has seen 59 percent of its inventory - around 1,000 rooms - taken out of stock as a result of the Grand Lucayan’s closure.

Mr Wynn yesterday suggested it would “be better” for Bahamians to own the resort, and warned that the Government will have to invest in both airlift and environmental remediation if it proceeds with acquiring the hotel complex itself.

“The buildings will need substantial remediation,” he told Tribune Business.

“Our budget, done with AMR and before that with Sunwing, was $45-$55m.”

Mr Wynn explained that the variance was for mold remediation, given that the developer would only have been able to fully assess this situation once an acquisition was completed.

“We’re not even certain that the Lighthouse Point should stay up,” he added.

“The 23 villas that face the water, they have to be

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demolished. You open the doors and the mushrooms are coming out the walls; it’s that bad.”

Mr Wynn suggested CK Property Holdings had not done enough to prevent the growth and spread of mold, with air conditioning not switched on despite rook leaks. “You have an owner that’s at best indifferent,” he added.

“They were losing so much money for so long they’re only really interested in the [Container] Port. They’ve collected their insurance money and have just washed their hands of it.”

Mr Wynn said the Government was now in “a no-win situation” over the Grand Lucayan’s fate, confirming that CK Property Holdings refused to accept a lower, $40m purchase price that would facilitate the “very expensive” rebuilding of airlift.

He added that opening costs would have required a further $8-$9m investment, and said the Most Favoured Nation (MFN) clauses in the Heads of Agreement for Atlantis and Baha Mar prevented the Government from providing the Grand Lucayan with more favourable tax breaks as these would then have to be extended to the two New Providence resorts.

The Canadian developer suggested that Sunwing/ Memories, who operated one of the Grand Lucayan properties prior to Hurricane Matthew, “came to the some conclusion” as himself after realising that the economics and financial model did not work.

In particular, Mr Wynn said The Bahamas’ market position as a high-end, luxury destination with expensive labour and energy costs did not favour the all-inclusive model used

by Sunwing and himself in the Dominican Republic.

Comparing the latter to The Bahamas, Mr Wynn said this nation “can’t

compete”. Labour costs in the Dominican Republic are $300 per capita per month; energy costs 25 percent of what they are here; and “consumables are 50 percent less” because that country grows more of its own food.

“It doesn’t matter what the pricing was, they [Sunwing] just can’t do what they want to do in Grand Bahama,” Mr Wynn added.

“It’s not the market that works for Grand Bahama.

Someone in the Government said The Bahamas can’t race to the bottom; it has to keep its brand.”

Praising the Minnis administration, Mr Wynn said he had “tremendous empathy for the Government” on the decision it likely faces over whether to step in and save the Grand Lucayan from possible closure.

“The Government will do their best, but they’re going to bat with one hand tied behind their back,” he told Tribune Business. “I hope they get bipartisan support, and I really hope people don’t exploit this because the Government has to do something.

“The economics were challenging. It’s not for me to manage. I can’t do it.

There’s no fiscal feasibility to it.” Mr Wynn said he had spent several hundred thousand dollars on Grand Lucayan due diligence, and described his involvement with Freeport as akin to “doing my thesis”.

Mr Wynn also denied that a substantial deal for the Grand Lucayan was left in place by the former administration. “There was no deal with the prior government,” he told Tribune Business. “The deal was so vague and nebulous, and they were throwing a lot of money at me that was unconscionable. It was prior to the election, need I say more? I don’t want to be that person.”

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THE TRIBUNE

BPL ‘FIVE TO SEVEN YEARS’ OUT FROM GLOBAL STANDARDS FROM PAGE ONE

Power colleague to head-up BPL’s operation there from April 2018.

Mr Heastie told Tribune Business that BPL must perform much better in identifying the “root cause” of outages, revealing that it was spending significant sums on repairs without knowing whether it is “getting any benefit for it” and solving the problem.

He added that the stateowned utility’s transmission and distribution (T&D) network was also failing to support its generation infrastructure, suggesting that the Harbour Island power plant would not be necessary if there was adequate connectivity to the mainland Hatchet Bay plant.

“This has zero to do with money; this has to do with good management,” Mr Heastie said of his transformation plan. “When I came in as a Board member at BPL it was very clear to me this was almost a mirror image of GB Power [when I started], where safety and the environment were not where they ought to be.

“It speaks volumes to the extent that unless people focus on safety and the environment, operations are going to follow suit. That’s a by-product of the culture around safety and the environment.

“When you look at Clifton Pier [power station], Clifton Pier really exemplifies to me the culture of the whole entity. You go into Bimini, Abaco, anywhere in The Bahamas; it’s really a replica of what I saw in New Providence.”

A career engineer of almost 40 years, who has worked in the US and for other Grand Bahamabased industrial players, Mr Heastie said his experience with GB Power had left him well-prepared to effect similar change at BPL - albeit on a much larger scale.

“With due diligence we can start to change this,” he told Tribune Business, “but we have to start with safety and the environment.

We can’t continue to abuse safety practices and environmental systems, and not pay attention to them and think we will be successful.

“Oil was all over the place, there was zero or little care for pieces of equipment leaking oil. Often we want to blame the equipment at Clifton Pier down there for the environmental state down there, but you have to blame the management of the equipment at Clifton Pier.

“What we have in the company is a mindset that has to shift from operations to safety and the environment. Once we get safety and the environment right, the assets will be fine because people will be in tune with taking care of the assets, don’t do it in an unsafe manner, and be environmentally friendly.”

Mr Heastie said he was also determined to change an approach where BPL was satisfied simply with restoring power following an outage, rather than determining its true cause a practice that was leading to the wastage of consumer dollars and undermining the utility’s service reliability.

He revealed that while BPL was employing standard industry indices to measure the frequency, and length, of outages it was “not using them to determine hit spots” that typically caused network failures.

“Our posture is simply to put the power back on,” the BPL chief executive told Tribune Business.

“We never stop to say: This should not happen, what are the root causes? We have to understand why power goes out in some areas and not others.”

Mr Heastie said BPL needs to become much more scientific in its “root cause analysis” to ensure it was getting value for money from upgrades, and repairs, to its generation and transmission and distribution systems.

“That’s where we need to be applying time and effort to make sure we understand, because unless we do that we are spending taxpayer dollars and not getting any benefit for it,” he added.

“These indices should be getting better.

“This type of thing I’m trying to get rooted and grounded so we spend money for a purpose. We know we’re spending money. The difficulty we

have is when asked: ‘What did you resolve?’ it’s very difficult to say we’ve eliminated this cause by spending this money. We’ve got to get to the root cause of what’s causing these outages and eliminate them.”

Mr Heastie said the multimillion dollar internal fraud that BPL’s Board had to deal with upon taking office showed that the utility’s “policies, procedures and controls” also needed attention – not just for financial management, but in areas such as Clifton Pier and grid instability.

“When you look inside BPL, and look at the safety, the environment, the operational, the financial, the assets; you look down the whole gamut, it says we really need to move to good power utility standards,” he told Tribune Business.

“We’ve got to work aggressively to get there.

We’re still five to seven years away from there. This is going to be a journey.”

The BPL chief executive said Abaco was a potential model for his transformation plan, where he had named a former GB Power coworker, Donald Maclellan, to head-up the utility’s operations there following a much-publicised series of outages on the island.

“Abaco has been a problem for decades,” Mr Heastie said. “Today, how much do you hear about Abaco? Simply because I took someone who worked with me at GB Power, and who’s very much in tune with safety and the environment, and put him in charge.

“He has gone to Abaco from April this year, and people there will say: ‘What a transformation this has been in a short space of time’. Its cost us less money with the same people but different management. The reliability has gone up, but if you ask how much money has been spent, not a dollar more.

“I’ve said to the Board: Abaco is going to be our test bed. It demonstrates that with the right management and strategy in place, people are willing but they need leadership. We need change agents. The size of what you’re dealing with is so large it’s impossible to do it yourself.”

Thursday, August 2, 2018, PAGE 5

‘Over 80%’ of food products VAT-free FROM PAGE THREE we appreciate the collaboration with the Ministry of Finance over the past few weeks. Having an open line of communication helped to answer some of the important questions our members had.

“There are still a few kinks to work out, which are understandable, and we still have to make sure all of the businesses in every island have the right information.

However, we feel confident that by and large the transition will continue to be smooth, and we also ask for the patience of consumers. All of our members and their staff have been working tremendously hard to re-price tens of thousands of items. The fact that most of

them were ready on August 1 is commendable.”

The Ministry of Finance said all forms of raw rice are now VAT-free, including white rice, brown rice and other forms of raw milled rice. All cooking oils are VAT-free, including corn oil, vegetable oil, olive oil and other cooking others.

All forms of flour are now VAT-free, including white flour, wheat flour, spelt flour or cassava flour. Most forms of cheese are now VAT free, including sliced cheese for sandwiches, block cheese for macaroni, or shredded cheese for making cheese and grits.

Also of note, in the cheese category, cream cheese and liquid cheese are not VAT-free. In the margarine category, liquid margarine is

not VAT-free. Seasoned rice is not VAT-free. The exceptions exist based on how the international tariff codes are structured. Diary milk is VAT-free, but plant-based milks are not. Bathing soap, medicated soap and disinfectant soap are VATfree but only in solid form.

Liquid soaps, bath wash, disinfectant solutions, hand soap and dishwashing liquid are not VAT-free.

“Although there are some exceptions, there are still thousands of breadbasket items that are now VATfree. By estimates of the Retail Grocers Association, the VAT-free breadbasket list covers over 80 percent of the items in the store,” the Ministry of Finance said.

REQUEST FOR PROPOSALS FOR GROUP HAZARD INSURANCE The Bahamas Mortgage Corporation, hereinafter referred to as “BMC”, is hereby soliciting proposals from Insurance Companies (“Respondents”) to provide hazard insurance coverage to contractors and homeowners of properties mortgaged to BMC. The Respondent shall provide a proposal for a three year period as follows: September 1, 2018 – August 31, 2021 Proposals are to be submitted in sealed envelope bearing the name of the company and address as well as the number and title of the solicitor no later than 4:00p.m., Friday August 10, 2018.

Companies interested in submitting a proposal may collect an information package from BMC’s Head Office, #4 Russell Road, Oakes Field, Nassau, Bahamas.

Respondents should submit their proposal to: The Managing Director The Bahamas Mortgage Corporation # 4 Russell Road P. O. Box N4887 Nassau, Bahamas

Please clearly mark Proposals: “IMPORTANT, GROUP HAZARD SOLICITATION ENCLOSED”

PAGE 6, Thursday, August 2, 2018

THE TRIBUNE

‘Dumping ground’ fear on used autos FROM PAGE ONE told the Rotary Club of South East Nassau that the agency’s trip to Japan in January had assessed preexport inspection processes for used vehicles shipped to

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The Bahamas. It focused on one vehicle testing company, EAA Company, to determine whether its facilities were compliant with International Standards Organisation (ISO) 1725 certification.

That trip sparked claims of a “conspiracy” to “squeeze the small man” and force Bahamians to purchase more expensive vehicles, claims Mr Sumner again sought to dispel yesterday. The delegation’s findings have never been publicised.

Mr Sumner argued that The Bahamas must

improve its standards and “not just take anything pushed at us”. He explained: “We took a trip to Japan last year to examine the exporters of Japanese vehicles who send their vehicles to The Bahamas. We found out then there were over 17,000 vehicles being exported to The Bahamas on an annual basis.

“We went on an assembly line and were given the opportunity to see how they inspect these vehicles. One of the things we saw, that few people talk about, was that these vehicles - apart

form their roadworthiness - are being tested for radio active contamination.

“A lot of people in this country, unfortunately, are driving around in cars with radio active contaminants in them because of the earthquake they had in Japan a few years ago near the industrial and nuclear plants,” said Mr Sumner.

He was referring to the Japanese earthquake and tsunami that resulted in a series of meltdowns at the Fukushima Daiichi nuclear plant in March 2011.

“A lot of that chemical got into these metals in

these vehicles and is still there, and those cars are now driving on our streets because someone didn’t go through the proper channels to get them properly inspected, and some of the people who were inspecting the vehicles in Japan were not inspecting them for these kinds of elements,” the Chamber chief added.

“We saw some cars being pulled off the line that just didn’t meet the standard we would like to see in The Bahamas. We came back and said we need to improve our standards, and not just take everything

pushed at us.”

Presently, The Bahamas has nothing to certify the roadworthiness of used vehicle imports, creating potential health and safety problems for consumers, and a potential environmental hazard from the wrecks dumped on New Providence’s roadside.

Buyers in such instances do not receive “value for money”, and the “saturated” market created by the influx of used auto imports also depresses sales/prices and government revenue.

Consumers face 2019 wait on BPL fuel costs FROM PAGE ONE impacted”.

With electricity bills higher-than-normal in the already-expensive summer months, the BPL chief said: “Today, we do have sufficient generation on the ground to safely, reliably provide power to New Providence.

“The challenge we have is Clifton Pier is not performing the way it should be performing. The question

is how we can go about getting the assets to where they can be, and performing at the level they should be.”

Mr Heastie added: “That’s an evaluation we’re undertaking right now. I certainly feel confident, based on my experience, that we can get Clifton Pier to put out 80 percent of its rated capacity on the ‘B’ and ‘C’ stations.

“At Clifton Pier today there’s about 135 MW of good assets available to

us. Today we’re running between 50-60 MW on a good day. We’re running Blue Hills hard every day, especially at this time of year.”

Mr Heastie said BPL’s reliance on Blue Hills for almost three-quarters of its New Providence generation capacity meant that fuel consumption was split 70/30 in its favour, when this ratio should be the other way around to minimise costs to businesses and households.

BANKERS WARN BPL: NO MORE ROLL-OVERS FROM PAGE ONE bonds, via a special purpose vehicle (SPV), to Bahamian and international capital markets investors. The proceeds would take out BPL’s legacy debts while keeping the new financing off the utility’s and government’s balance sheets, enabling the former to raise new capital to invest in badly-needed network upgrades.

The Minnis administration initially seemed reluctant to adopt the long-term financial restructuring tool left behind by its Christie predecessor, but BPL’s Board views the RRB’s placing as critical to raising the nine-figure sum

required to restructure its legacy debt.

It will add an additional charge to consumers’ electricity bills, representing monies that will be used to pay interest to investors in the RRB, but this will be a small component of the overall bill.

Mr Heastie yesterday said it was unclear whether the RRB will seek to eliminate the $100m employee pension fund deficit, as talks were ongoing with BPL’s two unions over whether to close the existing plan and switch to a defined contribution scheme.

The current defined benefit plan is funded 100 percent by BPL, but should such a move occur it would result in employees contributing to their own retirement. “We’re having discussions whether or not we put the pension in there or keep it out of there,” Mr Heastie added of the RRB,

“because the Bahamian people will be paying interest on that money.

“Or do we make up the deficit in the pension over time as we have closed it.

We have a chance to catch up.”

Mr Heastie confirmed some RRB proceeds, around $100m, will be used to finance BPL’s Automated Meter Initiative (AMI), including the rollout of pre-paid meters, and network upgrades across The Bahamas.

“On these islands we have small things, we call them knick knacks, that will be capital investments,” he told Tribune Business. “We have to fix them to get back to reliability.

“We’re short on generation in Exuma, Bimini and Cat Island. There’s issues up and down these islands.

We’re seeing how best to approach these issues under the RRB.”

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THE TRIBUNE

Thursday, August 2, 2018, PAGE 7

FACEBOOK PAGE’S REMOVAL ANGERS WASHINGTON PROTEST ORGANISERS

SILVER SPRING, MD Associated Press FACEBOOK stunned and angered organisers of a protest against white supremacists when it disabled their Washington event’s page this week, saying it and others had been created by “bad actors” misusing the social media platform.

The company said the page — one of 32 pages or accounts it removed Tuesday from Facebook and Instagram — violated its ban on “co-ordinated inauthentic behaviour” and may be linked to an account created by Russia’s Internet Research Agency, a so-called troll farm that has sown discord in the US. But the organisers of next weekend’s protest in Washington say Facebook has unfairly and recklessly tarnished their work by suggesting their event could be linked to a Russian campaign to interfere in US politics.

April Goggans, an organizer of Black Lives Matter DC, said protest organizers began planning the event before the Facebook page’s creation. Organisers have set up a new page, but Goggans fears Facebook’s crackdown left many people with the false impression that a Russian bot is behind their event.

“Our participation may take a hit because people are trying to find out what’s legit and what’s not,” she said yesterday.

For weeks, activists have been planning a counterprotest to the Washington rally organised by Jason Kessler, the principal organizer of last summer’s deadly white nationalist gathering in Charlottesville, Virginia. Hundreds of Facebook users clicked on the event’s Facebook page to signal their intent to attend the counterprotest.

Nathaniel Gleicher, Facebook’s head of cybersecurity policy, said in a statement Tuesday that “inauthentic” administrators of a page called “Resisters” connected with administrators from five legitimate pages to co-host the event and enlist support from “real people”.

“These legitimate Pages unwittingly helped build interest in ‘No Unite Right 2 - DC’ and posted information about transportation, materials, and locations so people could get to the protests,” Gleicher wrote.

Gleicher’s statement said Facebook disabled the event page Tuesday and reached out to the administrators of the five other pages “to update them on what happened”.

Facebook also planned to report the issue to approximately 2,600 users who had

expressed interested in the event and to more than 600 users who said they planned to attend it.

Andrew Batcher, an organizer for the Shut It Down DC coalition formed to protest Kessler’s rally, said the event page created by “Resisters” was taken over and controlled by “a lot of real people doing real work”. Batcher said he hasn’t seen any evidence that any of administrators for the “Resisters’ page was a “bad actor”.

“All the content on the page came from local organizers,” he said. “Facebook took it all down, which I see as censorship of a real protest event.”

Researchers at the Atlantic Council, a nonprofit working with Facebook to analyze abuse on its service, said the accounts identified for removal sought to promote divisions between Americans. The accounts seemed focused on building an online audience and moving it to offline events such as protests.

Facebook didn’t directly link Tuesday’s crackdown to Russia or US midterm elections in the fall. But the company said it found evidence of “some connections” between the deleted accounts and accounts that Russia’s IRA created before Facebook disabled them last year. Facebook said one of the disabled

IRA accounts shared a Facebook event hosted by the “Resisters” page, which had an IRA account as one of its administrators “for only seven minutes”.

“If that’s the case, then it’s pretty meaningless infiltration,” Batcher said.

But that discovery “could be a sign of something deeper” and not necessarily the full extent of the IRA account’s activity on the page, said Dipayan Ghosh, a former Facebook employee who worked on global privacy and

public policy issues for the company.

“It just raises a bunch of questions that suggest there is a complicated ecosystem here and we’re only scratching the surface,” said Ghosh, a fellow at Harvard Kennedy School’s Shorenstein Center on Media, Politics and Public Policy.

In February, a federal indictment accused 13 Russians of operating a hidden social media trolling campaign, posing as US activists and posting about divisive political and social

issues. Investigators have concluded the Russians coordinated and leveraged the support of unwitting Americans in carrying out their campaign.

Kessler scheduled his Aug. 12 event in Washington to mark the anniversary of the “Unite the Right” rally in Charlottesville, where hundreds of white supremacists and counterprotesters clashed in the streets before a car plowed into a crowd, killing 32-year-old counterprotester Heather Heyer.

EMPLOYMENT OPPORTUNITY

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Qualified applicants should submit Resumes on or before, August 15, 2018 electronically to the following email address: careers242@coralwave.com with Subject: Vice President Marketing.

PAGE 10, Thursday, August 2, 2018

THE TRIBUNE

Do Trump tweets cross legal line for obstruction of justice?

WASHINGTON Associated Press PRESIDENT Donald Trump’s tweet on yesterday calling for Attorney General Jeff Sessions to end the Russia investigation raises

difficult questions about whether Trump’s frequent use of Twitter might be used to build a case of obstruction of justice against him.

The latest round of presidential tweets bashing special counsel Robert

Mueller’s investigation fueled criticism that Trump is illegally interfering with the investigation. Just as quickly, the White House defended the tweets as expressing Trump’s opinion.

PRESIDENT Donald Trump points to members of the media as he speaks during a meeting with inner city pastors in the Cabinet Room of the White House in Washington on yesterday.

Photo: Andrew Harnik/AP Amid a series of morning tweets, Trump wrote, “This is a terrible situation and Attorney General Jeff Sessions should stop this Rigged Witch Hunt right now, before it continues to stain our country any further. Bob Mueller is totally conflicted, and his 17 Angry Democrats that are doing his dirty work are a disgrace to USA!” Mueller already is interested in some of Trump’s tweets to the extent they raise obstruction of justice concerns.

In obstruction cases, prosecutors have to prove beyond a reasonable doubt that a particular act got in the way of an investigation and that the person who did it intended to obstruct.

The difficulty in trying to use Trump’s tweet to prove obstruction is that he may have posted it for several reasons, including to rally support among his political base, said Jennifer Rodgers, a former federal prosecutor in New York who now lectures at Columbia Law School. In addition, Sessions recused himself from the Russia investigation, and Trump certainly knows that, having previously complained about it publicly, Rodgers said.

“If there are other credible reasons for doing something, you’ve kind of lost the beyond a reasonable doubt,” Rodgers said.

But statements like the one Trump made yesterday could help round out an obstruction case that might

be focused on an earlier act, like the firing of FBI Director James Comey, she said.

Rodgers was among several lawyers who said there is no reason a tweet could not be considered evidence — taking issue with comments from Trump lawyer Rudy Giuliani that scoffed at the idea of “obstruction by tweet”.

“I don’t know why Rudy seemed to think that obstruction by tweet is a crazy notion,” Rodgers said. Postings from Facebook and other social media are used in criminal cases, Rodgers said. “There are no separate rules of evidence for obstruction cases,” she said.

Former Justice Department official Neal Katyal said the medium is unimportant. “A tweet is like anything else. It’s a statement. Of course it can be considered evidence of obstruction, depending on what is said. The form (spoken, written, tweeted) is irrelevant, it’s the substance that matters,” Katyal wrote.

Trump critics said they read the tweet as pointed interference in the Mueller investigation.

Democratic Sen Patrick Leahy of Vermont, a former prosecutor, took to Twitter to weigh in. “When I was a prosecutor, obstruction of justice was often hard to prove, requiring difficultto-obtain evidence that the individual’s actions were truly intended to interfere with an ongoing criminal

investigation. Oh how times have changed,” Leahy said.

Richard Painter, who served as an ethics lawyer for President George W Bush, said in a telephone interview yesterday that he would read the tweet as instructing Sessions to put himself back in charge of the Russia probe. “He’s instructing his attorney general, via Twitter perhaps, to stop the Russia investigation,” said Painter, a Democratic candidate for Senate in Minnesota.

White House press secretary Sarah Huckabee Sanders said Trump’s tweets are simply the president “fighting back”.

She disputed the notion that Trump was directing Sessions to take action.

“It’s not an order,” Sanders said. “It’s the president’s opinion.”

Giuliani, speaking in Portsmouth, New Hampshire, called the obstruction of justice issue “nonsense”.

Trump could bring the investigation to a halt if he wants to, Giuliani said. “If he wanted to obstruct it, he’d obstruct it, just end it. Then you’d all battle whether he has the legal right to do that, which I think he does. But he’s not going to do that. He’s made it clear he wants it to run its course,” he said.

On the other hand, Trump has a right to express his opinion, and he uses Twitter to do so, Giuliani said.

“If he believes he’s innocent, and he is innocent, he should speak out,” he said.

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THE TRIBUNE

Apple soars but energy, industrial stocks weigh on market NEW YORK Associated Press APPLE surged to its biggest gain in a year and a half yesterday and drew closer to $1tn in value after it reported stronger iPhone sales and rising prices. But losses for energy and industrial companies left major stock indexes lower.

Already the most valuable company in the US, Apple was the biggest gainer of any S&P 500 stock yesterday and the technology giant finished at another record high.

That made up for a lot of losses elsewhere in the market. Investors sold industrial stocks following reports that the Trump administration is considering a higher tax rate on Chinese imports. Energy and materials companies fell with the price of oil, and metals and car companies also declined.

After the close of trading, the administration said it might put a 25 percent tax on $200bn in imports from China. It proposed a ten percent tax in July, shortly after it placed a 25 percent tax on $34bn worth of imports. China again threatened to retaliate.

China can’t match the size of the tariffs the US could put on Chinese exports. But Katie Nixon, chief investment officer for Northern Trust Wealth Management, said the Chinese government is already reacting to the new tariffs and the larger proposed ones by pumping more money into the economy and weakening its currency.

“They’re sending a strong signal that they cannot just withstand (tariffs), but they can manage through a period of turmoil related to the negotiations,” Nixon said.

The S&P 500 index slid 2.93 points, or 0.1 percent, to 2,813.36. The Dow Jones Industrial Average lost 81.37 points, or 0.3 percent, to 25,333.82.

The Nasdaq composite added 35.50 points, or 0.5 percent, to 7,707.29, but the Russell 2000 index of smaller-company stocks lost 1.54 points, or 0.1 percent, to 1,669.26. Almost twothirds of the stocks on the New York Stock Exchange traded lower.

The S&P 500 index rose 3.6 percent in July in spite of the trade war between the US and China. The markets

got a lift from strong company earnings as well as efforts by the US and European Union to resolve their trade differences.

As expected, the Federal Reserve left interest rates unchanged, but suggested it’s likely to raise rates again in September. High-dividend stocks like consumer products makers sank as bond yields increased.

Automakers fell as they reported their monthly sales and Ferrari plunged after it said it might not make some of the profit goals laid out

by Sergio Marchionne, its late former CEO. Apple said the average selling price for the iPhone jumped 20 percent in its latest quarter and its thirdquarter profit and sales both surpassed analyst projections. Apple’s third fiscal quarter is usually its weakest. The company’s forecast for fourth-quarter revenue also topped Wall Street estimates.

Apple surged 5.9 percent to $201.50. That gives the company a value of $973bn, based on its latest quarterly filing.

The Federal Reserve left interest rates unchanged and suggested it plans to keep raising rates as long as the economy stays healthy.

The central bank noted the labor market continues to get stronger and the economy is growing at a strong clip, while inflation has reached its target of two percent a year.

Automakers mostly slid.

Ferrari dropped 11 percent to $118 after new CEO Louis Camilleri warned that the company might not be able to reach the revenue targets outlined by Marchionne.

Industrial companies changed course again and took sharp losses.

Bond prices sank. The yield on the ten-year Treasury note rose to three percent from 2.96 percent.

Higher yields force interest rates on mortgages and other loans higher, making it more profitable for banks to lend money. However rising yields drew investors to bonds and away from high-dividend stocks like consumer goods makers.

SodaStream jumped 26.3 percent to $110.30 after the maker of beverage carbonation systems raised its annual forecasts following a strong quarterly report. Clothing maker Hanesbrands plunged 19.3

percent to $17.96 after it posted a smaller-thanexpected profit and said Target won’t renew a contract for an exclusive line of Champion clothing when the deal expires in January 2020.

Benchmark US crude dropped two percent to $67.66 per barrel in New York. Brent crude, used to price international oils, fell 2.5 percent to $72.39 per barrel in London.

Wholesale gasoline sank 1.7 percent to $2.05 a gallon. Heating oil gave up 1.9 percent to $2.10 a gallon. Natural gas dipped 0.9 percent to $2.76 per 1,000 cubic feet.

The price of gold gave up 0.5 percent to $1,227.60 an ounce. Silver fell 0.7 percent to $15.45 an ounce and copper plunged three percent to $2.75 a pound.

The dollar fell to 111.56 yen from 111.83 yen. The euro slipped to $1.1664 from $1.1697.

Britain’s FTSE 100 dropped 1.2 percent and Germany’s DAX fell 0.5 percent. The French CAC 40 dipped 0.2 percent.

Japan’s Nikkei 225 index rose 0.9 percent and South Korea’s Kospi added 0.5 percent. In Hong Kong, the Hang Seng index dropped 0.9 percent.

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Thursday, August 2, 2018, PAGE 11

PAGE 12, Thursday, August 2, 2018

THE TRIBUNE

US proposes higher tax on $200bn in Chinese imports WASHINGTON Associated Press THE TRUMP administration is proposing raising

planned taxes on $200bn worth of Chinese imports to 25 percent from ten percent, turning up the pressure on Beijing in a trade war between the world’s two

biggest economies.

The United States has already imposed 25 percent tariffs on $34bn in Chinese imports and is readying 25 percent tariffs on another

$16bn worth to punish China for allegedly using predatory tactics to obtain US technology. The Chinese have retaliated in kind.

Last month, the US proposed ten percent tariffs on another $200bn in Chinese products — from parachutes to sardines — in response to China’s retaliation. But President Donald Trump now wants US Trade Representative Robert Lighthizer to consider more than doubling those tariffs to 25 percent. The government will seek public comment on the higher tariffs. A hearing on the levies is scheduled for Aug. 20-23.

“The Trump Administration continues to urge China to stop its unfair practices, open its market and engage in true market competition,” Lighthizer

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said yesterday, adding that, “Regrettably, instead of changing its harmful behavior, China has illegally retaliated against US workers, farmers, ranchers and businesses.”

Reacting to media reports that the higher tariffs were coming, Chinese foreign ministry spokesman Geng Shuang warned that Beijing will “definitely fight back” to defend its “lawful rights and interests”. He gave no details of possible retaliatory measures.

Trump has threatened to escalate the conflict even more by taxing virtually all of the $500bn worth of goods China ships annually to the United States.

“The president is going to continue to hold China responsible for their unfair trade practices,” said White House press secretary Sarah Huckabee Sanders.

“This has gone on for long enough and he’s going to do something about it.”

But Trump’s tariffs have drawn criticism at home in the United States for driving up costs for consumers

and companies that rely on Chinese imports.

“We said before that this round of tariffs amounted to doubling down on the recklessness of imposing trade policy that will hurt US families and workers more than they will hurt China,” said Matthew Shay, president of the National Retail Federation.

“Increasing the size of the tariffs is merely increasing the harm that will be done.”

Mickey Kantor, who was US trade representative under President Bill Clinton, warned that a trade war with China will take a toll on a US healthy economy that from April through June registered the fastest growth since 2014.

“Our economy is in terrific shape,” said Kantor, now a partner at the Mayer Brown law firm. “Why in the world would you do this? It makes no sense. We don’t need it. It will cost us jobs and investment. It will slow the economy.”

A CONTAINER ship is docked at a port in Qingdao, in eastern China’s Shandong Province. The Trump administration is proposing raising planned taxes on $200bn in Chinese imports to 25 percent from ten percent, turning up the pressure on Beijing in a trade war between the world’s two biggest economies. (AP)

THE TRIBUNE

Thursday, August 2, 2018, PAGE 13

Tesla burns $739.5m in cash on way to record 2Q loss

By TOM KRISHER As soc iated Pres s ELECTRIC car maker Tesla Inc burned through $739.5m in cash last quarter, paving the way to a company record $717.5m net loss as it cranked out more electric cars.

But CEO Elon Musk reiterated a promise to post net profits in the third and fourth quarters, and on a conference call, he apologized to two analysts he cut off on the first-quarter call.

Telsa’s shares soared 11 percent to $334.18 in after-hours trading.

The net loss more than doubled from the same quarter a year ago, and was slightly larger than the first quarter. But Tesla’s cash burn in the second quarter slowed.

The Palo Alto, California, company said it lost $4.22 per share from April through June as revenue grew 43 percent to just over $4bn.

Adjusted for stock-based compensation, the company lost $3.06 per share. That was worse than Wall Street estimates. Analysts polled by FactSet expected a $2.88 loss per share.

In a statement released

pace and it should achieve sustained quarterly profits barring an unforeseen event or economic downturn.

“We expect to generate positive cash including operating cash flows and capital expenditures,” the statement said.

The company said it has cut back on capital spending by changing its strategy to produce the Model 3 on existing assembly lines, one in a giant tent, rather than adding all-new lines. Tesla projected total 2018 capital spending at just below $2.5bn. That’s substantially

less than the 2017 level of $3.4bn.

During the second quarter, Tesla laid off nine percent of its workforce as it worked toward Musk’s promise of making money. The company has never turned an annual profit and has had only two profitable quarters since becoming public in 2010. Tesla has also asked parts suppliers for refunds.

Last quarter, Musk dismissed analysts who asked questions about Model 3 reservations and other financial matters during the quarterly conference call.

NOTICE International Business Companies Act 2000 (No.45 of 2000) THE SUN shines off the rear deck of a roadster on a Tesla dealer’s lot in the south Denver suburb of Littleton, Colo. Tesla’s second-quarter revenue should grow by more than $1bn as it delivered more Model 3 electric cars. But analysts predict it won’t be enough to stop the company’s net loss from rising dramatically when the Palo Alto, Calif, company reports earnings after the bell yesterday.

Photo: David Zalubowski/AP after the markets closed yesterday, Tesla said it expects to produce 50,000 to 55,000 Model 3s in the third quarter, an increase of at least 75 percent from the first quarter.

Tesla spent millions as it reached a goal of producing

NOTICE Nebula Holdings Limited NOTICE IS HEREBY GIVEN as follows: (a) Nebula Holdings Limited is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 31st day of July, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas Dated the 2nd day of August, A.D., 2018.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

5,000 Model 3 sedans per week by the end of June. It now says production is rising, with the goal of 6,000 per week by the end of August.

The company said it expects to reach 10,000 Model 3s per week “sometime next year”.

Cash from selling the Model 3, which starts at $35,000 but runs far higher with options, is key to holding off more borrowing and turning a profit.

The company said it expects to grow at a rapid

THE DR. PAULSEN FOUNDATION INC. (the Company) Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, No. 45 of 2000, the dissolution of THE DR. PAULSEN FOUNDATION INC., has been completed. The Company was struck off the Register and a Certificate of Dissolution has been issued by the Registrar General on the 20th day of July, 2018.

Kofi Bain Liquidator

PAGE 14, Thursday, August 2, 2018

THE TRIBUNE

Los Angeles moves to license pot growers after long delay LOS ANGELES Associated Press LOS ANGELES began accepting license applications from marijuana

growers, manufacturers and testing companies yesterday, after months of delays that left many businesses in the state’s largest legal marketplace

struggling to survive.

The start of the process arrived with a mix of relief and anxiety from businesses that have been waiting since Jan 1, when

California broadly legalised cannabis for adults, to enter the legal economy.

“We’ve been hanging on by the skin of our teeth,” said retailer and cultivator

GN 2054

Donnie Anderson, who has been paying thousands of dollars of rent for months on commercial space he hasn’t been able to use without a cultivation license.

Los Angeles was once expected to be a showcase for the state’s legal pot economy, but it has moved cautiously with licensing and its market has developed more slowly than in San Diego, Oakland and other major cities.

So far, LA has only licensed about 150 retail shops, with the rest of the supply chain in limbo.

Across the state, the effort to transform the long-established pot industry, much of it illegal, into a multibillion-dollar, regulated marketplace has been uneven at best.

Illegal sales continue to flourish, undercutting legal shops, while there are widespread complaints about hefty taxes on purchases and growing.

Local governments are permitted to outlaw commercial cannabis activity, so the availability of legal pot depends on where a customer is trying to make a purchase. Initial tax collections by the state fell far

short of initial projections.

It’s also not clear when the first cultivation licenses for recreational pot will be issued by the city. LA’s top pot regulator, Cat Packer, said last month the city didn’t want to commit to a timeline because rules continue to change as the new system is refined.

Industry insiders have warned that delays in licensing threaten the marijuana supply chain, which could collapse and leave store shelves depleted.

Cannabis industry attorney Aaron Lachant said the slow pace of licensing has crimped supplies, leaving a relatively small number of cultivators and manufacturers supplying storefronts across the state.

In Los Angeles, retailers have turned to Northern and Central California to bring in products from licensed operators. Under state law, licensed retailers can only do business with other licensed companies.

Without licensed growers and manufacturers in LA, “the retailers have had to figure out new supply relationships with licensees across the state,” Lachant said.

MARKET REPORT WEDNESDAY, 1 AUGUST 2018

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

BISX ALL SHARE INDEX: CLOSE 1,927.98 | CHG 0.42 | %CHG 0.02 | YTD -135.99 | YTD% -6.57 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 1.00 0.18 3.00 9.13 6.15 3.62 11.42 2.81 1.75 7.92 6.10 11.25 6.35 3.75 13.00

CLOSE 4.45 17.43 9.09 4.02 1.00 0.18 3.00 9.13 6.15 3.62 11.42 2.77 1.75 7.89 6.21 11.25 6.35 3.75 13.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 -0.03 0.11 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

108.47 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.02 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

108.45 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

7,137 500

2,000

VOLUME

EPS$ 0.268 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.719 0.277 0.631

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

P/E 16.6 18.7 N/M 14.2 N/M N/M -3.0 14.3 10.7 21.2 18.2 27.2 7.6 N/M 11.4 16.6 8.8 13.5 20.6

YIELD 2.25% 6.48% 0.00% 5.72% 0.00% 5.56% 0.00% 7.78% 3.58% 3.31% 5.43% 2.17% 4.00% 1.06% 5.15% 4.44% 3.15% 3.20% 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%

NOTICE NOTICE is hereby given that KETTY LOUIDOR of Golden Isles Road, off Carmichael Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

MUTUAL FUNDS 52WK HI 2.16 4.16 2.00 180.30 157.58 1.56 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.50 1.62 1.58 1.08 6.41 7.62 5.66 8.65 10.54 9.57

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

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

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

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

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

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

NOTICE NOTICE is hereby given that KERBY NELSON of Clark Alley #12, St. James Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, August 2, 2018, PAGE 15

Senators: Big task to quash foreign election meddling online WASHINGTON Associated Press REPUBLICAN senators said yesterday that the government faces a momentous task in preventing foreigners from using social media to interfere in US elections, citing concerns about the First Amendment and the sprawling nature of the internet.

Experts testifying before the Senate Intelligence Committee said Russia and other foreign actors are using high-tech means to polarize Americans not only on elections, but also on highly charged issues like race and immigration.

The hearing came one day after Facebook said it had uncovered new sophisticated efforts, possibly linked to Russia, to manipulate U politics ahead of the midterm elections.

“We have bad actors putting out bad information.

The difficulty is how do you segregate those people who are doing this from Americans who have the right to do this?” asked Sen James Risch, R-Idaho. “This is just an enormous, if not an impossible, thing.”

While lawmakers have voiced outrage at the interference, they haven’t yet figured out what the government can do to combat it.

Facebook has resisted regulation over the years, and the Republican-led Congress has so far been reluctant to crack down on social media companies, even after it was first revealed last year that a Russian internet agency had manipulated American social media during and after the 2016 election to try to further divide Americans on social issues. A bill introduced by Democrats to regulate the way election ads are shown on social media has not moved in the Senate.

The committee’s Republican chairman, Richard

the gas”, increasing its use of fake accounts to drive dissention in American society.

He said automated accounts at the far left and far right of the American political spectrum generate as many as 25 to 30 times the number of messages that genuine political accounts put out on an average day.

This results in extremists’ messages “screaming while

SENATE Intelligence Committee ranking member Sen Mark Warner, D-Va, speaks to witnesses during a committee hearing on foreign influence operations and their use of social media on Capitol Hill in Washington yesterday. As alarms blare about Russian interference in US elections, the Trump administration is facing criticism that it has no clear national strategy to protect the country during the upcoming midterms and beyond.

Photo: Manuel Balce Ceneta/AP Burr of North Carolina, said those interfering through social media are trying to “weaken our country from within” and government must find a way to respond while maintaining the rights of internet users.

“How do you keep the good while getting rid of the bad?” Burr asked. “That is the fundamental question in front of us, and it is a complex problem that intertwines First Amendment freedoms, corporate responsibility, government regulation and the right of innovators to prosper from their work.”

Burr said Moscow isn’t interfering because it has political leanings to the right or left or because it cares about US elections, but “rather because a weak America is good for Russia”.

Sen Mark Warner, the ranking Democrat on the committee, said that even after 18 months of study, the

US is only scratching the surface of Russia’s information warfare campaign, which has revealed the “dark underbelly” of social media.

Warner published a list of possible ideas for regulation this week, from giving consumers more control over their data to making companies liable for fake content that they don’t take down. But he has not settled on a plan. At the hearing, Warner wondered aloud about whether there could be some kind of “time out” during rapidly trending social media stories to determine if they are phony or real.

John Kelly, a social scientist and founder of Graphika, a marketing and analytics firm, told the committee that after the 2016 election, the Internet Research Agency, a Russiabased troll farm that has sowed discord in the US political system, “stepped on

the majority whispers”.

Laura Rosenberger, who directs the Alliance for Securing Democracy at The German Marshall Fund of the United States, said that tech companies need to share information and detail nefarious activities they are seeing and curtail them. She praised Facebook’s announcement but said Facebook and

Twitter represent only a segment of the activity.

“The Russian government and its proxies have infiltrated and utilised nearly every social media and online information platform, including Instagram, Reddit, YouTube, Tumblr, 4chan, 9GAG and Pinterest — flooding the information zone to target Americans,” Rosenberger said.

PAGE 16, Thursday, August 2, 2018

THE TRIBUNE

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

T

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides.

Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home.

We look forward to your continued support in this worthwhile endeavour.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care

For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115