08012019 BUSINESS

business@tribunemedia.net

THURSDAY, AUGUST 1, 2019

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Politicians told: ‘Stop throwing fiscal rocks’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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GOVERNANCE reformer has urged the Opposition to publicly affirm its commitment to responsible government finances, while urging both political parties: “Stop throwing fiscal rocks.”

Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, in a recent interview with Tribune Business called on the Progressive Liberal Party (PLP) to publicly confirm whether it will adhere to the legislative safeguards imposed on government fiscal policy if re-elected to office.

Urging the opposition party to provide solutions to the government’s financial problems instead of just constantly criticising, Mr Myers argued that merely being “naysayers” was not helping The Bahamas’ cause when it came to cleaning up its fiscal mess.

Suggesting that many Bahamians viewed the two major political parties as “two spoilt kids going at it”, he called on both to “get back to the business of improving the country” as

• PLP asked: Are you committed to fiscal responsibility?

• Reformer: Stop being ‘naysayers and improve country’ • Warns: ‘If nation fails we will all go down together”

ROBERT MYERS they and all residents “will sink and swim together”.

Mr Myers, in particular, called on the PLP to confirm whether it will stick to the fiscal consolidation plan set out by the Minnis administration in the Fiscal Responsibility Act whenever it is re-elected to government.

“Frankly, we need to be hearing more from the opposition that they’re committed to that plan

‘Rogue’ group can’t be found at Harbour Bay

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SECURITY staff at the Harbour Bay Shopping Centre last night said they knew nothing of a group now subject to an “extraordinary precautionary warning” from the Securities Commission.

A Tribune Business reporter, visiting the East Bay Street shopping plaza, was also unable to locate a physical office for the Sovereign Friendly Society or any of its alleged affiliates despite its website listing

the location as its address.

Inquiries with security personnel established they had never heard of the business or its principal, Kendell Lang.

The group, which purports to offer financial services products to entities in the “legal medical marijuana” industry, is now the subject of multiple advisories and investor warnings from regulators in both The Bahamas and US. A Central Bank of The Bahamas warning on May 4 last year, which said a

SEE PAGE 6

‘One of best closings’ aids $68m lobster haul

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIAN fishermen yesterday voiced optimism for a “strong” 2019-2020 crawfish season following the previous one’s $68m haul and “one of the best closings in 22 years”.

Keith Carroll, the Bahamas Commercial Fishers Alliance’s vice-president, told Tribune Business that local fishermen were ready and hopeful ahead of today’s season start. “The majority of the guys are ready, but we’re watching

this weather system that’s headed this way which could affect the start of the season,” he said.

“The beginning of last season started rough but, with the Defence Force apprehending a number of poachers and the penalties they got, I think that sent a message. The last five months of the season was pretty good. This March was the best in 22 years.

The season ended on a positive note, and we hope that is an indicator of what this season will be like. I have a

SEE PAGE 5

also,” he told Tribune Business. “It would be nice to hear some rhetoric, instead of throwing rocks, that this is the right plan and they’re committed to that.

“It would be good to start hearing that from the opposition. People would like to hear that. I’d like to hear the PLP saying the future is the Freedom of Information Act, the Fiscal Responsibility Act, the Integrity Commission Bill

and all those other issues.

Let’s hear some dialogue instead of throwing rocks at each other.

“What are your solutions? What are you proposing? What’s your solution to the problem?

Just being a naysayer doesn’t help us move the country forward. If you don’t like what they’re proposing, tell us what should be done.”

The opposition has yet to publicly state whether it will adhere to the deficit and national debt targets set out in the Fiscal Responsibility Act, together with the safeguards and limits it imposes on government spending to guard against reckless, irresponsible policy.

Fiscal issues did not feature prominently at last week’s PLP Convention, and it is unclear whether the party would seek to loosen fiscal controls and checks by amending the Act when voted back into government.

KP Turnquest, the deputy

SEE PAGE 6

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Sky Bahamas faces inspection stand-off

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SKY Bahamas was last night embroiled in a new stand-off over an “on-site inspection” - scheduled for today - that its regulator will use to determine if the airline has addressed its concerns.

Captain Randy Butler, Sky Bahamas’ principal, told Tribune Business his confidence in the Bahamas Civil Aviation Authority (BCAA) had been eroded because the regulator was consistently “moving the goal posts” in terms of what it needed to meet to have

its Air Operator Certificate (AOC) renewed.

Emphasising that he had “no objection” to the inspection if the aviation regulator stuck to its own rules and guidance materials, and provided a written list of what it wanted to assess, Captain Butler argued that it had yesterday altered the terms by sending out a list of Sky Bahamas employees it wanted to interview.

With the airline effectively grounded since July 8, he said he was now faced with calling in staff who had been sent home and may

SEE PAGE 4

Disney key to South Eleuthera ‘survival’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MAJOR investments such as Disney’s cruise port are essential if South Eleuthera communities are to “survive into another generation”, the island’s Chamber of Commerce argued yesterday.

Thomas Sands, pictured, the Eleuthera Chamber of Commerce’s president, told Tribune Business the private sector would back

the cruise line’s Lighthouse Point project provided the results from the project’s Environmental Impact

SEE PAGE 5

PAGE 2, Thursday, August 1, 2019

THE TRIBUNE

USE DESIGN THINKING TO UNLOCK CREATIVITY THINK like a designer and be more creative. Take inspiration from the teachings of Michelangelo, who said: “Every block of stone has a statue inside, and it is the task of the sculptor to discover it.” Creativity is a process, and great ideas do not fall from the sky. They develop over time. Learn to fail fast and discover what is possible once you get past your comfort zone.

Design thinking can teach anyone to be creative in a few easy steps. It is a simple process with amazing potential for anyone willing to learn. Whether you are a designer, programmer or project manager, your creativity can fizzle out at any moment. How often have you found yourself in situations at work where you needed to solve a problem or present something to a client, and your mind goes blank?

It is like all your good ideas have gone on vacation, and you are left at your desk trying to scrape something together. Many people believe that creativity flows in and out. Sometimes you

The Art of Graphix

BY DEIDRE M BASTIAN

have it, sometimes you do not. If you read articles regularly then you may have seen the phrase “design thinking” thrown around.

What is design thinking and how can it help you be more creative?

Design thinking is a process used by designers for solving complex problems with creative solutions. It serves as a recipe for whipping up creativity whenever you are hungry for some

fresh ideas. Designers use this process to streamline their ideas and create innovative solutions.

Many of you will likely be thinking that creativity cannot be planned, and needs to happen naturally. This is a valid point, and worth discussing.

Imagine for a moment that things are not always as they seem… Traditionally, we think of creativity in terms of identity; that person is creative,or this person is analytical.

We identify people as being certain “types” Of course, some people are naturally more creative than others. But creativity can manifest itself in many ways. Thus: • Programmers often come up with innovative codes to solve a UI/UX problem.

• Designers create new page layouts to make websites more intuitive.

• Project managers come up with creative ways of keeping everyone on time and on budget.

For those of us who are not naturally flowing with

creativity, there is still hope.

We can use design thinking to develop a creative mindset. We can model creative people and learn how they think and behave to improve our own creativity.

Below are some easy-tofollow steps to help anyone become more creative. Next time you are stuck on a problem at work, try using the principles of design thinking to boost your creativity.

With practice, you will naturally begin to see solutions and fresh ideas to a problem, much like pushups for your imagination.

Empathise and Gather The goal is to understand the problem you are solving. Embrace an empathetic mindset and immerse yourself in the process. Try to avoid looking at the problem externally. Gain a deep and personal understanding of the challenges and what it is like to feel their effects.

Define the Landscape Scope a clear picture of the challenges from the enduser’s perspective, not the provider. Look for patterns and themes. Challenge the

common ways of thinking and do not assume anything.

Explore possibilities and let your creativity run wild. Exhaust your ideas.

Allow yourself to think outside the box and push beyond the obvious solutions. Some techniques might include brainstorming or sketching ideas on paper.

The goal is to encourage creativity and free-thinking to promote solving problems in unique ways.

Rapid Prototyping Create several simple versions of your solution.

Allow people outside the process to test them and give you feedback. The idea is to fail fast and adjust until you get it right. This will help you flesh out ideas and see how they work in reality so you can make your solutions better.

Test and Deliver You may discover new ideas that you could not see before. These ideas can help train users, or can be saved for a new release in the future.

What happens next?

Design thinking is an ongoing process. Give your

solution some time to operate in the real world, and pay attention to how people use it. Determine what works and what you might have missed along the way.

You will become better as time passes, since this neverending cycle of feedback can lead to amazing innovations. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionallytrained graphic designer/ marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She is also a certified life coach and trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

Development Bank unveils scholarship

FROM left: Lenora Bethel, human resources administrator, BDB; Dave Smith, managing director, BDB; Warren Rolle, former BDB managing director and his daughter, Larissa Rolle-Edgecombe.

THE Bahamas Development Bank (BDB) has established a scholarship programme named after its first managing director to coincide with its 40th anniversary celebrations.

The Warren Logan Rolle apprenticeship programme will offer a scholarship to a Bahamian student to pursue a Bachelor’s Degree at the University of the Bahamas. To qualify, they must be a 12th grade graduate with a high school diploma and minimum 3.00 GPA, and have obtained acceptance to the University of The Bahamas.

Persons must select a business-related major

such as accounting, finance, business administration or economics as their field of study at the University of The Bahamas. The programme is set to begin this month, and applications can be obtained at wlr.apprenticeship@bdb.gov.bs Mr Rolle was the first Bahamas Development Bank managing director, a position he held for ten years from 1978 to 1988. He also served as financial secretary for the government from 1990 to 1993, and subsequently took on the position of Hotel Corporation chief executive from 1993 to 1996.

Prior to his appointment

at the Bahamas Development Bank, Mr Rolle was the secretary and chief accountant for the Bahamas Monetary Authority, which is now the Central Bank of The Bahamas.

He served as the finance officer at the Ministry of Health, as well as the president of Rainbow Cleaners and WL Rolle & Associates - Financial Consultants. Mr Rolle is a past director and alternate governor of the Caribbean Development Bank, alternate governor of the Inter-American Development Bank, and alternate governor of the World Bank.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Thursday, August 1, 2019, PAGE 3

FISHERIES MINISTER REVEALS BAHAMIAN ELECTED TO CONCH EXPORTS PHASE-OUT CHAIR ARBITRATION BODY

MICHAEL PINTARD A CABINET minister yesterday urged conch exporters to switch to other products given the government’s desire to ultimately eliminate sales to other countries.

Michael Pintard, minister of agriculture and marine resources, confirmed that the government is moving to progressively reduce conch export quotas as a means to achieve this goal and help preserve the species Warning that conch exporters should anticipate a substantial reduction in their assigned quota, he said: “They now need to pivot and look for other species to export, and look at the local market where the bulk of conch is already sold.”

Mr Pintard added that only 20 percent, or onefifth, of conch harvested in The Bahamas is exported to overseas markets. Official government data showed some 639,840 pounds of conch meat, worth $4.484m, was exported in 2018. This generated $63,984 in royalties for the government.

A further 137,835 pounds of conch shells, worth $29,810, were exported last year to produce $4.135 in royalty income for the

government. The total value of conch-related exports, standing at $5.013m, represented just 6.7 percent of The Bahamas total 2018 fisheries exports of $75.229m.

“We are reducing the quota of exports, and the goal is to eliminate the quota of exports unless someone has the science to dissuade the government from that position. There are some, on one hand, who feel we are not moving fast enough and that we should do it suddenly,” said Mr Pintard of conch.

He added that the government will not make an abrupt decision before giving exporters the opportunity to dispose of their stock and handle commitments already made without warning or preparation.

Keith Carroll, the Bahamas Commercial Fishers Alliance (BCFA) vice-president, said yesterday he backed a conch export ban.

“I support this, and I think we need it,” he argued. “Right now we are still exporting the same amount we exported 25-30 years ago. Government hasn’t considered the amount of new restaurants that have opened, all the vendors at Arawak and

Potter’s Cay and hotels.

“For many of them their main dish, especially appettizer, is conch chowder and conch fritters. We have been trying to keep up with the demand. Cutting back on export is a good thing.

We would still be able to satisfy our restaurants and Bahamians would still have conch to eat.”

Eric Carey, the Bahamas National Trust’s executive director, earlier this year called on government to put a ban on exports from The Bahamas following a recent study that found this nation could lose its conch industry in ten to 15 years if pressure on this food source is not reduced.

Mr Pintard yesterday said that while a conch season was not effectively “on the table”, there is demand from members of civil society for a closed season.

“A conch season is an issue that has been raised by members of civil society, and a conch season has been one of the options raised by persons concerned about the conch stock. A survey being conducted nationally to get the views of all stakeholders. We will make a decision having canvassed all stakeholders,” said Mr Pintard.

A HIGGS & Johnson litigation attorney, Theominique D Nottage, has been elected co-chair of Young ICCA, a worldwide arbitration knowledge and skills network for young practitioners.

Young ICCA was established in 2010, and operates under the auspices of ICCA, the International Council for Commercial Arbitration. The organisation aims to provide a forum for students and professionals to exchange ideas about international arbitration, enable access to the international arbitration community, and to introduce new practitioners to the sector.

Ms Nottage is the first Bahamian to secure such a position with Young ICCA, and will serve alongside alongside co-chairs Camilla Gambarini and Panos Chalkias.

Her election was a twostage process.

During the first stage, the current Young ICCA and ICCA leadership selected the top two candidates from those who submitted an expression of interest.

The second stage invited the young ICCA Members to vote for their preferred candidate.

“I’m ecstatic to have been elected as one of the Young ICCA Co-chairs.

Young ICCA has demonstrated its commitment to the development of young international arbitration practitioners with its skills training workshops, mentoring programme and scholarship opportunities,” said Ms Nottage.

“During my term as cochair I hope to be a part of extending those same opportunities to young practitioners in the Caribbean, Latin America and Africa - regions where international arbitration is growing and there is a need

THEOMINIQUE D NOTTAGE for more skills training for young practitioners.

“I wish to thank each and every one of the Young ICCA members for their support and confidence in my ability to serve as one of their co-chairs, as well as executive committee of The Bahamas’ Chapter of the Chartered Institute of Arbitrators for its immeasurable guidance. I look forward to

a successful term.”

Ms Nottage is a member of the Chartered Institute of Arbitrators (MCIArb), and currently serves on the executive committee of the Bahamas’ Chapter of the Chartered Institute of Arbitrators. She also acts as vice-chair of the alternative dispute resolution committee of The Bahamas Bar Association.

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THE TRIBUNE

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Sky Bahamas faces inspection stand-off

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CAPT RANDY BUTLER FROM PAGE ONE have found jobs elsewhere.

The Sky Bahamas chief added that the regulator had also yet to provide the carrier with a written list of what it wished to examine.

Captain Charles Beneby, the Bahamas Civil Aviation Authority’s director-general, in a July 30 letter to Sky Bahamas’ attorneys confirmed that the inspection was necessary to assess whether the regulators concerns had been satisfactorily addressed.

“I am advised that, in order for your client’s information to be effectively assessed and accepted, that a follow-up on-site inspection at your client’s facility will be required in order to inspect your client’s facility, records and interview management personnel to confirm that the findings were satisfactorily addressed,” he told Tamica Colebrook of the Karam, Missick & Bowe law firm.

The letter identified Vincent Turnquest and Ladario Brown as the inspectors, and sought agreement that it would begin at 10am today. However, a second letter from Captain Beneby, sent yesterday, declined to provide Sky Bahamas’ attorneys with further information or the “job aid” that guides how the inspection will be conducted.

“I respectfully reiterate that the Authority is unable to provide further comment in regard to the subject findings until the completion of the requested inspection,” he said. “I can clarify that the inspection will be limited to verifying that your client has now satisfactorily addressed the subject findings as were communicated to you in my letter of July 19, 2019.

“Until that inspection has been completed, those findings are to be considered unresolved.” Captain Beneby requested that Sky Bahamas’ “accountable manager”, and directors of safety, training and oversight, together with the carrier’s dispatchers, be present for today’s inspection and again sought confirmation on the time.

Captain Beneby said he was busy and unable to talk when contacted by this newspaper last night. He promised that if unable to call back before press time he would do so this morning.

However, Captain Butler argued that the Bahamas Civil Aviation Authority “just keeps bringing new requirements”, even though the first letter said it wanted to interview unspecified management personnel.

“I’ve told them I’m only prepared [to agree to the inspection] if they’re going to do it as per their regulations and guidance material,” he told Tribune Business. “That tells them they have to notify me of what they’re going to do and the parameters of what they are looking for.

“I don’t trust them any more. I don’t have any relationship. We’ve gone from a very simple inspection to not renewing the AOC, and the back and forth with the director-general. I keep telling him to put their concerns in black and white, and when they do so it’s not what was agreed.

“I have no safety concerns that they have identified. We don’t have any safety concerns. I said to them over and over: Would you please list which of these things are safety concerns. They won’t do that.”

Captain Butler and Sky Bahamas are bitterly contesting the findings of a May 2019 safety inspection, the findings of which were cited as justification for not renewing the airline’s AOC - the approval it needs to carry fare-paying passengers on commercial flights.

The carrier is alleging that it properly addressed the findings via written replies prior to the July 8, 2019, letter from the Bahamas Civil Aviation Authority that ordered it to stop flying because the AOC had not been renewed.

Captain Butler is challenging this, pointing to language in Sky Bahamas’ AOC that he alleges allows it to remain in effect until either suspended, terminated or revoked - none of which has occurred.

He has also 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 are suddenly appearing now.

The financial impact on Sky Bahamas and its 63 employees from the three-week plus grounding has been significant, with Captain Butler telling this newspaper this week that the airline would be “past the point of no return” without the outside financial assistance it has received.

THE TRIBUNE

Thursday, August 1, 2019, PAGE 7

Boris Johnson visits Belfast as Brexit woes hurt UK economy LONDON Associated Press NEW British Prime Minister Boris Johnson yesterday finished his rocky debut tour of the UK in Northern Ireland, where he faces a doubly difficult challenge of restoring the collapsed Belfast government and finding a solution for the Irish border after Brexit.

Since he took office a week ago, Johnson has been touring England, Scotland, Wales and Northern Ireland, but it has not been a triumphal parade. After facing protests and political opposition in Scotland and Wales, Johnson met yesterday with the leaders of Northern Ireland’s five main political parties in hopes of kick-starting efforts to restore the suspended Belfast administration.

Northern Ireland’s 1.8 million people have been without a functioning administration for 2 1/2 years, ever since the Catholic-Protestant power-sharing government collapsed over a botched green-energy project. The rift soon widened to broader cultural and political issues separating Northern Ireland’s British unionists and Irish nationalists.

Johnson said he would “do everything I can to help that get up and running again, because I think that’s profoundly in the interests of people here, of all the citizens here in Northern Ireland.”

But a breakthrough did not look imminent. Opponents say Johnson can’t play a constructive role in Northern Ireland because his Conservative government relies on support from the Democratic Unionist Party, the largest of Northern Ireland’s pro-British parties. Without the votes of the DUP’s ten lawmakers in London, Johnson’s minority government would collapse.

Critics say that gives the pro-Brexit DUP an oversized influence with the British government, unsettling the delicate balance of power in Northern Ireland.

Mary Lou McDonald, leader of the Irish nationalist

because of the complex issue of the 300-mile border between Northern Ireland and EU member Ireland.

An invisible border is crucial to the regional economy and underpins the peace process that ended decades of sectarian violence in Northern Ireland.

Both Britain and the EU have promised there will be no hard border after Brexit, but they disagree about how to avoid it.

The EU and Johnson’s predecessor, Theresa May,

came up with a solution known as the backstop — an insurance policy to guarantee an open border if no other solution can be found. But British Brexitbackers loathe the backstop because it locks Britain into EU trade rules to avoid customs checks, something they say will stop the UK from striking new trade deals.

Johnson is refusing to hold new talks with EU leaders unless they agree to scrap the backstop and

sent Europe adviser David Frost to Brussels yesterday to deliver that message.

Johnson’s office said Frost would tell EU officials that “we will work energetically for a deal but the backstop must be abolished. If we are not able to reach an agreement, then we will, of course, have to leave the EU without a deal”.

The bloc is equally adamant that Brexit deal won’t be reopened and the backstop must stay.

BRITAIN’s Prime Minister Boris Johnson looks at chickens during his visit to rally support for his farming plans post-Brexit, at Shervington Farm, in St Brides Wentlooge near Newport, south Wales yesterday.

Photo: Adrian Dennis party Sinn Fein, accused Johnson of being the DUP’s “gofer”.

“He tells us he will act with absolute impartiality. We have told him that nobody believes that,” she said.

Britain’s 2016 vote to leave the European Union has strained the bonds among the four nations that make up the UK. A majority of voters in England and Wales backed leaving in the referendum, while those in Scotland and Northern Ireland voted to remain.

Scotland’s nationalist government wants to hold a vote on independence from the UK if Scotland is dragged out of the EU against its will. Similarly, nationalists in Northern Ireland argue there should be a referendum on unification with the Irish republic if there is a damaging no-deal Brexit.

Johnson insists the UK will leave the EU on the scheduled date of Oct 31, with or without a divorce deal. Economists say a no-deal Brexit would be economically damaging for the whole UK and politically

destabilising for Northern Ireland, the only part of the UK to share a land border with the bloc.

The British government said yesterday that it is setting aside more than two billion pounds ($2.4bn) to prepare for leaving the EU. Treasury chief Sajid Javid said the additional Brexit funds would go to hiring 500 border officers, stockpiling essential medicines and other areas such as public information.

The government plans to spend 1.1 billion pounds immediately. That comes on top of billions spent before Britain’s originally scheduled departure date of March 29.

DUP leader Arlene Foster played down the risk of a nodeal Brexit, saying Johnson is “focused on finding a deal and we’re here to help him find that deal”.

She said Brexit must be carried out “in a way that does no damage either to the UK, the Republic of Ireland — our neighbours — or the wider European Union”.

A divorce agreement between the UK and the EU has foundered largely

PUBLIC NOTICE

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BowePartners & Associates Counsel & Attorneys-at-Law

and will continue to operate from its present location, Caves Village Business Centre, Suite 1, Building 4, Caves Village SP-64293, New Providence, The Bahamas.

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We take this opportunity to thank our valued clients for their continued patronage and we look forward to being of continued service to you.

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THE TRIBUNE

Thursday, August 1, 2019, PAGE 5

Disney key to South Eleuthera ‘survival’ FROM PAGE ONE Assessment (EIA) were “favourable”.

Responding to this newspaper’s questions in the wake of renewed lobbying against Disney’s plans by its environmental activist opponents, Mr Sands and the chamber also supported the government’s decision to link full approval to the absence of adverse effects on the area’s pristine environment.

“The South Eleuthera economy has been in recession for decades, and an investment like this could have a tremendous impact on communities, especially in the south,” they said in a statement. “If these communities are going to survive to see another generation have a place to return to, major developments like the Disney development must take place and must succeed.

“We understand and note the environmental concerns being communicated, and agree that any development happening on our island should seek to protect the island’s ecology as much as possible.

“With that in mind, we support the government’s requirement to have an Environmental Impact Assessment completed prior to the project being fully approved, and we continue to wait on the findings of that assessment. If it is favourable, I do not see any reason why the business community would not support the Disney development, as we do with all developments that seek to positively impact our economy.” Disney’s Heads of Agreement requires that all necessary environmental approvals be in place before it starts construction, Mr Sands and the Chamber spoke out after the Stop Disney - Last Chance for Lighthouse Point campaign this week touted the more than 30,000 signatures its petition against the project

LIGHTHOUSE POINT has obtained.

Arguing that this was evidence of “growing global opposition” to Disney’s plans, the campaign - whose members include local organisations such as Bahamas Reef Environment Education Foundation (BREEF), EARTHCARE, reEarth, Save the Bays and Waterkeepers Bahamas - urged the cruise line to select a different site that would be a “win-win” for all.

However, Mr Sands said he hoped Disney’s project and brand power will help attract other major investors to Eleuthera while also highlighting the need for improved infrastructure and public services on the island.

“The primary concern of the Eleuthera Chamber of Commerce is to promote the continued and much-needed growth and development of the economy of Eleuthera,” he told Tribune Business. “The Disney development, which is located in the southern part of the island, is projected to result in, I believe, a $250m-400m investment...

“It is my personal hope that the attention being garnered through Disney’s interest in the island will also draw other investment, as well as attention to the need for further improvements to our airports, healthcare system, policing, energy challenges, and water production issues.”

Mr Sands also reiterated previous concerns about ensuring South Eleuthera businesses and its workforce were sufficiently prepared to exploit the potential spin-off economic activity generated by Disney’s Lighthouse Point development.

“The Eleuthera Chamber of Commerce continues to focus on supporting new and existing businesses. It is our hope that our members will be in a position to take full advantage of the opportunities that will result from all approved developments,” he added.

“Therefore we continue to lobby the government for improved infrastructure and incentives that will encourage business development and empowerment of Bahamians in commerce.”

Mr Sands said he and the Eleuthera Chamber had no objection to the “ongoing debate” over Disney’s project and plans for the island’s southern tip. “We believe that all groups should be allowed to voice their opinions in a productive manner, and we would not attempt to discredit or disparage any of the views being expressed in the public sphere,” he added.

The Heads of Agreement for the Lighthouse Point project, which was tabled in the House of Assembly earlier this year by the Prime Minister, quoted “headlinegrabbing” figures from an assessment of the project’s likely economic impact by Oxford Economics.

“The analysis examined a 25-year timeline, including four years of development and construction, and capturing ongoing operations from 2023 to 2043,” the Heads of Agreement said. “Over the 25-year time horizon the project is expected to provide an $805.1m increase in Bahamian GDP and a $357.5m increase in government revenues.”

Ignoring the discrepancy between the “25-year timeline” and 20-year difference between 2023 and 2043, those figures suggest the Disney project will generate an annual $32.2m boost to Bahamian GDP and economic output, and a $14.3m rise in government

revenues. However, Mr Sands said at the time it was unclear how much of this boost will stay in South Eleuthera.

The Heads of Agreement also does not explicitly commit Disney Cruise Line to increasing calls on Nassau and Freeport by 30-40 percent compared to 2018 figures, only stating that the Disney affiliate responsible for the 751-acre Lighthouse Point project “understands” this will occur.

Disney is poised to add an extra cruise ship to its fleet every year from 2021 to 2023, with each having capacity for 4,000 passenger. By the time Lighthouse Point’s cruise destination is fully completed, the cruise line’s fleet will be able to carry a total 25,000 passengers.

“The developer understands that once the three new cruise ships are added to the Disney Cruise Line fleet and in full service in 2024, Disney Cruise Line intends to increase the

number of its ships’ calls at the Port of Nassau and/ or the port of Freeport by 30-40 percent over the number of calls made by Disney Cruise Line ships at the Port of Nassau in 2018, subject always to berth availability,” the Heads of Agreement states.

Disney is said to have “committed” to develop just 20 percent of the 751acre Lighthouse Point property, “much of it for low density uses”. A minimum of 120 Bahamians are to be employed during construction, with an 80/20 workforce ratio favouring Bahamians compared to expatriates.

This, though, is subject to qualified Bahamian workers “being available... to meet such ratio”. And “the complexity of some construction works”, such as the pier, and need to meet international standards, may require higher numbers of expatriates. A total of 150 permanent Bahamian jobs is pledged.

‘One of best closings’ aids $68m lobster haul FROM PAGE ONE

good feeling that barring any storms we will have a strong season.”

The Ministry of Agriculture and Marine Resources yesterday released data showing some 4.345m pounds of crawfish with a value of $67.848m were exported from The Bahamas last year.

In addition, 15,070 pounds of live crawfish with a value of $158,235 was exported from The Bahamas last year. Together, they generated almost $2m in royalty earnings for the government.

Sponge exports, at 47,762 pounds, generated a further $565,923 in earnings for The Bahamas, while the 127,760 pounds of stone crab sold overseas earned $1.948m.

PAGE 6, Thursday, August 1, 2019

THE TRIBUNE

‘Rogue’ group can’t be found at Harbour Bay FROM PAGE ONE Sovereign Friendly Society affiliate, Fusion Bank, was not licensed or registered to conduct business from this nation, was followed three days later by a similar advisory issued by a California regulator.

That state’s Department of Business Oversight issued a “cease and desist” order against Fusion Bank and Mr Lang on the basis that they were offering banking services to US consumers despite lacking the permits and approvals to engage in such business.

They were ordered to stop holding themselves out as a bank, or take customer deposits, until they cured their breach of

California law and regulations. The Order, which has been seen by Tribune Business, alleged that these activities had been going on since at least January 2018, with Fusion Bank’s address listed as the Harbour Bay Shopping Plaza.

The group’s activities have now come to light following the latest advisory from the Securities Commission of The Bahamas, which was issued on July 23, 2019. The regulator warned that Fusion Bank, Sovereign Friendly Society and other group entities were violating Bahamian law because they were conducting financial services business despite not being registered with it.

Identifying Fusion Friendly Society, Canna

Friendly Society and Fusion Financial as other aliases used by the group, the Securities Commission alleged: “Kendell R Lang and Derek Scallet are offering to the public financial services, investment funds and investment services that are registrable activities within this jurisdiction.

“The web pages indicate that these organisations are operating in or from the Harbour Bay Shopping Plaza, Nassau, Bahamas.

One of the services offered by this organisation appears to target individuals and/ or companies involved, or interested in becoming involved, in the cannabis (marijuana) industry.”

Mr Lang has not responded for two days to Tribune Business inquiries

and messages seeking comment. The contact number listed on Sovereign Friendly Society is a toll free area code, used in the US and Canada, and not a Bahamian number. Once called, this newspaper was directed to a voice mail box for Mr Lang.

The Sovereign Friendly Society’s website describes it as a “a private, protected Friendly Society located in The Bahamas for the sole purpose of serving the financial needs of our member community”.

That “member community” is described as the licensed, regulated medical marijuana community. The Sovereign Friendly Society’s website purports to offer a variety of banking, insurance and investment products to this market, including a version of The Bahamas’ innovative SMART fund product.

“A Friendly Society is fully licensed by the Bahamas government to lawfully and legally engage in the above-described activities,” the website said, alleging that such entities did

not have to report to the US tax authorities under the Foreign Account Tax Compliance Act (FATCA).

However, the Securities Commission said checks with the Registrar General’s Department has established that while an entity called Sovereign Friendly Society was registered with it, there was no link to Mr Lang or any of the other Fusionrelated entities.

“There is no established link between the mentioned registered organisation and the subject of this Notice,” the Securities Commission said. “In addition, and for further clarity, based on information received by the commission none of the subject entities are registered and or otherwise incorporated with the Registrar General’s Department.

“The commission further advises that anyone desirous of conducting securities or financial services business with these organisations, their agents or consultants should be cognisant that they are doing so with entities and/

or individuals that are not registered with the commission to operate within or from The Bahamas.

“Therefore, the commission urges the public to exercise extraordinary precautionary measures before engaging in any business activities with any of the subject entities.”

Even though Sovereign Friendly Society, Fusion Bank and their affiliates appear to have no physical presence at the Harbour Bay Shopping Centre, and possibly not even in the jurisdiction, the episode again highlights how vigilant The Bahamas needs to be when protecting its international financial services reputation.

It also shows that this nation will have to take careful, measured steps in developing a legalised medical marijuana industry given the likelihood that such a development will attract some fringe, marginal operators eager to exploit an unfamiliar landscape among all the legitimate, bond fide firms.

Politicians told: ‘Stop throwing fiscal rocks’ FROM PAGE ONE prime minister, called the opposition out on this in February 2019 when he voiced concern that it would instantly seek to reform, and weaken, the Fiscal Responsibility Act’s safeguards against uncontrolled spending, and soaring deficits and debt, to enable it to fulfill costly campaign promises.

“That is one of the concerns that we should all have as citizens because when you listen to the rhetoric from the other side it appears they do not recognise the need for fiscal conservancy and responsible, realistic targets is important to the future of the country and future stability of the country,” Mr Turnquest said then.

“It’s fair to say every Bahamian should be concerned about the rhetoric from the other side. That’s basically taking us back to the future.

That’s what they did for their last five years in office and have few results to show for it.”

Mr Myers, meanwhile, called on both major political parties to “start being a lot more mature and responsible

about how we move this country forward”.

He told Tribune Business: “All the nonsense in the political arena right now has no impact on the country moving in the right direction.

I don’t believe the people are buying it. They see it as two spoilt children going at it.

They want to hear how they are going to make it better for them and the country.

“Throwing rocks at each other just isn’t productive. At some point I would hope politics in this country matures a lot, but if you read the newspapers today it doesn’t seem to be the case. It’s like: Your plan sucks but I don’t have a plan.

“That’s not responsible governance or a responsible position. Let’s get back to the business of improving the country no matter what side of the fence you sit on. We all win or we all sink together. If the country succeeds we all succeed; if it sinks, we all go down together. Black, white or in between it makes no difference; we’re all going down together.”

Many observers view the PLP as having little fiscal credibility because it used

the $1bn-plus VAT revenue windfall during its last twoand-a-half years in office to finance increased spending and social programmes that added some $2.2bn to The Bahamas’ skyrocketing national debt.

This was contrary to the former Christie administration’s initial pledge that the extra revenue would be used to narrow, then eliminate, the annual nine-figure fiscal deficits and ultimately pay down the $8bn-plus national debt.

But, while passing the Fiscal Responsibility Act and making efforts to stick to the targets it sets out, the Free National Movement (FNM) also lost some of its fiscal capital by hiking the VAT rate to 12 percent despite blasting the tax while in Opposition.

There are also signs that the Minnis administration’s austerity drive is wearing thin with Bahamian society, especially in communities and households that have yet to see a significant improvement in their incomes, living standards and conditions since the 2017 general election.

PAGE 10, Thursday, August 1, 2019

THE TRIBUNE

FED CUTS KEY RATE FOR FIRST TIME IN MORE THAN A DECADE WASHINGTON Associated Press THE Federal Reserve cut its key interest rate yesterday for the first time in a

decade to try to counter the impact of President Donald Trump’s trade wars, stubbornly low inflation and global weakness.

It left open the possibility of future rate cuts, but perhaps not as many as Wall Street had been hoping for.

During a news conference,

FEDERAL RESERVE CHAIRMAN JEROME POWELL Chairman Jerome Powell struggled to find just the right words to articulate the Fed’s strategy and what might prompt future rate cuts at a time when the risk of a recession in the United States seems relatively low.

The Dow Jones Industrial Average tumbled to

finish down 333 points, or 1.2%. The yield on the 10-year Treasury note fell to 2.01% from 2.06% late Tuesday, a sharp drop.

The central bank reduced its benchmark rate — which affects many loans for households and businesses — by a quarter-point to a range of 2% to 2.25%.

It’s the first rate cut since December 2008 during the depths of the Great Recession, when the Fed slashed its rate to a record low near zero and kept it there until 2015. The economy is far healthier now despite risks to what’s become the longest expansion on record.

But Powell stressed that the Fed is worried about the consequences of Trump’s trade war and sluggish economies overseas.

“Weak global growth and trade tensions are having an effect on the US economy,” he said.

Powell also said that sluggishness in some sectors of the US economy, like manufacturing, along with inflation chronically below the Fed’s target level justify the “insurance of a rate cut now”.

Yet he struggled to explain clearly whether, why and by how much the Fed might further reduce rates.

“It’s not the beginning of a long series of rate cuts,” he said. “I didn’t say it’s just one or anything like that. When you think about rate-cutting cycles, they go on for a long time, and the committee is not seeing that — not seeing us in that place. You would do that if you saw real economic weakness.”

Market analysts said it was no surprise that stock traders were disappointed.

“Powell appeared very reluctant to suggest that additional rate cuts were likely, only doing so when he was asked if this cut was ‘one and done,’” said Eric Winograd, senior US economist at Alliance Bernstein.

“Even then, he emphasised that if there are additional cuts it would likely be a brief cycle.”

Trump, who has repeatedly attacked the Fed for failing to cut rates aggressively, expressed irritation with its message yesterday.

“What the market wanted to hear from Jay Powell and the Federal Reserve was that this was the beginning of a lengthy and aggressive rate-cutting cycle which would keep pace with China, the European Union and other countries around the world,” Trump tweeted.

“As usual, Powell let us down.”

He added, “We are winning any way, but I am certainly not getting much help from the Federal Reserve!”

In addition to its rate cut, the Fed also announced that it would stop shrinking its enormous bond portfolio in August, two months earlier than planned. This step is intended to avoid putting upward pressure on long-term borrowing rates. The Fed had aggressively bought Treasury and mortgage bonds after the financial crisis to drive

down long-term rates but had been gradually shrinking its balance sheet as the economy strengthened.

The Fed’s action Wednesday was approved eight to two vote, with two dissents: Esther George, president of the Fed’s Kansas City regional bank, and Eric Rosengren, head of the Boston Fed, wanted to keep rates unchanged. It was the first time there have been as many as two dissents since December 2017 and suggested that Powell may face opposition if he seeks further rate cuts this year.

Compared with when the Fed previously cut rates more than a decade ago, the economy is now solid by most measures, if not spectacular. Consumers are spending. Unemployment is close to a half-century low.

A recession hardly seems imminent.

Yet the Fed has decided that a rate cut could help provide a kind of insurance policy against an economic downturn. The idea is that lowering its key short-term rate could encourage borrowing and spending and energise growth.

A key concern expressed by the Powell Fed is that Trump’s pursuit of trade conflicts, with his punishing tariffs on hundreds of billions of dollars in Chinese and European goods, have escalated uncertainties for American companies. Some companies have put off plans to expand and invest.

Powell has also expressed concern about undesirably low inflation. In delivering the Fed’s semiannual monetary report to Congress this month, he noted that the central bank needs to prevent the economy from sinking into a low-inflation trap like the one that has bedeviled Japan’s economy for more than two decades. Ultra-low inflation can slow growth by causing consumers to postpone purchases, which, in turn, slows consumer spending, the economy’s main fuel.

Another source of pressure for the Fed has been the relentless series of public attacks by Trump over its rate policy under Powell. Trump has blamed the Fed’s four rate hikes in 2018 as a key reason why the US economy is slowing.

Powell has asserted that Trump’s pressure has had no effect on the rate policies of the Fed, which is considered an independent agency. But the president’s incessant criticism raises the question of whether the attacks could eventually undermine confidence that the Fed will remain politically independent and not try to boost the economy before next year’s presidential election.

Recent government reports— on economic growth, consumer spending and orders for durable manufactured goods — have confirmed that the economy remains on firm footing even with pressures at home and abroad.

As a result, some analysts believe the Fed may pause after yesterday’s rate cut to see if the economic outlook further brightens before deciding on any further easing.

And skeptics wonder whether Fed rate cuts at this point would do much to bolster an economy whose borrowing rates are already low. Some even worry that the central bank will be taking a needless risk: By cutting rates now, the Fed is disarming itself of some ammunition it would need in case the economy did slide toward a recession.

The impact of the Fed’s decision will be muted when it comes to consumer rates, unless there are more cuts ahead, said Tendayi Kapfidze, chief economist at LendingTree.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHAWNIECE REBECCAH ALEXIS GIBSON of South Beach, Palmdale, New Providence, Bahamas intend to change my name to SHAWNIECE REBECCAH ALEXIS FORBES. 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.

THE TRIBUNE

Thursday, August 1, 2019, PAGE 11

US TO SET UP PLAN ALLOWING PRESCRIPTION MEDS FROM CANADA WASHINGTON Associated Press

THE Trump administration said yesterday it will create a way for Americans to legally and safely import lower-cost prescription drugs from Canada for the first time, reversing years of refusals by health authorities amid a public outcry over high prices for life-sustaining medications.

The move is a step toward fulfilling a 2016 campaign promise by President Donald Trump. It weakens an import ban that has stood as a symbol of the political clout of the pharmaceutical industry.

But it’s unclear how soon consumers will see benefits, as the plan has to go through time-consuming regulatory approval and later could face court challenges from drugmakers. And there’s no telling how Canada will react to becoming the drugstore for its much bigger neighbour, with potential consequences for policymakers and consumers there.

The US drug industry is facing a crescendo of consumer complaints over prices, as well as legislation from both parties in Congress to rein in costs, not to mention proposals from the Democratic presidential

PRESIDENT Donald Trump speaks about kidney health, accompanied by Health and Human Services Secretary Alex Azar, left, in Washington. Azar says he and Trump are working on a plan to allow Americans to import lower-priced prescription drugs from Canada. contenders. Ahead of the accomplish our shared goal 2020 election, Trump is feel- of safe prescription drugs at ing pressure to deliver on lower prices.” years of harsh rhetoric about Stephen Ubl, president pharmaceutical industry of the industry group Pharprices. maceutical Research and Making the announce- Manufacturers of America ment, Health and Human called the plan “far too Services Secretary Alex Azar dangerous” for American said the administration rec- patients. “There is no way ognises that prescription drug to guarantee the safety of manufacturing and distribu- drugs that come into the tion is now international. country from outside the “The landscape and the United States’ gold-standard opportunities for safe linkage supply chain,” Ubl said in a between drug supply chains statement. “Drugs coming has changed,” Azar said. through Canada could have “That is part of why, for the originated from anywhere in first time in HHS’s history, the world.” we are open to importation.

Most patients take affordWe want to see proposals able generic drugs to manage from states, distributors, and conditions such as high pharmacies that can help blood pressure or elevated

cholesterol. But polls show concern about the prices of breakthrough medications for intractable illnesses like cancer or hepatitis C infection, whose annual costs can run to $100,000 or much more. And long-available drugs like insulin have seen serial price increases that forced some people with diabetes to ration their own doses.

Azar, a former drug company executive, said US patients will be able to import medications safely and effectively, with oversight from the Food and Drug Administration. Azar used to be a skeptic of importation, and was once quoted dismissing it as a gimmick.

One prong of the administration’s proposal would

allow states, wholesalers and pharmacists to get FDA approval to import certain medications that are also available here. Trump had recently endorsed a new Florida law to allow importation.

Another part of the plan would allow drugmakers to seek approval for re-importation of their own drugs.

This second provision would cover cutting-edge biologic drugs as well mainstays like insulin, and it could apply to drugs from other countries besides Canada.

Azar said complex regulations setting up the system could take “weeks and months”. He called on Congress to pass legislation that would lend its muscle to the effort, making it harder to overturn the policy in court.

“The FDA has the resources to do this,” said acting FDA Commissioner Ned Sharpless. “The agency is interested in considering any reasonable proposal that maintains the bedrock of safety and efficacy for the American consumer.”

Importation has backers across the political spectrum.

Sen Chuck Grassley, R-Iowa, chairman of the panel that oversees Medicare, is a longtime supporter. He and Democratic presidential candidate Sen Amy Klobuchar of Minnesota have a bill to facilitate importation. Sen Lamar Alexander, R-Tenn, who chairs the health committee, welcomed the plan but said the key is whether importation can be done safely.

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.

PAGE 12, Thursday, August 1, 2019

THE TRIBUNE

UTAH RETHINKS MEDICAL POT DISTRIBUTION PLAN AMID PRESSURE SALT LAKE CITY Associated Press

UTAH officials preparing to launch the state’s medical marijuana programme next year face mounting pressure from county attorneys to scrap plans for a state-run dispensary system and lingering scrutiny from companies rejected for

grower’s licenses.

The state announced yesterday it has dismissed appeals from six companies that were denied licenses to grow medical marijuana for Utah’s programme, shutting down allegations that the selection process was hasty and biased.

The companies still have one more avenue for appealing to the state, and

at least one — North Star Holdings LLC — vowed to keep protesting a process it considers unfair.

“We’re going to take it to court. We’re not going to stop until we do what’s right for Utah cannabis patients,” said Welby Evangelista, the company’s president.

News of the dismissals came as county attorneys expressed concern that

a planned state-run dispensary system would put public employees at risk of being prosecuted under federal drug laws. That has led state officials to acknowledge they need to consider new ways to distribute medical marijuana.

On Tuesday, Salt Lake County District Attorney Sim Gill and Davis County District Attorney Troy Rawlings said current plans to use local health departments throughout the state as pickup points for medical marijuana would make the employees de facto drug dealers.

More than 30 other states

allow medical marijuana in some form. But none have state-run dispensaries because they fear the potential legal fallout, said Chris Lindsey, senior legislative counsel with the Marijuana Policy Project, a Washington-based pro-legalisation advocacy group. Utah’s proposal is unique and, if successful, could set a precedent for other states, he said.

Marijuana is banned at the federal level, though a congressional amendment blocks the Justice Department from interfering with states’ medical marijuana programs. Still, some Utah

county prosecutors say distribution is risky.

“There’s no exemption for a state employee to distribute marijuana,” Rawlings said.

Advocates who pushed for last year’s voterapproved law legalising medical marijuana said they are pleased the state may go back to the plan outlined in the ballot initiative for a network of private dispensaries.

That was scrapped when Utah lawmakers made sweeping changes to the ballot measure, and built in the distribution system that uses local health departments.

THE TRIBUNE

Thursday, August 1, 2019, PAGE 13

US OFFICIALS SAY KEY RAIL SAFETY TECHNOLOGY 90% COMPLETE WASHINGTON Associated Press

THE railroad industry has installed safety technology on nearly 90% of tracks where it is required, federal officials said yesterday, but “significant work” is needed to ensure the technology is completely installed by a December 2020 deadline.

Federal Railroad Administration chief Ronald Batory told a Senate committee that technology known as positive train control, or PTC, is in operation on more than 50,000 route miles of the nearly 58,000 miles where it is required. The GPS-based technology is intended to prevent deadly crashes by automatically stopping or slowing a train before a collision or derailment.

Congress required in 2008 that railroads adopt PTC and gave them seven years to do the job. When

A NEW Jersey Transit train leaving the Bound Brook Station in Bound Brook, NJ. Federal railway officials say the railroad industry has installed safety technology on nearly 90 percent of tracks where it is required, but “significant work” is needed to ensure the technology is completely installed by a December 2020 deadline.

Photo: Julio Cortez/AP it became clear that wasn’t Batory praised the railroad systems by December 31, enough, Congress extended industry for “its significant 2020,” he said, adding that the deadline through 2018 progress” toward fully put- the railroad agency “will and again through Dec 31, ting PTC systems in place continue to hold railroads 2020. No more extensions nationwide, despite a series accountable for timely of delays that pushed the implementation of PTC are expected.

At a hearing yester- current deadline to 12 systems and will enforce years after Congress ini- the statutory mandate.” day before the Senate tially adopted the law.

The industry expects to Commerce, Science and “Nonetheless, rail- spend nearly $15bn impleTransportation Committee, roads must still complete menting the technology

NOTICE

NOTICE is hereby given that CHERRY BLONDING SAINTFLEUR of Union Village 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 1st day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that NIGEL NICHOLAS ATKINS of South Beach, Mary Gold Lane 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 1st day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that VICTORIA SORINA JEAN JACQUES of Brougham Street, Bain Town Nassau, Bahamas. is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KEISHA CLERVEAUX of Strachan’s Alley, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of July, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that GEORGETT CLEMENTINE BURROWS of #345 Prince Charles Drive 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 1st day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

significant work to fully implement their PTC

on Amtrak and freight and commuter railroads

NOTICE

NOTICE is hereby given that ROBEN VERSANNES of West End Street Nassau, Bahamas. is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

throughout the country. An additional $80m to $130m a year will be spent on maintenance and operation, according to the American Public Transportation Association, an industry group.

Forty-two railroads are subject to the PTC mandate, including 30 commuter railroads, Amtrak and 11 freight railroads. According to the National Transportation Safety Board, 22 rail accidents it investigated since the 2008 law could have been prevented by PTC, including the December 2017 derailment of an Amtrak passenger train in Washington state that killed three passengers and injured 57 people.

Sen Roger Wicker, R-Miss, the committee chairman, said after the hearing he was “mindful there’s some challenges” in implementing PTC, but said he was confident most or all of the required installation would be completed ahead of the 2020 deadline.

Officials will likely have

a better handle on progress by the end of this year, Wicker said, adding, “I don’t know if we’re going to vaporise people who do not comply.”

In a report last month, the NTSB’s vice chairman blasted what he described as a “Titanic-like complacency” among those charged with ensuring that train operations on the new Amtrak route from Tacoma, Washington, to Portland, Oregon, were safe.

PTC had not been implemented on the new bypass route when the derailment occurred, but now is in effect on the bypass and on the rest of the Amtrak Cascades passenger route from the Canadian border to Eugene, Oregon, officials said.

Bruce Landsberg, the NTSB’s vice chairman, said the term “accident” was inappropriate “because that implies that this (2017 derailment) was an unforeseen and unpredictable event. It was anything but unforeseeable.”

NOTICE

NOTICE is hereby given that of High DELORIS BROWN Vista Dr. P.O.Box N-3451Nassau, 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 1st day of August, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 14, Thursday, August 1, 2019

THE TRIBUNE

TWEET COULD GET ELON MUSK IN TROUBLE WITH REGULATORS - AGAIN

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 31 JULY 2019

NEW YORK Associated Press

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,217.72 | CHG: 0.02 | %CHG: 0.00 | YTD: 108.27 | 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

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

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 2.86 2.40 10.12 7.00 15.45 9.00 3.40 14.00

CLOSE 4.19 17.43 6.00 5.39 2.49 1.80 2.18 11.75 6.16 4.44 9.02 2.86 2.40 10.15 7.00 15.45 9.00 3.41 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 -0.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.01 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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

1,000 200

300 17,112

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 16.8 22.2

YIELD 3.82% 7.23% 0.00% 4.64% 0.00% 1.11% 0.00% 6.13% 3.57% 2.70% 0.00% 2.38% 2.50% 3.23% 3.43% 3.50% 2.22% 3.52% 4.29%

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

NAV Date 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

ONCE again, Tesla CEO Elon Musk could be in hot soup with US securities regulators, this time for tweeting a forecast for solar roof production.

At 8.54pm Monday, Musk responded to a Twitter question about progress on roof manufacturing by saying he hopes to make about 1,000 per week by the end of this year.

Unless the tweet was approved by a company securities attorney, it likely would violate a courtapproved settlement with the Securities and Exchange Commission from April.

That pact requires Musk to get the lawyer’s approval before writing about Tesla topics that weren’t previously disclosed. It doesn’t appear that Tesla has disclosed any public solar roof production forecasts of late.

The SEC wouldn’t comment on the tweet, and Tesla wouldn’t say whether it had been approved by a company lawyer. But experts say it’s a likely violation of the settlement. It’s a mystery, however, whether the SEC will take this back to court and ask for a contempt finding or let the tweet go until there’s another infraction. The tweet could have moved the stock, but given its late hour, that would be difficult to prove.

It doesn’t appear that Musk talked to the attorney, because any securities lawyer would have recommended including “meaningful cautionary statements” about why the forecast may not come true, said John Coffee Jr, a Columbia University law professor. “This again expresses the stupidity of not talking to counsel,” said Coffee. “You can protect predictions by putting some meaningful cautionary statements round them.”

Erik Gordon, a University of Michigan law and business professor, doesn’t think

the SEC will go after Musk this time, but rather will wait for another violation. The April agreement doesn’t require a Musk tweet to affect the stock price to be a violation, but the court may just see the solar roof tweet as a minor infraction and evidence that the SEC is after Musk, said Gordon.

He predicted that the SEC would have a conversation with Musk’s lawyers about the violation and then build a record of violations with a letter to the court.

“I don’t think they’re just going to walk away and say ‘we don’t care about what he says,’” Gordon said.

The April court agreement says Musk needs approval before writing about Tesla’s financial condition, potential mergers and production or delivery numbers that have not been previously published, among other things.

It stems from a flap that occurred last August when Musk tweeted that he had lined up the financing necessary to take Tesla private in a buyout that would have likely cost more than $20bn, causing the electric car maker’s stock to swing wildly.

An offer never materialised, and the SEC later accused Musk of using Twitter to mislead investors.

Musk denied the allegations, but he and Tesla eventually reached a $40m settlement after regulators threatened to seek his ouster as CEO. Instead, Musk agreed to step down as chairman for at least three years and also stipulated that his tweets tied to the company be prescreened for accuracy.

Twitter got Musk into trouble again in February when the SEC alleged a tweet about how many cars Tesla will manufacture this year represented another misleading statement and sought to hold him in contempt of court for violating the settlement. That resulted in the April settlement.