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FRIDAY, FEBRUARY 24, 2017
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‘Top tourist’ supplier in GB pull-out blow By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Grand Bahama’s alreadyreeling tourism economy was this week dealt a fresh blow after its “largest supplier of room nights” and stopover visitors announced it was cancelling all services to the island for summer 2017. Vacation Express’s withdrawal from the Grand Bahama market was said to have been sparked by a lack of available guest accommodation due to the closures of both the Memories and Grand Lucayan properties, which has taken 1,500 rooms out of the hotel sector’s inventory.
The pull-out was disclosed in a February 21, 2017, e-mail sent to members of Grand Bahama’s business community by Carmel Churchill, director of marketing services for the Grand Bahama Island Tourism Board. The e-mail, which has been seen by Tribune Business, discloses that the Board is working feverishly with the Ministry of Tourism “to minimise the void” left by Vacation Express’s withdrawal. Suggesting that the Board will have developed “a plan” by the end of this week, Mrs Churchill said its marketing committee had met on Tuesday to discuss the island’s tourism promotional ini-
tiatives given the “current airlift and accommodations available into the destination”. She revealed: “We wish to advise that concerns were tabled regarding the prolonged closure of the Memories Grand Bahama Resort and the Grand Lucayan’s Breakers Cay property. “This concern was further realised after Vacation Express, our largest supplier of room nights into the destination, was unable to secure sufficient accommodations on-island to fulfill its summer programme obligations. “Based on this current situation, Vacation Express has now decided to cancel its See pg b5
Vacation Express cancels summer 2017 programme Sunwing reneges on promise via affiliate pull-out Ministry, industry scramble to ‘minimise the void
A Bahamian insurer yesterday revealed it had incurred $37 million in gross losses from Hurricane Matthew, and warned that “some small increase” in local insurance premiums may result in 2017. Tim Ingraham, Summit Insurance Company’s president, said some reinsurance industry players - particularly those forced into making Hurricane Matthew-related payouts - were “pushing rates northwards”. Given that Bahamian property and casualty insurance premiums are largely dictated by reinsurance costs, a slight price increase is “anticipated” locally when 2017 renewals come due. But, emphasising that the reinsurance market was highly competitive and had significant capacity, Mr Ingraham said it was currently impossible to determine the extent of any premium rate increases.
Bahamian insurer gets 1,500 claims from storm Reinsurers trying to ‘push rates northwards’ ‘Too early to tell’ for Bahamas premium prices “From recollection we looked at around 1,500 claims and somewhere in the region of $37 million in gross payouts before reinsurance,” he told Tribune Business, adding that the latter - rather than Summit - would absorb the bulk of the loss. “As far as the number of claims, we are somewhat through them,” Mr Ingraham added. “There are a few larger, more complex claims taking a little more time. See pg b6
Chamber chief ‘can’t see’ Hawksbill Creek breach via ‘back door’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Grand Bahama Chamber of Commerce’s president yesterday rejected assertions that Freeport’s new ‘tax breaks’ regime was a “back handed” attempt by the Government to amend the Hawksbill Creek Agreement. Mick Holding said he “can’t see the link” between the Grand Bahama (Port Area) Investment Incentives Act 2016 and Freeport’s founding treaty, as the tax breaks now subject to the new legislation “no longer exist” under the Hawksbill Creek Agreement. He explained that the real property tax, capital gains and income tax exemptions, which the Grand Bahama Port Authority’s (GBPA) 3,500 licensees now have to obtain renewal approval from the Government, expired on August 4, 2015. As a result, Mr Holding said they were no longer covered by, or part of, the Hawksbill Creek Agreement, and were now being dealt with under the Act passed by the Christie administration last year. The GB Chamber presi-
Link severed when tax breaks expired August 2015 Says ‘no longer embedded’ in city’s founding treaty And now covered by Act of Parliament dent admitted he had heard the argument that, through the process of having to apply for the tax break renewals, 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. One private sector source, speaking to Tribune Business under condition of anonymity on Wednesday, argued that the ‘tax See pg b6
By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net Moody’s forecast that the Government will incur another $300 million-plus fiscal deficit this year emphasises why the Bahamas needs to create a “contingency” fund to cope with natural disasters, the Chamber of Commerce’s chairman said yesterday. Gowon Bowe told Tribune Business that this nation needed to set aside reserves or insurance premiums as a safeguard against the financial impact from Hurricane Matthewtype events. “When we look at things like hurricanes and the unexpected occurring, what that highlights is not only the need to plan for the normal environment, but also to plan for the rainy day environment. That adds a dimension that we now have to factor in,” said Mr Bowe. Moody’s on Wednesday forecast that the Bahamas’ fiscal deficit will remain above $300 million for the
GB Chamber chief seeks ‘clarity’ over 5-year staff lock-in Fears over penalties a ‘growth stumbling block’ Private sector leaders to meet Govt, GBPA today ‘Expectation’ of March 6 deadline push-back By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Private sector leaders will this morning seek “clarity” from the Government over the new Freeport ‘tax break’ application process, amid fears businesses will lose incentives - and inGB Chamber chief: cur penalties - if they break a five-year Tourist industry employment ‘lock in’. ‘in doldrums’ Mick Holding, the Grand Bahama Chamber of Commerce’s president, confirmed to Tribune Business he is due to meet Government Moody’s $300m deficit and Port Aureinforces ‘contingency’ call thority (GBPA) officials today in a bid to obtain Chamber chief: Nation has answers to busiMick holding ness community to ‘plan for rainy day’ concerns. Expressing hope that the Chamber current Budget period, with Hur- will subsequently be able to provide the ricane Matthew blowing it slightly necessary “guidance” to its members, Mr Holding said he held the “expechigher than the prior year. The international credit rating tation” that the March 6 deadline by agency, in its latest quarterly assess- which businesses must apply to receive ment of the Bahamas’ sovereign key tax breaks will be pushed back. Suggesting that it was impossible for creditworthiness, gave an insight any GBPA licensee planning expansions into the extent of Matthew’s impact on the Government’s finances to submit the information requested in by projecting a deficit equivalent to the seven working days that remain, Mr Holding said how long the tax exemp3.6 per cent of GDP for 2016-2017. tions will be granted for was another is “We estimate that the fiscal bal- sue requiring clarification. ance in fiscal year 2017 will deterioHowever, he acknowledged to Tribrate to -3.6 per cent of GDP from -2.8 une Business that “the main concern” of per cent the previous year, due to the the GBPA’s 3,500 licensees was whether negative impact from the damages those companies no planning to expand caused by Hurricane Matthew last are being ‘locked in’ to maintaining exOctober,” Moody’s said. isting employment levels for five years “As the Government will incur - as revealed by Tribune Business on See pg b4 See pg b4
Summit’s Matthew Bahamas must ‘buffer’ loss peaks at $37m against deficit blow-out By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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Patricia McKenzie, the CDB’s vice-president Deputy Prime Minister Philip Davis is joined by the Water & Sewerage Corporation’s executive board, including chairman, Leslie Miller, and general of operations, speaks to the decades-long relamanager, Glen Laville, for the launch of a project designed to improve water supply to more than 3,000 households. Photos/BVS Bahamas for Barefoot Marketing tionship between the CDB and the water sector.
Govt partners on $41m water supply upgrades The Government has partnered with the Caribbean Development Bank (CDB) to launch a $41.3 million project that aims to improve the water supply systems serving communities on New Providence and six Family Islands. The Water Supply Improvement Project, launched on February 20, is being supported by a $28 million loan from the CDB. This sum includes a $12.4 million allocation to the CDB from resources provided by the European Investment Bank under the Climate Action Line of Credit. The Government is contributing the $13.3 million
balance to a project designed to benefit residents on Andros, Cat Island, Crooked Island, Eleuthera, Long Island and San Salvador. “CDB has a very long history with the water sector in the Bahamas, stretching back to 1976 when we assisted with financing the facility at Morgan’s Bluff on Andros for the transportation of water to New Providence,” said Patricia McKenzie, its vice-president of operations, during the project launch. “ This project represents our fourth intervention in the sector.” The Water Supply Improvement Project aims to renew, and expand, access
to sustainable and safe water supplies for 3,400 households, while providing new service to at least 1,800. It will include the installation of more than 180 kilometres of new mains, and the construction of new water storage tanks, pumping stations and well-field infrastructure. The project aims to address the numerous water supply challenges that Bahamian communities faces, particularly on the Family Islands. Many households rely on water from private wells, tanker trucks and rainwater harvesting to meet most of their domestic needs. Some depend on bottled water for cooking
and drinking. Deteriorating water supply mains on the Family Islands due to age, inadequate depth of placement, and the use of inappropriate materials have contributed to a high level of non-revenue water - water lost through leaks or which is not billed to customers - across the Family Islands. “This Government remains committed to bringing about world-class piped, potable water to each and every Bahamian at the earliest possible opportunity,” said Deputy Prime Minister Philip Brave Davis. “We know that these improvements, combined with other infrastructural im-
provements, will spur greater economic development and an overall improvement in the quality of life for all of these communities in the medium term.” The project will also include technical assistance to support the Government’s efforts to avoid, adapt to and mitigate the negative impacts of climate change. These impacts include changes in the seasonal availability and distribution of freshwater; contamination of groundwater due to saltwater intrusion; and water shortages due to increased drought frequency and severity. Technical assistance will be provided
for the development of a climate risk and vulnerability assessment, and an adaptation plan of action. The launch event took place at the British Colonial Hilton Hotel. Khaalis Rolle, minister of state for investments; Leslie Miller, MP, chairman of the Water and Sewerage Corporation (WSC); Picewell Forbes, Bahamas ambassador to CARICOM; Simon Wilson, the Ministry of Finance’s financial secretary; Colin Higgs, permanent secretary in the Ministry of Works & Urban Development; and Glen Laville, WSC general manager, were among officials who attended.
THE TRIBUNE
Friday, February 24, 2017, PAGE 3
Aliv captures 25% of ‘available market’ The Bahamas’ new mobile operator says it has captured 25 per cent of “the available market”, as it brought Atlantis ‘Aliv’ by attracting some 400 guests to the launch of its business solutions products. Aliv’s new division will use the online Business Portal, which will allow companies to view their mobile spend, initiate iniquiries and generate reports at any time. They can also opt to have reports delivered automatically by e-mail on a monthly basis. “Our company has built two next generation LTE networks to provide unparalleled and superior consumer experience,” said Delmaro Duncombe, senior business solutions partner at Aliv. “We provide seamless international roaming delivered through strategic partnerships with 600-plus
Says it has attracted 45,000 subscribers network operators in nearly 200 countries. Our company will now offer your business the best value and flexibility through key product features such as per second billing, unlimited data and international calling. Aliv is the only operator in the Bahamas that gives you calling to any number, anywhere in the Bahamas, US and Canada within calling plans.” Damian Blackburn, Aliv’s chief officer, said: “Aliv has built a telecommunications network that is based on cutting-edge technology, and we will remain relentless in our focus to continue to provide excellent customer service. “With the launch of business solutions, we can now
offer businesses options that are specifically based on their unique needs. “We are delighted and humbled that 45,000 customers, and 25 per cent of the market available to us, have decided to trust us as their mobile service provider in the last 12 weeks. “The available market for ALIV will now widen as we offer services to businesses and those consumers who want to move their numbers to us after April 25, the date URCA has announced for this liberation.” Aliv launched its operations in October 2016, and is currently operational in four islands: New Providence, Grand Bahama, Abaco and Eleuthera. The company plans to aggressively expand its network throughout the remaining Family Islands in 2017, and currently has more than 200 staff. L to R: ALIV team members Anissa Adderley, marketing executive; Norman Lightbourne, marketing executive; and Earlene Cartwright, lead champion.
L to R: Aliv team members Alissa Longley, Aliv business solutions; Khandira Glinton, Aliv business solutions; Damian Blackburn, chief Aliv officer; and Delmaro Duncombe, Aliv senior business solutions partner. COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division
IN THE MATTER of all those pieces parcels or lots of land being Lots Numbered 19, 20 and 21 containing 745,007 square feet (15.884 acres) situate on Cistern Cay in the Berry Islands one of the Islands of the Commonwealth of the Bahamas. AND IN THE MATTER OF The Quieting Titles Act, 1959 AND IN THE MATTER OF the Petition of PATORIA LTD. NOTICE PATORIA LTD., the Petitioner claims to be the owner in fee simple possession of the piece parcel or lot of land hereinbefore described and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act to have the title to the said piece parcel or lot of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the Act. Copies of a diagram or plan showing the position boundaries and shape marks and dimensions of the said pieces parcels and lots of land may be inspected during normal working hours at the following places: (a) (b)
Union boss: No party has ‘workers agenda’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
A trade union leader yesterday bemoaned the failure of any major political party to promote a “workers agenda” ahead of the upcoming general election, saying: “There is nothing happening for the labour movement”. Obie Ferguson, the Trade Union Congress (TUC) president, said: “Right now everyone’s objective is to simply win. They have no other concerns. There’s nothing happening for the labour movement right now.” He argued that were it not for litigation, the labour movement would be driven into “extinction”. “The only thing saving the movement is the legal
TUC president ‘amazed’ workers ignored in election run-up aspect of it. Had it not been for that there would be no labour movement because every movement made against us necessitates litigation,” Mr Ferguson added. “The difficulty we are faced with, which is unfortunate, is that there is no one politically who is putting forward a worker’s agenda. I just find that amazing. This is the time for them to speak up. If they are not inclined to do that I don’t know what we can do, because we are not running for political office.
“If we were that would be a different story. There is nothing happening for the workers. All of the amendments that were foreshadowed, nothing happened.” Mr Ferguson said the TUC was still pursuing lititgation in the Sandals matter. The TUC and its Bahamas Hotel, Maintenance & Allied Workers Union (BHMAWU) affiliate last summer blasted Sandals Royal Bahamian for its abrupt closure, which resulted in some 600 employees being made redundant, arguing that it was a ‘union busting’ move. The resort chain, though, repeatedly argued that the closure was essential for much-needed $4 million repairs to take place at the Cable Beach property. The resort re-opened in late October.
2015/CLE/qui/01915
The Registry of the Supreme Court, Ansbacher Building, City of Nassau, New Providence, The Bahamas. The Chambers of Kingdom Law Advocates, No. 48 Village Road (North), Nassau, The Bahamas, Attorneys for the Petitioner.
NOTICE is hereby given that any person or persons having a right of Dower or an adverse claim not recognized in the Petition shall within thirty (30) days after the appearance of the Notice herein file in the Registry of The Supreme Court in the City of Nassau aforesaid and serve on the Petitioner or the undersigned a statement of his claim in the prescribed form, verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a statement of claim within thirty (30) days herein will operate as a bar to such claim. ___________________________________ KINGDOM LAW ADVOCATES No. 48 Village Road (North) Nassau, Bahamas Attorneys for the Petitioner
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Chamber forum tackles productivity deficiencies The Bahamas Chamber of Commerce and Employers’ Confederation (BCCEC) this week teamed with international partners to explore ways to address this nation’s “alarming” productivity challenges. Its education division, The Chamber Institute, teamed with the Caribbean Employers Confederation and the International Labor Organisation (ILO)
to organise a Productivity Improvement Workshop at Comfort Suites on February 15, 2017. Khaalis Rolle, minister of state for investments, admitted in his keynote address that the productivity challenges in the Bahamas are not new. He reiterated his belief that implementation of a National Development Plan (NDP), similar to the
one prepared two years, ago may provide the path to a solution. Mr Rolle said that while the Bahamas is working on its first National Development Plan, other countries are working on their fifth-generation solutions. Samantha Rolle, Deloitte & Touche (Bahamas) risk advisory manager, presented on the ‘Current State of Productivity and Competi-
tiveness in the Bahamas’. Highlighting that the drivers of economic growth are productivity, competitiveness and innovation, Ms Rolle said a major barrier to improved Bahamian productivity is “higher costs related to import duties”, standing at 35.5 per cent. She added that competitive productivity can lead to higher standards of living, keep inflation under
control, and lead to GDP growth. Other participants, such as Kelvin Sergeant, a sustainable enterprise development and job creation specialist with the International Labour Organisation (ILO), provided productivity tools that companies can use to improve efficiency immediately. Glennville Davis, a lecturer with the School of
Business at the University of the Bahamas, and Shaun Ingraham, the One Eleuthera Foundation’s chief executive, shared common productivity challenges, and provided strategies to deal with this, including employee incentives, technology and using people in their key strengths or passions.
GB Chamber chief seeks ‘clarity’ over 5-year staff lock-in
close their enterprises completely. Several Freeport private sector sources, speaking on condition of anonymity, warned that any five-year employment ‘lock in’ would drive away any new foreign direct investment (FDI) while also acting as a disincentive to Bahamians to start their own businesses. “Who the hell’s going to come here?” one source said of the consequences. “We don’t know who’s supposed to apply and who isn’t. It’s unbelievable. “It’s ridiculous, ridiculous. They’re really trying to kill us. I’ve never seen anything like this. We’re screwed. The whole place must be insane, and the Port Authority doesn’t give two hoots because they’ve got their 20-year exemption.’ Mr Holding said he had already received a briefing from the Hawksbill Creek Review Committee, and had a prior meeting with the Ministry of Grand Bahama and GBPA, “to get clarification on certain points and issues around the approvals process, and what it means to businesses in Freeport”. Implying that there remained outstanding issues that he hopes to resolve this morning, Mr Holding added: “It’s caused a certain amount of disquiet among the business community. “A lot of the disquiet is
coming about, and often happens, when people assume things and jump to conclusions that are often the wrong conclusions.” Despite not having gazzetted the accompanying regulations to give them effect, the Government has moved to implement the Act 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 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. However, given the nature of the information demanded, Mr Holdings said it would only be “sensible” for the Government to push back the March 6 deadline to give GBPA licensees especially those planning to expand their business within the next 12 months more time. “That’s my expectation and it’s the sensible thing to do,” he told Tribune Business. “A lot of the comments being made in the
business community, and dare I say fears they’re expressing, can be allayed by effective communication. “What we need is to extend the deadline and, hopefully, it will be confirmed tomorrow. That extension will enable two things to happen. One, better communication with the business community on what this is about, and what we need to do for us to do it properly, particularly for those companies thinking about expansion,” the Chamber president continued. “It’s not something you can put together in five minutes. It takes time, particularly for the large industrial companies with parents outside the Bahamas, to go back for approval. “If you want the business community in Freeport to benefit from this, you have to allow people time to do it properly, and it not be a rushed application.” Mr Holding said some of the documents, such as “evidence of Value-Added Tax compliance”, were outside the control of GBPA licensees and would take time to obtain. He added that he had a vision of several thousand Freeport businesses besieging the Inland Revenue Department at the same time for a Tax Compliance Certificate, overwhelming the
Government. Mr Holding said other questions the private sector wanted answered were how long the real property tax, income and capital gains tax exemptions would last for once granted. “If you’re going to do certain things, you’ve got to know you’re getting the concessions for a certain period of time,” he added. The Act, though, gives the Investments Board and Minister complete discretion to determine the extent of the tax breaks granted to each GBPA individual licensee, and for how long, as they see fit. They can also “stipulate conditions for inspection” to check that GBPA licensees are fulfilling the commitments they made on the ‘tax breaks’ application form. Mr Holding said that following today’s meeting, the Grand Bahama Chamber’s Board would meet in a bid to develop “a position” on the new Freeport tax incentives regime that could be passed on to members. “I hope we’ll be in a position to give some guidance and advise members to make the application for their benefit, and give assurances in most cases they will continue to enjoy these benefits; as much assurance as we can give them,” he told Tribune Business.
financial contributions because the Bahamas would only have received compensation in the event of a Category 5 hurricane. While Moody’s estimates were not surprising, its projections for the 2016-2017 fiscal deficit are more than triple what the Government forecast last May, prior to the unanticipated $600-$700 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 esti-
mate 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.
Fro m pg B1 Thursday. The application form attached to the Grand Bahama (Port Area) Investment Incentives Act 2016’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.
The Act enables the Minister 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”. In effect, it demands retroactive or ‘back’ taxes. When Tribune Business raised the issue with Mr Holding yesterday, he replied: “What you’ve just said embodies the main concern of members, and this is why we need certain clarification of this. “One of the stumbling blocks to business growth and expansion is uncertainty.” The Government may view the maintenance of existing employment levels as a reasonable ‘tradeoff’ in return for granting a business the real property, capital gains and income tax ‘breaks’ dealt with under the Act. However, this goes completely against how the private sector works in a capitalist economy, and is likely to be viewed by some observers as the Government pushing towards a socialist state, with business owners exposed to ‘retroactive taxes’ should they elect to
Bahamas must ‘buffer’ against deficit blow-out Fro m pg B1 additional borrowing 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,” Moody’s said. “When we look at the economy, the deficits and the debt, there are going to be unexpected increases due to unexpected events,” Mr Bowe said. “However, we have to get to the point where just
like any business we are managing not only for expected occurrences but contingencies, meaning we are setting aside reserves, or insurance premiums and the like, to cover the unexpected events. It allows you to buffer against the impact of major events. As a country we have to be thinking along those lines.” The Christie administration, in the aftermath of Hurricane Matthew, revealed that the Bahamas would not have received any relief from the Carib-
Gowon Bowe bean Catastrophe Risk Insurance Facility (CCRIF) because the storm was not strong enough to trigger a payout. As a result, the Government had ceased making
NOTICE Koh Aeo Services Ltd. (In Voluntary Liquidation)
Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 22nd, day of February 2017. The Liquidator is Dillon Dean of Nassau Bahamas.
NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that RRP Investments Limited is in dissolution and the date of commencement of the dissolution is 09th February 2017.
Dillon Dean (Liquidator)
Lynn Kelly and Beecham Braynen LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd 1 Bay Street 2nd Floor, Centre of Commerce P.O. Box SS-6289 Nassau, Bahamas
NOTICE RBA Architektur und Beratung GmbH (In Voluntary Liquidation)
NOTICE Property Conceptual Design S.A. (In Voluntary Liquidation)
Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 22nd, day of February 2017. The Liquidator is Dillon Dean of Nassau Bahamas.
Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 22nd, day of February 2017. The Liquidator is Dillon Dean of Nassau Bahamas.
Dillon Dean (Liquidator)
Dillon Dean (Liquidator)
THE TRIBUNE
Friday, February 24, 2017, PAGE 5
Millennials focus on mentoring new talent
The Bahamas Millennials Society (BMS) hosted a ‘Mentor-Mentee Matching’ event on Wednesday in a bit to create further networking opportunities for young financial services professionals. The BMS was established by the Bahamas Financial Services Board (BFSB) in November 2014, with the objectives of creating opportunities for exposure, networking and mentorship for young professionals. The first mentorship pro-
gramme was held in 2015 and, due to its success, it was determined to continue the initiative. Seasoned financial services professionals serve as mentors for new entrants to the sector. At the ‘Matching’ event, mentees and mentors met for the first time. Attendees were given an overview of the BMS programme and its mentorship component by BFSB’s chief executibve, Tanya McCartney. “The future of financial services is directly linked
‘Top tourist’ supplier in GB pull-out blow Fro m pg B1 2017 Summer Charter programme into Grand Bahama.” While not disclosing Vacation Express’s stopover market share, or the number of room nights likely to have been lost, Mrs Churchill wrote: “While these series of events present another challenge to our tourism business, the Grand Bahama Island Tourism Board and the Ministry of Tourism’s teams are in the process of finalising contingency plans to minimise the void that will be left by this programme. “Please stand by for further updates on our next steps. We will have a plan to share by the end of this week.” Mrs Churchill then sought the wider private sector’s support in mitigating the fall-out from Vacation Express’s summer withdrawal, saying: “We would like to take this time to encourage each of you to consider what offers you can provide to us that will assist in providing compelling offers to encourage visitors that were previously booked to Grand Bahama to continue their plans, or to encourage new ones to consider Grand Bahama at this time. “These offers will be compiled into a coupon booklet and will be distributed on Bahamas.com, GrandBahamaVacations.com and at local hotels. If you can submit your offers by Friday, February 24 by 3pm, we would appreciate it.” Neither Obie Wilch-
combe, minister of tourism, nor Dr Michael Darville, minister for Grand Bahama, could be reached for comment yesterday on the latest reversal for the island’s tourism/hotel industry and wider economy. The Vacation Express pull-out is the second ‘abandonment’ of Grand Bahama within one month by its immediate owner, the Sunwing Travel Group, which also controls the Blue Diamond Resorts brand that operated the Memories resort. Vacation Express was Sunwing’s tour operator arm, providing visitors with Grand Bahama vacation packages and flying them in on charter flights, including its owner’s Sunwing Airlines. The pull-out implies that Sunwing has reneged on the promise it made just over three weeks ago, in confirming the Memories closure on February 1, that it remained fully committed to supporting Grand Bahama’s tourism economy through the continuation of airlift. The Canadian-headquartered firm said then: “Sunwing intends to continue supporting Grand Bahama island and its tourism economy, including its hotels, through its tour operators, Sunwing Vacations and USbased Vacation Express, as well as by continuing its airlift programmes from Canada and from the United States in the summer, subject to conditions we are discussing with Government.” It is unclear whether the pull-out was prompted by the Government failing to
meet Sunwing’s “conditions”. Other unanswered questions include whether Vacation Express’s pull-out applies just to the summer, and if services will resume for the winter 2017-2018 season; and whether Sunwing Vacations and Canadian airlift are unaffected. However, the impact from Vacation Express’s withdrawal, and the loss of Grand Bahama’s greatest ‘room night’ source, will be felt throughout the island’s hotel industry. Pelican Bay, Castaways, Viva Wyndham Fortuna Beach and others will all potentially suffer a loss of business as a result. One prominent Grand Bahama private sector source, speaking on condition of anonymity, said they were not surprised by the Vacation Express pull-out notwithstanding Sunwing’s earlier promises. “Remember when they said they were going to keep that?” the source said of Vacation Express. “That [pullout] doesn’t surprise me one iota. We’re in a terrible way. The Government isn’t doing anything; nobody is.” Mick Holding, the Grand Bahama Chamber of Commerce’s president, yesterday confirmed to Tribune Business he had been among those informed of Vacation Express’s withdrawal. He described the island’s tourism economy as being “in the doldrums”, and said the closure of Memories and most of the Grand Lucayan following Hurricane Matthew had been “devastating” for numerous Bahamian-owned businesses. “The tourist industry is still in the doldrums right now,” Mr Holding told Tribune Business, “and only
earlier this week we had Vacation Express, the largest supplier of room nights to Freeport, cancelling their summer programme. “That’s another blow to the tourist industry and the overall economy. The tourism industry really right now is in the doldrums, and somehow we have got to work to getting it back to where we were 12 months ago as a starting point, and take it from there. “The prospects for 2017 at the moment for that sector of our economy don’t look good at all. We need to work together, the Government, the Port Authority and the Chamber of Commerce, to find new businesses to come on to the island and pick up where Memories left off.” Mr Holding said the Memories closure had delivered “devastating news for Freeport because of the loss of 400-500 jobs”. “The ripple effect goes down to tour operators, restaurants and bars and retail stores,” he added. “The effect can be quite significant
to our ability to mentor millennials and develop talent within the sector,” Ms McCartney said. She explained what a BMS mentorship relationship should look like, and thanked mentees and mentors for their participation. Attendees engaged in “getting to know you” activities. Mentors will provide coaching to their mentee over a one-year period. The launch of the 2017 mentorship programme was the first BMS event this
year. Other planned events include a distinguished lecture series, young professionals summit and career planning session. BMS is a voluntary membership-based programme open to millennials (born between 1979 and 1993) who are employees of BFSB member firms and industry stakeholders, and to students studying full-time or part-time in a degree related to financial services, law, technology or real estate, either at the University of the Bahamas or abroad.
and is very significant.” The Chamber president said Matthew, and the subsequent Memories and Grand Lucayan closures, had been especially ill-timed because “quite a lot” of tourism industry businesses had been “on the verge of expanding and offering new products to tourists”. “Tragically, their market has been significantly hit,” Mr Holding said of budding tour and excursion providers. “I’ve always said that what we’ve got to do is not only attract tourists in the first place, but get them to come back. A lot of places offer sun and sand, and we’ve got to offer more than that.” He added that the Chamber “will do everything we can to support the drive to find new owners” for the Grand Lucayan. Hutchison Whampoa’s property arm, Cheung Kong Property Holdings, last year initiated an auction sales process for the resort, but has yet to announce a buyer. The Government appears to be backing a bid
led by the Wynn Group, a Canadian-based real estate developer, to acquire the Grand Lucayan. Sunwing/ Memories and Hard Rock are also part of the Wynn bid, but little has been heard in recent days as to whether the offer - said to be around $110 million - is making any progress. The silence indicates that both the Wynn-led bid and the Government are having difficulty in getting any movement out of Hutchison Whampoa when it comes to either selling or re-opening the Grand Lucayan. Mr Holding suggested the Grand Lucayan had “suffered somewhat” through not having “an internationally recognised brand” for its hotels and casino - something that would act as a key draw for tourists. He added that the industrial sector’s continued strong performance remained the major bright spot for Grand Bahama’s economy, as it was largely insulated from domestic economic developments.
COMMONWEALTH OF THE BAHAMAS
2012
IN THE SUPREME COURT
CLE/qui/01749
Common Law and Equity Division IN THE MATTER of The Quieting Titles Act, 1959 AND IN THE MATTER of ALL THAT piece parcel or Lot being Lot Number Eighteen (18), Block Number Fortynine (49) of a Subdivision called and known as Englerston and bounded on the NORTH by land the property of one Williams and running thereon One Hundred and Twenty-seven Hundredths (100.27’) feet on the WEST by land the property of one McKinney and running thereon Fifty and Sixteen Hundredths (50.16’) feet on the SOUTH by land the property of one Outten and running thereon Ninety-eight and eighty-two Hundredths (98.82’) feet and on the EAST by Ida Street and running thereon Forty-nine and Forty-five Hundredths (49.45’) feet the lot being 50 x 100 in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas AND IN THE MATTER of The Petition of MICHELLE GEORGINA JOHNSON (Administratrix of the Estate of Wilbur John Ferguson, deceased) _________________________________ NOTICE _________________________________ THE PETITION of MICHELLE GEORGINA JOHNSON (Administratrix of the Estate of Wilbur John Ferguson, deceased) “ALL THAT piece parcel or Lot being Lot Number Eighteen (18), Block Number Forty-nine (49) of a Subdivision called and known as Englerston and bounded on the NORTH by Lot Number Nineteen (19) in the said Subdivision now said to be the property of one Williams and running thereon One Hundred and Sixty-six Hundredths (100.66) feet on the WEST by Lot Number Fifteen (15) in the said Subdivision now said to be the property of one McKinney and running thereon Fifty and Forty-four Hundredths (50.44) feet on the SOUTH by Lot Number Seventeen (17) in the said Subdivision now said to be the property of one Outten and running thereon Ninety-eight and Seventy-seven Hundredths (98.77) feet and on the EAST by Ida Street and running thereon Forty-nine and Forty-four Hundredths (49.44) feet and is more particularly described on PLAN 5771 NP filed at the Department of Lands & Surveys. MICHELLE GEORGINA JOHNSON (Administratrix of the Estate of Wilbur John Ferguson, deceased) claims to be the owner of the unincumbered fee simple estate in possession of the said land and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959 to have his title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the Petition and the Plan of the said land may be inspected during normal office hours in the following places: 1. The Registry of the Supreme Court, East Street North in the City of Nassau, Bahamas; and 2. The Chambers of Norwood A. Rolle & Co., Suite #6 Gomez Building, Dowdeswell Street east of Christie Street, Nassau, Bahamas. NOTICE is hereby given that any person having dower or right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days after the final publication of these presents, file in the Supreme Court and serve on the Petitioner or the undersigned a Statement of his claim in the prescribed form verified by an affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of Thirty (30) days after the final publication of these presents will operate as bar to such claim. Dated the 12th day of December, A.D., 2016 NORWOOD A. ROLLE & CO. Chambers Suite #6, Gomez Building Dowdeswell Street east of Christie Street Nassau, Bahamas Attorneys for the Petitioner
PAGE 6, Friday, February 24, 2017
Chamber chief ‘can’t see’ Hawksbill Creek breach via ‘back door’ From pg B1 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
Summit’s Matthew loss peaks at $37m From pg B1 “We’re hopeful of moving to a conclusion sooner rather than later, as at this point there are just a few of them. Hopefully, in the next month or so, we will wrap them up. Our philosophy is that the best claim is a settled claim.” Mr Ingraham said claims might be outstanding for reasons as simple as an in-
ability to contact absentee second homeowners. “It’s been a fairly big loss for us,” he added of Matthew. “It could have been a lot worse for us if the storm had been 10 miles further east when it passed New Providence. “When it first passed through, we initially had slightly higher loss estimates, but when it settled down the numbers were reason-
IN THE ESTATE OF MAYBELL KEMP, deceased, late of Hudson Street, Blair Estates , Eastern District of New Providence, Bahamas. Notice is hereby given that all persons having any claims or demands against the above-named Estate are requested to send the same duly certified to the undersigned on or before the 14th March, 2017 . And notice is hereby also given that at the expiration of the time above mentioned the assets of the deceased will be distributed among the persons entitled thereto having regard only to the claims of which the Administrator shall then have had notice. Roberts, Isaacs & Ward, Attorneys-at-Law, Chambers, Unit 2, Cable Beach Court Professional Centre, West Bay Street, Nassau, Bahamas.
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 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.” However, Mr Holding disagreed with this argument, telling Tribune Business: “I can’t see that link, because the link with the Hawksbill Creek Agreement was broken on May 4, 2015. “Those concessions you can now get through application are the same concessions, but that’s the only link with the Hawksbill Creek Agreement.” He added: “It’s now by Act of Parliament that
those concessions are being granted, not by the Hawksbill Creek Agreement. “My personal view is that I cannot see how this can be linked back to any part of the Hawksbill Creek Agreement. I cannot see how that can be connected.” Fred Smith QC, the Callenders & Co attorney and partner, on Thursday agreed with suggestions that the Act and associated application process was an attempt to change the Hawksbill Creek Agreement via the ‘back door’. However, Mr Holding, referring to the application
process, said: “Why do we need to do it? The answer to that is the concessions that we’re now talking about, which were originally embedded in the Hawksbill Creek Agreement, expired on the August 4, 2015. Those concessions no longer exist under the Hawksbill Creek Agreement. “The Government extended them for a period from August 4, 2015, to May 4, 2016, and now the Act is allowing for the further extension of those concessions to Port licensees.”
able and where we expected them to be once we did the full assessment.” The Bahamas Insurance Association (BIA) estimated that the total nationwide insured loss from Hurricane Matthew would be around $400 million within days of the storm’s passage, and has not deviated from that estimate - a record loss for any single catastrophic event/ natural disaster to hit this nation. Adding Summit’s $37 million in gross losses to the $90 million and $80 million incurred by RoyalStar Assurance and Bahamas First, respectively, means that collectively those three underwriters alone have paid out more than $200 million in claims to Matthew victims. Given the scale of the loss, and the fact that foreign-
based reinsurers have shouldered most of the payout burden, it is little surprise that they may be seeking higher rates from Bahamian property and casualty insurers in 2017. Given that the latter have to buy huge quantities of reinsurance to enable them to underwrite all their Bahamas-based risks, it is the reinsurers that effectively dictate consumer premium rates, with cost increases often passed on to consumers. “We have seen some reinsurers pushing rates northwards because of their losses; we’ve definitely seen that,” Mr Ingraham told Tribune Business. “As we’ve tied down renewals, we’ve definitely seen some increases from reinsurers, especially the ones responsible for paying the
Matthew losses.” However, the Summit president said it was still too early to determine the extent of any premium rate increase for Bahamian consumers, and if this would occur at all. “It’s really early days and difficult to say,” Mr Ingraham said. “Things are crystallising as time goes on, and we expect by the middle to end of March we’d know where the market is. “It’s still a competitive market, and we anticipate seeing some small increase depending on the size of the loss in the storm. It’s impossible to give one answer to this question because there are so many variables.” Tom Duff, general manager of Insurance Company of the Bahamas (ICB), the carrier through which BISXlisted J. S. Johnson places much of its property and casualty business, said it was up to individual underwriters to determine how reinsurance pressures fed into client premiums. “It’s down to individual companies to enter into negotiations with reinsurers,” he told Tribune Business. “We have got our programmes placed like most
companies have, and obviously last year reinsurers suffered a very substantial loss from the hurricane. “We’d imagine that all countries in that industry are trying to redress that balance this year, and what we’d hope is that this year will be a good one and provide some measure of payback for the losses suffered in 2016. “All companies will be doing their best to try and assist reinsurers given the big payout from last year. Whether that transfers into individual premiums, it’s up to individual companies to determine.” Mr Duff said ICB, like Summit, was completing settlement of larger, more complex Matthew-related claims - a process it expects to be finished by the end of March or early April 2017. “After another couple of months we’ll be getting to the end of the process,” he told Tribune Business. “We’re working our way through those. “I think that in the next four to eight weeks we’ll be sure to wrap up the whole thing.”
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IMPORTANT NOTICE TO ALL CUSTOMERS AND CREDITORS OF MONTAQUE CAPITAL PARTNERS LTD. (In Liquidation) The Joint Official Liquidators (the Liquidators) hereby notify all Customers and Creditors of Montaque Capital Partners Ltd. (In Liquidation) (“the Company”) that they have applied to the Supreme Court of the Bahamas for Court approval of the payment of the Liquidators’ remuneration and costs for the period 1st February 2014 through 30th April 2016. The Summons by which the application is made and the Eighth Affidavit of Edmund L. Rahming setting out the costs may be accessed on the website: www.mcp-liquidation. com. The Liquidators’ application will be heard by His Lordship the Honourable Mr. Justice Ian Winder Justice of the Supreme Court in Chambers on Monday the 13th March 2017 at 9:00 o’clock in the forenoon. If you intend to appear on the hearing of the Liquidators’ application you will need to file at the Supreme Court Registry a Memorandum of Appearance or one of the forms shown on the website depending on whether you are claiming a debt owed to you (Creditor’s Appearance) or that the Company is holding assets beneficially owned by you (Customer’s Appearance). The Memorandum needs to be filed and served on the Liquidators or their Attorneys, Lennox Paton, no later than 4:00 p.m. on Thursday 9th March 2017. If you are a customer or creditor of the Company and you need any further information or clarification in regard to the application, please contact the Liquidators directly and they will do their best to assist you. Messrs. Kenneth Krys and Edmund L. Rahming The Joint Official Liquidators of Montaque Capital Partners Ltd. (In Liquidation) Intelisys 15 Caves Professional Center, Caves Village Nassau, The Bahamas Tel (242) 327-4001/3 www.intelisysltd.com
THE TRIBUNE
THE TRIBUNE
Friday, February 24, 2017, PAGE 7
an employment application form on a table during a job fair at ColumbiaGreene Community College in Hudson, N.Y. The Labor Department said yesterday, that 244,000 Americans applied for jobless aid last week, up by 6,000 from the previous week. (AP Photo)
Claims for US jobless benefits tick up, level still healthy WASHINGTON (AP) — More Americans applied for unemployment benefits last week, but claims remained at a low level consistent with a healthy job market. THE NUMBERS: The Labor Department said Thursday that 244,000 Americans applied for jobless aid last week, up by 6,000 from the previous week. The four-week average, a less volatile measure, fell by 4,000 to 241,000, lowest since July 1973. Overall, 2.06 million people are collecting unemployment checks, down 7.7 percent from a year ago. THE TAKEAWAY: Unemployment claims are a proxy for layoffs. They have come in below 300,000 a
week for 103 straight weeks, the longest such streak since 1970. The low levels of claims suggest that employers are confident enough in the economy to hang on to their workers and perhaps know it would be difficult to find replacements in a tight job market. KEY DRIVERS: Employers added a healthy 227,000 jobs in January after averaging 187,000 a month last year. The unemployment rate is 4.8 percent, which the Federal Reserve considers full employment. “The pattern (in jobless claims) is consistent with the trend in employment growth remaining strong — more than strong enough to keep the unemployment rate trending down,” Jim
O’Sullivan, chief U.S. economist at High Frequency Economics, wrote in a research report. Fed Chair Janet Yellen has said that the central bank is close to achieving its goals of maximum employment and modest 2 percent inflation. She noted in congressional testimony last week that at the December meeting Fed officials expected to raise rates three times this year. Many private economists believe the Fed won’t start raising rates until June, giving the Fed more time to assess the potential impact President Donald Trump’s stimulus program of tax cuts and infrastructure spending will have on the economy.
PAGE 8, Friday, February 24, 2017
THE TRIBUNE
Dakota Access oil pipeline camp cleared of protesters
CANNON BALL, N.D. (AP) — Authorities on Thursday cleared a protest camp where opponents of the Dakota Access oil pipeline had gathered for the better part of a year, searching tents and huts and arresting dozens of holdouts who had defied a government order to leave. It took 3 ½ hours for about 220 officers and 18 National Guardsmen to methodically search the protesters’ temporary homes. Authorities said they arrested 46 people, including a group of military veterans who had to be carried out and a man who climbed atop a building and stayed there for more than an hour before surrendering. Native Americans who oppose the $3.8 billion pipeline established the Oceti Sakowin camp last April on federal land near the Standing Rock Indian Reservation to draw attention to their concerns that the project will hurt the environment and sacred sites — claims Dallas-based pipeline developer Energy Transfer Partners disputes. The camp gained increased attention starting in Au-
gust after its population had grown and authorities made their first arrests. At its height, the camp included thousands of people, but the numbers had dwindled during the winter and as the fight over the pipeline moved into the courts. The Army Corps of Engineers said it needed to clear the camp ahead of spring flooding, and had ordered everyone to leave by 2 p.m. Wednesday. The agency said it was concerned about protesters’ safety and about the environmental effects of tents, cars, garbage and other items in the camp being washed into nearby rivers. Most protesters left peacefully Wednesday, when authorities closed the camp, but some stayed overnight in defiance of the government order. Before the arrests, protester Ed Higgins 39, of Lowell, Massachusetts, said by phone from the camp that morale was high and opponents were prepared to stay as long as necessary. Protesters maintain that the camp was on land that rightfully belongs to American Indians under old treaties. “They do not own the
Law enforcement enters the Oceti Sakowin camp to begin arresting Dakota Access oil pipeline protesters in Morton County, yesterday, near Cannon Ball, N.D. As the arrests were underway law enforcement personnel drove several large construction equipment into the camp to begin the cleanup process and razing tents and structures. (AP Photo) land. They do not have the right to be here,” said Higgins, who did not answer his phone after authorities cleared the camp. As police in full riot gear worked to arrest the stragglers, cleanup crews began
razing buildings on the square-mile piece of property at the confluence of the Cannonball and Missouri rivers. American Indian activist Chase Iron Eyes, an outspoken supporter of the camp,
said its shutdown is not the end of the fight against the pipeline. “The battleground has shifted to the legal courts and the court of public opinion,” he said, referring to lawsuits filed by tribes and
Conservatives urged not to ‘squander’ Trump presidency OXON HILL, Md. (AP) — President Donald Trump’s top aides on Thursday delivered one overriding message to the thousands of conservative activists gathered for their annual conference outside of Washington: Don’t blow it. Speaking at the Conservative Political Action Conference, White House chief of staff Reince Priebus pleased for patience and unity, urging activists not to squander the Republican Party’s control of both chambers of Congress and the White House. Trump adviser Steve Bannon made his case for a governing strategy based on aggressive deregulation and an
“economic nationalism” in negotiating new free trade deals. “What you’ve got is an incredible opportunity to use this victory,” Priebus said. Some of Trump’s plans for creating jobs and putting more money in people’s pockets will take time, he said. “We’ve got to stick together and make sure we have President Trump for eight years.” Priebus’ pleas acknowledged conservatives’ underlying skepticism about the new president, a former Democrat who in the past has elicited boos at the conference. Trump has often suggested he doesn’t prioritize the social issues many conservatives elevate, and
his proposal for a massive infrastructure bill has cast doubts about his commitment to curb government spending. But with a Republican in the White House for the first time in eight years, many activists say they feel energized and more than willing to give him a chance. The decades-old CPAC, as the event is known, is now really more like “TPAC,” White House counselor Kellyanne Conway said. She and other Trump administration speakers thanked conservatives for voting for Trump last fall. Bannon said appreciation would largely be the theme of the president’s remarks Friday to the group. Vice
President Mike Pence is scheduled to speak Thursday night. Many in the audience chanted “Trump! Trump! Trump!” as Bannon, a provocateur and outsider, and Priebus, a GOP party insider, made a joint appearance on stage. The duo’s chummy joint interview seemed designed to refute media reports that the two are working at cross-purposes in a factionalized White House. Priebus presented their partnership as evidence that conservatives and Trump supporters can work together. “The truth of the matter is Donald Trump, President Trump, brought together the party and the conserva-
INTENT TO CHANGE NAME BY DEED POLL t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,911.36 | CHG -0.04 | %CHG 0.00 | YTD -26.85 | YTD% -1.39 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 6.60 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 11.56 2.18 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 100.00 100.00 100.00 104.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 5.83 10.48 11.56 2.12 1.55 5.83 9.75 10.95 9.25 6.90 12.01 10.00
CHANGE 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.06 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
104.85 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.07 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
1,000 6,000 2,400 5,000 1,000 9,200
430 400
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 20.8 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% 5.93% 0.00% 0.00% 2.00% 3.53% 3.77% 3.44% 4.24% 2.83% 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
cians who stand in the way of changing the education system. “We have a unique window of opportunity to make school choice a reality” for millions for families, she said. Arizona Gov. Doug Ducey said last fall’s election results provide “an assignment for change and real reform.” “So we need to see a repeal and replacement of Obamacare, we need to see real tax reform,” he said. “We need to see a federal government that gets its spending under control.” “As governors, as activists, engaged citizens, we need to hold all elected leaders accountable for results in this cycle right now. We may not get this same opportunity again. We can’t squander it.”
PUBLIC NOTICE
MARKET REPORT THURSDAY, 23 FEBRUARY 2017
tive movement,” he said. “If the party and the conservative movement are together, similar to Steve and I, it can’t be stopped.” In his remarks, Bannon emphasized Trump’s plans to deregulate businesses — or what he described as “deconstruction of the administrative state.” “Every business leader we’ve had in is saying not just taxes, but it is also the regulation. I think the consistent, if you look at these Cabinet appointees, they were selected for a reason and that is the deconstruction,” he said. Education Secretary Betsy DeVos urged the activists to “engage” and “be loud” in the face of politi-
an effort planned by the Lakota People’s Law Project to rally lawmakers and others in Washington, D.C., to their cause. Authorities entered the camp “cautiously and tactfully” to ensure the safety of officers and protesters, Highway Patrol Lt. Tom Iverson said. The arrests were a last resort, he said. “We did not want this. Unfortunately, there were some bad actors that forced us into this position,” he said. Only one person resisted arrest; otherwise there were no major incidents, and there were no injuries, Morton County Sheriff Kyle Kirchmeier said. Afterward, officers showed visible relief, smiling, shaking hands and patting one another on the back. Guardsmen and officers entered the camp from two directions shortly before midday, alongside numerous law enforcement and military vehicles and with a helicopter and airplane overhead. As they checked and cleared buildings, they marked them with a fluorescent orange “X.”
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
The Public is hereby advised that I, PAULETTE STRACHAN of the Eastern District of New Providence, Bahamas, P.O. BOX N-4655, intend to change my name to PAULETTE MICHELLE HANNA. 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 SYLVANIE VILBRUN of Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE NOTICE is hereby given that DR. LORNE HOWARD CHARLES of #56 Nautica Seaview Drive, West Bay Street, P.O. Box SP60063, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that RICHARD CAVE of Young Street,P.O. Box N4705, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th 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, DANIA ANDERSON of Skyline Dr., New Providence, Bahamas, intend to change my child’s name from DIANTHé KAALIYAH ELISE ROLLE to DIANTHé KAALIYAH ELISE ANDERSON. 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 12, Friday, February 24, 2017
THE TRIBUNE
US factory CEOs to Trump: Jobs exist; skills don’t WASHINGTON (AP) — President Donald Trump brought two dozen manufacturing CEOs to the White House on Thursday and declared their collective commitment to restoring factory jobs lost to foreign competition. Yet some of the CEOs suggested that there were still plenty of openings for U.S. factory jobs but too few qualified people to fill them. They urged the White House to support vocational training for the high-tech skills that today’s manufacturers increasingly require — a topic Trump has seldom addressed. “The jobs are there, but the skills are not,” one executive said during meetings with White House officials that preceded a session with the president.
(Reporters were permitted to attend the meetings on the condition of not quoting individual executives by name.) The discussion of job training and worker skills is a relatively new one for Trump, who campaigned for the White House on promises to restore manufacturing jobs that he said had been lost to flawed trade deals and unfair competition from countries like Mexico and China. Again and again, Trump brought up that theme in his meeting with the CEOs. “Everything is going to be based on bringing our jobs back,” Trump said. “The good jobs, the real jobs. They’ve left.” White House officials said Trump heard the CEOs’ concerns about a
shortage of qualified workers and said he supports efforts to increase training for factory jobs. But they didn’t provide details. “We were challenged by the president to ... come up with a program to make sure the American worker is trained for the manufacturing jobs of tomorrow,” Reed Cordish, a White House official, said after Thursday’s meetings. Trump officials said the meetings were intended to provide the White House with ideas in four areas: taxes and trade; regulatory reform; infrastructure; and the “workforce of the future,” including advanced training. Proposed solutions may be included in future presidential executive orders or legislative propos-
President Donald Trump welcomes manufacturing executives to a meeting yesterday at the White House in Washington. From left are, Archer Daniels Midland CEO Juan Luciano, White House Senior Adviser Jared Kushner, Trump, and Merck CEO Kenneth Frazier. (AP Photo) als, a White House official said. The gathering occurred amid the same kind of jovially informal atmosphere that has prevailed in several meetings Trump has held with CEOs in the four weeks since his inauguration. Most of the executives thanked the president for reaching out to them, and several expressed gratitude
for his interest in meeting them face to face. “All the CEOs are very encouraged by the pro-business policies of President Trump,” Andrew Liveris, CEO of Dow Chemical, said afterward outside the White House. “Some of us have said this is probably the most pro-business administration since the Founding Fathers.”
Other CEOs at the meeting included Jeff Immelt of General Electric, Doug Oberhelman of Caterpillar, Inge Thulin of 3M and Denise Morrison of Campbell Soup. One executive said in discussions with White House officials that his company has 50 participants in a factory apprenticeship program, but could take 500 if enough were qualified.
Global stocks steady as Fed minutes fail to sway investors LONDON (AP) — Global stock markets were trading in narrow ranges Thursday after the minutes to the last policymaking meeting of the Federal Reserve failed to provide much of a steer as to the timing of the U.S. central bank’s next interest rate increase. KEEPING SCORE: In Europe, the FTSE 100 index of leading British shares was down 0.1 percent at 7,294 while Germany’s DAX fell 0.2 percent to 11,981. The CA 40 in France bucked the trend somewhat to trade 0.1 percent higher at 4,890. U.S. stocks were poised for a steady opening with Dow futures and the broader S&P 500 futures unchanged. 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. Analysts said next week’s official U.S. jobs figures for February could have a major impact on the prospects of a rate hike as soon as March. ANALYST TAKE: “It was always likely that the Fed would want to keep its policy options open, fiscal policy uncertainties notwithstanding, which is why last night’s minutes from the January Fed meeting were unlikely to add anything new to what we already knew, that a rate hike was coming ‘fairly soon’,” said Michael Hewson, chief market analyst at CMC Markets.
ASIA’S DAY: Japan’s benchmark Nikkei 225 lost less than 0.1 percent to close at 19,371.46 and South Korea’s Kospi finished 0.1 percent higher at 2,107.63. Hong Kong’s Hang Seng shed 0.4 percent to 24,114.86 and the Shanghai Composite index retreated 0.3 percent to 3,251.38. Australia’s S&P/ASX 200 lost 0.4 percent to 5,784.70. CURRENCIES: The euro rose 0.2 percent to $1.0564 while the dollar fell 0.4 percent to 112.92 yen. ENERGY: Benchmark U.S. crude oil futures rebounded, rising 76 cents to $54.35 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the standard for pricing international oils, rose 81 cents to $56.85 a barrel in London.
Yesterday a man walks past an electronic stock indicator of a securities firm in Tokyo. 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)
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