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THURSDAY, FEBRUARY 9, 2017

$4.27 Broker/dealer holds off Commission’s provisional wind-up By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Bahamian broker/ dealer that admitted to misusing almost $4 million in client monies without permission has temporarily held-off the Securities Commission’s bid to place it into provisional liquidation. Justice Ian Winder this week agreed with Tillerman Securities’ arguments that the capital markets regulator had failed to comply with, and follow the process, set out in section 157 of the Securities Industry Act 2011. This, for the moment, has stayed the Securities Commission’s efforts to appoint a provisional liquidator, and given momentum to Tillerman’s desperate lastditch efforts to avoid being wound up. The hearing before Justice Winder is understood to have taken place in an increasingly acrimonious legal atmosphere, after the

As regulator claims directors ‘interfered with case’ Initial judge ‘recused herself’ in Tillerman battle Strike-out demanded, as first ruling hits regulation Securities Commission’s executive director, Christina Rolle, accused Tillerman’s directors of “interference” with the proceedings. Ms Rolle, in a February 3, 2017, affidavit filed with the Supreme Court, alleged that the first judge hearing the case, Justice Indra Charles, had recused herself as a result of such “interference”. “There have been several attempts by the directors of the company [Tillerman] to See pg b6

Redundancy ‘cap’ raise by 2/3 to ‘cripple’ firms By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Removing the Employment Act’s ‘cap’ on redundancy pay will “cripple and/or bankrupt most businesses” in the Bahamas, the Chamber of Commerce has warned, resulting in mass lay-offs and company closures. The Chamber, in a December 20, 2016, letter to director of labour, Robert Farquharson, spelt out the negative consequences for the Bahamian economy should the Government move ahead with its controversial labour law reforms. The letter, written by Chamber chief executive, Edison Sumner, details proposals to increase the redundancy pay for both

Chamber warns of dire effects from labour reforms Employment Act proposals ‘economically untenable’ 30-day lay-off notice ‘unwarranted interference’ line and managerial staff by two-thirds, or 67 per cent, some two years after the reforms are enacted. The labour-friendly proposals call for line staff notice pay to be increased See pg b8

Bahamas remains in cruise ‘driving seat’ By NATARIO McKENZIE

Tribune Business Reporter

and NEIL HARTNELL Tribune Business Editor

The Minister of Tourism yesterday downplayed the impact from Norwegian Cruise Lines switching 25 sailings from the Bahamas to Cuba, expressing confidence that this nation will remain in the “driver’s seat” as a top Caribbean cruise destination. “In so far as the Bahamas is concerned, The Bahamas solidified itself in terms of cruise arrivals and also the major cruse ships,” Obie Wilchcombe said. “We just signed a major agreement with MSC and, of course. they are developing Ocean Cay. Royal Caribbean has just announced another expansion to their development in Coco Cay.

Carnival is about to make a major announcement and has signed an arrangement with the Bahamas government for Grand Bahama. All the major cruise lines are still in the Bahamas.” Mr Wilchcombe was responding to queries over Norwegian Cruise Line’s decision to swap regular calls on Nassau and Freeport for an overnight stay in Havana, Cuba. The cruise line, in a statement issued to Tribune Business, confirmed the itinerary change, saying: “Following Norwegian Cruise Line’s recent approval to sail to Cuba, Norwegian Sky has adjusted a selection of its previously scheduled calls on Grand Bahama and Nassau to accommodate an overnight call in Havana, Cuba. See pg b5

$4.24

$4.28

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Tripartite Council breached own Act By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The National Tripartite Council may have breached its own founding Act by failing to get “unanimous” agreement on the controversial labour law reforms before submitting its recommendations to the Government, Tribune Business was told yesterday. Peter Goudie, one of the private sector’s representatives on the Council, revealed to Tribune Business that the recommendations forwarded to Shane Gibson, minister of labour, had “not been unanimously” agreed.

Recommendations to Govt on labour law reforms But ‘not necessarily unanimous’ - as law requires Chamber raised concern over issue on December 20 He agreed that this appeared to violate the National Tripartite Council Act’s section three, sub-sec-

tion one, clauses a) and b), which mandate that any recommendations it submits to the Government must by “unanimously agreed” by the three stakeholders represented - the Government, private sector and the trade unions (labour) - in a valid quorum. “All I can tell you is that recommendations have been made to the Minister, but they’re not necessarily unanimous,” Mr Goudie told Tribune Business of the proposed amendments to the Employment Act and Industrial Relations Act. “That’s all I can tell you.” Despite declining to go into detail on the precise

nature of the recommendations submitted to the Government, Mr Goudie agreed under questioning from Tribune Business that the Council may have breached its own Act on the ‘unanimity’ issue. “That’s true,” he replied. “It should be [unanimous], but it hasn’t happened.” Mr Goudie’s revelations are likely to be especially concerning for the Bahamian private sector given the implications of the proposed labour law amendments for the way business is conducted, especially when it comes to redundancy pay and associated costs, See pg b7

Port Lucaya retailer set ‘to pull the plug’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A jewellery retailer is “preparing to pull the plug” on his 25-year presence in the Port Lucaya Marketplace, after Memories’ pull-out became the latest in a series of “devastating” blows for businesses in the area. David Fingland, proprietor of The Jewellery Box, told Tribune Business he

will close his doors for the final time on April 1, once his existing lease expires, due to Freeport’s depressed economic environment. Besides the loss of 1,500 hotel rooms between Memories and the Grand Lucayan, Mr Fingland said Port Lucaya and its tenants had also suffered a 50 per cent slash in cruise passenger traffic over the past twothree years. He blamed this on the decision by Grand Lucayan’s

owner, Hutchison Whampoa, to close off free beach access to the public, which had resulted in the cruise ships directing passengers towards Grand Bahama’s various adventure tour operators and away from the Marketplace. Disclosing that Port Lucaya tenants were “dropping like flies” due to the absence of customers and business, Mr Fingland said See pg b4

Jewellery Box to close on April 1 after 25 years Memories pullout just latest ‘devastating’ blow Traffic off 50% from beach closures, cruise selling

THE TRIBUNE

Thursday, February 9, 2017, PAGE 3

Minister backs Junkanoo Carnival’s privatisation By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Minister of Tourism yesterday backed the privatisation of Junkanoo Carnival, adding that the Government would be able to regain its near-$20 million initial investment over time. Obie Wilchcombe said: “I have recommended, and it is my view, that Carnival ought to be privatised. We have proven over the last two years that it does have traction. “What we should be doing is privatising it and allowing for a private operator to fund it, but pay the Government a franchise fee and allow the Government over a period of time to collect what it has invested.”

Mr Wilchcombe added: “It is a major event which can have a major contribution to the economy and can grow. I think the money we have spent in the past, we should spend some of that now on the refurbishment of the Dundas and the National Centre for Performing Arts, and creating new programmes that will assist the arts.” The Bahamas National Festival Commission’s (BNFC) chairman, Paul Major, said last September that the privatisation of the event has always been the “ultimate objective”. The Free National Movement (FNM) has also pledged to privatise Jiunkanoo Carnival if elected. The Christie administration’s subsidy to the event over the inaugural two years has been almost $20 million, with $11.3

million and $8.1 million spent in 2015 and 2016, respectively. The Festival Commission’s analysis came up with figures showing the 2016 Carnival had a ‘direct economic impact’ of $17.795 million, which was then ‘multiplied by four’ to derive the $70 million overall GDP impact. The figures also revealed that, in return for its $8.111 million subsidy, the Government received $6.347 million in tax revenue - meaning it had to spend $1.28 for every $1 it earned. Ultimately, it suffered a near $1.8 million ‘loss’. The number of vendor employees benefiting from Junkanoo Carnival dropped by almost two-thirds - from 1,200 to 402 - due to the redesigned Cultural Village that cut vendor numbers. As for tourist arrivals, the

data suggests that Junkanoo Carnival’s impact was in the hundreds, rather than the thousands. While May 2016 air arrivals to Nassau/Paradise Island were up 6 per cent year-overyear, the Commission’s data showed an 11.5 per cent increase for Carnival weekend, with 12,006 compared to 10,767 the year before. On Grand Bahama, while air arrivals were down 20 per cent for May, the Festival Commission said there was a 65 per cent jump on Carnival weekend - although the gross rise was less than 800 persons. Some 14,799 Carnival attendees, or 24 per cent, out of the total 60,700 were said to have been tourists. Visitors accounted for one out of three attendees on Grand Bahama.

Minister of Tourism Obie Wilchcombe

Chamber conference aims to push Chamber: Govt ‘listens to us’ economy ‘in the right direction’ By NATARIO McKENZIE

Tribune Business Reporter

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Chamber of Commerce and Employers Confederation (BCCEC) is set to host a conference that will examine the state of the Bahamian economy. Edison Sumner, its chief executive, said February 16 conference, called ‘The State of the Economy Report 2017’, is the first of its kind to be hosted by the Chamber and will examine the various issues affecting the Bahamian economy. It will focus on matters such as as economic growth, credit downgrades, tax reform and the private sector’s involvement in improving the economic out-

nmckenzie@tribunemedia.net

look. “This is not just a conference where we sit and listen to people speak. At the end of this we are going to be formulating recommendations and policies, and taking it to the Government,” Mr Sumner said. “We expect that there will be some outcomes, and we will be putting together a position paper with the assistance of some of the speakers. We expect that in a month or two, after it is completed, we will be presenting a ‘position paper’ back to the Government on how we think we can help to move the economy in the right direction.” Mr Sumner added: “We understand the season that we are in, and that there are going to be general elec-

tions held sometime in the next few months. We are not naive to that fact. That is pretty much the principle reason that we don’t want this to be a political platform. “It has to be where we are talking about the issues. We want to be able to get to the details for what is happening. After the next general electios, we may or may not have a new government. We may or may not have a new Minister for Finance. “I think it is relatively safe for me to say that the people who will be speaking to us will more than likely be speaking to us after the next general election. It’s important for us to get the technical perspective on the economy.”

Carl’s Jr opens a new location on Carmichael Road.

AML adds 36 jobs via third Carl’s site AML Foods has invested $1 million in its newlyopened Carl’s Jr. outlet on Carmichael Road, a venture that has created 36 jobs. The franchise’s third Bahamian location has expanded its reach to southwestern New Providence, taking total employment across all sites to just under 100. The official opening for the 1,400 square foot restaurant is set for this Saturday, February 11, from 2pm to 6 pm. Gavin Watchorn, AML Foods’ president and chief executive, said strong performance and sales have fuelled the Carl’s Jr’s expansion in the Bahamas. “Within the past three years we continue to see positive growth for the Carl’s Jr franchise. When setting up additional locations, we looked specifically at areas capable of attracting the volume needed to sustain and grow this particular segment of our business. We believe that we have found that in the Carmichael area and at the Mall at Marathon,” Mr Watchorn added. Known for its charbroiled burgers, Carl’s Jr’s first location in the Bahamas opened

Carl’s Jr’s Star Team ready to serve at the new Carmichael location.

BISX-listed group invests $1m at Carmichael Road Almost 100 now employed by franchise in May 2014 on the EastWest Highway. A smaller food court outlet came on stream in December 2016 at the Mall at Marathon. “In addition to new entry level positions, we were pleased to be able to recruit from within our existing pool to fill some of the management positions at the

new outlets,” said Renea Bastian, AML Foods’ vicepresident of marketing and communications. “This was particularly rewarding for those employees who took advantage of training opportunities within the franchise.” She added: “The team is excited for customers to experience our newest location in the Carmichael area. We’ve partnered with our friends at Coca-Cola for a major giveaway to be launched during the grand opening on Saturday, and we’re inviting persons to stop by for fun activities planned throughout the day.”

The Bahamas Chamber of Commerce’s (BCCEC) chief executive yesterday defended its relationship with the Government, stating: “They listen to us” Edison Sumner was responding to criticisms that the private sector organisation may be ‘too close’ to the Christie administration, saying: “The Chamber has a very dynamic relationship with the Government. “We meet with them frequently on any number of matters because we have to;it is necessary for us to do that. It is difficult for us to have the level of input into policy or any other ini-

Defends relationship with Christie administration

tiatives if we are not at the table.” Mr Sumner added: “There is criticism that the Chamber is too close to government. It is necessary for the Chamber to have an ‘open door’ policy with the Government right up to the Prime Minister’s level, and we meet with him on a regular basis as well. The only way we get to know what is really happening is when we hear directly from those creating the policy.” Interventions on several initiatives, Mr Sumner said,

provided evidence that the Government was listening. “We believe that the government listens to the Chamber,” he added. “Whether they respond in the timeline we would like, we could see some improvements there. They listen, they call us frequently to get our opinion on various things that are happening, and some things they will not move on without input from the private sector. “When you look at the Business License we have had some interventions there in the past several weeks. We have had some interventions on the Tax Compliance Certificate matter. They listen, they take the recommendations from the Chamber.”

PAGE 4, Thursday, February 9, 2017

Port Lucaya retailer set ‘to pull the plug’ From pg B1 the Marketplace would have been “really, really dead” without the Bahamas Celebration cruise ship. While thankful that the vessel has resumed sailing to Grand Bahama, he added that the Grand Lucayan’s closure meant that Celebration’s ‘overnighting’ passengers had been billet-

ed further away from Port Lucaya - a development that had reduced ‘walk in’ sales and volumes. Revealing that it was too late for his retail outlet, Mr Fingland told Tribune Business: “It’s got to the point where I’ve looked at the whole economic climate, and my lease is up on March 31. “I’ve decided to close my

doors on April 1, after 25 years in business. Memories pull-out is going to hurt all the merchants in Port Lucaya. It’s going to be devastating, especially given that this is winter season, and nothing is happening. “This year, with the hotels closed after Hurricane Matthew, you can forget it now. You can forget it. There’s no light at the end of the tunnel.” Mr Fingland said the closure would affect The Jewellery Box’s three employees, all of whom have been

with the business for 20plus years, but it was simply not viable to continue. Revealing that Port Lucaya’s problems had started two to three years before Memories’ withdrawal, Mr Fingland said: “Hutchison barred tourists walking through their property to the beach. “They stopped that, and charged people $30 if they wanted to come and use the facility. That prompted a big reduction in beach tourists.” He explained that the cruise lines reacted to by directing their passengers to the three excursion providers - Pirate’s Cove, Adventure Tours and Grand Bahama Nature Tours - and away from the Port Lucaya area. “When the ships come to port, 700, 800, 900 passengers go straight to the beach, whereas they used to come here,” Mr Fingland said. “We’re not getting that traffic flow.” He described the reduction in cruise passenger volumes to the Port Lucaya Marketplace as “huge”, and in the vicinity of 50 per cent. Mr Fingland said two cruise ships, Royal Caribbean’s Grandeur of the Seas with a capacity of 3,800 passengers, and Liberty of the Seas with a maximum 2,800 complement, were both docked in Freeport yesterday. “There can’t be more than 100 people shuffling around this place,” he added, “and we’ve had one sale for the day of $350. Here we’ve got to do $10,000 a week to keep afloat, which is the reality. We used to do it; it was fantastic.” Mr Fingland said that despite his business being promoted on-ship to cruise

passengers, Freeport was being marketed by the lines as an adventure tour/beach excursion - as opposed to retail - destination. He added that Carnival’s on-board lecturers were not permitted to even mention there was a beach at Grand Lucayan, further impeding the flow of customer traffic to the Marketplace. Mr Fingland then revealed that the pre-selling of tours to cruise passengers before they arrive in Freeport, and their subsequent immediate transport to these destinations, had also cut sales for his del Sol/Cariloha retail outlet at Freeport Harbour. “Last year and the year before, it was not happening, and the tourists were milling around the port,” he told Tribune Business. “Now, our sales have dropped 25-30 per cent because of this. “We’re trying to negotiate with Adventure Tours to put a kiosk and booth on the beach to try and get that revenue we’ve lost at the harbour.” Mr Fingland credited the Bahamas Celebration with ensuring Port Lucaya Marketplace’s survival, as passengers staying overnight at the Grand Lucayan generated “a lot of good business” for its retail and restaurant tenants. “Everybody would tell you that they make more money off that boat than the Carnival and Royal Caribbean boats that come in,” he added. But now, with just 200 rooms at the Grand Lucayan open, Bahamas Celebration passengers were instead staying at Club Fortuna, meaning Port Lucaya was now losing that business. Mr Fingland’s assess-

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THE TRIBUNE ment of trading conditions was backed by Christopher Paine, a retail tenant in the Grand Lucayan, who said sales were “shockingly down”. “I would imagine people are down by 50, 60, 70 per cent over previous years,” Mr Paine told Tribune Business. “It’s really, really poor. The restaurants only seem to have business at the weekend, when some of the locals come out, but during the week it’s very quiet. In retail, you have this competition with people on the cruise ships being taken to the beach.” Mr Fingland said his Nassau-based Breitling, Del Sol and Little Switzerland outlets gave him “plenty to keep me going, but up here you can forget it”. “I’ve been robbing Peter to pay Paul for the last two years, taking Nassau’s profits to keep this afloat,” he told Tribune Business. “I used to go to the jewellery shows in Miami and Las Vegas, but for the last two years I haven’t bought any merchandise. I could see what was coming with the business and the tonnes of stock I already had. “It’s a struggle. There’s no traffic, no one to sell to, and the hotel customers were the ones that spent the money.” Mr Fingland added that in a “normal environment” he might have been able to sell The Jewellery Box as a going concern, but its location in Freeport - and a general absence of financing - meant buyers were few and far between. “The merchants here are stuck,” he told Tribune Business. “You could normally move this merchandise before you close, but it would take a yearand-a-half to sell the stock we have - all $700,000 to $800,000. “When you’re only making a couple of thousand of dollars a day, it’s virtually impossible. It’s bodies and traffic. If 100 people come through your door, you sell to 10 per cent of them. If five people come through your door, you won’t sell anything. It’s volume.”

THE TRIBUNE

Thursday, February 9, 2017, PAGE 5

Over 80% of Caribbean hotels ‘upbeat’ for 2017

More than four out of every five Caribbean hoteliers “have an encouraging outlook for 2017”, the region’s main tourism organisations says. Frank Comito, the Caribbean Hotel and Tourism Association’s (CHTA) director-general and chief executive, said the results of the organsation’s second annual industry performance and outlook study showed sector players were becoming more upbeat about their growth prospects. He said the survey showed “more than four out of five (81 per cent) hoteliers have an encouraging outlook for tourism in 2017.” Mr Comito added that the survey, conducted by CHTA, was undertaken “to assist the organisation in gaining a better understanding of the state of the tourism economy, its outlook, and the degree to which a number of factors impact or may affect - the tourism industry.”

Frank Comito The CHTA survey, conducted during the first two weeks of 2017, took a representative sample of hotels, from various sizes and categories, throughout the Caribbean. It looked at their 2016 performance and 2017 expectations in areas such as employment levels, revenue, profits, capital spending, room occupancy and rates. In 2016, hoteliers report-

Bahamas remains in cruise ‘driving seat’ From pg B1 “Norwegian Cruise Line will continue to call on Nassau, Bahamas, year-round with Norwegian Sky every Saturday; Norwegian Gem each week during the summer months; and Norwegian Escape, the line’s largest ship, every Friday in the winter months and bi-weekly in the summer months.” It pointed out that Norwegian Cruise Line did not have any five-day cruises to the Bahamas, Tribune Business having been given two four-day cruise schedules, both of which confirmed the switch to Cuba. Norwegian Cruise Line, in a statement issued to the media the previous day, said 25 four and five-day cruises during the 2017 second half will now enjoy “an overnight stay in Cuba’s historical and culturally-rich capital of Havana”. Tribune Business obtained additional information showing that allday calls on Nassau and Freeport were dropped to make way for Havana. This showed that the Norwegian Sky’s four-day cruises from Miami to the Bahamas typically spend Tuesday’s docked in Freeport from 8am to 5pm, followed by a Wednesday call in Nassau that lasts from 8am to 6pm. Mr Wilchcombe said: “From time to time there will be changes and rotations, and we understand that. As far as we are concerned we have a good relationship with Norwegian and with the other cruise lines, and we intend to keep that. “The Bahamas understands that we must always improve upon the product because of the competition, but we will also be in the driver’s seat.” Mr Wilchcombe added: “Because Cuba cannot take some of the large vessels, the Bahamas will still be accommodating more of the large vessels, but Cuba is part of the Caribbean, such as Jamaica, the Dominican Republic and others, and we are working always with them on a multidestination marketing. We must at all times continue to improve on our product.” Free National Movement (FNM) deputy leader, K Peter Turnquest, yesterday argued that the Bahamas needs to work “double time” to ensure that other cruise lines do not end their calls on Bahamian ports in favour of Cuba. “We will experience a loss of customers, a loss in revenues and profits and an increase in our national debt,” he said of Norwegian’s decision. “When companies start to leave the Bahamas and a trend is allowed to begin, it is hard to stop. “This change in destinations will mean that the Bahamas will lose out on 25 cruises, which make stops in both Nassau and Freeport, in the second half of 2017. This will have major negative impact on our tourism industry. “With the US-Cuba relations on the mend, the Bahamas needs to work double time to ensure that other cruise lines do not end their calls on Bahamian ports.” The Ministry of Tourism,

giving its own take, said it was “regrettable” that Freeport and Nassau had been dropped from the 25 cruises’ schedule, especially given Hurricane Matthew’s impact on the former. “The timing for the Sky to drop Freeport, Grand Bahama, an island that is still recovering from the effects of Hurricane Matthew, which struck the island in October 2016, is regrettable. We look forward to Norwegian returning to that island in 2018,” the Ministry said. It added that the Norwegian Sky would still be calling on Nassau on its threeday cruises, and said all the cruise lines vessels came to the Bahamas, being “vested” in this destination. Pointing out that Norwegian’s vessels all came under the Bahamian flag, the Ministry of Tourism said: “Figures from 2016 show that cruise visits were up by 5.8 per cent over 2015. A total of 4,219,218 visitors cruised to the Bahamas through to November last year, compared to 4,066,530 for the same period in 2015. As a result, thousands of jobs and millions of dollars have been injected into the Bahamian economy as a result of the cruise industry. “Moreover, many cruise lines who committed to move their itinerary to Asia have moved back to the region, where the Bahamas owns the market share. This is further evident in the investments by all major cruise lines including Norwegian, Royal Caribbean, Disney, MSC and Carnival Cruise Line. “It should be noted as well that several new cruises by major operators were added to the Bahamas in 2016, including the Carnival Vista, which has capacity for up to 5,000 guests, and Royal Caribbean Harmony, which has a capacity for up to 5,400.”

ed an even split on revenue performance, with 47 per cent recording an increase and a similar percentage reporting a decrease. While expectations for the year were initially higher initially, 2016’s mixed performance came after an exceptional year for Caribbean tourism in 2015. “Hoteliers entered 2016 with high performance expectations, but these were tempered as a combination of unanticipated factors surfaced during the year,” said Mr Comito. These events included a warmer than usual winter in

the region’s primary feeder markets; Canadian and UK exchange rates; Brexit; the threat of Zika; and political and economic uncertainty in parts of the world. Despite this, profitability improved over the previous year, with most hotels registering a net profit in 2016. Seventy-eight per cent of respondents reported a net profit, while 22 per cent reported a net loss. Looking ahead, for 2017 more than two-thirds (67 per cent) of Caribbean hoteliers surveyed anticipate an increase in revenue, and 56 per cent expect a slight

improvement in profits. Some 55 per cent of hotels also increased capital investment in 2016, with a quarter of those investing over 10 per cent more than they did in 2015. “This is a positive sign and an indication of longterm confidence by Caribbean hoteliers in the industry,” said Mr Comito. Although room occupancy decreased for more than half (51 per cent) of the reporting hotels, a significant proportion (29 per cent) reported an increase in occupancy. More hoteliers are optimistic for 2017,

with two-thirds expecting an increase in occupancy. Despite the fact that average daily room rates (ADR) were reduced by 45 per cent of hotels, some 42 per cent increased their’s. For 2017, about 55 per cent of hoteliers expect to increase ADRs, while only 15 per cent expect downward pressure on rates. Employment levels were maintained by 55 per cent of survey respondents in 2016, while only 17 per cent reduced staffing levels. Some 28 per cent hired more staff, and this pattern is anticipated to continue in 2017.

PAGE 6, Thursday, February 9, 2017

Broker/dealer holds off Commission’s provisional wind-up From pg B1 interfere with participants in these proceedings,” Ms Rolle alleged. “Indeed, it is noted that the honourable judge initially hearing this matter saw fit to recuse herself after one such attempt by a director.” No details or names were provided in Ms Rolle’s affidavit, and there is nothing to suggest that Justice Charles has done anything wrong. However, Tribune Business understands that Ms Rolle’s allegations triggered an outcry during the Supreme Court hearing before Justice Winder, with Damien Gomez QC, the former minister of state for legal affairs, who is representing Tillerman’s directors, branding the claim ‘scandalous’ and demanding that it be struck from the evidence and court filings. The directors are understood to be denying the claims. This has not happened yet, and Tribune Business understands that the Securities Commission is standing behind its claims. Ms Rolle’s affidavit detailed the Securities Commission’s complete determination to place Tillerman into provisional liquidation, after the broker/dealer admitted to using clients monies to fund its operating expenses and business development plans without first getting their permis-

sion. Tribune Business, previously revealed that apart from “the improper use of its clients’ funds”, Tillerman Securities has also been unable to meet the minimum $300,000 regulatory capital requirement for two years. Detailing numerous serious breaches by the Bahamian-owned broker/dealer, the Securities Commission added that Tillerman was also “insolvent”, with assets exceeding liabilities following several years of sustained losses. The provisional liquidation application came following an 18-month saga that concluded with Tillerman’s alleged failure to both reimburse its clients and remedy its regulatory capital deficiency. Ms Rolle, in her February 3 affidavit, alleged: “The directors of the company have admitted in correspondence that money was used inappropriately, and without the permission or consent of its clients. “As the regulator, the petitioner [Securities Commission] is concerned that this behaviour is unacceptable and challenges the integrity of the industry. “The directors have, in correspondence and in various meetings, repeatedly given assurances that certain actions will be carried out but failed to do so.” Acknowledging that some of Tillerman’s clients

had agreed to participate in a “financial arrangement” to cure the broker/dealer’s deficiencies, and thereby save the company, Ms Rolle said this still remained unsatisfactory to the Securities Commission. Detailing Tillerman’s “history of failing to follow through on assurances” that it would remedy its legal an financial faults, Ms Rolle argued that “the only correct course” was to appoint a provisional liquidator to oversee the implementation of such a ‘rescue plan’. “Without the appointment of a provisional liquidator, the petitioner, as regulator, does not believe that the interests of investors/clients/creditors and the Securities Commission would be served,” Ms Rolle alleged. The courtroom has become increasingly crowded as a result of the Tillerman battle. Apart from Michael Scott, of Scott & Company, and Gawaine Ward, who are acting for the Securities Commission, and Mr Gomez, who is representing the directors, other attorneys present include Roy Sweeting, of Glinton, Sweeting & O’Brien, for Tillerman, and Lennox Paton on behalf of several Tillerman clients. Outlining the agreement to rescue Tillerman, Hans Christian Saunders, its managing director, said the original deal with 13 of the broker/dealer’s clients “would have the net effect of making all clients whole and returning Tillerman to both solvency and compliance with its regulatory capital requirements”. Mr Saunders, in a Su-

preme Court affidavit, said the 13 clients had given “retroactive consents” to Tillerman borrowing their assets, and the near-$4 million debt was to be removed from the broker/dealer’s books and secured by mortgages over $6.3 million worth of Bahamian real estate. Its execution, though, had been delayed by the need to obtain Bahamas Investment Authority (BIA) approval for the mortgages, with Mr Saunders revealing that the ‘rescue plan’ had “expanded somewhat since”. “The clients will now take 100 per cent of the shares of Tillerman Securities in consideration of their financing of the debt,” he said. “In addition, the debt will be secured for the time being by personal guarantees given by the current shareholders as to the future performance of Tillerman Securities.” With Tillerman’s existing shareholders and directors having accepted the client offer on January 31, Mr Saunders promised that if allowed to proceed, the agreement would remove the $3.9 million debt from the broker/dealer’s books, return it to solvency and make all clients whole. Mr Saunders and his fellow directors, including Anthony Dupuch and attorney Craig Butler, would be removed from ownership and control, with the losses and expense associated with a liquidation avoided. “Damage to the reputation of the jurisdiction as a financial services centre will be avoided,” Mr Saunders said, adding that the ‘rescue plan’ would produce “a

vastly better outcome than that presented by a liquidation”. However, as indicated by Ms Rolle’s affidavit, the Securities Commission is far from convinced about the plan’s merits, hence its demand for a provisional liquidator to be appointed. Tribune Business understands that the regulator is concerned by the fact no ‘new money’ appears to be being injected into Tillerman, and is questioning why the clients would forego the sums owed to them in return for vague promissory notes and guarantees by the existing owners. The Securities Commission is also thought to be querying why any investor would seek to acquire Tillerman given its history, as the broker/dealer is effectively insolvent, unregistered and has been without a license to operate since late September 2016. Further concerns surround the fact that the ‘rescue plan’ massively overvalues Tillerman, and nothing has been mentioned about how all other clients - those outside the 13 - will be taken care of. However, the Securities Commission has been held at bay for the moment by Justice Winder’s ruling, which found that it did not follow the processes set out in section 157 of the Securi-

THE TRIBUNE ties Industry Act. This section relates to the ability of Securities Commission licensees to appeal any final decision it makes to the Supreme Court, once the regulator has completed its own disciplinary processes and hearings. The Securities Commission, though, is understood to be arguing that section 157 does not apply to the Tillerman situation, as the formal process was never invoked and a ‘final decision’ never taken. Instead, it claims its actions against Tillerman were covered by the Act’s section 69, which allowed it to impose conditions on the broker/dealer’s license and registration until it complied. When it failed to do so by a specified timeline, the Securities Commission refused to renew its license and moved for the provisional liquidation. Tribune Business understands that the Securities Commission intends to appeal Justice Winder’s finding to the Court of Appeal, faring that the ruling could have major implications and potential negative consequences - for its ability to regulate the Bahamian capital markets.

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THE TRIBUNE

Thursday, February 9, 2017, PAGE 7

Tripartite Council breached own Act From pg B1 plus workplace and trade union relations. The proposed changes to the Employment Act and Industrial Relations Act have already run into strong employer resistance (see other article on Page 1B), given the increased costs and bureaucracy they threaten to impose in a difficult economic environment. Tribune Business has seen evidence suggesting that the proposed reforms were largely drawn up by the trade unions, in the aftermath of the Sandals terminations and Melia Nassau Beach Resort dispute. Therefore, the submission of recommendations in the absence of unanimity is likely to heighten fears among employers that the Government and trade unions are determined to ram the reforms through prior to the general election regardless of the consequences. Concerns that the National Tripartite Council appears to have breached the ‘unanimity’ clause in its own founding Act were also detailed in a December 20, 2016, letter written by Chamber of Commerce (BCCEC) chief executive, Edison Sumner. The letter, sent to Robert Farquharson, director of labour, in his capacity as chairman of the National Tripartite Council (NTC), expresses concern about a draft December 15, 2016, document that was sent by the Council to Alphaeus Forbes, acting permanent secretary in the Ministry of Labour and National Insurance. “Based on our review, we note that the recommendations outlined in the letter have not been ratified unanimously by the NTC,” Mr Sumner wrote. “We fully support that one of the functions of the NTC is to ‘review current labour legislation and make recommendations for amendment or codification of the same’. However, this function must be exercised within the express parameters of the Statute. Mr Sumner then drew at-

tention to section three in the Act’s schedule, which deals with the issue of a valid ‘quorum’ on the National Tripartite Council. The Act states that a ‘quorum’ can only be formed on the Council when five members are present, with at least one representing each “social partner” - meaning the Government, trade unions and the private sector. And the law also requires that all National Tripartite Council decisions “be unanimous decisions of the executive members present and constituting a quorum”.

Setting out the Chamber, and private sector’s, previous concerns, Mr Sumner wrote on December 20: “Accordingly, any decisions from the NTC which are not unanimously agreed by the executive members, constituting a quorum in any meeting, will be ultra vires to the powers derived under the National Tripartite Council Act (the Act). “The recommendations outlined in the missive forwarded from the NTC were not unanimously agreed, as these were not supported by the private sector representatives. “Therefore, it is the BCCEC’s position that the NTC will be acting in contravention of the Act, and ultra vires to the express

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powers contained therein, if the draft letter is submitted as recommendations of the NTC.” Mr Sumner said the Chamber was obliged to inform Mr Forbes and Mr Gibson, as minister of labour and national insurance, that the recommendations originated from “specific social partners” likely the trade unions and, possibly, the Government’s Council representatives. He emphasised that the Chamber and private sector wanted to maintain “a harmonious relationship” with the National Tripartite Council, and called for negotiations between all sides

over the proposed labour law reforms to continue. “To date, the energies spent by all social partners of the NTC have achieved consensus on several matters,” Mr Sumner said. “Accordingly, the private sector representatives are of the view that continued active negotiations among the relevant parties will provide the opportunity to resolve the aforementioned matters. “Moreover, as the proposed recommendations will have a significant impact on all stakeholders (the employer, the employee and the Government), the process of negotiation must

be meticulous and deliberate.” The Chamber chief executive concluded: “The costs of doing business in the Bahamas, coupled with the continued sluggish economic environment, requires that the NTC structure be carefully guarded and used to bring recommendations and policies that protect the viability of businesses, which provide economic and employment opportunities. “Policies must balance the protection of rights of employees with the attendant costs of such protections that threaten the going concern of business.”

PAGE 8, Thursday, February 9, 2017

Redundancy ‘cap’ raise by 2/3 to ‘cripple’ firms From pg B1 from the current two weeks to three weeks, with that for managerial employees also increased - from the present one month to five weeks. Line staff are currently entitled to a maximum 24 weeks or six months’ redundancy pay under the Employment Act, gaining two weeks for each year they have been employed up to

the 12-year ‘cap’. However, the Chamber letter says the proposals, which have purportedly come through the National Tripartite Council, call for the ‘cap’ to be increased to 32 weeks (16 years) immediately upon enactment of the reforms. And, ultimately, the ‘cap’ for line staff redundancy pay is to be increased to

40 weeks some two years after the Employment Act amendments are passed. As for managerial staff, the existing 48 weeks (12 months/one year) redundancy pay maximum that they are due currently under the Employment Act is to be immediately increased to 64 weeks. Should the proposals pass, the ‘cap’ will ultimately be lifted to 80 weeks after two years. Should the reforms ever be passed into law, they will effectively make downsizing cost prohibitive for

GN1849

most Bahamian companies. Firms needing to reduce their workforces to survive may find it easier simply to close their doors entirely, sending home even more Bahamians. This was not lost on the Chamber, with Mr Sumner warning: “We do not agree with this recommendation because an increase in redundancy pay will result in significant cost increases for an employer. “In this present uncertain economic climate, an employer cannot shoulder any additional financial burden. Moreover, the costs associated with the increase are not quantifiable.” Just to emphasise the point to Mr Farquharson and the Government, Mr Sumner added: “Employers are charged with the responsibility of making practical decisions for the viability of their business. “A business which remains open is one where employees remain employed. However, this recommendation threatens to cripple and/or bankrupt most businesses, especially small businesses, in the Bahamas, resulting in lay-offs and business closures.”

Mr Sumner said the removal of redundancy pay ‘caps’ in the Employment Act were “economically untenable”, and threatened to further deter job-creating investment and business expansion in a climate were the private sector is already bedevilled by uncertainty. He and the Chamber also came out strongly against proposed reforms that will require all employers to notify the Minister of Labour, and the ‘recognised bargaining agent’ if the workforce is unionised, should they plan to make “one or more employees” redundant. The planned amendments to the Employment Act require companies to give 30 days’ notice to the Minister and trade union, and should they fail to comply with this, “they will be required to pay each affected employee 30 days’ basic pay in lieu of notice” in addition to what they are due under the law. Outlining four key points in opposing this, Mr Sumner wrote: “This will impede the effective management of an employer’s business and will result in the unnecessary interference by a

THE TRIBUNE third party. “Many business establishments on the Family Islands do not have a recognised bargaining agent, and consultation with the Minister will be an arduous and cumbersome process.” Mr Sumner added that the payment of additional compensation to employees, should companies violate the 30-day ‘notice period’, was “economically untenable”. “We are advised that the Supreme Court of the Bahamas has determined that an employer has the sole and unfettered control over its operations and the management of its business,” Mr Sumner said. “Consequently, a recognised bargaining agent is not allowed to interfere with the management and/ or operation of the employer’s business.” The Chamber chief executive added that the Code of Industrial Relations already governed an employer’s obligation to notify the Minister of Labour and relevant trade union in the event of redundancies. As a result, there was no need to include it in the Employment Act.

TRUST MANAGER Leading TrusT Company is seeking a candidate for the position of Trust Manager responsibilities include: • Liaising with senior management in the provision of information/execution of transactions and problem resolution • Managing all associated risks and escalating as appropriate • Preparing periodic administrative reviews of trusts and companies • Liaising with Compliance/Business Risk Management, external auditors and regulators as required to ensure adherence to all internal policies/procedures and regulatory requirements • Ongoing updating and maintenance of trust administration system as it relates to account management • Projects as assigned from time to time.

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THE TRIBUNE

Japan broad trade surplus at 9-year high on weaker yen TOKYO (AP) — Japan’s current account surplus hit a 9-year high in 2016, helped by lower costs for imported oil and a recovery in exports that could add to friction with Washington. The data announced Wednesday came just as Prime Minister Shinzo Abe was preparing for summit meetings later in the week with President Donald Trump, who has complained Japanese don’t buy enough U.S. cars and accused Japan of unfair currency policies he says are hurting U.S. manufacturers. The current account is a wide gauge of trade and includes investment flows as well as exports and imports. Japan’s 20.65 trillion yen ($183.7 billion) worldwide surplus in 2016 was up 25 percent from a year before and the second highest on record. Exports fell by less than imports, leaving a goods trade surplus of 5.58 trillion yen ($49 billion). Japan reported a 628.8 billion yen global goods trade deficit in 2015. U.S. figures reported Tuesday showed Japan logged the second largest trade surplus with the U.S. last year, at $68.9 billion dollars. China’s, at $347 billion, was the highest. Those reports were front page news in Japan, where Trump’s criticism has re-

vived unpleasant memories of “Japan bashing” in decades past. Japanese corporations, banks and other financial institutions are actively investing overseas, seeking higher returns than they can earn in a zero-interest rate, slow growing home market. Oil prices fell to their lowest level in about 15 years in early 2016. That helped trim Japan’s huge costs for oil imports. The yen later gained in value against the dollar, helping to reduce overall costs for imports. The dollar has rebounded against the yen in the past few months as the Federal Reserve began raising interest rates. One dollar now buys about 112.40 yen. Officials say that to forestall complaints from Trump, during his Thursday-Sunday visit Abe plans

to emphasize the important role of Japanese automakers and other companies in creating jobs in the U.S. Documents compiled by Japan’s trade ministry say Japanese manufacturers employ 383,000 people in all industries in the U.S. Some 1.5 million Americans have jobs related to Japanese automakers, including more than 1 million in the parts industry and 375,143 working for dealerships, according to industry figures. Preliminary trade data released by Japan last month showed the surplus with the U.S. fell 4.6 percent in 2016 from a year before to $60.8 billion. Both exports and imports declined, though exports of Japan-made vehicles to the U.S. rose 0.6 percent to 1.75 million units. Japan imported 19,933 vehicles from the U.S. last year, down 7 percent.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, LAVERN FARRINGTON aka LEVAN FARRINGTON of Gregory Town, Eleuthera, Bahamas intend to change my name to CAROLYN LAVERNE SCAVELLA. 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 publication of this notice.

Thursday, February 9, 2017, PAGE 9

A TV shows Japanese Prime Minister Shinzo Abe listening to a question at Diet session, at a foreign exchange brokerage in Tokyo, yesterday. Japanese officials have rejected U.S. President Donald Trump’s suggestion that Tokyo is seeking to weaken the yen against the U.S. dollar to gain a trade advantage. (AP Photo)

A Private Banking Institution is looking for a

IT Manager

Core Responsibilities The IT Manager, who directly reports to the COO, is responsible for overseeing the planning, implementation and operations of the Bank information technology platforms, telecommunications infrastructure, capacity management, and policies and procedures standards for information systems. Additionally, the IT manager is accountable for the effective delivery of customer support services and secure management of the Bank’s information assets. Key responsibilities include: • Ensuring the Bank’s information technology infrastructure is aligned with the strategic objectives of the organization • Ensuring the effective delivery of maintenance and support services to all Bank’s network • Implementing processes and training mechanisms • Ensuring high level of business continuity and availability of critical information systems (appropriate infrastructure and management of disaster recovery solutions) • Ensuring cost-effective, efficient and secure implementation, operations and maintenance of the Bank infrastructure (servers, operating system software, communication protocols, networking devices and security solutions) and overseas its procurement • Developing and documenting information systems strategies and plans • Overseeing and directing development and implementation of information system policies and procedures • Monitoring information investments, including effectiveness, efficiency, functionality and performance of the IT/IS solutions, and security, quality and sharing of data and information • Developing and maintaining service level agreements with internal units and partner organizations for the provision of operational support for information systems. • Providing project management support to ICT infrastructure projects, The position is open to candidates who match the following profile: • A bachelor’s degree in Science, Engineering or Computer Science (or equivalent). • Minimum of 5 years of significant experience with responsibilities for management and support of information systems and information technology, direct management of a major IT operation is preferred. • Proficiency with proven certifications in Microsoft, VMware, & Cisco • Possess excellent knowledge of current technologies, principles, methodologies, best practices and trends relating to the delivery of IT Services • Flexibility in office hours and hands-on approach when required • Strong customer service, organizational, and time management skills • Self-motivated with the ability to work independently • Ability to work under pressure in a fast-paced environment with multiple priorities • Prooven training in disciplines such as Business Administration, Strategic Planning, IT Management, or Information Management, Master’s degree in a related discipline represent an added value Interested persons should submit their curriculum vitae along with a cover letter by February 28th, 2017 addressed to: Private & Confidential IT Manager DA #113658 c/o The Tribune Box P.O.Box N-3207 Nassau, Bahamas Only those candidates meeting the above criteria will be contacted for an interview.

PAGE 12, Thursday, February 9, 2017

THE TRIBUNE

Carbon tax push from former GOP officials faces uphill slog WASHINGTON (AP) — A push by a group of senior Republican statesmen for a tax on carbon to help lessen the effects of climate change is already meeting entrenched opposition from within their own party. Former Secretary of State Jim Baker went to the White House on Wednesday to gain Trump administration support for the plan, which would place a new tax on oil, natural gas and coal and then use the proceeds to pay quarterly dividends to American taxpayers. They said the payments would amount to about $2,000 total each year for families. In addition to Baker, former Secretary of State George Shultz and other former officials from the Reagan and Bush administrations support the effort, billed as the Climate Leadership Council. Republicans, the group argued, need to take a leadership role on fighting climate change, a problem for which they said the evidence is growing too compelling to ignore.

A delegation led by Baker met Wednesday with White House Chief of Staff Reince Priebus, Trump adviser Kellyanne Conway and Gary Cohn, director of the National Economic Council. Baker also spoke briefly with Vice President Mike Pence. A his daily briefing on Tuesday, White House Press Secretary Sean Spicer declined to comment on whether Trump might consider supporting of such a plan. “We have nothing to announce on that,” Spicer said. Speaking to reporters prior to the meeting, Baker conceded the group faces long odds for political success. “This makes such good sense from a conservative, limited government, free market, pro-competitive approach, that at the very least we hope they’ll take a look at it,” Baker said. “But we know we have an uphill slog to get the Republicans interested in this.” Within hours of their an-

nouncement, influential conservative anti-tax crusader Grover Norquist took to Twitter to suggest any proposal that includes a carbon tax is dead on arrival at Capitol Hill. “Now that the GOP can repeal all the anti-energy, anti-job regs--the Left offers to trade those regs for a carbon tax,” tweeted Norquist, president of the group Americans for Tax Reform. “Nice try. No.” Congressional Republicans have repeatedly beaten back proposals for instituting a carbon tax, which would raise the cost of fossil fuels to discourage consumption. In June, the GOP-lead House voted overwhelmingly in support of a resolution opposing carbon taxes, which Republican leaders have said would be “detrimental to the United States economy” and lead to skyrocketing costs for food, gasoline and heating oil. Senate Leader Mitch McConnell’s office declined to comment. The office of

President Donald Trump speaks during a meeting with county sheriffs in the Roosevelt Room of the White House in Washington, Tuesday, Feb. 7, 2017. (AP Photo) House Speaker Paul Ryan did not immediately respond to a request for comment. Baker and Shultz are pinning their hopes on the political appeal to conservatives of sending out regular dividend checks to taxpayers. According to an outline of the plan, the group is calling for a gradually-increasing carbon tax that “might begin at $40 a ton and increase steadily over time.” They estimate it would raise $200 billion to $300 billion annually, which would be redis-

tributed back to taxpayers. With the “carbon dividends” potentially reaching about $2,000 annually for a family of four, the group estimates that about twothirds of Americans would receive more money back than they would pay in increased fuel costs. That would provide an economic incentive to embrace more fuel efficient cars and greener sources of electricity. As part of the proposal, the group also recommends repealing nearly all carbon emissions regulations approved under President Ba-

rack Obama, including the Clean Power Plan. So far, Trump has sent mixed signals on whether or how he will try to slow Earth’s warming temperatures and rising sea levels. He has called global warming a “hoax” and has pledged to reverse Obama’s efforts to curb emissions from coalfired power plants. But the president also recently met with prominent climate activists Al Gore and Leonardo DiCaprio. Ivanka Trump, a close adviser to her father, has indicated interest in working on the issue.

THE TRIBUNE

Thursday, February 9, 2017, PAGE 13

New Nasdaq record on mixed day for US stocks as oil rebounds AP Business Writer – Utilities, real estate and other big-dividend-paying companies led U.S. stocks mostly higher Wednesday, pushing the Nasdaq composite to a new record for the second day in a row. The gains by big-dividend-paying stocks came as bond yields fell, making those traditional safe-haven companies more attractive to investors seeking income. Banks and other financial stocks were the market’s biggest laggards. While investors have been focused in recent weeks on companies reporting their quarterly results, they are also trying to size up whether the Trump administration will deliver on expectations of business-friendly policies that helped fuel the market rally last fall. “You’re beginning to see investors hedging some of their concerns, whether it’s an escalation in the debate between the White House and the judges on the (travel) ban, or concerns over the direction of the elections coming up in the Eurozone,” said Quincy Krosby, market strategist at Prudential Financial. “The question really is whether or not those concerns intensify.” The Standard & Poor’s

500 index rose 1.59 points, or 0.1 percent, to 2,294.67. The Dow Jones industrial average fell 35.95 points, or 0.2 percent, to 20,054.34. The Nasdaq added 8.24 points, or 0.2 percent, to 5,682.45. The index also closed at a record high on Tuesday and last Friday. The Russell 2000 index of small-company stocks fell 2.32 points, or 0.2 percent, to 1,358.74. Bond prices rose. The 10year Treasury yield fell to 2.34 percent from 2.40 percent late Tuesday. That yield is a benchmark used to set interest rates on many kinds of loans including home mortgages. The stock indexes headed lower as trading opened Wednesday and investors weighed the latest company earnings. The market recovered some of its losses by midmorning after crude oil prices turned higher following an early slide. Benchmark U.S. crude rose 17 cents, or 0.3 percent, to close at $52.34 a barrel in New York. Brent crude, the benchmark for international oil prices, climbed 7 cents, or 0.1 percent, to close at $55.12 a barrel in London. Investors bid up shares in companies that posted better-than-expected quarterly

traders work on the Mizuho Americas trading floor in New York. Stocks are opening slightly lower on Wall Street, yesterday, a day after the Nasdaq composite notched another record high. (AP Photo) results and outlooks. Strong fiscal third-quarter earnings propelled Microchip Technology 6 percent higher, making it the biggest gainer in the S&P 500. The stock climbed $4.18 to $73.80. Myriad Genetics jumped 7.3 percent after the diagnostic test maker said sales of hereditary cancer tests have resumed rising, driving revenue to the highest level in three years. The

stock gained $1.12 to $16.52. Panera Bread’s latest results and forecast helped boost the bakery chain $18.63, or 8.7 percent, to $232.90. Botox-maker Allergan also got a lift from its quarterly report card, adding $8.56, or 3.7 percent, to $241.17. Several companies served up earnings and forecasts that fell short of Wall Street’s expectations, send-

ing their shares lower. Akamai Technologies tumbled 10.6 percent after the cloud services company’s latest guidance disappointed investors. The stock was the biggest decliner in the S&P 500, sliding $7.57 to $63.55. Gilead Sciences slumped 8.6 percent after the biotechnology company forecast disappointing sales of its hepatitis C drugs. The stock gave up $6.30 to

$66.83. Zillow Group slid 7.6 percent after the online real estate information company posted quarterly results that included a tally of monthly unique users that fell short of Wall Street’s expectations. The stock lost $2.83 to $34.33. More than half of the companies in the S&P 500 index have reported quarterly results so far, and roughly 60 percent have posted earnings that beat financial analysts’ estimates. Coca-Cola, Twitter and Viacom are among the big companies due to report results Thursday. Major stock indexes in Europe were mixed. Germany’s DAX fell 0.1 percent, while France’s CAC 40 rose 0.3 percent. The FTSE 100 index of leading British shares was flat. Earlier in Asia, Tokyo’s Nikkei 225 rebounded from early losses to rise 0.5 percent, while Hong Kong’s Hang Seng added 0.7 percent. Sydney’s S&P ASX 200 gained 0.5 percent. In other energy futures trading, wholesale gasoline rose 7 cents, or 4.4 percent, to $1.55 a gallon, while heating oil added 1 cent to $1.64 a gallon. Natural gas futures were little changed at $3.13 per 1,000 cubic feet.

PAGE 14, Thursday, February 9, 2017

THE TRIBUNE

Trump is 2nd president to tout unfinished Intel factory

WASHINGTON (AP) — President Donald Trump on Wednesday held up Intel’s plan to invest more than $7 billion in an Arizona factory as a win for his economic agenda, but it’s also a reminder that not all corporate commitments come to fruition. Trump was the second

president to celebrate the computer chip maker’s attempts to expand its domestic production at the same facility in Chandler, Arizona. In 2012, Obama went to the factory’s construction site and celebrated that the plant would produce “some of the fastest and most pow-

erful computer chips on Earth.” “Let’s stop rewarding businesses that ship jobs overseas,” Obama said at the time. “Let’s reward companies like Intel that are investing and creating jobs right here in the United States of America.” But by 2014, however, Intel had pulled back from finishing the factory. The company said Wednesday that it expects to open the plant known as “Fab 42” within four years. “We delayed completion to ensure Fab 42 came online when we expected sufficient demand,” said William Moss, an Intel spokesman. “We’re making this investment now in anticipation of the growth of our business.” Like Obama, Trump declared it a win for workers. “We’re very happy and I can tell you the people of Arizona are very happy,” Trump said. Intel CEO Brian Krzanich said in an Oval Office visit with Trump that the factory will employ about 3,000 workers directly — and 10,000 workers in Arizona in support of the factory.

Krzanich said he made the announcement from the White House because “it’s really in support of the tax and regulatory policies that we see the administration pushing forward.” But Intel has not been a

Legal Notice

NOTICE

(b) The Dissolution of said Company commenced on February 8, 2017 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before March 9, 2017 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. February 9, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

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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 10.48 11.93 2.05 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 100.00 100.00 100.00 105.59 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.55 1.77 0.12 4.10 8.50 5.83 10.48 11.93 2.03 1.55 5.83 9.75 10.95 9.00 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.01 0.00 0.00 0.00 0.00 0.08 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

107.10 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

1.51 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

3,000

1,800 1,000

1,000

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 20.9 N/M N/M -136.7 14.0 13.6 23.3 108.5 19.9 19.4 19.4 18.8 11.4 11.0 23.5 19.7 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

YIELD 1.83% 6.31% 0.00% 5.92% 0.00% 0.00% 2.20% 3.53% 3.77% 3.44% 4.11% 2.96% 3.87% 4.12% 4.10% 0.00% 3.67% 2.03% 5.33% 0.00% 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

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 twentyeight days from the 2nd day of February, 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, CHRISTINA MARIE RAEZENA SYMONETTE-KING of the Western District of the Island of New Providence, Bahamas, intend to change my name to CHRISTINA MARIE RAEZENA SYMONETTE. 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 publication of this notice.

NOTICE

MARKET REPORT 52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 4.10 8.15 5.50 7.72 11.00 2.18 1.31 5.80 6.78 8.56 6.12 6.35 11.92 10.00

NOTICE

Ocean Street, P.O. Box SB-52944, Nassau, Bahamas

(a) AVELAR EXPLORATION EGYPT LTD. is in dissolution under the provisions of the International Business Companies Act 2000

52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.25 8.50 6.10 10.60 15.48 2.72 1.60 5.83 9.75 11.00 9.00 6.90 12.01 11.00

President Donald Trump looks at Intel CEO Brian Krzanich, holding a silicon wafer, during their meeting in the Oval Office of the White House in Washington, yesterday. (AP Photo)

NOTICE is hereby given that SAINT CYR JEAN OSTAIS of

NOTICE IS HEREBY GIVEN as follows:

WEDNESDAY, 8 FEBRUARY 2017

universal fan of Trump’s policies. It was among the tech companies that filed a legal brief that challenged the president’s 90-day ban on travel to the United States from seven Muslimmajority countries.

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

NOTICE is hereby given that CIALIN DANY of Marsh Harbour, Abaco, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, February 9, 2017, PAGE 15 Former President Jimmy Carter, right, and his wife Rosalynn arrive for a ribbon cutting ceremony for a solar panel project on farmland he owns in their hometown of Plains, Ga., yesterday. Carter leased the land to Atlanta-based SolAmerica Energy, which owns, operates, and sells power generated from solar cells. The company estimates the project will provide more than half of the power needed in this town of 755 people. (AP Photos)

Carter: Renewable energy can help Trump create jobs PLAINS, Ga. (AP) — Former President Jimmy Carter said Wednesday millions of jobs could be created in the United States if President Donald Trump embraced renewable energy sources such as geothermal, solar and wind power. Carter, a Democrat who was the first U.S. president to install solar panels at the White House, said he hoped the Republican Trump would give it “deep consideration.” “Sometimes there’s a philosophical objection to this by some — I’ll say right-wing Republicans — but he has a high priority of job creation,” Carter said in an interview with The Associated Press. “If they just remember the tremendous potential of creating millions of jobs in America just from renewable energy sources, that would be a very good counter-argument to those who oppose the concept of global warming being caused by human activity.” Trump has sent mixed signals on whether he will try to slow Earth’s warming temperatures and rising sea levels. During the transition, Trump met with prominent climate activists Al Gore and Leonardo DiCaprio, but he has also appointed oil industry champions who want to reverse President Barack Obama’s efforts to rein in emissions. The vast majority of peer-reviewed studies and climate scientists agree the planet is warming, mostly due to man-made sources. Under Obama, the U.S. dramatically ramped up production of renewable energy from sources such as solar, in part through Energy Department grants. Carter, a former peanut farmer from southwest Georgia, on Wednesday celebrated the installation of solar panels on 10 acres of farmland he owns in Plains, where he and former first lady Rosalynn Carter grew up and still have a home.

Carter, who is 92, leased the land to Atlanta-based SolAmerica Energy, which owns, operates, and sells power generated from solar cells. The company estimates the project will provide more than half of the power needed in the town of 755 people.

“It shows what a small town can do, what one farmer can do,” said Carter. “It’s also a very good source of income for farmers who can get as much as $500 per acre per year by allocating some of their land to solar panels.”

Service Operations Manager – Bahamas Otis, a United Technologies company, is the world leader in reliable, efficient and technologically advanced elevators, escalators and people-moving systems. Our revolutionary Gen2® elevators, energy-saving ReGen™ drives and NCE “green” escalator have clearly set the industry standard for innovation, safety and performance. More than 2.4 million Otis elevators and escalators are currently in operation throughout 200 different countries. We are proud to have a global team that continues to rise to the challenges of a fast-moving company. Together, the people of Otis are creating new ideas and opportunities by collaborating across time zones, geographies and cultures. So just imagine where we can take you! The Caribbean Elevator Company, a subsidiary of Otis Elevator, is searching for a highly motivated, assertive Service Operations Manager, focusing on field execution and field management to ensure a high level of customer satisfaction in the Bahamas. Operations report up through the Ft. Lauderdale office. Can you motivate a team to produce exceptional results? Do you have a strong customer focus and commitment to excellence? If so, this may be the opportunity for you!

Job Responsibilities:

Responsibility for new equipment oversight, modernization, and service business, field operations, customer satisfaction and overall general business management. Ensure safety performance by all of the salaried and field associates.

Education:

Bachelor’s degree required or any equivalent combination of industry experience.

Experience and Qualifications:

Minimum of 10-12 years of relevant work experience; 5 years of experience in the elevator industry required Management experience preferred. Required 2 year minimum experience servicing Otis G2S Machine room less traction elevators 5 years minimum experience servicing OTIS Traction microprocessor controlled systems. Demonstrate solid leadership skills, effective team building, strong communication and presentations skills to effectively develop relationships with internal customers (Otis regional management team as well as employees) and external customers. Assertive, goal-oriented individual who is a team player. Must have demonstrated good business decision-making in previous positions. Strong sales, financial acumen and computer skills. Ensure that relations with existing customers are maintained.

To be considered, all interested and qualified candidates must submit your resume to larry.campbell@otis.com by February 15, 2017.

THE TRIBUNE

Thursday, February 9, 2017, PAGE 19

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

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.

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

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

PAGE 20, Thursday, February 9, 2017

YOUR

THE TRIBUNE

CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019