10032018 BUSINESS

business@tribunemedia.net

WEDNESDAY, OCTOBER 3, 2018

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Tourism in second loss to former beauty queen

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Ministry of Tourism has suffered a second defeat in its battle with an ex-Bahamian beauty queenturned-songstress after a US judge dismissed its “breach of contract” counterclaim.

Senior judge Nancy Atlas, sitting in the southern Texas federal court, ruled that the ministry had failed to provide sufficient evidence to show Khiara Sherman’s deal with the Bahamas Junkanoo Carnival organisers protected it

* Ministry’s Texas counterclaim dismissed * Faces possibility of ‘deterrent sanctions’ * Judge: Failed to show sufficient evidence

from her copyright violation lawsuit.

The ministry’s case was founded on the former Miss Bahamas Universe’s 2015 agreement with the Bahamas National Festival Commission, which released the Junkanoo Carnival organiser and its sponsors from any copyright infringement liability over the use of her Fly Away With Me track.

As one of these “sponsors”, it claimed that Mrs

Sherman agreed to “indemnify, release and hold harmless” the ministry for any damages relating to her participation in promotional activity involving the song.

As a result, the ministry alleged that her copyright infringement lawsuit over its use of Fly Away With Me in tourism promotions without her purported permission violates the song competition’s rules.

Judge Atlas, though, ruled that the ministry of

tourism had “failed to meet its burden” of proof and provide “clear and specific evidence” that Ms Sherman had breached her 2015 contract with the Junkanoo Carnival organisers.

And, significantly, she left the door open for Ms Sherman to seek “additional remedies”, including sanctions and other expenses, to deter the ministry of tourism from filing similar counterclaims against her in the future.

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Taxi drivers urge end to plates bar

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

were likely to be impacted by a disconnection exercise that had resulted in a constantly “full parking lot” at the corporation’s University Drive headquarters this week as customers rushed to pay off arrears or enter into payment plans.

The Long Island MP was responding to Philip Davis, the Opposition leader, who sought to brand the disconnection exercise as “cruel and inhumane” on

BAHAMIAN taxi drivers yesterday urged the Government to end the two-decade old moratorium on new plates, with the union’s newly-elected president describing reform as a “daunting task”.

Wesley Ferguson, the Bahamas Taxi Cab Union (BTU) chief, told Tribune Business that ending the moratorium on issuing taxi plates was a key issue raised by drivers and other stakeholders during a Town Hall meeting with Renward Wells, minister of transport, on Monday night.

“Their main concern right now is agitating for the lifting of the moratorium,” said Mr Ferguson.

“There were about 400 drivers in attendance at the meeting, and I would say about 70 percent of them indicated they were leasing taxi plates.

“There were numerous complaints raised about the leasing of plates and how much that is costing drivers. The minister gave his assurance that he would take the issue to Cabinet and agitate for some relief.

He indicated that there are about 900 taxis in operation, and 1,135 plates have been issued. You’re talking about 235 taxi plates that are in question.”

Mr Ferguson added that taxi drivers also expressed concerns over constant “harassment”, saying

SEE PAGE 6

SEE PAGE 4

KHIARA SHERMAN

Judge Atlas’s September 28, 2018, ruling marks the second legal reversal suffered by the ministry of tourism in its deepening battle with the former Miss Bahamas Universe over her copyright infringement/ breach of contract claims. It had previously sought to have the case thrown out, only for the same judge to rule against it again.

Setting out the background to her latest ruling, Judge Atlas said: “In July

SEE PAGE 4

Water chairman to Davis: ‘Would you operate in red?’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* Can’t be ‘albatross around the people’s neck’ * ‘Chronic’ sewage non-payers owe 5-7 years * ‘Few thousand’ accounts face disconnection

THE Water & Sewerage Corporation’s chairman yesterday hit back at the Opposition leader’s criticism of its mass disconnection exercise, asking: “Would he run his business in the red?”

Adrian Gibson told Tribune Business that the ADRIAN state-owned water supplier GIBSON “cannot continue to be an albatross around the necks

BRAVE DAVIS

Central Bank: We’re dealing with independence slippage

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Central Bank yesterday said it had already taken action to reverse the slippage in its “independence” cited by a newly-released Inter-American Development Bank (IDB) report.

The study, titled Nurturing Institutions for a Resilient Caribbean, argued that The Bahamas “lagged all comparators [rivals] by 2012” when it came to Central Bank independence as a result of standing still while others enacted

JOHN ROLLE

reforms to bypass it.

The finding, detailed in a section written by Bahamas-based IDB economist, Allan Wright, said a 2014 study had ranked the Central Bank of The Bahamas “relatively low at 73 of 89

SEE PAGE 3

Ex-BCA chief’s concerns over ‘political activist’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Bahamian Contractors Association (BCA) president yesterday questioned whether a controversial political activist is “the best candidate” for a key role in regulating construction.

Stephen Wrinkle, pictured, told Tribune Business it was unclear whether Omar Archer, the newlyappointed Contractors Registrar, has the necessary industry expertise to oversee and administer a critical

industry for the Bahamian economy.

Mr Archer’s outspoken political activism, especially on social media, has resulted in several run-ins with the courts and law enforcement in recent years. He was convicted of

SEE PAGE 5

of the Bahamian people” through the annual $20$30m taxpayer subsidies it demands to cover operating losses and capital spending needs.

Warning that this “status quo” was no longer acceptable, Mr Gibson said “a few thousand” accounts

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PAGE 2, Wednesday, October 3, 2018

THE TRIBUNE

BAHAMAS ‘MUST ADDRESS’ BENEFICIAL OWNER ACCESS THE deputy prime minister has reiterated that The Bahamas “must address” access to beneficial ownership information for all corporate entities domiciled in this jurisdiction.

KP Turnquest said the Government was looking to the Register of Beneficial Owners Bill 2018 as the solution, although beneficial ownership will not be publicly available. Access will be restricted to law enforcement authorities and financial services regulators as they seek to meet their international co-operation obligations.

Speaking to a financial services industry briefing, Mr Turnquest said the Government was also committed to complying

K PETER TURNQUEST, deputy prime minister, speaks to a financial services industry briefing. Photo: Kristaan Ingraham/BIS with the four minimum standards under the Organisation for Economic Cooperation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative.

“To this end, the

Multinational Entities Financial Reporting Act 2018 was passed, and related legislation is being considered,” he said. “The jurisdiction must address, for example, accessibility of beneficial owner information,

which it aims to accomplish via the Register of Beneficial Owners Bill 2018.”

Mr Turnquest said the Bahamian financial services industry should get a new Investment Funds Bill soon, with further changes to the Securities Industry Act also in the pipeline.

He confirmed that The Bahamas had received a “largely compliant” rating for the first two rounds one of its exchange of tax information on request peer reviews by the OECD’s Global Forum.

The deputy prime minister then added that the Securities Commission, since 2012, has been an “A” signatory to IOSCO’s MMoU - the arrangement governing information exchange

in relation to cross-border securities crimes. He said it is poised to be a global leader as one of the first adopters of the upcoming enhanced MMoU. Mr Turnquest said that despite the everchanging goal regulatory environment, The Bahamas’ response must be strategic. “We must be excellent.

We have not survived thus far because we are a small, offshore jurisdiction. Rather, we have survived because of the things that we do very well as a small, offshore jurisdiction,” he added.

“For example, ours may well be the best trust legislation in the world, and we have manifested a capacity for transformative innovation, such as we

have seen with the SMART Fund and the Investment Condominium.”

Mr Turnquest said The Bahamas must offer value to clients, and always enhance the value-added services this jurisdiction offers.

“We talk a lot about shifting goal posts, but we can also talk about how our pursuit of them, while arduous, has transformed and is transforming the reputation of our jurisdiction,” he said.

“In our response to these obstacles, we demonstrate that we are serious about carving out our niche, and that there are many sound reasons for offshore clients to turn to The Bahamas to conduct their financial affairs.”

Shipyard sends 20 apprentices to BTVI TWENTY Grand Bahama Shipyard apprentices are attending the Bahamas Technical and Vocational Institute (BTVI) after the company launched its 2018 training initiatives.

The apprentices will be taking courses in good housekeeping; incident reporting; safety; and basic industry information and procedures at the Shipyard. They will also learn draftsman skills and use of relevant materials. After four years of training, and upon successful completion of the programme, the apprentices will be offered positions such as engine mechanics, welders, pipefitters and electricians.

Daytwon Dames said being part of the apprenticeship programme was an opportunity he could not refuse. Since the sixth grade, he has always been fascinated by cruise ships and large vessels. His father worked at the Shipyard and, when his mother took

a

THE 2018 Grand Bahama Shipyard apprentices. his father to work, he would always come along just to see the big lights and boats.

“When I got a call saying that I had successfully made it into the programme I felt both excited and relieved because I knew that I was selected out of nearly 200 young individuals, some with more experience

than me in the work field.

I will always keep that in my mind as motivation to keep pushing until I have successfully completed the programme,” said the 21-year-old.

Mr Dames was already studying welding at BTVI, which he plans to finish to achieve his dream of

future for herself.

“I was so excited that I could not stop smiling; I wanted AN APPREN- to start TICE learning classes all they as soon as poscan. sible.

I jumped around in glee like a kid with a new toy as I thanked God and immediately called APPRENmy mom to tell her TICES taking the good news,” said notes and fo- the 20-year-old. becoming a pipe cusing on their “I want to be lesson. fitter. He is currespected as a skilled rently employed at tradesman, and I hope to the Grand Bahama Ship- be able to stand out for all yard, and hopes to become the right reasons in a maleone of the top pipe fitters at dominated environment,” the company. added the aspiring mechanFellow apprentice, Jewel ical engineer.

Swain, said the appren“I try to be like a sponge ticeship programme was a and absorb all of the inforfirst step towards building mation I can. To think that

one day I’ll be able to do these things and call myself a mechanic – wow, it’s amazing. I get excited just thinking about it and we’ve just begun, so imagine the things I’ll know in the next few months.

Veronica Collie, BTVI’s associate vice-president for the northern campus, said: “We are happy to have another contingent from the Grand Bahama Shipyard back on our campus.

We appreciate that technical education is important to the Grand Bahama Shipyard, and that they are confident in our product.”

The Shipyard and BTVI began their partnership in 1994, resulting in the development of 100 professionally-trained tradesmen. The Shipyard is one of the largest of its kind in the region, with more than 800 employees, and the apprenticeship programme is designed to replace and lower the number of expatriate staff.

THE TRIBUNE

Wednesday, October 3, 2018, PAGE 3

GOVT TOLD: ‘GET A HANDLE’ ON VACATION RENTAL SECTOR

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A FAMILY Island resort operator yesterday urged the Government to “get a handle” on the vacation rental industry and introduce a tax structure to collect the “millions” it is currently forfeiting.

Edwin Mulford, a long-time boutique resort operator on Cat Island, reiterated concerns that the Government is missing out on significant tax revenues related to vacation rentals, given that payments to landlords - locals and foreign - are frequently made outside The Bahamas via the Internet, never touching this nation.

“I think something needs to be done before it’s too

late,” he argued. “If this isn’t handled properly, government is setting themselves up for a lot of headache. The problem is policing the situation.”

Mr Mulford added that boutique operations such as his were being even more significantly impacted than larger hotels/resorts

by Airbnb-type operations.

“The Government must understand the significance of this. It’s automatic revenue the Government can get. This is worth a lot of money for government.

We’re talking millions and millions of dollars where people are renting out their place online and the Government never gets a dime,” he said.

The Central Bank of The Bahamas’ monthly report for August, released on Monday, said vacation rentals continued to grow

in popularity among stopover visitors with average daily room rates (ADR) jumping by 1.8 percent to $319.77. Airbnb bookings increasing 41 percent yearover-year for August.

The Government has said it is seeking to levy VAT on Airbnb-type vacation rentals, but Dionisio D’Aguilar, minister of tourism, previously told Tribune Business it has yet to develop “a working mechanism” for its collection.

Ms Mulford suggested that instead of introducing VAT on vacation rental businesses, the Government should look at an all-inclusive licensing fee based on the number of bedrooms per house, with annual inspections for compliance by local authorities.

He added that the Government could consider a

separate programme for Bahamians and their bed and breakfast offerings.

“Indicative of the growing popularity of the short-term private rental market, data from AirDNA showed a 41.2 percent increase in booked listings via the Airbnb platform during August for all Bahamas in comparison to the same period in 2017,” the Central Bank said in its report.

“These results are also influenced by the fact that more properties are listing on the site each year.

In terms of the broad trends in the major markets, the number of listings in Exuma firmed by 54.7 percent, while gains of 37.8 percent, 34.8 percent and 28 percent were noted for New Providence, the Abacos and Grand Bahama, respectively.

“In terms of the key segments, the ADR for the entire place listings rose by 1.8 percent to $319.77, while that of hotel comparable listings fell by 3.1 percent to $132.19.”

A report commissioned by the Bahamas-based Organisation for Responsible Governance (ORG) previously identified the vacation rental market as a potential growth opportunity that could boost Bahamian ownership and entrepreneurship in the tourism industry, plus aid economic diversification.

The report, conducted on its behalf by Oxford Economics, the research consultancy, argued that this nation’s ability to make greater inroads into the vacation rental market was being impeded by old, impractical laws

and regulations.

Apart from the International Persons Landholding Act imposing “especially strict rules” on foreign home owners, the study said all vacationbased properties have to be approved by the Bahamas Investment Authority (BIA).

Data obtained by Oxford Economics showed that the Bahamas had 1,878 properties registered with Airbnb, of which 908 - just under half - were deemed to be active.

The ORG report suggested that “more relaxed investment requirements” for vacation rental home developers could be restricted to speciallydesignated areas, such as Trade Development Zones (TDZs), located near ports and airports.

Central Bank: We’re dealing with independence slippage FROM PAGE ONE countries worldwide” when it came to independence.

A 2016 report, broader in scope, placed this nation at 117 out of 179 states.

“This recent relatively disadvantaged position in terms of independence, however, has not been the historical norm for the Central Bank of The Bahamas,” the IDB report said.

“The Central Bank of The Bahamas showed greater independence than all other country groups in 1973, but its level of independence has remained constant over time. By contrast, all other country groups have witnessed continuous improvements over time and, consequently, The Bahamas lagged all comparators by 2012.”

The independence of Central Banks is widely regarded as a key factor in determining their credibility, and that of a nation’s monetary policy, in the eyes of investors and the capital markets. Institutions perceived as having a high degree of independence are viewed as less susceptible to political pressures and other arbitrary influences, boosting their standing and that of their economies.

The IDB study emphasised: “Independence and transparency of central banks influence their credibility and effectiveness in controlling inflation, thereby providing a proper

environment for economic growth and prosperity. It is therefore highly relevant to ensure technical independence as well as transparency mechanisms for the Central Bank of The Bahamas.”

John Rolle, the Central Bank’s governor, yesterday told Tribune Business that the Central Bank had already acted to address the issues identified by the IDB report through reforms to the legislation that underpins its existence.

He pointed to proposed changes to the Central Bank of The Bahamas Act, which were released for public consultation this summer, although it is unclear whether there have been any further amendments as a result of feedback received or when the bill will be ready for Parliament.

“The bill proposes a modernised framework that is closer aligned with international best practices,” Mr Rolle told this newspaper via e-mail yesterday. The consultation paper on the proposed changes describes them as enhancing the Central Bank’s governance and

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operational framework, increasing accountability and flexibility without any additional risk.

“The purpose of the bill is to consolidate and modernise the law governing the Central Bank, and to provide for the continuance of the Central Bank, its functions, powers and duties,” the consultation paper states.

“Aside from a few key changes over the years, which were substantially to address challenges facing the Central Bank in its role as a financial services sector regulator, most of the provisions in the Act have been in place since the 1970s and are not reflective of evolved developments in central banking practices and governance...

“The provisions in the bill are aligned with international best practices for central banking legislation, and the bill will, once enacted, enhance the corporate governance provisions in the Act, provide needed operational flexibility without compromising

the safety principle or introducing new risks, and improve the readability of the legislation.”

The planned reforms include sections designed to “strengthen the personal autonomy” of senior Central Bank officials, with “staggered appointments” for board members to ensure continuity in knowledge and decision-making.

The process for appointing board members, and dismissing senior executives, will also be further clarified.

Another heading focuses on “financial autonomy” and the extension of credit to the Government by the Central Bank, either via loans or the purchase of debt securities such as Bahamas Government Registered Stock (BGRS) and Treasury Bills.

The changes to the Central Bank of The Bahamas Act envisage bringing clarity to the legal framework for establishing, and using, reserves other than the institution’s general and revaluation reserves.

“Section 7 of the Act

allows the Central Bank to retain all of its distributable earnings until the amount of the General Reserve exceeds the greater amount of twice the authorised capital of the Bank or 15 percent of the bank’s demand liabilities,” the consultation paper said of the current legislation.

“However, the minister of finance may determine the distribution in a way not prescribed in the Act, and there is currently no statutory limitation on the usage of the General Reserve and the procedures to establish other reserves are not clear.”

To remedy this, the consultation paper adds: “Clause 7 of the bill will clarify the legal framework for establishing and using reserves, and mandate the Central Bank to establish a General Reserve for the sole purpose of covering losses sustained by the Central Bank, and that other reserves may be built by retaining excess distributable earnings which otherwise would be distributed to the Government.

The reforms also aim to “strengthen statutory safeguards on short-term lending” to the Government by bringing them into line with international best practice, restricting them to same-day credits and loans up to three months’ duration.

There are also no legal limits currently on the Government securities that the Central Bank requires, so the Bill seeks to establish a ceiling equal to “the lesser of 15 percent of the Government’s average ordinary revenue or 15 percent of its estimated ordinary revenue.

“This would represent a change to the requirement of the Act that the securities issued or guaranteed by the Government must be greater than 20 years to maturity, and that the value is limited to 20 percent of demand liabilities, as most central banks link lending to the Government to some measure of revenues,” the consultation paper added.

PAGE 4, Wednesday, October 3, 2018

THE TRIBUNE

Tourism in second loss to former beauty queen FROM PAGE ONE 2014, Sherman submitted a recording of one of her songs, titled Fly Away With Me, to a Bahamas-based song competition called the Music Masters.

“This competition, which was designed to promote music from Bahamian artists, was run by a partprivate, part-governmental entity called the Bahamas National Festival Commission. The Commission hosted the Music Masters as part of an annual festival called the Bahamas Junkanoo Carnival.”

The commission issued a pamphlet setting out the competition’s rules, and Ms Sherman signed the “entry form” and its terms that allowed the

organisers to reproduce her work without paying any compensation.

Judge Atlas said two provisions in the rules were relevant to the ministry of tourism’s case. The first was the indemnity to “release and hold harmless” the commission for using songs in promotional activity, while the second granted the organisers the “unconditional right” to use entries as they saw fit via a licensing agreement.

“Sherman’s Fly Away With Me ranked in the top 25 songs, and the commission compiled it into a CD,” the judgement said. “At some point, the commission provided the CD to the ministry of tourism, a division of the Bahamian government that regularly promotes

Bahamian art.

“The ministry was a sponsor of the Music Masters competition. In 2016, the ministry used Fly Away With Me in a promotional music video for one of its events.”

This led to Ms Sherman’s original copyright violation claim, which the ministry countered by claiming her action “breached the licensing provision, the indemnity provision, and the reproduction provision” in the contract with the commission.

Tackling the ministry of tourism’s licensing arguments, Judge Atlas said: “According to the ministry, by agreeing to these provisions, Sherman granted the commission a broad license to use and reproduce Fly Away With Me,

and Sherman breached these provisions by threatening and filing suit against the ministry because the ministry acted within the scope of the commission’s license - using the song for promotional purposes.

“Importantly, the ministry does not argue that the commission validly assigned to the ministry the license to Fly Away With Me. Instead, the Ministry argues that it acted as the commission’s agent when it used Sherman’s song. The commission contends that it may enforce the licensing and reproduction provisions because it is a third-party beneficiary of those provisions.”

The south Texas federal judge described this argument as “unavailing”, as the ministry of tourism

could produce anothing to prove the commission had given it permission to act as its agent.

“The ministry has not established by clear and specific evidence that it acts with authority to enforce the commission’s contractual rights as its agent,” she wrote. “Second, the Ministry fails to show that it is a third-party beneficiary capable of enforcing the disputed provisions in its own name.”

As for the ministry of tourism’s argument that Ms Sherman had breached the indemnity provision by filing the original lawsuit, Judge Atlas said this suffered from the “flaw” that it was not a party to, of beneficiary of, this term.

“The ministry plainly was not a signatory to the

rules and regulations of the commission’s competition or the indemnity provision therein,” she wrote. “The ministry instead claims membership in the group of ‘sponsors’ mentioned in the indemnity provision.

“This argument fails because the indemnity provision does not ‘sufficiently describe or designate’ the term ‘sponsor’ to support any third-party beneficiary status... The ministry accordingly cannot show a prima facie case for breach of the indemnity provision because, first, the ministry does not have the right to enforce the provision, and second, the express negligence doctrine prevents application of the provision to Sherman’s copyright infringement claim.”

Govt key to poultry production ramp up BTC CELEBRATES SMALL

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net AN Abaco-based producer yesterday said government “definitely has a role to play” if The

Bahamas is to increase its poultry output.

Lance Pinder, operations manager at Abaco Big Bird Poultry Farm, told Tribune Business: “I think the biggest thing, like any other farmer in this country, is that

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION FRANCE (MEDITERRANEAN) LIMITED _____________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION FRANCE (MEDITERRANEAN) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 1st day of October 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 3rd day of October, 2018 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

Legal Notice NOTICE Inga Fund ICON NOTICE IS HEREBY GIVEN as follows: (a)

Inga Fund ICON has been dissolved on the 7th day of August, 2018 under the provisions of the Investment Condominium Act, 2014

Brian Jones Liquidator COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT 2018 Family Division FAM/div/00345 BETWEEN MALA JEANETTE TUCKER NEE STRACHAN Petitioner AND TAFFARI MARLANDO TUCKER Respondent

business people don’t invest money if they don’t feel they can sell a product at the end of the day.

“When you’re fighting all the time, competing with the imported stuff, it really discourages people. The upfront costs and access to financing are also big issues.”

Michael Pintard, minister of agriculture and marine resources, last month lauded the domestic poultry sector’s growth potential as “huge” given that it currently supplies just 15 percent of the Bahamian market. He was addressing the 15th annual Abaco Business Outlook conference.

“I think in our situation

we were big enough, but small enough, to find a niche market and that kind of allowed us to survive, but to really go full steam ahead and have a poultry industry that is producing 50-80 percent, the Government has a role to play in that. No one wants to invest money they can’t get a return on,” said Mr Pinder.

He added that August had proven to be one of Abaco Big Bird’s worst months in years, with September not much better. “We rely on the Nassau market more around this time of the year when things slow down here, but that has proven to be a very sluggish market,” he added.

NOTICE EXXONMOBIL EXPLORATION AND PRODUCTION FRANCE (MEDITERRANEAN) LIMITED ________________________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 31st day of October, A.D., 2018. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 3rd day of October, A.D., 2018.

R. W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

BUSINESS IN OCTOBER THE Bahamas Telecommunications Company (BTC) is again celebrating October as Small Business Month in recognition of over 80 percent of its corporate client base.

The company kickedoff its month-long series of events on Friday, September 28, during the “Fantastic Fridays” cocktail reception at John Watling’s Estate.

Andre Knowles, head of BTC’s B2B (business to business) operations, said, “Every year we examine how we can meet the needs of our small business owners, especially because they represent 80 per cent of our client base.

“This year, we paired the kick-off of Small Business Month with the launch of the Samsung Note 9, allowing our clients to benefit from device discounts. Our theme for the month is ‘The Power of Partnerships’, and 50 of our clients joined us at Fantastic Fridays where we officially launched the month of activities.”

Throughout this month, BTC will highlight some of its small business customers including Bahama Handprints, Café Channing Noelle, Jessica’s Tilework Studios and Pupstar Entertainment.

Taxi drivers urge end to plates bar FROM PAGE ONE they needed “some relief from harassment and disrespect by law enforcement and Road Traffic officials, and even the public.

“Once you have that taxi plate on your vehicle it’s like you’re a target,” he said. “We have drivers paying to lease plates, you have to pay for a public service badge and regular driver’s license, bridge tools, airport user fee, gas, business license and after all of that we get

disrespected and ostracised by the public, the Road Traffic Department, security, police, you name it.”

Mr Ferguson said his goal is to revitalise and rebrand the industry.

“Right now the taxi union halls is in shambles,” he added. “We are in dire straits. I took on this task and this is a mountain, to put it mildly. When you talk about the complaints and issues on this industry, to get drivers motivated and address the complaints and problems is no easy task.”

NOTICE

NOTICE

LOCHLAINN HOLDINGS LTD.

FULL SLIDE LTD.

NOTICE is hereby given as follows:

NOTICE is hereby given as follows:

(a) Lochlainn Holdings Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(a) Full Slide Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 3rd day of October, 2018.

Dated this 3rd day of October, 2018

Beatus Limited Liquidator

Beatus Limited Liquidator

ADVERTISMENT OF THE PETITION

NOTICE

NOTICE

TAKE NOTICE that an action has been commenced against you in the Supreme Court, Divorce & Matrimonial Side, Action No. 345 of 2018 in which the Petitioner has filed a Petition on the 8th day of August, A.D. 2018 seeking Dissolution of the marriage.

AND TAKE NOTICE THAT it has been ordered by the Supreme Court that service of the Petition filed herein be so effected on you by this advertisement.

AND FURTHER TAKE NOTICE that you must within fourteen (14) days from the publication of this advertisement inclusive of the day of such publication acknowledge service of the said Petition completing a prescribed form of Acknowledgement of Service which may be obtained on request from the Attorney whose name and address appear below, otherwise the Petition will be heard and determined before the Supreme Court without you.

EMBRUM INVEST LTD.

ADDIEBOOK LTD.

To: TAFFARI MARLANDO TUCKER

Dated this 3rd of October, 2018 LEGAL ASSOCIATES CHAMBERS #185 WULFF ROAD NASSAU THE BAHAMAS

NOTICE is hereby given as follows:

NOTICE is hereby given as follows:

(a) EmBrum Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(a) Addiebook Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas.

Dated this 3rd day of October, 2018.

Dated this 3rd day of October, 2018.

Beatus Limited Liquidator

Beatus Limited Liquidator

THE TRIBUNE

Wednesday, October 3, 2018, PAGE 5

Ex-BCA chief’s concerns over ‘political activist’

FROM PAGE ONE threatening to harm a senior police officer in 2017, an incident which came after he jumped from a second storey window at the Magistrates Court complex two years’ earlier in a bid to avoid arrest.

He returned to public prominence at the weekend after Leonard Sands, the now-former BCA president, accused Mr Archer of being behind the “sinister and unprecedented” political pressure that forced him to resign to for the association’s greater good - a claim that the registrar subsequently denied to Tribune Business.

But Mr Wrinkle, echoing concerns voiced by Mr Sands and others, also suggested that Mr Archer may be “not the best candidate for the job” given that the construction sector required a registrar with the necessary experience to help complete the crafting of regulations that will accompany the Construction Contractors Act. “I would have hoped that the ministry would have appointed someone with experience in the industry, at least at the organisational level, to help work out the details for the regulations that have to be put in place,” Mr Wrinkle told Tribune Business.

“If Omar Archer has any experience in construction or related industries that would be immensely helpful to work out the regulations to go with the Act. He’s a political activist: Does he have any construction or engineering expertise?

“That’s very relevant to the situation so he can

LEONARD SANDS

relate to people within the industry. He may be a competent negotiator, but I hope the ministry has appointed someone who can guide Mr Archer. It’s critical because they’re setting up the regulations for the Act.” Mr Archer’s appointment coincides with a vital time for the Bahamian construction industry, given that the decades-long campaign for it to join all other professions in being self-regulated through an Act of Parliament seems set to bear fruit imminently.

The Government and industry are working together to complete the final tasks necessary to bring the Act into effect, and Mr Archer will have a pivotal administrative and regulatory role in overseeing an industry where contractors will be licensed according to the scope of works they can perform.

Mr Wrinkle, meanwhile, told Tribune Business it was virtually impossible to “segregate” major industry and trade associations from political influences, which were all-pervasive in

NOTICE Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that JAMEM LIMITED has been dissolved and that the name has been struck from the Register of Companies with effect from the 30th day of August, 2018.

ENERVO ADMINISTRATION LIMITED LIQUIDATOR MONTAGUE STERLING CENTRE EAST BAY STREET NASSAU, THE BAHAMAS

NOTICE DAWN OF DESTINY CORP. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, DAWN OF DESTINY CORP. is in dissolution as of October 1, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ NOTICE ESSEX JUNCTION INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ESSEX JUNCTION INC. is in dissolution as of October 1, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

a small society such as The Bahamas.

“The truth of the matter here is that everything is related to politics,” he said.

“Every industry, every association, every agency is politically influenced. It’s a very small country; we’re limited in our personnel and resources, and are always going to be bucking up against the Government and wishes of the Government.

“Opposition to the Government is not a good and wise place to be when representing an industry. Mr Sands, I think, recognised that. He could see they were not getting anywhere, and decided to let someone else have a go.”

Mr Wrinkle is known to have upset the last Ingraham administration when he held office as BCA president, with his advocacy style similar to the public outspokenness of Mr Sands.

OMAR ARCHER

He, though, said he was unaware of the politicallymotivated pressure cited by the latter as the cause of his resignation.

Mr Sands previously told Tribune Business he had no choice but to obey the “ultimatum” given to resign by 12pm on Sunday, after the BCA was warned it faced “dire repercussions”, and exclusion from efforts to improve and regulate the industry, if he remained in his post.

Describing this alleged interference with an independent industry association as “exceptional”, Mr Sands said that while the pressure came directly from Mr Archer, he found it hard to escape the suspicion that the Contractors Registrar would not have acted without support from Desmond Bannister, minister of works.

The minister vehemently denied this to

Tribune Business, saying he was “dumbfounded” and “lost for words” over Mr Sands’s allegations.

However, the two clashed publicly in February this year over the board that will oversee the Construction Contractors Act, with Mr Bannister saying he “detests” the ex-BCA president’s habit of going to the media before speaking to him.

Mr Wrinkle said this, rather than Mr Sands’ lobbying for greater Bahamian contractor participation at The Pointe project in downtown Nassau, was likely to have been the origins of the dispute that led to his resignation.

Backing Mr Bannister’s version of events over the board, Mr Wrinkle added: “I know the names put forward for membership of the board from the BCA, my understanding was they [the

Government] wanted more diversity.

“The BCA had submitted too many general contractors and they wanted some sector-specific contractors.

That’s the last I heard about that. Whether new names were resubmitted I don’t know.”

He said the issues leading to Mr Sands’ resignation appeared to be “of a personal nature” between him and the ministry of works.

While acknowledging that a president’ decisions do “reflect on the BCA and the board of the BCA” to some extent, Mr Wrinkle said the controversy was unlikely to cause any “interruption” in the association’s relationship with the Government.

“What affects you affects your organisation and vice versa,” he added. “It’s difficult to segregate the two, and difficult to segregate politics from business. One has to tread very carefully; I’ve been there, done that.

“Mr Sands probably thought without him in the position, the BCA Board would have a better opportunity to resolve the situation with the ministry.

Although he’s upset, I’m sure the main reason was to protect the BCA. “From all indications he bit the bullet and made the decision to step aside to preserve the future of the BCA. It’s not to say he’s not a good person or did not represent the BCA in a good manner.

In the circumstances, he must have felt it was best to proceed without him.”

OLA TRADERS CORPORATION Company No. 1582596 (In Voluntary Liquidation)

NOTICE NAMUMA LIMITED In Voluntary Liquidation

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that OLA TRADERS CORPORATION is in voluntary liquidation. The voluntary liquidation commenced on 18th September, 2018 and GELSOMINA GUTHAUSER of Hahlstrasse 473, 8048 Zürich, Switzerland, has been appointed as the Sole Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, NAMUMA LIMITED is in dissolution as of September 27, 2018

Dated this 20th day of September, 2018 Sgd. GELSOMINA GUTHAUSER Voluntary Liquidator

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

LIQUIDATOR ______________________

PAGE 6, Wednesday, October 3, 2018

THE TRIBUNE

Water chairman to Davis: ‘Would you operate in red?’

FROM PAGE ONE the grounds that it threatened to deprive customers - especially families with young children - of an essential commodity.

While agreeing that all Bahamians have an obligation to pay their water bills, Mr Davis said disconnections threatened to “do more harm than good”, especially in situations where corporation customers simply cannot afford to pay.

“Let me make it clear: We must all pay our bills,” Mr Davis acknowledged. “However, it is incumbent upon the Government to ensure that where there is the supply of an essential commodity like water, that we do not cause more harm than good by disconnecting the water supply.

“The corporation should make every attempt to work with customers, particularly families with children to ensure that the water supply stays on.”

Mr Gibson, though, retorted that no business including even Mr Davis’ own law firm - could afford to operate without collecting monies due and owing from clients. In the Water & Sewerage Corporation’s case, these accounts receivables total around $45m, impairing its cash flow and forcing it to rely on the Public Treasury (taxpayers) to bail out delinquent customers.

“I’ve seen the communication from the leader of the PLP, but the reality is this,” Mr Gibson told Tribune Business. “We have done everything in our power to sensitise people to

the disconnection exercise, and have given them every opportunity to pay their bills and enter into payment plans.

“The corporation is a business, and I believe the leader of the PLP, he’s a businessman as well. He cannot run his business in the red, with a huge amount of accounts receivables. I can’t believe it’s acceptable for any other company or corporation to do so either.

“Just because we are a government corporation, we cannot continue to be an albatross around the necks of the Bahamian people or become comfortable with the status quo, which is relying on government subsidies and not collecting outstanding accounts receivables,” the corporation’s chairman continued.

“This is an exercise where no one will be exempt.

I’ve said on more than one occasion: If they find me in arrears, disconnect my account. If I want this as a service to be provided, and am being responsible, I must pay the service charge. That’s the reality of it.”

Many observers are likely to see Mr Davis’s statement as a prime example of why so many state-owned enterprises (SOEs), such as the Water & Sewerage Corporation, find themselves in dire financial straits and are forced to rely on annual multi-million dollar taxpayer subsidies.

Successive governments, and politicians, have refused to pursue deadbeat customers - especially those with the right family and political connections, and who

PUBLIC NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

INTENT TO CHANGE NAME BY DEED POLL

The public is hereby advised that I, KETRA WARD of the Seven Hills off Zion Blvd, P.O.Box CR-556563, New Providence, Bahamas,mother of RoDnEy Johnson intend to change my child’s name to JUDE RAhMInG. 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, Bahamas no later than thirty (30) days after the date of publication of this notice.

The public is hereby advised that I, CHRISTINE MAE LOUISE BAILOU of the Palm Beach St., Englerston,P.O. Box 60135, New Providence, Bahamas, intend to change my name to CHRISTINE MAELOUISE BAILLOU. 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, Bahamas no later than thirty (30) days after the date of publication of this notice.

can afford to pay but refuse to - for fear of losing votes at election time and other considerations.

Mr Gibson yesterday reiterated that such attitudes, at least where the Water & Sewerage Corporation is concerned, are coming to an end. “My role at the corporation is to turn this place around, reform the corporation and move it to a position of strength beyond where it has been in the past,” he told Tribune Business.

Such an objective, he added, will only be achieved if it collects all revenues due, improves operational efficiency and “handles our capital expenditure and training and staff development”.

The Long Island MP then disclosed that the corporation’s Family Island revenue collection increase for September near-doubled, mirroring the performance in Nassau. Monies received totalled $600,000 compared to around $315,000 for the same month in 2017.

This took the corporation’s total top-line to $4.2m for the month, around a 100 percent increase or double the normal $2m average for a period impacted by the traditional tourism lull and consumer spending on back to school.

Mr Gibson also revealed that the corporation plans to target “chronic” non-payers that use its sewage services, with some customers having

failed to pay their bills for between five to seven years.

“Our exercise is not only related to water,” he told Tribune Business. “We’re also looking at means to address serious outstanding balances on the sewage system. We encourage those people to come in.

“We’ll shortly be taking legal action against those chronic offenders that utilise the sewerage system and don’t pay. We have a few cases where persons have not paid for the service for five, six, seven years.”

Suggesting total disconnections may be “way up there”, Mr Gibson emphasised: “We’re not discriminating in terms of who we disconnect. We’re not targeting any group or status.

“Over the last two days we’ve had many people coming into our offices.

Every time I move around, the parking lot is full. People are parking across the road at University Drive. I think the response has been good.

People are realising the corporation is serious about its intent to claw back monies outstanding.

“We still have a bit of a road ahead of us in getting people to understand we are a business, and intend to operate as a business, treating our relationship with customers as it should be whether it’s a business, house or average citizen. The approach will be the same.”

MARKET REPORT TUESDAY, 2 OCTOBER 2018

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

BISX ALL SHARE INDEX: CLOSE 1,947.10 | CHG -0.01 | %CHG 0.00 | YTD -116.47 | YTD% -5.64 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 3.54 9.00 2.30 1.40 7.25 6.00 9.75 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 3.51 17.43 9.09 4.46 1.01 0.19 2.30 9.22 6.16 3.60 12.42 2.74 1.75 7.64 6.21 13.20 6.35 3.65 13.01

CLOSE 3.51 17.43 9.09 4.46 1.01 0.19 2.30 9.22 6.16 3.60 12.42 2.70 1.75 7.67 6.21 13.20 6.35 3.65 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.04 0.00 0.03 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

107.24 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.13 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 100.00 107.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

9,000 3,850

36 10,000

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 23.4 19.8 26.5 7.6 N/M 9.3 18.8 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% 3.33% 4.99% 2.22% 4.00% 1.10% 4.51% 3.79% 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

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 1.64 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 1.69 1.65 1.10 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% 2.88% 4.24% -0.49% 4.11% 2.09% 4.19% 0.06% 0.72% -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-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-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

NOTICE Notice is hereby given that LOUIS DESIR of Kemp Road, Nassau, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 26th September, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

NOTICE Notice is hereby given that ERZILIA ARTISTE- PIERRE of Millennium Gardens, P.O. Box GT 2557, New Providence, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 26th September, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

NOTICE Notice is hereby given that AUTALES PIERRE of Millennium Gardens, P.O. Box GT 2557, New Providence, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 26th September, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

THE TRIBUNE

Wednesday, October 3, 2018, PAGE 7

ALIBABA founder Jack Ma listens during a session of the annual meeting of the World Economic Forum in Davos, Switzerland. Jack Ma defended trade at a World Trade Organization seminar yesterday in Switzerland.

Photo: Markus Schreiber/AP

Jack Ma says USChina trade war could last 20 years GENEVA Associated Press ALIBABA founder Jack Ma said yesterday that the trade dispute between the US and China could last 20 years. But he expressed hope that a solution could be reached as a trade war would “hurt everybody”.

The Chinese e-commerce billionaire also questioned the focus among some on trade deficits, calling it a relic of the 20th century. US President Donald Trump has long decried the US’s whopping deficit with China.

“When trade stops, sometimes the war starts.

So trade is the way to stop wars,” Ma said at a World Trade Organization seminar. “Trade is the way to build up trust. It’s not the weapon to fight against

each other.”

He said trade conflict would not only hurt the US and China but other countries’ small businesses. The standoff, he added, “may last 20 years, unfortunately.”

Overall, Ma expressed bullishness about trade, but said it needed to be protected from regulators.

“Today we see Made in China, Made in America, Made in Switzerland or Made in Geneva: 2030 will see Made in Internet.”

More than 85 percent of business will be e-commerce, he said.

Alibaba Group is the world’s biggest e-commerce company by value of the goods that pass across its platforms.

A key part of its business is connecting American retailers with Chinese suppliers, many of them small

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producers of furniture, handbags, tools and household appliances.

The United States is an important market for Chinese businesses and Washington’s tariff increases have been a hit.

The Trump administration has imposed tariffs on hundreds of billions of dollars’ worth of Chinese goods, prompting retaliation from Beijing.

Ma, 54, is one of China’s most prominent and outspoken business leaders. He announced last month he will step down as Alibaba’s chairman next September but will stay on as a member of the Alibaba Partnership, a group that retains control of the company through their right to nominate a majority of its board of directors.