11082018 BUSINESS

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THURSDAY, NOVEMBER 8, 2018

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Deltec refutes claimed link to launder scheme

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DELTEC Bank & Trust yesterday denied that any of those charged in relation to a $1.2bn Venezuelan money laundering scheme was a client or account holder with itself.

The Lyford Cay-based financial institution, in a statement sent to Tribune Business, defended its reputation and integrity after this newspaper revealed that US federal authorities want to seize assets held in bank accounts with itself and Ansbacher (Bahamas) as part of a crackdown on corruption linked to the Nicolas Maduro-led regime.

Pledging that it complies with all anti-financial crime laws “without compromise”, Deltec refuted the contents of a plea agreement reached between US prosecutors and Abraham Edgardo Ortega, who was formerly executive director of financial planning at Venezuela’s state-owned oil company, PDVSA. Ortega, in his plea agreement with US authorities, agreed to forfeit “all assets on deposit in account/portfolio number 1303311-00 at Deltec Bank & Trust in Nassau, The Bahamas”. He also committed to doing similar with “all assets on deposit in account number 200020600 at Ansbacher Ltd in The Bahamas, held in the name of Greatwalls FS”.

Deltec, though, denied that Ortega or any of the others charged in connection to the money laundering scheme and associated bribery payments had ever been a client or beneficial account owner.

“Deltec wishes to make it abundantly clear that neither Mr Ortega nor any of the other indicted individuals is or was a client of the bank,” the Bahamian financial institution said.

“Further, Deltec wishes to emphasize that at no time was Deltec or any of its officers knowingly involved in any irregularity or implicated in any wrongdoing. Deltec conducts all client relationships in a manner that is fully compliant with all applicable banking laws and regulations, and consistent with its internal policies with respect to sound risk management.

“Deltec works with its regulators on a continual basis, and has strong

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‘Defending the 400,000’ on $4.6m union excess

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Grand Lucayan’s chairman yesterday said he is defending “the interests of 400,000 Bahamas residents” over staff payout demands that exceed the resort’s offer by $4.6m.

Michael Scott told Tribune Business that neither of the two unions representing the Government-owned resort’s workers had “seen the light” over their voluntary separation requests, which are double and triple, respectively, what the hotel is offering to provide.

While the Grand Lucayan’s Board had “resolved to be fair” over the voluntary separation packages, Mr Scott sounded a warning that it will not be bullied or coerced into paying more

BPL slams 70% * Payout demands double, triple Grand Lucayan offer energy hike as * Unions want total $8.4m, resort proposes just $3.8m ‘false ramblings’ * Resort chairman: ‘They have yet to see the light’

THE Public Hospitals Authority (PHA) has pledged to address deficiencies that left it “unaware” of how many supplier contracts it had in its $53.327m annual procurement budget.

The Auditor General’s Office, which conducted a two-year probe of the PHA’s procurement processes during the former Christie administration’s final years, found that the state-owned agency “stands to lose valuable time and resources because contracts are not monitored proficiently”.

Its report for the two years to end-June 2017, tabled in the House of Assembly yesterday, exposed weaknesses that could result in the waste and abuse of Bahamian taxpayer monies because the PHA may still gave been paying on expired or unnecessary contracts.

The Auditor-General’s Office said its examination uncovered 183 PHA contracts that had expired, while another 25 “current” deals lacked the necessary authorising signatures.

Another 14 contracts at the

Tribune Business Reporter

nmckenzie@tribunemedia.net

MICHAEL SCOTT than is due, saying: “It also has the courage to say no.”

The attorney, who also chairs the Hotel Corporation, revealed that the Bahamas Hotel Managerial Association (BHMA), which represents the Grand

authority, which oversees the Princess Margaret and Rand Memorial hospitals and the Sandilands Rehabilitation Centre (SRC), were not made available to investigators.

“Public Hospitals Authority management was unaware of how many contracts existed,” the Auditor General’s report said. “As a result, Public Hospitals Authority could be paying for expired contracts; incorrect amounts on a contract; obsolete contracts (outlived their usefulness).”

of Hotel Services and Allied Workers (CUHSAW), which acts for the line staff, was asking for “over $3m” - a sum near-triple the Grand Lucayan’s $1.1m proposal.

BAHAMAS Power and Light (BPL) and its chairman yesterday slammed claims that electricity rates will increase by 70 per cent as “irresponsible” and “false ramblings”.

Dr Donavon Moxey, pictured, slammed such suggestions as “actually false”, and added: “I thought it was irresponsible. There is no 70 percent rate increase.

That number came from nowhere.

“The only thing that changed from a rate perspective is a two cents movement in the fuel

SEE PAGE 4

SEE PAGE 5

THE GRAND Lucayan resort in Grand Bahama.

Lucayan’s middle management staff, was demanding a collective $5.4m payout for its members - double the $2.7m offered by the resort’s board.

He also disclosed that the Commonwealth Union

Hospitals body ‘unaware’ how many suppliers it had

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NATARIO MCKENZIE

It added that its probe had also uncovered contracts “with indefinite terms”, while different areas under the PHA - such as generators - “have similar contracts”.

“A contract database/ register inclusive of the contracted amounts and expiry dates has not been maintained for the Public Hospitals Authority, including Princess Margaret Hospital, Sandilands Rehabilitation Centre, Rand Memorial Hospital and

SEE PAGE 6

QC to ‘put the lie’ to Bahamas ease ranking

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A WELL-KNOWN QC yesterday said he aims “to put the lie to the World Bank’s indictment” of The Bahamas’ ease of doing business, with the Government targeting a “15 percent” rankings jump.

Fred Smith QC, pictured, the Callenders & CO attorney and partner, told Tribune Business he had “undertaken to change” his firm’s previous

approach of moving away from commercial work in Freeport because of the city’s economic needs.

Speaking after The Bahamas found itself ranked behind the conflict-ravaged World Bank and Gaza Strip in the World Bank’s “ease of doing business” rankings, despite moving up one spot to 118th place, Mr Smith said he had “this week taken on five to six clients that want to do business here” because

SEE PAGE 5

PAGE 2, Thursday, November 8, 2018

THE TRIBUNE

UNDERSTANDING WHO YOU’RE DESIGNING FOR T RADITION counts for little when it comes to having a career in graphic design. I have seen quite a few changes within the industry, but the objectives and practice of “good” design have not altered.

Practicing design does not always mean understanding the purpose. You might find yourself creating websites without much more than a cursory knowledge of design. And that is alright.

For there is no right way to begin. Having a formal education in design does not mean it is the only path, but it nonetheless requires you to understand the purpose of your design.

The method by which you communicate always varies.

Use whatever tools and applications solve the communication objectives with which you are tasked. The tools are not as important as the goals. Your goals can only be effective if you can communicate clearly.

And the only way to communicate clearly is by understanding who you are communicating to.

First and foremost, design is not about you.

It is not about your preferences. It is not about what you like, find beautiful or cool. It is about your

The Art of Graphix

BY DEIDRE M BASTIAN

audience. Before you can design anything, you must first understand them.

For example, if you are selling a car you are not communicating to a 5 yearold kindergarten student.

Sometimes the best way to know who your audience is might be by knowing who they are not.

Learn About the History of Design If you lack formal education, it is best to understand the craft but only in moderation. Yes, everyone borrows, but there is a vast difference between knowingly “building” upon the work of others and knowingly “borrowing” from the

work of others. Borrowing teeters on the edge of stealing.

Observe the Practice of Design Design is much more than assembling. As you move about life, pay attention to moments where you encounter design, billboards, road signs and messages covering the sides of trucks. Even when shopping you see designs on cereal boxes, book covers, movie posters, walls and storefront signs. Take note.

Design is everywhere.

Rather than merely seeing design, begin to purposefully notice and perceive.

Identify whether what you are seeing succeeds or fails in communicating a message by asking yourself these questions: Who is it speaking to? What is it saying? Not just in words, but through visuals and graphics, message and tone.

How does it solve the problem? Do the words and images work together, or do they contradict themselves?

Is it effective in achieving a goal? For example, does the movie poster make you want to see the movie, or offer clues about the concept of the movie?

By cultivating your observational skills you simultaneously improve your ability to analyse

your own responses and reactions to design. This understanding, in turn, can inform your design solutions by knowing what does or does not work.

Likewise before launching any project, no matter the size, you have to understand the project objectives. Who is the audience? What are you saying to the audience? How do you want the audience to respond?

As you begin to gather all the information required, become familiar with the materials you have. What was done previously? Did it work? Then determine the approach moving forward.

If your approach is only focused on style with nothing to say, it will not make a lasting impression.

When I studied design it was drilled into us that, until we grasped the basics of a craft, there could be no art. And before there can be a masterpiece, there must be mastery. It is no different with design.

Keep it simple Adding flourish and complexity is tempting because we believe it hides our weaknesses. The more rudiments added to a design, the more risk that the message is obscured. I totally agree, and it is still my view that the things that have the greatest longevity tend to be the most simple.

Embrace restrictions Restrict yourself to a single, traditional typeface with many weights (such as Helvetica Futura or Garamond) to understand typography.

Limit trends Just because something works for one project does not mean it will work for another. Relying on what is cool and popular

sometimes clouds the purpose of a design.

Focus on results, not tools Focus is far too often placed on the methods by which we solve a problem, rather than the validity of the solution itself. For example, a plumber might have a pair of corrosionresistant water pump pliers, but if he cannot repair a leaky faucet then those tools are pointless. So a tool used to create a design is ancillary to the outcome.

Use what works, not what sounds good on a resume.

Form a mindset of design Starting a design career is easy. But growing, building, developing and maintaining your career is different.

There are no certificates, licenses, formulas or rules to help you get to where you want to go. Sometimes luck, chance or good prayer does not work in your favour. Sometimes you do not get paid, or work on projects that you are ashamed of or even hate.

Sometimes your hard work feels futile. That is just life and being a grown up.

You won’t be famous There aren’t any reality TV shows revolving around graphic or web design, and if you ask the average person on the streets they will tell you the same thing.

You won’t be rich If your standard of wealth is the people who built Facebook, Apple, Twitter or Google, then no, you’ll never be rich. But that doesn’t mean you won’t do well.

You won’t have renowned work Beyond the group of people who occupy the graphic design world, the average person is not even

aware of the work you do.

The fact is that almost everything you ever work on will be completely changed within a few years, let alone any of your work being life altering or world changing.

But that does not mean that the work you have done is worthless.

Approach this career with a proper perspective.

Like any other career there is no universal definition for success. The reward is the work, not the perception of the work.

Work hard, do well, be kind, be diligent while improving your craft, but also be patient. Cultivate relationships while building collaborative teams. Focus on delighting, informing, helping, impacting or enhancing the daily lives of your audience (even if it is just one person).

Finally, avoid dreaming about things that are completely out of your control. Instead, strive for personal fulfillment. Strive for balance, perseverance and satisfaction, which will result in lasting gratification. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game!

NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Ms Deidre Bastian is a professionally trained Graphic Designer/ Marketing Coordinator with qualifications of MSc, BSc, ASc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

NHI consultations switch to Exuma PUBLIC consultations over the proposed National Health Insurance (NHI) scheme will now move to Exuma following a series of meetings on Grand Bahama.

The NHI Authority (NHIA), which will oversee and administer the revised NHI model, met with local residents in Freeport and Eight Mile Rock, together with representatives of the business community, during their November 5-6 visit.

The meetings are part of a 45-day consultation period, featuring community meetings and dialogue with healthcare industry stakeholders, that will continue until December 6, 2018.

“NHI Bahamas is changing to improve health outcomes for our country.

I was pleased to see the level of interest from Grand Bahamians who came out

DR ROBIN ROBERTS to the community meetings and provided feedback on the way forward for NHI,” said Dr Robin Roberts, chairman of the NHIA’s board.

“It is important that Bahamians make their voice heard and contribute to the debate on the implementation of this programme as we move towards universal healthcare in The Bahamas.

“I was also encouraged by the productive discussions that were held with members of the business community, and the support

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for the programme that was voiced by the Grand Bahama Chamber of Commerce. It is integral that the NHI Authority collaborates with the private sector to ensure the successful and sustainable implementation of NHI Bahamas, which will lead to a healthier and more productive workforce.”

The NHI Authority will now travel to Exuma on November 15 to meet with residents and stakeholders for continuing consultations. The meeting will be held on that date at 6pm at LN Coakley High School in Moss Town.

Consultations will continue throughout November and December, with the NHI Authority planning upcoming visits to Abaco, Eleuthera, Andros, Long Island and New Providence to hear from more Bahamians and stakeholder groups.

THE TRIBUNE

Thursday, November 8, 2018, PAGE 3

Chamber executive fears Deltec refutes claimed link to for energy cost ‘survival’ launder scheme

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BAHAMIAN companies may have to look at cutting staff amid increased taxes and rising energy costs, a Chamber of Commerce executive yesterday asking: “How are we going to survive?”

Debbie Deal, chair of the Chamber’s energy and environment committee, queried how businesses can survive escalating energy costs with the proposed Shell multi-fuel power plant some threefour years away.

“How are we going to survive the next two to three years?” she asked.

“We have VAT that went up to 12 percent from 7.5 percent in July. They are talking about NHI (National Health Insurance) and this payroll tax; how are we going to survive? Businesses will have to start laying people off.

That is how I see it.”

Ms Deal added: “We have Christmas coming.

Businesses generally hire more staff at Christmas, but if energy bills are going to be three times’ more how are we going to end up, as a business community, dealing with that? It’s not looking good right now.”

Dr Hubert Minnis yesterday offered a slight reprieve to BPL’s low income households yesterday, as he raised the VAT electricity bill exemption threshold from $200 to $300.

“Given the circumstances that have given rise to the temporary spike in the fuel surcharge component of consumer’s electricity bills, the Government is mindful of the impact that this increase has on all Bahamians but especially on the poorest and most vulnerable,” the prime minister told the House of Assembly yesterday.

“This situation is a legitimate issue for every Bahamian. However, there are a small few who are seeking to make political mischief out of a serious situation who know full well the set of circumstances that have built up over several decades and have led to this point, and who also know that this administration is the one putting in place the plan to address it.

“The Government in the 2018/2019 budget provision made allowance that would exempt Bahamians whose monthly bills were under $200 from the payment of VAT. This was and remains a deliberate policy

initiative to assist Bahamians of modest means,” continued Dr Minnis.

“This recent temporary spike in the fuel surcharge has unfortunately put a number of the qualifying customers over the $200 threshold. I today advise the House that the Government will be moving an amendment to the law to allow for a temporary increase in the VAT exempt threshold from $200 per month to $300 per month to the end of the fiscal year, that being June 2019.

“This will be made effective for December 2018 and will show up in the January billing cycle. The trends in the cost of the delivery of electricity will inform any decision to extend the increase in the exemption ceiling into the new fiscal year beginning July 2019.”

Ms Deal said that given the current situation, “anything is a help right now”, but she questioned what relief the business community could expect. “How will $100 extra help? It will not help businesses at all unless you are a very, very small business,” she said.

“Who will help us in the interim? It’s great for persons who have very low bills in the first place, but it’s not going to help the business community.”

Dr Minnis said that as result of fires at the Clifton Pier Power station, two generators were damaged, taking about 70 megawatts (MW) of production capacity off-line.

This has resulted in Blue Hills power station being used to make up the shortfall, albeit with its more expensive fuel.

“Clifton utilises Bunker C, which is by far cheaper than what is utilised at Blue Hills, diesel, which is over $5 per gallon,” Dr Minnis said. “I have requested the minster responsible for BPL and the BPL team to review and report back to Cabinet on the full range of options open to the Government to address this temporary spike in electricity bills, even as we execute the longer term strategy to reduce energy costs on The Bahamas.

“I wish to reassure the Bahamian public that we remain resolute in the need for the country to substantially reduce its energy costs and the undue burden it places on Bahamian citizens and the cost of doing business in The Bahamas.

We will continue to explore a reduction of energy costs.

We will make a substantial transition to solar and other renewable energy supplies.”

FROM PAGE ONE internal AML (anti-money laundering) and KYC (Know Your Customer) procedures, applied without compromise, to preserve the financial and reputational integrity of the bank and jurisdiction.”

Documents filed with the South Florida federal court allege that a key role in relation to Ortega was played by Gustavo Adolfo Hernandez Frieri, principal of a Miamiheadquartered financial services brokerage.

He and Ortega, together with a confidential informant (CS) working for the US government, met in Panama in April 2016 to discuss how $5m in bribes could be concealed and washed clean so the “funds would appear to have been legitimately acquired”.

Hernandez Frieri suggested his “fake mutual fund”, a Cayman Islandsdomiciled entity called Global Securities Trade Finance, as the ideal vehicle. He explained it took in money like a normal investment fund to make payments seem legitimate, but then immediately transferred them out, making it appear as

if a redemption had been requested.

“On February 24, 2017, the CS instructed Deltec Bank & Trust in Nassau, The Bahamas, where a portion of Ortega’s illicit funds were then held, to subscribe to the fund,” Ortega’s plea agreement alleged.

“On or about February 28, 2017, at the direction of Ortega and Hernandez Fieri, approximately $5m was transferred from an account/portfolio number at Deltec Bank & Trust” to a US financial institution in New Jersey, which held an account for Global Securities Trade Finance, the fake fund.

The $5m was then transferred to another unnamed US financial institution, with the “fake subscription in Global Securities Trade Finance deposited [back] at Deltec Bank, thus making the $5m available to Hernandez Frieri for distribution to Ortega”.

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REGIME CHANGE FOR $80M DORMANT FUNDS

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net REFORMS to laws governing $80m in dormant bank accounts were tabled in Parliament yesterday.

The planned changes to the Central Bank of the Bahamas Act are designed to enable the regulator to deal more effectively with such accounts, which have to be transferred to it after being inactive for seven years.

The Central Bank of the Bahamas Amendment Bill 2018 is intended to repeal and replace the existing Act’s section 24.

Under the new regime, all dormant accounts with balances under $500, or those with $500 or more that have been held by the Central Bank for a minimum of ten years, will be earmarked for transfer to the Public Treasury within either two months or two months after the end of the calendar year in which the ten-year period expires.

Based on data contained in the Central Bank’s latest annual report, 79 percent of the nearly 38,900 dormant accounts had balances below $500. Based on previous Tribune Business reports, more than $80m is being held in inactive bank accounts.

Also tabled in Parliament yesterday was the Banks and Trust Companies Regulation Amendment Bill 2018, which deals with the treatment of dormant accounts held by banks.

Such accounts also include credit balances on loans; collateral held on a loan; funds paid for shares; securities; a deposit account of precious metals; and

gemstones not including jewellery.

“Within two months after the end of the calendar year in which the seven-year period expired, banks must pay the Central Bank an amount equal to - and in the same currency denomination - as the amount owing by the bank in respect of the dormant account, including cash from dormant safety deposit boxes or liquidate a dormant account, including a safety deposit

box containing precious metals, precious gemstones or securities and, after deducting the reasonable costs incurred in connection with the liquidation of the account, pay the balance of the proceeds of sale of such account to the Central Bank,” the bill says.

Banks will have to maintain a register of dormant accounts containing names, addresses, contacts, type of facility, fee status and date of last transaction.w

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PAGE 4, Thursday, November 8, 2018

THE TRIBUNE

‘DEFENDING THE 400,000’ ON $4.6M UNION EXCESS FROM PAGE ONE The two trade unions are thus asking for a total $8.4m payout, which represents a sum more than double, or 121 percent higher than the resort’s total $3.8m offer.

Mr Scott argued that both unions were failing to account for the Grand Lucayan’s precarious financial condition, the weakness of the Government’s finances, and the strained Bahamian economy in making their demands.

He added that he was “representing the public interest” given that it is Bahamian taxpayers who will be financing the voluntary separation packages through a sum the Government is eager to minimise as much as possible.

The Grand Lucayan chairman, standing by his assertion that the unions’ demands are “extravagant” and “high”, suggested that bowing to such payouts only risked further inflaming the “antipathy and scepticism” shown by many Bahamians towards the Government’s original $65m purchase of the property.

While agreeing with Obie Ferguson, the Trades Union Congress (TUC) president and BHMA representative, that voluntary separation

packages are not covered by the Employment Act or any statute law, Mr Scott said they had to be seen for what they were - a “gift” for employees who had effectively agreed to resign.

He revealed that the board’s payout offers were based on “the high-end of the scale under the Employment Act”, while dismissing Mr Ferguson’s argument that the packages should be based on those offered by Bahamas Power & Light (BPL) as akin to “comparing apples to tangerines”.

Indicating that the Board was willing to proceed without any agreement with the unions, Mr Scott said it was planning to stage a “payout” for both managerial and line staff “on or around November 23”. Those who want to leave will be able to claim their due monies, while those wishing to remain at the Grand Lucayan will stay.

Urging the unions to account for the financial plight of hotel and country, the Grand Lucayan chairman said: “I tried to explain to him [Mr Ferguson] that the Grand Lucayan hotel/ casino, and the special purpose vehicle that holds it, is set up and holding an illiquid resort because of the actions of Hutchison Whampoa in neglecting the property contrary to the terms of the

1997 Heads of Agreement.”

Mr Scott said the Hong Kong-based conglomerate breached clause 1.1 (d) of that deal, which required it to maintain the Grand Lucayan complex as a premier, high-end destination, through “a pattern of benign neglect over the previous ten to 15 years”.

He added that this was exacerbated by Hutchison Whampoa’s decision to “export” the $85m in Hurricane Matthew insurance proceeds out of The Bahamas, rather than use them to repair the Grand Lucayan - an action he suggested had “ripped the country off”.

Mr Scott said that, as a result, the Government had acquired a resort which had been “limping along” for almost two years since that hurricane. It had been left with few revenue-generating sources, with only the 196room Lighthouse Pointe, convention centre and golf course earning income to sustain that property.

“Plus against that backdrop we have a country limping along with limited finances, under international scrutiny, pressure and stress, and everybody complaining about the cost of living,” he told Tribune Business.

“I’ve told him [Mr Ferguson] that there’s a huge amount of antipathy and scepticism towards the Government’s involvement in this property in this case, and at times this scepticism verges on outright hostility.

“I’m representing the

public interest, looking after the interests of 400,000 Bahamians, whereas you’re looking after the interests of 90-100 persons. I’ve said to him that the board has resolved to be fair, and it’s never wrong to do the right thing,” Mr Scott continued.

“I said we’re doing the best we can with limited resources. Then he [Mr Ferguson] says: ‘Well, you know, the whole issue of voluntary separation is a unique situation that is not governed by the Employment Act.” Mr Scott agreed with Mr Ferguson that voluntary separation packages are not covered under Bahamian law, explaining the rationale for the Board’s calculation of the compensation it deems due to the 90 managerial staff and 100-150 line staff who wish to exist.

“Our position was based at the high end of the scale under the Employment Act, as if it were a termination, and we would agree voluntary separation packages using that as a barometer,” the Grand Lucayan chairman explained.

“The whole rationale for acquiring the hotel was to save jobs. The point of voluntary separation is that people are not being terminated. Staff are free to withdraw their request to leave at any time.”

He added that the BHMA’s industrial agreement with the resort, which expired in 2014, restricted union members’ benefits to

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what was stipulated in the Employment Act. And the union’s efforts to seek similar packages to those offered in the past at the Bahamas Telecommunications Company (BTC) and BPL were dismissed as misguided.

“I said to him that was completely inapt,” Mr Scott told Tribune Business of his reply to Mr Ferguson. “It’s not applicable at all. In the case of those two government corporations there are organic business lines generating revenue streams and in come.

“We are a company that is operating under severe constraints, that in effect has been operationally hobbled.

I said that you’re talking about apples and tangerines, not apples and apples.

“I offered him $2.7m, and they wanted $5.4m. Plus there were a lot of holes in their [the BHMA’s] accounting. They were looking for periods in excess of 12 months’ compensation; in some cases 18-24 months,” Mr Scott continued. “There was also some double dipping in their accounts. It really irritated me.

“I have him the benefit of our analysis, and hoped he would see the light and have a Damascene moment, but obviously Damascus eluded him.”

Mr Scott told Tribune Business that the Government-appointed Grand Lucayan Board had gone through “a similar experience” with the CUHSAW union and its negotiator, the former PLP MP Pleasant Bridgewater, who had “come up with these enormous demands”.

He argued that the line staff union was making “back claims” for unpaid gratuities and other payments it alleged had been due under Hutchison Whampoa’s ownership, but said these had been rejected at the Court of Appeal.

“Unlike the management union they have no valid industrial agreement,” Mr Scott said. “They’re backstopping on top of the basic claims they might have under the Employment Act.” Ms Bridgewater, at a meeting held with Willie

Moss, the board’s secretary, and Ellison Delva, its restructuring officer, had pushed “back claims” that were “unceremoniously knocked out” by the Court of Appeal.

“That’s going nowhere fast,” Mr Scott told Tribune Business. “Pleasant also claims certain ministers made promises to her members that their unverified claims - that went through the court process and were knocked out - will somehow be honoured in the political process.

“Neither the prime minister, deputy prime minister or any other minister has told me that my fiduciary discretion as a director, or the discretion of the board, is to be fettered in any respect.

That cannot be right.”

Mr Scott said the Grand Lucayan Board was planning to hand out the voluntary separation package payouts “on or around November 23”, enabling those workers who want to exit to go.

“Our position is as follows,” the Grand Lucayan said of himself and his fellow directors. “The board has resolved to be fair, and in all the circumstances it will be fair. It is committed to doing the right thing, but also has the courage to say no and to exercise its discretion, balancing the interests of the few against the larger public interest, and to take into account the economic predicament this hotel finds itself in and the limited resources the Government can allocate while we discharge our primary mandate of finding a qualified investor for the resort.

“I’m not going to let anyone blackmail me. That’s not happening. Nor are the board. I can say to you I have the full support of the board and, I believe, the Government. People are complaining about the cost of electricity, and the cost of this and that. We don’t live in a vacuum and there has to be some sensitivity to the public interest. All my directors feel this way.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, TYRONE AlbERT MIllER of the Morley St., New Providence, The Bahamas intend to change my name to TYRONE AlbERT SMITH. 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 the publication of this Notice.

THE TRIBUNE

Thursday, November 8, 2018, PAGE 5

BPL slams 70% energy hike as ‘false ramblings’ FROM PAGE ONE surcharge going from 17.5 cents to 19.5 cents. It would take months, if not a year to get a rate increase approved

by URCA (the Utilities Regulation and Competition Authority).”

BPL subsequently issued a statement to back its chairman, stating: “Having heard the erroneous rumours of a 70 percent increase in electricity rates, BPL unequivocally denies these claims.

“We have no intention of increasing the price of electricity for the Bahamian people by 70 percent.

Further, BPL does not have the authority to increase electricity rates without the consultation and approval of URCA. “We urge you to ignore

QC TO ‘PUT THE LIE’ TO BAHAMAS EASE RANKING FROM PAGE ONE “the economy is in such great need”.

“That was a very disappointing indictment of The Bahamas,” he told Tribune Business of the World Bank ranking. “I am aware that the Government has committed itself to streamlining and making the conduct of business less difficult in The Bahamas, but that has not yet been converted into reality.

“Thankfully my firm has seen a number of new commercial clients from abroad approach it on different matters in both Nassau and Freeport, and I have boasted about the Commercial Enterprises Act and the speed at which the Grand Bahama Port Authority (GBPA) issues licenses.

“I am looking forward to putting the lie to the World Bank’s indictment,” Mr Smith continued, “because we desperately need foreign direct investment (FDI), foreign resources, both human and capital, and the people of The Bahamas are likewise in desperate need of the

the false ramblings, and be assured that BPL is committee to the safe, secure and cost effective supply of electricity to our customers.”

BPL’s statement may be too late, though, as an online petition headlined: “Fix the Electricity Cost - 70 percent is a threat to our livelihood” had already gained 16,000 of the 25,000 signatures targeted while drawing predictably outraged comments from Bahamians.

LaQuisha Sawyer posted: “It’s hard now trying to pay BPL, and for the Government to raise my high light bill now by 70 percent, my family and I will be living in darkness. That’s being heartless to us Bahamians.

I’m already working paycheck to paycheck...Lord help us all.”

Lakeisha Anderson added: “The Government has already imposed increased taxes on Bahamians, and are planning to add new taxes for the Bahamian people.

“There needs to be some serious reconsideration to the increased rates for electricity. Otherwise, the trickle down effect will be devastating for our country and the people who call The Bahamas home.”

Cindy Curry cried: “Am a poor single mother. Can’t hardly find food to feed my kids.” While Tracy Wells said: “This increase will cause a snowball effect. The price of everything we purchase will increase to pay each seller’s increased BPL bill.”

“Rate is too high and unaffordable.

Increase limit to $500 before

economy growing.

“I urge the Government to redouble its efforts at cutting through the red tape and making doing business in The Bahamas transparent, fluid and less costly for both Bahamian and foreign investors.”

The outspoken QC’s comments came as the Government yesterday pledged a more “aggressive” approach to achieving a faster rise for The Bahamas up the World Bank’s “ease of doing business” rankings.

This nation has improved by just three places over the past two years, but K P Turnquest, deputy prime minister, said in a statement that an inter-agency government working group was aiming “to see at least a 15 percent increase over the next few years”.

Based on The Bahamas’ current 118th ranking, that percentage translates into an 18-place rise, which would take this nation to 100th spot, but it is unclear what this percentage refers to.

The Government’s inter-agency group, which has been in existence for several months, features officials from the Ministry of Finance, the Office of the Prime Minister, the Office of the Attorney General, the Department of Inland Revenue, the Customs

Department, the Department of Public Works, the Central Bank of the Bahamas, the Registrar General’s Office and the Securities Commission. It is separate from the Prime Minister’s own “ease of doing business” committee drawn from the private sector.

“As the New Year unfolds, we will be rolling out a number of significant initiatives that will have a positive impact on the daily lives of businesses and help us to continue our climb on the global ranking list,” Mr Turnquest pledged.

“We plan to alleviate frustration around the lengthy time it takes to start a new business; the time it takes to get a construction permit; the hoops you have to jump through to access credit, among other priority areas.

“There are certain structural changes that have to take place to advance these efforts fully, but there are also short-term steps we can and will take early in the New Year to relieve some of these pain points - simple changes such as improving the flow of communication between government service providers and the public, or digitising processes such as applying for a revenue exemption or applying for a construction permit.”

disconnection,” suggested Eldica Hunter. “Sorry for the pensioners and disabled.” Paul Clare added: “This Government is determined to make poor people out of every middle and lower class Bahamian citizen”, while Latoya Russell said: “I have never had to pay a $300-plus electric bill before until now for the past two months.”

The Government, seemingly aware of growing public anxiety and the potential political fall-out, responded swiftly yesterday with an initiative designed to soothe voters and relieve the burden on poor and low

income Bahamians.

The prime minister yesterday announced in Parliament that the VAT electricity bill exemption threshold is being raised from $200 to $300, saying: “This recent temporary spike in the fuel surcharge has unfortunately put a number of the qualifying customers over the $200 threshold.

“I today advise the House that the Government will be moving an amendment to the law to allow for a temporary increase in the VAT exempt threshold from $200 per month to $300 per month to the end

of the fiscal year, that being June 2019.

“This will be made effective for December 2018, and will show up in the January billing cycle. The trends in the cost of the delivery of electricity will inform any decision to extend the increase in the exemption ceiling into the new fiscal year beginning July 2019.”

Dr Moxey said he would have to look at the numbers to see how many customers had been impacted by the previous initiative, how many will now be affected and what impact the move could have on BPL.

PAGE 6, Thursday, November 8, 2018

Hospitals body ‘unaware’ how many suppliers it had FROM PAGE ONE its headquarters,” the Auditor General’s report added.

“We recommend that a

database should be created and maintained for all contracts. The database should contain a listing of vendors, description of contracts,

THE TRIBUNE expiry dates, amount, monthly payment and any other pertinent information management considers vital.

“Management should review the contracts and determine where possible, practicable and economical to combine contracts for the different sections. A registry should be implemented to house all

contract documents.”

In response to the Auditor General’s findings, the PHA said it was “in the process” of creating the recommended supplier registry and contracts database. It added that contracts will be combined “where appropriate”.

The PHA’s seeming lack of knowledge on how many supplier contracts it has issued, to whom and their commercial terms is especially concerning for Bahamian taxpayers given that it is the state-owned enterprise (SOE) that receives the largest annual subsidy in the Government’s budget.

The authority is due to receive $216m during the 2018-2019 fiscal year to finance its operations, with the $53.327m outlay on contracts with outside vendors during the 2015-2016 fiscal year equivalent to almost 25 percent of one-quarter of this taxpayer subsidy.

Any wastage, inefficiency or fraud/corruption that results from weaknesses in the PHA’s procurement processes thus rebounds directly on Bahamian taxpayers through higher subsidy payments which, in turn, may fuel higher taxes.

Medicines and vaccines, and other medical supplies, accounted for more than $26m - or nearly half - of the PHA’s 2015-2016 procurement spend, with another $13.67m going on facilities operation. Of the balance, some $6.257m was spent on medical services contracts, with $7.361m dedicated to “other contractual services”.

The Auditor General’s Office, meanwhile, found that the absence of any “whistleblower” protections - and a written policy for handling complaints over PHA tendering processes - meant private sector bidders were not coming forward with formal concerns.

The report acknowledged that many feared victimisation and/or being “blacklisted” on future PHA

procurement, adding: “PHA management stated that there have been instances where vendors have verbalised alleged improprieties that occurred during the tender process.

“However, vendors are unwilling to come forth with a written statement for fear of being unfairly treated in the tender process or blacklisted for future tender. There is no documented evidence to substantiate the alleged improprieties. Management is unable to act on alleged claims without having substantiated evidence.”

The Auditor General’s Office called on the PHA to establish a “complaints unit” to investigate claims made by private sector vendors and/ or the public, although the Authority’s response indicated it does not plan to go this far and will merely establish “a process for complaints”.

Elsewhere, the report found that the PHA had “no recourse” to discipline staff over “conflicts of interest” because they failed to ensure employees in the Supplies Management Agency, which is responsible for procurement, signed the annual disclosures required by its procedural manual.

And it discovered that previously-barred suppliers “could still participate” in PHA tendering processes because the authority had no listing of those who had been prohibited. In response, the PHA said it used the Ministry of Works’ list of barred contractors to determine vendor “suitability”, but pledged it will create its own.

The Auditor General’s Office then found that the PHA was having run its old manual tendering system alongside its new online version due to problems and “inefficiencies” uncovered with the latter’s implementation.

Costs associated with the Online Tender Management System’s installation had risen

because of the technical problems encountered when it launched, forcing the hiring of a consultant and continued operation of manual procurement as a fall-back.

“Both systems are being run parallel due to inefficiencies found in the electronic submission system,” the Auditor General’s Office found. “The manual tender process took a longer time to evaluate and select the winning vendor. Hence, excess resources used during the evaluation stage could have been directed to other areas of the organisation.”

The PHA, in its response, promised to “revise” the Online Tender Management System during the current 208-2019 fiscal year.

It added that it will also “investigate” creation of an automated database system to monitor the use of medicines and when they expire.

“There is no effective monitoring of suppliers’ contracts,” the Auditor General’s Office found. “Contracts for medicines and drugs are guaranteed by the PHA and must be honoured before the contract expires. Therefore, the PHA is obligated to purchase any drugs/medicines outstanding.

“We recommend that the PHA management should establish a stock and issue database. We recommend that the PHA should monitor and ensure that drugs/medicine purchased are accounted for, including those outstanding. Also, we recommend that the PHA ensure that these items are used before the contract expires.”

The Auditor General’s Office conceded that the PHA was in compliance with “most aspects” of established procurement policies, procedures and guidelines, but said “the scope” of its review may need to be widened to medicines and drugs contracts as this would cover the purchase and inventory management processes.

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Applicant must demonstrate an ability to work independently and possess thorough working knowledge and technical competence in the areas mentioned. Preferably 3-5 years’ relevant experience.

Competitive remuneration package is commensurate with qualifications and experience.

Qualified applicants should send their CVs to: gbastian@higgsjohnson.com.

Only applicants with the required criteria need apply.

THE TRIBUNE

Thursday, November 8, 2018, PAGE 7

NEW YORK Associated Press NEARLY a year after Courtney Jackson launched her clothing business, she took on a partner to help manage the company’s growth. A month into the partnership, something was wrong.

Jackson’s partner was supposed to handle half the company’s workload, but that didn’t happen. So, Jackson began taking on more of the responsibilities. When Jackson tried to discuss the division of work, “she was a little defensive at first, and asked me to be patient”. The situation didn’t improve, and they agreed to part at the end of last year, just three months after the partnership began. But under their partnership agreement, drawn up without an attorney, dividing the company’s assets would have weakened it financially.

The partners decided to close, and Jackson lost her company.

The failure of a partnership often brings hard lessons for company owners.

Problems often start when prospective partners don’t think through all the ramifications of what they’re doing — including whether they’ll be a good fit. They may not be clear on their expectations for each other, and how they’ll resolve conflicts. And they may not consider the legal consequences of how they set up their partnership, and how difficult it might be to unwind it; rather than hire an attorney, they write their own agreement that can be problematic when the relationship turns sour.

Jackson’s experience taught her that she needed to be more strategic in her business decisions. And in choosing a partner — Jackson had met hers through a mutual acquaintance.

Bound to fail: Poor choices can ruin business partnerships “You need to make sure you know the person well enough to know what their strengths are and their weaknesses,” says Jackson, who lost her enthusiasm for retailing after the company closed.

She now is the sole owner of an information technology company in Tampa, Florida.

Owners are so caught up in the idea of finding a partner to get investment money, help and expertise that they don’t do the kind of due diligence they would do before hiring an employee, says Michael Howard, a management professor at Texas A&M University’s Mays Business School.

“What will happen when you grow? What’s your process for resolving problems?

How should we manage this project? If you ask these kind of questions, it could reveal a lot of problems in advance,” Howard says.

While partnering with strangers has potential pitfalls, so does going into business with friends.

“It’s important to have trust and strong social ties, but if maintaining them comes at the loss of business success, that’s not really appropriate,” Howard says.

Partners also need to be sure they share the same goals for the business, or at least understand what their differences are.

NOTICE KAROLUS INVEST LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Karolus Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 18th day of October 2018.

Beatus Limited Liquidator NOTICE COUVEN INVEST LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Couven Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 18th day of October, 2018.

Beatus Limited Liquidator

NOTICE VIERTEL INVEST LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Viertel Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 18th day of October, 2018.

Beatus Limited Liquidator

COURTNEY Jackson poses for a photo in her home office in Valrico, Fla. Nearly a year after Jackson launched her clothing business, she took on a partner to help manage the company's growth, but just three months after the partnership began it ended. Under their partnership agreement, drawn up without an attorney, dividing the company’s assets would have weakened it financially. The partners decided to close, and Jackson lost her company.

Photo: Chris O'Meara/AP “You need to talk up front about what your expectations are, for long term, short term, two-year and fiveyear picture,” says Sandy Jap, a marketing professor at Emory University’s Goizueta Business School who has done research into partner selection. She suggests owners talk to other people

who have worked with their prospective partners, in much the same way they’d check a job candidate’s references.

Lisa Shepherd needed cash to help her marketing business grow, so she gave three employees equity stakes. Within two years, the deal went bad as the four

owners argued over whether to reinvest earnings into the business or distribute the profits among the partners.

They also disagreed about workloads — “each person thought that he or she was working incredibly hard, while the others weren’t,” says Shepherd, owner of The Mezzanine Group, based in Toronto.

One point of contention came as the partners who did the day-to-day work accused Shepherd of going out for lunch too often rather than working although those meetings led to new business.

“My work was outside the company, networking, opening doors,” Shepherd says.

They thought, ‘she’s having a grand old time and not doing any work.’”

Shepherd did have an attorney draw up a partnership agreement at the start, ultimately the “best business decision ever, worth its weight in gold,” because it took just two months to end the partnership. Since she held a 55 percent stake, Shepherd was able to buy her partners out and retain ownership. Still, she says, “it

was emotionally devastating.

I had thought that everything would go well and having partners in the business would be utopia.”

Today Shepherd is a sole proprietor. She has a profitsharing plan for her general manager but doesn’t plan to bring on another partner.

Even when a partnership is long-lived, there can be hard lessons — among them, facing the fact that the partnership doesn’t work anymore.

“You need to get good at saying goodbye when the value in the relationship does end,” says Jap, the Emory professor. A breakup may be necessary even if the company is successful.

Antonio Argibay’s partnership lasted more than 30 years, but during its last decade, the partners no longer agreed about the direction the architectural firm should take. But breaking up was difficult.

“It was always, things are too tough, there’s a downturn, or things are going great. It was never the right time,” says Argibay, now the sole proprietor of New York-based Meridian Design Associates.

Finally, in 2013, they decided Argibay should buy his partner out, but it still took six months for them and their attorneys to work out the details. One problem was the fact the partners had a 50-50 split. “There’s no way to break a tie. Someone has to withdraw, win or lose,” Agibay says.

His takeaway from his partnership: “Without a clear, shared vision, the business was not going to survive.”

NOTICE TILVIAR INVEST LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Tilviar Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 16th day of October, 2018.

Beatus Limited Liquidator NOTICE

NOTICE

CIRCLET INVEST LTD.

TIERPARK INVEST LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Circlet Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 18th day of October, 2018.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Tierpark Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 18th day of October, 2018.

Beatus Limited Liquidator

Beatus Limited Liquidator

PAGE 10, Thursday, November 8, 2018

THE TRIBUNE

Banks could face tighter scrutiny under Rep Maxine Waters NEW YORK Associated Press COME January, the banking industry is going to be on Rep Maxine Waters’ time.

With Democrats taking control of the House of Representatives, the California representative is expected to become chairwoman of the powerful House Financial Services Committee, which oversees the nation’s banking system and its regulators.

Waters is no friend to the nation’s biggest banks and Wall Street, and has been a vocal critic of President Donald Trump and his administration.

The congresswoman from California has called for more regulation of banks, and has opposed Trump’s political appointees moving to roll back regulations on banks and other financial services companies.

For example, Waters, along with several other

Democrats, were “no” votes on a banking industry bill that rolled back several parts of the Dodd-Frank Act, the law passed under President Barack Obama that more tightly regulated banks after the financial crisis. In the Senate, the bill was supported by several Democrats and was signed into law this summer by Trump.

With a Republican-controlled Senate and Trump in the White House, it is unlikely Waters’ proposed regulations on banks will make it into law. However, it’s also much less likely that any substantial new deregulatory bills get through, either.

Where Waters and Democrats will likely have the most power will be in her subpoena and investigatory powers that come as head of the committee.

One particular target for Waters will likely be the Consumer Financial Protection Bureau. Since Republicans

took over the watchdog agency last year, the CFPB has made many about-faces on rules and regulations that it wrote under the Obama.

The CFPB has not faced much congressional oversight since Mick Mulvaney, Trump’s budget director and acting director of the CFPB, took over. Trump has nominated Kathy Kraninger, who worked under Mulvaney in the Office of Management and Budget, to be the next permanent director of the Bureau. If she is confirmed, which is likely since Republicans currently have a majority in the Senate and extended their gains in Tuesday’s election, any moves she and the bureau make will likely come under increased scrutiny of Waters’ committee.

Indeed, Waters indicated in a statement yesterday that a priority will be “ensuring that the Consumer Financial Protection Bureau

HOUSE Financial Services Committee ranking member Rep Maxine Waters, D-Calif, asks a question during a hearing on Capitol Hill in Washington. With Democrats taking control of the House of Representatives, Waters is now expected to become chairwoman of the powerful House Financial Services Committee, the committee that oversees the nation’s banking system and its regulators.

Photo: Jacquelyn Martin/AP can be allowed to resume its essential role of protecting consumers from harmful practices without interference from the Trump Administration.”

Banks and their executives also are more likely to be called to testify in front of Congress. Democrats both in the House and Senate have been increasingly vocal about bringing scandal-plagued Wells Fargo in front of Congress again to discuss some of the bank’s more recent

missteps.

There’s also likely to be more scrutiny of Deutsche Bank, which had been the primary financier of Trump’s business entities since before he became president.

Banking groups have said in interviews that they are eager to work on banking issues both parties can agree on. That could include student loans and other minor tweaks to laws on the books that govern how much capital banks are required to carry.

But there are things that will be outside of the control of Waters and congressional Democrats. Most banking laws give the regulators who oversee the industry — the

Federal Reserve, CFPB, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation and others — wide authority to tailor regulations as needed. Nearly all of the positions at those regulators are now filled by Trump appointees.

Democrats could investigate and scrutinise any regulators’ changes. To do anything more substantial, like using the Congressional Review Act as Republicans did last year, would require co-operation from the Republican-controlled Senate and Trump’s signature.

MARKET REPORT WEDNESDAY, 7 NOVEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 2,009.98 | CHG 2.79 | %CHG 0.14 | YTD -53.59 | YTD% -2.60 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.22 0.44 3.92 9.30 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 0.37 2.30 9.25 6.15 4.00 12.42 2.44 1.78 7.58 6.30 12.99 6.75 3.63 13.01

CLOSE 4.45 17.43 9.09 4.46 1.01 0.44 2.30 9.30 6.15 4.00 12.42 2.38 1.78 7.65 6.30 12.99 6.75 3.63 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.07 0.00 0.05 0.00 0.00 0.00 -0.06 0.00 0.07 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00

CHANGE 0.00

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

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

1,000 11,500 1,000

VOLUME

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.588 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 0.578 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 -3.9 13.3 13.9 26.0 19.8 23.3 8.5 N/M 9.4 18.5 11.7 13.1 20.6

YIELD 2.25% 6.48% 0.00% 5.16% 0.00% 2.27% 0.00% 7.63% 3.58% 3.00% 4.99% 2.52% 3.37% 1.10% 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

NOTICE Notice is hereby given that JEFF SCHUYLER HONORE of #47 Guild Crest Ave., Carmichael Road, Nassau, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 8th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE Notice is hereby given that JEAN-RONY JEAN CHARLES of Nassau Bahamas, who was born in 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 October 30, 2018 to the Minister responsible for Nationality and Citizenship, P.O Box N-7147 Nassau, Bahamas.

NOTICE Notice is hereby given that VINCENT SULLIVAN of Harbour Island, P.O.Box EL270077, Eleuthera, The Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 1st November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

THE TRIBUNE

Thursday, November 8, 2018, PAGE 11

Bank regulator Enria nominated for top EU supervisory job FRANKFURT Associated Press THE European Central Bank’s leadership has nominated financial regulator Andrea Enria for the job of top European Union banking supervisor, a decision that could influence later jockeying for high EU financial posts.

Enria was nominated yesterday by the central bank’s governing council to succeed Daniele Nouy as head of the single supervisory mechanism for a single, five-year term. Nouy’s term expires at the end of the year.

Enria is chair of the London-based European Banking Authority, responsible for drawing up rules for European banks. He would take over as chief enforcer of the rule book, heading the ECB’s supervisory arm, created in 2014 as part of the EU response to the continent’s debt crisis. The supervisory arm has the power to pull the plug on failing banks and trigger their restructuring or winding down.

The candidacies of Enria, an Italian, and Irish central bank deputy governor Sharon Donnery were forwarded to the ECB after interviews with members of the EU parliament’s economic committee. The nomination faces a vote in the full EU parliament.

Enria has led stress tests of European banks, the most recent of which was published on Friday.

The choice of Enria over

CHAIRPERSON of the European Banking Authority Andrea Enria speaks at a hearing of the European Chairs of the Supervisory Authorities at the European Parliament in Brussels. The European Central Bank’s leadership has nominated financial regulator Andrea Enria for the job of top EU banking supervisor. Enria was nominated yesterday by the central bank’s governing council to succeed Daniele Nouy as head of the single supervisory mechanism.

Photo: Virginia Mayo/AP Donnery could in theory quick succession. boost the chances of Irish Peter Praet, the Belgian central bank chief Philip ECB board member in Lane for a choice post charge of economics and coming up next year on the monetary policy, ends his ECB’s six-member executive term in May 2019; whether board, which runs the central his replacement will get the bank’s day-to-day operations same portfolio is not certain. at its Frankfurt headquarters.

Ireland has never had an The thinking is that Ireland official on the six-member would be less than likely to board since the founding of get two top economic jobs in the euro in 1999.

To advertise in The Tribune, contact 502-2394

PAGE 12, Thursday, November 8, 2018

THE TRIBUNE

A DEMOCRATIC HOUSE COULD PROBE TRUMP BUSINESS TIES ABROAD PARIS Associated Press PRESIDENT Donald Trump’s Russian business ties, Jared Kushner’s relationship with the Saudi crown prince, Ivanka Trump’s Chinese trademarks — all could come under new scrutiny by the Democrats when they take over the House of Representatives.

While Trump retains broad power over national security and US foreign policy, the midterm election result exposes him to congressional investigations that could reverberate beyond American borders.

Now that they have taken control of the House from the Republicans, Democratic leaders of many committees will have subpoena powers enabling them to obtain documents, email and testimony.

If the White House doesn’t

block such requests in court, they could shed light on Trump’s international business empire — and what role it’s playing in US relations with the world.

Here’s a look at what the election result might mean overseas: TRUMP AND RUSSIA For Moscow, the Democratic victory means a probable reopening of the House investigation into Russian interference in the 2016 US election.

The Republican-led Intelligence Committee closed its probe into Russian meddling, saying it had found no evidence of collusion.

Democrats argue that the Republicans ignored many key facts and witnesses.

A congressional probe would be more public than special counsel Robert Mueller’s current investigation into Russian election interference — and wouldn’t run the risk

of being shut down by Trump.

Russian President Vladimir Putin denies any involvement in Trump’s election victory, and the Kremlin shrugged off concerns that a Democraticcontrolled House would increase pressure on Russia.

“It’d be hard to make (the relationship) even worse,” Kremlin spokesman Dmitry Peskov said yesterday.

A renewed investigation could serve Kremlin interests by deepening division in America’s political arena.

What Putin would not favour would be investigations or sanctions that would further damage the well-connected Russian oligarchs believed to have links to Trump, or to have helped fund US meddling efforts.

Republicans warn that more investigations could blow back against the Democrats for the 2020 US election.

PRESSURE ON THE SAUDIS

Then there’s Saudi Arabia, and the relationship between Crown Prince Mohammed bin Salman and Trump’s sonin-law, Jared Kushner. The ties between the two men, who are said to communicate frequently, could come under increased scrutiny by Democrats.

The US and Saudi Arabia have long been key allies, and Trump made the country his first stop abroad as president.

But the crown prince has lost supporters in Congress since the Oct 2 killing of Saudi writer Jamal Khashoggi, a Washington Post columnist and a critic of the crown prince, inside the Saudi Consulate in Istanbul. The slaying was allegedly carried out by agents close to the prince.

Democrats could try to block major arms sales to Saudi Arabia and curtail US support for Saudi Arabia’s war in Yemen, which the prince launched as defense

minister in 2015. The conflict has become widely unpopular with some members of Congress, and aid agencies say it has created the world’s largest humanitarian catastrophe, with millions facing starvation amid a Saudi blockade of the Arab world’s poorest country.

The US assists the Saudiled coalition with in-air refueling and intelligence on targets, and supplies the kingdom with fighter jets and bombs used in the war.

TRADEMARKS IN CHINA Democrats could also look into businesses in the Trump family’s business empire — notably the 18 trademarks that China has granted in recent months to companies linked to Trump and his daughter Ivanka.

Some question whether they represent a conflict of interest. China says it handles all trademark applications equally, but House

committees could probe whether Beijing can exploit the Trump family’s substantial intellectual property holdings in China to its political or diplomatic advantage.

“There’s so much to the Trump administration that could be investigated, it’s an unprecedented situation of major business entanglements around the world,” said Dana Allin, senior fellow with the International Institute for Strategic Studies. “It’s very difficult to rule out the idea that foreign policy decisions are not being kept separate from business interests.”

China would not talk publicly about the US election results. “I don’t want to comment on that, otherwise I will run the risk of being accused of interfering in their midterm election,” foreign ministry spokeswoman Hua Chunying said.

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

Thursday, November 8, 2018, PAGE 13

TECH AND HEALTH CARE LEAD US STOCK SURGE AFTER MIDTERMS NEW YORK Associated Press STOCKS rallied yesterday as investors were relieved to see that the US midterm elections went largely as they expected they would.

Big-name technology and consumer and health care companies soared as the S&P 500 index closed at its highest level in four weeks.

Democrats won control of the House of Representatives while Republicans kept a majority in the Senate, as most polls had suggested. It’s not clear how the divided Congress will work with Republican President Donald Trump, but if the possibilities for compromise and big agenda items seem limited, Wall Street is fine with that because it means politics is that much less likely to crowd out the performance of the strong US economy.

“The market likes when what it expects to happen happens,” said JJ Kinahan, chief markets strategist for TD Ameritrade. “We haven’t had that happen in a little while, when you think about major events like Brexit or the presidential election.”

The S&P 500 index climbed 58.44 points, or 2.1 percent, to 2,813.89. The index has risen six out of the last seven days to recover most of the losses it suffered in October.

The Dow Jones Industrial Average rose 545.29 points, or 2.1 percent, o

26,180.30. The Nasdaq composite climbed 194.79 points, or 2.6 percent, to 7,570.75.

The Russell 2000 index of smaller-company stocks added 26.06 points, or 1.7 percent, to 1,582.16. Threefourths of the stocks on the New York Stock Exchange traded higher.

Historically markets have performed well after midterm elections and with split control of Congress.

Stocks are off to a strong start in November, and the S&P 500 is up 3.8 percent so far this month. That follows a swoon in October that knocked the S&P 500 down nearly seven percent as investors worried about rising interest rates and the US-China trade dispute.

High-growth stocks took an especially brutal beating last month. Quincy Krosby, chief market strategist at Prudential Financial, said it will be worth watching to see if investors are willing to buy those stocks again or if they continue to prefer slowergrowing, more “defensive” companies like utilities and household goods makers.

Yesterday investors bet on growth. Amazon jumped 6.9 percent to $1,755.49 and Microsoft gained 3.9 percent to $111.96, while Google’s parent company, Alphabet, picked up 3.6 percent to $1,108.24.

Steady, “defensive” stocks lagged the rest of the stock market. Those companies, which include utilities and household goods makers, tend to do well when stocks

are in turmoil, but they’re less appealing when investors are betting on economic growth.

Industrial companies made strong gains, but they didn’t do as well as the rest of the market. While some investors hope that Trump and Congressional leadership will pass an infrastructure stimulus bill, they’ve had those hopes dashed more than once since he took office.

It’s not clear how the elections will affect the Trump policy Wall Street might be most concerned about: the trade dispute with China.

Trump has imposed taxes of up to 25 percent on $250bn of Chinese imports and threatened additional tariffs on top of those. Beijing has responded with tariffs on $110bn of American goods.

A primary concern in Asia is the potential for trade tensions to hobble growth for export-reliant economies.

Economists at S&P Global, Oxford Economics and the Bank of America all agreed that government gridlock will likely result from the Democrats winning control of the House. But they don’t think a stalemate will automatically hinder economic growth.

It’s more likely that government will play less of a role in spurring economic growth in 2019 and 2020.

As a result, the health of the global economy, interest rates set by the Federal Reserve, and spending

by US consumers and

companies will have a bigger impact on determining the pace of growth.

The Federal Reserve met yesterday and also today. It’s not expected to raise interest rates this month, but investors believe it will do so in December.

Banks also didn’t rise as much other stocks. Republicans had discussed a new round of tax cuts if they maintained full control over Congress, which would have expanded the government’s deficits further and required it to issue more debt. Government bond yields spiked overnight after a batch of strong early results for some GOP candidates, but then headed lower as Democrats’ fortunes improved, making a new tax cut package unlikely.

Democrats’ victory in the House also means that Rep. Maxine Waters will likely

become chairwoman of the House Financial Services Committee, which oversees the nation’s banking system and its regulators. Waters has called for more regulation of banks, and has been vocal about Trump political appointees moving to roll back regulations on banks and other financial services companies.

The yield on the ten-year Treasury note rose slightly, to 3.22 percent. It spiked as high as 3.25 percent Tuesday night.

The US dollar also weakened. The ICE US dollar index fell 0.2 percent. The US currency fell to 113.34 yen from 113.40 yen, and the euro climbed to $1.1455 from $1.1413.

Major indexes in Europe climbed. The French CAC 40 jumped 1.2 percent, while Britain’s FTSE 100 gained

1.1 percent. The DAX in Germany rose 0.8 percent.

October is historically a rough month for stocks, though markets usually rise after midterm elections regardless of how the political landscape may change because Wall Street is glad to have more certainty.

Democrats’ win in the House means Republicans won’t be able to take another shot at repealing the 2010 Affordable Care Act, which extended health insurance coverage to millions of Americans. Voters in Idaho and Nebraska all voted to expand Medicaid, and the winning gubernatorial candidates in Maine and Kansas also favour expanding Medicaid benefits. Voting on a Medicaid expansion proposition in Utah was too close to call.

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 14, Thursday, November 8, 2018

THE TRIBUNE

With split Congress, prospect for economic deals looks dim WASHINGTON Associated Press PRESIDENT Donald Trump floated the idea yesterday of partnering with the newly Democratic-led House on two ideas that could prove popular with voters: Increasing spending on America’s infrastructure and limiting drug prices.

Yet the poisonous atmosphere in Washington, mandated federal spending limits and a potential duel over the government’s borrowing authority make it difficult to achieve any deals that would boost economic growth.

Over the next two years, with Democrats controlling the House and Republicans the Senate, most economic and market analysts foresee

mainly entrenched gridlock.

Many think the two sides will mostly manoeuvre for public favour while looking toward the 2020 presidential election year.

At a news conference, Trump reiterated his desire to reach some agreement on infrastructure spending — to rebuild roadways, rail stations or airports, for example — among other priorities. But to achieve any real breakthrough, he would have to compromise with Democrats who won office largely by opposing his plans to restrict immigration, his efforts to repeal the Affordable Care Act, his deficit-funded tax cuts and his opposition to gun control in the aftermath of mass shootings.

That said, most economists don’t think a stalemate in Congress would necessarily

HOUSE Minority Leader Nancy Pelosi of Calif, speaks about Democratic gains in the House of Representatives to a crowd of Democratic supporters during an election night returns event at the Hyatt Regency Hotel on Tuesday in Washington.

Photo: Jacquelyn Martin/AP depress growth. The $20tn US economy — the world’s largest — relies far more on the health of the global economy and the willingness of consumers and businesses to spend rather than on any government actions.

Nor do market analysts think stock prices will suffer.

In fact, major stock averages soared yesterday in the wake of the elections. In part, that’s because Tuesday’s vote caused no major surprises, in part because the prospect of little or no major congressional initiatives means lawmakers won’t stand in the way of a robust US economy.

“While you might see further gridlock if the Democrats take the House, that doesn’t mean it would tip the boat and slow growth,” said Beth Ann Bovino, chief US economist at S&P Global.

Economists at Bank of America concluded, “We expect a divided government

to lead to a legislative logjam in Washington, DC in the next Congress, limiting policy actions to passing the budget with modest spending increases and raising the debt ceiling.”

Trump would still have discretion on some key economic issues. His trade war with China and his drive to reduce regulations are two of them. The president has managed to pursue those priorities without Congress’ involvement, though his updated trade agreement with Canada and Mexico would need congressional approval.

But the new Democraticled House could thwart Trump’s plans for more tax cuts, a wall along the border with Mexico and a five percent budget cut to Cabinet departments. But the Democrats’ own agendas would also likely meet with defeat.

At his news conference, the

PRESIDENT Donald Trump speaks during a news conference in the East Room of the White House, yesterday in Washington.

Photo: Evan Vucci/AP president suggested that he could work with Democrats on such priorities as boosting infrastructure spending and reducing the costs of prescription drugs. He also said he’d consider raising other tax rates to pay for a middle-class tax cut, though he didn’t offer any details.

Yet Trump made clear that if House Democrats pursue him with investigations involving his 2016’s connection to Russia or financial ethics allegations, he would drop his willingness to seek cooperation on legislation involving the economy or other issues.

“They can play that game, but we can play it better,” the president said.

Still, Trump could be pressured to bargain with the Democrats on two major fiscal issues with consequences for the economy, said Joe Brusuelas, chief economist at the consultancy RSM. The president would need to increase the government’s borrowing capacity — or it

would be unable to continue issuing debt and possibly shutter. A 2011 showdown on the debt ceiling led the S&P 500 stock index to plummet and raised fears that the economy could sink into a recession.

“Given the new configuration of power in Washington, the probability of a government shutdown is greater than 50 percent,” Brusuelas said.

Second, Trump would need to sign a spending bill for fiscal 2020. Otherwise, previously agreed-upon spending caps would automatically reduce federal expenditures, which would likely slow the economy during a presidential election year.

The economy has enjoyed an acceleration in growth this year — to a gain estimated to be three percent. Unemployment is at a five-decade low of 3.7 percent, and employers are posting record-high job openings. The economy’s expansion is already the second-longest on record.

NOTICE

NOTICE

NOTICE

KEDANUR INVESTMENTS LIMITED

MONT BLANC CS HOLDINGS LIMITED

A.G.E.N. INVESTMENTS LIMITED

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

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

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

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

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

(a) A.G.E.N. INVESTMENTS 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 5th November, 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 5th November, 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 5th November, 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 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 Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 8th day of November, A. D. 2018

Dated this 8th day of November, A. D. 2018

Dated this 8th day of November, A. D. 2018

_________________________________ Bukit Merah Limited Liquidator

NOTICE BRANVILLE VALLEY INC. In Voluntary Liquidation

_________________________________ Bukit Merah Limited Liquidator

NOTICE

TEVIN INVESTMENT MANAGEMENT INC.

In Voluntary Liquidation

_________________________________ Bukit Merah Limited Liquidator

NOTICE

TEVIN INVESTMENT MANAGEMENT INC.

In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TEVIN INVESTMENT MANAGEMENT INC. is in dissolution as of October 30, 2018

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TEVIN INVESTMENT MANAGEMENT INC. is in dissolution as of October 30, 2018

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

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

LIQUIDATOR ______________________

LIQUIDATOR ______________________

LIQUIDATOR ______________________

SHUTTERSTOCK INCORPORATED Company No. 1727805 (In Voluntary Liquidation)

Zimbio Incorporated Company No. 1727637 (In Voluntary Liquidation)

NOTICE FIRST MOMENTUM INC. In Voluntary Liquidation

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that SHUTTERSTOCK INCORPORATED is in voluntary liquidation. The voluntary liquidation commenced on 30th October, 2018 and STEPHAN ARNET of Limmatquai 94, 8021 Zurich, Switzerland, been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Zimbio Incorporated is in voluntary liquidation. The voluntary liquidation commenced on 30th October, 2018 and STEPHAN ARNET of Limmatquai 94, 8021 Zurich, Switzerland, been appointed as the Sole Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, FIRST MOMENTUM INC. is in dissolution as of November 2, 2018

Dated this 31st day of October, 2018 Sgd. STEPHAN ARNET Voluntary Liquidator

Dated this 31st day of October, 2018 Sgd. STEPHAN ARNET Voluntary Liquidator

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BRANVILLE VALLEY INC. is in dissolution as of October 31, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

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

LIQUIDATOR ______________________

THE TRIBUNE

Thursday, November 8, 2018, PAGE 15

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PAGE 16, Thursday, November 8, 2018

THE TRIBUNE

California voters reject ballot measures to lower taxes LOS ANGELES Associated Press CALIFORNIANS passed up two chances to lower taxes, voting to keep higher gasoline taxes and reject a proposed tax break for older homeowners in moves that experts said could highlight a greater tolerance for taxes even as many state residents bemoan the high cost of living.

Voters on Tuesday rejected Proposition 6, a Republicanbacked proposal to repeal increases in fuel taxes and vehicle fees that are funding $52bn in road fixes and transit upgrades over a decade.

A separate measure, Proposition 5, to expand a property tax break for older homeowners who move also failed at the polls.

“We are more willing to tax ourselves than 30 or 40 years ago,” said Wesley Hussey, political science professor at California State University, Sacramento.

“The state has become more Democratic, but it is still a very cautious state when it comes to taxation.”

In a major pushback against taxation four decades ago, California passed Proposition 13, dramatically limiting property tax increases. Since then, the state’s demographics and politics have changed, and some experts said that may have made taxes more palatable to voters.

Democrats now hold nearly all statewide offices and are aiming for a twothirds majority in the state Legislature. About 44 percent of registered voters are Democrats and only one in four are registered Republicans. Both parties have seen their share of registered voters decline

CARL DEMAIO, who is leading the Proposition 6 campaign to repeal a recent gas tax increase, discusses a ballot measure he is proposing to provide money for road repairs and eliminate high-speed rail in Sacramento, Calif. California voters have passed up two chances to lower taxes by rejecting a proposed repeal of a gasoline tax hike and a proposed tax break for older homeowners. Political experts yesterday said the election results could highlight a greater tolerance for taxes in the nation’s most populous state, even as many of its residents bemoan the high cost of living.

Photo: Rich Pedroncelli/AP since 1978 amid a surge in independents.

Gov Jerry Brown, a Democrat, persuaded voters to support raising income taxes on the wealthy six years ago to cope with a state budget crisis. Brown was re-elected two years later, and voters approved a ballot measure extending the increases two years after that.

“Of course it was controversial, and people still argued maybe it was the wrong thing to do, but if we look at the politics of it, I think it was widely seen to solve a problem,” said Joseph Bankman, a professor at Stanford Law School

who researches tax law.

With nearly eight million ballots counted yesterday, Proposition 5 was behind with 42 percent of the vote.

Proposition 6 garnered about 45 percent of votes counted.

Jeffrey Cummins, a political science professor at California State University, Fresno, said while the two measures faced different challenges, both tapped a growing willingness among Californians to consider higher taxes.

“It’s pretty clear over the last several elections that California voters are much more open to considering tax increases and they don’t have

a knee-jerk reaction to tax increases, like maybe they did in the 2000s,” Cummins said.

The gas tax repeal encountered opposition that was well-financed and included conservative stalwarts, like the California Chamber of Commerce, Cummins said.

The ballot’s title — “Eliminates Certain Road Repair and Transportation Funding” — likely turned off Californians who widely recognise the state’s roads are in poor shape.

The measure to expand property tax breaks for older homeowners who move may have suffered from confusion

about what it would do, which typically causes people to vote no, Cummins said. Its main sponsor, the California Association of Realtors, also didn’t do any television or radio advertising or direct mailers, despite having a significant fundraising advantage.

Carl DeMaio, a San Diego talk radio host and former councilman who led the push to lower fuel taxes, said he believes that measure failed because the ballot title crafted by the Democratic state attorney general didn’t immediately tell voters it was a tax repeal. He said he’ll continue to pursue tax

reforms via ballot.

The association said it would be back with a revised measure in 2020 and try to work with the state legislature to achieve its goals, a strategy that has previously failed.

Bruce Cain, a political science professor at Stanford University, said he doesn’t believe Californians have a big appetite for taxes though perhaps more so than during the 1970s — and that may be because Democrats haven’t been as quick to ramp up spending as before Proposition 13.

He noted that Proposition 5 supporters had to contend with growing resentment among young people facing rising home prices, and Proposition 6 was marketed to Republicans to spur GOP turnout in contested congressional and state races.

Voters have also been willing to pay for some services more than others.

Scott Soykin, a Sacramento voter who considers himself independent, said he voted against the gas tax repeal.

“I’m more than willing to pay more for gasoline if it means that we’re going to drive on safer roads,” he said.

The degree to which Californians are willing to tax themselves could face another test in two years.

Property tax growth was limited after Proposition 13 passed in 1978, and as a result, a home in California is typically taxed at 1.1 percent of the purchase price and increases no more than two percent a year.

A proposal to change that by scaling back Proposition 13 protections for commercial and industrial properties is eligible for the 2020 ballot.