11062018 BUSINESS

business@tribunemedia.net

TUESDAY, NOVEMBER 6, 2018

$4.99 Potter’s Cay threat to ‘tax and security’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Arawak Port’s top executive yesterday sounded a renewed alarm over the risk to “national security” and tax revenue posed by the continued landing of international cargo at Potter’s Cay. Michael Maura, writing in the BISX-listed port operator’s just-released 2018 annual report, said it was in “ongoing” talks with the Ministry of Finance to address a problem that “undermines” the Government’s security and revenue objectives.

“The company’s [Arawak Port Development Company’s] 2018-2019 budget also considers the continued landing of international origin cargo at Potters Cay,” Mr Maura told shareholders.

“Discussions are ongoing with the Ministry of Finance in the hope of addressing the issue in the near future. This activity undermines national security, public treasury revenue collection objectives, health and safety standards and the cost of living.”

Mr Maura’s comments reiterate a similar warning made in APD’s annual report several years ago regarding potential security and tax evasion loopholes at Potter’s Cay, which is supposed to be for domestic cargo and passenger traffic.

While some observers may argue that APD’s concerns are motivated by self-interest, and a desire to secure more income and dominate the market, the agreement that created it in 2011 effectively gives it a 20-year exclusivity on commercial shipping and container facilities on New Providence.

And Potter’s Cay lacks many of the security measures needed to prevent the smuggling of contraband, such as drugs and firearms, into The Bahamas, plus ensure that the Ministry of Finance receives all due revenue on goods imported into The Bahamas.

Mr Maura, meanwhile, served notice that APD will continue to pursue its interest in the cruise port management contract and its liquefied natural gas (LNG) bunkering partnership with New Fortress Energy during the current financial year that closes at

SEE PAGE 3

$5.05

$5.03

Ministry ‘flagrantly abused’ multiple Bahamian singers

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

N ex-beauty queen has accused the Ministry of Tourism of “flagrantly abusing” Bahamian singers with a “take what we want, don’t pay and deny” approach to

Bahamian singers, according to documents filed in the federal south Texas court, include Angelique Sabrina, who performs the National Anthem on NB12 at midnight every night, and Sketch Carey.

Ms Sherman and her record company, AK Fortyseven Records, claim that the legal discovery

THE Grand Lucayan’s chairman was yesterday locked in meetings over the “extravagant” voluntary separation payments demanded by the two unions representing the resort’s staff.

Michael Scott told Tribune Business he was negotiating with representatives for both the Bahamas Hotel Managerial Association (BHMA) and Commonwealth Union of Hotel Services and Allied Workers (CUHSAW) over staff compensation claims that he described as “high”.

He declined to be drawn further, but his remarks indicate there is a major gap between the Grand Lucayan’s government-appointed board and the two unions over the total value of the pay-off due to the estimated 200 workers who want to leave.

“We’ve received offers from them, and we’re in negotiations,” Mr Scott told this newspaper of the unions’ submissions. “Their offers are extravagant, high,

and we’re in negotiations.”

He confirmed that he was due to meet Obie Ferguson, the Trades Union Congress (TUC) president who is representing the BHMA, late yesterday in a bid to narrow the gap between the two sides. Pleasant Bridgewater, the attorney and former PLP MP, is acting for the CUHSAW union, whose members are the Grand Lucayan’s line staff.

The payouts for Grand Lucayan staff who wish to leave were due to begin in late October/early November, but the ongoing negotiations over the two sides’ differences mean this timeline has likely been pushed back.

Mr Scott, who heads Lucayan Renewal Holdings, the Government-owned special purpose vehicle (SPV) created to hold the resort,

nmckenzie@tribunemedia.net

SEE PAGE 3

SEE PAGE 4

* Resort chair locked in union talks * Major gap over staff separation cost * Any repairs ‘much less’ than $10-$12m

THE GRAND Lucayan Hotel in Freeport, Grand Bahama.

Tribune Business Reporter

SEE PAGE 5

process over their claim resulted in the Ministry of Tourism admitting it had no licensing deal or other agreement in place allowing it to use these artists’ songs in its promotional campaigns that market The Bahamas to the world.

“Discovery in this

Grand Lucayan payout demands ‘extravagant’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NATARIO MCKENZIE

told Tribune Business in late October that it would likely cost the Government between $2m-$3m to finance the voluntary departures of the 150 workers who were then seeking to leave the resort.

That number is thought to have increased to around 200 since, but Mr Scott put both unions on notice then

SKETCH CAREY paying for use of their songs.

Khiara Sherman, the former Miss Bahamas Universe-turned-songstress, is alleging that her ongoing copyright violation claim has exposed “a pattern and practice” where the Ministry of Tourism has failed to pay multiple local artists for use of their intellectual property.

Other impacted

VAT reassurance ‘final impetus’ for $100m expansion PALM Cay’s chief executive yesterday said recent value-added tax (VAT) “assurances” by the Government had served as the “final impetus” to kick-start its latest $100m expansion.

Rob Batchelor, Palm Cay’s chief executive, told Tribune Business that the southeastern New Providence community’s One Marina residences had been delayed roughly six weeks until the Government reaffirmed the sector’s “zero rating” and developers’ continued ability to reclaim their VAT input costs.

“I was at a meeting with the deputy prime minister and other developers about five or six weeks ago,” Mr Batchelor recalled, “where we collectively were assured that the construction industry would continue to be VAT zerorated, and that there were a number of changes being put in place across the finance and tax ministries to help developers and ensure we can claim our VAT returns going forward, but also that we would have the support to reclaim VAT refunds from the past.

“We got those assurances. That was effectively the final impetus to allow me to get at the funding that I had already put in place. We delayed by about six weeks. We just needed that assurance. We got that assurance and we are confident now, and hence we have started the build-out.”

Real estate developers had previously expressed concern that the 2018-2019 budget’s tax policy changes made it impossible for them to recover VAT paid on their input (construction/ development) costs.

This was based on the Government’s decision to revert back to the old ten percent stamp duty structure for real estate transactions, and abandon the previous stamp duty/ VAT split, which developers interpreted as making real estate sales “VAT exempt”.

As a result, they had feared this would leave them unable to “net off” or offset the VAT paid on construction materials - and the likes of contractor, engineer and architect bills - against the “output” tax whenever a property is sold.

Palm Cay’s One Marina residences, designed by

ANGELIQUE SABRINA

KHIARA SHERMAN

$5.05

MICHAEL SCOTT

Arawak Port beats profit target by 9%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Nassau Container Port’s 2019 first quarter profits beat target by nine percent despite projections that full-year net income will be down by more than $1m compared to the prior year.

Arawak Port Development Company (APD), the port’s BISX-listed operator, revealed the better-thanexpected bottom line for the three months to end-September 2018 - even though container cargo volumes and revenues were down - in its annual report published yesterday.

The improvement came despite APD executives adopting a “conservative” approach to budgeting and financial forecasting for the current 2019 financial year, citing numerous potential local and international

* Despite Q1 revenue and cargo drop-off * Full-year profit forecast to fall by over $1m

THE NASSAU Container Port, Arawak Cay. headwinds to economic activity that could impact import volumes.

Besides the value-added tax (VAT) increase “curbing consumer spending for the foreseeable future”, the port operator said other development/construction projects were unlikely to fully replace the import activity associated

with the rush to complete Baha Mar’s construction and full opening.

Michael Maura, APD’s chief executive, also warned that the US-China “trade war”, with both countries’ tariffs increasing the price of consumer goods, and the upward spike in global oil prices represented further

challenges for the Bahamian economy and cargo volumes.

“For the 2019 fiscal year, we are budgeting gross revenue of $30.996m (2018 actual: $31.532m) or two percent less than the prior year’s actual gross revenue,” APD said of the 12 months to endJune next year. “Net income is projected to be $7.41m or $1.195m less than the 2018 actual net income of $8.605m.

“Our net income is currently nine percent or $178,800 over budget as at September 30, 2018...

Nassau Container Port’s (NCP) TEU (twenty-foot equivalent unit) volumes as at September 30, 2018, are tracking one percent under

SEE PAGE 5

PAGE 2, Tuesday, November 6, 2018

THE TRIBUNE

TOURISM MATTERS HEADS TO BIMINI THE Why Tourism Matters workshops launched in the Family Islands last night with an event in Bimini, as organisers expand the initiative beyond New Providence.

The Tourism Development Corporation (TDC), working with the Bimini Chamber

of Commerce, Bahamas Agricultural and Industrial Corporation (BAIC) and the Bahamas Entrepreneurial Venture Capital Fund, facilitated the first in a series of Town Hall-style discussions.

“We’re starting with Bimini on Monday, November 5, and Marsh Harbour, Abaco, on Tuesday,

November 13,” said Janet Johnson, the TDC’s chief executive. “In the New Year, we hope to continue with other islands as we identify the opportunities for linkages and entrepreneurship.”

The TDC wants to work with local entrepreneurs and

companies to conduct an assessment of each destination, then identify gaps in the tourism product to create viable business opportunities. These will then be presented to Bahamians who wish to take advantage and start businesses that link with the tourism Industry.

“We, along with our corporate partners, will look at existing tours, events, retail services, souvenirs etc and inform about regulations and standards, assist with business plans and direct them to sources of funding. We will share ideas and look at how we can get more people involved in the

tourism industry as we continue to build capacity, “ Ms Johnson added.

The TDC’s mandate is to improve the livelihoods of all Bahamians by encouraging their ownership of, and involvement in, the tourism industry, while improving the visitor experience.

PI resort tells locals to vacation at home BTVI’s associate vice-president of fund development, Alicia Thompson (l) and contractor Larry Treco.

PHOTO: Shantique Longley COMFORT SUITES BAHAMAS

A PARADISE Islandbased resort is encouraging Bahamians to stay at home when looking for a vacation escape.

Comfort Suites is inviting residents to stay at the all-suite hotel. Yasmine Strachan, its director of sales, said that given the possible stress associated with international travel, Bahamians ought to take advantage of quality, affordable hospitality options at home.

“At Comfort Suites

Paradise Island we cater to the needs of all our guests, whether they are travellers from destinations such as Asia and Europe, our neighbours in the United States and Canada, or our family and friends right here in The Bahamas,” she said. “We are especially pleased when our fellow Bahamians visit with us and get a full appreciation of the wonderful hospitality that is offered to them within The Bahamas.”

Ms Strachan added that

Comfort Suites Paradise Island offers meeting room space, where small local groups can hold business meetings, social events, church gatherings, family reunions and birthday celebrations.

“We are well prepared to host specially-tailored local Bahamian and international groups,” she said, confirming that all guests receive full access to the facilities at Atlantis and its casino.

Contractor makes donation to BTVI WELL-KNOWN contractor Larry Treco and his wife, Paula, recently donated an Apple iMac desktop computer to the Bahamas Technical and Vocational Institute (BTVI).

Mr Treco learned of BTVI’s computer needs from its president and fellow Rotarian, Dr Robert W Robertson. Knowing this, the owner of CGT

Contractors and Developers - who has employed several BTVI students in the past - and his wife decided to make a personal donation.

Alicia Thompson, BTVI’s associate vice-president of fund development, said: “BTVI is certainly fortunate to have the support of Mr and Mrs Treco, who have over 30 years’ experience in the construction industry. As we endeavour

to develop many more public-private partnerships, we encourage others whose lives have been touched by BTVI to give back.

“We have many needs, and we are anxious to find persons who can help us to meet those needs. We are on a mission to propel technical and vocational education and training to the prominence that it rightfully deserves.”

THE TRIBUNE

Tuesday, November 6, 2018, PAGE 3

BAHAMIAN MARINAS ‘NOT TAKING FOOT OFF THE GAS’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIAN marinas believe that strong interest at the recent Fort Lauderdale boat show will translate into increased business, telling Tribune Business: “We’re not taking our foot off the gas.”

Basil Smith, the Association of Bahamas Marinas (ABM) executive director, told Tribune Business yesterday that this nation had enjoyed a strong showing at the show, which was held from October 31- November 4.

“We had The Bahamas pavilion, which took up a space of about four booths

near the main entrance area of the Fort Lauderdale Boat Show. It was very spectacular,” he said.

“There was a very high degree of interest in The Bahamas as a boating destination. We were certainly far and away the busiest section in that area. The marina operators who attended were all very

pleased at the representation. If the Fort Lauderdale Boat show is any indication, we are in for a good season.”

Mr Smith added: “What these boat shows do is allow us to be able to plan ahead, and so we position ourselves. Marina operators have time to go and attend the shows, so that when

spring and summer come they are well positioned. We are positioning ourselves in the market and putting the word out there about The Bahamas. All indicators are that The Bahamas is very well poised.”

The ABM executive director added that The Bahamas continues to benefit from the ongoing

recovery of other Caribbean nations from the 2017 hurricane season. “They might have addressed the physical damages, but it will still take a while for them to get the word out.

That is still working in our favour, but we can’t assume that will carry on forever.

We are not taking our foot off the gas.”

Govt to ‘move quickly’ on Contractors Board

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net DESMOND BANNISTER

THE Government and Bahamian Contractors Association (BCA) are in talks over the appointment of the Contractors Board, which will oversee enforcement of the the sector’s governing law.

Desmond Bannister, minister of works, told Tribune Business: “We are discussing that with the contractors now. I was out of the country for the last

Potter’s Cay threat to ‘tax and security’

POTTER’s Cay Dock.

FROM PAGE ONE end-June 2019.

“The LNG could support the fuel needs of New Providence, establish the Nassau Container Port as an LNG bunker alternative for the many cruise ships sailing our waters, and facilitate the transshipment of LNG to microgrid power plants in our Family Islands,” he told APD’s 11,000 shareholders.

Should either this or the cruise ship initiative succeed, Mr Maura said the financial benefits would be reflected in APD’s fixed ten to 12 percent internal rate of return (IRR), enabling it to lower the Nassau Container Port’s cargo tariffs and give Bahamian consumers access to lowerpriced goods.

“The new income derived from these operations, once factored in APD’s IRR maximum cap formula, would subsidise the Nassau Container Port general cargo tariff, supporting lower port costs for groceries, building materials and other essential goods,” the APD chief said.

“Second, APD is currently focused on business expansion opportunities, which support an increase in the national economy and not a transfer of wealth from one Bahamian entity to another.

“Third, APD dividends to-date have been exclusively dependent on income derived from general cargo throughput,

To advertise in The Tribune, contact 502-2394

Photo: Shawn Hanna/Tribune Staff handling, storage and rents. The diversification of APD’s business to include LNG bunkering and cruise port operations is expected to mitigate possible future yield declines, arising from future recessionary shocks.”

Mr Maura added that APD’s shareholders received $5.647m in dividends during the company’s 2018 financial year, representing a $648,599 increase over the prior year, with the annual report noting that the Government’s 40 percent equity stake has earned it a collective $8.02m since 2014.

Noting Customs’ declaration that APD’s technology and port

facilities investments have helped it increase revenue collections by $100m, APD’S annual report added: “From the Public Treasury proceeds from operation and investment, the Government today receives over 22 percent of every $1 revenue generated by the port company.

“Vessel stevedoring productivity has increased by more than 40 percent, which translates into dollar savings for carriers... Increased port efficiency has reduced trucker turnaround time from the historical average of 50 minutes to 19 minutes. With more deliveries in a day, truckers have the potential to earn more.”

two weeks. We are discussing it with the contractors who have put their suggestions forward. We intend to move as quickly as we can. The challenge is not so much the board; the challenge is putting subsidiary legislation in place. That’s going to happen soon.”

The BCA earlier this year revised its list of nominees after the initial one was deemed not sufficiently diversified to represent all the sector’s different trades and professions. Mr Bannister had

previously told this newspaper that while the BCA was supposed to nominate six members from various disciplines within the construction industry, its only prior submission lacked the necessary variety.

The Contractors Act, when enforced, will introduce a system of licensing and self-regulation, where Bahamian contractors are certified according to their qualifications and scale/scope of work they are capable of undertaking. This would place them

on a ‘level playing field’ with foreign contractors, enabling them to better compete for multi-million dollar contracts on foreign direct investment (FDI) projects that come to The Bahamas because their capabilities are certified.

The Act also includes provisions giving Bahamian consumers means of redress, and protection, against shoddy workmanship by so-called “cowboy contractors” - something that has been a frequent complaint among residents.

VAT reassurance ‘final impetus’ for $100 million expansion FROM PAGE ONE Bahamian architect Winston Jones, will feature 84 two and three-bedroom residences.

The two-bedroom units range in size from 1,780 to 1,940 square feet, and are being sold at a price point of $800,000 and up. Three-bedroom units are priced between $1.5m to $1.9m, and range in size from 2,751 to 4,228 square feet.

Mr Batchelor, meanwhile, said he had seen no impact from the Organisation for Economic Co-Operation and Development (OECD) last month listed this nation’s economic permanent residency offering among 21 incentive regimes it says jeopardise “the integrity” of automatic tax information exchange”.

Apart from attracting high net worth clients and their assets to this nation, economic permanent residency drives lucrative business for real estate developers, realtors and attorneys, and produces spin-offs affecting virtually all industries.

“No one hasn’t bought because of concerns about blacklisting or anything like that. We do get questions about whether buying a $1m residence can help with residency, which it can, but that is not part of our sales pitch,” he added.

Mr Batchelor said the One Marina project will create 50-75 construction jobs. “We have 84 condos spread across eight phases. We have sold seven of the first 10 units, and we haven’t really gone to market yet. I expect the whole One Marine project to last between three and four years,” he added.

The first phase will involve an

NOTICE

VACANCY (For an)

ACCOUNTANT Applications are invited from suitably-qualified applicants for the position of Accountant.

Applicants must possess the following qualifications: • Minimum of a Bachelor’s Degree in Accounting, with a

minimum of five (5) years’ experience in the industry; • Excellent organizational skills; • Excellent communication skills (oral and written); analytical

and conceptualized thinking skills; excellent interpersonal

skills; • Excellent computer skills, (proficiency in Microsoft applications required) • Ability to meet deadlines The Accountant will report to the Financial Controller.

SUMMARY OF DUTIES: 1.

Draft financial statements 2.

Present management reports 3.

File regulatory reports 4.

Maintain company records 5.

Maintain accounting files Interested persons should submit a letter of application, along with their curricula vitae, to: the General Manager; via: P. O. Box N-1986 or; fax #322-4880, to be received NO LATER THAN Wednesday, November, 7th, 2018.

Please note that only short-listed applicants will be contacted.

$8-$10m investment.

Around 107 residences and 72 lots have already been purchased at Palm Cay, with the developers investing $65m in infrastructure, construction and amenities. This year alone, some $2m has been invested

in upgrading and refreshing Palm Cay’s offerings, including a new members’ fitness centre, a half-size Olympic swimming pool, extension to the dockside café, a beach bar and grill and enhancements to its poolside area.

PAGE 4, Tuesday, November 6, 2018

THE TRIBUNE

Ministry ‘flagrantly abused’ multiple Bahamian singers FROM PAGE ONE case has revealed the Ministry’s acts of infringement were part of a pattern and practice of flagrantly abusing the intellectual property of Bahamian artists like Ms Sherman,” the former beauty queen and her attorneys allege.

“The Ministry has featured songs of multiple other local artists in its advertising campaigns. For instance, the advertisements produced in this case feature not only Fly Away With Me by Khiara Sherman, but also music by Sketch Carey and Angelique Sabrina, other prominent Bahamian artists.

“In its discovery responses, the Ministry has admitted that it has no licensing agreements authorising the use of these or any other works in its advertising campaigns. Further, the ministry has expressly denied entering into a single license for any musical work for any television or radio

advertisement in the United States in the last five years with anyone, despite the fact that it has engaged in extensive advertising which features music and sound recordings of several different artists,” Ms Sherman’s revised October 31, 2018, lawsuit continues.

“The ministry’s specific denial of having entered into any such license is reflective of an entity that has engaged in willful, flagrant, and repeated infringement of intellectual property rights. When this issue was first raised, the ministry accused Ms Sherman of fabricating the existence of the infringing works and threatened to file sanctions against her and her counsel upon the filing of this suit.

“The ministry’s philosophy with regard to the intellectual property of singers, songwriters, musicians and composers can best be summed up as ‘we’ll take what we want, we won’t pay for it, and then deny it ever happened’.”

Ms Sherman’s latest legal arguments add another twist to a protracted, increasingly bitter legal battle with the Ministry of Tourism which now threatens to drag other Bahamian artists into the fray.

She and her attorneys are also seeking to broaden the breach of her copyright - and hoped-for-damages - beyond the US and into the Caribbean due to the alleged unauthorised use of her Fly Away With Me song in regional promotions.

“After much wrangling, the ministry was forced to reveal that it had aired the infringing advertisements not just in the United States, but also in nations across the Caribbean,” Ms Sherman alleged in legal filings.

“Plaintiffs sent a subpoena to Tempo Networks, a New Jersey-based company, which Tempo Networks ignored. As a result, plaintiffs scoured publicly available information to ascertain the scope of Tempo Network’s distribution

and viewership.

“Finally, plaintiffs located a document published by Tempo Networks breaking down every channel and country where Tempo Networks aired its programming. In the pertinent portion, Tempo Networks’ documents show viewership in every major Caribbean market, including, as relevant here: Antigua and Barbuda, Barbados, Dominica, Grenada, Jamaica, Saint Kitts and Nevis, Saint Lucia, Trinidad and Tobago and, of course, The Bahamas.”

As a result, Ms Sherman’s latest lawsuit now makes extra claims for copyright breaches in all these countries. And the beauty queen-turned-songstress maintains that the “full extent” of the Ministry of Tourism’s alleged unauthorised use of her song, Fly Away With Me, in its promotional materials “remains under investigation” by her attorneys.

“The Ministry of Tourism

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NOTICE

NOTICE

ELMDALE LIMITED

POWER GENERATION CORP.

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:-

(a) ELMDALE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

a) POWER GENERATION CORP. 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 31st October, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

b) The dissolution of the said company commenced on the 1st November, 2018 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, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 6th day of November, A. D. 2018

infringed Fly Away With Me in conjunction with a coordinated advertising and media campaign, including at least two television commercials which aired to millions of people in New York, New Jersey and Connecticut, and other major markets across the US in 2016,” Ms Sherman alleges.

“To date, the ministry has feigned ignorance regarding the dates the infringing television commercials were broadcast. According to the ministry, the infringing commercials aired on Tempo Networks in ‘late 2016’ and, despite multiple discovery requests, the ministry claims to have no further details.

For instance, in response to a request for a ‘specific date range’ during which the advertisements aired, the ministry’s counsel stated that ‘the ministry does not have the information’ requested.

“However, in addition to the infringing commercials that aired on Tempo Networks in 2016, discovery has revealed that, on or before June 20, 2016, the ministry also created a six-minute video that repeatedly and prominently featured Fly Away With Me. The ministry also had definite plans to use commercials featuring Fly Away With Me in Florida on or after August 24, 2017. As such, it appears that the ministry’s infringing activities spanned at least 14 months.”

Ms Sherman, who claims more than 80,000 Twitter followers, added that the Ministry of Tourism had seen her perform Fly Away With Me on numerous

occasions, knew she owned the copyright to it, yet had no agreement permitting its use in visitor promotions.

“In fact, the ministry specifically investigated whether it had permission to feature Fly Away With Me in advertisements and was explicitly told that it did not. The ministry internally acknowledged its lack of a license to use Fly Away With Me,” she claimed.

The Ministry of Tourism has already suffered two legal reversals in the Texas courts, including the dismissal of its “counterclaim” against Ms Sherman, with all efforts to knock-out her copyright violation lawsuit proving unsuccessful to-date.

Its latest defence cites 19 grounds on which the former beauty queen’s claim should be rejected, including its “failure to state a claim on which relief can be granted” and multiple legal technicalities. The Ministry of Tourism also argues that its “conduct was in good faith with nonwillful intent”.

It has previously argued that Ms Sherman’s deal with the Bahamas Junkanoo Carnival organisers protected it from her copyright violation lawsuit, as his purportedly released the Bahamas National Festival Commission and its sponsors - which included the Ministry of Tourism - from any copyright infringement liability over the use of her Fly Away With Me track.

This argument, though, was rejected by the Texas courts.

c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 7th day of November, A. D. 2018

_________________________________ Leeward Nominees Limited Liquidator

_________________________________ Octagon Management Limited Liquidator

NOTICE

NOTICE

NOTICE

GOLD SPRINT INVESTMENTS LIMITED

NUTWONE LIMITED

ILLINIWEK LIMITED

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:-

(a) GOLD SPRINT INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

a) NUTWONE 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 31st October, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

b) The dissolution of the said company commenced on the 23rd October, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

c) The Liquidator of the said company is Triangle Administration Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas.

Dated this 6th day of November, A. D. 2018

Dated this 7th day of November, A. D. 2018

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Triangle Administration Limited Liquidator

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000 HARVEY VENTURES LTD.

NOTICE LAHM CORP. (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: a) HARVEY VENTURES LTD., is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on October 31, 2018. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas.

Notice is hereby given that the above-named Company is in dissolution, commencing on the 31st day of October, 2018. Articles of Dissolution have been duly registered by the Registrar. The liquidator is AMICORP BAHAMAS MANAGEMENT LIMITED, of Nassau, Bahamas.

Dated this 2nd day of November, 2018 AMICORP BAHAMAS MANAGEMENT LIMITED LIQUIDATOR

N O T I C E IS HEREBY GIVEN as follows: (a) ILLINIWEK 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 31st October, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 6th day of November, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

Tuesday, November 6, 2018, PAGE 5

Grand Lucayan payout demands ‘extravagant’ FROM PAGE ONE that “misconceived claims” will not be entertained given that “public money” - meaning the Public Treasury and Bahamian taxpayers - will finance the payouts.

Should all the voluntary departure requests be approved, the Grand Lucayan’s workforce could be slashed from its current 450 staff to between 200250, representing a near-50 percent reduction. This will better align labour costs with the demands of the 196-room Lighthouse Pointe property - the only one of the three Grand Lucayan hotels that is currently open.

Minimising voluntary payout costs will help limit the Bahamian public’s continued financial exposure to the Grand Lucayan, with Mr Scott yesterday also dismissing suggestions that the board was proposing a renovations package worth

between $10-$12m.

Revealing that any shortterm upgrades will cost “much less” than the figures provided to Tribune Business, Mr Scott said such improvements would be focused on “income-producing areas” such as the golf course and convention centre as the board prioritised the search for a buyer.

A well-placed source, speaking to this newspaper on condition of anonymity, had previously suggested that the Lucayan Renewal Holdings Board was exploring several renovation options that it planned to present to the Government.

One involved “cosmetic”, minimal cost changes, and the other a slightly more comprehensive package.

“The board has put together a budget which includes some fix-ups for all three properties,” the source said. “They’re hoping to get that done because the place has a run down look.

“It’s going to be a bit of money. There’s two sides to it; one is cosmetic and one is to do a bigger job.

They’ve given them [the Government] both numbers.

It depends how they feel.

It’s maybe a number around $10-$12m. We’ll see.”

Mr Scott, though, said no renovation budget had been finalised. He emphasised that he was especially keen to avoid any unnecessary spending of taxpayer funds as any renovation investment would likely be lost, and not recovered, should the Government’s objective of a quick sale be realised.

“It’s going to be considerably less than $10-$12m; it’s going to be less than that,” he told Tribune Business. “We don’t want to spend money that no investor is going to reimburse us for.

“We’re not doing any substantial repairs; it doesn’t make sense. Why would I go and spend $10m on a hotel

Arawak Port beats profit target by 9% FROM PAGE ONE budget. Total revenue as at September 30, 2018, are tracking about two percent under budget.

“Total market volumes are expected to decline and [are] estimated around 130,000 inbound/outbound TEUs for 2019, or 7,000 under the 2018 budgeted volumes of 137,000 TEUs. Our total revenues as at September 30, 2018, are under budget by approximately $153,000 or two percent. Total expenses as at September 30, 2018, were slightly under budget by $271,000.”

APD added that margins were also two percentage points higher than budgeted for the 2019 first quarter, indicating that it has been able to maintain yields and profits despite the top-line decline.

“Our Direct Operating Margin (DOM) for 2018 was 44 percent (2017: 51 percent),” the BISX-listed port operator revealed.

“Our budgeted DOM for 2018 was 44 percent. For the period ended September 30, 2018, our DOM is 44 percent, which is two percent more than our budgeted DOM for the same period.”

Mr Maura, expanding on the rationale underpinning APD’s forecasts, told shareholders: “The APD 2018-2019 budget... considers container TEU volumes of 130,000 or 2,696 under prior year, with bulk tons of 172,500 or 1,220 less than prior year and vehicles of 17,000 or (596) under.

“These forecasts are informed by the following economic and trade factors. In July 2018,

the value-added tax was increased from 7.5 percent to 12 percent. Notwithstanding the Government’s fiscal objectives and the broad national budgetary benefit, this increase in tax will curb consumer spending for the foreseeable future.”

Mr Maura added that Baha Mar-related import volumes will remain “comparatively low” when set against those enjoyed by APD during the resort’s construction phase, with other foreign direct investment (FDI) related activity unlikely to fully offset this.

“We can expect to benefit from ongoing project-related volumes relating to Albany, Atlantis and The Pointe, but these only serve to replace import volumes realised in the prior year,” the APD chief added. “The new projects of the Wynn Group and Hurricane Hole are in their infancy and will not contribute material volumes during the 2018-2019 fiscal year.”

Turning to global factors, Mr Maura said US and Chinese trade policies - especially the increased tariffs each has levied on the other’s goods worth billions of dollars - “will likely have a material impact on the Bahamian economy, and likely manifest itself in an increase in the cost of imports, as goods in the United States become more expensive”.

He added: “According to trade and investment experts, over 50 percent of the imports to the US are parts and components used in the assembly and manufacturing process.

The new tariffs will likely result in many of these parts becoming more expensive,

increasing the finished cost of goods exported to The Bahamas.

“The trade war is not the only influence on our economy. The fuel and energy costs have been on the rise, and the world has seen an increase in WTI (West Texas Intermediate) crude oil from $52 per barrel in October 2017 to $72 in October 2018, or a 28 percent increase.

“Ocean cargo operators have begun introducing fuel adjustment surcharges to address the increase in fuel costs while, at the same time, swapping smaller vessels in trade lanes with larger, more efficient ships. These changes, while helping to mitigate the increase in fuel, will impact supply chains.”

Looking back at the prior financial year, APD’s annual report said: “Actual TEU volumes for 2018 of 132,692 were under budget by 4,308 TEUs or three percent compared to our budgeted 2018 volumes of 137,000 TEUs. “Additionally bulk car volumes of 17,596 were 2,596 or 17 percent more than 2018 budgeted car volumes of 15,000. This resulted in revenues of approximately $3.003m from landing and security fees for vehicles.

“Additionally, revenues from storage fees were approximately $116,521 over budget during fiscal year 2018. Reefer revenue was over budget by $224,450.

Total current assets increased from $17.929m to $23.558m or an increase of 31% percent. Cash and cash equivalents increased by $5.934m. During the year the spare parts inventory decreased by $26,240.”

that an investor buys, comes and knocks it down, and I don’t get my $10m back.”

The Grand Lucayan chairman said any government-financed upgrades will focus on Lighthouse Point “and the income generating part of it.

“What we want to do is make sure we remediate and ameliorate those parts of the resort that are revenue producing; producing an income,” Mr Scott said.

“It is any repairs that are necessary to enable those parts of the resort that are now producing money, like the golf course - we’re getting money from that to fund it - or the convention centre.

“If we can do some cosmetic repairs to the area around it, and do it cost effectively, we’re going to do that. The extent and value of that effort is still under consideration. It has to be

cost effective.”

Rather than the Government carrying out essential upgrades, Mr Scott said “the first line of attack” remains achieving a quick sale of the Grand Lucayan with the capital, vision and hospitality expertise to transform the resort and nearby attractions into a true destination product.

“At the end of the day, we’re not going to drop a large sum in there,” he reiterated. “We’re not going to drop money no investor is going to reimburse us for.

They’ll have their own refurbishment, renovation and remediation plan.”

The staff voluntary separation costs, and essential short-term upgrades, represent further liabilities for a Government desperate to minimise the costs of purchasing Freeport’s last “mega resort” property - an

acquisition it felt it had no choice but to make.

Besides the $65m purchase price, the Government also committed to a $2m subsidy to cover Hutchison Whampoa’s operating losses between August 1 and September 11, and waived the payment of $3.25m in stamp duty on the conveyancing by the Hong Kong conglomerate. The latter, as seller, also walked away with $80-$85m in Hurricane Matthew insurance proceeds, rather than put them into repairs.

KP Turnquest, deputy prime minister, previously said the Government’s full Grand Lucayan financing costs could run as high as $124m - a sum still below the total subsidies demanded by Wynn Group and Sunwing, the last two private buyers to look at the property.

PAGE 6, Tuesday, November 6, 2018

THE TRIBUNE

Iran president warns of ‘war situation’ as sanctions resume TEHRAN, IRAN Associated Press THE US re-imposed all sanctions yesterday on Iran that once were lifted under its 2015 nuclear deal with world powers, grinding further down on the Islamic Republic’s already-ailing economy in what President Hassan Rouhani described as a “war situation” now facing Tehran.

Iran ran televised air defense drills showing soldiers cheering the downing of a drone, but otherwise held back from any military response over US efforts

to curtail what Washington calls its “malign activities” across the Middle East.

While previously warning it could ramp up its nuclear program, Iran still honors the atomic accord now limiting its enrichment of uranium, according to the United Nations.

As Iranian officials struck a martial tone, the strain could be felt on the streets of Tehran. It lurked in shops emptied by the country’s rapidly depreciating currency. It could be felt in the lines at currency exchange shops. And it could be heard in the stress of the voices of people struggling

US President Donald Trump, left, and Iranian President Hassan Rouhani. The Trump administration is announcing the reimposition of all US sanctions on Iran that had been lifted under the 2015 nuclear deal. to buy medicine.

“When the dollar rate went up, prices for medicine went up by 80 percent,” said a man who identified himself only as Amidi, who suffers from mental illness and has a son with cancer. “I can’t buy my own medicine anymore.

I haven’t taken my medicine for two months, because I can’t afford it.”

The US Treasury Department imposed penalties on more than 700 Iranian and Iranian-linked individuals, entities, aircraft and vessels in the new sanctions. Among those are 50 Iranian banks

and subsidiaries, more than 200 people and ships, Iran’s state-run airline Iran Air and more than 65 of its planes.

The new sanctions particularly hurt Iran’s vital oil industry, which provides a crucial source of hard currency. US Secretary of State Mike Pompeo told journalists in Washington the sanctions already had cost Iran the sale of over one million barrels of crude oil a day.

“Our objective is to starve the Iranian regime of the revenue it uses to fund violent and destabilising activities throughout the Middle East and, indeed, around the world,” Pompeo said. “The Iranian regime has a choice: It can either do a 180-degree turn from its outlawed course of action and act like a normal country, or it can see its economy crumble.”

The administration of President Donald Trump, who campaigned on a promise of tearing up the nuclear deal, insists it does not seek “regime change” in Iran through the sanctions. It says It wants Iran to radically change its policies, including its support for regional militant groups and its development of long-range ballistic missiles.

However, Trump’s personal lawyer Rudy Giuliani and his national security adviser John Bolton both have given speeches advocating overthrowing Iran’s theocratic government.

Analysts feared in the run-up to the sanctions that global oil prices could spike on tight supply and increasing demand.

However, the Trump administration

allowed some of its allies — Greece, India, Italy, Japan, South Korea, Taiwan and Turkey — as well as rival China to continue to purchase Iranian oil as long as they work to reduce imports to zero. That caused prices of benchmark Brent crude to dip down from over $80 a barrel in recent days. It traded up over $73 a barrel yesterday after the sanctions took effect.

“We have the toughest sanctions ever imposed but on oil we want to go a little bit slower because I don’t want to drive the oil prices in the world,” Trump said on Thursday. “I could get the Iran oil down to zero immediately, but it would cause a shock to the market.”

Rouhani, whose signature achievement was the nuclear deal, promised that Iran would still be able to sell its oil on the international market. Its national oil company has started selling crude oil to private companies who then can sell to anonymous buyers abroad as a means to get around the sanctions.

“We are in an economic war situation. We are standing up to a bullying enemy,” Rouhani told government officials in televised remarks, invoking Iran’s ruinous 1980s war with Iraqi dictator Saddam Hussein. “Yesterday, Saddam was in front us; today Trump is front of us.

There is no difference. We must resist and win.”

Iranian state television broadcast video of air defense systems and antiaircraft batteries in two-day military maneuvers underway across a vast stretch of the country’s north. It

included surface-to-air missiles shooting down a drone.

Iran is already in the grip of an economic crisis. Its national currency, the rial, now trades at 150,000 to one US dollar; a year ago, it was about 40,500 to $1. The economic chaos sparked mass anti-government protests at the end of last year, resulting in nearly 5,000 reported arrests and at least 25 people being killed. Sporadic demonstrations still continue.

Gholamali Khoshroo, Iran’s UN ambassador, accused the US of “brazenly and boldly” violating a UN Security Council resolution that unanimously endorsed the nuclear deal by re-imposing sanctions, and he called for “a collective response by the international community”.

Chinese Foreign Ministry spokeswoman Hua Chunying said China regretted the US decision, adding the accord “should be comprehensively and effectively implemented” despite the fact that the United States pulled out of it in May. European nations still a part of the nuclear deal have sought to offer protection for its firms to continue trading with Iran. However, many international firms already have backed out of the country, fearful of facing American sanctions.

That fear also has kept shoppers out of the stores in Tehran.

“Check the shops here one by one. There are no customers,” said Hossein Ahmadi, who sells purses.

“People have kept their money for rainy days out of fear of sanctions.”

Meanwhile, there are fears of other threats. Iran’s Telecommunication Minister Mohammad Javad Azeri Jahromi and his deputy, Hamid Fatahi, both tweeted about a cyberattack targeting the country’s communications infrastructure, without elaborating.

They blamed Israel for the attack and both referenced Stuxnet, which destroyed thousands of centrifuges involved in Iran’s contested nuclear program in 2011.

Stuxnet is widely believed to be an American and Israeli creation, though neither country has acknowledged being behind the attack.

Israel’s Foreign Ministry declined to comment on the Iranian claim. Last week, Gen Gholam Reza Jalali, the head of country’s military unit in charge of combating sabotage, said Rouhani’s cellphone was tapped recently.

www.ub.edu.bs

CAREER OPPORTUNITY STAFF Suitably qualified candidates are invited to apply for the position of:-

Bank Reconciliation Clerk at the University of The Bahamas

Oakes Field Campus responsible for reconciling balances from the bank statement to the general ledger. Specific duties and responsibilities include preparation of complex bank reconciliations; preparation of journal entries required to clear the bank reconciliations; investigation of all current and long outstanding reconciling items; and collaboration with other units in the organization to resolve matters as they relate to the bank reconciliations.

Candidates must have at least an Associate’s Degree in Accounting or a Business field and a minimum of five (5) years’ experience in a similar position. Interested applicants should submit the following electronically to the Vice President, Human Resources Department by Friday, 9th November, 2018 via hrapply@ub.edu.bs: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Completed Employment Application Form (www.ub.edu.bs/wp-content/uploads/2017/01/Application-for-Employment-Staff.pdf)

• Current Curriculum Vitae or Résumé; • Copies of qualifications and certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B. Card; • Copy of Voter’s Card; • Three (3) written professional references.

For a detailed position announcement visit: http://www.ub.edu.bs/about-us/career-opportunities/staff/ .

THE TRIBUNE

Tuesday, November 6, 2018, PAGE 7

Fed likely to keep rates on hold and sketch a bright outlook WASHINGTON Associated Press WITH the economy strong, wages rising and unemployment at a nearfive-decade low, the Federal Reserve remains on track to keep raising interest rates — just not this week.

After the Fed’s latest policy meeting, it’s expected to signal a healthy outlook for the economy but to hold off on any further credit tightening, most likely until December. A rate hike in December would mark the fourth this year.

Further rate increases are expected in 2019, though just how many is a subject of speculation. On the eve of Congress’ midterm elections, the US economy remains vigorous even in its tenth year of expansion — the second-longest such stretch on record.

In deciding how fast or slowly to keep raising rates, the Fed will be monitoring the pace of growth, the job market’s strength and gauges of inflation for clues to how the economy may evolve in the coming months. The brisk pace of economic growth — a 3.5 percent annual rate in the July-September quarter, after a 4.2 percent rate in the previous quarter — has

FEDERAL Reserve Chair Jerome Powell looks over papers as the Federal Reserve Board holds a meeting at the Marriner S Eccles Federal Reserve Board Building in Washington. With the economy strong, wages rising and unemployment at a near-five-decade low, the Federal Reserve remains on track to keep raising interest rates, just not this week. After the Fed’s latest policy meeting, it’s expected to signal a healthy outlook for the economy but to hold off on any further credit tightening, most likely until December. A rate hike in December would mark the fourth this year.

Photo: Jacquelyn Martin/AP raised the risk that inflation could begin accelerating.

In its most recent forecast, the Fed projected that it would raise rates three additional times in 2019.

Some economists, though, foresee only two hikes.

Others expect economic growth to remain solid and the job market strong and that the Fed will decide that four rate increases will be justified next year to guard against high inflation. At 3.7 percent, the unemployment rate is already at its lowest level since 1969.

“The Fed is going to have to continue raising

rates next year because the unemployment rate is going to keep falling to close to three percent, well beyond full employment,” said Mark Zandi, chief economist at Moody’s Analytics.

“There is nothing but green lights for more rate hikes straight ahead.”

On Friday, the government reported that the economy added a sizable 250,000 jobs in October and that average pay rose 3.1 percent over the previous 12 months — the sharpest year-over-year gain in nearly a decade. That’s welcome news for workers. But

it’s a trend that may raise concern that accelerating wages will help fuel undesirably high inflation.

Chairman Jerome Powell has stressed that the Fed is determined to follow a middle-of-the-road approach: Keep gradually nudging up rates to control inflation but avoid tightening too aggressively and perhaps triggering a recession.

“They are walking a tightrope,” said Diane Swonk, chief economist at Grant Thornton.

The Fed has raised rates three times this year, lifting its benchmark rate to a range — two percent to 2.25 percent — that is still

low by historical standards.

Most economists think the statement the Fed will issue on Thursday after its policy meeting ends will hint of another imminent increase, likely in December.

The Fed’s policymakers have stressed, and most economists agree, that these small quarterpoint increases amount to a gradual pace of credit tightening. But President Donald Trump has sharply disagreed, and since the stock market started tumbling last month, he has attacked the Fed’s rate hikes as well as Powell’s leadership. Trump’s public criticism has aroused

concern that he is intruding on the central bank’s long-respected political independence and its need to operate free of outside pressure.

At the same time, the nervousness among stock investors reflects the reality that the Fed’s steady march toward higher rates is removing a key factor that has underpinned the bull market in stocks: The richer returns that investors could achieve in stocks than in bonds or savings accounts.

Fed critics had charged that the central bank was creating a bubble in stocks that would eventually pop with disastrous results.

www.ub.edu.bs

CAREER OPPORTUNITIES Suitably qualified candidates are invited to apply for the position of:-

Project Officer, responsible for working collaboratively with the Director of Physical Plant, the University’s department heads and other stakeholders to coordinate work schedules, equipment usage schedules, and respond to enquiries and concerns in a timely fashion as well as identifying any potential risks that could affect the progression of projects, and for maintaining crucial project documents. Other duties and responsibilities include advising on the development of project scopes and budgets; reviewing project progress and advising on quality and budget, with special emphasis on the analysis of suggested or required change orders; advising and assisting in the bidding process and selection of qualified contractors for projects; and providing supervision and oversight for construction projects.

A Bachelor’s degree or equivalent in civil or structural engineering facilities or construction management, or architectural science is required, plus, a minimum of seven years’ experience in construction project management (preferably commercial).

Electrical Supervisor/Foreman, responsible for planning, organizing,

scheduling, assigning and reviewing maintenance work in the Electrical Unit as well as supervising and evaluating the work of assigned employees.

Specific duties and responsibilities include preparing written estimates of materials and labour and giving time lines for maintenance and development projects; monitoring the acquisition and use of materials and equipment; and planning, organizing, coordinating and overseeing day-today maintenance activities to assure the proper and efficient maintenance, construction and repair of the University’s buildings, facilities and equipment.

Candidates must have an Applied Associate of Science Degree or Associate Degree in Electrical Technology AND a Three-Phase Electrician License with at least five years of proven relevant post-qualification experience; OR a Three-Phase Electrician License AND at least ten years of proven relevant work post-qualification experience, which should include certificates in supervision; OR a Single-Phase Electrician License AND at least twelve years of proven relevant work post-qualification experience.

Certificates in supervision would be a plus.

Director of Greek Life & Student Leadership, responsible for the

overall vision, leadership, assessment, and coordination of services and programmes for the Department. Specific duties and responsibilities include disseminating and interpreting the University’s policies and procedures as they pertain to fraternity and sorority chapters and councils; working with undergraduate members of fraternities and sororities, alumni and volunteers; developing programmes and services that foster a sense of community among Greek organizations; overseeing leadership development programmes for fraternity and sorority undergraduate leaders, and community programmes, and attending appropriate fraternity and sorority events. Candidates must have at least a Bachelor’s degree. A Master’s Degree in Higher Education Administration, College Student Affairs, Organizational Leadership, Counselling or related field is preferred with a minimum of three years’ experience in fraternity or sorority life or five years’ experience in Student Leadership/Development.

Head Track & Field/Cross Country Coach, responsible for the

management and administration of all activities related to track and field and cross country and exercising direct supervision of recruiting, training, and coaching student-athletes participating in both sports. Specific duties and responsibilities include promoting the track and field/cross country programme in accordance with the mission of the University; overseeing the recruitment and selection of student-athletes; scheduling and conducting regular practice sessions in and out of season, as permitted by the University; developing and implementing strategies for motivating student-athletes; organizing and participating in clinics, exhibitions and campus activities; and organizing and participating in public activities which include speaking engagements, television and radio interviews and press conferences. A Bachelor’s degree is required; a Master’s degree is preferred. A Level 3 Coaches Certification or higher; successful coaching background at the collegiate or national/international or professional level is required. Five years of relevant coaching experience is preferred.

Interested applicants should submit the following electronically to the Vice President, Human Resources Department no later than 9th November, 2018 via hrapply@ub.edu.bs:• A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Completed Employment Application Form

(www.ub.edu.bs/wp-content/uploads/2017/01/Application-for-Employment-Staff.pdf)

• Current Curriculum Vitae or Résumé; • Copies of qualifications and certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B. Card; • Copy of Voter’s Card; • Three (3) written professional references.

For detailed position announcements visit: http://www.ub.edu.bs/about-us/career-opportunities/staff/ .

PAGE 8, Tuesday, November 6, 2018

THE TRIBUNE

RIDE-SHARE COMPANIES EMBRACE ELECTION FRENZY HOW ‘NET NEUTRALITY’ NEW YORK Associated Press

RIDE-SHARE companies were capitalising on voter enthusiasm ahead of today’s midterm elections by offering free or discounted rides to the polls in shared cars, bikes and scooters.

They say they were aiming to remove what many consider a barrier to voting: lack of transportation.

Midterm elections are often marked by low voter turnout, but political

watchers are expecting voter angst over which party will control the US House and Senate, as well as lingering anger by both major parties over Supreme Court Justice Brett Kavanaugh’s confirmation, to drive more Americans to cast votes.

“This midterm election season has gotten in the bloodstream of the American people in a way that has not happened before,” said Stephanie Young, spokeswoman for When We All Vote, a nonprofit that has

partnered with Uber and Lyft to get voters to the polls.

When We All Vote is cochaired by Michelle Obama and helps people register and vote. The organisation is technically nonpartisan, but several on its list of celebrity co-chairs such as Tom Hanks and Chris Paul have been vocal critics of President Donald Trump.

Lyft is also working with Voto Latino — whose cofounder Rosario Dawson has urged voters to choose Democrats to combat

Trump’s immigration policies — as well as nonprofit organisations that help blind people and student veterans to distribute discount codes and identify where free rides are needed. Lyft’s efforts have been promoted on social media by celebrities such as actor Samuel Jackson, another Trump critic.

Uber is offering $10 off rides to the polls across the country and added a feature in its app that helps customers find their polling stations by typing in a home address.

MARKET REPORT FRIDAY, 2 NOVEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 2,007.03 | CHG 1.65 | %CHG 0.08 | YTD -56.54 | YTD% -2.74 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.22 0.36 3.92 9.26 6.60 4.97 12.50 2.74 1.78 8.21 6.30 13.20 6.90 4.50 13.50

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.16 2.25 8.60 6.09 3.54 9.00 2.30 1.50 7.25 6.00 10.06 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 4.45 17.43 9.09 4.46 1.01 0.30 2.30 9.25 6.15 4.00 12.42 2.52 1.78 7.48 6.30 13.00 6.60 3.63 13.01

CLOSE 4.45 17.43 9.09 4.46 1.01 0.36 2.30 9.25 6.15 4.00 12.42 2.44 1.78 7.42 6.30 12.99 6.75 3.63 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.00 0.00 0.00 0.00 -0.08 0.00 -0.06 0.00 -0.01 0.15 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

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME 100

1,000 2,200

3,000 1,000

VOLUME

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.154 0.627 0.102 0.209 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 0.060 0.084 0.280 0.500 0.150 0.130 0.590

P/E 20.8 18.7 N/M 14.1 N/M N/M -2.3 13.2 13.9 26.0 19.8 23.9 8.5 N/M 9.4 18.5 9.4 13.1 20.6

YIELD 2.25% 6.48% 0.00% 5.16% 0.00% 2.78% 0.00% 7.68% 3.58% 3.00% 4.99% 2.46% 3.37% 1.13% 4.44% 3.85% 2.22% 3.58% 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 2.18 4.16 2.02 182.41 158.55 1.58 1.70 1.66 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 1.52 1.68 1.61 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 2.18 4.16 2.02 182.41 158.55 1.58 1.69 1.66 1.09 7.36 8.47 6.53 11.32 11.67 10.54 9.93 8.45 11.20

YTD% 12 MTH% 2.90% 4.07% 0.44% 4.38% 1.70% 2.35% 2.08% 3.47% 3.35% 5.94% 3.22% 4.22% -0.38% 3.34% 2.39% 4.01% -0.38% 0.53% -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 30-Sep-2018 30-Sep-2018 28-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-2018 30-Sep-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

BECAME A HOT-BUTTON ISSUE NEW YORK Associated Press

FOR A fundamentally nerdy subject, net neutrality is pushing a lot of political buttons.

The latest salvo is over a California law that restores a ban on cable, wireless and other broadband providers from impeding people’s ability to use their favorite apps and services. The federal government had rescinded that ban, and the Trump administration is seeking to block California’s effort as an imposition on federal prerogatives.

Though net neutrality started off more than a decade ago as an insight into how to make networks work most efficiently, it has taken on much larger social and political dimensions lately. The issue has emerged as an anti-monopoly rallying point and even a focus for “resistance” to the Trump administration.

“Any time the cable companies and the Trump administration are on one side, it looks good for companies to be on the other side,” Boston Law School professor Daniel Lyons said.

But the idea hasn’t always been political or partisan.

Net neutrality traces back to an engineering maxim called the “end-to-end principle”, a self-regulating network that put control in the hands of end users rather than a central authority. Traditional cableTV services, for instance, required special equipment and controlled what channels are shown on TV. With an end-to-end network like the internet, the types of equipment, apps, articles and video services permitted are limited only to imagination.

And the internet subsequently grew like nobody’s business — largely because it wasn’t anyone’s business.

But as internet use expanded, so did the power of the big companies that offer internet service to the masses. It became clear that they could, and sometimes would, restrict what people did. The Associated Press found in 2007 that Comcast was blocking or slowing down some file-sharing.

AT&T blocked Skype and other internet-calling services on the iPhone until 2009.

Law professor Tim Wu, now at Columbia University, coined the term “net neutrality” in 2003 to argue for government rules that would prevent big internet providers from discriminating against technology and services that clashed with other aspects of their business. Allowing such discrimination, he reasoned, would choke off innovation.

Big telecommunications companies, on the other hand, argue that they should be able to control the pipes they built and owned.

The Federal Communications Commission subscribed to the principle of net neutrality for over a decade and enshrined that as specific rules in 2015 under chairman Tom Wheeler, an Obama appointee. Among the rules: Broadband companies couldn’t block websites and apps of their choosing.

Nor could they charge Netflix and other video services extra to reach viewers more smoothly.

Once President Donald Trump took office, net neutrality became one

of his first targets as part of broader government deregulation. The FCC chairman he appointed, Ajit Pai, made rollback a top priority.

And thus net neutrality became increasingly political. As a vote loomed for months, the once-obscure concept was debated endlessly on talk shows and online chats. Big-time Hollywood producer Shonda Rhimes tweeted a link to a story about saving netneutrality on her lifestyle website. Actor Mark Ruffalo urged people to contact members of Congress by tweeting, “Long live cute dog videos on YouTube! #RIPinternet”.

The debate created strange bedfellows: Support for net neutrality comes from many of the same people who are also critical of the data-sucking tech giants who benefit from it.

Yet on net neutrality, these tech companies got to be the “good guy”, siding on the side of the younger “digital first” generation and consumer groups calling for more protection. No matter that these companies are keeping their own business interests at heart, as a net-neutrality rollback could mean higher costs for access to the “pipes”.

Politicians glommed on to the debate to appear consumer friendly.

“No politician will ever lose votes by supporting net neutrality,” said Gus Hurwitz, law professor at the University of Nebraska and a member of the conservative group The Federalist Society. “It’s an ill-defined term that voters don’t really understand other than that it is a scary concept they know they don’t want to lose.”

Meanwhile, ISPs haven’t done themselves any favors in appealing to the consumer. They’ve long had a reputation for bad service and high prices. Unlike the high-profile support for net neutrality, the opposition was limited to behind-thescenes lobbying.

Nonetheless, the FCC rolled back the net-neutrality rules last December on a 3-2 party-line vote. The decision took effect in June.

Yesterday, the Supreme Court declined to hear appeals from the broadband industry to strike down a lower court ruling in 2016 that was in favour of net neutrality. That effectively shut down an appeal that had already become largely moot when the FCC rolled back the rules. But in other arenas the fight is likely to drag on.

Several tech companies including Mozilla and Vimeo are challenging the FCC’s rollback decision in a federal appeals court.

That’s separate from the challenge to the California law, which is on hold until the tech companies’ lawsuit is resolved. Oral arguments in the tech companies’ case are expected in February.

Oregon, Washington and Vermont have also approved legislation related to net neutrality.

And a Democratic takeover of the House in today’s midterm elections could revive efforts to enact net neutrality into federal law, though Trump would likely veto any such attempts.

“Net neutrality is only the fifth round of a 12-round boxing match,” Wedbush Securities Managing Director Dan Ives said.

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PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, TYRONE MILLER of the Marathon Estates, New Providence, The Bahamas intend to change my name to TYRONE SMITH. 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 the publication of this Notice.