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WEDNESDAY, OCTOBER 23, 2019
$4.52 Clean Marine inks deal to open port facility in Freeport By YOURI KEMP A $1.5M DEAL to create the first “clean” port facility in The Bahamas will create around 45 permanent jobs in Grand Bahama. The Clean Marine company, based in Freeport, signed the deal with the Inter-American Development Bank (IDB) to create the first United Nations Regulated clean port facility, under the UN’s International Convention for the Prevention of Pollution from Ships (MARPOL) regulations. Robert Speller, managing director of Clean Marine, said that: “The IDB funding would be going towards first the clearing away of land and putting in place all of the environmental regulations that are needed to run the process. Then the second phase is just construction and the phasing out of the IDB contribution.” Mr Speller told Tribune Business that the project will take 12 to 18 months with a planned start in November. He also said that the $1.5m was matched by private Bahamian investors and an international group recommended by the IDB, the Althelia fund, will help to finance the rest of the projected $10m to $12m total cost of the project. Athelia fund partners are expected to visit in November to inspect the current facilities in Freeport and Clean Marine’s management operations. Niels Jensen, director of maritime operations, said: “Clean Marine has been developing the first MARPOL facility of its kind in the Caribbean here in The Bahamas. With the kind of assistance of the IDB, our existing Bahamian and overseas investors, Clean Marine Group is now prepared to invest more than $12m in developing the MARPOL reception facility.” Clean Marine is in the business of transforming marine waste water and polluted water into reusable water and reprocessed fuel and are listed on their website as a licenced MARPOL operator. Daniela Carrera Marquis, the IDB’s representative in The Bahamas, said: “We want to be able to measure and then monetise the natural capital of The Bahamas. It just so happens, most of The Bahamas’ natural capital is underwater. So what we want from this project is two things: The first is the generation of data so we can measure the results of the project and second is the use of clean water.” Senator Kwasi Thompson was present at the signing of the deal. He said: “The company uses patented technology to process liquid waste from marine vessels so these vessels can comply with MARPOL and thus reduce marine pollution in The Bahamas.”
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Grant Thornton to merge with Baker Tilly Gomez By YOURI KEMP
A
BAHAMIAN accounting firm whose work was “misrepresented” to conceal an alleged fraud, according to US federal regulators, is leaving its parent network to merge with another local office. The Grant Thornton branch in The Bahamas is to close down and merge with Baker Tilly Gomez as of November 1, said Paul “Andy” Gomez, chairman of Grant Thornton Bahamas. The news came in a communication from Grant Thornton Global, which announced: “Grant Thornton International Ltd can confirm that Grant Thornton Bahamas will be leaving the global network on 31 October 2019. We wish the firm all the best in their future endeavours.” When quizzed by Tribune Business, Grant Thornton
PAUL ‘ANDY’ GOMEZ Global chose not to go into the details behind the closure, except to say: “We are actively managing the network to ensure we have the capabilities and resources we need and that our clients expect us to have, in markets around the world. We have the capabilities in our network to continue to meet the needs of our clients in this market.” Mr Gomez confirmed the move, adding: “Some time ago we resigned from Grant Thornton Global. We actually resigned from the firm because my brother and I
started a firm called Gomez and Gomez and at the time we represented a firm called Summit International that later became Baker Tilly. “What we decided to do over the last nine months to a year is determined that it would probably be best to join the forces of about 60 staff members with four partners. Look to the future and to make sure the firm has diverse clientele. So what happens to one person does not affect the continuity of the firm or operations. “We have decided I will become co-chairman of Baker Tilly and my brother, Craig ‘Tony’ Gomez, will be the managing partner. The firm will now be comprised of four partners: James Gomez, Shando Rolle along with Craig and myself.” Mr Gomez added: “Baker Tilly and Grant Thornton clients are virtually the same, we serve a lot of mutual funds and other financial services clients. So what we are doing is simply changing the
GRAND Bahama Chamber of Commerce chairman Gregory Laroda welcomed the move by government to make $10m available to help businesses after Hurricane Dorian - but doubted that it would be matched by the Grand Bahama Port Authority (GBPA). He spoke to Tribune Business after the announcement of a business relief programme being organised by the authority earlier this month, and said: “I seriously doubt they would match the $10m being put up by the government through the Small Business Development Centre for
small and medium enterprises. I would need to look at what their entire relief programme would involve, but we didn’t go into the details of what exactly they would do.” When the relief programme was announced, GBPA chief financial officer Deann Seymour said: “We have already begun the strategic process of connecting with business owners and we intend to make every reasonable effort to connect with our 2,800 licensees. This will be achieved through online surveys, door to door visits, telephone calls and business sector meetings.” Mr Laroda said progress
was being made in terms of discussions. He said: “What we are doing with (authority acting chairman) Sarah St George, I told of her some of the expectations some of the businesses told the chamber in our survey, in terms of relief on licence fees. She was open to that. But I guess they will give relief on a business by business basis. Obviously, they would not give large firms relief or licence fee relaxation, but for smaller firms they would look at it.” Mr Laroda also confirmed that the chamber’s business survey results of the needs of Grand Bahama’s businesses after Hurricane Dorian were provided to
US endorses tobacco pouches as less risky than cigarettes WASHINGTON Associated Press
GBPA executives. Mr Laroda also highlighted the importance of reopening the Grand Bahama airport for international travel. He said: “Obviously the airport is critical to our recovery. I saw what Sarah St George said in her press release about the reopening of the airport for international travel. She said some similar things to me when we met in terms of the temporary facilities being in place and the need of getting the airport back and running by November 15.” Last week, the GBPA said that “thankfully the runway
FOR the first time, US health regulators have judged a type of smokeless tobacco to be less harmful than cigarettes, a decision that could open the door to other less risky options for smokers. The milestone announcement yesterday makes Swedish Match tobacco pouches the first so-called reduced-risk tobacco product ever sanctioned by the Food and Drug Administration. FDA regulators stressed that their decision does not mean the pouches are safe, just less harmful, and that all tobacco products pose risks. The pouches will still bear mandatory government warnings that they can cause mouth cancer, gum disease and tooth loss. But the company will be able to advertise its tobacco pouches as posing a lower risk of lung cancer, bronchitis, heart disease and other diseases than cigarettes. The pouches of ground tobacco, called snus — Swedish for snuff and pronounced “snoose” — have been popular in Scandinavian countries for decades but are a tiny part of the US tobacco market. Users stick the teabaglike pouches between their cheek and gum to absorb nicotine. Unlike regular chewing tobacco, the liquid from snus is generally swallowed, rather than spit out. Chewing tobacco is fermented; snus goes through a steamed pasteurisation process. FDA acting commissioner Ned Sharpless said the agency based its decision on long-term, population-level data showing lower levels of lung cancer, emphysema and other smoking-related disease with the use of snus.
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name. I have not heard of any client that has an issue. This is just a name change. “What is different between us and the big four is that in the the big four you have to retire at a certain age. But because we are owners of Baker Tilly there is no mandatory retirement age. “I represented the firm Grant Thornton since I was in my 30s. Grant Thornton is a good firm, but we are excited about the new chapter.” Mr Gomez denied the split from Grant Thornton Global had anything to do with the recent Securities Exchange Commission (SEC) matter. The SEC said the principals behind Mediatrix Capital falsely branded Grant Thornton’s “accuracy checks” on its trading performance as an audit conducted to international standards. This, the US regulator
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Chamber chief skeptical over GBPA help for businesses By YOURI KEMP
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Development bank partners with BTVI in $4.7m training venture By YOURI KEMP A $4.7m PROJECT was launched yesterday to boost skills training in The Bahamas. The scheme is a joint venture between the Bahamas Technical and Vocational Institute (BTVI) and the Caribbean Development Bank (CDB). It will also see facilities at BTVI upgraded. The money will be a combination of a loan from the CDB and funding from the government. BTVI chairman Kevin Basden said the project “is a response to the need for filling the gaps that exist relative to a strong technical workforce in The Bahamas”. Education Minister Jeffrey Lloyd, speaking at the launch of the project yesterday, said: “We are in need of the skills of today and
of the future.” He said the project would have a “transformative” impact on The Bahamas and added that there has been a 30 percent increase in enrolment to BTVI in the past year. That increase prompted the government to upgrade BTVI facilities to offer more trade skills. That increase represents a significant turnaround for BTVI, which in 2015 was said to have been suffering from a 60 percent student drop out rate, with just one in four graduating within the normal time. BTVI president Dr Robert Robertson told Tribune Business that much of the infrastructure of BTVI is 30 years old so the loan would redevelop old facilities and build new ones, as well as helping to improve the energy efficiency of BTVI as a whole.
He said instructors would also be retrained as part of the project, adding “the loan is important for both the physical side and the human side of BTVI”. Deidre Clarendon, division chief for the social sector division at the CDB, said that skills development is very important. She said a skills gap is very noticeable not just in The Bahamas but all around the world. She noted this was very evident in the aftermath of Hurricane Dorian when “a whole slew” of skilled labour was needed in a short space of time. She said: “Technical education is critical for the economic and social development of The Bahamas. It also ensures that you marry the academic with the technical. We think that every child should be exposed to some form
of technical education.” Ms Clarendon went on to say that the loan will go towards the development of the physical environment of the BTVI and the purchasing of new furniture and equipment. She added that the loan will go towards enhancing he governance structure of the BTVI and also changing the gender stereotyping of courses on which sex should take what trade, for example women would be more comfortable going into masonry and carpentry and men more comfortable in cosmetic and grooming trades. Ms Clarendon said she expects within the next few weeks that there would be procurement launches and scopes of work advertised, and stressed that yesterday was just the launch of the project. Mr Basden said within the
next two years he sees BTVI offering more certification programmes and in particular more international partnerships on certification. He said partnerships with City and Guilds and the Cisco Academy is proof BTVI is moving in the right direction. He also said that within the next two to three weeks, BTVI expects to sign an agreement that would allow Valencia College in Florida to accept BTVI’s two-year degree programme.
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PAGE 2, Wednesday, October 23, 2019
THE TRIBUNE
Women in leadership thrive at International Women’s Forum
Chamber chief skeptical over GBPA help for businesses
FROM PAGE ONE
received no damage” and went on to say the airport is being prepared for a November 15 opening for international travel. The Bahamasair and Western Air terminals were totally destroyed by Hurricane Dorian and the companies have been operating out of temporary facilities for domestic travel only. Mr Laroda said: “You would like to see it done a
FROM left: EY’s Tiffany Norris-Pilcher; Sharon Christopher, Founder and CEO of Sharon Christopher and Associates Limited; Maria Ferere, President and Managing Director at FT Consultants, Ltd. THE International Women’s Forum held a full day of speeches, panels and presentations last month in The Bahamas. The event was held at Atlantis, and Patricia Minnis, wife of Prime Minister Dr Hubert Minnis, addressed the conference. The forum was an intensive version of the group’s two-day boot camp programme, Sonia Brown, president of IWF Bahamas, said organisers were “thrilled for the opportunity” to provide “training to over
100 women in leadership in The Bahamas and Caribbean. “Our participants learned the value of networking, were challenged to be brave and not perfect, question preconceived ideas, and recognise the power they have as individuals and collectively to bring about change in their families, businesses and communities.” Among the panel moderators was Tiffany Norris-Pilcher, an EY wealth and asset management partner and regional leader for the Financial
Services Emerging Managers Platform. She said: “The International Women’s Forum does a great job of gathering powerful women from many different areas to learn from and connect with each other. I was inspired by all the female leaders in the room, and am excited to continue the dialogue surrounding women in leadership roles.” EY was a sponsor of this year’s event in The Bahamas, which focused on innovation, women in politics, trust, wellness, creativity and leadership.
REQUEST FOR QUALIFICATIONS (RFQ’s) The Central Bank of The Bahamas is in need of suitably qualified individuals or companies to provide proof of relevant experience with reference to the following services, as it relates to the project to develop its new premises, on the Royal Victoria Gardens site between East Street and Parliament Street, south of Shirley Street, and north of East Hill Street in the city of Nassau, Bahamas. 1. Electrical Engineering Services – the licensed professional engineer shall perform electrical engineering services for the proposed new premises of the Central Bank. 2. Mechanical Engineering Services - the licensed professional engineer shall perform mechanical, plumbing, fire protection services for the proposed new premises of the Central Bank. All interested parties should submit the following information listed below to: tenders@centralbankbahamas.com 1. Please indicate which services you are interested in providing. 2. Please provide the Individual/Company name, address and contact information. 3. Please provide a CV of key personnel or company profile (if applicable). All responses to this advertisement must be submitted by Tuesday, 29 October 2019 @ 5PM.
lot sooner than November 15. But it is important to meet the security requirements. The temporary facilities they are bringing in is for those at the GBPA to meet the international security requirements in order to get us to get flights by the middle of November. “I’m ok with the middle of November. But what I am not sure of is how are we going to have pre-clearance? I need to confirm if pre-clearance would be involved with the reopening
on the 15 of November.” Mr Laroda also revealed the Port Lucaya marketplace opened on Friday. “Mainly the store owners were just trying to get up and running. But on Saturday it was the most crowd I have seen in Port Lucaya in quite some time. “I’d say I saw more than half of the stores open in the marketplace. Some had their doors open but they were just preparing for business and not open for customers.”
Grant Thornton to merge with Baker Tilly Gomez FROM PAGE ONE claims, was designed to reassure investors Mediatrix was delivering promised returns of up to 150 percent and disguise the “misappropriation” of $41m to finance its principals’ lavish lifestyles and personal expenses. He said: “We had resigned from Grant Thornton Global some two months prior to the SEC issue coming to light.” Mr Gomez went on to say these kinds of issues with the SEC are “par for the course” for public accountants. Mr Gomez made clear to Tribune business that public accountants are managed by standards, adding that the SEC matter was a “huge misunderstanding” and he “does not know what Mediatrix was trying to accomplish”. Mr Gomez said they
carried out two pieces of work for Mediatrix. One was an audit of a fund of that client, Mediatrix Capital Fund. He said Grant Thornton Bahamas qualified the fund based on auditing standards that were applied and “found that there was nothing wrong”. “With the Mediatrix Capital Fund, we qualified it, but the company was not pleased with the qualification and they said they would change auditors. Grant Thornton Bahamas never performed an independent audit,” said Mr Gomez. “Every other firm in Nassau, every partner in every one of those firms would have done what we did.” Mr Gomez added: “The second engagement was a reclassification of statements for Mediatrix Capital Inc, which we were basically
reviewing broker statements and reviewing some of their mathematical equations and that’s it.” Grant Thornton Bahamas never audited Mediatrix Capital Inc, Mr Gomez said. He said: “We never audited that at all. But again it was simply a review of their accounting practices and broker statements.” Mr Gomez added: “We specifically stated that this was not an audit. The report was for management purposes only, and they had to get specific instructions from us to share the details with anyone else. “What we did for Mediatrix Capital Inc did not rise to an independent audit.” Grant Thornton Global did not comment on the reasons for The Bahamas office leaving their network.
THE TRIBUNE
DISNEY SUPPORTS UB CULINARY WEEK
Wednesday, October 23, 2019, PAGE 3
US endorses tobacco pouches as less risky than cigarettes FROM PAGE ONE
FROM left: Chef Mario Adderley, interim executive director, culinary arts and tourism studies, University of The Bahamas; Dean Remelda J Moxey, business, hospitality and tourism studies, University of The Bahamas; and Andrew Bell, food allergen and dietary manager, Disney Cruise Line. FOOD experts from Disney Cruise Line have sponsored Culinary Week at the University of The Bahamas - taking place this week - bringing their expertise and global knowledge to students. The week is part of the university’s culinary arts and tourism studies curriculum. Disney Cruise Line food allergen and dietary manager Andrew Bell, alongside other professionals, took part in a panel discussion for students that focused on the future
of culinary arts. He provided insights into his role at Disney Cruise Line and how Disney combines storytelling with global food trends to create menus for its guests. “I was honored to participate in Culinary Week and applaud the University of The Bahamas for developing these valuable opportunities for its students,” said Mr Bell. “At Disney Cruise Line, we recognise how important it is for students to hear from industry professionals, and
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
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I was happy to share my passion for the culinary trade with this group of talented Bahamian students.” During the week, students participate in American Culinary Federation-sanctioned competitions and certification examinations. Additional events are designed to highlight evolving trends in dining experiences. Donna Williams, of the University of The Bahamas, said: “We’re grateful for Disney Cruise Line’s
sponsorship of this important programme. Disney’s support provides our students with the opportunity to learn from experts in their field of study and better develop them for the workforce.” Disney Cruise Line also recently announced four scholarships – which includes tuition to the three-year programme at the LJM Maritime Academy – for female cadets aspiring to become ship captains and shipboard leaders.
Sharpless added that the agency will closely monitor Swedish Match’s marketing efforts to ensure they target adult tobacco users. “Anyone who does not currently use tobacco products, especially youth, should refrain from doing so,” he said in a statement. Stockholm-based Swedish Match sells its snus under the brand name, General, in mint, wintergreen and other flavors. They compete against pouches from rivals Altria and R.J. Reynolds. But pouches account for just 5% of the $9.1 billion-dollar U.S. market for chew and other smokeless tobacco products, according to Euromonitor market research firm. And public health experts questioned whether U.S. smokers would be willing to switch to the niche product. “Snus products have a bit of a challenge” among smokers who are used to inhaling their nicotine, said Vaughan Rees, director of Harvard University’s Center for Global Tobacco Control. The U.S. smoking rate has fallen to an all-time low of 14% of adults, or roughly 34 million Americans. But smoking remains the leading cause of preventable disease and death in the U.S., responsible for some 480,000 deaths annually. The FDA’s decision has
been closely watched by both public health experts and tobacco companies. Public health experts have long hoped that alternatives like the pouches could benefit Americans who are unable or unwilling to quit cigarettes and other traditional tobacco products. Tobacco companies are looking for new products to sell as they face declining cigarette demand due to tax increases, health concerns, smoking bans and social stigma. The FDA itself also has much at stake in the review of snus and similar tobacco alternatives. Congress gave the FDA the power to regulate key aspects of the tobacco industry in 2009, including designating new tobacco products as “modified risk,” compared with traditional cigarettes, chew and other products. But until Tuesday, the FDA had never granted permission for any company to make such claims for its products. The FDA is reviewing several other products vying for “reduced risk” status, including a heat-not-burn cigarette alternative made by Philip Morris International. While electronic cigarettes are generally considered less harmful than the tobacco-and-paper variety, they have not been scientifically reviewed as posing a lower risk.
PAGE 4, Wednesday, October 23, 2019
THE TRIBUNE
LEGAL NOTICE
NOTICE International Business Companies Act 2000 (No.45 of 2000) J.F. CORPORATION (“ the Company”)
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, No. 45 of 2000, the Dissolution of J.F. CORPORATION has been completed. The Company was struck off the Register and a Certificate of Dissolution has been issued by the Register General on the 13th day of September, 2019.
NIKE CEO Mark Parker speaks during a news conference in New York. Parker is stepping down early next year. He will be replaced by board member John Donahoe, who formerly ran e-commerce company eBay. Photo: Mary Altaffer/AP
Kofi Bain Liquidator LEGAL NOTICE
NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that ICA Limited is in dissolution and the date of commencement of the dissolution is 09th May 2019. Magdaline Carey and Tachaka Mullings LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas
NIKE CEO MARK PARKER TO STEP DOWN IN JANUARY NEW YORK Associated Press
NIKE said yesterday that its longtime CEO Mark Parker is stepping down early next year. He will be replaced by board member John Donahoe, who formerly ran e-commerce company eBay. Parker will become executive chairman of the board. Nike’s sales have been on the rise as the company focuses on selling more of its swoosh-branded sneakers online and on its apps. The company’s first quarter earnings last month soared past expectations. But Nike has also been plagued by scandals recently.
Three weeks ago, renowned track coach Alberto Salazar was banned from the sport for four years by the US Anti-Doping Agency for running experiments with supplements and testosterone that were bankrolled and supported by Nike, along with possessing and trafficking testosterone. Nike announced that it was shutting down its elite Oregon Project track and field programme overseen by Salazar in the wake of the scandal. Parker said in a TV interview with CNBC yesterday that the scandal had “absolutely nothing” with him leaving the top job and that succession plans have been
months in the making. “This is not something that happens in a matter of weeks,” he said. Last year, allegations of misconduct and gender discrimination led to a leadership shakeup at the company. And earlier this spring, Nike announced changes to its contract policies after the New York Times published opinion articles and videos from female runners saying they risked losing pay if they became pregnant. Parker, who joined the company in 1979 as a footwear designer, has been CEO since 2006. In 2017, he took a 70% compensation cut after a rough year for
US sales and the company’s stock price. The Beaverton, Oregonbased sneaker seller said Donahue will step in as CEO on Jan 13. Donahoe is the current president and CEO of ServiceNow, an information technology and software company. “He really clicks a lot of the boxes that we’re looking for,” Parker said in the TV interview. Nike’s rival Under Armour will also have a new leader in the new year. On the same day Nike made its announcement, Under Armour said founder Kevin Plank will step aside as CEO in January and be replaced by Chief Operating Officer Patrik Frisk.
THE TRIBUNE
Wednesday, October 23, 2019, PAGE 5
Biogen reanalyses studies, presses ahead on Alzheimer’s drug By MARILYNN MARCHIONE Associated Press BIOGEN INC said yesterday it will seek federal approval for a medicine to treat early Alzheimer’s disease, a landmark step toward finding a treatment that can alter the course of the most common form of dementia. The announcement was a surprise because the drug company earlier this year stopped two studies of the drug when partial results suggested it was not likely to be successful. The company now says a new analysis of more results suggest that the drug helped reduce a decline of thinking skills at the highest dose. The drug, called aducanumab, aims to help the body clear harmful plaques from the brain. Cambridge, Massachusetts-based Biogen is developing it with a Japanese company, Eisai Co Ltd. More than five million people in the United States and millions more worldwide have Alzheimer’s. Current drugs only temporarily ease symptoms and do not slow the loss of memory and thinking skills. Dozens of efforts to develop a drug to slow or reverse the course of the disease have failed. The two studies tested aducanumab, given as monthly infusions, in more than 3,000 patients with mild cognitive impairment or early dementia due to Alzheimer’s. The company said yesterday that in one study, those given a high dose showed 23% less decline on one measure of thinking skills and smaller declines on other measures. However, no details were
DR William Burke goes over a PET brain scan at Banner Alzheimers Institute in Phoenix. The drug company Biogen Inc says it will seek federal approval for a medicine to treat early Alzheimer’s disease, a landmark step toward finding a treatment that can alter the course of the most common form of dementia. The announcement yesterday is a surprise because the company earlier this year stopped two studies of the drug, called aducanumab, after partial results suggested it was not working. Photo: Matt York/AP given on how much that decline meant in absolute terms. For example, the company didn’t say how much difference it made in practical matters, like whether patients were able to dress or feed themselves or live independently longer, just that these skills overall declined less for those on the high dose of the drug. “It’s a tricky question” whether the results are truly meaningful for patients until more details are known, said Dr Ronald Petersen, a Mayo Clinic dementia specialist who has consulted for Biogen on the studies. But filing for federal Food and Drug Administration approval “gives some hopes for patients and families that
there may be disease-modifying therapies out there,” he said. The company said more details would be given at a conference in December, including on safety. The company said the most common side effects were inflammation in the brain, most of which did not cause symptoms or lasting problems, and headaches. The brain inflammation has been seen in other studies of Alzheimer’s medicines that target the brain plaques. “We’re really encouraged by the information that they’ve provided today,” the largest benefit so far for any experimental medicine, said Rebecca Edelmayer, a scientist at the Alzheimer’s
Association, which had no role in the studies. Biogen said it would offer aducanumab now to patients enrolled in these and earlier studies of it. Biogen shares were up more than 26% to $281.87 yesterday, but some on Wall Street remained skeptical. Mizuho Securities USA analyst Salim Syed said he wants to know more about the FDA’s involvement in Biogen’s decision. He also said in a research note that it’s still just a hypothesis that removing beta amyloid plaques can benefit Alzheimer’s patients. The company’s announcement “does not guarantee approval and questions remain,” he said.
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PAGE 6, Wednesday, October 23, 2019
THE TRIBUNE
US STOCK INDEXES CLOSE LOWER ON MIXED COMPANY EARNINGS By ALEX VEIGA Associated Press A CHOPPY day of trading on Wall Street ended yesterday with stocks closing lower after a sell-off in technology stocks strengthened toward the end of the day. That late-afternoon burst of selling erased modest
gains for the market, which was coming off two weeks of gains. The major indexes wavered for much of the day between small gains and losses as investors weighed a mixed batch of earnings reports from McDonald’s, Procter & Gamble and other big companies. Weak profits and sales
pulled shares in McDonald’s lower. Travellers sank after the insurance company reported earnings that fell far short of analysts’ forecasts. Meanwhile, traders bid up shares in Procter & Gamble after the consumer products maker raised its profit forecast for the year following surprisingly good third quarter earnings. “We’re still waiting to see how earnings season shakes out,” said Karyn Cavanaugh, senior markets strategist at Voya Investment Management. “There have been some winners and some losers. There’s been a couple of misses.” The S&P 500 index fell 10.73 points, or 0.4%, to 2,995.99. The index spent most of the day at or above
3,000 and briefly climbed 0.3% before the late-afternoon slide. The Dow Jones Industrial Average dropped 39.54 points, or 0.2%, to 26,788.10. The Nasdaq, which is heavily weighted with technology stocks, bore the brunt of the selling, losing 58.69 points, or 0.7%, to 8,104.30. Smaller company stocks fared better than the rest of the market. The Russell 2000 index added 0.73 points, or 0.1%, to 1,550.87. Bond prices rose. The yield on the ten-year Treasury note, which is a benchmark for the interest rates banks charge for mortgages and other loans, fell to 1.77% from 1.79% late on Monday. Investors have been
NOTICE NOTICE is hereby given that DWAYNE JAVADO LAWRENCE, of Pine Wood Gardens, Cotton Wood Street Nassau, 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 and signed statement of the facts within twentyeight days from the 23rd day of October, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE
RMD PROPERTIES LIMITED
LEGAL NOTICE
NOTICE DANCE FLOOR LIMITED (a)
DANCE FLOOR LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b)
The dissolution of the said company commenced on the 17th October, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(c)
The Liquidator of the said company is CST Administration (Bahamas) Limited of the Bahamas Financial Centre, Shirley and Charlotte Streets, P.O.Box N-3023, Nassau, Bahamas.
_________________________________
(a)
RMD PROPERTIES LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b)
The dissolution of the said company commenced on the 17th October, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(c)
The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.
Dated this 23rd day of October, A. D. 2019
_________________________________ Leeward Nominees Limited Liquidator
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
“The market really moves on earnings,” Cavanaugh said. “If we see a negative year-over-year earnings growth quarter, it’s going to give the market a little bit of pause.” While some of the company earnings on Tuesday were surprisingly good, a few large companies gave investors disappointing results that tipped the market into the red. McDonald’s slid 5% after reporting that its thirdquarter profit and revenue fell short of Wall Street’s forecast. It was one of the big decliners among companies that rely on consumer spending. Travellers sank 8.3% after the insurance company reported earnings that fell far short of analysts’ forecast. The stock led the financial sector slide. Companies with stronger quarterly results fared better.
Dated this 23rd day of October, A. D. 2019
N O T I C E IS HEREBY GIVEN as follows:
TUESDAY, 22 OCTOBER 2019
shifting their focus to corporate earnings reports as they wait for developments in the trade negotiations between the US and China. Optimism over the latest round of talks, which for now have at least prevented the costly conflict from escalating further, helped put investors in a buying mood in recent weeks. The benchmark S&P 500 has notched weekly gains the past two weeks. Analysts came into this latest earnings season expecting profits to decline overall for companies in the S&P 500. But with about 15% of companies in the index reporting so far, results have been surprisingly positive. Earnings growth fell slightly in the first and second quarters, according to data from FactSet, which was better than Wall Street’s expectation at the start of those reporting seasons.
CST Administration (Bahamas) Limited Liquidator
NOTICE NOTICE is hereby given that GABRIELLE SWANN, of Sandilans Village Road Nassau, 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 and signed statement of the facts within twenty-eight days from the 23rd day of October, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,188.83 | CHG: 17.62 | %CHG: 0.81 | YTD: 79.38 | YTD%: 3.76 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 5.92 2.60 2.00 5.47 11.75 6.17 4.64 12.40 2.81 3.50 10.21 7.51 16.50 9.30 3.64 14.20
52WK LOW 3.83 20.91 4.90 4.46 1.01 0.22 2.00 9.25 6.15 3.95 6.75 2.35 1.76 7.51 6.10 12.10 6.20 3.01 13.01
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
52WK HI 2.26 4.31 2.07 191.61 158.55 1.65 1.82 1.74 1.21 8.01 9.60 6.83 11.39 12.30 10.68 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.58 1.69 1.66 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
SECURITY Fidelity Bank Note 22 (Series B) +
SYMBOL FBB22
Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing)
MUTUAL FUNDS
MARKET TERMS
LAST CLOSE 4.08 17.43 6.00 5.92 2.46 1.80 4.51 11.06 6.16 4.00 7.26 3.24 3.50 10.57 7.51 16.25 9.27 3.54 14.20
CLOSE 4.08 17.43 6.00 5.92 2.46 1.80 4.51 11.06 6.16 4.06 7.98 3.27 3.50 10.50 7.51 16.25 9.27 3.54 14.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.72 0.03 0.00 -0.07 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
VOLUME
5,000 2,000
VOLUME
NAV 2.26 4.29 2.07 191.61 158.33 1.65 1.82 1.74 1.19 8.01 9.60 6.83 11.30 12.30 10.68 9.92 8.68 11.38
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
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
P/E 17.1 18.7 N/M 16.0 N/M N/M -10.3 15.3 13.7 22.1 57.0 32.1 7.5 16.3 10.3 19.9 9.9 17.4 22.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 4.17% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 2.96% 0.00% 13.27% 1.71% 3.12% 3.20% 3.32% 2.16% 3.39% 4.30% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75%
MATURITY 19-Oct-2022
6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 2.46% 3.85% 1.61% 3.28% 1.78% 2.75% 3.85% 6.28% 7.12% 2.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 7.17% 8.76% 11.07% 12.58% 3.50% 4.96% 8.92% -0.97% 5.22% 5.44% 2.95% 2.64% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%
NAV Date 31-Aug-2019 31-Aug-2019 30-Aug-2019 30-Jun-2019 30-Jun-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
NOTICE NOTICE is hereby given that WALTO BATHELUS, of Gribbs Corner, Off East Street, P.O.Box SS-5529 Nassau, 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 and signed statement of the facts within twentyeight days from the 23rd day of October, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
NOTICE NOTICE is hereby given that KENDY ALEXIS, of Rolle Avenue, Nassau, 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 and signed statement of the facts within twenty-eight days from the 23rd day of October, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE TRIBUNE
Wednesday, October 23, 2019, PAGE 7
Facebook says Libra won’t launch without US approval SAN FRANCISCO Associated Press FACEBOOK CEO Mark Zuckerberg, pictured, aims to reassure Congress today that his company won’t try to evade financial regulators as it prepares its planned digital currency Libra. In prepared remarks released yesterday ahead of a hearing before the House Financial Services Committee, Zuckerberg says that Facebook “will not be a part of launching the Libra payments system anywhere in the world unless all US regulators approve it.” That’s a stronger statement than Facebook official David Marcus made in July, when he said the company will not offer Libra until it has “fully addressed regulatory concerns and received appropriate approvals”. Marcus leads the Libra project at Facebook. Zuckerberg is trying to defend Libra and alleviate concerns that the currency could sidestep regulators. Analysts say Libra could avoid regulation and launch in countries where it’s not receiving pushback, but this does not appear to be Facebook’s intention. Instead, Zuckerberg is pushing an optimistic vision of Libra and what it could mean for people around the world who don’t have access to bank accounts. “The financial industry is stagnant and there is no digital financial architecture to support the innovation we need,” his statement reads. “I believe this problem can be solved, and Libra can help.” Libra has seen several high-profile defections among other companies that originally supported it, including Visa
and MasterCard. While some critics see those departures as evidence of Libra’s likely failure, US regulators appear to view it as enough of threat that they are considering the possibility of the Federal Reserve launching its own competitor currency. “At the Federal Reserve, we will continue to analyse the potential benefits and costs of central bank digital
currencies, and look forward to learning from other central banks,” Fed Gov Lael Brainard said in a speech last week. Zuckerberg’s remarks also play the China card, urging regulators to act quickly.
“While we debate these issues, the rest of the world isn’t waiting. China is moving quickly to launch similar ideas in the coming months,” Zuckerberg says in the statement. Marcus made a similar argument over the summer.
In 2018, when Zuckerberg spent two days testifying before Congress on privacy, competition and a host of other issues, his notes cited competition from China as a reason against breaking up Facebook.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JONIQUE RASHAD MOSS of Candy Tuft Lane, High Vista, New Providence, Bahamas P.O.Box N-1431 , Father of JONIYAH SADE MOSS intend to change my child’s name from JONIYAH SADE MOSS to JONIYAH SADE CHEA. 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 N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JONIQUE RASHAD MOSS of Candy Tuft Lane, High Vista, Nassau,The Bahamas, P.O.Box N-1431 intend to change my name to JONIQUE RASHAD CHEA. 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.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JACKSON MONDESTINE of Carmichael Road, New Providence, Bahamas intend to change my name to JACKSON JOSE LEONCE. 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.
DATA ADMINISTRATOR October 2019
Trident Trust is a leading independent provider of corporate, trust and fund services to the financial services sector worldwide, employing 800 Position Available - Accounts Assistant Position Available - Accounts Assistant staff across a global footprint that spans Africa, the Americas, Asia, the Sunshine Insurance has 25 years of experience in property and Caribbean, Europe and the Middle East. We are seeking an entry level Sunshine Insurance has 25 years of experience in propertyisand The therefore, Company casualty insurance. The Company in acasualty growthinsurance. mode, and Data Administrator to join the Corporate department in The Bahamas. needs to expand its team and build capacity. Our Finance Department in a growth mode, and therefore, needs to expand its team and build capacity. Our Finance Client-focussed and service-oriented, we only employ individuals iswho is looking for a self-motivated Accounts Assistant who wants to learn is looking for a self-motivated Accounts Assistant who wants to candidate learn and develop are professionally minded, committed and able to demonstrate Department good and develop in their professional pursuits. The ideal should in their professional pursuits. The ideal candidate should be reliable, well organized and ableThe to be reliable, well organized and able to multitask, if necessary. interpersonal skills. Accounts Assistant will report directly to the Senior The multitask, if necessary. The Accounts Assistant will report directly to the SeniorAccountant. Accountant. The successful candidate should be highly adaptable and willing to work The Role successful candidate should be highly adaptable and willing to work with the team to accomplish with the team to accomplish Departmental objectives, embracing To assist the Corporate team in the entry of data into the system and to file Departmental objectives, changes they occur in alignment thecompany. vision of changesembracing should they occurshould in alignment with the visionwith of the and/or process related information as designated. the company. If you would like to join our team, we’d love to hear from you. Key Responsibilities: If you would like Responsibilities: to join our team, we’d love to hear from you. The successful candidate will be responsible for assisting, directing and co-ordinating activities relating to data entry matters including but not Responsibilities: Daily management, reporting and record-keeping needed to manage limited to: customers’ receivables: - The collating and input of client data in the designated software. • Monitor policies by analyzing customer statements and finance Daily management, reporting and record-keeping to manage customers’ - Assisting Administrators with scanning and indexing of agreements and sendingneeded ‘friendly reminder’ emails,receivables: texts, phone calls to customers for missed payments company and client documents • Monitor policies by analyzing statements andwhere financeapplicable agreements and sending • Issue Event ofcustomer Cancellation notices, - Assists on specific projects as required including updating • Cancel Insurance Policies intoacustomers timely manner ‘friendly reminder’ emails, texts, phone calls for missed payments electronic logs, archiving, and filing. • Print and send out customer statements monthly • Issue Event Cancellation where applicable - Undertakes other tasks that may be requested, and as • ofFollow up onnotices, Aged Receivables, providing the status of each commensurate with the level of the role. • Cancel Insurance Policies in ataking timelyaction mannerto clear items i.e. send emails to account and Account Executives, etc.monthly • Print and send out customer statements • Submit weekly status reports on Aged Receivables to Senior Skills and Experiences • Follow up on Accountant Aged Receivables, providing the status of each account and taking action • A high-school diploma or a degree in a business-related field. • Maintain Receivables filing system for all Finance Agreements, to clear items i.e. send emails to Account Executives, etc. • Proven ability to maintain a professional, positive and enthusiastic Notices and Cancellations • Submit weekly status reports on Aged Receivables to Senior Accountant attitude when dealing with clients and colleagues. • Assist with receivables research for annual audit • Maintain •Receivables system for all Finance Agreements, Noticesinand Cancellations • Ability to work under pressure, work independently and to be Preparefiling monthly receivables report for inclusion Management Reporting • Assist with receivables research for annual audit organised • Enforce internal control procedures as given by Management • Problem solving, communication and relationship skills. • Prepare monthly receivables report for inclusion in Management Reporting • Perform any other duties assigned to you by the Senior • Time management skills including an ability to manage multiple tasks• Enforce internal control procedures as given by Management Accountant and to meet deadlines • Perform any other duties assigned to you by the Senior Accountant • Good standard of communication, both written and verbal Qualifications & Experience: • Knowledge of Viewpoint software preferred but not mandatory • Associate’s degree in Accounting, Finance or related field or a Certification in Accounting Compensation • 2-5 years’ previous work experience in a similar capacity in an Competitive compensation will be offered, based on the successful Accounts Department candidate’s relevant experience and overall suitability for the position. • Knowledge of Book keeping and Accounts Receivables • Work comfortably in Microsoft Word, Excel, PowerPoint at Intermediate level How to Apply • Great oral and written communication skills Applications should include a complete C.V. and will be treated in the • Work independently with minimum supervision strictest of confidence. Please clearly outline the skills and attributes • Be able to meet deadlines you would bring to the role, your availability and salary expectations. Applications should be submitted not later than October 25, 2019 to the Interested individuals are encouraged to submit their resume to: Positions@sunshine-insurance.com Manager at ycoakley@tridenttrust.com.