09272018 BUSINESS

business@tribunemedia.net

THURSDAY, SEPTEMBER 27, 2018

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Disney: $400m spend to ‘better’ top location

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

D

ISNEY yesterday said Lighthouse Point will be transformed into its top global cruise destination through a $350-$400m “mutually beneficial” investment for Bahamians and passengers alike.

Jeff Vahle, Disney Cruise Line’s president, told Tribune Business the company feels it can “do more” with the 700-acre South Eleuthera site than its present Bahamian destination, Castaway Cay in the Abacos, which is rated

* Can ‘do more’ at Lighthouse Point * Facility could see up to 1m visitors annually * Cruise line pledges to work with providers as its premier global stop by customers.

He added that approval of the Lighthouse Point plans would increase the volume of Disney Cruise Line’s calls to The Bahamas by “just under 40 percent per year”, as it will then have two destinations plus Nassau as ports to visit.

Pledging to create a “unique experience” with Bahamian culture central to the product, Mr Vahle said Disney would also work

DISNEY concept land use plan.

closely with Eleutherabased tour operators and excursion providers to develop off-property attractions for passengers.

Unlike many cruise line private islands, the Disney Cruise Line president said it would not restrict passengers solely to its Lighthouse Point property, but instead seek to exploit eco-tourism and Eleuthera’s history to create the experience its family-oriented customer base is demanding.

Govt debt just short of $8bn

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

much delinquent payers owe ahead of the threatened supply shut-offs across New Providence and the Family Islands.

He added that the Corporation had also enhanced its accounts receivables and legal services departments to go after defaulters, with demand letters, disconnection warnings and other notifications being issued through all communications mediums.

THE Bahamas’ national debt was just short of the $8bn mark at end-June, although its growth rate slowed significantly in a second quarter known for generating strong economic activity.

The Central Bank of The Bahamas’ just-released report for the three months to end-June 2018 revealed that the national debt increased by just $35.1m during this period, compared to the $669.4m year-over-year surge during the previous.

This indicates a major slowdown in the national debt’s growth rate, which was likely aided by the traditional pick-up in revenue-generating economic activity that coincides with the peak winter tourism season.

“The direct charge on the Government rose on an annual basis by $695.3m (10.6 percent) to $7.245m at end-June, while the increase over the threemonth period was more muted at $37.7m (0.5 percent),” the Central Bank said.

“Government’s contingent liabilities contracted by $2.6m (0.4 percent) during the second quarter, and by $25.9m (3.6 percent) over the fiscal year to $700.6m.

As a result, the national debt - inclusive of contingent liabilities - rose by $35.1m relative to the prior quarter, and by $669.4m (9.2 percent), vis-à-vis June 2017, to $7.946bn.”

SEE PAGE 10

SEE PAGE 11

JEFF VAHLE Disney’s plans call for the creation of 150 permanent posts at Lighthouse Point, with a further 100 jobs involved in the construction phase, and Mr Vahle yesterday said “as many as possible” would go to Eleutherans.

He added that he had been “touched by the emotion” shown by South Eleuthera residents at meetings to discuss the

SEE PAGE 5

Water Corp targets ‘half’ of $45m owed in mass disconnect

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Water & Sewerage Corporation yesterday warned it will launch a mass disconnection exercise next week in a bid to collect “nearly half” the $45m owed by deadbeat customers.

Adrian Gibson, pictured, the Corporation’s chairman, told Tribune Business that water meter readers “are in the field as we speak” to determine exactly how

* Chairman in warning to deadbeats * ‘No one has excuse not to know’ of cut-off * New Providence, Out Islands targeted

WATER & SEWERAGE HQ

Disney feared for brand over project criticism

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DISNEY Cruise Line’s president yesterday admitted it had been “bothered” by inaccurate criticism of its Lighthouse Point plans, which created fears of brand and “reputation” damage.

Jeff Vahle, in an interview with Tribune Business, said the “only accurate information put out early” was its interest in acquiring the 700-acre, privately-owned property at the tip of South Eleuthera.

He effectively suggested, though, that the

LIGHTHOUSE POINT Government bore significant responsibility for the ongoing controversy surrounding the project because it had told Disney not to publicly release details until it gave the go-ahead.

Asked by Tribune Business whether Disney regretted the “information

SEE PAGE 7

Crypto balance must combat ‘scam artists’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas must strike a balance between facilitating initial coin offerings (ICO) and crypto currency exchanges and combating “scam artists”, a top accountant urged yesterday.

Gowon Bowe, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business: “I think for us locally we need to understand what it is and not stifle those who are willing to jump into that space.

“The vast number of crypto currency offerings are not going to be by Bahamians but international investors. What we need to do is protect against scam artists. There is a balance between free market economics and reputational damage.”

Mr Bowe, a speaker at the Higgs and Johnson law firm’s annual conference, added: “It’s not a question or opportunity to be the first movers, but there has not been a willingness from any major jurisdiction

SEE PAGE 6

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THE TRIBUNE

Thursday, September 27, 2018, PAGE 3

BICA PRESIDENT: TELL US WHAT HAPPENED TO NATIONAL PLAN

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A TOP accountant yesterday called for a “clear articulation” on the fate of the National Development Plan (NDP), given that many of its key architects have effectively been “redeployed”.

Gowon Bowe, pictured, the Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that sticking to the plan - titled Vision 2040

- was key to The Bahamas’ development and progress.

Vision 2040 focuses on four main policy pillars - the economy, governance, social policy and the environment,

both natural and built. It was an attempt, begun under the former Christie administration, to embrace methodical planning and chart a sustainable economic future for The Bahamas, as opposed to the current “ad hoc” approach.

“Disappointingly, most of the people who were a part of the NDP Secretariat have been redeployed to other areas, and there hasn’t been a clear articulation of how this has been handed over to new persons within the Office of the Prime Minister. We haven’t heard of

how the Economic Planning Unit, which was a part of that structure, evolved,” said Mr Bowe.

“There is a lack of communication to say that the representation of the NDP, those individuals have moved on to other things, which is a natural course of life, but what one would have hoped to have heard by now is a person being appointed to replace Dr Nicola Virgil-Rolle, who is now at the National Insurance Board (NIB).”

Mr Bowe, a presenter at Higgs & Johnson’s annual

seminar yesterday, said the Government must see itself as a facilitator and not a provider. “They must make sure they protecf the public interest but not stifle risk taking,” he added.

“They can do that by setting the example, using empirical-based decisionmaking, keeping the service standards up at a high level and get on with the National Development Plan. We sit down and hear policy makers past and present speak about The Bahamas being a compliant jurisdiction and offshore financial

centre, the goal of growing the economy, the middle class and all these aspiring things.

“All of these are idealist goals but if you don’t have an actual plan that is a comprehensive and holistic plan, then they are just wishes.

When you look at the aspirations of governments past and present, when there are competing aspirations then what typically happens is none of it materialises. We need to plot out what it is we want to be, craft a message around that and plan out the journey.

Bahamas ‘stands NICHE MARKETS, SERVICE TO out’ as major IFC TAKE ABACO TO ‘NEXT LEVEL’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET minister yesterday underscored the Government’s commitment to maintaining The Bahamas as a “clean, compliant and transparent” financial services centre.

Brent Symonette, minister of financial services, trade and industry and Immigration, said this was all part of The Bahamas’ “value proposition” as an international financial centre (IFC) during opening remarks to the Higgs & Johnson law firm’s seminar.

He said if the sector.

“It employs the majority of our middle class and accounts for approximately 17 percent of our GDP. The Government is committed to maintaining the jurisdiction as clean, compliant and transparent in implementing and complying with international regulatory standards, and ensuring that our national expectations are no less.”

Mr Symonette added that The Bahamas “stands out”

BRENT SYMONETTE as an IFC, being one of the few truly independent and sovereign territories operating as such. “We believe our value is in delivering superior service to high net worth clients; structuring and tailoring our financial services products to meet their needs; a long history of providing expertise and innovative ideas in the area of trust and private banking, capital markets and, most recently, family office business; a common law

judicial system; flexibility in streamlining processes, technology and infrastructure to ensure that setting up and transacting business is more efficient; and a large cadre of professional, educated and skilled workers ensuring continuity of service,” he said.

The minister said the Government is concentrating on legislating and managing the risks posed by FinTech (financial technology), while also harnessing its benefits, and legislating, regulating and defending against systemic cyber risk and cryptocurrency inclusion in the capital markets.

“We are currently drafting legislation in both of these areas,” he added. “The Bahamas will continue to enhance and build upon our strengths in financial services. We are committed to adapting to changes that will improve the way we do business, and to enhancing the experience of the products and services we offer you in The Bahamas.”

ABACO breached the 300,000 visitor mark for the first time in its history during 2017, ranking only behind Nassau for the number of tourists attracted to The Bahamas.

Michael Pintard, pictured, minister of agriculture and marine resources, told the 15th annual Abaco Business Outlook conference that it is already benefiting from the Ministry of Tourism’s 16-island destination strategy that seeks to boost Out Island visibility.

“Abaco’s can-do, pioneering spirit has moved this island to the forefront of The Bahamas tourism identity.

Abaco rocks, but Abaconians are not people to rest on their laurels. They have set their sights on loftier goals.

Abaco is reaching for the stars. Abaco aims to be nothing less than world class,” Mr Pintard said.

The Ministry of Tourism’s new marketing strategy showcases individual island destinations to The Bahamas’ major markets across all mediums, including print, television, radio and social media.

Under the conference theme, Creating a World

Class Abaco, Mr Pintard challenged Abaconians to examine their key assets and find ways to break into niche markets.

“To create a world class Abaco, Abaconians, what you will need to do is take a critical look at each of your key assets, and ask the question: ‘How can we take our natural assets and tourism product offerings to the next level?’” he added.

Mr Pintard suggested tours and excursions; familyoriented attractions; history/ cultural tours; art tours; and a bigger focus on sports as ways that Abaconians can take their tourism product to the next level.

“The Ministry of Tourism is committed to providing the marketing support that Abaco needs to become world-class,” he said. “The

Ministry will continue to organize familiarisation trips for media and social influencers to come down to Abaco to explore the island’s diverse tourism offerings, and to tell the rich stories of Abaco that will create a buzz in the tourism marketplace.

The Ministry of Tourism will seek out elite international brands to collaborate with to bring exposure to Abaco,” he said.

Mr Pintard added that while guests appreciated infrastructure and amenities, The Bahamas and the Abacos had to separate themselves from rival destinations through customer service.

“Excellent service that anticipates and exceeds the expectation of the guests will take Abaco to worldclass, and excellent service is built on the foundation of ongoing training,” he added. “Management everywhere in Abaco, I urge you to offer ongoing customer service training to your staff.

The Ministry of Tourism has an extensive education and training department that can assist you with all your training needs.”

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THE TRIBUNE

CRUISE LINE ‘BLOWN AWAY’ BY MARITIME ACADEMY A ROYAL Caribbean Cruises executive says he was “blown away” by the quality and breadth of the educational opportunities offered by the Bahamasbased LJM Maritime Academy.

Russell Benford, one of the company’s vicepresidents, described the facilities at the nowconverted Coral World underwater observatory as “one of the best-kept secrets in the world”.

The $30m LJM Maritime Academy, accessed by a one-lane bridge from Arawak Cay, sits on the grounds where the marine park and beach resort flourished before being devastated by Hurricane Floyd in the late 1990s. Its entrance, built to resemble the bow of a ship, hints at what is inside – an array of simulators, including a 270-degree full ship manoeuvering simulator, laboratories, navigational materials, historically

LJM Maritime Academy president and veteran mathematics educator, Dr Brendamae Cleare, centre, explains one of several ship simulation controls to Royal Caribbean Cruises vice-president, Russell Benford, as librarian Willamae Johnson looks on. important ship papers, printed and digital charts, and other rare documents.

“This must be one of the best-kept secrets in the world,” said Mr Benford. “I am absolutely blown away.”

He indicated that the cruise line will seek ways to collaborate with the Academy.

The classrooms, fittings, equipment and simulators are targeted at every phase

of maritime education imaginable - seamanship, engineering, navigation, operations and even a medical care station. A multi-storey “ship”, with a full bridge allowing captain-to-engineer communication, was so realistic that Mr Benford described himself as “wowed” by its quality and authenticity.

“Twenty-five of our

award-winning ships are registered in The Bahamas,” said Mr Benford, who handles government relations for the Americas for the Miami-headquartered cruise company. “To know that a facility like this is here is just incredible. I can see so many opportunities.”

Students spend three years with the LJM Maritime Academy, including one spent at sea. The first full graduating class will pass out in October.

“Careers in the maritime industry open a world of opportunities,” said Dr Brendamae Cleare, a veteran mathematics educator and now president of LJM Maritime Academy. “Captains, pilots, engineers, stem to stern.”

She was surprised to learn that Michael Bayley, Royal Caribbean International’s president and chief executive, started out working on a ship when he began his career with the giant cruise line in 1981.

LJM Maritime Academy, which was founded by a $30m grant from Nassaubased Campbell Shipping, had initially hoped to keep tuition fees for cadet officer training to $5,000 a year.

Operational costs, though, forced them to raise that fee to $14,000 per year for two of the three-year programmes. One year is spent at sea. A four-month programme is also available for ratings candidates at a much lower cost.

Nearly 180 students have entered the Academy’s programmes, which are audited regularly. They graduate with diplomas, many with careers lined up on bulk handlers, cargo container ships and cruise ships. For cadet officers, starting salaries will more than compensate for their education.

Nearly 40 students will graduate this year, 12 with fully-accredited credentials preparing them for highpaying jobs. Another 15

are completing their pre-sea training, with 11 finishing the ratings course.

About one-third of all enrollees are female.

Lecturers come from as far away as Poland, Lithuania, Bangladesh and India.

Some, like Tyrone Brown, wear several hats including as a firefighting instructor from Nassau. Firefighting drills are staged on a large ship-like structure made from 18 containers welded together. Drills are tough, the fire is real and the need to extinguish it is urgent.

Mr Benford said Royal Caribbean, which currently delivers 1.2 million guests a year to The Bahamas - and plans to increase that number to 1.75 million in the next two years - will explore ways to collaborate with LJM Maritime Academy. Its first partnership is likely to come when the academy hosts its second annual maritime conference in October.

SOME BUILDING CODE STANDARDS INEFFECTIVE THE Ministry of Works yesterday teamed with the Bahamas of Society of Engineers (BSE) for a seminar on modernising and upgrading the building code.

Antoinette Thompson, the Ministry’s permanent secretary, said the Government is pursuing a number

of initiatives including e-procurement and ease of doing business enhancements, together with a review and harmonisation of the laws relating to the construction industry.

The Bahamas presently uses the Third Edition 2003 of The Bahamas Building

Code (BBC). The code’s purpose is to provide certain minimum standards, provisions and requirements for the health, safety and welfare of Bahamians. The two major code bodies are the National Fire Protection Association (NFPA) and the International Code Council.

Robby Dawson, the NFPA’s regional vice-president, gave an overview of the NFPA, the fire and life safety ecosystem, and how it protects lives and property through the proper adoption and enforcement of building and fire-related codes.

Mr Dawson said some

STAFF of the Ministry of Works are pictured at the Bahamas Building Code adoption seminar.

Photos: Derek Smith/BIS

ROBBY DAWSON, the National Fire Protection Association’s (NFPA) regional vice-president, addresses the seminar. of the codes in the BBC use standards that are outdated or do not exist and, if enforced, are not using the latest technology or construction standards to be most efficient and effective.

He said the use of newer BBC editions may improve safety in The Bahamas. New technologies that exist, and are addressed in the codes, could allow construction to take place on a safer basis.

“Some jurisdictions and

countries would take certain provisions out because they’re not really applicable; things like snow modes are not a big concern to The Bahamas. Wind loading from hurricanes, that’s more an impressive concern here, so The Bahamas may look at strengthening those codes,” said Mr Dawson.

Sessions were also held on The Life Safety Code, Code Adoption Process and the BBC.

THE TRIBUNE

Thursday, September 27, 2018, PAGE 5

Disney: $400m spend to ‘better’ top location FROM PAGE ONE Disney project, with many “pleading” for such investment to reverse the area’s economic decline and population loss as persons move elsewhere in search of work.

Explaining why Disney wanted a second Bahamas destination of its own, Mr Vahle said it wanted to “build on the business model” developed at Castaway Cay and expand a cruise itinerary that is already heavily focused on this nation.

“Much of our business is Bahamas-based,” he told Tribune Business. “Forty percent of our cruises are Bahamas-only. Seventy-five percent of our ships stop in The Bahamas, although they may go to other places.

“Part of what’s been so successful for us in The Bahamas is the destination we have called Castaway Cay; a relaxing day on the beach. That’s the single highest rated location stop anywhere around the world.

“As we look to expand, we’re looking to build on

that business model and are looking for a second unique destination in The Bahamas that will allow us to build something comparable to or better than Castaway Cay.” Developing Lighthouse Point as a second beach break destination will allow Disney to offer three different Bahamas’ calls. Mr Vahle estimated that there would be between 200250 cruise vessel visits to the south Eleuthera location annually, meaning it could receive 540,000 to 1m total visitors depending on whether Disney employs its 2,700 or 4,000-passenger capacity vessels.

“If we get Lighthouse Pointe, this will roughly double the number of calls we have in The Bahamas by just under 40 percent per year,” he added. “We will keep the same number of calls at Castaway Cay, Lighthouse Point will have 200 to 250, and Nassau will have a 40 percent increase.”

The cruise line, in a presentation on its Lighthouse Point plans, says its parent, The Walt Disney Company’s Board, has already “authorised funding” at board level

for the property’s acquisition and development.

Mr Vahle said the total investment required is currently pegged at between $350-$400m, a figure that may raise questions given Disney’s pledge to have a minimal footprint to protect the environment.

He explained, though, that around 50 percent of this sum will be required to construct the pier linking the docked cruise ship to Lighthouse Point. “We’ve not done the full estimate as we’re waiting for the Environmental Impact Assessment (EIA) to say what that looks like, but that’s the current projection,” the Disney Cruise Line president revealed.

“Only 20 percent of the area will be developed. It’s pretty low density.” Some 170 acres of land will be donated to the Government for conservation, according to Disney’s plans, with another 100-plus acres of salt ponds left untouched.

Disney’s own presentation bills the project as “an opportunity to create a new model for how companies collaborate with the Government

and local communities to protect the environment and create jobs”.

It adds: “We are nearly doubling our business by 2023, which will result in 40 percent more calls to Nassau in addition to calls on Castaway Cay and Lighthouse Point if our project is approved.”

Disney says it has “a sales agreement in place” with the current owner to purchase Lighthouse Point, meaning the property is under contract. Closing the deal, though, is likely to be subject to obtaining all the necessary government permits and approvals, and the company is still working through that process inclusive of completing a full EIA. Kim Prunty, Disney Cruise Line’s vice-president of public affairs, revealed that the company only selected Lighthouse Point for its second Bahamas destination after an exhaustive search that scouted numerous locations for a low-density, minimal environmental impact project.

She explained that Egg Island, and Morgan’s Bluff in Andros, were both rejected after Environmental Impact Assessments (EIAs) suggested that the dredging required to provide deep water access for the cruise vessels would negatively impact nearby coral reefs and marine life.

Preliminary environmental and marine/navigation studies, though, had shown “little to no dredging” is required at Lighthouse Point, Ms Prunty added, with the fact the 700 acres is privately owned proving a further attraction for Disney.

“We’re sensitive to whether its Crown Land or privately owned,” she explained. “It’s been on the market since 2010; it’s been available for some time. We were able to do a preliminary EIA and navigation study that found it to be an appropriate location.”

Ms Prunty, who disclosed that Disney was “not comfortable” with the study results for Egg Island and Morgan’s Bluff, also moved

to challenge the perception that the cruise industry’s economic model is all take and no give when it comes to sharing the benefits with The Bahamas.

She revealed that, unlike other cruise lines, Disney does not participate in the departure tax rebate incentive programme which returns a portion of taxes collected to the ship owners if they exceed certain passenger targets. Disney also collects VAT at Castaway Cay, and Ms Prunty and Mr Vahle pledged that the same model will be employed at Lighthouse Point.

Besides giving Bahamians full, continued access to the 700-acre site, the duo also said Disney would replicate “the significant amount of business” it does with local tour operators/providers in Nassau and Castaway Cay. With 80 percent of Disney’s family-oriented customer base looking to experience new places, Ms Prunty said: “Eleuthera has a lot of unique places. We feel we can work with Bahamian tour providers.” Mr Vahle pledged that passengers would be able “to go off-property” to see sights such as the Caves.

“We’ve also got to understand what the demand is in terms if Bahamians wanting to sell goods,” the Disney Cruise Line chief added.

“We want to integrate that into the site design, so that they won’t be left selling goods by the gate.”

Asked whether Disney would work with the likes of the One Eleuthera Foundation, which has submitted a rival proposal for Lighthouse Point, Mr Vahle replied: “We’re willing to talk to anyone. Our plans and assessments are changing as we do that, and we will continue to do that to build the best project for The Bahamas and Disney.

“It’s 150 jobs for Bahamians, 100 construction jobs, for people to do adventure tours, jobs for people with businesses in Eleuthera; hardware stores, grocery stores, accommodation.

Judge us by the impact we have. We’re proud of the impact we’ve had at

Castaway Cay, and feel we have the opportunity to do more in Eleuthera.”

Disney’s presentation touts Castaway Cay’s $40m annual economic impact and provision of jobs for around 150 Bahamian workers.

Ms Prunty said the average weekly wage at Castaway Cay was between $600$700, which the cruise line will replicate at Lighthouse Point.

She added that Disney had zeroed in on the south Eleuthera property from October/November 2017, initiating talks with the likes of the Government and Bahamas National Trust (BNT) and developing its plans.

“We wanted to create a project that was mutually beneficial; beneficial to those living in south Eleuthera and the guests looking for a unique experience,” Ms Prunty told Tribune Business.

“People in Eleuthera have shaped the project from the beginning. We had thought of public access differently, but realised it was very important. This is an experience that’s going to be rooted in The Bahamas, so it makes sense Bahamians are there.

“They said they’d like this land to come back to being Bahamian, so we said 170 acres will come out of that to make it public land.” Ms Prunty also pledged that Disney will not develop the area around the lighthouse and southern tip, and its passengers will not be allowed there, although Bahamians will still have access.

Mr Vahle added: “We’d want to be known for several things if we get the proposal approved. The first would be to sustain the natural beauty of Lighthouse Point. It will be a model of environmental development people will be proud of.

“We’d want to be known as a good economic partner for the community, driving a lot of economic opportunities in South Eleuthera and The Bahamas... We will build a place that is unique and celebrates the culture of The Bahamas for our guests.”

PAGE 6, Thursday, September 27, 2018

THE TRIBUNE

CRYPTO BALANCE MUST COMBAT ‘SCAM ARTISTS’ FROM PAGE ONE to embrace it unreservedly.

Everyone has reservations and concerns about it.

“There is a desire to separate the sheep from the goats as it relates to what are legitimate crypto currency operators and those designed to take funds from people eager to ride the tiger and lose all their funds. The difficulty is that the large majority of crypto currencies have no underlying asset that you can understand where the value is coming from.”

Bahamian financial regulators are said to be exploring the creation of appropriate regulatory regimes for the emerging blockchain technology and cryptocurrency sectors.

Crypto currency advocates have urged The Bahamas to adopt legislation as a key element in plans to establish

the nation as a “financial technology” of Fintech hub.

The Central Bank of The Bahamas, responding to a recent spate of companies promoting ICOs and crypto/blockchain solutions, has already moved to warn Bahamians of the risk involved in investing in an unregulated, still-evolving industry.

“The Central Bank of The Bahamas wishes to advise the public that no licence has been granted to crypto currency operators by the Bank or any other financial regulator to offer digital currency, or to provide such services such as cryptocurrency exchanges, crypto loans or crypto and fiat processing in or from within The Bahamas,” the regulator warned.

“Persons investing in such products and services do so at their own risk.”

The Central Bank added that crypto/digital currencies were not legal tender in

The Bahamas, are not issued or backed by it, and are not legal foreign currency either.

“The Central Bank does not regulate or supervise virtual currencies, nor has the Bank authorised any entity to operate a virtual currency platform,” the Central Bank reiterated. “The public is further advised to seek professional advice with respect to matters regarding savings and investments from legitimate and licensed financial institutions.”

This led one Bahamian cryptocurrency advocate to call for a friendly regulatory regime that would encourage Bahamian entrepreneurs to bring technology-driven solutions to market.

Wayne Johnson, a corporate manager for the Zucaz Group, told Tribune Business: “The digital economy is here to stay. The legislators have to be thorough with their legislation, but they must do it in a way

that creates enthusiasm for entrepreneurs to be able to create solutions in this marketplace.

“You shouldn’t bring legislation to block people from the marketplace, but bring solutions to encourage people to start new businesses and bring new wealth into the economy.”

Dr Donovan Moxey, head of the steering committee for the Government’s Grand Bahama “technology hub”, recently said a regulatory framework to facilitate ICOs and crypto currency exchanges in The Bahamas could be completed within 30 days.

“We are working on a regulatory framework around initial coin offerings (ICOs) and exchanges. I’m a part of the group putting together the regulatory framework, and we hope to have that done in the next 30 days,” he confirmed.

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THE TRIBUNE

Thursday, September 27, 2018, PAGE 7

Disney feared for brand over project criticism FROM PAGE ONE vacuum” that had been allowed to develop around its Lighthouse Point intentions, and not engaging with south Eleuthera residents and other stakeholders earlier, Mr Vahle said the cruise line had wanted to “honour” the approvals process set out by the Government.

“The only accurate information put out early was we were interested,” the Disney Cruise Line chief replied.

“Other than that, it was not very accurate. We were trying to honour the Government process and move through that, and not go public until the Government said go public. We’ve been honouring that process.

“We don’t like that the vacuum was filled by information that could have caused damage to our brand.

It does bother us, as we work so hard and value our reputation to deeply.”

Disney Cruise Line, starting with an article published in the major newspapers on Monday, has this week launched a major public relations campaign to combat the ongoing criticism and concerns being voiced by environmental activists, some south Eleuthera residents and others.

It also faces competing proposals for Lighthouse Point that have been presented by the One Eleuthera Foundation, which is promising “responsible development” and the creation of 190 jobs more than the 150 permanent posts being offered by the cruise line.

Many of the concerns have focused on the perception that Disney will follow the Bahamian model established by other cruise lines and turn Lighthouse Point - including the lighthouse and pristine beaches - into a private, exclusive destination for its passengers, thereby depriving locals of access to more of their land and birthright.

Disney, in a presentation on its Lighthouse Point plans, refutes such fears by pledging that “the entire property will be available to Bahamians every day” once its development is constructed.

This promise that was reiterated by Mr Vahle to Tribune Business yesterday, who said Bahamians would continue to have access “to the full property”.

He acknowledged that this would have to be balanced with compliance with global International Ship and Port Security (ISPS) standards, but suggested that the only facilities Bahamians might not visit will be the maintenance and “back of house” area located near the northern boundary.

‘Save Lighthouse Point’ petitions have already attracted up to 30,000 signatures, and Mr Vahle acknowledged Bahamian fears that Disney’s project - and the nature of private cruise destinations - would deny them future access to the property.

“We do understand these concerns, especially when it [the property] is part of an island like this,” he added.

“We’re committed to Bahamians, Eluetherans, having full access to the property.

We’ll continue to work with the community.’

Disney’s project presentation says it “has support from many residents in Eleuthera who believe new, high-quality jobs are needed there, and they trust is to develop Lighthouse Point responsibly.

“We have adjusted our plan significantly over the past few months based on feedback from the Government, local residents, community organisations and others, and will continue to evolve our plan based on these important conversations,” it added.

“We understand how important access to the site is to Bahamians, and our plan includes full access to the site every day.”

Mr Vahle said his visits to Eleuthera had caused no change to Disney’s assessment, given that it has long been acknowledged that the island’s south needs significant job-creating investment to revive the economy and reverse population loss to New Providence and other islands as residents move in search of work.

Yet he acknowledged that many residents had been

unaware of its precise intentions due to the absence of official information put out by the cruise line.

“I went there two weeks ago with our vice-president of animal programmes and conservation, spending a few days in south Eleuthera and central Eleuthera,” Mr Vahle told Tribune Business.

“We had that conversation; we had ongoing conversations with people who support the project. We’ve met with hundreds of people.

Anyone we had a conversation with about the project said: ‘I genuinely didn’t know that was going on with the project; I’d heard something different’. It accomplishes what people have been trying to get done on this piece of land for so long.”

Mr Vahle’s confirmation that Disney Cruise Line was

told not to go public until the Government gave the goahead sounds eerily familiar to what previously played out at Baker’s Bay, BEC’s Wilson City power plant and Resorts World’s Bimini cruise pier, and suggests little has changed from the former Christie administration.

Both the Baker’s Bay and Resorts World developers were told that the timing and nature of public consultation would be determined by the then-government, and it appears the Minnis administration has continued this practice with Lighthouse Point. Disney yesterday confirmed its purchase of the property has been in the works since October/November 2017.

The prime minister last week argued during the Grand Lucayan debate

that the Government’s negotiations with investors needed commercial confidentiality, but the experience of past Judicial Review challenges has shown the lack of transparency surrounding major projects inevitably backfires and creates more problems for legitimate developers than it solves.

In Disney Cruise Line’s case, the resulting information vacuum was filed with a mixture of inaccurate speculation, fears and genuine concerns, all of which threatened to turn south Eleuthera residents against its plans before they had a chance to be heard.

And the Bahamian judicial system, all the way up to the Privy Council, has upheld the “legitimate expectation” of local communities and affected stakeholders to be

consulted on major investment-related decisions that will impact them. “Fairness”, the courts have found, requires “adequate and meaningful” consultation to be undertaken by developers and the Government.

The Lighthouse Point controversy has again brought this issue to the forefront, together with questions over whether Nassau should be dictating and imposing its development vision on the Family Islands rather than allowing local communities and organisations such as One Eleuthera to determine this themselves.

This is especially since local government in the Family Islands, in the form of district councils, are nominally responsible for planning approvals rather than the central government.

PAGE 10, Thursday, September 27, 2018

THE TRIBUNE

Water Corp targets ‘half’ of $45m owed in mass disconnect FROM PAGE ONE Mr Gibson said “no one has an excuse not to know” of the impending disconnections, adding that he planned to aggressively pursue non-payers who were ultimately inflating the annual $20-$30m taxpayer subsidy that covers the corporation’s operating losses and capital works costs.

Promising a “major accounts receivables reduction”, the Long Island MP told Tribune Business: “My intention is to claw back most of it. It was around $45m. I’m hopeful we can collect more than half of it.

“At present I can tell you that meter readers

are in the field. Right now it’s a mass meter reading exercise to make sure everyone’s meter is read.

Next week we begin mass disconnections.

“Those disconnections will take in the western district of New Providence all the way around through Carmichael to Yamacraw and Eastern Road, and take in East Street, South Beach and downtown Nassau. All the major areas in New Providence, disconnection teams will be out for those persons.”

Nor will the Family Islands be spared, with Mr Gibson disclosing that they will be held to the same standard as their fellow delinquents on New Providence.

“There will be a major push for collections on the Family Islands,” he added.

“The Family Islands are not exempt from the collection process, and meters are being read there as well. That, too, is being done as we speak; a mass meter reading. The mandate is the same as in Nassau; to collect the corporation’s money.”

The build-up of multimillion dollar accounts receivables, as a result of non-payment of water bills by delinquent customers, is just one of many longstanding challenges that have plagued the Water & Sewerage Corporation and undermined its financial performance.

Heavy equipment mecHanic TROPICAL SHIPPING USA, the Premier Logistics Company in the maritime industry is seeking senior level HEAVY EQUIPMENT MECHANICS for port maintenance in Marsh Harbour, Abaco, The Bahamas.

Performs a full range of maintenance, repair and service activities on heavy equipment including but not limited to heavy-duty trucks and semi-tractors, Reach Stackers, Jockey Trucks, high pressure pumps, cable inspections, crawler tractors and trailers, aerial towers and man lifts, and other engine components.

Ideal candidates will possess excellent written and oral communications skills, computer entry skills, along with 5+ years’ experience preferably in the shipping or transportation-related industry, possess a valid driver’s license, and ability to travel abroad.

This position will be filled immediately. To apply, interested candidates should register at the www.tropical.com website and select CAREER to view current opportunities. Please include your resume; additionally to tgibson@tropical.com . Third-party agency candidates need not apply.

Tropical Shipping USA, LLC is an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or protected Veteran status.

Its consistent losses, and $150m-plus accumulated deficit, have placed an ever-growing burden on Bahamian taxpayers, effectively representing a transfer of wealth where they are - at least in part paying for those who are not covering their bills.

Mr Gibson yesterday revealed that the Corporation was “bringing in and seeking to recruit persons from banks” and other sectors with skills that can help collections on past due accounts, as it builds up its accounts receivables team.

“We’re taking this very seriously and employing a number of strategies to collect the money,” he told Tribune Business. “We’re

forming a legal services department. Rather than outsourcing, we will handle delinquent accounts internally, and are sending out letters threatening disconnection and demand letters, using the telephone to advise customers of pending disconnections.”

Mr Gibson added that the corporation had also been employing all forms of media - radio, newspapers and social media - for the past several weeks to warn defaulters to pay what they owe.

“If it’s been running this long no one has an excuse not to know,” he told Tribune Business. “The intention is to advance an aggressive credit and collection plan. That falls in

line with the organisational performance and transformation we are employing at the corporation.”

Mr Gibson, though, conceded that a presentlyunknown portion of the $45m outstanding will have to be written-off as uncollectable. He said such situations would involve cases where meters had been taken out; persons had left The Bahamas; the land was vacant or relevant building had been destroyed.

The Water & Sewerage Corporation pointed to several incidents where meters had been taken out but bills still issued as examples where monies owed had to be written-off.

THE TRIBUNE

Govt debt just short of $8bn developments, the number of completed residential projects rose by 2.9 percent to 108, with the corresponding value expanding by 54 percent to $47.2m. Similarly, the number of commercial completions firmed by 2.8 percent to 35, with the value substantially higher at $58.3m. However, the public sector registered no completions.”

FROM PAGE ONE This meant the Governments’ total debt, as a percentage of GDP, rise by almost three percentage points - from 60.6 percent to 63.5 percent - during the year to end-June 2018.

The direct charge, which excludes debt guaranteed on behalf of government corporations and agencies, rose by a slightly greater amount - from 54.6 percent to 57.9 percent.

Baha Mar’s opening drew a 26 percent year-over-year increase in total average room revenues among major Nassau and Paradise Island hotels, but this came at the expense of yields as some properties engaged in room rate discounting to stimulate demand during the peak Easter season.

“Total average room revenues for the quarter grew by 26 percent, outstripping the marginal 0.7 percent increase a year earlier,” the Central Bank

said. “Underlying this outturn, the average hotel occupancy rate firmed by 1.5 percentage points to 68 percent, a turnaround from a 9.7 percent fall-off in the prior year, as the number of room nights sold rose on average by 27.3 percent.

“Nevertheless, the average daily room rate (ADR) fell by 1.7 percent to $240.12, due in part to some price discounting by several properties in April to stimulate demand during the Easter holiday period.”

The construction sector, though, continued to exhibit continued weakness.

“The latest available construction sector data for the first quarter of 2018 revealed a 4.9 percent reduction in the number of building starts in New Providence and Grand Bahama to 97, following a 19.7 percent falloff in the comparable period of 2017,” the Central Bank said.

“In addition, the corresponding value declined by 58.9 percent to $25.3m

Thursday, September 27, 2018, PAGE 11

NOTICE Notice is hereby given that roseneva richmond of Quarry Mission, Nassau Street, New Providence, Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 20th September, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

after growing more than two-fold to $61.7m in the prior period. Supporting this outcome, the number of commercial projects fell by 17.6 percent to 14, and the associated value decreased by 62.2 percent to $4.5m.

“In a slight offset, the residential component grew by 12.2 percent to 83 in number, with the value increasing by 12.9 percent to $20.8m. Further, the public sector component reported no activity during the review quarter.”

The Central Bank continued: “The overall number of completions in New Providence and Grand Bahama rose marginally by 0.7 percent to 143, while the attendant value increased more than twofold ($55.8m) to $105.5m.

“In the underlying

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) CALEDONIA INVESTMENT MANAGEMENT LIMITED IBC No.144755 B (In Voluntary Liquidation) NOTICE is hereby given that as follows: (a)

That CALEDONIA INVESTMENT MANAGEMENT LIMITED is in Dissolution under the provisions of The International Business Companies Act 2000.

(b)

The Dissolution of the said Company commenced on the 26th day of September 2018 when the Articles of Dissolution were submitted and registered by the Registrar General.

(c)

The Liquidator of the Company is Sterling (Bahamas) Limited of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas.

(d)

Any person having a Claim against the above name Company are required on or before the 25th day of October 2018 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

Sterling (Bahamas) Limited Liquidator

Legal Notice NOTICE POCANO ASSET MANAGEMENT LTD. NOTICE IS HEREBY GIVEN as follows: (a)

(b)

(c)

POCANO ASSET MANAGEMENT LTD., is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

The dissolution of the said Company commenced on the 25th September, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.

Dated this 27th day of September, A.D. 2018

Shareece E. Scott Liquidator

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PAGE 12, Thursday, September 27, 2018

THE TRIBUNE

bealiv.com

Aliv Roaming Manager The Aliv Roaming Manager is responsible for the establishment of roaming agreements, management of the operation of the ALIV Roaming Team, analysis and reporting of results, and the processing of retroactive adjustments. +

Core Responsibilities •

•

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Responsible for the negotiation of Direct Roaming agreements to achieve Aliv’s annual revenue targets while reducing operational expenditures.

Responsible for managing the Aliv Roaming Team in the development of a competent and professional work environment, capable of meeting current and future roaming needs.

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Responsible for the development of contacts and management of relationships with other Carriers for the introduction of GSM, GPRS, 3G, CAMEL & LTE services through the establishment of the relationship with these network operators.

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Administration of cellular roaming agreements and revenue settlements with partners Globally. Coordinate and manage the IREG & TADIG processes with the Technical team and relevant vendors Responsible for reconciliation and paying invoices from other Carriers for roaming services.

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Responsible for Aliv’s Roaming Budget: Overall creation and administration of the annual roaming operating budget, the Settlement revenue budget, and the Settlement Expense budget in conjunction with Finance.

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• Strong Communication skills both oral & written • Expert level command of Microsoft Office (Excel & PowerPoint) • Strong business acumen with demonstrated leadership successes • Strong networker - ability to develop and manage a network of influence.

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Argentina, IMF reach deal to boost financing to $57 billion BUENOS AIRES Associated Press THE International Monetary Fund agreed yesterday to increase a lending package with Argentina by $7.1bn to a total of $57.1bn, seeking to calm markets over the country’s ability to meet its debt amid growing economic turmoil.

Argentina had secured $50bn in financing as part of a deal worked out with the IMF in June after South America’s second-largest economy was battered by a run on the Argentine peso amid double-digit inflation.

IMF Director Christine Lagarde said yesterday that Argentina’s central bank has agreed as part of the deal to intervene in currency markets only in case of extreme circumstances and that the new amount will help Argentina’s government face its challenges.

“The Central Bank of Argentina has decided to adopt a floating exchange rate regime without intervention,” Lagarde said at a joint news conference with Argentine Economy Minister Nicolas Dujovne in New York.

“In the event of extreme overshooting of the exchange rate, the (bank) may conduct limited intervention in

ARGENTINA’s Treasury Minister Nicolas Dujovne, right, listens as International Monetary Fund (IMF) managing director, Christine Lagarde, left, speaks during a press conference at the Consulate of Argentina yesterday. Argentina’s Treasury Minister Nicolas Dujovne said yesterday that Argentina has secured an additional $7.1bn in funding, in addition to the $50bn in financing included in a deal worked out with the IMF in June after Argentina was battered by a currency crisis and double-digit inflation.

Photo: Andres Kudacki/AP foreign exchange markets to prevent disorderly market conditions.”

Argentine Central Bank Chief Guido Sandleris later told reporters that under the revised deal, the central bank initially will intervene only by selling $150m worth of pesos a day when the currency drops below 34 pesos or rises above 44 pesos per US dollar.

“This will allow us to reduce inflation and recover the stability and predictability in prices that Argentina so badly needs,” said Sandleris, who was named to the job on Tuesday after Luis

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Equity Division

Caputo surprisingly resigned.

The new deal will also speed up disbursements to $13.4bn from $6bn previously agreed for this year and to $22.8bn from $11.4bn previously approved for 2019.

Argentina has been badly hit by a severe drought that has damaged crop yields in the world’s third-largest exporter of soybean and corn. The situation worsened beginning in the first quarter of 2018 as world oil prices rose and then interest rate hikes in the United States led investors to pull dollars out of Argentina.

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 14, Thursday, September 27, 2018

THE TRIBUNE

To advertise in The Tribune, contact 502-2394

NOTICE

NOTICE

NOTICE

Spontol Ltd.

UR.V BUSINESS LTD.

EXCELLENTIA ENTERPRISE INC.

In Voluntary Liquidation

In Voluntary Liquidation

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, UR.V BUSINESS LTD. is in dissolution as of September 24, 2018

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Spontol Ltd. is in dissolution as of September 19, 2018

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR

LIQUIDATOR

NOTICE

NOTICE

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, EXCELLENTIA ENTERPRISE INC. is in dissolution as of September 24, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR

NOTICE

PANALINI LIMITED

ROCKDALE SHORES INC.

CAP OF GOLD INC.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, PANALINI LIMITED is in dissolution as of September 19, 2018

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ROCKDALE SHORES INC. is in dissolution as of September 19, 2018

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CAP OF GOLD INC. is in dissolution as of September 24, 2018

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR

LIQUIDATOR

LIQUIDATOR

In Voluntary Liquidation

In Voluntary Liquidation

In Voluntary Liquidation

MARKET REPORT WEDNESDAY, 26 SEPTEMBER 2018

NOTICE BALTIC SEA HOLDINGS LIMITED

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

BISX ALL SHARE INDEX: CLOSE 1,949.18 | CHG -0.82 | %CHG -0.04 | YTD -114.39 | YTD% -5.54

In Voluntary Liquidation

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 13.20 7.00 4.50 13.50

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.15 2.30 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 LAST CLOSE AML 3.67 APD 17.43 BPF 9.09 BWL 4.46 BOB 1.01 BBL 0.19 CAB 2.30 CIB 9.22 CHL 6.16 CBL 3.63 CBB 12.42 CWCB 2.84 DHS 1.75 EMAB 7.56 FAM 6.21 FBB 13.06 FIN 6.35 FCL 3.65 JSJ 13.01 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)

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 LAST SALE 100.00 107.38 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 3.51 17.43 9.09 4.46 1.01 0.19 2.30 9.22 6.16 3.63 12.42 2.79 1.75 7.50 6.21 13.06 6.35 3.65 13.01

CHANGE -0.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 -0.06 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

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

107.44 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.06 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

VOLUME 150,000

4,696

VOLUME

EPS$ 0.268 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.154 0.627 0.102 0.231 0.000 0.670 0.701 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 13.1 18.7 N/M 14.1 N/M N/M -2.3 13.2 14.0 23.6 19.8 27.4 7.6 N/M 9.3 18.6 8.8 13.2 20.6

YIELD 2.85% 6.48% 0.00% 5.16% 0.00% 5.26% 0.00% 7.70% 3.57% 3.31% 4.99% 2.15% 4.00% 1.12% 4.51% 3.83% 3.15% 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

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BALTIC SEA HOLDINGS LIMITED is in dissolution as of September 21, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR

Major firm in the financial and legal services industry invites applicants for the function of:

Corporate Administrator

Successful candidate will: •

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

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

•

have responsibility for preparation of incorporation documentation, filings with the Registrar of Companies, maintaining corporate records, preparation of directors and shareholders’ resolutions and other related documentation prepare all post incorporation documentation: o Minutes, Notices, share transfers and share certificates, bank opening forms, etc. o updating and maintaining the corporate system in relation to companies to which the firm provides registered offices o general secretarial duties

Good typing and organization skills required.

Ability to work independently is essential. Proficiency in Microsoft Office Suite is required. Minimum 3 years’ experience preferred.

Salary commensurate with experience and qualifications Only short-listed applicants will be contacted Reply in confidence to:

corpvacancy@gmail.com

THE TRIBUNE

Thursday, September 27, 2018, PAGE 15

Trump says he rejected meeting with Trudeau over trade fight WASHINGTON Associated Press PRESIDENT Donald Trump said yesterday that he rejected a one-on-one meeting with Canadian Prime Minister Justin Trudeau over the trade dispute involving the North American neighbours and renewed his threat to slap tariffs on cars imported from Canada as negotiations drag on.

Trudeau spokeswoman Eleanore Catenaro said in response: “No meeting was requested. We don’t have any comment beyond that.”

In an extraordinary rebuke of America’s

US, JAPAN AGREE TO NEGOTIATE A FREE TRADE AGREEMENT UNITED NATIONS Associated Press THE United States and Japan announced yesterday they will open negotiations on a bilateral trade agreement between the world’s firstand third-largest economies.

It’s a significant shift by Tokyo which has been a strong advocate of a multination trans-Pacific trade pact that President Donald Trump withdrew from soon after taking office.

Trump made the announcement after meeting with Japanese Prime Minister Shinzo Abe in New York on the sidelines of the UN General Assembly.

He said that Japan had been unwilling in the past to enter into such talks, but now is and such a deal “will be something very exciting.”

Abe has cultivated close ties with Trump since after his 2016 election but trade relations have been difficult, since the Republican president withdrew from the 12-nation Trans-Pacific Partnership, or TPP, that had been negotiated by the Obama administration and championed by Abe despite considerable domestic political opposition in Japan.

The Trump administration, pushing to narrow the US trade imbalance with Japan, has since imposed steel and aluminum tariffs on its ally. The US has also been threatening to impose higher tariffs on auto imports that would have escalated trade tensions significantly.

A joint statement said that the United States is seeking more access to the Japanese auto market and that the Japanese won’t go beyond any previous commitments to open their protected agriculture market. “It’s a line in the sand” from Japan, said Ted Murphy, a partner at the law firm Baker McKenzie. “You guys think auto are important. We think agriculture is important.”

The statement suggests the United States will hold off on threatened tariffs on Japanese autos “during the process of these consultations” and “will make efforts” to resolve differences over US tariffs on imported steel and aluminum.

Murphy said he suspects that Japan dropped its objections to bilateral trade talks with the United States after seeing Mexico agree to a trade deal with Washington last month.

“We’ve agreed today to start trade negotiations between the United States and Japan,” Trump told reporters, alongside Abe. “This was something that for various reasons over the years Japan was unwilling to do. And now they are willing to do. So we’re very happy about that. And I’m sure they will come to a satisfactory conclusion,” he said.

US PRESIDENT DONALD TRUMP northern neighbour, Trump vented his frustration with Canada during a news conference along the sidelines of the United Nations General Assembly, the latest sign of deteriorating relations between two allies

who share a border.

“His tariffs are too high and he doesn’t seem to want to move and I’ve told him forget about it,” Trump said of Trudeau.

“And frankly, we’re thinking about just taxing cars

coming in from Canada.

That’s the mother lode.

That’s the big one.”

“We’ve very unhappy with the negotiations and the negotiating style of Canada. We don’t like their representative very much,” Trump said in an apparent reference to Canada’s Minister of Foreign Affairs Chrystia Freeland, who has been negotiating with US trade representative Robert Lighthizer.

Canada, the United States’ number two trading partner, was left out when the US and Mexico reached an agreement last month to revamp the North American Free Trade Agreement.

The US and Canada are under pressure to reach a deal by the end of the month, when Lighthizer must make public the full text of the agreement with Mexico.

But Trump suggested he may go forward with a revamped NAFTA without Canada. The president said it would be called “USM”, for the US and Mexico, instead of “USMC”, and offered blunt criticism of the Canadian team engaged in the talks.

“Canada has a long way to go. I must be honest with you, we’re not getting along at all with their negotiators.

We think their negotiators

have taken advantage of our country for a long time,” he said.

Any push by Trump to slap a 25 percent tariff on imported autos and auto parts from Canada might help American workers but could also inflate car prices, make US manufacturers less competitive and generate retaliation.

Roughly four in five cars assembled in Canada are exported. The Canadian Automobile Dealers Association has warned that the auto tariffs could affect billions of dollars’ worth of exports and lead to the loss of more than 100,000 jobs across the country.