Page 1

business@tribunemedia.net

FRIDAY, DECEMBER 7, 2018

$4.80

RENWARD WELLS

Govt eyes Mayaguana for Panama Canal ‘port’ By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A CABINET Minister yesterday said he intends to “push” for Bahamian involvement in designing, constructing and managing Nassau’s cruise port, while revealing that the Government is exploring the possibility of a port in Mayaguana. Renward Wells, the transport and local government minister, told the Bahamas Engineers, Architects & Allied Professionals (BEAAP) stakeholder forum: “Government intends to upgrade the Prince George Wharf and Potters Cay Dock. One of the things that is going to be pushed by me is the involvement of Bahamians in the design, management and construction of that cruise port.” The deadline for bids to take over the Nassau cruise port’s management is today, and Mr Wells confirmed that a small number of Bahamian groups are also vying to take over operations at the Government’s newly-constructed Abaco commercial port. “It’s an excellent opportunity for engineers as well, and those interested in expanding their horizon,” he said. “The Government

SEE PAGE 4

THE Government expects to close the New Providence landfill’s outsourcing “imminently”, a Cabinet minister revealed last night, adding: “There’s no deal breaker.” Romauld Ferreira, minister of the environment and housing, told Tribune Business that a contractual agreement with preferred bidder, the Providence Advisors/Waste Resources Development Group (WRDG) consortium, was “very, very close” to being sealed. While the two sides still have several issues to resolve, Mr Ferreira said none of them “go to the fundamentals” of an agreement that will see the private sector group take over operational and managerial control at the Tonique Williams Highway site. Describing the outsourcing as “a generational change” for Bahamian waste management, he added that completing the deal remained his ministry’s “number one priority” given that it will act as the “template” for reforming Family Island landfills once New Providence is finalised. Negotiations have dragged on for more than two months’ longer than anticipated, Mr Ferreira having expressed optimism

$4.56

‘False victory’ in blacklist escape By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Bahamas will score a “false victory” if it avoids Europe’s latest “blacklist”, a former finance minister argued yesterday, as it represents another step in the “slow death” of financial services. James Smith, pictured, also an ex-Central Bank governor, told Tribune Business that The Bahamas continues to “give away”

* Ex-finance minister: ‘We must draw the line’ * Argues blacklist escape means ‘slow death’ * Bahamas ‘gets nothing’ for losing business its second-largest industry without offering any resistance and “getting nothing in return” from either the European Union (EU) or Organisation for Economic Co-Operation and Development (OECD). While the Government continued to “pat itself on the back” for complying

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Government was yesterday warned it will “wipe out” many nonprofit organisations (NPO), and drive away valuable donations, through its new regulatory regime. Robert Myers, the Organisation for Responsible Governance’s (ORG) principal, told Tribune Business that many donors had legitimate reasons for wanting to remain anonymous, but such confidentiality now appears to be threatened by the Non-Profit Organisations Bill passed by the House of Assembly yesterday. The Bill, which represents The Bahamas’ response to demands for enhanced scrutiny of non-profits to prevent their abuse by financial criminals and terrorists, requires all such organisations to

TALKS ONGOING OVER TWO MONTHS PAST DEADLINE

ROMAULD FERREIRA that commercial terms and other details could be agreed within 30 days when Providence Advisors/WRDG was unveiled as the preferred bidder on August 30 this year. The minister, though, while confirming that negotiations are now being conducted between the Attorney General’s Office and the consortium’s attorneys, last night suggested the process had been extended because the Government was “breaking new ground” with the outsourcing. “It’s still in the hands of the lawyers,” Mr Ferreira confirmed to Tribune Business. “There’s still an active back and forth trying to get a document they can all live with. That’s not finalised yet. “We’re very close; they’re very close. It’s just a couple of issues they’re trying to

SEE PAGE 4

* Concern key donors driven away * And local charitable efforts hurt * Many ‘hanging on by shoe string’

ROBERT MYERS be registered with a new regulator - The Registrar of Non-Profit Organisations. To become registered, the legislation stipulates that all non-profit groups must show “evidence” that they

are compliant with “Know Your Client” stipulations - meaning that they know the sources of their funding, and the background of these donors. And the Bill, in a section entitled “reportable donations”, mandates that all non-profits provide the registrar with details on donations that exceed $50,000 - either in total or as a lump sum - and their ten largest contributors every two years. The information is to be kept private by the regulator. Mr Myers said that besides frightening off donors who want to maintain their legitimate confidentiality, the Bill also imposed extra costs and

$4.66

Govt ‘dilemma’ over local FDI inclusion push By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

bureaucracy that could push those non-profits “barely hanging on” in a troubled economy to close their doors. Non-profits will also be required by law to maintain financial statements, showing all income and spending, at their registered offices. They will have to submit “a declaration” that these are available and accurate to the registrar, who can require that these financial statements be produced to it. Non-profits can be hit with a $5,000 fine for failing to maintain financial statements, which Mr Myers said threatens to further expose small organisations that lack the capacity and resources to comply with the Bill’s requirements. “It’s going to cause people not to donate and

A CABINET Minister yesterday said the Government faces a “dilemma” over whether it should intervene with foreign investors to secure Bahamian involvement on major projects. Brent Symonette, pictured, minister of financial services, trade and industry and Immigration, asked a Bahamas Engineers, Architects & Allied Professionals (BEAAP) forum: “Is it the role of government or associations to make sure that planning has to happen? “Quite often, that investor has his own professional he relies on in his own country, and when the Bahamian professional gets involved, where is that relationship headed? Do we then say: ‘Ok, I’m sorry developer, you have to make sure that before you come to the BIA (Bahamas Investment Authority) your plans are drawn up or you have engaged engineers, architects etc?’ “That’s the dilemma I’m facing as to whether this is the role of government or the association. Where do we go next? I’m trying to conceptualise how the Government can intercede at some point in the approval process that you have to go to the BEAAP.” Mr Symonette also stressed the need to train Bahamians and encourage them to work within

SEE PAGE 6

SEE PAGE 7

with these groups’ anti-tax evasion demands, Mr Smith argued that The Bahamas will ultimately “have no business because year after year we will be shrinking” due to the new regulatory regime forced upon it. He added that the OECD

SEE PAGE 5

Non-profit ‘wipe out’ fear over new legislation

‘No deal breaker’ over landfill deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.82


PAGE 2, Friday, December 7, 2018

THE TRIBUNE

BAHAMAS BRIEFS SWISS, UK ON FINANCIAL SECTOR A BAHAMIAN delegation has visited Switzerland and London to meet with institutions and intermediaries that play a key role in driving business to the Bahamian financial services sector. Brent Symonette, minister of financial services, trade

and industry and Immigration, was joined by Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive; Michael Paton, deputy chairman of the Securities Commission and past BFSB chairman; Ivan Hooper,

co-chairman of the Association of International Banks and Trust companies (AIBT); and Indira MunroFarrington, BFSB marketing officer. The group travelled to Zurich and Geneva, as well as to London, from November

26 to December 2. They met with executives from a number of Swiss financial institutions that have a presence in The Bahamas, before hosting a forum for UK service providers and intermediaries in London. Meetings were held with officials from UBS, Credit Suisse, the Pictet Bank group, SYZ Bank, Union Bancaire Privee, Gonet Bank & Trust and Safra Bank. The delegation provided updates on The Bahamas’ response to the various initiatives from the European Union (EU), Financial Action Task Force (FATF) and the Organisation for Economic Co-Operation and Development (OECD). In return, the Swiss financial institutions shared their strategies for growth in The Bahamas. The BFSB’s London forum focused on the investment funds and securities industry, as well as The Bahamas’ overall “value proposition”. The London forum, called Spotlight on The Bahamas, was held at the Reform Club on November 28. Delegates attending the event included financial services professionals, advisers and fund managers from the City of London.  “Times are different than when The Bahamas financial services industry started over 85 years ago,” Mr Symonette told attendees. “We recognise the need to be innovative in our approach, in the dawn of uncertainty, to display our strength and commitment as a sustainable International Financial Centre. This is essential for The Bahamas as financial services is integral to the sustainability of our economy.” The forum began with a presentation by Christina Rolle, the Securities Commission’s executive director, who gave an in-depth review of the Investments Funds Bill 2018 and the regulatory environment in The Bahamas. She also provided an update on the Bahamas’ implementation of the AIFMD licensing regime. This was followed by a

THE BAHAMAS delegation and senior executives from various banks.

roundtable discussion hosted by James Williams, managing editor at Hedgeweek. The panel, which consisted of Mr Paton; Ryan Pinder, partner, Graham Thompson & Company; Linda Beidler-D’Aguilar, partner, Glinton, Sweeting & O’Brien; and Heather L Thompson, Higgs & Johnson, discussed themes including Immigration; fintech (financial technology); private wealth management; asset management; banking; trust services; and the regulatory environment. Ms McCartney said: “In light of the various regulatory changes taking place in the sector, it is important that Bahamian professionals and service providers meet and interact with their international institutions and service providers to inform them of what those changes will be, and our strategy for the continued growth and development of the financial services sector. “In the absence of direct information there is uncertainty, which can have

a negative effect if left unchecked. Hence we met directly with executives of the Swiss financial institutions and hosted an event in the City of London to convey our commitment to adhering to international standards, provide an update on the products and services being offered in the jurisdiction, and to articulate the evolving Bahamas value proposition.” Ms McCartney also paid a courtesy call on The Bahamas’ high commissioner, Ellison Greenslade, at the High Commission in London. He was also in attendance at the London forum.


THE TRIBUNE

Friday, December 7, 2018, PAGE 3

GOVT TO ‘TREMENDOUSLY’ SPEED UP BUILD PERMITS

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE GOVERNMENT is pursuing an electronic platform to process building permit applications, a Cabinet minister said yesterday, in a bid to “tremendously” speed up approvals. Desmond Bannister, pictured, minister of works, acknowledged private sector complaints over the length of time it takes to obtain building permits when he addressed the Bahamas Engineers, Architects & Allied Professionals (BEAAP) forum. Sonia Brown, chairwoman of the Bahamas Engineers, Architects & Allied Professionals (BEAAP) told Tribune Business: “Why should it take 90 days to get a single dwelling house or a basic office building

approved? We believe that once you have properly licensed persons in place signing off, there should be a means to accelerate those approvals. “We have to realise that what we do in our industry affects the economy. Construction is really important and so, for example, it could be a $1m or $10m project. There are jobs associated with that project, the construction jobs and the jobs associated with the project itself. The more these projects get delayed

in government agencies, the more the benefit to the economy is delayed. We need to have more transparency over approvals process.” Mr Bannister responded by reaffirming the Minnis administration’s commitment to improving the ease of doing business, and pledged: “Over the next year you are going to see one central database that is going to make it a lot easier with respect to that.” To reduce the time involved with reviewing building permit applications, Mr Bannister said an electronic platform linking all relevant government agencies involved in the process is being pursued. “That, we envisage, is going to impact the processing time tremendously,” he added. “Some of the inconveniences are going to be removed. I have heard the

concerns about delays. We are going to create more transparency.” This, Mr Bannister said, will benefit Bahamian professionals, their clients and the foreign direct investment (FDI) process, while also boosting construction and real estate activity. The minister added that the Buildings Control Division had also completed its draft policy for a thirdparty inspection process. “The benefits of that we expect would be two-fold,” he said. “First, it is going to provide economic opportunities for professionals. It is also going to ease the burden on the Buildings Control Division.” Meanwhile, Bahamian Contractors Association (BCA) members this week signed up for the Government’s e-procurement and suppliers registry during their monthly meeting on Wednesday. 

The registry is designed to make government procurement, and the related bidding processes, more transparent and efficient, and ensure there is fairness so that all parties have an opportunity. Sumayyah Cargill, from the Ministry of Finance, said the registry was proof that the Government is moving towards a modern

procurement framework. She added that with the passage of the Public Procurement Act, the tender process will be going digital and all procurement opportunities will be posted with full transparency. “If one person sends a message to the buyer through the system, everyone receives a copy of the answer,” Ms Cargill said.

DRIVE BISX FORWARD BY TAKING BRAKES OFF Dear Business Editor Three months ago, I suggested that the Bahamas International Securities Exchange (BISX) remove the pricing restrictions that reduce trading in our local market. Those restrictions remain in place, but BISX did accede to investor requests to widen the trading band for Arawak Port Development Company, the Bahamas Property Fund and Benchmark Bahamas. This caused a resumption of trading and significant price changes in all three stocks. In view of BISX’s welcomed flexibility and responsiveness, I would like to suggest two more changes they can implement today that would increase trading. First, BISX can update the day’s trading results throughout the day on its website, perhaps at 15-minute intervals, rather than only once per day after the market has closed. Knowing which stocks have already traded gives an investor an idea of what is

available to buy and sell “in the moment”. The more information an investor has, the more likely he or she is to trade. Second, BISX can update their open order books every morning when the market opens, so that all investors have access to this crucial information at the same time. The open order books list all the unfilled buy and sell orders for a security, and it is the most direct way for investors to know what the market is for any particular stock. BISX should also show the full list of buy and sell orders, not just those priced within ten percent of the last closing price. By only showing orders within this band, as it currently does, BISX gives investors the false impression that there is no demand to buy or sell a stock outside of the band. Along with these two changes, BISX should improve their website design. Instead of having to click through 20 stock pages

to find each order book, a simpler solution would be to have all 20 order books displayed on a single page. It is true that the various broker/dealers also have access to this information and can update their clients themselves. But there is wide variance in how well the broker/dealers inform their clients. The largest broker sends a daily morning email with the entire order books. The second largest broker only sends the order books once a week. The smaller broker/ dealers, to my knowledge, do not send this information at all. Perhaps, in a perfect world, the broker/dealers would better take on this responsibility. But, after 18 years of low trading, BISX should move on from the strategy of hoping the brokers stimulate the market by themselves. BISX alone can provide the market with fast and equal access to information, increasing transparency and stimulating trading. They should not wait for

LETTERS TO BUSINESS EDITOR anyone else to do it for them. BISX regulators at times seem like anxious parents watching their child take the car keys for the first time. They say the right things, but they do not really want to let that car out of their sight. Well, the market is now 18 years-old. Many of its investors are experienced, both locally and internationally. It is time to remove the restrictions and increase transparency. BISX, let the market show you what this car can do. Jehan Unwala December 6 2018

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2018 FPO/CLE/QUI/No. 00290

COMMON LAW AND EQUITY SIDE BETWEEN IN THE MATTER OF THE QUIETING TITLES ACT 1959 AND IN THE MATTER of Petition of RUPERT W. ROBERTS JR. of the Eastern District of the Island of New Providence, The Bahamas AND IN THE MATTER of ALL THOSE pieces parcels or lots of land being allotments 9 and 10 and situate on Sampson Ridge, South Bimini one of the Islands of the Commonwealth of the Bahamas and being bounded northwardly by Allotment No. 8 (Bimini Sands and Marina Resort the Property of the Petitioner’s Company South Bimini International Ltd.) and running thereon for a total of 1022.34 feet southwardly by Allotment No.11 and running thereon for a total of (1173.51) feet Eastwardly by Big Duck Pond and running thereon for a total of (442.08) feet Westwardly by the Atlantic Ocean at highwater mark and running thereon for a total of 423.32 feet more or less.

NOTICE TAKE NOTICE that RUPERT W. ROBERTS JR. claims to be the owner in fee simple in possession of the said land and has made application to the Supreme Court of the Commonwealth of The Bahamas Under Section 3 of the Quieting Title Act, 1959 to have his tile to the said land investigated and the nature and extent thereof be determined and declared in a Certificate of Title to be granted by the Court in accordance with the provision of the said Act. A copy of the plan of the said land may be inspected during normal working hours at: (a) The Registry of the Supreme Court in the Lavarity Justice Center Freeport, Grand Bahama New Providence in the Commonwealth of The Bahamas and the Chambers of V. Alfred Gray & Company, Dowdeswell House, Dowdeswell and Armstrong Streets, New Providence and No. 21 A Kipling Building, Freeport, Grand Bahama; NOTICE IS HEREBY GIVEN that any person or persons having any dower or right of dower or an Adverse Claim not recognized in the Petition shall on or before the 6th day of January A.D., 2019 file in the Supreme Court in Freeport, Grand Bahama aforesaid and serve on the Petitioner or the undersigned a Statement of their claim aforesaid on or before the 6th day January, A.D. 2019 or it will forever operate as a bar to such claim. Dated this 8th day of November A.D., 2018 V. ALFRED GRAY & CO. Chambers Dowdeswell House Dowdeswell & Armstrong Streets Nassau, The Bahamas Attorney for the Petitioner


PAGE 4, Friday, December 7, 2018

THE TRIBUNE

‘No deal breaker’ over landfill deal FROM PAGE ONE

iron out and, because it’s not been done before, they’re kind of breaking new ground in relation to this. Everything is new, so you’re going to get issues. “There have been no deal breakers identified to me or mentioned to me. I anticipate we will come to an agreement both sides can live with and move forward. We are very determined to resolve these issues as soon as possible.” Mr Ferreira added that he was “not going to look into the crystal ball” and predict when a deal with Providence Advisors, headed by Kenwood Kerr, and the multiple Bahamian waste management providers that form WRDG, will be concluded. “There some other components of the proposal that had to be sussed out,” the minister said, declining to identify them due to the sensitivity of the negotiations. “They are in the final stages and trying to come up with the right language so the obligations and outcomes are clear, and the expectations of both parties are encapsulated in a contractual agreement.” Tribune Business sources

To advertise in The Tribune, contact 502-2394

NEW PROVIDENCE LANDFILL

suggested one issue previously dividing the two sides was the landfill’s “pre-existing liabilities”, which stem from its poor management under successive administrations over the past 40 years. Speaking on condition of anonymity, they indicated the Government had initially sought to “transfer” these liabilities to the winning bidders - something it viewed as unreasonable and imposing and unwarranted cost/ exposure before it even got started. This issue, though, is understood to have subsequently been resolved. Providence Advisors/WRDG has previously described the landfill’s transformation as “one of the largest publicprivate partnership (PPP) infrastructure projects todate” in The Bahamas, with its $130m proposal featuring a combination of

recycling, renewable energy and improved management as the solution to Nassau’s waste woe. The consortium intends to recycle and reuse “50 percent or more” of the landfill’s incoming waste streams, while 30 megawatts (MW) of renewable energy - split evenly between solar and biomass - will be sold to Bahamas Power & Light (BPL) through a power purchase agreement (PPA). The renewable energy and recycling initiatives are designed to extend the landfill’s life by a further 34 years to 2052, as they will consume large quantities of incoming waste, while also providing the necessary breathing room to deal with the site’s present mountains of garbage. Other goals include the creation of 75 long-term jobs and the reduction of

annual greenhouse gas emissions by 220,000 tonnes of carbon dioxide per year - an amount equivalent to 37,000 automobiles’ emissions. And, adopting the landfill transformation model established in the US, Providence Advisors/WRDG will convert the site into “lush”, green surface vegetation that will facilitate the development of a mini golf course, fitness centre and ecology park that will all be open to the Bahamian public. Mr Ferreira last night said his ministry has not wavered in its determination to see the New Providence landfill’s outsourcing through to completion, given the ongoing environmental and health risks it represents to nearby businesses and residents in areas such as Jubilee Gardens. “I’m very determined,

NOTICE

NOTICE

YAALIYER LIMITED

SHUAIB SEVENTY SEVEN LIMITED

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

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

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

(a) SHUAIB SEVENTY SEVEN 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 December, 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 December, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley and Charlotte Streets, PO Box N-3023 Nassau, Bahamas

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley and Charlotte Streets, PO Box N-3023 Nassau, Bahamas

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

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

the Ministry of the Environment and Health is very determined and resolute to completing this as we regard this as a a very important track and path into effecting what we want to do,” he explained. The minister said the landfill’s efficient operation was “a critical thrust, platform and element” directly tied to the multiple cleanup campaigns underway in over-the-hill areas and elsewhere, as the extra waste needed to be disposed of and managed correctly. “I expect both sides to come to an agreement imminently,” Mr Ferreira told Tribune Business. “But we have to appreciate this is a first for the country, and a generational change for the way landfills are managed and operated. “This will serve as a template as we move through the Family Islands reforming landfills there. We are very determined on the landfill to negotiate that and get the contractual agreement up and running. That is the number one priority for the ministry, and we have been focused on that from day one. “We will continue to drive that forward. I saw the issues outstanding; they don’t go to the fundamentals of the agreement, but they need to be cleaned up. There’s no deal breaker.” Among the issues to be agreed between the

Government and Providence/WRDG is the length of the latter’s landfill lease, with the group preferring a long-term arrangement to enable it to hit its return on investment (ROI) targets and “recoup invested capital”. Fees, charges and commercial terms also have to be determined, along with the date the Department of Environmental Health Services (DEHS) will handover/ turnover the landfill to the consortium. The transfer of any employees will also be worked out, along with issues such as reporting and accounting mechanisms; equipment; security; and costs. Besides the health and environmental risks, the ongoing threat of fires erupting at the landfill poses a risk to The Bahamas’ tourism product as the winds frequently blow the smoke towards resorts such as Baha Mar, Albany, SuperClubs Breezes and Sandals. The Government first began exploring a private sector manager for the landfill during the last Ingraham administration, but its Christie government successor ultimately selected the failed Renew Bahamas group. It pulled out in the wake of Hurricane Matthew in October, forcing the Department of Environmental Health Services (DEHS) to take over the site again.

Govt eyes Mayaguana for Panama canal ‘port’ FROM PAGE ONE is looking for a group to manage the port, but we want individuals who will bring the requisite experience because we don’t just want to offload it to anyone but someone who can operate a word-class shipping port.” Mr Wells said the Government was exploring similar port development opportunities in the southern Bahamas, particularly Mayaguana - suggesting this could offer similar benefits to the Panama Canal. “The canal allows shippers of commercial goods to save time and money with a shorter route. That opportunity is now also available to us in The Bahamas. Should the Government approve this port in Mayaguana it is going to be to the tune of billions of

dollars,” the minister said. Mr Wells also spoke to the quality of The Bahamas’ ship registry. “The Bahamas has one of the largest and highest-quality shipping registries in the world, logging a total of some 1,680 ships registered under The Bahamas flag. The registry is only one part of a diverse Bahamas maritime offering,” he added. Having recently been to Japan for the opening of this nation’s newest maritime office, Mr Wells said there was a “substantial amount” of interest from ship owners in that country. “We are looking to capitalise on that over the coming months,” he added. “The Bahamas Maritime Authority contributes some $6m to our consolidated fund and my goal is to at least double that.”

_________________________________ CST Administration (Bahamas) Limited Liquidator

_________________________________ CST Administration (Bahamas) Limited Liquidator

NOTICE

NOTICE

NOTICE

BAMBINAS HOLDINGS LIMITED

RED CARMEL LIMITED

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

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

(a) MASAMIMA 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 December, 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 December, 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 December, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley and Charlotte Streets, PO Box N-3023 Nassau, Bahamas

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley and Charlotte Streets, PO Box N-3023 Nassau, Bahamas

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley and Charlotte Streets, PO Box N-3023 Nassau, Bahamas Dated this 7th day of December, A. D. 2018 _________________________________ CST Administration (Bahamas) Limited Liquidator

Dated this 7th day of December, A. D. 2018 _________________________________ CST Administration (Bahamas) Limited Liquidator

Dated this 7th day of December, A. D. 2018 _________________________________ CST Administration (Bahamas) Limited Liquidator


THE TRIBUNE

Friday, December 7, 2018, PAGE 5

‘False victory’ in blacklist escape FROM PAGE ONE was advancing rapidly towards its ultimate goal of “obliterating” The Bahamas and other international financial centres (IFCs), and forcing the financial services business they once attracted back onshore to its member states, by “stripping” these nations of their former competitive advantages. While acknowledging the need for The Bahamas to comply with international best practices and regulatory standards, Mr Smith said this nation needed to at some point “draw the line” given that compliance was effectively destabilising the country’s second-largest industry and source of highpaying middle class jobs. “It has to be looked at in the context of the OECD’s initiative to strip offshore centres of their competitive advantages in attracting clients and funds from other nations,” Mr Smith told Tribune Business of the package of Bills passed by the House of Assembly on Wednesday. “There’s been no push back by The Bahamas or any of them [IFCs]. We can implement international standards, information exchange and tax transparency, but at the same time - if it goes to the point in our context of undermining 15-20 percent of our GDP one has to ask: At what point do you draw the line? “It’s impacting a sector that provides a good standard of living, with a number of people employed at a high

and mid-management level, and you’re getting nothing in return.” Mr Smith’s concerns highlight the different views held in government and the financial services industry over how The Bahamas should respond to initiatives from the OECD, EU, G-20 and other international bodies. Many, like the now-CFAL chairman, argue that The Bahamas should form a united front with other IFCs and Caribbean nations to tenaciously defend their sovereignty and constitutions, not to mention their financial services industries and economies, from external pressures led by the world’s most powerful nations. Others, though, are firm that the demise of The Bahamas as an IFC has been greatly exaggerated, and that the latest legislative changes can be exploited to reposition the economy to this nation’s advantage notwithstanding that these are enforced changes. KP Turnquest, deputy prime minister, in unveiling the legislative package designed to address the EU/ OECD demands, effectively warned that resistance was futile given that the consequences of non-compliance would be far worse than any fall-out from these Bills. Besides the reputational damage from any further “blacklisting”, which might drive away current and potential investors, Mr Turnquest said many financial institutions and their jobs might also flee the jurisdiction should such a fate

befall The Bahamas. He added that The Bahamas might also lose access to international markets and the global financial system, with correspondent banks severing the links that this nation - as an IFC and international business centre - relies on to conduct commerce and everyday transactions that fund a multi-billion dollar import bill. Mr Turnquest again indicated that The Bahamas could turn the EU’s demands for companies to conduct real business, and establish a physical presence in this nation, by attracting them to these shores, bur Mr Smith yesterday railed against what he described as “a new form of colonialism” from both itself and the OECD. “They make up the rules and we simply go along with it, and pat ourselves on the back that we’re not on the ‘blacklist’, for which they change the rules and we can never keep up,” he told Tribune Business. “They’re moving rapidly towards the obliteration of offshore centres. While we think we’re complying, they’re transferring our business to themselves.” Besides onshore centres such as London, New York and Frankfurt, Mr Smith pointed to US states such as Delaware, Nevada and Wyoming as grateful recipients of business from The Bahamas and other IFCs. Neither of these states have to comply with the ownership disclosure and physical presence rules being

KP TURNQUEST

imposed on The Bahamas, and the ex-Central Bank governor added: “We’re simply lying down and taking it, and making no attempt to get into dialogue with other IFCs to push back. “We’re simply giving it away and allowing the OECD to destroy it. From a purely economic point of view we’re sacrificing one of the major contributors to GDP without any push back. We have to decide if we’re a sovereign nation or not.” Mr Smith said the OECD, in particular, had no international legal or enforcement powers, and was populated by bureaucrats rather than being a government. “At some point we have to stand on our own two legs as a country,” he continued.

“You’re going to lose the business anyway, so may as well go down fighting. “It’s kind of a slow death. What’s the advantage of coming to The Bahamas when all your confidentiality is gone, the opportunities arising from low or no taxation are gone.... We’re becoming tax collectors for other countries and don’t withhold any for ourselves. “Year after year we’ll be shrinking. There’ll be some business that remains in The Bahamas, as lot of it was tax compliant anyway. We may boast that we’re totally compliant, not on any blacklist, but we will have no business. It’s a pyrrhic victory. I don’t see any silver lining.” Mr Smith said complying

with the latest EU/OECD demands merely continued the pattern of imposing increased costs and bureaucracy on the financial services industry to the point, undermining its price competitiveness to the point where it “spends more time meeting” international obligations than doing business. “Expenses are going up, revenues are going down,” he told Tribune Business. “That’s untenable for any business. Over time we will see a decrease in the number of operations here. That means a decrease in the revenue government will get from them, and an increase in unemployment. It seems to me thing has not been looked at critically to see where we want to go.”

NOTICE

NOTICE

NOTICE

GLOFAMFO TWO AMERICA LIMITED

GLOFAMFO THREE AMERICA LIMITED

GLOFAMFO ONE AMERICA 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) GLOFAMFO TWO AMERICA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

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

(a) GLOFAMFO ONE AMERICA 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 December, 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 December, 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 December, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

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

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

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. Dated this 7th day of December, A. D. 2018

_________________________________ Leeward Nominees Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

NOTICE

NOTICE

NOTICE

BRANTOMY LIMITED

SOFITER MANAGEMENT LIMITED

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

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

(a) PUA INVESTMENT 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 December, 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 December, 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 December, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley and Charlotte Streets, PO Box N-3023 Nassau, Bahamas

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley and Charlotte Streets, PO Box N-3023 Nassau, Bahamas

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

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

_________________________________ CST Administration (Bahamas) Limited Liquidator

_________________________________ CST Administration (Bahamas) Limited Liquidator

(c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley and Charlotte Streets, PO Box N-3023 Nassau, Bahamas Dated this 7th day of December, A. D. 2018 _________________________________ CST Administration (Bahamas) Limited Liquidator


PAGE 6, Friday, December 7, 2018

THE TRIBUNE

Non-profit ‘wipe out’ fear over new legislation FROM PAGE ONE trigger certain non-profits to leave The Bahamas,” he told Tribune Business of the Bill. “Some of those organisations provide a lot of money to The Bahamas for good causes like education. “The whole point is they [donors] don’t want people to know who is donating. We [ORG] get anonymous donations, and so do the Lyford Cay Foundation and other organisations. If people have to disclose who is sending them money, donors will stop giving, which is going to hurt education and other organisations like churches and civil society.

“The problem is sometimes donors don’t want us to know who they are, and that means that source of funds could dry up, which will hurt non-profits and charitable organisations.” KP Turnquest, deputy prime minister, told the House of Assembly in introducing the Bill that it will “enhance the integrity of, and mitigate against abuse of, these entities”. All non-profits operating in The Bahamas will have to provide details on their purpose and objectives, with the financial statements designed to prove funds have been used in accordance with these goals. Mr Turnquest emphasised that it was “not the

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, MARIE ANGE PIERRE of #30 Wallace Road, New Providence, Bahamas intend to change my name to MARIE ANGE PETIT-FRERE. 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.

intent of the Government to interfere” with the management and operation of any non-profit, regardless of whether they had been established for religious purposes or otherwise. “This Bill is intended to help ensure that no actor, be they domestic or international, comes to The Bahamas, establishes a non-profit organisation and knowingly or unknowingly uses that NPO to launder or conceal the proceeds of crime,” the deputy prime minister added. “It can happen. Many organisations receive donations, donations from around the world. A lot of times they don’t know the backgrounds of those making donations.” Mr Turnquest said the Bill was focused on large donations that could conceal money laundering and illegal activities, not those of $100 or $50. Well-placed Tribune Business sources revealed that initial drafts of the Non-Profit Organisations Bill went much further, and deeper, than the final version by requiring KYC regulations to be applied

to all donors. The Government is understood to have backed away from this following warnings it could destroy the sector, and that it was not consistent with global best practice. This newspaper was informed that the Financial Action Task Force (FATF), the body monitoring The Bahamas after uncovering “structural deficiencies” in its antimoney laundering/counter terror financing regime, was putting pressure on this nation to enhance regulation of non-profits. While it is unclear if Bahamian political parties and campaign financing are caught by the Bill, it covers a wide cross-section of Bahamian non-profits, including civil society groups such as ORG and Citizens for a Better Bahamas; private sector bodies like the Bahamas Chamber of Commerce and individual industry associations; environmental activists such as Save the Bays and reEarth; charities including the Bahamas Feeding Network; and a host of churches and religious organisations.

NOTICE StimRelieve LLC

NOTICE Pursuant to the provisions of Section 138 (4) of The International Business Companies Act, 2000, Notice is hereby given that: (a)

CONPRESS INTERNATIONAL (NETHER LANDS ANTILLES) N.V. is in dissolution;

(b)

the date of commencement of the dissolution was December 5, 2018;

(c)

the name of the Liquidator is EDWARD B. TURNER of EDWARD B. TURNER & CO. 24 Leonie Place, Flax Terrace off Malcolm Road. P.O. BOX N - 1375, NASSAU, BAHAMAS.

NOTICE IS HEREBY GIVEN as follows: (a) StimRelieve LLC is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 4th day of December, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mrs. Laura Perryman of Miami, Beach Florida, United States of America. H & J CORPORATE SERVICES LTD.

EDWARD B. TURNER Liquidator

Registered Agent for the above-named Company

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

BISX ALL SHARE INDEX: CLOSE 2,020.57 | CHG -1.27 | %CHG -0.06 | YTD -43.00 | YTD% -2.08 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.90 1.30 0.56 3.92 9.30 6.60 4.92 12.50 2.74 1.78 8.21 6.30 13.20 6.98 4.49 13.50

52WK LOW 3.50 19.17 4.90 3.32 0.90 0.16 2.25 8.60 6.10 3.54 9.00 2.30 1.50 7.25 6.00 10.10 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

SYMBOL LAST CLOSE AML 4.44 APD 17.43 BPF 7.00 BWL 4.90 BOB 1.28 BBL 0.56 CAB 2.30 CIB 9.30 CHL 6.16 CBL 4.21 CBB 11.25 CWCB 2.46 DHS 1.78 EMAB 8.29 FAM 6.30 FBB 12.85 FIN 6.75 FCL 3.62 JSJ 13.01 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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS 52WK HI 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.69 11.79

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

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 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

CLOSE 4.44 17.43 7.00 4.90 1.28 0.56 2.30 9.30 6.16 4.20 11.25 2.49 1.78 8.29 6.30 12.85 6.75 3.62 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.03 0.00 0.00 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

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

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

VOLUME 1,000 500

2,000

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 1.260 0.000 0.240 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 0.600

P/E 20.7 18.7 N/M 15.5 N/M N/M -3.9 13.3 14.0 27.3 17.9 24.4 8.5 N/M 9.4 18.3 11.7 13.1 20.6

YIELD 2.25% 7.23% 0.00% 4.90% 0.00% 1.79% 0.00% 7.63% 3.57% 2.86% 5.51% 2.41% 3.37% 1.01% 4.44% 3.89% 2.22% 3.59% 4.61%

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%

NAV 2.19 4.18 2.02 182.41 158.55 1.59 1.71 1.67 1.09 7.41 8.57 6.55 10.68 11.65 10.62 9.92 8.69 11.79

YTD% 12 MTH% 3.23% 4.04% 1.03% 1.38% 1.92% 2.39% 2.08% 3.47% 3.35% 5.94% 3.67% 4.43% 0.73% 0.96% 2.88% 3.53% -0.53% 0.27% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.71% 0.16% 3.96% 7.75% 8.34% 14.88

MATURITY 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Oct-2018 31-Oct-2018 26-Oct-2018 30-Sep-2018 30-Sep-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 31-Oct-2018 30-Sep-2018 30-Sep-2018 30-Sep-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

WASHINGTON Associated Press A STOCK market rally, which has since reversed, propelled US household net worth to a record high of $109tn in the July-September quarter. The Federal Reserve said yesterday that the value of Americans’ stock and mutual fund holdings soared $1.2tn. Home values rose $200bn. Other assets, such as bank accounts, also increased. Total net worth climbed $2tn from nearly $107tn in the April-June quarter. Greater household wealth can help the economy by lifting consumer spending. Yet wealth has been increasingly concentrated since the Great Recession, with just ten percent of US population owning 84 percent of stocks. Richer households are less likely to spend from additional wealth compared with poorer ones. The figure reflects the value of assets like homes, bank accounts and stocks minus debts like mortgages and credit cards. The figures aren’t adjusted for inflation or population growth.

NOTICE Notice is hereby given that CHARLES FERNANDO ALCANTARA PINEDA of Savannah Avenue, P.O. Box N4449, 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 30th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE

MARKET REPORT THURSDAY, 6 DECEMBER 2018

“When we have so many structural problems in this country, why are we creating legislation that makes it horrendously difficult for organisations that benefit this country?” Mr Myers asked. “It seems ludicrous to me. “All you’re doing is increasing the cost of these operations. Who’s doing all this at the Bahamian Contractors Association? Who’s doing this at Citizens for a Better Bahamas? Who’s doing this at the Move Forward Contractors Association? “You’re going to wipe out all of these non-profits as they don’t have the capacity to do this stuff and meet these regulations. These organisations operate on a shoe string. I don’t think the Government understands how horrendously underfunded these organisations are, and how fragile they are,” he continued. “I know that if you fine some of these organisations $5,000 they won’t have the capacity to pay it. It’s a joke. Who’s going to enforce all of that? You’re increasing the size of government when some of these groups are barely hanging on. Especially in a fragile economy, how many members aren’t paying their dues?”

US HOUSEHOLD WEALTH JUMPS $2T, LED BY RISING STOCK MARKET

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 is hereby given that JEAN HARRY APPOLON of Hill Side Estate 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 30th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.

NOTICE Notice is hereby given that Myrtha Bertrand Jeantinord of #21B Bass Lane, Freeport, Grand Bahama Bahamas is applying to the Minister responsible for nationality and Citizenship, for Registration/ Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written signed statement of the facts within twenty-eight days from the 30th November, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147 Nassau, The Bahamas.


THE TRIBUNE

Friday, December 7, 2018, PAGE 7

Govt ‘dilemma’ over local FDI inclusion push FROM PAGE ONE the various sectors related to the construction industry. He pointed to one case where an expatriate, who has been applying for a work permit every year for the past 20 years, has now applied for permanent residency. “ There are people that came here to develop Atlantis that are still here in a different role. They came here on work permits and may have joint ventured with a Bahamian or not,” said Mr Symonette. “We have to find a way to train and make Bahamians willing to work in your industry. I am tired of giving out work permits for metal duct workers, for instance. Bahamians now aren’t carrying the blocks; forget mixing the cement to build the buildings. We have to find ways to train Bahamians.” Mr Symonette’s comments came after BEAAP’s engineering, architect and construction industry members yesterday complained that they

are being “bypassed or overlooked” for work on multiple-FDI projects, leading to calls for their greater involvement in the investment approvals process. Sonia Brown, principal of Graphite Engineering, and BEAAP’s chairwoman, told Tribune Business: “For those of us who work in the engineering, architecture and construction industry, we realise that for a lot of projects that happen in the country we are being bypassed or overlooked. “Many times we hear about a project when it’s being announced in the newspaper or when a developer comes with completed engineering drawings and say we need someone to sign-off. “There is a difference between rubber stamping and being an engineer or architect of record, which is a legitimate function that requires that you do specific things. You have to review calculations and drawings, and should be familiar enough with a project that you can answer any questions or concerns.”

Ms Brown added: “We realise that we are not a part of the approval process, and we should be a part because there are laws on the books that say no one who is unlicensed should be doing engineering or architecture work. We have those Acts which have been passed. “We think it’s a matter of enforcement of laws on the books, and introducing policies that place us in the right position within the approval process. I don’t think it’s a big ask to say to a developer that before you get your project approved, look at the list provided by the professional engineers and architects board and find a licensed individual who you can work with. You may already have your consultants you have done projects with around the world, but you need to identify a local consultant.” Ms Brown conceded that Bahamian professionals must also sell their services, adding: “We would like to see some sort of minimum fee split agreement put in place but, even if that’s not possible, if we’re involved

at the conceptual stage we are able to provide our portfolio of work and show what we are capable of and request that we become a part of the design process. “Designing in The Bahamas is unique, and there are things that - as persons who live and work here - we are familiar with that others may not know or be familiar with. We also know all of the players because we work with them all of the time.” Ms Brown said BEAAP, as a collective body, has been meeting since 2015 and was formally incorporated last year. She added that unlike other industry organisations, BEAAP is strictly for business persons who must be licensed and show proof of VAT compliance.

To advertise in The Tribune, contact 502-2394

POSITION WANTED Law firm invites applications for the position of

SUPPORT LITIGATION ATTORNEY The successful candidate will provide quality support to senior litigation attorneys in various aspects of work and research with limited direct interaction with clients. Duties to include preparation of submissions; drafting all forms of pleadings and court documents in compliance with the Rules of Court and laws generally; appearing on interlocutory applications and other court hearings as required; note-taking of court proceedings and client meetings; assist with asset recovery project for the banks; reviewing, drafting and maintaining precedents. Successful candidate must be able to prioritize and balance a heavy workload and work well under pressure to meet deadlines. Attention to detail, strong writing and research skills are essential. Preferably 6 - 7 years’ relevant experience.

Competitive remuneration package is commensurate with qualifications and experience.

Qualified applicants should send their

CVs to: associatelawfirm@gmail.com. Only applicants with the required criteria need apply.

LEGAL NOTICE

LEGAL NOTICE

LEGAL NOTICE

A.J.K. WEALTH ADMINISTRATION INC. (In Voluntary Liquidation)

A.J.K. WEALTH MANAGEMENT INC. (In Voluntary Liquidation)

A.J.K. FOUNDERS LIMITED (In Voluntary Liquidation)

Notice is hereby given in pursuance of Section 138(8) of The International Business Companies Act, 2000 (as amended), the Dissolution of the above-named company has been completed, a Certificate of Dissolution has been issued and the above-named company has therefore been struck off the Register. The date of the completion of the dissolution was the 3rd day of December 2018.

Notice is hereby given in pursuance of Section 138(8) of The International Business Companies Act, 2000 (as amended), the Dissolution of the above-named company has been completed, a Certificate of Dissolution has been issued and the above-named company has therefore been struck off the Register. The date of the completion of the dissolution was the 26th day of November 2018.

Bennet R. Atkinson Liquidator

Bennet R. Atkinson Liquidator

Notice is hereby given in pursuance of Section 138(8) of The International Business Companies Act, 2000 (as amended), the Dissolution of the above-named company has been completed, a Certificate of Dissolution has been issued and the above-named company has therefore been struck off the Register. The date of the completion of the dissolution was the 3rd day of December 2018. Bennet R. Atkinson Liquidator

MOBILE

APP

Take us with you Everywhere you go!


PAGE 8, Friday, December 7, 2018

THE TRIBUNE

Trump EPA acts to roll back control on climate-changing coal WASHINGTON Associated Press THE Environmental Protection Agency moved on Tuesday to further ease rules on the sagging US coal industry, this time scaling back what would have been a tough control on climate-changing emissions from any new coal plants. The latest Trump administration targeting of legacy Obama administration efforts to slow climate change comes in the wake of multiplying warnings from the agency’s scientists and others about the accelerating toll of global warming. In a ceremony at the agency, acting EPA administrator Andrew Wheeler signed a proposal to dismantle a 2015 rule that any new coal power plants include cuttingedge techniques to cap the carbon dioxide from

ACTING EPA Administrator Andrew Wheeler signs an order withdrawing an Obama era emissions standards policy, at the EPA Headquarters in Washington yesterday.  Photo: Cliff Owen/AP their smokestacks. Wheeler called the Obama rules “excessive burdens” for the coal industry. “This administration

cares about action and results, not talks and wishful thinking,” Wheeler said. Asked about the harm that coal plant emission do people and the

environment, Wheeler responded, “Having cheap electricity helps human health.” Janet McCabe, an EPA air official under the Obama

administration, challenged that in a statement yesterday, citing the conclusion of the EPA’s own staff earlier this year that pending rollbacks on existing coal plants would cause thousands of early deaths from the fine soot and dangerous particles and gases. The EPA was “turning its back on its responsibility to protect human health,” McCabe said. Environmentalists, scientists and lawmakers were scathing about the new proposal, saying the Trump administration was undermining what they said should be urgent efforts to slow climate change. The EPA and 12 other federal agencies late last month warned that climate change caused by burning coal, oil and gas already was worsening natural disasters in the United States, and would cause hundreds of billions of dollars in damage each year by the end of the century. “This proposal is another illegal attempt by the Trump administration to prop up an industry already buckling under the powerful force of the free market,” Sen Sheldon Whitehouse, a Rhode Island Democrat and member of the Senate Environment and Public Works Committee, said in a statement. “Did the EPA even read the National Climate Assessment?” Whitehouse asked, referring to last month’s climate report. It’s unclear whether the new policy boost will overcome market forces making coal plants increasingly unprofitable. Competition from cleaner, cheaper natural gas and other rival forms of energy has driven down coal use in the United States to its lowest level since 1979, the Energy Information

Administration said this week. This year will see the second-greatest number of US closings of coal-fired power plants on record. Senate Majority Leader Mitch McConnell, a Kentucky Republican, said the EPA’s action yesterday was “targeting another regulation that would have made it nearly impossible to build any new plants”. Citing that and other Obama administration moves to tamp down emissions from coal-fired power plants in the national electrical grid, McConnell called the proposal “a crucial step toward undoing the damage and putting coal back on a level playing field”. Other, already-proposed Trump administration initiatives rolling aback climate change efforts would undo an Obama plan intended to shift the national electrical grid away from coal and toward cleaner-burning solar and wind power, and relax pending tougher mileage standards for cars and light trucks. Jay Duffy, a lawyer with the Clean Air Task Force environmental nonprofit, called the level-playing field argument of the administration and its supporters “laughable”. “In every rulemaking, they’re placing their thumbs on the scale to prop up coal, at the expense of public health and the environment,” Duffy said. Speaking alongside Wheeler at a news conference, Michelle Bloodworth of the coal industry group America’s Power contended the new rollback could throw a lifeline to domestic coal-fired power producers. “It does appear that this proposal would make it feasible for new coal plants” to be built, Bloodworth said.

12072018 BUSINESS  
12072018 BUSINESS  
Advertisement