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TUESDAY, OCTOBER 22, 2019
$4.52 Freeport to get a school of medicine By YOURI KEMP A DEAL to open a school of medicine in Freeport is expected to make a $60m impact on the island of Grand Bahama. The Heads of Agreement (HOA) was signed yesterday for the Western Atlantic University School of Medicine - and was hailed by Minister of Health Dr Duane Sands as “a step in the right direction” for the island. About 150 jobs will be created at the peak of construction, with more than 50 permanent jobs being created after the first phase of the development. Dr Sands, speaking to Tribune Business after the HOA was signed between the government and the school, said: “The build out is expected to have more than a $60m impact for Grand Bahama. Each student is averaged to have an annual spend of $25,000 a year when you calculate school fees, room and board and other spending for personal expenses inclusive of travel.” He added: “Clearly this is a step in the right direction. The expectation is to redesign and redevelop Grand Bahama post Hurricane Dorian and every little bit counts.” Dr Sands said the signing added to other recent heads of agreement, such as one with Carnival Cruise Line for a $100m proposed cruise port in East Grand Bahama; and one worth $80m for a pier at the northern end of Half Moon Cay.
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$4.57
$4.56
Morton Salt industrial action concludes By YOURI KEMP
A
LONG-awaited Industrial Agreement was signed yesterday between the Bahamas Industrial Manufacturers & Allied Workers Union (BIMAWU) and Morton Salt Bahamas, ending a twoyear industrial dispute. Michael Nixon, general manager for Morton Salt, said he is committed to fostering a productive working relationship with employees and “is proud to say that they have now reached a five-year agreement” with workers in Inagua. The president of the BIMAWU, Jennifer Brown, said she is “more than elated” to reach the point where they can officially sign this agreement. It has been more than two years, Brown said, and the workers and officers are “very happy”. Ms Brown said she hopes both sides can now work together and said she will encourage workers to give a fair eight-hour work day when they return to Inagua. Earlier this year, there was a mass 40-worker sickout, in addition to other complaints amid what management called an overall slowdown of work habit over the course of this year. This led to a standoff between union and management where management threatened to lock staff members out from
MORTON SALT PLANT IN INAGUA July 3 unless the company received a reply indicating the two sides could reach a “happy medium” over a new industrial agreement. Management backed down from the lock-out and it was never followed through. Ms Brown says she hopes managers will “treat all workers fairly” and that even though there is a contract, it is still “just a piece of paper” and encouraged management to “put it into practice”. President of the Trade Union Congress (TUC) Obie Ferguson, the lead negotiator for the BIMAWU, said he “strongly suggests” this process is used with all of the unions having issues and sees “no reason” why it cannot be used for
the upcoming Water and Sewerage negotiations in an attempt to settle their matter within the next two weeks. Mr Ferguson said a mechanism that requires “competent” negotiators from employers, government and unions to deal with bargaining impasses involving collective agreements is “critical” as it avoids industrial action. Mr Ferguson previously argued that Morton Salt’s proposal was a “deficit industrial agreement”, and that they were “insulted” by Morton Salt’s initial offer and further called for salary increases that matched the inflation rate. He also said previously that the increases being offered to workers over the proposed
industrial agreement’s threeyear term - 1.5 percent for each of the first two years, and 1.9 percent for the final year - were lower than the current rate of inflation and cost of living increases, which have both been impacted by last year’s VAT rate hike. When asked if this new agreement met his targets, Mr Ferguson said they got a “reasonable figure” that was “satisfactory to the union and management of Morton Salt” and that the union voted “unanimously” to accept the proposal. Mr Nixon also confirmed that the new agreement included wage increases, shift premium increases, production bonuses, holiday pay increases and health insurance coverage.
$4.56 FATF calls for further steps on action By YOURI KEMP THE Bahamas has been praised for its efforts to tackle money laundering and the funding of terrorism in a new report by the Financial Action Task Force (FATF) - but Attorney General Carl Bethel said experts wanted to see further steps taken by the country. Mr Bethel said a proposed site visit for this month would now likely take place in February next year. He said: “No on-site for October. Not yet. But we hope in February that they will agree an on-site.” The FATF released its revised “strategic deficiencies list” on Friday in which The Bahamas still features. The report on improving compliance with anti-money laundering (AML) and combatting the financing of terrorism (CFT) standards said: “The Bahamas made a high-level political commitment to work with the FATF and the Caribbean Financial Action Task Force (CFATF) to strengthen the effectiveness of its AML/ CFT regime and address any related technical deficiencies.” “The Bahamas has taken steps towards improving its AML/CFT regime,” said the report, including implementing items such as instituting a protocol and case management system to further enhance international cooperation; initiating risk-based supervision of non-bank financial institutions; and further implementing the recent Beneficial Ownership Law
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Fidel’s Cuba is long gone By JOSEPH J GONZALEZ The Conversation CUBA is no longer the Americas’ lonely outpost of communism. This Caribbean island has become a nation of entrepreneurship, democratic aspiration, even pro-Americanism. About 13% of Cuban workers are in the private sector, operating their own businesses. They are called “cuentapropistas”, meaning “people who work for themselves” – not for the government. Much of this economic activity is due to former president Raul Castro, who expanded the rights of
Cuban business owners, albeit in fits and starts. Raul’s brother Fidel Castro, who led Cuba’s 1959 communist revolution and ran the country until 2008, would not recognise his country today. Since Cuba’s emerging private sector depends heavily on tourism – including, until a recent Trump administration crackdown, from the United States – the cuentapropistas have transformed the nature of US-Cuban relations, my area of research as a historian. Anti-Americanism is still official Cuba policy. But now, for the first time in Cuba’s
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PAGE 2, Tuesday, October 22, 2019
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ALIV AND REV FUNDRAISE ‘TOGETHER’ MOBILE phone company Aliv has been continuing its efforts to assist those affected by Hurricane Dorian - its latest event being a fundraising happy hour for employees on Friday. Aliv and REV’s New Providence and Grand Bahama teams held the event at their respective headquarters. A silent auction was held that included prizes from ALIV, REV, and other partners. All donations made in cash or via the Together crowdfunding website were donated to various charities in aid of Hurricane Dorian Relief. Anyone wanting to make a donation can still do so by visiting together.bealiv.com.
HIGHLIGHTS FROM THE ALIV HAPPY HOUR EVENT
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Tuesday, October 22, 2019, PAGE 3
Freeport to get a school of medicine FROM PAGE ONE Dr Sands added: “Grand Bahama may be down but not out.” He was confident the latest deal would be an inducement to other potential investors eyeing Grand Bahama. He said: “Each project - whether they have a $10m or $100m or $1bn impact, it is a shot in the arm to Grand Bahama. The expectation is that other investors will be seeking opportunities. The government is open to innovative ideas to position Grand Bahama as the tech hub.” Minister of State for Grand Bahama Senator Kwasi Thompson spoke at the signing and said: “Western Atlantic University School of Medicine projects significant economic impact for the island of Grand Bahama. The campus hopes that at the completion of all phases 2,300 students will enroll. Each student living in the Freeport community estimates to provide $25,000 per annum in revenue for Grand Bahama on housing, food, entertainment, goods, and on-island transportation. It is hoped
CONCEPT drawings for the Western Atlantic University School of Medicine. PRIME Minister Dr Minnis and Mr Goetz.
that this will increase the critical mass of residents which is so badly needed in Grand Bahama.” Mr Thompson said project will be divided into four phases with an overall investment of $64.2m. Phase one calls for an investment of more than $13.5m, phase two will rise to a $23.6m investment, then $27.1m by the end of
phase three. By phase four, the total investment will equal $30m.
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HEADS of Agreement being signed by Cabinet Secretary.
FATF calls for further steps on action FROM PAGE ONE to ensure the timely access to adequate, accurate, and current basic and beneficial ownership information. Mr Bethel said: “They (FATF) decided that they wished to see further implementation of the money laundering directive to prosecutors and investigators, as well as the pursuance of tax crime investigations. It is agreed that we have all relevant reforms in place and are implementing them, but wish to see further implementation.” When asked if the freezing of assets was an
overreach by the FATF, he said: “No, it is not an overreach. In proceeds of crime offences, asset forfeiture is the norm. The idea is to implement disincentives and to make it extremely difficult to benefit from the proceeds of crime.” He also made clear that the government aims to fulfill a promise made last year to create a system involving financial services providers that would allow the government to access ownership details on all entities it acted as registered office for. He said: “We have a Register of Beneficial
The construction is set to commence before the end of this year.
Ownership Act, and we have the software search programme. We are working with all service providers to ensure full compliance. Basically, the largest providers have complied by and large, and we have extended our efforts to the other tiers, getting down to smaller law firms.” The FATF cautioned that “The Bahamas should continue to work on implementing its action plan to address its strategic deficiencies, including by: (1) demonstrating that authorities are investigating and prosecuting all types of money laundering, including
complex money laundering cases, stand-alone money laundering, and cases involving proceeds of foreign offences, including foreign tax crimes; and (2) increasing the identification, tracing and freezing or restraining of assets and to present cases linked with foreign offences and stand-alone ML cases.” Deputy Prime Minister and Minister for Finance, K Peter Turnquest said in August that even though the government and financial services sector were making strides in becoming compliant with the standards of the FATF, the standards were changing.
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Trident Trust is a leading independent provider of corporate, trust and fund services to the financial services sector worldwide, employing 800 staff across a global footprint that spans Africa, the Americas, Asia, the Caribbean, Position Available - Accounts Assistant Position Available - Accounts Assistant Europe and the Middle East. We are seeking an entry level Administrator to Sunshine Insurance has 25 years of experience in property and join the Compliance division in The Bahamas. Client-focussed and serviceSunshine Insurance has 25 years of experience in propertyisand The therefore, Company casualty insurance. The Company in acasualty growthinsurance. mode, and oriented, we only employ individuals who are professionally minded, needs to expand its team and build capacity. Our Finance Department is in a growth mode, and therefore, needs to expand its team and build capacity. Our Finance committed and able to demonstrate good interpersonal skills. is looking for a self-motivated Accounts Assistant who wants to learn Department is looking for a self-motivated Accounts Assistant who wants to candidate learn and develop and develop in their professional pursuits. The ideal should The Role in their professional pursuits. The ideal candidate should be reliable, well organized and ableThe to be reliable, well organized and able to multitask, if necessary. Accounts Assistant will report directly to the Senior The To assist the Compliance team in compliance related matters and to file multitask, if necessary. The Accounts Assistant will report directly to the SeniorAccountant. Accountant. The successful candidate should be highly adaptable and willing to work and/or process related information as designated. successful candidate should be highly adaptable and willing to work with the team to accomplish with the team to accomplish Departmental objectives, embracing Departmental objectives, changes they occur in alignment thecompany. vision of changesembracing should they occurshould in alignment with the visionwith of the Key Responsibilities: the company. The successful candidate will be responsible for assisting, directing and If you would like to join our team, we’d love to hear from you. co-ordinating activities relating to compliance matters including but not If you would like Responsibilities: to join our team, we’d love to hear from you. limited to: - Conducting world checks. Responsibilities: Daily management, reporting and record-keeping needed to manage - Conducting background checks. customers’ receivables: - Prepare reports and any other ad hoc documents that are • Monitor policies by analyzing customer statements and finance requested from time to time by the Compliance Officer. Daily management, reporting and record-keeping to manage customers’ agreements and sendingneeded ‘friendly reminder’ emails,receivables: texts, phone - Assists on specific projects as required including updating calls to customers for missed payments • Monitor policies by analyzing statements andwhere financeapplicable agreements and sending electronic logs, archiving, scanning and filing. • Issue Event ofcustomer Cancellation notices, • Cancel Insurance Policies timely manner - Undertakes other tasks that may be requested by the Compliance ‘friendly reminder’ emails, texts, phone callsintoacustomers for missed payments • Print and send out customer statements monthly Officer and are commensurate with the level of the role. • Issue Event Cancellation where applicable • ofFollow up onnotices, Aged Receivables, providing the status of each - Prepared to undertake professional study as required • Cancel Insurance Policies in ataking timelyaction mannerto clear items i.e. send emails to account and Account Executives, etc.monthly • Print and send out customer statements Skills and Experiences • Submit weekly status reports on Aged Receivables to Senior • Follow up on Accountant Aged Receivables, providing the status of each account and taking action • A high-school diploma or a degree in a business-related field. • Maintain Receivables filing system for all Finance Agreements, to clear items i.e. send emails to Account Executives, etc. • A minimum of 2 years’ experience in the field of Compliance. Notices and Cancellations • Awareness of relevant regulations and legislation. • Submit weekly status reports on Aged Receivables to Senior Accountant • Assist with research for annual audit • Proven ability to maintain a professional, positive and enthusiastic • Maintain Receivables filingreceivables system for all Finance Agreements, Noticesinand Cancellations • Prepare monthly receivables report for inclusion Management attitude when dealing with clients and colleagues. Reporting • Assist with receivables research for annual audit • Proven ability to work under pressure, work independently and to be • Enforce internal control procedures as given by Management • Prepare monthly receivables report for inclusion in Management Reporting organised • Perform any other duties assigned to you by the Senior • Enforce internal control procedures as given by Management Accountant • Proven problem solving, communication and relationship skills. • Perform any other duties assigned to you by the Senior Accountant • Proven time management skills including an ability to manage multiple Qualifications & Experience: tasks and to meet deadlines • Good standard of communication, both written and verbal • Associate’s degree in Accounting, Finance or related field or a Certification in Accounting Compensation • 2-5 years’ previous work experience in a similar capacity in an Accounts Department Competitive compensation will be offered, based on the successful • Knowledge of Book keeping and Accounts Receivables candidate’s relevant experience and overall suitability for the position. • Work comfortably in Microsoft Word, Excel, PowerPoint at Intermediate level How to Apply • Great oral and written communication skills Applications should include a complete C.V. and will be treated in the • Work independently with minimum supervision strictest of confidence. Please clearly outline the skills and attributes • Be able to meet deadlines you would bring to the role, your availability and salary expectations. Interested individuals are encouraged to submit their resume to: Applications should be submitted not later than October 25, 2019 to the Positions@sunshine-insurance.com Manager at ycoakley@tridenttrust.com.
PAGE 4, Tuesday, October 22, 2019 FROM PAGE ONE modern history, some people openly disagree. Economic transformation When I first travelled to Cuba as a graduate student in 1996, Cubans were suffering through what Fidel called “The Special Period in Time of Peace” – an era of economic distress after the fall of the Soviet Union. A Cuban friend recalls it as “the time when we ate cats and dogs”. For decades, the Soviets aided the Cuban economy by purchasing Cuban sugar at above-market prices and supplying Cuba with free oil. Cuba re-exported excess oil for profit. The dissolution of the Soviet Union in 1991 deprived Cuba’s economy of about US$5bn dollars a year. Food and consumer goods disappeared from stores in under a month. The Cuban economy shrunk by more than a third between 1991 and 1995. Cars disappeared from roads, replaced by horses, bikes and overcrowded buses. Blackouts were common. Eggs became a luxury, given as gifts. Cubans lost anywhere from 12 to 20 pounds during the Special Period. By the mid-1990s, even Fidel Castro knew that Cuba needed to update its economic model. So the country
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Fidel’s Cuba is long gone
CUBAN entrepreneurs rely heavily on tourism. Photo: Desmond Boylan/Reuters embraced tourism, investing over $3.5bn in hotels and resorts, aimed at Europeans. Tourism fuelled Cuba’s recovery, but the economy really took off after Fidel relinquished power in
2008. His brother Raul Castro trimmed bloated state payrolls and encouraged Cubans to start their own businesses. By 2014, the government had transferred millions of
acres of idle land into private hands, reigniting Cuba’s agricultural sector. Cuba’s government is still officially communist and it still controls the economy. But it has a new president who’s not a Castro, internet access is expanding, and it’s home to a community of taxi drivers, hair stylists, restaurant owners and tattoo artists who meet demand with supply and pocket the profits. More money, less red tape Cuba’s new entrepreneurs seem to have little faith in socialism. The owner of a successful eatery in Havana, Alejandro, mostly sees the Cuban government as a barrier to success. To protect their identities, I do not use the names of Cubans when writing about my research. “Even if I have money, there is no guarantee that I will be able to get supplies from abroad,” Alejandro told me over dinner recently. “No one in the government helps me.” Contradictory legislation makes it difficult to open bank accounts in Cuba, sign contracts and import goods from abroad. Alejandro relies on “mules” to get kitchen equipment, rare foodstuffs and other goods into Cuba. During the Special Period, most Cubans I met blamed the US trade embargo for their troubles. And not without justification: The embargo prevents US companies and their foreign subsidiaries from
investing in Cuba. The embargo is still in place. But now I meet Cubans who are openly anti-communist, not antiAmerican. They have relatives and friends in the United States. They sell smuggled American goods. And they want politicians to get out of the way of the economy so that American dollars return to Cuba. Only about 20,000 Americans visited Cuba in 2007. In 2017, 1.5 million Americans travelled to the island, including Cuban Americans. They spent millions at businesses run by cuentapropistas. “Politics means nothing to me,” a young woman named Yemayá told me. “It’s just a way for some people to make themselves rich while I work hard.” Research validates her view. A study from Baruch College found that Cuba’s bureaucrats have responded to Raul’s initiatives by creating more burdensome regulations. They know that if all the red tape goes away, so will their jobs. Cuban capitalists The United States remains a major obstacle to Cuba’s economic development. Rejecting Obama’s policy of more open relations with Cuba, the Trump administration has waged economic war on the regime, putting severe restrictions on travel to and investment in Cuba. Overall tourist activity in Cuba has declined 20% this
year. That primarily harms Cuban capitalists – not the government. “We who work are suffering,” Miguel, an English teacher turned tour guide, told me. “The military will not suffer. Neither will the police. They know how to feed themselves.” But Cuban entrepreneurs blame Cuba’s leaders for their hardships, too. “[Cuba] wants Trump and the US to shut off the tourists,” a taxi driver named Pablo insisted. That way, “they can blame the Americans for their own economic failures.” Change from within Cubans have changed, says Luis, an expert on AfroCuban religions. Cubans used to depend on the government for everything. Now, he says, “there are more like me who want to work for themselves.” “I have a nice apartment and a good life,” Luis told me. “The government did not give me that.” Cuba’s capitalists still value the social achievements of the Cuban Revolution, which gave their country worldclass literacy rates and life expectancies. They want to keep those gains. “The rest we will change,” said Tony, a restaurateur in Old Havana. A transformation is underway in Cuba, and the United States can help or hurt it. But I doubt anything can stop the process.
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Tuesday, October 22, 2019, PAGE 5
New blow to Johnson’s Brexit plan after vote on deal blocked LONDON Associated Press BRITAIN faced another week of grinding political gridlock after Prime Minister Boris Johnson was denied a chance Monday to hold a vote by lawmakers on his Brexit divorce bill. With just ten days before Britain’s scheduled departure date, Johnson’s government had sought a “straight up-and-down vote” on the agreement he struck last week with the 27 other EU nations laying out the terms of Britain’s exit. But the speaker of the House of Commons, John Bercow, refused to allow it because lawmakers voted to delay approving the Brexit deal on Saturday, and parliamentary rules bar the same measure from being considered a second time during a session of Parliament unless something has changed. Bercow’s ruling plunged the tortuous Brexit process back into grimly familiar territory. The government must now try to implement its Plan B — attempt to pass a Brexit-implementing bill through Britain’s fractious Parliament before the country’s scheduled Oct 31 departure date. Bercow — whose rulings in favor of backbench lawmakers have stymied government plans more than once before — said the motion proposed by the government was “in substance the same” as the one Parliament dealt with on Saturday. He said it would be “repetitive and disorderly” to allow a new vote yesterday. On Saturday — Parliament’s first weekend sitting since the 1982 Falklands War — lawmakers voted to make support for the Brexit deal conditional on passing the legislation to implement it. Johnson’s Conservative government will now try to do that. The government published the 115-page bill late yesterday, will hold the first vote on it Tuesday and hopes to have it become law by Oct 31. But it’s unclear whether Johnson has either the time or the numbers to make that happen. Passing a bill usually takes weeks, but the government wants to get this one done in ten days. Johnson needs a majority in Parliament to pass it, but his Conservatives hold just 288 of the 650 House of Common seats. The process also gives lawmakers another chance to scrutinise — and possibly change — the legislation. Opposition lawmakers plan to seek amendments that could substantially alter the bill, for example by adding a requirement that the Brexit deal be put to voters in a new
IN THE SUPREME COURT PROBATE DIVISION 2019/PRO/npr/00421
SPEAKER of Britain’s House of Commons John Bercow gestures makes a statement in the House of Commons in London whether Government can hold a debate and vote on the Brexit deal with Europe yesterday. The government request for a meaningful vote inside the House of Commons is rejected yesterday by Speaker Bercow. referendum. The government says such an amendment would wreck its legislation and it will withdraw the bill if it succeeds. Brexit Secretary Stephen Barclay urged lawmakers to back the bill and — more than three years after British voters narrowly voted to leave the EU — “enable us to move onto the people’s priorities like health, education and crime”. “This is the chance to leave the EU with a deal on Oct 31,” he said. “If Parliament wants to respect the referendum, it must back the bill.” With the Brexit deadline looming and British politicians still squabbling over the country’s departure terms, Johnson has been forced to ask the EU for a three-month delay to Britain’s departure date. He did that, grudgingly, to comply with a law passed by Parliament ordering the government to postpone Brexit rather than risk the economic damage that could come from a no-deal exit. But Johnson accompanied
the unsigned letter to the EU late Saturday with a second note saying that he personally opposed delaying Brexit. Pro-EU activists, who took the government to court in Scotland to ensure that it complied with the law, said the second letter might amount to an attempt to frustrate the legislation. Scotland’s highest court said yesterday it would keep the case open, retaining the power to censure Johnson’s government until its obligations under the law have been complied with “in full”. The claimants’ lawyer, Elaine Motion, said the ruling meant “the sword of Damocles remains hanging” over the government. The bloc said the fact Johnson had not signed the letter was irrelevant. European Commission spokeswoman Mina Andreeva said yesterday that European Council President Donald Tusk had acknowledged receiving the Brexit extension request and was now talking with the EU’s other
27 leaders about it. Those 27 EU leaders are weary of the long-running Brexit saga but also want to avoid a no-deal British exit, which would damage economies on both sides of the Channel. Germany’s economy minister suggested it could be a few days before the EU decided to respond to the Brexit delay request. “We will have somewhat more clarity in the coming days, and we will then exercise our responsibility and quickly make a decision,” Germany’s Peter Altmaier said. He told Deutschlandfunk radio that he wouldn’t have a problem with an extension by “a few days or a few weeks” if that rules out a no-deal Brexit. But French President Emmanuel Macron, who had a phone call with Johnson over the weekend, called for a quick clarification of the UK’s position. In a statement, he said a delay “would not be in any party’s interest”.
IN THE ESTATE OF AUDREY FLORENCE DEAN-WRIGHT late of Skyline Lakes in the Western 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 claims and/or demands against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 19th November 2019 after which date the Executors will proceed to distribute the assets having regard only to the claims of which they shall then have had notice AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.
Personal Representative of the ESTATE OF AUDREY FLORENCE DEAN-WRIGHT c/o Sterling Bank & Trust Limited 81 East Bay Street Nassau, The Bahamas
LEGAL NOTICE
NOTICE
International Business Companies Act (No. 46 of 2000) EM&I (GLOBAL) INC. Registration Number: 138,149B Pursuant to the provisions of Section 138(8) of the International Business Companies Act, 2000 notice is hereby given that EM&I (GLOBAL) INC. has been dissolved and has been struck off the Register of Companies with effect from the 4th day of September, A.D., 2019. ________________________ MLC Corporate Services Ltd. Liquidator
DATA ADMINISTRATOR October 2019
Trident Trust is a leading independent provider of corporate, trust and fund services to the financial services sector worldwide, employing 800 staff across a global footprint that spans Africa, the Americas, Asia, the Caribbean, Europe and the Middle East. We are seeking an entry level Data Administrator to join the Corporate department in The Bahamas. Client-focussed and service-oriented, we only employ individuals who are professionally minded, committed and able to demonstrate good interpersonal skills. The Role To assist the Corporate team in the entry of data into the system and to file and/or process related information as designated. Key Responsibilities: The successful candidate will be responsible for assisting, directing and co-ordinating activities relating to data entry matters including but not limited to: - The collating and input of client data in the designated software. - Assisting Administrators with scanning and indexing of company and client documents - Assists on specific projects as required including updating electronic logs, archiving, and filing. - Undertakes other tasks that may be requested, and as commensurate with the level of the role. Skills and Experiences • A high-school diploma or a degree in a business-related field. • Proven ability to maintain a professional, positive and enthusiastic attitude when dealing with clients and colleagues. • Ability to work under pressure, work independently and to be organised • Problem solving, communication and relationship skills. • Time management skills including an ability to manage multiple tasks and to meet deadlines • Good standard of communication, both written and verbal • Knowledge of Viewpoint software preferred but not mandatory Compensation Competitive compensation will be offered, based on the successful candidate’s relevant experience and overall suitability for the position. How to Apply Applications should include a complete C.V. and will be treated in the strictest of confidence. Please clearly outline the skills and attributes you would bring to the role, your availability and salary expectations. Applications should be submitted not later than October 25, 2019 to the Manager at ycoakley@tridenttrust.com.
PAGE 6, Tuesday, October 22, 2019
THE TRIBUNE
FACEBOOK RAMPS UP ELECTION SECURITY EFFORTS AHEAD OF 2020 By BARBARA ORTUTAY Associated Press WITH just over a year left until the 2020 US presidential election, Facebook is stepping up its efforts to ensure it is not used as a tool to interfere in politics and democracies around the world. The efforts outlined yesterday include a special security tool for elected officials and candidates that monitors their accounts for hacking attempts such as login attempts from unusual locations or unverified devices. Facebook said Monday it will also label state-controlled media as such, label fact-checks more clearly and invest $2m in media literacy projects. The company also announced it has removed four networks of fake, state-backed misinformation-spreading accounts based in Russia and Iran. These networks sought to disrupt elections in the US, North Africa and Latin America, the company said. In the past year, Facebook said it has taken down 50 such clusters of accounts, a sign that efforts to use its services to disrupt elections are not letting up. “Elections have changed significantly since 2016 and Facebook has too,” CEO Mark Zuckerberg said in a conference call Monday. The social network was caught embarrassingly off guard during the 2016 election, having let others use its platform to spread misinformation, manipulate voters and meddle with democracy.
FACEBOOK CEO Mark Zuckerberg speaks at Georgetown University in Washington. With just over a year left until the 2020 US presidential election, Facebook is stepping up its efforts to ensure it is not used as a tool to interfere in politics and democracies around the world. Facebook said yesterday that it will also label state-controlled media as such, label fact-checks more clearly and invest $2m in media literacy projects. Photo: Nick Wass/AP Facebook is under fire from presidential candidates, lawmakers and regulators and privacy advocates around the world for problems ranging from election security to alleged anti-competitive behavior, privacy violations and what many see as its outsized, often negative influence on society. It’s under several antitrust investigations in the US. The scrutiny from all sides has been ramping up since the 2016 elections.
LEGAL NOTICE
NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that DESAMIS CORPORATION is in dissolution and the date of commencement of the dissolution is 6th day of June, 2019. Lynn Kelly LIQUIDATOR c/o EFG Bank & Trust (Bahamas) Ltd West Bay Street and Sea View Drive 3rd Floor, Goodman’s Bay Corporate Centre P. O. Box CB 10956 Nassau, Bahamas
Getting it right in 2020 — or at least preventing a disaster — is crucial for the company. But even if nothing goes terribly wrong, Facebook’s efforts are unlikely to mollify politicians and regulators concerned about its clout. As part of its efforts to clamp down on misinformation, Facebook said it will add more prominent labels on debunked posts on Facebook as well as on Instagram. It will put labels on top of what are deemed
“false” and “partly false” photos and videos. But Facebook will continue to allow politicians to run ads containing misinformation. And it hasn’t said much about how it handles misinformation spread on its private messaging services such as WhatsApp and Messenger, at least beyond simple measures such as limiting how many times messages can be forwarded. Critics say Facebook’s measures don’t go far
enough and argue that the main problem is its business model, which depends
on targeted advertisements and making sure that users stay engaged and entertained. Sen Elizabeth Warren, a leading Democratic presidential candidate and one of Facebook’s biggest critics , has proposed breaking it up. Facebook also said it will add more information about the people or groups who establish or manage Facebook pages. The company said Monday it has noticed groups and people “failing” to disclose the organisations behind pages, which can mislead users into thinking those pages are independent. Starting with large pages in the US, Facebook said it is adding a new section about “organisations that manage this page”. Facebook said it will require the page’s creators to add this information in order to run ads. The rule applies to pages that have gone through the company’s business verification process and to pages that run ads about social issues, elections or politics. If the page creators don’t post this information, they won’t be allowed to advertise.
LEGAL NOTICE
NOTICE
TEEOFF INVESTMENTS LIMITED
NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Teeoff Investments Limited has been completed and the company has been struck from the Register on the 24th day of September, 2019.
LEGAL NOTICE
NOTICE
JANCO LTD. Shareece E. Scott Liquidator
LEGAL NOTICE
NOTICE International Business Companies Act 2000 (No.45 of 2000)
NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Janco Ltd., has been completed and the company has been struck from the Register on the 24th day of September, 2019.
J.F CORPORATION (“ the Company”) Shareece E. Scott Liquidator Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, No. 45 of 2000, the Dissolution of J.F. CORPORATION has been completed. The Company was struck off the Register and a Certificate of Dissolution has been issued by the Register General on the 13th day of September, 2019.
Kofi Bain Liquidator LEGAL NOTICE
NOTICE International Business Companies Act 2000 (No.45 of 2000) FRUCHTSAFT TRADING GMBH (“ the Company”)
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, No. 45 of 2000, the Dissolution of FRUCHTSAFT TRADING GMBH has been completed. The Company was struck off the Register and a Certificate of Dissolution has been issued by the Register General on the 26th day of August, 2019.
Kofi Bain Liquidator
LEGAL NOTICE
NOTICE
TODDI INVESTMENTS LIMITED
NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Toddi Investments Limited has been completed and the company has been struck from the Register on the 9th day of October, 2019.
Shareece E. Scott Liquidator
THE TRIBUNE
Tuesday, October 22, 2019, PAGE 7
$260m deal averts 1st federal trial on opioid crisis
ATTORNEY Mark Lanier gets a hug outside the US Federal courthouse yesterday in Cleveland. The nation’s three dominant drug distributors and a big drugmaker have reached a $260m deal to settle a lawsuit related to the opioid crisis just as the first federal trial over the crisis was due to begin yesterday. Photo: Tony Dejak/AP CLEVELAND Associated Press THE nation’s three biggest drug distributors and a major drugmaker agreed to an 11th-hour, $260m settlement yesterday over the terrible toll taken by opioids in two Ohio counties, averting the first federal trial over the crisis. The trial, involving Cleveland’s Cuyahoga County and Akron’s Summit County, was seen as a critical test case that could have gauged the strength of the opposing sides’ arguments and prodded the industry and its foes toward a nationwide resolution of nearly all lawsuits over opioids, the scourge blamed for 400,000 US deaths in the past two decades. The agreement was struck in the middle of the night, just hours before a jury that was selected last week was scheduled to hear opening arguments in federal court in Cleveland. Drug distributors AmerisourceBergen, Cardinal Health and McKesson will pay a combined $215m, said Hunter Shkolnik, a lawyer for Cuyahoga County. Israeli-based drugmaker Teva will contribute $20m in cash and $25m worth of generic Suboxone, a drug used to treat opioid addiction. “People can’t lose sight of the fact that the counties got a very good deal
for themselves, but we also set an important national benchmark for the others,” Shkolnik said. The deal contains no admission of wrongdoing by the defendants. Across the US, the pharmaceutical industry still faces more than 2,600 other lawsuits over the deadly disaster. Participants in those cases said the Ohio deal buys them time to try to work out a nationwide settlement of all claims. It could also turn up the pressure to work out such a deal, because every partial settlement reached reduces the amount of money the companies have available to pay other plaintiffs. The barrage of lawsuits was brought against drug manufacturers, suppliers and sellers by state and local governments, Native American tribes, hospitals and others. For nearly two years, a federal judge in Ohio has been pushing the parties toward one big settlement. The only defendant left in the trial that had been scheduled for yesterday is the drugstore chain Walgreens. The new plan is for Walgreens and other pharmacies to go to trial within six months. The settlement enables both sides to avoid the risks and uncertainties involved in a trial: The counties immediately lock in money they can use to deal with the crisis, and the drug companies avoid a possible finding of
wrongdoing and a huge jury verdict. “There’s no amount of money that’s going to change the devastation and destruction that they’ve done to families not only all across our county but all across the country,” said Travis Bornstein, who was preparing to testify in the Cleveland trial. But he said the settlement should help provide services for people who are struggling. Bornstein said his son, Tyler, became hooked on opioids as a teenager after receiving a prescription following surgery on his arm. He died of a heroin overdose five years later, in 2014. Better funding for treatment programmes might have helped his son, who was on a waiting list when he died, Bornstein said. Ohio in 2017 had the second-highest death rate from drug overdoses in the US, behind only West Virginia. In a statement, the three major distributors said the settlement money should be used on such things as treatment, rehab and mental health services. The settlement also means that the evidence prepared for the trial won’t be fully aired. Lawyers for the counties were preparing to show the jury a 1900 first edition of “The Wonderful Wizard of Oz”, featuring the poppy fields that put Dorothy to sleep, and a 3,000-yearold Sumerian poppy jug
to show that the world has long known the dangers of opioids. Those suing the industry have accused it of aggressively marketing opioids while downplaying the risks of addiction and turning a blind eye toward suspiciously large shipments of the drugs. The industry has denied wrongdoing. Industry CEOs and attorneys general from four states met Friday in Cleveland, where the offer on the table was a deal worth potentially $48bn in cash and addictiontreatment drugs to settle cases nationally. Those attorney generals reiterated yesterday that they have worked out a “framework” for a settlement. They said they hope other states and local governments sign on. But the reception wasn’t promising. Ohio Attorney General Dave Yost called the idea “a pile of lumber”, not a framework. And Paul Hanly, one of the lead lawyers for the local governments, said the companies should be forced to pay more. OxyContin maker Purdue Pharma, often cast as the biggest villain in the crisis, reached a tentative settlement last month that could be worth up to $12bn. But half the states and hundreds of local governments oppose it. It remains to be seen whether the settlement will receive the approvals it needs.
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PAGE 8, Tuesday, October 22, 2019
THE TRIBUNE
US stocks close broadly higher, led by tech companies, banks By ALEX VEIGA AND DAMIAN J TROISE Associated Press TECHNOLOGY companies and banks helped
power stocks on Wall Street broadly higher yesterday, extending the market’s gains of the past two weeks. The rally came as
investors found fresh reason for optimism as the US and China continue negotiations aimed at resolving their costly trade war. China’s top negotiator
said over the weekend that “substantial progress” was being made in its talks with the US. Tensions over trade between Washington and Beijing have
MARKET REPORT www.bisxbahamas.com
(242) 323-2330
MONDAY, 21 OCTOBER 2019
(242) 323-2320
ALL SHARE INDEX: CLOSE: 2,171.21 | CHG: -0.46 | %CHG: -0.02 | YTD: 61.76 | YTD%: 2.93 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 5.92 2.60 2.00 5.47 11.75 6.17 4.64 12.40 2.81 3.50 10.21 7.51 16.50 9.30 3.64 14.20
52WK LOW 3.83 20.91 4.90 4.46 1.01 0.22 2.00 9.25 6.15 3.86 6.75 2.35 1.76 7.51 6.10 12.10 6.20 3.01 13.01
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
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS EMAB FAM FBB FIN FCL JSJ
1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB
PREFERENCE SHARES
1.00 10.00 1.00
1.00 10.00 1.00
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00
52WK LOW 100.00
115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
52WK HI 2.26 4.31 2.07 191.61 158.55 1.65 1.82 1.74 1.21 8.01 9.60 6.83 11.39 12.30 10.68 10.00 8.69 11.79
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.58 1.69 1.66 1.09 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20
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)
MUTUAL FUNDS
MARKET TERMS
LAST CLOSE 4.08 17.43 6.00 5.92 2.46 1.80 4.51 11.06 6.16 3.98 7.26 3.24 3.50 10.45 7.51 16.50 9.27 3.54 14.20
CLOSE 4.08 17.43 6.00 5.92 2.46 1.80 4.51 11.06 6.16 4.00 7.26 3.24 3.50 10.45 7.51 16.25 9.27 3.54 14.20
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 -0.25 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00
LAST SALE 100.00
CLOSE 100.00
CHANGE 0.00
107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno 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
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
VOLUME 115 500
4,304 9,000
1,000
VOLUME
NAV 2.26 4.29 2.07 191.61 158.33 1.65 1.82 1.74 1.19 8.01 9.60 6.83 11.30 12.30 10.68 9.92 8.68 11.38
EPS$ 0.239 0.932 1.760 0.369 0.070 0.000 -0.438 0.722 0.449 0.184 0.140 0.102 0.467 0.646 0.728 0.816 0.939 0.203 0.631
DIV$ 0.170 1.260 0.000 0.250 0.000 0.020 0.000 0.720 0.220 0.120 0.000 0.434 0.060 0.328 0.240 0.540 0.200 0.120 0.610
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
P/E 17.1 18.7 N/M 16.0 N/M N/M -10.3 15.3 13.7 21.7 51.9 31.8 7.5 16.2 10.3 19.9 9.9 17.4 22.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 4.17% 7.23% 0.00% 4.22% 0.00% 1.11% 0.00% 6.51% 3.57% 3.00% 0.00% 13.40% 1.71% 3.14% 3.20% 3.32% 2.16% 3.39% 4.30% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%
INTEREST Prime + 1.75%
MATURITY 19-Oct-2022
6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 2.46% 3.85% 1.61% 3.28% 1.78% 2.75% 3.85% 6.28% 7.12% 2.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 7.17% 8.76% 11.07% 12.58% 3.50% 4.96% 8.92% -0.97% 5.22% 5.44% 2.95% 2.64% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%
NAV Date 31-Aug-2019 31-Aug-2019 30-Aug-2019 30-Jun-2019 30-Jun-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 31-Aug-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019
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 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333
cooled recently. The latest gains nudged the S&P 500 above 3,000 points for the first time in a month. The benchmark index is now within 0.7% of its all-time high set on July 26 but could need a catalyst to set a record. “This would be about the fourth time since July that we’re coming up against that all-time high again,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab. “I have a hard time seeing us break through that if we don’t get some kind of a trade deal.” The S&P 500 index rose 20.52 points, or 0.7%, to 3,006.72. The Dow Jones Industrial Average gained 57.44 points, or 0.2%, to 26,827.64. The index was weighed down by a sharp drop in Boeing shares. The Nasdaq climbed 73.44 points, or 0.9%, to 8,162.99. The Russell 2000 index of smaller stocks did much better than other indices in another sign of investors’ confidence. The index picked up 14.66 points, or 1%, to 1,550.14. As they wait for trade talk developments, investors have been shifting their focus to corporate earnings reports. Yetserday was a relatively quiet start to a week full of results from major companies. Analysts came into this latest earnings season expecting profits to decline overall for companies in the S&P 500. But with about 15% of companies in the index reporting so far, results have been surprisingly positive. “We remain cautious for the quarter but believe that companies will continue to chin the low bar they have set and ultimately, we will end the quarter flat or up low single digits,” said Katie Nixon, chief investment officer for Northern Trust Wealth Management, in a note to investors. Earnings growth fell slightly in the first and second quarters, according to data from FactSet, which was better than Wall Street’s expectation at the start of those reporting seasons. Chipmakers, many of which are highly reliant on China for business, made some of the strongest gains Monday. Nvidia rose 2.9% and Micron Technology added 4%. Apple rose 1.7% Banks benefited from a solid rise in bond yields. Citigroup gained 3%. The yield on the tenyear Treasury rose to 1.80% from 1.75% late Friday. Higher yields allow banks to charge more lucrative interest on mortgages and other loans. Higher yields are also a
sign that investors are more confident. The materials and health care sectors were the only laggards. Traders continued to hammer Boeing shares. The stock fell 3.8% on top of a 6.8% slide on Friday. Congress is ramping up its scrutiny of Boeing as its CEO, Dennis Muilenburg, is scheduled to testify to the House’s transportation committee on Oct 30. Investors are concerned about the latest revelations surrounding its 737 Max airplanes. In messages released last week, former senior Boeing test pilot Mark Forkner told a co-worker in 2016 he unknowingly misled safety regulators about problems with a flight-control system that would later be implicated in two deadly crashes. On Sunday, the company said that it’s unfortunate that messages between coworkers weren’t released in a manner allowing for “meaningful explanation”. Halliburton jumped 6.4% after the oilfield services company said it will cut costs in its North American operations amid a decline in customer spending. Meanwhile, the nation’s three largest drug distributors and a drugmaker reached a $260m deal early Monday to settle a lawsuit related to the US opioid crisis. The agreement averts what would have been the first federal trial over the crisis, though it does not resolve more than 2,600 other lawsuits seeking to hold the drug industry accountable for the deadly toll taken by opioids. AmerisourceBergen slid 3.3%, Cardinal Health shed 2.2% and McKesson fell 3.2%. Drug manufacturer Teva jumped 8.7%. Energy futures closed broadly lower yesterday. Benchmark crude oil fell 47 cents to settle at $53.31 a barrel. Brent crude oil, the international standard, dropped 46 cents to close at $58.96 a barrel. Wholesale gasoline slid two cents to $1.61 per gallon. Heating oil lost a penny to $1.94 per gallon. Natural gas dropped a penny to $2.24 per 1,000 cubic feet. Gold fell $6 to $1,488.10 per ounce, silver added two cents to $17.60 per ounce and copper slipped a penny to $2.65 per pound. The dollar rose to 108.58 Japanese yen from 108.46 yen on Friday. The euro weakened to $1.1146 from $1.1163. European markets closed broadly higher.
NOTICE NOTICE is hereby given that FONISE SAINT SURIN, of Fire Trail Road, Nassau, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of October, 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.