business@tribunemedia.net
WEDNESDAY, APRIL 5, 2017
$4.10 NHI doctor contract ‘cook book medicine’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The National Health Insurance (NHI) scheme’s draft contract with doctors was yesterday branded “cook book medicine” that is incompatible with modern medical practices. Dr Duane Sands, the FNM’s candidate for Elizabeth in the upcoming election, told Tribune Business that based on the contract numerous healthcare industry concerns have not been addressed by NHI’s architects, and “remain problematic”. He added that the prohibition on information sharing between doctors was especially concerning, as it meant physicians would first have to gain approval from the NHI Authority the body that will oversee the scheme, but which has yet to be created - before patients could be referred for specialist care. Dr Sands warned this threatens to create delays and extra bureaucracy in the patient care/treatment process, explaining that this was “not how the practice of medicine works”. He added that NHI’s demand that all doctors providing services under
Sands: Terms incompatible with modern practices Fees may not cover $500k insurance demand Doctors: Terms ‘leave a lot to be desired’ the scheme obtain medical malpractice insurance worth $500,000 per event could prove impossible to comply with based on the fee/compensation structure on offer. “The concerns that were raised when the legislation was produced remain problematic,” Dr Sands told Tribune Business of the draft contract’s contents. “It is very far-reaching in terms of not being able to share information without permission. Let’s say I diagnose someone with heart disease and need to discuss it with a specialist. “Technically, I can’t do so without the permission of the NHI Authority, but that’s not how we practice medicine.” See pg b4
‘Bad bank loans’ drop below $1bn By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Commercial bank loan arrears fell below the $1 billion mark for the first time in years at end-February 2017, with ‘bad’ credit having declined by almost $200 million over the previous 12 months. The improved data, disclosed by the Central Bank in its monthly economic report for February, indicates that more aggressive strategies are starting to make inroads into the loan delinquency overhang that peaked at $1.2 billion following the 2008-2009 recession. “Supported by a reduction in one institution’s short-term delinquen-
Almost $200m decline in year to end-February 2017 Driven by Scotia bad mortgage sale, restructures Tourism sees ‘softness’ in 2017’s first two months cies, total private sector loan arrears contracted by $40.8 million (4 per cent) to $968.6 million, resulting in a 69 basis point improvement in the ratio of arrears to total loans to 16.4 per cent,” the Central See pg b6
Carnival bands to help ‘salvage’ Bahamas’ image By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Junkanoo Carnival band owners yesterday said they will set aside any “ill feelings” over this year’s postponement to help “salvage” the Bahamas’ image, despite admitting they had collectively lost “millions” due to the last-minute move. Dario Tirelli, the Bahamas Carnival Band Owners Association’s (BCBOA) president, told Tribune Business that members were “very disappointed” over the festival’s postpone-
Association chief fears industry losses in ‘millions’ But will set aside ‘illfeelings’ for national good ment from May 4-6 to May 18-20. “It’s most important that we salvage the image of the country than the pockets of a few businessmen,” said Mr Tirelli. “As nationalists we have to protect the See pg b6
$4.14
$4.16
$4.16
Ex-Minister’s evidence key to Dingman victory By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A former Bahamian Cabinet Minister’s legal evidence was key to a New York court’s dismissal of fraud allegations against Jamie Dingman over the failure of his Nassau restaurant empire. The declaration by Damian Gomez QC, the former minister of state for legal affairs, that foreign purchases of equity stakes in Bahamian companies require approval from both the Investments Board and Central Bank, undermined the damages lawsuit brought against Mr Dingman by two former partners. Two US citizens, Erik Gordon and Ryan Giunta, had claimed that Mr Ding-
Gomez submission aids restaurant collapse dismissal Shows Bahamian approval needed for share deal Judge: Bahamas law trumps on empire collapse man, a Lyford Cay resident and son of world-renowned entrepreneur, Michael, had breached agreements to provide them with an equity interest in Out West Hospitality. That was the holding company for a planned Nas-
Damian Blackburn, chief Aliv officer sau restaurant conglomerate that included the iconic Traveller’s Restaurant and several other properties, but the venture fell apart and collapsed in 2014. Gordon alleged that the $250,000 he paid to Mr Dingman in exchange for a
50 per cent equity stake in Out West Hospitality was a transaction which, under US law, the latter had to complete. But US judge Naomi Buchwald, sitting in the southern New York federal court, found against Gordon over this issue on the basis of Mr Gomez’s explanation of Bahamian Exchange Control Regulations. She ruled that the need to obtain Investment Board and Central Bank approval, given Gordon’s status as a non-Bahamian, was “a condition precedent” that had to be completed before the Out West Hospitality purchase closed. Given that these approvals were never obtained, Judge Buchwald found that Gordon’s claim See pg b4
Bahamas ‘can’t have it both ways’ over Junkanoo Carnival By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Edison Sumner
Bahamians “can’t have it both ways” over Junkanoo Carnival, a senior Chamber executive yesterday arguing that there was an element of “hypocrisy” to the outcry over its postponement. Edison Sumner, the Chamber of Commerce’s
chief executive, told Tribune Business that some of those leading the complaints about the event’s push-back were also among persons against holding it in the first place. Emphasising that he was speaking in a personal capacity, and not necessarily for the Chamber, Mr Sumner said Bahamians had to determine “what we want” See pg b5
Chamber chief sees ‘hypocrisy’ on postpone outcry Nation must decide ‘what we want’ from event Push back a mixture of ‘meat and poison’
PAGE 2, Wednesday, April 5, 2017
THE TRIBUNE
Set the Nightscape with solar lighting Nightscaping is the design of outdoor accent lighting to enhance your property’s beauty at night. This should not be confused with floodlights. You can use nightscaping to show off your plants and gardens, to line your walkways and driveways, to add pizzazz to your pools and fountains, or just to delineate certain areas – such as entrances and exits. On an industrial scale, you might turn nightscaping into hardscaping through having low-light markers in the asphalt along secluded roads. Nightscaping has always been an appealing, yet challenging, venture. To do it right required wiring, trenching, a long and disruptive installation, the placement and purchase of dozens of low voltage lights and, of course, recurring electricity bills. Combined with the short life span of the product, due to poor quality and harsh weather, many a property manager has hesitated to move forward. Today we get to discuss an easy, quick and affordable solution for nightscaping your property – high quality solar wireless lighting. High quality solar solutions come with three to five years’ warranty in the Bahamas, and 10 or more years of maintenance-free life. Aside from the quality, what makes solar lights an ideal solution for nightscaping? How do you know they are high quality? Consider the following: * Environmentally friendly – There is no need to burn fossil fuels to give you beautiful light all night, every night. * Financially friendly No wiring is required. That means no costs for you in trenching, running wires, tying into electricity supply, filling in and smoothing over the trenches. Most importantly, there are no recurring electricity bills. You avoid all those costs.
* Installer friendly – The quick and simple installation procedure is secure, and involves no trenching and little disruption. Many installations are completed in less than a day. This saves time and money. * Theft unfriendly – In my experience, some people have hesitated to upgrade to solar landscape lights because they feared they would be easy to steal. However, proper nightscape solar solutions are firmly bound to the ground or wall by hardened epoxy. Many are even flushmounted, so someone cannot just walk by and pull up your light. * Weather friendly – Quality solar solutions are fully IP68-rated for all outdoor weather, and give 16 hours of light. It only take three hours to fully charge in bright sunlight, and eight hours when it is overcast. That means even in winter, the lights will last all night. Just as important is that they are UV protected, and will not turn yellow over time. Beware cheap counterfeits for this reason. Who wants an ugly yellow blotch on their property that does not give proper light? * Hardscape friendly – If desired, solar versions are available that are built to be walked over or driven on. * Underwater friendly – Suitable solutions are available for both above and below the water level. If you want lights in your pool, you can rest assured that they will charge underwater and last more than 10 years. * Maintenance unfriendly – There is no maintenance at all. With no batteries or bulbs to replace, each unit is entirely self-contained. * Innovator friendly – These solutions use
Joshua key SuperGreen Solutions
cutting-edge pseudocapacitor and LED technology to make the most of solar power. * Designer friendly – There are multiple designs and an array of colours to suit any taste. Similarly, your light pattern can be steady or flashing, depending on preference. It doesn not take much to realise why wireless solar lighting is such a great solution to the challenge of nightscaping. It just makes sense. That is why these solutions have be used in every hemisphere of the world, and in locations such as boat ramps, roads, zoos, memorials and parks. You can also use them for nightscaping or hardscaping in foot paths, driveways, stairs, gardens, decks, walls, guardrails and almost anywhere else you can think of. Do you want to add more appeal to your property every night? Choose an environmentally-savvy solution. Choose a solar light designed for nightscaping, and save time and money while enjoying it. Contact your local energy-efficient product specialist to find out how you can get started. • NB: Joshua Key is general manager for SuperGreen Solutions Bahamas, located on Wulff Road next to FYP. SuperGreen Solutions is one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions.
BAHAMAS POWER AND LIGHT COMPANY LTD. VACANCY NOTICE
LEGAL OFFICER LEGAL SERVICES DIVISION A vacancy exists in the Company for a Legal Officer in the Legal Services Division.
Responsibilities of the position include, but are not limited to the following: • • • • •
Carriage of Magistrate Court matters and other matters assigned by the General Counsel; Tracks litigation matters with external counsel, insurers and the labor board; Prepares periodic litigation/judgment reports and status reports; Conducts review of Tender Documents and Letters of Awards Drafts and vets contracts.
Job requirements include but are not limited to: • • • • • • • • • • •
A minimum of a Bachelor’s degree in Law Litigation experience in labor law, personal injury and contract law is a plus Admission to the Bahamas Bar A minimum of 5 years of practical experience Familiarization with the laws and regulations affecting the Electricity Act and the industry Proficient legal research skills Legal drafting skills Sound reasoning and analytical skills Excellent verbal and written communication skills Strong organizational skills Ability to interact effectively with others from varied disciplines, including internal and external clients
Interested persons should apply by completing and returning an Application Form to: Manager – Human Resources Department, Bahamas Power and Light Company Ltd., Blue Hill & Tucker Roads, P. O. Box N-7509, Nassau, Bahamas on or before: April 5, 2017. Only candidates meeting the criteria will be contacted. Blue Hill and Tucker Roads, P.O. Box N-7509, Nassau, Bahamas | T: 242.302.1000 | F: 242.323.6852 |www.bplco.com
Bahamas Power and Light Company Ltd.
BUILDING FOR BETTER
THE TRIBUNE
Wednesday, April 5, 2017, PAGE 3
BAMSI producing $2m worth of food
FNM deputy slams ‘late again’ decision on Carnival delay
By NATARIO McKENZIE
The FNM’s deputy leader, while backing postponement of this year’s Bahamas Junkanoo Carnival, yesterday slammed a “late again” decision that has adversely impacted businesses and potential visitors. K Peter Turnquest, the east Grand Bahama MP, said: “I said months ago that the Government ought to have considered rescheduling Carnival considering that the election was drawing near, and it should not have been considered to host a taxpayer-paid political rally in the middle of an election season. We want people to make sound and sober judgments about the future of the country, and not to be influenced by other motives.” Mr Turnquest added: “While I agree with the delay, it’s very unfortunate that the Government is late again in terms of making that decision after people
Tribune Business Reporter
nmckenzie@tibunemedia.net
A Cabinet Minister yesterday revealed that the Bahamas Agriculture and Marine Science Institute (BAMSI) is currently producing less than $2 million worth of food,and cannot kepe up with demand for local produce. Speaking with reporters ahead of a Cabinet meeting, V Alfred Gray, minister of agriculture and marine resources, said: “ The farm is doing extremely well. We are harvesting now since the hurricane. There is no stopping BAMSI right now. “We only wish we had more products because we cannot grow enough of what we sell, and that speaks to the need for people to be involved in the farming processes because we import
$900 million worth of food. “BAMSI so far is only producing less than $2 million. We’re talking about a lot of needs even if it’s just backyard farming. BAMSI is leading the way in that regard.” BAMSI president, Godfrey Eneas, recently told Tribune Business that the institution is getting set to release its ‘Agribusiness 2021’ plan, which he promised will put agriculture in the Bahamas on a path to sustainability. “Right now we have a small ruminants programme, and we are going to soon start pork and poultry production to restart the sector,” said Dr Eneas. “You cannot continue to take food for granted. I am thankful that the country is at last awakening to the fact that we need to be
more self-sufficient. We have identified 32 crops and four livestock species that we can become more selfsufficient in.” Mr Gray also told Tribune Business that the ban on Brazilian beef is still in effect. “We expect that it will stay in effect until we are satisfied as a country that our people are not in harm’s way, and will not be impacted if they were to eat or otherwise consume the products which will be offered for sale in the future,” he said. “For now we are waiting for the Brazilian government to give us satisfaction that we should be importing their beef products. We’re not listening to importers or distributors. We are going to deal with the government of Brazil. Unless they satisfy us as a country the ban
will stay in place.” Brazilian authorities have said several major meat processors in that country were “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 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.
Ex-BOB chief named Sunshine’s president Ex-Bank of the Bahamas managing director, Paul McWeeney, has been appointed as Sunshine Insurance (Agents & Brokers) Ltd’s president. A statement from the company, part of the Sunshine Holdings group headed by Sir Franklyn Wilson, said Mr McWeeney took up his new role on Monday following the receipt of necessary Insurance Commission approvals. Mr McWeeney’s appointment is likely to raise eyebrows, and create controversy, among Bank of the Bahamas’ 3,500 minority shareholders given the BISX-listed institution’s concdition when he departed. Those investors, who have endured a spectacular destruction of their investment’s value due to $120
McWeeney to lead group’s insurance broker million-plus losses over the past three years, have been especially exasperated that no one has been held accountable for Bank of the Bahamas’ plight. Many have turned their ire on Mr McWeeney, who was managing director when the $100 million Bahamas Resolve ‘bail out’ was announced in late October 2014. This removed a net $45 million in ‘toxic’ loans, owed by 13 borrowers, from Bank of the Bahamas’ balance sheet, with the ‘hole’ filled by $100 million in government bonds. The liability associated with these
Paul McWeeney loans was thus transferred from Bank of the Bahamas to the Bahamian taxpayer. One shareholder, informed of Mr McWeeney’s appointment by Tribune Business, yesterday responded: “Oh my God. Unbelievable.” Sunshine’s statement said Mr McWeeney had joined
ST. AUGUSTINE’S COLLEGE
is accepting applications for teachers in the following areas for the 2017 – 2018 school year
ENGLISH LANGUAGE / LITERATURE
English Language / Literature teacher required for the junior and senior high section of the school.
MATHEMATICS
Experience in preparing students for external examinations (BJC, BGCSE, AP & SAT) is a requirement.
SOCIAL STUDIES
Social Studies / History and Geography teacher needed. Experience in preparing students for external examinations is a requirement.
FOREIGN LANGUAGE
To teach Spanish / French to all grade levels. The ability to prepare candidates for external examinations is a must.
BUSINESS STUDIES
To teach Commerce / Economics to Grades 10 to 12. Experience in preparing students for external examinations (BGCSE) is a requirement.
COMPUTER STUDIES
To teach Computer Keyboarding, Basic Personal Computer Applications and Computer Science to grades seven through twelve. The applicant must be proficient in Microsoft Word, Excel, Access, PowerPoint and Web Page Design.
SCIENCE
To teach General Science and Chemistry to all grade levels. The applicant must have experience in preparing students for external examinations. To teach General Science and Physics to all grade levels. The applicant must have experience in preparing students for external examinations. To teach General Science and Biology to all grade levels. The applicant must have experience in preparing students for external examinations.
RELIGION
To teach Religion to all grade levels. The applicant must have a degree in Religious Education (not the same as R. K.) All applicants must hold a degree from an accredited University and a Teacher’s Certificate or must have some teaching experience. Two letters of reference, copies of all degrees and certificates, proof of teaching experience and two passport size photos should be submitted. A commitment to the values of Catholic, Benedictine education is expected of our teachers. Only those persons who have no difficulty with Roman Catholic beliefs and teaching need apply. Please submit applications and required documents by hand to addressed to:
THE PRINCIPAL ST. AUGUSTINE’S COLLEGE P.O. BOX N-3940 NASSAU, BAHAMAS Applications should be submitted by April 20, 2017
its ‘corporate group’ in October 2016, making no mention of how his time at Bank of the Bahamas ended. It instead extolled his virtues, noting that Mr McWeeney had enjoyed a 30-year banking career that included the post of second vice-president and membership on the Western Hemisphere Credit Committee of Chase Bank (now J.P. Morgan Chase). It added that he was the youngest person to have been appointed as managing director of a Clearing Banks Association member bank. “We are confident that his leadership of Sunshine Insurance offers the prospect of forward movement for the entire Sunshine Holdings Group,” the company’s statement said yesterday of Mr McWeeney.
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
would have already made commitments and arrangements which will now cause them financial loss. This should have been done months ago.” The postponement, Mr Turnquest said, had only given legitimacy to calls for fixed election dates, “so we could eliminate the kind of conflicts well ahead of time and everyone knows what they are doing”. The Bahamas National Festival Commission (BNFC), organisers of Junkanoo Carnival, just last week announced the line-up for this year’s event, with Trinidadian singers, Machel Montano and Bunji Garlin, as headliners. The BNFC also revealed that this year’s event had been “streamlined” after the Government slashed its subsidy by 50 per cent. The Nassau leg of the event, which was scheduled for May 4-6, has been postponed to May 18-20, with the Grand Bahama leg scrapped altogether.
NOTICE
FOR SALE - Double Apt 65/66 Silver Point Condo Property unit being sold subject to lien dated 20th March 2017. Interested parties should submit offers to purchase in a sealed envelope with an email address, phone contact and P.O. Box address to: The Board of Directors / Manager Silver Point Condominium P.O. Box F40825 Freeport, GB The right is reserved to reject any and all offers. Last date for offers April 15th, 2017.
PAGE 4, Wednesday, April 5, 2017
NHI doctor contract ‘cook book medicine’ From pg B1 Dr Sands also noted the medical malpractice insurance requirements, noting that the costs of such coverage “can be significant” even for private doctors. “I’m concerned that the fee schedule, capitated or not, doesn’t cover the level of malpractice insurance they’re demanding; $500,000 minimum coverage per occurrence,” he told Tribune Business. Dr Sands was speaking after Tribune Business obtained a copy of the draft doctor contract, dated March 23, 2017, and which was described by other physicians as “leaving much to be desired”. One doctor, speaking on condition of anonymity, told Tribune Business: “I’m sure it’s not anything any of our consultants will be signing off on. “The terms and conditions associated with this, for most providers, are not going to be acceptable. There are several concerns that have come forward.”
The doctor reiterated the medical community’s long-held concerns over the confidentiality of patient records under the NHI scheme, saying these had been exacerbated by the draft contract’s terms. The contract seen by Tribune Business makes several references to the NHI Authority and its representatives being able to access doctors’ facilities, and inspect, review and copy patient records to ensure ‘quality of care’. Medical information is among the most sensitive types of data, and the contract - like the NHI Act - seems to provide no assurances on how the NHI Authority will safeguard any patient records. While the contract refers to the Authority’s Data Privacy Policy, no details or specifics are provided. “The Authority, for the duration of this agreement, will have the right to inspect, review and make copies of beneficiary [patient] medical records for the purposes of quality assurance,
Ex-Minister’s evidence key to Dingman victory From pg B1 of “irrevocable liability” on Mr Dingman’s part in relation to the deal had not been met. As a result, the whole case was undermined. Gordon attempted to argue that the Out West Hospitality share deal was governed by US securities laws, given that the negotiations and communications between himself and Mr Dingman occurred in New York. This argument, too, found little favour with the US court, which effectively found that Bahamian law trumped its US counterpart given the need for regulatory approvals in this nation. “Gordon alleges that it was ‘[d]uring the November 2013 communications that Dingman offered, and Gordon accepted, that Gordon would invest capital in Out
West and/or its subsidiaries in exchange for a 50 per cent equity stake’,” Judge Buchwald noted. “Gordon also alleges that on November 22 and December 17, 2013, he wired $100,000 and $150,000 respectively from his personal bank account in New York to an account to which Dingman directed him. “Both times, Dingman sent letters to Gordon on Out West letterhead confirming his investments. The letters acknowledge receipt of the amount just wired by Gordon, ‘made out to Traveller’s Restaurant’, and state that the funds were to be used for certain operations. “Both letters say that ‘the investment will represent a 10 per cent stake in the holding company of Out West [sic] Hospitality.’ The
Dr. Duane Sands, candidate for Elizabeth. complaint resolution and audits,” clause 13 (4) of the contract stipulates. This is repeated in section 15 (3), which reaffirms: “The Authority will have the rights to access the primary care provider’s facility and review beneficiary medical records for quality assurance purposes.” The doctor told Tribune Business: “The big issue is protection of information, which is very important to patients. “Opening your records
for government to assess and review is not an acceptable condition on behalf of any provider, especially with no regulatory body and insurer in place. “That’s a major issue where, in our environment, we as Bahamians have a very difficult time keeping information confidential.” NHI is supposed to be overseen and governed by an NHI Authority, which will receive funding for the scheme from the Government’s consolidated fund.
second letter further states that ‘January 15, Out West will issue shares that will represent a total investment of $250,000’.” Judge Buchwald, though, turned to Mr Gomez’s evidence that approval from the Government and Central Bank was required before Gordon could “even be issued any shares in Out West or any of its purported subsidiaries, since they were all Bahamian corporations”. She added that it was “appropriate to defer” to Mr Gomez’s evidence given that neither of Mr Dingman’s accusers disputed it, and added: “The approval of the Bahamian authorities clearly constituted a condition precedent to Gordon’s right and ability to take title to the shares allegedly promised by Dingman in exchange for Gordon’s investment. “Even if we assume that a binding contract was formed between Gordon and Dingman during the November 2013 communications, as Gordon alleges and contends, we believe that the approval of the Bahamian authorities is best viewed as
a condition that had to be satisfied before defendants became irrevocably bound to ‘deliver’ shares in Out West to Gordon, and before Gordon became irrevocably bound to ‘take’ or ‘pay for’ the same.” Gordon alleged that Mr Dingman had promised to register his share purchase, and equity ownership, with the relevant Bahamian regulators. This, he argued, meant Mr Dingman was “bound to attempt in good faith” to obtain the necessary Bahamian approvals and, if these were not forthcoming, to return the monies. However, Judge Buchwald said this did not cure the lawsuit’s problem - that there was nothing binding on Mr Dingman to complete the deal. Finding that US law was not intended to apply outside the country’s territorial borders, she added: “Gordon’s securities claim clearly implicates questions of Bahamian laws and procedures, since he could not even receive the securities at issue without approval of the Bahamian authorities under Bahamian law.
Company seeking to employ an
Experienced Security Officers Interested and serious persons should submit their resume, clean police record, NIB card, a recent photo and copy of passport and references to Chances Head office, Prince Charles Road (across from Restview)
NOTICE
THE TRIBUNE
These monies will then be disbursed by the Authority to both the public insurer, Bahama Care, and the private health insurers who agreed to provide services under NHI as Regulated Health Administrators (RHAs). The public insurer and RHAs will then ensure doctors providing services to NHI are compensated for their work. However, none of this governance structure is yet in place, even though the Government is promising that NHI will launch this month at a date unspecified. The NHI Authority is supposed to be created from a merger of the Public Hospitals Authority (PHA) and Department of Public Health, but the legislation to effect this - although in circulation for healthcare industry feedback - has yet to make it to Parliament. With Parliament set to be dissolved next week for the imminent general election, the NHI Authority will not be in place in time for the scheme’s launch. And nor will Bahama Care, whose management company has yet to be selected, while no agreements have been reached with
private insurers to act as RHAs. Tribune Business’s doctor contact said there was no linkage between the draft doctor contract and NHI’s governance and scheme requirements, particularly the 145-page document that sets out the care and facility standards that providers must meet. “One has to question how all that fits into the service provider agreement, especially considering there is no actual insurer managing it in place who is going to be responsible for paying the providers that sign up,” the doctor said. “The question becomes as a provider that there’s nothing for me to sign up to. This is just a political ploy and gimmick by the Government, in my opinion. You’re setting NHI up with no infrastructure in place to provide doctors with payment, and what ancillary care services can they get for their patients?” Dr Delon Brennen, NHI’s project director, did not respond to Tribune Business e-mails seeking comment.
“We believe that his securities claim thus presents the type of risk for conflict with foreign law with which the Supreme Court was concerned - a risk that Congress would not have wanted to create without expressly addressing the matter.” Judge Buchwald also ruled that Gordon and Giunta had failed to disprove Mr Dingman’s assertion that he remains a permanent resident of the Bahamas, and remain in this nation as his primary domicile. “It is not surprising that Dingman would reside in the Bahamas, given his family’s presence there, their alleged wealth, and the country’s significant tax advantages (not to mention climate and beaches),” the judge ruled, dismissing the complaint. Mr Dingman’s efforts to build a Nassau-based restaurant and hospitality business included taking over Traveller’s Rest in western New Providence via a lease arrangement. That venture failed and the property shut again, until members of the Bain family, its owners, reopened it again. He also leased two units in the Klonaris brothers’ Elizabeth on Bay plaza on Bay Street for two other restaurant formats, both of which have also closed.
Tribune Business also revealed how Mr Dingman leased the Beach Club Cafe from Sandyport’s developers, viewing this as his “signature property”. The venture never opened, and the lease was pulled. The initial action against Mr Dingman included numerous Bahamian plaintiffs, such as the well-known Wulff Road-based building materials suppliers, FYP and Tile King, the People First (Bahamas) employment agency, IDNet, and Young Digerati (YNG). Individual Bahamians also suing Mr Dingman included Jason Rolle, his former general manager, who claimed to be owed $46,113 in unpaid salary and benefits, plus Tyrone Adderley, a contractor seeking more than $2,000 for work on the Beach Club Cafe at Sandyport. However, all the Bahamian plaintiffs “voluntarily” withdrew their claims for thousands of dollars in damages against Mr Dingman, leaving the action to Messrs Gordon and Giunta. Their action was likely due to Mr Dingman’s efforts to dismiss the case on jurisdictional grounds, with the argument that the Bahamas was the proper forum to hear the matter.
NOTICE
NOTICE is hereby given that PIERRE FELEGE VANTé of #94A Davis Street, P.O. Box N8224, 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 twentyeight days from the 29thday of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that LINDA SAINTIL of Hope Town, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 29thday of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that SATURNE DORELIEN of Wilson Tract, P.O. Box GT-2557, 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 twentyeight days from the 29thday of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE
NOTICE is hereby given that SIR ALFORD THOMAS HOUSTOUN-BOSWALL of Fox Hill, 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 5th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that CHRISTINE PINDER of #11 Coach Road, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 5th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, URSULA PATTEENA LATEIKA SEALY of #4 Hope Gardens, Nassau Village, New Providence, Bahamas intend to change my name to URSULA RONNELL LATEIKA GREENE. 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 is hereby given that DAYSHA DARLING of Fox Hill, 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 5th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Wednesday, April 5, 2017, PAGE 5
Bahamas ‘can’t have it both ways’ over Junkanoo Carnival From pg B1 from Junkanoo Carnival. He added that the changes, which cancel the event on Grand Bahama, and postpone it from May 3-5 to May 18-20 on New Providence, were “bittersweet” for all those affected. While Junkanoo Carnival’s bands, vendors and service providers are all likely to feel some negative impact, Mr Sumner said some retailers had complained that its timing interfered with Mother’s Day - their second biggest annual sales period after Christmas. “When it comes to Junkanoo Carnival, as a people we have to decide what we want,” the Chamber chief executive told Tribune Business. “On the one hand there was an outcry about having Junkanoo Carnival in the
first place, and the money spent on it, and whether there would be a return on investment.” Both the Free National Movement (FNM) and Democratic National Alliance (DNA) have been fiercely critical of the Government subsidies that have financially underwritten the first two Junkanoo Carnival versions. The two Opposition parties have argued that with the Government incurring $300 million-plus annual fiscal deficits, and the national debt now over $7 billion, the funds injected into Junkanoo Carnival should be put to better use. Both have pledged to end the annual taxpayer subsidies and privatise the event, with the Christie administration also indicating it is in favour of the latter policy at least.
The Government’s subsidy to the event over the inaugural two years has been almost $20 million, with $11.3 million and $8.1 million spent in 2015 and 2016, respectively. The Festival Commission’s analysis came up with figures showing the 2016 Carnival had a ‘direct economic impact’ of $17.795 million, which was then ‘multiplied by four’ to derive the $70 million overall GDP impact. The figures also revealed that, in return for its $8.111 million subsidy, the Government received $6.347 million in tax revenue - meaning it had to spend $1.28 for every $1 it earned. Ultimately, it suffered a near $1.8 million ‘loss’. Mr Sumner acknowledged that he and the Chamber, too, were “certainly critical” of Junkanoo Carnival initially as well, given doubts over whether the Government would earn any investment return on such a sub-
PARLIAMENT PROPERTIES
Bay Parl Building Parliament Street Cell:477-1579
FOR RENT
Shop in the Bay Parl Building, Parliament Street Next to Coles of Nassau Space 1350 Square Feet $3490.00 per month including rent and C.A.M Viewing by appointment only call 477-1579
VP -BANKING
The role of the VP-Banking is multi-faceted. The VP- Banking is responsible for the overall leadership, operation and financial goals of the banking Department they manage. The VP of the Banking Department must be sales oriented and familiar with all product lines that the bank offers. • • • •
• •
• •
•
Responsible for monitoring all financial transactions as it relates to the Banking Department Responsible for overseeing the efficient day to day operations, and ensuring the department is in Compliance with Regulatory and Operational Policies and Procedures. Will oversee the professional development of the department Responsible for the preparation of Board Required Reports, as well as ensuring The Central Bank of The Bahamas and Securities Commission of The Bahamas Guidelines are adhered to, and the distribution of reports are done on a timely basis. . The VP will also be responsible for ensuring IT requirements are being met, and that there is proper training and guidance to ensure the Department’s use of systems is following best practices. The VP will be responsible for the management of all banking product lines, including, that the marketing and sales of products offered are being done in accordance with best practices. The VP will also assist with the management of client relations and the facilitation of client related requests. The VP is Responsible for the risk management framework of the Banking Department, focusing on a risk based approach to client building and operations management. Ensuring the banking Department is in compliance with operational and security measures to ensure client confidentiality and Data Protection.
Skills 1. Outstanding Interpersonal skills 2. Excellent management skills 3. Effective communication skills 4. Be dependable and truthful 5. Have initiative and ingenuity 6. Brilliant business acumen 7. Good Leadership skills 8. Diverse departmental skills in marketing, sales, accounting, finance 9. Extensive Knowledge of the local, national and internal economy 10. Multilingual – more than one language inclusive of the English language 11. Proficient time, project and team management skills 12. Networking, negotiating, and problem solving skills
Education • • •
Business or finance degrees. CPA, CFA and or the successful completion of the Series 7 Examination preferred 7- 10 years’ experience in banking/asset management with ongoing training. Multilingual and have excellent information and communication skills.
Salary and benefits will commensurate with qualifications and experience. Suitable candidates should submit resumes to: c/o The Tribune P.O. Box N-3207 DA# 113774 Nassau, Bahamas
stantial outlay. “It was seen as paying for a very large party,” he said, adding that the decision to revise the 2017 dates was becoming a ‘political football’ given the imminent election. “The outcry is coming from the ones who complained about having it in the first place,” Mr Sumner told Tribune Business. “We have to determine what we want. It was very hypocritical, and a bit of mischief was taking place. “Do we want it or not want it? Those people who are complaining about the loss of business and reputational damage are among those who opposed Junkanoo Carnival in the beginning. We can’t have it both ways.” Still, most observers will likely question why it was left as late as one month before the original dates to announce Junkanoo Carnival’s postponement. While the push-back is just two weeks, participating bands, vendors and service providers will likely incur inconvenience and some extra costs due to the wait. The bigger potential fallout for the Bahamas relates to its international reputation among travellers and tourists, given that those
coming to this nation specifically for Junkanoo Carnival may now have to cancel, costing them thousands of dollars in hotel and air fares. Given that Junkanoo Carnival still remains largely a Bahamian event, this impact will be minimised to an extent, but this nation will have to endure angry social media reviews and postings from visitors whose plans have been thrown into chaos. Mr Sumner said he was “not sure the reasons have been made very clear why it has been postponed”, adding that Prime Minister Perry Christie would “certainly have it in his mind when he wanted to call the general election”. The Bahamas Junkanoo Carnival postponement on New Providence was justified by the need to avoid any ‘clash’ with political rallies, although the Government and Festival Commission would have likely been aware of this potential risk for many months. Mr Sumner pointed out that the first two Carnivals had both been held in early May, and he revealed that a number of executives from the Chamber’s counterpart in Indonesia had wanted to visit Nassau in time to take
in this year’s event. “There’s also the issue of businesses who have expended significant capital for this event, and now have to spend money to readjust their schedule,” Mr Sumner added. On the other hand, he revealed that the date shift could benefit Bahamian retailers whose Mother’s Day sales had been impacted by the timing clash and past parade routes. “The fact it’s moved, and no longer in Mother’s Day week, was welcome news for many merchants who said Mother’s Day is their second biggest sales event,” Mr Sumner told Tribune Business. “It’s a bit of meat and poison. It’s bittersweet. Ultimately, we have to determine if we see Carnival being one of those activities that generates revenue for the country, provides sustainable jobs - not weekend jobs - and brings tourists and tangible returns for the country. “I personally have no difficulty with the activity, so long as we demonstrate a positive return for that investment, which comes back to benefit the country.”
PAGE 6, Wednesday, April 5, 2017
Carnival bands to help ‘salvage’ Bahamas’ image From pg B1 age of the country. “We are disappointed. The dates were announced since last year, and the whole world was gearing up to come to the Bahamas. Business owners, including Carnival band owners, and souvenir buyers have already purchased items, supplies, equipment etc. They all would be hit financially. “Foreign resellers have already paid down on costumes, paid for plane tickets and hotel accommodations. We have seen the negative fall-out on social media.”
Mr Tirelli added: “We have decided to work with the Bahamas National Festival Commission (BNFC) to see how best we can salvage our relationship with our revellers moving forward on the Road March. “We have decided to work as one to market the country as a Carnival destination and not be adversarial in the press. We have to be on one accord. There are some things being worked out, and we will make an announcement on that shortly. We have been talking to the international
‘Bad bank loans’ drop below $1bn From pg B1 Bank said of the commercial banking industry’s endFebruary position. “A year-on-year analysis revealed a sustained trend of improvement in balance sheet quality, backed by the sale of non-performing mortgages, banks’ aggressive loan restructuring programmes and, to s lesser extent, Government’s Mortgage Relief Programme (MRP).
“As a consequence, loan arrears fell by $199.3 million (17.1 per cent) over February 2016, while the ratio of arrears to total loans declined by 3.1 percentage points.” Ian Jennings, the Clearing Banks Association’s (CBA) chairman, yesterday stopped short of declaring that the data showed the industry was finally making sustained inroads into a problem that has impacted credit access and left hun-
NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act (as amended), NOTICE is hereby given that NEPTUNE INVESTMENTS HOLDINGS LTD. has been dissolved and has been struck from the Register with effect from 30th March, 2017.
press from Canada straight down to Brazil and even Europe. You would be surprised over who wanted to come to the Bahamas this year.” As to the financial impact of the postponement, Mr Tirelli said: “We’re looking at millions in losses, easy. That’s industry-wide. You’re talking about band owners, DJ’s, equipment owners, insurance, VAT, import duties, T-shirt, vendors and we have to consider the impact on our sponsors as well.” The Bahamas National Festival Commission (BNFC), organisers of Junkanoo Carnival, just last week announced the line-up for this year’s event,
withTrinidadian singers, Machel Montano and Bunji Garlin, as headliners. The BNFC also revealed that this year’s event had been “streamlined” after the Government slashed its subsidy by 50 per cent. The Nassau leg of the event, which was scheduled for May 4-6, has been postponed to May 18-20, with the Grand Bahama leg that was scheduled for April 2829 scrapped altogether. The BNFC yesterday explained that it made the “difficult decision” to postpone Junkanoo Carnival due to conflicts with the general election timetable. “Despite the event being only a month away,” the BNFC statement read, “the
Commission took the difficult decision to change the date in order to provide the highest level of participation, safety and production quality in light of a recently announced general election timetable that conflicts with the original event dates.” It continued: “The 2017 event will also be consolidated to one island on one weekend. The Music Masters semi-finals will take place in Nassau instead of Grand Bahama. While the Commission will miss celebrating Bahamian music, culture and vibes with the Grand Bahama community, it looks forward to resuming its two-island format in 2018 with Grand Bahama continuing to host
the semi finals of the song competition. “The Commission assures the public that the event will still deliver three non-stop nights of cultural activities and performances, with a top line-up of Bahamian musicians and regional artists; and revellers will still storm the streets on Saturday afternoon (May 20) for Road Fever,” it aded. “The Commission regrets any inconvenience caused to participants as a result of the change in date and encourages fans of Bahamas Junkanoo Carnival to prepare for a weekend of pure music, culture and vibes from Thursday to Saturday, May 18-20.”
dreds of Bahamian families in distress. Explaining that the Central Bank’s report was based on the data it received from the banks, Mr Jennings said the numbers did not necessarily include mortgages extended by non-bank lenders, such as insurance companies. Suggesting that the figures possibly captured just “two-thirds to three-quarters” of the entire mortgage market, Mr Jennings said this again highlighted why the Bahamas needed a Credit Bureau. Much of the reduction in non-performing loans came from Scotiabank’s sale of a delinquent mortgage portfolio to Sir Franklyn Wilson’s Gateway Financial. Assessing the ‘bad’ credit decline in more detail, the Central Bank said: “In terms of the length of delinquencies, the short-term 31-90 day component decreased by $35.3 million (12.7 per cent) to $242.7 million, with a 60 basis
point fall-off in the attendant ratio to 4.1 per cent. “Comparatively, nonperforming loans (NPLs) contracted by $5.4 million (0.7 per cent), while the relevant ratio softened by nine basis points to 12.3 per cent. “The reduction in delinquencies was anchored by a $32.8 million (6.4 per cent) decrease in mortgages, reflecting mainly a fall in the short-term segment of $32.2 million (22 per cent), and a slight decrease in NPLs of $0.6 million (0.2 per cent),” the Central Bank added. “Similarly, reductions were recorded for commercial and consumer delinquencies of $5.6 million (2.4 per cent) and $2.3 million (0.9 per cent), respectively. In terms of the former, both the 31-90 day and NPL segments contracted by $1.6 million (3.6 per cent) and $4.1 million (2.1 per cent), while for the latter, declines of $1.6 million (1.8 per cent) and $0.7 million (0.4 per cent), were registered for the short and long-term
components, respectively.” Turning to the economic outlook for the Bahamas, the Central Bank said conditions were “subdued” in February due to “softness” in tourism industry activity. “Preliminary indicators suggest that the tourism sector’s performance was relatively weak during the review period, as inferred from reduced foreign currency inflows through commercial banks,” the Central Bank said. “The most recent statistics on visitor traffic from the Nassau Airport Development Company (NAD), for the first two months of the year, showed a 4.1 per cent decline in visitor departures, relative to a 2.3 per cent uptick in the prior year. “This outturn was largely due to a 3.9 per cent fall-off in United States passengers, while the number of visitors returning to ‘other’ countries also narrowed by 5.3 per cent in comparison to the first two months of
2016.” The Central Bank said construction activity was more robust, while Baha Mar’s opening and other foreign direct investment (FDI) projects are forecast to produce a slight uptick in the economy as 2017 progresses. “The domestic economy is expected to expand mildly in 2017, as activity in the construction sector is poised to remain buoyant over the near-term, supported by several variedscale foreign investment and hurricane rebuilding projects,” it added. “In addition, the outlook for the tourism sector has improved, to some extent, in line with both expanded and restored hotel capacity in New Providence. In this environment, conditions in the job market are expected to recover gradually, with the majority of the gains accruing to the construction and tourism sectors.”
Shoe chain Payless files for bankruptcy protection
Beecham D. Braynen and Lynn Kelly LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd 1 Bay Street 2nd Floor, Centre of Commerce P.O. Box SS-6289 Nassau, Bahamas
NEW YORK (AP) — Shoe chain Payless ShoeSource has filed for Chapter 11 bankruptcy protection, becoming the latest retailer to succumb to increasing competition from online rivals like Amazon. The Topeka, Kansasbased retailer said Tuesday that it will be immediately closing nearly 400 stores as
part of the reorganization. It has over 4,400 stores in more than 30 countries and was founded in 1956. Payless plans to reduce its debt by almost 50 percent, lower how much it pays in interest and line up funds. The company says some of its lenders have agreed make available up to $385 million to keep the stores running.
MARKET REPORT TUESDAY, 4 APRIL 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,892.44 | CHG -10.36 | %CHG -0.54 | YTD -45.77 | YTD% -2.36 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 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.15 5.56 8.50 11.00 2.18 1.31 5.80 6.79 8.56 7.08 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 10.44 11.86 2.34 1.55 5.83 9.75 9.85 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 100.00 100.00 100.00 106.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.43 11.86 2.32 1.55 5.83 9.75 9.00 9.25 6.90 12.01 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.02 0.00 0.00 0.00 -0.85 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
106.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.00 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
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
10,048
1,000
VOLUME
NAV 2.03 3.92 1.94 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 14.0 23.2 107.8 22.7 19.4 19.4 18.8 9.4 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% 3.67% 3.45% 4.13% 2.59% 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
THE TRIBUNE
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
“This is a difficult, but necessary, decision driven by the continued challenges of the retail environment, which will only intensify,” said said Payless CEO Paul Jones in a statement. Shoppers are increasingly shifting their buying online or going to discount stores like T.J. Maxx to grab deals on designer brands. That shift has hurt traditional retailers, even low-price outlets like Payless. In fact, Moody’s Investor Service said earlier this
year that the number of “distressed” retailers —those with cash problems and lots of debt that are facing strong competition — is at the highest rate since 2009. It named Payless as one of the retailers. Several retailers have closed stores or gone out of business in 2017. The Limited closed all 250 of its remaining stores early this year. It had operated nearly 400 stores at the end of 2000. Teen retailer Wet Seal in January said it would close its 171 stores.
call 502-2394 to advertise today! NOTICE ELECTRIC BOOGALOO LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ELECTRIC BOOGALOO LTD. is in dissolution as of March 31, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________
GINDOG CORPORATION Company No. 660241 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that GINDOG CORPORATION is in voluntary liquidation. The voluntary liquidation commenced on 16th February, 2017 and Rahel Ruth Kieber of Dorfstrasse 7a, 9495 Triesen, Principality of Lietchenstein, has been appointed as the Sole Liquidator. Dated this 16th day of February, 2017 Sgd. Rahel Ruth Kieber Voluntary Liquidator
PAGE 8, Wednesday, April 5, 2017
THE TRIBUNE
White House effort to revive health care bill
WASHINGTON (AP) — A White House offensive to resurrect the moribund House Republican health care bill got an uneven reception Tuesday from GOP moderates and conservatives, leaving prospects shaky for the party to salvage one of its leading priorities. Vice President Mike Pence and other top ad-
ministration officials were offering to let states request federal exemptions from insurance coverage requirements imposed by President Barack Obama’s health care overhaul. Top House conservatives and moderates planned to meet with Pence and GOP leaders late Tuesday in hopes of finding common ground, but the odds for success
seemed long. At the White House, Pence said he and President Donald Trump “remain confident that working with the Congress we will repeal and replace Obamacare,” while White House spokesman Sean Spicer said Trump wanted an agreement, if possible. “I’m not going to raise expectations, but I think
that there are more and more people coming to the table with more and more ideas about how to grow that vote,” Spicer said. But there was no evidence that the proposal won over any GOP opponents who’d forced Trump and party leaders to beat an unceremonious retreat on their bill on March 24, when they canceled a House vote that
was doomed to failure. “We want to make sure that when we go, we have the votes to pass this bill,” House Speaker Paul Ryan, R-Wis., told reporters. He said talks were in “the conceptual stage” and declined to predict a vote before Congress leaves town shortly for a two-week recess — when lawmakers could face antagonistic
grilling from voters at town hall meetings. Later in the day, Rep. Steve Scalise, R-La., his party’s chief vote counter, said talks were not at “a place where there is consensus” on health care and indicated a vote this week was unlikely. Under the White House proposal, states could apply for a federal waiver from a provision in Obama’s statute obliging insurers to cover “essential health benefits,” including mental health, maternity and substance abuse services. The current version of the GOP legislation would erase that coverage requirement but let states reimpose it themselves, language that is opposed by many moderates. In addition, the White House would let states seek an exemption to the law’s provision banning insurers from charging higher premiums for seriously ill people. Conservatives have argued that such restrictions inflate consumers’ costs. Reaction from rankand-file GOP lawmakers was mixed. Moderate Rep. Frank LoBiondo, R-N.J., and conservative Rep. Mo Brooks, R-Ala., each said they remained “no” votes, with Brooks saying states should be allowed to opt out of Obama’s insurance requirements without seeking federal permission. “It is wrong to require the states to come to Washington, D.C., on bended knee,” Brooks said. Rep. Jim Renacci, ROhio, was among several moderates warning that a quick vote would be counter-productive. “If leadership hasn’t learned the lessons of the failures of two weeks ago, then they’ll bring something forward where nobody knows about it and try and get it passed,” Renacci said. Even so, some members of the House Freedom Caucus, the hard-right group whose opposition helped sink the Republican bill last month, were showing signs of accepting less than many originally wanted. The group’s leader, Rep. Mark Meadows, RN.C., said talks were boiling down to curbing several of Obama’s coverage requirements — a far cry from the full repeal of the statute that many initially preferred. “It perhaps is as much of a repeal as we can get done,” Meadows told reporters. He added, “That’s the calculation we have to make.” Similarly, some moderates whose opposition was also instrumental in the legislation’s failure expressed cautious optimism that the White House offer would produce results.