08292019 BUSINESS

business@tribunemedia.net

THURSDAY, AUGUST 29, 2019

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Global Ports CEO hails port deal as economic bonanza

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

G

LOBAL Ports Holding’s chief executive said yesterday the developer’s $250m “transformation” of Nassau cruise port will generate billions of dollars for the local economy and thousands of jobs for Bahamians.

Speaking with Tribune Business on the sidelines of the signing ceremony of the port deal yesterday between Global Ports Holding and The Bahamas government, Emre Sayin said cruise passengers will be exposed to a much improved experience which will generate greater cruise passenger spend.

“We will be investing

EMRE SAYIN $250m in the construction and renovation of the port but over the 25 years we operate the cruise port it is going to bring billions of dollars into the economy and create thousands of jobs,” said Mr Sayin.

“What we also want to do together with the government and people of Nassau

is make this the beginning of the transformation of the entire downtown district.

We designed the port to integrate with the city. We talked to all stakeholders and will continent to do so as we approach the end of the design phase.”

Global Ports Holding, the UK-listed,

Turkish-headquartered operator of 16 cruise ports spread throughout the Mediterranean, AsiaPacific and Atlantic regions, was unveiled in February as the preferred bidder to take over Prince George Wharf’s management and operations, and oversee its redevelopment.

“We expect to start operating the port very soon.

I would start tomorrow if it was up to me,” said Mr Sayin.

“We expect to finalise our designs hopefully before this year is over and then start construction. The construction could take two years. The operations will continue.

“I ask the people of

SEE PAGE 4

Turnquest hopes for early release from FATF process

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net GOVERNMENT is aiming to be released from the Financial Action Task Force’s (FATF) International Co-operation Review Group (ICRG) process “at the earliest opportunity”, Finance Minister Peter Turnquest said yesterday, noting the country had “carried some significant burdens” as a result of

PETER TURNQUEST

Customs gamechanger in switch to Click2Clear

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net CUSTOMS officials said yesterday they had reached a “major milestone” having integrated New Providence seaport to the Click2Clear Portal which will become its primary processing system on September 1.

Superintendent Tyrone Sands, underscoring the importance of this move, stated: “This is important because over 80 percent of cargo coming into The Bahamas comes through the New Providence seaport in the Click2Clear business portal. As of September 1, the legacy system known as eCas (Electronic Customs Automated Services) will not be the primary system used for Customs processing.”

He added: “This new system creates a level playing field for all importers.

Customs processing will be more transparent, efficient and affordable. The system allows us to move toward a cashless Customs and reduce leakage of duty and revenue collection. In October we will introduce online payment.”

Crimson Logic is the technology provider for the electronic single window software.

Financial Secretary Marlon Johnson said: “One of the things that the automated system will do is allow for greater compliance. It will give

MARLON JOHNSON us a platform to encourage greater compliance simply because it will be a lot more of a challenge to move things around without it being detected. As goods are entered into the system there is artificial intelligence built into the system that will also us to track trends automatically.

We can see when there are trends that seem anomalous. We can see when there are specific vendors a group of vendors in the same sector that seem out of sync. It’s a gamechanger in a lot of ways.”

He continued: “Many businesses are already registered but all businesses should be registered by September 1 to ensure seamless integration. For individuals it will be September 30, so those persons who are importing should be registered.”

As to who needs to register on the system Mr Johnson clarified: “If you travel abroad bringing

SEE PAGE 3

having to comply with everchanging global standards.

Mr Turnquest, who was addressing the financial Intelligence Union (FIU) Public-Public Partnership Forum at Poinciana House, stated: “In this environment of ever-evolving global standards, the government has enacted a significant number of new pieces of legislation, or amended existing legislation, to ensure The Bahamas remained globally competitive. In some

instances, these have totally transformed the way business is transacted in this country.”

Mr Turnquest noted that since 1989, FATF has been one of the primary international bodies exercising oversight of the global financial sector, with a primary objective to lead anti-money laundering efforts, along with countering the financing of terrorism and the

SEE PAGE 5

$4.76 Lucayan chair: ‘Calculated conspiracy to embarrass board’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net LUCAYAN Renewal Holdings Ltd (LRHL) chairman Michael Scott yesterday said it was a “calculated conspiracy to embarrass the board” to suggest that the entity was suing the government in its recent Industrial Tribunal proceedings.​ He was responding to comments by attorney Obie Ferguson regarding proceedings recently filed

by LRHL with the Industrial Tribunal seeking constitutional relief in regards to a trade dispute filed by the former Hotel Union with the tribunal in 2017. ​ While the attorney general, the vice-president of the Industrial Tribunal and the minister of labour are listed as respondents, as pointed out by Mr Ferguson, Mr Scott stated that for LRHL it was “not contentious” but a “friendly action” and the board was not suing the government as Mr Ferguson seemed to suggest.​ Mr Scott told Tribune Business: “This was almost a calculated conspiracy to sabotage and embarrass the board. The board is not suing the government. The attorney general has to be a party to any proceeding

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MICHAEL SCOTT commenced under Article 28 of the constitution. They are automatically a party.

This is a friendly action. The essence of it is to get the vice-president of the Board to do her job. She has previously said they don’t have a case but she has refused to rule.”​ In a statement yesterday, he said: “The proceedings recently filed by LRHL are not contentious, but as a matter of procedure, it is necessary to conclude the outstanding matter and to include the attorney general and the tribunal when a party to a trade dispute is seeking relief under the Constitution.”​ He continued: “Mr Ferguson would be aware that the Industrial Agreement between the Hotel and the former Hotel Union expired on June 17, 2016, five years after it was signed.

In accordance with the Industrial Relations Act and numerous court rulings, the agreement cannot run past five years without a new agreement being negotiated between the parties. Mr Ferguson failed to negotiate a new agreement on behalf of the former Hotel Union.”​ Mr Scott pointed out that despite no agreement being in place, the former Hotel

SEE PAGE 5

PAGE 2, Thursday, August 29, 2019

THE TRIBUNE

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THE TRIBUNE

The Art of Graphix

BY DEIDRE M BASTIAN

B

USINESSES use advertising to accomplish varied goals.

Besides advertising products in traditional venues such as newspapers and general interest magazines, businesses advertise in media that reach specific markets. It can be anything from your shop sign or a website, to an advertisement in a trade magazine

HOW ADVERTISING CAN HELP YOUR BUSINESS or a 30-second radio slot.

When a business introduces a new product, advertising provides a means to make a large market aware of the product. Ads often focus on the product’s solution to a common problem, such as a new cell phone’s touted ability to solve a “malfunctioning” problem. In a very visual example, ads for an anti-frizz hair treatment can show “before and after” photographs to illustrate the product’s effectiveness. Even though advertisements can sometimes be very expensive, it’s many benefits outweights any concept that delays its progression.

Advertising can: • Provide basic information such as your contact

details and website address • Increase sales by telling potential customers about your product or service • Tell customers about changes to your service, new product launches and improvements • Increase your shortterm sales with a specific one-off message - informing people of a special offer or a particular benefit of your product • Prompt specific action perhaps getting customers to visit your premises or website, or use a discount voucher by a specified time • Remind existing customers about your business • Change people’s attitudes and perceptions of your business • Help to create or

develop a distinctive brand for your business to help you stand out from your competitors • Make your business first choice for customers, ahead of your competitors • Generate awareness of your business • Develop a particular market niche or position • Recruit staff - a recruitment advertisement should also be a chance to promote your business this also helps to position your business as active and expanding.

Basically, whether your target audience is local or regional, national or international, or a mixture it can benefit, particularly if it is looking to expand into new territories. Advertising is an essential mix

Thursday, August 29, 2019, PAGE 3 because it is really the only medium you can control.

You have a duty to ensure that your advertising is legal and truthful so as not to be perceived as leading false advertisement.

Ultimately, advertising creates awareness; it is the force that drives a great deal of transformation for your business. When you are using advertising, you automatically create more awareness for “everything” about your business.

This is very important: Unfortunately most businesses invest a great deal of time and funds towards powerful and eloquent advertisements but because it is targeted at the “wrong audience”, it yields no real profit. Remember whenever you match a very personal message to a very select audience your ROI will be greater.

Target, analyse then execute before throwing out your lines throughout the market if you want the right fish to bite. I guarantee you won’t be sorry.

Until we meet again, fill

your life with memories rather than regrets. Enjoy life and stay on top of your game!

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Ms. Deidre M. Bastian is a professionally trained Graphic Designer/ Marketing Coordinator and Certified Life Coach with qualifications of M.Sc., B.Sc., A.Sc., She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

To advertise in The Tribune, contact 502-2394

FROM left: Leah R Davis, Group Marketing & Communications Manager, Bahamas First Corporate Services; Aisha Bowe, founder of StemBoard.

Tapping into youth innovation BAHAMAS First General Insurance Company joined with STEMboard to present Hack IT 2019 – a five-day summer camp providing hands-on Science, Technology, Engineering and Mathematics instruction to private and public school students in grades 9-12 at no cost.

Students focused on electrical engineering and computer science and applied their knowledge to an issue of social impact within The Bahamas. Ultimately, student teams

competed for funding to go toward making their project a reality.

“We are honoured to continue to highlight the ingenuity of Bahamian youth,” said Aisha Bowe, Bahamian-American aerospace engineer and Founder of STEMBoard.

“With a focus on providing the fundamentals of technology and entrepreneurship, our students create innovative projects that showcase the genius that lies within the Bahamas. We are extremely

grateful for the support and engagement of our sponsors and partners.”

Leah R Davis, Group Marketing & Communications Manager, Bahamas First said: “We are committed to both giving back to our community and in particular promoting the advancement of STEM education and opportunities in The Bahamas. It was a privilege to partner with the STEMBoard team to provide this potentially life changing opportunity to Bahamians students.”

Customs gamechanger in switch to Click2Clear FROM PAGE ONE back your own bags you don’t have to be registered in the system to declare your bags coming with you. The only individuals who need to be registered are those

persons who shop online or bring in goods through brokers or couriers. Bringing in something through a broker or courier you will not need to be registered. We know there is some confusion regarding that.”

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PAGE 4, Thursday, August 29, 2019

JOB VACANCY

THE TRIBUNE

Global Ports CEO hails port deal as economic bonanza

DIRECTOR OF FINANCE AND ACCOUNTING Blue Lagoon Island Bahamas is seeking to hire an Accounting executive for the position of Director of Finance and Accounting.

The Director of Finance and Accounting will be responsible for establishing financial policies, procedures, controls and reporting systems. Managing the company’s financial activities, inclusive of reporting revenue, training accounting staff, budgeting and managing risks, implementing policies, and improving financial processes.

$250m Heads of Agreement signed to redevelop the Nassau Cruise Port.

DUTIES/RESPONSIBILITIES Duties include but not limited to; • Oversee the company’s fiscal activity, including budgeting, reporting, auditing and VAT tax functions.

• Assure legal and regulatory documents are filed on time, inclusive of business license and monitor compliance with laws and regulations.

• Ensure legal and regulatory compliance for all accounting and financial reporting functions.

• Analyze and report on financial performance of the Company.

• Ensure cost control, general accounting, accounts receivable/collection and payroll is effectively managed.

• Ensure teams are providing month end closing and other required management reports.

• Developing and implement accounting policies and controls.

• Protects assets by establishing, monitoring and enforcing internal controls.

• Prepare detailed comprehensive budgets.

• Reviewing departmental budgets and assist heads of departments to improve their financial awareness.

• Hires, trains, develop and appraise staff effectively.

Takes corrective action as necessary on a timely basis and in accordance with company policy.

• Keeps up-to-date on information and technology affecting functional area(s) to increase innovation and ensure compliance.

• Assessing, managing, and minimizing risk.

• Analyze complex financial data, identify and address financial risks and opportunities for the company.

• Regularly review the balance sheets, ensure reconciliations are performed.

• Control accounts and provide explanations of all balances even if reconciled elsewhere.

EDUCATION/SKILLS/REQUIREMENTS

• Must possess a CPA • BSc/BA in accounting, finance or relevant field; MSc/ MA is a plus • 10 or more years of experience in managing an accounting department in a medium- or large-size company as Controller / Director of Finance Accounting • In-depth knowledge of hotel, corporate finance and accounting principles, laws and best practices • Solid knowledge of financial analysis, forecasting and bank regulations • Experience with VAT filing a must • Proficient in the use of MS Office and financial management software • Excellent organizational and leadership skills • Outstanding written and verbal communication skills • Excellent interpersonal skills • Able to work independently and in team situations • Outstanding ethical conduct is expected • Must be able to work across all levels of the organization.

• Strong analytical and problem solving skills Please submit resumes to accountingjob@dolphinencounters.com Only qualified applicants will be contacted.

PRIME minister Hubert Minnis gives remarks.

CABINET Secretary Camille Johnson signing agreement.

GLOBAL Ports’ Regional Director of the Americas Mike Maura signing agreement.

FROM PAGE ONE Nassau for patience and support because it will be a difficult period for all of us but we will do everything in our power to ensure there is no hinderance of operations. Once we finish the project I think we will see something we are all proud of.”.

Mr Sayin told Tribune Business that all retail and service providers within the port area will be given the opportunity to continue their operations.

“That’s a given,” he said.

“Moreover we will make sure that everyone who sell, serve and work in the port will be 100 percent Bahamian-owned. When I talk about Bahamian-owned I also mean a no fence policy for the front part of the port that we develop - the waterfront- so that people come on cruise ships can easily go into the town and at night the people of Nassau can come to the waterfront.”

He added: “Nassau used to be one of the funkiest towns in this part of the world not so long ago and

we want to contribute to Nassau’s revival and turn this port into a very charming attraction or the cruise industry, eventually increasing its importance for the cruise lines and cruise passengers.

“What happens in the port is only the tip of the iceberg. The cruise tourists that we bring, the satisfaction that will be provided will translate into direct and indirect economic benefit for the whole city and it may benefit other islands as well.”

THE TRIBUNE

Lucayan chair: ‘Calculated conspiracy to embarrass board’ FROM PAGE ONE

Union filed a Trade Dispute in 2017 and, almost three years later, the parties still have no resolution from the Industrial Tribunal despite intimation by the tribunal that the trade dispute proceedings filed by the former Hotel Union were misconceived.” ​ “LRHL is desirous of concluding the former Hotel Union’s legal challenge that was fraught with procedural and jurisdictional mistakes and the current step by LRHL seeks to do just that and nothing more.

With LRHL having voluntarily given the former hotel employees, including the managers, their

Thursday, August 29, 2019, PAGE 5 separation packages earlier in the year, and the expiration of the industrial agreement in 2016, the Tribunal Action should never have been initiated. LRHL regrets the inflammatory, misguided, and inaccurate spin placed on events by Mr Ferguson, though it is not surprised. The singular intention of LRHL at this juncture is to have struck or stayed the improper and misguided trade dispute initiated by Mr Ferguson,” said Mr Scott in the statement. ​ “These proceedings were not meant to be an issue of the government suing the government.

The Industrial Tribunal is not the Supreme Court or Court of Appeal. It is a statutory tribunal established under the Industrial Act. All we have done is asked the Supreme Court for help but we had to add the attorney general as a party because anytime you raise a Constitutional issue you have to include the attorney general,” said Jacy Whittaker, a partner at ParisWhittaker.

Turnquest hopes for early release from FATF process FROM PAGE ONE proliferation of weapons of mass destruction.

“Today, The Bahamas’ financial sector is not only being assessed by the FATF, but the FATF’s standards are being used by other agencies, such as the European Union, the International Monetary Fund (IMF), the World Bank, the United Nations, and others, who all assess our performance as a key player in the global financial system,” said Mr Turnquest.

He further noted the FATF Mutual Evaluation of The Bahamas was conducted in late November and early December 2015 and the report itself, the Mutual Evaluation Report (MER), was released in July 2017.

The MER involved a comprehensive review of this nation’s financial industry, with an assessment based on The Bahamas’ compliance with the 40 FATF recommendations, and its effectiveness in implementing these recommendations.

The Bahamas is now in the review process by FATF’s International Co-operation Review Group (ICRG) and is being closely monitored by FATF assessors to determine the country’s compliance with the 40 recommendations and six immediate outcomes.

“Since the release of the MER and our being placed in the ICRG process, The Bahamas has successfully had our compliance rating upgraded for a number of the recommendations and immediate outcomes but there is still more work to be done. We are optimistic that in the short order we will meet the requirements of those few remaining areas where we did not achieve the requisite standards.

Our aim is to, at the earliest opportunity, be released from the ICRG process,” said Mr Turnquest.

He noted that as the nation draws closer to meeting the requisite standards, the requirements change.

“As a small island state with many challenges,

UK’S JOHNSON MOVES TO SUSPEND PARLIAMENT AHEAD OF BREXIT LONDON Associated Press BRITISH Prime Minister Boris Johnson manoeuvred yesterday to give his political opponents even less time to block a chaotic no-deal Brexit before the Oct 31 withdrawal deadline, winning Queen Elizabeth II’s approval to suspend Parliament. His critics were outraged.

Though Johnson previously had refused to rule out such a move, the timing of the decision took lawmakers — many of whom are on vacation — by surprise.

Johnson insisted he was taking the step so he could outline his domestic agenda, and he shot down the notion that he was curbing debate, saying there would be “ample time” to discuss Brexit and other issues.

BORIS JOHNSON Lawmakers reacted with fury, including John Bercow, speaker of the lower House of Commons, who was not told in advance of Johnson’s plan.

“Shutting down Parliament would be an offense against the democratic process and the rights of parliamentarians as the people’s elected representatives,” Bercow said.

“Surely at this early stage in his premiership, the prime minister should be seeking

to establish rather than undermine his democratic credentials and indeed his commitment to Parliamentary democracy.”

The main opposition Labour Party leader Jeremy Corbyn wrote to the queen to protest “in the strongest possible terms on behalf of my party and I believe all the other opposition parties are going to join in with this.”

The monarch, however, kept with her steadfast refusal to get involved in politics.

The House of Commons will convene from Sept 3-10 and then was scheduled to go on a break until Oct 9 — though lawmakers had suggested they might cancel that break and stay in session because of the Brexit crisis.

the financial cost and the cost of doing business in our jurisdiction cannot be understated. We have carried some significant burdens as a result of all these standards and regulations that we had to comply with,” said Mr Turnquest.

He continued: “As we have said over and over in

the international forums, we have to get to the point where there is a unified standard. That standard does not change as the circumstances change in terms of as jurisdictions meet the minimum standard the goal post moves again. We really have to find a way to have some certainty.”

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PAGE 6, Thursday, August 29, 2019

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Facebook tightens political ad rules, but leaves loopholes SAN FRANCISCO Associated Press FACEBOOK is tightening its rules around political advertising ahead of the 2020 US presidential election, acknowledging previous misuse. But it’s not clear if it will be enough to stop bad actors from abusing its system.

The changes include a tightened verification process that will require anyone wanting to run ads pertaining to elections, politics or big social issues like guns and immigration to confirm their identity and prove they are in the US. Beginning in mid-September, such advertisers confirm their group’s identity using their organization’s tax identification number or other government ID. The verified group name will be listed on the “paid for by” disclaimers that disclose the backers of ads.

Facebook says it will verify this information against government records and will note in the disclaimer for confirmed ads that they’re placed by a “confirmed organisation”.

That process won’t apply to everyone, as Facebook says it would bar some smaller but legitimate

groups from advertising. But a loophole that will allow small grassroots groups and local politicians to run political ads could also continue to allow bad actors to take advantage of the process.

Advertisers who don’t have tax ID numbers, government websites or registrations with the Federal Election Commission will still be able to post ads by providing an address, verifiable phone number, business email and website.

These advertisers won’t get a “confirmed” designation. Previously, only a US address was required. But it’s not inconceivable that bad actors will find a way to spoof phone numbers and email addresses.

“We’ve acknowledged that these tools will not be perfect,” Sarah Schiff, a Facebook product manager, said in an email.

“But we are committed to making it more difficult for bad actors to misuse and abuse our platform”

without penalising smaller organisations.

Schiff also reiterated the company’s calls for regulation of online political advertising.

Critics have said that Facebook’s attempts at self-regulation are merely a way for the company to preempt stricter government crackdowns.

Last month, Facebook was ordered to pay a $5bn fine to the Federal Trade Commission over privacy violations. It also faces a series of other investigations into its privacy practices in Europe and across the US, in addition to new investigations into its allegedly anticompetitive behaviour, such as the social network’s habit of buying would-be rivals like Instagram and blatantly duplicating features introduced by competing services.

While the company has beefed up its fight against misinformation and coordinated attacks by malicious nation-states, the same can be said for those trying to game its systems. After revelations that that Russians bankrolled thousands of fake political ads during the 2016 elections, Facebook and other social networks faced intense pressure to ensure that doesn’t happen again.

In late 2017, Facebook said it will verify political ad buyers by requiring them to confirm their names and locations, the latter by receiving a postcard with a confirmation code at a US address. Page administrators also had to be verified.

But critics said the rules were easy to evade. Last fall, for instance, Vice News was able to place ads on behalf of the likes of Vice President Mike Pence and the Islamic State, which were all approved by Facebook.

THE TRIBUNE

Thursday, August 29, 2019, PAGE 7

Continued tourist spending slump weighs on Tiffany’s results NEW YORK Associated Press Tiffany & Co’s second quarter profits and sales fell as the jewelry chain grappled with continued weak spending by international tourists.

However, the company stuck with its full-year forecast despite amid so much uncertainty.

Tiffany said earlier this year that holiday sales were hurt by a drop in spending by Chinese tourists and other international visitors, and that trend has continued through the first half.

The strong dollar has made jewelry from Tiffany even more expensive for international tourists. The intensifying the trade war between the US and China has also been a strain on business. And the quarter was also hurt by street protests in Hong Kong, its fourth-largest market.

“As with the first quarter, we are encouraged in the second quarter by sales growth attributed to our local customer base globally, which was again led by double digit growth in mainland China,” Alessandro Bogliolo, Tiffany’s CEO, said in a statement.

Bogliolo noted that in spite of the headwinds, it is focusing on what it can control, such as accelerating product introductions and keeping a “visible profile”.

Tiffany reported fiscal second quarter profit of $136.3m, or $1.12 per share, in the three months ended July 31. That compares with $144.7m, or $1.17 per share, in the year-ago period.

The results beat Wall Street expectations. The average estimate of ten analysts surveyed by Zacks Investment Research was for earnings of $1.05 per share.

The luxury jeweler posted

its first Tiffany store in a duty-free zone in mainland China at the Beijing Airport with a partner. Next month, it plans to relocate and upgrade its directly-owned store at the Hong Kong airport.

Tiffany also plans Blue Box Cafes in both the new Hong Kong location as well

revenue of $1.05bn in the period, down from $1.08bn.

That fell short of the average forecast of $1.07bn.

In the Americas, total sales decreased 4% to $455m while comparable sales — or sales in stores open at least a year, a key metric of a retailer’s health — decreased 4%. Sales fell across most of the region, and Tiffany attributed that drop to lower spending by foreign tourists and, to a lesser extent, local customers.

In Asia-Pacific, total sales decreased 1% to $298m, with comparable sales down 3%, reflecting the opening of new stores and increased wholesale sales. Tiffany

blamed the decline on the impact of foreign currency translation.

During an interview with The Associated Press yesterday, Bogliolo noted that the increasing tensions between the US and China haven’t hurt Chinese customers’ appetite for Tiffany products so far.

In fact, sales in mainland China continue to be strong, he said. To maintain its momentum, the company is either opening or upgrading its flagship stores in three key metropolitan areas: Beijing, Shanghai and Hong Kong. It’s also expanding its airport duty-free store networks. During the current quarter, it plans to open

as the ninth Shanghai flagship at Hong Kong Plaza.

The openings mark the first permanent Blue Box Cafes in Tiffany stores outside of New York, and just as in New York, it expects the cafes will generate substantial customer attention and store traffic.

It’s also going after the

Chinese online shopper.

Tiffany launched a China e-commerce site earlier this month, its 14th e-commerce enabled website globally.

On Sept 23 in Shanghai, it will inaugurate its largest-ever brand exhibition celebrating its over 180-year history and heritage in a unique experiential setting, the company said.

PAGE 10, Thursday, August 29, 2019

THE TRIBUNE

5 East Coast governors push feds on offshore wind power BOSTON Associated Press THE governors of five East Coast states are urging federal regulators not to put any additional roadblocks in the way of the country’s nascent offshore wind industry.

The governors of Massachusetts, Connecticut, Maine, New Hampshire and Virginia said in a letter Tuesday to Interior Secretary David Bernhardt and Commerce Secretary Wilbur Ross that offshore wind power will help strengthen America’s energy independence while creating thousands of jobs.

The group, including Republican Massachusetts Gov Charlie Baker, said they’re disappointed by a recent decision to delay final permitting of the planned 84-turbine Vineyard Wind project south of Martha’s Vineyard.

The group urged federal

overseers to give the project a green light by next March saying further delay would have “negative impacts on this project, offshore wind development along the east coast and the further expansion of American jobs that support this industry”.

An Interior Department spokeswoman said the federal Bureau of Ocean Energy Management is working to develop a new permitting timeline for the project.

In the letter — also signed by Connecticut Gov Ned Lamont, Maine Gov Janet Mills and Virginia Gov Ralph Northam, all Democrats, and New Hampshire Gov Chris Sununu, a Republican — the governors note Vineyard Wind has been delayed due to a decision by the federal government to undertake an expanded “cumulative impacts” review sparked by greater interest in building

offshore wind projects in the Atlantic Ocean.

“While we support assessing and mitigating impacts of large-scale offshore wind development, we are disappointed that this review has adversely affected the timeline for the Vineyard Wind Project,” the group wrote.

“Like other industries, it is critical that states and the federal government establish and maintain clear regulatory timelines so as to incentivise the necessary capital investment.”

Baker told reporters yesterday that he’s talked to Bernhardt several times and was told he could get all the regulatory work that needs to be done on the Vineyard Wind project by March, 2020.

“He felt that the 2020 date, March 2020, was a date that they could achieve and that is the date that Vineyard Wind is assuming they’re playing toward and they believe

that they can make this happen within that framework,” Baker said. “At this point, he’s the regulator, he’s the decision-maker — I’m taking him at his word on this.”

Vineyard Wind has signed contracts to sell 800 megawatts of power a year to three Massachusetts electric utilities. The company had planned to begin construction later this year off the Massachusetts coast.

Vineyard Wind CEO Lars Pedersen said the company is still committed to building the project.

The company has said the wind farm would reduce Massachusetts’ carbon emissions by over 1.6 million tons per year — the equivalent of removing 325,000 cars from state roads.

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

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

THE TRIBUNE

Thursday, August 29, 2019, PAGE 11

Tribe seeks to intervene on proposed DAPL expansion BISMARCK Associated Press THE Standing Rock Sioux Tribe filed a motion yesterday to intervene on a proposed expansion of the Dakota Access pipeline that would double the line’s capacity.

The tribe, which led original opposition to the crude oil pipeline, petitioned for status as an intervenor in the case before the Public Service Commission arguing its “interests ... are not adequately represented”.

North Dakota regulators have set a Nov 13 public hearing on the proposed expansion. The public hearing, which was requested by the tribe and the Sierra Club, will be held in the south-central city of Linton, near where a pump station would go in to increase the line’s capacity.

Texas-based Energy Transfer announced in June it plans to expand the pipeline’s capacity from more than 500,000 barrels per day to as much as 1.1 million barrels. The pipeline has been moving North Dakota oil through South Dakota and Iowa to a shipping point in Illinois since June 2017.

Standing Rock attorney Timothy Purdon said if it’s

granted intervenor status, the tribe would be allowed to cross-examine the company and call witnesses.

Standing Rock Sioux Tribal Chairman Mike Faith said in a statement that the “proposed pipeline expansion magnifies the potential disaster in the event of an oil spill.

The Standing Rock Sioux Tribe looks forward to expressing its concerns during the upcoming PSC hearing.”

The $3.8bn pipeline is less than a half-mile from the Standing Rock Reservation, beneath a Missouri River reservoir that is the tribe’s water source.

Fears of an oil spill into the river sparked massive protests in 2016 and 2017, drawing thousands of pipeline opponents to North Dakota.

The company said the expansion would help meet the growing demand for oil from North Dakota, the nation’s second-biggest oil producer behind Texas.

Energy Transfer is proposing additional pumping stations in the Dakotas and Illinois. The company needs permission from the North Dakota Public Service Commission for the expansion because some of the land needed is outside of the pipeline’s path.

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PAGE 14, Thursday, August 29, 2019

THE TRIBUNE

EX-PENTAGON CHIEF MATTIS SAYS BITTER POLITICS THREATEN US WASHINGTON Associated Press

FORMER Defense Secretary Jim Mattis is warning that bitter political divisions threaten American society, saying he views “tribalism” as a greater risk to the nation’s future than foreign adversaries.

The retired Marine general, who resigned in

December 2018 in a policy dispute with President Donald Trump, said he worries about the state of American politics and the administration’s treatment of allies.

“We all know that we’re better than our current politics,” Mattis wrote in an essay adapted from his new book and published yesterday by The Wall Street

LEGAL NOTICE

DILBURY OVERSEAS CORP. Company No. 266602 (InVoluntary Liquidation)

FORMER Defense Secretary Jim Mattis speaks beside President Donald Trump, during a briefing last year with senior military leaders in the Cabinet Room at the White House in Washington. Mattis warns bitter political divisions have pushed American society to the “breaking point” in his most extensive public remarks since he resigned in protest from the Trump administration.

Journal. “Unlike in the past, where we were unified and drew in allies, currently our own commons seems to be breaking apart.”

Mattis said the problem is made worse by this administration’s disregard for the enduring value of allies, which he alluded to in the resignation letter he gave Trump on Dec 20.

“Nations with allies thrive,” he wrote in the Journal essay, “and those without them wither. Alone, America cannot protect our people and our economy. At

NOTICE is hereby given pursuant to Section 204 (1) (b)of the BVI Business Companies Act, 2004 that DILBURY OVERSEAS CORP. is in voluntary liquidation. The voluntary liquidation commenced on 26th August, 2019 and IWAN J. ACKERMANN of Wuhrstrasse 6, 9490 Vaduz, Principality of Liechtenstein, has been appointed as the Sole Liquidator.

Dated this27thday of August, 2019 Sgd.IWAN J. ACKERMANN Voluntary Liquidator

LEGAL NOTICE

this time, we can see storm clouds gathering.”

In an apparent reference to Trump, Mattis added: “A polemicist’s role is not sufficient for a leader. A leader must display strategic acumen that incorporates respect for those nations that have stood with us when trouble loomed.”

Mattis is breaking months of public silence as he promotes his new book, “Call Sign Chaos: Learning to Lead”, which is scheduled to be published Sept 3. He is to discuss the book in an

LEGAL NOTICE

NOTICE

NOTICE

SINCERE INTENTION LIMITED

FELBRIGG LIMITED N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows: (a)

SINCERE INTENTION LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a)

FELBRIGG LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 26th August, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b)

The dissolution of the said company commenced on the 26th August, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c)

(c)

Dated this 29th day of August, A. D. 2019

The Liquidator of the said company is Leeward Nominees Limited of Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

appearance next Tuesday at the Council on Foreign Relations in New York.

Without citing Trump by name, Mattis suggested the administration and its strongest critics are engaged in destructive politics. He said he worries more about internal divisions in American society than about external threats.

“We are dividing into hostile tribes cheering against each other, fueled by emotion and a mutual disdain that jeopardises our future, instead of rediscovering our common ground and finding solutions,” he said.

“All Americans need to recognise that our democracy is an experiment — and one that can be reversed,” he wrote, adding, “Tribalism must not be allowed to destroy our experiment.”

A longtime colleague, Marine Gen Joseph Dunford, chairman of the Joint Chiefs of Staff, was asked at a Pentagon news conference

LEGAL NOTICE

NOTICE YANGTZE RIVER LIMITED (a)

YANGTZE RIVER LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 26th August, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 29th day of August, A. D. 2019

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

WEDNESDAY, 28 AUGUST 2019

(242) 323-2320

Dated this 29th day of August, A. D. 2019

ALL SHARE INDEX: CLOSE: 2,132.49 | CHG: 4.76 | %CHG: 0.22 | YTD: 23.04 | YTD%: 1.09

_________________________________ Bukit Merah Limited Liquidator

BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.92 2.60 2.00 3.08 11.75 6.17 4.64 12.50 2.81 2.64 10.00 7.35 15.60 9.30 3.75 14.20

52WK LOW 3.50 19.17 4.90 4.06 1.00 0.19 2.00 9.17 6.15 3.54 7.50 2.35 1.75 7.51 6.10 11.70 6.20 3.01 13.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

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

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

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

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

52WK HI 2.25 4.31 2.06 191.61 158.55 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.63 10.00 8.69 11.79

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

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)

MUTUAL FUNDS

MARKET TERMS

LAST CLOSE 4.19 17.43 6.00 5.92 2.46 1.80 2.80 11.05 6.16 4.07 7.50 2.89 2.64 10.40 7.00 15.45 9.24 3.40 14.20

CLOSE 4.19 17.43 6.00 5.92 2.46 1.80 3.03 11.06 6.16 4.07 7.50 2.91 2.64 10.40 7.00 15.45 9.24 3.40 14.20

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.23 0.01 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

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

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

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

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

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

VOLUME 180

18,500 5,000 1,000

VOLUME

NAV 2.25 4.31 2.06 191.61 158.33 1.62 1.76 1.70 1.15 7.72 8.97 6.77 11.25 12.14 10.57 9.92 8.68 11.38

EPS$ 0.240 0.932 1.760 0.323 0.098 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.000 0.728 0.816 0.939 0.203 0.631

DIV$ 0.160 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.068 0.060 0.328 0.240 0.540 0.200 0.120 0.610

P/E 17.5 18.7 N/M 18.3 N/M N/M -6.9 15.3 13.7 22.1 53.6 28.5 5.7 N/M 9.6 18.9 9.8 16.7 22.5

YIELD 3.82% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 2.95% 0.00% 2.34% 2.27% 3.15% 3.43% 3.50% 2.16% 3.53% 4.30%

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0

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

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

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

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

YTD%12 2.15% 1.61% 1.53% 3.85% 7.12% 1.57% 0.99% 1.32% 3.22% 3.25% 3.82% 2.59% 8.44% 3.87% 1.84% -0.71% 7.40% 10.20%

MTH% 3.88% 4.11% 2.74% 6.28% 2.08% 4.58% 4.25% 4.12% 5.64% 6.65% 8.36% 4.81% 0.78% 4.17% 2.29% 0.16% 2.70% 1.30%

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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

whether he agrees with Mattis that political tribalism in the US is threatening democracy.

Dunford said he is careful to remain apolitical and would not make judgments about Trump. He said the military has managed to avoid politicisation, despite a few lapses, during what he called “a very politically turbulent period of time” since Trump took office.

Regarding his reasons for leaving the Trump administration, Mattis offered a slightly more pointed explanation than he outlined in his resignation letter.

“When my concrete solutions and strategic advice, especially keeping faith with our allies, no longer resonated, it was time to resign, despite the limitless joy I felt serving alongside our troops in defense of our Constitution,” he wrote.

Mattis, who had never met or spoken to Trump before the Republican presidentelect interviewed him for the Pentagon job in November 2016, quickly became known as a leading voice of reason and stability in an administration led by an impulsive president unfamiliar with the tools of statecraft and dismissive of allies’ interests.

Mattis resigned shortly after Trump announced he was pulling all US troops from Syria. In Mattis’ view this amounted to betraying the Syrian Kurdish fighters who’d partnered with American troops to combat the Islamic State group. Trump later backed away from his decision, allowing a portion of the US force to remain in Syria in what the Pentagon sees as an effort to prevent a resurgence of the Islamic State group.

NAV Date 31-Jul-2019 31-Jul-2019 26-Jul-2019 30-Jun-2019 30-Jun-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Jun-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

LEGAL NOTICE

NOTICE

ZHANG HONG FAMILY LIMITED N O T I C E IS HEREBY GIVEN as follows: (a)

ZHANG HONG FAMILY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b)

The dissolution of the said company commenced on the 26th August, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 29th day of August, A. D. 2019

_________________________________ Bukit Merah Limited Liquidator LEGAL NOTICE

NOTICE

Salvum Repono Limited Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 173489 B (In Voluntary Liquidation)

Notice is hereby given that the liquidation and winding-up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General.

Dated this 31st day of December, 2018

Crowe Bahamas Liquidator

PAGE 16, Thursday, August 29, 2019

BIDEN PLEDGES ‘ABSOLUTE WALL’ BETWEEN JOB, FAMILY BUSINESS SPARTANBURG Associated Press

DEMOCRATIC presidential candidate Joe Biden, pictured, said

yesterday that in all his decades in public office, he has never talked to any family members about their private business dealings. And he promises “an absolute wall” between government and his family’s financial interests should he be elected president.

Biden’s remarks follow scrutiny and Republican criticism of the business activities of his son Hunter and his brother James.

Politico reported earlier this year that Hunter and James Biden sometimes tried to

THE TRIBUNE leverage Joe Biden’s political ties to attract investors for a hedge fund.

“I have never discussed with my son or my brother or anyone else anything having to do with their businesses. Period,” Biden told reporters at a campaign stop in South Carolina.

President Donald Trump’s associates have highlighted Hunter Biden’s service on the board of an energy firm owned by a Ukrainian oligarch.

Joe Biden’s campaign said Trump simply wants

to deflect from his own conflicts of interest from foreign business deals.

Biden said that he’d impose the same standards in his administration that were in place when he served as President Barack Obama’s second-in-command.

“There will be an absolute wall between personal and private and the government,” he said. “There wasn’t any hint of scandal at all when we were there, and I will impose the same kind of strict, strict rules.

That’s why I never talk with my son or my brother or anyone else in the distant family about their business interests, period.”

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