business@tribunemedia.net FRIDAY, JUNE 14, 2019
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Hotel union boss insists all he wants is a deal
By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
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HE Bahamas Hotel Catering & Allied Workers Union (BHCAWU) president yesterday fired back against claims by Bahamas Hotel Employers Association (BHEA) insisting the union has always been “ready, willing and able” to negotiate a new industrial agreement. During a press conference at Workers House Darrin Woods, the BHCAWU president said the union’s primary goal is to secure a “registered” industrial agreement
for its membership. He also stated the 15 percent gratuity issue was not the basis for which the union sought a strike vote but rather due to several outstanding disputes at the various resort properties. Russell Miller, the BHEA’s president said last week the hotel union’s impatience to secure a new industrial agreement was “disproportionate” because it had taken more than six years since the previous deal’s end for it to submit a new proposal - one the employers had responded to in just four months. Mr Woods, however, offered a different take. He said the BHEA had held the position that the union
had failed to give notice of its intention to amend the terms of the agreement - 90 days prior to the agreement’s expiration - and that no changes could be made. The BHEA ultimately maintained the only matter to be settled was the duration of a new agreement - with identical terms as the previous one. Mr Woods said the union disagreed with this position and saw the move as a refusal to negotiate. “The matter went to court in 2013. A determination was subsequently made in August 2015. The BHEA had indicated that as long as their was no determination in the matter there was nothing to discuss other
than the extension of the contract,” said Mr Woods. Mr Woods noted that the courts ultimately ruled in the union’s favour, with the BHEA seeking an appeal. To date that matter has not come up. We were informed that the matter was dismissed and they have an opportunity to refile the matter if they want to, so we wait,” said Mr Woods. He added the law now prohibits the union and the BHEA from entering into any agreement to be signed on behalf of workers. “Unless and until the government makes a change to the Industrial Relations Act, we are precluded from entering into an agreement with the BHEA to sign a
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OBIE WILCHCOMBE DARREN WOODS document that can be registered. We did not submit a proposal to the BHEA. When we brought our platform to our members one of the things highlighted was securing a registered industrial agreement,” said Mr Woods, noting that the union had submitted proposals to each resort, beginning with Atlantis on December 21, 2018 and ending with the Towne Hotel on February 5 of this year. The resorts which are members of the BHEA bargaining unit are Melia, Atlantis, Ocean Club, Harbourside, the British Colonial Hilton, Lyford Cay Club and Towne Hotel.
By NICO SCAVELLA Tribune Staff Reporter nscavella@tribunemedia.net ONE of two “warring factions” seeking supremacy of the Lucayan Towers South Condominium Association has been hit with a restraining order after a former board member ordered the locks to the Resident Manager’s office to be changed without the current board’s permission. The Court of Appeal said the invalidated board of Douglas Prudden, Yasmin Popescu, Linda CarrollStrachan, Debra Edwards, and Julie Glover are prohibited from meddling in the board’s affairs after Ms Glover unilaterally instructed a local security
firm to change the locks in question. Previously, an appellate judge had ordered that none of the former board, their servants or agents were at liberty to enter the Freeport property, and were to be granted “restricted access” to certain areas like electrical rooms, elevator shafts or the offices of senior managerial staff. The matter is the latest development in an ongoing legal dispute over which of two factions of unit owners is lawfully entitled to constitute the management board of the Lucayan Towers South Condominium Association in Grand Bahama. According to the ruling, the initial dispute between
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Door still open for Lewis scholarships ALL IS not lost for those 2019 graduates and young adults still in hot pursuit of financial aid and a college to call home as the Lewis Foundation, a charitable organisation promoting tertiary education, is still accepting applications. Its generous scholarships offer “a full ride” to students pursuing careers in hospitality. The award will cover the cost of tuition, room and board and textbooks for successful applicants enrolled or accepted into the Rosen College of Hospitality Management at the University of Central Florida (UCF) in Orlando for the spring 2020 semester. In order to apply, prospects must be able to provide proof of Bahamian citizenship, acceptance into the UCF Rosen College of Hospitality Management Program and demonstrate financial need. The university’s freshman application deadline is September 1, 2019. “While the deadline is September 1, time is needed for international students to be awarded funding and acquire a US student visa. The wonderful thing about UCF is they have rolling admissions which allows prospects to receive timely admission notice,” said Andrica Smith-Munroe, spokesperson for the Lewis Foundation.
The scholarship is sponsored in part by the oceanside luxury resort community, Albany and the Tavistock Group, the Bahamas-based private investment organisation founded by British billionaire Joe Lewis. “The Bahamas is set to be transformed by proposed upgrades, expansions and new mixed-use and resort developments which will further add to our appeal as a top vacation destination. From the Port of Nassau to Paradise Island to cruise liners’ private islands and boutique Family Island projects, the hospitality industry infrastructure is experiencing a boom,” said Mrs Smith-Munroe. “The sector’s future looks bright and that is likely to fuel more jobs for those with a hospitality degree. That is something eleventh graders, high school seniors and college freshmen should think about, ‘Can I get a good job after graduation?’” Scholarships will be awarded to successful applicants who intend to pursue majors in event management, entertainment management, restaurant and food service or hospitality management. According to the University of Central Florida’s website, its well-rounded graduates are familiar with
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DUANE SANDS still on that journey.” NHI enrolment began in 2017. “I would be the first to say that UHC and NHI remains unfinished business. The core principles of UHC/NHI, affordable and accessible quality care are unwavering –– and are not being debated. We can all agree, everyone will benefit! What is debated is the formula for sustainably
Former minister states concern for Freeport’s economic ‘pace’ By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
funding UHC/NHI,” said Dr Sands. He noted the current proposal is for employers to share the cost with employees in ensuring that all beneficiaries receive standard health benefits. “All employees no matter the salary will pay a percentage of their income as a contribution to the plan and employers will pay the remainder. The focus here is to ensure that all Bahamians who cannot afford private insurance including many children, indigent, unemployed, elderly are covered through a funding mechanism that will create a balance for all to receive the standard health care coverage. A basic premium rate will be the consistent rate charged for the
A FORMER tourism minister yesterday said he is concerned over the pace of Grand Bahama’s economic revival telling Tribune Business: “Grand Bahama needs an injection”. Obie Wilchcombe, the former West Grand Bahama and Bimini MP told Tribune Business: “I am concerned about the pace of which things are moving on Freeport. The Minister indicated that we may be 24 months away which is a far cry from what was projected a few months ago. Grand Bahama needs an injection. It needs to get its tourism business back. Grand Bahama needs hotel inventory.” Mr Wilchcombe added: “The tourism industry needs a real shot in the arm. I note that there are some things in the pipeline but they are going to take a while. The government I suppose will argue they can only do so much but they may have to take a new approach to this thing and look at how we get more airlift and generate greater growth. The government has an opportunity to turn Grand Bahama around but people are going to have to see a new and exciting product.” Mr Wilchcombe urged the government to seek to capitalise on recent US travel restrictions to Cuba.
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Board member slapped Sands outlines surge in NHI uptake with restraining order THE NATIONAL Health Insurance (NHI) Bahamas has enrolled 56,000 beneficiaries todate according to Health Minister Dr Duane Sands revealed In Parliament yesterday, while nothing that universal heath care and national health insurance remains “unfinished business”. During his contribution to the 2019/2020 budget communication Dr Sands stated: “To date, there are 56,000 beneficiaries enrolled with the plan and covered by a package of good quality primary health care services. This represents a 122 percent in growth year over year. The Bahamas has been on the journey to fully implement Universal Health Care (UHC) for its residents for over 30 years; and we are
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IKE accounting services, marketing, training and technology, human resources has become a vital area of business that serious companies can no longer ignore. Trained professionals leading this charge in your business can make the difference between solid bottom line performance or becoming extinct. In this final week of ask the Human Resource experts, we have been able to give answers to three important questions gathered from the field. QUESTION: 1. How do you create career
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Channelling excellence in your human resources advancement opportunities for employees in a small business environment and family businesses? ANSWER: In very small family oriented business, it becomes quite challenging for employers to keep staff engaged and motivated who might feel after a while that their roles are stagnant. No one wants to be
in what we commonly call a “dead-end job”. Creating titles and introducing a strained hierarchal system is definitely not the route to take and usually produces more issues than anything else. Here are two practical organisational moves that might prove useful: 1. Make it about compensation- introduce a performance based payment system where they are remunerated based on their level of productivity. 2. Most people in the workplace will admit they are less thrilled about a title and more excited with what they take home in salary at the end of the day. Give them a meaningful stake in the business. In everything people what to know: “What’s in it for me?” Company shares, employee dividends or bonus, employee recognition and other significant assessment initiatives will create the buy-in that employees need to remain engaged.
QUESTION: 2. What tips can you give to the employee or manager having to cope with a wellconnected (even politically) belligerentincompetent employee? ANSWER: The politics is real even in small work environments. Employees and managers need practical HR related skills in navigating the business of surviving difficult employees. Here are five tips: • Listen to them carefully and try not to “tone them out”. I know it’s tempting, but usually, the cry for attention over powers what is really being said by the employee. • Give very clear behavioural feedback. The employee must know how you feel about each behaviour that is in breach of acceptable workplace protocols. Be courageous. • Document every step of the way. People sometimes need to see on paper how consistently they have been in causing a disruption.
• Establish consequences both positive and negative to behaviours demonstrated. • Don’t render evil for evil and bad mouth the employee in question. A tit for tat mindset further places strain on the relationship. QUESTION: 3. What is the benefit of outsourcing my Human Resources Function? ANSWER: A lot of small to mid-sized organisations typically have someone who is grandfathered into an HR role. Generally this person has several other duties and wears “multiple hats”, in some cases HR duties can fall on owners and executives of these size firms. HR Consulting can be a cost effective resource to make sure you are staying in compliance, keeping constant communication with employees, management and executives and give you the ability to carry out common and practice HR
IAN FERGUSON BY
processes and solutions. Most importantly it offers your organisation consistency in these policies and procedures which reduces your legal liability, improves culture/moral and overall communication within your organisation. An HR outsourced company or consultant also allow you the opportunity to free yourself and other employees from the administrative burden that HR can pose to those that are better suited what they were hired to do and focusing on their main tasks to help the organisation the way they were intended to.
$120M WYNN CABLE BEACH DEVELOPMENT ALREADY 35 PERCENT SOLD OUT By NATARIO MCKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net THE Wynn Development group’s multi-level beach front residential and condo hotel development is already 35 percent sold-out, with 100 Bahamians to be employed in its initial phase. Wynn Development Ltd yesterday announced it has appointed Bahamian firm High-Rise Concrete Construction (HCC) to build the superstructure at GoldWynn. GoldWynn Condo-Hotel and Residences is the
ARTIST RENDERING OF THE GOLDWYNN PROJECT
brainchild and “passion project” of Canadian real estate developer Paul Wynn, who once put in a $70m bid to purchase Freeport’s anchor resort property, the Grand Lucayan. The GoldWynn development is located on the eastern end of Goodman’s Bay Beach, within the Cable Beach strip. The $120m project broke ground last May. The developer said yesterday the project, which is designed
by Canadian firm Makow Associates, is set to commence vertical construction ‘within the month’. “During the initial phase, the project is expected to employ at least 100 Bahamians which numbers are expected to increase significantly as construction progresses into the finishing stages,” the developer stated. “The luxurious multilevel beachfront residential and condo-hotel suites at
GoldWynn will feature amenities that includes a double infinity pool, elegant seaside dining, theatre, covered parkade, fitness centre, medi-spa, multi-purpose room and a rooftop pool. Thanks to the successful launch of the sales program, the project is already over 35 percent sold-out and this momentum is expected to accelerate once vertical construction is underway,” the developer said.
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Friday, June 14, 2019, PAGE 3
Board member slapped with restraining order FROM PAGE ONE the “warring factions” arose in January 2013 and concerned the validity of the EGM convened by Ms Glover and company (the respondents) on January 9, 2013. At that time, the respondents, as well a man named Chris Rolle were purportedly elected to the board in place of Maurice Glinton, QC; Michael Storr; Gordon Adderley and Godfrey Bowe (the appellants) who had been duly elected to the board at an AGM held on March 21, 2005. Mr Glinton was the chairman of the 2005 board. Following the EGM, both sides commenced legal proceedings. The initial proceedings were filed by the respondents on May 28, 2013 in a bid to secure a declaration that the EGM was in fact valid, as well as declarations requiring the second appellants to cease and desist from interfering with their management of the condominiums. Meanwhile, on December 24, 2013, the appellants commenced a separate action in a bid to invalidate the EGM and any decisions made at that meeting. They also sought damages, various declarations, injunctions and other relief. Both proceedings were consolidated and were heard before then-Chief Justice Sir Michael Barnett. At a case management hearing before the substantive trial, Sir Michael ordered that an AGM be convened and conducted. That order was not appealed and Mr Glinton made arrangements for the court-ordered AGM to be held. Prior to the start of that AGM, which was scheduled to convene on March 28, 2014, Mr Glinton
determined that a quorum was not met, and adjourned the AGM to April 11, 2014. However, despite Mr Glinton’s decision, some unit owners remained behind after he and others had left the venue, purportedly convened an AGM and elected a new board consisting of the same people who were elected at the EGM in 2013. Those elected persons also purported to ratify the EGM and the actions taken by them since then on behalf of the body corporate. But when the AGM resumed on April 11, 2014, an election was held and the unit owners present elected a new board that consisted of the 2005 board. Problems between the two factions persisted and the appellants went back before the chief justice to again challenge the purported election of the respondents at the March 28, 2014 meeting. Following a contested hearing, the chief justice held that the respondents (the ones who were elected on March 28, 2014) were unit owners who had been validly elected and therefore constituted the new board of directors as of that date. The chief justice also held that the respondents were not the directors of the association from January 9, 2013—the date of the EGM—to March 28, 2014. The 2005 directors were still the directors during that period, the chief justice found, and thus, the claim by the respondents against the appellants in the first action could not succeed. Aggrieved by the portion of the chief justice’s ruling concerning the validity of the court-ordered AGM, the appellants appealed to the Court of Appeal. On September 4, 2017, the appellate court set aside the chief justice’s ruling
and held that the appellants (the 2005 directors who had been re-elected at the resumed AGM on April 11, 2014) were the validly constituted board of directors. However, the appellate court did not interfere with the chief justice’s finding pertaining to the status of the 2005 directors following the EGM from which there has been no appeal. The appellate court subsequently remitted the consequential matters that remained outstanding in the consolidated Supreme Court proceedings, back to that court for determination. Following the September 4, 2017 decision, the respondents filed a notice of motion seeking leave to appeal to the Privy Council. That application has not been heard and has not been scheduled for hearing. Nor have the respondents applied for a stay of the proceedings pending their intended appeal. On or about October 27, 2017, the appellants were served with a bundle of documents that purported to be a requisition for their removal allegedly signed by 57.51 percent of the unit owners. On November 6 of that year, signs were posted around the condominiums compound giving notice of a general meeting of the body corporate scheduled for November 15, 2017 at 6pm. The stated purpose of the meeting was to vote for and elect a new board of directors. On November 7, 2017, however, without consulting the board and notwithstanding that the purported general meeting had not yet taken place, an agent of Globaltech Security Company, accompanied with a police officer, went to the condominiums at the instructions of Ms Glover,
Former minister states concern for Freeport’s economic ‘pace’
to Grand Bahama. They right at the start of the need to now find places summer vacation season. to go and this could be an Tourism Minister Dionisio opportunity for Grand D’Aguilar, pictured, Bahama,” said recently told TribMr Wilchcombe, une Business The adding, “I think Bahamas should we will be missing see a “little boost” an opportunity if COMMONWEALTH OF THE BAHAMAS 2019/CLE/QUI/00101 FROM PAGE ONE in its cruise busiwe don’t act now.” ness but predicted The Trump COMMONWEALTH OF THE BAHAMAS 2019/CLE/QUI/00101 IN THE SUPREME COURT there would not be “The government should administration’s new restrictions on travel to much additional business as look make arrangements INtoTHE SUPREME COURT Equity Division CubaBAHAMAS hit the cruise industry2019/CLE/QUI/00101 a result. with the cruise lines to come COMMONWEALTH OF THE COMMONWEALTH OF THE BAHAMAS 2019/CLE/QUI/00101 Equity Division COMMONWEALTH OF THE BAHAMAS IN THE MATTER of all that tract of land2019/CLE/QUI/00101 comprising Three Hundred IN THE SUPREME COURT COMMONWEALTH OF THE BAHAMAS 2019/CLE/QUI/00101 IN THE SUPREME COURT and Forty (340) acres situated in the settlement of Rock Sound, Eleuthera IN THECOURT MATTER of all that tract of land comprising Three Hundred IN THE SUPREME and BOUNDED on the NORTH by land owned by Eleuthera Land Equity Division IN THE SUPREME COURT and Forty (340) acres situated in the settlement of Rock Sound, Eleuthera Equity Division Company Limited on the EAST by the Atlantic Ocean on the SOUTH Equity Division and BOUNDED on the NORTH by land owned by Eleuthera Land IN Commonage THE MATTER all on that of land comprising Hundred by Landofand thetract WEST by land of EnochThree Horton which Equity Division Company Limited on thethat EAST byofthe Atlantic OceanThree on theHundred SOUTH IN THE MATTER of all tract land comprising and Forty in the of settlement of Rock Sound, Eleuthera said lot MATTER of(340) landacres has such positions shape marks shown onHundred the plan IN of situated all that tract land Three byTHE Commonage Land and oninthe by comprising land of Enoch Horton which and Forty (340) acres situated theWEST settlement of Rock Sound, Eleuthera and BOUNDED on the NORTH by land owned by Eleuthera Land recorded as CROWN Grant G-35 at the Department of Lands and IN THE MATTER of all that tract of land comprising Three Hundred and Forty (340) acres situated in the settlement of Rock Sound, Eleuthera saidBOUNDED lot of land on hasthe such positions shape marks by shown on theLand plan and NORTH bythe land owned Eleuthera Surveys to Tabitha Sands. Company Limited on the EAST by Atlantic Ocean on the SOUTH and Forty (340) acres in the settlement of Rock Eleuthera BOUNDED on situated the Grant NORTH by atland bySound, Eleuthera Land recorded as CROWN G-35 the owned Department and Company Limited on the EAST the Atlantic on of theLands SOUTH by Commonage Land andNORTH on theby WEST by owned landOcean of Enoch Horton which and BOUNDED on the by land by Eleuthera Land Company Limited on the EAST by the Atlantic Ocean on the SOUTH Surveys to Tabitha Sands. bysaid Commonage Land and on positions the WESTshape by land of Enoch Horton which lot of land has such marks shown onSOUTH the plan Company Limited on and the EAST by the Atlantic Ocean onHorton the by Commonage Land on the WEST by land of Enoch which said lot of land has such positions shape marks shown on the plan recorded as CROWN Grant G-35 at the Department of Lands and AND by Commonage Land and on the WEST by land of Enoch Horton which said lot ofas land has such positions marks shownofon the plan recorded CROWN Grant G-35 atshape the Department Lands and Surveys to Tabitha Sands. said lot ofas land has such positions marks shownofon the plan recorded CROWN Grant G-35 atshape the Department Lands and AND Surveys toTHE Tabitha Sands. IN MATTER OF THE TITLES ACT 1959 and recorded CROWN Grant G-35QUIETING at the Department of Lands Surveys toasTabitha Sands. SurveysIN toTHE Tabitha Sands. OF THE QUIETING TITLES ACT 1959 MATTER AND AND AND AND AND ININ THE MATTER OFOF THE PETITION OF TITLES ANTHONY THE MATTER THE QUIETING ACTSANDS 1959 AND IN THE MATTER OF THE QUIETING TITLES ACT 1959 IN OF ANTHONY SANDS INTHE THEMATTER MATTEROF OFTHE THEPETITION QUIETING TITLES ACT 1959 AND IN THE MATTER OF THEAND QUIETING TITLES ACT 1959 NOTICEAND OF PETITION IN THE MATTER OF THE AND PETITION OF ANTHONY SANDS IN THE THE PETITION OFofPETITION Anthony SandsMATTER claims to OF beNOTICE the owner the OF fee ANTHONY simple estateSANDS by being in IN THE MATTER OF THE PETITION OF ANTHONY SANDS exclusive possession of the said land free from encumbrances for over 40 years. IN THE PETITION Anthony SandsMATTER claims toOF be THE the owner of the OF fee ANTHONY simple estateSANDS by being in exclusive possession of the said land free from encumbrances for over 40 years. NOTICE OF PETITION AND THE Petitioner has made application to the Supreme Court of the NOTICE OF PETITION Commonwealth of the Bahamas under section 3 of the Quieting Titles Act 1959 to NOTICE OF PETITION AND THE Petitioner has made application tofeethe Supreme Court of the Anthony Sands claims to be the owner ofthe thenature simple estate by being in have his title to the said land investigated and and the extent thereof NOTICE OFencumbrances PETITION Anthony Sands claims to be the owner of the fee simple estate by being in Commonwealth of the Bahamas under section 3 of the Quieting Titles Act 1959 to exclusive possession of the said land free from for over 40 years. determined andSands declared in to a Certificate of Title to besimple granted by the Courtinin claims be free the from owner of the estate by being exclusive ofprovision the said over 40extent years. have Anthony hispossession title to the the said landland and the fee natureforand the thereof accordance with ofinvestigated thefree saidfrom Act.encumbrances Anthony Sands claims to be the owner of the fee simple estate by being inin exclusive possession of the said land encumbrances for over 40 years. determined declared in ahas Certificate of Title totobethegranted by the Court ANDand THE Petitioner made application Supreme Court of the exclusive possession of the said land free from encumbrances for over 40 years. AND THE Petitioner has made application to Supreme theto accordance with provision ofmay the said Act. Commonwealth of the Bahamas under section thethe Quieting Act of 1959 A copy of the the filed plan be inspected at:persons NOTICE is hereby given that any person3orof havingTitles anCourt adverse claim AND THE Petitioner hasinvestigated made application tonature the Supreme Court of the Commonwealth of the Bahamas under section 3 of the Quieting Titles Act 1959 to th land have his title to the said and the and the extent thereof shall on or before the Bahamas 7 August 2019section file in 3the Supreme Court andCourt serve onthe the AND THE Petitioner has made application to the Supreme of Commonwealth of the under of the Quieting Titles Act 1959 to have his title to the said land investigated and the nature and the extent thereof NOTICE is hereby given that person oranpersons having an adverse claim determined declared in aa Certificate of Title toAffidavit be granted byfiled the therewith Court in 1.of The Registry of theany Supreme Court Ansbacher Building, Bank Petitioner orand the undersigned form verified bythe toTitles be Commonwealth the Bahamas under section 3 of the Quieting Act 1959 to have his title to the said land investigated and nature and the extent thereof th determined and declared inAugust a or Certificate of7in to be granted by Court in thTitle shall onoforany before the 7 Nassau, 2019 file the Supreme Courtoperate andtheserve on the accordance with the provision of the saidthe Act. Failure such claim on before August 2019 shall as a bar to Lane Bahamas have his title to the said land andtothe thereof determined and declared in aofinvestigated Certificate ofand Title tonature be granted by the Court in accordance the provision saidverified Act. Petitioner or the undersigned athe form bythean Affidavit be extent filed therewith such claim.with determined and declared in a Certificate of granted by the Court into accordance with the provision of the said Act. thTitle to be A copy of the filed plan may be inspected at: FailureNOTICE of any 2. such claim on or before the 7 August 2019 shall operate as a bar isThe hereby given that any person or persons having an adverse claim Administrator’s Office in Rock Sound Eleuthera, Bahamas accordance withof the provision of may the said Act. A copy plan be inspected NOTICE isthe hereby that any person or at: persons adverse such shall claim. on or before thefiled 7thgiven August 2019 file in the Supremehaving Courtan and serve claim on the hereby given any person orSupreme persons having an claim 1. 7thThe Registry ofverified the Supreme Court Ansbacher Building, Bank shall onNOTICE or before August 2019 file in the Court serve on the Petitioner or theis the undersigned athat form by an Affidavit to and be adverse filed therewith th 3. Raymond A. Rolle & Co. No. 39 Kemp Building, East Street NOTICE is hereby given that any person or persons having an adverse claim shall on or before the 7 August 2019 file in Supreme Court and serve on the ththe Petitioner or the undersigned a form verified by an Affidavit to be filed therewith 1. The Registry of the Supreme Court Ansbacher Building, Bank Lane Failure of any such claim onNassau, or beforeBahamas the 7 August 2019 shall operate as a bar to th the North, Nassau Bahamas shall the 7th August 2019 file 7in Supreme Court and serve Petitioner orbefore the undersigned a before form verified by an Affidavit to operate be filed August 2019 shall astherewith a on barthe to Failure oforany such claim on or the suchon claim. Lane Nassau, Bahamas th Petitioner or the undersigned a form verified by an Affidavit to be filed therewith August 2019 shall operate as a bar to Failure of any such claim on or before the 7 such claim. 2. The Administrator’sthOffice in Rock Sound Eleuthera, Bahamas Failure of any such claim on or before the 7 August 2019 shall operate as a bar to such claim. 2. The Administrator’s Office in Rock Sound Eleuthera, Bahamas DATED 14th June A.D., 2019 such claim. 3. Raymond A. Rolle & Co. No. 39 Kemp Building, East Street North,A. Nassau Bahamas 3. Raymond Rolle & Co. No. 39 Kemp Building, East Street North, Nassau Bahamas
DATED 14th June A.D., 2019 DATED 14th June A.D., 2019 Raymond A. Rolle & Co. Chambers No. 39 Kemp Building East Street Nassau, Bahamas Raymond A. Rolle & Co. Chambers Raymond A. Rolle & Co. Attorneys the Petitioner No. 39for Kemp Building Chambers StreetBuilding No. East 39 Kemp EastNassau, Street Bahamas
and changed the lock on the door of the Resident Manager’s office. The board immediately filed an application in the Supreme Court seeking interim injunctive relief to restrain the respondents from interfering with the its duties as the lawfully elected board, or from convening general meetings (whether annual or extraordinary) until further order. As their application was not scheduled for substantive hearing until December 2017, which was well after the date for the said meeting, the board approached the Court of Appeal ex parte on November 14, 2017 and obtained a conservatory order from Justice Jon Isaacs. That order restrained the respondents, their nominees, agents, or
proxies from convening an AGM or EGM until the determination of the issues. In obedience to the conservatory order, the general meeting was aborted and did not take place. Following a court hearing, Justice Petra Hanna-Adderley handed down a ruling on February 14, 2018 in which she refused the interim injunctive relief and dismissed the application with costs. The appellants subsequently appealed Justice Hanna-Adderley’s decision, and also made an ex parte application via summons under a Certificate of Urgency filed on February 21, 2018 for interim relief pending the appeal. The appellate court allowed the board’s appeal, finding that had Justice
Hanna-Adderley examined the board’s Writ of Summons “as carefully as she should have done”, she would have found that the board was not seeking a “free-standing injunction as she erroneously thought”. Conversely, the appellate judges said the board of directors were “merely preserving their right” as the lawful directors of the association to manage the Association’s affairs and also obtain the relief they sought in their writ. However, the appellate court noted that while its September 4, 2017 decision settled the primary dispute over which group was the validly elected board, other issues still remain outstanding and have yet to be heard and disposed of. The saga continues.
PAGE 4, Friday, June 14, 2019
SANDS OUTLINES SURGE IN NHI UPTAKE FROM PAGE ONE
Standard Health benefit regardless of personal health status, pre-existing conditions, age or other demographic risk factors,” said Dr Sands. Among the key policy suggestions put into place are premium sharing, with the premium no longer to be shared 50/50. “The employer will be able to collect up to 1.5 percent of monthly income, lowered from two percent, up to the standard premium rate with employers paying the remaining balance. This allows for a more equal distribution on average for employers, supports
low-income employees and causes high-income earners to contribute more.” “The mandate would apply for all employers, regardless of company size on July 1, 2020, providing for a consistent start across the board. The policy change addresses concerns made by business groups about artificial distinctions between small and large employers,” Dr Sands added. According to Dr Sands, NHI proposes a National Fee Schedule which both the organisation and private insurers would reimburse providers under the agreement for services rendered. “This allows for the standard premium rate to be
more easily adopted by private insurers and would simplify the risk equalisation process. Ninety-five percent of current beneficiaries reported being were either very satisfied or satisfied with the health care experience they received from their NHI doctor. In a public opinion poll 87 percent of respondents supported the expansion of NHI Bahamas to provide affordable coverage for high cost medical care. In addition, 57 percent of respondents said a combination of government, employees and employers should pay for universal healthcare,” said Dr Sands.
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Door still open for Lewis scholarships FROM PAGE ONE all aspects of the hospitality industry including finance, operations, customer service theory, human resources and marketing and communications. The solid foundation makes the school’s alumni eligible for positions in top hospitality companies world-wide, said UCF. A primary goal of the Lewis Foundation is to ensure access to higher education is open to everyone including low-income families and first-generation college students whose parents did not have an opportunity to pursue a tertiary degree. To that end, preference will be given to those who otherwise would
not have the means to pursue a higher education. The foundation also recognizes more people are going to college beyond their teens and early twenties, as such the scholarship body has extended its age range to reach more potential applicants. It will consider individuals up to the age of 25. “The scholarship provides an opportunity to get a degree debt free. We’re covering nearly 100 per cent of the cost. We go beyond the sticker price, that is tuition and provide for nontuition costs – your room, books and other educationrelated expenses,” said Mrs Smith-Munroe. She encouraged all interested persons to visit the
University of Central Florida’s website. “See if you’re a fit for the school and if the college is right for you. If you meet their undergraduate requirements apply for the spring semester, which begins in January, and notify us,” she advised According to the Mrs Smith-Munroe potential applicants might have taken a few months or years hiatus to explore careers, take a break from school or fulfil family obligations. “If you think you are now ready for the rigours of college life, then, by all means, go for it,” she said. The scholarship is renewable up to eight semesters based on UCF’s good academic standing requirements.
Andros Tourist Office, BMOT; Andre Knowles, Director, B2B, BTC; Alfred Poitier, Chief Executive Officer, National Workers Cooperative Credit Union; Cheryl Bastian, owner, Swain’s Cay Lodge, Dr Raveenia Roberts-Hanna, Executive Director, BAMSI and Rev Marina Newton, Programme Coordinator Association of Farmers. Joan Albury, president, TCL Group and creator of the seven-island Business Outlook Series spoke to the urgency of getting Bahamians to understand the rich contribution Andros and the Berries are making and can increase with an insistence upon sustainable development and more Bahamian ownership. Mrs Albury noted: “This year and beyond, we are heavily focused on sustainable tourism and agriculture—this is not optional. It is an urgent necessity. A member of the Andros Nature Conservancy (ANCAT) and dedicated to sustainable development of our natural resources, Peter Douglas has told us again and again that the fly fishing industry alone is a multi-billion industry globally and worth more than $140m throughout The Bahamas. Knowing that our Andros and Berries have some of the best fishing grounds in the world, foreign investors are eager to control that market, while Bahamians are largely unaware of our potential gold rush. Added to that, we are still not doing enough to feed ourselves in this country, yet Andros, 2200 square miles and abundantly watered, can become the nation’s breadbasket. “There are already a number of positive movements towards tapping this great potential. Regarding agricultural development, the BAMSI turnaround is a tremendous positive. The facility is making its presence felt in production and
hiring. People are excited about the reopening of Emerald Palms in South Andros and the bonefishing lodges continue to do well in the season. The Andros festivals are enjoying an increase in domestic patronage. Two banks have a branch each on Andros and National Workers Credit Union has established a unit there.” Albury added: “The downside is that there is a pressing need for more infrastructural upgrades, especially in the South, more Bahamian entrepreneurs, more hotel rooms, more tours and certainly more funding generally. Road works are ongoing but the contractor brought workers from Nassau. Additionally, we need to prepare for the ending of the 52-week National Empowerment Employment Initiative. Do we know what will happen to the over 70 persons engaged in the programme? While cruise ships are coming, they tend to corner the market on guest activities, especially with regard to jet ski operations. Shouldn’t these features be dedicated to local enterprise?” With the Business Outlook Series increasingly focused on education, attendees will have the benefit of the workshop on VAT led by the Department of Inland Revenue and the other on the 2020 Plastic and Styrofoam Ban. The latter session will be a joint presentation by Tarran Simms, Coordinator, Bahamas Ministry of Tourism & Aviation, Andros and Kendria Ferguson from The Ministry of Housing and Environment. Andros is one of seven islands that comprise the Bahamas Outlook series. The other islands are: Eleuthera, New Providence, Grand Bahama, Andros, Long Island, Exuma and Abaco.
HOTEL UNION BOSS INSISTS ALL HE WANTS IS A DEAL Take a chance on Andros FROM PAGE ONE Significantly, Sandals Royal Bahamian, SuperClubs Breezes and Baha Mar are not included. The BHCAWU filed a trade dispute on April 18. “The reason for us doing this is we saw the actions of 2012 where they seemed as though they were failing to come to the table to engage with this union and therefore we availed ourselves of the rights given to us under the Industrial Relations Act. Referencing the proposals at the centre of the controversy, Mr Woods noted they contained no
provision for the collection of the 15 percent gratuity. “We were accused of misleading our memberships but we only informed our members of what was sent to us. It would have been irresponsible of us not to inform them. The only thing the union can be charged with is wanting to have a registered industrial agreement on behalf of our members,” said Mr Woods. While Atlantis management has publicly stated the 15 percent gratuity is not at stake, Mr Woods noted that in its proposal no percentage was affixed to the various offerings such as food and beverage, fine dining, casual dining
and buffet, unlike pervious proposals. “It’s not by chance. You had to go in and change it. Even if it had said zero percent, it has no percentage. It only shows the percent sign. You can’t tell me that was not a ground for discussion because you now want to change something you don’t even pay. We have gotten a glowing report from the hotel industry but you want to roll back benefits when you say things are good? The union is prepared and the evidence is here to show that we were willing and able to negotiate but we had been prohibited at every stop,’ said Mr Woods.
To advertise in The Tribune, contact 502-2394
WITH “Connecting Resources, Maximising Opportunities and Transforming Andros” as its theme, the 7th Annual Andros Business Outlook is set for Thursday, June 20 at Island Comfort Bed and Breakfast, North Andros. The focus will be on the significant economic potential and domestic investment opportunities of Andros and neighbouring Berry Islands that are largely untapped by Bahamians. Attendees can also look forward to two free workshops. The speaker slate will be headed by Carlton Bowleg, Parliamentary Secretary, Ministry of Agriculture & Marine Resources, who represents North Andros and the 14 Berry Islands in the House of Assembly. Mr Bowleg, who shares his time between the big island and Cat Cay will present his vision for this fertile quadrant of The Bahamas. On the programme as well will be Michael Scott, Chairman, Hotel Corporation, who will share the Hotel Corporation’s plans for Lighthouse Yacht Club & Marina and other Hotel Corporation’s interest in Andros. Following on the agenda will be Brian Hew, Owner, Kamalame Cay; Peter Douglas Sr Manager, North
NOTICE
NOTICE is hereby given that NELSON PETITRERE ofAllen Drive, off 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 14th day of June, 2019 to the Minister responsible for Nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
The Cove Eleuthera is seeking a qualified
Director of Engineering
to join our Engineering Team. The successful candidate should have the following minimum requirements: Bachelor’s degree from four-year College or university; or equivalent related work related experience and/or training. Formal training in the following: refrigeration, plumbing, air conditioning, reverse osmosis facilities, building and construction. Prefer 5+ years’ prior supervisory skills and work experience as Assistant or Director of Engineering and mechanical trades with hotel/resort, hospitals or large buildings. Must have strong organizational skills, excellent written and verbal communication skills and be able to perform and prioritize multiple tasks with ease. Computer skills required. Strong guest and team member relations skills. Must maintain current CPR and First Aid certification. Safety sensitive position. All interested applicants can forward their Resume and Cover Letter to HumanResources@thecoveeleuthera.com
THE TRIBUNE
Friday, June 14, 2019, PAGE 5
Pelosi: No debt increase until spending limits are raised WASHINGTON Associated Press SPEAKER Nancy Pelosi said yesterday that the Democratic-controlled House won’t pass must-do legislation to increase the government’s borrowing cap until the Trump administration agrees to boost spending limits on domestic programs. The California Democrat said she’ll agree to increase the so-called debt ceiling, which is needed to avoid a market-cratering default on US government obligations this fall. But she says she’ll do so only after President Donald Trump agrees to lift tight “caps” that threaten both the Pentagon and domestic agencies with sweeping budget cuts. “When we lift the caps then we can talk about lifting the debt ceiling — that would have to come second or simultaneous, but not before lifting the caps,” Pelosi told reporters. Treasury Secretary Steven Mnuchin, who is leading negotiations for the administration instead of hard-liners like acting White House budget chief Russell Vought, shares Pelosi’s sentiments, though his top priority is to increase
SPEAKER of the House Nancy Pelosi, D-Calif, reflects on President Donald Trump’s statement that he would accept assistance from a foreign power, saying it’s so against any sense of decency, during a news conference on Capitol Hill in Washington yesterday. An avid sports fan, Pelosi is wearing the colors of the Golden State Warriors colors, a gold jacket with blue pants. Photo: J Scott Applewhit/AP the borrowing cap. Her remarks came as often linked together. “If we reach a caps deal, bipartisan negotiations to Probably most important the debt ceiling has to be increase the spending limits is to increase the governincluded,” Mnuchin said have sputtered, though ment’s almost $22tn debt so Wednesday. Senate Majority Leader that it can borrow money Vought, for years an Mitch McConnell, R-Ky, is from investors and foreign activist with the conserva- eager for an agreement. A countries such as China to tive Heritage Foundation’s pair of negotiating sessions redeem government bonds, policy advocacy arm, took last month generated some pay benefits such as Social a more aggressive tack after initial optimism but there Security, and issue payPelosi’s announcement. hasn’t been any visible pro- checks to federal workers. “Democrats’ threat to gress since. Treasury is using a familiar hold the debt limit hostage “We were making some set of bookkeeping tricks to trillions in new spending progress but then they kind to stay within the existing is reckless and irresponsi- of backed away from it,” debt limit but Congress has ble, risking America’s full Pelosi said. to act by mid-fall to avoid a faith and credit,” Vought At issue are two sep- first-ever default. wrote on Twitter. arate needs that are Increasing the spending
caps is required to set an overall limit for agency budgets appropriated by lawmakers every year to permit the annual round of appropriations bills, expected to total more than $1.3tn, to advance with bipartisan support in both the House and Senate. Any budget deal would represent the fifth two-year budget agreement since a 2011 budget and debt bill set the stage for muchreviled automatic cuts known as sequestration. Without an agreement, government-wide automatic cuts of $125bn would slap both the military and domestic agencies. In his March budget submission, Trump employed bookkeeping gimmicks to protect the defense budget and called for sweeping cuts to domestic programs. The Democratic-controlled House started advancing the annual spending bills just this week with an almost $1tn measure that blends the defense budget with health, human services, and education programs favored by Democrats. The chamber debated amendments to the measure until 4am yesterday, restarting the debate just hours later. The measure is slated for a final
vote next week. But the Senate, where the process has to be more bipartisan to succeed, has yet to get started. Pelosi also offered assurances that Congress will act on Trump’s request for humanitarian aid to house and care for hundreds of thousands of migrant refugees seeking asylum in the US after crossing the US border. Trump has asked for $4.5bn to address the issue but it has become entangled in a fight with house Democrats seeking to put conditions on the aid. “I have confidence that they will come to a conclusion on it,” Pelosi said. “We have to.” The Department of Health and Human Services will run out of money to care for the migrants within a few weeks, stoking fears of a humanitarian debacle on US soil. “There’s not enough tents to keep people out of the sun. The whole thing is a gigantic tragedy and it needs to be fixed right now,” said Rep Kay Granger, R-Texas, top Republican on the Appropriations Committee. “They are running out of money. ... There is no place to put these people. And to not take care of this right now is just immoral.”
Trudeau to visit Trump next NOT TO BE OUTDONE, TYSON ENTERS week to talk trade, China PLANT-BASED MEAT MARKET Associated Press
CANADIAN Prime Minister Justin Trudeau, US President Donald Trump and Britain’s Prime Minister Theresa May attend commemorations for the 75th Anniversary of the D-Day landings in Portsmouth, England. TORONTO Associated Press CANADIAN Prime Minister Justin Trudeau will travel to Washington next week to meet with President Donald Trump to discuss the ratification of the new North American trade agreement and China’s detention of two Canadians. Trudeau’s office said he will visit next Thursday. Trump and Trudeau are trying to build momentum to pass the new trade deal that also includes Mexico. Relations have improved since a low last summer when the US president called Trudeau “weak” and “dishonest”. Trump was furious after Trudeau said at a Group of Seven summit that he wouldn’t let Canada be pushed around in trade relations with the US. The new Mexico-USCanada Agreement, signed in November by the leaders of the three nations, is meant to replace the
North American Free Trade Agreement. The pact needs approval from lawmakers in each country. Democrats in Washington now want stronger enforcement of labor standards and they oppose a provision that protects pharmaceutical companies from competition. Trump almost derailed the agreement himself after threatening a 5% tariff on all Mexican imports to pressure that country to do more to crack down on Central American migrants trying to cross into the US. Trudeau’s office said yesterday that during his meeting with Trump the prime minister will also bring up plight of two Canadians held in China. Beijing detained ex-diplomat Michael Kovrig and entrepreneur Michael Spavor on Dec 10 in an apparent attempt to pressure Canada to release Meng Wanzhou, a top executive at Chinese tech giant Huawei. She was
NOTICE The Board of Directors of Benchmark (Bahamas) Ltd. at its May 2018 Board meeting voted unanimously to establish a policy for future dividend payments. The Board has declared its annual dividend for the year 2019 of one cent per share and a special dividend of one cent per share to shareholders of record 20 June, 2019 payable on the 30th June 2019
Brent Roberts Secretary Benchmark (Bahamas) Ltd.
arrested Dec 1 at the request of US authorities who want her to face fraud charges in the US.
THE fast-growing market for meat alternatives has a surprising new player: Tyson Foods. Tyson, one of the world’s largest meat producers, will begin selling nuggets made from pea protein at grocery stores this summer. A blended burger made from beef and pea protein will follow this fall. Both will be sold under a new brand, Raised and Rooted, which will continue to develop plant-based and blended products for both groceries and restaurants. Tyson is responding to a growing global trend toward plant-based eating, fueled by health and environmental concerns. US sales of meat substitutes
A PLANT-based meat alternative made by Tyson Foods. are expected to jump 78% to $2.5bn between 2018 and 2023, according to Euromonitor. Global sales could reach $23bn in that same timeframe. Startups like Beyond
Meat, which makes burgers and sausages from pea protein, and Impossible Foods, which has a soy-based formula, have also raised consumers’ interest with products that mimic meat so closely in taste and texture that they’re being sold at Burger King and Carl’s Jr. But the entry of Springdale, Arkansas-based Tyson could upend the alternative protein market because of its sheer size and distribution capacity. Tyson Foods reported $40bn in sales in its 2018 fiscal year.
NOTICE
Gamasphere Ltd. (In Voluntary Liquidation)
NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that SANDY SHOES CORP. is in dissolution and the date of commencement of the dissolution is the 23rd day of May, 2019. Halson Ferguson and Lynn Kelly LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre 3rd Floor, West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas
NOTICE DYKY INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act, 2000, DYKY INC. is in dissolution. The date of commencement of dissolution was May 22nd, 2019. Valerie Guggenheim, of 1 Tradewinds Drive, Freeport, Bahamas, is the Liquidator. LIQUIDATOR ________________________
Notice is hereby given that the above-named Company is in dissolution, commencing on the 12th day of June, 2019. Articles of Dissolution have been duly registered by the Registrar. The liquidator is (Amicorp Bahamas Management Limited) whose address is Bahamas Financial Centre, 3rd Floor, Shirley & Charlotte Street, P.O.Box N-4865, Nassau, Bahamas Dated this 12th day of June 2019 (AMICORP BAHAMAS MANAGMENT LIMITED) LIQUIDATOR
The Cove Eleuthera is seeking a qualified
Executive Chef
to join our Food and Beverage Culinary Team. The successful candidate should have the following minimum requirements: Culinary degree or equivalent related work related experience and/or training. Prefer 5+ years’ prior supervisory skills and hotel/resort culinary/food and beverage management experience. Must have strong organizational skills, excellent written and verbal communication skills and be able to perform and prioritize multiple tasks with ease. Computer skills required. Strong guest and team member relations skills. Must maintain current food handler’s certification All interested applicants can forward their Resume and Cover Letter to HumanResources@thecoveeleuthera.com
PAGE 6, Friday, June 14, 2019
THE TRIBUNE
US STOCKS NOTCH GAINS, SNAP SHORT LOSING STREAK Associated Press GAINS in energy and internet companies helped drive stocks broadly higher on Wall Street yesterday, snapping a two-day losing streak for the market in an otherwise choppy week of trading. The gains were initially fueled by rising oil prices, which boosted energy companies following a suspected attack on two oil tankers in the strategic Strait of Hormuz. The sector sustained its gains as a mix of media, internet
YOUR
and consumer-oriented companies took the lead in pushing every major index higher. Small company stocks rose more than the rest of the market. Investors have been searching for direction as they cautiously await any new developments on the global trade war between the US and China. Any continued escalations could crimp global economic growth and put the brakes on what is poised to be the longest economic expansion in US history.
Anticipation of next week’s Federal Reserve meeting of policyholders helped lift the market yesterday, said Jeff Zipper, managing director at US Bank Private Wealth Management. “You’ve got two competing forces here right now,” Zipper said. “The lingering issue of when is this trade tariff deal going to get resolved, and a more dovish Fed.” Last week, Fed Chair Jerome Powell set off a market rally after he signaled that the central bank
CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019
is willing to cut interest rates to help stabilise the economy if the trade war between Washington and Beijing starts to crimp growth. The S&P 500 index rose 11.80 points, or 0.4%, to 2,891.64. The benchmark index has been seesawing this week, opening strong on Monday, and then falling for two straight days before reversing course again yesterday. The uneven week follows the index’s best week of 2019. The Dow Jones Industrial Average gained 101.94 points, or 0.4%, to 26,106.77. The Nasdaq composite added 44.41 points, or 0.6%, to 7,837.13. The Russell 2000 index of small company stocks climbed 16.01 points, or 1.1%, to 1,535.80. Bond prices rose. The yield on the ten-year Treasury note fell to 2.10% from 2.12% late on Wednesday. US stock indexes rebounded early yesterday as oil prices surged on news of a suspected attack on two oil tankers in the strategic Strait of Hormuz. The incident in the Strait of Hormuz comes amid heightened tensions between the United States and Iran. One third of all oil traded by sea, which amounts to 20% of oil traded worldwide, passes through the strait. The US blamed Iran in what it called a campaign of “escalating tensions” in a region crucial to global energy supplies. Benchmark US crude rose 2.2% to settle at $52.28 a barrel. Brent crude oil, the international standard, added 2.2% to close at $61.31 a barrel. The gains come at a time when oil prices have been falling on signs demand is declining. Analysts questioned whether the gains can hold. Jim Ritterbusch of Ritterbusch & Associates said in a note to clients the jump is factoring in a worst case scenario and oil is “apt to relinquish the bulk of gains as additional details emerge”.
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
WEDNESDAY, 12 JUNE 2019
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,153.94 | CHG: 1.89 | %CHG: 0.09 | YTD: 44.49 | YTD%: 2.11 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.00 5.50 2.60 2.00 3.10 11.05 6.17 4.64 12.50 2.74 1.96 9.51 7.00 15.60 7.75 3.75 14.00
52WK LOW 3.50 19.17 4.90 3.85 1.00 0.19 2.00 8.98 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 2.58 1.95 2.21 11.05 6.16 4.45 10.00 2.74 1.85 9.76 7.00 14.45 7.50 3.16 14.00
CLOSE 4.18 17.43 6.00 5.40 2.58 1.95 2.21 11.05 6.16 4.45 10.00 2.76 1.85 9.89 7.00 14.45 7.65 3.16 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 0.13 0.00 0.00 0.15 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00 107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
83
1,000
VOLUME
EPS$ 0.167 0.932 1.760 0.323 0.098 0.000 -0.438 0.708 0.480 0.184 0.627 0.102 0.209 0.000 0.611 0.743 0.939 0.205 0.631
DIV$ 0.130 1.260 0.000 0.250 0.000 0.020 0.000 0.720 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 -5.0 15.6 12.8 24.2 15.9 27.1 8.9 N/M 11.5 19.4 8.1 15.4 22.2
YIELD 3.11% 7.23% 0.00% 4.63% 0.00% 1.03% 0.00% 6.52% 3.57% 2.70% 6.20% 2.46% 3.24% 3.32% 3.43% 3.46% 2.61% 2.85% 4.29%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75%
MATURITY 19-Oct-2022
6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
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% 1.22% 3.96% 0.74% 3.42% 0.97% 2.67% 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 30-Apr-2019 30-Apr-2019 26-Apr-2019 31-Mar-2019 31-Mar-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Apr-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019
MUTUAL FUNDS 52WK HI 2.23 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 2.23 4.27 2.05 188.32 154.49 1.62 1.76 1.70 1.15 7.66 8.94 6.71 11.25 11.94 10.59 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 TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
In addition, OPEC added to the recent concerns among traders that global demand is slipping. In its latest monthly report on the oil market, OPEC forecast demand would grow by 1.4 million barrels a day in 2019, down by 700,000 barrels a day from its previous forecast. OPEC said it lowered the forecast due to “sluggish oil demand data” from Western countries during the first quarter. While global demand appears to be slipping, supplies remain high. The surge in oil prices lifted shares of oil services companies and oil producers. Schlumberger gained 3.4%. Walt Disney gained 4.4%, leading a mix of media and internet companies higher. Shares in Google parent Alphabet rose 1.1% and Facebook gained 1.4%. Tapestry’s 3.9% gain led a mix of consumer-oriented stocks higher, including Macy’s, home improvement retailers Home Depot and Lowe’s, and homebuilders. Those companies caught an extra boost from the latest mortgage rate figures, which remain near historic lows. Mortgage buyer Freddie Mac says the average rate on the 30-year, fixed-rate mortgage held steady from last week at 3.82 percent, its lowest point since September 2017. Lennar and KB Home each rose 1.9%. Solid earnings and forecasts helped lift several stocks. Lululemon gained 2.1% after stretching beyond Wall Street’s profit and
revenue forecasts for the first quarter. The maker of athletic apparel popular with yoga practitioners also raised its profit forecast for the year. Furniture and houseware retailer RH surged 15.8% after the company blew past Wall Street’s first quarter profit forecasts and raised its own profit forecast for the year. The company said that it raised some prices to offset the impact of tariffs and plans on moving some production out of China. Higher fares gave major airlines a boost. American Airlines confirmed that it raised domestic fares $5 each way. JP Morgan said Southwest Airlines followed by raising prices on tickets bought within a week of the flight and favored by business travelers. The hikes mark the second round of fare increases in just over a month. American Airlines surged 6.4%, Delta gained 1.9% and Southwest rose 3.1%. Health care stocks lagged the market. In other energy futures trading, wholesale gasoline rose 2% to $1.72 per gallon. Heating oil gained 1.5% to $1.81 per gallon. Natural gas fell 2.6% to $2.33 per 1,000 cubic feet. Gold rose 0.4% to $1,336.80 per ounce, silver inched 0.1% higher to $14.75 per ounce and copper fell 0.7% to $2.65 per pound. The dollar fell to 108.34 Japanese yen from 108.48 yen on Wednesday. The euro weakened to $1.1279 from $1.1286.
THE TRIBUNE
Friday, June 14, 2019, PAGE 9
Florida law to allow autonomous cars when they’re ready TALLAHASSEE Associated Press SELF-DRIVING vehicles with no humans on board will be able to operate in Florida — once they’re finally ready for prime time — under a bill signed yesterday by Gov Ron DeSantis. DeSantis said he hopes to use the law to lure companies that test and build the cars. The measure, which takes effect July 1, also opens the door for ondemand ride companies such as Lyft and Uber to eventually deploy fleets of the vehicles in Florida. That does not mean, however, that such cars will appear on public streets around the state anytime soon. Selfdriving vehicles without a human operator are largely still in the testing stage.
DeSantis and state lawmakers said they want to show that Florida will be ready when the cars are. “As soon as companies are ready to roll them out, they’ll be able to get onto our roadways,” said Republican state Rep Jason Fischer, who sponsored the bill. Fischer called the legislation “the best law in the country”. “This will allow ultimate flexibility for companies,” he said. As of March, the most recent month for which information is available, 29 states had passed laws related to autonomous vehicles, according to the National Conference of State Legislatures. They range from authorising testing to allowing the vehicles to operate without humans. Two other states besides Florida that allow peoplefree vehicles are Michigan and Texas. It may be quite some time before any state sees its streets populated by cars driven with no human help. Waymo, an offshoot of Google, had operated a very limited programme using autonomous vehicles with no drivers in the Phoenix area, but now requires a human behind the wheel to take control of its robotaxis in emergencies. Las Vegas and other cities have used autonomous vehicles with human “safety
drivers” in case of a vehicle malfunction. Florida’s new law will allow self-driving cars without humans on all of the state’s roads as long as the vehicles meet insurance and safety requirements outlined in the legislation. It requires that owners of autonomous vehicles have a minimum of $1m in insurance coverage, regardless of whether the vehicles are for personal or commercial use. The law also requires that the owner immediately report crashes to law enforcement or that the vehicles have a system in place to report them. Florida is hoping to siphon high-paying technology jobs away from California, where dozens of companies have already been testing autonomous vehicles with backup drivers on public roads for several years. “With this bill, Florida officially has an open-door policy to autonomous vehicle companies and I encourage them to relocate from California to Florida,” DeSantis said before signing the legislation at a state-run autonomous vehicle test track in the central Florida city of Auburndale. “This helps chart a course to a bolder, brighter and smarter future in transportation and embraces the innovation revolution that will bring high-paying jobs to the state while making our roads safer.”
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division
2017 CLE/qui/00520
IN THE MATTER OF the Quieting Titles Act, 1959 AND IN THE MATTER OF the Petition of SHERRY NIXON AND IN THE MATTER OF ALL THAT piece parcel or lot of land being Lot No. 394 containing Six Thousand (6,000) square feet in “Garden Hill Estates No. 2” Subdivision situate approximately One Hundred and Twenty (120) feet North of Beaumonita Drive and One Hundred and Seventy (170) feet East of East Street in the Southern District of the Island of New Providence which said piece parcel or lot of land is bounded on the North by Lot No. 393 in Garden Hill Estates No. 2 Subdivision and running thereon One Hundred (100) feet on the East by land now or formerly the property of Eleuthera Adventurers Limited and running thereon Sixty (60) feet on the South by Lot No. 395 in Garden Hill Estates No. 2 Subdivision and running thereon One Hundred (100) feet and on the West by Beaumonita Avenue and running thereon Sixty (60) feet.
NOTICE
Join a Team With a Global Perspective Senior Corporate Administrator
The Petition of SHERRY NIXON currently of the Marsh Harbour District of the Island of Abaco, one of the Islands of the Commonwealth of The Bahamas, and permanently resident of No. 394 Garden Hill Estate in the Southern District of the Island of New Providence one of the Islands of the Commonwealth aforesaid in respect of:ALL THAT piece parcel or lot of land being Lot No. 394 containing Six Thousand (6,000) square feet in “Garden Hill Estates No. 2” Subdivision situate approximately One Hundred and Twenty (120) feet North of Beaumonita Drive and One Hundred and Seventy (170) feet East of East Street in the Southern District of the Island of New Providence which said piece parcel or lot of land is bounded on the North by Lot No. 393 in Garden Hill Estates No. 2 Subdivision and running thereon One Hundred (100) feet on the East by land now or formerly the property of Eleuthera Adventurers Limited and running thereon Sixty (60) feet on the South by Lot No. 395 in Garden Hill Estates No. 2 Subdivision and running thereon One Hundred (100) feet and on the West by Beaumonita Avenue and running thereon Sixty (60) feet.
Trident Trust is a leading independent provider of corporate, trust and fund services to the financial services sector worldwide.
NOTICE is hereby given that any person having a dower or right to Dower or an Adverse Claim or a claim not recognized in the Petition shall on before the expiration of Thirty (30) days after the final publication of these presents file in the Supreme Court and serve on the Petitioner or the undersigned a Statement of his claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve an Adverse Claim on or before the expiration of Thirty (30) days after the final publication of these presents will operate as a bar to such claim. Copies of the Petition and filed plan of the said land may be inspected at: 1. The Registry of the Supreme Court, Nassau 2. The Chambers of Mangra & Co., Suite 12 Bayparl Building, Parliament Street. N.P. The Bahamas
The deadline for applications is Friday 21 June 2019.
Dated the 4th day of June, A.D. 2019
Trident Trust invites applications from qualified individuals for the position of Senior Corporate Administrator in its Nassau, Bahamas, office. If you are a talented individual with a commitment to excellence looking to work in a business with global horizons, please visit the Current Roles section of our website at www.tridenttrust.com or email bahamas@tridenttrust.com for full details on the position and application procedures.
T R I D E N T T R U S T. C O M
Mangra & Co Suite 12 Bayparl Building Parliament Street Nassau, Bahamas Attorneys for the Petitioner
PAGE 10, Friday, June 14, 2019
THE TRIBUNE
While Trump wages trade war, Pence tries to ease GOP anxiety YORK Associated Press A GROUP of Pennsylvania manufacturers surrounded Mike Pence as he offered his standard greeting from President Donald Trump. The response was underwhelming. “When I told him I was in the Keystone State, I think
he sounded just a little bit jealous,” the vice president said to a few audible groans and tepid applause. But when Pence turned to his assignment for the trip last week to York, Pennsylvania — selling the administration’s new trade deal with Mexico and Canada — the group warmed up. By the time he got to the part about calling
on Congress to pass the US-Mexico-Canada Agreement, his audience cheered him on. Pence is on a quiet mission to advance the administration’s top legislative priority for the year — the troubled trade deal — and, with it, just maybe hold together the fraying Republican coalition ahead of the next one. As Trump
VICE President Mike Pence. wagers on a trade war with China and threats of another with Mexico, Pence has been travelling the country trying to build support for a free-trade deal. While his boss promotes the power of tariffs, Pence has been in places like Eau Claire, Wisconsin, and Lebanon, Indiana, speaking about the benefits of lowering them. The vice president isn’t just trying to boost support for the trade agreement, which the administration wants passed this summer. He’s also trying to hold together a Republican Party deeply divided over Trump’s trade wars. The president’s policies fly in the face of his party’s support for free markets. They have the potential to drive away country club, pro-business Republicans — long a bedrock of the GOP — and even the blue-collar workers who crossed traditional allegiances to elevate the pair to the White House in 2016. The administration certainly has some ground to make up. AP VoteCast, a survey of voters from the 2018 midterms, found Americans broadly critical in their assessments of Trump on trade. According to the survey of more than
PRESIDENT Donald Trump. 115,000 midterm voters nationwide, 45% approved of Trump on trade, while 53% disapproved. And Trump, who took over the GOP by storm, continues to be viewed skeptically by many party stalwarts. His now-delayed threat to place escalating 5% tariffs on Mexican imports spawned a war of words with the traditionally Republican US Chamber of Commerce. “They take advantage of us in every way possible, and the US Chamber is right there with them,” Trump said on Monday in an unscheduled interview with CNBC, comparing the business group to exploitive trade partners. Enter Pence, the Trump White House’s go-to pitchman to traditional Republican voters. While Trump has tried to sell the USMCA as a replacement for the 25-year-old North America Free Trade Agreement he railed about as a presidential candidate, the trilateral trade deal is simply a modernized version of the pact, with long-sought updates for the new digital economy and some labour protections. The manufacturing and agricultural areas most affected by NAFTA and its would-be successor are among the most politically significant of 2020, and it’s no secret that’s what’s guiding Pence’s travel schedule. It’s places like R&J Johnson Farms near Glyndon, Minnesota, located in a Hillary Clinton-won state that Trump’s team hopes to flip next year, where Pence visited last month to encourage Democratic Rep Collin Peterson to bring Democrats on board behind the USMCA. It’s places like York, Pennsylvania, where Pence toured JLS Automation and its robotic packaging machines for items like fast-food egg patties and parmesan cheese crisps. York County voted for Trump by a nearly two to one ratio in 2016, but the GOP’s performance suffered in last year’s midterms. “It just happens to be they are going to be Democrat-held seats, but also in states that we need to win in 2020,” said Pence’s chief of staff, Marc Short. As a former congressman, Pence is a known quantity among GOP lawmakers and interest groups, and Trump has often proved unwilling or unable to maintain the discipline of a strategic messaging campaign. While Trump’s slate of protectionist measures has alienated many in the business community — most prominently the Chamber of Commerce — the
USMCA has proved to be a unifying priority for those essential elements of the Republican base. “While we disagree on tariffs, that doesn’t change our really strong working relationship on things as important as USMCA,” said Neil Bradley, the group’s chief policy officer. He praised Pence’s salesmanship: “As a former member (of Congress) he understands the power of a vice president going into a district and talking about the benefits of a particular policy and how to move votes.” Meanwhile, Democrats, who have many of the same gripes about NAFTA that Trump has espoused, are clamoring for ways to regain lost ground with working-class voters who found Trump’s rhetoric appealing. It’s Pence’s job to stop the bleeding, holding events in front of posters with the slogan “We make it here, help us sell it there”. For an unconventional administration, Pence’s dozen trips over the previous three months have largely stuck to a familiar playbook of political organising. Roundtable visits with business leaders, hard-hat tours and speeches to workers are combined with local news interviews and calls to action, all to get Congress to take up the deal. “Tell the story of what the USMCA is going to mean for companies like this,” Pence implored the audience of engineers, tradespeople and salespeople in Pennsylvania, asking them to tell their friends and call their members of Congress. “It’s absolutely essential we get the USMCA passed by the Congress — and passed by the Congress this summer.” That timetable strikes many in the president’s party, and even some in the White House, as particularly rosy. The Trump administration started the clock on Congress to act in late May, allowing them to bring the legislation to lawmakers as soon as the end of June. “The clock is ticking. It’s time,” Pence told workers. The White House hopes the accelerated timetable could keep the USMCA from becoming a political pawn as Washington quickly becomes singularly focused on the 2020 campaign, and the Pence effort is meant to push Democratic lawmakers to pressure House Speaker Nancy Pelosi to bring the trade pact to the House floor. But the White House acknowledges that Democrats may be unwilling to give Trump such a high-profile victory with his reelection bid just around the corner.