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WEDNESDAY, MARCH 22, 2017
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Food store surprise at Brazil meat ban By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Bahamian supermarket chains were surprised yesterday by the Government’s decision to place an immediate ban on all meat imports from Brazil, in the wake of a health and corruption scandal impacting that nation’s export processing industry. V. Alfred Gray, minister of agriculture and marine resources, confirmed to Tribune Business that his Ministry had issued an immediate import ban on Brazilian meat products, a move that will particularly impact food stores’ corn beef offerings. He said: “The Ministry is banning all beef products from Brazil, effective immediately.” The Bahamas is following the lead established by the European Union, China and Jamaica, the latter of which also banned Brazilian meat imports yesterday. The move follows reports from the Brazilian authorities that several major meat processors in that country have been “selling rotten beef and poultry”, and bribing inspectors to allow the contaminated product through into the food chain. The Brazilian authorities have reportedly suspended 33 government officials over
Minister: Import prohibition immediate Corn beef among products hardest hit Call for more Bahamas agriculture production the allegations, which claim these practices have been ongoing for years. Three meat processing plants have been closed, and another 21 are said to be under investigation, with exports from all suspended. More than 30 companies have been accused of unhygienic practices, including JBS, the world’s largest beef exporter, and BRF, the world’s top poultry producer. The companies have denied the allegations. Bahamian food store chains appeared taken aback by the Ministry of Agriculture’s move. AML Foods’ president and chief executive, Gavin Watchorn, told Tribune Business yesterday: “At this point, we have not been able to obtain any official information on this matter. “We do not import any beef from Brazil. To the See pg b2
Oil explorer in 12-month well drill extension By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government yesterday extended the deadline for an oil exploration company to drill its first Bahamas test well by 12 months to April 2018, giving it extra time to comply with its new regulatory regime. Simon Potter, the Bahamas Petroleum Company’s (BPC) chief executive, told Tribune Business that the year-long extension was “fundamentally about compliance” and enabling the company to meet the Government’s requirements. “Within the last year, detailed new regulations and specific procedures have been laid down by the Government, and they saw fit to extend time for the perfor-
BPC’s first exploratory test pushed to April 2018 Enables company to comply with new regulations And aids ongoing joint venture partner search mance of our obligations under the license,” Mr Potter said. “This is fundamentally about compliance, and ensuring that in the normal course of business we are able to comply with these detailed regulations. It’s See pg b5
Unions: Employer wage freeze threat ‘laughable’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Trade union leaders said yesterday they were not surprised by the employer resistance to the proposed labour law reforms, and dismissed fears of wage and hiring freezes as “laughable”. Bernard Evans, president of the National Congress of Trade Unions Bahamas (NCTUB), told Tribune Business: “I’m not surprised by the push back at all. There is always a push
Say private sector ‘crying wolf’; ‘sky not falling’ Brand labour law opposition as ‘childish’ back when the union is agitating for additional compensation or benefit from employers. “You very seldom find any benevolent employers See pg b6
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Web shops gaining ‘unfair advantage’ in other sectors By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Opposition politicians yesterday voiced fears that web shop operators may be using pre-legalisation profits to gain “an unfair advantage” over competitors in other Bahamian industries. Both K P Turnquest, the FNM’s deputy leader, and Branville McCartney, the Democratic National Alliance’s (DNA) leader, argued that the Government had failed to
tackle the fate of web shop operators’ untaxed, illegal profits prior to the 2014 legalisation. These concerns have resurfaced due to the rapid expansion of some web shop groups into multiple sectors of the Bahamian economy, ranging from investment banking to public-private partnerships (PPPs). While there is nothing to prove these expansions are being financed and underwritten with pre-legalisation profits, the issue is See pg b5
Opposition politicians’ fear on pre-legal profits FNM deputy warns on ‘de facto oligarchies’ Wants antitrust laws to prevent monopolies
CCA ‘moved mountains’ for Baha Mar opening By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Baha Mar’s main contractor was yesterday said to have “moved mountains” to ensure the project received its first phase temporary Certificate of Occupancy (TCO) on deadline, with outstanding code items able to be “counted on one hand”. Tribune Business sources familiar with the $4.2 billion development’s progress towards completion said China Construction America (CCA) had achieved “tremendous success” in getting the resort ready for its April 21 ‘soft’ opening. The Government, eager to demonstrate progress at Baha Mar ahead of the imminent general election,
‘Big success’ to hit resort’s TCO deadline Contrasts with progress under initial developer Sarkis Perry Christie and DPM Phillip Davis (centre) along with other members of the govt receiving the temporary Certificate of Occupancy (TCO) signifies that all life safety, mechanical and electrical systems have been inspected, and Baha Mar is cleared for occupancy. staged the handover of the temporary TCO to prospective purchaser Chow Tai Fook Enterprises (CTFE), outside the development yesterday. The move drew predicta-
ble reactions, with the Democratic National Alliance’s (DNA) leader, Branville McCartney, reiterating the widely-held belief among Opposition politicians and many Bahamians that April
Bran labels April 21 launch a political ‘stunt’ 21 is merely “a stunt” to boost the Government’s reelection prospects. However, Tribune Business’s contacts said CCA appears to have confounded the doubters, especially See pg b4
PAGE 2, Wednesday, March 22, 2017
THE TRIBUNE
Purifying the landfill smoke It is amazing what people can get used to. I was speaking with a government official last week who is involved in the restoration work in Jubilee Gardens. She told me she would ask residents if they had any
lingering effects from the landfill fire that they needed help with. In some cases they would tell her: “No”, but as soon as she stepped into their homes she could smell the smoke everywhere. The residents simply
could not smell it any more. The adaptability of the human body is amazing. Sometimes this is positive, such as when it allows doctors to permanently implant metal in our bodies to help bones heal, or remove back
pain. It is often very useful, as people living near airports and trains stop noticing noise that would wake anyone else up at night. Sometimes, however, our adaptability can work against us, like when we stop noticing smells or breathe poor quality air. I remember one of my friends telling me about an environmental project she did in south Eleuthera. She spent days collecting samples from a pungent place (we called it ‘Stink Pond’, for obvious reasons). She told me that after a couple of days, she could not smell anything – not her food, not her deodorant, and not the pond either. This is called odor fatigue. Her body had temporarily stopped registering what was around her. This odor fatigue is what happened to the residents in Jubilee Gardens who the government official told me about. We can all become desensitised to things around us that are harmful, one of the most important being air quality. We do not always clean our living spaces like we should and, when we do, we often use harsh chemicals to counteract the germs. It is like substituting one poison for another. Fortunately, there is a greener, better way to a healthy life. There is a natural, gentle, effective purifier that we breathe in every day. It is called a hydroxyl (high-DROCK-sill), and is created in the atmosphere. What is a hydroxyl? A cleaning agent created by the sun. Sunlight breaks apart water vapour in the air, making a safe and active molecule called a hydroxyl.
When hydroxyls encounter a toxin such as carbon monoxide, they tear the poison apart. They also defeat harmful bacteria, viruses, mold and odors. That’s why they have been called “nature’s foot soldier”. This natural occurrence has been difficult for the scientific community to effectively replicate, until now. Bahamians can now use hydroxyl air cleansers indoors that mimic nature’s outdoor process for cleaning our atmosphere. No more using harsh chemicals to fight germs and pollutants. No more need for artificial chemicals to ‘freshen’ our air. Atmospheric hydroxyls themselves are completely natural and non-harmful to humans, plants or animals. This purifier technology uses a tried-and-tested method to produce hydroxyls safely, with no risk to humans. This technology is very important because we can get so used to breathing poor-quality air. The FDA (Food and Drug Administration) has approved this technology for use in medical facilities, as it eliminates more than 99.9 per cent of the harmful bacteria and viruses. You can now get convenient, portable versions of it for your home or office use for less than $1,500 in the Bahamas. Do you need to neutralise the smoke smell from fire damage, sewers or water damage? Do you need to remediate mold and its odor? Are there sick people in your home, church or office? Do you want to sanitise viruses and bacteria in your institutional or
Food store surprise at Brazil meat ban From pg B1 best of my knowledge, all brands of corn beef sold in the Bahamas are produced in Brazil, as it is one of the largest, if not the largest, producers of that product. “We have no concerns over our product quality – we purchase from reputable local wholesalers, and we import directly from plants that meet or exceed industry quality standards. At this point, we are awaiting some clarity on products that are already within our stores.” Rupert Roberts, Super Value’s owner, told Tribune Business: “All of the
corned beef that we have is from Brazil, but we have never had a problem. We never had any problem with beef or chicken. I’m sure that Brazilian authorities are going to deal with this situation.” Lance Pinder, operations manager at Abaco Big Bird Poultry Farm, told Tribune Business that the situation underscores the need for the Bahamas to improve its domestic agriculture, meat and poultry production. “I always tell people to try and buy local. This just brings light to the fact that we have very little domestic production,” he said. “Let’s suppose there was a ban on beef and chicken. That would cause a major problem for our food supply because we produce so little. We really need to try and boost our agriculture up. I just hope that they monitor the situation. It’s very concerning. People need to know where their food comes from. Right now in this country, I feel like it’s a buyer beware situation.” China reportedly suspended imports of all meat products from Brazil as a precautionary measure and the European Union suspended imports from four Brazilian meat-processing facilities. The Ministry of Agricul-
Joshua key SuperGreen Solutions
home kitchens? Do you, or your children, suffer from asthma or airborne allergies? If so, you can expect a noticeable difference when you let nature’s foot soldiers help you. Hydroxyl air cleansers have a very low operating and maintenance cost, often running on less than 2 amps. The crisp, fresh atmosphere they produce generally lowers energy associated with air conditioning. They are also designed to be used in occupied spaces. These factors make them ideal in industrial settings as well as offices and homes. Our air is a precious resource that enables us to survive. Bahamians can now make use of hydroxyl technology that enables us to create a healthier, cleaner environment – not only for the benefit of ourselves, but for generations to come. • NB: Joshua Key is general manager for SuperGreen Solutions Bahamas, located on Wulff Road next to FYP. It is one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions. ture, in announcing the ban, said: “To safeguard public health and food safety in the Bahamas, the Minister for Agriculture and Marine Resources, V. Alfred Gray, has announced a precautionary ban of meat imports from Brazil. “Until further notice, no permits for the importation of processed meat products from Brazil will be issued. This includes corned beef as well as other beef products and beef by-products.” The Ministry of Agriculture and Marine Resources said it would monitor the issue “over the next 60 days, and should we be satisfied that imports from Brazil be resumed”, several conditions would attach. These require that beef must be slaughtered and processed at an approved Government abattoir and processing facility, while a sanitary certificate must accompany all imports from Brazil; All batch containers will be inspected at a ‘port of entry’ upon arrival to the Bahamas, and an import permit obtained from the necessary government agencies. A registry of all importers of beef and beef products from Brazil will also be compiled. (See Letter in full on Page 12).
THE TRIBUNE
Wednesday, March 22, 2017, PAGE 3
Bran: Business ‘cowers’ over labour law reforms By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Democratic National Alliance’s (DNA) leader yesterday warned that the proposed labour law reforms would make businesses “cower” if enacted, as the private sector’s negotiations with the Government continued into the evening. Branville McCartney, himself a businessman with more than 100 employees across various ventures, told Tribune Business that the Employment and Industrial Relations Act changes would make Bahamian and foreign investors “think twice” about doing business in this nation. He accused the Christie administration of “pandering” to the trade unions in
Tells Govt: ‘Stop pandering’ to trade unions Says: Make laws for all society, not just for election Fears investors will now ‘think twice’ a bid to secure general election votes, adding that laws had to be made and passed for the benefit of all Bahamian society - not just a select few. Mr McCartney’s comments came as Chamber of Commerce and hotel industry executives were locked
in talks with the Government in a bid to head-off, or mitigate, what they perceive as the most ruinous aspects of the Bills. “We remain hopeful that something will materialise,” one told Tribune Business, on condition of anonymity, in late afternoon. No update was forthcoming before press time. “They’re trying desperately to get the union vote,” Mr McCartney said of the Christie administration and is proposed reforms, which are overwhelmingly perceived as labour-friendly. “My concern is that we have today, and I speak from experience, businesses that are struggling to keep their doors open. We have businesses, especially in light of VAT, that have closed. There are business-
es that have laid persons off, and are just struggling to survive.” The DNA leader said that in the current Bahamian business climate, which he described as “one of the worst ever”, the proposed labour law reforms would be seen as “a turn off” by both Bahamian and foreign investors. Adding that the amendments were “unreasonable in the circumstances”, Mr McCartney said many companies were struggling to meet their existing redundancy pay obligations under the Employment Act, let along the proposed twothirds ‘cap’ increase. “We cannot make laws, like this government is doing now, just before an election, to pander to certain sectors of society like the
unions,” he told Tribune Business. “I have no doubt that is what the Government’s doing. This will make it even worse. “Small businesses are the backbone of any society, and we ought to do everything to encourage their growth, but this type of legislation will certainly do just the opposite. “It will make people cower. It will make business people and entrepreneurs think twice about getting into business. The Government really ought to be reminded to bring in laws for the benefit of the whole; not for the benefit of winning an election.” Mr McCartney added that between the schools, law firm, pharmacy and property management company, he and his wife employed
Minister shrugs off fly fishing opposition By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
A Cabinet minister yesterday said he was “not really” concerned about continuing opposition to the new Fly Fishing regulatory regime, arguing that this nation “will be better” because of it. V Alfred Gray, the agriculture and marine sciences minister, said: “It’s going very smoothly. All of the Family Islands have reported sales of permits. It’s going very smoothly.” When asked whether he was concerned over the push back from some, Mr Gray replied: “Not really. We expected there would be one or two people who never would have wanted it to happen, but we are moving and are moving straight ahead, and the Bahamas will be better because of it.” Regulations to govern the Bahamas’ fly fishing industry took effect on January 9. As reported by Tribune Business, when the proposed regulations were
first unveiled they created considerable controversy, and effectively created a divide between the 400 local guides and the lodge owners. The latter were more opposed to the proposals. There was concern that the regulations, as initially drafted, gave the impression that the Bahamas was being too protectionist and restrictive, and anti-foreign, while tying up access by foreign anglers in bureaucracy and red tape, plus increased costs. Significant opposition came from foreign anglers and groups who organised fishing tours to the Bahamas, with the hotel, marina and tourism industries all concerned that the regulations would drive visitors away. The concerns have not abated. In an open letter to Mr Gray, Captain Matthew Brittain Robinson recently expressed concerns shared by several who have spoken to Tribune Business over certain aspects of the Flats Fishing Regulations 2017. Captain Robinson asked:
“How are any of the regulations, other than the issuance of a fishing license, going to help the guides, lodges, and the flats fishery of the Bahamas?” He argued that while the regulation was intended to secure the future of flats fisheries in the Bahamas, it had several piutfalls, with clients taken away from guides. The regulations allow only Bahamian-registered vessels on the flats, and Bahamian-certified fishing guides must be used if two or more anglers are fishing in the flats by means of a vessel. “We fish on average 70 days a year on Bahamian flats. We hire Bahamian guides whenever possible,” said Captain Robinson. Highlighting the economic contribution that his fishing company provides to the Bahamian economy, Captain Robinson said: “On an average year, over the last 13 years we purchase 7,500 gallons of fuel per year, 150 days dockage, 30 meals at area restaurants,
50 trips in local taxis, $1,200 in local marine supply from hardware stores, $3,000 per month from local grocery stores, not to mention purchases from local galleries, straw markets, fresh conch, fish, and lobster from local fishermen. “Make no mistake, we fish the reefs and offshore waters as well, and consume our harvest with gusto. But, we occasionally buy from local fishermen as well.” Captain Robinson, who is a fisherman and guide, said the only people the regulations “affect are the lawfully-visiting boats that want nothing more than to fish for a quarry that is a catch and release fishery”. The fly fishing regulations require anglers above the age of 12, and who wish to fish in the flats, to apply for a personal angler’s license and pay a set fee. Non-Bahamians will have to pay $15 for a daily license; $20 for a weekly license; $30 for a monthly license; and $60 for an annual license. The regulations also require a foreign vessel wish-
ing to fish in the Bahamian flats to obtain the usual sports fishing permit, with each person on the vessel also holding a personal license. The regulations also ban
100 persons, but the labour law changes would act as a deterrent to their expansion and any new ventures. Key among employer concerns is the 67 per cent, or two-thirds increase, in the Employment Act’s redundancy pay ‘cap’. Line staff are currently entitled to a maximum 24 weeks or six months’ redundancy pay under the Employment Act, gaining two weeks for each year they have been employed up to the 12-year ‘cap’. However, the Bill requires the ‘cap’ to be increased to 32 weeks (16 years) immediately upon enactment of the reforms. And, ultimately, the ‘cap’ for line staff redundancy pay is to be increased to 40 weeks some two years after the amendments are See pg b7
commercial fishing in the flats. Anglers are only allowed to catch and release when catching bonefish, permit, snook, cobia and tarpon. And a Conservation Fund for the management and protection of the flats and fisheries resources in the Bahamas will be established.
NOTICE FORESTBURG LTD. Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 14th day of March, A.D., 2017. Dated the 22nd day of March, A.D., 2017. Kobi G. Dorenbush LIQUIDATOR 1033 West Bay Road SMB, PO Box 32348 Grand Cayman Islands KY1-1209
PAGE 4, Wednesday, March 22, 2017
CCA ‘moved mountains’ for Baha Mar opening From pg B1 former developer, Sarkis Izmirlian, who blamed the Chinese state-owned conglomerate for Baha Mar’s fall into Chapter 11 bankruptcy protection in late June 2015. “With CCA, you’re talking about moving mountains,” a contact familiar with Baha Mar’s construction told Tribune Business. “There are said to be a couple of matters that are non-compliant for [Bahamas Building] Code. On Monday that number was down to four, and I heard
today [Tuesday] that they are now down to two. “It is down to items on one hand, which is a tremendous success, given where they came from in October last year.” Tribune Business was told that CCA’s diligence was such that if the Ministry of Works’ inspection agents found an area that was unsafe, or not up to Building Code, a team was immediately dispatched to rectify those faults the same day. The speed with which CCA has completed the amenities that will feature in Baha Mar’s ‘soft open-
NOTICE AKIRA PARTNERS LTD. ________________
Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 6th day of March, 2017.
Delano Aranha Liquidator of AKIRA PARTNERS LTD.
ing’ is unlikely to be lost on Mr Izmirlian, who blamed the contractor’s “shoddy workmanship” - and its failure to complete the project on time, and on budget - for two missed opening dates and the Chapter 11 debacle. One source familiar with Mr Izmirlian’s position, and speaking on condition of anonymity, said of CCA: “If they have been able to do in six months what they couldn’t do in a year, what were they doing in that time?” Tribune Business understands that March 21 had been set as the TCO issuance deadline because CTFE wanted 30 days to get its newly-hired staff “up to speed”, and familiar with Baha Mar’s amenities, prior to the ‘soft opening’. The Hong Kong-based conglomerate indicated as much in a release yesterday afternoon, adding that itself and Grand Hyatt, which will operate the casino and convention hotels, plus the convention centre, are now “placing final touches” on guest rooms and the ‘phase one’ facilities. The TCO gives CTFE “full rights” to use all Baha Mar amenities included in the first phase ‘soft opening’, including the convention centre, casino and casino hotel, but it remains “on the hook” for any unsafe, non-Code compliant items that need to be addressed. “It will be a situation where Building Control will say: ‘We’ll let you use it, but you have 60 days, 90 days to take care of what’s left,” a contractor familiar with the process told Tribune Business.
Once these issues are dealt with, the Ministry of Works releases any remaining authority over the project via a full Certificate of Occupancy (CO), with all permits and approvals granted to Baha Mar’s. Tribune Business understands that Baha Mar’s elevators obtained the necessary certification yesterday, while “the least complete” items at the time of the Chapter 11 filing - the fire and smoke management systems - have also passed inspection. It is also understood that CCA was granted a one-year contract by Baha Mar’s secured lender, the China Export-Import Bank, to complete the project’s physical construction. This places Baha Mar’s likely completion at around October 2017, which is probably when CTFE’s purchase of the property will finally close, given that the timing depends on being handed a finished resort product. CTFE yesterday said the TCO showed that all Baha Mar’s safety, mechanical and electrical systems were up to Code standard, paving the way for the $4.2 billion project’s occupancy. However, Opposition politicians have repeatedly dismissed the April 21 opening as an election ploy or “gimmick”, arguing that its timing is designed to boost the Christie administration’s re-election chances. To support their case, they are pointing to Tribune Business’s revelation that no casino license will be in place 21 days prior to Baha
NOTICE
NOTICE
Geotech Management (Bahamas) Ltd.
Geotech Bahamas Holdings Ltd. NOTICE IS HEREBY GIVEN as follows:
NOTICE IS HEREBY GIVEN as follows: (a) Geotech Management (Bahamas) Ltd. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 9th day of March, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Ed Morrison of 25 Eden Vale Drive, King City, Ontario L7B 1L8, Canada Dated the 22nd day of March, A.D. 2017 HIGGS & JOHNSON
(a) Geotech Bahamas Holdings Ltd. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 9th day of March, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Ed Morrison of 25 Eden Vale Drive, King City, Ontario L7B 1L8, Canada Dated the 22nd day of March, A.D. 2017 HIGGS & JOHNSON
THE TRIBUNE
Mar’s opening; the resort’s reservation system is not operational; and that no significant marketing has been conducted by CTFE. Tribune Business sources have suggested that the Government’s strategy is to avoid or deflect answering questions on these issues, and instead focus solely on the impending opening and the 1,500 jobs created for Bahamians. An e-mail reply to Tribune Business’s questions on the yet-to-be-issued casino license bears this out, as Jerome Fitzgerald, minister of education, science and technology, completely skirted the matter. “All indications are that the hotel and casino will open on April 21,” Mr Fitzgerald, who sits on the Cabinet committee dealing with Baha Mar, told this newspaper in response. “Hundreds of persons are now employed, and thousands more before the end of 2017. God is Good! Feel free to quote me.” However, the DNA’s Mr McCartney charged: “Anyone can see that it is just a stunt, for want of a better word, for the governing party to say they’ve opened Baha Mar. This government will do anything to try and fight for its political survival.” Emphasising that he wanted to see Baha Mar open, and Bahamians employed, Mr McCartney argued that the Christie administration could not treat April 21 as “a feather in their cap” because it caused the property’s closure via the Supreme Court winding-up petition - part of the process that ultimately ousted Mr Izmirlian. The DNA leader added that the Government was “again putting the cart before the horse” on the casino, given that no license had yet been issued to CTFE’s subsidiary, Sky Warrior Bahamas. “All of this goes towards the PLP government trying to have it look as they’re
doing something right before the election,” Mr McCartney said. “I guarantee you that the election will be called shortly after the soft opening of Baha Mar.” Graeme Davis, CTFE’s president, previously said Baha Mar’s marketing initiatives would not ramp up immediately, given that the peak winter season is almost over and it wanted to ensure the guest experience is right. CTFE’s release yesterday said Baha Mar’s website will open in early April, along with the reservation system for Grand Hyatt Baha Mar. However, with just 200 rooms likely to be ready, the first persons to stay at Baha Mar will likely be invited guests and travel industry executives. The golf course, and some 20 restaurants and bars, will be open by April 21, with CTFE pledging that it is hiring 1,000 employees for Baha Mar’s casino, food and beverage outlets, housekeeping, and operations units as part of the 1,500 total. The Hong Kong-based conglomerate added that 170 employees, including 125 dealers and table game supervisors, had been hired for Baha Mar’s casino. It is targeting more than 300 casino employees by April 21. “We are in the final stretch of bringing the Baha Mar dream to life,” said Mr Davis. “You can feel the energy, excitement and spirit amongst the Baha Mar family, who are working hard to open our doors next month and introduce the beautiful destination of the Bahamas to our first guests.” Besides Mr Davis, Baha Mar’s executive committee features Alex Pariente, executive vice-president of casino operations and marketing; John Zaremba, vice-president of casino operations; Karin Salinas, vice-president of marketing; and Kirsty Cowper, vicepresident of human resources and organisational development.
call 502-2394 to advertise today! NOTICE
NOTICE is hereby given that JESULA JEAN-BAPTISTE of North Palmetto Point, Eleuthera, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 15th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
EMPLOYMENT OPPORTUNITY FOR FINANCIAL CONTROLLER Establishment information A well-established Retail Company with several locations. Education and Experience • A CPA with strong background in Retail costing • Excellent communications skills and the ability to meet strict deadlines • Preferable age: 30 and older Principal Responsibilities • Timely and accurate preparation of weekly, monthly, and annual financial statements • Preparation of all government required documents which includes Vat returns • Monitoring and improving the Company’s internal controls Interested and qualified persons should submit their resume via email to 242jobnow@gmail.com
THE TRIBUNE
Wednesday, March 22, 2017, PAGE 5
Oil explorer in 12-month well drill extension From pg B1 primarily that. It’s business as usual. “The Government very sensibly introduced a new slew of regulations to ensure the industry complied with international best practices and global standards, and it takes time and no little cost to comply with these things. All parties recognised this and acted sensibly.” Parliament last year enacted the Petroleum Act 2016, and Sovereign Wealth Fund Act 2016, to regulate both the economic and environmental aspects of BPC’s activities, plus the wider oil industry and any exploration firms that come after it. The 12-month exten-
sion, which impacts BPC’s four southern licenses, also gives the oil exploration firm more time to complete its search for, and tie down, a joint venture partner to share the financial and technical costs of drilling a first well. Mr Potter agreed that the license extension would “obviously help” BPC’s search for joint venture, or ‘farm in’, partner, which has been negatively impacted by persistently low global oil prices. “The energy market has stabilised and, indeed, strengthened, and capital seems to be coming back into the market,” he told Tribune Business. “The benefit of the pros-
Web shops gaining ‘unfair advantage’ in other sectors From pg B1 causing increasing concern - especially since the web shop operators have persuaded the Government to grant a 10-year moratorium on new entrants coming into THEIR market. Mr Turnquest told Tribune Business he was opposed to the web shop moratorium, arguing that it “stifled competition” and would lead to the creation of “de facto oligarchies”. “We are getting to the point in our country where we have to put in antitrust legislation that prevents the monopolisation of industries by any one group,” he said, “because it does stifle competition and limit opportunities for entrepreneurial Bahamians who intend to enter these sectors. “The Government must not be in the business of picking winners and losers, because when they do it opens the door to such situations. To the extent there are quality Bahamians with capital and their own companies, they ought to be able to participate.” Mr Turnquest said web shops’ previously illegal profits, and what would happen to them, was raised by the FNM during the debate on the Gaming Act 2014, which legalised the sector. “It’s very difficult for any regulatory body to determine what was pre-legalisation and post-legalisation money,” he told Tribune Business. “You are going to have some co-mingling of funds.” With some web shop groups seeking to expand into other sectors of the Bahamian economy, and compete against rivals who have
long been legitimate, Mr Turnquest added: “It is an unfair, or potentially unfair, advantage that these companies may have. “I think, at the end of the day, it comes back to the original question of monopolies and domination in the Bahamian economy by a particular group. “We have to be very careful,” he continued. “We don’t want to establish de facto oligarchies. We want to ensure Bahamians have opportunities. We want to ensure barriers to entry to economic sectors are as low as possible, so that every Bahamian, regardless of where they start, has an opportunity.” Mr Turnquest’s sentiments were echoed by Mr McCartney, who said all Bahamas-based banks - apart from Bank of the Bahamas - will not do business with web shops because of concerns over “where the funds originated from at the time they were made legal”. He told Tribune Business: “There was a significant amount of funds that they had from then that would not have been legal, and if they are able to use those funds, it would certainly be to the disadvantage of legitimate businesses competing with them. That would certainly be a concern.” Mr McCartney added that the Government still did not know where all the funds circulating in the web shop gaming industry originate from, and it was still reliant on the operators and their auditors for this. The Island Luck group has been the most aggressive expansionist among the web shop operators, moving into
pect we have here is the investment climate within the Bahamas is certainly very appealing to companies, and the related scale of the opportunity. “Notwithstanding the hubris in the market, in terms of interest in this prospect, it is still extremely high.” BPC said last September that while its likely well drilling costs had reduced by 50 per cent to around $50-$60 million, due to rig rates falling some 75 per cent, persistent low global oil prices were discouraging industry investment and exploration activities. BPC’s ‘farm in’ partner search has been directly impacted by this negative trend, but the company says the scale of its Bahamas licenses, and likelihood of potential commercial discoveries, meant it is better placed than most.
BPC has been targeting a location south-west of Andros for its first exploratory well, within Bahamian territorial waters. Under the terms of its previous three-year license renewal, granted in June 2015, the company was supposed to ‘spud’ its first exploratory well by next month - April 2017. Disclosing the extension to investors, BPC said yesterday: “The Government of the Bahamas has today extended the time for the performance of the obligations and requirements of BPC under its license renewals for a further period of 12 months, as applies to its four co-joined southern licences. “The impact of the above is that the company will now not be obliged to commence activity on an initial exploration well until April
sectors such as construction, property development and management with Brickell Management Group, plus investment banking, securities and insurance. Investar Securities, a newly-created broker/dealer and investment house, lists Mr Bastian as a director, while Paul Major, head of Brickell Management group, also sits on Investar’s Board as vicepresident and secretary. Another group entity is understood to be BMG Insurance Agents and Brokers, which shares the same initials as Brickell Management Group, and is chaired by Mr Major, who is also head of the Bahamas National Festival Commission (Junkanoo Carnival). Brickell Management Group and BMG Insurance Agents and Brokers share the same address at 601 East Bay Street. One financial industry source, speaking on condition of anonymity, questioned the speed with which these entities had been able to obtain licenses from the likes of the Securities Commission and Insurance Commission. And Tribune Business revealed earlier this week that Brickell Management Group (BMG) has entered the public-private partnership (PPP) market through a contract to construct a new “multi-purpose” government office complex on Harbour Island. Brickell’s real estate developments include the Venetian West out at Old Fort Bay, and the Venito West at Westridge. It also manages a property portfolio that includes Aventura Plaza on JFK Drive, plus assets on Madeira Street and Rosetta Street. There is nothing to suggest that these businesses are being financed with illegal, illegitimate profits from
the web shops’ pre-legalisation days. However, Venetian West was launched in 2013 prior to the Gaming Act’s passage. Media coverage at the time said it was being developed by the Quantas Investment Group, whose president was named as Jeffrey Kerr. Mr Kerr was named in recent Gaming Board advertisements, relating to Island Luck’s acquisition of a majority 65 per cent equity stake in the Bahama Dreams web shop chain, as the owner of 50 per cent of Island Luck. Several private sector sources have expressed concern to Tribune Business that the web shops’ arguments in favour of their 10year moratorium were “disingenuous”, given the speed at which they have entered other industries. “They’re going to run the politics and the economy,” said one businessman ruefully. Prior to legalisation, some web shops - unable to deposit monies with the commercial banks - were investing in legitimate sectors of the Bahamian economy, and lending monies in a bid to generate returns. The industry also remains in the money transmission business.
PosITIon AvAIlAblE
GENERAL MANAGER Established distributor is seeking a General Manager. The successful candidate should have the following: • At least 5 years experience in management; • The ability to motivate and lead sales team; • Good interpersonal skills; • Good organizational skills; • Experience in sales; • Proficiency in Word, Excel and Quickbooks; • Marketing and advertising skills; • A desire and drive to succeed and take the business forward. Interested persons are asked to email their resume to bahamasbusinesscareers@gmail.com
2018.” As for its joint venture partner search, BPC added: “The company is singularly focused on commencing responsible and safe drilling operations as soon as possible, and to this end remains in advanced discussions with various potential funding and operating partners. “The company considers that the license extension provided by the Government will be an important consideration in further advancing these discussions.” Mr Potter told Tribune Business yesterday that BPC was “capitalised for us to do the work we need to do”. The company’s statement yesterday said it closed 2016 with a freely available cash balance of $1 million, and a reserve cash position with an extra $0.5 million. The latter had been re-
tained by BPC’s bank as part of a performance bond issued in 2015, but this will now be released this year after the company satisfied the necessary obligations. BPC added: “The company has previously announced various cost saving measures, including that the Board and senior management have agreed to certain fee and remuneration deferrals, so as to preserve cash resources through any extended farm-out process. “These cost saving measures and deferrals will continue until such time as future funding is secured. As such, the company’s ongoing overheads are minimised, and the Board considers the company has sufficient financial resources to take it through the conclusion of the farm-out process.”
NOTICE IN THE ESTATE of Mizpah Tertullien, late of the Southern District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased. Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and particulars of the same certified in writing to the undersigned on or before the 6th April A.D., 2017, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executors shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date. MICHAEL A. DEAN & CO., Attorneys for the Administrator Alvernia Court, 49 A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas
PAGE 6, Wednesday, March 22, 2017
Unions: Employer wage freeze threat ‘laughable’ From pg B1 that willingly would agree to increases of any shape or form. We expected this kind of push back.” Tribune Business previously reported that the Bahamas’ biggest employers, including some of the largest hotels, were mulling whether to impose a wages and hiring freeze in retaliation for the Government’s decision to introduce the controversial labour reforms. Mr Evans yesterday dismissed fears of a hiring and wage freeze, adding:“It’s laughable for them to talk like that. “This is not automatic money coming out of the coffers of employers. This is not an everyday phenomena. It’s not something that comes up everyday; it doesn’t just happen. I don’t see this whole thing about additional. “The CEO of any company makes an average of 100 times the salary of their employees. We’re only closing a gap here. We are responsible for levelling the playing field. Labour has to be looked at with some kind
of respect,” he continued. “We’re at the lowest in the region in terms of the redundancy cap. All of this doom and gloom, that has nothing to do with hiring. Either you need someone or you do not need them.” Paul Maynard, the NCTUB’s first vice-president, added: “This is just for protection for people if they are made redundant, so it’s not going to harm the business. “Tell them to stop lying. Unless they plan on making someone redundant and, if they do it, then they should pay people fairly. The point is if people are made redundant you must pay the price.” He said: ‘The unions are not unreasonable; I am reasonable. There is nothing wrong with these Bills. You have to protect Bahamians; you cannot just get rid of people and not pay them. Properly evaluate your staff every year and if they fall
short, deal with them. But do not just fire a bunch of people because you don’t like them and make them redundant. “These businesses are being childish and overreacting. This is a redundancy situation to make it better for when you are leaving. This will not affect the bottom line unless you lay people off. How will this affect? How will it have a crippling impact? They crying wolf. The sky is not falling. They complained about minimum wage being raised, too. What are they crying for? They are only thinking of themselves, no one else.” Key among employer concerns is the 67 per cent, or two-thirds increase, in the Employment Act’s redundancy pay ‘cap’. Line staff are currently entitled to a maximum 24
advertise today! call the tribune today @ 502-2394
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
weeks or six months’ redundancy pay under the Employment Act, gaining two weeks for each year they have been employed up to the 12-year ‘cap’. However, the Bill requires the ‘cap’ to be increased to 32 weeks (16 years) immediately upon enactment of the reforms. And, ultimately, the ‘cap’ for line staff redundancy pay is to be increased to 40 weeks some two years after the amendments are passed. As for managerial staff, the existing 48 weeks (12 months/one year) redundancy pay maximum that they are due currently under the Employment Act is to be immediately increased to 64 weeks. Should the proposals pass, the ‘cap’ will ultimately be lifted to 80 weeks after two years.
NOTICE
NOTICE is hereby given that LOUINISE SIMON of 4th Street, Coconut Grove, 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 22nd day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
THE TRIBUNE
Bernard Evans
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHIRLEY MAY EVANS (nee BOWE) of Emery Street, New Providence, Bahamas intend to change my name to SHIRLEY MAE EVANS (nee Bowe). If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy 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, REMOND FRANKLYN RICHARDS of #5 Diginity Gardens, P.O. Box SB-52891, New Providence, Bahamas intend to change my name to RAMON FRANKLYN FERGUSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy 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 is hereby given that DIEUDONNE JEANBAPTISTE of North Palmetto Point, Eleuthera, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE
NOTICE
NOTICE is hereby given that ROSELINE PAUL of
#329B Carmichael Road, P.O.Box CR-56302 New Providence, The Bahamas is applying to the Minister
responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that KEVIN SALABIE of Rugby Drive, Winton, P.O.Box NP-1883, 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 22nd day of March, 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 1,905.06 | CHG 0.00 | %CHG 0.00 | YTD -33.15 | YTD% -1.71 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 10.00 11.00 9.30 6.90 12.01 11.00
52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 3.80 8.15 5.56 8.50 11.00 2.18 1.31 5.80 6.79 8.56 7.00 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 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.11 1.55 5.83 9.75 9.85 9.30 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 100.00 100.00 100.00 105.56 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.11 1.55 5.83 9.75 9.85 9.30 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
105.55 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.01 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 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
NOTICE is hereby given that ERILIA JASMIN of Pinewood Gardens, 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 22nd day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
MARKET REPORT TUESDAY, 21 MARCH 2017
The Public is hereby advised that I, HENRICK HENRY MORLEY of #108 Mallory Lane, Freeport, Grand Bahama, Bahamas intend to change my name to HENRICK HENRY MAYCOCK. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
VOLUME
1,100 475
13,736
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 14.0 23.3 107.8 20.7 19.4 19.4 18.8 10.3 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% 3.67% 3.44% 4.13% 2.84% 3.87% 4.12% 4.10% 0.00% 3.55% 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
NOTICE is hereby given that CLEO ORLANDO WALTERS of Lot #50 Pride Estates, P.O.Box N-7630, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that TASCO HOLDINGS LTD. is in dissolution and the date of commencement of the dissolution is the 22nd day of March, 2017. Lorna Kemp and Magdaline Carey LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas
NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Tasco NF Holdings Ltd is in dissolution and the date of commencement of the dissolution is the 22nd day of March, 2017.
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
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
Lorna Kemp and Magdaline Carey LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas
THE TRIBUNE
Wednesday, March 22, 2017, PAGE 7
Bran: Business ‘cowers’ over labour law reforms From pg B3
Trump to GOP: Pass health care bill or seal your fate
passed. As for managerial staff, the existing 48 weeks (12 months/one year) redundancy pay maximum that they are due currently under the Employment Act is to be immediately increased to 64 weeks. Should the proposals pass, the ‘cap’ will ultimately be lifted to 80 weeks after two years. The proposed reforms also impose bureaucratic notification requirements on Bahamian businesses, whenever they are considering redundancies, and a fine equivalent to 30 days’ extra pay for each terminated employee should these not be adhered to. Employers will have to give relevant trade unions, or employee representatives, a “written statement” explaining the reasons for the redundancies and “facts” behind the move, along with the number and category of jobs impacted, and the timeframe over which the terminations will take place. “Recognised” trade unions must be consulted “no later than six weeks” before the redundancies will occur in a bid to “mitigate” the impact, and determine the processes and procedures that will be used. The Minister of Labour must be given 30 days’ notice. Meanwhile, the proposed reforms to section 51 of the Industrial Relations Act deem the terms and conditions of industrial agreements as automatically incorporated into individual workers’ contracts. Other proposed amendments force employers to start collective bargaining talks within 45 days of receiving a trade union’s industrial agreement proposal.
WASHINGTON (AP) — Time for talk running out, President Donald Trump on Tuesday warned wavering House Republicans that their jobs were on the line in next year’s elections if they failed to back a GOP bill that would overhaul Barack Obama’s Affordable Care Act. The countdown quickened toward an expected vote Thursday on legislation undoing much of the law that provided health coverage to some 20 million Americans. Trump huddled behind closed doors with rank-andfile Republicans just hours after GOP leaders unveiled changes intended to pick up votes by doling out concessions to centrists and hardliners alike. “If we fail to get it done, fail to (meet) the promises made by all of us, including the president, then it could have a very detrimental effect to Republicans in ‘18 who are running for re-election,” said Rep. Mike Conaway, R-Texas. “If it fails, then there will be a lot of people looking for work in 2018.” Trump’s message to Republicans: “If you don’t pass the bill there could be political costs,” said Rep. Walter Jones, R-N.C. The outlook for House passage remains dicey even with the revisions. The GOP bill would scale back the role of government in the private health insurance market, and limit future federal financing for Medicaid. It would also repeal tax cuts on the wealthy that Democrats used to pay for Obama’s coverage expansion. Fines enforcing the Obama-era requirement that virtually all Americans have coverage would be eliminated. The nonpartisan Congressional Budget Office estimates that 24 million fewer people will have health insurance in 2026 under the GOP bill. Trump warned House Re-
President Donald Trump and Health and Human Services Secretary Tom Price arrive on Capitol Hill yesterday, to rally support for the Republican health care overhaul. (AP Photo) publicans they’d seal their political doom if they waver, with the party potentially losing majority control of the House. Still, several conservatives were steadfast in their opposition even after the session with Trump and the leadership’s changes. “The president wouldn’t have been here this morning if they have the votes,” said Rep. Rod Blum, R-Iowa, a member of the Freedom Caucus who complained that the GOP bill leaves too much government regulation in place. Rep. Don Bacon, RNeb., said he was convinced to back the bill in part by Trump’s urging and the changes. “I think a vote ‘no’ is a vote for Obamacare,” Bacon said. “We can vote for this, and continue to make it better. I intend to vote ‘yes’ Thursday.”
Speaker Paul Ryan, RWis., told reporters that if Republicans pass the legislation, “people will reward us. If we don’t keep our promise, it will be very hard to manage this.” If the bill advances, prospects are uncertain in the Senate, where Republicans hold a slim majority. Six GOP senators have expressed deep misgivings including Tom Cotton of Arkansas, who said Tuesday he cannot support the House bill. In an Associated Press interview, Senate Majority Leader Mitch McConnell, R-Ky., signaled he’d use Trump’s clout to pressure unhappy Republicans in his chamber. McConnell said he’s optimistic that in the end no Republican senator will want to be held responsible for “Obamacare’s” survival.
“I would hate to be a Republican whose vote prevented us from keeping the commitment we’ve made to the American people for almost 10 years now,” McConnell said. The House GOP bill would end Obama-era subsidies based on peoples’ incomes and the cost of insurance. A Medicaid expansion to 11 million more low-income people would disappear. Instead, the bill would provide tax credits based chiefly on age to help people pay premiums. But insurers could charge older consumers five times the premiums they charge younger people instead of Obama’s 3-1 limit, and would boost premiums 30 percent for those who let coverage lapse. The revisions by House GOP leaders to round up votes come at a cost — literally. Congressional budget
experts had projected that the original bill would cut federal deficits by $337 billion over a decade. But that amount is dwindling as top Republicans dole out provisions helping older and disabled people. To address criticism that the bill would leave many older people with higher costs, GOP leaders have taken an unusual approach. They added language paving the way for the Senate, if it chooses, to make the bill’s tax credit more generous for people age 50-64. Republicans said the plan sets aside $85 billion over 10 years for that purpose. And the income tax threshold for deducting medical expenses would be lowered to 5.8 percent, from the current 10 percent. The leaders’ proposals would accelerate the repeal of tax increases Obama imposed on higher earners, the medical industry and others. On Medicaid, the changes would provide higher federal payments to help states care for older and disabled beneficiaries. States would be able to impose work requirements for able-bodied adults. But the bill would still limit future federal financing for Medicaid, seen by many state officials as a cost shift. In a bid to cement support from upstate New Yorkers, the revisions would also stop that state from passing on over $2 billion a year in Medicaid costs to upstate counties, though it exempts Democratic-run New York City from that protection. Democrats remain solidly opposed to the GOP repeal effort. Rep. Chris Collins, R-N.Y., said Trump told Republicans he would campaign for them if they backed the bill.
PAGE 8, Wednesday, March 22, 2017
THE TRIBUNE
Banks nosedive as Trump health care speedbump tanks stocks NEW YORK (AP) — U.S. stocks took their biggest loss in five months Tuesday as a health care bill backed by President Donald Trump ran into trouble in Congress, which raised some questions about his agenda of faster economic growth spurred on by lower taxes and cuts in regulations. Banks plunged as bond yields continued to fall, which will mean lower interest rates on loans. Transportation companies including airlines, railroads and rental car companies dropped, and so did materials companies like steel and chemicals makers. The dollar weakened. Small-company stocks, which stand to benefit the most from Trump’s policy proposals of lower taxes and looser regulations, fell more than the rest of the market. “President Trump promised that this health care bill would be signed, sealed, delivered within the first couple of weeks of him taking office,” said Jack Ablin, chief investment officer for BMO Capital Markets. “All this is doing is pushing the
rest of the agenda out.” The Standard & Poor’s 500 index tumbled 29.45 points, or 1.1 percent, to 2,344.02. That was its biggest drop since Oct. 11. The Dow Jones industrial average fell 237.85 points, or 1.1 percent, to 20,668.01. The Nasdaq composite surrendered 107.70 points, or 1.8 percent, to 5,793.83. The Russell 2000 index of small-company stocks plunged 37.55 points, or 2.7 percent, to 1,346.55. Fourfifths of the stocks on the New York Stock Exchange fell. Stocks have fallen for four days in a row, though the previous losses were small. Tuesday’s losses were a reversal of the patterns that have endured since Trump was elected in November, but overall stocks are still sharply higher since then. On Thursday the House of Representatives is scheduled to vote on the Republican-backed American Health Care Act, and despite support from the president on Tuesday, it’s not clear if the House or the Senate will approve the bill. The administration hopes to get a major tax reform pack-
Among transportation companies, United Continental lost $2.21, or 3.3 percent, to $65.28 and railroad operator CSX declined $1.26, or 2.7 percent, to $45.62. Hertz Global skidded $1.86, or 8.7 percent, to $19.40. Companies that make steel, chemicals,
and other basic materials also slid. AK Steel plunged 86 cents, or 10.4 percent, to $7.51 and U.S. Steel lost $3.34, or 9 percent, to $33.76. The price of copper also dropped. The metal’s price tends to rise when investors are more optimistic about the economy, and copper has risen 14 percent over the last year. It sank 5 cents, or 1.8 percent, to $2.62 a pound on Tuesday. Big-dividend companies, especially utilities, did well. Investors often buy those stocks when bond yields are falling. Dominion Resources rose $1.38, or 1.8 percent, to $78.21 and PPL gained 67 cents, or 1.8 percent, to $37.47. Some household goods makers also rose. Jack Daniel’s whisky maker Brown-Forman climbed 47 cents, or 1 percent, to $47.28. Kate Warne, an investment strategist for Edward Jones, said investors are taking some profits after the market’s long post-election winning streak, but noted that Wall Street is especially eager for the administration’s tax reform proposals.
launch the National Space Council, with Pence as chairman, to coordinate U.S. space policy. The council was authorized by law in 1988, near the end of the Reagan administration, but ceased to operate soon after Bill Clinton took office in January 1993.
President Donald Trump listens to speakers in the Oval Office of the White House yesterday, during a signing ceremony for a bill to increase NASA’s budget to $19.5 billion and directs the agency to focus human exploration of deep space and Mars. (AP Photo)
traders work on the Mizuho Americas trading floor in New York. Technology companies are leading stocks slightly higher in early trading on Wall Street yesterday. (AP Photo) age to Congress by August, and a big infrastructure spending proposal may follow next year. Banks had their worst day in nine months as bond prices rose. The yield on the 10-year Treasury note declined to 2.42 percent from 2.46 percent. Bank of
America fell $1.42, or 5.8 percent, to $23.02. KeyCorp sank $1.18, or 6.5 percent, to $16.90, the biggest loss in the S&P 500. JPMorgan Chase gave up $2.64, or 2.9 percent, to $87.39. Still, banks have done far better than the rest of the market since the election.
Trump signs NASA bill, ponders sending Congress to space WASHINGTON (AP) — President Donald Trump signed legislation Tuesday adding human exploration of Mars to NASA’s mission. Could sending Congress into space be next? Flanked at an Oval Office bill-signing ceremony by astronauts and lawmakers, Trump observed that being an astronaut is a “pretty tough job.” He said he wasn’t sure he’d want it and, among lawmakers he put the question to, Sen. Ted Cruz said he wouldn’t want to be a space traveler, either. But Cruz, R-Texas, offered up a tantalizing suggestion. “You could send Congress to space,” he said to laughter, including from the president. Trump, who faces a cru-
cial House vote later this week on legislation long promised by Republicans to overhaul the Obamaera Affordable Care Act health law, readily agreed. The health care bill is facing resistance from some conservative members of the party. “What a great idea that could be,” Trump said, before turning back to the space exploration measure sponsored by Cruz and Sen. Bill Nelson, D-Fla. The new law authorizes $19.5 billion in spending for the National Aeronautics and Space Administration for the budget year that began Oct. 1. Cruz said the authorization bill is the first for the space agency in seven years, and he called it a
“terrific” achievement. Trump last week sent Congress a budget proposal that seeks $19.1 billion in spending authorization for the agency next year. “For almost six decades, NASA’s work has inspired millions and millions of Americans to imagine distant worlds and a better future right here on earth,” Trump said. “I’m delighted to sign this bill. It’s been a long time since a bill like this has been signed, reaffirming our commitment to the core mission of NASA: human space exploration, space science and technology.” The measure amends current law to add human exploration of the red planet as a goal for the agency.
It supports use of the International Space Station through at least 2024, along with private sector companies partnering with NASA to deliver cargo and experiments, among other steps. After signing the bill, Trump invited several lawmakers to comment, starting with Cruz. When Trump invited Vice President Mike Pence to speak, he suggested that Nelson be allowed to say a few words. Nelson traveled into space when he was in the House. “He’s a Democrat. I wasn’t going to let him speak,” Trump quipped, to laughter. Nelson ultimately got a chance to briefly praise his bill. Pence also announced that Trump plans to re-
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