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THURSDAY, SEPTEMBER 6, 2018

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EU tax legislation to House by 19th

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government believes it has “agreed the main part” of legislation to address Europe’s tax demands with the private sector, and plans to bring the bill to Parliament on September 19. KP Turnquest, pictured, deputy prime minister, told Tribune Business in a recent interview that the Minnis administration aims “to lay” the Commercial Entities (Substance Requirements) Bill 2018 in the House of Assembly when it resumes following its summer break. He said the Government was in the last stages of consultation with the financial services industry, and seeking to handle the sector’s final questions, as it strives to meet the tight timeline for passing and implementing the legislation. Asserting that a recent briefing with the industry “went well”, Mr Turnquest added that the Minnis administration was aiming to balance the need to escape the EU’s threatened “blacklist” with the need to maintain a growth platform for financial services. “There have been some subsequent questions that have arisen and we’ll

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AML Foods in deal over one Carl’s Jr site By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AML Foods has agreed to sell the equipment, and assign the lease, for its former Carl’s Jr site on Carmichael Road as it winds down a unit that generated a near-$1.5m loss in its final year. The BISX-listed food retail and franchise group, in its annual report for the year to end-April 2018, said it was in talks to sell equipment at one of the other three Carl’s Jr locations after it closed the hamburger chain following a five-fold increase in losses year-over-year. “At April 30, 2018, the company was in discussions with a third party to purchase equipment at two of the three locations, and had written down property, plant, and equipment by $613,000 from $1.263m to the expected sale amount of $650,000,” the footnotes to AML Foods’ annual report confirmed. “On July 26, 2018, the company entered into an agreement for the sale of equipment and assignment of lease of its Carl’s Jr Carmichael Road location.” AML Foods’ annual report revealed that Carl’s Jr’s net operating loss increased from $285,000 in the 12 months to end-April

SEE PAGE 5

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Govt reins in $43m stadium ‘disaster’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HE Andre Rodgers Baseball Stadium is a waste of taxpayer money that will “never pay for itself”, a Cabinet minister admitted yesterday, amid steps taken to prevent a near-tripling of costs. Desmond Bannister, pictured, minister of works, told Tribune Business that the Government was aiming to cap construction costs at “about $30m” rather than the $43.014m full scope of

THE Bahamas has just “two to three years” to upgrade Nassau’s cruise port before passenger volumes start falling by five to ten percent annually, a major global operator warned yesterday. A spokesman for Global Port Holdings, which partnered with two Bahamian entities to submit an unsolicited bid to take over Prince George Wharf’s management, told Tribune Business that “bad” customer experiences and satisfaction threatened to undermine this nation’s earnings from the cruise ship industry. Noting the frequent complaints about Nassau from the major cruise lines, the Global Port Holdings spokesman pledged that its partnership with BISX-listed Arawak Port Development Company (APD) and CFAL (Colina Financial Advisors) would double cruise passenger spending from the current near-$60 per head within four to five years if given the go-ahead. Dionisio D’Aguilar, minister of tourism and aviation, earlier this week said the Government planned to obtain bids for the cruise port’s management from allcomers by opening up the process via public Request for Proposal (RFP). Confirming Global Ports Holding’s intention to bid after investing “quite a lot of money” in its efforts to-date, the spokesman told Tribune Business: “We are ready.” They added that the majority Bahamian ownership of their consortium, named Nassau Cruise Port (NCP) Ltd, was structured to deliberately target investment “by the small guy on the street” in the CFAL-created Bahamas Investment Fund (BIF). The spokesman explained that the fund, which will own 49 percent of NCP, has a retail investor-friendly minimum investment threshold of just $1,000. And Global Ports Holding will make available a $10m credit facility, repayable over 24 months with no interest, to help finance the share ownership ambitions of ordinary Bahamians. Emphasising the urgency

* Bahamas has ‘2-3 years’ to act * Consortium targets spend doubling * And ‘small guy’ is target investor

NASSAU CRUISE PORT

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

for Nassau’s cruise port to be upgraded, the spokesman said The Bahamas could ill-afford to delay much-needed infrastructure improvements given the significant upcoming cruise line expansions and growing competitiveness of rival Caribbean destinations. “If nothing is done in two to three years, we wouldn’t be surprised if passenger numbers start to drop by five to ten percent because the customer experience,

SEE PAGE 5

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Christie administration’s initial $16.5m “estimated project cost” threatened to increase by 160 percent almost three times’ higher than the original budget. The stadium’s costs have increased progressively since the project was conceived in 2014-2015, rapidly increasing to $18.75m and then just over $21m by the time the Christie administration was voted out of

SEE PAGE 4

Annual cruise drop of 5-10% without Nassau upgrade By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Board battle hits Sports Authority THE National Sports Authority (NSA) has become the latest government board to be hit with allegations of infighting and “dysfunction”, with the new general manager unable to take office. Multiple Tribune Business sources, speaking on condition of anonymity, said Quintin Brennan, a 20-year Atlantis veteran, had been selected to fill a post left vacant for seven months after the previous incumbent, Jeffrey Beckles, stepped down in early 2018. However, Mr Brennan, a former senior director of convention services at The Bahamas’ largest private sector employer, has been unable to fully assume his duties because his appointment was never brought to cabinet for its approval. “He can’t take office because they never got approval to hire him,” one source said. “The only way they can employ him is if he acts as a consultant. They were talking to him for three months, and he signed a contract.” Mr Brennan is understood to have been at the NSA since Monday this week, but cannot properly function. His predicament is part of wider board battle that has forced Lanisha Rolle, newly-appointed as minister of youth, sports and culture, to intervene and effectively “freeze” activities at the NSA until it is resolved, Tribune Business understands. Numerous contacts

* Baseball facility will ‘never pay for itself’ * Minister caps Andre Rodgers spend at $30m * Confirms waste of Bahamian people’s funds

A COMPLEX PLAN for the Andre Rodgers Baseball Stadium. works to limit the BahaThis newspaper has mian people’s financial obtained internal Cabinet exposure. documents that reveal the

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THE TRIBUNE

DESIGNING BY ITS TRUE DEFINITIONS

E T T I N G thrown into the world of graphic design can sometimes feel like learning a new language. There are countless technical terms that can seem perplexing at the best of times but, if you are confused, never fear as words are evolving each day. So whether you are a new designer, just a little curious or simply trying to decipher your designer’s e-mails, relax as I define a few common terms that leave a framework for understanding. Typography The artistic arrangement of type that is readable and visually appealing. Typography or typefaces are used in a way that helps to better visually communicate ideas. Display Type It is designed with the objective of attracting attention. Think of movie titles on posters, article titles in magazines, newspaper headlines. Hierarchy The visual arrangement of design in a way that suggests importance. For example, making a title big and bold to ensure it attracts more attention than a small, lightly coloured image caption.

The Art of Graphix BY DEIDRE M BASTIAN

Orphans and Widows The words or short lines that appear by themselves at the top or bottom of a column of type. Palette The selection of colours chosen for design. Monochrome A colour scheme from only one colour, including lighter and darker tones of that colour. Analogous A colour scheme built from three colours that are next to each other on the colour wheel.

GRAND

Complementary A colour scheme built from two colours that sit opposite each other on the colour wheel. Triadic A colour scheme built out of three colours equally spaced around the colour wheel. CMYK CMYK, or “Cyan, Magenta, Yellow, Key”, is a colour model that is used for print purposes. CMYK is a subtractive colour, which means we begin with white and end up with black. So, as we add more colour, the result turns darker. RGB RGB, or “Red, Green, Blue”, is a colour model that is used for on-screen purposes. RGB is an additive colour, meaning that when mixing colours, we start with black and end up with white as more colour is added. Pantone (PMS) The “Pantone Matching System” is a standardised system of colours for printing. Every Pantone shade is numbered, making it much easier for people to reference and identify exact shades of colour. Warm Colours These colours tend to feel cozier, friendlier and

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more cheerful. Colour Theory The study of how colours make people feel and respond. Certain colours tend to evoke certain subconscious emotions and feelings. Gradient A gradual change in colour from one tone to another. Two common types of gradients are the linear gradient, where each colour sits on opposite sides of the frame, and a radial gradient where one colour sits in the middle and another at the edge. Opacity The degree of transparency an element has. The lower the opacity, the more transparent an element. Resolution The amount of detail an image has. Generally speaking, the higher your resolution, the better your images appear and the more detail is rendered. Whereas lower resolution images or graphics tend to appear blurry, pixelated or muddy. Contrast The degree of difference between two juxtaposed elements. Some other common types of contrast are dark versus light; thick versus thin; and rough versus smooth. Saturation The degree of intensity and vividness of a colour. For example, a low-saturation colour may appear paler and faded, whereas a more heavily saturated colour may appear more vibrant and colourful. Stock Photo A professionally-shot photograph available online for licensing. Stock photos are usually used in lieu of hiring a photographer. Brand A collection of concepts, ideas and emotions that encapsulate your company’s values and ethos. A brand is a mix of all the fine conceptual details that make up the company. This can include items such as a logo,

business cards, letterheads, uniforms, packaging design, etc. Logotype A type of logo where the name of the company is designed in a visual way. Think of brands such as Google, Ikea and Disney. Brandmark A type of logo design where a symbol is used in place of the company name. Brand marks are commonly accompanied by a logotype, but not always. Thumbnail Sketch Thumbnail sketches are rough drawings of potential design concepts or solutions. These sketches are used to visualise and grow various ideas and concepts by hand before moving to the screen. Grid A framework made up of evenly divided, intersecting columns and rows. Grids help designers to align and arrange elements in a quicker, neater and more consistent way. Texture When it comes to design, texture can refer to the actual tactile surface of a design, or the visual tactility of your design. By layering textured images and graphics over your design, you can often create a visual appearance of tactility that mirrors actual texture. White Space Also called “negative space”, white space refers to the areas of a design that are not filled with content. White space is an important design element as it helps to let a design “breath”, helps avoid overly complicated designs, and keeps designs looking clean. Die Cut The process of cutting areas of your printed design in various shapes to create unique effects. Die cuts are created after printing, and are classed as a finishing process. Foil Stamping The heat-pressing application of foil to certain parts of a design to give them a

shiny, metallic finish. Letter pressing The process of using metal plates to press a design into the surface of paper to create dimensional indentations. Lorem Ipsum Also known as “dummy copy”, lorem ipsum is a generic filler text used when the real text is not available. It is used as place holder text to demonstrate how a design will look once the real body copy has been included. Well, there you have it. That is a small dise of the more common terms you might encounter when working with (or as) a graphic designer. Whether you are a designer or not, do keep in mind that while the terminology is important, it is not the be all and end all. Some definitions adapt to different circumstances, so keep your eyes peeled for new concepts and ideas, but keep an open mind. There is never any shame in asking others to help clarify any particular concept that you are unsure of. Or, if all else fails, Google away. Until we meet again, fill your life with memories rather than regrets. Enjoy life and stay on top of your game. NB: Columnist welcomes feedback at deedee21bastian@gmail.com ABOUT COLUMNIST: Ms Deidre M Bastian is a professionally trained Graphic Designer/ Marketing Coordinator with qualifications of MSc, BSc, ASc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova Southeastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Thursday, September 6, 2018, PAGE 3

RoyalFidelity returnee praises ‘exponential growth’ on return A THIRD-time RoyalFidelity Merchant Bank and Trust executive says its business has “grown exponentially” since he was last there, as the institution celebrates its 20th anniversary. David Slatter, assistant vice-president with responsibility for Royal Fidelity‘s investment management services, said: “This is my third time with Royal Fidelity. The first time was in 1998 as a securities trader. I rejoined the team in the early 2000s as investment manager of corporate finance, and this time - after ten years of experience in other areas of finance and operations - I am glad to say I have really found my niche. “It’s good to be back in my investment management role with my expanded skill set and experience... Since my return, I see lots of changes including the size of the business; it’s grown exponentially. The number

DAVID SLATTER, RoyalFidelity assistant vice-president, investment management services. of clients has increased, and the assets we have under management have grown from approximately $200m to $700m with assets under administration

of over $2bn.” Technology has played a role in Royal Fidelity’s strong growth, as clients appreciate being able to check stock prices daily

on the website and review their trading portfolios and investment statements online explained the investment banker. Mr Slatter said the opportunity to invest in international securities was particularly important to Bahamian investors given the extremely low bank deposit rates and the limited other investment opportunities locally. “I take each client through the various investment options so they can see the investment returns compared to their regular bank savings,” he added. “We discuss their goals and objectives and, based on their age and risk tolerance level, I can give them an investment plan which outlines their path toward reaching their goals and objectives. “A good start is mutual funds or a personal pension plan. Some people are fortunate enough to be in a company pension plan and

can look forward to a lump sum at retirement but, even so, it’s unlikely it will be enough. So it doesn’t hurt to start your own. The beauty of a lump sum at retirement is its further investment options. I can put that money to work earning returns on the principal for someone whilst also setting them up with a monthly income stream.” Mr Slatter added: “RoyalFidelity has been managing international securities portfolios since the early 2000s, and we believe that adding international investments into the standard Bahamian dollar portfolios improves diversification and overall performance. “So we were particularly excited by the Central Bank’s decision to reduce the cost of purchasing investment dollars from 12.5 percent to five percent, and effectively making it easier for a number of

Bahamas gains boost at family convention THE Bahamas gained significant exposure at the weekend from the Ministry of Tourism and Aviation sponsoring a pool party at a major Orlando-based family expo and convention. The “Party in da Backyard”, held at the pool of the Gaylord Palms Resort, was part of the Ministry’s sponsorship of the Allstate Tom Joyner Family Reunion (ATJFR) Expo and Convention. The sounds, and colourful costumes, of Junkanoo at the Bahamas-styled party captured the attention of hundreds in the pool and surrounding area over the Labour Day weekend. Members of the Ministry’s Florida marketing and communications team distributed t-shirts, cowbells and whistles to those in attendance. The Bahamas also exhibited at the four-day ATJFR Expo, which drew a crowd of thousands. The Bahamas’ booth was shared by its cosponsor, Bahamas Paradise Cruise Line. At The Bahamas booth, Expo attendees were encouraged to sign up to

marketing for Florida; Anita Johnson-Patty, general manager, global communications; Prescott Young, area manager, Houston; Jeannie Gibson, manager, global communications; Tina Lee, district manager, Florida; Adrian Kemp and Phylia Shivers, senior marketing representatives, Florida. win round-trip airline tickets from Florida to The Bahamas, courtesy of Bahamasair, or a cruise to Grand Bahama from the Port of Palm Beach via Bahamas Paradise Cruise Line. The Allstate Tom Joyner Family Reunion is in its 15th year, and was created to be a multi-generational fun, educational and entertaining weekend for

investors to take advantage of international investment opportunities. “To assist our investment management clients in adding international investments into their portfolios we’re expanding our services to include Global Invest – through which our clients will gain access to RoyalFidelity’s international broker/dealer relationship, including Morgan Stanley, and their highly professional international portfolio management expertise. “RoyalFidelity will work with the international brokers, and assist investors to make their investment decisions, recognising their various risk return requirements. Through Global Invest, we will make international investing more accessible to Bahamian investors, including providing a seamless Central Bank approval process.”

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African-American families. The event is the brainchild of Tom Joyner, host of the syndicated radio show, Tom Joyner Morning Show, which is heard in more than 100 US cities. Mr Joyner is also the founder of Reach Media. The Bahamas Tourist Office team at the event included Betty Bethel-Moss, director of

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Govt reins in $43m stadium ‘disaster’ FROM PAGE ONE office in the May 2017 general election. A November 27, 2017, construction “update” revealed that the “original funds required” subsequently soared to $32.917m through the addition of more than $6m in “contingencies” and “provisional sums” to cover any cost overruns. Terran Rodgers, a Ministry of Works architect, said in the report that construction delays due to non-payment of the contractor, Woslee Construction, plus structural engineers and other professionals, had added some $1.711m to the cost. And he warned that “additional funds required to complete the project” stood at $8.386m if the Government went through with adding “two auxiliary fields” and “high-level IT services”, taking the final cost to $43.014m. Mr Bannister yesterday confirmed the Minnis administration had elected not to proceed with these facilities, which were outside the “original scope” of works, in the hopes of saving $5.5m and keeping project costs closer to $30m. He revealed that the Christie administration’s expectations that the stadium would produce a return on the Bahamian people’s investment through attracting Major League Baseball (MLB) and National Collegiate Athletic Association (NCAA) teams to use the facility, along with major tournaments, would never materialise. Describing the situation

as “a disaster”, the Minister said the near-25 acre Andre Rodgers Baseball Stadium “has the wrong orientation” and “a number of other challenges” that would prevent it from being certified as ‘fit for use’ by either MLB or NCAA teams. While construction resumed two weeks ago in a bid to complete the long-delayed facility, Mr Bannister said the Minnis administration had been “stuck with a mess” that it is “extremely unhappy about”. “That Andre Rodgers Baseball Stadium has been a very expensive project for the Bahamian people,” the Minister confirmed to Tribune Business. “I’ve said it many times publicly; it’s poorly conceived and will be very, very expensive - about $30m. “It is something that the Government inherited where about $13m was already in the ground. There was very little we could do except finish it. No, I can’t see it ever paying for itself. It will never be useful for MLB. It has the wrong orientation. There are a number of challenges with that stadium and the way it was conceived.” A ‘minute paper’ obtained by Tribune Business, dated May 19, 2015, and signed by Calvin Balfour, then-permanent secretary in the Ministry of Youth, Sports and Culture, details the Cabinet approvals obtained by the Christie administration’s Ministry of Works for the provision of architectural, construction oversight and other services for the stadium. It also references a Cabinet discussions where the

THE TRIBUNE then-minister of youth, sports and culture, Dr Danny Johnson, expressed optimism that the Andre Rodgers Baseball Stadium “was expected to pay for itself as a number of US baseball teams had expressed interest in utilising the field”. “Importantly, within the country 1,800 children and young adults were actively playing the game of baseball, and approximately 225 Bahamian students were playing on US college and elite high school baseball teams, [with] the game introduced in Ministry of Education, Science and Technology schools as a sport,” the Cabinet paper continued. Dr Johnson did not respond to a Tribune Business message seeking comment yesterday, but his assertion that the 5,000 seat stadium - with the capacity to add 5,000 more - would be self-sustaining financially is in stark contrast to Mr Bannister’s position. The Minister of Works yesterday said he had “no evidence” that any economic modelling or impact studies were done by the former government to determine whether the Andre Rodgers Baseball Stadium could indeed “pay for itself”. “We have evidence before us that it’s a stadium, if they had thought it through properly, they would not have done what they’ve done,” Mr Bannister said. The May 2015 ‘minute paper’ pegged the “estimated project cost” at $16.5m, with the total budget set at $18.75m. Arconcepts, the firm headed by architect Michael Foster, was approved to provide full architectural and management services for a sum of $1.444m - equivalent to 8.75 percent of the $16.5m “project cost” - which was added on top of these costs. Dant Clayton, a US firm, was also approved to

provide grandstand design and construction services for $3.963m. Problems, and costs, increased when the Christie administration failed to pay Woslee Construction for work performed on the stadium prior to the general election. “Due to non-payment (three months of non-payment), the contractor suspended work on site until the issue..... was addressed,” Mr Rodgers, the Ministry of Work architect, wrote in his November 27, 2017, paper. The paper, sent to Ministry of Works permanent secretary, Colin Higgs, and other senior officials revealed that “all design consultants” working on the stadium stopped work at the same time because of non-payment. While Woslee resumed on May 29, 2017, Mr Rodgers said this was “at a reduced scope as they were limited to what work could be executed” due to the continuing work suspension by unpaid structural engineers and other project consultants. This state of affairs persisted through until November 17, 2017, due to delays in Cabinet approving funding to pay the consultants. This meant the original completion date for the Andre Rodgers Baseball Stadium was missed, forcing the Ministry of Works to approve Woslee’s request to extend the project’s all-risk insurance. “An item that is fast becoming a possible challenge for the project is the exposed structural steel members from Dant Clayton, and the exposed rebars on site,” Mr Rodgers said. “Deterioration is a concern, and the steel may require some level of treatment prior to any pouring of concrete. This is a cost that has been taken into consideration in the estimated additional funds required to complete the project.” The upshot of all this was that a project initially estimated as costing $16.5m, and

given an $18.75m budget, now required $32.917m almost double the original projections - to complete. The increase was sparked by a jump in construction costs to $21.352m, and the inclusion of $4m and $2m in “provisional sums” and a “contingency” respectively. Asked to explain the last two charges, Mr Bannister said yesterday: “What we’ve found in recent times with these projects is that the engineers and architects recommend putting in these provisional sums just to ensure funds are available to complete the project. “They put in the additional funds because they generally find they’re unable to complete those projects at these prices. On a number of occasions they have been forced to use contingencies and provisional sums.” Mr Rodgers’ paper, meanwhile, confirmed that $12.5m had already been spent on the Andre Rodgers Baseball Stadium by end-November 2017, including $3.788m and $1.299m paid to Dant Clayton and Arconcepts, respectively. These sums represented 95 percent and 90 percent of the total sums due, respectively. Warning that further taxpayer investment was required to complete the project, Mr Rodgers wrote: “Estimated cost due to the delay in construction from April 2017 to January 2018 (10 months) is $123,363 per month or $1.234m. The total, which includes the additional funds for design consultants, is $1.711m. “Additional funds required to complete the project (February 2018 to December 2018, 45 weeks) is estimated at $8.386m. Estimated total spend to complete the entire complex is $43.014m. This total includes two items that were not a part of the original scope - the two auxiliary fields ($4m) and the highlevel IT services required for the project $1.5m). “If the client [Ministry of Youth, Sports and Culture]

decides not to build the additional fields and eliminate the high level IT design and install the total spend would be reduced by $5.5m.” Mr Bannister yesterday said the Government had decided to act on that costcutting invitation. Given that construction only resumed in late August, the extra sevenmonth delay will likely add at least $861,000 in costs, with the stadium likely set for completion in mid-2019 - almost two years’ behind schedule. “It is not something this government wanted to do,” the Minister added of the stadium’s completion. “The whole thing is really a disaster, a mess. We’re not happy at all. We’re extremely unhappy.” One source intimately familiar with the stadium’s challenges, speaking on condition of anonymity, described the Andre Rodgers Baseball Stadium as “the quintessential model for wasting taxpayer dollars” so that a few persons can have a legacy or monument to themselves. Yet they also questioned why the Government was effectively throwing good money after bad in seeking to complete an uneconomic facility when it constantly delivered the message that it has no money in the Public Treasury. “This seems to me to be the quintessential model for wasting taxpayer dollars. It’s a typical play where people believe they can use taxpayer monies for their benefit,” the source said. “But if the Government is too broke to pay $5m for the IAAF Relays, how can it justify finding more money to complete an unqualified stadium where there is no moral or social justification for it? We’re too broke for the relays, too broke to support any sporting event, yet we do this with the stadium and do that with the hotel [Grand Lucayan].”

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THE TRIBUNE

Thursday, September 6, 2018, PAGE 5

Annual cruise drop of 5-10% without Nassau upgrade FROM PAGE ONE customer satisfaction, is bad,” they told Tribune Business. “Overall it’s not good customer satisfaction. That’s what we hear from the cruise lines. We don’t have studies in hand but are going to start doing them.” Global Ports Holding currently manages 14 ports in eight countries, including the likes of Barcelona, Venice and Lisbon in Europe, and Singapore in the Far East, and the spokesman said passenger satisfaction was “over 90 percent” at each. Nassau’s high cruise passenger volumes and strategic location as the closest nation to the lines’ home Florida bases represents an obvious attraction for the publiclylisted company, which is also seeking management/concession agreements to run Havana and other Caribbean cruise ports. Its proposal with APD/ CFAL promises to make Nassau its regional headquarters if selected for Prince George Wharf, with the Global Ports Holding spokesman revealing that the consortium is focused on increasing cruise passenger

AML Foods in deal over one Carl’s Jr site FROM PAGE ONE 2017 to $1.472m in the admittedly-shorter 2018 financial year, as the chain ceased operation on December 11. Sales fell from $2.243m to $1.321m as a result of the shorter year, with gross profit down from $1.136m to $495,000. Selling, general and administrative expenses, though, were close to 2017’s $1.421m, standing at $1.354m. Franklyn Butler, AML Foods’ chairman, told shareholders: “The closure of Carl’s Jr in December 2017 was a difficult and painful decision but was the right decision for us. The benefits and synergies that were present when we opened the business had eroded, and the

spending yields rather than just numbers. “The important thing is not the number of passengers but the per diem spend by the passengers,” they added. “It’s around $64 right now. The goal is to get that to $120 and pretty fast; in the next five years.” With 30-40 percent of cruise passengers repeat visitors, they reiterated that the creation of new and exciting tours/attractions by Bahamian entrepreneurs was also critical to this goal. The Global Ports Holding-led consortium plans to do that by better connecting downtown Nassau and Bay Street with the cruise port by an entertainment-based waterfront park, which will be created by filling in the sea between the harbourfront and first pier. Outlining their strategy in the 49-page document obtained by Tribune Business, they said: “The current limited port infrastructure and the passenger’s experience at the port arrival limits the growth and decreases the customer’s satisfaction, respectively. “Both aspects have damaged the image of Nassau as a cruise destination. The opening of new call options

and infrastructure improvements in the Caribbean region... obliges Nassau to make the necessary investments if it wants to keep its leading position in the Caribbean cruise industry. “The project aims at positively repositioning Nassau both to consumers and the cruise lines. The immediate term goal will be ensuring that cruise line expectations match those of the local community, while the longterm objective will be to reposition Nassau as a mustcall port among Caribbean itineraries.” The Bahamas, until Cuba’s opening up, long held a strategic advantage as it was the only destination where cruise lines could fulfill the US Jones Act’s requirements for three and four-night cruises. This required foreign-flagged cruise vessels to call at a foreign port before they could return to their Florida home ports. Many observers believe that The Bahamas has failed to leverage this strength to extract more economic benefits from the cruise lines, which are heavily investing in their private islands - Mediterranean Shipping Company (MSC) at Ocean

unit was requiring resources that far outweighed its relative position within our company. I am pleased to report there were no job losses with the closing.” He added that AML Foods was focused on increasing shareholder dividend payments to 50 percent of earnings, with July’s $0.02 extraordinary dividend “the first step” towards achieving this goal. Mr Butler said AML Foods was also committed to finding a new home for its Nassau Cost Right store, currently located in the Town Centre Mall, by end-2019. Tribune Business also previously revealed that the group was seeking to base its Nassau training centre, and relocate its head office, at the former City Markets headquarters building and warehouse on the East-West Highway. However, its $3m purchase of the site has become bogged down in the ongoing litigation involving the property’s owner, the City

Markets employee pension fund, and this newspaper reported that AML Foods was close to walking away from the deal unless it can close quickly. The situation was little changed in AML Foods’ annual report, although it was not referred to by name. “On September 21, 2016, the company signed an agreement to purchase a building located at Soldier Road Industrial Site for $3.359m, which included taxes and fees,” the annual report said. “Subsequent to the payment of the final purchase price in July 2017, a dispute arose as to the ability of the vendors to provide good title to the property. This matter was taken to the court in February 2018, and the company is awaiting final court ruling on the title.” The City Markets employee pension fund trustees are currently embroiled in a legal challenge over whether they have the right, and ability, to sell the former head office and warehouse building.

Cay, Royal Caribbean at Coco Cay, and Disney looking at Lighthouse Pointe - in a bid to retain more monies for themselves. The Global Port Holdings spokesman, meanwhile, said their proposal was structured to maximise Bahamian participation and ownership in the transformation of Nassau’s cruise port through the CFAL-created fund. “There are two factors to make sure the country benefits out of it,” they said, “not only by increased spending but by becoming a

shareholder with a voice in NCP so they can financially benefit. “I’m not talking about large, well-to-do people. I’m talking about the small guy on the street.” Shareholders who avail themselves of Global Ports Holding’s credit line will pay back the loan through dividends, ultimately giving them free and clear ownership of equity in NCP. “The core shareholder is the retail guy, the $1,000 guy,” the spokesman said. “The BIF is the core

shareholder. That’s the way for us to process everything smoothly. A happy Bahamian means a happy government, and a happy government means we are happy as well. If Bahamians are unhappy, the Government is unhappy, and so are we. It’s a chain reaction. “The primary goal is to make sure Bahamians are happy. The secondary goal is to make cruise passengers happy, and then the cruise lines will be happy. That’s the way we structure satisfaction.”

JOB OPPORTUNITY A leading Bank & Trust Company is looking to fill the position of

Chief Fund Administrator

Main Function: General Supervision of Fund Administrators and Assistant Fund Administrators, ensuring quality standards are being achieved. In this challenging position you will be responsible for but not limited to the following tasks: • Assist VP with general department supervision and coordination of Fund Administration issues • Supervision of a group of Fund Administrators and Assistants being a reference point for consultation on Corporate Administration and Fund Legislation affairs • Deal with ad hoc incoming queries and requests from various stakeholders such as investors, directors, investment managers and bankers. • Ensure department compliance with company procedures and policies • Ensure AML compliance and adherence to legislation and respective Fund statutes • Liaison with The Securities Commission of The Bahamas The successful applicant must have the following qualifications: • Minimum of ten years experience in Corporate Administration ideally including at least four years in Fund Administration • Solid experience in all Corporate Services matters (incorporation of companies, corporate & secretarial services, regulators liaison with the registry and with client) • Experience specific to Fund Administration (licensing, knowledge of register & transfer agent services, Fund legislation) would be an asset • Proven experience supervising a team is a mandatory requirement for the position • Spanish language fluency (written and spoken) or commitment to acquire same would be highly valued • Basic knowledge of Portuguese would be an asset • Training or Certification in Series 6, Series 7, Canadian Securities Course, Fund Administration would be an asset • Above average fluency with spoken and written English at a professional level • Computer literate (MS Office products and Microsoft Windows operating system) • Strong organization and communication skills • Team Player • Capability to work under pressure Applications/resume should be sent by e-mail to peter@pghrbahamas.com Under reference “Chief Fund Administrator” Persons not meeting the above requirements need not apply Deadline for applications September 13th, 2018

PAGE 8, Thursday, September 6, 2018

Board battle hits Sports Authority FROM PAGE ONE confirmed there was a division between one NSA director, radio show host Lester Cox, and other board members that had emerged in the wake of Mr Beckles’ departure and the vacant general manager position. Tribune Business understands that the Board, chaired by Vaughn Roberts, asked Mr Cox to perform as “a liaision” between directors and management until a full-time replacement was found. Some directors, though, came to believe that Mr Cox had effectively appointed himself as general manager and gone beyond what was asked of him, leading to an NSA

boardroom split. Mr Cox did not respond to a Tribune Business e-mail seeking comment last night, but one source said: “Right now, everything’s frozen at the NSA. This is what the fighting is all about. If you have a Board that doesn’t function, what do you think is going to happen to a new general manager?” They added that maintenance of the Thomas A Robinson Stadium, and other facilities at the Queen Elizabeth Sports Centre, was suffering amid the Board divide and exposing Bahamian taxpayers to potential loss/additional expense. One source said a $3m investment in new grass at the Thomas A Robinson Stadium, former stadium

and rugby and football fields, which was required for the Bahamas Bowl and recent Commonwealth Youth Games, was now in danger of being squandered through lack of maintenance. “In two years some $3m of hard-earned taxpayers’

money was put into the national stadium, the old Thomas A Robinson stadium and the fields; brand new everything and irrigation, and in less than two years it’s gone,” they added. “It’s completely deteriorated. It’s really disgraceful.”

To advertise in The Tribune, contact 502-2394

NOTICE WHITBOURNE LIMITED N O T I C E IS HEREBY GIVEN as follows: a) WHITBOURNE 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 4th September, 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 6th day of September, A. D. 2018 ________________________________ Bukit Merah Limited Liquidator NOTICE TRILLGATE INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) TRILLGATE INVESTMENTS 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 4th September, 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 6th day of September, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator NOTICE ANISE ASSETS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ANISE ASSETS 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 4th September, 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 6th day of September, A. D. 2018 ________________________________ Bukit Merah Limited Liquidator NOTICE M & MATER HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) M & MATER 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 4th September, 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 6th day of September, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

LEGAL NOTICE Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 12th day March, 2018. BF COMPANY LIMITED Liquidator of LAFINA ASSOCIATES LIMITED

THE TRIBUNE

EU tax legislation to House by 19th FROM PAGE ONE consider those,” he told this newspaper. “Hopefully, we will have the final feedback shortly as we consult with the industry as well as the EU. “We want to put forth a Bill that satisfies their [EU] requirements and all business considerations that exist. We’re hoping to lay this bill on the 19th [of September] when we get back to Parliament. “There are some additional considerations that have been brought forth, and we have to reconcile those. For the most part we believe we have a good bill and will see how it evolves in the next few days,” Mr Turnquest continued. “The reality is that this bill has been out for consultation for a while. It’s been back and forth between the sector working group and industry participants. We feel it’s fairly close. There may be some tweaks here and there, but by and large we believe the main part of the bill is agreed.” The bill is designed to meet the 28-nation European Union’s (EU) “economic substance” and “ring fencing” requirements, and enable The Bahamas to avoid being “blacklisted” by the group come year-end. The Commercial Entities (Substance Requirements) Bill is designed to address the EU’s demand for all nations to impose “economic substance” regimes that effectively require companies to have a physical presence - and do “real

business” - in a jurisdiction. It wants corporate profits, revenues and assets to be taxed in the jurisdictions where they are generated. They are thus aiming to prevent companies, especially multinational corporations, from exploiting gaps in tax types, rates and rules to artificially shift profits from jurisdictions where they are generated to low or “no tax” jurisdictions, thus lowering their tax bill. The EU also wants the elimination of “ring fencing”, or preferential tax regimes for non-resident entities and foreign investors. Mr Turnquest expressed confidence that the Bahamas will “be fully compliant and meet our obligations by December 31”, thereby eliminating the threat of sanctions or penalties being imposed by the EU and its member states. He reiterated his desire for The Bahamas to become “a thought leader” on financial services transparency and tax-related matters, and said the Government was seeking to work with other international financial centres (IFCs) to help maintain their collective competitiveness. “The financial services industry continues to be a very significant contributor to GDP and the standard of living in this country, and we have to ensure we remain compliant with international standards, competitive and a reliable partner in the industry,” Mr Turnquest told Tribune Business. “We are not in this by ourselves. There are other financial centres that have similar challenges. Together, we have to figure out ways to develop standards that are globally transparent and compliant while remaining competitive. We continue to work with partners, locally and internationally, and governments to represent our case.” The deputy prime minister added that The Bahamas’ swift removal from the EU’s “blacklist” earlier this year was evidence that its “aggressive and proactive” approach was bearing fruit. “I’m trying to get the industry, and certainly from a regulatory point of view, to move on to a more proactive position where we take leadership on these global issues,” he added. “There remain challenges in that regard because these developed countries have their own ideas and objectives they need to meet for their own tax point of view. As we try to be transparent and co-operative there’s always some challenges along the way or some road blocks, but we continue to be proactive and aggressive. We’ll meet every challenge that comes along and continue to be competitive.”

THE TRIBUNE

Thursday, September 6, 2018, PAGE 9

Chinese e-commerce tycoon part of celebrity tech elite BEIJING Associated Press THE e-commerce billionaire who was arrested and released by Minneapolis police is a prominent member of a Chinese tech elite who enjoy the glamor of movie stars in their homeland. Admirers know Richard Liu’s story well: The son of peasants built a Beijing electronics shop into JD.com, China’s biggest online direct retailer, selling everything from clothes to toys to fresh vegetables. He appealed to customers by promising genuine products in a market buffeted by scandals over fake and sometimes deadly milk and other goods. Like a pop star keeping fans up to date, the 45-yearold Liu shares some details of his life on social media, including his 2015 marriage to a woman 19 years his junior. That celebrity meant Liu immediately attracted attention when news broke that police in Minneapolis arrested him on Friday and released him a day later. JD.com said he was falsely accused and police found no misconduct. The company said Liu was back in Beijing on Monday. A police report said the charge stemmed from a felony rape accusation but gave no details. Liu, known in Chinese as Liu Qiangdong, was the top search topic online on Monday, according to Baidu.com, the country’s most popular search engine. By Tuesday, he had dropped to No 35 for the day but still was the most popular topic of the week. Liu, with a fortune of

LIU QIANGDONG, also known as Richard Liu, CEO of JD.com, raises his arms to celebrate the IPO for his company at the Nasdaq MarketSite, in New York. JD.com, China’s number two e-commerce service, is headquartered in Beijing. The Chinese e-commerce billionaire who faces a possible rape accusation in Minneapolis built his business by promising honesty in a market plagued by fraud and fakes. Photo: Mark Lennihan/AP $7.5bn, is part of a generation of entrepreneurs who have created China’s internet, e-commerce, mobile phone and other technology industries since the late 1990s. They include rival Jack Ma of e-commerce outlet Alibaba Group and Ma Huateng of Tencent, a games and social media giant. Admirers of their success make their memoirs and books on management best-sellers. Liu has said his business plan was based on bitter experience. He started a restaurant as a university student but said it failed because employees stole from him. In his second try, Liu opened an electronics shop in Beijing’s university district in 1998. He said he was the neighbourhood’s first merchant to use price tags and skip haggling over

prices. He went online in 2003. “I felt this was an opportunity to establish a new kind of business,” he told The Associated Press in a 2015 interview. JD.com purchases directly from suppliers and delivers using a fleet of thousands of bright red electric delivery vans emblazoned with its logo, a cartoon dog called Joy. Its workforce of 158,000 includes thousands of employees who monitor suppliers and product quality. JD.com operates 486 warehouses and says its drivers can reach 99 percent of China’s population. It is experimenting with deliveries by drone to the most remote rural customers. With its own online payments system, JD.com is the equivalent of Amazon. com, Federal Express and

Visa combined. Alibaba, China’s biggest e-commerce company by total sales volume, acts more like a shopping mall,

providing online platforms to merchants who deal directly with customers. But Alibaba also has begun to imitate JD.com by

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Equity Division

investing in product-handling operations and setting up anti-piracy and customer service units. JD.com’s 2014 initial public stock offering in New York was the biggest to that point by a Chinese company, though it was surpassed by Alibaba later that year. The high cost of doing everything itself means JD has struggled to make a profit despite explosive sales growth. It reported a 2.2 billion yuan ($334m) loss for the quarter ending in June while revenue rose 31 percent over a year earlier to 122.3 billion yuan ($18.5bn). Despite that, JD has attracted new investors and partners. Google agreed in June to invest $550m in the company. Tencent owns a 20 percent stake and Walmart almost ten percent after merging its struggling China online operation into JD.com.

2017 /CLE / qui / No. 00854

IN THE MATTER of ALL THOSE pieces parcels or lots of land on the Plan herein labeled as No. (1) containing 14,683 square feet No. (2) containing 4,566 square feet & No. (4) containing 10,190 square feet bounded on the NORTH by Taylor Street and running thereon collectively 181.73 feet on the EAST partly by propertynow or formerly said to be owned by Wesley Clarke and running thereon 99.26 feet and partly by property owned by person(s) unknown and running thereon 93.45 feet on the SOUTH partly by Ross Corner and running thereon 121.46 feet and partly by properties now or formerly said to be owned by Cedric Fowler and running thereon 50.45 feet more or less, and partly by properties now or formerly Evelyn Fox and running thereon 59.65 feet more or less and partly by properties now or formerly Charles Rodriques and running thereon 40.00 feet on the WEST by property said to be now or formerly owned by Joseph Whymss and running thereon 108.12 feet AND ALL THAT piece parcel or lot of land labeled No. 5 on the Plan herein totaling (11,033.00) feet bounded on the SOUTH by Taylor Street and running thereon 99.01 feet and a SOUTHWESTWARD Arc running thereon 15.35 feet on the WEST by Labour Street and running thereon 93.67 feet on the NORTH by property of unknown owner(s) and running thereon 105.92 and on the EAST by property of person(s) unknown and running thereon 102.27 in the Island of New Providence one of the Islands of the Commonwealth of The Bahamas AND IN THE MATTER of The Quieting Titles Act, Chapter 393 AND IN THE MATTER of the Petition of Salem Union Baptist Church Inc. NOTICE The Petition of Salem Union Baptist Church Inc. of Taylor Street in the Southern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas in respect of: IN THE MATTER of ALL THOSE pieces parcels or lots of land on the Plan herein labeled as No. (1) containing 14,683 square feet; No. (2) containing 4,566 square feet & No.(4) containing 10,190 square feet bounded on the NORTH by Taylor Street and running thereon collectively 181.73 feet on the EAST partly by property now or formerly said to be owned by Wesley Clarke and running thereon 99.26 feet and partly by property owned by person(s) unknown and running thereon 93.45 feet on the SOUTH partly by Ross Corner and running thereon 121.46 feet and partly by properties now or formerly said to be owned by Cedric Fowler and running thereon 50.45 feet more or less, and partly by properties now or formerly Evelyn Fox and running thereon 59.65 feet more or less and partly by propertiesnow or formerly Charles Rodriques and running thereon 40.00 feet on the WEST by property said to be now or formerly owned by Joseph Whymss and running thereon 108.12 feet AND ALL THAT piece parcel or lot of land labeled No. 5 on the Plan herein totaling (11,033.00) feet bounded on the SOUTH by Taylor Street and running thereon 99.01 feet and a SOUTHWESTWARD Arc running thereon 15.35 feet on the WEST by Labour Street and running thereon 93.67 feet on the NORTH by property of unknown owner(s) and running thereon 105.92 and on the EAST by property of person(s) unknown and running thereon 102.27 in the Island of New Providence one of the Islands of the Commonwealth of The Bahamas. Salem Union Baptist Church Inc. the Petitioner herein claim to be the owner in fee simple in possession of the said land free from encumbrances and have made application to the Supreme Court of the Commonwealth of The Bahamas under section 3 of The Quieting Titles Act, 1959 to have this title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be grant by the Court in accordance with the provisions of the said Act. AND TAKE NOTICE that the Petition and Plan of the said land may be inspected during normal business hours at the following places: (a) The Registry of the Supreme Court, British American Building, Marlborough Street, Annex, Nassau, Bahamas; (b) The Office of the Petitioner’s Attorneys Mackay & Moxey Chambers, Shirlaw House, Shirley Street, Nassau, Bahamas. NOTICE is hereby given that any person having an adverse claim or a claim not recognised in the Petition shall on or before the expiration of 45 days after the date of the last advertisement file in the Supreme Court and serve on the Petitioners or the undersign a Statement of his claim in the prescribed form verified by an affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his claim on or before the aforesaid expiration period will operate as a bar to such claim. Dated the 20th day of August, A.D. 2018 MACKAY & MOXEY Shirlaw House Shirley Street, Nassau, Bahamas. Attorneys for the Petitioner

PAGE 10, Thursday, September 6, 2018

THE TRIBUNE

Amazon orders 20,000 vans to build delivery fleet NEW YORK Associated Press AMAZON has ordered 20,000 vans for its new delivery programme in which contractors around the country can launch businesses that deliver packages for the online retailer. The company said yesterday that it increased its van order from 4,500 after it was surprised by the number of applications it received. The vans, which are stamped with Amazon’s smile logo in blue, can be used by contractors to deliver packages. “We have been blown away,” said Dave Clark, Amazon’s senior vice president of worldwide operations. He said tens of thousands applied, but declined to give a specific number. The delivery programme is part of Amazon’s plan to gain more control over how its packages are delivered and rely less on other delivery services, such as UPS, FedEx and the US Postal Service. With these vans on the road, Amazon said more shoppers would be

able to track their packages on a map or see a photo of where a package was left when they weren’t home. Charlie O’Shea, the lead retail analyst at Moody’s, said the programme can help Amazon expand sameday delivery and compete with brick-and-mortar retailers that have orderonline-and-pick-up-in-store services. “This is an area where Amazon needs to up its game a little bit,” he said.

Amazon has been working on bolstering its delivery network. It has a fleet of cargo planes called “Prime Air”, and it also pays people as much as $25 an hour to deliver packages with their cars through Amazon Flex. For its newer delivery programme, Amazon started taking applications in June at its website, logistics.amazon.com. Amazon has said existing package delivery businesses could

apply, as well as those with little or no logistics experience. Clark said Amazonbranded vans are already on the road, and he expects thousands of the vans to be delivering packages by the end of the year. He said the full order of 20,000 vans, which will be built at a new Mercedes-Benz plant in North Charleston, South Carolina, should be on the road in the next year.

NOTICE M & MATER HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) M & MATER HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

US TRADE DEFICIT WIDENED TO $50.1 BILLION IN JULY WASHINGTON Associated Press THE US trade deficit widened for the second straight month in July, reaching the highest level since February, as imports hit an all-time high. The deficit in goods with China and the European Union set records. The Commerce Department said yesterday that the deficit in goods and services — the difference between what America sells and what it buys from other countries — rose to $50.1bn in July from $45.7bn in June. Exports slipped one percent to $211.1bn. Imports increased 0.9 percent to a record $261.2bn on increased purchases of trucks and computers. The deficit rose despite efforts by President Donald Trump to bring it down by renegotiating trade agreements and imposing taxes on imports. The United States has already slapped tariffs on $50bn in Chinese goods in a dispute over Beijing’s aggressive efforts to challenge American technological dominance. It is taxing imported steel and aluminum and may target auto imports next, causing a rift with the EU. Trump also has threatened to exclude Canada from a revamped North American trade agreement. So far, the president’s aggressive policies have

had little impact on the trade numbers. The goods deficit with China rose ten percent in July to a record $36.8bn. The gap with the EU shot up 50 percent to a record $17.6bn and with Canada nearly 58 percent to $3.1bn. The July deficit with Mexico, though, plunged 25 percent to $5.5bn. So far this year, the trade deficit is up seven percent from January-July 2017. Trump views trade deficits as a sign of economic weakness, caused by bad trade deals and abusive behavior by America’s trading partners. Mainstream economists blame persistent US trade deficits on an economic reality that can’t be changed much by trade policy: Americans spend more than they produce, and imports fill the gap. The strong US economy is also encouraging Americans to buy more foreign products. “The core story here is that strong domestic demand is sucking in imports ... the trade deficit likely will be flat-to-higher over the next couple of months,” Ian Shepherdson, chief economist at Pantheon Economics, wrote in a research report. In July, the United States ran a deficit of $73.1bn in goods such as cars and machinery, but recorded a surplus of more than $23bn in services such as education and banking.

(b) The dissolution of the said company commenced on the 4th September, 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

To advertise in The Tribune, contact 502-2394

Dated this 6th day of September, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

MARKET REPORT WEDNESDAY, 5 SEPTEMBER 2018

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

BISX ALL SHARE INDEX: CLOSE 1,958.99 | CHG -3.17 | %CHG -0.16 | YTD -104.58 | YTD% -5.07 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.46 1.26 0.19 3.92 9.17 6.60 5.30 12.50 2.71 1.77 8.21 6.21 13.00 7.00 13.67 13.01

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.12 2.60 8.55 6.09 3.49 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 AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 22 (Series B) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LAST CLOSE 3.89 17.43 9.09 4.45 1.01 0.18 2.60 9.17 6.15 3.68 12.40 2.69 1.75 7.66 6.21 13.00 6.31 3.72 13.01

CLOSE 3.89 17.43 9.09 4.45 1.01 0.18 2.60 9.17 6.15 3.68 12.40 2.68 1.75 7.63 6.21 13.00 6.31 3.65 13.01

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.03 0.00 0.00 0.00 -0.07 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

108.39 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

LAST SALE 100.00 108.39 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

5,400 1,000 2,000 149,540

25,000

VOLUME

EPS$ 0.268 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.171 0.627 0.102 0.231 0.000 0.670 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 0.280 0.500 0.200 0.120 0.590

P/E 14.5 18.7 N/M 14.0 N/M N/M -2.6 13.1 13.9 21.5 19.8 26.3 7.6 N/M 9.3 19.1 8.8 13.2 20.6

YIELD 2.57% 6.48% 0.00% 5.17% 0.00% 5.56% 0.00% 7.74% 3.58% 3.26% 5.00% 2.24% 4.00% 1.10% 4.51% 3.85% 3.17% 3.29% 4.53%

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 2.17 4.16 2.01 180.30 157.58 1.57 1.70 1.65 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 1.51 1.62 1.59 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 2.17 4.14 2.01 180.30 155.10 1.57 1.68 1.65 1.09 7.27 8.32 6.48 11.32 11.71 10.31 9.93 8.45 11.20

YTD% 12 MTH% 2.24% 4.15% 0.03% 4.59% 1.23% 2.26% 0.90% 3.44% 1.11% 6.05% 2.50% 4.38% -0.75% 3.51% 1.75% 4.07% -0.52% 1.03% -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 31-Jul-2018 31-Jul-2018 27-Jul-2018 30-Jun-2018 30-Jun-2018 31-Jul-2018 31-Jul-2018 31-Jul-2018 31-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-2018 30-Jul-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

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION FAROE ISLANDS LIMITED _______________________________________________

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 4th day of October, A.D., 2018. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 6th day of September, A.D., 2018. R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A. N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION FAROE ISLANDS LIMITED ____________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION FAROE ISLANDS LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 4th day of September 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 6th day of September, 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

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

PAGE 12, Thursday, September 6, 2018

THE TRIBUNE

Canada’s strong-willed foreign minister leads trade talks TORONTO Associated Press SHE is many things that would seem to irritate President Donald Trump: a liberal Canadian former journalist. That makes Foreign Minister Chrystia Freeland an unusual choice to lead Canada’s negotiations over a new free trade deal with a surprisingly hostile US administration. Recruited into politics by Prime Minister Justin Trudeau, Freeland has already clashed with Russia and Saudi Arabia. Those who know her say she’s unlikely to back down in a confrontation with Trump.

“She is everything the Trump administration loathes,” said Sarah Goldfeder, a former official with the US Embassy in Canada. Freeland, a globalist negotiating with a US administration that believes in economic nationalism and populism, hopes to salvage a free trade deal with Canada’s largest trading partner as talks resumed yesterday in Washington. The 50-yearold Harvard graduate and Rhodes scholar speaks five languages and has influential friends around the world. “I have enormous sympathy for her because she is negotiating with an unpredictable, irrational partner,” said CNN host Fareed Zakaria, a friend of

Freeland’s for 25 years. Freeland cut short a trip to Europe last week after Trump reached a deal with Mexico that excluded Canada. Talks with Canada resumed but Trump said he wasn’t willing to make any concessions. The Trump administration left Canada out of the talks for five weeks not long after the president vowed to make Canada pay after Trudeau said at the G-7 in Quebec he wouldn’t let Canada get pushed around in trade talks. Freeland then poked the US when she received Foreign Policy magazine’s diplomat of the year award in Washington. “You may feel today that your size allows you to go

CANADA’s Foreign Affairs Minister Chrystia Freeland speaks during a news conference at the Canadian Embassy after talks at the Office of the United States trade representative, in Washington. As a liberal former journalist, Freeland is many things that would seem to irritate President Donald Trump. That makes her an unusual choice to lead her country’s negotiations over a new free trade deal with an administration that is surprisingly hostile to Canada. Photo: Jose Luis Magana/AP mano-a-mano with your traditional adversaries and be guaranteed to win,” Freeland said in the June speech. “But if history tells us one thing, it is that no one nation’s pre-eminence is eternal.” Despite being the chief negotiator with the Trump administration, Freeland has criticised it when few other leaders of Western democracies have. “She’s an extremely strong-willed and capable young woman, and I think Trump generally has a problem with that,” said Ian Bremmer, a longtime friend and foreign affairs columnist and president of the Eurasia Group. “She’s not going to bat her eyelashes at Trump to get something done. That’s not Chrystia. She doesn’t play games.” After Freeland and her department tweeted criticism of Saudi Arabia last month for the arrest of social activists in the kingdom, Canada suffered

consequences. The Saudis suspended diplomatic relations and canceled new trade with Canada and sold off Canadian assets. Peter MacKay, a former Canadian foreign minister, said public shaming like that doesn’t work and said some Americans viewed her June speech in Washington as something less than diplomatic. “It was around that time, within days, that the US threw Canada out of the room,” MacKay said. “There is sometimes concern that she is taking the lead from her prime minister by playing a little bit to a domestic audience.” Trudeau personally recruited Freeland to join his Liberal Party while it was the third party in Parliament in 2013. Freeland had a senior position at the Reuters news agency but was ready to move on after setbacks in her journalism career, said Martin Wolf, an influential Financial Times

columnist and longtime friend. Freeland previously had risen rapidly at the Financial Times where she became Moscow bureau chief in her mid-20s during the collapse of the Soviet Union. Freeland also served as deputy editor of the Globe and Mail in Toronto and the Financial Times. She had designs on becoming editor of the Financial Times but left after a clash with the top editor. She was familiar to many TV viewers in the US because of her regular appearances on talk shows like Zakaria’s. “She was a godsend for us, frankly, because she is so bright and so talented and articulate,” Zakaria said. “She is as about as impressive a person as I have met.” Freeland, who is of Ukrainian heritage, also wrote a well-received book on Russia and left journalism for politics in 2013 when she won a district in Toronto.

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