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WEDNESDAY, MAY 23, 2018

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‘Kiss IBCs goodbye’ if EU demands response wrong By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Bahamas “could kiss the entire IBC market goodbye” if it gets its response to Europe’s “ring fencing” demands wrong, an ex-Cabinet minister warned yesterday branding it a “make or break” issue. Ryan Pinder, pictured, a former financial services minister, told Tribune Business that The Bahamas likely had just one opportunity to “get it right” in dealing with the 28-nation European Union’s (EU) requirements, thereby ensuring it remains “relevant in the cross-border finance market”. Reiterating his call for The Bahamas to shelve legislation for a centralised Beneficial Ownership registry until global standards became clearer, Mr Pinder

* Ring fencing end ‘make or break’ issue * Ex-minister: just one shot to get it right * And stay ‘relevant’ for cross-border finance

argued that this nation instead needed to prioritise meeting the EU’s demands by the December 31, 2018, deadline. He warned that tackling the Beneficial Ownership Registry at the same time as addressing the EU’s “economic substance” and “ring fencing” requirements would place “significant strain” on the Bahamian

Bahamas slips in half OECD ‘peer review’ criteria By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE BAHAMAS slipped slightly in its latest OECD “peer review”, although it maintained its “largely compliant” ranking amid beneficial ownership and tax information exchange concerns. The just-released full Organisation for Economic Co-Operation and Development (OECD) report, produced by its Global Forum on transparency and tax information exchange, showed The Bahamas had slipped in give categories compared

* BUT STILL RANKED ‘LARGELY COMPLIANT’ * TAX EXCHANGE PEREFORMANCE ‘DROPS’ * OWNERSHIP INFO CONCERNS ALSO CITED to the last review in 2013. Whereas it was rated “compliant” on access to information; its network of tax information upon request treaties; confidentiality; and the quality and timeliness of responses to requests and information

SEE PAGE 4

Baha Mar chief: Atlantis ‘cannibalise’ fear unseen By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA MAR’S president yesterday said the feared market “cannibalisation” with Atlantis has yet to occur, with Nassau enjoying record arrivals and airlines seeing 80 per cent “load factors”. Graeme Davis reiterated to Tribune Business that

* SAYS ‘MARKET SPLIT’ NOT OCCURRING * WITH AIRLINE LOAD FACTORS ABOVE 80% * RESORT ‘VERY BULLISH’; ‘REFRESHING’ DESTINTATION SEE PAGE 6

financial services industry at a time when it was being bombarded by international regulatory initiatives. Trying to address all these issues at once, Mr Pinder said, risked “causing a lot of damage” to the so-called “second pillar” of the Bahamian economy at a time when the industry was struggling to see its “value proposition” and develop a new growth strategy. The now-Graham Thompson & Company attorney and partner, though, emphasised that his position on the Beneficial Ownership registry was “not now” rather than “not at all”, as recent developments suggested global standards will

evolve to the point where all countries will be required to create such a facility. “I think it would be foolish to say it’s not something coming down the pike,” Mr Pinder said of a Beneficial Ownership registry. “Anybody in the industry knows that’s where we’re headed towards some kind of Beneficial Ownership registry. “My point last week was that to do that right now would put significant strain on the industry when you look at what we’re going through with the EU and the implementation of the Common Reporting Standard (CRS).

SEE PAGE 4

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Crystal Palace demolition set for this summer By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA MAR will demolish the former Crystal Palace resort and casino this summer as it proceeds with expansion plans beyond yesterday’s Rosewood hotel opening. Graeme Davis, pictured, the $4.2bn development’s president, told Tribune Business it hoped to “clear the site” by Christmas to make way for familyfriendly amenities such as pools and water-based features - ambitions it has harboured since Chow Tai Fook Enterprises (CTFE) was selected as Baha Mar’s new owner. Mr Davis said Baha Mar’s first two properties, the Grand Hyatt and SLS, had performed “well above our expectations” through the winter and spring seasons,

* BAHA MAR HOPES TO ‘CLEAR SITE’ BY CHRISTMAS * 70% OCCUPANCY RANGE TARGETED FOR ROSEWOOD * $43M UPGRADE FOR LAST HOTEL TO ‘PAY OFF QUICKLY’ averaging above 80 per cent occupancy rates during the peak winter period. With Baha Mar set to hit the 5,000 employee mark it has committed to “by the time we get into 2019”, Baha Mar’s president indicated the property’s performance to-date had given it the confidence to proceed with its growth plans. Mr Davis added that

SEE PAGE 5

Rosewood chief: Baha mar has ‘nailed’ hotel By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHA MAR has “nailed” the design of its Rosewood hotel, the brand’s president said yesterday, adding he was “absolutely delighted” it did not go through with a previously-threatened exit. Radha Arora, speaking ahead of yesterday’s opening, told Tribune Business that Rosewood’s arrival in The Bahamas had been “a long time coming” but “first impressions” - which can “make or break the client experience” - had exceeded the brand’s expectations. He added that the 237room Rosewood Baha Mar

* Will ‘rub shoulders’ with high-end portfolio * Travellers ‘waiting with bated breath’ for open * ‘Absolutely delighted’ did not exit in 2015 resort could easily “rub shoulders” with other highend resorts in its global property portfolio, which includes hotels throughout the Caribbean, US, Europe and Asia. Last evening’s opening marked Rosewood’s Bahamian debut, and Mr Arora said “pent up demand” for its Baha Mar property was such that it indicated travellers had been “waiting with bated breath” for its completion. He praised both the quality

of Baha Mar’s physical product and the Rosewood’s 450 staff, adding that they had “upheld” the brand’s philosophy while combining well with Bahamian culture to create a “sense of place” to set the resort apart from its other hotels. “My first impression is they’ve nailed it,” Mr Arora told Tribune Business of Baha Mar. “Right from arrival, the first experience, the first impression, where you can potentially make or break the client experience,

it’s been great. “In meeting the staff, the way they’re looking in their eyes, you know there’s a spark... I’ve just been here a short while, but my first impressions are that - be it through the authentic product experience or the team delivering the product experience - they have upheld the culture really well. It can only get better. “I’m really proud of what I’ve seen so far, and I’m

SEE PAGE 5

PAGE 2, Wednesday, May 23, 2018

THE TRIBUNE

OWNERSHIP REGISTRY IS ‘NOT SET IN STONE’ LEGISLATION to create a central Beneficial Ownership Registry is “not set in stone”, the Attorney General has revealed, with the Government seeking “urgent” consultation on the issue. Carl Bethel QC, addressing a Bahamas Financial Services Board (BFSB)sponsored seminar, said the Register of Beneficial Ownership Bill 2018’s recent tabling in the House of Assembly allows this nation to be proactive and get ahead of the international regulatory initiatives it faces. He added that its tabling also signalled “the urgency for the administration to

have a meaningful consultation on this issue” with members of the Bahamian financial services industry. “It is not set in stone. The Bill that we tabled is there for your review. It is there for your input and we will determine whether to proceed with the Bill, to amend the Bill, to shelve the Bill (or) to come with some other structure or arrangement,” Mr Bethel said. “But, at the end of the day, the message that I have to say is that we cannot only look at one of the several initiatives and feel that, if we satisfy them, it’s going to satisfy all. These are interrelated

and co-ordinated initiatives being orchestrated through various organs in the European Union (EU), particularly, and they must all be addressed simultaneously and comprehensively, and not believing we can bunker into one and satisfy that and that that is going to satisfy the rest.” The Bill, as presently structured, provides the legal authority for a so-called “Competent Authority” to establish and maintain an electronic database of beneficial ownership details for all corporate and legal entities registered in The Bahamas. It also permits a search of this database by a ATTORNEY General Carl Bethel QC.

CLOSURE

www.ub.edu.bs

The University of The Bahamas Oakes Field Campus and Grosvenor Close Centre will close early at 12:00p.m. on Thursday, 24th May, 2018 in preparation for the Spring 2018 Commencement scheduled to be held at the Thomas A. Robinson National Stadium, beginning at 4:00p.m. However, Chapter One Bookstore will remain open, as normal, until 6:00p.m. Additionally, UB-North in East Grand Bahama will close at 1:00 p.m. on Thursday, 31st May, 2018 in preparation for Spring 2018 Commencement scheduled to be held at the Grand Lucayan Resort, beginning at 6:30 p.m. UB’s Oakes Field Campus and UB-North will reopen as normal on Friday, 25th May and Monday, 4th June, 2018 respectively. We apologize for any inconvenience caused.

“designated person”, upon the request of a specified authority listed in the Bill. These authorities include the Attorney General’s Office, the Financial Intelligence Unit and the financial services industry regulators. The beneficial ownership registry, though, is not accessible to members of the general public. Addressing the seminar hosted by the BFSB in collaboration with the Graham Thompson & Company law firm, Mr Bethel said the Beneficial Ownership issue was directly tied to the Financial Action Task Force’s (FATF) anti-money laundering and counter-terror financing drive. He acknowledged that it was not directly linked to the Organisation for Economic Co-Operation and Development’s (OECD) BEPS (Base Erosion and Profit Shifting) initiative, which aims to combat tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax jurisditions. Still, Mr Bethel said there is a “resonance between the two”. He added: “I speak about

Photo: Terrel W Carey/Tribune Staff

the “Concert of Europe”, which was a historical relationship, and event maybe 200 years ago. It is the same concert now in terms of co-ordination between powers, co-ordination of initiatives, co-ordination of the whole strategy. “It’s one picture, one initiative, but in different forms [and], so even though BEPS isn’t obviously concerned with beneficial ownership, if you read the criteria notes, it starts off by saying that this is aimed and targeted at opaque offshore structures. “So, what causes [those structures] to be opaque?” the Attorney General asked. “Lack of accessible beneficial ownership information; lack of information as to how this company in The Bahamas relates to that company in the Cayman Islands, relates to that company in Switzerland because the structural relationship between these entities all around the globe is opaque, and it is through the initiatives of beneficial ownership that they seek to clarify that opaqueness for their purposes. “And so, even though beneficial ownership

regimes are becoming a greater focus of the FATF, we can’t only believe it is only the FATF that requires clarity as to beneficial ownership and accessibility to beneficial ownership information.” Mr Bethel said these initiatives began as early as 2014, when the G-20 group of nations endorsed the importance of financial transparency - particularly transparency of beneficial ownership - to prevent the misuse of corporate entities. He added that The Bahamas, like many of its regional and global counterparts, is being forced to reposition a major part of their economies and grapple with the ever-changing and increasing world demands. “This is a struggle that affects not only The Bahamas, but every country in this region and, indeed, every financial centre in the world,” the AttorneyGeneral said. “I had reason at an earlier briefing to point to the travails similar to ours affecting a major centre known as Luxembourg, and it’s not just us, and I suppose we can take some small comfort in that.”

THE TRIBUNE

Wednesday, May 23, 2018, PAGE 3

BPL’S RENEWABLE PLAN DELAY BRANDED ‘PATHETIC’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A LOCAL renewable energy firm yesterday slammed Bahamas Power and Light’s (BPL) failure to produce an acceptable Renewable Energy Plan (REP) on time as “pathetic”. Zoltan Szasz, vice president of technical sales at Bahamas Energy and Solar Supplies, told Tribune Business: “It’s pathetic. That’s the short of it” over BPL’s failure to meet the Electricity Act’s requirements. He suggested its proposed liquefied natural gas (LNG) power plant deal with Shell was a means to delay the introduction of solar into its energy mix. The Utilities Regulation and Competition Authority (URCA), in its draft order and initial findings, said the utility monopoly had failed to meet its legal obligation to produce a Renewable Energy Plan (REP), featuring timetables and performance benchmarks, within six months of the Act taking effect. While BPL did submit an REP on April 28, 2016, URCA said this failed to

meet the Electricity Act’s requirements. It is alleging that the state-owned monopoly has subsequently failed to remedy these deficiencies, which has also left it in breach of its licence obligations as well as the Act. Mr Szasz said the National Energy Policy sets a goal of 30 per cent renewable energy use by 2030. “They put PowerSecure in charge of BPL that came up with the best ideas ever, but the Government did nothing to put the necessary framework in place to make solar happen,” he lamented. “Although they established URCA, it didn’t have necessary powers to force the utility to make structural changes and adapt to distributed generation. In fact BPL, being a vertical monopoly, continued to operate as if no changes were necessary. In the meantime, jurisdictions leading the renewable revolution like Hawaii implemented an aggressive integration since 2008, and set the goal to be 100 per cent off fossil fuels by 2045.” Mr Szasz continued: “BPL is delaying and

diffusing the integration of solar to continue its vertical structure by the future LNG power plant. It is hoping to generate most of its base load from the new power plant and, with the implementation of automated meter reading, it is hoping to introduce “timeof-use” tariffs enabling higher charges for peak hours. “BPL’s structure at the moment is based on the ‘cost of service’ model, except that its costs are way over what it can cash in for its service, and has thus piled up hundreds of millions in debt.” URCA said “more than 27 months have elapsed” since the Electricity Act 2015 took effect, and expressed concern that BPL’s continued delay was jeopardising the National Energy Policy (NEP) goal of generating 30 per cent of this country’s energy needs from renewable sources by 2030. It added that BPL’s failure to produce an acceptable REP was also delaying plans “by several commercial entities” to introduce renewable selfgeneration projects that will generate between one

$1.745m software deal to facilitate tax exchange THE MINISTRY of Finance has embraced a software solution from Vizor AEOI Software to help meet its automatic tax information exchange (AEOI) commitments. The Bahamas will use Vizor’s solution to meet its obligations under the Organisation for Economic Co-Operation and Development (OECD)’s Common Reporting Standard (CRS), and its Foreign Account Tax Compliance Act (FATCA) agreement with the US. The first CRS exchanges of information by The Bahamas will occur in September 2018, and continue each year thereafter. “The Ministry of Finance is upgrading its digital infrastructure in a number of areas to strengthen its international compliance activities,” said Marlon Johnson, acting financial secretary. “This new software platform will enhance substantially our capacity to meet our local and international reporting requirements, and commitments consistent with global

standards of efficiency and efficacy.” The Bahamas signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on December 15, 2017, making this nation the 116th jurisdiction to join. On the same date, The Bahamas also signed the Multilateral Competent Authority Agreement (MCAA), and joined the inclusive framework on Base Erosion and Profit Shifting (BEPS). Vizor’s solution includes an online portal, accessible by Bahamian financial institutions (FIs),

which can register and report the required account data - either via a manual entry option or XML - to the Competent Authority. This is intended to ensure maximum compliance by financial institutions in their first year of reporting. The Visor solution was selected through an open bid process in December last year. The value of the contract is $1.745m for a period of five years. Vizor’s solution is already used by Competent Authorities in ten jurisdictions to meet their FATCA, CRS and other reporting requirements.

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Mega Watt (MW) to 2.5 MW of energy, with any excess sold to the utility’s grid. With only Small Scale Residential Generation (SSRG) of up to 100 kilowatts currently permitted, such projects - as well as utility-scale renewable generation - fall into a “hole” outside the existing legal and regulatory regime. Mr Szasz said that managing a utility’s load profile, where variable power sources supply the grid, is a big challenge. “This grid now has to be ‘smart’ to handle the continuous interaction by intermittent loads and generation, and completely new technologies are needed to automate this process,” he said. “The solution is automation and storage. Automation splits up the grid to smaller segments, and constantly communicates telemetry data to route power. Storage is applied either as a dispatchable load when there is too much power in the system, or a very fast source of power when there is a shortage. “To adapt to this technology BPL must become an ‘air traffic controller’ for power, must adopt to micro

and smart grid technology on the smaller islands, and on the substation level in New Providence. For this BPL needs a whole new set of expertise, namely IT specialists who can implement and operate a smart grid infrastructure.” Mr Szasz added: “The ownership structure must also change from the Government to private operators that can much faster adapt to new technologies at an affordable price. Still, the transformation to micro and smart grid will be just as costly as building a new power plant, if not costlier. “To achieve this the Government must be far more creative to force deepcutting structural changes in both operational and management standards. Smaller islands should be sold to developers who can transform those small grids to smart microgrids and community ownership on a non-profit basis.” As to this nation’s renewable energy goals, Mr Szasz said: “It’s clear that given the load profile of the nation we need to integrate about 80 MW capacity. We have 12 years to do this, which means 6.6 MW a

year. If we continue at this pace we will continue to get behind and, honestly, I don’t see where the structures to implement this are. “First of all, in New Providence this capacity should mostly come out of roof-top solar since there are not many land areas suitable. The regulator must decouple generation from transmission and distribution to establish a wholesale price of electricity, which will also be derived from the pricing of energy from the new power plant Shell is putting in place. “Who knows what the price of power will be from a generation site that will be first operational in three years, and who knows what the price of LNG will be then? My assessment is that the total cost of building the LNG facility and power plant will run into $400500m. I have no idea how the cost of electricity could be ten cents per kWh with these kind of investment figures? We must immediately force a price formation by applying BPL’s current cost of generation to establish a wholesale price and we have no time to lose.”

PAGE 4, Wednesday, May 23, 2018

THE TRIBUNE

‘KISS IBCS GOODBYE’ IF EU DEMANDS RESPONSE WRONG Bahamas slips in half OECD FROM PAGE ONE “I don’t think it would be beneficial to the industry, and could cause a lot of damage if it [the Beneficial Ownership registry] was piled on top of everything else. We have a lot on our plate, and the industry needs to find a buoyant position. Right now it’s not buoyant. It’s very turbulent.” Mr Pinder, addressing a Bahamas Financial Services Board (BFSB) sponsored seminar last Friday, said The Bahamas needed to wait and assess the fall-out from the UK parliament’s decision to pass legislation forcing the likes of the Cayman Islands, British Virgin Islands (BVI) and Bermuda to implement public Beneficial Ownership registries by 2020 before moving ahead with its own legislation that has already been tabled in the House of Assembly. He yesterday reiterated that The Bahamas “has a lot of work to do in finalising” an “economic substance”

regime that satisfies the EU’s demands for Bahamiandomiciled corporate and legal entities to have a physical presence in, and conduct real business from, this jurisdiction. This is in addition to addressing the 28-nation bloc’s demands for an end to “ring fencing”, which involves the provision of preferential tax regimes for non-resident entities and foreign investors that are not available to the domestic economy. Both issues are seen by the EU as critical to preventing tax avoidance, especially by multinational entities. Mr Pinder, though, told Tribune Business that how The Bahamas responds to demands for “ring fencing” elimination could be “make or break for the country”. He warned that “if we deal with ring fencing in the wrong way” The Bahamas “could kiss the entire International Business Company market goodbye”. Bahamian-incorporated IBCs conduct all manner

BAHAMAS AIR SEA RESCUE ASSOCIATION ANNUAL GENERAL MEETING

BASRA Headquarters June 13th, 2018 @ 7:30pm All members are encouraged to attend. Refreshments will be served.

of legitimate cross-border transactions that could potentially be jeopardised, and Mr Pinder warned: “We have to be careful. We have to be creative, and think through these issues from a legal point of view, a policy point of view and a business issues point of view. “We’ve got to get through this. It’s in our best interests to see how these countries get through the situation [on public Beneficial Ownership registers] with the UK. Once there’s clarity there we can, in a reasoned way, address the Beneficial Ownership issue. “At this point it would be unfair to proceed with everything moving at the same time. We’ve got to prioritise and give the industry some idea of where the value proposition is for the country and financial services going forward. Right now, there is a lack of clarity on where the value proposition is,” he continued. “I think we will create an environment of growth for the industry, different growth from what we have experienced in the past, growth we want to see in areas we want to attract to the country. If we rush everything, and don’t do it in a methodical way, we miss that opportunity - and it may be the only opportunity to get it right. “If we don’t do it properly, and with careful thought, we might miss the only opportunity to be relevant in the cross-border finance market globally, and we can’t afford that. From speaking to clients and industry colleagues, I think the majority of industry shares that opinion.” Among The Bahamas’ present tax-related “ring fencing” regimes are the stamp

tax exemptions for IBCs and the flat $300 Business Licence fee for non-resident entities. “This is where we have to be careful of not throwing the baby out with the bath water,” Mr Pinder said last week. While there have been calls to “equalise” the Business Licence fees paid by resident and non-resident entities, Mr Pinder said the impact on the latter was unclear. He called for more analysis of this and calls for business licence fees to be incorporated into annual licence fees, and not levied on turnovers. As for Stamp Tax, Mr Pinder said the key issue was whether the tax exemptions were “equalised” with domestic companies or eliminated and “grandfathered in” for companies already enjoying them. “Alternatively, do we amend the Stamp Act to only impose Stamp Tax on Bahamian real property transactions?” he asked. “This would preserve the current environment where the utilization of IBCs for cross-border financing transactions, and pledging of assets and shares, is preserved. The same application, or non-application of the Stamp Act as the case may be, will be the same for domestic companies and IBCs.” Above all, Mr Pinder warned that existing business “can be put at risk” if The Bahamas is not careful in how it addresses “ring fencing”. Besides cross-border share pledges and secured financing, non-resident asset managers, broker/dealers and others could be impacted, as well as the likes of family offices that do not need regulation.

‘peer review’ criteria FROM PAGE ONE five years ago, these had all slipped to “largely compliant” in the 2018 Review. And, when it came to the “availability of beneficial ownership and identity information”, The Bahamas had fallen from “largely compliant” to “partially compliant”. This suggests that the OECD Global Forum, as well as the Financial Action Task Force (FATF), is a source of pressure for The Bahamas to create a centralised Beneficial Ownership Registry. The Ministry of Finance, in a statement issued yesterday, hailed the OECD “peer review’s” overall ‘Largely Compliant’ assessment for “reinforcing The Bahamas’ status as a well-regulated jurisdiction within the international financial services community”. It added: “The Bahamas has once again maintained a high standard of compliance in the most recent peer review report of the OECD Global Forum, demonstrating that the jurisdiction adheres to international standards and best practices. “The Bahamas, as a member of the Global Forum, will continue its proactive approach to international compliance and reputational management within the global community.” The Ministry said the latest “peer review” focused on beneficial ownership and transparency with respect to exchange of information upon request, and said it had since taken further steps with its signing of conventions committing The Bahamas to the OECD’s automatic

tax information exchange standard. “The Ministry of Finance intends to address further recommendations put forward in the report,” although it have no details, and did not mention The Bahamas’ slippage in five out of ten - or half - of the criteria used to assess this nation. Summarising its concerns, the OECD report said: “The key issues where improvement is needed relate to the availability of information... Regarding the availability of beneficial ownership information, the monitoring of the legal obligations is mostly adequate but some of the relevant entities and arrangements are not covered by these legal obligations. “It is recommended that The Bahamas ensures a requirement to have beneficial ownership information in respect of all companies incorporated under the Companies Act and all general partnerships.” The “peer review” said it had also identified “some deficiencies” in the beneficial owner identification regime for entities supervised by the Securities Commission and Compliance Commission, while “the availability of reliable accounting information is also not consistently monitored in The Bahamas”. The report added that The Bahamas performance had “dropped” since 2013 when it came to obtaining and exchanging tax-related information. It cited “longer response times” to requests from other countries and “not taking adequate measures expeditiously in a number of cases where information was not produced”.

Notice! Managing Editor The “People’s Paper” is looking for a unique, dynamic individual with a proven track record of leadership, teaching and the ability to excel in leading our editorial team. As the second-in-command (reporting to the Publisher) the Managing Editor is key leader of our team requiring an unrivalled range of professional and technical skills. LEADERSHIP BY EXAMPLE: • Creating a culture of creativity, invention and productivity by encouraging feedback and ongoing performance coaching using the candidate’s skills to teach Bahamian journalists how to excel in the demanding and fast moving world of news and information, in which we now live • Establish and ensure strict adherence to all editorial standards • Implement individual development opportunities for team members; develop newsroom strategies and day-to-day tactics for efficiently managing the workflow of the organisations • Coordinate with the News Editor for the assignments, duties, writing, editing and approval of all copy; create public affairs programmes as well as support our ongoing charity events EXPERIENCE & QUALIFICATIONS REQUIRED: • A Bachelor’s degree with previous top level managerial experience • 10+ years previous experience in a senior management post having successfully demonstrated the ability to handle the pressures of a deadline driven, breaking news-orientated company • Previous experience in managing a successful organisation - having built upon and grown its news content - while maintaining a detailed eye towards controlling costs in a highly competitive environment. • Experience in managing projects in a fast-paced news environment; while at the same time maintaining the ambitious deadlines to the daily news cycle • Ability to write headlines and compelling articles, while possessing the ability to adapt to change to embrace new opportunities, as an integrated member of our team THE SUCCESSFUL CANDIDATE MUST POSSESS: • Proficiency in WordPress, HTML5, MPEG, JPG, CSS & CCI/MySQL Databases and experience with PDF and online video creation and production • Proficiency with Photoshop, Adobe InDesign, Scribus or other publishing software • Knowledge of AP Stylebook, Google Analytics, and metric reporting as well as full proficiency with British grammar and laws of defamation • Capable of organising training opportunities for upcoming journalists; encourage each team member to pursue and develop their skills • Ability to travel/work nights, weekends and overtime with little or no notice • Must be “on call” 24 hours a day / 7 days a week to respond to breaking news or other unexpected events or hurricanes Please apply in writing to:

The Publisher c/o The Tribune P. O. Box N-3207 Nassau, N.P, The Bahamas

The 38th ANNUAL GENERAL MEETING of the PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED will be held on Friday, May 25th, 2018 at the British Colonial Hilton Hotel, Bay Street, beginning at 6:00 p.m. Copies of the AGM Booklet can be collected (by Members only) from the Credit Union’s Head Office, #216 Wulff Road. This is the FIRST and ONLY CALL! Interested members are encouraged to attend. Refreshments will be served!!!

THE TRIBUNE

Wednesday, May 23, 2018, PAGE 5

Crystal Palace Rosewood chief: Baha mar has ‘nailed’ hotel demolition set for this summer FROM PAGE ONE

FROM PAGE ONE Baha Mar was looking for Rosewood, its 237-room high-end luxury property, to hit occupancy levels in the 70 percent range - a benchmark he described as “very achievable”. While Baha Mar and CTFE, the Hong Kongbased conglomerate, had exceeded their $38m upgrade budget for the Rosewood by $5m, Mr Davis said the total $43m investment was expected to generate returns quickly. He added that Rosewood’s arrival, combined with the Ocean Club’s rebranding as a Four Seasons property, was expected to “uplift perceptions of Nassau as a luxury destination” - helping to attract high-spending, high-yielding tourists who may never have previously considered the island or wider Bahamas. “We’ll certainly support the project from a marketing perspective, support the project operationally, and see it grow financially,” Mr Davis told Tribune Business. “We have some additional restaurants we have to finish; the opening of a steakhouse; the opening of a restaurant by the pier and beach, and demolition of the Crystal Palace to create some additional family amenities, which we will share at a future moment.” Mr Davis said the demolition was planned for completion “before the end of the year”, with tear-down

of the former resort and casino property to start “by the end of summer”. “We hope to have it cleaned up by Christmas time,” Baha Mar’s president, declining to provide specific details on CTFE’s plans. The demolition will free up prime beachfront land from an aged property that has now outlived its usefulness. The hotel and casino were last used as a training facility for Baha Mar employees, and also as offices/accommodation for China Construction America (CCA), the project’s main contractor. Rosewood’s opening yesterday marked Baha Mar’s full completion, with the third and final hotel brand having been delayed by a CTFE-financed $43m upgrade that saw “the majority of the guest rooms completely remodelled” with fresh furniture and fixtures. Mr Davis said the investment also involved an additional pool experience; a restaurant featuring Mexican-inspired coastal cuisine; and “significant upgrades to public areas across the entire property”. “This is a long-term investment for CTFE,” he told Tribune Business of Baha Mar generally. “I think this investment will pay off very quickly. We’re expecting strong demand. Once they experience this property, we will see a very quick upturn in business.

SEE PAGE 6

confident the culture us really going to be upheld here.” Rosewood is Baha Mar’s high-end, luxury resort offering with room rates averaging around $500 per night. Mr Arora credited Luigi Romaniello, Rosewood Baha Mar’s managing director, and his team, together with the resort’s four-month training programme, for preparing staff for last night’s opening. The Rosewood chief added that he was “absolutely delighted” the resort brand/ operator had stayed with Baha Mar, having sought to exit in September 2015 after its original developer, Sarkis Izmirlian, filed for Chapter 11 bankruptcy protection in the Delaware federal courts. Rosewood had then petitioned the court to lift a “stay” so it could withdraw, arguing that its brand was being “diminished and tarnished” by its association with the Cable Beach-based project. It also alleged there were a number of “incurable defects” violating the two parties’ agreements - such as the allegation that Baha Mar’s then owner did not own the land upon which its hotel sits. Rosewood, ironically, shares the same owner as Baha Mar in Chow Tai Fook Enterprises (CTFE), as Mr Arora confirmed yesterday. He praised CTFE for making an additional $43m investment in its Rosewood property, going $5m “over budget” on upgrades that meant it was the last of Baha Mar’s three hotels to open. “We’re part of the CTFE umbrella. We’re all connected, all part of one family,” Mr Arora said. “We’re delighted it’s [Rosewood Baha Mar] finally come to fruition... “There was a lot of investment, and additional

AGENDA

Bahamas Hotel & Maintenance Allied Workers Union Will host is AGM on 29th June, 2018 Where elections will take place between the hours of 9:00am to 3:00pm House of Labour Wulff Road. The Nominations will take place on May 28th, 2018 at its Regular Monthly Meeting 6:00pm at the House of Labour Wulff Road.

AKHEPRAN INTERNATIONAL ACADEMY Is now accepting applications for the following teaching positions for the September 2018-2019 school year.

TEACHERS 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.

Primary Education Teachers English Language - Grades 7 – 9 English Language - Grades 10 - 12 Mathematics - Grades 7 – 9 Mathematics - Grades 10 – 12 Religious Studies – Grade 7 – 12 Social Studies, Grade 7 - 9 History – Grades 10 - 12 General and Health Sciences – Grades 7 - 9 Physics - Grades 10 - 12 Biology - Grades 10 - 12 Chemistry – Grades 10 - 12 Business Studies - Grades 10 - 12 Geography – Grade 10 – 12 French, Spanish, Latin, Mandarin, and / or German.

All interested applicants must email resume and cover letter immediately to akhepran@gmail.com. Telephone #: 324-9212 Location: Bernard Road Fox Hill. Submission Deadline: May 31st, 2018.

exponential investment, that has gone into Rosewood. We were delighted with that. The brand has come a long way in the last two years. All of our destinations are wonderful destinations and amazing products. Thanks to CTFE for the additional investment, it’s [Baha Mar] going to rub shoulders with all of our destinations.” These include The Carlyle in New York; Rosewood Bermuda; Rosewood Half Moon Bay in Antigua; and a host of Rosewood-branded properties throughout Europe and Asia. Mr Arora acknowledged that Rosewood had been “a long time coming to The Bahamas”, after Baha Mar went through “a bit of an impasse” with the Chapter 11 bankruptcy process and then provisional liquidation and

receivership in the Bahamian courts, ultimately resulting in CTFE taking over ownership and an agreement to finance the $4.2bn project’s completion. He added that CTFE’s support had “absolutely exceeded our expectations”, and said: “The project has been in development for such a long time, but we’re delighted with what we’ve seen so far. “This is brand new. We’re proud of each one of our destinations. With the brand personality, it’s obviously a business model but from our standpoint we love to engage with the local community and create employment opportunities. I see this as another great destination for the brand.” Mr Arora told Tribune Business that Rosewood’s booking mechanisms, and

feedback from travellers and the wider tourism industry, suggested there was “a desire to come to Nassau” among potential visitors. “If Baha Mar is successful, Rosewood is successful. Each brand has its marketing dollars that it will infuse,” he said. “There’s a lot of pentup demand. Within our own community, the travel industry, we’re thinking people have been waiting with bated breath for the opening of this property. “Certainly, from the feedback we’ve had, and the inquiries we’re getting, through group business, corporate business and individual travellers, there’s a desire to come to Nassau. It’s so close to the [US] east coast. It’s safe haven and we think this property will be extremely successful.”

PAGE 6, Wednesday, May 23, 2018

THE TRIBUNE

Baha Mar chief: Atlantis ‘cannibalise’ fear unseen FROM PAGE ONE the hotel industry has “a very good opportunity” to grow the Nassau/Paradise Island tourism market provided it collaborates and works with the Ministry of Tourism and Promotion Board. “I think the destination as a whole is improving,” he said. “I don’t think you’re seeing the cannibalisation people expected between Atlantis and ourselves. Both of us are growing the market together. “I think we’ll grow the market together if we work together, the Ministry of Tourism and the Nassau/ Paradise Island Promotion Board. If we all grow this market and work together we have a very good opportunity to ensure the market grows instead of being divided.” Fears that Baha Mar may split, rather than grow, the market for high-end visitors with Atlantis have been present ever since the $4.2bn Cable Beach development was conceived in 2003-2005. Paul O’Neill, Atlantis’s former top executive, publicly voiced such concerns during that period at a Bahamas Chamber of Commerce luncheon.

BAHA MAR president Graeme Davis, left, with Rosewood Hotels & Resorts president Radha Arora. Photo: Shawn Hanna/Tribune Staff Should such fears come to pass, it would create downward pressure on room rates at both New Providence’s mega resorts and, potentially, other hotel properties, with none generating the profits they need to keep Bahamians employed and maintain a sustainable business model. But Mr Davis, speaking ahead of the official opening

for Baha Mar’s Rosewood property, the last of its three hotel brands to open, said there was ample evidence to suggest that the “cannibalisation” fears had so far proven unfounded. “March was a record month in the history of Nassau on its arrivals,” he told Tribune Business. “We’re very pleased with the growth in airlift.” He

added that airlift capacity into Lynden Pindling International Airport (LPIA) will continue to increase through the 2018 third quarter and into the winter season, as airlines move to provide the extra 314,000 seats per annum that are required to meet Baha Mar’s net 2,300 room increase. “Airlift, as far as seat capacity goes today, they’re

NOTICE

SECOR LIMITED

EUDANTE INVEST LTD.

NOTICE is hereby given as follows:

(a) Secor Limited is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000.

(a) Eudante Invest 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas.

(c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas. Dated this 23rd day of May, 2018

Dated this 23rd day of May, 2018

Beatus Limited Liquidator

MARKET REPORT TUESDAY, 22 MAY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,934.64 | CHG -0.02 | %CHG 0.00 | YTD -128.93 | YTD% -6.25 BISX LISTED & TRADED SECURITIES 52WK HI 4.40 19.17 7.50 3.76 1.64 0.19 4.05 8.90 6.60 5.30 11.50 2.71 1.61 8.21 6.10 11.48 7.29 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 8.40 6.00 3.15 9.00 2.30 1.40 7.25 6.00 8.78 5.67 3.35 12.01

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

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

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS 52WK HI 2.13 4.14 1.99 178.69 153.40 1.55 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.89 6.12 3.85 10.05 2.55 1.61 7.72 6.10 10.60 6.43 4.05 12.51

CLOSE 4.40 17.43 9.09 3.35 1.00 0.18 3.35 8.89 6.12 3.85 10.05 2.60 1.61 7.64 6.10 10.60 6.43 4.05 12.51

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 -0.08 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00 100.00

CHANGE 0.00 0.00

108.25 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.64 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 100.00 100.00 108.89 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME 2,500

22,388 18,939

VOLUME

EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.573 0.171 0.627 0.102 0.330 0.000 1.129 0.679 0.610 0.293 0.543

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.620 0.060 0.050 0.084 0.320 0.500 0.200 0.120 0.580

P/E 12.2 18.7 N/M 11.9 N/M N/M -2.3 13.9 10.7 22.5 16.0 25.5 4.9 N/M 5.4 15.6 10.5 13.8 23.0

YIELD 1.82% 6.48% 0.00% 6.87% 0.00% 0.00% 0.00% 3.60% 3.59% 3.12% 6.17% 2.31% 3.11% 1.10% 5.25% 4.72% 3.11% 2.96% 4.64%

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 6.00% Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.14 4.13 2.00 179.39 135.02 1.55 1.68 1.63 1.09 7.15 8.14 6.41 11.26 11.68 10.24

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 1.04% 4.26% -1.06% 2.15% 0.58% 3.61% -0.48% 4.84% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

reaching into the 80 per cents as far as load factors. The airlines are seeing the demand we’re having, and are very pleased,” Mr Davis added. Further support for the Baha Mar president’s assertion for the lack of “cannibalisation” to-date comes from Atlantis itself. Audrey Oswell, the Paradise Island resort’s president and managing director, told Tribune Business last week that the property had enjoyed “one of the strongest first quarters in many years”, revealing that business is “well ahead” of 2017 and 2016 numbers. Some will likely argue it is too early to determine whether “cannibalisation” will occur or not, given that Baha Mar only fully opened yesterday and it will take time for Rosewood’s business to ramp up. Mr Davis, though, said Baha Mar and its owner, Chow Tai Fook Enterprises (CTFE), were “very bullish on the future” amid expectations that Baha Mar’s completion and opening will “refresh the destination” and attract new visitors that have previously never considered The Bahamas. “From an ownership perspective and as a developer we are certainly seeing the

future as being very bright for Baha Mar and The Bahamas,” he told Tribune Business. “The commitment these world class brands are making [Grand Hyatt, SLS and Rosewood] to be in The Bahamas says there’s a significant amount of confidence these brands have in The Bahamas. “It’s bringing a new customer that would not have come to the destination in the past, refreshing the destination. We certainly appreciative of the Government’s support to make sure infrastructure continues to improve. The airport has improved over the past several years, and we’ve played a significant role in getting the airlift, and in the arrival and departure experience.” Mr Davis said Baha Mar represented “a catalyst for significant growth” in the tourism industry, with economic studies projecting it will generate just over ten per cent of annual Bahamian gross domestic product (GDP) at full build out. “You can see the impact it’s making in job creation, indirect and induced jobs created, and airlift that is breaking and exceeding records,” he told Tribune Business.

Crystal Palace demolition set for this summer FROM PAGE FIVE “We’re excited that Rosewood, combining with Four Seasons, will uplift perceptions of Nassau as a luxury destination.” Rosewood’s average daily room rates will start in “the high $500s”, although Baha Mar’s high-end villas go for $18,000 per night. “I think there’ll be very high occupancies,” Mr Davis said. “We certainly want to see in the 70 per cents, the overall standard occupancy for this type of property. It’s very achievable.” Rosewood will open in stages, with only 58 of its 237 rooms immediately available, as Baha Mar continues with its phase-in strategy to ensure all elements of the visitor experience meet guest expectations. “The expectations continue to rise because of the many properties and experiences created by Rosewood throughout the globe,” Mr Davis told Tribune Business. “It’s important Rosewood Baha Mar exceeds these expectations, and builds on the product delivery and experiences that other Rosewoods are creating. “These are world-class, iconic properties. We look forward to Rosewood Baha Mar becoming one of these iconic properties... We’re seeing pent-up demand from

Rosewood guests wanting to see this property we have. From what we’ve seen from the calls, the travel planners working with Rosewood, we’re seeing that demand is very strong.” Mr Davis said there was “a tremendous amount of pride from every associate that joins Baha Mar”, and added: “We’re seeing a cultural transformation in The Bahamas and the Caribbean in terms of pride and passion for hospitality. We are making sure we have an inspirational and motivational culture here at Baha Mar.” The Baha Mar president described the Rosewood opening as “a tremendous day and exciting day for all Bahamians to see Baha Mar come to fruition” and fully open following a 15-year journey from its inception. Mr Davis paid tribute to the vision of Baha Mar’s original developer, Sarkis Izmirlian, and acknowledged the “turbulent times and tumultuous times” encountered in completing the project following the dispute that erupted with his Chinese partners. “We’ve been fortunate to take on full ownership of this project, and look forward to more to come,” he added.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LYVON COOPER of Twins Close, Ridgeland Park West, P.O. Box GT2819, Nassau, Bahamas, intend to change my name to LAVAUGHN ANTONIO COOPER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice. LEGAL NOTICE

THE TRIBUNE

Wednesday, May 23, 2018, PAGE 7

Amazon urged not to sell facial recognition tool to police SEATTLE Associated Press THE AMERICAN Civil Liberties Union and other privacy advocates are asking Amazon to stop marketing a powerful facial recognition tool to police, saying law enforcement agencies could use the technology to “easily build a system to automate the identification and tracking of anyone”. The tool, called Rekognition, is already being used by at least one agency — the Washington County Sheriff’s Office in Oregon — to check photographs of unidentified suspects against a database of mug shots from the county jail, which is a common use of such technology around the country. But privacy advocates have been concerned about expanding the use of facial recognition to body cameras worn by officers or safety and traffic cameras that monitor public areas, allowing police to identify and track people in real time. Amazon is offering the technology at a low cost to police agencies. Given its reach, the tech giant’s entry into the market could vastly accelerate government surveillance capabilities, the privacy advocates fear, with potentially dire consequences for minorities who are already arrested at disproportionate rates, immigrants who may be in the country illegally or political protesters. “People should be free to walk down the street without being watched by the government,” the groups wrote in a letter to Amazon on yesterday. “Facial recognition in American communities threatens this freedom.” Amazon released Rekognition in late 2016, and the sheriff’s office in

Washington County, west of Portland, became one of its first law enforcement agency customers. A year later, deputies were using it about 20 times per day — for example, to identify burglary suspects in store surveillance footage. Last month, the agency adopted policies governing its use, noting that officers in the field can use real-time face recognition to identify suspects who are unwilling or unable to provide their own ID, or if someone’s life is in danger. “We are not mass-collecting. We are not putting a camera out on a street corner,” said Deputy Jeff Talbot, a spokesman for the sheriff’s office. “We want our local community to be aware of what we’re doing, how we’re using it to solve crimes — what it is and, just as importantly, what it is not.” It cost the sheriff’s office just $400 to load 305,000 booking photos into the system and $6 per month in fees to continue the service, according to an email obtained by the ACLU under a public records request. Amazon Web Services did not answer emailed questions about how many law enforcement agencies are using Rekognition, but in a written statement the company said it requires all of its customers to comply

with the law and to be responsible in the use of its products. The statement said some agencies have used the program to find abducted people, and amusement parks have used it to find lost children. British broadcaster Sky News used Rekognition to help viewers identify celebrities at the royal wedding of Prince Harry and Meghan Markle last weekend. Last year, the Orlando, Florida, Police Department

announced it would begin a pilot program relying on Amazon’s technology to “use existing city resources to provide real-time detection and notification of persons-of-interest, further increasing public safety.” Orlando has a network of public safety cameras, and in a presentation posted to YouTube this month, Ranju Das, who leads Amazon Rekognition, said the company would receive feeds from the cameras, search them against photos of people being sought by law enforcement and notify police of any hits. “It’s about recognising people, it’s about tracking people, and then it’s about doing this in real time, so that the law enforcement officers... can be then alerted in real time to events that are happening,” he said. The Orlando Police Department declined to make anyone available for

ESTATE OF

VERNITA BEATRICE JOHNSON TAKE NOTICE that anyone having a claim against the Estate of VERNITA BEATRICE JOHNSON late of Bay Cedar Close, Sea Breeze Estates, Nassau, Bahamas, who died on 1st August, 2017, may submit such claim in writing to the law firm of MAILLIS & MAILLIS, Chambers, Fort Nassau House, Marlborough Street, Nassau, Bahamas, tel: (242) 322-4292/3, fax: (242) 323-2334 ON OR BEFORE the 6th September, A.D., 2018.

an interview about the program but said in an email that it “is not using the technology in an investigative capacity or in any public spaces at this time”. The testing has been limited to eight city-owned cameras and a handful of officers who volunteered to have their images used to see if the technology works, Sgt Eduardo Bernal said in a follow-up email yesterday. “As this is a pilot and not being actively used by OPD as a surveillance tool, there is no policy or procedure regarding its use as it is not deployed in that manner,” Bernal wrote. The letter to Amazon followed public records requests from ACLU chapters in California, Oregon

and Florida. More than two dozen organisations signed it, including the Electronic Frontier Foundation and Human Rights Watch. Clare Garvie, an associate at the Center on Privacy and Technology at Georgetown University Law Center, said part of the problem with real-time face recognition is its potential impact on freespeech rights. While police might be able to videotape public demonstrations, face recognition is not merely an extension of photography but a biometric measurement — more akin to police walking through a demonstration and demanding identification from everyone there.

NOTICE In the Estate of ONEIL WILMINGTON HANNA, late, New Providence, deceased. NOTICE is hereby given that all persons having claims or demands against the above-named Estate ae required to send the same duly certified in writing to the undersigned on or before the 22nd of June 2018. NOTICE is hereby given that after expiration of the time mentioned above, the assets of the above ONEIL WILMINGTON HANNA will be distributed among persons entitled thereto having regard only to the claims of which the Executor of the Estate shall then have had notice. AND NOTICE is hereby also given that all persons indebted to the above-mentioned Estate are required to make full settlement or arrangements with the Executor for the full settlement of same on or before the above-mentioned date. KARAM & MISSICK ATTN: Attorney Colin Thompson P.O. Box SP-64293 Nassau, Bahamas

COMMONWEALTH OF THE BAHAMAS

2017

IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION

CLE/GEN/00791

IN THE MATTER of a mortgage dated the 24th November, 2006 inrespect of the property Lot Number 64 of East Park Estates situated in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas. AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Revised Statue Laws of the Commonwealth of The Bahamas. BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND ELIZABETH LIMA-LOPEZ

Plaintiff

Defendant

NOTICE TO: ELIZABETH LIMA-LOPEZ of College Gardens off Prince Charles, Nassau, The Bahamas TAKE NOTICE that by Writ of Summons filed on 27th June, 2017 in Action CLE/gen/00791 of 2017, FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED, as Plaintiff, commenced an action against you claiming breach of a demand loan agreement dated the 5th day of February, 2007, made between you as a Guarantor and FirstCaribbean International Bank (Bahamas) Limited as Lender and the Bank claims against you the sum of $27,971.54 as of the 26th day of May, 2017 along with contractual interest at the rate of 13.75% per annum and statutory interest pursuant to Section 2 of Civil Procedure (Award of Interest) Act, 1992 and costs. AND THAT it has been ordered by Mrs. Carol Misiewicz, Acting Registrar of the Supreme Court, on the 18th April, 2018 that service of the Writ of Summons in the said action on you be effected by this advertisement. AND FURTHER TAKE NOTICE that you must within Fourteen (14) days from the publication of this advertisement inclusive of the day of such publication, acknowledge service of the said Writ of Summons by completing a Memorandum of Appearance and filing the same in the Supreme Court Registry, situate at BAF Building on George and Marlborough Streets in the City of Nassau otherwise Judgment may be entered against you. DATED this 18th day of May, A.D., 2018 BAYCOURT CHAMBERS Cumberland House 15 Cumberland and Duke Streets Nassau, The Bahamas Attorneys for the Plaintiff

PAGE 8, Wednesday, May 23, 2018

THE TRIBUNE

Stocks sink late as smaller companies and industrials fade NEW YORK Associated Press

STOCKS faded yesterday afternoon and finished the day mostly lower as industrial companies and retailers fell. Smaller and more USfocused companies slumped after setting records the last few days. Large industrial companies like Boeing, 3M and Caterpillar slipped, and retailers including Kohl’s, AutoZone and Advance Auto Parts fell after releasing their quarterly results. Energy companies fell as crude oil gave up an early gain. Smaller companies had their worst day of the month as a winning streak that brought them to alltime highs came to an end. For most of the day stocks were on track for small gains. Automakers rose after China said it will reduce duties on imported cars in July, a sign the US and China could resolve some of their differences on trade. Banks climbed as Congress prepared to loosen some of the rules that have governed the industry since the 2008 financial crisis. Stocks rose on Monday as investors grew more hopeful that the trade dispute between the US and China will be resolved without major effects on the global economy. But Marina Severinovsky, an investment strategist at Schroders, said the two countries appear to be looking for easy wins without addressing larger and more difficult issues, like China’s technology policies and its handling of intellectual property. That might pacify the market for now because the global economy is doing

SPECIALIST ROBERT TUCCILLO, centre, works with traders at his post on the floor of the New York Stock Exchange yesterday. US stocks are making modest gains as energy companies rise with oil prices and banks also move higher. Photo: Richard Drew/AP

well, but she thinks tensions will eventually flare up again. “The more competitive the Chinese become in higher-end industries... the more this is really going to become an issue,” she said. “There will be more industries and companies clamouring for protection.” The S&P 500 index slid 8.57 points, or 0.3 percent, to 2,724.44. The Dow Jones industrial average lost 178.88 points, or 0.7 percent, to 24,834.41. The Nasdaq composite fell 15.58 points, or 0.2 percent, to 7,378.46. The Russell 2000 index of smaller company stocks gave up 12.20 points, or 0.7 percent, to 1,625.24 after it

closed at record highs the last four days. JC Penney was one of the worst performers among both small companies and retailers. It fell six percent to $2.35 after it said Chairman and CEO Marvin Ellison will leave to become CEO of Lowe’s. He worked at Lowe’s rival Home Depot for 12 years before he was hired by JC Penney, which reported weak first-quarter results less than a week ago. Elsewhere, jeans retailer Guess fell 7.9 percent to $23.80. Kohl’s had a strong second quarter, but said much of that strength came because a Mother’s Dayrelated sale came earlier in the year. While that helped

the company in the fiscal second quarter, it will hurt its sales in the third and fourth quarters. Kohl’s sank 7.4 percent to $60.61. Banks fared better as the House of Representatives was expected to pass a bill that increases the threshold at which banks are deemed so big and so connected to the financial grid that if one were to fail it would cause major havoc. The legislation would roll back parts of the Dodd-Frank law, which was passed in the aftermath of the 2008 financial crisis. The measure passed the Senate in March with the support of Republicans and some Democrats. Banks reported record

profits in the first quarter of the year as last year’s corporate tax cut juiced their profits. BB&T Corp. gained 1.3 percent to $55.53 and Bank of America rose 1.1 percent to $30.89. Severinovsky, of Schroders, said the bill wouldn’t make a major difference to banks, but it gave investors a reason to feel better about their prospects. “These are very different businesses than the way we remember them in 2009,” she said, adding that banks have stronger balance sheets and are befitting from the improved economy and higher interest rates. China followed up on a promise it made in April by

reducing auto import duties effective July 1. That follows pledges to buy more US goods and end restrictions on foreign ownership in the industry. China is the world’s biggest auto market by number of vehicles sold as consumer bought 24.7 million SUVs, sedans and minivans in 2017, compared with 17.2 million for the US, the next-biggest market, United States. Tata Motors of India advanced four percent to $22.91 and Fiat Chrysler gained 1.3 percent to $22.62. Benchmark US crude and fell 0.2 percent to $72.13 per barrel in New York. Brent crude, used to price international oils, rose 0.4 percent to $79.57 per barrel in London. Wholesale gasoline rose 0.6 percent to $2.27 a gallon. Heating oil added 0.3 percent to $2.28 a gallon. Natural gas jumped 3.5 percent to $2.91 per 1,000 cubic feet. Gold rose 0.1 percent to $1,292 an ounce. Silver added 0.3 percent to $16.58 an ounce. Copper rose 1.1 percent to $3.13 a pound. Bond prices were little changed. The yield on the ten-year Treasury note remained at 3.06 percent. The dollar declined to 111.02 yen from 111.11 yen. The euro rose to $1.1779 from $1.1772. The German DAX, which was closed for a holiday on Monday, jumped 0.7 percent and London’s FTSE 100 added 0.2 percent. France’s CAC 40 rose less than 0.1 percent. Tokyo’s Nikkei 225 lost 0.2 percent. Markets in Hong Kong and South Korea were closed for holidays.