02232017 business

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THURSDAY, FEBRUARY 23, 2017

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Moody’s: Bahamas deficit will exceed $300m this year

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Moody’s yesterday forecast that the Bahamas’ fiscal deficit will remain above $300 million for this current Budget period, with Hurricane Matthew blowing it slightly higher than the prior year.

The international credit rating agency, in its latest quarterly assessment of the Bahamas’ sovereign creditworthiness, gave an insight into the extent of Matthew’s impact on the Government’s finances by projecting a deficit equivalent to 3.6 per cent of GDP for 2016-2017.

“We estimate that the fiscal balance in fiscal year 2017 will deteriorate to -3.6 per cent of GDP from -2.8 per cent the previous year, due to the negative impact from the damages caused

by Hurricane Matthew last October,” Moody’s said.

“As the Government will incur additional borrow-

Rating agency: Matthew blows it to 3.6% of GDP Forecasts ‘debt trend stabilisation’ by 2018-2019 More upbeat on economy; sees 2% growth in 2018 ing to cover reconstruction spending for public infrastructure, we now expect the central government debt-to-GDP ratio to reach 70 per cent by end of fiscal year 2017.”

While Moody’s estimates are not surprising, its projections for the 20162017 fiscal deficit are more than triple what the Government has forecast last May, prior to the unanticipated $600-$700 See pg b5

Developer’s fear of ‘housing shortage’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Bahamian developer has warned that a looming shortage of quality housing in western New Providence could impact the ability of projects such as Baha Mar to attract essential expatriate management.

Jason Kinsale, Aristo Development’s president, told Tribune Business that the situation was brought home to him when his company was unable to find a property for a new staff member.

The developer of projects such as Balmoral, ONE Cable Beach and Thirty|Six on Paradise Island, said western New Providence’s rental

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Govt in ‘back handed’ Hawksbill change move

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

New incentive regime seeks 80% licensee ‘consent’

A prominent QC yesterday agreed that the Government’s call for Freeport businesses to seek renewal of their tax breaks was a “back handed” attempt to amend the Hawksbill Creek Agreement, with the move representing “the worst formula for business”.

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that the March 6 deadline for Grand Bahama Port Authority (GBPA) licensees to apply for key tax exemptions had only created “confusion and uncertainty” in Freeport.

He argued that GBPA licensees now faced being treated “worse than investors anywhere else in the Bahamas”, who were not being subjected

Tax break uncertainty ‘worst formula for business’ QC: Licensees exposed to ‘ministerial diktat’ City being treated ‘worse than anywhere in Bahamas’ to “a statutory regime as demanding as this”.

Despite not having gazzetted the accompanying regulations to give them effect, the Government on Monday moved to implement its Grand Bahama (Port Area) Investment Incentives

Act 2016 by demanding that the GBPA’s 3,500 licensees apply to it for the granting of renewed tax breaks.

A newspaper advertisement on February 20 FRED Smith QC called on licensees to obtain, complete and submit an application form for continuation of the real property tax, income and capital gains tax exemptions that expired on May 4, 2016, last year.

They were given just two weeks until March 6, 2017, to accomplish this, the date having been chosen because it corresponds to the 10-month application deadline set out in the Act (see See pg b4

Freeport tax deadline ‘heartless and cruel’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Government was yesterday slammed as “absolutely heartless and cruel” for giving Freeport businesses just two weeks to seek the renewal of key tax breaks in an economy that is “on its belly”.

K P Turnquest, the FNM’s deputy leader, told Tribune Business that the

Grand Bahama (Port Area) Investment Incentives Act 2016 and accompanying regulations were “the most ridiculous piece of legislation that has hit Grand Bahama in decades”.

Mr Turnquest, himself a Freeport business owner, said the “tax and bureaucratic burden” facing the Grand Bahama Port Authority’s (GBPA) 3,500 licensees would only increase as a result of having to apply

to the Government for the grant of key investment incentives.

Many observers believe tax breaks, such as the real property tax, income and capital gains tax exemptions that now have to be approved by Nassau, already belonged to the GBPA’s licensees by right through the Hawksbill Creek Agreement, Freeport’s founding treaty.

See pg b5

Two weeks to apply for breaks in economy ‘on belly’ FNM deputy slams ‘most ridiculous Act in decades’ Tax breaks lost, clawed back if firm downsizes

Principal: Tight market an issue with Baha Mar Hard to find quality accommodation for expats market was especially tight between the $2,500-$3,500 per month price points, a trend that was now migrating higher.

“It’s really amazing,” Mr See pg b6

‘Much rides’ on Bahamas closing 27 EU tax deals

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Europe drops ‘low or no tax’ haven criteria

A former Bahamas Financial Services Board (BFSB) chairman yesterday said “a lot is riding” on this nation’s ability to negotiate automatic tax information exchange agreements before the European Union (EU) publishes its threatened ‘blacklist’.

Ex-BFSB chair says auto exchange deals now ‘key’

Michael Paton told Tribune Business that while it was “helpful” that the EU had dropped ‘low or no’ corporate and income tax rates as criteria for whether a nation was automatically considered a so-called ‘tax haven’, “the key” was now for the Bahamas to deliver on its commitments.

EU finance ministers, following their recent meeting in Malta, said the level of tax co-operation and information exchange with its 28 (soon to be 27) members would be a key determinant of whether countries end up on the ‘blacklist’ it is currently preparing.

See pg b6

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PAGE 2, Thursday, February 23, 2017 THE TRIBUNE

Airlines briefed on Baha Mar opening Baha Mar and the Ministry of Tourism’s airlift development team used the 2017 Routes Americas conference to inform airlines about the multi-billion dollar resort’s opening plans.

Bryan Guillot, Baha Mar’s special marketing and airlift consultant, outlined the resort’s ‘soft opening’ strategy for April 21.

This involves opening a small number of guest rooms at the two-tower, 1,801 room Grand Hyatt Resort (followed by more rooms as they become available); the Jack Nicklaus Signature Golf Course, the 100,000 square foot casino, the convention centre, high-end stores and 40 dining outlets.

The SLS and Rosewoodbranded resorts will open later in 2017, with Baha Mar’s ‘grand opening’ scheduled for the winter 2017 season.

“We will focus upon establishing a high service level before any focus is placed on promotion,” said Mr Guillot.

Baha Mar’s phased open-

ing will make it easier for the airlines to ramp up services, and add additional seats, to Nassau/Paradise Island to accommodate the increase in tourist demand.

The Ministry of Tourism said airlines attending Routes Americas showed interest in providing nonstop service from key hubs to Exuma, Eleuthera, Bimini, San Salvador and Abaco.

“We are very pleased about discussions surrounding the development of new airlift opportunities from Europe, and from markets closer afield, to the islands of the Bahamas,” said Tyrone Sawyer, the Ministry of Tourism’s senior director of airlift development.

Routes Americas also provided an opportunity to ‘tweak’ existing route development initiatives with airline partners.

This included plans by CONDOR to begin one flight per week services from Frankfurt, Germany, to Nassau in November, 2017.

L to R: Doug Blissitt, airlift consultant, Nassau/Paradise Island Promotion Board; Jan Knowles, vice-president of marketing for Nassau Airport Development Company (NAD); Tyrone Sawyer, senior director of airlift, Ministry of Tourism; Faye Cash, general manager for airlift, Ministry of Tourism; Christine ‘Chris’ Kennedy, general manager, relationships (network planning), Delta Air Lines; Fred Lounsberry, chief executive, Nassau/Paradise Island Promotion Board; Bryan Guillot, marketing/airlift consultant, BahaMar.

Water and Sewerage Corporation chairman Leslie Miller, pictured along with senior officials of the executive board, has instructed management to expedite works to ensure all Bahamians have access to a safe water supply.

The two 1,500 gallon water tanker trucks are part of ongoing improvements being made to the water supply system around the Bahamas. Photo/BVS Bahamas for Barefoot Marketing

Long Island gains two water trucks The Water and Sewerage Corporation (WSC) has commissioned two new 1,500 gallon water tanker trucks, which have been pressed into immediate use on Long Island.

The trucks represent the start of a much larger project to improve Long Island’s water supply, which is part of a recently-approved $41 million programme.

The effort is partially funded with $28 million from the Caribbean Development Bank (CDB).

Besides Long Island, the Water Supply Improvement Project will also address needs on Cat Island, Crooked Island, Eleuthera, Long Island, New Providence, and South Andros.

While the New Providence component is currently nearing completion, the South Andros works contract was signed in November 2016. Tthe contractor is presently mobilising there, with trenching set to begin imminently.

The San Salvador works contract was signed in January 2017, with the contractor due to mobilise on the island in early March. The Cat Island works tendering will start during the same month.

The Long Island water works tendering process will begin later this year, and will include the extension of the existing central Long Island water supply system northward to Salt Pond, and southward to Clarence Town and Loco-

Part of $41m nationwide infrastructure upgrade bar, inclusive of most side roads.

These works will involve the installation of about 22 miles of new water mains, plus extra water storage facilities and booster pumping stations to supply 350 homes and businesses with piped potable water for the first time.

The two water tanker trucks will assist in delivering potable water to homes and businesses that are beyond the piped water supply system.

“I am pleased to observe the commissioning of these two brand new water tankers, particularly as we are presently in the dry season, and therefore the demand for tanker-supplied water on Long Island is very high at this time,” said WSC chairman, Leslie Miller.

“I have also instructed the Corporation’s senior management team to do all within their power to expedite all project components, as water is life and we still have too many of our fellow Bahamian brothers and sisters without adequate potable water supply. I believe every single Bahamian has a right to good, clean, potable water.”

THE TRIBUNE

Thursday, February 23, 2017, PAGE 3

Final Development Plan Business are draft expected for March offerings brought Aliv

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net The second and final draft of the National Development Plan (NDP) is expected to be completed next month, a Cabinet minister said yesterday, adding that its objectives were “perfectly aligned” with the United Nation’s (UN) Sustainable Development Goals (SDGs).

Khaalis Rolle, minister of state for investments, speaking at the Small Island Developing States (SIDS) conference, said the NDP had undergone numerous changes to “ensure we get

it right”.

“We realized that the goals and objectives of the National Development Plan mirrored that that of the Sustainable Development Goals,” Mr Rolle said.

“We wanted to ensure that we were perfectly aligned with the goals and objectives of SDGs. The entire underpinning of this week’s symposium is based on our presentation of the first comprehensive and widely consultative National Development Plan. We have aligned our objectives with the SGDs. They are one and the same.”

Mr Rolle added: “We are at the stage where we will do the second draft of

the plan. We have refined it many times just to make sure we get it right.

“Many of the problems we are facing can be traced to the lack of a proper National Development Plan.

We want to make sure we tie in all of the different inputs so that we have an intensity of focus and get the most out of whatever strategy we are employing.

“The second draft will be presented in March. That will be the final draft before we present the final plan.

It will come to Parliament.

We have already drafted the enabling legislation for it and we hope to get this done; hopefully before we go into the elections.”

The UN’s Small Island Developing States Symposium on Implementing the 2030 Sustainable Development Agenda kicked-off at the Meliá Nassau Beach resort on Tuesday.

The Bahamas has signed on to implement the UN’s Sustainable Development Goals by 2030, and to adhere to the SIDS Modalities Of Action (SAMOA) Pathway.

The 2030 agenda for sustainable development is a set of 17 global goals, with 169 targets between them.

Among the goals are affordable and clean energy, reduced inequalities, sustainable cities and communities and climate action.

Prison inmates to reduce vehicle plate shortages

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet Minister yesterday said the manufacturing of vehicle license plates by inmates at the Bahamas Department of Corrections is likely to begin within the next two months.

“I think they’re looking at March/April that they will be producing license plates in the Department of Corrections,” Glenys Hanna Martin, minister of transport and aviation, said. “That will deal with the historic and chronic issue of shortages, and will bring about higher controls, which has historically been a challenge.

“The workforce will be continuously producing as needed as opposed to what we say historically was the Ministry of Works’ shortage of manpower, lack of materials and that so on.”

Glenys Hanna Martin The decision to allow inmates to manufacture vehicle license plates, similar to what is done in the US prison system, is a key element of the Government’s strategy to equip inmates with marketable skills during their sentences, thus improving their prospects for obtaining a job or starting their own

business when they are released back into society.

Mrs Hanna Martin yesterday added that reforms to the Road Traffic Act are being prepared for consultation.

“There’s a draft piece of legislation. It was circulated to internal stakeholders and the next step is to go out for wider consultation,” she said. “It’s a very significant piece of work; it’s big.

“What we did when we began the process is we held a meeting at the police headquarters and we invited various stakeholders.

That was the beginning of the effort. It is now going full circle to come back to the stakeholder groups.”

Mrs Hanna Martin also lauded the roll-out of the Road Traffic Department’s automated system. “Apart from the sort of initial glitches, if you could call it that, I think it’s gone very well,” she added.

“It rolled out in Grand Bahama with minimal issues, having learned from the lessons of Nassau. They have a very aggressive rollout nationwide. By June I think it will be completed nationwide.

“I think that it’s proving to be very effective. The efficiency level has improved tremendously. The traditional lines that you would have at month’s end at the Clarance A Bain building, you don’t see that.”

She added: “The first year will be a longer process because you have to provide all of the documentation to get into the system, but after October of this year it will be almost seamless.

“A lot of the delay is in the initial registration.

Once you’re in the system it won’t have to be repeated after that. As efficient as it is now it will be more efficient post-October.”

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas’ second mobile operator, Aliv, yesterday launched its business to business (B2B) offering, a senior executive describing it as a “core piece of the puzzle” in the company’s development.

Aliv unveiled its business community offerings at a corporate launch at Atlantis’s Coral Towers.

Delmaro Duncombe, senior Aliv solutions partner, or corporate sales manager, told Tribune Business that its products could be customised to each customer’s size.

“We will be offering, first of all, traditional mobile services; the use of voice, data and text,” Mr Duncombe said. “We will be offering those services to businesses.

“We have a suite of business plans; our Liberty business plan suites. We have three in particular: Liberty Starter, Liberty Gold and Liberty Professional. Each of those plans have different offerings that we can tailor towards the size of any businesses.

“We offer services as low as two lines that a small and medium-sized enterprise, like a plumbing or construction company, can take advantage of, as well as offerings for the large multinational companies that we know conduct businesses globally from here in the Bahamas.”

Although the B2B segment officially launched in New Providence yesterday, Mr Duncombe said the service is also being offered in Grand Bahama, with Abaco and Eleuthera to

follow imminently.

“The current four islands where we have our services being offered to the retail market is where we will also be offering our services to the business community,” he explained.

“We are very proud of the fact that we have two brand new LTE networks.

The service efficiency and consistency we know is a huge selling point. It’s also a huge requirement for business. Many businesses will want to ensure that they are not having dropped calls and are unable to make or receive calls for any reason.

“As it relates to data, which is important for businesses as well, our offerings are very data rich, very economical and competitively priced. From a sales standpoint this segment of the business is a core piece of the puzzle, as we continue to grow and develop as a company.”

Aliv executives recently told Tribune Business that regulators had confirmed the company met its first roll-out targets, and disclosed it was ahead of schedule in bringing service to Abaco, Grand Bahama and Eleuthera.

For its first target, Aliv had to cover 99 per cent of New Providence and 80 per cent of Grand Bahama, with minimum and maximum signal strengths, by October 1, 2016.

It also had to provide service quality where mobile broadband data and mobile voice services hit 99 per cent availability, targets that URCA confirmed it exceeded at 99.91 per cent and 99.93 per cent, respectively.

Regulator produces fines for filing non-compliance The Securities Commission yesterday said it had released the daily penalties that registrants and licensees will incur if they to meet their filing and financial reporting obligations.

The Assessment of Automatic Administrative Penalties Policy, which was published on the regulator’s website on Friday, February 17, imposes a daily fine of between $100 to $300 for each day the required document filings are outstanding.

The Securities Industry Act 2011 empowers the Commission to impose administrative penalties automatically, but this marks the first time it has set daily penalties relating to capital market licensees’ statutory filing requirements.

The policy provides for automatic penalties to accrue for a maximum of 60 days. In cases where a reg-

istrant or licensee fails to meet their legal filing obligations after 60 days, they will then be referred to the Securities Commission’s enforcement department.

Continued non-compliance could ultimately result in their license being revoked.

The Securities Commission has also released its Filing of Audited Financial Statements Policy, which provides extra information for registrants and licensees on the filing of audited financial statements.

Licensees will suffer a $500 penalty for processing audited financial statement extension applications. An extra $500 penalty will be applied if the extension applications are not submitted to the Securities Commission at least seven days before the financial statements were due to be filed.

The Policy also addresses how the Securities Commission determines the

‘due date’ for receiving audited financial statements when the filing deadline falls on a weekend or public holiday. It also explains the regulator’s filing expectations for documents requiring “immediate” filing.

The Securities Commission said it hopes both policies will reduce the number of licensees/registrants failing to meet their legal filing obligations.

As the regulator for investment funds, securities and capital markets, the Securities Commission requires various submissions from its registrants and licensees to assess their solvency and risk levels, and ensure that the capital markets and securities dealings are orderly, fair and equitable.

The policies are posted on the Securities Commission’s website (www.scb. gov.bs).

PAGE 4, Thursday, February 23, 2017

Govt in ‘back handed’ Hawksbill change move From pg B1 other article on Page 1B).

However, one Freeport private sector source, speaking to Tribune Business on condition of anonymity, argued that through this application process the Government was really trying to obtain the necessary ‘80 per cent’ licensee threshold to change the Hawksbill Creek Agreement.

Freeport’s founding treaty requires the consent, or permission, of fourth-fifths or 80 per cent of GBPA licensees before it can be amended in any way - an obstacle that successive administrations have sought to circumvent by passing other legislation.

The business source argued that the ‘tax breaks application’ represented

another attempt to achieve this by the “back door”, and without openly telling GBPA licensees what the Government was doing.

They explained that if 80 per cent of licensees were to apply to the Government for renewal of their tax breaks for a five-year period, then they were effectively consenting to giving up these rights - which are enshrined in the Hawksbill Creek Agreement - and placing them in the hands of the Minister of Investments and his Cabinet colleagues.

“If four-fifths of the licensees go ahead, fill out that form, submit it and pay the $100 fee, they have effectively agreed to amend the Hawksbill Creek Agreement in this fashion, transferring the power from the GBPA and the Agreement

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to the Government,” the source told Tribune Business.

“It’s de facto giving them your consent as a licensee if 80 per cent sign that thing.

The Government will have its legitimate grounds to amend the Hawksbill Creek Agreement in that way with these stipulations and directions; that your rights and concessions are not granted under the Hawksbill Creek Agreement any more, but subject to the whim of the Minister.”

Backing this analysis, Mr Smith told Tribune Business that the Grand Bahama (Port Area) Investment Incentives Act 2016 had created “discrimination” between GBPA licensees “who may or may not be entitled to these exemptions”.

He added that himself and fellow Callenders & Co attorney, Carey Leonard, had been approached for advice on the issue by several GBPA licensees “who are simply confused about where they stand”.

Implying that legal action might soon follow once the duo had reviewed their clients’ options, Mr Smith added: “This is going to cause confusion and uncertainty in the business community.

“That is the worst formula. Confusion and uncertainty have been compounded by this.”

He added that the Act had delivered “a slap in the face” for GBPA licensees by automatically giving the Port Authority and Hutchison Whampoa, and all their Bahamas-based companies, a 20-year ‘blanket’ renewal of the same tax breaks.

This, Mr Smith argued,

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had placed “the tax burden” for financing Grand Bahama and Freeport’s infrastructure development, maintenance, social services and government costs squarely on the smaller, Bahamian-owned GBPA licensees as opposed to the licensor and Hong Kongbased conglomerate.

Pointing out that Hutchison Whampoa had “billions of dollars in equity”, Mr Smith argued: “This is a very discriminatory and arbitrary construct, which unfairly burdens the smaller licensees and residents inside and outside of Freeport.”

The QC also questioned the criteria that the Investments Board would use in determining which GBPA licensees received the incentives, adding that this would result in some receiving preferential treatment over others.

“This has created the opportunity for very arbitrary decision-making with no accountability and transparency, and leaving it up to the whim and favour of ministerial diktat,” Mr Smith told Tribune Business.

“This gives a massive opportunity for victimisation, favouritism, and unfair competition between one licensee and the next is going to be horrendous.”

Mr Smith said this may breach the Hawksbill Creek Agreement’s own antidiscrimination provisions contained in section 26 (2), arguing that the stipulation that Freeport be treated no less favourably than anywhere else in the Bahamas for investment purposes also applied to the city’s internal affairs.

The application form attached to the Act’s regulations divides GBPA licensees into two categories; those planning a business expansion within the next 12 months, and those who “expect to operate as a going concern and maintain current staffing levels for at least the next five years”.

All businesses, when ap-

THE TRIBUNE

plying for their real property tax, income and capital gains tax exemptions, have to supply ‘the estimated market value’ of their real estate holdings and number of staff employed.

Those planning expansions in the next 12 months, though, must provide extra details such as the number of jobs created and the timeframe over which this will take place; any land development and associated timelines; the amount of capital to be invested; and the source of financing.

These businesses are then also asked to “provide evidence that the investment is sufficiently financed”, “the manner and period within” which the investment will be made, and its projected impact on the Freeport compliance.

Evidence of Value-Added Tax (VAT) compliance, along with site plans, plus economic and environmental impact assessments, are also being demanded by the Government.

The Government’s argument has been that GBPA licensees need to apply for their investment incentives, rather than be given the previous blanket exemption, because too many pocketed the savings rather than undertake job-creating expansions and investments.

The Christie administration also believes the Treasury spends more in Freeport than it earns from the city, despite providing no conclusive evidence yet to support this, further increasing the need to get the necessary ‘value for money’ from the tax breaks on offer.

Yet while the application form appears innocuous, several potential pitfalls emerge for the private sector when it is read in conjunction with the Act. The legislation applies to both Bahamian and foreign investors and landholders, although the former are exempted from real property tax come what may - something that is in accordance with how Bahamians are treated in the Family Islands.

The Act, though, allows the Investments Board and Minister to determine the extent of the tax breaks granted to each GBPA indi-

vidual licensee, and for how long.

They can also “stipulate conditions for inspection” to check that GBPA licensees are fulfilling the commitments they made on the ‘tax breaks’ application form.

The real issue for the private sector, though, is section six, which allows the Minister for Investments to “reduce or revoke in full” the tax breaks granted, and even “demand payment in respect of any money that would have been payable had no concessions under the Act been conferred”.

This effectively “locks in” GBPA licensees to maintaining employment levels for a five-year period regardless of whether there are further market or economic downturns outside their control.

Should a licensee be forced to downsize in those five years to survive, the Act’s section six, would appear to come into play, allowing the Government to demand retroactive or ‘back’ taxes from GBPA licensees that fail to meet the promises they make on their application form.

Mr Smith agreed that this was “abusive” and “retroactive”, and essentially made Freeport and GBPA licensees “subject to a statutory regime more demanding” than anywhere else in the Bahamas.

He argued that Baha Mar and other projects that had entered into Heads of Agreement with the Government were not subject to such ‘employment lock-in’ and ‘tax break clawback’ provisions.

“They’re treating Freeport licensees worse than investors anywhere else in the Bahamas,” Mr Smith told Tribune Business.

Another private sector source, speaking on condition of anonymity, said no foreign investor would agree to ‘lock in’ employment levels for five years, given the “fluctuations” caused by market and economic cycles.

“That’s business suicide,” they said simply.

FINAL NOTICE LEGAL NOTICES

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THE TRIBUNE

Thursday, February 23, 2017, PAGE 5

Moody’s: Bahamas deficit will exceed $300m this year From pg B1 million in damage inflicted

by Matthew’s Category Three-Four storm surge and winds.

The Christie administration had projected a $100 million GFS fiscal deficit for 2016-2017, equivalent to around 1.1 per cent of GDP. However, Moody’s estimate is slightly higher than the 3.5 per cent GFS deficit that the International Monetary Fund (IMF) estimates the Bahamas incurred in the fiscal year that ended on June 30, 2016.

Taking $8 billion as the size of Bahamian GDP, the rating agency’s estimate suggests that the Government’s GFS deficit for the current fiscal year will come in around $290-$300 million.

Moody’s, though, given

that it pegged the $2.25 billion in outstanding consumer credit as equivalent to 25.5 per cent of Bahamian economic output in 2016, is suggesting that this nation has a $9 billion GDP. Applying the 3.6 percentage to this figure would place the estimated 20162017 fiscal deficit at around $324 million, highlighting just how badly natural disasters can blow a nation’s finances off course.

The Government sought to borrow $150 million in emergency credit immediately following Matthew, a target it largely met. However, this increased both the GFS deficit and national debt beyond projection, with Moody’s revised estimate for the latter now placing it at the ratio considered by the IMF as a ‘danger’ threshold.

Freeport tax deadline ‘heartless and cruel’ From pg B1 Now, with the city’s business community having to apply to the Government for their tax break ‘rights’, Mr Turnquest said it was “not going to inspire” Bahamian and foreign investors to undertake job-creating capital expansion.

Describing the process initiated by the Act as “a job killer”, the FNM deputy leader argued that the GBPA and Hutchison Whampoa - Freeport’s two largest investors - were, in contrast to the former’s licensees, “being allowed to go scott free” via the automatic 20-year renewal of their tax breaks.

Mr Turnquest was speaking as discontent in Freeport’s private sector continues to build, following Monday’s publication of an advertisement requiring all GBPA licensees to apply for the renewal of their investment incentives by March 6.

This gives them just two weeks to submit their application, and details of any investment/expansion projects they plan to undertake within the next 12 months, to the Government’s Investments Board.

One Freeport-based attorney, speaking on condition of anonymity, said of the March 6 deadline: “You’re running a business, and are supposed to drop everything for this.

“It’s the last minute.

They’ve put such a ridiculous timeframe on it. It’s so amateurish. Why not do as they did with VAT and FATCA, and give a proper lead time for the business community?”

The Government, for its part, is likely to argue that GBPA licensees had ample warning of what was coming, given that the original Grand Bahama (Port Area) Investment Incentives Act took effect on August 26, 2016.

The Act was later amend-

ed to give GBPA licensees more time to apply for the renewal of their tax breaks as a result of Hurricane Matthew, extending the period from six to ten months after their prior May 4, 2016, expiry.

The amended Act was gazzetted (took effect) on December 22 last year, with March 6 marking the 10-month application it stipulated.

Prime Minister Perry Christie then tabled the Act’s accompanying regulations, the Grand Bahama (Port Area) Investment Incentives Regulations 2017, earlier this month. However, these have yet to be gazzetted, meaning the regulations have not yet officially taken effect.

Regardless, the Government has pressed on with implementing the regulations as evidenced by Monday’s advertisement, with GBPA licensees told to either download the application forms from its website, or collect them from the Ministry of Grand Bahama, Port Authority or local government.

The applications forms, though, have yet to be made available online as promised. Tribune Business sources said businesses that had visited the Ministry of Grand Bahama to collect them had been informed by officials that the March 6, 2017, deadline was likely to be pushed back.

Mr Turnquest, meanwhile, described the twoweek deadline as “a bit drastic”, and warned that implementing Freeport’s revised investment regime now would only be a further setback to an economy already treading water.

“To be quite frank, for an economy that is literally on its belly, not on its knees but on its belly, for the Government to be making such a demand now is absolutely ridiculous, heartless and cruel, and it’s obvious they

Moody’s assessment, though, struck a more upbeat tone on the Bahamas’ medium-term fiscal prospects, suggesting that the $6.8 billion national debt and accompanying ratios will peak - and starting declining - by the 2018-2019 fiscal year.

“Thereafter, fiscal consolidation efforts that include boosting revenues through higher tax compliance, as well as measures to rein in expenditures, will contribute to the stabilisation of the debt trend in 2018-19,” Moody’s said yesterday.

“That said, downside risks remain due to a still weak, albeit recovering, economic performance, and the Bahamas’ susceptibility to climate-related events, such as hurricanes, that imply a fiscal cost in the absence of buffers.”

The rating agency was also more optimistic on the Bahamas’ economic outlook given expectations that the multi-billion dollar Baha Mar project will be completed this year and

open under new owner, Chow Tai Fook Enterprises (CTFE).

It added that the recent declines in the unemployment rate, and number of discouraged workers, “also reflect strengthening economic momentum”.

“The recent announcements related to the Baha Mar project are in line with our baseline assumptions that underlie our 1.2-2 per cent growth projection for 2017-2018,” Moody’s said.

Still, it acknowledged that the Bahamas’ annual GDP growth had averaged just 0.2 per cent over the past four years, and suggested faster economic expansion would be impossible unless this nation tackled deep-rooted structural problems in its labour and energy markets.

“For 2016 and 2017 we expect growth to remain below the economy’s potential growth rate of 1.5 per cent, after which economic performance could be boosted to around 2 per cent depending on the progress made on the Baha Mar re-

sort,” Moody’s said.

“Over the medium term, structural rigidities in the energy sector and labour market, as well as impediments to ease of doing business, may constrain growth to rates closer to 1.5 per cent.”

Pointing to the ‘stable’ outlook it currently has on the Bahamas’ credit rating, which is one notch above so-called ‘junk’ status, Moody’s added: “The stable outlook also incorporates the expectation that economic performance will strengthen in 2017-18, returning to levels close to the Bahamas’ potential growth of 1.5 per cent.

“Under this baseline, we would see a stabilisation of the Bahamas’ key economic and fiscal metrics, although these metrics would remain weaker than for most ‘Baa’ rating peers.”

For the Bahamas’ credit rating to improve, Moody’s said it required “a strengthening of budgetary processes, including expenditure controls and improvements

in revenue collections that lead to a rapid deficit reduction”.

It warned that another downgrade could occur if the Government’s commitment to fiscal consolidation and discipline diminished, and economic growth was slower than anticipated, impacting the Treasury’ revenues.

“The debt-to-GDP ratio exceeds the Baa median (45 per cent), having more than doubled over the last decade to an estimated 67.5 per cent by the end of fiscal 2016,” Moody’s said of the Bahamas.

“Government interest payments relative to revenues have also increased over 13 per cent in fiscal year 2016 from less than 10 per cent in fiscal year 2008, suggesting a somewhat limited fiscal space compared with that of most peers. The Bahamas has the lowest fiscal strength score among sovereigns rated ‘Baa’ (same as Colombia and India).”

have no interest in trying to rehabilitate the Grand Bahama economy,” Mr Turnquest told Tribune Business.

“These punitive measures and approval process are not going to inspire investment, they’re not going to inspire job creation, they’re not going to inspire Bahamians to reinvest in their businesses, and they’re not going to inspire developers to purchase tracts of land for development.

“I think the whole process and administrative issues are unreasonable at this time for an economy on its belly.”

The FNM’s deputy leader continued: “This is nothing more than an added bureaucratic burden for Bahamians, in particular, and is a disincentive for Bahamians to invest in Grand Bahama.

“It’s the most ridiculous piece of legislation and regulation that has hit Grand Bahama in decades.

It’s incredibly regressive. I, like most Grand Bahama businessmen, am absolutely outraged by the stupidity of these provisions.”

Mr Turnquest argued that the Act and its regulations would, in effect, place “an unfair burden” on Bahamian-owned licensees, especially small and medium-sized enterprises, “as opposed to the GBPA and Hutchison Whampoa”.

He added that Grand Bahama’s two largest investors were “being allowed to go scott free from any taxes or any kind of development

mandate; the supposed rationale for the rating in the first place”.

The application form attached to the Act’s regulations divides GBPA licensees into two categories; those planning a business expansion within the next 12 months, and those who “expect to operate as a going concern and maintain current staffing levels for at least the next five years”.

The latter category appears innocuous, but when the application form is read with the Act, it effectively “locks in” GBPA licensees to maintaining employment levels for a five-year period regardless of whether there are further market or economic downturns outside their control.

Should a licensee be forced to downsize in those five years to survive, the Act’s section six, ‘Failure to fulfil obligations’, would appear to come into play.

This allows the Minister for Investments to strip

Freeport businesses, partially or in full, of their tax breaks, and even enables them to demand payment of taxes that should have been paid if no concessions were granted. In effect, it demands retroactive or ‘back’ taxes (see other article on Page 1B).

“No one can predict what’s going to happen in the next year or six months,” Mr Turnquest said.

“It’s unreasonable to try to lock people into a commitment at this stage. We’re

Bahamians. We’re free to invest or not invest. We ought not to be pressured, because the environment is not conducive, to retain the employees we have or expand.”

The FNM deputy leader added that “rather than kill off Bahamian businesses and drive away foreign investors”, the Government needed to instead focus on re-opening the Grand Lucayan and former Memories properties and get hundreds of Bahamians back to work.

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods.

Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award.

If so, call us on 322-1986 and share your story.

PUBLIC NOTICE This is to certify that I Ivan Simeon Rolle of Toote Shop Corner, off East Street on the Island of New Providence, The Bahamas, have appointed my attorney, by Power of Attorney to conduct all my lawful business especially matters relating to the Estates of the late Thomas Taylor.

20th February, 2017

SaleS Coordinator essential Job Functions: • Assist with the preparation of sales reports that will assist revenue

management; groups, corporate and leisure clients.

• Prepare all written correspondence and follow up with clients.

• Prepare all creative correspondence to Corporate Clients.

• Oversee all set up and break down of functions Position requirements: • Three years experience at a major company or hotel in a similar

position; • Proficiency in Microsoft Word and Excel spreadsheets; • The ability to assist with Sales Functions

Interested persons should submit their resumes via e-mail to: recruitment.humanresources@outlook.com

PAGE 6, Thursday, February 23, 2017

‘Much rides’ on Bahamas closing 27 EU tax deals From pg B1 As a result, Mr Paton, attorney and partner at the Lennox Paton law firm, said it was imperative for the Bahamas to agree bilateral automatic tax information exchange deals “in principle” at least with all EU member states before year-end.

“It’s definitely helpful,” he told Tribune Business of the EU’s changed ‘tax haven’ criteria, “but if we do not have in place the automatic exchange of information agreements, either in principle or agreed, by the time they’ve completed their review, I’d question whether or not we’d be seen as co-operative and not be on their list.

“In my view, a lot rides on us getting those 27 EU agreements done in principle or in place.”

Michael Halkitis, minister of state for finance, in unveiling legislation to give effect to automatic tax information exchange late last year, said the Bahamas had issued invitations to 43 countries to start negotiating bilateral treaties with this nation.

Among that number were most member of the EU and the Organisation for Economic Co-Operation

and Development (OECD), the two groupings of developed countries that have been the Bahamas’ major nemesis and critics when it comes to tax transparency and information exchange.

Given that the OECD’s Global Forum has rated the Bahamas as “largely compliant” on its existing laws and tax information exchange mechanisms, Mr Paton said the Bahamas’ fate with the EU rested on co-operation and fulfilling its commitments under the Common Reporting Standard (CRS) - the global automatic tax information exchange standard.

“That’s why we need to get the 27 in place. That’s the key,” he added. The Bahamas has already signed an agreement with Japan to upgrade their existing ‘information upon request’ deal to an automatic one.

Mr Paton, though, said that despite signing the protocol to do so, the two nations have yet to reach a Competent Authority Agreement (CAA).

“We’ve done the symbolic part, but not the technical part,” he added.

The Bahamas and other international financial centres (IFCs) have been in the

EU’s cross-hairs for some time, with the continent’s governing body having previously announced plans to publish a ‘blacklist’ of socalled ‘tax havens’ by yearend 2017.

The EU, in rating 81 different jurisdictions for their co-operation on tax matters last September, ‘red flagged’ the Bahamas and nine other countries - mainly its fellow IFCs - for having either no, or a zero rate, corporate income tax.

This, though, has now been dropped, seemingly after pressure from the UK worried about its IFC dependencies, plus European nations who themselves have ‘low tax’ regimes. A ‘zero’ tax rate will now only trigger a closer look at a jurisdiction’s taxation rules.

The Brussels-based EU Commission, though, also placed a ‘red flag’ against the Bahamas when it came to transparency and the exchange of tax information, although on the third and final criteria - the existence of a ring-fenced preferential tax regime - this nation received a clean bill of health.

The EU has so far sent requests to 92 countries, including the US, in a bid to assess practices that could be seen as enabling tax avoidance.

THE TRIBUNE

Developer’s fear of ‘housing shortage’ From pg B1 Kinsale told Tribune Business. “We have zero vacancies at Balmoral right now. We’re seeing a lot of absorption in the $2,500$3,500 market, and seeing the start of it staggering into the over $3,500 market.

“I had a new staff member coming in from overseas, and couldn’t find anywhere for them to live. I think we’re going to have a shortage of quality housing when Baha Mar gets into full effect, definitely in the west, and the gated communities are already a problem. It’s going to become an even bigger issue in the next couple of months.

“This is the first time that Balmoral’s at 100 per cent.

We’re getting two to three calls a day on a regular basis in the $2,500 to $3,500 market, so it’s encouraging, but I also believe it’s going to be an issue. I’m happy for landlords, but the shortage has to be addressed.”

Mr Kinsale said that while the heightened demand was helping to drive

rental rates and benefiting landlords, the downside was the lack of quality accommodation for expatriate executives and their families.

He explained that if they and their dependents were unhappy at home, they “may not want to stay here”, especially given that the likes of Baha Mar executives would be coming from places such as London and New York and expecting accommodation of a certain standard.

Pointing out that new housing units would take at least nine to 12 months to construct, Mr Kinsale added: “Western New Providence is really going to benefit well from everything going on.

“It’s not due to Baha Mar right now. We’ve seen a couple coming in; not in droves. It’s just a general uptick in the market. I think maybe people feel a little better about things.

“It’s the first noticeable uptick I’ve seen in the Nassau market since 2008. I’m

Jason Kinsale seeing it more in the rentals, and I’m hoping it might be enough to make the Bahamian investor realise he needs to invest and satisfy the demand.”

Mr Kinsale said the increased rental demand was also penetrating upscale communities such as Ocean Club Estates and Old Fort Bay, with nothing available in the latter community at $15,000 per month or more.

He added that gated communities were especially sought-after because of Nassau’s ongoing crime problems.

Global markets cautious as investors await Fed minutes SEOUL, South Korea (AP) — Global stocks were mostly higher in subdued trading Wednesday as investors awaited the publication of minutes from the Federal Reserve’s latest meeting, hoping for clues to how quickly it might raise interest rates.

KEEPING SCORE: Britain’s FTSE 100 was up 0.1 percent at 7,283 and France’s CAC 40 shed 0.1 percent to 4,882. Germany’s DAX was flat at 11,971.

Wall Street looked set for a lackluster start, with S&P futures down 0.1 percent and Dow futures flat.

FED WATCH: Investors are eager to know whether the Fed might speed up the pace of its interest rate increases. Chair Janet Yellen indicated that is likely if the job market remains healthy and inflation stays on track.

Though higher rates tend to weigh on stocks, the Fed’s confidence and broader optimism about the economy have buoyed markets. U.S.

indexes broke records again on Tuesday.

ANALYST’S TAKE: “U.S. equity investors returned from the Presidents Day holiday in a very bubbly mood as both the S&P 500 and Dow Industrials closed in on record territory again,” Stephen Innes of OANDA said in a commentary. But he added, “the stage is indeed set for the Feds to come out firing on all cylinders this week, so it would be wise to tread cautiously until the airwaves clear.”

ASIA’S DAY: Japan’s Nikkei 225 finished flat at 19,379.87, while South Korea’s Kospi added 0.2 percent to 2,106.61. Hong Kong’s Hang Seng index jumped 1 percent to 24,201.96 and the Shanghai Composite Index inched up 0.2 percent to 3,261.22.

Australia’s S&P/ASX 200 gained 0.2 percent to 5,805.10. Stocks in Southeast Asia finished mostly higher.

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THE TRIBUNE

Thursday, February 23, 2017, PAGE 7

End of the euro? French candidate plots return of the franc PARIS (AP) — If Marine Le Pen has her way, the French will soon pay for their baguettes with francs, not euros.

The presidential candidate from the anti-EU, antiimmigration National Front party is all about national sovereignty and independence. She wants France to take control of its money, subject to a referendum that would lead France out of the European Union and its shared currency.

But how would France pull off a euro exit, or “Frexit”?

No country has left the euro since its creation in 1999. A number of economists paint dire scenarios in which the departure of one of the euro's 19 countries unleashes chaos: market plunges, controls on money transfers, customs officers stopping people carrying suitcases of cash out of the country, a plague of defaults and lawsuits on bonds and contracts.

The euro was designed to be irrevocable. It's the “Hotel California” principle, as in the Eagles' song: you may wish to “check out any time you like, but you can never leave.”

Le Pen is leading polls for the first round of voting April 23; most polls and prognosticators see her losing the second round on May 7. But after the British vote last year to leave the 28-member European Union, and after Donald Trump's election as U.S. President, fewer people are taking a Le Pen defeat for granted.

Here are scenarios — starting with an explanation of Le Pen's position by Jean Messiha, the economist who drafted her 144-point electoral program.

er than a “hard Frexit” in which France simply pulls out with no agreement or cooperation.

Her election “will be a shock in Europe that will bring our partners around the table,” Messiha told The Associated Press.

The National Front, known in France by its acronym FN, foresees “a sixmonth negotiation period with our partners regarding what will be the new monetary framework, the new type of cooperation once we decide to go outside the euro,” he said.

“If the French people make the choice of Frexit, our partners could not continue to behave as if nothing has happened... The withdrawal of a country as large as France is not a minor event. It will have very important collateral impact on the eurozone. They will be forced to come to the table and negotiate a soft Frexit, not for our sake but for their own sake also.”

Le Pen and the National Front view the euro, which almost broke up during a debt crisis in 2010-2012, as headed for a breakup eventually in any case.

“It is always better to prepare the end of the eurozone instead of waiting until the end, until the eurozone itself explodes,” Messiha said.

The National Front is open to different forms of post-exit cooperation.

Le Pen has mentioned the European currency unit, called ECU, which predated the euro. The ECU was a weighted average of national currencies, used as a reference point so that countries could keep their national currencies in a stable but adjustable relationship to each other.

SOFT FREXIT

THE APOCALYPSE

Messiha downplays apocalyptic scenarios, saying that since a disorderly breakup would harm other euro countries they have a motive to sit down and negotiate France's smooth exit — a “soft Frexit” rath-

A number of economists say a French euro exit would provoke a financial and economic disaster.

That is because owners of stocks, bonds, real estate and other assets would fear having their holdings re-

denominated into a reborn franc that would likely fall in value. So they would sell everything before the currency switch could be carried out.

And then France would default on its government bonds for trying to substitute new francs as repayment. Corporate borrowers would be in default, or else struggle to pay debts in suddenly more valuable euros. Switching currencies on bond holders “is default, full stop,” said economist Carsten Brzeski at INGDiBa. “You're going to call your lawyer.”

Economist Cinzia Alcidi, the head of the economic policy unit at the Center for European Policy Studies in Brussels, used the word “apocalyptic.” Political leaders have shied away from letting Greece slide out of the euro because of that fear of disruption. A French exit would be even more disruptive because France is so much bigger.

“It would mean the end of the euro and the collapse of the entire banking system in Europe, given the size and linkages of the French banks,” Alcidi said. “Italy and other countries would follow, or maybe even lead the exit and the sovereign default will be inevitable.”

She said the impact of redenominating contracts and setting up new monetary authorities is “impossible to estimate with any realism.”

As for negotiating a “soft” exit, forget about it, says Nicolas Veron, visiting fellow at the Peterson Institute for International Economics. “That assumes a consensus that the euro needs to be dismantled and that consensus is not there.

It's an impossible assumption.”

Veron said the National Front and Le Pen “are talking about things that are almost impossible as if they were likely. They seem more concerned with sound bites and what resonates with the public.”

Far-right leader presidential candidate Marine Le Pen gestures as she speaks during a conference in Lyon, France. If Marine Le Pen has her way, the French will soon pay for their baguettes with francs, not euros. The presidential candidate from the anti-EU, anti-immigration National Front party is all about national sovereignty and independence. She wants France to take control of its money, subject to a referendum that would lead France out of the European Union and its shared currency. (AP Photo)

CIBC FirstCaribbean is a major Caribbean bank offering a full range of market-leading financial services in Corporate Banking, Retail Banking, Wealth Management, Credit Cards, Treasury Sales and Trading, and Investment Banking. We are the largest, regionally-listed bank in the English-and Dutch speaking Caribbean. The bank has over 2, 900 staff; 66 branches, 22 banking centres, and offices in 17 regional markets. We are looking to fill the following position:

MANAGER, CUSTOMER CARE AND SALES CENTRE The Customer Care and Sales Centre is a call centre environment that provides a high service standard to the Bank’s customers calling into the Centre. The department also provides support for marketing initiatives by making outbound sales calls to potential customers.

The Manager, Customer Care and Sales Centre, manages the operations of the Customer Care and Sales Centre (CCSC) and staff, towards attaining and sustaining a high level of customer satisfaction, in keeping with the relevant serviceABOUT levelYOU agreements and in accordance with the Bank’s laid down procedures, processes, operational risk and auditing standards. The incumbent provides effective leadership to the staff. The Manager proactively manages operational risk issues within the Centre and is responsible for ensuring the delivery of all committed service level agreements with internal business partners. The incumbent contributes to the development of the strategic direction and change management in the Centre and takes responsibility for establishing and maintaining the customer care function for complaint management.

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ABOUT THE JOB • Assists the Senior Manager in setting goals for the Centre and is responsible for ensuring successful attainment within established time frames and budget. Identifies plans and implements opportunities for improvement in service and general operations management. Ensures adherence to CIBC FirstCaribbean’s departmental policies and procedures. Overall owner of SLA and ensures maintenance with clients. Ensures that the Centre operates to CIBC FirstCaribbean’s operational standards and that all processes are conducted according to established standards. Establishes effective communication lines to facilitate successful completion of goals.

• Manages and directs the human resources within the area and provides for the ongoing development of staff. Leads, motivates and coaches team leaders on an ongoing basis on best practices and achievements of results.

Sets personal targets/ performance plans for direct reports and is responsible for ensuring that plans are in place for all staff members of the Centre.

Strongly advocates continuous improvement of staff. Provides regular forums and informal feedback to ensure performance appraisals and identification of developmental needs are fair, accurate and effectively communicated. Ensures an appropriate communication process is in place to facilitate sharing information; encourages teams to share ideas, sales and service tactics, successes and learnings. Arranges for training as necessary and conducts education sessions for staff where necessary, on topics that are pertinent and serve to improve skills. Conducts interviews (following guidelines) and recommends the hiring of staff. Addresses and follows through on staff disciplinary matters. Conducts meetings / presentations, as

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Performs and manages analysis of workflows, systems communication, procedures, equipment, and staffing. Types of analysis may include feasibility studies, cost/benefit analysis, time and productivity analysis. Responsible for the documentation of all procedures and processes to support the workflow in the Centre, providing guidance and direction to the Workforce Analyst. Performs analysis when work cannot be delegated due to confidentiality issues or technical complexity. Provides advice and determines viable solutions to problems, prepares written recommendations based on analysis and recommendations of staff.

Provides consultative services to internal customers (branches, functional managers and heads) around the services at the Centre. Identifies problems/ difficulties, such as non-compliance issues, through discussions with internal customers and by referral to process manuals and other sources of expertise.

Makes recommendations to resolve the problems and works with parties to implement recommendations. Identifies opportunities for efficiency of sales and service activities, including the identification of activities that could be completed by other units and recommends to Senior Manager as necessary.

Liaises with peers in the various segments towards ensuring improvement of service throughout CIBC FirstCaribbean.

Supports and assists the Senior Manager with the development of and adherence to service level agreements with all key partners and implements in the Centre.

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Look for us at: linkedin.com/company/cibc-firstcaribbean-international-bank The CIBC logo is a trademark of Canadian Imperial Bank of Commerce, used by FirstCaribbean International Bank under license.

PAGE 8, Thursday, February 23, 2017

THE TRIBUNE

Asian shares dip as Fed minutes show rate hike expected soon

People walk past an electronic stock indicator of a securities firm in Tokyo, yesterday. Asian shares slipped Thursday after the latest Fed minutes raised the possibility that a U.S. rate hike could come sooner than expected. (AP Photo)

HONG KONG (AP) — Asian shares slipped Thursday after the latest Fed minutes raised the possibility that a U.S. rate hike could come sooner than expected.

KEEPING SCORE: Japan’s benchmark Nikkei 225 lost 0.4 percent to 19,312.07 and South Korea’s Kospi dipped 0.1 percent to 2,104.70. Hong Kong’s Hang Seng shed 0.5 percent to 24,088.57 and the Shanghai Composite index in mainland China retreated 0.3 percent to 3,251.95. Australia’s S&P/ ASX 200 declined 0.3 percent to 5,790.60.

RATE HORIZON: At their meeting last month, Federal Reserve officials discussed the need to raise a key interest rate again "fairly soon," especially if the world’s No. 1 economy maintains its strength, according to the minutes.

Most economists had been expecting a rate hike no earlier than June, but the discussion raises the possibility it could come as soon

as March. Investors were waiting for policymakers to follow up their talk with concrete action, but that also hinges on more details from U.S. President Donald Trump’s administration on his economy-boosting plans. Ultralow interest rates have fueled a multiyear global stock rally and the prospect of higher U.S. interest rates has lifted the dollar and made the U.S. still more attractive than other markets for investors.

TRADER TALK: The minutes "revealed a consensus among Fed members to raise rates, but the minutes offered up little more than studiously ambiguous double talk by suggesting a rate hike would be delivered ‘fairly soon’," said Stephen Innes, senior trader at OANDA. "Short-term dollar speculators were hoping the Feds would produce a more meaningful time frame" while Fed chief Janet Yellen was "awaiting clarity regarding the yetto-be implemented Trump

policies," he said.

WALL STREET: The Dow Jones industrial average rose 0.2 percent to 20,775.60. The Standard & Poor’s 500 index lost 0.1 percent to 2,362.82. The Nasdaq composite shed 0.1 percent to 5,860.63.

The Russell 2000 index of small-company stocks slid 6.49 points, or 0.5 percent, to 1,403.86.

The CURRENCIES: dollar slipped to 113.26 yen from 113.37 yen in late trading Wednesday. The euro rose to $1.0554 from $1.0546.

ENERGY: Benchmark U.S. crude oil futures rebounded, rising 45 cents to $54.04 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 74 cents, or 1.4 percent, to settle at $53.59 a barrel on Wednesday. Brent crude, the standard for pricing international oils, rose 44 cents to $56.48 a barrel in London.

EMPLOYMENT OPPORTUNITY

OPERATIONS COORDINATOR

Comfort Suites Paradise Island invites qualified persons to apply for the position of Operations Coordinator.

Job Summary

Provides administrative support to the Assistant General Manager and Business Process Manager along with all departments that fall under the umbrella of the Operations Department.

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Assist with the day to day responsibilities of the Business Process Manager’s office.

Assist with clerical responsibilities with each department that falls under Operations Assist with Medallia and Tripadvisor responses.

Assist with the coordination of Messenger service for all departments.

Position Requirements: Three or more years experience in the administrative field required.

Experience in the hotel industry will be a plus.

Competitive salary and benefits package are commensurate with experience.

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

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he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned.

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Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property.

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THE TRIBUNE

Thursday, February 23, 2017, PAGE 9

US senators say Raul Castro eager to maintain US relations HAVANA (AP) — Cuban President Raul Castro appears eager to maintain better relations with the United States and gave a group of U.S. Congress members signed copies of a recent speech expressing his willingness to negotiate with President Donald Trump, Sen. Patrick Leahy said Wednesday.

Leahy and four other members of Congress spoke to reporters Wednesday at the end of a three-day trip to Cuba that included a Tuesday night meeting with Castro. The others included Republican Sen. Thad Cochran of Missis-

sippi, who spoke favorably of U.S. relations with Cuba, although he did not weigh in on specific aspects of President Barack Obama’s detente with Castro. That policy is under review by the Trump administration.

Leahy and Democratic members of the delegation expressed confidence that the opening with Cuba would not be reversed, despite Trump’s public pledges to do so.

The Vermont Democrat, a longtime advocate of better U.S. relations with Cuba, said Castro expressed his desire to keep carrying out market-ori-

ented internal reforms and improve ties with Washington. Leahy said Castro gave the group two signed copies of a speech he made in the Dominican Republic last month expressing a desire to work with Trump.

Cuban officials have publicly said nothing about relations with the U.S. apart from that speech, in which Castro said he wanted to “express Cuba’s will to keep negotiating bilateral affairs with the U.S. ... and pursue respectful dialogue and cooperation on themes of common interest with the new government of President Donald Trump.”

U.S. Senator Patrick Leahy of Vermont, center, shoots pictures of reporters during a press conference alongside Senator Tom Udall of New Mexico, right, and Senator Thad Cochran of Minnesota, left, at the U.S. embassy in Havana, Cuba, yesterday. The U.S. delegation met Tuesday with Cuba’s President Raul Castro. (AP Photo)

Americans buy existing homes at fastest pace in a decade WASHINGTON (AP) — Americans shrugged off rising mortgage rates and bought existing homes in January at the fastest pace since 2007. That has set off bidding wars that have pushed up prices as the supply of available homes has dwindled to record lows.

Home sales rose 3.3 percent in January from December to a seasonally adjusted annual rate of 5.69 million, the National Association of Realtors said Wednesday.

Steady job gains, modest pay raises and rising consumer confidence are spurring healthy home buying even as borrowing costs have risen since last fall.

Some potential buyers may be accelerating their home purchases to get ahead of any further increases in mortgage rates. With few homes available for sale, buyers are pressured to rapidly close a deal as they find a suitable property.

The typical house for sale was on the market for just 50 days last month, compared with 64 days a year ago. Strong demand is pushing up median home prices, which jumped 7.1 percent from a year earlier to $228,900.

Just 1.69 million homes were on the market nationwide in January, near the lowest level since records began in 1999. It would take just 3.6 months to deplete that supply at the current pace of sales, matching a record low reached in December. Supply is usually equal to about six months of sales in a balanced housing market.

The supply crunch will likely get worse during the upcoming spring buying season, economists say, as demand typically rises by more than supply during that time.

“Relative to the number of households, the number of homes for sale is

well through prior historic lows,” said Ted Wieseman, an economist at Morgan Stanley. “The level of inventories could be a much bigger challenge moving into much higher sales in the spring and summer.”

That, combined with higher mortgage rates, could soon restrain sales.

“We are a bit less gloomy about housing than a couple of months ago but sales will not continue to rise at their recent pace,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

The bulk of the stronger buying is occurring among higher-priced properties, the NAR said. Sales among homes and condominiums priced at $100,000 and below fell nearly 10 percent in January compared with a year earlier. They rose slightly in the $100,000 to $250,000 bracket and jumped by roughly 20 percent in homes priced at higher levels.

Last year, low mortgage rates helped offset rising

home prices. Yet now both are rising.

Mortgage rates have climbed since the presidential election. Investors are anticipating that tax cuts, deregulation and infrastructure spending will accelerate growth and push up inflation. That has caused investors to cut back on their bond holdings, pushing up yields.

The average rate for a 30-year fixed mortgage was 4.15 percent last week, according to mortgage buyer Freddie Mac. While that has dipped since earlier this month, it is much higher than last year’s average rate of 3.65 percent.

By some measures, the housing market has fully recovered from the bust that began in 2006. Yet its newfound health is creating its own set of challenges.

In high-demand markets, mostly on the West Coast, homes are being purchased after less than a month on the market, according to real estate brokerage Redfin.

CHAUFFEURS NEEDED

FOR REPUTABLE BAHAMIAN COMPANY This opportunity is ideal for persons who have a passion for customer service; particularly in the hospitality sector. We offer potential team members a full-time role within a well-established company with internal training and a competitive salary.

ABOUT YOU · Mature and highly professional · Excellent interpersonal skills and communication · Must have successfully completed (or in the process of completing) the Bahama Host training program · Experience driving larger standard shift vehicles is key. · Public Service Driver’s License is a strong asset but not mandatory Interested candidates can send their resumes and copies of the required documents to nassaurecruit@gmail.com.

Only serious candidates need apply.

EMPLOYMENT OPPORTUNITY IT TECHNICIAN Job Summary We are looking for an IT Technician who has a thorough knowledge of computer software and hardware and a variety of internet applications, networks and operating systems. The ideal candidate will also have great troubleshooting abilities and attention to detail. The right individual must be able to train users of the systems.

Duties and Responsibilities: • Setup workstations with computers and necessary peripheral devices (routers, printers, etc) • Be familiar with all hardware and software • Be familiar with network operating system • Install and configure appropriate software and functions

according to specifications • Check computer hardware (mouse, keyboard) to ensure functionality • Provide orientation to new users of existing technology • Provide individual training and support on request • Troubleshoot technology issues • Provide network access to all users • Make recommendations about purchase of technology resources • Maintain records/logs of repairs and maintenance schedule Position Requirements: • Proven experience as IT Technician • Excellent diagnostic and problem solving skills • Excellent communication ability • Organizational and time management skills • Certification as IT Technician will be an advantage Competitive salary and benefits package are commensurate with experience.

Interested persons should apply in writing via e-mail address: jmcdonald@comfortsuitespi.com

a house for sale, in Hialeah, Fla. Americans shrugged off rising mortgage rates and bought existing homes in January 2017 at the fastest pace since 2007. The National Association of Realtors yesterday, says home sales rose 3.3 percent last months from December to a seasonally adjusted annual rate of 5.69 million. (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 23, 2017

THE TRIBUNE

Fed officials discussed possible rate hike ‘fairly soon’ WASHINGTON (AP) — Federal Reserve officials earlier this month discussed the need to raise a key interest rate again “fairly soon,” especially if the economy remains strong.

Minutes of the discussions in minutes released Wednesday showed that while Fed officials decided to keep a key rate unchanged at their Jan. 31Feb. 1 meeting, there was growing concern about inflation if the economy outperformed expectations.

“Several” Fed officials expressed worries that unemployment could fall substantially below the Fed’s 4.8 percent unemployment goal. That could trigger inflation pressures that would require the Fed to boost rates at a faster pace than financial markets currently expect. Unemployment in December was 4.7 percent although it inched back up to 4.8 percent in January.

Most economists had indicated they did not foresee a rate hike until June. But the discussion in the minutes might increase the pos-

sibility of a rate increase as soon as March.

Paul Ashworth, chief U.S. economist at Capital Economics, said the “fairly soon” phrase in the minutes “clearly leaves the door open to a March rate hike although ... we still think the Fed will delay until June.”

Mark Hamrick, senior economic analyst for Bankrate.com, said that the minutes show “that policymakers are clearly focused on the possibility of raising rates fairly soon.” But Hamrick said he believed the Fed will be cautious given the uncertainty surrounding President Donald Trump’s economic program.

The minutes showed that a couple of Fed officials suggested the central bank might need to alter the wording of its policy statement because currently the Fed’s assurances that it planned to raise rates at a “gradual” pace could be “misunderstood as a commitment of only one or two rate hikes per year.”

The minutes were released with the customary three week delay. Fed officials spent time discussing Trump’s proposed stimulus program and its possible impact on the economy, although the minutes never mentioned Trump by name.

“Most participants continued to see heightened uncertainty regarding the size, composition and timing of possible changes” to the government tax and spending policies, the minutes said.

While some Fed officials said the central bank should not wait until the outlines of Trump’s program became clearer before raising rates, others urged more caution.

This group argued against “adjusting monetary policy in anticipation of policy proposals that might not be enacted or that, if enacted, might turn out to have different consequences for economic activity and inflation than currently anticipated.”

At the February meeting, the central bank left its key interest rate unchanged

Federal Reserve Chair Janet Yellen testifies on Capitol Hill in Washington before the House Financial Services Committee for the Fed’s semi-annual Monetary Policy Report to Congress. Federal Reserve officials earlier this month discussed the need to raise a key interest rate again “fairly soon,” especially if the economy remains strong. Minutes of the discussions in minutes released yesterday showed that while Fed officials decided to keep a key rate unchanged at their Jan. 31Feb. 1 meeting, there was growing concern about what could happen to inflation if the economy out-performed expectations. (AP Photo) while noting that the economy was continuing to advance toward its twin objectives of maximum employment and inflation rising at a moderate annual rate of 2 percent.

The Fed in December boosted its key rate by a modest quarter-point to a new range of 0.5 percent to 0.75 percent. The Fed had waited a full year to raise

rates for a second time after its initial rate hike in December 2015.

The Fed noted that even with the two small rate hikes, the Fed’s target for its benchmark federal funds rate — the interest that banks charge each other — remained at a historically low level. It is only slightly higher than the record low near zero where the rate

Health care’s future: Turning patients into savers, shoppers Associated Press – The U.S. government may soon lean on someone new to help lower health care costs: you.

The idea is that when your money is on the line — and not the insurance company’s — you’ll look for the best value and do your part to curb national health care spending.

The Affordable Care Act’s fate is up in the air as President Donald Trump and Congress weigh plans

to overhaul the law. While much remains unknown, Republicans indicated last week that they will encourage wider use of insurance that comes with a health savings account aimed at pushing patients to save and shop for care.

This coverage has been around for years and is becoming more common in plans offered through employers. It comes with a high deductible, which means most insurance doesn’t

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000) COMENDADOR INVESTMENTS LTD. IBC No.173057 B (In Voluntary Liquidation) NOTICE is hereby given that as follows: (a) That COMENDADOR INVESTMENTS LTD is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 21st day of February, 2017 when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the Company is Sterling (Bahamas) Limited of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas. (d) Any person having a Claim against the above name Company are required on or before the 21st day of March, 2017 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

Sterling (Bahamas) Limited Liquidator

kick in until patients have first spent their own money up to a limit that can top $10,000 for family coverage.

To ease that pain, health savings accounts, or HSAs, let customers set aside money before taxes, and some offer the chance to invest the balance in mutual funds like a retirement account.

More than 20 million people are covered by plans with HSAs, according to various estimates. Patients who used these accounts for years say they save money, and the coverage changes how they approach health care. But these plans also may push patients to skip care or quickly pile up debt.

The shopping they encour-

age also is limited.

While these plans may help patients save on doctor visits, they do little to curb spending on the priciest care like major surgeries.

“They really have very little effect on controlling costs,” said Robert Laszewski, a health care consultant and former insurance executive. “Reality doesn’t match the theory.”

Jenel Stelton-Holtmeier wound up several thousand dollars in debt a few years ago after heart attack symptoms sent her husband to the hospital. The pain turned out to be sprained ribs. Bills from all the testing hit the couple before they met their deductible or

had a chance to put money in an HSA. “You have to have a mindset of planning for it because you are going to be paying for everything up front until you hit that deductible,” the 41-year-old Boulder, Colorado resident said.

The couple had no chance to shop for a better deal since they were dealing with an emergency. Even if they had time to make some calls, Stelton-Holtmeier doubts they would have made much progress.

She found doctors hesitant to give her a price specific to the care she needed when she did try to shop around. Plus her insurer didn’t provide tools or directories for comparing cost and quality specific to her coverage.

HSAs let patients set aside money before taxes.

It grows tax-free and isn’t taxed when used for medical expenses. That triple layer of protection is unique among investment options allowed under federal tax

was for seven years as the central bank struggled to jump-start growth in the wake of the worst economic downturn since the 1930s.

After the latest rate hike in December, the Fed issued an updated economic forecast which projected that the central bank expected to raise rates three times in 2017.

Many economists believe law, said Jay Savan of the consulting firm Mercer.

Patients can keep their accounts when they change jobs and build their balances over time.

Real estate broker Francisco Nieves-Taranto used his HSA to cover the entire $8,000 bill from the birth of his fifth child last year. His account still had between $4,000 and $6,000 left over afterward.

The 48-year-old figures he’s saved more than $6,000 since switching to an HSA plan more than five years ago, due in part to tax breaks and the lower monthly premiums.

Nieves-Taranto said he also has become a discerning shopper, favoring cheaper retail clinics over a doctor’s office for routine care. When he reinjured his knee playing basketball, the Windermere, Florida, resident avoided going back to the doctor because of the potential cost.

Instead he stopped playing and used ice and stretching to give his knee time to heal. He’s now pain-free and figures he saved a few thousand dollars in medical bills.

NOTICE

NOTICE is hereby given that Jiraneau Brutus of Drummy Villa, Treasure Cay, Abaco, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd 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, DWAYNE LORENZO STORR of Millennium Gardens, intend to change my name to DWAYNE LORENZO RUSSELL. 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LISA ATTRACTER RAQUEL KNOWLES of the Western District of the Island of New Providence one of the Islands in the Commonwealth of The Bahamas, intend to change my name to LISA ATTRACTER RAQUEL KNOWLES JOHNSON. 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 NOTICE is hereby given that JOANNA VICTORIA JACQUES of Nassau Street, 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 16th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, February 23, 2017, PAGE 13 Traders Robert Arciero, Michael Conlon, and Tommy Kalikas, left to right, work on the floor of the New York Stock Exchange, yesterday.

Declines in energy and industrial stocks are leading U.S. indexes slightly lower in early trading as the market comes off a record closing high the day before.

(AP Photos)

Trader Glenn Kessler, center, works on the floor of the New York Stock Exchange.

Stocks slip from highs as energy companies sink; Dow gains

NEW YORK (AP) — U.S. stocks slipped Wednesday after their recent record-setting run. Energy companies stumbled, but basic materials makers rose as investors hoped two large deals will win approval from regulators.

While energy stocks fell with the price of oil, most other sectors didn’t make big moves. Technology companies eked out a small gain. They have risen every day this month to reach their highest mark since 2000. DuPont and Dow Chemical rose after Reuters reported that European officials could approve their merger soon. The Dow Jones industrial average made its ninth straight gain.

After an extended streak of gains, investors didn’t make many big moves. They spent most of the day waiting for the minutes from the Federal Reserve meeting three weeks ago, but those minutes contained few surprises. Bond prices rose and yields dipped.

Kate Warne, an investment strategist for Edward Jones, said the Fed’s decision-makers are also waiting to learn more about the Trump administration’s policy proposals and Congress’ reaction to them. That might take a few months. Meanwhile investors, too, will wait.

“They want to see the data, they want to see more on inflation, and they would like more certainty about any fiscal policy changes,” she said.

Record Highs The Dow average rose 32.60 points, or 0.2 percent, to 20,775.60. The Standard & Poor’s 500 index lost 2.56 points, or 0.1 percent, to 2,362.82. The Nasdaq composite shed 5.32 points, or 0.1 percent, to 5,860.63.

The Russell 2000 index of small-company stocks slid 6.49 points, or 0.5 percent, to 1,403.86. More stocks fell than rose on the New York Stock Exchange.

All four indexes closed at record highs Tuesday.

DuPont climbed $2.63, or 3.4 percent, to $79.80 and Dow Chemical gained $2.45, or 4 percent, to $63.67. Reuters reported that regulators in the European Union are close to approving their $62 billion combination. Antitrust officials in the U.S. and elsewhere would still have to approve that deal.

Investors appeared to grow more optimistic about a second deal in the chemicals industry: Monsanto, which has accepted a $57 billion offer from Bayer but is also waiting for regulatory approval, rose 81 cents to $111.38.

The minutes from the Federal Reserve meeting showed that officials discussed the importance of raising their primary interest rate soon, especially if the economy stays strong.

Some Fed officials were worried that if interest rates stay too low, the expanding economy could cause inflation to rise too fast.

Investors don’t generally expect the Fed to raise interest rates at its next

meeting in March. But bond prices changed course and turned higher. The yield on the 10-year Treasury note fell to 2.41 percent from 2.43 percent late Tuesday.

Energy companies traded lower as benchmark U.S. crude lost 74 cents, or 1.4 percent, to $53.59 a barrel in New York. Brent crude, the standard for pricing international oils, fell 34 cents to $55.84 a barrel in London.

Oil and gas company Concho Resources slid $9.65, or 6.8 percent, to $131.70 after a weak fourthquarter report and Newfield Exploration declined $3.42, or 8 percent, to $39.07 as analysts expressed concerns about its forecasts for the current year.

Drugmaker Bristol-Myers Squibb rose 57 cents, or 1 percent, to $55.35 after the Wall Street Journal reported that billionaire investor Carl Icahn bought a stake in the company. Icahn has not confirmed his investment. Just a day earlier, after Bristol-Myers reached a deal with another activist investor, Jana Partners. It will add three new directors to its board and spend $2 billion to buy back stock.

Bristol-Myers stock traded at $75 in early August but plunged as investors worry that its lung cancer drug Opdivo will lose sales to other treatments.

Food and consumer products company Unilever rose after it said it will quickly review its options to find ways to increase value for shareholders. Kraft Heinz went public Friday with an

offer to buy the company for $143 billion, but it withdrew that offer over the weekend after Unilever said it wasn’t big enough. Unilever regained $2.06, or 4.6 percent, to $46.93 after a 7.5 percent skid Tuesday.

Technology companies wavered but finished with a small gain thanks to Facebook, which jumped $2.40, or 1.8 percent, to $136.12.

The S&P 500’s technology index has gained ground every day in February and is up 10 percent this year.

That index is at its highest level since July 2000, four months after the dot-com boom had peaked.

The dollar slipped to 113.12 yen from 113.58 yen.

The euro rose to $1.0568 from $1.0547.

In other energy trading, wholesale gasoline rose 2 cents to $1.51 a gallon.

Heating oil dipped 1 cent to $1.63 a gallon. Natural gas edged up 3 cents to $2.59 per 1,000 cubic feet.

Gold slipped $5.60 to $1,233.30 an ounce. Silver lost 5 cents to $17.95 an ounce. Copper fell 1 cent to $2.73 a pound.

Britain’s FTSE 100 gained 0.4 percent and Germany’s DAX added 0.3 percent. In France, the CAC 40 picked up 0.1 percent.

The Japanese Nikkei 225 finished unchanged while South Korea’s Kospi added 0.2 percent. The Hang Seng index in Hong Kong jumped 1 percent.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, LILLIAN ANN RAMANDA KNOWLES of the Western District of the Island of New Providence one of the Islands in the Commonwealth of The Bahamas, intend to change my name to LILLIAN ANN RAMANDA KNOWLES JOHNSON. 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.

PAGE 14, Thursday, February 23, 2017

THE TRIBUNE

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Thursday, February 23, 2017, PAGE 15

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PAGE 16, Thursday, February 23, 2017

THE TRIBUNE

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Thursday, February 23, 2017, PAGE 17

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PAGE 18, Thursday, February 23, 2017

THE TRIBUNE

Most oil pipeline opponents leave North Dakota protest camp CANNON BALL, N.D. (AP) — Most of the Dakota Access pipeline opponents abandoned their protest camp Wednesday ahead of a government deadline to get off the federal land, and authorities moved in to arrest others who defied the order in a final show of dissent.

The camp has been home to demonstrators for nearly a year as they tried to thwart construction of the pipeline.

Many of the protesters left peacefully, but police began making arrests two hours after the deadline.

Earlier in the day, some of the last remnants of the camp went up in flames when occupants set fire to makeshift wooden housing as part of a leaving ceremony.

As many as 75 people outside the camp started taunting officers, who brought five large vans to the scene.

Police took at least nine people into custody for failing to heed commands to leave, authorities said.

With darkness falling, Lt. Tom Iverson said police would not enter the camp Wednesday evening, but he offered no timetable for doing so.

Levi Bachmeier, an adviser to Gov. Doug Burgum, said about 50 people remained in the camp at dusk.

Hours before, about 150 people marched arm-inarm out of the soggy camp, singing and playing drums as they walked down a highway. It was not clear where they were headed. One man carried an American flag hung upside-down.

Authorities sent buses to take protesters to Bismarck, where they were offered fresh clothing, bus fares home and food and hotel vouchers.

The U.S. Army Corps of Engineers set the deadline, citing the threat of spring flooding.

At the height of the protests, the site known as Oceti Sakowin hosted thousands of people, though its population dwindled to just a couple of hundred as the pipeline battle moved into the courts.

The camp is on federal land in North Dakota between the Standing Rock Sioux Reservation and the pipeline route that is being finished by Dallas-based Energy Transfer Partners.

When complete, the project will carry oil through the

NOTICE NOTICE is hereby given that MELANIE BEATRICE CLARKE of Jones Town, Eight Mile Rock, Grand Bahama, 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 16th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

A fire burns in the background as opponents of the Dakota Access pipeline leave their main protest camp yesterday, near Cannon Ball, N.D., as authorities were preparing to shut down the camp in advance of spring flooding season. The Army Corps of Engineers ordered the camp closed at 2 p.m. Wednesday. (AP Photo) Dakotas and Iowa to a shipping point in Illinois.

Some of the protesters were focused on moving off federal land and away from the flood plain into other camps, said Phyllis Young, one of the camp leaders.

“The camps will continue,” she said. “Freedom is in our DNA, and we have no choice but to continue the struggle.”

NOTICE is hereby given that Adelrose NelsoNBrutus of Drummy Villa, Treasure Cay, Abaco, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 23rd day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

New camps are popping up on private land, including one the Cheyenne River Sioux set up about a mile from the main camp.

“A lot of our people want to be here and pray for our future,” tribal Chairman Harold Frazier said.

Others, including Dom Cross, an Oglala Sioux from Pine Ridge, South Dakota, said he planned to return

NOTICE

NOTICE is hereby given that RENEL RENE of #158 Beacon’s Field, Freeport, Grand Bahama, 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 16th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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

BISX ALL SHARE INDEX: CLOSE 1,911.40 | CHG -4.79 | %CHG -0.25 | YTD -26.81 | YTD% -1.38 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.27 2.72 1.60 5.83 9.75 11.00 9.25 6.90 12.01 11.00

52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 3.80 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

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.03 3.92 1.94 169.70 141.76 1.47 1.67 1.57 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 3.53 1.77 0.12 4.50 8.50 5.83 10.48 11.93 2.11 1.55 5.83 9.75 10.95 9.25 6.90 12.01 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 100.00 100.00 100.00 104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.53 1.77 0.12 4.50 8.50 5.83 10.48 11.56 2.18 1.55 5.83 9.75 10.95 9.25 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.37 0.07 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

104.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

4,150

2,000

VOLUME

NAV 2.03 3.92 1.94 168.44 141.76 1.47 1.64 1.56 1.04 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

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 20.8 N/M N/M -150.0 14.0 13.6 23.3 105.1 21.4 19.4 19.4 18.8 11.4 11.3 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% 5.95% 0.00% 0.00% 2.00% 3.53% 3.77% 3.44% 4.24% 2.75% 3.87% 4.12% 4.10% 0.00% 3.57% 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% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 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 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 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

NOTICE

NOTICE is hereby given that KENOL NELFORT ETDALBERIS of Joe Farrington Road, 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 twentyeight days from the 23rd day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

MARKET REPORT WEDNESDAY, 22 FEBRUARY 2017

home after living at the camp since September.

“There’s a lot of sadness right now. We have to leave our second home,” he said.

Law enforcement officers and first-responders were on hand from several states.

Charles Whalen, 50, an alcohol and drug counselor from Mille Lacs, Minnesota, said he and a group of about 20 people were not

going to leave on their own and were willing to get arrested to prove their point.

“Passive resistance,” Whalen said. “We are not going to do anything negative. It’s about prayer.”

Some campers said they were leaving with mixed feelings, both energized by the long protest and saddened to leave new friends.

Some people set off fireworks.

Matthew Bishop, of Ketchikan, Alaska, has been in North Dakota since October. He planned to move to another camp.

“People have been surviving here for hundreds and hundreds of years ... so if I back down, what would I look like?” Bishop said as he tied his possessions to the top of his car.

Craig Stevens, spokesman for the MAIN Coalition of agriculture, business and labor interests, said the group understands “the passions that individuals on all sides of the pipeline discussion feel” and hopes that protesters’ voices “will continue to be heard through other peaceful channels and in court.”

A massive effort to clean up the camp has been underway for weeks, first by protesters themselves and now with help from the Army Corps in removing debris.

Some vehicles and pedestrians were having trouble getting through the muck created by recent rain and snow, and cleanup efforts were suspended in part because camp officials did not want heavy equipment making conditions worse.

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 MICHELLA MARIA MARSHALL of Millers Height, 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 16th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.