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MONDAY, OCTOBER 15, 2018

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Disney rival’s impact ‘like night and day’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DISNEY’S Lighthouse Point rival says the difference between their respective projects’ economic impact is “like night and day”, despite push back from the cruise line’s supporters. Members of the Lighthouse Point Partners consortium told Tribune Business that the economic projections released by the two sides showed their proposal for an eco-tourism, research and national parkcentred development would have “significantly more impact” than the cruise line’s “beach break” experience for its passengers. The consortium, whose members include some of Eleuthera’s most prominent institutions, such as the Leon Levy Foundation, One Eleuthera Foundation, The Island School and Cape Eleuthera Institute, as well as the Bahamas National Trust (BNT), produced statistics purporting to show the wages paid at its project will be 146 percent higher on average than those offered by Disney. It is also emphasising that the 190 permanent jobs promised by its proposal exceed the 120-150 pledged by Disney, and will “offer wages estimated to be 270 percent higher than the minimum wage for the permanent, high calibre seven-day-a-week jobs, many of them managerial and professional positions”. Eric Carey, the BNT’s executive director, told this newspaper: “We have now laid out to government in the meeting that we have significantly more potential economic impact than what Disney has proposed.” The Lighthouse Point Partners group re-presented their proposal to senior government officials, including the prime minister’s senior policy adviser, Joshua Sears, and Candia Ferguson, director of investments at the Bahamas Investment Authority (BIA), on Friday. Mr Carey said it was made clear to the Government team that Disney’s project was “incompatible with anything”, given that its moored multi-storey cruise ship would tower over the group’s ecotourism destination, when officials asked if the two sides could work and coexist side-by-side at the 700 acre site. “There was a question raised by an official as to whether Lighthouse Point

SEE PAGE 7

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Disney rival mulling Judicial Review suit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

DISNEY’S Lighthouse Point rival says it may mount a Judicial Reviewstyle legal challenge over the lack of proper consultation should the Government approve the cruise line’s $400m project. Shaun Ingraham, the One Eleuthera Foundation’s (OEF) chief executive, told Tribune Business this was “obviously an option” for the Lighthouse Point Partners consortium given the perceived “injustice” in how the Government has treated their competing proposal. The two sides are understood to have disputed this

ERIC CAREY - attended by Dr Minnis satisfied the requirement for the Government to conduct meaningful consultation with affected parties and local stakeholders.

Sunwing deal ‘madness’ put all costs on taxpayer By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net SUNWING’S financial demands were yesterday branded “madness” by a Cabinet minister, who accused it of failing to deliver and forcing all costs on to the Bahamian taxpayer. Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business that the Canadian tour operator’s 2018 summer airlift programme had produced just 6,436 of the

DIONISIO D’AGUILAR promised 20,000 visitors to Grand Bahama. Based on the $3m subsidy provided to Sunwing, the minister said this translated into paying more than $466

for every stopover passenger brought in - a sum that suggested 100 percent of the costs and risk were being borne by Bahamian taxpayers. As a result, Mr D’Aguilar scoffed at the tour operator’s suggestion it had “lost millions of dollars” annually in providing summer airlift to Grand Bahama, adding: “It looks like they’re in the money.” Blasting the Canadian tour operator’s explanation

SEE PAGE 5

‘Significant’ Bahamian cruise port ownership By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is seeking “significant Bahamian ownership” in Nassau’s new cruise port operator, which will have “a 25-year concession” to manage, develop and maintain the facility. Bidders have until Friday, December 7, to submit their offers after the Government on Friday formally launched its search for a

THE NASSAU cruise port. Prince George Wharf manager who will act as “a transformative catalyst” to spark downtown Nassau’s redevelopment. Dionisio D’Aguilar, minister of tourism and

aviation, told Tribune Business that the Government would prefer bids to have “majority Bahamian ownership”, although this not a

SEE PAGE 6

$4.89 Bahamas won’t see ‘major upturn’ over anti-crime regime By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

This, though, was vehemently rejected by Lighthouse Point Partners’ various members, some of whom said they “absolutely do not accept that meeting” amounted to the required consultation established by recent Bahamian court verdicts. Eric Carey, executive director of the Bahamas National Trust (BNT), which is a member of the Partners consortium, told Tribune Business: “What we’ve asked for, as required by law and legal

GLOBAL standardsetters are unlikely to grant The Bahamas “much improvement” despite major efforts to improve its anti-financial crime and terror financing regime, a local regulator has warned. Charles Littrell, the Central Bank’s inspector of banks and trust companies, told the Nassau Conference that the Financial Action Task Force (FATF) was unlikely to upgrade the effectiveness of The Bahamas’ anti-money laundering regime by much despite improvements made over the past year. With The Bahamas faring “worse than average” for effectiveness on a chart comparing the FATF mutual evaluation results for 50 countries, Mr Littrell said: “We are in the middle

SEE PAGE 4

SEE PAGE 7

* ‘Obviously an option’ over consultation ‘injustice’ * Dispute PM adviser’s claim requirements met

SHAUN INGRAHAM issue when they met on Friday, with Joshua Sears, the prime minister’s senior policy advisor, insisting that last Wednesday’s Town Hall meeting in South Eleuthera

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PAGE 2, Monday, October 15, 2018

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THE TRIBUNE

Bahamas will fight ‘discrimination’ on financial regulation By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

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THE Bahamas will fight against “discrimination” if higher financial regulatory standards are imposed on it compared to other countries, the Attorney General has vowed. Carl Bethel QC, addressing the Association of International Banks and Trust Companies’ (AIBT) Nassau Conference, said the Government is “hammering out” laws to meet European Union (EU) demands on so-called ring fencing and substantial economic presence. He emphasised that The Bahamas intends to fully comply with globallyaccepted standards “in tandem with our competitors both on and offshore”, adding: “The safest and most sure foundation for future growth in financial services is to ensure a level playing field, and to ensure there aren’t preferential or different regimes that are permitted to be enjoyed contrary to the international consensus. If the playing field is to be levelled, it must be levelled for all.” Mr Bethel continued: “The Bahamas is not seeking any special or differential treatment, but does not wish to suffer any discrimination in the process. If we determine there is plausible evidence that a higher standard is imposed on The Bahamas than on other countries, we will defend ourselves against any discrimination. “We operate on the basic assumption that all

CARL BETHEL

BRENT SYMONETTE

standards are intended to be of universal application. We have engaged and given our good faith commitment on this basis.” Brent Symonette, minister of financial services, trade and industry and Immigration, told conference attendees: “We have to continue to portray The Bahamas as compliant jurisdiction above many of the rest around the world. We can’t be put in the same group as some of our

brothers and sisters and be brought down to a lower level.” He added that the Bahamas Investment Authority will be revamped to make it more “user friendly, market and investor driven”. “While in Mexico, my team and I discussed with a number of clients down there the whole question of a permanent resident tax certificate. We hope to roll that out in a month or so,” Mr Symonette said.

THE TRIBUNE

Monday, October 15, 2018, PAGE 3

‘TOUGH DECISIONS’ AHEAD OVER RING FENCING CEASE

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas has some “tough decisions” to make within the next few months on the financial services industry’s future, a former Bahamas Financial Services Board (BFSB) chairman is arguing. Michael Paton, pictured, a Lennox Paton attorney and partner, told the

Nassau Conference that “ring fencing” was among the key issues this nation must immediately address.

“We are in a general state of uncertainty. I would say that in The Bahamas and the other jurisdictions we are in a high state of anxiety right now, and we’re trying to figure out how to move forward,” he said. “The big issue is ring fencing. We have to address this. Under the new criteria you cannot have advantages offered to nonresidents only in respect of transactions between other

SPONGE INDUSTRY REVIVAL IN FULL EXECUTION MODE EFFORTS to revitalise the Bahamian sponging industry are moving into the full implementation phase through an Inter-American Development Bank (IDB) sponsored project. “We have planted seeds in most of the islands where sponging happens, and equipped spongers with the expertise to bring this industry back,” said the Bahamas Agricultural and Industrial Corporation (BAIC) senior deputy general manager, Debbie Strachan. “Andros now has a processing plant and we have met with spongers on Andros, Long Island, Abaco and other islands to pledge our support.” The project, which has a $1.1m price tag, was designed to increase income for spongers by providing them with a larger share of the revenue from this industry. A major component of the project is the formation of the Bahamas Commercial Spongers Association (BSCA) to centralise the processing of the sponge, and help link spongers with international markets directly. One aspect of increasing local revenue for local spongers

TWO young men on Abaco show off two of the sponges on that island. was adding value for the developing the industry. “On Abaco, those spongspongers on the front line ers said they didn’t want to on the various islands. The project to revitalise get stuck with a shed full of the industry is sponsored sponge with no supplier,” by the IDB and the Gov- Ms Strachan added. “With ernment, and managed by us having the processing BAIC along with support plant and the expertise in from IICA (Inter-American Mangrove Cay, Andros, Institute for Coopera- solves that problem for tion on Agriculture), the them and the rest of the Bahamas National Trust, spongers concerned about the Department of Marine this problem. “Spongers not only get to Resources and BCSA have their sponge processed board members. When project manag- there but also can add even ers met on Abaco, the more value by packagspongers there expressed ing for final sale. This cuts concerns over supply chain out all of the middle men issues but were ready and gets full value to the to move forward with spongers.”

non-residents, and we can’t have those advantages ring fenced from the domestic taxes. “How do we eliminate preferences and ring fencing without causing irreparable catastrophic damage to the Bahamas as an IFC? As I and others see it, the two primary issues we are facing is Samp Tax and Business License.” Non-resident, or ‘offshore’, entities currently

Health Minister to address Exuma’s Business Outlook THE Minister of Health will be the keynote speaker at this Thursday’s Exuma Business Outlook conference, which will be held under the theme, Creating a World Class Exuma. Joining Duane Sands, pictured, and Pedro Rolle, the Exuma Chamber of Commerce’s president, as speakers will be Catherine Booker, Exuma Foundation; Reginald W Smith, president of Serbay Ltd; K Karlos Mackey, president of MoneyMaxx Company and principal of Prime Finance & Consulting; Ellison “Tommy” Thompson, deputy director-general, Ministry of Tourism; Shenique AlburySmith, Nature Conservancy; and Davinia Blair, executive director, Small Business Development Centre. Ms Blair said: “One of the most sacred obligations of the Centre is to improve Bahamian ownership of the local and national economies. Exuma is ripe with potential for ownership of the agri-industrial sector, the marine resources sector, eco and adventure

REQUEST FOR EXPRESSIONS OF INTEREST

INDIVIDUAL CONSULTANT

Financial Specialist for (1) The Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program Institution: Inter-American Development Bank Country: The Commonwealth of The Bahamas Projects: (1) Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program Project Number: (1) BH-L1043 and (2) BH-L1041 Loan Number: (1) 4363/OC-BH and (2) 3907/OC-BH Sector: (1) Environment and Natural Disasters and (2) Transport Deadline: October 19, 2018

The Ministry of Public Works (MOPW) is seeking an experienced Financial Specialist for both the (1) Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program, financed by the Inter-American Development Bank, and implemented by a dedicated Project Implementation Unit (PIU) within the MOPW. The position will be based in the PIU. . The main activities are as follows: • Ensuring that appropriate financial and accounting systems and controls are implemented so that all Program activities are executed in accordance with the applicable GoBH and the Bank’s financial and accounting requirements. • Establishing and maintaining adequate financial, accounting, and internal control systems to ensure the integrity, compliance and transparency of all transactions undertaken by the PIU. • Managing, in an effective and transparent manner, the financial resources of the Program and undertaking the corresponding fiduciary responsibilities as well as the implementation and operation of the necessary internal and external controls. • Assisting the Program Coordinator with the monitoring activities of the Program to meet the stipulated Program financial objectives, transparency and accountability requirements as they relate to the planned and actual expenditures. • Participating in the preparation of the Program Annual Operational Plan (AOP) to ensure that budget and cash flow estimates are compatible with work priorities, objectives and timelines. • Carrying out the budgeting processes of the Program, consistent with the programmatic structure agreed with the Bank. Implementing and ensuring the effective and transparent reach and operation of the internal control systems of the Program and its administration. Preparing the budget execution reports and financial statements of the Program by sources and uses of funds, and in compliance with the norms of the IDB and GoBH. • Assisting the Program Coordinator in the in the preparation of periodic financial and physical implementation reports, along with supporting documentation in accordance with the Program Operating Manual (POM) and as required by the MLNI, Ministry of Finance and the Bank. Participating in the periodic update of the POM to ensure that proper accounting, financial management and internal controls are effective and consistent with GoBH and IDB policies and procedures. The consultant must hold a post-graduate degree in Economics, Business Administration (Finance), Public Administration or Accounting. He/she must have a minimum of 5 years of relevant work experience in project-financial management of investment initiatives funded by international development institutions, preferably in The Bahamas. Previous knowledge and exposure of/to IDB’s fiduciary, procurement, financial administration and project management policies and procedures is desired. The Government of The Commonwealth of The Bahamas now invites eligible consultants to indicate their interest in providing financial specilist services. Interested consultants should provide their CV’s and information demonstrating that they are qualified to perform the services (description of similar assignments, experience in similar conditions). The duration of the contract is two (2) year part-time with the possibility of being renewed based on satisfactory performance evaluation. Consultants will be selected in accordance with the procedures set out in the Inter-American Development Bank: Policies for the Selection and Contracting of Consultants Financed by the Inter-American Development Bank GN-2350-9 and is open to all eligible bidders as defined in the policies. Interested consultants may obtain further clarification on the technical aspects or scope of services from Robert Mouzas, Deputy Director, Ministry of Public Works robertmouzas@bahamas.gov.bs tel: (242) 302-9530 during office hours between 09:00am to 5:00pm Monday – Friday, except on public holidays. Expressions of Interest inclusive of CV’s must be submitted to the address below in person, by e-mail idbfiairports@bahamas.gov.bs or idbcoastal@bahamas.gov.bs or by mail, on or before October 19, 2018 at 4pm. Antoinette Thompson – Permanent Secretary Acting Ministry of Public Works REF:- Climate Resilient Coastal Management and Infrastructure Program /Airport Infrastructure Program P.O. Box N 8156, Nassau, Bahamas

enjoy Stamp Tax exemptions, lower Business Licence fees and other tax breaks not granted to domestic companies. These now have to be “equalised” to meet the European Union’s (EU) demands. “We have to deal with Business License by the end of this year. We just can’t put out a Bill that says all preferences be removed without addressing how the two main ones, Stamp Tax

and Business License, are dealt with,” said Mr Paton. “We need to be that oasis of calm and order. Certainty, I think, requires us to have tax neutrality. If we change that I think we really destabilise the whole proposition of what The Bahamas is as an IFC. We have to better our PR message. We have some tough decisions to make over the next few months.” tourism research in the natural resources and countless other opportunities for progressive and engaged entrepreneurs.” The Ministry of Finance will present an ‘Ease of Doing Business Workshop’, with officers from the Ministry of Finance, Department of Information Technology, Department of Inland Revenue, National Insurance and the Office of the Prime Minister as facilitators.

PUBLIC NOTICE The following Councils have been relocated to Bay & Christie Street East of Commonwealth Bank Telephone: 604-6010 Nursing Council Dental Council The Hospital & Health Care Facilities Licensing Board

PAGE 4, Monday, October 15, 2018

THE TRIBUNE

DISNEY RIVAL MULLING JUDICIAL REVIEW SUIT FROM PAGE ONE

precedent with these developments, is that the Government is required to do public consultation. That hasn’t happened yet. “We absolutely do not accept that meeting as the required consultation; not according to what has been ruled on by the Privy Council in other cases. That was a discussion point in the meeting when Mr Sears insinuated that [Wednesday’s meeting] was public consultation.” Mr Carey said “no agenda” was published for that meeting, and argued that many attendees thought it was part of Dr Minnis’ series of Family Island meetings where all the community’s issues - not just the proposed Disney project were to be discussed. “It was not a legally required public consultation to allow the Government to facilitate a process where our proposal was presented to the public to let them form their opinions and ask questions,” the BNT executive director added. Mr Ingraham, confirming what happened at Friday’s meeting, said: “We had to remind the policy adviser that according to law we’re due necessary time, and it’s incumbent upon the Government to present the two plans before them to the public. “That’s public consultation. Disney had the privilege of the Government’s support for the last

LIGHTHOUSE POINT, SOUTH ELEUTHERA.

couple of weeks to get their plan out. It seemed like a full-on government endorsement of their deal.” Asked whether Lighthouse Point Partners might initiate a Judicial Review challenge in the Bahamian courts over the public consultation issue, should the Government make a decision on whether to approve Disney’s project tomorrow as promised, Mr Ingraham replied: “We’ve given it some thought. We see that as an option. “We’ll have to make that decision when the time comes, but obviously it’s an option. They’re [Disney] already in the first quarter, and we’re just showing up at the stadium. Just give us a chance to present our proposal.” Numerous court rulings over developments such as Baker’s Bay at Guana Cay, Abaco, and

the Bahamas Electricity Corporation (BEC) power plant at Wilson City, have established as legal precedent the need to meaningfully consult with affected parties and stakeholders over such projects. The Privy Council, in its ruling on Baker’s Bay, found: “All the courts below accepted that the public had a legitimate expectation of consultation arising out of official statements recognising the need to take account of the residents’ concerns and wishes.” And, more importantly, it concluded: “If there is a legitimate expectation of consultation, it must be a proper consultation.” And former appeal court president, Dame Anita Allen, found in the Wilson City case that “there was no adequate and meaningful consultation relative to

Riu Hotels and Resorts, a world-renowned hotel chain with over 90 properties, employing over 28,000 persons, is seeking to fill the position of Sales Manager for the Riu’s Paradise Island property.

the location and construction” of BEC’s Wilson City power plant, which was presented at a Town Hall meeting as “a fait accompli”. “It cannot be correct to say that [BEC and the Government] could delay consultation on the location and construction of the plant until it was too late for it to have any impact, and also say that there had been adequate and meaningful consultation,” the Court of Appeal ruled. “There was no adequate and meaningful consultation relative to the location and construction of the plant.” The Government and BEC had therefore “breached” the public’s expectations, the judgment added, given that “fairness” required them to consult and listen to those who would be impacted by Wilson City. Many observers of last Wednesday’s Town Meeting are concerned that a decision over the Disney project’s approval is a similar “fait accompli”, given the prime minister’s remarks and the number of attendees wearing proDisney t-shirts. When asked by Tribune Business whether the

The suitable candidate should have the following: Requirements: 5-10 years experience as a Sales Manager. Possess qualification of a Bachelors Degree in Marketing, or equivalent. Should have good communication and interpersonal skills and excellent time management. A second language, preferably Spanish. Suitable candidate should also have previous experience in managing a departmental budget. Responsibilities: The selected candidate will be responsible for managing a department and group organizations. Flexibility with work hours to ensure the smooth operation of the department is a must. Remuneration: Salary to commensurate with experience and qualifications.

last ditch, 11th hour public relations offensive being mounted by Lighthouse Point Partners was too late, Mr Carey said the consortium was placing its trust in the Government and its stated campaign pledges. “We do have faith that the Government represents the rule of law and due process, and that the Government will abide by its own outlined platform that people are part of the process,” the BNT executive director replied. “While there is concern from that meeting on Wednesday, and people have drawn conclusions that this is a foregone conclusion, we have to have faith and hope that the Government elected to represent the people’s interests are going to follow the process enshrined in law to protect the people’s interests.” Disney, though, holds one advantage over Lighthouse Point Partners, whose members include some of Eleuthera’s most prominent institutions in the shape of the Leon Levy Foundation, Island School and Cape Eleuthera Institute, as well as the BNT and One Eleuthera Foundation (OEF). That is the sales agreement it has signed with the seller, The Related Group and Meritage Hospitality, to purchase the 700-acre Lighthouse Point site. The Government is likely to be concerned that should it reject the Disney proposal it will be perceived as interfering in a private commercial transaction. And, given Disney’s scale as a global conglomerate with one of the world’s most recognised brand names, it may fear that The Bahamas’ reputation as a safe foreign direct investment (FDI) destination could take a battering among the target market it

wishes to attract. Mr Ingraham, meanwhile, admitted that last Wednesday’s Town Meeting had “caused us to panic”, with the Lighthouse Point Partners group moving “frantically” following last Wednesday’s meeting to ensure its proposal was distributed as widely as possible over the weekend. When asked why the group had waited so long to reveal the extent of its rival $23m proposal for Lighthouse Point, the OEF chief executive said this was done “out of courtesy” to the Government to give it time to review the plans. Lighthouse Point Partners’ proposal was first submitted to the Minnis administration in March, but never received a reply. It was resubmitted in September, and then discussed again on Friday with the Government’s technical advisers, who also included Candia Ferguson, director of investments at the Bahamas Investment Authority (BIA). “The reason we did not go public with the plan was to give them [the Government] a chance to look at the proposal, and get back to us,” Mr Ingraham said. Both he and Mr Carey said they were “disappointed but not surprised” that neither Dr Minnis nor any member of his Cabinet was present at the meeting, the OEF chief saying: “We didn’t have our hopes up too high.” The Government officials are now writing a report, and recommendations, that they will submit to Cabinet on the issue. However, it is unclear how the merits of the Lighthouse Point Partners project can be fully analysed and considered in the short timeframe left before the Government’s promised decision tomorrow.

REQUEST FOR EXPRESSIONS OF INTEREST

INDIVIDUAL CONSULTANT

Procurement Officer for (1) The Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program

Institution: Inter-American Development Bank Country: The Commonwealth of The Bahamas Projects: (1) Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program Project Number: (1) BH-L1043 and (2) BH-L1041 Loan Number: (1) 4363/OC-BH and (2) 3907/OC-BH Sector: (1) Environment and Natural Disasters and (2) Transport Deadline: October 19, 2018

Suitable candidate should apply by sending resumes to the Human Resources Manager Riu Paradise Island Hotel P.O. Box SS-6307

The Ministry of Public Works (MOPW) is seeking an experienced Procurement Officer or Consultant to ensure smooth and quality implementation of procurement processes for both the (1) Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program, financed by the Inter-American Development Bank, and implemented by a dedicated Project Implementation Unit (PIU) within the MOPW. The position will be based in the PIU.

Closing date will be October 10th, 2018

•

. The main activities are as follows:

• • • • • •

• •

•

responsible for all project related procurement/bidding services related to the Programs components, and will facilitate the implementation of planned activities in a timely manner. Prepare and maintain updated Procurement Plans and Monitoring Plans for the Program Provide day-to-day active technical support and advice to the PIU/Program Coordinator Negotiate with consulting firms or individuals the procurement of goods, services and works necessary for the implementation of activities under each of the project components Prepare reports and report on project procurement matters to the PIU/Program Coordinator Understand and ensure application of IDB procurement policies and procedures Support the PIU/Program Coordinator in the preparation of key documents as per Monitoring &Evaluation Plan for the PIU, including comparison between planned and actual progress in physical and financial terms and identification of procurement delays and recommendations for actions Monitor progress of contracts implementation to ensure that it aligns with the stipulated standards, procedures and procurement timetable Prepare specific procurement documents, e.g. Tender Documents, Requests for Quotations, Requests for Expressions of Interests and Request for Proposals for new activities as required. Preparation of Evaluation of Tender reports Guide and participate in the evaluation for pre-qualification of the contractors, expressions of interest for short listing, tenders and proposals and in preparing the corresponding reports

Summary of experience and qualifications: • Bachelor’s degree in procurement, business administration or other related areas • At least three (5) years of work experience in procurement of goods and services, particularly in civil works • Knowledge on national rules and legislations in the field of procurement and civil construction/engineering • Knowledge and/or experience in Ministry and IDB procurement policies and procedures, or other standards set forth for a procurement is an advantage The Government of The Commonwealth of The Bahamas now invites eligible consultants to indicate their interest in providing procurement services. Interested consultants should provide their CV’s and information demonstrating that they are qualified to perform the services (description of similar assignments, experience in similar conditions). The duration of the contract is two (2) year full-time with the possibility of being renewed based on satisfactory performance evaluation. Consultants will be selected in accordance with the procedures set out in the Inter-American Development Bank: Policies for the Selection and Contracting of Consultants Financed by the Inter-American Development Bank GN-2350-9 and is open to all eligible bidders as defined in the policies. Interested consultants may obtain further clarification on the technical aspects or scope of services from Robert Mouzas, Deputy Director, Ministry of Public Works robertmouzas@bahamas.gov.bs tel: (242) 302-9530 during office hours between 09:00am to 5:00pm Monday – Friday, except on public holidays. Expressions of Interest inclusive of CV’s must be submitted to the address below in person, by e-mail idbfiairports@bahamas.gov.bs or idbcoastal@bahamas.gov.bs or by mail, on or before October 19, 2018 at 4pm. Antoinette Thompson –Permanent Secretary Acting Ministry of Public Works REF:- Climate Resilient Coastal Management and Infrastructure Program /Airport Infrastructure Program P.O. Box N 8156,Nassau, Bahamas

THE TRIBUNE

Monday, October 15, 2018, PAGE 5

Sunwing deal ‘madness’ put all costs on taxpayer FROM PAGE ONE

for pulling the plug on its 2019 summer airlift programme, Mr D’Aguilar said its Friday announcement was “factually incorrect” and “disingenuous”. He added that its production was well short of the 30,000 visitors touted. Describing Sunwing’s approach as “very confrontational, unwarranted and mean-spirited”, he suggested he would now seek to employ the incentive model agreed with Grand Bahama’s ferry/cruise providers - where tax rebates were determined by the number and type of passengers brought to the island - to airlift deals with the major carriers. Mr D’Aguilar described Sunwing’s pull-out as “a bump in the road”, and revealed that the ministry of tourism was in talks with other airlines - including Bahamasair - to replace it and craft suitable airlift/ hotel packages. He conceded, though, that the Grand Lucayan’s rapid sale to a buyer able to re-open more rooms was critical to attracting more airlift. Otherwise, Grand Bahama will be caught in a vicious circle, where purchasers are deterred by lack of airlift and, in turn, airlines are put off by the lack of resort inventory. Mr D’Aguilar revealed that Sunwing had initially sought $4m for a four-month summer airlift initiative, lasting from May to August 22, which he described as “already a lot of money” given that it amounted to $1m per month. “I wanted to know how many passengers they were going to produce,” he told Tribune Business. “They [Sunwing] said that to secure the planes and put the marketing in place, they needed $4m. “It’s common business sense to say: If I pay you $4m, what are you going to produce for me? They started off the discussion saying: ‘We’re good at this, we’re going to produce 40,000.’ I said: ‘Really? Can Grand Bahama provide capacity for 40,000?’ “They said in response: ‘I guess so, but we’ll produce 30,000 instead’. We entered into an agreement with them to produce 20,000 for $4m. We also said that if the Memories property doesn’t open, we’ll pay you $3m. The odds are you will not get 20,000, and if it’s less than that you will get $3m.” Mr D’Aguilar said the Government initially had high hopes for the Sunwing deal, but added: “Memories did not re-open and, at the end of the day, they brought 6,436 passengers not 20,000. “If you do the math, $3m divided by 6,436, that works out at over $460 per person. We [Bahamian taxpayers] paid for them to come here. This is madness. They haven’t produced, and owe us some monies on the programme. “Because of the way the payments fell, and the time of settlement, they probably owe us just shy of $500,000. They probably owe us a refund.” Despite Sunwing only being entitled to $3m because of its under-performance, the Minister confirmed that the Canadian tour operator had actually been paid $3.5m. “The have a very aggressive payment plan where they wanted a lot of it up front to secure the planes and do the marketing,” Mr D’Aguilar added. “They’re [Sunwing] very aggressive, very aggressive, and very difficult to do business with. They always take a very tough negotiating stance. “When they had the Memories property open, they were producing passengers but at what cost? They never say what it cost the taxpayer to produce those passengers. Their planes ran 89 percent full from US gateways. They’re saying they lost money. Hell, how could they when we paid for every passenger who came? It looks like they’re in the money.” The former Christie administration, to secure Memories as operator for one of the three Grand

Lucayan properties, committed to paying it and Hutchison Whampoa some $21m in subsidies per annum over a three-year period. Besides this $148m, it also guaranteed Memories’ $300,000 monthly lease payments to Hutchison Whampoa. Mr D’Aguilar yesterday served notice of his intention to seek airlift deals that are “results based”, and move away from arrangements where carriers obtain significant monies up front - as in the Sunwing deal to ones where payment is tied to performance and the number of passengers brought in. He added that such agreements had already been reached with Grand Bahama’s ferry providers, who obtain tax rebates of $5 and $10 for every day trip and overnight stopover passenger, respectively, that they bring in. “We’re trying to strike deals that we can measure,” Mr D’Aguilar told Tribune Business. “Why should we pay you a fixed sum? Why not link the sum to the number of passengers produced? These companies like a fat fee upfront and we get screwed.” Branding Sunwing’s statement as “shocking”, he added that the tour operator’s assertion that its summer airlift programme brought in 30,000 passengers was “absolutely factually incorrect” and “by no means” did that happen. “I found it to be a very confrontational, unwarranted, inflammatory and mean-spirited press release by that lady who works for Sunwing,” the minister blasted. “To bring this all up in such a negative light, and to have made out as well as they did on the number of passengers, I don’t know what they’re attempting to do other than embarrass the Government.” Mr D’Aguilar was yesterday backed by Kwasi Thompson, minister of state for Grand Bahama, who said Sunwing had sought a ten percent “escalator clause” that would have increased the Government’s $4m annual subsidy every year over a seven-year period. “The Government refused to accept Sunwing’s unreasonable and uncompromising demand for the Government to pay $4m every year for a fixed sevenyear period to provide airlift for four months,” Mr Thompson said. “The Government also refused to agree Sunwing’s demand to increase the $4m payment by ten percent every year. This could amount to a cost of $1m for one month, and the numbers could possibly mean the Government was in essence paying the cost of every ticket.” “No reasonable government would agree to such terms,” Mr Thompson continued, pointing to the prime minister’s statement that talks with the Canadian tour operator “came to an end because of unreasonable demands to which the Government could not agree”. He added that the Government had sought to secure Sunwing’s return to the Grand Lucayan upon taking office in May 2017. Its hotel brand affiliate, Memories, had withdrawn from its Grand Lucayan operating lease in January 2017 following a dispute with then-owner, Hutchison Whampoa, over Hurricane Matthew-related repairs. The talks ultimately proved unsuccessful with Mr Thompson revealing that, like Wynn, Sunwing refused to agree to Bahamian-majority involvement in repairs to - and staffing at - the Memories property. “Sunwing refused to ensure that, during the construction phase, a minimum of 400 Bahamians will be employed with a ratio of 85 percent Bahamian and 15 percent non-Bahamian. We have more than enough qualified contractors in Grand Bahama to fill their need,” Mr Thompson added. “Sunwing also refused to ensure, during operations, a minimum ratio of 90 percent Bahamian and

ten percent non-Bahamian. We have more than enough qualified Bahamians to successfully operate and manage a hotel.” Mr Thompson said the Government would also not agree to Sunwing’s demand to exempt it from any local advertising requirement or payment of work permit fees. “The Government could not compromise on this important point, which informs locals on what jobs are available before it can

be offered to non-Bahamians,” he added. “Sunwing also refused to agree to employ Bahamian tennis and golf professionals if they were available.” Mr D’Aguilar, meanwhile, said the ministry of tourism was “in deep negotiations” with other carriers, including Bahamasair, to replace the airlift lost by Sunwing. He added: “The critical thing is to sell the Grand Lucayan onward to

someone who can get more rooms open and build a certain amount of scale to make it attractive. When you’re running at short supply it’s difficult to get airlift in.” The minister suggested Sunwing might well return to Grand Bahama should more inventory become available, strengthening the business case for them to do so. “This is a bump in the road,” he added of the tour operator’s pull-out.

“Don’t get me wrong, we valued every customer it brought in. We tried bloody hard to make this work, but it did not happen as agreed.” Mr Thompson added: “The ministry of tourism has also been clear that they are executing their marketing strategy, and they are using Bahamasair to create packages for the hotel [Grand Lucayan]. In addition, Bahamas Paradise Cruises are also working on a package for the hotel.”

PAGE 6, Monday, October 15, 2018

THE TRIBUNE

‘Significant’ Bahamian cruise port ownership FROM PAGE ONE mandatory requirement. He added that the Minnis administration was seeking a similar model to BISX-listed Arawak Port Development Company (APD), the Arawak Cay port operator, where “the average citizen” - meaning small retail investors - have an opportunity to participate in the ownership of key Bahamian infrastructure assets. “This FNM government has three main objectives,” Mr D’Aguilar said of the cruise port Request for Proposal (RFP). “One is to allow for improved operation of the port, much in the same way as Lynden Pindling International Airport (LPIA) was run, creating a focused management structure that focuses on the business of running the port. “I don’t think we’ve brought sufficient focus to that. The second objective is to bring significant investment to the port, and third is to allow significant Bahamian ownership in the port - the average citizen - in much the same way Bahamians own 60 percent of APD.” That 60 percent is split 40/20 between the

local shipping industry and 11,000 Bahamian private shareholders, respectively, with the Government holding the 40 percent equity balance. Mr D’Aguilar said Bahamian equity ownership of Nassau’s proposed cruise port operator is “not a stipulation” imposed on bidders, but the Government “wants to know what you propose for Bahamian participation. “We would like it to be majority Bahamianowned,” he told Tribune Business, “but will see what the options are and what people come back with. Anybody is allowed to bid.” The 11-page RFP, a copy of which has been seen by this newspaper, addresses the local ownership question thus: “Meaningful regard must be given to Bahamian ownership in the Nassau cruise port, and the role of local vendors and taxi and tour operators.” “Bahamian ownership” accounts for 30 of the 100 marks that bidders, who pass the Government’s “technical qualifications”, can obtain when their proposals are assessed by the Government’s evaluation committee. Potential bidders are understood to be particularly mindful of the

Bahamian ownership issue. Tribune Business understands that local investment banks, including RoyalFidelity and Providence Advisors, are already offering themselves as arrangers of local financing and ownership to groups mulling whether to bid. And CFAL (formerly Colina Financial Advisors) has already partnered with APD and Global Ports Holding, the international cruise port manager, in submitting an “unsolicited proposal” to take over the Nassau cruise port’s operations and upgrade via a $285.7m investment. CFAL’s role, according to their proposal, was to give Bahamian investors an opportunity to participate through the creation of the Bahamas Investment Fund (BIF), which will own a 49 percent stake in the project. The minimum investment for Bahamians to participate in BIF was pegged at $1,000, but Global Ports Holding pledged to offer “up to $10m in financing” at BIF’s launch - payable over 24 months - to allow small retail investors to participate. Their consortium, though, already faces opposition from the 50-Bahamian strong Culture Village (Bahamas) group, which has submitted its own “unsolicited proposal” to the Government. Mr D’Aguilar, meanwhile, told Tribune Business yesterday that greater investment was needed to both maintain Nassau’s competitiveness as a cruise destination versus

rival Caribbean ports and enable Prince George Wharf to receive the larger vessels currently in production. “The port needs substantial investment to improve the quality of its offering,” he told Tribune Business. “It has to take into consideration the bigger and far greater volume of ships coming on stream. “With other Caribbean ports improving, if we’re to remain front and centre as a cruise port destination we need to make the appropriate investment. We want this to be transformative, and a catalyst to start the rebirth of downtown Nassau and the redevelopment of Bay Street. “The status quo is simply unacceptable, and we have to do something transformative. Hopefully, this turns out to be transformative. We want Bahamian ownership and a good number of Bahamian businesses to operate at the port, with better transportation facilities for taxis and tour companies,” Mr D’Aguilar continued. “We really need to think through how we lay it out so we can optimise and improve the passenger spend when they get here. Because we’re not set up properly, people don’t know about tours to go on, and people involved in that business are unable to market their wares in a proper manner at the port, creating more food and beverage options for Bahamian businesses.” Bidders must have a combination of equity and borrowed funds equal to

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

Favored Nations Films, Ltd. Registration Number: 200382 B Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that Favored Nations Films, Ltd., has been dissolved and has been struck off the Register of Companies with effect from the 13th day of August, 2018.

$100m, according to the RFP, and have until November 30 to submit inquiries and request answers to their questions from the Government. The bid document adds that the Government “reserves the right” to approve all fees and levies charged at the port by the new manager, which must submit its “vision for improvements and execution plan”. Each group is allowed one tour of Prince George Wharf’s facilities. The Government is “interested in the redevelopment and privatisation of the operation of the cruise port terminal at Prince George Wharf”, the RFP states, making clear that the physical real estate will remain in its ownership much like the Nassau Airport Development Company (NAD) model for LPIA. “Currently the port of Nassau receives over 3.5m annual guests from a variety of cruise companies,” the RFP states. “The Government has determined that it is beneficial to attract an experienced entity to invest and operate this important asset to bring needed capital investment to grow the port of Nassau with anticipated business. “As part of the response to this RFP, bidders should present a comprehensive vision for the port of Nassau, its essential role within downtown Nassau, together with a proposed business plan and financial analysis (to be finalised by relevant bidder after selection) and indicating evidence of funding for a project of such importance.” The RFP describes The Bahamas as “one of the largest cruise destinations in the world, with multiple ports of call”. It brands Nassau as “the premier destination”, and “the busiest transit port in the Caribbean”, with 1,150 annual ship calls and 3.5m cruise passengers disembarking

The Bahamas is said to have a “unique geographic location” due to a combination of its proximity to cruise line home ports in Miami, Port Everglades and Canaveral, and US maritime laws such as the Jones Act. This requires foreignflagged cruise vessels to call at an overseas port before they return to the US, this making The Bahamas virtually the only option on three and four-night cruises (Cuba’s recent opening up excepted). The Government’s RFP confirms that 62 percent of all calls to the Bahamian capital feature the shorter three to four-day cruises, adding: “The Government will require the successful bidder to design, build, operate, finance and invest in the Nassau cruise port to provide for the success and growth of the industry in The Bahamas.” The Minnis administration wants the winning bidder to produce an expansion plan for Prince George Wharf that will increase the number of ships that dock, and enable the port to handle new and larger vessels going into future. It is also seeking “a comprehensive upland redevelopment for the purpose of improving the guest experience, increase the tourism offering, improve traffic and circulation, engage the current merchants and vendors in the area in a more effective and proactive way to to increase traffic to their properties” and propose off-site areas that can complement the bidder’s plans. The successful bidder will be selected within 21 days of the December 7 closing, suggesting this could happen before 2018 yearend. This group will then enter “exclusive negotiations” with the Government to finalise the terms of their deal, although the RFP says the two best bidders could be asked to compete against each other in a further round.

_____________________________ GSO Corporate Services Ltd. Liquidator

NOTICE Notice is hereby given that RECHARD CHARLES of Ellis St., Dundas Town, Abaco, 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 15th October, 2018 to the Minister responsible for Nationality and Citizenship, P.O.Box N7147, Nassau, The Bahamas.

THE TRIBUNE

Monday, October 15, 2018, PAGE 7

Disney rival’s impact ‘like night and day’ FROM PAGE ONE Partners considered there was an opportunity for co-existence,” the BNT chief confirmed. “Our firm answer was: You have a ten-storey cruise ship with thousands of people a week on that beach. It’s mutually exclusive. It’s totally unsustainable and incompatible with anything. “We will not attract the brands of Island House and other Bahamian groups. We won’t be able to put in place eco-lodges. Mark Holowesko has a 30-room hotel [the Island House in New Providence] that employs 130 people, and it’s likely a 20-room hotel will employ 100 people. The National Park will employ 25. “We’re way above Disney’s numbers, and the national patrimony of that

special place is intact.” Apart from the Holoweskoowned Island House, the Lighthouse Point Partners group also produced letters from the Bahamas Boutique Hotels Group (owner of Hope Town Harbour Lodge) and Benjamin Simmons’ Little Island Group confirming their interest in partnering with the project to develop the eco-tourism component. “The space lends itself to a new model of tourism in The Bahamas,” Mr Carey added, “and, for the first time, presents an opportunity for hundreds of jobs to be created in south Eleuthera and the creation of a national park. Nobody is going to go to Lighthouse Point to see a cruise port. Nobody.” Shaun Ingraham, the One Eleuthera Foundation’s

chief executive, was just as bullish on what he described as the consortium’s superior economic impact. “It’s like night and day, the difference between our proposal and theirs,” he told Tribune Business. “One simple statement I can make, Neil, is ours will be owned and operated by Bahamians, and all profits will go to Bahamians. It’s as simple as that. “Look at our plans. We have capable, seasoned Bahamians. I don’t see any downside to that. You can see what the One Eleuthera Foundation, the Island House have done, and what the Leon Levy Foundation has done. This is not pie in the sky; this is something you can touch.” The consortium’s proposal, though, was yesterday challenged by the

Eleuthera Community Support Group, which has become the most vocal Bahamian advocate and supporter of Disney’s project. It expressed “grave concerns” about Lighthouse Point Partners’ ability to finance both the land acquisition and its $23m development plan, arguing that the “letters of interest” from the Bahamian hotel groups did not amount to concrete promises of financing. The Support Group also pointed out that it was Disney, not Lighthouse Point Partners, who has a signed sales agreement for the property’s purchase already in place, meaning that the latter requires government intervention to block the deal and enable it to step in.

It added that a September 21, 2018, letter to the prime minister from One Eleuthera’s US-based foundation showed that just $6.463m had been raised by some “four dozen” USbased donors, implying that it was well short of raising the necessary money. “The Lighthouse Point property has been on the market for eight years. After nearly a decade, the funds for the Lighthouse Point Partners development have not yet been secured,” the Eleuthera Community Support Group said. “Are Eleutherans supposed to continue waiting while they continue to search for funding?” It also questioned the differences between the projected economic impact figures contained in the Lighthouse Point

Partners’ March proposal and its latest submission, suggesting they had been “beefed up in a last-minute public relations move”. Mr Ingraham, though, told Tribune Business that the Leon Levy Foundation had “committed to pay the fair market value” to Lighthouse Point’s vendors, The Related Group and Meritage Hospitality. The Foundation, in a March 7, 2018, letter to the prime minister said it had assets in excess of $500m, having already invested $10m in Eleuthera to establish its native plant preserve. Some 10 Bahamian jobs have been created, with another five to six in the works for a science programme being developed on recentlyacquired land next to the preserve.

Global business leaders move to Bahamas won’t see ‘major upturn’ over anti-crime regime suspend ties with Saudi Arabia FROM PAGE ONE of a re-evaluation process, and we have hopes that our technical compliance rating will improve. “Our expectation is that the FATF will not cede much improvement in the Bahamian effectiveness ratings, despite our significant efforts in this area over the past year or so.” The re-evaluation follows last year’s report by the FATF’s Caribbean affiliate, which identified numerous legal and practical deficiencies in this nation’s regulatory defences against financial crime. In particular, The Bahamas’ was found to have “low” effectiveness in six out of 11 anti-money laundering/ counter terrorism financing categories. The CFATF, in summarising its findings on The Bahamas, said: “The main deficiencies in technical compliance are in targeted financial sanctions for terrorist financing and financing of proliferation; understanding and assessing national money laundering/ terror financing risks; and developing anti-money laundering/counter terror financing national strategies, and transparency and beneficial ownership of legal persons and arrangements. “Significant weaknesses in effectiveness are in the areas of money laundering/terror financing confiscations, investigations, prosecutions and convictions; the identification of national money laundering/terror financing risks; and development of appropriate anti-money laundering/counter terror financing strategies and

proliferation financing financial sanctions.” Mr Littrell said the FATF/ CFATF mutual evaluation report was “the single most important international signal” about the strength of a nation’s anti-money laundering/counter terror financing regime, and its commitment to combating these ills. Yet he added that the mutual evaluation report’s methodology was “deeply problematic”, and identified “fundamental policy shortcomings” linked to the absence of objective standards against which The Bahamas and other states can be held. This, Mr Littrell explained, made it difficult for The Bahamas to show it was improving in managing antimoney laundering/counter terror financing risks. “We are being assessed against opinions mainly formed by large state representatives about small states, and those opinions don’t necessarily have any empirical backing,” he added. To improve risk perceptions of The Bahamas, especially among correspondent banks which transact business with institutions in this nation, Mr Littrell said the Central Bank planned to improve information flows and transparency by producing a series of annual publications on the anti-money laundering/counter terror financing regime. Following this, he added: “By early 2019, we intend to launch, again with substantial input from other regulators and agencies, a national website serving as

a central archive and news source for matters relating to Bahamian anti-money laundering/counter terror financing risk. “In combination with the annual publication, The Bahamas will offer comprehensive and easily accessible information on local money laundering and financial crime issues. By increasing the information available, and lowering the search costs, we are making it easier for correspondent banks and other stakeholders to assess the risks of engaging in The Bahamas.” Yet he warned: “I wish to emphasise that both the annual publication and the website will feature any negative as well as the substantial positive news. They are reference documents, not advertising venues. Ideally our progress will be smooth and un-newsworthy, but from time to time the statistical inevitability is that The Bahamas will need to report on something gone wrong. Please strive to minimize this necessity. “We start from the happy position that, by and large, Bahamian financial institutions are reasonably well managed from a risk perspective. But ‘reasonably well managed’ is not going to be enough in an increasingly unstable and competitive world.” “We start from the happy position that, by and large, Bahamian financial institutions are reasonably well managed from a risk perspective. But “reasonably well managed” is not going to be enough in an increasingly unstable and competitive world.

LONDON Associated Press GLOBAL business leaders are reassessing their ties with Saudi Arabia, stoking pressure on the Gulf kingdom to explain what happened to a dissident writer who disappeared after visiting its consulate in Istanbul. British billionaire Richard Branson on Friday suspended business links with Saudi Arabia, and Uber CEO Dara Khosrowshahi said he might not attend a major investment conference in the country this month amid reports that Jamal Khashoggi may have been killed at the Saudi consulate in Turkey’s financial center. “What has reportedly happened in Turkey around the disappearance of journalist Jamal Khashoggi, if proved true, would clearly change the ability of any of us in the West to do business with the

Saudi government,” Branson said in a statement. Branson, founder of Virgin Group, says he will suspend his role as director in two tourism projects in Saudi Arabia while an investigation takes place. He also is putting on hold discussions about a proposed Saudi investment in space companies Virgin Galactic and Virgin Orbit. Saudi Arabia is facing increasing international pressure to clarify what happened to Khashoggi, a Washington Post columnist, with US President Donald Trump and British Foreign Secretary Jeremy Hunt among those demanding answers. Khosrowshahi is scheduled to speak at the Future Investment Initiative conference, and event loosely nicknamed the “Davos of the Desert” that takes place Oct 23-25 in the Saudi capital, Riyadh. “I’m very troubled by the reports to date about Jamal Khashoggi,” Khosrowshahi

said. “We are following the situation closely, and unless a substantially different set of facts emerges, I won’t be attending the FII conference in Riyadh.” The decision could put Khosrowshahi and Uber in an awkward spot because Saudi Arabia’s Public Investment Fund owns about a 5.6 percent stake in the privately held ride-hailing app. The fund invested $3.5bn in 2016 as Uber was growing quickly. The investment conference lists dozens of expected speakers, including JPMorgan Chase CEO Jamie Dimon, Blackrock Chairman Larry Fink and US Treasury Secretary Steve Mnuchin, the latter confirming on Friday that he will go. “I am planning on going at this point,” he told broadcaster CNBC. “If more information comes out and changes, we could look at that.”

REQUEST FOR EXPRESSIONS OF INTEREST

INDIVIDUAL CONSULTANT

Social And Communication Specialist for (1) The Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program

Institution: Inter-American Development Bank Country: The Commonwealth of The Bahamas Projects: (1) Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program Project Number: (1) BH-L1043 and (2) BH-L1041 Loan Number: (1) 4363/OC-BH and (2) 3907/OC-BH Sector: (1) Environment and Natural Disasters and (2) Transport Deadline: October 19, 2018

The Ministry of Public Works (MOPW) is seeking an experienced Social and Communications Officer or Consultant to lead the design, implementation and oversight of a Community Engagement Program for both the (1) Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program, financed by the Inter-American Development Bank, and implemented by a dedicated Project Implementation Unit (PIU) within the MOPW. The position will be based in the PIU. . The main activities are as follows: Develop the Program’s Community Engagement and Consultation Plan. Design and maintain a grievance redress mechanism to receive, record and resolve complaints that the community may have about the Program. Communicate program information to a diverse set of community actors. • Develop and maintain relationships with community groups and the general public. • Prepare reports on the results of social aspects of the Program to the IDB. Apply knowledge of specific innovations in community relations planning. • Develop and write community updates and briefs. Organize, facilitate, and moderate participatory events in the context of the program. Support the elaboration of TOR’s and bidding documents for the Program to ensure the integration of social and gender considerations. • Produce monthly progress reports, according to the requirements of the PIU and the IDB. • Prepare, update and manage the annual communications plan/coordinate and assist PIU staff/Ministry personnel with communications/Develop monthly communications reports. • Coordinate and edit communications material, including alerts, press-releases, pitches, talking points, key messages and press kits. Collaborate with the PIU internal and external stakeholders to develop and execute strategies for education and engagement. • Develop media relationships with local and national media on behalf of the PIU. Monitor media in relation to the PIU’s work. Collaborate with partner ministries' social media teams to provide content; • Ensure consistent messaging and themes for partner ministry spokespeople and the PIU, especially during public speaking engagements. •

• • • •

Summary of experience and qualifications: Bachelor in Social Sciences (Communications, Public Affairs, Anthropology, Sociology and/or any other related social sciences); Minimum of five (5) years’ experience in a related communications, marketing or journalist role; Experience in leading corporate communication initiatives Demonstrable experience of representing an organization in public or/and media relations

The Government of The Commonwealth of The Bahamas now invites eligible consultants to indicate their interest in providings social and communication services. Interested consultants should provide their CV’s and information demonstrating that they are qualified to perform the services (description of similar assignments, experience in similar conditions). The duration of the contract is two (2) year full-time with the possibility of being renewed based on satisfactory performance evaluation. Consultants will be selected in accordance with the procedures set out in the Inter-American Development Bank: Policies for the Selection and Contracting of Consultants Financed by the Inter-American Development Bank GN-2350-9 and is open to all eligible bidders as defined in the policies. Interested consultants may obtain further clarification on the technical aspects or scope of services from Robert Mouzas, Deputy Director, Ministry of Public Works robertmouzas@bahamas.gov.bs tel: (242) 302-9530 during office hours between 09:00am to 5:00pm Monday – Friday, except on public holidays. Expressions of Interest inclusive of CV’s must be submitted to the address below in person, by e-mail idbfiairports@bahamas.gov.bs or idbcoastal@bahamas.gov.bs or by mail, on or before October 19, 2018 at 4pm. Antoinette Thompson –Permanent Secretary Acting Ministry of Public Works REF:- Climate Resilient Coastal Management and Infrastructure Program /Airport Infrastructure Program P.O. Box N 8156, Nassau, Bahamas

PAGE 8, Monday, October 15, 2018

THE TRIBUNE

RETAILERS UP THEIR GAME AFTER TOYS R US CLOSURES NEW YORK Associated Press

WHEN Toys R Us closed its doors, customers mourned the loss of a beloved brand that conjured memories of their own childhood. Retailers, on the other hand, saw an opportunity. Rather than cede any more ground to online behemoth Amazon, companies like Target, Walmart and Party City ramped up their offerings. Now, ahead of the pivotal holiday season, they’re going even further by focusing on making their stores a dynamic shopping experience. That means creating play areas for kids, offering demos of new toys and staging events like scavenger hunts in the stores. Retailers are trying to grab a piece of the nearly $3bn left on the table by Toys R Us, or 12 percent of the US toy market, according to NPD Group Inc, a market research group. Last month, Party City opened 50 Toy City pop-up shops that feature six-byeight-foot Lego dinosaurs and other interactive displays. Walmart says 30

ANNE MARIE KEHOE, Vice President of Toys at Walmart speaks about the retailer’s Toy Shop at their event in New York. Walmart says 30 percent of its holiday toy assortment will be new. It will also offer 40 percent more toys on Walmart.com from a year ago. In November and December, the company’s toy area will be rebranded as “America’s Best Toy Shop”. Photo: Richard Drew/AP percent of its holiday toy assortment will be new. It will also offer 40 percent more toys on Walmart. com from a year ago. In November and December, the company’s toy area will be rebranded as “America’s Best Toy Shop”. Starting in late October, Target will devote extra

space at 500 stores located near former Toys R Us stores for bigger toys like electric cars, playhouses and musical instruments as well as adding nearly 200 more products. And 100 Target stores will see new layouts and fixtures in the toy area. The company is also expanding the number

of kids’ events it hosts. Most recently, it had a Lego Minecraft event that featured a scavenger hunt. At least one foreign toy retailer is looking into the US market after the demise of Toys R Us. Mexicobased Distroller World, an experience-based retailer with more than 60 stores in

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Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, PLAYA COMMERCIAL INVEST CORP. is in dissolution as of October 5, 2018

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Esomek Holding Ltd. is in dissolution as of October 11, 2018

International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

GESTAM ADMINISTRATION LTD situated at Suite at 102, Saffrey Square, Bay Street & Bank Lane, Nassau, Bahamas is the Liquidator.

LIQUIDATOR ______________________

June increased seven percent to $7.9bn, according to NPD. Last year, toy sales increased one percent to $20.7bn from 2016. “I am convinced that the strong toy industry growth so far this year has been at least partially supported by the empathy that people felt toward losing a store like Toys R Us,” said Juli Lennett, NPD’s senior vice president and industry adviser for toys in a statement. “I think it brought about an emotional response that resulted in parents buying more toys overall.” Even FAO Schwarz is taking advantage of the nostalgia. The iconic toy store is set to reopen in November in Manhattan after shuttering three years ago. The store will be staffed with theatrical performers and will feature new play areas like a mini grocery store where kids can buy pretend food made of wood. In another section, there’ll be a mechanic who will help kids build radio controlled race cars. FAO Schwarz is also bringing back the oversized piano made famous in the Tom Hanks movie “Big”. Jessica McCune, 30, was a big fan of Toys R Us and she stocked up on a number of toys when the stores were closing. Although she said she plans to shift her toy shopping to Walmart, Target and Amazon, she still misses her old go-to. “There’s a void,” she lamented. “It’s one less place dedicated to toys and babies.”

SVINDAL ENTERPRISES CORP. Company No. 537835 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that SVINDAL ENTERPRISES CORP. is in voluntary liquidation. The voluntary liquidation commenced on 5th October, 2018 and OLGA HASANJI of Habsburgerstrasse 5A, 6003 Luzern, Switzerland, has been appointed as the Sole Liquidator.

LIQUIDATOR ______________________

MARKET REPORT THURSDAY, 11 OCTOBER 2018

Mexico and Latin America, is set to open its third store in the US in October. And it will be approaching US department stores to open shops to replicate its model in Mexico, says CEO Daryn Fillis. At the center of the experience: Parents and children create their own adventure to adopt an alien baby delivered in a space capsule. “It’s all about the demonstrations, the hands-on experience,” said Jim Silver, editor-in-chief of TTPM, a toy review site. “When you get your hands on a toy and you can touch and feel, it does lead to greater sales. And those are the experiences that shoppers enjoy.” Meanwhile, Amazon is reportedly planning a toy catalog to be distributed at its Whole Foods stores. The company declined to comment on the catalog, but analysts say Amazon could grow its market share in toys from 15 percent to 20 percent this year. Toy sellers had been long taking advantage of Toys R Us woes, but it stepped up its efforts when the chain filed Chapter 11 in the fall of 2017 and accelerated the pace when the chain announced it was liquidating its operations in March. As of early this year, Toys R Us had more than 800 US stores. It closed the last 200 stores at the end of June. With reports of the retailer’s demise, there was an outpouring of nostalgia from shoppers, and some analysts credit that empathy for helping to drive an uptick in toy sales for the first half of the year. US toy sales from January through

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

BISX ALL SHARE INDEX: CLOSE 1,949.75 | CHG -0.04 | %CHG 0.00 | YTD -113.82 | YTD% -5.52 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 20.91 7.50 4.46 1.26 0.19 3.92 9.26 6.60 5.30 12.50 2.71 1.77 8.21 6.21 13.20 7.00 4.50 13.50

52WK LOW 3.50 19.17 7.50 3.32 0.90 0.15 2.30 8.60 6.09 3.54 9.00 2.30 1.40 7.25 6.00 9.75 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 3.85 17.43 9.09 4.46 1.01 0.19 2.30 9.25 6.16 3.60 12.42 2.64 1.75 7.20 6.21 13.20 6.35 3.65 13.01

CLOSE 3.85 17.43 9.09 4.46 1.01 0.19 2.30 9.25 6.16 3.60 12.42 2.59 1.75 7.21 6.21 13.20 6.35 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 -0.05 0.00 0.01 0.00 0.00 0.00 0.00 0.00

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

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

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 107.32 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

26,938 100

VOLUME

EPS$ 0.214 0.932 -0.306 0.317 0.059 0.000 -0.996 0.700 0.441 0.154 0.627 0.102 0.209 0.000 0.670 0.701 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 18.0 18.7 N/M 14.1 N/M N/M -2.3 13.2 14.0 23.4 19.8 25.4 8.4 N/M 9.3 18.8 8.8 13.2 20.6

YIELD 2.60% 6.48% 0.00% 5.16% 0.00% 5.26% 0.00% 7.68% 3.57% 3.33% 4.99% 2.32% 4.00% 1.17% 4.51% 3.79% 3.15% 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

0.000 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 1.64 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 4.15 2.01 180.30 155.10 1.57 1.69 1.65 1.10 7.36 8.53 6.50 11.41 11.66 10.41 9.93 8.45 11.20

YTD% 12 MTH% 2.58% 4.11% 0.39% 5.07% 1.47% 2.34% 0.90% 3.44% 1.11% 6.05% 2.88% 4.24% -0.49% 4.11% 2.09% 4.19% 0.06% 0.72% -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-Aug-2018 31-Aug-2018 31-Aug-2018 30-Jun-2018 30-Jun-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-2018 31-Aug-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

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

Dated this 8th day of October, 2018 Sgd. OLGA HASANJI Voluntary Liquidator NOTICE SYAGRUS OVERSEAS LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SYAGRUS OVERSEAS LIMITED is in dissolution as of October 11, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

NOTICE CHUM SALMON INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CHUM SALMON INC. is in dissolution as of October 11, 2018 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

THE TRIBUNE

Monday, October 15, 2018, PAGE 9

Online natural and ANALYSTS: FLORIDA INSURERS organic grocery Thrive WILL SURVIVE HIT FROM MICHAEL aims to fill niche FORT LAUDERDALE Associated Press

THRIVE Market cofounder Nick Green. Thrive Market, a four-year-old online membership-based natural and organic food retailer, has successfully found a niche using Costco as a model, but just for healthy products. Green, along with his two co-founders Gunnar Lovelace and Sasha Siddartha, saw a big opportunity to make healthy food more accessible for middle-American shoppers who found Whole Foods too expensive and were overwhelmed by the increasing choices at discounters. (AP) NEW YORK Associated Press THRIVE Market, a four-year-old online membership-based natural and organic food retailer, has successfully filled a niche modelled after Costco but just for healthy items. CEO Nick Green, along with his two co-founders Gunnar Lovelace and Sasha Siddartha, saw a big opportunity to make healthy food more accessible for middle-class American shoppers who found Whole Foods too expensive and were overwhelmed by the increasing choices at discounters. Members pay an annual membership fee of $59.95 to enjoy a 25 to 50 percent discount off traditional retail prices. For every membership it sells, Thrive gives away one to a lowincome family. Green, 33, already had another successful business with a social mission under his belt. As an undergrad at Harvard, he started Ivy Insiders that made college test prep more affordable. It was acquired by Revolution Prep in 2010. Still, the Los Angelesbased retailer had a rocky start. It was first rejected by more than 50 venture capitalists before raising its first $8.5m in financing from more than 150 health and wellness influencers who understood the problems in their communities. Thrive, which has about 6,000 products, started with grocery items like snacks and non-toxic cleaning products, but has expanded to include fresh meat and seafood, sourced from suppliers using ethical practices. It allows shoppers to shop by diet, from organic and paleo to gluten free. Thrive has also been creating its own store label brands, which includes extra virgin olive oil and organic fusilli. Green declined to comment on specific sales figures, but says it does hundreds of millions of dollars in annual sales. Green talks with The Associated Press about the inspiration for Thrive, the business model and why he’s not afraid of Amazon. The questions and answers have been edited for clarity and length. Q. What was your inspiration for Thrive? A. At the time, you had trusted retailers like Whole

Foods, who weren’t accessible to most people. And then you got the conventional retailers who were starting to have more organic offerings. And if you are new to the category, you’re trying to figure out, ‘Where do I start?’ We really want to make it simple and easy. That meant getting the prices down, but it also meant curating the catalog. So instead of having 40 almond butters, let’s have four. It came down to really listening to the customer of what is the problem for someone who is middle class, middle America wanting to get healthy today. Q. What’s your business model? A. We charge $60 annually. You pay it one-time upfront. It gives you access to the site the entire year, and then we price at basically wholesale prices so we are making very little money — if any — on the products we sell, passing on all the savings to our members. Our business makes money on the membership fees. Costco was the natural touchstone for us. Q. What’s a big trend in food? A. Simplification, fewer ingredients. We’re always trying to remove ingredients from products. Take almond butter. Instead of having palm oil, which is an ecological disaster, we just use the natural oil from the almond. We have a number of private label products that use a single ingredient. Q. Aren’t you threatened by Amazon’s purchase of Whole Foods? A. I think that Amazon has a very different way of doing business, and some of that undermines the value and standards of Whole Foods. They have centralised buying and have pushed out a lot of the most innovative, especially younger brands. They have started selling products that people that want a healthy lifestyle probably wouldn’t want. Amazon is going after a different opportunity, which is to pull Whole Foods to the mainstream. What we want to do is pull the mainstream to us by standing for something that

is real and stems from our values. Q. What’s next? A. One of our big goals over the next one to three years is to become a more complete solution. We will be expanding our frozen assortments to do frozen smoothies, frozen meals, frozen veggies, and frozen dessert. We’re launching a clean wine programme. We are going to be pricing them at $13 to $18 a bottle. Q. What about physical stores? A. We are exploring physical retail. And that was another takeaway from Amazon’s acquisition. It was a reminder to us that the future is going to be omni-channel.

FLORIDA’S disjointed property insurance system that relies almost exclusively on small and midsize companies will take a multibillion dollar loss from Hurricane Michael, but has sufficient reserves and backups that providers should be able to pay claims without problems, analysts say. Major national players like State Farm, Allstate and Liberty Mutual write few if any homeowners policies in Florida because of the high risk of hurricane losses, leaving the market to smaller companies and the statecreated insurer of last resort, Citizens Property. Boston-based Karen Clark & Company, which models catastrophes, estimates Florida private insurers will pay $6bn in claims for wind and storm surge damage to residential, commercial and industrial properties and vehicles. The estimate doesn’t include losses covered by the National Flood Insurance Program, which has about 60,000 policies in the hardest-hit Florida counties. The programme had no immediate estimate on its losses. Analysts say that, despite their smaller size, Florida insurers should be able to cover their Michael losses through re-insurance - policies insurance companies purchase from global companies like Lloyd’s of London to cover catastrophic losses. Most of the state’s damage from Wednesday’s Category

4 storm is in the sparsely populated Panhandle, lessening the financial blow. Florida insurers “are built to be able to withstand these types of storms that are expected to happen every ten to 15 years,” according

to Brian C Schneider, a senior director at the analytics firm Fitch Ratings. The company said the reinsurance programmes performed well after Hurricane Irma last year, which caused about $50bn in damages in Florida.

NOTICE In the Estate of HYLTON SHERLIN SEYMOUR late of No. 33 Premier Avenue, Blue Hill Estates in the Southern District of the Island of New Providence one of the Islands of The Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 26th day of November, 2018, after which date the Executrix will proceed to distribute the assets having regard only to the claims of which she shall then have had notice. AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. HIGGS & JOHNSON Chambers Ocean Centre Montagu Foreshore East Bay Street P. O. Box N-3247 Nassau, Bahamas.

Attorneys for the Estate of Hylton Sherlin Seymour

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THE TRIBUNE

Monday, October 15, 2018, PAGE 11

Netflix deal could boost all parts of New Mexico

NEW Mexico Gov Susana Martinez, from left, Albuquerque Mayor Tim Keller, Netflix vice president for physical production Ty Warren and Albuquerque film liaison Alicia Keyes headline a news conference at ABQ Studios in Albuquerque, NM. Netflix has chosen Albuquerque as its new production hub and is in the process of buying the existing studio complex that includes several sound stages, offices and a back lot. Photo: Susan Montoya Bryan/AP SANTE FE, NEW MEXICO Associated Press While Albuquerque has been named as Netflix’s newest production hub, those in the industry say the benefits are likely to reach all parts of New Mexico. In fact, The Santa Fe New Mexican reported earlier this week that Netflix executives have already visited Santa Fe to scout for space for a project next year. Eric Witt, who leads the Santa Fe Film Office, said he had two phone calls Monday from producers within an hour of Netflix announcing plans to purchase Albuquerque Studios and establish a production hub in the city. “They’re all over it: ‘What’s available in Santa Fe? What’s available in Santa Fe?’” Witt said. “It’s great.” The venture is projected to deliver $1bn in production spending in New Mexico over the next decade and thousands of

jobs, officials said. Members of the industry described it as a first step toward a booming new era for the state’s film and television business. Netflix establishing a regular cycle of its episodic productions in Albuquerque could create a sort of chain reaction, others said, bringing job opportunities for crew workers statewide, which in turn increases the call for more new workers and the state’s capacity for more productions. “Series keep people employed for a longer period of time,” said Anton Walpole, a Santa Fe filmmaker who served as unit production manager on western drama Godless. “The new model has taken a lot of the crew base and puts them in a very secure position.” The venture also could mean more business at the Garson Studios on the city of Santa Fe’s midtown campus, studios in Las Cruces and Albuquerque

— or studios yet to be built. Industry insiders have long said the state’s film epicenters could use more space. But there are challenges embedded within the opportunity. State Sen Jeff Steinborn, D-Las Cruces, who is president of the nonprofit Film Las Cruces, said the need to reckon with the state’s so-called incentive cap — a $50m annual maximum on the rebates the state can pay out to qualifying film producers — would now become a priority in the next legislative session. With Netflix pledging to spend $100m a year in production, and the state paying back at least 25 percent of production expenditures through its rebate programme, Netflix will gobble up roughly half the $50m maximum each year. “It’s a good problem to have because we’re getting more business, but this puts the cap issue front and centre for us,” Steinborn said. “It’s a good time to consider raising it.”

REQUEST FOR EXPRESSIONS OF INTEREST

INDIVIDUAL CONSULTANT

Project Coordinator for (1) The Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program Institution: Inter-American Development Bank Country: The Commonwealth of The Bahamas Projects: (1) Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program Project Number: (1) BH-L1043 and (2) BH-L1041 Loan Number: (1) 4363/OC-BH and (2) 3907/OC-BH Sector: (1) Environment and Natural Disasters and (2) Transport Deadline: October 19, 2018

The Ministry of Public Works (MOPW) is seeking an experienced Program Coordinator to lead the implementation, and oversight for both the (1) Climate Resilient Coastal Management and Infrastructure Program and (2) Airport Infrastructure Program, financed by the Inter-American Development Bank, and implemented by a dedicated Project Implementation Unit (PIU) within the MOPW. The position will be based in the PIU. . The main activities are as follows: • • • • • • • • • • • • • • •

• • •

Ensures PIU compliance with IDB/GOBH Loan Contract in project execution Supervise and evaluate PIU staff Develop project proposals, requirements, documentation and presentations as requested Lead project review exercises designed to adjust, organize and streamline project procedures/schedules/plans. Manage and control project implementation according to the project plans Facilitate project staff in the definition of project tasks and resource requirements Ensure effective coordination between, and reporting from, procurement, financial, and project staff Lead and direct special Program Steering Committees developed to expedite project implementation Participate in regular project evaluation and review meetings to identify current and future bottlenecks/challenges/risks Ensure timely processing of projects through the governmental tenders’ committees and other relevant agencies, according to established procedures Ensure that disbursement projections are accurately updated in line with Annual Operating Plan (AOP) timelines Proactively manage and communicate changes in project scope, schedule and budget Participate in IDB Missions, meetings with the PIU, IDB and other managerial or technical activities of the PIU as deemed necessary and reasonable Conduct project post mortems and create a recommendations report to identify successful and unsuccessful project elements with recommendations Liaise with external auditors as appropriate/Lead the engagement with the external auditors of the Program Summary of experience and qualifications: Advanced university degree in Civil or Structural Engineering or other relevant technical area Minimum five (5) years of professional experience at national and international levels in the relevant field of civil engineering, especially in preparation of construction technical documentation Experience in working in complex environments and large infrastructure and/or civil works

The Government of The Commonwealth of The Bahamas now invites eligible consultants to indicate their interest in providing project management services. Interested consultants should provide their CV’s and information demonstrating that they are qualified to perform the services (description of similar assignments, experience in similar conditions). The duration of the contract is two (2) year full-time with the possibility of being renewed based on satisfactory performance evaluation. Consultants will be selected in accordance with the procedures set out in the Inter-American Development Bank: Policies for the Selection and Contracting of Consultants Financed by the Inter-American Development Bank GN-2350-9 and is open to all eligible bidders as defined in the policies. Interested consultants may obtain further clarification on the technical aspects or scope of services from Robert Mouzas, Deputy Director, Ministry of Public Works robertmouzas@bahamas.gov.bs tel: (242) 302-9530 during office hours between 09:00am to 5:00pm Monday – Friday, except on public holidays. Expressions of Interest inclusive of CV’s must be submitted to the address below in person, by e-mail idbfiairports@bahamas.gov.bs or idbcoastal@bahamas.gov.bs or by mail, on or before October 19, 2018 at 4pm. Antoinette Thompson –Permanent Secretary Acting Ministry of Public Works REF:- Climate Resilient Coastal Management and Infrastructure Program /Airport Infrastructure Program P.O. Box N 8156,Nassau, Bahamas

THE TRIBUNE

Monday, October 15, 2018, PAGE 15

Saudis reject threats as stocks plunge after Trump comments DUBAI Associated Press

BRITAIN’s Prime Minister Theresa May attends a roundtable meeting with business leaders whose companies are inaugural signatories of the Race at Work Charter at the Southbank Centre in London on Thursday. Photo: Henry Nicholls/AP

Round of talks don’t resolve Brexit problems ahead of summit BRUSSELS Associated Press A FLURRY of talks between Britain and the European Union ended yesterday without a Brexit agreement, leaving the two sides three days to close a gap in their positions before a make-or-break summit. An unscheduled, face-toface meeting between EU negotiator Michel Barnier and British Brexit Secretary Dominic Raab, and a hastily scheduled meeting of 27 EU ambassadors in Brussels, had sparked speculation that the longawaited deal was imminent. Barnier dashed those hopes yesterday evening, writing on Twitter: “Despite intense efforts, some key issues are still open” in the divorce talks. The key stumbling block remains the need “to avoid a hard border” between Ireland and the UK’s Northern Ireland after Brexit, he said. British Prime Minister Theresa May is under intense pressure from her Conservative Party and its parliamentary allies not to give any more ground in negotiations, especially on the border issue. The British government said in a statement issued lastnight there were still “unresolved issues” but insisted negotiators had made “real progress” toward a divorce agreement. The lack of a breakthrough on the border increased the chances that the Brexit negotiations will fail to produce an agreement spelling out how the EU will interact with its former member and vice versa. EU officials have warned that real progress is needed at the summit starting on Wednesday. The British government said it remained committed to making progress at the summit. An EU official said no further negotiations were planned before the leaders of EU countries convene in Brussels. Both sides previously agreed that a special November meeting — to be called only if there is enough progress this week —would be the deadline for reaching an agreement since Britain is set to leave the EU on March 29. The EU and the UK are seeking an elusive compromise position on the difficult Irish border question ahead of the summit. The “Irish backstop” is the main hurdle to a deal that spells out the terms of Britain’s departure from the EU and future relationship with the bloc. After Brexit, the currently invisible frontier between Northern Ireland and Ireland will be the UK’s only land border with an EU nation. Britain and the EU agree there must be no customs checks or other infrastructure on the border, but do not agree on how that can be accomplished. Raab, Britain’s Brexit secretary, was not expected in Brussels yesterday, but he made a last minute trip

for an in-person meeting with Barnier. “With several big issues still to resolve, including the Northern Ireland backstop, it was jointly agreed that face-to-face talks were necessary,” Raab’s office said. The EU’s “backstop” solution — to keep Northern Ireland in a customs union with the bloc — has been rejected by Britain because it would require checks between Northern Ireland and the rest of the UK. The alternative — to keep the entire UK in a customs union until a permanent solution can be found — has outraged proBrexit members of May’s divided government, who claim that approach would limit the country’s ability to strike new trade deals around the world. The idea is also anathema to the Democratic Unionist Party, a Northern Ireland Protestant party that props up May’s minority government. So even if May strikes a deal with Brussels, she will struggle to get it past her government and Parliament at home. Raab’s predecessor, David Davis, wrote in the Sunday Times that May’s plans for continued close economic ties with the EU even after Britain leaves the bloc is “completely unacceptable” and must be stopped by her ministers. May is struggling to build a consensus behind her Brexit plans ahead of a Cabinet meeting on Tuesday that will be followed by Wednesday’s EU summit. If Davis’ call for a rebellion is effective, the Cabinet meeting is likely to be fractious. Davis and former Foreign Secretary Boris Johnson resigned from May’s Cabinet this summer to protest her Brexit blueprint. While all three are members of the ruling Conservative Party, the two men have become vocal opponents of May’s plan, saying it would betray the Brexit vote and leave Britain tied to the EU without any say over its rules. Johnson, who regularly uses his newspaper column in the Daily Telegraph to excoriate May’s Brexit plan, said the EU’s border backstop amounted to “a choice between the breakup of this country or the subjugation of this country, between separation or submission.” “It must be rejected, and it must be rejected now,” he wrote in Monday’s edition. May’s Brexit plan has also been rejected by leaders of the main opposition Labour Party, further dimming the prime minister’s hopes of winning parliamentary backing for any Brexit deal she reaches with EU officials.

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SAUDI Arabia on yesterday threatened to retaliate for any sanctions imposed against it after President Donald Trump said the oil-rich kingdom deserves “severe punishment” if it is responsible for the disappearance and suspected murder of Washington Post contributor Jamal Khashoggi. The warning from the world’s top oil exporter came after a turbulent day on the Saudi stock exchange, which plunged as much as seven percent at one point. The statement was issued as international concern grew over the writer who vanished on a visit to the Saudi Consulate in Istanbul over a week ago. American lawmakers threatened tough punitive action against the Saudis, and Germany, France and Britain jointly called for a “credible investigation” into Khashoggi’s disappearance. Turkish officials have said they fear a Saudi hit team killed and dismembered Khashoggi, who wrote critically of Saudi Crown Prince

A SAUDI trader reacts as looks at the stock market monitor in Riyadh, Saudi Arabia. The Saudi stock market sharply fell yesterday after President Donald Trump threatened “severe punishment” over the disappearance of Washington Post contributor Jamal Khashoggi. Photo: Hassan Ammar/AP Mohammed bin Salman. The kingdom has called such allegations “baseless” but has not offered any evidence Khashoggi ever left the consulate. Already, international business leaders are pulling out of the kingdom’s upcoming investment forum, a high-profile event known as “Davos in the Desert”, and the sell-off on Riyadh’s Tadawul stock exchange showed that investors are uneasy. The exchange dropped by over 500 points, then clawed back some of the losses, ending the day down

264 points, or more than four percent. Of 188 stocks traded on the exchange, 179 ended the day with a loss. “Something this big would definitely spook investors, and Saudi just opened up for foreign direct investment, so that was big,” said Issam Kassabieh, a financial analyst at Dubai-based firm Menacorp Finance. “Investors do not feel solid in Saudi yet, so it’s easy for them to take back their funds.” In an interview scheduled to air yesterday, Trump told CBS’ “60 Minutes”

that Saudi Arabia would face strong consequences if involved in Khashoggi’s disappearance. “There’s something really terrible and disgusting about that, if that was the case, so we’re going to have to see,” Trump said. “We’re going to get to the bottom of it, and there will be severe punishment.” But the president has also said “we would be punishing ourselves” by cancelling arms sales to Saudi Arabia. The sales are a “tremendous order for our companies”, and if the Saudis don’t buy their weaponry from the US, they will get it from others, he said. In a statement published by the state-run Saudi Press Agency, the kingdom warned that if it “receives any action, it will respond with greater action, and that the kingdom’s economy has an influential and vital role in the global economy”. “The kingdom affirms its total rejection of any threats and attempts to undermine it, whether by threatening to impose economic sanctions, using political pressures or repeating false accusations,” the statement said.