08202018 BUSINESS

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MONDAY, AUGUST 20, 2018

$4.94 Architects call for govt to draw up plans for Family Islands

Union asks for BPL to bring back redundant staff on contract

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Institute of Bahamian Architects (IBA) is calling for a Family Island development plan to establish the parameters for development in the out islands, while backing calls for government to purchase Lighthouse Point in Eleuthera.

The IBA in a statement yesterday said that it “deplores the proposed resort development at Lighthouse Point, South Eleuthera which is one of the most precious and beautiful parts of The Bahamas”.

It added: “We join with the National Trust in supporting the idea that Lighthouse Point be purchased by the government and preserved for the nation for use by all Bahamians, now and in the future.

“The Bahamas Land and Sea Park provides a shining example of how this can work. There is no doubt that Lighthouse Point will be spoiled by any development no matter what the environmental study states or how sensitive the buildings may appear to be “We all know that there is no enforcement and just servicing thousands of persons on a daily basis will cause massive and irreparable environmental degradation and pollution in many ways. Clearly the owner of Lighthouse Point should be compensated for the value of the land based on currently permitted development.”

Outcry has increased against a proposal for Lighthouse Point to be developed into a cruise port, with environmental activist groups worrying the planned project will have a detrimental effect on the country’s natural resources.

Lighthouse Point is a 700-acre peninsula located at the southern tip of Eleuthera. Disney Cruise Line is said to be the group behind the potential acquisition and development of the area.

The IBA said the Lighthouse Point issue “highlights the importance of a development plan for the family islands which would clearly identify areas which can be developed for resorts or residential purposes and areas which should be left for

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B

AHAMAS Electrical Workers Union (BEWU) president Paul Maynard yesterday suggested that Bahamas Power and Light (BPL) bring former employees back on contracts until they can be adequately replaced, telling this newspaper: “I’m tired of my members being demoralised”.

Paul Maynard told Tribune Business following the appointment of the new BPL Board: “The prime minister’s prerogative is his prerogative. He can appoint who he wants. I am just concerned about my members. In all of this re-organisation, I just want to see my members get what they are supposed to get. BPL bringing in people over them was my

main concern. I don’t have time to second guess the prime minister. I’m not into the politics. I’m just tired of my members being demoralised. We want justice.”

The appointment of a new board of directors was announced on Friday.

Of the six posts vacated on Tuesday, board member Ferron Bethell has retained his post. The board consists of chairman: Dr Donovan Moxey; deputy chairman Stephen Holowesko, James Moss, Debra Wood, Ferron Bethell, and Viana Gardiner.

In a statement on Wednesday, Mr Bannister explained the nation’s electricity provider needed

Tribune Business Reporter

nmckenzie@tribunemedia.net INTERNATIONAL arrivals to The Bahamas grew 10.2 percent year-todate, according to statistics released by the Ministry of Tourism and Aviation (MOTA) yesterday.

The ministry expects tourism growth to continue as bookings are up 6.7 percent over the August to October period and show a ten percent increase for the final two months of 2018.

“International arrivals in The Bahamas show a solid growth of 10.2 percent yearto-date, maintaining the

DIONISIO D’AGUILAR tourism turnaround that began in October of 2017.

The growth trend is driven by strong performance from the US but a 29.6 percent increase through July in

Here’s how to stop the ratings pendulum

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

encouraged,” said Tourism and Aviation Minister Dionisio D’Aguilar.

“Using our new tracking tools, we have seen double-digit increases in international arrivals and strong business on the books for future months.

Lynden Pindling International Airport has reported historic arrival numbers for the country’s premier airport facility.

“Browse Nassau hotels on TripAdvisor for this coming weekend and you may see that most of the hotels are projected to sell out soon and we are seeing

CONCERNS over potential credit downgrades will become “a thing of the past” once this nation can realise real economic growth, a top private sector executive said yesterday, noting that commitments to improve the ease of business and transparency in government must materialise.

Edison Sumner, pictured, Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chief executive told Tribune Business: “We shouldn’t just be looking at upgrades and downgrades. One of the ways we can ensure we aren’t susceptible to any further downgrades is to continue to grow the economy. We have to improve the ease of doing business as well as transparency and accountability in government.

“Once we demonstrate that we can put measures in place and show we can grow the economy then any sort of list or downgrade will become a thing of the past.”

Mr Sumner said government must live up to its obligations, improve the ease of doing business, reduce the cost of energy and look at our tax measures.

“The agencies are

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PAUL MAYNARD new leadership because the former board was “locked” in dispute on every critical issue at great cost to the company.

“We just want to see things done right,” said Mr Maynard.

“They said the VSEPs were to save money. You need not bring in consultants and pay them

these big salaries. That is abuse of the system. They should bring back on contract the people who left until they can be replaced.

The new board has their mandate but as I have continuously said, in order for BPL to improve you have to change the fuel and upgrade the transmission and distribution system.”

Tourism numbers enjoy double digit growth

By NATARIO MCKENZIE

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arrivals from Canada is also contributing to the overall growth,” said a MOTA statement.

MOTA said it has restarted “robust marketing and communications effort”s in North America, by telling the county’s travel story to consumers, by bringing travel journalists and digital influencers to the country and also by using strategic content and digital amplification to reach travel decision makers.

“We have seen very good news and gratifying results across major Bahamian tourism sectors in recent months and are very

Wendy’s time to move - but just down the road

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net WENDY’S Bahamas is set to relocate its Mackey Street restaurant next month, its franchise operator telling Tribune Business “upwards” of $1.7m had been invested in the new outlet.

Terry Tsavoussis, who heads Aetos Holdings along with his brother Chris, told Tribune Business the group, which also operates the Marco’s Pizza and Popeye’s franchises,

TERRY TSAVOUSSIS will in a few weeks relocate several blocks south of its current Mackey Street location.

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“We’re doing a relocation. The new restaurant will basically have an improved state-of-the-art kitchen and dining room.

It also has an improved drive-thru for faster speed of service. It will hold three times the amount of cars that could go into the former location. This design is the first of its kind for an international Wendy’s,” Mr Tsavoussis said.

“Our current Mackey Street restaurant was the first Wendy’s that opened in Nassau. We thought about it long and hard and

when we found the property down the road we just knew that it would be more efficient, hold more cars, our speed of service would be better and the atmosphere in the restaurant world be better. It was time to do it. The current location opened in 1987 and the new location will open sometime in September.”

Tsavoussis explained that he and his brother purchased the business from the late Norman Solomon in January 2005. “We purchased six locations from Mr Solomon and now 13

years later we’ve grown to 12 locations, ten in Nassau and two in Freeport.”

He added: “We’re going to close the current Mackey Street restaurant on a Sunday night in September and open the new location on Monday morning. We’re going to secure all the equipment and as of right now we have no plans for the property.”

Mr Tsavoussis said the restaurant currently employs 65 people and a few more jobs could be added with the new outlet.

Anthony Moxey

PAGE 2, Monday, August 20, 2018

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THE TRIBUNE

Tourism numbers enjoy double digit growth FROM PAGE ONE very strong occupancy rates. These outcomes are validation of the sales, marketing and communications work we have been doing.”

According to the MOTA, a communications programme is underway for the 2018-19 fiscal year as writers and influencers from the US will arrive within days to kick-off a new cycle of Bahamas storytelling.

“Writers from major publications including Good Housekeeping, Essence

and Red Tricycle will visit The Abacos next week to capture the island-hopping and family travel options there,” said MOTA. “Grand Bahama Island will host a select group of influencers for an itinerary specially curated to develop visual stories to showcase the water, beaches and local heritage of the island for important platforms like Instagram.

“Development of a late fall trip to Cat Island is underway, along with ongoing outreach to media to

promote fall travel offers and events and to support several new American Airlines flights into the destination.”

MOTA said it is also deploying advertising across a variety of broadcast, digital and outof-home channels in key markets, raising awareness of the destination. An ambitious content marketing programme complements this traditional advertising with the goal of inspiring consumers to explore more islands across the country.

Here’s how to stop the ratings pendulum FROM PAGE ONE looking to see whether the government is living up to its commitments to put these things in place,” he said.

“Government must demonstrate that the targets outlined in the budget are going to happen. If we fail to hit our targets it gives the ratings agencies reason for further reviews and downgrades.”

Moody’s in an updated credit opinion last week said strengthening in The Bahamas’ tourism sector and continued foreign direct investment projects will help sustain growth in the range of 1.5 to two percent over 2018-2019.

The credit ratings agency maintained the country’s Baa3 credit rating with a negative outlook.

This outlook, it said, “reflects potential

downside risks to the fiscal consolidation process posed by weaker-thanexpected growth, exposure to climate-related shocks in the form of hurricanes, and implementation risks associated with measures to rein in expenditure growth and increase revenue intake”. Moody’s warned that absent successful fiscal consolidation, The Bahamas’ fiscal and credit profile would likely weaken.

Architects call for govt to draw up plans for Family Islands FROM PAGE ONE sustainable public use”.

It added: “The Institute of Bahamian Architects calls for a Family Island development plan to be prepared and published and which would inform and control all future development in The Bahamas.”

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THE TRIBUNE

Annan leaves legacy of fighting for equality and rights

UNITED NATIONS Associated Press KOFI Annan left the United Nations far more committed than it had been to combating poverty, promoting equality and fighting for human rights — and until his death on Saturday he was speaking out strongly for nations working together to solve problems and worried about the rise of nationalism.

As secretary-general of the United Nations from 1997 to 2006, Annan saw as his greatest achievements the programmes and policies he put in place to reduce inequality within and between countries, to combat infectious diseases and to promote human rights and protect civilians from war crimes including genocide.

He launched the UN Millennium Development Goals at a summit of world leaders in 2000 to cut extreme poverty by half, promote equality for women, ensure every child has a primary school education, reduce maternal and child mortality, and halt the spread of AIDS

— all by 2015.

Those goals — only a few of which were fully achieved — were succeeded by an expanded list of UN. Sustainable Development Goals for 2030 that adds issues such as climate action, affordable and clean energy, and promoting peace and justice.

The updated list is a major focus of the UN’s current agenda.

As UN peacekeeping chief just before becoming secretary-general, Annan shared blame for the failure of UN troops he deployed to prevent the genocides in Rwanda in 1994 and in the Bosnian town of Srebrenica in July 1995.

When he became UN chief, Annan launched a doctrine of “humanitarian intervention” to prevent governments and leaders from massacring their own people. At a summit in 2005, over objections from some countries, 191 nations endorsed what has become known as the “responsibility to protect” civilians and head off the world’s worst crimes, from ethnic cleansing to genocide.

This doctrine is frequently cited — but to the dismay

Monday, August 20, 2018, PAGE 3

FORMER United Nations Secretary-General Kofi Annan, visits a independence referendum polling centre in the southern Sudanese city of Juba. Annan left the UN far more committed to combating poverty, promoting equality and fighting for human rights _ and until his death on Saturday, he was speaking out about the turbulent world he saw moving from nations working together to solve problems to growing nationalism.

Photo: Pete Muller/AP of UN officials, not often implemented.

Annan also saw as a major achievement the expansion of the UN’s work into partnerships with businesses, foundations, universities and civil society.

This led, for example, to the establishment of the Global Compact in 2001 where Annan asked corporate leaders to publicly commit to ten principles in the areas of human rights, labor, the environment and anti-corruption. More than 9,000 of the world’s leading CEOs have joined the compact, which continues to attract new members, and “corporate responsibility” has become a key feature of the business world.

When Annan handed the reins of the UN to Ban Ki-moon, he said he would keep working on African issues, human rights, global warming and governance issues, and speak out from time to time when necessary. He told one farewell party: “You can take the man out of the UN, but you can’t take the UN out of the man.”

Through his foundation and as a member and head of The Elders, the group of

prominent former leaders founded by Nelson Mandela, Annan kept working — and speaking out.

At an editorial board meeting with The Associated Press in May 2017, he worried aloud about lost jobs and said many people worldwide had lost trust in political and corporate leaders and feared being left behind.

He said it was time for mainstream leaders to explain that innovation and artificial intelligence are taking away jobs and tell those who have lost jobs they are going to be retrained for the new economy that’s coming.

“If we don’t encourage leaders, first of all fresh people, to go into politics and we don’t encourage the leaders to lead, we will create a situation which is normal,” he warned.

“When leaders fail to lead, the people lead and make

them follow. But you don’t know where they’re going to lead you to — and they might even pull you back.”

He also said US President Donald Trump’s go-it-alone foreign policy is weakening America, and stressed the importance of multilateralism and the perils of growing nationalism.

Only last month, Annan was tweeting about his concerns with the current state of the world.

“No nation can make itself secure by seeking supremacy over all others.

We all share responsibility for each other’s #security, and only by working to make each other secure can we hope to achieve lasting security for ourselves,” he said in a July 3 tweet that appeared aimed at the United States.

And on July 30, he tweeted: “Whether our task is fighting #poverty,

stemming the spread of #disease or saving innocent lives from mass murder, we have seen that we cannot succeed without the #leadership of the strong and the engagement of all.”

Annan believed in quiet, behind-the-scenes diplomacy but wasn’t afraid to speak out when he thought necessary. He mentored a generation of UN officials including current Secretary-General Antonio Guterres and outgoing UN human rights chief Zeid Ra’ad Al-Hussein.

The Jordanian diplomat said in a statement he once told Annan how everyone was criticising him, and the former UN chief responded: “You’re doing the right thing. Let them grumble.”

“In a world now filled with leaders who are anything but that, our loss, the world’s loss, becomes even more painful,” Zeid said.

PAGE 4, Monday, August 20, 2018

THE TRIBUNE

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A Financial Institution Seeks to fill the position of

Head of Private Banking (Managing Director) Reporting directly to the Chief Executive Officer, the successful applicant must be self-motivated and capable of managing a dynamic team. Oversees all aspects of private banking activities that service the needs of high net-worth clients. Ensures that client relationships are developed and expanded and that the resources of the private banking team are properly leveraged to provide efficient and personalized service delivery.

Key responsibilities include but are not limited to: • New clients acquisition • Develop existing and new client relationships • Management of Private Banking Team • Provision of investment solutions • Marketing strategy development and implementation Qualifications and Experience: • Bachelor’s Degree in Business or Finance • Minimum 7 years advanced experience in, and excellent knowledge of private banking • Exceptional track-record in business development/client relationship management • Thorough knowledge of compliance, regulatory and risk issues • Has established networks with existing portfolios of HNW individuals • Commitment to quality and service excellence • Willing to travel • Ability to meet deadlines and manage expectations • Experience in managing a team • Flexibility in office hours and hands-on approach when required • Goal oriented, self-motivated, positive attitude and outlook • Excellent oral and written communication, presentation and client relationship management skills • Proficiency in Microsoft Office • Fluent in English, Spanish, French and Italian Interested persons should submit their curriculum vitae along with a cover letter

by August 24th 2018.

Private & Confidential Head of Private Banking c/o The Tribune Box DA 110505 P.O. Box N-3207 Nassau, The Bahamas

CUSTOMERS shop for food at Las Pulgas market in Maracaibo, Venezuela, yesterday. In addition to a general lack of produce, some venders are holding back their merchandise as they brace for dramatic economic measures to be put in place today, including a 3,000 percent hike in the minimum wage and a new currency that lops five zeros off the country’s fast-depreciating bills.

Photo: Fernando Llano/AP CARACAS Associated Press RESIDENTS across Venezuela’s capital spent a nervous weekend bracing for dramatic measures that President Nicolas Maduro has announced to rescue a downward-spiraling economy, including a morethan-3,000 percent hike in the minimum wage.

The changes start to kick in today with the introduction of a new currency that lops five zeros off the country’s fast-depreciating bills. Maduro says he’ll also raise gasoline prices to international levels — a combination of measures critics say will only make things worse.

Opposition leaders seized on tension among residents, calling for a nationwide strike and protest tomorrow. They hope to draw masses into the streets against Maduro’s socialist ruling party — something they’ve failed to do in over a year.

Banks will close todayas they prepare to release the “sovereign bolivar”, the new currency printed with five fewer zeroes in a bid to tame soaring inflation.

Maduro’s government says that in late-September, the world’s cheapest gas will rise to international levels to curtail rampant smuggling across borders.

Maduro said on Friday that the minimum wage will also soon jump dramatically.

Economists say the package of measures is likely to accelerate hyperinflation rather than address its core economic troubles, like oil production plunging to levels last seen in 1947.

“The bolivar’s redenomination will be like going under the knife of one of Caracas’ famed plastic surgeons,” Johns Hopkins University economist Steve

Hanke wrote on www. forbes.com . “Appearances change, but, in reality, nothing changes. That’s what’s in store for the bolivar: a face-lift.”

Lines on Saturday were longer than normal at a Caracas street market, where people stocked up due to uncertainty about what will come this week.

Many were frustrated by bank card readers that were slow to register or that failed altogether, forcing some to leave their goods walking away empty-handed.

“You have to be patient,” a shop worker selling grains told a growing line of customers. Many other stores remained closed, uncertain what prices to set for their goods.

Venezuela was once among Latin America’s most prosperous nations, holding the world’s largest proven oil reserves, but a recent fall in oil prices accompanied by corruption and mismanagement under two decades of socialist rule have left the economy in a historic economic and political crisis.

Inflation this year could top one million percent, according to economists at the International Monetary Fund.

Inflation has made it difficult to find paper money.

The largest bill under the outgoing cash system was the 100,000-bolivar note, equal to less than three cents on the commonly used black market exchange rate. A cup of coffee cost more than two million bolivars.

The new paper bills will have two coins and paper denominations ranging from two up to 500.

The lowest represents the buying power of 200,000 current bolivars while the highest stands in for 50 million.

The old and new

currencies will remain in circulation together during a transitional period.

The government made a similar move in 2008, when then-President Hugo Chavez issued new currency that eliminated three zeros to combat soaring inflation.

Maduro also announced on Friday a morethan-3,000 percent leap in the minimum wage, bringing it up to around $30 at the widely used black market rate. It’s unclear when the change will start.

Adding to confusion, Maduro said he wants to peg wages, prices and pensions to the petro — a cryptocurrency announced in February but which has yet to start circulating. He said one petro would equal $60, with the goal of moving toward a single floating exchange rate in the future tied to the digital currency.

“The next few days will be very confusing for both consumers and the private sector, especially commercial retailers,” said Asdrubal Oliveros, director of Caracas-based Ecoanalitica. “It’s a chaotic scenario.”

A coalition of opposition leaders and union officials said yesterday they are calling for a strike and protest on tomorrow.

“The measures announced on Friday are not any economic recovery plan for the country,” opposition leader Andres Velasquez said. “On the contrary, they represent more hunger, more ruin, more poverty, more suffering, more pain, more inflation, more deterioration of the economy.”

Business owners say they fear the sudden wage hike would make them unable to pay employees without sharply increasing prices, despite Maduro’s call to help small and mid-sized businesses for the first three months.

THE TRIBUNE

Monday, August 20, 2018, PAGE 5

US says conserving oil is no longer an economic imperative WASHINGTON Associated Press CONSERVING oil is no longer an economic imperative for the US, the Trump administration declares in a major new policy statement that threatens to undermine decades of government campaigns for gas-thrifty cars and other conservation programmes.

The position was outlined in a memo released last month in support of the administration’s proposal to relax fuel mileage standards. The government released the memo online this month without fanfare.

Growth of natural gas and other alternatives to petroleum has reduced the need for imported oil, which “in turn affects the need of the nation to conserve energy”, the energy department said.

It also cites the now decade-old fracking revolution that has unlocked US shale oil reserves, giving “the United States more flexibility than in the past to use our oil resources with less concern”.

With the memo, the administration is formally challenging old justifications for conservation — even congressionally prescribed ones, as with the mileage standards. The memo made no mention of climate change. Transportation is the single largest source of climate-changing emissions.

President Donald Trump has questioned the existence of climate change, embraced the notion of “energy dominance” as a national goal, and called for easing what he calls

burdensome regulation of oil, gas and coal, including repealing the Obama Clean Power Plan.

Despite the increased oil supplies, the administration continues to believe in the need to “use energy wisely”, the energy department said, without elaboration.

Department spokesmen did not respond Friday to questions about that statement.

Reaction was quick.

“It’s like saying, ‘I’m a big old fat guy, and food prices have dropped — it’s time to start eating again,’” said Tom Kloza, longtime oil analyst with the Marylandbased Oil Price Information Service.

“If you look at it from the other end, if you do believe that fossil fuels do some sort of damage to the atmosphere ... you come up with a different viewpoint,” Kloza said. “There’s a downside to living large.”

Climate change is a “clear and present and increasing danger,” said Sean Donahue, a lawyer for the Environmental Defense Fund.

In a big way, the Energy Department statement just acknowledges the world’s vastly changed reality when it comes to oil.

Just ten years ago, in summer 2008, oil prices were peaking at $147 a barrel and pummeling the global economy. The Organization of the Petroleum Exporting Countries was enjoying a massive transfer of wealth, from countries dependent on imported oil. Prices now are about $65.

Today, the US is vying with Russia for the title

of top world oil producer.

US oil production hit an all-time high this summer, aided by the technological leaps of horizontal drilling and hydraulic fracturing.

How much the US economy is hooked up to the gas pump, and vice versa, plays into any number of policy considerations, not just economic or environmental ones, but military and geopolitical ones, said John Graham, a former official in the George W Bush administration, now dean of the School of Public and Environmental Affairs at Indiana University.

“Our ability to play that role as a leader in the world is stronger when we are the strongest producer of oil and gas,” Graham said.

“But there are still reasons to want to reduce the amount we consume.”

Current administration proposals include one that would freeze mileage standards for cars and light trucks after 2020, instead of continuing to make them tougher.

The proposal eventually would increase US oil consumption by 500,000 barrels a day, the administration says. While Trump officials say the freeze would improve highway safety, documents released this month showed senior Environmental Protection Agency staffers calculate the administration’s move would actually increase highway deaths.

“American businesses, consumers and our environment are all the losers under his plan,” said Sen. Tom Carper, a Delaware Democrat. “The only clear winner is the oil industry.

It’s not hard to see whose side President Trump is on.”

Administration support has been tepid to null on some other long-running government programmes for alternatives to gas-powered cars.

Bill Wehrum, assistant administration of the EPA’s Office of Air and Radiation, spoke dismissively of electric cars — a young industry supported financially by the federal government and many states — this month in a call with reporters announcing the mileage freeze proposal.

“People just don’t want to buy them,” the EPA official said.

Oil and gas interests are campaigning for changes in government conservation efforts on mileage standards, biofuels and electric cars.

In June, for instance, the American Petroleum Institute and other industries wrote eight governors, promoting the dominance of the internal-combustion engine and questioning their states’ incentives to consumers for electric cars.

Surging US and gas

production has brought on “energy security and abundance”, Frank Macchiarola, a group director of the American Petroleum Institute trade association, told reporters this week, in a telephone call dedicated to urging scrapping or overhauling of one US programme for biofuels.

Fears of oil scarcity used to be a driver of US energy policy, Macchiarola said.

Thanks partly to increased production, “that pillar has really been rendered essentially moot”, he said.

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OIL pump jacks work in unison in Williston, ND. Conserving oil is no longer an economic imperative for the US, the Trump administration declares in a major new policy statement that threatens to undermine decades of government campaigns for gas-thrifty cars and other conservation programmes.

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THE TRIBUNE

PASS IT ON: ENTREPRENEUR’S INSIGHTS ON RUNNING A BUSINESS

DAVID HEALTH, CEO and co-founder of Bombas, talks during an interview in his New York office.

Heath and his partner Randy Goldberg spent two years developing socks with features like blister tabs and arch support. Then they teamed up with shelters and nonprofit groups, and the company donates a pair for every pair it sells. Photo: Mark Lennihan/AP NEW YORK Associated Press

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DAVID Heath, the cofounder and CEO of online sock company Bombas, was an entrepreneur early on. His advice? Focus on one product before branching out. Don’t copy your competition. And Heath, who meditates daily and brings his Jack Russell terrier named Cooper to work, emphasises the importance of a healthy work culture.

Q. Did you always want to be an entrepreneur?

A. My dad is an entrepreneur. It was definitely in my blood. I was that kid with the lemonade stands. I used to walk to neighbours’ houses and offered to wash their cars. Really anything I could do to hustle. ... I became a door-to-door knives salesman throughout college.

You learn everything from basic pitching to cold-calling. I found these skills to be incredibly helpful during the fundraising process. This time, instead of selling them a bunch of knives, I was asking them for a $50,000 check.

Q. What tips would you give business owners looking to raise money?

A. Make sure that your business pitch is super-simple and straightforward.

In your first meeting, the objective is to almost sell them as if they were a customer. You want them to understand exactly what your product is or what your company does at the most simple level.

Q. What advice would you give your younger self?

A. Focus on one product.

Sell it through one channel. Make sure that you do one thing incredibly well rather than doing a lot

of things poorly.

Q. How do you view competition?

A. I believe the second you look around at what other people are doing, you start to react to what they’re doing rather than move forward to what you think you should be doing.

Q. What about your work culture?

A. Really talented people will always have a choice on where they want to work. So the onus is on us to keep them here.

You have to back it up by having a good culture, by having a supportive environment and realising that life happens outside of work.

Family members die.

Dogs go missing. Breakups happen. Take a personal day. Go work from home.

Heal yourself. The world is not going to stop just because you take a day off.

THE TRIBUNE

Monday, August 20, 2018, PAGE 7

Justice lawyers try to halt Trump financial records release on hotel WASHINGTON Associated Press JUSTICE Department lawyers asked a federal judge on Friday to let them file a legal appeal that could, for now, keep President Donald Trump’s critics from getting access to financial records related to his Washington, DC, hotel.

Trump has been fighting multiple lawsuits that argue that foreign representatives’ spending money at the Trump International Hotel is a violation of the US Constitution’s emoluments clause, which bans federal officials from accepting benefits from foreign or state governments without congressional approval.

US District Judge Peter J Messitte, who is based in Maryland, ruled last month that one of those lawsuits could go forward.

In a sally to prevent the case moving on to legal discovery — which would potentially unearth financial records such as Trump’s income tax returns — Justice Department lawyers

US PRESIDENT DONALD TRUMP asked Messitte on Friday to put the case on hold while they appeal his decision to a higher court in Richmond, Virginia.

The plaintiffs, the state of Maryland and the District of Columbia, have said they plan to move forward quickly with discovery — for example, seeking information from the hotel, a Trump hotel steakhouse and the General Services Administration as well as the president’s financial records.

In court documents, the Justice Department

objected to any discovery on a sitting president in his official capacity because of separation of powers concerns, in order to avoid a “constitutional confrontation” between two branches of government.

Justice lawyers argued that the “public interest is decidedly in favour of a stay because any discovery would necessarily be a distraction to the President’s performance of his constitutional duties”.

DC Attorney General Karl Racine responded: “After winning two major

rulings in this case already, we anticipated President Trump’s most recent motion. Nonetheless, our case is still moving forward.

We are on track to propose a schedule for discovery by September 14, and we hope to request relevant documents shortly thereafter.”

The emoluments clause has never been fully tested in an American courtroom.

Two other lawsuits accusing the president of violating the emoluments clause are also being heard in other federal courts. Neither has reached the discovery stage.

Messitte’s ruling last month that an emolument “extends to any profit, gain or advantage” was the first

time a federal judge had defined the term’s application to the president.

It is that definition, and the argument that the plaintiffs have suffered actual harm and have a right to sue, that the Justice Department wants reviewed by a higher court.

The plaintiffs have argued that Trump — who has declined to divest from his assets as president — is capitalising on the presidency and causing harm to businesses trying to compete with his Washington hotel, which is just steps from the White House.

The Justice Department has said earnings from business activities, including

hotel room stays, don’t qualify as emoluments. Its attorneys have argued that under Maryland and DC’s interpretation, no federal official would even be able to own stock from a foreign company that provides profits or collects royalties.

The case raises important questions and should provide “clarity on the boundaries of what a president can do while in office,” said Ted Boutrous, a partner at Gibson, Dunn & Crutcher LLP who’s been keeping an eye on all the cases, but isn’t involved.

“The discovery would be interesting too,” he added with a laugh.

PAGE 8, Monday, August 20, 2018

THE TRIBUNE

Superdry founder gives $1.28m funding to anti-Brexit campaign LONDON As soc iated Pres s THE co-founder of the fashion brand Superdry said yesterday he has donated one million pounds ($1.28m) to a group seeking a new referendum on Britain’s departure from the European Union, as the UK government prepares to publish its assessment of the impact of leaving the bloc without an agreement on future relations.

Julian Dunkerton, whose streetwear brand has outlets in 46 countries, wrote

in the Sunday Times that he is backing the People’s Vote campaign because he predicts Brexit will be a “disaster” and “we have a genuine chance to turn this around”.

With only seven months until Britain is due to leave the EU, exit talks have stalled and both sides say the chances of the UK crashing out without a deal are rising. That has energised those calling for a new vote on the departure terms, who sense that public opinion in Britain shifting against Brexit.

Pro-Brexit advocates, meanwhile, plan a campaign to ensure the British government goes through with the decision to leave, which was made by voters in a 2016 referendum.

Former UK Independence Party leader Nigel Farage announced on Saturday that he would join a cross-country bus tour by the group Leave Means Leave to oppose Prime Minister Theresa May’s plan for future ties with the EU, which he branded a “cowardly sell-out”.

May is proposing to stick PHOTO issued by SuperGroup of Julian Dunkerton. Dunkerton, co-founder of the fashion brand Superdry said yesterday he has donated one million pounds ($1.28m) to a group seeking a new referendum on Britain’s departure from the European Union, as the UK government prepares to publish its assessment of the impact of leaving the bloc without an agreement on future relations.

(SuperGroup via AP) close to EU regulations in return for free trade in goods. The plan has infuriated Brexit-backers such as Farage and former Foreign Secretary Boris Johnson, who say it would leave the UK tethered to the bloc and unable to strike new trade deals around the world.

Britain and the EU aim to hammer out an agreement on divorce terms and future trade by October — or, at the latest, December — so that it can be approved by all individual EU countries before the UK leaves the bloc on March 29.

But talks have bogged down amid infighting within May’s divided Conservative government. Last week Latvian Foreign Minister Edgars Rinkevics put the chances of getting a Brexit deal at 50-50.

MARKET REPORT THURSDAY, 16 AUGUST 2018

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

UK businesses have warned that leaving without a deal could cause mayhem for trade and travel, bringing higher food prices, logjams around UK ports and disruption to everything from aviation to medical supplies.

The UK government says it remains confident of reaching a deal, but is preparing for all outcomes. On Thursday it plans to publish the first in a series of technical reports outlining the effects a no-deal Brexit would have on various sectors and offering advice to businesses and the public on how to prepare.

Brexit Secretary Dominic Raab said the planning is “the responsible thing for any government to do, to mitigate the risks and make sure the UK is ready to make a success of Brexit.”

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BISX ALL SHARE INDEX: CLOSE 1,964.98 | CHG 0.08 | %CHG 0.00 | YTD -98.59 | YTD% -4.78 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 12.00 2.71 1.77 8.21 6.21 12.00 7.00 13.67 13.00

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 2.90 8.50 6.09 3.33 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

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 Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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 ##########

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

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

LAST CLOSE 4.01 17.43 9.09 4.06 1.00 0.18 2.90 9.13 6.15 3.75 12.50 2.75 1.75 7.61 6.21 12.00 6.36 3.75 13.00

CLOSE 4.01 17.43 9.09 4.06 1.00 0.18 2.90 9.13 6.15 3.75 12.50 2.76 1.75 7.70 6.21 12.00 6.36 3.75 13.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.09 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

CLOSE 100.00

CHANGE 0.00

108.22 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.10 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

LAST SALE 100.00 108.32 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

2,391 1,000

1,391

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 15.0 18.7 N/M 14.3 N/M N/M -2.9 14.3 10.7 21.9 19.9 27.1 7.6 N/M 11.4 17.7 8.8 13.5 20.6

YIELD 2.49% 6.48% 0.00% 5.67% 0.00% 5.56% 0.00% 7.78% 3.58% 3.20% 4.96% 2.17% 4.00% 1.09% 5.15% 4.17% 3.14% 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 ############### 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 10.00 8.45 11.20

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 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 2.16 4.12 2.00 180.30 155.10 1.56 1.70 1.65 1.09 7.27 8.32 6.48 11.32 11.71 10.31 9.93 8.45 11.20

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% -0.61% 0.75% 1.13% N/A 2.95% N/A

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-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018

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

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

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

URGENT NOTICE

To: Leo Huber Jr. or Anastasia Huber Contact: Brown’s Boat Basin Nassau, Bah Tel: 393-3331 or rmb43@hotmail.com

NOTICE Notice is hereby given that DACOLE DEXTERNICA MITCHELL of Faith Gardens, Carmichael Road, New Providence, 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 13th August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

NOTICE Notice is hereby given that JONAS JOSEPH of Murphy Town, Abaco, 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 twentyeight days from the 20th August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

THE TRIBUNE

Monday, August 20, 2018, PAGE 9

Renewable resort: Greek island to run on wind, solar power TILOS, Greece Associated Press WHEN the blades of its 800-kilowatt wind turbine start turning, the small Greek island of Tilos will become the first in the Mediterranean to run exclusively on wind and solar power.

The sea horse-shaped Greek island between Rhodes and Kos has a winter population of 400.

But that swells to as many as 3,000 people in the summer, putting an impossible strain on its dilapidated power supply.

This summer, technicians are conducting the final tests on a renewable replacement system that will be fully rolled out later this year. It will allow Tilos to run exclusively on hightech batteries recharged by a wind turbine and a solar park.

The European Commission says Tilos will be the first autonomous renewable green island in the Mediterranean. It plans to use the project as a blueprint for other small islands across the European Union that have limited grid connection to the mainland. The EU has largely funded the project, providing 11 million euros ($12.5m) of the total 13.7 million-euro ($15.7m ) cost.

“The innovation of this program and its funding lies in the batteries — the energy storage — that’s what’s innovative,” project manager Spyros Aliferis said. “The energy produced by the wind turbines and

the photovoltaics will be stored in batteries, so that this energy can be used for the grid when there is demand.”

The batteries store power during sunny and windy conditions, releasing it during periods of heavy demand and lower production — such as at nighttime and the peak tourist season — to keep the grid powered up.

Named TILOS — Technology Innovation for the Local Scale Optimum Integration of Battery Energy Storage — the project uses a prototype battery system that improves storage of the excess energy generated until it’s needed.

To work, it required an overhauled grid with smart meters installed in homes and businesses to calculate times of peak demand.

Currently, Tilos gets its energy from an underwater cable that runs from Kos to the island of Nisiros and on to Tilos. That creates an erratic, outage-prone service that routinely breaks appliances and has forced many businesses to rely on diesel generators.

While lacking the dazzle of other Greek islands like Mykonos and Santorini, Tilos — a 14-hour ferry ride from the mainland — is a quiet vacation spot that sees an average of 13,000 visitors a year. It’s known as a green island, popular with hikers and bird watchers, and most of it is now a protected nature reserve.

Mayor Maria Kammas saw a green energy system as the island’s natural next step.

“For many years now, Tilos has plotted a course that is dedicated to protecting the environment,” she said. “We are seeking visitors — tourists actually — people who will visit our island who love the environment and want to protect it and nature as it was given to us.”

Tourism is the main source of revenue for the island. But businesses have been plagued by lengthy blackouts, leaving hotels without air conditioning and restaurants without light or power, forcing them to discard food from warm refrigerators.

Hotel owner Sevasti Delaporta has closely followed the project since its inception over two years ago. There were initial doubts about the idea among Tilos residents, but tests have run smoothly, even during peak times this summer. The grid is expected to be fully operational in a few months.

“I’m very optimistic about this project because there are few negative consequences as a business, and for the guests of the hotel that I run,” says Delaporta.

“People are pleased with the service because they have no problem with their fridges and they have no problem with their air conditioning. They are happy.”

With long sunny days and average temperatures of 33 degrees Celsius (91 degrees Fahrenheit) during the summer, tourists spend their mornings at the beach and afternoons napping. The island comes alive in the evening,

A SOLAR park on the Aegean island of Tilos, Greece. Tilos with its winter population of 400 and summer population of some 3000, will become the first island in the Mediterranean to run exclusively on wind and solar power, when the blades of the 800 kilowatt wind turbine start turning.

Photo: Iliana Mier/AP

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when businesses open and residents and tourists alike flock to bars and cafes.

Eva Lemaier has visited the island every year for more than two decades.

Coming from the Netherlands, which has one of the world’s highest environmental standards, she says Tilos’ green policies stand out in Greece.

“I’m also a little bit proud of Tilos about what they are doing now, with the renewable energy,” she said. “I think it’s good for the island not to be dependent on other islands.”

GN 2073

PAGE 10, Monday, August 20, 2018

THE TRIBUNE

GN 2065

Elon Musk says cutting back on work hours isn’t an option

ELECTRIC car maker Tesla’s CEO Elon Musk has admitted in a wide-ranging interview with The New York Times that stress is taking a heavy toll in what he calls an “excruciating year”. In the newspaper’s account of the interview, published on Friday, Musk said he was working up to 120 hours a week and sometimes takes Ambien to get to sleep.

Photo: Jack Plunkett/AP Associated Press

GN 2064

ARIANNA Huffington is calling on Elon Musk to adopt a healthier work-life balance, but the Tesla CEO says that’s not an option.

In a tweet early yesterday after arriving home from a late night at a Tesla factory, Musk told the Huffington Post founder that his electric car company and Ford are the only two American automakers that have avoided bankruptcy.

He then added, in an apparent reference to his long hours at work: “You think this is an option. It is not.”

Musk was responding to an open letter from Huffington on Friday in which she called on him to change the way he works so he can ensure he’s taking more time to “refuel and recharge”.

Musk conceded in a wide-ranging interview with The New York Times last week that he’s overwhelmed by job stress, has been working up to 120 hours a week and sometimes takes Ambien to get to sleep.

Tesla has presented plenty of challenges for Musk. The company routinely loses money and is burning through cash as it ramps up development of its Model 3 sedan, a lessexpensive electric car it hopes appeals to the mass market. A large number of investors known as shortsellers have bet against the company.

Musk, who recently said he might take Tesla private, has added to those pressures with lofty projections for profits and production that the automaker often fails live up to. Plus, the eccentric billionaire is the head of at least two other companies, including the rocket company SpaceX. In her open letter, which referenced Musk’s interview with the Times, Huffington urged Musk to ease up on the long hours at work.

“Working 120-hour weeks doesn’t leverage your unique qualities, it wastes them,” she wrote.

“You can’t simply power through — that’s just not how our bodies and our brains work.”

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URGENT NOTICE

To: Carl Hanlon Contact: Brown’s Boat Basin Nassau, Bah Tel: 393-3331 or rmb43@hotmail.com

NOTICE Notice is hereby given that medlyne lubin of Yamacraw Beach, New Providence, 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 20th August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

NOTICE Notice is hereby given that james kito cepoudy of Sea Spray Resort and Marina White Sound, Hope Town, Abaco, 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 13th August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.