09172018 BUSINESS

business@tribunemedia.net

MONDAY, SEPTEMBER 17, 2018

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‘One-stop shop’ for Bahamians to trade globally

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A BANK has unveiled an online trading platform to give Bahamian investors direct “one-stop shop” access to the US and global financial markets.

Cornèrtrader, a subsidiary of Bahamas-based Cornèr Bank (Overseas) subsidiary, said the initiative was designed to exploit the Central Bank of The Bahamas’ steady exchange control liberalisation that had reduced exchange costs from 25 percent to five percent.

Christine Russell, chief executive of Cornèr Bank (Overseas), said: “With the reduction of fees and liberalisation of exchange control, a new world of possibilities has opened up. As a leader in progressive banking and as a committed partner to The Bahamas, Cornèr has seized the opportunity to offer international trading to Bahamians .

“Our trading offering provides a ‘one-stop shop’ service. We facilitate all of the regulatory exchange control requirements on behalf of the client, thereby ensuring the ease of business and the client’s only role is to start trading.”

Ms Russell said the platform gives Bahamian investors the ability to participate in the “wider world of investment” beyond this nation’s borders, with the bank committed to providing continuous education about the markets, allowing users to trade remotely.

The platform boasts no management fees, seamless access to world markets and transparent conditions on pricing.

Cornèr Bank executives said during a reception to launch the platform last week that Bahamians have long been consumers of products from major companies such as Amazon and Samsung but have been limited in their ability to invest in such companies.

“For as long as those of us in this room can remember, we have been consumers of products abroad, but limited in participating in the ownership of the companies that manufacture those products or provide the services we consume,” Ms Russell added.

“Bahamians could buy a Blackberry, but not readily invest in Blackberry.

Later we could buy a Samsung phone, but not easily invest in Samsung stock.

Even more glaring, as an example, we can purchase items easily through a ‘click

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$2.8bn project’s closing delayed by marina issue

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE $2.8bn revival of Grand Bahama’s West End, which promises to create 1,400 full-time Bahamian jobs, has been delayed by marina-related concerns that have impacted the deal’s closing.

Tribune Business can reveal that Skyline Investments, the Toronto-based developer, missed the scheduled September 4, 2018, date to complete its purchase of the bulk of the former Ginn Sur Mer project’s real estate.

That deal, with a lending syndicate headed by Credit Suisse, is understood to

* West End purchaser misses deadline * Marina lease, fuel dock concerns * Skyline ‘simply can’t come in and take over’

AN ARTIST’S impression of the original ‘Ginn Sur Mer’ resort - the previous developer went into foreclosure in 2008.

Former beauty queen: I’m not ‘money hungry’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN beauty queen-turned-songstress has accused the Ministry of Tourism of using “sharp tactics” to portray her as “money hungry” in the latest salvo of their acrimonious legal battle.

Khiara Sherman, pictured, the former Miss Bahamas Universe, and her US attorneys are alleging in legal papers that the Ministry resorted to publishing communications barred from use as evidence in a quest to discredit her reputation amid their ongoing

* Ministry of Tourism’s ‘sharp tactics’ slammed * Khiara Sherman blasts effort to discredit her * Accuses agency of being ‘obstructionist’ copyright and breach of contract fight.

They described the contents of their settlement offer, disclosed by the ministry to support its counterclaim against her, as “wholly irrelevant” to Ms Sherman’s case that it had used her song, Fly Away With Me, in its tourism marketing campaigns without her permission or paying due compensation.

And they accused the Tourism ministry of

taking an “extraordinarily obstructionist approach to discovery” in the case, claiming it was trying to wear the ex-beauty queen down and “prevail by a war of attrition”.

Arguing that the Ministry of Tourism counterclaim was an attempt to “intimidate” the former beauty queen, and deter her from pursuing legal action, Ms Sherman and her attorneys

THE Government’s drive for full WTO membership by mid-2020 is “unnerving” for Bahamian firms, a businessman branding reassurances from its new chief negotiator as “irrelevant”.

Robert Myers, pictured, the former Bahamas Chamber of Commerce chairman, told Tribune Business that the private sector faces “a very scary and daunting reality” because it still lacks a “level playing field” with foreign rivals when it comes

Anti-trade groups: ‘We’ll awaken the Bahamian people’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

business” weaknesses.

While he agreed that joining the overseer of global trade might help to modernise The Bahamas, Mr Myers said the competitiveness of individual businesses and the wider economy represented a “greater concern” that had yet to be addressed.

SEE PAGE 6

SEE PAGE 7

SEE PAGE 5

* Fail to tackle cost competitiveness * Member drive by mid-2020 ‘unnerving’ * Concern on Bahamas ‘best interests’ to cost competitiveness.

Zhivargo Laing, the former Cabinet minister who recently replaced Raymond Winder as head of the Government’s World Trade Organisation (WTO) negotiating team, recently sought to soothe business concerns by arguing that full membership would help to address The Bahamas’ “ease of doing

SEE PAGE 4

ANTI-FREE trade activists have pledged to mobilise and “awaken the Bahamian people” against joining the WTO, with one saying: “Our leaders just don’t recognise the danger.”

Paul Moss, a leading member of the Bahamians Agitating for a Referendum on Free Trade (BARF) group, told Tribune Business that becoming a full World Trade Organisation (WTO) member would “decimate the private sector” and local entrepreneurs while causing a “further decline” in the quality of life.

In particular, he objected to the appointment of Zhivargo Laing as The Bahamas’ chief WTO negotiator, branding the exCabinet minister “a gung ho cheerleader” for joining world trade’s global rules enforcer given that it was he who first submitted this

Govt reassurances on WTO ‘irrelevant’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

have been rescheduled for September 26-28, as Skyline seeks to close the first of two purchases required to give it total ownership of the West End development.

Besides acquiring 1,476 acres from the Credit Suisse group, the Canadian developer - which is listed on the Tel Aviv Stock Exchange in Israel - is acquiring the remaining Ginn sur mer assets in a separate deal from Lubert Adler, the Philadelphia-based investment bank that was Ginn Development Company financing partner on the original development.

That purchase, which is due to complete on October 15-17, involves 280 acres plus the existing

THE TRIBUNE

Monday, September 17, 2018, PAGE 3

AML FOODS SUFFERS 63% Q1 PROFITS FALL

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AML Foods suffered a near-63 percent profit decline for the quarter to end-July 2018 as the hangover from its prior financial year carried over into the new one.

Franklyn Butler, the BISX-listed food retail and franchise group’s chairman, blamed the decline on “specific issues rather than an overall deterioration in performance”, although he did not identify them. He told investors the group was “confident” all problems would be resolved in the short to medium term.

Profits for the three months to end-July fell year-over-year by almost two-thirds, from $1.305m to $485,000, with net operating profit down 61.4 percent to $533,000 compared to

$1.381m the year before.

The decline was caused by a $2m-plus rise in the cost of sales, which dropped gross profit by 3.4 percent from $13.015m to $12.571m.

This was compensated for by a sales increase, but SML Foods’ selling, general and administrative expenses also jumped by 4.5 percent to $11.972m “Sales for the quarter were $41.437m, an increase of 6.14 percent for the same period in the prior year,” Mr Butler said in his report to AML Foods’ shareholders. “During the quarter, transaction counts remained strong and continue to grow.

“Same store sales growth was impacted by a significant decrease in the value of transactions, an indication that our focus on quality and value continues to attract customers, but customers have made

adjustments to their spending habits given the current economic environment and recent increase in the rate of value-added tax.

“Despite tough economic conditions in Freeport, our businesses there are performing strongly. Customers are continuing to support our brands, allowing us opportunities for customer engagement and, in turn, more opportunities for increased revenues.

Over the next quarter, building customer engagement will remain a priority.”

Mr Butler added: “We are maintaining our focus on investing in the development and training of our team, as well as driving efficiency and effectiveness in our systems and processes.

“In July we opened a new and expanded training centre in Freeport, and a new and improved training centre will open in Nassau

in January 2019. The roll out of the new ERP (Enterprise Resource Planning) system piloted in Solomon’s Yamacraw will also begin in early 2019.”

AML Foods’ first quarter for the 2019 financial year mirrors how it closed out the prior year-end, when “distractions” resulted in margins and shrink heading in the wrong direction, leading to a 75 percent profit drop.

Gavin Watchorn, the BISX-listed food retail and franchise group’s chief executive, told Tribune Business then that it had moved quickly to take “corrective” action and refocus on daily operations following a period when it has been occupied with opening its Solomon’s Yamacraw location.

While admitting it might “take a quarter or two” for the Solomon’s, Cost

Right and Domino’s Pizza operator to return its financial performance to levels shareholders have become accustomed to, Mr Watchorn said it was “still confident” it is laying the platform for long-term growth.

He added that AML Foods results for the fullyear, and final quarter, to end-April 2018 “don’t reflect what we’re doing”, as the financials were affected by one-off costs related to the closure of its Carl’s Jr franchise and the pre-opening/start-up impact at Solomon’s Yamacraw.

Mr Watchorn said the negative impact to margins and shrink, the latter measuring inventory lost to theft, damage and spoilage, was “enough that we felt it”.

“Our fourth quarter and year-to-date numbers were disappointing and don’t reflect what we are doing;

the effort we’re putting in,” he told Tribune Business previously. “One or two pockets are under-performing, but a lot of units are performing quite well.

“There were quite a lot of one-charges, and the focus on Yamacraw kind of distracted us from our existing business. We saw the impact on margins and shrinkage.

In the last couple of months we’ve refocused and are correcting those things.

“While we’ve had some setbacks, we’re not concerned this is a long-term change in our results. We’re still pretty confident we’re laying down the platform we need for growth. Longterm, we’re still pretty confident we’re making the right decisions. It may take us a quarter or two to get back, but we’re confident it’s only a short-term impact for us.”

WESTERN UNION TARGETS ‘TOP PRIORITY’ OUT ISLANDS BAIC to assist on

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net WESTERN Union’s regional head says the company is targeting the Family Island vacuum caused by the withdrawal of the commercial banks as “a top priority”.

André Largie said the commercial banking exit is enabling the money transfer business to expand its footprint in The Bahamas, having already established 31 agent locations since its re-entry into this market.

He added that the commercial bank contraction in the Family Islands “hasn’t passed our

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attention”, and filling the financial services needs of those communities was a “top priority”.

Mr Largie said the customer response has been “phenomenal” since Western Union’s return, adding: “We have worked hard to deliver new services to the market, to expand our presence in the market in a way that not even the incumbents have done. We are the first into many of the Family Islands. We are in six Family Islands right now.”

Western Union announced its return to the money transmission market earlier this year.

Fidelity Bank (Bahamas) had been its previous local franchisee.

Mr Largie said the company was “incredibly proud” of the efforts of its three agents, SunCash, headed by ex-banker Barry Malcolm; MoneyMaxx, led by Carlos Mackey; and

GraceKennedy Money Services, a subsidiary of the Jamaican conglomerate, GraceKennedy.

“We are very proud of what our agent partners have done and the investments that they have led.

There have been growing pains building out a network as rapidly as we have. It has been a learning process for our agents, two of which are new and the other, GraceKennedy, is a regional operator. The agents have really responded well, and clearly they are committed to serving the community,” said Mr Largie.

“In addition to our own Western Union services, all of them have opportunities in the financial services space to offer products.

We are very focused on cross-border money movement; that is our sole area of interest, but we are very comfortable with our agents seeking this

opportunity to provide complementary services to their customers. They have been investing incredibly in that, and I know that there are some strong service offerings coming to the table in the coming months from our agents.

“This is business and you have to do proper feasibility studies, but we continue to look at the needs of the customers. We will continue to innovate and expand where we can with our agents. We are very grateful about the response and support our customers in The Bahamas have given.”

As a thank you to its customers for their loyalty and support, Western Union is today offering it customers in The Bahamas free fee transaction coupons as well as Western Union giveaways at all 31 agent locations.

web, social media

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Agricultural and Industrial Corporation (BAIC) is aiming to help small businesses establish on online and social media presence to boost their visibility both locally and abroad.

BAIC will tomorrow host a workshop facilitated by Kristi Powell, chief executive and founder of Coral, a software start-up focusing on the B2B (business to business) market in the Caribbean.

Ms Powell, who is a technical advisor to the Ministry of Finance and heading its digital transformation, has previously worked at worked at Google.

BAIC chairman, Michael Foulkes, in announcing the workshop, said: “As the Government of the Bahamas embarks on a mission

to establish particular islands in the archipelago as world-renowned technology hubs, we at BAIC see the need to work with small businesses by directly assisting them with setting themselves up in the worldwide web as well as social media, so that people and other businesses will know that they exist and hopefully increase their business and marketing opportunities both home and abroad.”

He added: “There is no doubt that small businesses and their development have a major impact on the Bahamian economy, as they have shown empirically that they have the same effect around the world. That does not mean that being a small business owner is not challenging, because going into business, by its very nature involves risk and risk taking.”

PAGE 4, Monday, September 17, 2018

THE TRIBUNE

$2.8bn project’s closing delayed by marina issue FROM PAGE ONE Old Bahama Bay resort and its marina. It is the latter asset, Tribune Business has been informed by multiple sources, which is producing last-minute concerns for Skyline Investments over completing both deals.

This is because the marina’s operating lease, and Customs and fuel docks, are held by parties not directly involved in either purchase from the Credit Suisse group or Lubert Adler.

The lease, and operating licence, are currently held by Island Ventures Resort Club (IVRC), the company formed by condominium owners at the Old Bahama Bay resort to keep the property alive following Ginn Development Company’s bankruptcy in 2011.

And the marina’s Customs and fuel docks lie on an 18-acre land parcel acquired by John MacDonald, IVRC’s president, for his own multi-million dollar Grande Harbour resort project that was unveiled last week.

As a result, Tribune Business sources suggested

Skyline Investments was delaying completing both purchases until it could either purchase or work out an agreement with Mr MacDonald for itself and its clients to have access to/ use or the marina’s fuel and Customs facilities.

This newspaper was also informed that Lubert Adler, as landlord, was concerned whether IVRC would comply with its notice to vacate the marina

by October 17 to make way for the Skyline takeover.

Mr MacDonald, in an interview with Tribune Business on Friday, said IVRC’s attorney had confirmed the company’s willingness to comply with the vacation notice in a letter sent that day. He also emphasised his and Grande Harbour’s desire to work with the Canadian developer as good neighbours, since there were “a lot of synergies” between their respective plans.

However, he seemed to take a harder line in a subsequent e-mail to Tribune Business at the weekend, saying Skyline Investments “simply cannot come in and take over” everything at

Old Bahama Bay, including the marina and fuel docks.

“IVRC is the legal license holders, and there is no valid reason for us to forfeit these as we still have our core business to run even if Skyline closes on their deal,” he added.

Mr MacDonald produced copies of IVRC’s Business Licences to operate the hotel, marina, retail and gasoline station at Old Bahama Bay, all of which are valid until January next year.

He added that Lubert Adler held “zero” licences at Old Bahama Bay, having abandoned the resort and its condo owners to their fate in the aftermath of Ginn’s 2011 default.

“When Ginn-Lubert Adler closed the doors on us in late 2011, they also forfeited their licenses stating ‘they do not want the liability’,” Mr MacDonald said. “The owners were then faced with a choice: Close down, or have our attorneys create a Bahamian corporation so we, the owners, can run and operate the resort, obtain the proper licenses, insurance and have the

ability to hire staff.

“We chose to form IVRC. IVRC is, and has been, the only entity that holds these licenses since 2012. This places Skyline in a bit of a situation as they simply cannot come in and take over as Ginn-Lubert Adler would have them believe.

“IVRC is the legal license holder, and there is no valid reason for us to forfeit these as we still have our core business to run even if Skyline closes on their deal.

Skyline must start fresh from the beginning, just as IVRC was forced to do when Ginn-Lubert Adler shut the doors on us in late 2011. I can tell you that these licenses do not come overnight.”

Tribune Business, though, was told that completion of the Skyline purchase relies on IVRC relinquishing its marina lease. “I’m told that he [Mr MacDonald] has got to be out of there by October 17; that he has no right to be there,” one source said, speaking on condition of anonymity. “He is the operator of the marina, has a lease in the marina, and has been given notice to quit.”

Another added: “Lubert Adler cannot give vacant possession if the guy is still there, and that’s what’s causing the hold-up. The Government has to click its heels and resolve this issue immediately.

“Who owns the seabed?

It’s Lubert Adler and the Government of The Bahamas. What needs to happen is the Government needs to clear up who controls and holds the marina lease from a sea bed basis. The Government is in a precarious position, whether to step in or nor step in. They have to tip toe around this one, as they cannot be seen siding with anyone here.”

Mr MacDonald, though, suggested that such concerns were unfounded.

“Our lawyer sent them a letter today telling them we accept their notice,” he told Tribune Business on Friday.

That just leaves the marina’s fuel and Customs docks, which sit on land formerly owned by West End Resorts Ltd (WERL) that was acquired by Mr

MacDonald for the Grande Harbour project.

The IVRC president revealed that Skyline executives had initially seemed to believe these assets were included in their deal with Lubert Adler, a notion he said he swiftly disabused them of.

“IVRC has never leased the fuel docks from Ginn-Lubert Adler, as Ginn-Lubert Alder has never owned the fuel docks,” Mr MacDonald said. “The fuel docks were leased from WERL, the original owners, and to IVRC.” He blamed any problems between IVRC and Skyline on a lack of direct communication, suggesting that Lubert Adler had “kept us apart”. Despite executives from the Canadian developer having been present on the ground in West End for the past 18 months, Mr MacDonald said the first formal contact came at a meeting with IVRC some four weeks ago.

Multiple sources familiar with developments, and spoken to by Tribune Business, gave mixed views on the outlook for the Skyline purchase and relations with IVRC and Mr MacDonald. Some warned that the matter was likely to result in litigation, which could potentially freeze the $2.8bn project and its development plans for months, even years although this now seems unlikely given Mr MacDonald’s confirmation of the marina lease vacation.

Such a scenario would be the worst possible outcome for The Bahamas’ economic interests, given the four-figure construction and full-time jobs that West End’s revival is projected to create, and its role in creating a “Smart City” that would boost the Government’s ambitions to develop a technology hub in Grand Bahama.

Tribune Business sources also warned that Lubert Adler and the Credit Suisse group were becoming nervous following the earlier closing’s miss, and did not want the deal to be delayed while Skyline Investments worked out the terms of its relationship with an unrelated third party.

“Every time a closing date is missed the odds of a successful deal go down significantly because the seller loses confidence and faith in the buyer,” one contact said bluntly.

Others, though, were more hopeful and sanguine about the West End situation, with one contact suggesting the marina-related issues were equivalent to making “a mountain out of a mole hill”. In the context of a $2.8bn project, they suggested it was hardly a material impact if Skyline Investments had to construct and develop its own Customs and fuel docks.

“It’ll work out and everything will be good,” one source familiar with developments added. They suggested it was in the interests of all sides to cooperate and live together, given that they all had amenities the other side and its clients would want to use.

This sentiment was echoed by Mr MacDonald, who told Tribune Business of Skyline: “We’ve got to give them a chance.

They’re going to be our neighbours. I think we can work with them on so many things.

“There are a lot of synergies that could work very well for all of us. We’ve looked at this group. They run a lot of hotels, and I think they can be very good.” Mr MacDonald suggested the Government has already started to “intervene” in the situation, with Kwasi Thompson, minister of state in the Prime Minister’s Office, having contacted him to put him in direct tough with Skyline.

“One project would be great, two phenomenal,” Mr MacDonald said of Skyline and his own Grande Harbour development, which he last week said would create 900 construction jobs and 300 full-time posts across 460 condominium units.

Apart from Old Bahama Bay and its marina, the 280 acres that Lubert Adler holds were earmarked as the site for Ginn’s hotels and casino, and key amenities such as the airport and utilities.

An established company is seeking an experienced: Commercial Manager – Responsible for overseeing and managing

project finances. This role will include overseeing the tendering process with both subcontractors and suppliers, preparing and executing subcontracts, measuring and placing material orders, processing payments, assessing risk and reporting on financial performance. It is preferable that the successful candidate will hold a university degree in Commercial Management / Quantity Surveying, with a minimum of 15 years working in the construction industry.

Plumbing Manager – Responsible for overseeing and managing

the Plumbing Works. This role will include supervising all plumbing personnel, measuring all plumbing materials required for the project, scheduling, organising and directing work, training personnel, maintain records of jobs performed and hours worked by employees, monitor the works to insure job quality and compliance with job standards, and code compliance. A good general knowledge of Mechanical Services will be advantageous. The successful candidate will require to have worked in the construction industry for a minimum of 20 years.

Electrical Manager – Responsible for overseeing and managing the Electrical Works. This role will include supervising all electrical personnel, measuring all electrical materials required for the project, scheduling, organising and directing work, training personnel, maintain records of jobs performed and hours worked by employees, monitor the works to insure job quality and compliance with job standards, and code compliance. The successful candidate will require to have worked in the construction industry for a minimum of 20 years.

Qualified candidates should submit CVs via email to: hr@wynnbahamas.com . Please note that only those individuals short-listed for an interview will be contacted.

THE TRIBUNE

Monday, September 17, 2018, PAGE 5

Former beauty queen: I’m not ‘money hungry’ ‘One-stop shop’ FROM PAGE ONE alleged: “Apparently, it was not enough to wrongfully accuse Ms Sherman and her counsel of engaging in sanctionable conduct under Federal Rule of Civil Procedure 11 for alleging the infringement of Ms Sherman’s musical works in a US advertising campaign, which the ministry later conceded actually occurred.

“Nor was it sufficient, in the ministry’s view, to threaten Ms Sherman with a personal judgment based on a supposed agreement that the Ministry of Tourism did not sign. The ministry’s response continues these sharp tactics.

“The ministry attached, filed and quoted for the court (and the press) a Rule 408-protected settlement offer which is wholly irrelevant to any issue raised in Ms Sherman’s motion, presumably for the sole reason of hoping to make Ms Sherman look ‘money-hungry’ in the press.”

The object of Ms Sherman’s anger was the Ministry of Tourism’s disclosure, in legal filings with the southern Texas federal court, of her attorney’s October 9, 2017, letter offering to settle her claim without resorting to the courts.

As revealed by Tribune Business, she and her attorneys demanded a $1.1m settlement for the Ministry’s unauthorised use of her song just weeks after she licensed its five-year use for only $750.

Seizing on the huge discrepancy in valuations, the Ministry said it was bewildered how the former Miss Bahamas Universe’s Fly Away With Me song could increase in value by $1m in just three months.

To back its claims the Ministry produced a July 5, 2017, agreement signed

by Ms Sherman where she gave permission for the song to be used in a Bahamas Out Island Promotion Board video for just $750 compensation over a fiveyear period.

This contrasts sharply with the $1.1m settlement demanded by the ex-beauty queen-turned-songstress, and her US attorneys, in the settlement letter. That letter claimed there was “irrefutable evidence” that

the Ministry of Tourism had “engaged in flagrant and repeated copyright infringement” of Ms Sherman’s rights to Fly Away With Me. Nick Brown, her attorney, argued that it was “a virtual certainty” Ms Sherman and her record company, AK Forty7 Records, would prevail in any lawsuit filed and be due a royalty fee of at least $1m.

Then, seemingly seeking a quick victory, Mr Brown’s letter ended with a settlement offer. “Despite the inexcusable manner in which they have been treated, Ms Sherman is a patriotic Bahamian and would prefer to resolve this dispute without the need to proceed to antagonistic litigation,” he wrote.

“I hope the Ministry of Tourism also sees the benefit of doing so, given that litigation carries the danger of a seven-figure damages award, will be distracting for the Ministry of Tourism, and costly to pay for and defend.”

Suggesting terms that had a “mutual benefit”, Mr Brown offered a settlement that included “settling all past claims of copyright infringement and providing the Ministry of Tourism with a three-year license to use the song, Fly Away With Me, for a lump-sum payment of $1.1m”.

Other conditions, this time relating to the alleged employment contract breach, involved an $85,000 one-time payment “and a new contract appointing Ms Sherman a cultural ambassador of The Bahamas for a term of four years with a stipend of $35,000 per year plus per diem and travel expenses”.

“This is not only a sizeable discount from the amount my clients will likely be awarded if this case proceeds to litigation but also gives the Ministry of Tourism the ability to spin its actions as a major win to both The Bahamas government and the press,” Mr Brown added, offering some helpful PR advice.

But Ms Sherman and her attorney, sticking to their position, reiterated their demand earlier this month for the southern Texas court to dismiss the Ministry of Tourism’s counter-claim.

“In 2014, Khiara Sherman created a one-of-a-kind

work of art - her song, Fly Away with Me,” her legal filings alleged. “In its response to Ms Sherman’s motion to dismiss, the Ministry of Tourism claims it ‘worked tirelessly to promote plaintiff’s song’.

“But the Ministry did so without her permission and for its own gain, not hers. Because the Ministry refused to even speak to her about compensation for its use of Fly Away With Me, Ms Sherman was required to seek her remedy in court.”

The Ministry of Tourism has previously argued that its role as a sponsor of Bahamas Junkanoo Carnival, and the Bahamas National Festival Commission’s (BNFC) rules, allowed it to use Fly Away With Me, but Ms Sherman and her attorneys deny this was unlimited.

“As a purely legal matter, the BNFC could not assign the Ministry whatever copyright rights it purportedly held because Ms Sherman did not grant the BNFC permission to assign any rights to the Ministry,” they argued.

“Nor can the Ministry dodge this principle by arguing it was the ‘agent’ of the BNFC and acting on behalf of the BNFC... To the contrary, the BNFC rules and regulations specifically state that entrants like Ms Sherman retain the copyright, defeating the notion that Ms Sherman somehow gave the BNFC authority to permit unspecified agents to have copyright rights in Fly Away With Me. “As such, the BNFC could not legally empower other entities like the Ministry to infringe Ms Sherman’s copyright rights... Even assuming that it could theoretically act as the BNFC’s agent to absolve itself of infringement, the Ministry lacks clear and specific evidence that it actually did so with regards to the particular commercials that are the subject of this dispute.”

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for Bahamians to trade globally FROM PAGE ONE of a mouse’ on Amazon, but not readily invest in Amazon; all three tradeable securities on the international markets.”

Luca Salzborn, chief operating officer of Cornèr Bank Group, and executive director of Cornèr Bank (Overseas), said: “We are very excited to bring this opportunity to Bahamians, and we would like to a knowledge the Central Bank of The Bahamas that has paved the way for this platform to become reality

thanks to its continuing liberalisation exchange control.

“We are passionate about what Cornèrtrader can offer; its ability to provide access to a wide variety of trading products; real time news and analysis; watch list capabilities and; most of all; its portability.”

Cornèr Bank (Overseas) has unveiled its new

Cornèrtrader platform, allowing Bahamians to enjoy direct access to buying and selling shares on the global financial markets. Pictured (front) Christine Russell, Cornèr Bank (Overseas) chief executive; and back, from left Cornèrtrader’s team: Myriam Larbi-McKenzie, Birgit Ludig-Dridi, Rosalyn Brown and Davide Bonetti.

PAGE 6, Monday, September 17, 2018

Govt reassurances on WTO ‘irrelevant’ FROM PAGE ONE Reiterating that these issues needed to be resolved prior to full WTO membership, he added that much in this area depended on the Government - from inefficient, costly state-owned utilities and enterprises (SOEs) to bureaucratic red tape when it came to obtaining necessary approvals and permits.

“It may do on the ease of doing business,” Mr Myers said in reference to Mr Laing’s remarks, “but the greater concern is the level of competitiveness and cost of doing business. Ease of business is one thing, but if we’re to compete on an even playing field with

foreign competitors the cost of business remains a concern.

“That presents a problem. If we open up in 2019 and my base of operations has paid 65-85 percent duty on tools and equipment; is paying power costs of 39-40 cents per kilowatt hour; I’m paying interest on a loan at 6.5 percent and my competitor has got a loan at 2.5 percent; is paying eight to nine cents per kilowatt hour; and will pay no import tariffs if they’re coming in to compete because they’ve lowered the duty, the question is: How am I supposed to compete?”

Mr Myers argued that Mr Laing’s reassurances were “irrelevant” on this

THE TRIBUNE point, and added: “It [WTO membership] has nothing to do with lowering the cost of doing business and the level of competitiveness that Bahamian companies will be challenged to meet against foreign competitors operating at a fraction of our cost.

“It’s a disadvantage to be in The Bahamas trying to compete with foreign entities because we’re inefficient and made so by the Government; not by us. I keep hammering that point home. We’ve got a very low labour productivity factor.

That’s a huge challenge, along with bank rates, energy costs and land costs.

How are you going to level off what we’ve paid in duty over a number of years.

“It’s endless. It’s not a level playing field. I don’t care how you shape that.

If the agreement [for full WTO membership] doesn’t address that, we’re at a disadvantage. That’s the

bottom line. How are we supposed to compete?” Mr Myers argued.

“It’s a very scary and daunting reality. It’s very unnerving. It doesn’t seem like the Government is backing down at all on this quest to drive into the WTO, and this thing has not been addressed satisfactorily. They have not been transparent at all. I’ll give them the benefit of the doubt but it’s unnerving.”

The precise impact that full WTO membership will have on the Bahamian economy will be determined by the skills of Mr Laing and the negotiating team, and the accession terms they strike with the WTO and its members that have an interest in trading with this nation.

The Government is presently gearing up for the Third Working Party meeting on The Bahamas’ accession bid, due to start in Geneva on September 21. Members of the working party will likely feature the US, China, Canada, the European Union (EU), UK and CARICOM states - all the countries that trade with this nation.

The Third Working Party meeting is key, since this will likely establish the foundation for The Bahamas’ accession terms and pave the way for more detailed follow-up negotiations with individual members of the working party on a bilateral basis.

Among the major changes affecting all Bahamians will be the elimination, or substantial lowering, of many import tariff rates as these are seen as barriers to trade by rulesbased regimes such as the WTO. This will require the country to replace between $100m-$200m in revenues via new or increased taxation elsewhere.

Those industries facing the greatest impact from joining WTO will be those that are currently heavily reliant on high tariff protection or barriers to foreign competitors/imports entry, such as local manufacturers and retailers. The Government is arguing that the services industry, the largest component of the Bahamian economy, is already widely open to competition and will be largely unaffected.

To advertise in The Tribune, contact 502-2394

Mr Myers, though, said he remained concerned that the Government might agree to something unfavourable in Geneva, with affected private sector representatives only finding out about it after the fact.

“They’ve had consultations but not shared their views,” he told Tribune Business. “Having consultations but not sharing views is no help. If they’re going over there and negotiating, how do we know they’re negotiating in our best interests?

“There’s no transparency at all. Don’t come back and say this is what the provision is; is this OK? Now they’ve sent our offers in, we’ll be told what they’ve done. That may not be in my best interest. We have all the hope in the world, but I wouldn’t call that transparency and real consultation and consensus.

“That seems to be the modus operandi.

That hasn’t changed yet, despite the fact everyone is screaming for more transparency and more consensus and consultation. But I accept that when you’re crisis managing it’s awfully hard.”

THE TRIBUNE

Monday, September 17, 2018, PAGE 7

Anti-trade groups: ‘We’ll awaken the Bahamian people’ FROM PAGE ONE nation’s application to join back in 2001.

Mr Moss instead argued that The Bahamas needed a “sceptical pragmatist” to head its negotiating team, and questioned assertions

by Brent Symonette, minister of financial services, trade and industry and Immigration, that WTO membership would not allow the likes of Wal-Mart and Amazon to establish a physical presence in this nation.

The head of Dominion Management Services, a financial services firm, added that the Bahamas seemed determined to do the opposite of large developed countries, which had always protected their infant industries from foreign rivals via various trade barriers until they were ready to compete.

“My concern is that the Government has its own agenda, but it’s agenda is not compatible with the business operations of the country,” Mr Moss told Tribune Business. “We know that for WTO to come here it means outsiders participate in industry in this country that Bahamians have yet to fully exploit.

“It seems to me that if you want to grow your economy you have to have protections in place for citizens to advance themselves.

That is what industrialised countries did: Protect their own industries.

“We have leaders who are prepared to ignore that stage, and simply want to get to this position where goods come into the country. Their own people can’t then develop these goods and they simply become consumers. That does not augur well to advance any economies, and the Bahamas will forever be a third world nation.”

Mr Moss said BARF, which was formed in 2004, was set to re-mobilise and stage a series of Town Hall meetings and seminars against becoming a full WTO member, adding: “The Bahamian people didn’t vote for this.”

“We’re going to be holding seminars and Town Meetings to get people to be part of it,” he added.

“It’s rather clear what this Minnis administration is.

They have no clear vision of where they want this country to go and the direction to take.

“We’re going to do what we can, as we did against CSME (CARICOM Single

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Market & Economy), and try and awaken the Bahamian people to demand we don’t participate.”

Mr Laing, during his introduction as the replacement for Raymond Winder as The Bahamas’ chief WTO negotiator, promised that The Bahamas would not become a full member if it required a bad deal that produced no net gains for this nation and its economy.

As a two-time Cabinet minister who held responsibility for trade both times, and concluded The Bahamas’ talks with the European Union (EU) to join the Economic Partnership Agreement (EPA), Mr Laing was an obvious choice for the role under an FNM administration.

Mr Moss, though, said Mr Laing’s appointment had left him “too shocked to see more of the same”. He added: “When I saw Zhivargo Laing’s appointment that tells me he’s not a negotiator; he’s a cheerleader.

“When in negotiations you must have a degree of scepticism about the process. We don’t need someone so gung ho that they lack the intangibles we need, marching us on to WTO. We need to get someone pragmatic that’ll look at this in a realistic way, rather

than a cheerleader for WTO like Zhivargo Laing is.”

Mr Moss argued that the Government was “underestimating what this means for the country”, questioning how The Bahamas will prevent the likes of WalMart and Amazon “from coming”.

He even suggested that the Bahamas Agriculture and Marine Science Institute (BAMSI) may close post-WTO accession, as “there is no way The Bahamas can compete in agriculture”.

“I think it’s going to decimate the private sector,” Mr Moss told Tribune Business, “and exacerbate the economy. You’re going to find many people who were business owners and entrepreneurs finding it impossible to compete.”

He pointed to the exchange control regime as one disadvantage facing Bahamian businesses, and argued that joining the WTO would result in a loss of sovereignty as global trade rules would take precedence over laws passed by Parliament.

“Our leaders are just not recognising the dangers of this thing,” Mr Moss told Tribune Business. “They’re going to try and be big boys to stand up with these

developed countries.

“These nations have more lawyers than we have people to fight for them.

The Bahamas can barely negotiate its way through the EU. It’s a foolish notion, and is going to negatively impair and impact the economy and development of this country. We’re going to have a further decline in the way we live. There’s no next

generation here.”

Mr Moss argued that Customs duties were a revenue-raising mechanism for The Bahamas, rather than a barrier to trade, an argument that is unlikely to impress the WTO. He argued that replacing lost revenues with VAT would “put the burden” more on the middle class and lower income Bahamians.

Dividends Payment

AML Foods Limited

is pleased to announce that an Ordinary Dividend of $0.03 cents per share will be paid on September 28, 2018 to shareholders on record at September 24, 2018.

Bahamas Central Securities Depository, Registrar and Transfer Agents, will process the dividend payment.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Equity Division

2017 /CLE / qui / No. 00854

IN THE MATTER of ALL THOSE pieces parcels or lots of land on the Plan herein labeled as No. (1) containing 14,683 square feet No. (2) containing 4,566 square feet & No. (4) containing 10,190 square feet bounded on the NORTH by Taylor Street and running thereon collectively 181.73 feet on the EAST partly by propertynow or formerly said to be owned by Wesley Clarke and running thereon 99.26 feet and partly by property owned by person(s) unknown and running thereon 93.45 feet on the SOUTH partly by Ross Corner and running thereon 121.46 feet and partly by properties now or formerly said to be owned by Cedric Fowler and running thereon 50.45 feet more or less, and partly by properties now or formerly Evelyn Fox and running thereon 59.65 feet more or less and partly by properties now or formerly Charles Rodriques and running thereon 40.00 feet on the WEST by property said to be now or formerly owned by Joseph Whymss and running thereon 108.12 feet AND ALL THAT piece parcel or lot of land labeled No. 5 on the Plan herein totaling (11,033.00) feet bounded on the SOUTH by Taylor Street and running thereon 99.01 feet and a SOUTHWESTWARD Arc running thereon 15.35 feet on the WEST

by Labour Street and running thereon 93.67 feet on the NORTH by property of unknown owner(s) and running thereon 105.92 and on the EAST by property of person(s) unknown and running thereon 102.27 in the Island of New Providence one of the Islands of the Commonwealth of The Bahamas AND IN THE MATTER of The Quieting Titles Act, Chapter 393 AND IN THE MATTER of the Petition of Salem Union Baptist Church Inc. NOTICE The Petition of Salem Union Baptist Church Inc. of Taylor Street in the Southern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas in respect of: IN THE MATTER of ALL THOSE pieces parcels or lots of land on the Plan herein labeled as No. (1) containing 14,683 square feet; No. (2) containing 4,566 square feet & No.(4) containing 10,190 square feet bounded on the NORTH by Taylor Street and running thereon collectively 181.73 feet on the EAST partly by property now or formerly said to be owned by Wesley Clarke and running thereon 99.26 feet and partly by property owned by person(s) unknown and running thereon 93.45 feet on the SOUTH partly by Ross Corner and running thereon 121.46 feet and partly by properties now or formerly said to be owned by Cedric Fowler and running thereon 50.45 feet more or less, and partly by properties now or formerly Evelyn Fox and running thereon 59.65 feet more or less and partly by propertiesnow or formerly Charles Rodriques and running thereon 40.00 feet on the WEST by property said to be now or formerly owned by Joseph Whymss and running thereon 108.12 feet AND ALL THAT piece parcel or lot of land labeled No. 5 on the Plan herein totaling (11,033.00) feet bounded on the SOUTH by Taylor Street and running thereon 99.01 feet and a SOUTHWESTWARD Arc running thereon 15.35 feet on the WEST by Labour Street and running thereon 93.67 feet on the NORTH by property of unknown owner(s) and running thereon 105.92 and on the EAST by property of person(s) unknown and running thereon 102.27 in the Island of New Providence one of the Islands of the Commonwealth of The Bahamas.

Salem Union Baptist Church Inc. the Petitioner herein claim to be the owner in fee simple in possession of the said land free from encumbrances and have made application to the Supreme Court of the Commonwealth of The Bahamas under section 3 of The Quieting Titles Act, 1959 to have this title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be grant by the Court in accordance with the provisions of the said Act. AND TAKE NOTICE that the Petition and Plan of the said land may be inspected during normal business hours at the following places: (a) The Registry of the Supreme Court, British American Building, Marlborough Street, Annex, Nassau, Bahamas; (b) The Office of the Petitioner’s Attorneys Mackay & Moxey Chambers, Shirlaw House, Shirley Street, Nassau, Bahamas.

NOTICE is hereby given that any person having an adverse claim or a claim not recognised in the Petition shall on or before the expiration of 45 days after the date of the last advertisement file in the Supreme Court and serve on the Petitioners or the undersign a Statement of his claim in the prescribed form verified by an affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his claim on or before the aforesaid expiration period will operate as a bar to such claim.

Dated the 20th day of August, A.D. 2018 MACKAY & MOXEY Shirlaw House Shirley Street, Nassau, Bahamas.

Attorneys for the Petitioner

PAGE 8, Monday, September 17, 2018

THE TRIBUNE

UK leader: Talk of leadership during Brexit ‘irritating’ LONDON Associated Press BRITISH Prime Minister Theresa May concedes that she gets “irritated” by the debate over her leadership

during the difficult Brexit negotiations.

She told the BBC in an interview scheduled to be broadcast tomorrow that she is concerned for the country’s future, not her

own, as talks about Britain’s upcoming exit from the European Union continue.

May faces a split in her Conservative Party, with some influential figures preferring a more complete

BRITISH Prime Minister Theresa May.

break with the EU than she is advocating. Roughly 50 hard-liners met Tuesday night to discuss her possible ouster.

In the interview, May said the leadership talk can be distracting.

“I get a little bit irritated, but this debate is not about my future. This debate is about the future of the people of the UK and the future of the United Kingdom,” she said. “That’s what I’m focused on, and that’s what we should all be focused on.”

The opposition Labour Party is also increasingly divided over the Brexit issue.

London Mayor Sadiq Khan broke ranks on Sunday with party leader Jeremy Corbyn to publicly back a second referendum of whether Britain should go forward with plans to leave the EU. Writing in The Observer, Khan said Britain faces either a bad deal or no deal at all — options he said are “incredibly risky”.

JOB VACANCY

Wholesale Pharmaceutical Sales Representative A leading wholesale company requires the services of an experienced Wholesale Pharmaceutical Sales Representative. It is a fulltime position.

Applicants must possess the following MINIMUM qualifications; Associate Pharmacy degree or higher 3 or more years working experience in Wholesale Sales, Marketing, & Trade Promotions Must have an automobile and be 25 years of age or older with a Valid Driver’s License Must be able to multitask and have strong organizational skills Proficiency in Word, Excel, Power Point, & Popular Web-Based Platforms (Face Book, Twitter, etc.)

Good Communication Skills (Verbal & Written) Be able to work with little supervision

To advertise in The Tribune, contact 502-2394

Please do not apply if you do not possess the minimum qualifications Only successful candidates who are short-listed will be contacted Submission deadline is: Friday, September 21, 2018 Submit resume to peter@pghrbahamas.com

REQUEST FOR PROPOSALS (RFP) – EMPLOYEE FERRY SERVICE

MARKET REPORT THURSDAY, 13 SEPTEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 1,952.01 | CHG 2.63 | %CHG 0.13 | YTD -111.56 | YTD% -5.41 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.46 1.26 0.19 3.92 9.22 6.60 5.30 12.50 2.71 1.77 8.21 6.21 13.10 7.00 4.50 13.50

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 2.50 8.55 6.09 3.49 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 4.45 1.01 0.18 2.55 9.17 6.15 3.60 12.42 2.81 1.75 7.68 6.21 13.06 6.31 3.65 13.01

CLOSE 4.01 17.43 9.09 4.45 1.01 0.18 2.55 9.22 6.15 3.60 12.42 2.80 1.75 7.68 6.21 13.06 6.31 3.65 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00 -0.01 0.00 0.00 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

107.57 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.22 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 100.00 107.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

1,000

1,200

VOLUME

EPS$ 0.268 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.171 0.627 0.102 0.231 0.000 0.670 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 0.280 0.500 0.200 0.120 0.590

P/E 15.0 18.7 N/M 14.0 N/M N/M -2.6 13.2 13.9 21.1 19.8 27.5 7.6 N/M 9.3 19.2 8.8 13.2 20.6

YIELD 2.49% 6.48% 0.00% 5.17% 0.00% 5.56% 0.00% 7.70% 3.58% 3.33% 4.99% 2.14% 4.00% 1.09% 4.51% 3.83% 3.17% 3.29% 4.53%

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 2.17 4.16 2.01 180.30 157.58 1.57 1.70 1.65 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 1.51 1.62 1.59 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 2.17 4.14 2.01 180.30 155.10 1.57 1.68 1.65 1.09 7.36 8.53 6.50 11.41 11.66 10.41 9.93 8.45 11.20

YTD% 12 MTH% 2.24% 4.15% 0.03% 4.59% 1.23% 2.26% 0.90% 3.44% 1.11% 6.05% 2.50% 4.38% -0.75% 3.51% 1.75% 4.07% -0.52% 1.03% -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 31-Jul-2018 31-Jul-2018 27-Jul-2018 30-Jun-2018 30-Jun-2018 31-Jul-2018 31-Jul-2018 31-Jul-2018 31-Jul-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-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

He said the public deserves a right to choose between any deal reached by the government or staying in the EU. He said that if no deal is reach, the public should be able to choose between the “no deal” scenario or remaining in the bloc.

The mayor’s stance is expected to put more pressure on Corbyn at the Labour Party conference later this month.

In her interview, May criticized former Foreign Secretary Boris Johnson, who resigned in July to protest her plan to keep some close ties to the EU after Brexit.

Johnson, who is seen by many analysts as positioning himself as a possible successor to the embattled prime minister, recently caused a furor by comparing May’s Brexit strategy to a “suicide vest”.

“I have to say that that choice of language is completely inappropriate,” May said.

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

Baker’s Bay Golf & Ocean Club and Starfish Construction (solicitor) are seeking proposals for provision of employee ferry service from Mainland Abaco to Great Guana Cay (and return). Interested parties should send an email requesting the RFP to mmahon@discoverylandco.com Attention: Michael Mahon.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TRACY JEREMIAH SEBATO MORLEY of Baillou Hill Road South, Nassau, N.P., The Bahamas, intend to change my name to TRACY JEREMIAH SEBATO BASTIAN . If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

INSURANCE AGENT/BROKER IS SEEKING TO HIRE AN

OFFICE ASSISTANT RESPONSIBILITIES: Handling Incoming Telephone Calls Record Messages Maintain Files Order Office Supplies Perform General Office Duties Reconcile Student Insurance Listings Check I.D Cards REQUIREMENTS: High School Diploma or Associates Degree Ability To Write Clearly Pleasant Personality Strong Communication Skills Ability to work with a team

Please send resume to advice1954@yahoo.com

THE TRIBUNE

Monday, September 17, 2018, PAGE 9

Grim warnings for White House, Republicans ahead of election WASHINGTON Associated Press THE prognosis for President Donald Trump and his party was grim.

In a post-Labour Day briefing at the White House, a top Republican pollster told senior staff that the determining factor in the election wouldn’t be the improving economy or the steady increase in job creation. It would be how voters feel about Trump. And the majority of the electorate, including a sizable percentage of Republican-leaning voters, doesn’t feel good about the president, according to a presentation from pollster Neil Newhouse that spanned dozens of pages.

Newhouse’s briefing came amid a darkening mood among Republican officials as the November election nears. Party leaders were already worried that a surge in enthusiasm among Democrats and disdain for Trump by moderate Republicans would put the House out of reach. But some Republicans now fear their Senate majority is also in peril — a scenario that was unthinkable a few months ago given the favorable Senate map for the GOP. “For Republican candidates to win in swing states, they need all of the voters who support President Trump, plus a chunk of those who do not,” said Whit Ayres, a GOP pollster.

“That is threading a very narrow strategic needle.”

Operatives in both parties say Republicans still have the edge in the fight for control of the Senate. But GOP officials are increasingly worried that nominees in

PRESIDENT Donald Trump speaks during a Congressional Medal of Honor Society Reception in the East Room of the White House in Washington.

Photo: Susan Walsh/AP conservative-leaning states like Missouri and Indiana are underperforming, while races in Tennessee and Texas that should be slamdunks for Republicans are close.

Senate Majority Leader Mitch McConnell raised an alarm last week, warning that each of the competitive Senate races would be “like a knife fight in an alley”.

Some of the public fretting among Republicans appears to be strategic, as party officials try to motivate both voters and donors.

Many moderate Republican voters “don’t believe there is anything at stake in this election”, according to the documents Newhouse presented to White House officials. He attributed that belief in part to a disregard for public polling, given that most surveys showed Democrat Hillary Clinton defeating Trump in the 2016 presidential election.

Newhouse and the White House would not comment on the early September meeting. The Associated Press obtained a copy of Newhouse’s presentation, and two Republicans with

knowledge of the briefing discussed the details on the condition of anonymity because they were not authorised to speak about the matter publicly.

At the White House, anxiety over the midterms has been on the rise for months as polls increasingly show a challenging environment for the GOP and heightened Democratic enthusiasm.

The sheer number of competitive races in both the House and Senate is stretching cash reserves and forcing tough calculations about where to deploy resources and surrogates.

And there are growing fears that the coalition of voters that delivered Trump to the White House will not come out for midterms.

Even if those voters do show up in large numbers, Republicans could still come up short. The polling presented to White House officials, which was commissioned by the Republican National Committee, showed that Trump’s loyal supporters make up about one-quarter of the electorate. Another quarter is comprised of Republicans

who like Trump’s policies but not the president himself and do not appear motivated to back GOP candidates. And roughly half of expected midterm voters are Democrats who are energised by their opposition to the president.

White House aides say Trump is getting regular briefings on the political landscape and is aware of the increasingly grim polling, even though he’s predicted a “red wave” for Republicans on Twitter and

at campaign rallies. Aides say Trump’s sober briefings from GOP officials are sometimes offset by the frequent conversations he has with a cadre of outside advisers who paint a sunnier picture of the electoral landscape and remind the president of his upset victory in 2016.

The paradox for Republicans is that most Americans are largely satisfied with the economy, according to numerous surveys. But the party has struggled to

keep the economy centered at the center of the election debate. Trump keeps thrusting other issues to the forefront, including his frustration with special counsel Robert Mueller’s investigation and his intense anger with unflattering portrayals of his presidency in a book by journalist Bob Woodward and an anonymous editorial from a senior administration official that was published in the New York Times.

BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE

SENIOR STAFF ACCOUNTANT A vacancy exists in the Company for the position of Senior Staff Accountant.

The incumbent will achieve Company objectives by: • • • • • • • • • • • • • • • • • • • • • • • •

Tracking project cost for projects above $100,000; Providing project cost analysis as requested; Maintaining the capital work order process (This involves opening, preparing costing analysis, and closing work order files); Overseeing the rechargeable and internal work order process; Overseeing the Fixed Asset Register; Maintaining the work in progress reconciliation report; Overseeing the Sundry Accounts Receivable Register; Coordinating financing arrangements with customers (capital contributions); Assisting in preparing monthly management statements; Ensuring timely posting of the General Ledger; Reviewing General Ledger Control Accounts reconciliation; Assisting with the preparation of the annual budget; Assisting with the review and preparation of fuel journal entries; Assisting with the observation of inventory counts; Assisting with observation of year end fuel dips; Assisting with the review of the Salaries vs Overtime analytical report; Assisting with the review of the bank reconciliation reports for Eleuthera and Abaco; Overseeing the accounting aspect of Staff Accountant, Accounting Officers and General Ledger Officers; Assisting in coordinating the corporate annual audit and project audit; Liaising with internal and external auditors; Assisting in preparing the business plan for the department; Assisting in establishing and maintaining written procedures for the department; Managing subordinate staff and administers discipline. Conducting performance appraisals; Recommending specific training for subordinate staff.

Job requirements include but not limited to: • • • • • • • • • • • • •

A minimum of a Bachelor’s Degree in Accounting, Finance, with accounting certifications of ACCA/CPA or equivalent qualifications; Requires 5 years of experience in a corporate financial environment or in a similar management position; Sound knowledge of Generally Accepted Accounting Principles; Sound knowledge of Financial Accounting software and spreadsheet applications; Sound knowledge of project management and related job costing system; Ability to analyze financial reports; Ability to troubleshoot accounting processes as they relate to financial and job costing; software and the system of internal control; Good judgement and sound reasoning ability; Ability to communicate effectively both orally and in writing; Good time management skills; Computer knowledge and proficient in Microsoft Suite; Leadership and management skills; Must be Confidential.

Interested persons should apply to Afuture@bplco.com on or before: September 26th, 2018.

Only candidates meeting the criteria will be contacted.

Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com

Bahamas Power and Light Company Ltd.

BUILDING FOR BETTER