10042018 BUSINESS

business@tribunemedia.net

THURSDAY, OCTOBER 4, 2018

$4.90 Court to Minister: More clarity for labour disputes By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Court of Appeal has urged the Minister of Labour to provide greater clarity when referring trade disputes to the Industrial Tribunal, branding the present process “inadequate”. Acting appeal justice Milton Evans said it was “of fundamental importance” that the minister specify the precise issues that the Tribunal must resolve given that it has no power to alter the nature of claims referred to it. He added that it was his “understanding” that the Minister of Labour currently does not provide particulars on employer-employee disputes, but simply supplies the Industrial Tribunal with “all papers” and asks it to resolve the matter. “It is of fundamental

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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BEACH club promoter yesterday confirmed he is renewing his pursuit of Resorts World Bimini for a minimum $8m in damages, and warned: “I hope they understand we have staying power.” Garrick Edwards and his Therapy Beach Incorporated entity, fresh from a Court of Appeal verdict that upheld a $9.67m damages award against Bimini Bay’s original developer, Gerardo Capo’s RAV Bahamas, are now dusting off another Supreme Court

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

4C’s boating tragedy. impacted us negatively in terms of people being able to undercut our pricing and basically poaching from us. “We know that we follow the rules, have all of our paperwork, licence as well as insurance, and we absolutely

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New Year’s Day goal for vacation rental taxation By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Government plans to tax the vacation rental business from New Year’s Day 2019, with Airbnb having agreed to collect and remit levies on properties it markets to the Treasury. Dionisio D’Aguilar, pictured (top), minister of tourism and aviation, told Tribune Business yesterday: “The Government is hoping that on January 1 it will begin to implement taxation on vacation homes.

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Promoter renews $8m Resorts World pursuit

‘Double blow’ for Exuma operator AN Exuma water sports operator yesterday revealed it had suffered a “double blow” from the 4C’s boating tragedy as it backed tougher enforcement to combat “rogue” operators. Rebecca Lightbourne, of Exuma Watersports, owned and operated by her family since 1935, told Tribune Business: “We would certainly welcome stricter regulations because rogue operators have definitely

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It’s really a tax matter, and the specifics of how that tax will be rolled out will come from the Ministry of Finance.” K Peter Turnquest, pictured, deputy prime minister and minister of finance, told this newspaper: “Implementation details for taxing the vacation home rental sector are still being finalised. However, the Ministry of Finance is working to introduce VAT some time in the New Year.”

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Mr Edwards, a Miamibased entertainment owner/promoter, and Therapy Beach are alleging that Resorts World “induced” RAV Bahamas to demolish their Sakara Beach Club - in violation of a Supreme Court injunction - on July 18, 2013, because it needed to establish beach and restaurant activities at Bimini as “a profit centre” for itself. This, they claim, was despite Resorts World being aware of the existence of their Sakara Beach

Oil explorer says Oban, BPL sign of govt backing By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Club lease through its various agreements and negotiations with Mr Capo. And they also allege that they lost further business opportunities, namely the Atlantic Seafood Restaurant and other food and beverage outlets, as a result of being run out of Bimini Bay by the original developer. Mr Edwards and Therapy are thus claiming damages against Resorts World for trespass, “inducement

A BAHAMAS-based oil explorer is “entirely focused” on drilling its first exploratory well, while viewing the end of exclusive talks with a “major” industry player as “validation” of its work. The Bahamas Petroleum Company (BPC), unveiling its financial results for the half-year to end-June 2018, painted the threemonth exclusive talks as a positive despite the failure to conclude a joint venture agreement for their first well. Pointing out that discussions with other potential joint venture, or “farm in”, partners had restarted once the exclusivity ended on August 31, BPC’s senior executives said the Bahamian - as well as

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* Warns developer: ‘I have staying power’ * Says millions ‘wasted by greed, ignorance’ * Adds: ‘They needed me out for Capo JV’ action that targets their Malaysian conglomerate partner. Legal filings from October 1, 2018, reveal that Therapy Beach is seeking the Supreme Court’s permission to alter its original lawsuit by removing RAV Bahamas and a related affiliate. This will enable it to focus the claim, first lodged in 2014, on the three companies that operate the Bimini Bay property as Resorts World Bimini, a subsidiary of the giant Genting Group.

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PAGE 2, Thursday, October 4, 2018

THE TRIBUNE

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DESIGNING YOUR OWN LEARNING

FOR THE KIND ATTENTION OF OUR ESTEEMED CUSTOMERS

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The legislative and financial services regulatory frameworks of The Bahamas stipulate that all customers and beneficial owners of customer accounts are to be compliant with current KYC norms irrespective of the duration a customer has already been banking with the Bank.

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As part of the Bank’s obligation to meet KYC requirements, we request that you provide us with your most up-to-date contact information. Whether you have moved to a new residential address, changed telephone or email contact information, or for any other reason you wish to update your contact details; you are asked to do so.

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The Bank is also obligated to remind its customers that if you suspect or are aware of not having provided documentation to verify your identity or that of the beneficial owners of your account, you are requested to do so immediately, and in all cases prior to October 31st, 2018. Effective November 1st, 2018, all KYC non-compliant customer accounts will attract an annual fee due to compliance cost associated with these accounts; and restrictions will be placed preventing any customer-initiated activity on such accounts without further notice.

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Please note that completion of current Bank forms may also be required at this time. Customers are therefore encouraged to contact a Bank representative at the branch where their account(s) is (are) domiciled, or the nearest branch for further guidance.

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For details on the reference fee and acceptable identity verification documents, refer to our website (https://www.fidelitygroup.com/account-opening-process) or the recently released Guidelines for Supervised Financial Institutions on the Prevention of Money Laundering, Countering the Financing of Terrorism & Proliferation Financing which may be accessed on the website of The Central Bank of The Bahamas (http://www.centralbankbahamas.com/download/032474800.pdf).

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AUL Arden, who was the creative force behind the Saatchi & Saatchi advertising agency, wrote this in his best-selling book: “It’s not how good you are, it’s how good you want to be.” Learning graphic design is not a quick fix and, for many of us, the thought of high school conjures up memories of heads buried in textbooks. But, in the digital age, computers can help us bring anything to life. Graphic design is certainly something that marketers can always benefit from, even without a formal education. Nonetheless, we are now in a world of do-it-yourself, with repeated recommendations to “learn Photoshop, Illustrator and InDesign”, or “read a book about basic design principles”. As much as these help, studying the fundamentals, navigating new tools and developing a personal style make for a tricky balancing act. ALWAYS KEEP AN EAR TO THE GROUND As marketers, learn as much as you can from influencers. After all, 49 percent of folks trust the people they know above anyone else for product or service recommendations. In this digital age, that includes influencers. Influencers are often willing to share the secrets

REPRODUCE YOUR FAVOURITE WORK Let me be clear: Under no circumstances should you infringe anyone’s copyrighted work. Never reproduce someone else’s work to pass off as your own. Re-creating a design you like without advertising it as your own work will help your moral character.

The Art of Graphix BY DEIDRE M BASTIAN

to their success. Make a point to listen and engage with them to discover more tips from other industry experts. Stay on top of trends and relevant terminology. Create a targeted list of influential designers so you can follow their daily insights, especially those that personally inspire you. COLLECT INSPIRATIONAL WORK Once you decide to learn design, start building a catalog of work you think is successful. This can be as simple as bookmarking images in your web browser, or saving items to a folder on your computer. A list of influencers, coupled with a catalogue of inspiring work, will help you to identify trends - both past and present - as you begin to recognise patterns in the work of others. You will also begin to understand your own personal style preferences and interests, and start looking into specific resources to learn how to create them. DISSECT THE PROCESS Analysing the process behind a design will allow you to understand the steps required to produce a piece of work. Depending on your current skill level, you may already know which tools were used or what was created first. Do not be discouraged. Educated guesses will do far more to teach you than doing nothing at all. Moreover, you will likely find that you know more than you think, as there is more than one way to achieve a desired result. STAY SPECIFIC WITH ONLINE SEARCH QUERIES As you begin creating your own designs, you will likely hit an obstacle where you think to yourself: “Hmm.... How the heck do I do that?” Chances are others have wondered the same thing. Like many self-taught disciplines, most of their technical design knowledge was gained by watching a YouTube tutorial. Be specific with your searches. Searching for something such as “how to create an icon”. Type in exactly what you want to learn. Practice browsing design terminologies to find the specific terms that you are trying to familiarise yourself with.

FEEDBACK Never be afraid to receive feedback. Everyone is afraid of criticism on some level. We are afraid our ideas will get shot down, but learning to accept constructive criticism is no easy task. Yet it is key to becoming a better designer. Instead of seeking approval, ask: “What’s wrong, and how can I make it better?” Design critics allow designers to incorporate others’ viewpoints into their work and improve. Remember, design is subjective in nature, and just because someone else has a different opinion does not mean you are wrong. PICK A PASSION PROJECT It is not rewarding to work on something you are not passionate about, as it will likely lead to frustration. When you pursue something you care about, you are compelled to work through the frustration that comes with the design. Be decisive and choose something you are happy to work on for a length of time, and not simply because you think you should. Getting started is just as intimidating due to the sheer amount of learning associated with graphic design, but remind yourself that even the most talented designers were once newcomers. What makes the creative field so special? Everyone’s journey is unique, and there is no one way to approach Do it Yourself design. So do not be too hard on yourself, nor too bothered or intimidated, by “know it all designers”. You will find your own means to discern what you want and need to learn. Keep reworking your ideas and projects and as you progress. You will develop your own workflow and, one day, that logo that took you three weeks to complete will only take an hour. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Deidre M Bastian is a professionally-trained graphic designer/marketing co-ordinator with qualifications of MSc, BSc, ASc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Thursday, October 4, 2018, PAGE 3

Promoter renews $8m Resorts World pursuit FROM PAGE ONE to breach contract” and “unlawful interference” with their economic interests on the basis that it was complicit in their fate. Their “statement of claim” alleges that financial projections, provided by a hospitality consultant in February 2012, forecast that the Atlantic Seafood Restaurant would generate an annual net profit margin of $1.156m “solely for the restaurant component and excluding the additional promotional activities”. Based on the “loss of profits” over the original four-year lease, and a renewal for three years, Mr Edwards and Therapy Beach are claiming a minimum $8m based on that seven-year period and the restaurant profits alone. Mr Edwards told Tribune Business yesterday that he had developed plans for at least four beach and restaurant sites at Bimini Bay, none of which will now be developed after RAV Bahamas’ new relationship with Resorts World got in the way. He argued that millions of dollars had been wasted, through the payment of damages and legal bills, as a result “of greed and ignorance” and the failure of both resort developers to negotiate with his company some five to six years ago. Disclosing that he was still open to resolving the dispute with Resorts World Bimini without using the courts, Mr Edwards warned the company not to make Mr Capo’s mistake by under-estimating him and thinking that it could wear him down through a legal war of attrition. “All this money has been wasted because of greed and ignorance,” Mr Edwards told Tribune Business. “I had a phenomenal team in Miami, celebrities

were going to be driving traffic and they have none of that. “If they [Resorts World] had heard the marketing plans we had, there was a minimum of four locations we were going to open on that beach. The business plans were done. I was well on the way with the second site [the Atlantic Seafood Restaurant]. “Celebrities would have been coming in, there would have been organic publicity and sponsorships feeding off that. We had all the hotels [in Miami] lined up; concierge services. We were doing a lot of work behind the scenes had they heard the game plan. They didn’t ever want to hear it; didn’t want to know what we were about.” While still willing to talk, Mr Edwards added: “I’m disappointed that all of this could have been avoided if they had the ability to come and talk to me. It would have been much better off for them. “We were in a much better position with marketing networks and plans to drive traffic to that resort, and make it more of a success than they ever could. All they had to do was come to the table. “I would still like the ability to speak to them and work this out reasonably without going to court, but if not I will see them in court. Hopefully, they understand we have staying power. The same thing that RAV thought, that they could beat me down, we proved that not to be true. We did it.” Tribune Business reached out to Resorts World Bimini through its Miamibased PR agency, but despite sending a detailed e-mail on the nature of its inquiries, no response was received by press time last night. John Wilson, the McKinney, Bancroft & Hughes

attorney and partner, who represented Resorts World Bimini in the battle with environmentalists over its cruise ship pier, yesterday said he was unable to comment because he had neither been instructed by the company or served with the newly-filed “statement of claim”. Resorts World Bimini, though, has previously filed a defence to the claims by Mr Edwards and Therapy Beach, and is understood to vehemently deny and dispute their allegations. The company will be permitted to file a new defence if Mr Edwards is allowed to alter his “statement of claim”. Tribune Business understands that Resorts World Bimini’s argument is that it had no knowledge of Therapy Beach’s lease agreement and terms with Mr Capo’s RAV Bahamas, and no involvement in the demolition of the Sakara Beach Club. However, Mr Edwards and Therapy Beach are alleging that the resort management agreement between Resorts World and RAV Bahamas clearly shows that the former must have been aware of the deal with themselves. That agreement, executed one month before the Sakara Beach Club’s demolition, contained two clauses that specifically mentioned this facility and the lease. One also referred to giving Resorts World the “right to operate and manage... all food and beverage and similar outlets” subject to the termination of Mr Edwards’ lease. Yet RAV Bahamas had given Therapy Beach “the exclusive right to operate beach club and beach restaurant facilities” at Bimini Bay through their prior agreement, covering a seven-year period - the four-year lease, and then its three-year renewal. That deal also required

RAV Bahamas to construct, and Therapy Beach to operate, market and promote, the Atlantic Seafood Restaurant. Construction of the building began around mid-2012. Then came the Sakara Beach Club’s demolition in defiance of the Supreme Court, and the legal battle over the validity of Therapy Beach’s lease. The latter alleged that it was also prevented from taking possession of the Atlantic Seafood building under the terms of its deal with RAV Bahamas, with Resorts World Bimini moving into the property two days’ later and establishing its own beach club and restaurant there. Alleging that this amounted to trespass, Therapy Beach added that it lost out on the business

generated by Resorts World Bimini’s ferry bringing “hundreds of visitors” to Bimini Bay from Miami. The first sailing took place two days’ after the Sakara Beach Club’s demolition. Mr Edwards and his company are alleging that they had to be removed, by any means necessary, otherwise Resorts World would not have consummated its joint venture with RAV Bahamas because it did not have the beach and restaurant activities under its control. “Resorts World’s plans for the resort property included not merely the opening and operation of the casino but also the operation of other activities and profit centres within the resort property,” Mr Edwards and Therapy Beach are alleging. “It was the firm and

unequivocal position of Resorts World as communicated to RAV that it could not successfully and profitably manage and operate the resort property without having a number of different profit centres throughout the resort property.” They continued: “The beach club and beach restaurant business was a vital profit centre for the resort property... Resorts World would not enter into the joint venture with RAV with the plaintiff retaining the exclusive right to manage and operate beach clubs and beach restaurants on the resort property. “Resorts World wanted exclusive rights to all of the food and beverage outlets on the resort property inclusive of the beach clubs and beach restaurant.”

PAGE 4, Thursday, October 4, 2018

THE TRIBUNE

STERLING AFFILIATE NAMES NEW MANAGING DIRECTOR STERLING Bank & Trust, a Bahamas-based financial institution, has named Todd MJ Beneby as its managing director with immediate effect. He will be responsible for setting the bank’s overall direction, identifying strategic initiatives, and leading policy development in the areas of standards, compliance and customer care. “We are pleased to announce the appointment of Todd Beneby as managing director of Sterling Bank & Trust as the bank enjoys unprecedented opportunity for expansion in its core arenas of property development financing and wealth management,” said David

TODD BENEBY

Kosoy, chairman and chief executive of its parent, Sterling Global Financial. “Mr Beneby is no stranger to us, having worked with Sterling’s executive team for more than 15 years in various transactions in his previous role with a major Canadian financial institution. With his familiarity with Sterling combined with nearly 30 years’ experience in the financial services industry, including leading his last firm’s private client and wealth management group and contributing to its profitability and market share, he is an ideal fit, bringing experience and culture compatibility for a seamless assumption of his new role.”

Mr Kosoy said Mr Beneby’s appointment coincides with its funding for several large projects, which include transformations of iconic neighbourhoods in Boston and the UK, plus improvements near Florida International University in Miami. In The Bahamas, Sterling is involved with the renovation and re-opening of Sky Beach Resort in Eleuthera, plus the $250m Sterling Hurricane Hole project on Paradise Island. Both these projects are scheduled for an imminent start-up. Sterling has offices in Nassau, where its private banking division is

headquartered, and the Cayman Islands, home of its trust company. “Sterling Bank & Trust has an unparalleled reputation for regulatory controls,” said Mr Beneby. “The bank provides a solid, secure platform designed for high net worth individuals, nonresidents and international institutions to access avenues for lending, asset management and investment. “I am delighted to be joining Sterling Bank & Trust, and look forward to further strengthening the bank’s policies and procedures to protect our clients’ assets while offering them the most competitive banking solutions.”

TRADING PLATFORM RESPONSE EXCEEDS BANK EXPECTATIONS A BAHAMAS-based financial institution says local response to its newlylaunched international securities trading platform

has exceeded expectations. Corner Bank (Overseas) unveiled the Cornèrtrader platform to give Bahamians direct, individual

access to the global capital markets and investment products for the first time last week. “We had prepared for

this for more than one year, and our internal discussions and reviews led us to believe that the Bahamian public would welcome the capability to trade on international stock exchanges,” said Christine Russell, the bank’s chief executive. “I don’t think any of us realised just how great the appetite would be. While it is too early to predict how many inquiries will translate into business, we can say without reservation that the phones have been extremely lively and the questions people are asking demonstrate the seriousness of their interest.” Cornèr Bank unveiled the local version of its online trading platform, Cornèrtrader, at a wellattended reception and launch at Baha Mar on September 13. Those present included Central Bank governor, John Rolle; former Central Bank governor, James Smith; Securities Commission chairman, Robert Lotmore; co-chair of the Association of International Banks and Trust Companies (AIBT), Bruno Roberts; and executives from Cornèr Bank’s head office in Lugano, Switzerland. The Central Bank’s progressive relaxation of exchange control regulations paved the way for Corner Bank’s move, as they reduced previously-prohibitive international trading costs for Bahamians. During the launch, Ms Russell said the trading platform will allow Bahamians to move beyond the role of consumer to becoming investors. “We could buy a Samsung phone, but not easily invest in Samsung stock. Even more glaring, as an example, we can purchase items easily through a click of a mouse on Amazon, but not readily invest in Amazon; tradeable securities on the international markets,” she added. “However, with the reduction in fees and the liberalisation of exchange control, a new world of possibilities has opened up and, as a leader in progressive banking and as a committed partner to The Bahamas, Cornèr has seized the opportunity to offer international trading to Bahamians. “Our trading offering

LUIGI ZIZZA, of Cornèrtrader Zurich, demonstrated the Cornèrtrader platform that allows Bahamians to enjoy direct access to buying and selling shares on the global financial markets during an unveiling reception held recently at Baha Mar. Photos: Ronnie Archer/DPA.

FORMER Central Bank governor, James Smith; Glinton, Sweeting & O’Brien senior partner in the firm’s Albany office, Linda D’Aguilar; Association of International Banks and Trust Companies (AIBT) co-chair, Bruno Roberts; and Corner Bank chief executive, Christine Russell.

SENIOR attorney Jerome Pyfrom, of Holowesko Pyfrom Fletcher, far right, discusses the potential for Bahamians to invest in international markets with Central Bank Governor, John Rolle (second right); Securities Commission chairman, Robert Lotmore (second from left); and his son, Elliott Pyfrom, a private banker. provides a one-stop shop service because we know how valuable your time is, and how important convenience is to you. We facilitate all the regulatory exchange control requirements on behalf of the client, thereby ensuring the ease of business and the client’s only role is to start trading.” Once clients open an account, they are able to access information instantly on hundreds of publicly-listed companies on the open market, whether they are traded

through the New York Stock Exchange (NYSE), London, Hong Kong, the NASDAQ or elsewhere. Cornèr investment analysts study worldwide currency and commodities markets, companies and trends to provide continuous updates. Ms Russell said Cornèr Bank will handle all regulatory requirements for Bahamian investors. Its platform portable, allowing persons to enter “buy” and “sell” orders directly from a desktop, laptop or smart phone.

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THE TRIBUNE

Thursday, October 4, 2018, PAGE 5

Compliance officers urged to protect risk, jurisdiction

AS a part of the Bahamas Association of Compliance Officers’ (BACO) social outreach, Cheryl Bazard and members of her executive team presented the Junkanoo group, Genesis Warhawks, with a gift certificate for the purchase of workbooks for children in Over-the-Hill communities. BAHAMIAN compliance officers were yesterday challenged to minimise financial services industry risk and protecting the jurisdiction’s reputation. Nearly 150 executives were given this charge when they attended the Bahamas Association of Compliance Officers (BACO) annual money laundering reporting officers (MLRO) day, held at the British Colonial Hilton. “As money laundering reporting officers our job is to ensure compliance with local laws and regulations through thorough control standards, processes and programmes,” said BACO’s president, Cheryl Bazard. She took participants through the regulatory environment, reviewed their responsibilities and offered practical assistance during her presentation, “Ethics, Duty and Your Liability in a Sea of Change - Do You Really Know Your Risk?” “The chief officer and MLRO (money laundering

reporting officer) should be independent and free from influences that may affect his/her ability to perform your duties objectively,” Mrs Bazard said. “The ethics comes in when issues arise which could present risk to earnings or capital arising from violations, or non-compliance with laws, prescribed business practices or ethical standards.” Under those circumstances, Mrs Bazard said it is the MLRO’s job to ask tough questions and make difficult calls - even if it comes down to choosing between their reputation/ character or one’s job. “[MLROs] must be fully conversant with the business affairs and activities of the financial institution, and be able to respond to inquiries from the Inspector of Bank and Trust Companies about all aspects of the financial institution’s operations,” she said. “Any reported suspicion that a person is engaged in money laundering must be considered in the light of all other

relevant information.” The MLRO must also report suspicions - or reasonable grounds to suspect a person is engaged in money laundering - to the Financial Intelligence Unit (FIU), any regulatory agency or the police. “The money laundering reporting officer will be expected to act honestly and reasonably, and to make his or her determination in good faith when making a decision to file a suspicious transaction report,” said Mrs Bazard, the principal of the law firm, Bazard & Company. “No MLRO is expected to be infallible in validating reports of suspicions or deciding whether or not to make a disclosure.” She added that decisions proven to have been wrong do not amount to non-compliance, money laundering or terrorism financing, providing that the reasons for non-disclosure are justified, fully documented and retained with the original suspicious report.

PAGE 6, Thursday, October 4, 2018

THE TRIBUNE

Court to Minister: More clarity for labour disputes FROM PAGE ONE importance... that the minister is clear as to the precise dispute which he is referring to the Tribunal,” acting justice Evans wrote in a recent judgment. He conceded that “this should not be a problem” if

the parties involved comply with the Industrial Relations Act, which requires them to provide a written report on all the issues in contention to the minister, but added that the problem was “magnified” by the law’s broad definition of “labour dispute”. “I am given to understand

CLOSURE

that it is not the practice of the minister to specify the particular dispute, but to refer all the papers to the Tribunal with instructions to resolve the dispute,” acting justice Evans wrote. “If this is in fact so it is not, in my view, adequate as the conciliation process ought to afford the minister

www.ub.edu.bs

The public is advised that University of The Bahamas’ Oakes Field Campus and Grosvenor Close Centre in New Providence will be temporarily closed until 12:30 p.m. on Thursday, 4th October 2018 and for the duration of Friday, 5th October 2018 for the Annual Staff Seminar. However, on Thursday, 4th the Harry C. Moore Library and Information Centre, with the exception of the Internet Café, will remain open until 5:00 p.m. The Chapter One bookstore will operate as normal on this date. On Friday, 5th October, the Oakes Field Campus and Grosvenor Close Centre, including the Harry C. Moore Library and Information Centre and Chapter One bookstore, will remain closed. The University will resume normal operations, following the holiday, on Tuesday, 9th October, 2018. We apologise for any inconvenience caused.

the opportunity to obtain a good understanding of the nature of the dispute before he refers it to the Tribunal. “This issue takes on added significance when the dispute at hand relates to the termination of an employee. The questions arise: Is the referral to be with respect to a general dispute relative to his dismissal? Or must the referral be specific as to whether the dispute is with respect to wrongful dismissal and/or unfair dismissal?” Acting justice Evans’s concerns were contained in a unanimous Court of Appeal verdict that overturned an $81,000 Industrial Tribunal award against Atlantis, relating to the “wrongful and unfair dismissal” of an assistant stewarding director. He and his fellow appeal judges backed the Paradise Island resort’s argument that the Industrial Tribunal has no power or jurisdiction under the Industrial Relations Act to change an applicant’s original claim, and permit “a new dispute” to be heard. Yet the Tribunal’s vicepresident, Keith Thompson, had allowed John Fox to amend his original claim from alleged “wrongful dismissal” to include the alternative claim of unfair dismissal. The Tribunal found in the ex-Atlantis employee’s favour on both counts, but only awarded compensation for unfair dismissal. Setting out the background to the dispute, the Court of Appeal said Mr Fox had been “principally responsible” for handling payroll and entering the hours each employee worked into Atlantis’s system. “This was clearly an important position which was required to be held by someone in whom the company had imposed confidence and trust,” the court noted. However, Mr Fox was then accused by other employees of showing favouritism towards a female dish washer.

An anonymous letter, accusing Mr Fox of “romantic involvement” with the dish washer and other alleged offences, was submitted to Atlantis management. As a result, he was instructed not to edit or fill in time for Ms Rolle. “This instruction had been issued about a year before the respondent’s [Mr Fox] termination, and was never challenged by the respondent by way of the appellant’s [Atlantis] internal grievance procedure or otherwise,” the Court of Appeal said. “There is no dispute between the parties that the instruction had been given to the respondent. The respondent sought to assert at the hearing that it was only a ‘request’, and that he did not take it seriously as [Gary] Gillihan (an Atlantis senior director) had ‘never written to him about it and’, in his view, it wasn’t said in a serious manner’. “In cross-examination, the respondent agreed that Mr Gillihan could give him any instructions which were reasonable and lawful in the course of his duty, and not everything was reduced to writing. Additionally, the respondent admitted that receiving a request and an instruction from his senior director are both the same.” Atlantis discovered that on July 10, 2011, Mr Fox had breached his instructions by filling in time for the female dish washer. This occurred after she said she felt sick, and was going home. A dispute occurred over when she left the resort’s premises, and the Court of Appeal said: “The respondent [Mr Fox], notwithstanding the earlier instructions without confirming what time she left; without requesting that she swipe out; without putting any form of explanation in the Kronos system for Ms Rolle’s failure to swipe out; filled in a departure time in the Kronos system of 3pm, thereby entitling Ms Rolle to a full day’s pay. “It is noteworthy that... when asked in evidence-inchief to explain why he did not consider his conduct grossly insubordinate in the way he handled Ms Rolle, the respondent stated that he was responsible for payroll and he took her word because he considered her

to be an honest employee. This is a most egregious statement as it goes to the heart of dereliction of duty.” Mr Fox was suspended for ten days as Atlantis conducted an investigation, and then given an opportunity to provide an explanation. The resort found him guilty of “gross misconduct” and terminated his employment, with a Review Committee subsequently confirming its action was justified. Assessing Atlantis’s appeal, acting justice Evans agreed with submissions by Atlantis’s attorney, Ferron Bethell of Harry B Sands & Lobosky, that the Industrial Tribunal has no power under the Industrial Relations Act to amend disputes referred to it by the minister. He ruled that it had “simply had no jurisdiction to do so”, and also failed to follow its own rules and procedures in allowing Mr Fox to change his original claim. The Court of Appeal also found that the Industrial Tribunal “conflated” the issues of wrongful and unfair dismissal, noting that they were two different issues dealt with by separate sections in the Employment Act. While the Industrial Tribunal had given great weight to Atlantis’s failure to probe the anonymous letter’s allegations, the Court of Appeal said it was “undisputed” that Mr Fox had breached his employer’s instructions. “Contrary to the view held by the Tribunal that the instruction given was a very informal kind of casual instruction, the evidence was that there was no complaint and Mr Gillihan’s instructions was obeyed for over a year,” the Court of Appeal found. “It also inconsistent with the assertion by the respondent that he didn’t think it was a serious instruction. The evidence of the appellant was that it was important to the organisation that the perception of favouritism in the work place be addressed so as to avoid potential disruption in the workplace.” As a result, the Court of Appeal found that the “wrongful dismissal” claim cannot be sustained.

THE TRIBUNE

Thursday, October 4, 2018, PAGE 7

‘Double blow’ for COMPLIANCE ‘NOT JUST TICKING A LIST’ Exuma operator By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

FROM PAGE ONE

have no problems with it. I think that if you look at the number of VAT registrants versus tour companies in Exuma, it shows the amount of people doing things properly as opposed to under the table.” She spoke out following pledges by Renward Wells, minister of transport and local government, to crackdown on the lack of regulation and enforcement surrounding the boating and water excursions sector following the onboard explosion and fire on the 4C’s vessel that resulted in the death of an American tourist and injured ten other people. Ms Lightbourne told Tribune Business that the incident has “definitely” had a negative impact on her company’s operations. “We definitely have had numerous cancellations,” she added. “I couldn’t even put an actual numeric value on the amount of business we lost, both in terms of people who had booked and cancelled, and then people who got too scared and no longer wanted to do excursions. Most definitely this has financially impacted us.” She added that this loss has been further exacerbated by the fact that her family’s company, Exuma Watersports, is being confused with Exuma Water Tours, which is the trade name 4C’s operates under. “We have actually been doubly impacted by this because people get our companies mixed up,” she said. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that The Bahamas must learn from such tragedies and ensure “they never happen again”. While guarded with his remarks, he said yesterday: “It’s unfortunate. Any event like that worries us in tourism. These things happen. We have to learn from them and ensure that they never happen again. Just think about the duck boat tragedy in the US. “I think the most important think is to mitigate against these things happening again. We will learn a lot from this and move toward preventing incidents like this from happening again.” A damning report by the Bahamas Maritime

Authority (BMA) into the 4C’s Adventure boat onboard explosion and fire found that the company broke the law by operating a boat that was neither registered nor ever inspected by the Port Authority. “Under no circumstances” should 4C’s have operated the “craft on a commercial basis”, investigators wrote in their report. Among the findings were that the home-built boat’s “fuel-fill and vent hose did not appear to meet the required specification for its intended purpose; the craft had not been constructed to a recognised standard, or to naval architectural or technical drawings; and the craft’s construction and equipment materials were not verified for suitability of use”. Investigators also concluded that the Port Department of Exuma has not been “adequately resourced to control and regulate commercial water crafts operating on the island”, noting that a “significant number of commercial crafts operating within the waters of Exuma are not registered with the Port Department despite having submitted valid applications. The mechanical, structural, and safety standards required to be met cannot be verified”. Renward Wells, the minister of transport and local government, in the wake of the report’s publication pledged that the Government will “tighten up where it is slack”. He added that he has already taken steps to clamp down on the sector with instructions to the Port Department to have every ship and boat owner come in for inspection. “It is quite alarming as to the lack of manpower that we have in Exuma,” Mr Wells said. “It is alarming as to how this situation developed, and yesterday (Monday) I moved to issue certain instructions to the Port Department to have every ship, every boat owner in Exuma to come in and for us to inspect their vessels so that we’re able to bring the requisite regulations to this industry, and not just in Exuma - throughout the country - because we understand that this is not just a situation that’s just in Exuma.”

A COMPLIANCE specialist yesterday urged the creation of a “compliance culture” in The Bahamas, arguing: “It’s not just about ticking a list.” Cheryl Bazard, pictured, attorney and founding president of the Bahamas Association of Compliance Officers (BACO), told Tribune Business: “We want a compliance culture. It’s not about just ticking a list. We’re not taking the prescriptive methods. We’re going outside the box. “I’m positive that we have been doing enough and, sometimes as a

jurisdiction, we’re just not on a level playing field. We have complied with the resources that we have. We have a very wide base in terms of compliance professionals who are internationally accredited.” Mrs Bazard, who addressed the annual Money Laundering Reporting Officers (MLRO) Day conference at the British Colonial Hilton, said that

despite the “moving goal post” on anti-money laundering compliance, The Bahamas must adjust. “It’s very difficult and unfair when you’re moving the goal post,” she said. “We understand what we’re in and that there will be unfair situations in life, but we have to adjust and we have adjusted. We are not sitting down and crying over spilled milk. We’re saying this is the circumstances that we are in and we will make the best of it.” Mrs Bazard, who assumed the presidency of BACO again this summer, told Tribune Business: “When we were formed in 1999 one of the key objectives given to us by the then-governor of the

Central Bank, Julian Francis, was to make sure that our population or constituents of compliance officers were educated. “We thought the best way to do that was to have an annual MLRO Money Laundering Reporting Officer day. All of us are aware of the pressures from international organisations such as the EU, OECD and FATF. “As fast as we can pass legislation, there is something else they come with. We make sure that our compliance officers, our money laundering reporting officers are equipped with the knowledge and information that they should be looking

SEE PAGE 10

PAGE 10, Thursday, October 4, 2018

THE TRIBUNE

New Year’s Day goal for vacation rental taxation FROM PAGE ONE “A small legislative amendment is necessary, along with a period of education and consultation. We will issue final announcements when everything is in order to be rolled out.” While there are concerns over the impact

that Airbnb-type operations have on the traditional hotel segment, Mr D’Aguilar downplayed those fears. “I think it’s really just a new market,” he added. “I think that there are people who don’t want to travel to traditional hotels who probably would not have come here had it not

been for an Airbnb-type product, such as large families looking to economise and want to buy their own food. I would like to think that it is a new channel of revenue. “The one thing that is concerning, though, is that Airbnb customers get on planes and they take up seats, especially at critical

times of the year, that your traditional hotels would want. Hotels would have a package; a deal or promotion at that time,” the Minister continued. “We have to take into consideration that there are customers using up seats to come to the country that are not contributing to our traditional hotel sector. We

don’t collect information from Airbnb customers so I have asked my Statistics Department to review the Airbnb MOU (Memorandum of Understanding), what they promised us and to start to get information from them so we can intelligently address this second home rental market. It’s an evolving industry.” The prime minister yesterday said he met Airbnb’s chief executive, Brian Chesky, at the Bloomberg Global Business Forum and obtained a commitment that the vacation rental site will keep track of all Bahamas-listed properties, deduct the relevant tax and remit this to the Government. “I had the opportunity to meet the chief executive of Airbnb, at which time I discussed the challenges and problems we face with second homeowners and rental facilities throughout The Bahamas,” Dr Hubert Minnis said. “He has agreed that if The Bahamas would implement any form of taxation for such facilities, Airbnb would keep a register of all facilities within The Bahamas who have applied to their organisation, and they would deduct the relevant tax and have it repatriated to the The Bahamas government.”

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 year-over-year for August. “Indicative of the growing popularity of the short-term private rental market, data from Airbnb 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.”

Compliance ‘not just ticking a list’ FROM PAGE SEVEN at and remembering in their role.” She added: “What we are also finding is that the fines are becoming more draconian, and the responsibility is more of a personal liability as well as a corporate liability. We also will be looking at the provision of professional indemnity insurance for compliance officers and money laundering reporting officers. “For us as compliance persons, I think we really

take to heart that we are citizens of The Bahamas and have a role to protect our jurisdiction, a duty to protect our organisations but, at the same time, we have to protect our character and reputation. “We want to make sure that whatever new is coming down the pipeline, our officers have that information up front. We don’t want to be in a role where we are on the defensive. We want to be on the offensive and make sure that we are dealing with the issues.”

EMERA INCORPORATED (“Emera”) Notice to Holders of Depositary Receipts DIVIDEND NOTICE A dividend of CAD $0.146875 per Emera depositary receipt (CAD $0.5875 per common share of Emera) will be payable on or about November 15, 2018 to depositary receipt holders of record as at November 1, 2018. Dividends will be subject to applicable withholding tax.

FOOD AND BEVERAGE MANAGER NEEDED

For Boutique Resort on Small Island Duties include: • Manage food and beverage areas to ensure set-up of tables, chairs, linens etc. • Conduct daily pre-shift meetings with all necessary staff • Execute monthly beverage inventories and prepare orders for supplies that are low • Supervise customer’s grievances in systematic way. • Assist with other food and beverage positions during peak periods or when short staffed Qualifications: • Minimum 10 years of experience in food and beverage industry required (preferably in hospitality industry) • Minimum of 5 years experience of personnel management • Proficient in computer software including Microsoft Word and Excel • Ability to prioritize, anticipate situations, and take quick action • Great people skills and excellent communication Email resume to: careers@chubcay.com

THE TRIBUNE

Thursday, October 4, 2018, PAGE 11

OIL EXPLORER SAYS OBAN, BPL SIGN OF GOVT BACKING FROM PAGE ONE international oil industry - environment had strengthened in support of the project. Bill Schrader and Simon Potter, respectively BPC’s chairman and chief executive, pointed to the Government’s push for economic diversification and especially the Heads of Agreement with Oban Energies for its $5bn oil refinery, even though this remains under a cloud and is being renegotiated - as signs that it supports a “domestic hydrocarbon” (oil) sector. BPC also submitted its “Environmental Authorisation” application for the necessary permits for that first well to the Government back in late April, and the company’s financial statements said it was “in ongoing discussion with the Government in relation to the process by which the application will be progressed in a timely manner”. “Going forward, the board remains entirely focused on seeing an initial exploration well completed,” the duo told BPC shareholders, adding that the rise in global oil prices had strengthened industry demand and interest in exploration projects such as its own. “The overall operating environment for the

company has continued to strengthen during the period,” Messrs Schrader and Potter wrote. “Globally, oil prices have risen considerably and, in The Bahamas, the Government has continued to indicate support for the development of a domestic hydrocarbon industry. “For example, in its most recent budget statement, the Government endorsed a diversification of the Bahamian economy and an expansion of its revenue base to create more buoyant and resilient growth, with the Finance Minister referencing a ‘‘Blue Economy” policy, seeking to maximise the economic potential of The Bahamas’ oceans, including specifically “oil and gas production”. “Also, during the period, the Government sanctioned a large new refinery project on the island of Grand Bahama, and a new Liquefied Natural Gas (LNG) facility on the island of New Providence.” The latter is a reference to the LNG facility that will be constructed to support Shell North America’s power plant deal with Bahamas Power & Light (BPL). BPC earned $1m in exclusivity payments from the unnamed “oil major” over a three-month period, and its top executives said the talks reflected the project’s potential despite the

failure to conclude a deal. “The agreement ended effective 31 August, 2018, and the company has since resumed discussions with various parties, including a number of new potential partners,” Messrs Schrader and Potter said. “The company considers the willingness of a major international oil company to enter into exclusive negotiations, and to pay a substantial amount for that exclusivity, to be validation of the technical merits and strong potential of the company’s project.” BPC needs a joint venture partner to share the financial and technical burden of drilling its first exploratory well, a project that will last for 90 days and cost up to $100m. It has been seeking a deal for several years to help finance the well, which is targeted for waters south-west of Andros near the maritime border with Cuba. Mr Potter, in a separate statement issued yesterday, added: “The first six months of 2018 have been a busy period for the company. While the exclusivity agreement entered into

To advertise in The Tribune, contact 502-2394

with the major oil company was not extended beyond 31 August, 2018, the company is encouraged by their interest and willingness to pay a substantial amount to enter exclusive discussions. “The company views this as validation of the technical merits and strong potential of our high impact project. The board remains entirely focused on seeing an initial exploration well completed. With the support of our advisers at

Macquarie, the sustained recovery in the global oil price providing further confidence to industry operators and investors alike, and the recent bolstering of the company’s cash position, we are working hard to secure the investment needed to move this exciting project forward” Attitudes towards BPC’s project among Bahamians have been mixed. Environmental activists have been vehemently opposed, while

others are sceptical over the project’s merits and whether sufficient quantities of oil can be extracted from below the seabed to make it commercially viable. The former Christie administration postponed a proposed referendum on whether to permit oil drilling in Bahamian waters until after exploratory wells were dug, and it was known whether commercial quantities had been discovered.

PAGE 12, Thursday, October 4, 2018

THE TRIBUNE

Putin hopes Europe will resist US pressure on pipeline MOSCOW Associated Press RUSSIAN President Vladimir Putin yesterday strongly defended a prospective Russia-Germany natural gas pipeline as economically feasible and voiced hope that European Union nations will be able to resist US pressure to thwart the project. US officials have warned that Washington could impose sanctions on the undersea Nord Stream 2 pipeline. The US and some EU nations oppose it, warning it would increase Europe’s energy dependence on Russia. The US is also interested in selling more of its liquefied natural gas in Europe. Speaking yesterday

RUSSIAN President Vladimir Putin, right, and Austria’s Federal Chancellor Sebastian Kurz attend the opening of an exhibition “Imperial Capitals: St Petersburg – Vienna. Masterpieces of Museum Collections”, a joint project of the State Hermitage Museum and the Vienna Art History Museum, at the State Hermitage Museum in St Petersburg, Russia, yesterday. Photo: Anatoly Maltsev after talks with Austrian Chancellor Sebastian Kurz in St Petersburg,

Putin noted that Bulgaria caved in to pressure and dumped the Russian South

Stream pipeline. He added that he hopes that “Europe as a whole won’t look like Bulgaria and won’t demonstrate its weakness and inability to protect its interests.” “Russia always has been and will remain the most reliable supplier,”

Putin said, adding that the Russian gas supplied via pipelines is significantly cheaper than US liquefied gas. “Supplies come directly from Yamal in Siberia. There are no transit risks.” It would be “silly and wasteful” if Europe opts

for a more expensive option, hurting its consumers and its global competitiveness, Putin charged. Ukraine, which has served as the main transit route for Russian gas supplies to Europe, has strongly opposed the Russian pipeline, fearing that it would leave its pipeline empty. The two ex-Soviet neighbors have been locked in a bitter tug-ofwar after Russia’s 2014 annexation of Ukraine’s Crimean Peninsula. Kurz spoke in support of Nord Stream 2 but also emphasized the importance to continue supplies via Ukraine. “It’s very important that Ukraine’s interests as a key transit country be upheld,” he said. Putin has previously pledged to consider the continuation of gas supplies via Ukraine if it settles a commercial dispute with Russia over previous gas supplies.

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.

THE TRIBUNE

Thursday, October 4, 2018, PAGE 13

UN court orders US to lift some Iran sanctions THE HAGUE Associated Press THE United Nations’ highest court on yesterday ordered the United States to lift sanctions on Iran that affect imports of humanitarian goods and products and services linked to civil aviation safety. The ruling by the International Court of Justice is legally binding, but the Trump administration said the US was terminating a decades-old treaty that Iran used as the basis for its case. US Secretary of State Mike Pompeo said withdrawing from the 1955 Treaty of Amity was long overdue and followed Iran “groundlessly” bringing the complaint to the UN court. Pompeo said the administration would proceed with sanctions enforcement with existing exceptions for humanitarian and flight safety transactions. “The United States has been actively engaged on these issues without regard to any proceeding before the ICJ,” he said. Meanwhile, US national security adviser John Bolton said the administration also was pulling out of an amendment to the Vienna Convention on Diplomatic Relations that Iran or others, notably the Palestinians, could use to sue the US at The Hague-based tribunal. President Donald Trump moved to restore tough US sanctions against Iran in May after withdrawing from Tehran’s nuclear accord with world powers. Iran challenged the sanctions in a case filed in July at the International Court of Justice. In a preliminary ruling, the court said that Washington must “remove, by means of its choosing, any impediments arising from” the re-imposition of sanctions to the export to Iran of medicine and medical devices, food and agricultural commodities and spare parts and equipment necessary to ensure the safety of civil aviation. By limiting the order to sanctions covering humanitarian goods and the civil

aviation industry, the ruling did not go as far as Iran had requested. The US ambassador to the Netherlands, Peter Hoekstra, pointed that out in a tweet. “This is a meritless case over which the court has no jurisdiction,” the ambassador tweeted. “Even so, it is worth noting that the Court declined today to grant the sweeping measures requested by Iran. Instead, the Court issued a narrow decision on a very limited range of sectors.” While imposing the so-called provisional measures, the court’s president, Abdulqawi Ahmed Yusuf, stressed that the case will continue and the United States could still challenge the court’s jurisdiction. Iranian Foreign Minister Mohammad Javad Zarif praised the court ruling on Twitter, calling it “another failure for sanctionsaddicted” US and a “victory for rule of law”. He added that it is imperative for the international community “to collectively counter malign US unilateralism”. Iranian state television trumpeted the court’s decision in a scrolling graphic at the bottom of TV screens: “The victory of Tehran over Washington by the Hague Court”. No date has been set for further hearings in the case. At hearings in August, Tehran sought the suspension of sanctions while the case challenging their legality is being heard — a

MEMBERS of the US delegation talk, rear, as Mohammed Zahedin Labbaf, agent for the Islamic Republic of Iran, front second left, waits for judges to enter the International Court of Justice, or World Court, in The Hague, Netherlands, yesterday, where judges ruled on an Iranian request to order Washington to suspend sanctions against Tehran. Photo: Peter Dejong/AP process that can take years. US lawyers responded that the sanctions are a legal and justified national security measure that cannot be challenged by Tehran at the world court. In its decision, the court said that the US sanctions “have the potential to endanger civil aviation safety” in Iran and that sanctions limiting sales of goods required for humanitarian needs such as food, medicines and medical devices “may have a serious detrimental impact on the health and lives of individuals on the territory of Iran”. The court said that the Trump administration must “ensure that licenses and necessary authorisations are granted” and payments not restricted if they are linked to the humanitarian and aviation goods. The court also told both the United States and Iran to “refrain from any action which might aggravate or extend the dispute”.

NOTICE Notice is hereby given that MILEN DORVILUS of Governor’s Harbour, Eleuthera, 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 4th October, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

US lawyers had told the court that the administration would “use its best endeavours” to look at concerns about

humanitarian and aviation related issues caused by the sanctions. But in its written ruling the court said that the

American assurances “are not adequate to address fully the humanitarian and safety concerns” raised by Iran.

PAGE 14, Thursday, October 4, 2018

THE TRIBUNE

STRONG ECONOMIC SIGNS LIFT US STOCKS; BOND PRICES DROP NEW YORK Associated Press ENCOURAGING reports on hiring and growth in the service sector sent small companies and banks higher yesterday and knocked bond prices into a tailspin. The yield on the benchmark ten-year Treasury note spiked to its highest level in more than seven years. Both reports were stronger than analysts expected and suggest the economy is in good shape in spite of rising interest rates and oil prices, and the ongoing trade dispute between the US and China. “This is evidence of strong economic growth and the likelihood earnings will continue to be good,” said Ameriprise Chief Market Strategist David Joy. While some experts think the economy will slow somewhat in the third and fourth quarter, Joy’s view is that “we’re not going to get much of a slowdown”. The S&P 500 index added 2.08 points, or 0.1 percent, to 2,925.51. The Dow Jones Industrial Average gained 54.45 points, or 0.2 percent, to 26,828.39, another alltime high. It was up as much as 177 points earlier. The

Nasdaq composite picked up 25.54 points, or 0.3 percent, to 8,025.09. The Russell 2000 index of small-company stocks climbed 15.25 points, or 0.9 percent, to 1,671.29. Those companies, which tend to be more focused on the US market than large multinationals, stand to benefit more from strong economic growth at home. The Russell has fallen since the end of August as investors have grown less worried about trade tensions between the US and other countries. The survey on private company hiring by ADP raised expectations for the government’s broader jobs report due out on Friday, which tends to have an even bigger effect on markets. The Institute for Supply Management, the trade group, said its index measuring the service sector

reached the highest level in a decade. The solid reports helped companies that do better when businesses and consumers spend more money, like technology and industrial stocks. Apple rose 1.2 percent to $232.07 and Caterpillar rose 2.2 percent to $158.22. Investors were willing to bet on continued economic growth, and that meant bond prices dropped sharply, sending yields soaring. The yield on the ten-year Treasury note rose to 3.18 percent, its highest since July 2011 and up from 3.05 percent a day earlier. That helped banks, which are able to charge higher interest rates on long-term loans when bond yields rise. Comerica rose 2.6 percent to $92.09 and Bank of America added 1.4 percent to $30. High-dividend stocks

like utilities and household goods makers took sharp losses. Procter & Gamble fell 1.6 percent to $83.03 and Walmart lost 1.1 percent to $94.07. Investors often treat those stocks as alternatives to bonds, and they tend to fall when bond yields rise. General Motors rose 2.1 percent to $34 after Honda agreed to invest $2.75bn in GM’s autonomous vehicle business over the next 12 years. Honda lost 3.6 percent to $29.37. Japanese technology firm SoftBank said in May that it would pay $2.25bn for a 20 percent stake in the GM business, which is called Cruise. It’s been trying to catch up to Google’s autonomous car division, Waymo. Century Aluminum tumbled after Norsk Hydro said it is shutting down its Alunorte plant in Brazil. Alunorte is the world’s largest alumina refinery, and that could leave Century Aluminum without enough of a critical material used in making aluminum. Century Aluminum fell 11.6 percent to $10.52, and shares of Norsk Hydro lost 11.8 percent in Norway. Rival aluminum company Alcoa, which produces its own alumina, rose 3.2 percent to $42.89. Stocks in Europe rose

after Italy’s economy minister backed down on spending plans that would keep the country’s deficit at an elevated level for three years. That relieved investors who were worried about Italy’s debts and the possibility of tensions between the country and the European Union. The FTSE MIB in Italy gained 0.8 percent after dropping five percent over the previous five days. Italian government bond prices climbed and the yield on the 10-year bond fell sharply, to 3.30 percent from 3.44 percent. That followed sharp rises in the yield over the past three days. The CAC 40 in France rose 0.4 percent while the FTSE 100 in Britain rose 0.5 percent. German markets were closed for a holiday. Benchmark US crude jumped 1.6 percent to settle at $76.41 a barrel in New

YOUR

York. US crude has hit fouryear highs this week. Brent crude, used to price international oils, rose 1.8 percent at $86.29 a barrel in London. Wholesale gasoline edged up 0.5 percent to $2.14 a gallon. Heating oil rose 1.2 percent to $2.44 a gallon. Natural gas climbed two percent to $3.23 per 1,000 cubic feet. Gold fell 0.3 percent to $1,202.90 an ounce. Silver lost 0.2 percent to $14.67 an ounce. Copper rose one percent to $2.83 a pound. The dollar rose to 114.34 yen from 113.69 yen. The euro fell to $1.1517 from $1.1545. Asian stocks fell as traders worried about by rising oil prices and weak economic data in Japan. Japan’s benchmark Nikkei 225 fell 0.7 percent and Hong Kong’s Hang Seng dropped 0.1 percent.

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, EDWARD COLLINS of #99 Farnham Court, Freeport, Bahamas, intend to change my name to EDWARD DARVILLE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box F-43536, Grand Bahama, no later than thirty (30) days after the date of publication of this notice.

MARKET REPORT WEDNESDAY, 3 OCTOBER 2018

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

BISX ALL SHARE INDEX: CLOSE 1,946.97 | CHG -0.13 | %CHG -0.01 | YTD -116.60 | YTD% -5.65 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 2.70 1.75 7.67 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 2.69 1.75 7.52 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 -0.01 0.00 -0.15 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

107.30 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

LAST SALE 100.00 107.24 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

12,150 500

500

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 26.4 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% 2.23% 4.00% 1.12% 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 4.15 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% 2.58% 4.11% 0.39% 5.07% 1.47% 2.34% 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-Aug-2018 31-Aug-2018 31-Aug-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 LAUREN FELIX of Bacardi 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 4th October, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

NOTICE Notice is hereby given that DAVID JEUNES-GENS of Minnie Street,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 4th October, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

NOTICE NOTICE is hereby given that ANASTACIA MOREAU, of #62 Sunset Sub Division, Freeport, Grand Bahama 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 and signed statement of the facts within twenty-eight days from the 4th day of October, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Freeport, Bahamas.

THE TRIBUNE

Thursday, October 4, 2018, PAGE 15

Kavanaugh had the edge over his accuser in TV audience size testimony. But the network that appeals to fans of President Donald Trump saw a rapid rise in midafternoon, right around the time Kavanaugh started talking, with its audience jumping by more than two million people within an hour, Nielsen said. “He’s their name brand in this case,” Todd said. Fox had 7.55 million viewers during the peak of Kavanaugh’s testimony. Each of the other networks ranged roughly from three to four million, Nielsen said. The audience for CBS and CNN increased by 18

SUPREME Court nominee Brett Kavanaugh testifies before the Senate Judiciary Committee on Capitol Hill in Washington. The Nielsen company s­­­ays the audience for Kavanaugh’s testimony during last week’s Senate Judiciary Committee hearing at 5pm was 35 percent higher than it was for Ford just before lunchtime. Ford accused Kavanaugh of sexual misconduct, and he angrily denied it. Photo: Andrew Harnik/AP audience was 18.76 million Isham, CBS News Wash- the Press”. It was the first NEW YORK in the 11am hour, while 25.34 ington bureau chief, said time the public had seen Associated Press million watched at 5pm, the on yesterday. Ford said she Ford, whose accusations Nielsen company said. was 100 percent sure that had dominated the news Kavanaugh’s audience Kavanaugh attacked her over the past few weeks. SUPREME Court nomiTo a certain extent, Ford’s nee Brett Kavanaugh was bigger on all of the at a high school party, and networks, although the dis- he was equally adamant he testimony raised the stakes attracted more interest from crepancy was largest on Fox didn’t do it. — and likely the audience television viewers during News Channel. “Her testimony was size — for Kavanaugh, said last week’s Senate JudiciSome part of that differary Committee hearing than ence can likely be attributed extremely emotional and David Bohrman, a news Christine Blasey Ford, the to common viewing habits: compelling,” Isham said. consultant and former CNN woman who accuses him of more people are usually “His testimony came on top bureau chief. Word got sexual misconduct. watching TV as evening of it, and it was also compel- around. ABC, CBS, NBC, CNN, The audience during the approaches than in the ling and emotional.” In any sort of conflict, Fox News Channel and peak hour of Kavanaugh’s late morning. Whether any testimony last week was political favoritism is at play the better-known person MSNBC carried the hearing is likely to get more atten- live last Thursday. 35 percent bigger than for is open to interpretation. Fox News had the bigFord’s on the three top “There was an inherent tion, and in this case it was broadcasters and three drama in the way the day Kavanaugh, said Chuck gest audience throughout Christopher Todd, host of NBC’s “Meet the day, even during Ford’s cable news networks. Ford’s unfolded,”

N O T I C E Channalou Limited ____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 13th day of September, 2018. Delano Aranha Liquidator of Channalou Limited Law firm invites applications for the position of

Support Litigation Attorney

The successful candidate will provide quality support to senior litigation attorneys in various aspects of work and research with limited direct interaction with clients. Duties to include preparation of submissions; drafting all forms of pleadings and court documents in compliance with the Rules of Court and laws generally; appearing on interlocutory applications and other court hearings as required; note-taking of court proceedings and client meetings; assist with asset recovery project for the banks; reviewing, drafting and maintaining precedents. Successful candidate must be able to prioritize and balance a heavy workload and work well under pressure to meet deadlines. Attention to detail, strong writing and research skills are essential. Preferably 5-6 years’ relevant experience. Competitive remuneration package is commensurate with qualifications and experience. Qualified applicants should send their CVs to: associatelawfirm@gmail.com. Only applicants with the required criteria need apply.

N O T I C E MELEKEOK LIMITED ____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 13TH day of July, 2018. Claire Cooke Liquidator of MELEKEOK LIMITED

P. O. Box N-395. Dowdeswell Street Nassau, Bahamas Tel.: (242) 325-2213 (242) 325-1952 (242) 352-3208 Fax: (242) 325-4993

percent between Ford and Kavanaugh. While more people may have watched Kavanaugh, the crowd Ford drew in the late morning “is not chump change,” Todd said. “A lot of network executives would like 18 million for any television show in prime-time.” Still, Kavanaugh’s angry, emotional appearance likely made for more compelling viewing. It’s not for nothing that “Saturday Night Live” brought Matt Damon in to impersonate Kavanaugh for its season-opening skit over the weekend.

P. O. Box F-42084 5 Queens Highway Freeport, Grand Bahama Tel.: (242) 352-6282 (242) 352-3208 Fax: (242) 352-6271 Email:rentokil@rentokil-initial-bahamas.com Website: www.rentokil-initial-bahamas.com

Job Opportunity

A vacancy exists in the Company for the position of Accounts Assistant. The incumbent will achieve Company objectives by: • Preparing bank reconciliations for assigned bank accounts; • Assist with Accounts Payables and Receivables reconciliations for vendors and customers; • Preparing journal entries for accounting adjustments and banking transactions (e.g. transfer between bank account, bank charges and returned checks); • Entering cash receipts postings in journals for proper allocations within the general ledger; • Assist with update cheque logs Job requirements include but not limited to: • Completion of an Associate of Arts Degree in Accounting/Finance or equivalent qualifications; • A minimum of 1-2 years of experience; • Thorough working knowledge of reconciliations • Detailed analyses and research skills relevant to accounting entries affecting all bank accounts for reconciliation purposes; • Accounting and arithmetic skills to reconcile bank accounts and ensure the accuracy of transfers, charges and other adjustments; • Written and verbal communication skills to interact effectively with staff and the public (e.g. banks, vendors, auditors); • Computer skills and the use of related software (e.g. AccPac) and computerized spreadsheet tools to prepare reconciliation and bank transfer schedules; Interested person should apply to hr.bah@rentokil-initial.com on or before October 12th, 2018: Only candidates meeting the criteria will be contacted.