08082018 BUSINESS

business@tribunemedia.net

WEDNESDAY, AUGUST 8, 2018

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Govt backs down over property tax hike

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

T

HE government intends to revert to the previous definition of owner-occupied properties that was in effect up until June of this year, Finance Minister Peter Turnquest said yesterday.

This comes after concerns from affluent Lyford Cay residents were published in The Tribune last week, saying the government’s increased

property taxes would drive wealthy second homeowners out of the country and deter new ones.

In a statement, Mr Turnquest noted the government had sought to increase taxes on foreignowned undeveloped land in The Bahamas, in an effort to discourage land speculation and to encourage development of any such property.

He said the government had also taken steps to improve the tax yield from homes used for commercial purposes by recasting the

BPL’s new philosophy begins to bear fruit

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

market for their viability, the government has determined that it intends to revert to the previous definition of owner-occupied properties that was in effect up until June of this year.

The government will give effect to this by amendment to the legislation once Parliament resumes following the summer break,” Mr Turnquest stated.

He noted that both the increased tax on undeveloped property and the imposition of VAT on

BAHAMAS Power & Light’s top executive said yesterday he envisages at least five islands operating as “stand-alone” operations, describing such a move as ‘healthy’ for the utility.

Speaking to Tribune Business yesterday during a brief assessment of the company’s Abaco operations, BPL CEO Whitney Heastie said: “Today everything is consolidated, financially and even nonfinancially such as the procurement of goods and materials. The majority of it comes to New Providence and is then disseminated.

That adds a cost to the company.”

“There are at least five islands that we deem major operations, inclusive of Abaco, Bimini, Eleuthera, Exuma and New Providence. Those islands we see

SEE PAGE 2

SEE PAGE 3

K PETER TURNQUEST

THE GATES at the Lyford Cay community. definition of “owner-occupied” properties and by imposing value added tax on vacation home rentals.

“After consultation with

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a range of stakeholders from a number of islands and across a number of industries which depend upon the second home

A one-stop shop for all financial services

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A BAHAMAS-based Fintech firm is aiming to accelerate the inclusion of the “under-banked and unbanked” across The Bahamas via a platform which will unite all financial services into a singular platform, its founder and chief executive revealing plans to launch an initial coin offering (ICO) in late November.

Fintegic, The Bahamasbased corporation whose

majority shareholders are millennial entrepreneurs, has designed a system which tracks all financial activities and combines that with decentralised database technology to show the level of creditworthiness a user possesses.

Fintegic Group founder and chief executive, Tevin Wilkinson, explained: “Our proprietary microcredit algorithms and processes can extrapolate a user’s purchase history

SEE PAGE 2

Wilson ‘firing’ is part of ‘PLP witch-hunt’ claims Davis

By RASHAD ROLLE Tribune Staff Reporter rrolle@tribunemedia.net OPPOSITION Leader Philip “Brave” Davis says the Minnis administration’s witch-hunt against the Progressive Liberal Party is continuing, with its most recent target being former Financial Secretary Simon Wilson.

Contrary to a report in The Punch yesterday, Mr Wilson has not been fired, but the administration has begun the process of firing him, sending him a letter asking him to explain why he should not be fired, The Tribune understands.

PHILIP “BRAVE” DAVIS Mr Wilson was replaced as financial secretary by Marlon Johnson in early September 2017. He was placed on leave for a year.

The move to fire him hasn’t sat well with senior PLPs, some of whom are expected to defend him against accusations they expect to be

SEE PAGE 3

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PAGE 2, Wednesday, August 8, 2018

THE TRIBUNE

Bannister briefs tourism chiefs on power plans PUBLIC Works Minister Desmond Bannister addressed key senior tourism officials and executives at a recent BHTA meeting.

Minister Bannister provided attendees with an insight into the “short, medium and long-term goals to address the cost and reliability of electricity and other important infrastructure improvement plans for The Bahamas”.

Among those at the event were Minister of Tourism and Aviation Dionisio D’Aguilar, Joy Jibrilu, Director General, Ministry of Tourism, Carlton Russell, President of the Bahamas Hotel and Tourism Association, BHTA Executive Committee Members and a number of top tourism executive.

In addition to the Mr Bannister’s address, members

FROM left: Suzanne Pattusch, executive vice president of the Bahamas Hotel and Tourism Association (BHTA), Fred Lounsberry, executive committee (EC) member, BHTA; Joy Jibrilu, director general, ministry of tourism; The Hon T Desmond Bannister, MP, minister of public works; Carlton Russell, president of the BHTA, Vernice Walkine, EC member, BHTA; Robert “Sandy” Sands and Nina Maynard, EC member, BHTA. of the National Culinary Team; Caribbean Hotel and Tourism Association and Pat Bain scholarship recipients were honoured by the

BHTA and The Ministry of Tourism.

Minister D’Aguilar presented plaques to the talented youth alongside

President of the BHTA, Carlton Russell, and offered words of praise and encouragement to the young Bahamians.

GOVT BACKS DOWN OVER PROPERTY TAX HIKE FROM PAGE ONE

vacation home rentals will remain.

“By virtue of this, the same category of persons who qualified for the ‘owner occupied’ property designation prior to the recent changes will continue to be qualified as same. They will be eligible for the $50,000 cap on real property tax payments – the cap on such payments that was reinstated by the previous administration in 2013,” Mr Turnquest stated.

“The government continues to encourage the development of the second home market, being fully cognisant of its contribution to a number of Bahamian communities, especially in

the Family Islands.

“The government also expects those persons who use their properties to generate commercial rental income to be subject to VAT and contribute to the public purse as do commercial operators in other segments of the hospitality industry,” he added.

The formal announcement on the matter comes after serious concerns were expressed within the local real estate sector and calls were made for the government to clarify the real property tax hikes stemming from the changed “owner-occupied property” definition.

The term “owner-occupied property” had been altered to remove the phrase “or seasonal basis”,

instead inserting a requirement that an owner must reside in their property for at least six months annually to qualify under this definition.

The Bahamas’ second homeowner community, many of whom are in this nation for just a few months per year, ultimately fell out of the “owner-occupied” category and lower tax rates that were reduced in 2016.

And, besides the higher tax rate, which the government had doubled from one percent to two percent on the property value above $500,000, they were also set to lose the $50,000 “cap” that set the ceiling, or limit, on how much they pay annually to the Public Treasury.

Those concerns were outlined in a letter by the Lyford Cay Property Owners Association, which warned Mr Turnquest that the “insensitive and irrational changes” to the Real Property Tax Act’s “owneroccupied” definition were starting to undermine confidence among the very high-end North American investors this nation wants to attract.

In a July 30 letter, the association’s chairman Henry Cabot Lodge III said tax rates that were “too high and unpredictable” would lead to consequences impacting “every sector of the economy that services Lyford Cay”, as existing homeowners sought to exit and new buyers were deterred.

A one-stop shop for all financial services FROM PAGE ONE and behavioural habits to forecast their true financial abilities in a moment by moment basis. Most financial activities do not count for a standard credit score.

“The FICO system does not work around the world. A change is needed for global consumers to have access to products and services they desire.

“Fintegic empowers the under-banked communities by providing financial tools for them to build credit, send money, participate in e-commerce and elevate out of a cash only environment. Fintegic will drive change and betterment for Bahamian culture through the massive social impact the banking platform and mobile app can have on a culture that lacks trust in traditional banking systems. The platform not only provides ways to participate in secure financial transactions, build credit and provide remittance services but also gain access to entertainment and shopping services that were once out of reach because of a banking status.”

He added: “There are a number of remittance companies, bill pay companies as well as micro-credit companies out there but no one has put them all together, no one is building a platform or a marketplace where you can actually gamify an entire process of paying your bills, sending money and getting rewarded for it. The platform we have created will unite all services into one the same way the smartphone united GPS, cameras and computers all into one item. We are uniting all financial products into one platform that’s easy simple to understand and

empowers the user.”

Wilkinson noted one of the main issues when dealing with an underbanked population is collecting the appropriate information and documentation.

‘Most, if not all, will be able to provide enough information to get them started with a very small account, giving them the ability to transact with a limited amount of money. In the case of not being able to collect much information, users can be limited to 10s of dollars or a couple of hundred dollars. which would be enough to pay a couple of bills or remit a small amount of money to a family member,” said Wilkinson.

“As users get more comfortable and wish to transact more money through the system, we can simply guide them through a process to collect more information. As they get more comfortable with the platform - and we collect more information - more doors open up to them in terms of services and allowed monetary amounts.”

According to Wilkinson, the company narrowed down its choice of ways by which to create a user base as well as raising funds.

“A public crowdsale via an initial coin offering (ICO) was the mechanism of choice for Fintegic based on our use of blockchain being intertwined with the core of our financial services platform and the creation of the finch coins token,” he said.

“The crowdsale is allowing us to reach participants around the world who have provided channels for future partnership for the platform itself which would not have happened if we went the traditional venture capital route.”

The ICO is aiming to launch on November 30.

THE TRIBUNE

Wednesday, August 8, 2018, PAGE 3

BPL’s new philosophy begins to bear fruit FROM PAGE ONE as having the ability to stand alone, have their own financials, their own operations and the ability to make decisions locally so that at the end of the day their success or lack thereof is dependent on themselves. New Providence should be there as a support mechanism.”

Mr Heastie said he envisages such a model as the “future” for the company.

“With that model we see that as the future,” he said.

“When things tend to start to fail in one of these islands you could then, by having your own books, look from a financial and operational perspective and see where it is failing and how to provide support. I think at the end of the day it is healthy for the overall company. Every tub has to sit on its own bottom.

That’s the approach I want us to go to and I think that at the end of the day it will be healthy overall not only for the company but for residents of The Bahamas.”

Since taking the helm at BPL Mr Heastie has been determined that his executive team join him in a commitment to “changing the way we do business”.

In Abaco the results of that new philosophy have already begun deliver to with the local operation power credited for a “noticeable” improvement in its Abaco service in recent months.

Joe Macellan, BPL’s director of operations on Abaco told Tribune Business yesterday the utility company had undertaken several initiatives to improve its overall service to its roughly 8,900 customers in the Abacos. Back in February the Abacos suffered a weekend-long power outage as a result of a blown pump.

The prolonged outage was said to have caused “havoc” for Abaco and its tourist economy.

“It’s a work in progress for sure. There were a lot of initiatives taken as a result of those power outages. We were able to get some of the equipment in place and just started to change the way we do business, in transmission and distribution and in our internal operations,” said Macellan.

The BPL executive said the company was also taking steps to improve training, maintenance, staff safety and its communications.

James Albury, MP for South and Central Abaco, told Tribune Business: “I think most people would agree that there is still a ways to go, outages happen but if we’re being objective things have been better

THE BPL power plant in Marsh Harbour, Abaco.

To advertise in The Tribune, contact 502-2394

this summer, generally speaking.”

Last summer, Abaco resorts blamed frequent power outages for having “really put a damper” on the summer holiday period, with many frustrated guests having vowed to never return.

“Generally speaking, the power has been on a lot more and even restoration times are much quicker.

Last summer we have major challenges, with island wide outages taking everything out of commission. Most people can say they have noticed an improvement in service from BPL. I do believe that we have the leadership and technical know-how on the ground to keep pushing us forward and rectify the issues,” Albury added.

Wilson ‘firing’ is part of ‘PLP witch-hunt’ FROM PAGE ONE levelled if he is fired.

During a press conference yesterday, Mr Davis said: “This morning we open up our newspapers to reports a senior public servant, Simon Wilson, being fired. That is false but it gave the opportunity to parrot a number of false allegations against the PLP in furtherance of the political campaign of the FNM to falsely paint the PLP and those associated with it as corrupt and to hinder Mr Wilson’s reputation.

I’ve spoken to the attorneys of Mr Wilson and they are satisfied he has a good and arguable defence in those matters. He also has

a good and arguable case founded in defamation.

When he worked as financial secretary I was satisfied that he never moved a penny unless he had an authority to do so.”

Yesterday, Press Secretary Anthony Newbold demurred when asked about Mr Wilson’s job status.

“Whatever may or may not be going on with Mr Wilson would be between him and the public service,” he said. “I don’t know if he’s been fired so I can’t comment on that.”

He said if Mr Wilson is fired, “once that decision is made, yeah, it will be revealed to the public” why it happened.

Legal Notice

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that Fair Oaks International Ltd. has been dissolved and has been struck from the Register with effect from 31st July, 2018.

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

Bruce Missick, acting foreman for underground and maintenance, told Tribune Business: “This is probably one of the best summers we have had as far as electricity is concerned.

A lot of the changes here have been centred around safety. Last year, if something major happened it would take the entire island offline. That is not the case anymore. We had a lot of protection issues in the past.

A lot of that has been rectified. We still have a lot to do but we are moving in the right direction. We still have some really old cables in the cays and we’re trying to rectify those.”

Time will tell if Heastie’s cultural revolution in the management of BPL delivers the reward both he and his customers yearn for.

PAGE 4, Wednesday, August 8, 2018

THE TRIBUNE

Incoming Colombia president faces long list of challenges BOGOTA, COLOMBIA Associated Press THE YOUNG protégé of a powerful former president was being sworn in as Colombia’s new leader yesterday, tasked with guiding the implementation of a peace accord with leftist rebels that remains on shaky ground.

Ivan Duque, 42, who will be the youngest Colombian chief of state ever elected in a popular vote, describes himself as a centrist who will unite the nation at a time when many are still fiercely divided over the peace agreement that ended more than five decades of bloody conflict.

His detractors fear he will be little more than a puppet for Alvaro Uribe,

the conservative ex-president who led a referendum defeat of the initial version of peace accord in 2016.

Uribe is still backed by millions of Colombians, though he is perhaps equally detested by legions who decry human rights abuses during his administration.

On yesterday, hours before Duque’s inauguration ceremony, thousands of his opponents gathered at public squares in Bogota and a dozen more cities across Colombia to express their opposition to the incoming president. At the rallies, protesters bore white flags and signs that called for the preservation of the peace deal.

“We are ready for dialogue,” said opposition Sen Ivan Cepeda, one of

COLOMBIA’s new President Ivan Duque greets the public as he arrives for his inauguration ceremony in Bogota, Colombia on yesterday.

Photo: Fernando Vergara/AP Duque’s and Uribe’s fiercest critics. “But we are also ready to mobilise and exert our opposition if he enacts policies that limit peoples’ rights.”

Duque is taking Colombia’s presidency at a critical juncture: Coca production is soaring to record levels, holdout illegal armed groups are battling for territory where the state has little or no presence and a spate of killings of social activists has underlined that peace remains a relative term.

On Monday night, a motorcycle bomb exploded outside a police station in

the western province of Cauca. The National Liberation Army, a smaller guerrilla group that is still in peace talks, last week kidnapped three policemen and a soldier in an attack that highlighted the government’s struggle to bring law and order to Colombia’s most remote areas.

“If Duque is not able to solve this problem and find a way to bring the state into the countryside, we’re going to keep having the same problems we’ve had for decades,” said Jorge Gallego, a professor at Colombia’s Rosario University.

Duque is the son of a

former governor and energy minister and friends say he had harbored presidential aspirations since early childhood. But his rise from unknown technocrat to a popular senator and now president has been extraordinarily rapid, thanks in large part to the support of his mentor, Uribe.

Just four years ago, Duque was a Washington suburbanite with a job at an international development bank. It was there that he developed close ties to Uribe, assisting the former president when he taught a course at Georgetown University. Later Duque helped Uribe lead a United Nations probe into Israel’s deadly attack on a Gaza-bound aid flotilla and helped him write his memoir.

Then in 2014, Uribe propelled Duque into the political limelight when he encouraged him to return to Colombia to run for a Senate seat and placed him on a list of newcomer candidates that he urged his multitude of supporters to elect.

Within Uribe’s conservative Democratic Center party, Duque’s reputation as a more moderate voice can at times put him at odds with the solidly right-wing faction. Uribe’s support is thus considered crucial for Duque to rule with the full backing of his party. But he will need to build a broader alliance to pass laws in Congress.

In the weeks since Duque’s resounding victory over leftist ex-guerrilla Gustavo Petro, the president-elect has signaled both his loyalty to Uribe and a conviction to chart his own path. While many of his Cabinet picks have ties to Uribe, there are also a number of incoming ministers with no links to a traditional political party.

“So far I think he has shown more independence than some sectors believed,” Gallego said. “Treating Duque as a puppet of Uribe is a very simplistic way of analysing things.”

At the top of Duque’s agenda are likely to be Colombia’s economy and the peace accord as well as reversing coca production that last year reached levels unseen in more than two decades of record keeping and $10bn in US counternarcotics work.

Throughout his campaign, Duque promised to push changes in the peace agreement, including creating tougher penalties for former leaders of the now defunct Revolutionary Armed Forces of Colombia responsible for crimes against humanity. Under the accord, most rebels who fully confess their crimes will be spared any jail time, a sore point for many Colombians.

Colombia’s conflict between leftist rebels, the state and paramilitary groups left at least 260,000 dead, some 60,000 missing and millions displaced.

Cynthia Arnson, director of the Latin America program at the Woodrow Wilson International Center for Scholars in Washington, noted that Duque’s rhetoric on the peace accord has softened somewhat since his election.

THE TRIBUNE

Wednesday, August 8, 2018, PAGE 5

Disney says its new streaming service won’t rival Netflix NEW YORK Associated Press

DISNEY’S upcoming streaming service won’t try to compete directly with Netflix and Amazon, but will focus instead on quality — namely original programmes from Disney’s “Star Wars”, Pixar and Marvel brands.

The details from Disney CEO Bob Iger came as Disney reported a growth in earnings for the latest quarter, though results missed expectations.

With Comcast out of the bidding war, Disney is planning to move forward with its $71.3bn purchase of Fox’s entertainment assets, in part to boost a Disney-branded streaming service set to launch in late 2019. Disney’s shareholders and US regulators have approved the Fox bid.

Disney is awaiting regulatory approval overseas.

In a statement, Iger said he was excited about “opportunities ahead for continued growth”.

Disney is building the streaming service as more people switch from traditional cable TV bundles to streaming online though services like Amazon and Netflix.

Disney just launched a $5-a-month ESPN Plus streaming service with sports. If the Fox deal closes, it will have a controlling stake in Hulu, which offers a broad array of programming starting at $8 a month. With the Disney-branded entertainment service, Disney will have more control over its movies and TV shows

A VISITOR walks past a display of Disney characters inside an exhibition entitled “Mexico and Walt Disney: A Magical Encounter”, at the Cineteca Nacional, Mexico’s film archive, in Mexico City. The Walt Disney Co reported earnings yesterday. from creation to distribution. That ultimately gives Disney more data to gauge its audience.

Though a price for the upcoming entertainment service hasn’t been set, Iger told analysts during a conference call that the price will reflect a lower volume of shows and movies. Netflix plans range from $8 to $14 a month.

In the works for the Disney service are a liveaction “Star Wars” series, new episodes of the animated “Star Wars” series “Clone Wars”, a live-action version of “Lady and the Tramp” and new series related to the “High School Musical” and “Monsters Inc” movies.

Launching the streaming services is Disney’s biggest priority next year, Iger said.

“There will be a significant

amount of support given across all of our assets to see to it that the product launches successfully.”

Some of Disney’s properties, such as the original “Star Wars” trilogy, have licensing agreements already in place with other companies, so they won’t be available, at least initially.

But Iger said that movies Disney plans to release in 2019, including “Captain Marvel”, ‘’Dumbo”, “Toy Story 4” and “Frozen 2”, won’t be encumbered by licensing deals and can go straight to the service soon after their theatrical releases.

In the fiscal third quarter, Disney’s net income rose 23 percent to $2.92bn, or $1.95 per share, from $2.37bn, or $1.51 per share, a year ago.

Excluding one-time items like a benefit from lower

federal tax rates, income was $1.87 per share. The average estimate of four analysts surveyed by Zacks Investment Research was for adjusted earnings of $1.97 per share.

Revenue rose seven percent to $15.23bn in the period, short of the $15.49bn expected by four analysts surveyed by Zacks.

Revenue from the movie and TV production

business jumped 20 percent to $2.88bn, boosted by a strong box office for “Avengers: Infinity War” and “Incredibles 2”. Disney’s television networks also saw gains, including at ESPN, despite the higher NBA costs and lower advertising revenue.

The one business that saw a drop in revenue was also Disney’s smallest segment, Consumer Products and Interactive Media.

Gains in products related to the Avengers weren’t enough to offset lower revenue from “Spider-Man” and “Cars”.

Disney shares have risen slightly more than eight percent since the beginning of the year, while the Standard & Poor’s 500 index has risen almost seven percent.

In the final minutes of trading on yesterday, shares hit $116.56, an increase of almost ten percent from a year ago. In after-hours training, Disney’s stock fell 49 cents to $116.07.

VACANCY NOTICE

DIRECTOR OF ENTERPRISE SOLUTIONS Cable Bahamas Limited is seeking to employ a Director of Enterprise Solutions.

Interested persons may apply by forwarding a resume stating their interest, relevant skills, and experience to humanresouces@cablebahamas.com on or before Tuesday, August 14, 2018.

JOB SUMMARY The Director of Enterprise Solutions will be the lead in driving the development of technical solutions in both the Commercial and Residential markets within The Bahamas. This role’s primary responsibility is to generate revenue by developing and rolling out products on the fibre and Ethernet networks to enable the increase of sales, using market research, pricing, product communications, advertising and public relations. This position will also be responsible for new business development, product development and distribution channel management.

JOB DESCRIPTION Duties will include but are not limited to: •Creating a clear enterprise solution strategy that encompasses all segments incorporating the Company’s mid to long-term strategic and annual business plans; •Maintaining and executing the strategic plan to research, identify and propose commercial and residential solutions and applications, while determining the prioritization and investment across companies; •Developing in depth understanding of networks and plan to maximize the capabilities within product sets. Develops, rationalizes, and aligns product roadmaps for enhancing capabilities; •Monitoring industry trends and evaluate new technologies for potential deployment and/or use to support emerging business needs; •Leading or supports the development of strategic directions and business roadmaps for the current state and the evolution of product deliver; •Initiates and manages engagement with external vendors and internal crossfunctional teams; •Developing strategy to obtain and maintain executive sponsorship/direction and communication. Communicate planning and strategy to executive sponsors, champions, and vendor partners; •Establishing strategic partnership with Sales, Network Operations, Engineering and IT; •Conducting industry analysis and research, develop and present business cases to grow revenue. Identify and develop business cases across companies to drive value such as operational efficiency, organizational effectiveness, cost reduction and revenue growth; •Providing oversight and tracking of financials by product. Completing budgets, forecasts and actuals to ensure alignment; •Leveraging the data and Ethernet communications capabilities with dedicated, high-performance connectivity; •Driving innovative solutions comprising but not limited to the following service offerings; •Ethernet Network Services: • Metro Ethernet Services • SDN-WAN • Hybrid WAN SKILLS, EXPERIENCE & QUALIFICATIONS REQUIRED •Requires BS/BA in a related discipline and 8 plus years of experience in related field (Telecommunications product development) and 5 plus years of experience in developing and implementing business and technology strategies for a telecommunications service provider; •Demonstrated experience in developing and executing product management; •Confident presence in client facing situations, polished verbal and written presentations, effective interpersonal skills, and strong collaboration skills, to partner effectively with teams throughout organization; •Must demonstrate strong people leadership skills, project management and communication skills; •Candidate should possess an understanding of program management; •Knowledge of telecommunications service offerings: Video, Voice, High Speed Data; •Experience in the Caribbean (specifically The Bahamas) and the United States preferred.

Qualified applicants should submit Resumes on or before Tuesday, August 14, 2018, to the Director of Human Resources, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: Director of Enterprise Solutions to humanresources@cablebahamas.com.

PAGE 6, Wednesday, August 8, 2018

THE TRIBUNE

Group says US energy panel stacked with industry supporters BILLINGS, MONTANA Associated Press CONSERVATIONISTS claimed in a lawsuit filed yesterday that a Trump administration committee reviewing royalties paid by companies on fossil fuels extracted from public lands is stacked with industry supporters who conduct some meetings in secret.

The Western Organization of Resource Councils asked a federal judge in Montana to disband the US Interior Department’s Royalty Policy Committee and strike down its recommendations.

The 20-person panel — comprised of representatives from industry, state government, tribes and academia — was established last year

by US Interior Secretary Ryan Zinke.

It’s supposed to find ways to remove barriers to drilling and mining, while making sure taxpayers aren’t shortchanged by energy companies.

Zinke in April rejected the committee’s recommendation to lower royalty rates for offshore .

Critics allege the panel has made one-sided recommendations that favor industry and weaken environmental protections.

Those include calls to speed

A DUMP truck hauls coal at Contura Energy’s Eagle Butte Mine near Gillette, Wyo. A conservation group wants a federal judge to disband a Trump administration energy advisory panel that is reviewing royalty payments made by companies that extract fuel from public lands.

Photo: Mead Gruver/AP up oil and gas lease sales in the Arctic, hasten approvals for new drilling and allow coal companies to largely self-determine the value of fuel they sell on the export market.

That could portend a potential sharp reversal from

the Interior Department’s actions under President Barack Obama, when the agency imposed a moratorium on coal leases from federal lands in part to investigate if companies exporting coal were skirting royalty rules.

“That committee is supposed to be representing all interests, but it’s been pretty much totally stacked with industry and some Western states with a real strong development bias,” said Steve Charter, a rancher from Roundup, Montana

NOTICE

NOTICE

Notice is hereby given that LACEWANNE AUGUSTIN of Central Pines, Abaco, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 1st August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

Notice is hereby given that MAURICE HEINTZ of Kennedy Subdivision, Golden Palm Estate, P.O.Box GT2663, New Providence, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 1st August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

MARKET REPORT TUESDAY, 7 AUGUST 2018

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

BISX ALL SHARE INDEX: CLOSE 1,943.21 | CHG 0.21 | %CHG 0.01 | YTD -120.36 | YTD% -5.83 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.10 1.39 0.19 3.92 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 2.90 8.50 6.09 3.32 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 2.96 9.13 6.15 3.74 11.42 2.76 1.75 8.02 6.21 11.25 6.35 3.75 13.00

CLOSE 4.45 17.43 9.09 4.06 1.00 0.18 2.90 9.13 6.15 3.75 11.42 2.75 1.75 7.92 6.21 11.25 6.35 3.75 13.00

CHANGE 0.00 0.00 0.00 0.04 0.00 0.00 -0.06 0.00 0.00 0.01 0.00 -0.01 0.00 -0.10 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

108.34 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.11 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

2,000 3,000 1,289 10,000

750 10,000

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 14.3 N/M N/M -2.9 14.3 10.7 21.9 18.2 27.0 7.6 N/M 11.4 16.6 8.8 13.5 20.6

YIELD 2.25% 6.48% 0.00% 5.67% 0.00% 5.56% 0.00% 7.78% 3.58% 3.20% 5.43% 2.18% 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%

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

and board member of the Western Organization of Resource Councils.

“It’s basically the fox guarding the hen house,” Charter added.

The committee has held at least four public meetings since last September.

Yesterday’s lawsuit alleges subcommittees from the panel have met privately, with no public notice, to craft their recommendations.

Zinke spokeswoman

Heather Swift declined to comment directly on the lawsuit or the allegations of secret subcommittee meetings. She said it was “inaccurate” to suggest the committee was dominated by industry.

“It’s not even a majority industry. Further, for the first time ever the committee includes representatives from renewable energy,” Swift said.

Six of the committee’s primary members come from the energy industry. Six are from energy-producing states — including Wyoming, Texas and Alaska — and four represent American Indian reservations with significant fossil fuel reserves.

The remaining four members are from universities and the consulting firm Wood Mackenzie.

University of Colorado Law School professor Mark Squillace, who has pushed for years to re-examine federal energy royalty rates, sought to serve on the committee but was not selected

by Zinke.

He said its unsuccessful recommendation to lower royalty rates for offshore oil and gas drilling, from 18.75 percent to 12.5 percent, showed the panel’s bias toward industry.

“This committee does not seem willing to acknowledge the importance of maximising federal revenue from mineral properties,” Squillace said.

Legal Notice

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

Tsain San Enterprise Company Ltd. In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), Tsain San Enterprise Company Ltd., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 27th day of July, 2018.

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

NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, 2000 Notice is here by given that ACADEMY TRADING INC is in dissolution and the date of commencement of the dissolution is the 8th August 2018. The Liquidator of said company is ELCO CORPORATE SERVICES LTD. Located at Loyalist Plaza, Don Mackay Blvd. P.O .Box AB 20377 Marsh Harbour, Abaco, Bahamas.

LYFORD CAY PROPERTY FOR SALE UBS (Bahamas) Ltd (In Voluntary Liquidation), is soliciting offers for the purchase (subject to prior court approval) of its right, title and interest in Lot 5, Block 7, Clifton Bay Drive, Lyford Cay Subdivision 1, situated in the Western District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas.

The property is being sold on an “as is, where is” basis with no representations, warranties or conditions to be provided by the vendor to the purchaser.

Questions concerning the sale of the property may be submitted to info@jazzhouse-lyfordcay.com. Responses to all inquiries will be posted on the website for the benefit of any interested persons to view.

The deadline for the submission of unconditional offers is 31 August 2018 at 4:00pm EST. Offer forms are to be submitted to offer@jazzhouse-lyfordcay.com.

Please visit the website link www.jazzhouse-lyfordcay.com for more information, including offer forms.

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

THE TRIBUNE

Wednesday, August 8, 2018, PAGE 7

PAPA JOHN’S SALES DROP AMID FOUNDER CONTROVERSY underscores the multiple challenges facing Papa John’s. It is trying to distance itself from Schnatter, who is still its biggest shareholder and a board member. Meanwhile, rival Domino’s Pizza has seen sales increase.

In a statement, Schnatter said the results show the deterioration of the

THE CORPORATE headquarters of Papa John’s pizza located on their campus, in Louisville, Ky. Papa John’s Pizza reports earnings yesterday.

Photo: Timothy D Easley/AP NEW YORK Associated Press PAPA JOHN’S says a key sales figure dropped 10.5 percent in July, and that it can’t predict how long and badly it will be affected by the fallout with its founder.

The pizza chain also

slashed its sales outlook for the year, and its shares fell more than nine percent.

Last month, Forbes reported that Papa John’s founder John Schnatter used the N-word during a media training call. Schnatter said the comment was taken out of context and has since criticised Papa John’s for its

handling of the matter.

Even before the controversy came to light, Papa John’s said yesterday that sales fell 6.1 percent at established North American locations. That was steeper than Wall Street expected, and marked the third straight quarter of declines.

The sales drop

NOTICE IN THE ESTATE OF ROSALIND MARIE CATES, late of Sea Breeze Estates in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having any claim or demand against the above Estate are required to send the same to the undersigned on or before the 29th day of August, A.D. 2018 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned.

Dated the 8th day of August, A.D. 2018 CALLENDERS & CO. Chambers, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

company’s financial performance under CEO Steve Ritchie, but that it is trying to blame him for the problems.

“I am not going away and will continue to fight to do what’s best for the company and its employees, franchisees, shareholder and customers,” Schnatter said.

For the year, Papa John’s

now expects sales to fall seven percent to ten percent at established North American locations. Before the controversy, the company had forecast the figure to be flat to down three percent.

Papa John’s International Inc, based in Louisville, Kentucky, has more than 5,200 locations.

PAGE 8, Wednesday, August 8, 2018

THE TRIBUNE

Tesla CEO drops latest bombshell with $72b “420” buyout proposal SAN FRANCISCO Associated Press TESLA CEO Elon Musk is considering leading a buyout of the electric car maker in a stunning move that would end the maverick company’s eight-year history trading on the stock market.

In his typically unorthodox fashion, the eccentric Musk dropped his bombshell on his Twitter account, which he has used as a platform for pranks, vitriol and now for a proposal to pull off one of the biggest buyouts in US history.

Musk got the ball rolling yesterday after the stock market had already been open more than three hours with a tweet announcing he might buy all of Tesla’s stock at $420 per share with no further details.

At that price, the buyout would cost nearly $72bn, based on Tesla’s outstanding stock as of July 27, but it’s unlikely the deal would cost that much because Musk owns a roughly 20 percent stake in the Palo Alto, California, company. He also said he intends to give Tesla’s existing shareholders the option of retaining a stake in the company through a special fund, if they want.

“Am considering taking Tesla private at $420. Funding secured”, Musk wrote in his first tweet, following up with “good morning” and a smiley emoji.

His tweet came hours after the Financial Times reported that Saudi Arabia’s sovereign wealth fund had built a significant stake in Tesla Inc, but it was unclear if that was the funding Musk was referring to. The Financial Times, citing unnamed people with direct knowledge of the matter said Saudi Arabia’s Public Investment Fund had built a stake of between three and five percent of

TESLA CEO and founder of the Boring Company Elon Musk. Musk says he is considering taking the electric car maker private. Tesla’s stock spiked yesterday after Musk made the abrupt announcement in a terse tweet.

Photo: Kiichiro Sato/AP Telsa’s shares.

Musk’s announcement was initially met with widespread skepticism, with many people connecting the proposed $420-per-share offer with 420 being a common slang term for marijuana.

Musk also previously used his Twitter account to joke that Tesla was going bankrupt in an April Fool’s Day tweet and his stability was called into question last month after he called a British diver who helped rescue children from a Thailand cave a pedophile. That baseless tweet was quickly deleted and Musk apologised to the diver.

The confusion caused

by Musk’s announcement yesterday via Twitter also prompted regulators of the Nasdaq stock market to temporarily suspend trading in Tesla’s stock.

Musk later brought some clarity to the situation in an email to Tesla employees that was also posted on Tesla’s blog. Trading in Tesla’s stock resumed shortly after, and the stock climbed 11 percent to $379.57. Musk’s offer is nine percent higher than Tesla’s peak closing price of $385 reached nearly a year ago.

By taking Tesla private, Musk believes that the

company will be able to sharpen its long-term focus of revolutionising an automobile industry dominated by fuel-combustion vehicles without having to cater to investors’ fixation on how the business is faring from one quarter to the next.

Making money has proven elusive for Tesla while it has been investing in electric car technology and ramping up production of its vehicle, including a sedan with a starting price of $35,000 to appeal to a broader audience.

The company has only posted a quarterly profit twice in its history and has never made money during an

entire calendar year, something that Musk has been trying to change by cutting costs, including recent mass layoffs that trimmed Tesla’s workforce by nine percent.

Tesla lost another $717.5m in its most recent quarter.

Despite its challenges, Tesla has remained a favorite among many investors, partly because of their faith in Musk, who made his initial fortune as a co-founder of PayPal and also is the CEO of a trail-blazing aerospace company, SpaceX, that’s already private.

But another substantial segment of investors are convinced Tesla is doomed

to fail and are betting on the company’s eventual demise by becoming “short sellers” of its stock. Short sellers borrow shares from other investors and then immediately sell them on the premise that they will be able to buy them back at a lower price later to replace they stock they borrowed.

Musk has long raged against short sellers and mentioned his desire to be rid of them as one of his reasons for taking Tesla private.

“Being public means that there are large numbers of people who have the incentive to attack the company,” he wrote.