07122018 BUSINESS by tribune242

business@tribunemedia.net

THURSDAY, JULY 12, 2018

$4.94

$4.99

Fears growing over Grand Lucayan deal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

EARS were growing last night that the government is scrambling for alternatives to re-open the Grand Lucayan amid concerns that the Wynn Group’s $70m purchase may not work out. K Peter Turnquest, deputy prime minister, yesterday confirmed to Tribune Business that “developments” had occurred regarding Freeport’s still-closed “anchor” resort property but declined to provide any detail.

* DPM admits ‘development’, gives no details * But pledges key resort ‘will not close’ * Hutchison eyes exit amid Wynn doubts

THE GRAND Lucayan property in Freeport.

He added, though, that the government “will

handle” whatever occurred, and pledged that the Grand

$4.94

Minister: World relays benefits ‘questionable’

K PETER TURNQUEST, DPM

Lucayan “will not close” - again without giving specifics. “I’m not prepared to talk about that quite yet,” Mr Turnquest said, when asked whether the Wynn Group acquisition was in danger of foundering and key hotel/airlift operators had withdrawn. “There are developments, but I’d want to know what the solution is before talking about that. “Whatever it is it’ll be handled. The hotel will not

close. We continue to have conversations about the best approach to deal with it. I don’t really want to get into it at this point.” Tribune Business contacted Mr Turnquest, also the east Grand Bahama MP, after multiple sources suggested Wynn’s tax concession and marketing/airlift support demands were proving

ATLANTIS is closer to marrying Disney World and Las Vegas than “any other property in the world”, with net cash flow having increased by 15 percent since its current owner’s 2012 takeover. Morningstar Credit Ratings, the investment analysis firm, in a July 9 assessment of the Paradise Island resort’s $1.85bn

* ANALYSTS GUSH OVER ‘UNIQUE ASSET’ * SEE BAHA MAR OPENING CHINA AIRLIFT debt refinancing, described it as “a unique asset” that no other Caribbean resort can match because of the breadth of amenities it offers.

DPM targets ‘next week’ on fiscal bill By NEIL HARTNELL and NATARIO McKENZIE Tribune Business Reporters The deputy prime minister yesterday said he aims to “lay and debate” the Fiscal Responsibility Bill in Parliament next week, conceding that it is critical to the government’s “credibility”. KP Turnquest told Tribune Business: “I am hoping to have it approved, the revised version, by Cabinet next week, and I’m hoping we can have it laid

and debated next week. If not, then it will certainly be done before or immediately after the break for summer. I’m hoping to get it done by next week.” He was responding to calls by the Organisation for Responsible Governance (ORG), the civil society group, for the government to pass the Fiscal Responsibility Bill before Parliament takes its summer break. ORG also urged the government to treat the

SEE PAGE 9

DPM pledges crack down on smuggling By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE deputy prime minister yesterday pledged to crackdown on the “big problem” of smuggling, although he was unable to quantify how much this costs the government in lost revenue. K Peter Turnquest, addressing a Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) breakfast, said: “With respect to smuggling, this

is a big problem. We have plans and programmes in place that are going to stop much of that. “We are not going to get all of it because we are a creative people, but we intend to stop it as best we can. We recognise that our islands are being used, and that’s unfortunate. I can assure you that the Ministry of Finance is working with the customs department, it is working with the police department and all of the

SEE PAGE 9

ATLANTIS PARADISE ISLAND

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

“While there are numerous properties in the Caribbean that offer similar amenities as the Atlantis Paradise Island Resort, none offer everything that Atlantis does,” Morningstar said. “The property is essentially a ‘theme park’ for adults and children, and could be considered as a cross between Walt Disney World and Las Vegas. “While Atlantis obviously does not offer the

THE economic benefits from hosting the IAAF World Relays and top sporting events are “questionable”, a Cabinet minster yesterday arguing that social media is “a better bang for our buck”. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the TV exposure of The Bahamas generated by such occasions was having “less and less” impact on tourists’ holiday destination choices. Reiterating that the impact from such exposure is difficult to measure, the Minister suggested the government’s decision not to host the World Relays in 2019 was justified because the cost to taxpayers likely exceeded The Bahamas’ return on investment. “Obviously we cannot deny that the Relays have some effect on tourism,” Mr D’Aguilar said, “and people who came to the country stayed in hotels, put heads in beds. But the difficulty of running the country is you

SEE PAGE 8

SEE PAGE 5

SEE PAGE 4

Atlantis enjoys 15% cash flow jump by Disney/Vegas tie By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.94

PAGE 2, Thursday, July 12, 2018

THE TRIBUNE

TECH FIRM’S PRESIDENT LURES INTERNET EVENT TO BAHAMAS A BAHAMIAN technology executive used his address to an Internet conference to lure the same event to this nation in 2019. Jason McDowall, chief executive and president of BahamasLocal.com, took the spotlight at IMPACT 18 Holland, an event hosted by the Internet Marketing Association (IMA). The latter is one of the fastest-growing professional organisations in the world, providing knowledgesharing platforms for proven online marketing strategies. Mr McDowall was invited to speak on his company’s expansion plans and entrepreneurial journey, which saw the business develop from a two-man operation with no advertisers into a heavily-used website, featuring over 15,000 companies and supported by 160 advertisers. BahamasLocal.com now has more than half a million unique visitors a month, and 400 million total advertiser message impressions. “I was able to use the evolution of BahamasLocal.com into a multi-million dollar business as an example of how The Bahamas could become the tech hub of the Caribbean,” said Mr McDowall, who presented to an international mix of leaders in online marketing. Revealing that the

JASON MCDOWALL, chief executive and president of BahamasLocal.com, with Bob Nolet, owner of Kettle One Vodka. At the Internet Marketing Association’s (IMA) IMPACT 18 conference in the Netherlands, Mr McDowall met the Nolet Family at their 327-year-old distillery. Bahamas will stage IMPACT 19 next year, he added: “It will be a fantastic opportunity for some of the top Internet marketers to come and see what The Bahamas has to offer. Since coming up with the idea for The Bahamas to become the “tech hub” of the Caribbean, it has taken a long time to get IMPACT to come here.” The Internet Marketing Association (IMA) prides itself on carefully assembling

life-changing, career growing experiences in some of the world’s most spectacular venues. At IMPACT 18, Mr McDowall stayed at the Hotel Des Indes, a luxury collection hotel, located in The Hague, and joined other attendees on a VIP tour of Amsterdam that took in museums, canals and the 327-year-old Nolet Distillery, the makers of Kettle One and Nolet Gin. At the distillery, which

survived the French Revolution and two World Wars, Bob Nolet Sr, the 11th generation, and Bob Nolet Jr, the 12th generation, owners provided insight on its new and innovative marketing strategy for a range of spirits. “The presentation was valuable and offered the opportunity to harness the knowledge of a frontline leader. It gets one thinking,” said Mr McDowall. An online information

resource, BahamasLocal.com is a search engine owned by Caribbean Local Ltd, a software development company specialising in e-commerce with offices in the US, the Netherlands, Bonaire and The Bahamas. Over the next 12 months, Caribbean Local Ltd is expected to roll out BonaireLocal.com, CaymanLocal.com and JamaicaLocal. com. Launched in 2009, BahamasLocal features

15,000-plus businesses, a directory of telephone numbers, calendar of events, classified ads from jobs to goods for sale, weather reports, and news updates every two hours. Viewers can read movie reviews and reserve tickets, see which companies are recommended, sign up for activities, follow links to thousands of sites, and check restaurant menus and reviews.

THE TRIBUNE

Thursday, July 12, 2018, PAGE 3

CONTINUED BORROWING THE ‘GREATER FISCAL RISK’ THE BAHAMAS can neither tax nor “borrow our way out” from its near$8bn national debt, the deputy prime minister yesterday branding the latter as a greater fiscal risk. K Peter Turnquest, addressing the Bahamas Chamber of Commerce’s breakfast meeting, said: “We can’t tax our way out of debt, and we can’t borrow our way out either. It’s just a reality that we are faced with as a country that demands services, and those services have a cost attached. Up to now we have been borrowing in order to meet that demand.”

K PETER TURNQUEST He added: “There is no way we can continue on that path otherwise the $7bn debt we have today will be, in a couple of years, $8-$9bn. All of this at some point will have to be paid. While today we still have fiscal headroom where we can go out and borrow, the

day may come when we are unable to, and at the most vulnerable time. “For instance, if we have a catastrophic hurricane or another war somewhere that disrupts our ability to borrow or obtain goods, that could have a catastrophic effect and result in us not being able to meet our payments or borrow in order to meet the challenges that arise.” Mr Turnquest said that while the budget’s VAT increase was a challenge, continued borrowing poses “even more of a risk going forward”. “We have made a calculated decision as to what is the best approach for us

going forward. We believe that the level of VAT at 12 percent that we have put forth is going to give us the stability and the certainty to be able to address our challenges, and to start to reverse some of the trends we have experienced over the past couple of years,” he argued. Mr Turnquest said the tariff issues that have impacted cross-border commerce following the Budget have also been addressed. “With respect to the tariff codes there’s been some amendments to the tariff codes to comply with the World Customs Organisation codes,” he conceded.

“There was some delay in printing the booklet so brokers would know which codes to use and what the new ones are. That’s all been resolved as I understand it, and that information is available to the brokers. Hopefully there will be no issues going forward.” Mr Turnquest said conversations have taken place with major real estate developers regarding the VAT rate increase. “We have had conversations with the real estate industry, and developers in particular. We do recognise what exemption versus zero rating would mean to developers, and we are

intent on a addressing that issue,” he explained. When asked about calls by the Bahamas Real Estate Association for a “grace period”, Mr Turnquest said: “We have with all industries given the due consideration to long-term contracts, and we continue to offer that kind of help where there is a legitimate concern. “But, at some point, we do need to enforce the taxes, and so for transactions that occurred prior to July 1 they will carry the 7.5 percent even if it is a project that may run over, but as of July 1 any contract entered into will be at the new rate.”

WATER CORP IN VISIT TO UK COUNTERPARTS

BTVI programme aims to close IT skills gaps THE Bahamas Technical and Vocational Institute (BTVI) believes its Information and Communications Technology (ICT) Summer Youth Programme is another step towards eliminating skills gaps. The programme, launched in partnership with the Office of the Prime Minister and Ministry of Education, aims to begin training students leaving the ninth grade in information technology (IT) fundamentals. Lessons include Linux Unhatched; Introduction to Cyber Security; Python; JavaScript; professional performances; and ethics. The initiative, which was oversubscribed, is three years’ long and will mostly be held during the summer, with students having to complete work on weekends and online during regular school terms. Jeffrey Lloyd, minister of education, told the students: “You are among the first generation that’s going to have a different opportunity... Through training, through mentorship, through education, through opportunities like this, [this programme] is going to engender a new culture in The Bahamas. It’s a culture called innovation.” Anthony Ramtulla, BTVI’s chair of

information technology, added: “After completing the three years, these students will be able to come back to BTVI and finish an associate’s degree in just about one year. “They can then go to the highly-accredited New England Tech in the US. and complete their Bachelor’s degree in another year. So, if a student is now 14 years-old, they will have their associate’s degree by age 17 and a Bachelor’s degree by age 18. Not to mention the number of industry certificates as well. “With this programme, the seed will be planted for these young people to become the leading experts in software engineering, network engineering, and information technology management in the nation.” Two young teens, in particular, are extremely excited about being a part of this summer programme. Alexandria Herard joined with her lifetime goal in mind. “I was looking for something productive to do over the summer, and I heard about this programme,” the 14-year-old DW Davis student said. “It seems to have some great benefits, especially the international certifications. I have dreams of opening my

own paediatric hospital that will use technology to allow patients with challenges to communicate. This programme is a step towards my dreams.” Meanwhile, her friend, 14-year-old K’Shaun Stubbs, is adamant about not getting left behind in a technologydriven world. “The world is becoming electronic and we, as young people, have to keep up with the pace... I joined this programme to expand my knowledge of information technology so that I will be able to apply it to my future,” said the Mount Carmel student. Upon completion of high school, students will be able to enroll at BTVI and complete an Associate of Applied Science degree within one year in the information technology field. This first summer alone, students will complete the exploratory level of CISCO CyberSecurity and the Internet of Things (Iot) in the CISCO Academy. They will also complete the CompTIA I.T. Fundamentals certification, and learn to write programs with language Python. Additionally they will be able to use HTML and JavaScript to build games, websites and web applications for desktops and mobile devices.

MEMBERS of the Water and Sewerage Corporation’s (WSC) Board and executive management are visiting counterparts in the UK in a bid to improve service efficiencies. While meeting various water utilities and regulators, the delegation also met Ellison Greenslade, the Bahamas’ High Commissioner, at the High Commission in London. The WSC evolved from the Ministry of Works as a water department, and has been in existence since 1973. It is seeking further knowledge and understanding of water and sanitation services as it bids to introduce best practices, and establish longterm relationships with other water utilities. From Left: Anthony Stuart (High Commission); Bennett Minnis (WSC Board); Ellison Greenslade; Marchea Mackey (High Commission); Wilfred Adderley (High Commission); Adrian Gibson, MP (WSC executive chairman);; Leslie Hutchinson (WSC); John Bowleg (WSC); Elwood Donaldson (WSC general manager).

NOTICE International Business Companies Act (No. 46 of 2000)

Favored Nations Films, Ltd. Registration Number: 200382 B (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) Favored Nations Films, Ltd., commenced voluntary liquidation on the 9th day of July, 2018. Any person having any claim against Favored Nations Films, Ltd., is required on or before the 9th day of August, 2018 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved. GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of Favored Nations Films, Ltd. GSO Corporate Services Ltd. Liquidator

WONG’S PLAZA PALMDALE 895 – 3,135 SQ. FT IDEAL OFFICE, SERVICE OR RETAIL IN BUSY PLAZA I AMPLE PARKING | CENTRALLY LOCATED | CURRENT TENANTS INCLUDE RETAIL AND EDUCATION | UPSTAIRS UNITS AVAILABLE EMAIL: morleyrealty@morleyrealty.com I CALL: 242-394-7070 BAY AND PARLIAMENT STREET DOWNTOWN OFFICE

BAHAMAS FINANCIAL CENTRE DOWNTOWN

978 SQ. FT SECOND FLOOR I DOWNTOWN LOCATION I CLOSE TO COURTS AND GOVERNMENT OFFICES I CURRENT TENANTS ARE BANKS, RESTAURANTS AND RETAIL STORES

702 – 11,865 SQ. FT THIRD FLOOR SPACES I SECURITY I COVERED PARKING AVAILABLE I GENERATOR I FIRE & ALARM SYSTEMS I CURRENT TENANTS INCLUDE FINANCIAL INSTITUTIONS

NORFOLK HOUSE FREDERICK STREET

ONE MARINA DRIVE CLASS ‘A’ BUILDING

635 – 3,672 SQ. FT. GROUND FLOOR LOCATION I CITY VIEWS GENERATOR I SECURITY I DOWNTOWN LOCATION I CURRENT TENANTS ARE FINANCIAL AND SERVICE BUSINESSES

EAST BAY SHOPPING CENTRE EAST BAY STREET

ROBINSON ROAD PLAZA ROBINSON ROAD

1,500 SQ. FT IDEAL FOR OFFICE, SERVICE OR RETAIL I EASY ACCESS FROM EAST OR WEST I CURRENT TENANTS RANGE FROM MEDICAL TO RETAIL

994 SQ. FT. BUSY AREA I AFFORDABLE I CONVENIENT CUSTOMER PARKING I CENTRALLY LOCATED I IDEAL SHOP SPACE I CURRENT TENANTS ARE RETAIL AND SERVICE BUSINSESSES

PAGE 4, Thursday, July 12, 2018

THE TRIBUNE

Fears growing over Grand Lucayan deal

FROM PAGE ONE difficult for the government to stomach. This newspaper was also told that Sunwing, the Canadian tour operator, and its Memories hotel brand affiliate, had withdrawn from plans to come in as one of the Grand Lucayan’s resort operators under Wynn’s ownership. Memories had previously operated one of the complex’s three resort properties, only to pull out

in Hurricane Matthew’s aftermath amid a dispute with current owner, Cheung Kong (CK) Property Holdings. Mr Turnquest’s comment that “the hotel will not close” was later explained by two Tribune Business sources as a reference to warnings from CK Property Holdings, the entity into which all Hutchison Whampoa’s real estate assets were placed, that it plans to close the one Grand Lucayan property still open by end-September

NOTICE In the Estate of BEVERLEY JOY MONCUR late of No. 17 Donnalee Subdivision in the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the abovenamed Estate are required to send the same to the Undersigned on or before the 13th day of August, A.D., 2018, and if so required by notice in writing from the undersigned to come in and prove such demand or claim or in default thereof be excluded from the benefit of any distribution made before such debts are proved. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to settle their respective debts at the Chambers of the undersigned on or before the date hereinbefore mentioned. Dated the 12th day of July, A.D., 2018. CAMPBELL CHASE LAW, Chambers, Nora Leonie, Rosetta Street/Mount Royal Avenue, P. O. Box N-4447, Nassau, Bahamas. ATTORNEYS FOR THE EXECUTOR

and walk away if no buyer is found. Another government source close to the Grand Lucayan situation was also guarded, while hinting heavily that the Minnis administration is exploring alternatives to Wynn, the Toronto-based real estate developer. They said it was “not entirely true” to suggest the Wynn purchase had foundered, and that Sunwing had withdrawn, although they conceded that the hotel brand/ operator line-up may be adjusted. “It’s not so much Wynn as to who the operating companies will be. It’s reached a very delicate stage between two possibilities,” the source said. “The government has to make deals in the best interests of the people and the Commonwealth of The Bahamas. If somebody feels it’s not the best deal, you have to look at plan b. The government has never dismissed plan b and c.” The strategy for re-opening and revitalising the Grand Lucayan has always seen Wynn solely as the “real estate owner”, with a variety of hotel and casino brands operating the property on its behalf as part of the government’s drive to convert the area into a true destination that is no longer reliant on taxpayer subsidies. However, well-placed sources yesterday revealed to Tribune Business that the government is exploring alternative buyers to Wynn amid suspicions its deal as structured “is not going to work” and “doesn’t make sense” - especially given the added pressure from CK Property Holdings warning that it will walk away.

“Wynn is expecting the government to pay for it, and they walk in as owner,” one contact, speaking on condition of anonymity, told Tribune Business. “I can tell you the government isn’t interested in that, and has no choice but to start to look for another buyer immediately. “Hutchison [CK Property Holdings] has said that come September that’s it for all of it. Hutchison has confirmed that, in very short order, it will close the entire plant down. The tower and 200 rooms in the Lighthouse Point. “The government of The Bahamas is going to have no choice but to step in and quite literally take over operations of that hotel regardless of what the cost may be.” The source added that CK Property Holdings’ exit decision was being driven by the end of its Hurricane Matthew-related insurance payouts, with the final one set to be released by end-August or early September. The latest developments come just weeks after it was revealed that the Government has allocated $25m in the 2018-2019 Budget for an equity stake in the Grand Lucayan’s purchase, plus the provision of airlift and marketing support. Speaking to Tribune Business on this last Friday, Mr Turnquest gave no hint then that the Wynn deal was in trouble, only suggesting that this newspaper should “stand by” for what he hinted would be positive news about the resort’s future. This newspaper had been informed the government was planning to take a 20 percent equity stake in the purchase, and Mr Turnquest said this was designed to ensure Bahamian taxpayer dollars invested in marketing/airlift subsidies were recovered

at “the back end” through future profits. “I don’t think it has been that much,” he added of the 20 percent figure, “but there has been some consideration to that in recognition of, whether we’re giving marketing or airlift support, the Bahamian people should benefit in a tangible way. “We are looking at it from that perspective. If we’re involving Bahamian tax dollars, we ought to benefit from it on that side.” The Grand Lucayan’s post-Matthew closure has resulted in much of the property being shuttered for 21 months, causing the loss of over 1,000 jobs and 59 percent of Grand Bahama’s hotel room inventory effectively taking the island off the stopover tourism map. Another Freeport contact, speaking on condition of anonymity, expressed fears that the city and wider island were now in danger of missing a third winter tourism season amid the growing uncertainty over the Wynn deal’s fate. “The government have blown it,” they told Tribune Business. “Another whole year, another winter is at risk. Our economy could be irretrievably lost. You can’t begin to turn Freeport around without that hotel being open. The town is a ghost town. It’s very scary, and very difficult to get another buyer to come into a tourism economy.” CK Property Holdings had been running a sales process for the Grand Lucayan when it was

interrupted by Hurricane Matthew. Wynn then emerged as the potential buyer with a $110m offer just prior to the 2017 general election, but was unable to close the deal. It walked away, and the Minnis administration then revealed its plan to take an ownership stake in a purchasing group. This prompted Wynn to return with a $65m all-cash deal, which was accepted by CK Property Holdings. The government suspended its plan, and the two companies signed a Letter of Intent (LoI) for the Grand Lucayan’s purchase just before Christmas 2017. Prime Minister Dr Hubert Minnis suggested then that the purchase would close by end-2018, but no deal was forthcoming and the Grand Lucayan’s fate has dragged on for four more months with no resolution seemingly in sight. In the meantime, Wynn has broken ground on its $120m Goodman’s Bay condo-hotel in New Providence. Paul Wynn, its principal, reassured that negotiations on the Grand Lucayan were making progress, but gave no specifics and was very vague. Tribune Business sources have previously suggested that the former Christie administration encouraged Wynn to look at the Freeport-based resort in returning for helping to sort out covenant and zoning restrictions that were thenimpeding its Goodman’s Bay development.

To advertise in The Tribune, contact 502-2394

www.ub.edu.bs

CAREER OPPORTUNITY Suitably qualified candidates are invited to submit applications for the following position available at University of The Bahamas:Recruitment Officer I will assist and provide general support to the Recruitment & Admissions Office related to local and international recruitment for prospective students at University of The Bahamas (UB).

An entrepreneurial spirit, original thinking, and a passion to succeed. If you have it, we want you. We are growing! Fidelity invites applications for the position of:

Recruiter

Among the duties and responsibilities are: • Assist with attending and/or presenting at educational fairs, exhibitions, on and off-site recruitment events and activities. This may include visitation to junior high schools, secondary high schools, businesses and civic groups locally and internationally; • Create a pleasant relationship with all New Providence, as well as, Family Island schools’ guidance counselors and principals; • Assist with generating and maintaining a database for each high school that should be updated annually and, in some cases, at the beginning of each new school term; • Contribute innovative ideas and strategies as it relates to the recruitment of new applicants; • Assist with budget analysis and the development of recruitment strategies; • Submit required weekly, annual or other reports in a timely manner; • Create reports or database on actual student programme interest and enrollment of all new students; • Assist with follow-up analysis of students’ enrollment and college experience; • Assist with reporting of all new programmes that are not currently offered at UB for the overall curriculum programme planning process; • Must uphold UB policies and procedures with regard to student privacy and confidentiality regulations.

To find the best and brightest talent to join our team. We provide a challenging, driven, results-oriented environment where creative, goal-oriented, self-confident, high achievers succeed.

Qualifications Bachelor’s Degree in Business Administration (BBA), Marketing or Media Journalism, with at least 2-3 years of work experience in the work related environment.

• Excellent communication skills both oral and written

A detailed position announcement is available online at: http://www.ub.edu.bs/about-us/career-opportunities/ Applicants should electronically submit via hrapply@ub.edu.bs, to the attention of the Vice President, Human Resources the following documents: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • A completed UB Employment Application Form http://www.ub.edu.bs/wp-content/uploads/2017/01/Application-for-Employment-Staff.pdf;

• Current Curriculum Vitae or Resume; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • The names and contact information of three professional references. E-mail: hrapply@ub.edu.bs Attention: Vice President, Human Resources - University of The Bahamas DEADLINE TO APPLY: 25TH JULY 2018

Main Duties & Responsibilities: • Managing all stages of the hiring process including candidate sourcing, screening, interviewing, negotiating, extending offers, securing new hire acceptances, background checks and completing post hire follow ups • Evaluating candidate's work history, education, training, job skills, compensation requirements, and abilities • Creating internal and external job posting • Documenting and tracking statistics and data pertinent to each position • Solid understanding of employment law, recruitment, stafﬁng metrics and HR related practices • Preparing assigned monthly, quarterly and annual HR reports • Demonstrated ability to manage high volume of recruitment within strict scheduling requirements • Keeping abreast of current market trends and identify potential impacts on hiring decisions • Maintaining a network of potential hires in advance of requisitioned needs • Conducting regular follow-up with managers to determine the effectiveness of recruiting plans and implementation • Assisting with beneﬁts administration

Requirements / Qualifications: • 3-5 years of recruiting experience a must • Strong analytical skills

• Ability to multi-task in a fast paced environment • Excellent administrative skills and proficiencies in Microsoft Office Suite Programs • Ability to work in a self-motivated environment with little supervision • Strong leadership abilities • Analytical with strong negotiation skills • Efficient and detail oriented • Must be able to identify and resolve problems in a timely manner. PLEASE SUBMIT BEFORE July 13th, 2018 to:

HUMAN RESOURCES Re: Recruiter careers@fidelitybahamas.com

ABSOLUTELY NO PHONE CALLS

A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

THE TRIBUNE

Thursday, July 12, 2018, PAGE 5

Minister: World relays benefits ‘questionable’ FROM PAGE ONE have to make decisions and weigh the benefits against the costs. “One the one side you have visitors coming to your country, staying in beds, eating food and taking taxis. But, on the other side, you have to come up with the $5m to fund it. The FNM have made it a policy that they want more of these sporting events to be funded by the private sector. “The government has put a lot of money into these Relays so far, and the benefits are questionable. There are the bragging rights [associated with hosting], of course, but when compared to compelling needs in health and education these are tough choices.” Mr D’Aguilar suggested it would be “very difficult” to raise the funding required for the World Relays from the Bahamian private sector, especially since organisations such as the International Association of Athletics Federations (IAAF) “very tightly control who can sponsor these events” to protect their brand image. “They don’t accept all and everybody,” he added. “It’s quite questionable whether they would allow local numbers houses to support their organisation. It’s not as easy as you think, and they have all these international agreements.” The Minnis administration’s decision to withdraw from hosting the World Relays in 2019 was yesterday backed by a Tribune Business source heavily involved in staging major sporting events in The Bahamas, who suggested the $5m figure for next year’s edition was a major underestimate based on past costs. The contact, speaking on condition of anonymity, told this newspaper that around $30m had been spent on hosting

the three World Relays events to-date. The bulk of this expenditure, some $14-$15m or almost 50 percent, was incurred for the inaugural edition in 2014 when upgrades to the Thomas A Robinson stadium’s track were required to satisfy the IAAF. The two subsequent World Relays, in 2015 and 2017, were said to have cost $7.8m and $9m, respectively. This, the source said, compared to $9m spent on the Commonwealth Youth Games and $8m on the Bahamas Bowl football game over a five-year period. They added that the returns from hosting the World Relays had failed to match the investment outlay, especially since The Bahamas had “no share” of the TV broadcasting rights and sponsorship/ advertising revenues. “I have no difficulty with the fact this administration decided to cancel the event,” the source said of the IAAF World Relays. “It’s for the right reasons. I think it’s the best decision to be made. “I fully support the idea of vetting and making evaluations before the government commits funding. The government should not be in the business of funding sporting events. It should be left to the private sector.” The source added that The Bahamas needed to treat sports tourism as a business, and be in it to make a profit, not just to look good and make an impression on the world stage. “If you are in business, and your objective is not to make a profit, you shouldn’t be in that business,” they added. “The Bahamas didn’t know what the objective was in having these relays. Nobody knew what the plan was to leverage it to attract more events.

“There were no measurement mechanisms in place to see if objectives were achieved. There’s not a former Cabinet minister, permanent secretary, former Bahamas Association of Athletic Associations (BAAA) executive that can tell you what the benefits of these events are. “This is all part and parcel of why you say: Is this a worthwhile effort? We had a bunch of people who like to have a party. We can’t afford to be throwing expensive parties. It’s a business. To build sports tourism you have to get to know what you’re doing. It’s a completely different creature from leisure tourism.” The former Christie administration said it hired the Deloitte & Touche accounting firm to assess the economic impact from hosting the World Relays, but the findings have never been made public. TV viewing figures have also never been disclosed, with the source also disclosing that Bahamian taxpayers picked up the hotel bills of visiting athletes, coaches and officials, plus contributed a portion of the prize money. Mr D’Aguilar, meanwhile, told Tribune Business that the Minnis administration’s policy is to shift away from funding costly, high-end sporting events that serve to only generate TV exposure that cannot be quantified. “Tourism is not a single event. It doesn’t rely completely on a single event,” he said. “It relies on multiple events. Our focus as it relates to sports is to move away from toptier events that cost a lot of money and generate a lot of TV exposure, “The question is: Do people buy vacations based on TV exposure? I think less and less. Yes, it does help, but it’s not as important as it used to be. There are opportunity costs to this type of marketing.

Are you getting a bigger bang for your buck using social media sources? “With social media sources, it’s so much easier to measure the efficiency of dollars spent. We’re significantly reducing our support of these events, high-profile, costly sporting events because the benefits are questionable,” Mr D’Aguilar added. “There are some benefits, but are they worth it for the costs you are incurring? We have very limited budgets, and have to be much more strategic in how we spend our marketing dollars. The previous government spent a lot of money on top tier sporting events, and ran up

large deficits. We have to much more prudent.” The government’s approach to the IAAF World Relays is consistent with the strategy previously announced by Mr D’Aguilar for the ladies’ and men’s professional golf tournaments hosted in The Bahamas, where it is seeking to wean them off taxpayer funding from the cash-strapped Treasury and have them stand on their own two feet with private sector support. Mr D’Aguilar yesterday said one of The Bahamas’ most successful sporting events was high school gymnastics, which attracted significant tourism business from the families

accompanying visiting athletes. Asked why the government was still supporting the Bahamas Bowl, and not the IAAF World Relays, the Minister blamed this on a longterm contract signed by his predecessor, Obie Wilchcombe, for tying the current administration’s hands. “One of the things my predecessor did was sign me up to sporting events for multiple years,” Mr D’Aguilar told Tribune Business. “We are contractually tied to that event for another two to three years. Tourism has to make the best of the hand it’s been dealt.”

Attorney Position Dynamic local law firm seeks an attorney with substantive hands-on experience with a corporate commercial practice. Our preferred candidate will demonstrate an independent ability to draft and assess constitutive documents, minutes and resolutions through an entire corporate life cycle in circumstances which can include commercial transactions, financings, regulated activities (e.g. investment funds) and investments. Excellent verbal and written communication skills are essential; attention to detail while working within tight deadlines is also required. Highly motivated candidates should apply by submitting their cover letter and resume via the career section of our website: www.gsolegal.com/careers.

All responses will be held in strictest confidence.

PAGE 8, Thursday, July 12, 2018

THE TRIBUNE

Atlantis enjoys 15% cash flow jump by Disney/Vegas tie FROM PAGE ONE extensive attractions [of a] Walt Disney World, or the size and lavishness of the newer casino hotels in Las Vegas, it comes closer to any other property in the world to offering both. The uniqueness of Atlantis makes it difficult to determine comparable properties.” Baha Mar may emerge as a rival to this uniqueness, but Morningstar’s report argued that the Paradise Island property’s historically strong operating performance and diversified revenue streams would enable it to withstand any market “cannibalisation” by its Cable Beach rival. “Net cash flow has increased by 28.1 pecent (adjusted for rooms down for renovation)/14.9 percent (unadjusted for rooms down for renovation) from 2013 through the trailing 12 months ended March

31, 2018,” Morningstar said of Atlantis. “Under the prior ownership, the property exhibited strong operations with a peak-to-trough decline in net cash flow of 31.3 pecent. Since 2013, average annual occupancy has consistently been in the low to mid 70s with an average ADR (average daily room rate) of $281.” Atlantis’s restaurants and bars generated a collective $203m in revenue for the 12 months to end-March 2018, accounting for 26.8 percent of the resort’s topline - a share only bettered by room revenues. Breaking down Atlantis’s other income streams, the Morningstar report noted that 60 percent of the revenues generated by its marine and water attractions - which account for 7.8 percent of total income - came from cruise passengers visiting the resort on day excursion passes. The Atlantis marina generated some $8.2m, or 1.1 per cent, of total revenues

for the year to end-March 2018, while “The Dig” saltwater aquarium added a further $1.3m in 2017. The resort’s retail offerings provided another source of income. “Income from leased retail outlets for the [12month] period ended March 31, 2018, was $9.2m or 1.2 percent of total revenue,” the Morningstar report revealed. “In addition, the resort generated $12.9m of 1.7 percent of [12-month] total revenue from Atlantis owned and operated outlets. “In addition to the above amenities, Atlantis generates revenue from additional sources including a water plant and captive tour operator, Atlantis Paradise Vacations. The water plant manufactures and supplies water to the Atlantis resort, the Reef Atlantis and the Harborside Resort. Additionally, the Atlantis water plant sells water to other property owners on Paradise Island. Previously owned

by a third-party (an affiliate of General Electric), the sponsor [Brookfield Asset Management] acquired the water plant in 2015.” Financials provided in the Morningstar report showed a consistent financial performance by Atlantis through 2016 and 2017, into the 12 months leading up to end-March 2018. Occupancy levels remained above 72 percent throughout this period, with occupied room nights staying in the range between 768,000 to 776,495 per annum. Average daily room rate (ADR) and revenue per available room (RevPAR) were similarly consistent, with total revenues inching up from $767.655m in 2016 to $777.398m for the 12 months to end-March 2018. Operating expenses over the same period were held either side of the $360m mark, producing gross operating income ranging from $403m to $413m. Annual net operating income for the three

periods included in the report ranged from $201m to $210.705m, with Atlantis appraised as having a $2.49bn appraised value as at May 7 this year. Morningstar added that market fundamentals, as measured by the increase in stopover arrivals through Lynden Pindling International Airport (LPIA), would provide a further boost to Atlantis’s business - which Baha Mar’s Chinese ownership improving airlift prospects from that nation. “According to Lynden Pindling International Airport, over 151,500 passengers landed at the airport in December 2017 and over 140,000 landed in January 2018, the largest holiday season numbers since the pre-recession holidays of 2007-2008,” the report said. “From January 2018 through April 2018, the number of passengers at the airport increased by 9.8 percent over the number of passengers from January 2017 through April

2017, putting it on track to reach its all-time highest number of passengers. This also represents a 5.9 pecent increase in comparison to its prior peak from January 2008 through April 2008. “March and April arrivals of approximately 182,000 and 171,000, respectively, also represented the highest amount of passenger arrivals in the airport’s history... In addition, with the recent opening of the Baha Mar resort and China’s investment in funding its construction, Chinese airlines are expected to begin direct-service to Lynden Pindling, which opens The Bahamas to a new market of leisure and gaming travellers.”

To advertise in The Tribune, contact 502-2394

PRESS RELEASE JULY 2018 Marlin Marine appreciates your patronage and we know that the 4.5% increase in VAT is going to hurt. We are offering to pay the additional VAT to all of our valued customers for the ENTIRE MONTH OF JULY when you purchase a NEW GENERAC GENERATOR, EZ GO GOLF CART, and/or CUSHMAN GOLF CART. Contact our sales department today for this tremendous savings! Marlin Marine Sales Team Office: 242-393-7873 Email: bayshoremarina@hotmail.com Address: #64 East Bay Street Nassau, Bahamas

THE TRIBUNE

Thursday, July 12, 2018, PAGE 9

DPM TARGETS ‘NEXT WEEK’ ON FISCAL BILL DPM pledges crack

FROM PAGE ONE Fiscal Responsibility Bill with “the same urgency” as the VAT increase, given the extra “sacrifice” demanded from taxpayers via the 2018-2019 budget. Mr Turnquest, though, suggested that passage of the Fiscal Responsibility Bill and the VAT rate hike to 12 percent were not necessarily connected. He pointed out that the government had originally intended to pass the former legislation before the budget, so that its fiscal governance mandates were in place before the 2018-2019 fiscal year. “It will certainly add credibility to the [consolidation] plans,” the deputy prime minister told Tribune Business of the Fiscal Responsibility Bill. “We’re hoping to get it done in the next week, so obviously it’s a very pressing issue, and we’re taking it with the seriousness and urgency that it deserves.” Mr Turnquest, added, though, that the revised Fiscal Responsibility Bill was unlikely to be released publicly until after it is tabled in Parliament - a move likely to disappoint ORG and other civil society groups eager to learn whether their recommendations have been incorporated. The deputy prime minister had earlier yesterday promised the private sector that “there is teeth in the legislation” when he addressed the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) breakfast meeting. He said then: “We do intend to bring that legislation, hopefully before we break for the summer. We want to bring that as quickly as possible. We want the participation and supervision from the public with respect to our discipline in carrying out the programmes and plans that we have announced.” Matt Aubry, the Organisation for Responsible

Governance’s (ORG) executive director, told Tribune Business he was “hoping something comes out before the next round of sessions [of Parliament] and before they break for summer”. The Fiscal Responsibility Bill is intended to transform the government’s fiscal discipline by locking it into specific deficit targets and longer-term debt ratios, while boosting transparency and accountability in the management of its financial affairs through enhanced public scrutiny. The latter role will be played by a newly-created Fiscal Responsibility Council, comprised of accounting, legal, financial analyst and business expertise from the private sector. Mr Turnquest yesterday said groups such as the Chamber and others were vital in ensuring the bill is adhered to. He added that the legislation has “teeth”, or provisions to allow for criminal prosecution with due process. “The basic truth is that no one is going to set themselves up to go to jail for making honest mistakes or errors in judgment,” the deputy prime minister said. “Willful actions are a diffident thing. In the bill there is provision for the Fiscal Council to make its recommendation, and the Public Accounts Committee to utilise that info and recommend to the Director of Public Prosecutions for legal actions. There is teeth in that legislation. It’s a matter of going through the process to sure we don’t end up with frivolous actions that could be damaging to those involved and country.” ORG, for one, previously warned that the Fiscal Responsibility legislation could be “ineffective” without tougher sanctions due to “The Bahamas’ poor history of non-compliance with similar laws”. It also called for the independent, five-member Fiscal Responsibility Council that currently has just an oversight and advisory

role to have more power to “proactively contribute to fiscal strategy and decisions, and enforce its advice, recommendations and decisions”. “Throughout the bill there is a noticeable lack of reference to penalties or incentives to encourage compliance and rectify behaviour in the implementation of fiscal responsibility and discipline processes,” ORG said. “Where there is mention of penalty, said penalties are not defined or codified and are left to Ministerial discretion, allowing room for uneven or unfair application, or the perception thereof... “Given The Bahamas’ poor history of compliance with similar reporting laws, such as Public Disclosure, there is concern that without methods of enforcement there is a risk that the Fiscal Responsibility Bill could ultimately be ineffective despite its thorough reporting mandates and methodically outlined goals.” The Fiscal Responsibility

Bill’s key targets require the government to slash the fiscal deficit to 0.5 percent from 2020-2021 onwards, cutting it from a sum equivalent to 5.8 percent of GDP in the 2016-2017 budget year. This means reducing it from near $700m to around $54m over a fouryear period. The bill’s “first schedule” sets out a “glide path” or “road map” for achieving this, acknowledging - as the IMF stated - that “significant fiscal adjustments” are needed over the next two budget years to hit this objective. To enable the public sector and wider Bahamian economy “to achieve the fiscal objective in an orderly manner”, and avoid unnecessary shocks, the bill calls for 2018-2019 and 20192020 deficits that “shall not exceed” 1.8 percent and one percent of GDP, respectively. The first target is what the government is going for this coming fiscal year, aided by the VAT hike.

down on smuggling FROM PAGE ONE relevant agencies. “We have plans to ensure that we mitigate and minimise the activity that is happening around this country. It does, in fact, have a direct impact on our revenue and as a result taxation. We are doing all to weed the smuggling out.” Mr Turnquest further warned: “If you are involved in smuggling, the non-stamping of cigarettes, tobacco and other goods; if you are smuggling goods through our islands and not paying duty, today would be a good day to discontinue

that practice.” The deputy prime minister, when questioned further by Tribune Business, said it was difficult to quantity exactly how much government revenue is lost as a result of smuggling. “It’s difficult to quantify, but we do know that there is activity,” he said. “We want to encourage importers to play by the rules because, at the end of the day, if everyone plays by the rules it will make the system fairer and allow us to contain our tax structure such that we do not put more burden on those who are playing by the rules.”

PAGE 10, Thursday, July 12, 2018

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, LOUISE STEPHANIE SAUNDERS-McINTOSH of #15 Lillian Court Lucayan Beach Subdivision, P.O. Box F42021, Freeport, Grand Bahama, Bahamas intend to change my name to STEPHANIE LOUISE SAUNDERS-McINTOSH. If there are any objections to this change of name by deed poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

THE TRIBUNE

US soon to leapfrog Saudis, Russia as top oil producer

OIL derricks are busy pumping as the moon rises near the La Paloma Generating Station in McKittrick, Calif. The US is on pace to leapfrog both Saudi Arabia and Russia as the world’s biggest oil producer. Photo: Gary Kazanjian/AP By DAVID KOENIG Associated Press The US is on pace to leapfrog both Saudi Arabia and Russia and reclaim the title of the world’s biggest oil producer for the first time since the 1970s. The latest forecast from the US Energy Information Administration predicts that US output will grow next year to 11.8 million barrels a day. “If the forecast holds, that would make the US the world’s leading producer of crude,” says Linda Capuano, who heads the agency, a part of the Energy Department. Saudi Arabia and Russia

To advertise in The Tribune, contact 502-2394

could upend that forecast by boosting their own production. In the face of rising global oil prices, members of the OPEC cartel and a few non-members including Russia agreed last month to ease production caps that had contributed to the run-up in prices. President Donald Trump has urged the Saudis to pump more oil to contain rising prices. He tweeted on June 30 that King Salman agreed to boost production “maybe up to 2,000,000 barrels”. The White House later clarified that the king said his country has a reserve of two million barrels a day that could be tapped “if and when necessary”. The idea that the US could ever again become the world’s top oil producer once seemed preposterous. “A decade ago the only question was how fast would US production go down,” said Daniel Yergin, author of several books about the oil industry including a history, “The Prize”. The rebound of US output “has made a huge difference. If this had not happened, we would have had a severe shortage of world oil,” he said. The United States led the

world in oil production for much of the 20th century, but the Soviet Union surpassed America in 1974, and Saudi Arabia did the same in 1976, according to Energy Department figures. By the end of the 1970s the USSR was producing one-third more oil than the US; by the end of the 1980s, Soviet output was nearly double that of the US. The last decade or so has seen a revolution in American energy production, however, led by techniques including hydraulic fracturing, or fracking, and horizontal drilling. Those innovations — and the breakup of the Soviet Union — helped the US narrow the gap. Last year, Russia produced more than 10.3 million barrels a day, Saudi Arabia pumped just under ten million, and the US came in under 9.4 million barrels a day, according to US government figures. The US has been pumping more than ten million barrels a day on average since February, and probably pumped about 10.9 million barrels a day in June, up from 10.8 million in May, the energy agency said Tuesday in its latest

short-term outlook. Capuano’s agency forecast that US crude output will average 10.8 million barrels a day for all of 2018 and 11.8 million barrels a day in 2019. The current US record for a full year is 9.6 million barrels a day in 1970. The trend of rising US output prompted Fatih Birol, executive director of the International Energy Agency, to predict this spring that the US would leapfrog Russia and become the world’s largest producer by next year — if not sooner. One potential obstacle for US drillers is a bottleneck of pipeline capacity to ship oil from the Permian Basin of Texas and New Mexico to ports and refineries. “They are growing the production but they can’t get it out of the area fast enough because of pipeline constraints,” said Jim Rittersbusch, a consultant to oil traders. Some analysts believe that Permian production could decline, or at least grow more slowly, in 2019 or 2020 as energy companies move from their best acreage to more marginal areas.

THE TRIBUNE

Thursday, July 12, 2018, PAGE 11

CEO of Puerto Rico’s bankrupt power company abruptly resigns SAN JUAN, PUERTO RICO Associated Press THE CEO of Puerto Rico’s bankrupt power company resigned on yesterday just months after he was chosen to oversee its privatisation as the US territory struggles to restore electricity to the last of those who remain in the dark nearly ten months after Hurricane Maria. The resignation of Walter Higgins adds to challenges for a company that is $9bn in debt and has seen a turnover of leaders since the category four storm hit Puerto Rico. Higgins was named CEO of Puerto Rico’s Electric Power Authority in late March and was expected to help strengthen the power grid and supervise deals to privatise the generation of energy and award concessions for transmission and distribution. Higgins said in his resignation letter that the compensation details outlined in his contract could not be fulfilled. His announcement comes a month after Puerto Rico’s justice secretary said it would be illegal for him to receive bonuses. He also released a brief

statement saying his wife’s family is facing a serious health issue and that was an important factor in his decision to resign. A power company spokesman said Higgins will remain as a member of the power company’s board and that he resigned following a mutual agreement with the board that offers no financial compensation. “Under his direction, we were able to re-establish service to thousands of Puerto Ricans, for which we are very grateful,” said board president Ernest Sgroi. Higgins previously served as president and CEO of a company whose subsidiary provided power to Bermuda. Higgins had replaced an interim director who was appointed after CEO Ricardo Ramos stepped down in November following an outcry over a $300m contract awarded to a tiny company in Montana after Maria. Last month, government officials questioned why Higgins awarded a $315,000 contract to a consultant without authorisation from certain government agencies. They demanded an explanation and later said

they were satisfied with the response from the power company’s board of directors, which noted it had hired the consultant instead of filling the position for an executive sub-director of administration and finance. Puerto Ricans also have grumbled about Higgins’ $450,000 annual salary as the island struggles to emerge from an 11-year recession. However, power company officials announced that the new CEO will earn $750,000 a year. Rafael Diaz Granados is currently a member of the power company’s board and will take over duties on

July 15, the company said. He has previously served in positions for General Electric in Latin America and the Iberian Peninsula, was executive director for GE in Mexico, and attorney for the US Securities and Exchange Commission. That salary also sparked an outcry. Puerto Rico Senate President Thomas Rivera Schatz called for the destitution of board members who supported it. “That kind of insult to Puerto Ricans is unacceptable,” he said. The island is facing new austerity measures amid an economic crisis as it tries to

restructure a portion of its $70bn public debt load. Juan Rosario, former consumer representative on the power company’s board, told The Associated Press that he was not surprised

NOTICE is hereby given that ST. GILBERT BLANC of Bailey Town, Bimini, 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 12th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

LEGAL NOTICE

LUPE CORPORATION (In Voluntary Liquidation)

TAKE NOTICE is hereby given that by a resolution passed on the 3rd day of July, 2018 the above-named Company was put into voluntary liquidation. AND FURTHER TAKE NOTICE that BCS Corporate Group Ltd., Cumberland House, 15 Cumberland and Duke Streets, P.O. Box SS-6836, Nassau, Bahamas was appointed voluntary liquidator of the Company. AND TAKE NOTICE that any creditors having debts or claims against the Company are required to send particulars to the Liquidator of the said Company and in default thereof they will be excluded from the benefit of any distribution made by the Liquidator. DATED this 3rd day of July, 2018 BCS Corporate Group Ltd. Liquidator

POSITIONS AVAILABLE The beautiful luxury 5 star cove resort in Gregory Town, Eleuthera is presently looking for two professional trained and experienced male or female butlers to commence work immediately. Also positions available:

General Manager Sous Chef Spa Therapist Food and Beverage Manager

Living accomodations ,three meals per day, free wifi and a attractive compensation packages is available to the suitable candidates

Requirements • BS/MS degree in business administration or related field • Proven working experience as a Manager with a minimum of 5-7 years • Successful previous experience as a sales representative or sales manager, consistently meeting or exceeding targets • Strong business sense and industry expertise • Excellent mentoring, coaching and people management skills • Interpersonal skills to maintain and develop relationships with management and customers

Instructions to applicants • Please send the below listed documents via email to humanresources.noreply@gmail.com - Resume including Passport Photo - 3 Character Reference Letters • Subject of email “Vacancy- Manager Position” • Only those applicants who are shortlisted for interview will be contacted • Deadline for submission – 5pm, Friday July 13th 2018.

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

A Small Company is looking for a Manager to manage and oversee its operations and sales.

General Responsibilities • Achieve growth and hit sales targets through successful management • Design and implement strategic business plan that expands company’s customer base and ensure a strong presence within the market • Build and promote strong, long-lasting customer relationship by partnering with them and understanding their needs. • Identify emerging markets and market shifts while being fully aware of new products and competition status • Maintain production to meet all schedules • Manage Staff • Provide technical support to customers and support staff • Foster a positive team environment and assist coworkers as required • Comply with all company policies and procedures • Prepare Budget and Marketing Plans

NOTICE

NOTICE is hereby given that JOHNATHAN TYRES KNOWLES of Hunters, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

about Higgins’ resignation. “The power company changes its director like people change their underwear,” he said. “That contributes to this image of instability.”

MARKET REPORT WEDNESDAY, 11 JULY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,981.71 | CHG 0.08 | %CHG 0.00 | YTD -81.86 | YTD% -3.97 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.00 1.48 0.19 4.00 9.10 6.60 5.30 11.00 2.71 1.77 8.21 6.21 11.50 7.29 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.00 8.50 6.00 3.15 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

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

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

MUTUAL FUNDS 52WK HI 2.15 4.16 2.00 179.39 157.58 1.55 1.70 1.64 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 1.49 1.62 1.58 1.07 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.45 17.43 9.09 4.00 1.01 0.18 3.00 9.10 6.14 4.13 10.90 2.63 1.70 7.85 6.10 11.50 6.32 3.65 12.51

CLOSE 4.45 17.43 9.09 4.00 1.01 0.18 3.00 9.10 6.14 4.13 10.90 2.73 1.70 7.84 6.10 11.50 6.32 3.65 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 0.10 0.00 -0.01 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

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

108.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.70 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

108.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

EPS$ 0.361 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.610 0.277 0.631

DIV$ 0.080 1.130 0.000 0.230 0.000 0.010 0.000 0.320 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.580

P/E 12.3 18.7 N/M 14.1 N/M N/M -3.0 14.3 10.7 24.2 17.4 26.8 7.4 N/M 11.2 16.9 10.4 13.2 19.8

YIELD 1.80% 6.48% 0.00% 5.75% 0.00% 5.56% 0.00% 3.52% 3.58% 2.91% 5.69% 2.20% 4.12% 1.07% 5.25% 4.35% 3.16% 3.29% 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 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 2.15 4.12 2.00 179.39 153.02 1.55 1.69 1.64 1.09 7.15 8.14 6.41 11.26 11.68 10.24

YTD% 12 MTH% 1.55% 4.09% -0.45% 4.34% 0.84% 2.31% 0.39% 5.05% -0.25% 4.57% 1.29% 4.18% -0.61% 2.84% 1.02% 3.84% -0.87% 1.82% -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 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-May-2018 31-May-2018 31-May-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 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

Please contact the human resources department at telephone number 242-335-5141/3, or send resume to email address rdean@thecoveeleuthera.com 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

PAGE 12, Thursday, July 12, 2018

THE TRIBUNE

Stocks skid as trade war worsens with new tariff threats NEW YORK Associated Press GLOBAL stock indexes sank yesterday after the Trump administration released a list of $200bn in goods that could be hit with tariffs and China said it would retaliate. The dollar spiked and

big exporters plunged. Companies that sell computer chips, oil, basic materials and heavy machinery dropped after the Trump administration proposed a ten percent tax on a wide list of imports. It is scheduled to make a decision on the potential tariffs after Aug. 31.

China’s government said it will take “firm and forceful measures” if the new tariffs are enacted. That response would likely include measures other than tariffs. Trump has threatened to put new taxes almost everything the US imports from China. Jack Ablin, chief investment officer for Cresset

Wealth Advisors, said the tariffs can have big effects: a tariff on an import from one country can lead to broad price increases for similar items, and rising taxes and costs might can companies to change their supply lines in less efficient ways. “When you start adding all of that together, you end up

with typically higher inflation and low productivity,” he said. “Higher inflation tends to rob consumers of their income and lower productivity tends to rob companies of their profits.” A four-day winning streak for the S&P 500 ended as the benchmark index lost 19.82 points, or 0.7 percent,

to 2,774.02. The Dow Jones Industrial Average dropped 219.21 points, or 0.9 percent, to 24,700.75. The Nasdaq composite fell 42.59 points, or 0.5 percent, to 7,716.61. The Russell 2000, an index of smaller and more USfocused companies, gave up 11.96 points, or 0.7 percent, to 1,683.66.