05242019 BUSINESS

business@tribunemedia.net

FRIDAY, MAY 24, 2019

$4.90 Growth platform laid for Sebas’ investment house

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

INVESTAR Securities’ mutual fund launch is the first step in developing a fully-fledged investment bank, its chairman said yesterday, describing some local investments as “a crap shoot”.

Hillary Deveaux, the former Securities Commission chief who now heads Sebas Bastian’s capital markets venture, explained that the absence of a credit rating agency made it

harder to properly assess the risk presented by investing in Bahamian companies.

“We don’t have investment grade companies,” he explained. “We don’t have rating agencies; that’s one of the challenges we have. Sometimes, it’s a crap shoot.” Besides providing investment vehicles for both sophisticated investors and “ordinary working” Bahamians (see other article on Page 1B), Investar’s two Titan funds are designed to fuel economic growth.

SEE PAGE 4

Bran: WTO can’t ‘take bread from Bahamian people’

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE government must ensure it does not “take bread out of the mouths of Bahamians” by taking this country into full WTO membership, the DNA’s former leader said yesterday.

Branville McCartney, pictured, told Tribune Business that The Bahamas should only follow through with World Trade Organisation (WTO) accession if it

and, by extension, Bahamians stood to reap significant economic benefits.

He said: “In the march towards World Trade Organisation accession what must always be in the background of the government is that the Bahamian people, and the Bahamian economy, must always be first.

“We have seen in other countries where, quite frankly, WTO has not been

SEE PAGE 5

‘Handicapped’ over disabled building access

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE level of access disabled people have to Bahamian commercial buildings is “awful” because of an inability to enforce the law, a private sector executive blasted yesterday.

Peter Goudie, a member of the National Commission for Persons with Disabilities, told Tribune Business that it simply had no inspectors or regulations to ensure the private sector and public buildings comply with the Persons with Disabilities Equal Opportunity Act. That Act imposed a December 31, 2017, deadline for private and public buildings to provide full access for disabled persons, and Mr Goudie said several companies - including Baha Mar and Bahama First - had been called the Commission out to conduct inspections on their buildings.

PETER GOUDIE Arguing that much more needs to be done, Mr Goudie said compliance with the Act was simply good business sense for Bahamian companies as it ensured they received more customers while also performing a wider social need.

The former City Markets human resources chief, who sits as one of the private sector representatives on the National Tripartite Council, added that studies had also shown that disabled employees - when given proper access to their

SEE PAGE 6

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Sebas fund no Island Luck ‘back door’ IPO

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE two mutual funds launched yesterday by Sebas Bastian’s new investment house are not an alternative “back door” to an Island Luck initial public offering (IPO), top executives said.

Investar Securities directors reassured that the Gaming Act’s requirements, combined with the restrictions imposed on how much can be placed with any single investment, meant the Titan funds would own less than five percent of the web shop and its parent, Playtech Systems.

• Web shop chief’s Investar in funds launch • But ‘restricted’ to under 5% of Island Luck • Targeting ‘financial democracy’ and ‘small man’

STANDING from left: Felix Stubbs, Titan funds' director; Dirk Simmons, Titan funds' director; Heather Bellot-Hazarian, Titan funds' director; Ansel Watson, Investar's president and chief executive; Khalil Braithwaite, Leno Corporate Services. SEATED from left: Scott Godet, Investar director; Hillary Deveaux, Investar chairman; and Lowell Mortimer, Investar director.

Investar, which unveiled the Titan products to highlight its long-awaited emergence as a capital markets player, said no other Bahamas-domiciled investment fund was likely to have “undergone more scrutiny” due to its planned holding in Island Luck.

Besides the web shop investment, Hillary Deveaux, Investar’s chairman, said the Titan Balanced Fund would also

SEE PAGE 4

Sandals: Try $30m sexual assault case in The Bahamas

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SANDALS is urging a New York judge to dismiss a $30m sexual assault claim because it occurred at its Nassau resort and should therefore be heard by a Bahamian court.

US attorneys for Sandals Resorts International, in a May 17 letter to the southern New York federal court, argued that John Pascarella and Ashley Reid Pascarella - whose allegations received widespread TV and print coverage on both sides of the Atlantic - had signed a document agreeing that all legal disputes with the resort chain be resolved in The Bahamas.

They added that the couple, who

MORAL ADDERLEY claim Mrs Pascarella was sexually assaulted by Moral Adderley, the butler assigned to them during their stay at Sandals Royal Bahamian, had been shown this clause on both their booking invoice and guest registration card.

It stipulates that “all claims” against Sandals “shall be governed solely by the laws of Bahamas as

the exclusive choice of law, and further that the courts of Bahamas shall be the exclusive venue/forum for any proceedings, claims or litigation whatsoever”.

In addition, Sandals’ attorneys argued that The Bahamas was the most appropriate judicial forum to hear the claim as all events, evidence and witnesses were in this nation - and there is absolutely no connection to New York.

“The claims also are subject to dismissal based on the doctrine of forum non conveniens because all of the events underlying the claim and the evidence exists in the Bahamas - the forum plaintiffs consented to and to which Sandals Resorts International agrees,” Tara Nicola, of the Fitzpatrick, Hunt,

Pagano, Aubert law firm, wrote.

“As non-residents of New York, plaintiffs’ choice of forum is entitled to little to no deference. The Bahamas is an adequate and available forum given that Sandals Resorts International consents to jurisdiction of the Bahamian courts.

“In addition, Bahamian courts recognise negligence claims and permit recovery for pecuniary and nonpecuniary losses. Bahamian courts also provide for pre-trial discovery.”

Ms Nicola added that The Bahamas had a strong reason to try the case because the events complained of allegedly occurred in this nation, adding: “The public and

SEE PAGE 5

PAGE 2, Friday, May 24, 2019

THE TRIBUNE

No proper business ignores the IAN numbers FERGUSON S BY

CONTRACTORS, BTVI instructors, graduates and students look on as Kingspan Insulation area manager for North America, Jordi Horno, demonstrates the proper measurements and cuts for the PIR-ALU duct system.

Photo: Shantique Longley

BTVI HOSTS WORKSHOP FOR NEW AC SYSTEM

DISCOUNT Air Condition Supplies teamed with The Bahamas Technical and Vocational Institute (BTVI) to host a workshop on a new pre-insulated duct system for central air conditioning systems.

The workshop introduced the system to contractors, and BTVI’s

heating, ventilation and air conditioning (HVAC) instructors and students.

The PIR-ALU is produced by Kingspan Insulation, a manufacturer of high performance rigid insulation products and insulated systems for building fabric and building services applications.

Its aluminum finish protects the panel from tough atmospheres, and is designed to achieve optimal hygiene in agricultural installations. It is anti-mold and antimicrobial, making it suitable for the climate of The Bahamas.

This was the first training

by Kingspan Insulation in The Bahamas.

Employment Opportunity Bahamasair is the national airline of the Commonwealth of The Bahamas; our mission, to provide a safe and dependable airline, where quality service is paramount and an excellent travel experience is our priority. We are currently seeking to fill the following position:

Senior Manager, Information Technology

Reporting to the Director of IT, the Senior Manager - Information Technology, will oversee the activities of one or more major functional area(s) in the Information Technology Department inclusive of Human Resources, Administration, Budget Input and Management. The individual will also implement and facilitate the strategic direction of institutional policy for information systems and serve as a member of a management team that implements operational procedures and manages departmental budgets.

Essential Duties • Performs annual business assessments to determine business goals and objectives.

• Performs annual IT department capabilities and capacity assessments for business value.

• Develops annual IT strategic and tactical plans with performance measurements.

• Review, evaluate, and approve proposals for hardware or software acquisition.

• Coordinates new system development and improvements to existing systems with computer information services.

• Serves on committees/councils for on-going analysis of system and Information Security improvement.

• Participates in the development, implementation, and maintenance of policies, objectives, short and long range planning; develop tracking and evaluation programs to assist in accomplishment of established goals.

• Develops and establish policies and objectives consistent with those of the organization to ensure efficient operation of individual department • Develops and maintains Information Technology Architecture for innovation and planning • Ensures confidentiality, integrity and availability of data and information pertaining to the organization.

• Develops, tests and maintains department disaster recovery and IT continuity • Participates as a member of the management team in planning, problem resolution and reviewing department performance.

• Develops annual operating budget and provides fiscal direction to the unit.

• Implements appropriate educational and training programs to ensure high quality professional staff performance • Maintains knowledge of current and future technology by reading technology periodicals, evaluating new technologies and attending trade-shows/conferences, technical seminars and training sessions • Performs miscellaneous job-related duties as assigned Qualifications • Bachelor’s Degree in Information Technology; a minimum of 10 years technology, security and management experience, inclusive of A+, Network+, Server+, MCSE certifications.

• Ability to read, analyze and interpret general business strategic plans to IT • Strong ability to set strategic plans for department with performance indicators • Knowledge of COBIT, ITIL and ISO 27002:2005 standard, skills and ability to localize to business environment • Ability to effectively present information and respond to questions from groups of directors, managers, clients, and customers. Ability to perform risk/impact assessments, treatments and create controls through policies, procedures and standards with guidelines.

All interested applicants are asked to submit a resume and reply to: ATTN: Director of Human Resources RE: SR. MANAGER - IT via email to hr@bahamasair.com no later than end of business May 31, 2019.

Only shortlisted candidates will be contacted.

TATISTICS play an important role in all business ventures.

Every successful business person must be quick and accurate with their decision-making.

They must know what their customers want, how best to produce it, and in what quantity. Statistics help a company plan production according to the taste of consumers and the quality of the product.

Business statistics can be used for quality assurance, financial analysis, production and operations, and many other areas. Just like general statistics there are two categories: Descriptive and inferential.

Descriptive statistics use the data to provide descriptions, either through numerical calculations or graphs or tables, while inferential statistics makes predictions based on a sample of data taken.

Statistics is an important field of study due to its application in almost all walks of life. It is an important branch of mathematics. It is the analysis, interpretation, preservation and presentation of data. Indeed, the role of statistics in business management is pivotal. It comes in handy, especially for rating organisations, financial markets and financial organisations.

The uses of statistics in business and management are limitless. With the proper skill to implement statistical methods, managers can increase the production capacity of any plant or find out the optimum production capacity; monitor the efficient management of work and employee performance; and limit the wastage of resources.

Here are seven reasons to implement an effective statistics department in your business today:

EASES PERFORMANCE MANAGEMENT AND EVALUATION

The use of statistics in business enables managers to handle their role better by making evaluation of performance and performance management easier.

COMPARISON OF ALTERNATIVES Because a business includes more than just one person, there will always be multiple ideas that senior members need to discuss and choose from. In such cases, statistics assists the members responsible in making perfect comparisons so that they choose the alternative that will greatly benefit the business.

RESEARCH AND DEVELOPMENT The perfect short-cut to success is research. If all businesses spent more time and resources on research, the world would be filled with only excellent organisations and companies.

Through different forms of statistics such as questionnaires, surveys and taking indiscriminate samples, businesses are able to gather enough information about which market to hit and how best to develop their products or services.

PROJECTION OF FUTURE EVENTS

With the use of statistics it is possible to predict events that might occur in the future. It is always wise to be ready for any risk factors that might come up, so that when they actually happen your business will not be heavily affected.

HELPS BUSINESSES IN BUILDING LONGTERM GOALS

In directing your business, the most important thing is statistics as it helps you to build long-term goals. Remember: Companies cannot only survive on short-term goals.

AIDS IN STRATEGIC ADVERTISEMENT Statistics is used in evaluation of the market so that advertisers know exactly where they have to put their effort in order to maximise profits.

ATTRACTING CUSTOMERS People are easily attracted by numbers, so smart marketers can use them to attract more clients.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at iferguson@ bahamas.com.

THE TRIBUNE

Friday, May 24, 2019, PAGE 3

Bran: Target marijuana, lottery for $1bn boost

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE DNA’s former leader yesterday urged the government to “be bold” and target medical marijuana and a national lottery as industries that can deliver a $1bn economic boost.

Branville McCartney, looking ahead to next week’s 2019-2020 budget, told Tribune Business that as a businessman he hopes one of the issues the government will address is the way business licence fees are levied.

Warning that “we’re still in a recession”, he said: “I

• Urges govt to ‘be bold’ on growth plans • Warns: ‘We’re still in recession’ • Calls for Business Licence reform

BRANVILLE MCCARTNEY

would certainly like to see from a business point of view where they look at the business licence fees, in particular, and make it fair and just in the sense that instead of taxing you on your gross, you are taxed on your profit.

“Alternatively they could set certain parameters for small, medium and large businesses. There could be fixed rates that are reasonable. It would also be good to show that

we don’t need value-added tax (VAT), which is a killer to business.

“I would really like to see the government introduce some initiatives where the country can make money, and that would eliminate ultimately VAT. We need to see the government introduce some initiatives that are going to help the average man on the street.

People need to be able to survive, and the cost of

living in this country has to go down. I would like to see this government be bold and introduce some bold initiatives.”

Mr McCartney again pointed to the medical marijuana industry as one this nation could tap into, as well as the introduction of a national lottery.

“Together, those two initiatives could bring close to $1bn a year for this country,” he told Tribune Business. “That can be the start towards eliminating VAT. I think the government ought to look seriously again at different industries so that VAT can be eliminated.

“We also need to look to alternative forms of energy. The cost of energy in this country is far too high. These are the aggressive type of initiatives that I would like to see this government move forward with so, at the end of the day, significant change is brought to the Bahamian people.

“This country is not growing anywhere near the rate it needs to be growing.

We are still in a recession.

We have to take the politics out of governance and do what’s in the best interest of this country; in the best interest of the Bahamian people.”

Provisional licences available to start-ups THE government last night confirmed that provisional licences are now available to entrepreneurs starting companies in “low-risk” categories.

The move by the Department of Inland Revenue (DIR) is part of the government’s wider effort to improve the ease of doing business by speeding up the process for startups and new companies to begin operations.

Provisional licences are granted as part of the business licence application process. Low-risk businesses include home-based businesses, sole proprietors and other small businesses in non-regulated sectors.

They make up the bulk of small business start-ups, and. are eligible for a provisional licence when they complete a first-time application for a full business licence.

“Our early ease of doing business initiatives have systematically targeted small businesses; they represent the majority of businesses and form the backbone of the economy,” said K Peter Turnquest, deputy prime minister.

“Earlier this year, we removed the fee for starting a new business. Next, DIR implemented a system to renew business licences in under 48 hours. Now, we have introduced a provisional licence to help entrepreneurs get started faster and easier.”

Start-up companies that fall under administrative

we digitise more of our processes and integrate systems to streamline inter-agency communication we will be able to deliver more efficient services across government.

In the meantime, we are

K PETER TURNQUEST services; apparel and textile manufacturing; art and craft vendors; audiovisual production; civic organisations; clothing and accessory retail; couriers and messengers; florists; furniture manufacturing; general merchandise retail; housekeeping services; marketing and public relations; printing and publishing services; plumbing, roofing, fencing contractors; professional associations; small contractor and construction service providers would likely be able to obtain provisional licences.

After submitting a completed business licence application, eligible businesses can get a provisional licence to operate for 90

days while they wait for approvals to be processed by other government agencies.

Ultimately, new businesses will still need agency approvals from the National Insurance Board (NIB), Department of Environment Health (DEHS), Department of Physical Planning and other relevant entities. However, while these processes are underway, the provisional licence will enable them to move forward to get up and running immediately.

“I am a firm believer that, to the greatest extent possible, the general public should not be inconvenienced by our own inefficiencies.

As

REALTOR UNVEILS TOP PRODUCERS

NICK DAMIANOS

MARK HUSSEY

BIANCA ARANHA

DAMIANOS Sotheby’s International Realty has named Nick Damianos as its top producing sales agent for the 2019 first quarter with sales exceeding $30m in value.

Mark Hussey and Bianca Aranha were the top listing agents for the quarter with six new listings, ranging in price from $1m to $10m, and which were concentrated in Old Fort Bay. “Nick is an extremely strategic agent,” Lana Rademaker, Damianos Sotheby’s chief brokerage officer, said. “He pinpoints his clients’ needs and identifies the target market for each property he represents, allowing him to tailor his marketing efforts to the appropriate audience.

Nick is a long-term thinker and focuses on building lasting relationships with his clients.”

Ms Rademaker added that this this team mindset has also boosted business for Mark Hussey and Bianca

Aranha. Since 2018 the duo have been working together as “Team Hussey”, with a focus on representing high-end listings - not only on New Providence, but throughout The Bahamas.

“As a team, Mark and Bianca are able to provide their clients with undivided attention,” Ms Rademaker said. “They each have their own strengths and work together to divide and conquer, giving clients the confidence that their property is being watched over by two highly qualified agents.

Nothing falls through the cracks.”

Nick Damianos added: “The Sotheby’s International Realty platform and networks allow us to showcase the properties, lifestyle and residency advantages of The Bahamas to high-net-worth individuals wherever they may be. We are able to tap into markets that would otherwise be unaware of what The Bahamas has to offer and the spectacular properties we represent.”

implementing immediate measures to increase the ease of doing business now,” said Mr Turnquest.

Incorporated companies, non-Bahamian companies,and businesses with storefronts or

operating in regulated industries are not eligible for provisional licences.

While provisional licences are not available to every business, they do cover a large majority of small businesses in the country.

PAGE 4, Friday, May 24, 2019

Sebas fund no Island Luck ‘back door’ IPO FROM PAGE ONE differentiate itself from competitors through its accessibility to “the small Bahamian”.

The fund’s entry requirements have been kept low, with investors only needing a minimum $500. This is a bid to “spread the wealth” by giving “ordinary, working” Bahamians the chance to pool capital, participate in the economy’s growth and obtain higher investment returns than they currently stand to gain on bank deposits.

Investar executives repeatedly described the funds’ goal as “economic democracy”, and a means to end the feeling among many Bahamians that they remain “second class citizens in their own country” - at least from an investment and ownership perspective.

Asked by Tribune Business how Investar planned to manage the potential “conflict of interest” involved with investing in Island Luck, given that Mr Bastian and the web shop’s chief financial officer, Dirk Simmons, both sit on the investment house’s Board, Mr Deveaux said internal and external restrictions limited the scale of the Titan Balanced Fund’s holding.

The former Securities Commission executive director explained: “Under the Gaming Act, anyone holding above five percent [equity in a web shop] has to be approved by the Gaming Board. We will stick strictly to the law, and hold only a maximum of less than five percent [in Island Luck].

“That’s one of the constraints we will have to commit to. The composition of the fund is that we

can only invest up to 35 percent of the shares in any one company. We’re constrained by that as well.

“Island Luck has... I don’t know how many shares and the volume of those shares, but clearly the fund would have to go above $10m - or $15m-$20m - to absorb 35 percent. We’re constrained by the less than five percent and the 35 percent.”

Mr Simmons, who is also a director of the Titan funds themselves as well as Investar, emphasised that there was no link between the funds’ planned holding and any future Island Luck IPO. “These funds, and the structure we’ve taken to invest... has absolutely nothing to do with an IPO,” he said. “What’s happening here is we are trying to make investment opportunities more accessible to the average Bahamian, and that’s the long and short of it. There’s no back door-ing of it here.”

Little has been heard about Island Luck’s potential IPO for some months. The possibility of selling shares in the web shop chain to Bahamian investors was first raised during the campaign to legalise domestic gaming, and Mr Bastian indicated it remained a goal once that objective was achieved.

Any IPO plans, though, had to be put on hold following the major increase in web shop taxation imposed in the 2018-2019 budget. This resulted in legal action and lengthy negotiations between the government and web shop industry, culminating in the mid-February 2019 settlement that sharply reduced the industry’s tax burden.

The certainty created by the settlement removes a potential obstacle to an

NOTICE Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that: -

DIGIRAY CORP. is in dissolution;

(b) The date of commencement of the dissolution is the 22nd day of May A.D. , 2019 and

(c)

The Liquidator is C. B. Strategy LTD., of Sassoon House, Shirley & Victoria Streets.

THE TRIBUNE Island Luck IPO, even though several of its web shop rivals are still refusing to comply with the deal’s terms. However, Mr Deveaux yesterday said the web shop and Investar are currently “not even moving towards” an IPO. Arguing that there are “very few investment funds” in The Bahamas with the minimum investment entry threshold is $500, the ex-Securities Commission chief said the opportunity provided by the Titan Balanced Fund to invest in Island Luck could prove “exciting” to gaming patrons.

“The performance of Island Luck has been extremely successful over the years,” Mr Deveaux added. “We’ve had concerns with what is gaming and what is investment.

There are some concerns about if Island Luck had an IPO - we’re not even moving in that direction and if people bought the shares and it was listed on BISX, people would be gaming, and that’s not true.”

Ansel Watson, Investar’s president and chief executive, said: “For the first time those who have watched the success of Island Luck will actually have the opportunity to participate in that success.”

While the Titan Balanced Fund is focused on small, retail investors, its counterpart Titan Fixed Income Fund is targeted at sophisticated institutional investors and high net worth individuals. Incorporated as a professional fund, it will likely concentrate on securities such as preference shares and government/corporate bonds.

Both funds were officially launched last night by Mr Bastian at the OWN Bahamas forum. “The Titan Balanced Fund is what I think generates the greatest excitement because it is intended to make investment for the ordinary working Bahamian - for you, and you, and you - a reality,” he said.

“You will be able to become an investor at $500 a share and pool resources with hundreds, thousands of others to invest in businesses to grow The Bahamas.” Mr Bastian added that Bahamians “do not have to sit on the sidelines any longer” when it comes to investing in, and ownership of, their own economy with the funds providing “a new way to get into the game”.

The Titan Balanced Fund, licensed as a standard fund by the Securities Commission, is more highly regulated than its

counterpart because it is aimed at the general public rather than experienced investors.

Investar said both funds have been approved by the Bahamian capital markets regulator, and will start seeking investor subscriptions on June 3 when their offering documents are publicly released.

Mr Deveaux argued that the Titan Balanced Fund was likely the most scrutinised and regulated investment fund in Bahamian history, given that it had to be approved by both the Securities Commission and the Gaming Board due to the Island Luck holding.

It had, he added, “been scrutinised to an unprecedented level”.

“Probably no investment fund ever proposed in The Bahamas has undergone more scrutiny than the Titan Balanced Fund, primarily because, in our application to the Securities Commission, we were proposing to include in its portfolio Playtech (Island Luck) shares,” the former Securities Commission chief said.

“The Securities Commission worked very closely with us and the Gaming Board to ensure that we were compliant with both the Gaming Act and the Investment Funds Act.” Investar executives declined to specify the amounts they were seeking to raise from both funds, but said the the $1.6bn-plus excess liquidity in the commercial banking system at end-March meant there was ample capital available.

They did, however, pledge to exceed the average three to five percent returns delivered by BISXlisted companies along with the yields generated by rival investment funds.

“We are very confident in our offering, and are confident our offering meets the returns and expectations of the average Bahamian,” Mr Simmons added.

Investar, which is the Titan funds’ sponsor and promoter, has hired Leno Corporate Services as their manager and custodian.

Genesis Fund Services is the administrator, with Bank of The Bahamas serving as banker. The Mackey and Moxey law firm are the funds’ attorneys, while the Baker Tilly Gomez accounting firm will serve as accountants.

Apart from Mr Simmons, the Titan funds’ directors include well-known businessman Felix Stubbs and financial services executive, Heather Bellot-Hazarian, who recently joined Core Capital Partners as its chief executive.

LEGAL NOTICE

C. B. Strategy Ltd. Liquidator

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

EVERONWARD INVESTMENTS INC. In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), EVERONWARD INVESTMENTS INC., is in Dissolution.”

Growth platform laid for Sebas’ investment house FROM PAGE ONE

Besides investing in BISX-listed companies, Mr Deveaux confirmed that the Titan Balanced Fund plans to compile a diversified portfolio that also includes private companies, real estate, utilities, technology, private-public partnerships (PPPs), government bonds and project development.

“We’d be looking at private companies. The idea is to look at the risk associated with those companies,” he added, suggesting that they would have to meet Titan’s investment criteria and risk appetite.

Several of the targeted investments involve areas where Mr Bastian’s other companies are active. Investar is part of a group that includes Brickell Management Group (BMG), a property management and development venture; Vandoff Construction, a building contractor; and BMG Insurance Agents & Brokers.

BMG’s website has a link to Investar’s, and Mr Bastian’s group has already been involved in PPPs under the former Christie administration. Some observers are also likely to be unhappy at what they will likely perceive as Mr Bastian using his web shop profits, and Island Luck’s dominance of that market, to invest in other sectors - which is something that could raise competition concerns.

The funds’ launch marked the long-awaited emergence of Investar as a capital markets player, and Mr Deveaux confirmed that it ultimately planned to expand into an investment house to compete with the likes of well-established institutions such as RoyalFidelity Merchant Bank & Trust, CFAL and Providence Advisors.

With Titan designed to provide the platform for further growth, Mr Deveaux said: “I think we have the opportunity and ability to compete with them. We will move in a very careful way... in trying to get market share in the industry.

“We are licensed under the Securities Industry Act, the Investment Funds Act and the Financial and Corporate Services Providers Act. We have the opportunity to take advantage of what is offered in all this legislation - broker/ dealer activities. We are not engaged in investment fund administration yet. We are looking to build the talent to deal with that area.

“We have three licences, and these licences provide

us with the opportunity to enter into all aspects of financial services with the exception of money transfer businesses. That is a Central Bank responsibility. We are open to any opportunities that will provide us with the returns that will move the company forward.”

Mr Deveaux said the Titan funds’ launch would “increase the revenue streams so we can pursue more of these opportunities”, while also helping to build and grow the economy through its investments and provide Bahamians with increased ownership/wealth building opportunities.

He added that Investar had displayed “an absolute dedication” to ensuring the Titan funds, which are restricted to The Bahamas and Bahamian dollar investments, structured correctly over a two-year product development cycle.

Asked why this had taken so long, Mr Deveaux pointed to management changes and the need to build the necessary capacity at Investar. “I think we had some issues with personnel,” he said in response to Tribune Business’s question.

“At the end of the day, we had to change management and directorships. That was one of the reasons. The others were really that we didn’t think we’d developed the requisite expertise to go further in the securities and capital markets.

“When you look at the required capital under the Securities Industries Act, which is $300,000, that is putting up capital and not seeing any revenue stream.

We stuck with it, and are ready to go.”

Among the departures from Investar’s Board and management, according to its website a year ago, are ex-CFAL executive Kevin Burrows, who was described as its president and managing director, and ex-Bahamasair chief, Paul Major, who was billed as its vice-president and secretary.

Ansel Watson, Investar’s current president and chief executive, said the boutique investment house would embark on an education campaign “starting from the ground level” to educate Bahamians on investing, the potential benefits and what mutual funds are.

With Bahamian investors focused on receiving regular dividend payments, the Titan funds’ concept of delivering returns via an appreciation in the value of its shares rather than capital returns could be a tough sell.

NOTICE Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that MARIGOLD GOVERNANCE LIMITED has been dissolved and that the name has been struck from the Register of Companies with effect from the 13th day of May, 2019.

The date of commencement of dissolution is the 22nd day of March, 2019.

Lucia E. Broughton, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 6380, Nassau, Bahamas Liquidator LEGAL NOTICE

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)

FHMVOFF Fund Ltd. (the “Company”)

Notice is hereby given that, in accordance with Section 138(8) of the International Business Companies Act, No.45 of 2000, the Dissolution of FHMVOFF Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register.

The date of completion of the dissolution was the 15th day of April, 2019.

Mr. Alceu Rodrigues Vasone Liquidator

MARIGOLD GOVERNANCE LIMITED LIQUIDATOR MONTAGUE STERLING CENTRE EAST BAY STREET NASSAU, THE BAHAMAS

NOTICE Golden Seeds Venture Capital Limited Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 137183 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and winding-up of the Company is complete and the Company has been struck off the Register of Companies maintained By the Registrar General.

Dated this 12th day of February, 2019.

THE TRIBUNE

Friday, May 24, 2019, PAGE 5

Sandals: Try $30m sexual assault case in The Bahamas FROM PAGE ONE private interest factors support dismissal in favour of The Bahamas.

“The Bahamas has a strong interest in resolving this dispute locally because the events and allegations that form the basis of the claim are local to The Bahamas. Indeed, plaintiffs contend that a Bahamian resident engaged in inappropriate, unwanted sexual conduct in The Bahamas at a Bahamian resort involving the Bahamian authorities.”

Arguing that New York had zero connection to the Pascarellas’ claims, she reiterated: “Because the injury and alleged negligent conduct occurred in The Bahamas at a Bahamian hotel and involves a Bahamian resident, The

Bahamas bears the most significant relationship to the dispute.

“All of the private interest factors support dismissal in favour of The Bahamas.

The sources of proof and the majority of the witnesses, including the alleged assailant, necessary to adjudicate this matter are located in The Bahamas.

“As the majority of witnesses are located in The Bahamas, it would be both costly and impractical to compel witnesses to travel from The Bahamas to New York. Therefore, The Bahamas remains as the most convenient forum to adjudicate this dispute.”

The Pascarellas’, whose tale featured widely in the most excitable US and UK tabloids, as well as the major US morning and news TV shows, are claiming that

Mr Adderley “stealthily entered the bedroom of (Mrs Pascarella) and undertook surreptitiously to fondle, grope, and take sexual liberties of (her) beneath her bed-clothes and clothing” when they stayed at Sandals Royal Bahamian for their wedding.

The couple are claiming $10m for the resorts’ negligence; another $10m at least for breach of contract; and a third sum of at least $10m for Mr Pascarella’s “loss of consortium”.

Mr Adderley, though, vigorously denied that such an attack occurred even though he pled guilty to indecent assault in a Magistrate’s Court. He said he changed his initial “not guilty” plea in an effort to escape serving prison time and thus missing his father’s funeral.

BRAN: WTO CAN’T ‘TAKE BREAD FROM BAHAMIAN PEOPLE’ FROM PAGE ONE successful in that regard.

Any arrangement or agreements made relative to the WTO must take into consideration the dynamics of our economy, how it operates today, and with the view of empowering our economy and the lives of Bahamians and those who have a right to live here.”

Mr McCartney added: “If it’s going to have the opposite effect we need to leave it alone. If it is going to enhance the lives of Bahamians, if it is going to cause a reduction in the cost of living in this country, you ought to move forward. That is the general parameters of what I think the government ought to always take into consideration in their deliberations.

“You don’t want bread to be taken out of the mouths of Bahamians and those who have a right to

be here. It’s as simple as that. Put simply, if it’s not going to benefit The Bahamas and, by extension, the Bahamian people, you don’t need it. If it is we should welcome it with open arms.”

Mr McCartney described the current business environment as a “nightmare”, adding: “As it stands now, without the introduction of WTO business in the country is a nightmare. That has not been fixed. The electricity cost remains one of the primary killers of business. If we don’t do something to rectify that there will be more businesses going out of business.

“It is most difficult to get into business, to start new businesses and keep your businesses afloat. We have to ensure that no additional burden is placed on the backs of the Bahamian people.”

An Oxford Economics study commissioned by

the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) concluded that The Bahamas will only maximise the benefits of full WTO membership if it combines accession with broadbased domestic economic reforms that tackle this nation’s long-standing governance, transparency, red tape and ease and cost of doing business weaknesses.

Should The Bahamas adopt this approach, Oxford Economics estimated it could lift the economy’s long-run average annual GDP growth rate to around two percent - higher than the 1.5 percent currently forecast by the International Monetary Fund (IMF).

It also projected that this would help slash The Bahamas’ national unemployment rate from its current ten percent to 6.5 percent over the next decade, driving it to its lowest level this century.

PAGE 6, Friday, May 24, 2019

THE TRIBUNE

‘Handicapped’ over disabled building access FROM PAGE ONE

workplace - helped reduce workforce recruitment costs and turnover due to their loyalty to the company.

Explaining why Bahamian companies needed to comply with the Act, Mr Goudie told Tribune Business: “One, it’s the right thing to do for society, and two, it brings them more business.

“Number three, there are programmes - and I’m going to bring them in with

Rotary - that show when you hire a disabled person and they’re able to get access to work, they tend to be very loyal employees so it reduces your employee costs and turnover.

“There are programmes in the US and Canada. One business in Canada, and I know this through Rotary, said: ‘Do the math. An average employee working in a super market, doughnut shop, usually lasts a year. It costs me $3,500 to recruit an employee’,” Mr Goudie continued.

NOTICE

“A disabled person, if they get a job, will last seven to eight years. Do the math.

You and I are not stupid. If you don’t have to recruit a person for seven to eight years, you are saving $3,500 a year for every one of those years. I’d rather have a disabled person working for me that can do the job than an average employee. That’s a fact, and you can quote me on that.”

Mr Goudie said a further obstacle to enforcing the Act, and building access, resulted after the National

Commission for Persons with Disabilities effectively ceased to exist for a year after the May 2017 general election. He blamed this on efforts to “put people in places that they were not qualified for”, and said the matter was only addressed when Frankie Campbell took ministerial responsibility for social services.

“The issue is that the government has yet to hire any inspectors, and we also gave to get regulations in place,” Mr Goudie told Tribune Business. “Unfortunately

NOTICE

NOTICE is hereby given that MASCIN LESSAGE of #2 Johnwentworth Drive, Freeport Grand Bahama, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE is hereby given that LAVETTE SUSETTE STUART of King Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

LEGAL NOTICE

NOTICE

NOTICE GENTIAN HOLDINGS LTD.

Notice is hereby given as follows: (a) LESAB LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The Dissolution of the said company commenced on May 22nd, 2019, when the Articles of Dissolution were submitted and registered by the Registrar General. (c) Ms. Sheryl Collins of No 3 offices at Old Fort Bay, Wester Road, SP-63157, Nassau, Bahamas, has been appointed the Liquidator.

Shareece E. Scott Liquidator

Sheryl Collins Liquidator

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

THURSDAY, 23 MAY 2019

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,163.44 | CHG: -17.13 | %CHG: -0.79 | YTD: 53.99 | YTD%: 2.56 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.50 2.00 3.35 11.05 6.16 4.64 12.50 2.74 1.96 9.32 7.00 15.60 7.25 4.05 14.00

52WK LOW 3.50 19.17 4.90 3.50 1.00 0.19 2.00 8.89 6.12 3.54 10.00 2.35 1.60 7.50 6.10 11.00 6.20 3.01 12.51

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1.00 103.00 100.00 100.00 105.00 103.00 100.00 10.00 1.01

1000.00 1000.00 1000.00 1000.00

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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ

E J K L M N

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

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 4.18 17.43 6.00 5.40 2.50 1.98 2.22 11.05 6.16 4.48 10.00 2.79 1.85 9.41 7.00 15.50 7.25 3.49 14.00

CLOSE 4.18 17.43 6.00 5.40 2.50 1.98 2.22 11.05 6.16 4.48 10.00 2.74 1.85 9.40 7.00 14.15 7.25 3.49 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 0.00 -0.01 0.00 -1.35 0.00 0.00 0.00

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

8,790

VOLUME

EPS$ 0.167 0.932 -0.306 0.323 0.098 0.000 -0.431 0.708 0.480 0.154 0.627 0.102 0.209 0.000 0.636 0.834 0.950 0.205 0.631

DIV$ 0.130 1.260 0.000 0.250 0.000 0.020 0.000 0.710 0.220 0.120 0.620 0.068 0.060 0.328 0.240 0.500 0.200 0.090 0.600

P/E 25.0 18.7 N/M 16.7 N/M N/M -5.2 15.6 12.8 29.1 15.9 26.9 8.9 N/M 11.0 17.0 7.6 17.0 22.2

YIELD 3.11% 7.23% 0.00% 4.63% 0.00% 1.01% 0.00% 6.43% 3.57% 2.68% 6.20% 2.48% 3.24% 3.49% 3.43% 3.53% 2.76% 2.58% 4.29%

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%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

############### 30-Jul-2018 ############### 30-Jul-2020 ############### 30-Jul-2022 ############### 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 0.32% 3.95% 0.62% 3.20% 0.69% 2.56% 2.06% 4.97% 4.52% 0.96% 1.57% 4.58% 0.99% 4.25% 1.32% 4.12% 3.22% 5.64% -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% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-Mar-2019 31-Mar-2019 29-Mar-2019 31-Mar-2019 31-Mar-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 28-Feb-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

MUTUAL FUNDS 52WK HI 2.22 4.27 2.05 188.32 158.55 1.62 1.76 1.70 1.15 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 1.56 1.68 1.64 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 2.22 4.27 2.05 188.32 154.49 1.62 1.76 1.70 1.15 7.54 8.73 6.65 10.66 11.79 10.48 9.92 8.68 11.38

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

Commission for Persons with Disabilities chairman, would help turn the situation around.

“Some companies have been coming to us and asking us to help them,” he added. “We did an inspection at Melia and we did an inspection at Baha Mar. We had done an inspection at Bahamas First.

“People have been working with it but we don’t have the inspectors to go around and see what they’ve been doing. We need resources to go around and inspect these buildings and try and get people to comply. We’re trying with our very limited resources but we really need to do more. We really need help to move this forward.”

To advertise in The Tribune, contact 502-2394

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Gentian Holdings Ltd., has been completed and the company has been struck from the Register on the 9th day of May, 2019.

Dated this 22nd day of May, A.D., 2019.

we don’t have everything in place and are not able to enforce things.

“That’s where things stand. It’s really unfortunate we’re not in a position to enforce things because we don’t have inspectors. We need building inspectors, and people to inspect parking lots and issue fines and all that good stuff. It’s awful.

You can quote me on that.

It is awful. We don’t have people in place to inspect anything and we need some resources in place. It’s really, really sad.”

Mr Goudie, who is disabled himself, voiced optimism that the appointment of former Salvation Army head, Lester Ferguson, as the National

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 | BENCHMARK 242-326-7333

The Public is hereby advised that I, JOANNE LOWE of #7 Pyrenees Avenue in the Eastern District, New Providence, Bahamas P.O.Box SS-6972 intends to change my name to JOANNE MARIA LOWE. 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, New Providence, The Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that CHARLICIA GIBSON of Yeoman Woods, Freeport, Grand Bahama, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that KENSON TIMOTHEE of Infant View Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17thday of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that LEON J. LAROSE of Carmichael Road, Butlers Way, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17thday of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ARI EPHRIAM WEISSFISCH of Columbia Road, Lyford Cay, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17thday of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Friday, May 24, 2019, PAGE 7

TRADE IMPASSE: TRUMP PLEDGES $16B TO FARMERS; MARKETS SLUMP WASHINGTON Associated Press

PRESIDENT Donald Trump rolled out another $16bn in aid for farmers hurt by his trade policies, and financial markets shook yesterday on the growing realisation that the US and China are far from settling a bitter, year-long trade dispute.

US Agriculture Secretary Sonny Perdue said that the first of three payments is likely to be made in July or August and suggested that the US and China were unlikely to have settled their differences by then.

“The package we’re announcing today ensures that farmers do not bear the brunt of unfair retaliatory tariffs imposed by China and other trading partners,” Perdue said.

The latest bailout comes atop $11bn in aid Trump provided farmers last year.

“We will ensure our farmers get the relief they need and very, very quickly,” Trump said.

Seeking to reduce America’s trade deficit with the rest of the world and with China in particular, Trump has imposed import taxes

AGRICULTURE Secretary Sonny Perdue laughs with a reporter on the North Lawn of the White House in Washington yesterday. on foreign steel, aluminum, solar panels and dishwashers and on thousands of Chinese products.

US trading partners have lashed back with retaliatory tariffs of their own, focusing on US agricultural products in a direct shot at the American heartland, where support for Trump runs high.

William Reinsch, a trade analyst at the Center for Strategic and International Studies and a former US trade official, called the administration’s aid package for farmers “a fairly overt political ploy”.

“It’s not economics,” Reinsch said. Trump wants win the farm states again in the 2020 election, “and

he’s got members of Congress beating up on him” to resolve the trade conflicts.

Financial markets slumped yesterday on heightened tensions between the US and China.

The Dow Jones industrial average fell 286 points, or 1%, to 25,490. It had been down 448 points earlier in the day.

US crude plunged 6% on fears that the trade standoff could knock the global economy out of kilter and kill demand for energy.

Economists at the New York Federal Reserve, meanwhile, estimated the latest round of tariff hikes will cost the typical US household $831 a year.

“In sum, according to our

estimates, these higher tariffs are likely to create large economic distortions and reduce US tariff revenues,” the New York Fed economists wrote .

Talks between the world’s two biggest economies broke off earlier this month with no resolution to a dispute over Beijing’s aggressive efforts to challenge American technological dominance.

The US charges that China is stealing technology,

unfairly subsidising its own companies and forcing US companies to hand over trade secrets if they want access to the Chinese market.

Trump and Chinese President Xi Jinping are expected to discuss the standoff at a meeting of the Group of 20 major economies in Osaka, Japan, next month. There are no current plans for talks to occur before then.

Speaking to reporters

yesterday, Trump suggested that he might be willing to make the embattled Chinese telecommunications giant Huawei part of the trade talks with China. His administration last week put Huawei, which it has called a threat to national security, on a blacklist that effectively barred US firms from selling the Chinese company computer chips and other components without government approval.

KFC Abaco Senior Supervisor Primary Responsibility Overall responsibility for directing the daily operations of the restaurant while ensuring compliance with YUM Global standards in all areas of operations, including product preparation, customer relations, inventory management and team management while ensuring that the highest quality products and services are delivered to each customer.

Qualifying Responsibility • Associate Degree, Diploma in Culinary Arts, Food Preparation or Management • A minimum of five (5) years experience with A YUM brand restaurant at a Managerial level • Fully certified in all Learning Zone Modules • Trainer certified • Familiar with FSCC audits and ROCC Skills & Other Attributes Required: • Good oral and written communication skills • Strong interpersonal, conflict resolution and negotiation skills • Time management skills with the ability to adjust priorities and work under pressure • Accuracy and attention to detail • Ability to work a flexible work schedule inclusive of weekends • Ability to work on feet for extended periods • Ability to train and coach a team • Working knowledge of Microsoft Office Compensation & Benefits We offer a competitive remuneration and benefit package which will be influenced by the successful candidate’s knowledge, skills and abilities.

Application with resumes must be submitted to: The Human Resource Manager P.O. Box AB20192, Marsh Harbour, Abaco Or VIA email: pamelabethel@outlook.com

Bahamas Property Fund Limited

(Incorporated under the laws of the Commonwealth of The Bahamas) Consolidated Statement of Financial Position (Unaudited) As of 31 March 2019 and 31 December 2018 (Expressed in Bahamian dollars) 2019 $

2018 $

33,000,000

33,000,000

2,800,797 538,450 596,484

2,621,138 745,638 965,576

3,935,731

4,332,352

36,935,731

37,332,352

403,835

403,835

403,835

403,835

560,663 202,022 9,830,904

939,039 10,013,577

10,593,589

10,952,616

Total liabilities

10,997,424

11,356,451

EQUITY Capital – ordinary shares Retained earnings

12,035,000 13,903,307

12,035,000 13,940,901

Total equity

25,938,307

25,975,901

Total liabilities and equity

36,935,731

37,332,352

ASSETS Non-current assets Investment property

Employment Opportunity Bahamasair is the national airline of the Commonwealth of The Bahamas; our mission, to provide a safe and dependable airline, where quality service is paramount and an excellent travel experience is our priority. We are currently seeking to fill the following position:

Security Administrator, Information Technology Reporting to the Senior Manager - Information Technology, the Security Administrator will manage, monitor and troubleshoot Local and Wide Area network access and will drive implementation of network security policies and procedures; while ensuring network (LAN/WAN, telecommunications, and voice) security access and protecting against unauthorized access, modification or destruction. The IT Security Administrator functions as the primary point of accountability for the Security of Information Technology throughout the company.

Essential Duties • Running reports on SQL databases and performing SQL 2014 backup and restoration process • Monitoring, managing and administrating Dark Trace Security Appliance, Blue Coat Proxy Server and Microsoft 365 platform • Import/set-up maintenance contracts associated with assets • Develops and maintains processes for managing and tracking the full IT asset, license, and maintenance life cycle from procurement to retirement.

• Maintains an understanding of vendor service agreements to ensure compliance and the most cost effective use of assets • Works closely with the IT Manager to support audit processes, defines metrics, gathers data and reports the effectiveness of IT Security processes.

• Manages the configuration documentation of IT assets and ensures proper records are kept and updated regularly.

• Investigates all asset discrepancies identified through the daily asset reconciliation process • Identifies and escalates any IT process which may negatively impact the short/long term IT Security objectives • Perform other related duties as assigned Qualifications • A two-year degree or a minimum of 5 years IT work experience.

• Skilled at running reports on SQL databases • Working knowledge of Microsoft 365 Administration and Security and Kiosks Experience Required • ITIL, ITAM and Microsoft office certifications preferred.

• 2+ years of IT Security experience • Cisco certification desirable / CCNA preferred • Security plus and or A+ plus certification required • CISA certification and CISSP certification considered a plus All interested applicants are asked to submit a resume and reply to: ATTN: Director of Human Resources RE: IT SECURITY ADMINISTRATOR via email to hr@bahamasair.com no later than end of business May 31, 2019.

Only shortlisted candidates will be contacted.

Current assets Cash at banks Trade receivables Other assets

Total assets LIABILITIES Non-current liabilities Security deposits from tenants

Current liabilities Accrued expenses and other liabilities Unearned rental income Borrowings

Consolidated Statement of Comprehensive Income (Unaudited) For the Three Months Ended 31 March 2019 (Expressed in Bahamian dollars)

INCOME Rental and parking revenue Net fair value gain on investment property

EXPENSES Maintenance cost of vacant rental space Salaries and employee benefits Parking maintenance Management fee Business licence fees Professional fees Directors’ fees Other

Operating profit Interest expense and related charges Net loss and total comprehensive loss

Weighted average number of ordinary shares outstanding

2019 $

2018 $

646,722 -

872,946 -

646,722

872,946

317,737 96,941 54,338 36,614 22,035 12,753 4,000 29,535

596,720 120,837 33,686 24,633 10,677 4,000 19,175

573,953

809,728

72,769

63,218

(110,363 )

(105,388 )

(37,594 )

(42,170 )

2,407,000

2,407,000

(0.02 )

(0.02 )

Capital – Ordinary Shares $

Retained Earnings $

Total $

12,035,000

13,940,901

25,975,901

Loss per share

Consolidated Statement of Changes in Equity (Unaudited) For the Three Months Ended 31 March 2019 (Expressed in Bahamian dollars)

As of 1 January 2019 Total comprehensive loss

-

As of 31 March 2019

12,035,000

Dividends per share

-

As of 1 January 2018

(37,594 )

(37,594 )

13,903,307

25,938,307

12,035,000

9,708,120

21,743,120

Total comprehensive loss

-

4,232,781

4,232,781

As of 31 December 2018

12,035,000

13,940,901

25,975,901

Dividends per share

-

PAGE 12, Friday, May 24, 2019

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THE TRIBUNE

THEME PARK ATTENDANCE CROSSES HALF-BILLION MARK FOR 1ST TIME ORLANDO Associated Press WORLDWIDE attendance at the ten biggest operators of amusement parks increased 4% last year and crossed the halfbillion-visitors mark for the first time, according to an industry report released this week.

The report by the Themed Entertainment Association and the Economics Practice at AECOM said global attendance at waterparks increased by 2.5%, and the top museums had relatively flat attendance last year.

The report said growth in North American parks was driven by the adaptation of strong intellectual properties into new attractions, such as a land based on the “Toy Story” franchise at Disney’s Hollywood Studios.

“Overall, it’s been an outstanding year,” the report said.

Attendance growth through the addition of new attractions based on movies or books is expected to continue this year with the opening of the “Star Wars: Galaxy Edge” lands at Disney parks in California and Florida and the debut of a new Harry Potter ride at Universal Orlando Resort, the report said.

Attendance at Walt Disney parks across the globe grew by almost 5% with more than 157 million visitors in 2018. That was more than double the next-closest theme park company, Merlin Entertainment Group, which owns the Legoland parks and other attractions.

Merlin parks and attractions had 67 million visitors in 2018, an increase of 1.5%.