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FRIDAY, FEBRUARY 3, 2017

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Govt bids to reverse ‘Freeport’s Baha Mar’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

‘Right in the middle’ of talks to save Memories

The Government was yesterday “right in the middle” of negotiations to reverse the Memories hotel closure, which has been branded as “Freeport’s Baha Mar” moment. Dr Michael Darville, minister for Grand Bahama, told Tribune Business that the Government would have “clearer insight” on the fate of the island’s key hotel product by either this weekend or early next week. Declining to go into detail on the discussions, Dr Darville in-

Chinese New Year delays discussion with Hutchison GB impact ‘more than’ Baha Mar dicated that talks between the Government and Memories’ landlord, Hutchison Whampoa, had been interrupted by Chi-

Receivers set aside $3m for Baha Mar preferential claims By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Baha Mar’s receivers have set aside $3 million to pay potential preferred creditors of 17 companies that formed the ownership structure created by original developer, Sarkis Izmirlian. The escrow payment by the Deloitte & Touche receivers is disclosed in notes taken during the December 19, 2016, meeting between Baha Mar’s remaining creditors and the official liquidators. Ed Rahming, the Intelisys (Bahamas) partner heading the meeting, explained that he and his fellow UK-based liquidators had insisted on the payment as part of the second transfer of Baha Mar assets to the China Export-Import Bank’s Perfect Luck Holdings vehicle. The $3 million funds are to cover potential claims by preferred creditors - chiefly former Baha Mar expatriate staff - against the 17 companies whose assets were included in the second transfer. The Supreme Court now

Chinese crush Sarkis’s creditor committee bid Funds made available on second asset transfer Supreme Court yet to determine matter

edmund russell has to determine whether any preferential creditors exist, and if they have a superior claim to the 17 companies’ assets than the China Export-Import Bank, Baha Mar’s secured creditor. Deloitte & Touche, as the See pg b4

Pointe fully leases first phase retail By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

China Construction America (CCA) is now awaiting approvals for the condominium hotel and marina phase at The Pointe, with all seven available retail outlets fully leased. Neworld One Bay Street, the CCA subsidiary that owns The Pointe site, is seeking planning for Phase II, having already opened its seven storey, 900 space parking garage. Kendeno Knowles, The Pointe’s spokesman, said the first phase, called Park Avenue, is more than just a garage. “The garage is only one element of phase I,” he said. “You have retail spaces and a financial tower in there as well.” A cinema and bowling alley are also part of the offering. “All of the retail spaces are spoken for. In total we have seven retail outlets and they are all under contract,” said Mr Knowles. The Pointe is a $200 million project, featuring a 200- room resort component and an 80-slip marina next to the British Colonial Hilton hotel. The resort was sold in 2014 to CCA, the company’s first acquisition in the

Caribbean and part of a long-term investment strategy for the Bahamas. CCA is a subsidiary of China State Construction and Engineering Company (CSCEC), which is the largest construction company in the world with 2013 sales of $116 billion. It is also the main contractor for Baha Mar. Mr Knowles explained that the garage, which opened last October, is currently accessible to previous parking spot holders and tenants of the commercial centre in the British Colonial Hilton. “We have allowed those folks first preference to come in and pay for spaces. We also have tenants that we have from the British Colonial Centre of Commerce. We have been open, just not to transient traffic at this point, and we are getting ready to make an announcement on that very soon,” he said Mr Knowles added that the garage opening during the New Year’s and Boxing Day Junkanoo Parades had been “oversubscribed”. “People saw it as a viable option for parking, and a lot of people capitalised on the opportunity to protect their vehicles,” he said.

nese New Year celebrations. The Minister acknowledged the “edginess” of Memories now-former 300-500 staff, who face the prospect of being made redundant, but promised the Christie administration was working to “get the best deal we can possibly get” for Grand Bahama. His comments came as FNM deputy leader, K P Turnquest, urged the Government to devote the same level of attention and resources to the Memories situation as was deployed in ‘resolving’ the Baha Mar impasse. “This is our Baha Mar,” Mr See pg b5

The Government was yesterday urged to “get tough” with Freeport’s largest investor, amid fears that Memories’ pull-out “will be the death knell” for the island’s tourism sector and wider economy. Terence Gape, the Dupuch & Turnquest law firm’s managing partner, told Tribune Business the Government should even consider reversing the 20-year package of tax breaks granted to Hutchison Whampoa last year should it fail to co-operate in resolving the “crisis”. Mr Gape, a long-time Freeport resident, warned that Memories’ closure would have wider ramifications than just 300-500 job losses among hotel workers. In particular, he argued that it threatened the continued existence of the Port Lucaya Marketplace, whose retail and restaurant tenants rely heavily on tourists from Memories and the Grand Lucayan. The Hurricane Matthew-enforced closure of both properties, apart

Govt granted CCA’s ‘Baha Mar switch’ 11 days before bankrupt Agreed manpower, equipment transfer to Pointe Bran: Dates show ‘collusion’ between two sides CCA gets approval to ‘mine sand from seabed’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Grand Bahama Minister Dr Michael Darville.

Govt told: ‘Get tough’ on Hutchison inaction By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Attorney urges: Revisit 20year tax break extension Fears for Port Lucaya future amid Memories crisis 400 job losses ‘tip of the iceberg’ in struggling GB from 200 rooms at the Hutchison Whampoa-owned Grand Lucayan, has taken 1,500 hotel rooms out of Grand Bahama’s product inventory. And the relationship between Memories’ parent, Sunwing, and Hutchison as the resort’s landlord appears to have completely broken down over allegations that the Hong Kong-based conglomerate was obstructing its Canadian-headquartered tenant’s efforts to re-open. Fearing that Grand Bahama’s economy will “die with” Memories and the flagging tourism product, See pg b4

The Government gave China Construction America (CCA) permission to redeploy equipment and manpower from Baha Mar to The Pointe some 11 days before the former project filed for Chapter 11 bankruptcy protection. The approvals are contained in two clauses in the newly-released Heads of Agreement for the $200 million downtown Nassau-based project, which is owned and being developed - by Baha Mar’s general contractor. “The Government agrees to allow the owner [CCA] to transfer such existing equipment as may be required for the development from the Baha Mar construction site to the development, under terms and conditions to be approved by the Prime Minister and Minister of Finance, and the Customs Department,” states clause 2.9 of The Pointe Heads of Agreement. Continuing with this theme, clause 2.10 states: “The Government agrees to allow the developer to transfer employees, who are work permit holders, from the Baha Mar project to the development on terms to be set out in a protocol between the owner and the ministries responsible for Immigration and Labour, and upon paySee pg b5

The Pointe

PAGE 2, Friday, February 3, 2017

THE TRIBUNE

Businesses benefit from financially-secure staff Medical professionals throughout the world indicate that the number one cause of heart attacks is stress, and that the main cause of stress is money. Sacred scripture declares that money answers all things. And people have the same needs and similar wants. The ‘rat race’ of the workplace is merely viewed as the vehicle by which most choose to earn the income to accomplish their ‘needs and wants’ listing. Research further tells us there are implications for businesses when employees are unable to meet their financial obligations. When employees are financially stressed, it affects their job performance and productivity, and can even erode workplace ethics and integrity. Simply put, a ‘broke’ employee with mounting bills is incapable of fully attending to the work at hand, and is far more likely to engage in petty theft, major

theft, anti-social and rude behaviour as a result of high stress levels. Much has been said about the plight of the Bahamian worker who lives from pay cheque to pay cheque, and is unable to put their hands on $1,000 in savings for an emergency that may occur within 12 hours. Despite widespread knowledge of such truths, very little seems to be done to equip employees with the means to escape the debt doldrums, forcing them to scrape by and barely escape poverty. Here are five basic steps that most companies can take to financially empower their employees, which in turn will have a positive effect on the bottom line. Step 1: Provide financial and retirement planning programmes during the orientation process, when employees are being ‘on-boarded’.

From day one, employees should be encouraged to consider their exit strategy and they have a reasonably comfortable standard of living during their retirement years. Most economists agree that beginning to plan for retirement 15 years into a 30-year career is far too late. Step 2. Establishment of a company-wide and directed savings programme. This savings scheme could easily be done in conjunction with a commercial institution, and may be directed towards some specific financial target or goal that the employee has, such as college tuition for children or a home purchase. Step 3. The establishment of a pension programme as an ‘onboarding benefit’. Employees

multiple streams of income. This thought, perhaps the most controversial of all, could certainly begin to improve the economic situation of many in workplace almost immediately.

are able to rest more easily if they know their financial future is secure. Again, this programme can easily be established through a reputable banking organisation, giving the employee yearly updates as to the progress being made. What further enhances this initiative is the contributions that both employees and company make to the common employee pension fund.

Many workers in both the private and public sectors also find themselves working as small entrepreneurs. Others hold second and third jobs, while maintaining employment at their ‘main’ job. Employees should be encouraged and trained to carefully seek new streams of income. Baking on weekends, writing a book during the evening hours, or tutoring and babysitting after the shift ends places the employee in a better financial position and, ultimately, better able to attend to their work duties.

Step 4. The implementation of a bonus system of compensation, where employees are rewarded financially for enhanced productivity. This method of financially empowering employees also significantly benefits the company bold enough to use it. Step 5. Create a culture where employees feel comfortable sourcing

• NB: Ian R. Ferguson is a talent management and or-

Marketplace launches at Atlantis ballroom The much-anticipated Caribbean Travel Marketplace opened with great fanfare on Tuesday night at Atlantis’s Grand Ballroom. Organised in partnership with the Ministry of Tourism, Nassau and Paradise Island Promotion Board, Paradise Island Tourism Development Association and the Bahamas Hotel and Tourism Association (BHTA), the event welcomed attendees with a performance from the Royal Bahamas Police Band. They were then treated to a cultural display by the Colours Junkanoo Group. Speakers included Carlton Russell, president of the Bahamas Hotel and Tourism Association; Karolin Troubetzkoy, president of the Caribbean Hotel and Tourism Association (CHTA); Obie Wilch-

combe, minister of tourism; and Prime Minister Perry G Christie. Welcoming attendees to the Bahamas was Mr Russell, who said: “We are delighted to have you here; we know how busy this business is. Thank you for choosing the Bahamas, thank you for choosing this forum to create new relationships, solidify and further develop existing alliances, partnerships and connections. “While much has changed in the world, relationships and networking are still critical elements for the foundation, growth and stability of our industry.” Ms Troubetzky added: “As we stand united to celebrate one Caribbean, we will have an opportunity to showcase to our valued See pg b3

Ian ferguson ganisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

Chamber to host ‘State of Economy’

Minister of Tourism, Mr Obie Wilchcombe, speaks to the attendees at the opening of the Caribbean Travel Marketplace. Photo/Kemuel Stubbs

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is set to host a ‘State of the Economy Report 2017’ conference in a bid to address this nation’s economic challenges. The event, which will take place on February 16, 2017, at Atlantis’s Prince of Wales ballroom, is being held in partnership with Atlantis, CIBC, KPMG, Commonwealth Bank, the Central Bank, CFAL, the Ministry of Finance and the Bahamas Telecommunications Company (BTC). The Chamber said the conference, which will take place between 7.30am to 1pm, will examine issues directly impacting the Bahamian economy, and seek to devise solutions to address these challenges. Guest speakers include John Rolle, governor of the Central Bank of the Bahamas; Dr Allan Wright, senior economic specialist, Inter-American Development Bank (IDB); Simon Wilson, financial secretary, Ministry of Finance; Maureen Denton, executive director of Jamaica’s Economic Growth Council; Gowon Bowe, BCCEC’s chairman; and special keynote speaker, Jarkko Turunen, mission chief to the Bahamas for the International Monetary Fund (IMF).

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THE TRIBUNE

Bahamas in strong sports tourism start

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas has started 2017 strongly in the sports tourism segment, the Ministry’s directorgeneral said, pointing to numerous high profile golf tournaments in January. “We are coming off a very successful month of golf,” said Joy Jibrilu. “We have had three backto-back tournaments. We have had two PGA tournaments, one in Exuma

Joy Jibrilu

at Sandals two weeks ago, and a PGA tournament in Abaco.”

Mrs Jibrilu said the tournaments have helped to boost this nation’s profile in the golf and sports tourism market in general. She added: “We were able to showcase our islands, the uniqueness, the beauty and to talk about the Bahamas as a golfing destination. We just concluded on Sunday the LPGA Pure Silk Classic. We have IAAF coming up, we have Commonwealth Junior Games coming this year, football and basketball.”

Her comments come after youth, sports and culture minister, Dr Daniel Johnson, recently told this newspaper that the Bahamas was poised for a “banner year” in sports tourism. “We’ve never seen anything like this in our history,” he said. “We are positioned to really become the number one signature destination for sports tourism.” According to Dr Johnson, this nation has “10 years’ worth of business lined up.

Caribbean is urged: Seek Brexit benefits By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Caribbean governments should use the UK’s decision to exit the European Union (EU) as an opportunity to negotiate a mutually beneficial commercial arrangement via the Commonwealth, a regional economist has suggested. Marla Dukharan, group economist for RBC’s Caribbean operations, told Tribune Business: “If the UK is not going to be a part

of the Euro, what it means is they need to figure out who they are now going to get closer to if they divorce from the Eurozone. “To me, the obvious option is the Commonwealth. All of us in the Englishspeaking Caribbean are members of the Commonwealth. I already see signs that this is where the thinking is in the UK.” A referendum last June, which had a 71.8 per cent voter turnout, saw the British people voted in favour of leaving the EU, an economic and political part-

nership involving 28 countries. Ms Dukharan said: “We need in the Caribbean our governments to capitalise on that and go to the UK, have bilateral discussions with the UK government and say let’s see how we can come up with some mutually beneficial initiative under the Commonwealth framework.” Local observers have suggested that ‘BREXIT’ could have a significant impact on the Bahamas’ financial services industry. The UK has been one

Marketplace launches to advertise at Atlantis ballroom

today in the tribune call @ 502-2394

From pg B2 buyers and members of the press the amazing diversity of our region that can indeed provide a lifetime source of different experiences.” In introducing the Prime

Minister, Mr Wilchcombe touched briefly on one of the major themes of the Marketplace. “Today with the Minister of Tourism, commissioners and heads of delegation, we discussed the future of

A leading vacation ownership resort is seeking an applicant for the position of:

Engineering Assistant Operations Manager The incumbent will be responsible for assisting with the management of the Engineering Department and Asst. Shift Engineers. Responsibilities also include the management of property and resort maintenance, to ensure the property is maintained to the required standard, while keeping safety standard guidelines enforced. In addition, be responsible for supporting the Engineering Operations Manager and Director in the supervision of the projects that impact the general upkeep of the resort property. Other • • • • •

responsibilities include: Conducting morning briefings Coach, develop, trains, recognizes, disciplines and rewards subordinates. Monitors/supervises special projects specific to renovations, maintenance weeks, electrical, plumbing, painting, golf carts, gates, signage, leaks, alarms, furniture, refrigeration, air conditioning, heaters, boilers, etc. Participate in the Hurricane Preparedness Task Force as one of the property’s safety coordinators. Have a thorough knowledge of documented Emergency & Safety Procedures.

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of the biggest defenders of international financial centres (IFCs), with Crown dependencies such as Bermuda and the Cayman Islands among the Bahamas’ biggest competitors. Its departure possibly could lead to the EU taking a harder line on tax matters. Some have suggested that IFCs such as the Bahamas could likely gain a powerful ally in the UK and its territories to address challenges they face. tourism in the Commonwealth, and the president of the Caribbean Hotel and Tourism Association just spoke of the relationship and the collaborative effort that must be made. Together we believe that we can continue to grow tourism in the region,” Mr Wilchcombe said. The Travel Marketplace allows tourism suppliers to meet with sellers from around the world, as they discuss Caribbean vacation packages in a closed-door event over two days.

Friday, February 3, 2017, PAGE 3

Financial services focus on innovation The Bahamas Financial Services Board (BFSB) attracted 151 persons to its 14th International Business & Finance Summit (IBFS), which was held at the Grand Lucayan resort from January 26-28 2017 under the theme: ‘Financial Services: Responding to Change through Innovation’. International guest speaker, Philip Marcovici from Hong Kong, spoke on the topic of ‘Global trends in financial services and the role of IFCs: The need for an Innovative Agenda’. He provided an overview of what he viewed as some of the options open to the Bahamas, which include a ‘business as usual’ approach of continuing with a reactive, defensive strategy with respect to international initiatives. The presentation also focused on the steps needed to move from ‘offshore’ to ‘mid-shore’, and developing an ambitious strategy of leadership. Mr Marcovici said maintaining the ‘status quo’ ought not even be considered an option by the Bahamas. Stephen Solomon, an attorney with Degrandpré Chait-lawyers in Montréal, Canada, gave insights into the Canadian Voluntary disclosure and Amnesty programme, and why the Bahamas remains an attractive jurisdiction for Canadians. A panel comprising of Michael Paton, partner, Lennox Paton; Brian Moree QC, senior partner, McKinney, Bancroft & Hughes; Ryan Pinder, partner, Graham Thompson; Kenrah Newry, assistant director of legal affairs at the Office of the Attorney General; and Mr Marcovici discussed the Common Reporting Standard (CRS) and the Bahamas’ approach to its implementation. There were additional roundtable discussions on: ‘Opportunities for Growth – International Business

Antoinette Russell and Commerce’ featuring Derek Newbold, senior business development manager at the Grand Bahama Port Authority, and Edison Sumner, chief executive, Bahamas Chamber of Commerce. This session focused on opportunities to create linkages between investments, international business and financial services, and how the Bahamas can attract these. Antoinette Russell, the BFSB’s chairman, said: “This IBFS 2017 under the theme ‘Financial Services: Responding to Change through Innovation’ took place at a time when it is important that we do some introspection. “The exchange of ideas and the focus on innovation as a key driver of growth in financial services is critical for our sector. Moreover, the transformation that is needed in financial services to respond to the changing operating environment requires continued public and private consultation.” Ms Russell also focused on the importance of being innovative in the face of challenges, indicating that “2016 and the beginning of this year has consumed us with preparation for a more transparent world. “We have been concerned about ensuring that the outside world views us as a compliant, well-regulated, transparent and cooperative jurisdiction. Beyond these matters we need to be equally focused on life after CRS.”

PAGE 4, Friday, February 3, 2017

Receivers set aside $3m for Baha Mar preferential claims From pg B1 Chinese lender’s agents, were only in control of two of the 17 companies, with the other 15 outside the mortgage debenture that secured its $2.45 million construction loan. Should the Supreme Court determine there are preferential creditors of these 15 companies, it will then have to determine how much each is entitled to and how they are to be paid. Tribune Business understands a two-hour hearing was held on the matter on January 20, 2017, with another scheduled for February 24. The creditor meeting notes confirm that the second asset transfer to Perfect Luck consisted of cash, receivables, prepayments and

“a share in a boat”. Mr Rahming and his two fellow liquidators, Nicholas Cropper and Alastair Beveridge of Alix Partners, conditioned their agreement to the transfer on the receivers setting aside funds to compensate any preferential creditors who might be discovered. “The joint official liquidators conditioned their approval to such asset transfers on the basis that the rights (if any) of preferential creditors of the relevant companies, whose shares or assets would be transferred, should not be prejudiced or adversely affected by such proposed sale and transfers,” the creditor meeting notes said. “It has therefore been agreed between the joint official liquidators and the

Govt told: ‘Get tough’ on Hutchison inaction From pg B1 Mr Gape urged the Christie administration to put pressure on Hutchison Whampoa and force it to act. “We have a terrible prob-

lem here,” he told Tribune Business. There’s nothing going on. Tourism is dead, and the island is going to die with it. I am very concerned. “The island is in crisis.

THE TRIBUNE

receivers that, as soon as is practicable, an application is to be made to the court for a determination as to whether there exists floating charge realisations and, if so the extent of the entitlement of preferential creditors of any one or more of the Baha Mar companies in official liquidation and the additional liquidation companies.... to be paid from such realisations in priority to the debenture. “The receivers agreed to set aside certain funds for the satisfaction of the claims of preferential creditors (if any).” Preferred creditors are likely to be former Baha Mar expatriate employees, who were not initially included in the $100 million creditor payout that was funded by the China Export-Import Bank via Perfect Luck. The expatriate staff are only likely to receive the ‘leftover crumbs’ from this process. Preferential claims, the creditor meeting was told,

relate to severance pay, vacation leave, medical insurance and pensions, and any salaries that were being earned four months prior to August 7 last year. “Questions were raised on the preferential claims carve-out and the source of any payments to the preferential creditors,” the notes said. “Ed Rahming answered that the matter would be heard in court on January 20, 2017, and if the court’s ruling thereafter was in favour of the joint official liquidators’ position on the preferential claims, preferential claims would be paid as due and based on the availability of assets subject to China Export-Import Bank’s floating charge security. “An initial sum of $3 million was to be deposited by the receivers as agreed with the joint official liquidators pending the outcome of the court hearing.” The December 19 meeting also saw a bid by Mr

Izmirlian and his Granite Ventures vehicle for the appointment of a creditors committee crushed by the weight of Chinese opposition. Such a committee represents and protects the interests of creditors when a corporate entity is liquidated, working with the liquidator, but the Chinese were having none of it. The China Export-Import Bank, which was represented at the meeting, is the major creditor of all original Baha Mar companies by some distance, a position strengthened by acquiring the claims of all Bahamian creditors via the Perfect Luck payout. Two entities in the Perfect Luck structure, Perfect Luck Claims and Perfect Luck Workout, were also present, the former represented by Deloitte & Touche (Bahamas) managing partner, Raymond Winder, and Charlene Paul. “Ed Rahming advised on the value of a liquidation

committee in a liquidation, how the costs would be covered – by the estate - how votes would be counted based on value, and the impact of a liquidation committee in the circumstances of [Baha Mar] given there was limited asset recovery prospects,” the meeting notes said. “Perfect Luck Workout proposed that a liquidation committee not be formed. This proposal was seconded by Perfect Luck Claims. Granite Ventures proposed that a liquidation committee be formed. “Ed Rahming advised that the matter could be put to a vote. However, given that vote values of Perfect Luck Workout and Perfect Luck Claims were known by all to be substantially more than Granite Ventures and the other creditors combined, such a vote was not necessary. It was therefore accepted by the creditors attending that a liquidation committee would not be formed.”

We either need Hutchison to re-open the hotel together with Memories very quickly, or they have to find a buyer to revitalise the hotel and bring it back. “We’ve already lost the tourism market completely, and are on the verge of Port Lucaya closing, which will be devastating to the potential of ever bringing back

the tourists.” Mr Gape recalled that when the Royal Oasis closed in September 2004, a development that has placed the International Bazaar on a downward spiral ever since, Freeport “at least had Port Lucaya to fall back on”. “If Port Lucaya closes now it will be the death knell,” he told Tribune Business, adding that the seriousness of Freeport’s plight required an immediate, strong response from the Christie administration. In particular, Mr Gape suggested that it look at the millions of dollars in tax concessions pocketed by Hutchison Whampoa just last year. The Government, as part of efforts to restructure its relationship with the Grand Bahama Port Authority (GBPA), granted the Hong Kong-based conglomerate and all its Bahamian subsidiaries a ‘blanket’ 20-year extension of their real property tax, income and capital gains tax exemptions. In contrast, all Bahamian and other foreign investors in Freeport have to apply to receive the same incentives, and these are reviewable every five years as the Government seeks to tie tax breaks to ‘performance’. Hutchison Whampoa, though, has so far demonstrated its gratitude by footdragging over post-hurricane repairs to both the Grand Lucayan and Memories, while blaming the wait on delays in receiving the proceeds from its insurance claim. “I am flabbergasted,” Mr Gape told Tribune Business, “that Hutchison, which just received a 20-year extension to their real property tax exemption, do not seem to be at all concerned with causing the hotel to fully re-open, and cause the survival of

tourism on the island, along with its economy and people. “They [Hutchison] don’t seem to have a heart in my opinion. I think the Government needs to take a very stern position with them to either cause them to re-open or sell immediately, even reimposing the tax. “They are not good corporate citizens. We’re looking at losing this whole economy, and Freeport might disappear. No one wants to hear that, but it might happen.” Memories, in announcing its pull-out from Sunday, January 29, blamed the move on its landlord, slamming Hutchison Whampoa for seeking to attach “exorbitant conditions that were totally unacceptable to Sunwing, and... any other potential tenant” when it attempted to effect hurricane repairs itself. Sunwing did not detail these conditions, but its pull-out came just after Prime Minister Perry Christie and minister of tourism, Obie Wilchcombe, revealed that $2.5 million in taxpayer monies had been released to advance repairs and get Memories open by May. Many observers, and members of Freeport’s private sector, have privately confided to Tribune Business their belief that the Government gave up all its leverage over Hutchison Whampoa in return for the cruise port waiver (to facilitate Carnival’s project) and the $300 million Phase V container port expansion. There was a widespread feeling that the imposition of real property tax would have forced the Grand Bahama Development Company (DevCo), 50 per cent owned and managed by Hutchison Whampoa, to become proactive and

start developing its 70,00080,000 acres in order to offset the new ‘carrying cost’. Fred Smith, QC the Callenders & Co attorney and partner, told Tribune Business that the Memories’ pull-out was reminiscent of the Royal Oasis closure in 2004, from which Grand Bahama’s economy and society has yet to recover. He added that the impact was far wider than the estimated 400 job losses, suggesting that Memories’ staff had been responsible for supporting some 2,0003,000 Grand Bahama residents. “The collapse of the tourism industry in Freeport, resulting from the closure of Memories, is similar to the devastating effects of the closure of the Princess [Royal Oasis] hotel and casino downtown,” Mr Smith said. “To speak of 400 job losses is only the tip of the iceberg. Four hundred goodpaying jobs in Freeport support 2,000-3,000 family members through mortgages, utility bills, groceries, entertainment, schooling, medical, pensions, NIB. “It is a catastrophe in a community that is holding on by its fingernails, on the precipice of financial collapse. The knock-on effect in terms of 400 people is catastrophic.” Mr Smith said Memories’ closure would impact revenues, profits and employment at third party vendors that supplied it with products and services. And he warned that it would also hurt the taxi drivers and tour operators, not to mention the Port Lucaya Marketplace’s retail and restaurant tenants.

THE TRIBUNE

Friday, February 3, 2017, PAGE 5

Govt granted CCA’s ‘Baha Mar switch’ 11 days before bankrupt From pg B1 ment of the prescribed Immigration fees.” The Heads of Agreement were signed by the Government, and the CCA entities that owned the British Colonial Hilton and The Pointe development site, on June 18, 2015. This date was confirmed in Parliament by Khaalis Rolle, minister of state for investments. Just 11 days later, on June 29, 2015, Baha Mar’s developer, Sarkis Izmirlian, filed for Chapter 11 bankruptcy protection in the Delaware courts. CCA is likely to have insisted upon these terms as a prudent cost-saving measure, given that it only made commercial and logistical sense to redeploy equipment and workers already in the Bahamas from Baha Mar to

its own development. However, given that CCA was already embroiled in a bitter, protracted dispute with Mr Izmirlian over its failure to complete Baha Mar’s construction on schedule, many observers are likely to be surprised at the Government’s willingness to formally consent to such ‘redeployment’ in The Pointe’s Heads of Agreement. Indeed, the Christie administration could have used CCA’s desire to ‘redeploy’ equipment and manpower, and the negotiations over The Pointe’s Heads of Agreement, to require Baha Mar’s main contractor to finish construction at Cable Beach before switching its attention to downtown Nassau. Mr Rolle could not be reached for comment yesterday on the rationale for

Govt bids to reverse ‘Freeport’s Baha Mar’ From pg B1 Turnquest told Tribune Business. “It may not be on a $3 billion-plus scale, but the effect on our economy is the same, if not more. “We hope the Government makes every effort to Memories back online, and get it [the Grand Lucayan] sold to a purchaser that is willing to reinvent and repair the property.” Mr Turnquest said Grand Bahamians, including his constituents in east Grand Bahama, were yesterday expressing concern over jobs and the island’s employment prospects in the wake of Memories confirming its withdrawal. “I did see a printing company suggest it was having to cut employee hours down to 20 hours per week,” the MP added, although it was unclear whether this move had any connection to developments involving Memories. Taking a swipe at the Government, Mr Turnquest said: “It’s very disappointing, following a [PLP] convention that was all glitz and glamour, that we’ve had this drop on us when the two ministers [Dr Darville and Obie Wilchcombe, minister of tourism] got up on stage and said how great things were in Grand Bahama.” Suggesting that the Government “ought to have been able to sit down with Hutchison and work out a reasonable arrangement” to complete repairs to both Memories and the Grand Lucayan, Mr Turnquest said the Hong Kong-based

conglomerate’s actions todate “fly in the face” of the 20-year tax breaks extension it received last year. “For the Grand Bahama economy and residents here, it does appear that the Government is letting us down, comparing what is happening here to Baha Mar,” Mr Turnquest added. Dr Darville declined to provide specifics on the Government’s continuing efforts to both reverse the Memories closure, plus resolve the fate of that property and the Hutchisonowned Grand Lucayan. With just 200 rooms at the latter open, the closure of both properties is currently depriving Freeport’s hotel product of some 1,500 rooms. “We have negotiations taking place, but it falls right at the time of Chinese New Year, so some of the key people we have to speak to, we’re having difficulty getting hold of them,” Dr Darville told Tribune Business. “We have ongoing discussions, so for me to give a final conclusion will be a bit premature. We will have a clearer insight as to what’s happening and where we stand early next week or by the weekend.” Having effectively confirmed that the Government is still talking to Hutchison Whampoa, Dr Darville indicated that it was also seeking to reverse Memories’ pull-out, and that the matter was closed. “We see exactly what Sunwing has said, but I want to make it clear that

including the ‘redeployment’ clauses in The Pointe’s Heads of Agreement, and when they were negotiated and placed in the document. However, Branville McCartney, the Democratic National Alliance’s leader, told Tribune Business yesterday that the clauses gave an insight into the depth of “collusion” between the Government and CCA. He added that it also showed Prime Minister Perry Christie and his administration could never have acted as “impartial mediators” in resolving the Baha Mar dispute, as he had billed the Government’s role in mid-2015. “It shows the Government are colluding with CCA. That’s what you can interpret from that,” Mr McCartney told Tribune Business of the two clauses. He suggested that The Pointe’s Heads of Agreement had effectively let CCA ‘off the hook’ for failing to complete Baha Mar

on time and on budget, amid allegations that it committed “shoddy workmanship” that was responsible for the delays. Mr McCartney reiterated that it was impossible for Mr Christie and his government to act as mediators in the dispute between Mr Izmirlian and the Chinese when it was, at the same time, negotiating a separate investment deal with CCA - a project that it eagerly wanted to happen. “When the Prime Minister said he was going to be a mediator, and those were his words, I said: How can this be,” the DNA leader, and leader of Opposition business in the Senate, said. “My concern was this. How can it be that you are going in as a mediator, yet on the other hand you are negotiating another investment deal with CCA at the same time? It shows that the Prime Minister and his Cabinet were completely disingenuous.” The 500 permanent jobs

promised by completion of The Pointe appear to have satisfied the Government that the project is of “positive and significant economic benefit” to the Bahamas, leading it to approve the development ‘in principle’ - prior to the relevant agencies granting the necessary permits. Mr Rolle told the House of Assembly on Wednesday that the project no longer involved seabed reclamation to make way for The Pointe’s hotel and condominium facilities. Yet the Heads of Agreement grants CCA permission “to mine sand from the seabed in order to facilitate the ongoing renourishment of beaches within the development”. This is subject to the developer obtaining the necessary approvals, and paying certain royalties. The Government’s agreement with CCA also commits it to financing necessary upgrades to Bahamas Power & Light (BPL) and Water &

Sewerage Corporation infrastructure in the downtown area to accommodate The Pointe. Should the utility companies not move fast enough, CCA is able to undertake the work itself, at a cost to be agreed with the Government and the latter reimbursing the developer. As for full-time employment, the Heads of Agreement allows CCA to bring in 75 work permit holders for posts where qualified Bahamians are unavailable “at competitive industry compensatory levels”. This was agreed given “the need for the development to continuously meet the international luxury standards for the hotel, marina and restaurants, and in light of the demands for skilled and professional labour which will be made on the Bahamian workforce by numerous other projects now underway”.

the Government is still at the table negotiating,” the Minister reiterated. Memories was billed by the Christie administration as Grand Bahama’s flagship resort property when it opened, the Prime Minister admitting recently at a PLP candidates’ ratification that the Government had “bragged” about the brand’s involvement. Its pull-out is somewhat embarrassing for the Government, given that both Mr Christie and Mr Wilchcombe confirmed within the last two weeks that the Government had advanced $2.5 million in taxpayer monies to accelerate postHurricane Matthew repairs at Memories. But Sunwing, the latter’s parent, is blaming Hutchison’s obstruction for sparking the pull-out, meaning

the Government has much work to do in bridging the gap between the two sides. Apart from enticing Memories back, the Government is also likely to be working to facilitate a possible Hutchison Whampoa exit at the Grand Lucayan. Hutchison Whampoa’s property arm, Cheung Kong Property Holdings, and its HVS Capital Corporation adviser, have been trying to sell the resort via a sealed bid auction that was launched in early summer 2016. Tribune Business revealed last month that Memories was part of a consortium, together with Hard Rock and the Wynn Group, a Canadian-based real estate developer, that was preparing to offer $110 million to acquire the Grand Lucayan.

Sources familiar with developments told this newspaper yesterday that the Memories-related bid was still alive, although Dr Darville declined to comment, citing the sensitivity of ongoing talks. “The offer for the hotel is still on, and they were expecting to hear back from Hutchison yesterday,” one contact said. “I think Memories are still in the deal to buy, but they will not stay around if Hutchison is the landlord.” Dr Darville acknowledged the increasing nervousness of Memories employees and all Grand Bahama residents, saying: “We’ve been hit badly by Hurricane Matthew, people are getting edgy, and negotiations have been ongoing for some time.” He added that the talks

were being led by the Prime Minister’s Office, in the shape of senior policy adviser, Sir Baltron Bethel, and Mr Wilchcombe. Accusing the Government’s opponents of seeking to exploit the Memories situation for political gain, Dr Darville said: “It’s political season, and everyone wants to add music to the chorus and create the impression that Grand Bahama’s economy is in dire straits. “But all of us are at the table, working diligently to ensure we get the best we can possibly get for Grand Bahama... We’re working diligently to ensure we keep what we have, and are working to grow the tourism sector and recover from Hurricane Matthew.”

NOTICE FLUVAL HOLDINGS COMPANY S.A. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, FLUVAL HOLDINGS COMPANY S.A. is in dissolution as of February 1st, 2017. JAVIER OTEO GONZALEZ situated at Autonomia 53, 48012 Bilbao, Bizkaia, Spain, is the Liquidator.

NOTICE PAULINE & RONNIE LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) PAULINE & RONNIE 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 31st January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 3rd day of February, A. D. 2017

LIQUIDATOR ______________________

_________________________________ Bukit Merah Limited Liquidator

NOTICE

LOTUS ASSETS LIMITED

GRANDI ENTERPRISES LIMITED

APEX HARVEST HOLDINGS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) LOTUS ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) GRANDI ENTERPRISES LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) APEX HARVEST HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 31st January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 26th January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 31st January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 3rd day of February, A. D. 2017

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 3rd day of February, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

NOTICE

HARVEST GAIN LIMITED

PEARL HILL LIMITED

COLATINA LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) HARVEST GAIN LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) PEARL HILL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) COLATINA 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 31st January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Repulse Bay Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 3rd day of February, A. D. 2017

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Repulse Bay Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

PAGE 6, Friday, February 3, 2017

THE TRIBUNE

NOTICE

ROSELLE LIMITED

SUPERSTAR LIMITED

NOOR SAT INVESTMENTS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) ROSELLE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) SUPERSTAR LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) NOOR SAT INVESTMENT 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 1st February, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 26th January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 23rd January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 3rd day of February, A. D. 2017

N O T I C E IS HEREBY GIVEN as follows:

Dated this 3rd day of February, A. D. 2017 _________________________________ Verduro Associated Ltd. Liquidator

_________________________________ Bukit Merah Limited Liquidator

NOTICE

PRINCESITA INVESTMENTS LIMITED

ZOKI LIMITED

LALIBELA LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a) PRINCESITA INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 23rd January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. Dated this 3rd day of February, A. D. 2017

N O T I C E IS HEREBY GIVEN as follows:

(a) ZOKI LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) LALIBELA 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 31st January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 3rd day of February, A. D. 2017

_________________________________ Leeward Nominees Limited Liquidator

NOTICE

MEDICORE INTERNATIONAL HOLDING LIMITED

SYLVAN LAKE LIMITED

SHINING ELITE LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) MEDICORE INTERNATIONAL HOLDING LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) SYLVAN LAKE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) SHINING ELITE 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 31st January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Repulse Bay Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 3rd day of February, A. D. 2017

(b) The dissolution of the said company commenced on the 26th January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Repulse Bay Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

NOTICE

NAUTICAL BUSINESS LIMITED

GRANDI ENTERPRISES LIMITED

MIRO COMMERCIAL LTD.

N O T I C E IS HEREBY GIVEN as follows:

(a) NAUTICAL BUSINESS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) GRANDI ENTERPRISES LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) MIRO COMMERCIAL LTD. 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 23rd January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 26th January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 3rd day of February, A. D. 2017

Dated this 3rd day of February, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

NOTICE

FELINOS INVESTMENTS LIMITED

ROSIS INVESTMENTS LIMITED

EMSDEN LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a) FELINOS INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 23rd January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. Dated this 3rd day of February, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator

N O T I C E IS HEREBY GIVEN as follows:

(a) ROSIS INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) EMSDEN 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 26th January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 23rd January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 3rd day of February, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator

THE TRIBUNE

Friday, February 3, 2017, PAGE 7

Mexico exports no longer just avocados, tequila

MEXICO CITY (AP) — If the United States imposes a border tax on Mexican imports, it’s not just tequila, beer and avocados that would jump in price. Mexico is the world’s leading exporter of refrigerators and flat-screen TVs. Cars and trucks such as the Ram 1500 crew cab, Ford Fiesta and Chevrolet Trax fill U.S. dealer lots. Mexican berries, vegetables and beef born south of the border abound at American supermarkets. It is an amazing state of affair for a country that, as late as the 1980s, basically exported just oil — a country transformed by embracing the open markets promoted by its U.S. neighbor. “In just three decades, we changed from an economy

that was basically exporting raw materials.... Eighty percent of our exports were oil,” President Enrique Pena Nieto said at a ceremony promoting made-in-Mexico goods this week. “Back then, we were rather uncompetitive, and we would have a hard time competing (abroad) with the products produced here.” Pena Nieto had reason to crow: Even while Mexico’s oil production has fallen steadily, U.S. imports from Mexico increased 638 percent since 1993, just before the North American Free Trade Agreement took effect, according to the U.S. Trade Representative’s office. The top-selling U.S. imports from Mexico in 2015 include $74 billion worth

of cars, trucks and other vehicles, electrical machinery ($63 billion), machinery ($49 billion) and optical and medical instruments ($12 billion). While the price-tag benefit to U.S. consumers is clear, critics complain the effect on U.S. workers has been dismal. A unionized auto worker in the U.S. can make $58 an hour in wages and benefits. By comparison, a Mexican auto assembly worker makes a little more than $8. One of the most visible success stories has been in agricultural exports to the U.S., which totaled $21 billion in 2015, making Mexico America’s second largest supplier of agricultural imports. Mexico supplies about 77 percent of all

avocados consumed in the United States, and about one-third of its tomatoes. Mexico’s climate and very low agricultural wage rates give the country a huge advantage for many crops and former President Vicente Fox, whose family has long been involved in agriculture, has floated the

idea of exporting another sort of crop to the U.S.: marijuana. “Once it is legitimate and legal, of course. I’m a farmer, and I can do it once it is legal and approved as an industry,” Fox said. The achievements leave many Mexicans cold. In many of the most success-

ful categories — autos, appliances, TVs and mining — the dominant firms are foreign, and many of the components they assemble in Mexico are imported, in turn, from their home countries. Mexico still does little of the research and design work.

A leading vacation ownership resort is seeking an applicant for the position of: AssistAnt Director of Housekeeping The incumbent will be responsible for the daily management of the resort’s housekeeping department, while giving focus to the management of the Tower Managers. Provides leadership, standards enforcement, and results for Housekeeping team. responsibilities include: • Conducting daily staff briefings. • Conduct reviews on the quality of room inspections done by Tower Managers. • Inspect and evaluate guest rooms and deficiencies and ensure rooms are cleaned to the required standards. • Supervise, conduct performance appraisals, coach, discipline, hire, terminate, reward, recognize, celebrate and direct all of the activities of the Housekeeping staff while building a strong team. • Train staff while ensuring that they are in compliance with company policy and procedures. • Complete weekly payroll • Prepares and monitors weekly work schedule, based on projected occupancy. Plans, organizes, coordinates and assigns work load. • Focus on the accomplishment of divisional goals. required Qualifications: • College degree preferred but not essential • Minimum job experience of five years in a Housekeeping or Public Areas position. • Computer literacy in MS Word, Excel, Outlook and PowerPoint • Demonstrated knowledge of housekeeping operations in a high volume environment. • Proven knowledge of financial and operational management. • Strong communication skills. interested person can apply to the position on: Atlantislocalbahamas.com Deadline for submissions is february 3, 2017

NOTICE

NOTICE is hereby given that LALAINE NANGCASSAWYER of P.O. Box N-8867, Nassau, 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 27th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT THURSDAY, 2 FEBRUARY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,905.73 | CHG -0.02 | %CHG 0.00 | YTD -32.48 | YTD% -1.68 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.55 4.70 0.12 7.68 8.50 6.10 10.60 15.48 2.72 1.60 5.82 9.75 11.00 9.00 6.90 12.25 11.00

52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 4.10 8.05 5.50 7.72 11.00 2.18 1.31 5.60 6.78 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)

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

MYSTERE INVESTMENTS LTD. In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), MYSTERE INVESTMENTS LTD. is in Dissolution.” The commencement date was changed to 31st January, 2017

Oliver Billeter Weingartenstrasse 7 8805 Richterswil Liquidator

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 2.03 3.92 1.94 169.70 141.76 1.46 1.67 1.56 1.10 6.96 8.50 6.30 9.94 11.21 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 4.38 15.85 9.09 3.52 1.77 0.12 4.10 8.50 5.83 10.50 11.93 2.03 1.55 5.82 9.75 10.95 9.00 6.90 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 100.00 100.00 100.00 107.50 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 4.10 8.50 5.83 10.50 11.93 2.01 1.55 5.82 9.75 10.95 9.00 6.90 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 -0.02 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

107.48 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.02 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

NAV 2.03 3.92 1.94 168.44 141.76 1.46 1.66 1.56 1.07 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 151.0 15.8 N/M 20.7 N/M N/M -136.7 14.0 13.6 23.3 108.5 19.7 19.4 19.4 18.8 11.4 11.0 23.5 19.6 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 0.0

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% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 3.56% 3.91% 2.22% 2.79% 2.80% 3.18% 2.99% 2.26% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-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 1.83% 6.31% 0.00% 5.97% 0.00% 0.00% 2.20% 3.53% 3.77% 3.43% 4.11% 2.99% 3.87% 4.12% 4.10% 0.00% 3.67% 2.03% 5.36% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

PAGE 8, Friday, February 3, 2017

THE TRIBUNE

Stocks end little changed as investors digest earnings NEW YORK (AP) — Stocks ended Thursday’s trading mostly unchanged, as cautious investors focus a large batch of earnings reports from U.S. companies, including Facebook and Merck. Ryder System, a truck leasing company, fell 8 percent after reporting earnings that fell far short of what Wall Street analysts were expecting. Ralph Lauren plunged 12 percent after announcing that Stefan Larsson, who took over as CEO for Ralph Lauren less than two years ago, is leaving the company. The Dow Jones industrial average lost 6.03 points, or less than 0.1 percent, to 19,884.91. The Standard & Poor’s 500 index rose 1.30 points, or 0.1 percent, to 2,280.85 and the Nasdaq composite fell 6.45 points, or 0.1 percent, to 5,636.20. After a post-election

rally that pushed stocks to all-time highs and the Dow above the 20,000-point mark, investors have stepped back this week. Several actions by President Trump, from his immigration ban last weekend, to his various comments on trade, have given investors some concern about whether Trump is hurting U.S. business confidence and the economy more than he’s helping. “The overall economic and financial backdrop for the market looks quite good, but Trump’s comments are spreading some uncertainty,” said David Kelly, chief global strategist at J.P. Morgan Asset Management. Some of that uncertainty could come Friday with the government’s jobs report for January. For this report, the first that will be at least partially under the tenure of President Trump,

economists are expecting employers created 175,000 jobs in January, and the unemployment rate remained at 4.7 percent, according to FactSet. However some recent data, including Wednesday’s ADP private sector report, has given some traders hope for a jobs report over 200,000. Along with being important to investors as an economic indicator, the report is likely to be politically fraught. President Trump has called for measuring unemployment in different ways, through nontraditional metrics like the labor participation rate or the unemployment rate that includes measurements of workers in part-time jobs who want full-time work. Investors had a large batch of earnings and company news to work through on Thursday. Clothing company Ralph

the American flag flies above the Wall Street entrance to the New York Stock Exchange. Stocks are opening modestly lower on Wall Street, yesterday, as traders didn’t find much to get excited about in the latest batch of earnings reports from U.S. companies. (AP Photo) Lauren sank $10.76, or 12 percent, to $77.61 after the company’s CEO unexpectedly departed the company, after less than two years in the position. Stefan Larsson came from Old Navy and had been charged with turning around the iconic clothing brand as its founder continues step back from the company. Facebook fell $2.39, or 1.8 percent, to $130.84 despite the company reporting results that easily exceeded analysts’ expectations. The company continues to see

huge growth in mobile and video advertising, which has bolstered its bottom line. U.S. government bond prices were mostly unchanged with the yield on the 10-year Treasury note holding steady at 2.47 percent. The euro slipped to $1.0764 from $1.0774 and the dollar fell to 112.70 yen from 113.09 yen. Benchmark U.S. crude fell 34 cents to close at $53.54 a barrel on the New York Mercantile Exchange. Brent crude, the benchmark for international oil prices,

fell 24 cents to $56.92 a barrel in London. In other energy commodities, heating oil lost 2 cents to $1.65 a gallon and wholesale gasoline fell 5 cents to $1.53 a gallon. Natural gas rose 2 cents to $3.19 per thousand cubic feet. In the metals markets, gold rose $11.10 to $1,219.40 an ounce, silver fell 2 cents to $17.43 an ounce and copper fell 3 cents to $2.686 a pound.

UK Brexit plan seeks close EU ties, but details still short LONDON (AP) — Britain is leaving the European Union’s single market but wants a "frictionless" new trade relationship with the bloc, the government said Thursday in the most detailed account yet of its EU exit plans. In a bid to ease uncertainty around the U.K.’s exit from the European Union — and appease opposition demands for greater clarity — the government published a White Paper outlining "strategic aims" in divorce talks it plans to trigger within weeks. Brexit Secretary David Davis told lawmakers that Britain would work toward "a new positive and constructive partnership" with the bloc and seek an outcome of "mutual benefit" to both sides. The 75-page document confirms what Prime Minister Theresa May announced in a speech last month: Britain will leave the EU’s single market in goods and services, and also seek a new customs arrangement with the soon-to-be 27-nation bloc. Davis said the goal is "the most free and frictionless trade in goods and services as possible." The word "frictionless" appears frequently as Britain’s ideal relationship, but the document does not go into detail, noting that the

eventual trade and customs relationships will be hammered out during negotiations. It says Britain will leave the single market in order to gain control over immigration — a key issue for many British supporters of Brexit. But it also says Britain may retain "elements of current single market arrangements." And there’s no word on Britain’s future immigration rules. "We are considering very carefully the options that are open to us," the paper says. The document says Britain intends to guarantee that almost 3 million EU citizens living in the U.K. — and 1 million Britons who reside in other member states — can stay, blaming an unnamed minority of EU nations for obstructing a deal so far. Although the tone is upbeat — stressing Britons will remain "reliable partners, willing allies and close friends" — the document gives a sense of the vast scale of the task ahead. The paper says Britain will seek "the closest possible cooperation on key issues like security, foreign policy and science and technology" with the EU, but cannot say whether the U.K. will remain a member of the EU police body, Europol. It lists a raft of EU bodies,

regulating vital aspects of business and society, whose relationship with Britain will have to be hammered out. They include the European Aviation Safety Agency, the European Food Safety Authority and the nuclear energy regulator Euratom. On Wednesday, the House of Commons gave initial approval to a bill authorizing Prime Minister Theresa May to trigger exit talks. She plans to do that by March 31, invoking Article 50 of the EU’s key treaty and setting the clock ticking on a two-year deadline for a deal. The White Paper says Britain is confident of striking a deal by the deadline — but that many of the changes may have to be phased in gradually to avoid a "disruptive cliff-edge." Opposition parties were unsatisfied with the amount of detail in the paper. Labour Party Brexit spokesman Keir Starmer called it "a wish list, not an action plan," and Liberal Democrat foreign affairs spokesman Tom Brake said it offered only "vague platitudes." But British Bankers’ Association chief executive Anthony Browne said "the government’s commitment to free trade in financial services and a phased process of implementation provides important clarity."

Britain’s Brexit Secretary David Davis speaks in the House of Commons, London during the second reading debate on the EU (Notification on Withdrawal) Bill, Tuesday, Jan. 31, 2017. British lawmakers are starting debate on a bill authorizing the start of European Union exit talks, as the government races to meet a self-imposed March 31 deadline to begin the process. (AP Photo)