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BCA chief: Grand Lucayan purchase to mark Minnis’ ‘single biggest success’ By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

HE Bahamian ContractorsAssociation (BCA) president yesterday backed the Government’s plan to purchase the shuttered Grand Lucayan resort, telling Tribune Business the property’s revival would create “hundreds” of local construction jobs and mark the “single biggest success” for the Minnis administration. Leonard Sands told Tribune Business that with the necessary renovations and the right marketing strategy, he believes Freeport’s still closed “anchor” resort property can be successful.

Prime Minnis Dr Hubert “A lot of the things Dr Minnis told the media over Minnis is talking about relathe weekend his adminis- tive to Grand Bahama are tration is intent on buying supported by construction. the Grand Lucayan resort, If the government, like the with a detailed address Prime Minister has indiexplaining the Govern- cated are going to make ment’s decision to be given the move to purchase the later this week. Dr Minnis hotel, they are also going to warned that not getting the have to make the necessary property re-opened will renovations to the hotel. unleash a ripple effect that That means there has to be forces the closure of stores, work for Bahamian conbarbershops and other tractors and that is a very small businesses, in addi- good thing from the BCA’s tion to the loss of jobs for standpoint. Construction 400 people employed by the activity has been very slow hotel. on Grand Bahama for all Mr Sands said he shared the reasons that we recogthe Prime Minister’s nise. A renovation project sentiments, telling this of that magnitude would newspaper he is “excited” provide construction jobs over what the hotel’s revival in the hundreds,” said Mr could mean for Grand Sands. Bahama and the construcHe continued: “No tion sector. matter what the naysayers

THE GRAND LUCAYAN RESORT

LEONARD SANDS

say, when you spend money on the ground in construction it touches ten people. For every employee or worker in construction, nine other persons is feeling that dollar. I’m really excited about the position the Prime Minister has taken to engage in doing what is necessary in buying the hotel.” Opposition leader Philip “Brave” Davis has slammed the government’s decision to purchase the resort, insisting it will be too costly for the government to own and operate a hotel that wasn’t making a profit even before it was shut down. Former Prime Minister and former leader of the Free National Movement has also criticised the move, arguing that by not

Bank fraud - RBC confirms account scams By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net ROYAL Bank of Canada (RBC) yesterday confirmed some of its Bahamian Visa debit and Visa credit card holders had fallen victim to “skimming”, with some irate customers reporting “thousands of dollars” having been “wiped off” their accounts. Jacqueline Taggart, RBC’s director of strategic and corporate communications for the Caribbean, responding to Tribune Business inquiries, said: “RBC confirms that we have identified a skimming incident that has victimised a number of our VISA debit and VISA credit cards in The Bahamas in a coordinated and aggressive criminal effort. We are now in the process of contacting clients who have been affected.” Her statement continued: “To contain this fraudulent

activity, RBC has implemented restrictions on all affected VISA cards. We know that at this time of year – with vacations and back-to-school expenses – these restrictions may inconvenience our clients and we will work with them to minimise the disruption. All affected cards will be replaced as soon as possible.” It is unclear how many people may have been affected by this skimming attack. Taggart told Tribune

Business: “Right now we are still investigating the scope of the illegal activity but we can already confirm that the vast majority of our clients have not been affected.” Skimming refers to the use of fraudulent methods to obtain customer details by “skimming” their debit and credit cards at point of use, whether ATM or point of sale. As to the method in this instance, she said: “I cannot say conclusively as we are still investigating, but todate the skimming has been isolated to ATMs.” Local entrepreneur Kosha Johnson told Tribune Business: “I discovered the issue through a friend of mine who went into RBC and there was this long line of persons complaining of their accounts being wiped. They told me to quickly check my account where I have a personal and business account. I went online to check and thousands of

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dollars were gone off my account. It’s saying international withdrawal on my account. This is extremely frustrating, stressful and heart wrenching.” She added: “I’m a business owner and I have payroll in a few days. They’re telling people it takes 45 days for them to conduct an investigation and get your money back. I’m not being insensitive but for business accounts I think there should be a concession. As a business owner you can’t wait 45 days.” Edison Sumner, of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), also expressed concern that 45 days might be too long for some businesses. “We haven’t heard anything officially on this. I got some notices about inordinate lines at RBC but we haven’t received any formal

SEE PAGE 2

meeting face-toface in Hong Kong with officials of Hutchinson Whampoa, which owns the resort, the administration has not exhausted all options for keeping the development in private hands. Mr Sands told Tribune Business: “I hear the naysayers talking about the hotel not being successful but we don’t know what the failed marketing strategies were. I encourage the government to look for world class successful operators to market the property and attract the kind of business it can handle. We keep talking about what didn’t work but why not look at what

worked. Atlantis and Baha Mar and Sandals are not the only successful hotels. There are hundreds of thousands of boutique branded hotels all around the world who have their marketing so structured that they can attract people from far and wide. I believe the Grand Lucayan presents an opportunity for the government to achieve the very same thing.” Mr Sands added: “That’s already a beautiful property. It’s a magnificent property in need of repair. If the hotel is purchased, renovated, and marketed

SEE PAGE 2

Property tax U-turn played to the privileged, says Davis By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net OPPOSITION leader Phillip Davis yesterday slammed the Minnis administration’s over its recent decision to revert to the previous definition of owner-occupied properties, arguing that this was a “stark contrast” to the treatment of Bahamians. Despite the insistence of Deputy Prime Minister and Minister of Finance K Peter Turnquest that the government’s decision to rollback its revised definition of owner-occupied properties was not a bid to appease irate Lyford Cay residents, Mr Davis said his pronouncement underscored the government’s “incompetence” and provided a stark contrast between how rapidly it responded to “the cries of Bahamians as compared

PHIILIP “BRAVE” DAVIS to their response to a moneyed few”. Mr Turnquest previously noted the government had sought to increase taxes on foreign-owned undeveloped land in The Bahamas, in an effort to discourage land speculation and to encourage development of any such property. He said the government had also taken steps to improve the tax yield from homes used for

SEE PAGE 2

$12m upgrade on Windsor water plant nears completion By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net BISX-listed Consolidated Water is in the “final stages” of commissioning its Windsor Plant, its chief executive telling shareholders yesterday approximately $12m has been spent on the upgrades. Rick McTaggart, CEO of Consolidated Water Company (CWCOO) told investors during a conference call: “We’re spending approximately $12m on that upgrade. We’re in the final stages of commissioning right now so most of that has been spent already.” The government pays Consolidated Water for supplies produced by the company’s two Nassaubased reverse osmosis plants, Blue Hills and Windsor. The company secured a 15-year extension at the end of 2016 over the

CONSOLIDATED WATER WINDSOR WATER PLANT

Windsor plant, which Mr McTaggert noted “kicks in” once upgrades are completed later this year. Consolidated Water released its second quarter 2018 results last week, revealing the revenue of the company’s manufacturing segment nearly doubled. According to the financial results, the company’s total revenues for the second quarter of 2018 were $15.9m, which represents a 3.9 percent increase from $15.3m in the

same period last year. “Gross profit amounted to $6.6m, compared with $6.5m in the same quarter last year. Net income attributable to Consolidated Water stockholders was $2.2m, or $0.14 per fully diluted share, compared with $0.6m, or $0.04 per fully diluted share, reported in last year’s comparable quarter,” the company stated “In the second quarter of 2017, the company recorded an impairment

loss of $1m relating to its Bali operations, however this subsidiary did not have a material adverse impact on the company’s results or operations for the second quarter of 2018.” David Sasnett, the company’s chief financial officer, noted during the conference call that the company is seeking to establish a payment plan with the government or the Water and Sewerage Company (WSC)

SEE PAGE 2

PAGE 2, Tuesday, August 14, 2018

BANK FRAUD - RBC CONFIRMS ACCOUNT SCAMS

FROM PAGE ONE complaint from a member of the Chamber. I’m still trying to reach out to the bank to find to what’s happening and whether we need to put out a notice to our members.” He added: “It appears as though these sort of cyber attacks are on the rise again. Last week I had to go into my bank to deal with a suspicious transaction. It is incumbent on consumers to ensure that we don’t fall victim of such breaches and keep a watchful eye. If you see something out of place or something which appears suspicious you should let the bank know. Forty-five days seems like a very long time so we hope the bank can cut down the investigation

times quickly so persons can access their accounts.” Social media was abuzz yesterday with concerned customers expressing concern over their accounts being compromised. One RBC customer told Tribune Business she was literally brought to tears having discovered yesterday her account had been wiped. “This is really stressful, its so frustrating. I don’t know what else to say,” she said. RBC yesterday encouraged cardholders to contact its Client Advice Centre or visit their local branch as soon as possible if they suspect their account has been affected. “Security is critical to our business and will always be a top priority. We invest in and employ industry best

practices to protect our systems so our clients can have confidence in their financial transactions,” said RBC. “Unfortunately, the elements behind hacking and skimming efforts are similarly committed to their illegal activities. The reality is that crimes of this type have become increasingly problematic, not only in the financial services sector, but for other industries in the Caribbean and around the globe. “RBC is working closely with the authorities as they investigate this attack on our valued clients and the related fraud, and will continue to invest and deploy the latest security protocols and technology to combat them.”

THE TRIBUNE

BCA chief: Grand Lucayan purchase to mark Minnis’ ‘single biggest success’ FROM PAGE ONE properly, I believe this could be the single biggest success for the Minnis administration. I say go for it.” Earlier this month, Paul Wynn, the Wynn Group’s chief executive, confirmed he had backed out of plans to purchase the Grand Lucayan, telling Tribune Business he “feels much more comfortable investing” $200m in Nassau than

seeking “massive subsidies” to make that deal work. Tourism Minister Dionisio D’Aguilar previously stated the government felt that the Wynn Group was asking for too much in concessions to move forward with a deal to purchase the property. Mr Wynn has argued however that any buyer would be seeking the same multi-million dollar taxpayer subsidies that he required to rebuild airlift into Freeport, plus renovate and remediate the existing

hotel properties, pegging the latter cost at between $45-$55m. Putting the Grand Lucayan and Freeport behind him, the Wynn Group chief said he was focusing his Bahamian investment interests solely on New Providence. Apart from the $120m GoldWynn project, upon which he hopes to break ground by September 1 once final permits are obtained, Mr Wynn said he was eyeing two other potential projects.

Property tax U-turn played to the privileged, says Davis FROM PAGE ONE commercial purposes by recasting the definition of “owner-occupied” properties and by imposing value added tax on vacation home rentals. The term “owner-occupied property” had been altered to remove the phrase “or seasonal basis”, instead inserting a requirement that an owner must reside in their property for at least six months annually to qualify under this definition. The Bahamas’ second homeowner community,

many of whom are in this nation for just a few months per year, ultimately fell out of the “owner-occupied” category and lower tax rates that were reduced in 2016. And, besides the higher tax rate, which the government had doubled from one percent to two percent on the property value above $500,000, they were also set to lose the $50,000 “cap” that set the ceiling, or limit, on how much they pay annually to the Public Treasury. “This so-called ‘people’s time’ government has shown in just 15 short months that they do not

have the interest of the Bahamian people and the nation at heart,” said Mr Davis. “They have increased VAT although they promised not to while in opposition. They have taken away school uniform allowances from persons less able to afford it. They have delayed the conclusion of the Grand Lucayan Hotel deal for personal reasons. “This incompetent, spiteful and avaricious government is fiddling while the good people of Grand Bahama cry out for jobs and relief.”

$12m upgrade on Windsor water plant nears completion FROM PAGE ONE

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over an outstanding receivable balance. “If you follow our company you’ll know that this is a pattern that’s been related probably over the last ten years, at least as long as I have been CFO. Typically the Bahamian government and WSC accumulate receivable balances over the

summer and they establish a payment plan with us. Usually by the end of the year we are back to our normal balances. We have no reason to believe that is not going to be the case again this year, however, as of right now we haven’t been able to establish a payment plan with the Bahamian government or WSC,” said Sasnett.

THE TRIBUNE

Tuesday, August 14, 2018, PAGE 3

US stocks take further losses as Turkey worries continue NEW YORK Associated Press STOCKS fell further on Wall Street yesterday as Turkey’s central bank was unable to stop a steep plunge in that nation’s currency. That’s helping to push the dollar higher, which hurts big US exporters. Stocks were coming off their worst losses in a month as investors worried about financial and economic upheaval in Turkey and the possibility it will spread to other countries. Asian markets fell overnight, while European markets were slightly lower. Global markets skidded Friday as investors worried that financial distress in Turkey could affect the international banking system and the broader economy. Many analysts say that isn’t likely, but it’s caused sharp losses for stocks. Yesterday, Turkey’s central bank announced measures to help that country’s banks, but the Turkish lira and Turkey’s stock market continued to slide. The lira has been tumbling as investors question whether the government of President Recep Tayyip Erdogan can cope with problems including the weakening currency and a diplomatic spat with Washington that has resulted in higher US tariffs. Erdogan has ruled out the possibility of higher interest rates, which can slow economic growth, but independent analysts say higher rates are urgently needed to stabilise the country’s currency. Erdogan’s refusal is one of several factors worrying investors. Investors also backed away from Argentina’s stock market. The Argentinian peso sank to an all-time low amid

investor caution and a local corruption scandal involving former government officials. While Turkey and Argentina face very different political situations, the currencies of both countries have tumbled to all-time lows against the dollar, partly because rising interest rates in the US lure investors to take money out of their markets and move it to the US. The US dollar is the strongest it’s been in more than a year, which could eventually create problems for US companies that make a lot of sales overseas. Terry Sandven, chief equity strategist at US Bank Wealth Management, said the dollar has strengthened because economic growth has picked up and other regions aren’t doing as well. “The US is a relative beacon of strength with stable to improving economy. That suggests a stronger dollar,” he said. The S&P 500 index lost 11.35 points, or 0.4 percent, to 2,821.93 after a drop of 0.7 percent Friday. The Dow Jones Industrial Average slid 125.44 points, or 0.5 percent, to 25,187.70. Energy and industrial companies and basic materials companies took some of the worst losses. Technology companies held up better. The Nasdaq composite fell 19.40 points, or 0.2 percent, to 7,819.71. The Russell 2000 index of smaller-company stocks sank 11.49 points, or 0.7 percent, to 1,675.32. Investors are worried about a confluence of factors including Turkey’s reliance on foreign loans, which become more difficult to repay when the country’s currency is plunging. Also, a diplomatic spat with the US is resulting in sharply higher

tariffs on Turkish steel and aluminum. After a yearlong stretch where much of the global economy was speeding up together and stocks were rising, the recent losses for Turkey and Argentina have caused emerging market indexes to fall out of favor. Stocks were on a fiveweek winning streak before last week, and strong corporate earnings reports were a big factor. But most of those reports are done, and Sandven, of US Bank, said stocks may spend the next two months wavering. In corporate news, German conglomerate Bayer took a dive after a US jury ruled against its Monsanto unit Friday and awarded $289m to a former school groundskeeper who said that exposure to Monsanto’s Roundup weed killer caused cancer. Monsanto said government agencies and hundreds of studies have concluded Roundup is safe. Trading in Germany, Bayer tumbled 10.3 percent. Motorcycle maker Harley-Davidson fell 4.3 percent to $41.38 after President Donald Trump tweeted in support of a potential boycott of its products. Trump has been criticising the company since June, when it said it would move more manufacturing out of the US to avoid European tariffs. The EU put new taxes on US motorcycles in response to the Trump administration’s tariffs on products imported from Europe. US crude oil fell 0.6 percent to $67.20 a barrel in New York. Brent crude lost 0.3 percent to $72.61 a barrel in London. Nielsen Holdings jumped 12.1 percent to $24.62 after Elliott Management, a firm run by activist investor Paul

Singer, disclosed an ownership stake and said Nielsen should consider selling itself or some of its assets to boost its stock price. Nielsen stock has been sinking since it traded over $50 two years ago. Most retailers were down, but Amazon advanced 0.5 percent to $1,896.20. It passed travel website Booking Holdings to become the highest-priced stock on the S&P 500. In other energy trading, wholesale gasoline dipped 1.2 percent to $2.01 a gallon. Heating oil lost 0.1 percent to $2.14 a gallon. Natural gas slid 0.5 percent to $2.93 per 1,000 cubic feet. Gold dropped 1.6 percent to $1,198.90 an ounce, its lowest price since January 2017. Silver fell two percent to $14.98 an ounce. Copper dipped 0.4 percent to $2.73 a pound. Bond prices were little changed. The yield on the ten-year Treasury note stayed at 2.88 percent. Germany’s DAX declined 0.5 percent and London’s FTSE 100 retreated 0.3 percent. France’s CAC 40 fell less than 0.1 percent. Tokyo’s Nikkei 225 lost two percent and Hong Kong’s Hang Seng retreated 1.5 percent. The dollar rose to 110.69 yen from 110.64 yen. The euro dipped to $1.1394 from $1.1398.

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bahamabeachrealty@gmail.com Ph. 426-8485 EXCLUSIVE LISTING

NELSON RD. & SAVANNAH HILL (Near Serenity Subdivision/west) 2.45 ACRES

$750,000

ROBINSON RD. & MIAMI ST. (2) COMMERCIAL BUILDINGS

$350,000

PAGE 4, Tuesday, August 14, 2018

THE TRIBUNE

IRS proposes rules to govern new small business deduction TUG SERVICES LIMITED

Job Opportunity:

Maritime Chief Engineer Duties: Improve performance and efficiency of engine room work team. To ensure smooth communication between inter- department. Arranging preparing and recording of machinery survey. Ensure proper operation of safety equipment’s and its certificate still valid. Planning maintenance check list to ensure machinery are properly maintained and reduced the risk of sudden break down of plant operation. Check list should record machinery description, date of service, part changed and remarks etc. Ensure proper entry of engine room log book and oil record book. To ensure sufficient stock are reserved (bunker, fuel oil, diesel oil, main engine lube oil, cylinder oil, other lube oils and chemicals) in case of any unpredictable situations (e.g. heavy sea, storm, engine breakdown at sea, delay of voyage, unavailable of port bunker service etc.) Writing of report to company e.g. voyage report, monthly main engine performance report and ad hoe report. Requirements; High School Diploma 2 years as engineer of a similar vessel 3 years as a deckhand on a similar sized vessel. Current First Aid and CPR cards. Clean vessel safety record. Familiarity with pollution abatement procedures. Familiarity with regulations that apply to the vessel being applied for. You must be proficient in any software associated with engineering You must be educated to degree level and hold any other qualifications associated with Maritime engineering. Supervise engine room personnel and give advice as required. Certifications Class 1 Certificate of Competency – Marine Chief Engineer. Survival Craft and Rescue Certificate Advanced Firefighting Certificate Electrical/Electronic and control engineering repair/maintenance Certificate Ship Security Certificate Basic Seafarer Training Certificate Control ship operations and care Certificate Proficient in all aspects of caterpillar engines P.O. Box N-7235 Telephone: (242) 322-7982/ (242) 322-7983 Fax: (242) 322-7984 671 East Bay Street Nassau, Bahamas Email: tugservice(s)limited@gmail.com

NEW YORK Associated Press

SMALL business owners have gotten more information about a new tax break many will get, with the IRS issuing proposed regulations that explain the deduction for qualified business income and which company owners can claim it. Some of the new details include how to handle a spouse’s income, whether side businesses qualify, and the rules for losses in one or more businesses. Under the new tax law, many owners can deduct 20 percent of their qualified business income, up to a ceiling that’s equal to 20 percent of their taxable income minus capital gains. Qualified business income is earned from a company operated as a sole proprietorship, partnership or S corporation. These businesses are known as pass-throughs because the company income “passes through” to owners’ 1040 forms, where it is reported to the IRS. Business owners of any kind can get the full 20 percent deduction as long as their taxable income — which includes earnings outside their companies — is no more than $157,500 for an individual and $315,000 for a married couple filing jointly. Even if the owner’s spouse has income from outside the business — for example, being employed in a different field or industry — that income is part of the calculations to determine whether an owner can take a qualified business income deduction. If owners’ taxable income is above the

$157,500 or $315,000 threshold, they may get a partial deduction. The computations needed to determine a partial deduction are complex and affected by how much the business pays its employees and the value of some of its property. However, owners whose companies are what’s called a specified service trade or business — for example, health providers, attorneys, accountants or consultants — have no deduction if their taxable income is more than $207,500 for an individual or $415,000 for a married couple. The proposal also provides details about how owners and tax preparers should treat a number of situations. For example, if an owner’s business loses money, there is no deduction in the current tax year, but the owner can carry the loss forward to the next year. If an owner has multiple businesses and one or more lose money, that loss is used to offset income in the other business or businesses. It’s possible for owners with several businesses to have qualified income from one or more but not from others. For example, if a doctor has a side business designing and manufacturing medical devices or dietary supplements, his income levels may prevent him from getting a deduction for his practice, but he might still be able to get one for his manufacturing company. The proposed regulations will not become official until after the IRS has received comments about them and they have been published in the Federal Register,

www.federalregister.gov. Meanwhile, the IRS says taxpayers can rely on the proposed regulations for guidance about the deduction. Many owners will need to consult a tax professional to determine how large a deduction they can take. The IRS website has information about the regulations as well as frequently asked questions including some examples of how the deduction is computed at https://bit. ly/2vwgkPx . SMALL BUSINESS IN BRIEF —Optimism at small businesses is growing along with the economy. The Wells Fargo/Gallup Small Business Index, compiled from a survey of 604 owners, has reached 118 in the third quarter, up from 106 in the second quarter. An index measuring owners’ expectations for the future rose to 66 from 61. Thirty-five percent of the owners said they plan to add jobs in the next 12 months, up from 31 percent. —Retirement is the biggest reason owners are putting their companies on the block. That’s the finding of a survey of brokers who handle sales of businesses; the survey was conducted by researchers at Pepperdine University’s Graziadio School of Business and two industry groups, the International Business Brokers Association and the M&A Source. Retirement was cited by nearly a third of owners who sold their companies for prices under $500,000. But it was the reason cited by roughly half the owners of companies with higher price tags.

THE TRIBUNE

Tuesday, August 14, 2018, PAGE 5

Now with power to long rule China, Xi beset by challenges BEIJING Associated Press AS CHINA’S leaders gather for their annual Yellow Sea retreat, the country’s political waters are looking choppy. Chinese President and ruling Communist Party leader Xi Jinping is beset by economic, foreign policy and domestic political challenges just months after clearing his way to rule for as long as he wants as China’s most dominant leader since Mao Zedong. Mounting criticism of the Xi administration’s policies has exposed the risks he faces from amassing so much power: He’s made himself a natural target for blame. “Having concentrated power, Xi is responsible for all policy setbacks and policy failures,” said Joseph Cheng, a retired City University of Hong Kong professor and long-time observer of Chinese politics. Notably, Xi used to

dominate state-run newspapers’ front pages and the state broadcaster CCTV’s news bulletins on a daily basis but has in recent weeks made fewer public appearances. “He can’t shift the blame, so he’s responding by taking a lower profile,” Cheng said. The challenges so far aren’t seen as a threat to Xi’s grip on power, but for many Chinese, the government’s credibility is on the line. Of greatest concern to many is the trade war with the US that threatens higher tariffs on hundreds of billions of dollars of Chinese exports. Critics say they’ve yet to see a coherent strategy from Beijing that could guide negotiations with Washington and avoid a major blow to the economy. Beijing instead seems to be opting for defiance and retaliatory measures of its own. Both the stock market and the currency have weakened in response and the Communist Party itself

conceded at a meeting last month that external factors were weighing heavily on economic growth. At the same time, a scandal over vaccines has reignited long-held fears over the integrity of the health care industry and the government’s ability to police the sprawling firms that dominate the economy. “Trust is the most important thing and a loss of public confidence in the government could be devastating,” said Zhang Ming, a retired professor of political science in Beijing. And last week, the authorities mobilised a massive security effort to squelch a planned protest in Beijing over the sudden collapse of hundreds of peer-to-peer borrowing schemes that underscore the government’s inability to reform the finance system to cater to small investors. Meanwhile, Xi’s signature project, the trillion-dollar “Belt and Road” initiative to build investment and infrastructure links with

65 nations, is running into headwinds over sticker shock among the countries involved. Some Chinese have also questioned the wisdom of sending vast sums abroad at a time when millions of Chinese remain mired in poverty. That in part plays into concerns over Xi’s abandonment of the highly pragmatic, low-key cautious approach to foreign relations advocated by Deng Xiaoping, the architect of China’s economic reforms that laid the groundwork for today’s relative prosperity. Leaders are likely to discuss at least some of these challenges during informal discussions at the Beidaihe resort in Hebei province as part of a tradition begun under Mao. Xi and others generally drop out of sight for two weeks or more during the summer session. Xi’s mildly bombastic brand of Chinese triumphalism “has not been popular with many in the party”, leading critics to speak out, said Steve Tsang, director

of the China Institute at London’s School of Oriental and African Studies. Some have even called for the sacking of one prominent proponent of the rising China theme, Tsinghua University economist Hu Angang, with 27 graduates of the elite institution signing a letter to that effect. Resentment lingers also over Xi’s moves to consolidate power, including pushing through the removal of presidential term limits in March and establishing a burgeoning cult of personality. That resentment was given voice in a lengthy jeremiad titled “Imminent Fears, Imminent Hopes” penned by Tsinghua University law professor Xu Zhangrun, who warned that, “Yet again people throughout China ... are feeling a sense of uncertainty, a mounting anxiety in relation both to the direction the country is taking as well as in regard to their personal security.” “These anxieties have

generated something of a nationwide panic,” Xu continued before listing eight areas of concern including stricter controls over ideology, repression of the intelligentsia, excessive foreign aid and “The End of Reform and the Return of Totalitarianism”. Even more boldly, Xu called for a restoration of presidential term limits and a re-evaluation of the 1989 pro-democracy movement centered on Beijing’s Tiananmen Square. The peaceful protests were crushed by the military and remain a taboo topic to this day. Although Xu is reportedly out of the country and has not been officially sanctioned, another longtime critic, retired professor Sun Wenguang, found himself carted off by police in the middle of a radio interview with the Voice of America in which he railed against China’s lavish spending abroad.

VACANCY NOTICE

DIRECTOR OF ENTERPRISE SOLUTIONS Cable Bahamas Limited is seeking to employ a Director of Enterprise Solutions. Interested persons may apply by forwarding a resume stating their interest, relevant skills, and experience to humanresouces@cablebahamas.com on or before Tuesday, August 14, 2018. JOB SUMMARY The Director of Enterprise Solutions will be the lead in driving the development of technical solutions in both the Commercial and Residential markets within The Bahamas. This role’s primary responsibility is to generate revenue by developing and rolling out products on the fibre and Ethernet networks to enable the increase of sales, using market research, pricing, product communications, advertising and public relations. This position will also be responsible for new business development, product development and distribution channel management. JOB DESCRIPTION Duties will include but are not limited to: •Creating a clear enterprise solution strategy that encompasses all segments incorporating the Company’s mid to long-term strategic and annual business plans; •Maintaining and executing the strategic plan to research, identify and propose commercial and residential solutions and applications, while determining the prioritization and investment across companies; •Developing in depth understanding of networks and plan to maximize the capabilities within product sets. Develops, rationalizes, and aligns product roadmaps for enhancing capabilities; •Monitoring industry trends and evaluate new technologies for potential deployment and/or use to support emerging business needs; •Leading or supports the development of strategic directions and business roadmaps for the current state and the evolution of product deliver; •Initiates and manages engagement with external vendors and internal crossfunctional teams; •Developing strategy to obtain and maintain executive sponsorship/direction and communication. Communicate planning and strategy to executive sponsors, champions, and vendor partners; •Establishing strategic partnership with Sales, Network Operations, Engineering and IT; •Conducting industry analysis and research, develop and present business cases to grow revenue. Identify and develop business cases across companies to drive value such as operational efficiency, organizational effectiveness, cost reduction and revenue growth; •Providing oversight and tracking of financials by product. Completing budgets, forecasts and actuals to ensure alignment; •Leveraging the data and Ethernet communications capabilities with dedicated, high-performance connectivity; •Driving innovative solutions comprising but not limited to the following service offerings; •Ethernet Network Services: • Metro Ethernet Services • SDN-WAN • Hybrid WAN SKILLS, EXPERIENCE & QUALIFICATIONS REQUIRED •Requires BS/BA in a related discipline and 8 plus years of experience in related field (Telecommunications product development) and 5 plus years of experience in developing and implementing business and technology strategies for a telecommunications service provider; •Demonstrated experience in developing and executing product management; •Confident presence in client facing situations, polished verbal and written presentations, effective interpersonal skills, and strong collaboration skills, to partner effectively with teams throughout organization; •Must demonstrate strong people leadership skills, project management and communication skills; •Candidate should possess an understanding of program management; •Knowledge of telecommunications service offerings: Video, Voice, High Speed Data; •Experience in the Caribbean (specifically The Bahamas) and the United States preferred. Qualified applicants should submit Resumes on or before Tuesday, August 14, 2018, to the Director of Human Resources, PO BOX CB-13050, Nassau, Bahamas or send electronically with Ref: Director of Enterprise Solutions to humanresources@cablebahamas.com.

PAGE 6, Tuesday, August 14, 2018

THE TRIBUNE

Fidelity Bank (Bahamas) Limited

(Incorporated under the laws of the Commonwealth of The Bahamas) Consolidated Statement of Financial Position (Unaudited) As of 30 June 2018 (Expressed in Bahamian dollars)

ASSETS Cash on hand and at banks Investment securities Loans and advances to customers Other assets Investments in joint ventures Property, plant and equipment

2018 $

2017 $

136,067,038 83,318,398 416,214,225 5,672,237 12,783,588 10,783,528

103,858,986 88,496,767 408,644,237 2,599,954 13,247,977 10,922,222

Total assets

664,839,014

627,770,143

LIABILITIES Deposits from customers Accrued expenses and other liabilities Debt securities

536,363,196 1,138,079 34,168,875

493,516,569 1,004,008 43,932,963

Total liabilities

571,670,150

538,453,540

EQUITY Capital – ordinary shares Capital – preference shares Revaluation reserve Reserve for credit losses Retained earnings

20,380,694 15,000,000 321,187 57,466,983

20,363,328 15,000,000 373,659 4,090,372 49,489,244

Total equity

93,168,864

89,316,603

664,839,014

627,770,143

Total liabilities and equity

To advertise in The Tribune, contact 502-2394

Bahamas Property Fund Limited

(Incorporated under the laws of the Commonwealth of The Bahamas) Consolidated Statement of Financial Position (Unaudited) As of 30 June 2018 (Expressed in Bahamian dollars)

6 Months Ended 30 June 30 June 2018 2017 $ $

15,808,167 925,506

30,821,218 1,781,275

28,155,540 1,703,468

16,733,673

32,602,493

29,859,008

Interest expense

(3,386,667 )

(6,790,557 )

(7,492,362 )

Net interest income

13,347,006

25,811,936

22,366,646

695,342 20,157 299,238

1,383,569 40,313 381,054

1,386,940 40,313 387,380

14,361,743

27,616,872

24,181,279

3,065,667 3,755,355 3,050,270 366,650

5,884,574 5,855,130 5,572,726 734,717

5,219,865 4,129,093 4,683,811 732,613

10,237,942

18,047,147

14,765,382

4,123,801

9,569,725

9,415,897

562,796

1,396,807

1,428,187

4,686,597

10,966,532

10,844,084

28,805,104

28,801,947

28,791,403

0.15

0.36

Total income EXPENSES General and administrative Provision for loan losses Salaries and employee benefits Depreciation and amortisation Total expenses Operating profit Share of profits of joint ventures Net income and total comprehensive income Weighted average number of ordinary shares outstanding Earnings per share Consolidated Statement of Changes in Equity (Unaudited) For the Six Months Ended 30 June 2018 (Expressed in Bahamian dollars) Capital – Ordinary Shares $

Capital – Preference Shares $

Revaluation Reserve $

As of 31 December 2017

20,363,328

15,000,000

373,659

20,363,328

15,000,000

373,659

Net income

Total comprehensive income

Depreciation transfer

Appropriation for credit losses

Total transfers

Effects of changes in accounting policies As of 1 January 2018

28,500,000

3,750,275 1,573,248 454,935

3,863,254 433,382 421,774

5,778,458

4,718,410

34,278,458

33,218,410

297,135

265,108

297,135

265,108

1,740,128 87,727 10,366,552

479,270 10,730,912

12,194,407

11,210,182

Total liabilities

12,491,542

11,475,290

EQUITY Capital – ordinary shares Retained earnings

12,035,000 9,751,916

12,035,000 9,708,120

Total equity

21,786,916

21,743,120

Total liabilities and equity

34,278,458

33,218,410

Current assets Cash at banks Trade receivables Other assets

3 Months Ended 30 June 2018 $

Fees and commissions Rental income Other income

31 December 2017 $

ASSETS Non-current assets Investment property

Consolidated Statement of Comprehensive Income (Unaudited) For the Six Months Ended 30 June 2018 (Expressed in Bahamian dollars)

INCOME Interest income Bank deposits, loans and advances Investment securities

30 June 2018 $

Total assets LIABILITIES Non-current liabilities Security deposits from tenants

Current liabilities Accrued expenses and other liabilities Unearned rental income Borrowings

Consolidated Statement of Comprehensive Income (Unaudited) For the Six Months Ended 30 June 2018 (Expressed in Bahamian dollars)

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

Reserve for Credit Losses $

Retained Earnings $

Total $

4,090,372

49,489,244

89,316,603

(4,090,372)

(2,606,335 )

(6,696,707 )

46,882,909

82,619,896

10,966,532

52,472

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

Comprehensive income

Transfers (52,472 ) (52,472 )

6 Months Ended 30 June 30 June 2018 2017 $ $ [Restated Note 1]

3 Months Ended 30 June 2018 $

Operating profit Interest income Interest expense and related charges Net income/(loss) and total comprehensive income/(loss)

839,828 -

1,712,774 -

1,834,460 (925,000 )

839,828

1,712,774

909,460

502,377 43,267 35,796 10,194 4,000 41,903

1,099,097 164,104 69,482 24,633 20,871 8,000 61,078

514,625 146,780 43,925 27,605 29,266 10,000 73,462

637,537

1,447,265

845,663

202,291

265,509

63,797

(116,325 )

(221,713 )

(263,856 )

85,966

43,796

(200,059 )

2,407,000

0.04

0.02

(0.08 )

Capital – Ordinary Shares $

Retained Earnings $

Total $

12,035,000

9,708,120

21,743,120

43,796

12,035,000

9,751,916

21,786,916

10,407,504

22,442,504

Transactions with owners 17,366

48,563

65,929

Dividends – preference shares

(483,493)

(483,493 )

Dividends – ordinary shares

17,366

As of 31 March 2018

20,380,694

15,000,000

321,187

Dividends per share

0.32

Issuance of ordinary shares

Total transactions with owners

(434,930) 57,466,983

(417,564 )

Weighted average number of ordinary shares outstanding Earnings per share

93,168,864

Consolidated Statement of Changes in Equity (Unaudited) For the Six Months Ended 30 June 2018 (Expressed in Bahamian dollars)

Consolidated Statement of Changes in Equity (Unaudited) For the Year Ended 31 December 2017 (Expressed in Bahamian dollars)

As of 1 January 2017

Capital – Ordinary Shares $

Capital – Preference Shares $

20,333,243

15,000,000

Revaluation Reserve $

Reserve for Credit Losses $

Retained Earnings $

Total $

392,251

3,855,116

43,981,810

83,562,420

Net income

21,053,528

Total comprehensive income

21,053,528

Transfers Depreciation transfer

Appropriation for credit losses

Total transfers

(18,592 )

30,085

Dividends – preference shares

(975,410)

(975,410 )

Dividends – ordinary shares

(14,433,335)

(14,433,335 )

(15,329,430)

(15,299,345 )

49,489,244

89,316,603

(18,592 )

18,592

235,256

(235,256)

235,256

(216,664)

Transactions with owners

Total transactions with owners As of 31 December 2017 Dividends per share

As of 1 January 2018 Total comprehensive income

Comprehensive income

Issuance of ordinary shares

2,407,000

30,085

20,363,328

15,000,000

373,659

4,090,372

0.50

0.65

79,315

109,400

As of 30 June 2018 Dividends per share

As of 1 January 2017

12,035,000

Total comprehensive loss

As of 31 December 2017

12,035,000

Dividends per share

Capital Management The objectives of Fidelity Bank (Bahamas) Limited (the Bank) when managing capital, which comprises total equity on the face of the consolidated statement of financial position, are: 

To comply with the capital requirements set by the Central Bank of The Bahamas (the Central Bank).



To safeguard the Bank’s ability to continue as a going concern so that it can continue to provide returns for its shareholders and benefits for other stakeholders; and



To maintain a strong capital base to support the development of its business.

Capital adequacy and the use of regulatory capital are monitored by the Bank’s management, employing techniques designed to ensure compliance with guidelines established by the Central Bank, including quantitative and qualitative measures. The required information is filed with the Central Bank on a quarterly basis. The Central Bank, the Bank’s principal regulator, requires that the Bank maintains a ratio of total regulatory capital to risk-weighted assets at or above a minimum of 14.00%. For the six months ended 30 June 2018 and the year ended 31 December 2017, the Bank complied with all of the externally imposed capital requirements to which it is subject.

9,708,120

(699,384) 21,743,120

Notes to the Consolidated Financial Statements (Unaudited) For the Six Months Ended 30 June 2018 (Expressed in Bahamian dollars) 1.

Notes to the Consolidated Financial Statements (Unaudited) For the Six Months Ended 30 June 2018 (Expressed in Bahamian dollars)

(699,384 )

Prior Period Adjustment The fair values of investment properties recognised in prior years were misstated as a result of discounted cash flow projections omitting cash outflows in relation to maintenance cost of vacant rental space. Accordingly, the consolidated statements of financial position as of 31 December 2016 and 2015 have been restated for the revised fair values of investment properties, and the consolidated statement of comprehensive income for the six (6) months ended 30 June 2017 has been restated to recognise the appropriate change in fair values of investment properties. The table below discloses the specific adjustments to the corresponding figures presented in the consolidated financial statements for the six (6) months ended 30 June 2018:

As of 1 January 2017 Retained earnings Total equity

Originally Reported $ 20,099,504 32,134,504

Adjustment $ (9,692,000 ) (9,692,000 )

Restated Value $ 10,407,504 22,442,504

For the six months ended 30 June 2017 Net fair value loss on investment property Management fee Operating profit Net income/(loss) and total comprehensive income/(loss)

(90,212 ) 942,510

(925,000) 46,287 (878,713)

(925,000 ) (43,925 ) 63,797

678,654

(878,713)

(200,059 )

THE TRIBUNE

Tuesday, August 14, 2018, PAGE 7

Warren Buffett’s investing continues to evolve even at 87 OMAHA, NEBRASKA Associated Press WARREN Buffett is still finding new places to invest decades after he started, even though his basic approach of finding businesses selling for less than they are worth hasn’t changed much. Buffett resisted investing in tech companies for years because he didn’t think he could pick which ones would be enduring winners, but now his Berkshire Hathaway conglomerate is a major Apple shareholder because he views Apple as a consumer products company with loyal customers. The billionaire used to joke that airlines were such a bad investment that someone should have shot down the Wright brothers. Today, Berkshire holds investments

WARREN BUFFETT in several major airlines. Berkshire investors have generally profited as Buffett found new ways to put the company’s money to work over the years, although he has made mistakes along the way. Berkshire could reveal some more surprises when the Omaha, Nebraskabased company details its stock holdings in a quarterly regulatory filing which is expected to be made tomorrow. The biggest change

Berkshire made to its stock portfolio this year has been adding to its Apple holdings. Some of the smaller changes that get disclosed, such as the new stake in Teva Pharmaceuticals that Berkshire bought last year, might be the work of the company’s two other money managers. “The fact that he’s changing is a good thing,” said George Morgan, a finance professor at the University of Nebraska at Omaha and a former investment adviser. Buffett was criticised in the 1990s for missing out on the boom in technology stocks, but the 87-year-old’s caution proved sensible a few years later when the tech bubble burst. The way Buffett explains it, he keeps three boxes on his desk: in, out and too hard. That last box is where tech companies had always lived until Buffett invested

in IBM stock in 2011. “Even with hindsight, it’s a little hard to figure out, you know, who was going to make all the money,” Buffett said at the 2007 annual meeting. “There’s just games that are too tough.” Buffett says now that he should have recognised Google’s potential as an investment because Berkshire’s Geico insurance company was an early customer of the search engine and selling ads is a business he understands. But Berkshire still hasn’t invested in Google because the company sells at a premium now, and Buffett tries to find investments that are selling

for less than they are worth. It may seem easy to look back and conclude that Berkshire should have invested heavily in Google or Amazon a decade ago, but even if he had, who knows how many bad picks might Buffett have made in the sector. Buffett said at this spring’s annual meeting that he was wrong about IBM and sold it for little gain about six years after he started buying it. Buffett has continued buying Apple stock in the first half of this year, and Berkshire said in its earnings report that it held shares worth nearly $50bn in the iPhone maker at

the end of June. Andy Kilpatrick, a stockbroker-author who wrote “Of Permanent Value: The Story of Warren Buffett”, said Buffett pays attention to changes in business and makes changes to his investing approach, as needed. “I think it’s just evolution of his thinking,” Kilpatrick said. Edward Jones analyst Jim Shanahan said the changes Buffett has made in recent years could reflect the growing influence of the two investment managers he hired or the two deputies who are in line to eventually replace him as Berkshire’s CEO.

www.ub.edu.bs

EMPLOYMENT OPPORTUNITY

VICE PRESIDENT MARKETING A progressive company is looking for a Vice President of Marketing. This position will be responsible for the strategy, tactics and programs to create interest, demand and recognition for the company’s products through the use of PR, Product Marketing, Creative Services, Advertising, Strategic Relationships, Direct, Event, Channel, Digital and Online Marketing. The ideal candidate must be well rounded in all aspects of marketing and sales methodology to both vertical and consumer customers. Extensive knowledge of technical markets, pricing models, consumer packaging, channels of distribution, technology trends, customer buying patterns, budgeting, public and investor relations, advertising, statistics and analysis, P&L background, direct marketing, telemarketing, planning skills, database marketing, competitive strategies, event marketing, channel marketing, merchandising, product marketing, product management, team management, presentation, sales and strong training skills during high growth stages. Core Responsibilities include:• Product management, pricing and business performance management for a company’s major lines of business; • Product life cycle management which includes all aspects of service development and evolution of the product; • Manages operating and expense budgets effectively to maximize profitability and minimize impacts on corporate costs; • Ensures all activities exemplify the corporate image and brand of the company; • Creates a highly effective team fluent in current industry trends, technology changes and market conditions; • Ensures products adhere to applicable policies, practices, regulations, and privacy requirements; • Product portfolio which includes revenue, subscribers, market, share and churn targets • Portfolio plan development and business performance of products including profitability, expense management, and inventory management; • Provides inputs into the forecasting process and ongoing forecasting updates; • Identifies emerging areas of focus and high quality ideas in consultation with product marketing, technology, operations and senior management; • Leads cross-functional multi-disciplined teams in the research, evaluation, system design, requirement definition and process development for service delivery; • Negotiates, establishes and maximizes third party relationships that deliver advantageous results and protect the company’s interests; • Ensures that the company’s products and pricing are positioned competitively through proactive monitoring and research of the marketplace and competitors; • Spearheads timely tactics to counter competitive threats; • Ensures channels to market are supported and effectively maintained by providing sales aids, value propositions, product information and sales training for all marketing-related initiatives; • Drives marketing activity to ensure alignment with marketing plans, and gains the understanding and commitment of stakeholders; • Provides marketing leadership, direction and coaching to inspire, motivate and enable a positive and productive work environment for direct reports and cross-functional teams; • Create key performance metrics to measure customer experience and brand awareness, capturing customer behavior, analysis of results, and development of cross-departmental recommendations. Required Skills, Experience & Qualifications • A Bachelor’s degree in Marketing, Branding or related field; • Ten (10) plus years’ experience in a senior marketing role; • Demonstrated experience and leadership in managing comprehensive strategic; marketing, communications, media relations, and marketing programs to advance an organization’s mission and goals; • Superior management skills with the ability to influence and engage direct and indirect reports and peers; • Ability to manage influence through persuasion, negotiation, and consensus building; • Combined background of post-sale and sales experience an asset; • Strong empathy for customers AND passion for revenue and growth; • Analytical and process-oriented mindset; • Excellent communicator with superior verbal, written, interpersonal, technical and presentation skills; • Ability to think critically and problem solve in a fast-paced environment. Qualified applicants should submit Resumes on or before, August 15, 2018 electronically to the following email address: careers242@coralwave.com with Subject: Vice President Marketing.

CAREER OPPORTUNITIES SENIOR MANAGEMENT

EXECUTIVE VICE PRESIDENT University of The Bahamas, a multi-campus, national system, is seeking nominations and applications for the position of Executive Vice President, reporting to the President, who will serve as the chief operating officer (COO) of the University of The Bahamas system. The EVP has the primary responsibility for assisting the President in maximizing the institution’s operating performance and achievement of goals. Primary responsibilities include, but are not limited to: • Overseeing the implementation of the University’s Board-approved strategic plan across all areas of the University; • Initiating and managing strategic alliances; • Participating in the development of operating and capital budgets; • Assuring effective guidelines and standard operating procedures for the management of the various units reporting to the President; • Working collaboratively with the President’s Cabinet and staff; • Providing the President and Board of Trustees with regular updates on the achievement status of the academic milestones, its admissions and retention initiatives and its strategic Planning initiatives; and • Assisting with fundraising and other development or alumni activities as required. Applicants should submit a Letter of Interest; Curriculum Vitae; and contact information for three professional references by Friday, 17th August 2018 to: Chief of Staff Email: maelynn.seymour-major@ub.edu.bs Office of the President University of The Bahamas University Drive P. O. Box N-4912 Nassau, The Bahamas Electronic applications preferred. The detailed position announcement is available online at http://www.ub.edu.bs/about-us/career-opportunities/administration/ .

OMBUDSMAN Suitably qualified candidates are invited to apply for the position of University Ombudsman, a designated impartial, neutral, and confidential third party, who assists students, faculty, staff, and administrators in dispute resolution through informal means, which includes consulting, negotiation, and mediation. Primary responsibilities include, but are not limited to: • Acting as liaison between individuals or groups and the campus administration by serving as a consultant, facilitator, and informal mediator and recommending steps toward problem resolution and appropriate action; • Consulting with campus departments and academic units to understand and resolve complex problems through informal discussion and developing cooperative strategies to prevent future problems; • Advising senior administrators responsible for policies and procedures that affect the welfare of the campus community; making appropriate recommendations to modify practices in order to reduce or eliminate recurring problems; working collaboratively with other offices and personnel whose responsibilities include policy analysis; • Developing and maintaining ongoing relationships with all campus constituencies to promote the value and process of conflict resolution; • Developing and conducting training and information sessions for the campus community about the Ombudsman’s role in university conflict resolution; • Working collaboratively with other campus personnel with conflict resolution interests and responsibilities; • Encouraging ethical behavior and practical solutions in resolving disputes and formulating recommendations; • Developing and maintaining an appropriate professional leadership role, consistent with the University of The Bahamas’ position in higher education and academe. Applicants should submit a letter of application highlighting work experience and accomplishments relevant to the position; resume; and the names and contact information of three professional references by Friday, 17th August 2018 to: Chairman, Board of Trustees C/O Board of Trustee Secretary via email: michael.stevenson@ub.edu.bs Office of University Secretary University of The Bahamas Poinciana Drive & University Drive P. O. Box N-4912 Nassau, The Bahamas Electronic applications preferred. The detailed position announcement is available online at http://www.ub.edu.bs/about-us/career-opportunities/administration/ .

PAGE 8, Tuesday, August 14, 2018

THE TRIBUNE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, RAYSHANN FELISEA CAMPBELL of 104 Pinta Avenue, South Bahama, P.O. Box F-42021, Grand Bahama, mother of OMARI JUAN MAKHAI FOX intend to change my child’s name to OMARI JUAN MAKHAI CAMPBELL If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that we, NIKOLAI MIKHAIL SMITH and MIA SHEREE OUTTEN of New Providence, Bahamas parents of MIKHAIL ISAIAH XAVIER OUTTEN intend to change our child’s name to MIKHAIL ISAIAH XAVIER SMITH. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE IN THE ESTATE of EULA CULMER late of the Settlement of Palmetto Point in the Island of Eleuthera one of the Islands of the Commonwealth of The Bahamas, deceased.

NOTICE Notice is hereby given that Kemuel Saintilien of Edgar Place, 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 signed statement of the facts within twenty-eight days from the 3rd August, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

NOTICE IS HEREBY GIVEN that all persons having any claim against the above named Estate are required on or before the 31st day of July, 2018 to send their names and addresses and particulars of their debts or claims to the undersigned and if so required by notice in writing from the undersigned to come in and prove such debts and claims or in default thereof they will be excluded from the benefits of any distributions made before such debts are proved AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned. HAILSHAMS LEGAL ASSOCIATES Counsel and Attorneys at Law RENALDO HOUSE 10 Queen’s Highway Palmetto Point, Eleuthera, Bahamas P. O. Box SS 5062, Nassau, Bahamas Attorneys for the Administratrix of the above Estate

MARKET REPORT MONDAY, 13 AUGUST 2018

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

BISX ALL SHARE INDEX: CLOSE 1,943.87 | CHG -6.02 | %CHG -0.31 | YTD -119.70 | YTD% -5.80 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.10 1.39 0.19 3.92 9.16 6.60 5.30 11.93 2.71 1.77 8.21 6.21 11.50 7.29 13.67 13.00

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 2.90 8.50 6.09 3.33 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 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 E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 ##########

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

SYMBOL LAST CLOSE AML 4.50 APD 17.43 BPF 9.09 BWL 4.06 BOB 1.00 BBL 0.18 CAB 2.90 CIB 9.13 CHL 6.15 CBL 3.78 CBB 11.42 CWCB 2.68 DHS 1.75 EMAB 7.38 FAM 6.21 FBB 11.49 FIN 6.35 FCL 3.75 JSJ 13.00 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)

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 LAST SALE 100.00 108.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.01 17.43 9.09 4.06 1.00 0.18 2.90 9.13 6.15 3.75 11.42 2.72 1.75 7.47 6.21 11.49 6.35 3.75 13.00

CHANGE -0.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.03 0.00 0.04 0.00 0.09 0.00 0.00 0.00 0.00 0.00

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

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

CLOSE 100.00

CHANGE 0.00

108.32 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.05 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

VOLUME 1,231,191

8,079

VOLUME

EPS$ 0.268 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 0.719 0.277 0.631

DIV$ 0.100 1.130 0.000 0.230 0.000 0.010 0.000 0.710 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.580

P/E 15.0 18.7 N/M 14.3 N/M N/M -2.9 14.3 10.7 21.9 18.2 26.7 7.6 N/M 11.4 16.9 8.8 13.5 20.6

YIELD 2.49% 6.48% 0.00% 5.67% 0.00% 5.56% 0.00% 7.78% 3.58% 3.20% 5.43% 2.21% 4.00% 1.12% 5.15% 4.35% 3.15% 3.20% 4.46%

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%

MATURITY 19-Oct-2022 ############### 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

MUTUAL FUNDS 52WK HI 2.16 4.16 2.00 180.30 157.58 1.56 1.70 1.64 1.10 6.99 8.54 6.15 10.52 11.46 10.46 10.00 8.45 11.20

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.50 1.62 1.58 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 2.16 4.12 2.00 180.30 155.10 1.56 1.70 1.65 1.09 7.24 8.28 6.46 11.16 11.65 10.26 9.93 8.45 11.20

YTD% 12 MTH% 1.87% 3.98% -0.44% 4.28% 1.05% 2.26% 0.90% 3.44% 1.11% 6.05% 2.14% 4.33% 0.17% 4.01% 1.67% 4.18% -0.96% 0.73% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69% -0.61% 0.75% 1.13% N/A 2.95% N/A

NAV Date 30-Jun-2018 30-Jun-2018 29-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-2018 30-Jun-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

INTERNATIONAL BUSINESS COMPANIES ACT, 2000

Flexy Fund Ltd. NOTICE is hereby given that in accordance with Section 138 (8) of The International Business Companies Act, 2000, the Dissolution of Flexy Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 27th day of July, A.D. 2018 Michael C. Miller Liquidator NOTICE SHINE EVER HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) SHINE EVER HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 9th August, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 14th day of August, A. D. 2018

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

_________________________________ Bukit Merah Limited Liquidator