WEDNESDAY, JANUARY 4, 2017
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‘Last bastion of defence’ for Bahamian ownership By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A local investor group yesterday said it has partnered with the Water & Sewerage Corporation’s management union to form “the last bastion of defence” for Bahamian ownership and management of this nation’s utilities and national resources. Don Demeritte, principal of
the EPS Consultants group, which failed in its bid to take over the Windsor water plant, said the contract’s award to BISX-listed Consolidated Water meant that virtually all Bahamian utilities were now under foreign ownership and control. Consolidated Water’s new 15-year deal effectively gives it a wholesale monopoly over New Providence’s water supply, and Mr Demeritte expressed
fears this was the first step towards privatising the Government-owned Water & Sewerage Corporation via a foreign buyer. Pointing out that the Bahamas Telecommunications Company (BTC) and Bahamas Electricity Corporation (BEC) had already been placed under foreign ownership and/or management, Mr Demeritte argued See pg b4
Confidence too low ‘to drive the growth the Bahamas needs’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AML chief: Election uncertainty to dilute Baha Mar
Business and consumer confidence are still too low to “drive the level of economic growth the Bahamas needs”, AML Foods chief executive said yesterday, with election uncertainty set to “dilute” Baha Mar’s impact. Gavin Watchorn told Tribune Business that while the mega resort’s anticipated April opening, and gradual ramp-up, would provide a much-needed boost, other factors were likely to offset this during the 2017 first half. The BISX-listed food retail and franchise group’s chief executive said that apart from the uncertainty associated with US president-elect, Donald Trump’s, plans and actions, the next five months were also likely to be overshadowed by the Bahamas’ own general election campaigns. “There is still a lot of uncertainty out there that is diluting the optimism that may be generated from Baha Mar’s opening,” Mr Watchorn told Tribune Business yesterday. “Quite frankly, there’s not the level of confidence in the economy that is required to drive the level of growth that the economy needs.” Bahamian-owned businesses, in particular, tend to pull back on expansions and jobcreating investments during the run-up to general elections, and instead wait to see the outcome and policy intentions/directions of the new government. See pg b2
BISX-listed group ‘upbeat due to what we’re doing’ Exceeds last year’s Xmas results; meeting targets
Bahamian bank slams ‘preposterous’ lawsuit By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Bahamian bank has slammed as “preposterous” a lawsuit that effectively demands it be held “responsible for the damages” flowing from a former client’s alleged $3.75 million fraud. EFG Bank & Trust (Bahamas), in a December 23, 2016, legal filing demanded that the New York federal court dismiss an action that wanted it to “indemnify” an investment promoter facing fraud allegations over a purported Chinese real estate investment. The Bahamas-based institution reiterated claims made by its clients that Benny Ping Wing Leung, and his company, First Toronto Realty, had failed to repay the $3.75 million they invested in a 36-storey Chinese office and retail tower, called Project Ningbo. EFG, alleging that there was “extremely strong evidence of fraud” and that investor monies had never been used for Project Ningbo, alleged: “Leung and his entity have attempted every possible manoevere over the past five years to escape their obligations relative to Leung’s fraud and the unreturned funds. “These manoeveres include arguing that [investors], who invested in this Chinese project, are not even permitted to sue those that perpetrated a fraud upon them (Leung)- an, of
EFG: Fraudster trying to make us ‘responsible for damages’ in $3.75m case course, preposterous notion. “Leung and his entity, through their claims against EFG, now attempt to further avoid their liability to [investors],” EFG continued. “They argue that EFG is somehow responsible to indemnify them for any fraud judgment entered against them, and the attorney’s fees they incur in defending against the fraud lawsuit, even if found culpable. “Leung, in short, argues that, even if a jury finds that he committed fraud or conversion, EFG (not him the actual fraudster/thief), should be responsible for the damages flowing from his fraud/theft.” Leung is alleging that EFG is liable because it “wrongfully induced” the investors, who include the bank’s former managing director, Stephen Mackey, and other clients, to take legal action against him and his company. He is also claiming that the Bahamian bank is “contractually bound to indemnify” him, allegations that EFG heaped scorn upon in its dismissal motion. “No matter how hard See pg b2
Bidder, union team to fight $8.9m water plant deal Fear all utilities soon ‘gone’ from local control Contrast Miller’s position with attacks on BPL
Fly fishing rules ‘one of most important laws since Majority Rule’ Association chief hails Bahamian earnings boost Says new regime’s ‘loohole closure’ misinterpreted Ministry compromise set for January 9 implement By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
Gavin Watchorn
The Bahamas Fly Fishing Industry Association’s (BFFIA) president yesterday hailed imminent regulations to govern the sector as “one of the biggest pieces of legislation to come about since 1967”, as “closing the loopholes” will increase foreign currency earnings for Bahamians. Prescott Smith, owner of the Stafford Creek Lodge, told Tribune Business: “I’ve been fighting for this for 23 years. It’s one of the biggest pieces of legislation to come about since 1967. “Most people don’t realise that because they hear the term ‘fly fishing’, but it’s the first piece of legislation that lays the foundation for building ownership by local Bahamians. It doesn’t matter your economic standing; there is something in See pg b3
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Top GB hotel won’t re-open until May 17 FNM deputy: ‘Pretty bleak start’ to 2017 Demands Hutchison ‘provide hope’ for island Memories, key resorts to miss peak winter season By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Staff at a major Freeport hotel have been told it will not re-open until May 17, the FNM’s deputy leader said yesterday, as he urged Grand Bahama’s top investor to “provide hope there will be an end to the suffering”. K P Turnquest told Tribune Business he had been informed by Memories staff that their employer had sent letters confirming the proposed re-opening date, meaning the property will miss the whole winter 2017 season. Suggesting that it was “a pretty bleak beginning” to 2017 for Grand Bahama’s economy, and especially hundreds of hotel/tourism workers and K Peter Turnquest their families, Mr Turnquest urged Hutchison Whampoa to fulfill its responsibilities as the island’s major investor. The Hong Kong-based conglomerate, as landlord for Memories and owner of the Grand Lucayan, has the pivotal role in effecting repairs to the damage inflicted by Hurricane Matthew in early 2016. Yet Tribune Business sources confirmed yesterday that there are still no signs of construction activity at either property. Between Memories and the Grand Lucayan, more than 1,500 rooms have been taken out of Grand Bahama’s hotel inventory and, with both properties increasingly likely to miss the peak winter 2017 tourism season, Mr Turnquest urged See pg b4
PAGE 2 , Wednesday, January 4, 2017 THE TRIBUNE
AML franchise giving ‘amazing’ sales at Mall
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
AML Foods yesterday said its second Carl’s Jr location was producing “amazing” sales numbers, with the wait for the correct locations already paying off. Gavin Watchorn, the BISXlisted food retail and franchise group’s chief executive, said the roll-out of the hamburger chain from its initial site had “taken much longer than we had expected”. He added that AML Foods had held its nerve, and waited for the right location opportunities to emerge, rather than jump at the first site it saw or was offered. Mr Watchorn said the strategy was already starting to pay dividends, based on the figures generated by the second Carl’s Jr location at the Mall at Marathon’s food court, which only opened last month. “Our store at the Mall at Marathon has been amazing; the numbers have far exceeded expectations,” Mr Watchorn told Tribune Business. “Hopefully, that will continue on to January. We feel very good about Carl’s, and feel it will do very well.”
Storefront of Carl’s Jr located near the Mall at Marathon.
Although unable to detail how many jobs had been created at the Mall of Marathon location, Mr Watchorn confirmed that the franchise was set to create more
Bahamian bank slams ‘preposterous’ lawsuit From pg B1 they try, third party plaintiffs cannot mask the true nature of their claim - a fraudster seeking to be indemnified for his fraud,” EFG’s legal filings alleged of Leung and First Toronto. “Third party plaintiffs are, in essence, trying to hold EFG liable for passing on their representations to plaintiffs without their permission. “Absent a contractual provision precluding EFG from passing on representa-
tions, this conduct is simply not a breach of contract. Third party plaintiffs have not identified such provision nor can they, as no such provision exists.” EFG admitted to passing the Project Ningbo investment, and Leung’s representations, to certain clients when he approached the institution about the development in 2009. The Bahamian institution effectively argued that this was the extent of its role, and that Leung
Confidence too low ‘to drive the growth the Bahamas needs’ From pg B1 Consumers, too, tend to adopt the same approach until they obtain a better indication of a new administration’s policy approach and initiatives. But, while acknowledging that private sector and consumer confidence currently remain inadequate to generate faster GDP expansion, Mr Watchorn said Baha Mar’s long-awaited opening would generate some momentum. The $3.5 billion property’s new owner, Chow Tai Fook Enterprises (CTFE), has said it plans to hire 1,500 Bahamians by the time of its April ‘soft’ opening, and more than 3,000 by
August 2017. Mr Watchorn said the additional salaries earned by Baha Mar’s new hires would circulate rapidly in the Bahamian economy once they started spending, with the impact trickling down to multiple businesses. “Baha Mar’s opening should have a positive impact on the economy in general,” he told Tribune Business. “The Bahamas economy in general is relatively closed, and with any additional salaries, the circulation of spending tends to be significant. “The dollar that is spent in the gas station is spent in the hair salon and is spent in the small food store, so the
employment this month with the opening of Carl’s Jr’s third location on Carmichael Road. “It always had traction,” the AML chief executive said of the
brand. “But you need volume in the franchise business. “The second and third store have taken much longer than we had expected. But it’s better to
wait for the right store and right location, than opening up just for the sake of it. “There were many locations we looked at, and many offers were made to us, but for different reasons they weren’t right for us. At the Mall at Marathon and Carmichael Road, we have two locations we are very confident in, and think the brand is growing.” Mr Watchorn said “sales have been very strong” at Carl’s Jr’s inaugural New Providence location, opposite the Mall at Marathon and R. M. Bailey Park, and adjacent to AML Foods’ Solomon’s SuperCentre location. “Sales have been growing quite nicely this financial year, and with the two locations coming on stream within six weeks of each other, the sales growth is going to come and increase quite significantly,” he added. Mr Watchorn told Tribune Business that construction work on AML Foods’ Solomon’s Yamacraw site was set to move “full steam ahead”, with the store “still on track” for a November 2017 opening. “You’ll see pretty significant progress on the site over the next 60 days,” he promised.
failed to repay the investors (EFG’s clients) according to the terms of their agreement and promissory notes issued to them. “In short, there was one excuse after another, and Leung, upon request, could not provide the necessary documentation to verify these excuses,” EFG alleged over the missed repayments. “Finally, after two years of stories, coercion and lies, Leung advised for the first time, in September 8, 2014 correspondence, that plaintiffs’ claims for repayment had been subordinated to other investors and a Bank of China loan.” EFG alleged that in re-
sponse to the investors’ legal action, Leung and First Toronto “took the incredulous position that [the investors] are not even permitted to pursue fraud claims”. “Leung and First Toronto now seek, through their inducement claims, to make a similar argument vis-à-vis EFG - that EFG should indemnify third party plaintiffs because EFG prompted plaintiffs to sue Leung and First Toronto to seek recovery of their investment,” EFG alleged. “Leung’s approach to this case is as follows: Though he undeniably took plaintiffs’ money and has not returned it, he and his entity are not responsible to plain-
tiffs and plaintiffs should not have even had the gall to sue them. “Leung is proceeding under a seriously flawed understanding that he can commit outright fraud on the Investors and not be held responsible for this fraud.” EFG alleged that Leung and First Toronto had amended their initial lawsuit against the bank in multiple places so they could “plead around the deficiencies” identified in an earlier ‘motion to dismiss’. Apart from Mr Mackey, the other investors/plaintiffs, all corporate entities and Bahamas-domiciled, are Taupita Investment,
Segue Corporation and Urbacon Buildings Group Corporation. Leung is alleging that at least one, Taupita, is a front for, and is owned and controlled, by EFG Bank & Trust (Bahamas). He is also claiming that besides acting as “investment adviser and negotiator” for other EFG clients who ultimately invested in Project Ningbo, the bank also served as “placement agent” for Cathexis Holding (Cayman), the company that issued the promissory notes to investors, thus implying it may have been embroiled in a ‘conflict of interest’.
same dollar gets spent many times over, and increases the velocity at which dollars circulate in our economy.” Mr Watchorn, though, said the BISX-listed company, which operates the Solomon’s SuperCentre, Solomon’s Fresh Market and Cost Right brands, was relying on itself - rather than the wider Bahamian economy - to generate growth and profits. “AML remains upbeat primarily because of what we’re doing,” he told Tribune Business, “not necessarily because of what’s happening in the wider economy. “We have our strategies, and we’re working on what we can control first, executing as best we can. We want to look for opportunities internally. Opportunities exist to serve customers better, and that will help us to grow our sales.
“AML is very internally focused; we know there’s areas we need to improve on for the customer experience, and we’re going to continue to work on those.” Mr Watchorn added that AML Foods had “exceeded last year’s” sales for the Christmas period, as its top-line growth continues to be driven by increased customer volumes rather than per capita spend. “We had a good Christmas. We met our targets and exceeded last year,” he said. “It was late this year because of how Christmas fell, but the sales and volumes came. “With Christmas falling on a Saturday, people waited until the end of the week to do their shopping. The volumes came later than most retailers like, but they came.” Describing consumer spending as “generally flat”,
Mr Watchorn added: “We are driving increased sales through increased transactions and volumes, and ultimately by getting people to spend more. “Getting more people into your store builds longterm sales growth. Our primary goal is to grow transaction growth rather than ticket. When you build a loyal customer base, your average spend will ultimately come.” AML Foods net profits fell by 21.6 per cent for the quarter to end-October 2016, dropping from $551,000 the year before to $432,000 as it overcame “the bump in the road” caused by Hurricane Matthew. The group incurred net losses after insurance of $533,000, but Mr Watchorn said it had recovered swiftly from Matthew’s impact, with half-year profits of
$1.915 million up 19.5 per cent year-over-year. “While our hurricane coverage is pretty strong, when you have deductibles for every location and asset, and when you throw in things like generator fuel.....,” Mr Watchorn said of the extra $533,000 cost. “We’re having a good year,” he added. “We’re meeting sales targets, and are encouraged with how we’re meeting profit expectations. “We don’t expect anything significant to impact us between now and the end of the year [in April]. Once we get past October, we’re into a strong period, November through April.”
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THE TRIBUNE
Wednesday, January 4, 2017, PAGE 3
Concerns persist over fly fishing regulations
By NATARIO McKENZIE
Guide for every two anglers in a boat ‘unnecessary’
Tribune Business Reporter
nmckenzie@tribunemedia.net
International concerns over the Bahamas revised fly fishing regulations remain, with one non-profit conservation organisation describing the requirement of one certified guide for every two anglers as “unnecessary”. The Bonefish Tarpon Trust (BTT), while outlining concerns with the Fisheries Resources (Jurisdiction and Conservation) Flats Fishing) Regulations 2016 in a recent letter to the Ministry of Agriculture and Marine Resources, said ‘Do-It-Yourself’ (DIY) anglers spend more money per night, and more money per total visit, than non-angler tourists and contribute significantly to the Bahamian economy. “In addition, many DIY anglers are second homeowners or own a private yacht, who either like to wade the flats or fish from a personal boat,” the BTT
Call for greater transparency on Conservation Fund International NGO sees problems on license stamps said. “Requiring a ratio of one ‘certified guide’ to every two anglers, if they are fishing from a boat, is unnecessary. This would prohibit friends and family from fishing together, unless they hire a guide. “For many of these anglers, being able to fish on their own and figure out the fishery for themselves is one of the main attractions that brought them to the Bahamas, and is why they contribute to the Bahamas economy by purchasing
Fly fishing rules ‘one of most important laws since Majority Rule’ From pg B1 this industry for you to lay claim to. That is what the legislation does. This is so huge.” The regulations are expected to come into effect on next Monday, January 9. They will require anglers above the age of 12, and who wish to fish in the flats, to apply for a personal angler’s license and pay a set fee. Non-Bahamians will have to pay $15 for a daily license; $20 for a weekly license; $30 for a monthly license; and $60 for an annual license. The regulations will also require a foreign vessel wishing to fish in the Bahamian flats to obtain the usual sports fishing permit, with each person on the vessel also holding a personal license. The regulations also ban commercial fishing in the flats. Anglers are only allowed to catch and release when catching bonefish, permit, snook, cobia and tarpon. And a Conservation Fund for the management and protection of the flats and fisheries resources in the Bahamas will be established.
As reported by Tribune Business, when the proposed regulations were first unveiled, they created considerable controversy and effectively a divide between the 400 local guides and the lodge owners. The latter were more opposed to the proposals. There was concern that the regulations, as initially drafted, gave the impression that the Bahamas was being too protectionist and restrictive, and anti-foreign, while tying up access by foreign anglers in bureaucracy and red tape, not to mention increased costs. Significant opposition came from foreign anglers and groups who organised fishing tours to this nation, with the hotel, marina and tourism industries becoming increasingly concerned that the regulations would drive visitors away. But Mr Smith told Tribune Business yesterday: “There was so much push back because people misinterpreted the legislation. You have all of the illegal businesses you’re shutting down. “What has been happening is the Government has been losing hundreds of
COMMONWEALTH OF THE BAHAMAS
second homes or spending money for hotels, food, etc. No other country in the region requires people who have a boat to hire a guide.” The BTT added: “While we are pleased that 50 per cent of fishing license fees will be deposited in a Conservation Fund, it is unclear how these funds will be allocated and who determines this allocation. “Surveys of anglers who fish in the Bahamas show strong support for a fishing license as long as the fees are applied to flats conservation and enforcement. Therefore, we suggest that an advisory committee comprised of guides, lodge owners and NGOs is created to determine how conservation funds are spent.” The BTT said that while it was happy to see there will be a single fishing license for flats fishing, with prices reduced to nominal levels to match fees in other locations, there are still concerns surrounding the fees that need to be addressed. millions of dollars. The legislation addresses that. “You have all of these floating lodges, these big yachts with three to five flats boats. Now, every angler has to buy a license and, in the regulations, it says if two anglers are in a boat, they need a guide.” Mr Smith added: “You’re closing all of the loopholes, which is going to drive foreign currency into the hands of local Bahamians. It’s more than just the lodges and the guides; it lays the foundation for local Bahamian ownership in our number one industry. This is not a racist thing.” The regulations set for implementation next week are a ‘compromise’ between the Ministry of Tourism and Ministry of Agriculture and Fisheries, with the former unveiling the news ahead of the latter’s press conference today. Ellison ‘Tommy’ Thompson, the Ministry of Tourism’s deputy director-general, said in a statement: “Both the public and private sectors collaborated extensively on the new legislation, with the aim of sustainable development of the fly fishing sector. “Our aim was to make the industry sustainable for those working in the sector and for those enjoying the natural environment and sporting activities of the Bahamas.” Jacqueline Ramsey, di2016 CLE/qui/00074
IN THE SUPREME COURT Common Law and Equity Division
THE MATTER of The Quieting Titles Act, 1959 AND IN THE MATTER of ALL THAT parcel or lot of land being Lot Number Four (4) of Bilney Allotments which said piece parcel or lot of land is bounded NORTHWARDLY by Shirley Street and running thereon Fifty-seven and Fifty-three hundredths (57.53) Feet EASTWARDLY by a portion of Lot Number Three (3) running thereon Seventy-eight and Eighty-six hundredths (78.56) Feet SOUTHWARDLY by Lot Number Thirteen (13) running thereon Fifty-seven and Fifty-three hundredths (57.53) Feet and on the WEST by Bilney Lane running thereon Eighty and Fifty hundredths (80.50) Feet and situated in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas AND IN THE MATTER of The Amended Petition of Stacey Algreen NOTICE STACEY ALGREEN, the Petitioner, claims to be the owner of the unencumbered in fee simple estate in possession of the piece parcel or lot of land hereinbefore described and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act to have the title to the said piece parcel or lot of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the Act. Copies of the Amended Petition and the Plan of the said piece parcel or lot of land may be inspected during normal office hours in the following places:1. The Registry of the Supreme Court in the City of Nassau on the Island of New Providence; and 2. The Chambers of James M. Thompson, Jr., Budget Building, Shirley Park Avenue, Nassau, N.P., The Bahamas. NOTICE is hereby given that any person having dower or right to dower or an Adverse Claim or a claim not recognized in the Amended Petition shall on or before the expiration of Thirty (30) days after final publication of these presents, file in the Supreme Court and service on the Petitioner or the undersigned a statement of his claim in the prescribed form verified by Affidavit to be filed therewith. Failure of any such person to file and serve a statement of his claim on or before the expiration of the Thirty (30) days after final publication of these presents will operate as a bar to such claim. Dated the 6th.. day of , December, A.D., 2016.
James M. Thompson, Jr. Counsel & Attorney-at-Law Budget Building Shirley Park Avenue Nassau N.P., The Bahamas Attorney for the Petitioner
Fisherman of the Yellow Dog Flyfishing Adventures Bahamas shown at the Grand Bahama flats. “A license that is purchased online prior to coming into the country, travelling to the Bahamas, should not require a visiting angler to have it stamped upon arrival in the Bahamas,” it added. “The potential for problems with this system is very high. What about anglers who purchase an online license while already in the Bahamas; would they have to get theirs stamped as well? “Given limited personnel at some ports of entry in the Bahamas, will there be enough certified officers at these ports of entry to stamp licenses? Only a fisheries officer and other law enforcement should be able to check anglers for fishing rector of domestic tourism, added that the regulations will allow anglers to continue to enjoy the Bahamas for decades to come. “In our collaboration with the Ministry of Agriculture and Marine Resources, we sought not only to establish a regime regulating fly fishing, but one that protected the industry,” she said. “Millions of visitors come to our islands each year to fly fish, be it for bonefishing, deep sea fishing or live bait fishing. We want to make it so that the industry is more transparent, and that our fish stocks and our local guides are protected.”
licenses, which is common practice in other jurisdictions. “To our knowledge, no US state or other bonefish fishing location has such a procedure, instead requiring only personal information and the required fee. In the license application form there are two options for purpose of application, one for sports fishing and the other for research. How will the permit (license) application process impact bonefish research?” Nevin Knowles, operator of the Long Island Bonefishing Lodge, told Tribune Business that while some of the concerns over the initial proposal had “gone out the window”, the controversy had already caused damage. “Some of those things went out the window. The
only thing that comes in is the fishing license. The price is reasonable,” he said. “For me personally, I think it’s a bit low, but they want it to be on par with other destinations. “The only thing we see a little difficulty with is the second homeowners. If more than two people are in a boat, you need to hire a guide. Second homeowners can’t fish on their own. “What a lot of Bahamians don’t realise is that they would have to buy a license in order to fish the flats. We needed to have the industry regulated, but the problem is they went about it the wrong way from day one.” The revised fly fishing regulations are due to be implemented from next Monday, January 9, 2017.
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PAGE 4 , Wednesday, January 4, 2017
‘Last bastion of defence’ for Bahamian ownership From pg B1 that water was the last major utility still in Bahamian hands. He added that EPS’s partnership with the Water & Sewerage Management Union (WSMU) had been forged to both fight the Windsor plant deal and argue the case for Bahamian ownership from a “nationalistic”, rather than political, basis. And Mr Demeritte also asserted that the financial merits of EPS’s Windsor offer were stronger than Consolidated Water’s, and contrasted Leslie Miller’s defence of the Windsor contract award with his constant criticism of Bahamas Power & Light’s (BPL) foreign manager, PowerSecure. The position taken by Mr Miller, as the Water & Sewerage Corporation’s chairman, appears to have pushed Mr Demeritte’s group and the WSMU to join forces and lobby for a new approach to outsourcing/privatising Bahamian
utilities and natural resources. “The union and my group are working collaboratively together to advance this much-needed Bahamianisation wave, and ensure it is at least preserved in certain areas,” Mr Demeritte told Tribune Business. “In this particular instance, we are the last line of defence for Bahamian ownership and management of a utility company. “BTC has gone, BEC has gone, and these are the preparatory stages to put this one [the Water & Sewerage Corporation] into the gone category.” Mr Demeritte emphasised that the EPS-union alliance was not intended simply to oppose the Government, adding: “This is not political; this is pure nationalism and a last line, bastion of defence. After this, it’s gone. “The union and my group are prepared to fight side by side, shoulder by shoulder, as water is the most important utility on this earth,
Top GB hotel won’t re-open until May 17 From pg B1 Hutchison Whampoa to “provide some hope” by making a public statement on its future plans. “Nothing’s happening,” the east Grand Bahama MP told Tribune Business of the island’s key hotel plant. “They’ve [Memories] written to their staff to say they won’t re-open until May 17. “I know some people who work there, and they have communicated that. That’s what I understand.” Tribune Business was unable to confirm the May 17 date, and Obie Wilchcombe, minister of tourism, could not be reached for comment. However, it matches the one currently being carried on the website of Sunwing, the airline affiliate of Memories, which has May 13 as the first available date for the travel packages it is advertising. Mr Turnquest, meanwhile, said the May 17 reopening date meant nothing but potential hardship for hundreds of Bahamians and their families, who not only face being without work for several months but will also miss out on their peak income-earning season. “The reality is that if they’ve missed the winter season, they may not open until the next winter season,” he warned. “It does not make sense to open in the slow season. “It means Bahamians are
out of work for five to six months, which is going to cause tremendous dislocation and suffering. The Celebration is not back yet, and the Container Port is limping with limited capacity and people have been laid off there, so the prospects for the immediate future seem quite dim. “Truth is, the economy is in a bit of a shambles, and the tourism plant is limping along at best.” Mr Turnquest’s view was backed by Tribune Business sources in Grand Bahama’s tourism industry, speaking on condition of anonymity, who said “complete silence” surrounded Hutchison Whampoa’s intentions for the Grand Lucayan and Memories properties. “There’s no sign of any activity or any gearing up of significant work,” one source said. “There’s nothing on the proposed work on the Grand Lucayan, and nothing on the proposed work on Memories. “It’s a strange beginning to the year, having such a big chunk of the tourism plant completely silent.” The source reiterated that the impact from the continued Grand Lucayan and Memories closures was still producing negative ‘ripple impacts’ for other parts of the Grand Bahama tourism product. They pointed, in particular, to the nearby Port Lucaya Marketplace, where the owner had again given retail and restaurant ten-
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and we want to preserve that.” With the Water & Sewerage Corporation costing the Bahamian taxpayer $20 million-plus in annual subsidies to cover its annual losses and remain operational, most observers would likely argue that its privatisation is essential, especially given the Government’s strained fiscal circumstances. However, efforts to ‘get the Government out of business’ appear, to-date, to have achieved mixed results. BTC’s performance under Cable & Wireless Communications (CWC), and now Liberty Global, has been unimpressive, while the outsourcing of BEC’s management to PowerSecure also has yet to bear fruit. This only strengthens calls, such as those by Mr Demeritte, for state-owned utilities, public enterprises and national resources to be privatised/outsourced to Bahamian investors and companies. Mr Demeritte, a former Water & Sewerage Corporation chairman himself, also challenged the defence mounted by his latest suc-
cessor of the decision award the 15-year contract extension for the Windsor reverse osmosis plant to Consolidated Water. He, in particular, contrasted Mr Miller’s support for the BISX-listed company with his constant attacks on BEC/BPL’s new manager over its inability to resolve New Providence’s energy supply reliability woes. “It’s interesting that the chairman [Mr Miller] made those comments when, just a few weeks ago, he stated that Bahamians should be managing BPL,” Mr Demeritte told Tribune Business. “I am pretty certain that he will stand behind this line of defence if he was aware of the circumstances and evolution of this situation [at Windsor].” Mr Demeritte did not elaborate on this, other than to criticise Consolidated Water’s past performance at Windsor and its other New Providence-based reverse osmosis plant, Blue Hills. “When you look at the performance of this particular group over the years, there’s no way in good conscience that we can allow
this to happen,” he said of Consolidated Water. “Their track record leaves a lot to be desired. Our figures were better than their’s then, and are probably better than their’s now.” Mr Demeritte provided no justification for these assertions, but it is thought his ‘track record’ comment was referring to a 2013 consultant’s report, which found that a 2011 modification to Consolidated Water’s contract for the Blue Hills plant enabled it to supply poorer quality water to the Corporation. This was cited as “a primary reason” for an increase in ‘red water’ complaints by customers. Apart from Mr Demeritte, EPS’s members also included Robert Wells, a former Water & Sewerage Corporation deputy chairman; CFAL chief, Anthony Ferguson; and Higgs & Johnson partner, Leroy Smith. However, Mr Miller, has brushed aside all criticism from both the WSMU and Mr Demeritte of the latest deal with Consolidated Water, adding that it was “in the best interests of the Bahamian people”. The agreement calls for
an 18 per cent reduction in the price of water purchased from Windsor by the Corporation, a cost savings that Mr Miller argued “cannot be matched anywhere in the world”. He then hit out at the union, in particular, accusing the WSMU of “living in la la land” over its threat of legal action, and argument that its industrial agreement - which gives union members a 90-day ‘first shot’ exclusivity on all Corporation outsourcing tenders - had been violated by the Windsor deal. Mr Miller also refuted criticisms of Consolidated Water, telling Tribune Business: “These people [Consolidated Water] have done a decent job so far, have invested all their money into equipment, and never asked the Corporation for anything. “The price was as good as we could have got anywhere else in the world. Why deviate from that by going with some unproven performer? “You can’t take a chance and put Bahamian interests in new people’s hands. Water is a vital commodity for life. You go with people with a proven track record.”
ants a 50 per cent discount on their January rents, following a similar deal in December. The source added that there was “all sorts of conjecture about how this is going to play out”, with many questioning Hutchison Whampoa’s intentions and whether it was using the situation for additional leverage over the Government and/or Grand Bahama Port Authority (GBPA). Mr Wilchcombe, in a previous interview with Tribune Business, said the Christie administration had been trying to get Hutchison Whampoa to take “renewed interest” in Grand Bahama and its assets there. After meeting with it in Hong Kong late last year, the Minister said the conglomerate had appointed a project manager to oversee the hurricane reconstruction, but was waiting to obtain the proceeds of an insurance claim before proceeding with repairs. Mr Turnquest, though, described Hutchison Whampoa’s silence as “disappointing”, and called on it to reassure Grand Bahama residents of its intentions. “There’s been not a word, which is kind of disappointing because they are a major economic driver on the island,” he told Tribune Business, “so it’s incumbent on them to make some statement on the future and
provide some hope there is a recovery plan in train. “Together with their partner, the GBPA, they ought to make a statement that there is a plan and some hope at the end of the suffering.” Mr Turnquest then hit out at the Government’s amendments to the Hawksbill Creek Agreement via the Grand Bahama (Port Area) Investment Incentives Act 2016, which he argued had only burdened those companies actively investing in Freeport with more bureaucracy and ‘red tape’. While requires GBPA licensees have to apply to the Investments Board for the continuation of their tax incentives, and subject themselves to a ‘performance review’ every five years, the GBPA itself and Hutchison Whampoa - which have done little to no investing in recent years - are exempt from these requirements. Several observers believe that the Government let both the GBPA and Hutchison Whampoa ‘off the hook’ by renewing their incentives (tax breaks) for a further 20 years, and that it now has no leverage to force them to develop their landholdings. Mr Turnquest echoed these concerns yesterday, adding: “What we do know is that the amendments they have made to the Hawksbill Creek Agreement have not
been helpful at all, as they have put an extra burden on those enterprises that have been making investments in the economy, while they have let off the GBPA and Hutchison through DevCo. “They’ve [the Government] actually hurt us more than they’ve helped us. They talk about what they’re doing for Grand Bahama, but they’ve demonstrated by their actions they’re not interested in the development of Grand Bahama.”
Another source, speaking on condition of anonymity, backed Mr Turnquest, arguing that the Government had “given the shop away” without obtaining “any assurances from Hutchison that they would keep the hotel going”. The Grand Lucayan was put up for sale last summer via a ‘sealed bid’ auction, but there has been no word as to the outcome or whether a ‘preferred bidder’ has even been selected.
LEGAL NOTICE NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), Pine Mountain Investment Fund Limited (the “Company”) is in dissolution. The date of commencement of the dissolution is November 10, 2016. Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before December 9, 2016. Luciane Ribeiro Moreno Liquidator
WHERE HIT MUSIC LIVES W W W .
1 0 0 J A M Z
. C O M
@100JAMZ242
NOTICE WHITE SKY LIMITED N O T I C E IS HEREBY GIVEN as follows:a) WHITE SKY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. b) The dissolution of the said company commenced on the 03rd January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said company is Octagon Management Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas. Dated this 05th day of January, A. D. 2017 _________________________________ Octagon Management Limited Liquidator
Legal Notice NOTICE
Legal Notice NOTICE
LELA GROUP HOLDINGS INC.
BLENDA HOLDINGS CORPORATION
NOTICE IS HEREBY GIVEN as follows:
NOTICE IS HEREBY GIVEN as follows:
(a) Lela Group Holdings Inc., is in dissolution under the provisions of the International Business Companies Act 2000
(a) Blenda Holdings Corporation, is in dissolution under the provisions of the International Business Companies Act 2000
(b) The dissolution of the said Company commenced on the 30th December, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(b) The dissolution of the said Company commenced on the 30th December, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
(c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas.
Shareece E. Scott Liquidator
Shareece E. Scott Liquidator
THE TRIBUNE
Wednesday, January 4, 2017, PAGE 5
Trump's latest US corporate Twitter target: General Motors DETROIT (AP) — In another tweet targeting a U.S. company, Presidentelect Donald Trump threatened Tuesday to slap a tax on General Motors for importing compact cars to the U.S. from Mexico. But GM imports only a small percentage of its Chevrolet Cruze small cars from Mexico, with the vast majority made at a sprawling factory complex in Lordstown, Ohio, east of Cleveland. Trump tweeted early Tuesday that GM is sending Mexican-made Cruzes to the U.S. tax-free. He told GM to make the cars in the U.S. “or pay big border tax!” GM imports only hatchback versions of the Cruze from a factory in Ramos Arizpe, Mexico, and it sold only about 4,500 of them in the U.S. last year, spokesman Patrick Morrissey said. The company sold about 172,000 Cruzes through November. The hatchback, which went on sale in the U.S. in the fall, is built in Mexico for global distribution, Morrissey said. Cruze hatchback production amounts to less than a day of output at the Lordstown plant, said Glenn Johnson, president of a United Auto Workers union local at the factory. The union, he said, is not protesting the move to build the hatch in Mexico. “It makes for news, that’s all,” Johnson said of Trump’s tweet. The Lordstown factory, he said, is not equipped to build the hatchback model. Trump spokesman Sean
Spicer said the GM tweet wasn’t about just one company. “I think he generally made it very clear he wants to bring American jobs home. He doesn’t want jobs to leave this country,” he said. Immediately after the tweet, which was posted around 7:35 a.m., GM shares fell about 1 percent in premarket trading. But by early afternoon they had rebounded and were up 0.5 percent to $35.01. The tweet was the latest threat from Trump to tax companies that move production to Mexico and ship products back to the U.S. Trump’s targets have ranged from U.S. retailers and defense contractors, to tech companies. Amazon.com, Boeing and Macy’s have been the subject of Trump tweets in the past. Last year Trump went after Ford Motor Co. for plans to shift production of the compact Focus to Mexico. Jobs at the Detroit-area factory that now makes Focuses would be preserved because the plant is to get a new small pickup truck and SUV. Ford announced Tuesday that Focus production is still going to Mexico, but it would scrap plans for a new $1.6 billion plant in Mexico. Instead, it will invest $700 million at a Michigan plant to make autonomous and electric vehicles, creating 700 U.S. jobs. Last year Trump touted a deal to keep 800 jobs at the Carrier furnace factory in Indianapolis from going to Mexico. He has promised to lower corporate tax rates
German inflation highest in three years on fuel prices FRANKFURT, Germany (AP) — Preliminary figures show inflation in Germany rose sharply to an annual rate of 1.7 percent in December, the highest in three years, as prices for heating and auto fuel increased. The state statistics agency Destatis said Tuesday that the inflation rate jumped from 0.8 percent the month before. The increase will help boost inflation across the 19 countries that use the euro, figures for which are due Wednesday. The European Central Bank has cut interest rates and is injecting 80 billion euros a month into the financial system to push up eurozone inflation from weak levels — at 0.6 percent in November — toward its
goal of just under 2 percent, which is considered best for the economy. The ECB remains focused on core inflation, which excludes volatile energy prices. “With underlying price pressures still very subdued throughout the eurozone, the ECB need not rethink its high level of policy support,” Jennifer McKeown, chief European economist at Capital Economics, wrote in a research note. McKeown said that the eurozone inflation figure could rise to as high as 1.2 percent when it is released Wednesday. She said that the upward trend could be temporary, but noted that rising prices would weigh on household incomes in the meantime.
the General Motors logo at the company’s world headquarters in Detroit. In another tweet targeting GM, President-elect Donald Trump is threatening to slap a tax on the U.S. automaker for importing compact cars to the U.S. from Mexico. But GM makes the vast majority of compact Chevrolet Cruzes at a sprawling factory complex in Lordstown, Ohio, near Cleveland. (AP Photo) to preserve factory jobs inside the United States, while threatening harsh penalties for companies that produce goods overseas to save on labor costs. On Twitter, Trump warned that he will impose a 35 percent tariff on the goods imported by companies that outsource production. Nearly every automaker produces small cars in Mexico to take advantage of lower labor costs. Companies have said it’s difficult to make lower-margin small cars profitably in the U.S. due to higher wages here. Last year, GM, Ford and Fiat Chrysler made about 1.6 million vehicles in Mexico, about 17 percent of the vehicles produced overall in North America, according to the Center for Automotive Research in Ann Arbor, Michigan. That’s projected to rise to 2.5 million, or about 26 percent, by 2022. Automakers and
The ECB has said it will keep buying bonds until the end of 2017, a measure which could keep the euro lower against the dollar. Earlier, separate figures showed Germany’s unadjusted unemployment rate ticked up to 5.8 percent in December from 5.7 percent the month before, mainly due to seasonal factors. The Federal Labor Agency said that 2.568 million people were registered as unemployed. That’s 36,000 more than in November — but 113,000 fewer than in December 2015, when the jobless rate was 6.1 percent. The unemployment rate in Europe’s biggest economy regularly rises during the winter months when jobs in some sectors, like construction, are less available. In seasonally adjusted terms, the jobless rate was steady at 6 percent for the third consecutive month.
parts supply companies have added 12,000 U.S. jobs in the past year, according to government statistics. GM did import some Cruze sedans from Mexico last year to meet demand
as it was rolling out a new version of the compact car, Morrissey said, but that has stopped and all sedans sold in the U.S. are now made in Ohio, he said. In November, GM said
it would lay off about 1,250 workers at the Lordstown plant due to sagging demand for cars as U.S. buyers take advantage of low gasoline prices to buy trucks and SUVs. The workers on the third shift at Lordstown will go in indefinite layoff starting Jan. 23, although some may move to other GM factories. Workers on two shifts will continue making the Cruze in Ohio even though its sales were down more than 18 percent through November. Shifting demand from cars to trucks and SUVS is forcing General Motors to lay off more than 2,000 workers. Last month, 61.5 percent of U.S. new vehicle sales were trucks and SUVs, according to Autodata Corp., and analysts say there’s no sign that will change anytime soon.
PAGE 6 , Wednesday, January 4, 2017
THE TRIBUNE
Health care rises as US indexes ring in new year with gains NEW YORK (AP) — U.S. stocks broke a threeday losing streak Tuesday and ushered in the new year with broad gains. Health care stocks, which struggled for most of last year, climbed. Stocks started the day with a surge as the Dow Jones industrial average rose 175 points in the first hour of trading. Bond yields jumped, which took bank stocks higher. The price of oil also rose early on, but it began slipping after 10 a.m. Investors started buying again late in the day, however, and major indexes closed with a flourish. Energy companies, banks and technology companies made some of the largest gains and lower-risk investments like utility companies lagged the rest of the market. That’s a sign investors expect stronger economic growth that will help those companies do more business. “Corporate earnings are
telling us that it’s a bull market,” said Karyn Cavanaugh of Voya Investment Strategies. Cavanaugh said earnings and revenues look “very good” for 2017. The Dow Jones industrial average jumped 119.16 points, or 0.6 percent, to 19,881.76. The Standard & Poor’s 500 index rose 19 points, or 0.8 percent, to 2,257.83. The Nasdaq composite gained 45.97 points, or 0.9 percent, to 5,429.08. The Russell 2000 index, which tracks small-company stocks, added 8.36 points, or 0.6 percent, to 1,365.49. The Russell rose almost 20 percent last year and did far better than indexes focused on larger companies. Drug companies helped take health care stocks higher. Merck rose $1.28, or 2.2 percent, to $60.15. Biotech giant Amgen picked up $4.52, or 3.1 percent, to $150.73 and prescription drug distributor McKesson gained $6.98, or 5 percent, to $147.43.
The S&P 500’s health care index fell 4 percent last year. The S&P 500 itself rose 9.5 percent for the year and all of its other industrial sectors rose at least a small amount. Investors have been avoiding drug company stocks because they’re worried the government will intervene to reduce prices. But Cavanaugh said the stocks are appealing because they’ve been reporting better growth than most other industries. “If you look at earnings and revenues, they’re one of the leaders,” she said. Xerox surged $1.14, or 19.8 percent, to $6.89 after it split itself in two, a move the company announced almost a year ago. The original Xerox kept its printer and copier business. The second company will focus on business process outsourcing, providing payment processing and other services. Xerox will receive $1.8 billion in cash.
Conduent CEO Ashok Vemuri, center, rings a ceremonial bell as his company’s spinoff from Xerox begins trading on the floor of the New York Stock Exchange, yesterday. The stock market opened the year on a strong note, led by big gains in banks and energy companies. (AP Photo) The new company, Conduent, now trades under the ticker symbol “CNDT.” That stock lost $1.18, or 7.9 percent, to $13.72. Oil prices jumped in early trading but turned around to finish lower. U.S. crude gave up $1.39, or 2.6 percent, to $52.33 a barrel in New York. Brent crude, used to price international oils, skidded $1.35, or 2.4 percent, to $55.47 a barrel in London. Despite that slump, energy companies traded high-
er. But natural gas companies dropped as natural gas futures dropped 40 cents, or 10.7 percent, to $3.33 per 1,000 cubic feet. Southwestern Energy lost 85 cents, or 7.9 percent, to $9.97 and Cabot Oil & Gas gave up $1.02, or 4.4 percent, to $22.34. The manufacturing sector continued to recover and ended 2016 on a strong note. The Institute for Supply Management said its manufacturing index rose to 54.7 in December, its
highest reading of the year. That was the fourth straight month of expansion and the ninth out of the last 10. The result was a bit stronger than analysts expected. Graphics processor maker Nvidia couldn’t break out of a recent slump. The stock more than tripled in value last year, but hit a wall in the final days of trading. The stock slid $4.73, or 4.4 percent, to $102.01. It’s down 13 percent since Dec. 27, when it closed at an alltime high.
Auto industry's relationship with Trump takes dramatic turn
Ford President and CEO Mark Fields addresses the Flat Rock Assembly yesterday, in Flat Rock, Mich. Ford is canceling plans to build a new $1.6 billion factory in Mexico and will invest $700 million in a Michigan plant to build new electric and autonomous vehicles. (AP Photo)
FLAT ROCK, Mich. (AP) — The auto industry’s relationship with President-elect Donald Trump took a dramatic turn Tuesday as Ford Motor Co. decided to shift investment dollars targeted for Mexico to the U.S., while Trump threatened General Motors with a tax on some imported small cars. Ford is canceling plans to build a new $1.6 billion factory in San Luis Potosi, Mexico, and will instead invest some of that money in a U.S. factory that will build new electric and autonomous vehicles. Ford said last spring it would move production of the Ford Focus small car to the new plant from Michigan. Trump repeatedly criticized the plan, and Ford was among the com-
panies he threatened to hit with a 35 percent tariff on products made in Mexico and exported to the U.S. Trump added General Motors to that group Tuesday, saying in a tweet that the Cruze small cars GM makes in Mexico and sends to U.S. dealers could face “a big border tax!” Ford CEO Mark Fields said Tuesday that market forces dictated Ford’s decision not to build the San Luis Potosi plant. Low gas prices and low interest rates have been hammering small-car sales. U.S. sales of the Focus were down 17 percent through November; by contrast, sales of Ford’s biggest SUV, the Expedition, were up 46 percent. Ford will still move produc-
tion of the Focus to Mexico, but it will go to an existing plant in Hermosillo that makes midsize cars. Ford will hire around 200 workers in Hermosillo to expand production there. The Wayne, Michigan, plant that currently makes the Focus will get two new products next year, preserving jobs at the facility. Fields said Ford will invest $700 million in the Flat Rock plant to make hybrid, electric and autonomous vehicles. It will also hire around 700 workers starting in 2018. In announcing the Michigan expansion, Fields noted Trump’s promise to make the U.S. more competitive by lowering taxes and easing regulations. “This is a vote of confidence for President-elect Trump and
NOTICE
MARKET REPORT TUESDAY, 3 JANUARY 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,938.21 | CHG 0.00 | %CHG 0.00 | YTD 0.00 | YTD% 0.00 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.12 8.22 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.30 11.00 9.00 6.90 12.25 11.00
52WK LOW 2.50 17.43 8.19 3.50 1.77 0.12 5.50 8.05 5.50 7.72 11.91 2.18 1.31 5.60 6.70 8.56 6.12 6.35 11.81 10.00
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01
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 Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate 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 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.01 3.91 1.93 169.70 140.34 1.46 1.67 1.56 1.10 6.94 8.65 5.92 9.94 11.15 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.50 13.23 2.17 1.60 5.82 9.30 10.95 8.74 6.75 11.93 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.78 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.50 13.23 2.17 1.60 5.82 9.30 10.95 8.74 6.75 11.93 10.00
CHANGE 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 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01
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
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
108.21 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.57 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
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME
4,500
VOLUME
NAV 2.01 3.90 1.93 169.70 140.34 1.46 1.66 1.56 1.07 6.94 8.65 5.92 9.59 11.15 9.57
EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000
DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000
P/E 13.4 11.7 8.4 16.0 N/M N/M 30.3 15.4 11.5 19.4 25.1 23.1 9.6 11.4 15.2 11.4 13.4 9.6 15.8 0.0
YIELD 2.22% 6.31% 0.00% 4.55% 0.00% 0.00% 3.34% 3.06% 3.43% 3.43% 4.61% 2.76% 2.50% 4.12% 2.96% 0.00% 3.20% 1.78% 5.36% 0.00%
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 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 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 15-Dec-2017 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% 3.11% 4.17% 3.28% 4.34% 2.07% 2.93% 4.73% 5.64% 5.70% 7.66% 3.56% 3.91% 2.22% 2.79% 2.80% 3.18% 2.99% 2.26% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%
NAV Date 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016
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
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some of the policies he may be pursuing,” Fields said at the company’s plant in Flat Rock. Workers lined up on the factory floor cheered the news. United Auto Workers Vice President Jimmy Settles, the union’s chief negotiator for Ford, told workers he cried when he heard about the investment. Flat Rock, which employs around 3,200 people, was threatened with closure during the recession. More recently, it has seen temporary layoffs because of slowing sales of one of its products, the Ford Mustang. The plant also makes the Lincoln Continental. Fields said Ford Executive Chairman Bill Ford called Trump Tuesday morning to tell him the news.
NOTICE is hereby given that ALEXANDRE ISRAEL of McCollough Corner off East Street, P.O.Box N-10330 New Providence, 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 4th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JULIAN JAVADO JUSTIN BURROUGHS of #34 Blair Circle, Freeport, Grand Bahama, Bahamas intend to change my name to JULIAN JAVADO JUSTIN BURROWS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.
NOTICE
NOTICE is hereby given that
Eglauise Israel
of
McCollough Corner off East Street, P.O.Box N-10330 New Providence, 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 4th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that BERRY JEAN of Alexandra Blvd., Carmichael Road, Sunset Park, New Providence, 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 4th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JASEL JOSEPH of 94 Lakehill Way, Douglasville, Georgia 30134 USA, intended to change my name to Jasel Joseph. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.
THE TRIBUNE
Wednesday, January 4, 2017, PAGE 7
Trump eyes Cabinet vacancies, policy questions make the weakening of the Independent Ethics Watchdog, as unfair as it may be, their number one act and priority”? Trump tweeted. The House GOP later dropped the push. The clash underscored Trump”s ability to influence the GOP”s priorities on Capitol Hill. Once Trump is inaugurated on Jan. 20, the Republican Party will control the House, Senate and White House for the first time in nearly a decade. Vice president-elect Mike Pence and Trump”s pick for secretary of state, ExxonMobil CEO Rex Tillerson, were planning separate visits with lawmakers on Wednesday. Ahead of those meetings Pence issued a direct challenge to Washington Republicans. “The president-elect has a very clear message to Capitol Hill. And that is, it”s time to get to work,” he said Tuesday. “And it”s time to keep our word to the American people.” Pence said the administration”s initial focus would be “repealing and replacing Obamacare” along with legislation to cut government regulation on businesses. Trump”s team has yet to say whether millions of Americans covered under the health care law would lose health care in-
surance altogether once it is repealed. At the same time, Trump faced questions about his foreign policy, having issued a sharp statement about North Korea and China on Twitter the night before. The president-elect charged that China “won”t help with North Korea,” a country working to develop an intercontinental ballistic missile. “It won”t happen!” Trump tweeted, without expanding. Senior aide Kellyanne Conway said Tuesday that Trump was putting North Korea “on notice,” but he was “not making policy at the moment.” She declared that as president, Trump “will stand between (North Korea) and missile capabilities.” The aggressive stance prompted a warning from Chinese foreign ministry spokesman Geng Shuang, who said China”s efforts and commitment to the dismantling of North Korea”s nuclear program are “consistent and clear.” “We hope all sides can refrain from speaking or doing anything that can aggravate the situation and work in concert to pull the issue back to dialogue and negotiation,” Geng said.
Trump's slim N Korea options: Diplomacy, sanctions, force
administrations entered office determined to break Beijing”s partnership with Pyongyang. None succeeded.
NEW YORK (AP) — President-elect Donald Trump pressed to fill senior posts in his administration on Tuesday even as new questions emerged about his priorities at home and abroad. His inauguration less than three weeks away, Trump tapped as U.S. trade representative a former Reagan official who has condemned Republicans” commitment to free trade. The incoming president indicated that Robert Lighthizer, who is expected to take a hard line against China, would represent “the United States as we fight for good trade deals that put the American worker first.” The new administration”s specific plans for crafting new trade deals, spokesman Sean Spicer said, “will come in time.” While several hundred high-level White House posts remain unfilled, just a handful of outstanding Cabinet-level vacancies remain, specifically in the departments of Agriculture and Veterans Affairs, as well as a director of national intelligence. Trump”s private meetings Tuesday included one with Leo MacKay, a senior executive at a military contractor who previously served in the Department of Veterans Affairs under
WASHINGTON (AP) — Donald Trump says he is confident North Korea won”t develop a nucleartipped missile that could strike the United States. But his options for stopping the reclusive communist country are slim: diplomacy that would reward Pyongyang, sanctions which haven”t worked, and military action that no one wants. For more than two decades, Republican and Democratic administrations have tried carrots and sticks to steer North Korea away from nuclear weapons. Each has failed. And as Trump prepares to take office Jan. 20, the stakes are rising.
Michael Flynn, President-elect Donald Trump’s nominee for National Security Adviser, left, greets retired Gen. John Kelly, right, as they arrive at Trump Tower in New York, yesterday. (AP Photo) President George W. Bush. “The president-elect is up on the issues,” said MacKay, a senior vice president at Lockheed Martin Corp., citing “first-class health care” for veterans as one of his priorities. Trump also tapped a familiar face from his former reality show to join his administration. Omarosa Manigault, a contestant from the first season of “The Apprentice,” is expected to
Pyongyang may already be able to arm short-range and mid-range missiles with atomic warheads, threatening U.S. allies South Korea and Japan, and American forces in each country. On Sunday, North Korean leader Kim Jong Un said preparations for launching an intercontinental ballistic missile "reached the final stage." Trump tweeted the following day: "It won”t happen!" Some experts believe the North is likely to have the capability to strike the U.S. mainland before Trump”s four-year term is up. The president-elect has
focus on public engagement in the White House, according to two people familiar with the decision. They insisted on anonymity because they were not authorized to discuss the hiring process publicly. While tending to his staff, the president-elect and his senior advisers also worked to craft a domestic and international agenda while huddled behind closed doors in his Manhattan skyscraper.
given conflicting signals about what he plans to do, while stressing that China, North Korea”s traditional ally, must exert greater pressure on its unpredictable neighbor. Some of his options: DIPLOMACY In June, Trump called for dialogue with North Korea and suggested a talk with Kim over a hamburger. If only talking with the secretive, hereditary rulers in Pyongyang were so simple. No sitting U.S. president has ever done so. Diplomacy with the North is a delicate dance and
CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY
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he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.
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Trump offered few details on his specific plans for governing in the months leading up to his stunning victory. He signaled Tuesday that he would not bless all of the GOP”s priorities on Capitol Hill, however, openly questioned the timing of the House Republican push to gut an independent ethics board just as the new Congress gathered in Washington. “Do they really have to
agreements have proved temporary. Three U.S. administrations, going back to President Bill Clinton, have persuaded the North to disarm in exchange for aid. Each effort eventually failed, and there is deep skepticism in Congress about trying again. A 1994 deal would have given North Korea nuclear power reactors and normalized ties with Washington. North Korea”s plutonium production paused for several years. But after it emerged the North also was seeking to use uranium for weapons, the arrangement collapsed. Six-nation nuclear negotiations hosted by China have been on ice since North Korea withdrew in 2009. The Obama administration attempted to restart them in 2012, early in Kim”s rule, by offering food aid for a nuclear and missile freeze. Within weeks, the North tried to launch a long-range rocket. The effort was abandoned. Since then, the U.S. has resorted to "strategic patience" — demanding North Korea recommit to denuclearization before holding talks. Pyongyang has refused, demanding the U.S. end military exercises with South Korea and negotiate a peace treaty to formally end the 1950-53 Korean War. American officials fear the North only would want
talks to ease its isolation, and not to resolve the nuclear question. SANCTIONS International sanctions have tightened since North Korea conducted its first of five nuclear tests in 2006. But the country has adeptly circumvented restrictions on sensitive technology and money flows, and used its own capabilities to develop weapons. Additional U.S. sanctions, beefed up last year, punish foreign companies and banks dealing with North Korea. They, too, haven”t been effective because the North”s international isolation makes it less susceptible to such pressure than a major economy like Iran, which curbed its nuclear program in 2015 after being battered by oil, trade and financial sanctions. China”s role is critical. It dominates trade with the North and has resisted sanctions that could destabilize Pyongyang, fearing the possibility of a U.S.-allied, unified Korea emerging. When the U.N. Security Council punished Pyongyang for another nuclear test in September, the primary goal was closing a loophole that enabled China to import North Korean coal at record levels. The last several U.S.
MILITARY Using military force against North Korea is extremely risky. Even before it developed nuclear weapons, the North maintained the ability to strike Seoul, South Korea”s capital, with a potentially devastating artillery barrage. Although doing so would invite a blistering U.S. response, it”s hardly a scenario any American commander-in-chief wants to contemplate. The military option has been considered before. Clinton considered a strike on the North”s nuclear facilities after it announced it would reprocess fuel from a nuclear reactor, providing it plutonium for bombs. Diplomacy appeared to win out that time with the 1994 agreement. A military strike would be harder to pull off now. North Korea has expanded its nuclear and missile programs significantly, meaning more targets would have to be hit. And regional support would be questionable. In a recent paper, former U.S. negotiator Joel Wit said the escalation risk meant neither South Korea nor Japan would likely support a military strike.
The Private Trust Corporation Limited donates
$100K to The Bahamas Red Cross Society for Hurricane Relief Efforts.
BENEFITS
• Personal fulfillment in knowing you are impacting lives • Ranfurly children’s appreciation and positive response • Continued support provides stability and constant care
For more information visit: www.ranfurlyhome.org Please “Like” us on Facebook Ranfurly Home for Children, Mackey Street P.O. Box 1413 Nassau, Bahamas 242-393-3115
Above Left to right: - Adrian Crosbie Jones, Managing Director, The Private Trust Corporation Limited; Craig Tony Gomez, President, Bahamas Red Cross; Caroline Turnquest, Director General, Bahamas Red Cross; Lashonda Seymour, Human Resources Manager, The Private Trust Corporation Limited; Elwood Bonimy, Finance Director, The Private Trust Corporation Limited.