Issuu

business@tribunemedia.net

WEDNESDAY, MAY 29, 2019

$4.90

$4.95

Ex-trade chief: Stop WTO ‘total disaster’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FORMER trade minister last night warned it will be a “total disaster” if The Bahamas joins the WTO, as he challenged the government to identify “the benefits for Bahamians”. Leslie Miller, who held ministerial responsibility for the World Trade Organisation (WTO) accession between 2002-2006 when he was a member of the Christie Cabinet, told Tribune Business that the Minnis administration had totally failed to make the case for this nation to become a full member. Expressing fears that foreign competitors will be able to enter The Bahamas and “wipe out” smaller local businesses, the

• Miller: Where are the benefits for Bahamians? • Adds: We got Atlantis, Baha Mar without it • Calls on gov’t to ‘cease and desist’

LESLIE MILLER outspoken ex-MP called on the government to “cease and desist” from joining the WTO by its 2020 target date as this was “not in the interest of the Bahamian people”.

And he dismissed arguments that full WTO membership will help The Bahamas attract more foreign direct investment (FDI) by clarifying the rules for accessing this market, adding that this nation had attracted the likes of Atlantis and Baha Mar while outside the overseer of the world’s rules-based trading regime. “I think that if the government proceeds to take us into full membership it will be a total disaster,” Mr Miller told this newspaper. “The economy is already stagnant; we only achieved GDP growth of 1.8 percent last year when were supposed to get 2.3 percent,

and we’re not seeing where the new jobs are being created. “It doesn’t do anything for the fellas on the ground, where the unemployment rate for people aged between 15 to 24 years-old is around 26 percent. We don’t have any policies to incentivise local manufacturers to create jobs in light industries, banking and the retail sector.” Pro-WTO membership advocates would argue that the “stagnation” referred to by the former trade and industry minister is precisely why The Bahamas should seek full

SEE PAGE 4

$4.91

$4.95

Auto dealers hope for budget change By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AUTO dealers yesterday voiced cautious optimism that the government may today unveil budget changes allowing more models to qualify for the lowest duty threshold. Rick Lowe, Nassau Motor Company’s (NMC) director/operations manager, told Tribune Business the industry was hopeful the benchmark at which vehicles attract the 25 percent duty rate will be increased from 1.5 litre engines to those with two litres. The change, long pushed for by the Bahamas Motor Dealers Association (BMDA), would enable the benefits from the 40 percentage point Excise Tax rate cut to be felt by more dealers - some of whom had no inventory at or below the 1.5 litre benchmark when it was introduced in the last budget. “Hopefully there will be some changes to the import rate on two litre engines

and below,” Mr Lowe said, adding that the sector is also seeking changes to the business licence fee regime and the price controls imposed on it. “We’re also hopeful about bonded facilities for parts,” he added. “When they reduce the import taxes on spare parts for WTO, for inventory we’ve already paid import taxes on we will have to mark the prices down, and there will be a loss of revenue based on what we’ve already paid. It could take a couple of years to cycle out.” Turning to the Budget generally, Mr Lowe added: “I’m hoping there’s not going to be any new or increased taxes. I’m hoping what he [KP Turnquest] says is true and they go after the low hanging fruit, and I’m hoping they’ll change the business licence fee and get rid of price control. “It’s just like the Post Office; they keep funding these losing ventures and keep taxing businesses into

SEE PAGE 3

Tourism concern on Bahamas’ corporate tax world’s most ‘corrosive’ • Nation among ten accused of ‘devastating blow’ BPL’s Bimini blaze • Index accuses it of aiding ‘race to the bottom’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL and NATARIO McKENZIE Tribune Business Staff

BIMINI homeowners yesterday warned Bahamas Power & Light (BPL) has a “ten-day window” to fully restore the island’s generation capacity before the high tourism season kicks in again. While residents and businesses owners expressed relief that they did not appear to be facing weeks without electricity following Monday night’s blaze that destroyed almost nine megawatts (MW) of generation capacity, concerns remain over whether Bimini has sufficient capacity to handle the extra load demand when visitor numbers increase during the imminent school holidays. Homeowners who rent their properties out to visitors told Tribune Business that calls from prospective tourists, asking if they should still come to Bimini following the power plant blaze, had been “off the chain” yesterday with some cancellations already occurring. The fire was said to have been screened widely on local TV stations in South Florida, which is the island’s key visitor and boating market. Dionisio D’Aguilar, minister of tourism, was among the first yesterday to express concern over the impact Monday night’s fire may have for Bimini’s vacation home rental market. “Bimini has large hotels, the biggest of which is Resorts World and a number of smaller

properties,” he said. “I believe that those have back up power; certainly Resorts World, because I was there two weeks ago. At that time there was power failure and the back-up generators kicked in. “It also has a very large vacation home rental market, and that’s where it’s going to have the most devastating effect. This is very concerning and I’m sure that BPL is working as hard as they can to ensure that they restore the power, but we all know that BPL has been facing some enormous challenges down there.” While power was said to have been 100 percent restored to Bimini by last night, BPL warned in a Facebook posting that its two main generating units - which can produce a combined 8.8 MW of capacity - had been “irreparably damaged” by the blaze. “Preliminary inspections at Station B in Bimini suggest that the two primary generating units on the island of Bimini, each rated at 4.4 MW, have been irreparably damaged by the fire last evening,” the stateowned utility said. “In addition to the engines and generators themselves, auxiliary equipment such as pumps, filters and electrical switchgear have also been destroyed by the blaze. These units represented the base load machines on the island. The cause of the fire itself has not been ascertained. This will be the subject of an internal BPL

SEE PAGE 6

THE Bahamas yesterday received no credit for laws said to have raised compliance costs by 75-80 percent after its corporate tax policies were rated as the world’s most “corrosive”. This nation achieved a “perfect” 100 out of 100, a score matched only by the Isle of Man, Turks & Caicos and Anguilla, as it was ranked ninth in the newly-published Corporate Tax Haven Index 2019 and grouped among countries said to have “dealt the global corporate tax system a devastating double blow”. The Index, published by the Tax Justice Network, a long-standing opponent

• Ignores laws raising compliance costs 75-80%

of international financial centres (IFCs) such as The Bahamas and the tax competition they represent, alleged that this nation and other countries in its “top ten” were “responsible for over half (52 percent) of the world’s corporate tax avoidance risks”. Accusing them of being “most responsible for the breakdown of the global corporate tax system”, the Tax Justice Network argued: “The top ten jurisdictions have dealt the global corporate tax system a devastating double blow.

“First, the colossal scale at which the jurisdictions have enabled corporate tax avoidance risks to woo multinational corporations has made countries’ statutory corporate tax rates meaningless. “Second, the jurisdictions have triggered a ‘race to the bottom’ across the globe that will further deplete tax revenues as countries desperate to claw back foreign investment engage in the false economy of ‘tax competitiveness’ and increase their complicity in corporate tax havenry,” it added.

“The corporate tax avoidance risks and corrosive lose-lose outcomes documented by the new index illustrate that what is often referred to as ‘tax competition’ is more aptly described as ‘tax war’.” Heading the Tax Justice Network’s index, which yesterday received extensive coverage in international media, were The Bahamas’ three major regional rivals - the British Virgin Islands, Bermuda and the Cayman Islands.

SEE PAGE 5

Privy Council appeal on industrial deal ‘paralysis’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A TRADE union leader yesterday said “within 14 days” he will seek a Privy Council hearing on a ruling that threatens to “paralyse” industrial agreements and undermine worker protections. Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business it was “in the interests of the entire workforce of The Bahamas” that the highest court in this nation’s judicial system consider a Court of Appeal verdict involving Morton Salt. Moving to secure the Privy Council’s permission for the hearing directly,

• Hearing ‘in entire Bahamas workforce’s interests’ • Fears of ‘fundamental shift’ in worker protections • Union leader seeks direct permission for matter

OBIE FERGUSON after the Court of Appeal ruled it did “not have the jurisdiction to grant leave” itself because the matter originated with the

Industrial Tribunal, Mr Ferguson said the existing ruling will create “a fundamental shift” in workplace relations throughout The Bahamas if it stands. This is because the Court of Appeal ruling, which found in favour of the Inagua-based salt harvester, found that an industrial agreement was an employment contract and had to be assessed in accordance with common law principles. This threatens, and undermines, the very rationale for such collective bargaining agreements

between union and employer. A long-established practice enshrined in the Industrial Relations Act, Mr Ferguson said such agreements - once properly vetted and registered by the registrar of trade unions - cannot be altered unilaterally by employer, union or even the courts. The Court of Appeal’s ruling thus potentially opens the way for one party to an industrial agreement to change the terms and conditions by itself without

SEE PAGE 4

PAGE 2, Wednesday, May 29, 2019

THE TRIBUNE

BAHAMAS REAPS MAJOR BENEFITS FROM ILO TIES A CABINET minister says The Bahamas has “benefited significantly” from the International Labour Organisation’s (ILO) help as that body marks its 100th anniversary. A two-day conference, organised by the Ministry of Labour, Bahamian private sector and trade unions, and the ILO’s Decent Work Team and Caribbean mission office, was held this week at the National Training Agency (NTA) to mark the occasion. Dion A. Foulkes, minister of labour, pledged the Government’s continued support for the ILO. “As an active member of the ILO, The Bahamas over the 43 years has benefited significantly from adopting various conventions and recommendations of the ILO and enshrining the same into our statute laws,” he said. “I hasten to add that The Bahamas has ratified all eight of the ILO core conventions and implemented a significant number of recommendations in our country’s laws, regulations

SENATOR Dion Foulkes delivering the keynote address during the opening ceremony of a symposium marking the 100th anniversary of the International Labour Organisation.

SENATOR DION FOULKES, minister of labour, presents a gift to regional director of the International Labour Organisation (ILO), Claudia Coenjaerts, following a ceremony commemorating the body’s 100th anniversary. Photos: Kristaan Ingraham/BIS

and policies.” Claudia Coenjaerts, the ILO’s regional director, praised The Bahamas for its progress in labour relations. She added that while many strides have been taken to ensure all stakeholders are treated fairly, there is still

to research showing that, as a result of wages not rising sufficiently to meet economic challenges, poverty levels are increasing globally. “The need for wealth distribution is undeniable,” said Ms Coenjaerts. “Since

much more work to be done. Ms Coenjaerts said that with the world’s population decreasing, future generations will be burdened with a smaller labour force, thereby imposing an economic strain on them. The ILO executive pointed

my visit to The Bahamas, my initial thoughts and observations are that a lot is going on in the country. There is a need for job creation in order to counter youth unemployment, and facilitation of partnerships will be key in assisting the

country’s advancement.” Topics discussed during the symposium included The future of work – The Bahamas perspective; Role of work in the Bahamian society; and The ILO’s global commission and the future of work.

EXUMA SCHOOL GAINS $163K VIA SMALL BUSINESS CENTRE EXUMA’S second private school has obtained $163,000 in financing through the Small Business Development Centre’s (SBDC) Access Accelerator initiative. Exuma Christian Academy (ECA, which was founded in 2018 by educator and author, Keniqua Burrows, received $100,000 from the Bahamas Entrepreneurial Venture Fund; $30,000 in equity investments; $15,000 from the Bahamas Development Fund and $18,000 from the SBDC grant. This made the investment

DAVINIA Blair presents a symbolic cheque to Exuma Christian Academy founder, Keniqua Burrows, together with staff and students. in the school, which educates children from prekindergarten levels up to grade 12, the largest investment in the Family Islands through the SBDC to-date. “The vision of Exuma Christian Academy came to me in a dream about three years ago,” Ms Burrows said. “God showed me a vision of a different kind of school on the island; a school that was fun and stimulating and, at the same time, challengin. “One that was willing to be as flexible as it takes to ensure children enjoy learning. The kind of school that children don’t feel like it is a chore to go to; that they enjoy and teaches them to be empowered, to be creative and try new things.” Ms Burrows added: “I was thrust into the SBDC after looking for funding. I had approached several financial institutions, investment firms and small business persons. However, I discovered that there was not a whole lot of support for small businesses on the island. “Particularly for schools, I got a lot of closed doors when it came to finding financing. It was through a recommendation from a businessman on Exuma that I did my research on the SBDC. He thought it would be a good option for the school. If it had not been for the closed doors, I probably never would have stumbled upon the SBDC.” Having now accessed the sought-after financing, Ms Burrows said it was not something she takes lightly as a woman in business. “It’s a blessing, that’s the best way I can put it, it’s a blessing,” she said. “Especially as a young woman, it is challenging for persons to take you seriously in business. So, it is a blessing. It’s breathtaking, refreshing. It is a relief. Most of all, I think it’s encouraging and

inspiring. I know that many persons will be looking at it and they will feel like: ‘If you can do this, I can do this as well’.” Davinia Blair, the SBDC’s executive director, said: “ECA marks the first major investment to a business outside of New Providence and Grand Bahama. For us, that is a big accomplishment because we don’t want the SBDC to be thought of as a programme for entrepreneurs who live in Nassau. “The SBDC is for all Bahamians - from the capital to each of the Family Islands. As we continue to set up classes on more islands, we are also utilising technology to ensure that entrepreneurs are connected and receiving the full experience of the SBDC.” Ms Blair was also especially pleased that the access to funding ECA has received represents an investment into improving The Bahamas’ human capital. “This financing is a double investment. The funding will go far in growing the school but, also, the knowledge, skills and experiences of Bahamians who will impact the country’s future,” she added. “If Bahamians are going to own more opportunities, they have to be educated, and this is a direct investment into the human capital of The Bahamas.” Kendyce Ferguson, SBDC’s advisor to ECA, said: “What Exuma Christian Academy is trying to accomplish is revolutionary. They want to change the way education is provided to students on the islands. “Sometimes the islands get a little neglected, and on Exuma there is only one other private school option. We know that government schools face many challenges, so there needs to be somebody to bridge the gap and that is what the ECA is trying to accomplish. I’m just happy to be a part of the transformation of education on the island of Exuma. The SBDC is the product of a tripartite arrangement between the Government, through the Ministry of Finance, University of The Bahamas (UB) and the Bahamas Chamber of Commerce and Employers Confederation (BCCEC). The Centre works to guide the development, funding, growth, and evolution of micro, small and mediumsized enterprises (MSMEs) in The Bahamas.

To advertise in The Tribune, contact 502-2394

THE TRIBUNE

Wednesday, May 29, 2019, PAGE 3

MINISTER: ‘DON’T GET HOTEL UNION UPSET’ By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Minister of Tourism yesterday urged the hotel union to step back from the “nuclear option” of a strike that would be devastating for The Bahamas’ largest industry and wider economy. While acknowledging that the union’s dispute with resort employers was still “a long way” from an actual strike, Dionisio D’Aguilar warned that industrial unrest would impact 55 percent of the Bahamian economy and tens of thousands of Bahamian workers in addition to threatening the tourism industry’s strong performance. He was backed by Dion Foulkes, minister of labour, who acknowledged the government is “very concerned” over a potential strike by hotel workers at several of the major resort properties after the Bahamas Hotel Catering & Allied Workers Union (BHCAWU), their bargaining agent, rejected a proposal by the Bahamas Hotel Restaurant and Employers Association (BHREA). Mr Foulkes said: “The government is very concerned about the

DIONISIO D’AGUILAR

DION FOULKES

current situation between the hotel union and the hotel employers association. They are in the process of negotiating a new contract. What has happened thus far is there has been a meeting at the Department of Labour. One of our senior officers, a deputy director of the department, is conciliating the talks between both sides. “At the last meeting it was agreed that an exchange of dates would happen for negotiations to begin for a new contract. That happened. The hotel union sent in dates for next week, but unfortunately the hotel employers association is not available. Their lead negotiator will not be available until June 27.” Mr Foulkes said he had spoken to union president,

Darren Woods, yesterday morning, during which tim he indicated that June 27 had not yet been agreed to. The union will now have discussions with the employer representative to agree upon a date for talks. The minister encouraged both sides to sit down and work out an agreement, pointing out that the “15 percent gratuity has been an accepted part of every negotiation going back now for several negotiations”. Mr D’Aguilar, meanwhile, said: “The union has expressed that there are four items that have caused them enormous concern. One issue is obviously the elimination of the automatic 15 percent gratuity, the elimination of the ham and turkey, the payment of the Christmas bonus in January as opposed to December, and

Auto dealers hope for budget change FROM PAGE ONE oblivion to pay for it. Seriously, they’ve got to deal with the business licence fee. The minister of finance keeps saying they need to replace revenue, but sometimes when the well runs dry and you’re taxing people out of existence like Taylor Industries, it’s difficult to lay down and say tax me some more, please. “If they deal with that they may see gains in changing it. If businesses can see they’re keeping more of their profits, they may be willing to invest and do things they’re not prepared to do under present circumstances. The government’s got to be prepared to take that gamble that less equals more.” Mr Lowe added that increased government

spending in today’s budget was “the last thing we need at this point”, adding that the Minnis administration needed to keep its outlays “as tight as it can until the budget deficits sort of bleed out and we start to run

some surpluses”. He said the government may also have to examine trimming the tax breaks and investment incentives it grants to foreign direct investment (FDI) projects in a bid to boost revenues.

To advertise in The Tribune, contact 502-2394

the Christmas bonus being based on the profitability of the hotel as opposed to just a multiple of your weekly wage. This is a negotiation process.” He added: “I implore both parties not to get the hotel workers prematurely upset. I consider a strike the nuclear option and we are a long way from that. I would implore both parties, both the union and the employers, to get into a room and ensure that they come to an amicable solution. A strike at this time would be devastating. Fifty-five percent of our economy is based tourism. “Many tens of thousands of Bahamians rely on tourism for their livelihood. I

implore both parties to get into a room and let calmer heads prevail to ensure that we don’t get to where I think we are headed, and to ensure that whatever we come up with is good for both parties. No one will be happy 100 percent but always keep in the back of your head that 55 percent of our gross domestic product is derived from tourism and this will effect the entire country so we must let calmer heads prevail.” Sheila Burrows, the union’s general secretary, previously told Tribune Business that the recent offer by resort employers threatened to take the union’s 4,000-5,000 membership “back 60 years”.

A strike poll is set for tomorrow. The last industrial agreement between the two sides expired back in 2013, and its terms are being treated as if it is still in effect. This resulted from the union missing the October 8, 2012, deadline by which it had to submit its proposal for a new industrial agreement - as it was required to do by the conditions set out in the old deal. The resorts that are members of the employer bargaining unit are Melia, Atlantis, Ocean Club, Harbourside, the British Colonial Hilton, Lyford Cay Club and Towne Hotel.

PAGE 4, Wednesday, May 29, 2019

Ex-trade chief: Stop WTO ‘total disaster’ FROM PAGE ONE

membership in combination with enacting wholesale reforms to address the ease and cost of doing business, as it shows the economic status quo is not working. And Mr Miller’s suggestions that WTO will have no effect on the unemployment rate is contradicted by the Oxford Economics study commissioned by the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), which forecast that joining 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. The consultancy also estimated full WTO membership 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). But Mr Miller, unconvinced by such findings, told Tribune Business: “You tell me what incentive is there for the local economy to join WTO? How are we going benefit? I haven’t heard anyone give any

benefit. Tell me what benefits are going to accrue to the Bahamian people. “I was insulted when the lead man, Zhivargo Laing, came back from the WTO in Geneva and gave no benefits. Tell me: What are we going to benefit from? There are none. They say we will get more investment, but how come we got Atlantis and Baha Mar and all these other investments in the country without WTO. “No prospective investor mentioned to anyone in government when I was there that we needed to join the WTO. Not one of them over the last 50 years. No one pushed us. No one. It’s coming from the government itself and makes no sense.” Mr Miller backed Super Value owner, Rupert Roberts, who he argued was correct to reject WTO accession despite the heavy criticism he had received for saying so publicly. “The big boys will come here and wipe us all out in the retail sector,” the former Tall Pines MP warned, although the Oxford Economics study said the sector can be “reserved” for Bahamians only under the WTO. “It’s very dangerous what

LEGAL NOTICE

NOTICE CELESTE FELICIA LTD. (In Voluntary Liquidation)

the government is trying to do,” Mr Miller added, “and I would ask them on behalf of the Bahamian people to cease and desist going forward with the WTO. It’s not in the interests of the Bahamian people. “Show me the benefits. There aren’t any benefits except maybe for the financial services sector. How many Bahamians have control of that sector? Probably less than one percent. Why do this thing to the detriment of other Bahamians. It cannot be right, cannot be fair. “They’re the government and can do what the hell they please. Nothing you or I can do about it. Let’s hope they keep the Bahamian people’s best interests in mind. Let’s hope. Let’s hope.” Mr Miller, who headed the Light Industries Development Council when in the private sector, said successive governments had done too little to support and incentivise domestic industries and manufacturing, describing their attitude towards the sector as “lukewarm”. Arguing that the least the government could do was ensure its ministries and corporations “buy Bahamian”, he added that while KP Turnquest, deputy prime minister, was complaining this nation imports too much there had been no policies “to get manufacturers to produce more and get new entrants into the

market” to reduce this. “The government has to be more friendly to local manufacturers to produce products and produce jobs for our people,” the ex-minister argued. “Something’s got to give to give Bahamians the breaks they need while foreigners are getting everything they want.” Pointing to the $250,000 investment threshold and work permit access provided by the Commercial Enterprises Act as one example of this, Mr Miller said Florida manufacturers were already sending persons into The Bahamas to obtain orders without the necessary approvals. Warning that this was “to the detriment of the local manufacturing base”, he added that “those of us in it for 30 years will walk away and forget about it” unless the government created a level playing field for Bahamian entrepreneurs. Mr Miller also urged the government to implement a tax on Airbnb and other vacation rentals in today’s budget, arguing that foreign second homeowners renting their properties out to visitors was “decimating the small hotels, guest houses and timeshares” in the Family Islands owned by Bahamians. “They don’t stand a chance,” he argued, pointing out that foreign homeowners enjoyed a competitive advantage by being able to import construction materials duty-free.

NOTICE

Lynden Maycock Liquidator

NOTICE is hereby given that ESTEVE ARTIS of Carib 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 twentyeight days from the 29th day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

All person having claims against the above-named Company are required on or before 29th June, 2019 to send their names and addresses and particulars of their debts or claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved. Dated this 29th day of May, 2019

NOTICE

FREDERICK JEFFREY WERNER LTD.

ATALANTA BEATRICE LTD.

Dated this 29th day of May, 2019

(In Voluntary Liquidation)

Lynden Maycock Liquidator

(In Voluntary Liquidation)

Lynden Maycock Liquidator

THE TRIBUNE

Privy Council appeal on industrial deal ‘paralysis’ FROM PAGE ONE reference to the other party. This, Mr Ferguson argued, represents a threat to worker protections and benefits. For example, he argued that if an industrial agreement was an employment contract - as determined by the Court of Appeal - then employers could terminate workers at minimal risk/cost and not have to follow a process that could lead to their reinstatement if the allegations against them were shown to be wrong. “We are working on the application now to have it submitted to the Privy Council for consideration,” Mr Ferguson said yesterday, following the Court of Appeal hearing where he is acting for Morton Salt’s line staff union. “It will be ready in 14 days. “The issue that we’re putting to the Privy Council is that the Court of Appeal ruled that an industrial agreement is an employment contract, and we differ with that. We say an industrial agreement is a creature of statute, and is defined in section two of the Industrial Relations Act.” With the Act requiring such collective bargaining agreements to be registered, Mr Ferguson added: “Our submission is that during the registration of that agreement, the terms of the agreement are binding on the employer, employee and the union. That cannot be varied, even by the court. “We say that the common law is not appropriate in the case of a negotiated industrial agreement. That is one of the major issues we have. If we say an industrial agreement can be interpreted along the lines of a regular employment contract then it serves to have a collective bargaining agreement. “If it stands in the Privy Council, the effect of it [the ruling] will be to paralyse collective agreements in The Bahamas. It would radically change the practice of collective bargaining, and the import would apply to both the public and private sectors,” the TUC president added. “That’s why it’s such a fundamental issue that

we need a pronouncement from the highest court in the land.” Mr Ferguson said the implications of the Court of Appeal’s decision also threatened existing worker protections provided by collective bargaining agreements. “The average worker with a collective bargaining agreement has job security,” he told Tribune Business. “They have certainty in terms of benefits, and the modern techniques in resolving trade disputes. “If this [ruling] takes effect that will be non-existent. The whole protections of the worker - and that is not to say mediocrity - it’s merely to say the level of certainty. If a worker is terminated, and terminated unfairly, there is a procedure in your collective agreement as to how that ought to be dealt with. “If a collective agreement is a mere employment contract, though, then the employer can terminate at any time without notice subject only to damages, whereas in a collective agreement if it’s discovered after following the process that the employee was terminated unfairly for lack of notice or something else that worker can be reinstated,” Mr Ferguson added. “It’s a fundamental difference and fundamental shift, and that’s why in the interests of the entire workforce of The Bahamas we have to explore it and get a final position on it.” Robert Farquharson, the immediate past director of labour, last year called for the government to intervene in the case on the grounds that it would make collective bargaining agreements non-binding on companies. Sir Michael Barnett, who wrote the Court of Appeal verdict, found: “An industrial agreement is a contract. It is an employment contract. The Tribunal is entitled, nay obliged, to construe it in accordance with common law principles of contract law. The fact that it is given force by statute does not affect the way that the Tribunal must construe it. It is still an agreement. It is still a contract.”

LEGAL NOTICE

NOTICE SOFIA ANNABEL LTD. (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on 29th May, 2019. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Lynden D. Maycock, P. O. Box EE-15953, Nassau, Bahamas. All person having claims against the above-named Company are required on or before 29th June, 2019 to send their names and addresses and particulars of their debts or claims to the Liquidator of the Company or, in default thereof, they may be excluded from the benefit or any distribution made before such debts are proved. Dated this 29th day of May, 2019 Lynden Maycock Liquidator

NOTICE IN THE ESTATE OF GUNNARD ARMAND RUBINI, late and domiciled of 114th Street in Miami-Dade County, in the City of Miami in the State of Florida, one of the States of The United State of America Deceased IT IS HEREBY NOTIFIED, for the information of those it may concern, that all persons having claim or demand against the said Estate are required to send the same to the undersigned on or before the 16th day of June A.D. 2019 and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit or any distribution made before such debts are proved; AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned. Dated the 15th day of May, A.D. 2019 CALLENDERS & CO. CHAMBERS, One Millars Court, P.O. Box N-7117, Nassau, The Bahamas Attorneys for the Personal Representative

THE TRIBUNE

Wednesday, May 29, 2019, PAGE 5

Bahamas’ corporate tax world’s most ‘corrosive’ FROM PAGE ONE The Netherlands, Switzerland, Luxembourg, Jersey and Singapore came in ahead of The Bahamas in fourth to eighth spots, with Hong Kong rounding out the top ten. Despite scoring a “perfect 100” for corporate tax policies said to be the most “corrosive to the global economy”, this nation was ranked ninth because its share of global investment by multinational companies was deemed relatively small. The Tax Justice Network’s rankings, and assessment methodology, appear to completely ignore the extensive package of legislation passed by The Bahamas last year to address the anti-corporate tax evasion offensives launched by the European Union (EU) and Organisation for Economic Co-Operation and Development (OECD). In particular, the Commercial Entities (Substance Requirements) Act dealt with the EU’s demand for all nations to impose “economic substance” regimes that effectively require companies to prove they have a physical presence - and are doing “real business” - in a jurisdiction. “All companies operating from the Bahamas must demonstrate substantial economic and operational presence or have their activity reported and taxed in the jurisdiction where the substantial relevant activity is conducted, so that they can be assessed for tax purposes in that jurisdiction,” KP Turnquest, deputy prime minister, said of the legislation last year. In addition, The Bahamas is also eliminating so-called “ring fencing” or preferential tax breaks and treatments granted to foreign investors and non-resident entities which were previously not available to counterparts in the

PAUL MOSS domestic economy. The Bahamas also committed to, and passed legislation to give effect to, the OECD’s Base Erosion and Profit Shifting (BEPS) initiative that aims to ensure that the profits of multinational companies are taxed in the country where they are generated. Country-by-country reporting was among the minimum BEPS standards adopted by The Bahamas, but the Tax Justice Network’s rankings totally neglected this by finding such procedures were nonexistent in this nation. Mr Turnquest, likely in the throes of completing preparations for today’s budget, could not be reached for comment. But Paul Moss, Dominion Management Services’ president, told Tribune Business that the Tax Justice Network’s index further highlighted the urgent need for The Bahamas to shed the “no tax” label causing this nation to still be perceived as “a tax haven”. A long-time advocate for The Bahamas to impose a low-rate corporate income tax, Mr Moss reiterated that this nation had to take such action for its own benefit rather than be pushed into by external pressures as this will “send the wrong message” to both clients and citizens. He added that it was “heart-wrenching” to see

the continued decline of a once-proud industry that now “seems defenseless”, with the latest legal reforms - which have fundamentally altered the Bahamian financial sector’s business model - driving a further spike in compliance costs. “It’s tough,” Mr Moss, who heads one of the few Bahamian-owned firms in the international financial services segment, told this newspaper: “You’re trying to register [client] IBCs to get tax identification numbers, and then you have to do economic substance filings. “It’s a lot of work to do; it keeps you busy. It’s [compliance costs] really ratcheted it up. It’s really put a dent in it, and we will have to see how we recoup those costs from the clients. I would say they’ve increased around 75-80 percent just from the latest batch of laws, how many man hours we’ve had to put into it. All of that. “We’ve seen a lot of

To advertise in The Tribune, contact 502-2394

KP TURNQUEST liquidations already. I think the industry is going to further constrict itself, and get smaller. We’ll have to see how it goes.” While The Bahamas did not have to implement a corporate income tax to appease the EU and OECD concerns, Mr Moss argued that the Tax Justice Network’s index effectively gave this nation a further shove in that direction. “That’s what it’s directing us to,” he said. “It’s pushing even further to suggest we go full scale into a corporate tax. Even though it’s something I’ve advocated for for a long time, when you get pressure like this

and submit to the pressure, that sends the wrong message to clients and citizens because we should do it for ourselves and not be forced into it. “Even though I believe income and corporate tax is the way to go, and we should get it done, we should do it because it’s what we want; not because we’re being pressured into it.” Mr Moss said all jurisdictions had a sovereign right to tax “as they see fit”, and determine the best rates and structure to suit their need, rather than be “dictated to” by foreign interests seeking to drive

The Bahamas’ financial services business back onshore to their states. “Everyone has a right to stand up and determine their own taxation,” he added, “and The Bahamas has to really stand up and fight and say that’s what we want to do.... It’s heart-wrenching to see this industry that has been so robust for a number of decades and now it’s a shadow of its former self and seems defenseless with no one coming to its defence. “Our leaders are going to roll over and do what they’re asked to do. We have to fight for it, believe in it. But there’s no belief for it and no defence for it. It’s never going to stop, especially f we respond in the manner we have done. We change the laws and do not help our cause. We continue to lose business, continue to lose our way.” Mr Moss again urged The Bahamas to unite with other IFCs and form a united front against the likes of the EU and OECD, rather than repeat a recent past where all were picked off one-by-one through “divide and conquer” tactics.

PAGE 6, Wednesday, May 29, 2019 FROM PAGE ONE investigation as well as reviewed by the relevant agencies and local and international insurance adjusters. “At present in Bimini, BPL has approximately 8.5 MW of generation available. Assesments are being made to determine the short and long-term plans and steps necessary to ensure the reliability of the supply. We will provide further updates as information becomes available.” A Bimini Sands homeowner, speaking on condition of anonymity, told Tribune Business that they and fellow homeowners had made contingency plans to fly and ship in generators from the US if necessary should BPL be unable to restore power. While this has not been effected yet, they added: “We are deeply concerned that if they don’t get generation in ASAP (as soon as possible) they won’t be able to meet demand and tourism will suffer. “It’s been off the chain with people who have made reservations. We heard the power plant burn down. Do we still come? Bimini needs a clear resolution from the power company quickly. It’s already affecting things. We need to have a clear resolution as fast as possible, one way or another. If there are rolling blackouts people are not going to come.”

THE TRIBUNE

Tourism concern on BPL’s Bimini blaze

FIREFIGHTERS working to put out blaze at the BPL Bimini plant last night. Photo: Antonio Scantlebury/Remarkable Media The homeowner added that a fishing tournament scheduled for Bimini Bay this weekend, organised by the Construction Association of South Florida and set to feature 30 boats and 120 persons, with a projected $200,000 economic impact, could be affected if power supply was unreliable. A homeowner at Bimini Bay, which features 400 condos and town homes, expressed similar concerns: “We’ve got a lot of rentals coming in. What do we tell

them? We don’t want them to pull up and have no electricity for several hours. “This is the high season for rentals. People pay thousands of dollars. We need to have some definitive commitment from the power company that they fix it right. We have as much concern for the Biminites and their well-being as we do the homeowners.” Bimini business owners spoken to by Tribune Business yesterday said that they initially feared the

worst, and that the island may have been without electricity for several weeks. However, BPL had already restored power to the island when this newspaper reached them. Sue Duncombe, proprietor of Sue & Joy’s Variety Store, told Tribune Business: “We do have power in the store which is across the street from Bimini Big Game, and I do have power in my house which is next door to BTC. “We have been very fortunate because the type of

LEGAL NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

JS M. MARKET FUND LTD.

JS GLOBAL STRATEGIES FUND LTD.

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as follows:-

a) JS M. MARKET FUND LTD. is in dissolution under the provisions of the International Business Companies Act, 2000.

a) JS GLOBAL STRATEGIES FUND LTD. is in dissolution under the provisions of the International Business Companies Act, 2000.

b) The dissolution of the said Company commenced on 27th May 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

c) The Liquidator of the said Company is Israel Borba whose address is 204 Church Street, Olde Town, Sandyport, CB-10988, Nassau, The Bahamas.

c) The Liquidator of the said Company is Israel Borba whose address is 204 Church Street, Olde Town, Sandyport, CB-10988, Nassau, The Bahamas. Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas

Amicorp Bahamas Management Limited Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas

www.bisxbahamas.com

(242) 323-2330

(242) 323-2320

ALL SHARE INDEX: CLOSE: 2,169.46 | CHG: 2.89 | %CHG: 0.13 | YTD: 60.01 | YTD%: 2.84 BISX LISTED & TRADED SECURITIES 52WK LOW 3.50 19.17 4.90 3.50 1.00 0.19 2.00 8.89 6.13 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

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 1.95 2.21 11.05 6.16 4.48 10.00 2.75 1.85 9.43 7.00 14.45 7.25 3.48 14.00

CLOSE 4.18 17.43 6.00 5.40 2.50 1.95 2.21 11.05 6.16 4.48 10.00 2.73 1.85 9.38 7.00 14.45 7.50 3.48 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 -0.02 0.00 -0.05 0.00 0.00 0.25 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

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 115

14,900 5,000

VOLUME

NOTICE is hereby given that BEYONZCA FEDERICK of Jones Town, Eight Mile Rock, 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 22nd day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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 -5.1 15.6 12.8 29.1 15.9 26.8 8.9 N/M 11.0 17.3 7.9 17.0 22.2

YIELD 3.11% 7.23% 0.00% 4.63% 0.00% 1.03% 0.00% 6.43% 3.57% 2.68% 6.20% 2.49% 3.24% 3.50% 3.43% 3.46% 2.67% 2.59% 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

0.0 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%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD%12 MTH% 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

NOTICE is hereby given that SANDELINE DORSEMA of Carmichael 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 29th 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 VERONICA JEAN SIMON of Bacardi Road, Miller’s Avenue, 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 22nd day of May, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas. LEGAL NOTICE

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

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 advertise in The Tribune, contact 502-2394

NOTICE

MARKET REPORT TUESDAY, 28 MAY 2019

island today we were able to continue our back-ofhouse operations. Due to this quick response we have not experienced any lapse in operations.” Desmond Bannister, minister of works, said: “I apologise to the people of Bimini for the inconveniences suffered during the night. That is our responsibility and I have to assume responsibility for it. The fire will be investigated thoroughly and independently. The good news is that while two generators were damaged we still have five operational generators in Bimini.” He added that power had been restored to Bailey Town early yesterday morning, and was expected to be restored to Alice Town by 1pm yesterday afternoon. Mr Bannister said BPL has five staff members working at its Bimini plant, each with 30 years experience, and added: “I wish to commend BPL’s hard working staff who worked through the night to make this possible. We are forever grateful to them.” BPL chief executive, Whitney Heastie, travelled to Bimini yesterday to assess the situation.

NOTICE

Voluntary Liquidation

52WK HI 4.50 20.91 7.00 5.50 2.50 2.00 3.25 11.05 6.17 4.64 12.50 2.74 1.96 9.32 7.00 15.60 7.50 3.95 14.00

fire that was, I was thinking we were going to be without power for a couple of weeks. That was very frightening but fortunately things seems to be getting sorted out.” “Thanks to the efforts of BPL the power is back on. We haven’t had any disruptions in my area, Porgy Bay. I’m just glad that the power is back on because it could have been much worse; I thought it would have been worse,” said Patricia David of Ebbie’s Bonefish Club in Bailey Town. Mrs David added that power reliability has been an issue on the island at times. “The power situation here is not as good as it should be. Over the Memorial Day weekend, when we get plenty boats and everyone is plugged in, we have an issue,” she said. “Bimini was very busy this Memorial Day weekend but the marinas weren’t that filled so we didn’t have an issue over the weekend. Sometimes the power is off and on. Fortunately this past weekend it was on.” A Bimini Big Game employee told Tribune Business yesterday afternoon: “Right now we’re ok. The power just came back on. Our operations are back to normal.” Missy Lawrence, president of Resorts World Bimini, told Tribune Business: “The Resorts World property has full back-up power generation supporting the hotel and casino that sustained the business throughout the evening. As the power issues were resolved on

NOTICE DVF LTD. N O T I C E IS HEREBY GIVEN as follows: (a)

DVF LTD. 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 28th May, 2019 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said company is Leeward Nominees Limited, Vistra Corporate Services Centre, Wickhams Cay 11, Road Town, Tortola, British Virgin Islands.

Dated this 29th day of May, A. D. 2019 _________________________________

Leeward Nominees Limited Liquidator

THE TRIBUNE

Wednesday, May 29, 2019, PAGE 7

Canadian lawmakers blast Facebook’s execs for snub OTTAWA Associated Press CANADIAN lawmakers voted yesterday to serve a summons on Facebook executives Mark Zuckerberg and Sheryl Sandberg that would compel them to appear before them the next time either visits Canada. The decision comes after Zuckerberg and Sandberg failed to appear before the international grand committee on big data, privacy and democracy, which is being hosted by Canada’s parliament this week, despite being called on to testify. The panel of international politicians is examining the role of tech giants in safeguarding privacy and democratic rights. New Democratic party lawmaker Charlie Angus said yesterday the Facebook executives were showing disrespect to legislators

FACEBOOK CEO Mark Zuckerberg delivering the keynote speech at F8, Facebook’s developer conference. Facebook may have to wait a little longer before resolving a US government investigation into the company’s mishandling of personal information on its social network. around the world. “Facebook has serious responsibilities in terms of the misuse of the platform that has led to mass killings in Myanmar, the undermining of electoral systems around the world, the attack on private rights and citizen rights,” Angus said. Conservative lawmaker

LEGAL NOTICE

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., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 6th day of May 2019.” Lucia E. Broughton, No. 6 Bosham Close, Camperdown Heights P.O. Box SP 6380, Nassau, Bahamas Liquidator

Bob Zimmer said if the Facebook executives refuse to appear, they will be held in contempt. It was not clear exactly what consequences that might have. “As soon as they step foot — either Mr Zuckerberg or Ms Sandberg — into our country they will be served and expected to appear

before our committee,” said Zimmer. The committee set up two chairs at a table with the pair’s names on cards. The chairs sat empty. Kevin Chan and Neil Potts, two of Facebook’s global policy directors, did appear. Potts said they were appearing as subject matter experts for their company. The committee is made up of politicians from Canada, the United Kingdom, Argentina, Belgium, Brazil, France, Ireland, Latvia and Singapore. “We are grateful to the committee for the opportunity to answer their questions today and remain committed to working with world leaders, governments, and industry experts to address these complex issues. As we emphasised, we share the committee’s desire to keep people safe and to hold companies like ours

accountable,” Facebook said in an email to The Associated Press. Jim Balsillie, the former chief executive of Research In Motion, which invented the BlackBerry smartphone, testified earlier yesterday that a “toxic” social media business model is a threat to democracy. Balsillie, now the chair of the Ontario Centre for International Governance Innovation, also offered a thinly veiled criticism of Zuckerberg and Sandberg for not responding to the committee’s summons to testify. “By displacing the print and broadcast media in influencing public opinion, technology is becoming the new Fourth Estate. In our system of checks and balances, this makes technology co-equal with the executive, the legislative, and the judiciary,” he said he said in testimony at the start of the

second of three days of meetings in Ottawa. “When this new Fourth Estate declines to appear before this committee — as Silicon Valley executives are currently doing — it is symbolically asserting this aspirational co-equal status ... The work of this international grand committee is a vital first step toward redress of this untenable current situation.” In its remaining sessions in Ottawa, the committee is to hear from experts on how best governments can prevent the use of social media to violate individuals’ privacy, spread fake news, sow dissension and manipulate election outcomes. This week’s meeting — the second since last year’s inaugural gathering in Britain — is being hosted by Canada’s House of Commons committee on access to information, privacy and ethics.

LEGAL NOTICE

NOTICE KLOVE WEALTH MANAGEMENT LTD.

NOTICE ZORTAN PRIVATE SOLUTIONS LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Setion 138(4) of the International Business Companies Act. 2000, KLOVE WEALTH MANAGEMENT LTD. is in dissolution as of May 28, 2019

Notice is hereby given that in accordance with Setion 138(4) of the International Business Companies Act. 2000, ZORTAN PRIVATE SOLUTIONS LTD. is in dissolution as of May 17, 2019

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

LIQUIDATOR _____________________

PAGE 8, Wednesday, May 29, 2019 By DEE-ANN DURBIN Associated Press AFTER more than a decade of rapid growth, Chinese travel to the US is falling. And that has cities, malls and other tourist spots scrambling to reverse the trend. Travel from China to the US fell 5.7% in 2018 to 2.9 million visitors, according to the National Travel and Tourism Office, which collects data from US Customs forms. It was the first time since 2003 that Chinese travel to the US slipped from the prior year. Friction between the US and China is one reason for the slowdown. The Trump administration first imposed tariffs on Chinese solar panels and washing machines in January 2018, and the trade war has escalated from there. The US now has a 25% tariff on $200bn worth of Chinese imports, while China has retaliated with tariffs on $60bn of US imports. Last summer, China issued a travel warning for the US, telling its citizens to beware of shootings, robberies and high costs for medical care. The US shot back with its own warning about travel to China. Wang Haixia, who works at an international trade company in Beijing, traveled to the US in May for her sister’s graduation. She and her family planned to spend ten days in Illinois and New York. Wang says she might have stayed longer but doesn’t want to contribute to the US economy amid the trade war. “I cannot cancel this trip because I promised my sister I would go to her commencement,” she said. “My relatives will contribute more than 100,000 yuan to America just staying for ten days, and that’s enough.” There are other reasons behind the slowdown. Economic uncertainty in China has travellers at the lower end of the market vacationing closer to home, says Wolfgang Georg Arlt, director of the

THE TRIBUNE

Chinese tourism to US drops for 1st time in 15 years

TOURISTS from China pose for photographs at Rockefeller Center in New York. Travel from China to the US fell 4.6 percent in the first ten months of 2018 compared to the same period the prior year, according to US government data. The government hasn’t released full-year figures yet, but if the trend holds, it will be the first time since 2003 that Chinese travel to the US fell from the prior year. Photo: Kathy Willens/AP Chinese Outbound Tourism Research Institute, which found that 56% of travelers leaving China in the last three months of 2018 went to Hong Kong, Macau or Taiwan compared with 50% in 2017. Those who do travel farther are seeking out more exotic destinations like Croatia, Morocco and Nepal. Chinese travel to the US had already been moderating from its breakneck pace earlier this decade. In 2000, 249,000 Chinese visited the US. That tripled to 802,000 by 2010, then tripled again by 2015, in part because of higher incomes, better long-haul flight connections and an easing of visa restrictions, according to McKinsey, the consulting firm.

TWO children visiting from China play on Waikiki Beach in Honolulu. The US welcomed more than three million Chinese visitors in 2016 and 2017. But year-over-year growth edged up just 4% in 2017, the slowest pace in more than a decade. Most industry-watchers agree that any downturn

is temporary, since China’s middle class will only continue to expand. The US government forecasts Chinese tourism will grow 2% this year to 3.3 million visitors, and will reach 4.1 million visitors in 2023. “Even if the Chinese

economy cools, it’s still going to continue to be a very good source of growth for the travel industry,” said David Huether, senior vice president of research for the US Travel Association. In general, international travel to the US has been declining. Overall data for 2018 hasn’t been released yet, but international travel fell 2% in 2016 and was flat in 2017. But because China commands some of the highest tourism traffic to the US, any falloff will be felt by destinations that have come to rely on Chinese spending power. In 2017, the country had the fifth highest number of US-bound tourists, behind Canada, Mexico, the United Kingdom and Japan. Ten years earlier, China wasn’t even on the top ten list, falling behind countries like Germany, France, South Korea and Australia, according to the National Travel and Tourism Office. China didn’t crack the top ten list until 2011 and has been climbing ever since. Spending by Chinese visitors — which doesn’t include students — ballooned more than 600% between 2008 and 2016, to nearly $18.9bn. In 2017, that fell by 1% to $18.8bn, or about 12% of overall tourism spending. To hold onto those dollars, experts say the tourism industry must do more to keep up with Chinese travelers and their changing needs. Larry Yu, a professor of hospitality management at George Washington University, notes that Chinese tourists — particularly younger ones — are increasingly planning trips using social media apps like WeChat and are less likely to book through big tour groups. They have also rapidly adopted smartphone-based payment systems. Destinations should invest in those technologies now if they want to continue attracting Chinese tourists, says David Becker, former CEO of Attract China, a New York-based travel consultancy.

“A lot of companies looked at the Chinese market as easy money, but we have to be relevant to the Chinese,” Becker said. Attract China, for instance, has helped luxury stores in Manhattan incorporate Jeenie, a live translation app, and add Alipay and WeChat Pay for mobile payments. Others have also been stepping up their efforts. The Beverly Center mall in Los Angeles caters to both busloads of Chinese tourists and mid-size groups. But now it also focuses on small groups of less than ten VIP shoppers, says Susan Vance, the mall’s marketing and sponsorship director. The mall has also pushed stores to offer China UnionPay, a digital payment service. More than 100 stores now have it, Vance says, up from three in 2014. Tourism officials are also catching onto WeChat. In late 2017, Washington DC became the first US city to launch an interactive guide in the app. Chinese travelers can use it to get directions to attractions, access audio tours in Mandarin and find dining and shopping. The city’s marketing office has one staff member dedicated to WeChat. Washington also recently launched a Welcome China program that teaches hotels, restaurants and other venues about Chinese customs and encourages them to offer things like Chinese-language menus or in-room slippers. Forty-four hotels and a handful of restaurants have signed on. Elliott Ferguson, president and CEO of Destination DC, the city’s marketing office, said the number of Chinese tourists visiting Washington doubled in the last five years before falling slightly in 2017. But Ferguson, who traveled to China last month to meet with tourism officials, said there’s still significant interest in travel to the US. “We’re beefing up our efforts because we see there’s so much potential for growth,” he said.