business@tribunemedia.net
THURSDAY, APRIL 6, 2017
$4.10
$4.14
$4.16
Troubled broker agrees wind-up By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A Bahamian broker/ dealer, which admitted to misusing almost $4 million in client monies without permission, has agreed to go into voluntary liquidation after deciding it “made no financial sense” to continue fighting regulators. Roy Sweeting, the attor-
ney representing Tillerman Securities, told Tribune Business that voluntary winding-up, and appointment of liquidators, was “best outcome that could be achieved in the circumstances”. The Glinton, Sweeting & O’Brien partner added that with his troubled client barred from doing business, it would have been “bled dry” had it continued its battle against the Securities
‘No confidence’ in Baha Mar casino licensing process By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A key Sarkis Izmirlian ally yesterday said he had little confidence that the Gaming Board had done “in-depth background research” on Baha Mar’s casino license because the outcome was “pre-determined”. Dionisio D’Aguilar, a former Baha Mar Board member under the $4.2 billion project’s original developer, told Tribune Business that “putting the cart before the horse” showed it was inevitable Chow Tai Fook Enterprises (CTFE) would obtain the necessary approvals. The FNM’s Freetown candidate in the upcoming general election suggested that the casino license award was effectively a ‘fait accompli’, given that CTFE had already hired staff and imported millions of dollars worth of gaming See pg b9
Sarkis ally: Approvals for CTFE ‘pre-determined’ ‘Cart before horse’ on staff hiring, machines arrival Tells Govt: ‘Call a spade a spade’ on opening
Commission. Tillerman’s voluntary liquidation is part of a wider agreement reached with the Securities Commission to end their near two-year battle, with the regulator set to drop its own winding-up petition against the broker/ dealer. The deal was put into effect yesterday before Justice Ian Winder, with Mr Sweeting informing the Su-
preme Court on Tillerman’s behalf that the company’s directors - Hans Christian Saunders, Anthony Dupuch and attorney Craig Butler had resolved to place it into voluntary liquidation. Raymond Winder, Deloitte & Touche (Bahamas) managing partner, and his colleague, Mark Munnings, have agreed to act as Tillerman’s voluntary liquidators. See pg b11
The Bahamas has the most productive ValueAdded Tax (VAT) regime in the Caribbean, an IMF paper yesterday holding out its ‘low rate, broad base’ structure as a model for the entire region. A ‘working paper’ on tax administration reforms in the Caribbean found that the Bahamas’ VAT productivity/efficiency even exceeded the average across OECD member states, plus European and Asian nations.
IMF paper: 7.5% levy is model for Caribbean Contradicts Minnis’s VAT exemptions plan Tax grew Govt revenue 39% compared to previous The paper’s author, Stephane Schlotterbeck, measuring ‘productivity’ as the ratio of actual VAT revenues collected to potential collection if all domestic
‘Banana republic’ fear on Carnival date shift Band owners: ‘We’re already being cursed out’
‘Best outcome in circumstances’ for Tillerman
Trying to salvage ‘thousands’ from 3-4k visitors
Would have been ‘bled dry’ in Commission battle
Event now put back to original dates after backlash
Attorney: ‘Really good shot’ to regain investors’ $4m
By NATARIO McKENZIE
Bahamas has region’s ‘most productive’ VAT By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
$4.16
consumption was taxed at the same rate, found that the Caribbean average was “slightly below” international standards. “It ranges from 0.36 in St. Lucia to 0.79 in the Bahamas, with an average of 0.54 in the region compared to 0.55 in OECD countries, 0.59 in Europe, and 0.64 in Asia and Pacific,” Mr Schlotterbeck found. “A low productivity ratio indicates erosion of the tax base, exemptions, excessive zero-rating, concessional rates, evasion, and weak enforcement.” The Bahamas’ high VAT See pg b8
Tribune Business Reporter
nmckenzie@tribunemedia.net
Junkanoo Carnival band owners still face thousands of dollars in losses, their Association president said yesterday, as the farce surrounding the event deepened with its original dates being restored. Dario Tirelli, the Bahamas Junkanoo Carnival Band Owners Association’s (BCBOA) president, said organisers had misjudged the fallout from the abrupt two-week postponement. He told Tribune Business that Association members have now been left to try and salvage their relationships with revellers, who had expressed outrage at the announcement earlier this week that Carnival had been postponed to May 18See pg b10
Dionisio D’Aguilar
Labour reform ‘sticking points’ largely resolved By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The private sector is satisfied “for now” with the labour law reforms passed by Parliament, the Chamber’s chief executive yesterday confirming that “most of the sticking points” have been dealt with. Edison Sumner told Tribune Business that most of the amendments proposed by the private sector to the original Employment Act and Industrial Relations Act changes had been included in the final Bills. He added, though, that the Chamber was still having discussions on other reforms it is seeking, and will likely pursue this through the National Tripartite Council - the body created to resolve all labour-related matters via a consensual approach. “We didn’t get everything we wanted, See pg b10
Chamber chief: Private sector ‘satisfied for now’ Feels final Bills a ‘strong compromise’ Will reintroduce remaining issues at Council
Edison Sumner
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THE TRIBUNE
Prepare to combat rise in cybercrime In the first of a new series, Deloitte & Touche (Bahamas) Shavonne Smith urges companies to take prevention measures to the next level
Given the constant cyberattacks on financial institutions and other highprofile businesses, many company Boards are likely to be asking their executive teams: “Could it happen to us?” Unfortunately, at many companies, the short answer may well be that it is happening now or, worse still, has
already happened. Although not all cyberattacks make headline news, they can hurt businesses in any number of ways. This is because hackers’ assaults range from ‘merely’ vandalising websites all the way to shutting down networks, stealing intellectual property and perpetrating fraud.
Statistics from Symantec placed the cost of global cybercrime at $114 billion annually, rising to $388 billion once ‘down time’ is factored in. And McAfee estimates that $1 trillion is spent globally on remediation. Cyberattacks can deal a serious blow to a company’s brand and reputation, with
potentially far-reaching consequences. For example, concerns over data security may prompt current and prospective customers to take their business elsewhere, while negative reactions among investors may even drive losses in market value. As cyberthreats are both a relatively new - and constantly evolving - source of risk, many organisations may not be as effective at managing this as they are at managing risk in other areas. Statistics from previous years show that a significant percentage of data breaches are discovered not by the victimised company, but external parties, such as third-party fraud detection programs. With likelihood, impact, and vulnerability from cyberattacks all on the rise, company directors have good reason to take their questions beyond “Could it happen to us?” to “How likely is it to happen to us, and what are we doing about it?” More formally, the central issues for Boards to consider are exposure and effectiveness: “What is our company’s level of exposure to cyberthreats? How effective is it at keeping that exposure to within acceptable limits?” The challenge, though, is that putting questions in these high-level terms may not always elicit useful answers. Unless a company is already quite sophisticated in its cyberthreat risk management practices, it may not yet have the infrastructure and/or governance elements in place to support a meaningful dialogue between decision makers and those tasked with implementation/ operation/protection of IT systems. For instance,
Shavonne Smith leaders may not have agreed on risk definitions, risk tolerance or metrics specific to cyberthreat risks, or the company might lack the technological tools to effectively collect and report cyberthreat-related information. • NB: The information in this series is based on the Deloitte white paper, ‘Risk intelligent governance in the age of cyberthreats’. For more information on Deloitte Bahamas Risk Advisory Services’ Cybersecurity offering, contact Lawrence Lewis, risk advisory services partner, at 1(242)302-4898 or llewis@deloitte.com, or Shavonne Smith, senior risk advisory services consultant, at 1(242)302-4880 or shasmith@deloitte.com. Ms Smith holds a Master of Science (MSc) degree from Capitol College in Baltimore, Maryland, and specialises in information assurance and network security. She also holds the CISA designation (Certified Information Systems Auditor), and several Microsoft certifications.
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THE TRIBUNE
Thursday, April 6, 2017, PAGE 3
DNA chief slams Govts on landfill By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Democratic National Alliance’s (DNA) leader yesterday slammed both PLP and FNM administrations over their handling of the New Providence landfill, again questioning what became of a $23.5 million Inter-American Development Bank (IDB) loan to finance a solid waste management programme. Branville McCartney said: “The dump is still burning under the FNM and the PLP. The FNM had $35 million to remediate or fix the dump. We don’t know where that went. “We would not be having this problem today if the FNM had fixed the dump. We borrowed that money from the IDB; $25 million from the IDB, and $10 million that the people put in. What do we have to show for it? This is a serious concern because whether you smell that dump or not, we are all affected on this island.” Kenred Dorsett, minister of the environment and housing, confirmed to Tribune Business late last month that the Government was planning to issue a structured tender, seeking proposals to manage and remediate the New Providence landfill, “as soon as
possible”. The wholly-Bahamian Waste Resources Development Group (WRDG) consortium, which now has 10 Bahamian waste service provider members, is among those who have submitted bids to take over the landfill’s management following the recent blaze at the site. They have partnered with Providence Advisors and its chief executive, Kenwood Kerr. Renew Bahamas walked away from its New Providence landfill management contract in the immediate aftermath of Hurricane Matthew, citing security and safety concerns amid the absence of electricity supply, and a spate of thefts and shootings. It had previously been seeking to renegotiate its management contract and associated financial terms with the Christie administration, having revealed to Tribune Business it had been incurring continuous, heavy losses. The Government subsequently charged that Renew Bahamas had used Hurricane Matthew as an excuse to pull-out, having realised that its business model which depended almost exclusively on the sale and export of materials recycled from the landfill - was not viable or sustainable.
Bran backs privatisation for Junkanoo Carnival By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Democratic National Alliance’s (DNA) leader yesterday said the original postponement of this year’s Bahamas Junkanoo Carnival does not send a good message to international observers, as he backed the event’s privatisation. Speaking before Junkanoo Carnival was returned to its initial May 4-6 dates, Branville McCartney said: “The concern I have there tells me that persons involved in Carnival or Commission seem to know the date of the election. “That is very concerning, and that is why we will have fixed election dates under the DNA. The Prime Minister has postponed it, but that is not a good message we have sent internationally.” Mr McCartney said a DNA government would ensure the privatisation of Junkanoo Carnival, taking it “out of the hands of the Government”. “We will concentrate more fully on our indigenous festivals such as Junkanoo, Goombay and the like,” he added.
Correction
Damian Blackburn, chief Aliv officer
Tribune Business used the wrong photo to accompany an article published on Wednesday, April 5, entitled ‘ExMinister’s evidence key to Dingman victory’. The photo should have been of Damian Gomez QC, ex-minister of state for legal affairs, but instead a picture of Damian Blackburn, Aliv’s chief officer, was used. Tribune Business apologises to both men for the error.
Branville McCartney Bahamas Junkanoo Carnival band owners previously told Tribune Business 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. That, though, was before the Bahamas National Festival Commission (BNFC) and the Government abruptly reversed course again yesterday, abandoning the two-week postponement and returning Junkanoo Carnival to its original May 4-6 slot. The directive was given to revert to the originally advertised dates after the country faced widespread international backlash, and band owners projected some $1m in lost revenue. The about-turn came two days after Prime Minister Perry Christie confirmed
that the event had been postponed until after the general election. In a press statement on Tuesday, the Bahamas National Festival Commission (BNFC) explained that it made the “difficult decision” to postpone the event due to conflicts with the general election timetable. The commission further advised that the Grand Bahama celebrations, originally set for April 21 and 22, had been cancelled altogether with the event downsized to just one island on one weekend. That, though, has also apparently been reversed, with the Grand Bahama event now going ahead again.
Jarol Investments Limited is seeking to fill the following position:
SaleS & Marketing Manager naSSaU • • • • • • • • • •
Achieve growth and hit sales targets. Design and implement a strategic business plan that expands company’s customer base and ensure its strong presence Oversee creation and delivery of press releases, advertisements, and other marketing materials. Design print ads and publications Engage consumers on social media. Deepen relationships with all media to ensure the most effective messaging and positioning of the organization. Lead all areas of content generation and production across all media platforms. Build and promote strong, long-lasting customer relationship. Develop and lead a marketing team that will develop and execute new concepts, business models, channels and partners to position business as innovator and leader. Perform other related duties as assigned by management. Interested person mail their resume to P.O. Box F-40886 or email to careers@chancesgames.com
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THE TRIBUNE Customers move to take advantage of deals offered by the WSC & BTC at Pop-up collaboration on March 28 and 29.
Call 502-2394 to advertise
Company merchandise from WSC and BTC. Customers were also able to take advantage of savings offered on products and services. Photos/BVS Bahamas for Barefoot Marketing
Water Corp, BTC team for two-day promotion The Water & Sewerage Corporation (WSC) partnered with the Bahamas Telecommunications Company (BTC) to offer two
days of discounts, prizes and surprises for their customers. The Pop-Up Partnership Promotion was held on March 28-29, attracting customers to the WSC’s Thompson Boulevard headquarters for an event intended to address service needs. “WSC is pleased to partner with BTC to promote their products and our services, since we are both very customer-oriented companies” said WSC spokesperson, Visna Armbrister. “Our primary focus during this special two-day promotion is our ‘Go Paperless Campaign’. Our overall goal is to get to 20,000 e-mail addresses from our customers, which simply allows them to receive their
billing statements electronically on their smart phones, PCs or tablets.” Customers participating in the two-day event were eligible for discounts ranging from half off all new water and sewerage service accounts, as well as 10 per cent off for signing up for the WSC’s new e-mail notification service. They were also entered to win a brandnew Samsung J2 Prime Cellphone. The renewed focus on technology is part of a recent push by the WSC to modernise the type of service that Bahamians receive, and includes the introduction of online bill payments to provide improved efficiency and new levels of convenience for customers.
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THE TRIBUNE
Thursday, April 6, 2017, PAGE 5
300 attendees celebrate Warwick PI’s opening More than 300 persons attended the Warwick Paradise Island’s grand opening last Friday, following completion of a two-year, $50 million renovation programme that transformed it into an all-inclusive resort. Richard Chiu, Warwick Hotels and Resorts’ president, praised the service levels achieved by Bahamian staff as he welcomed attendees, saying this quality was often praised in guest feedback. Obie Wilchcombe, minister of tourism, delivered
opening remarks and introduced Prime Minister Perry Christie, who gave the keynote address. Following the formal speeches, Mr Christie and Mr Chiu’s wife, Ann, officially opened the resort with a ribbon-cutting ceremony. Guests were treated to a Caribbean Tasting Reception, highlighted by seafood dishes, sushi, various cuts of meats, side dishes, hors d’ oeuvres and desserts. Entertainment on the Warwick Sunset Terrace
was provided by Ira Storr and the Spank Band, a Junkanoo Band and Action Limbo King. The festivities continued in the resort’s Junkanoo Beat entertainment room with dancing to live music by VIP Band. The Warwick Paradise Island features 250 rooms on 12 floors; five dining options; two bars; a fully equipped fitness centre; entertainment and activities; an on-site gift shop; and a tour desk offering sightseeing options to the destination’s attractions.
Jarol Investments Limited is seeking to fill the following position:
Security Manager FreePOrt • • • • • • • • • • • • • • • • • •
Reinforces company goals and vision to all direct reports and continually implements this strategy into overall communications. Supervises, directly and/or indirectly, all Security team members including: selection, training, work direction, safety, communication, counseling, disciplining, performance evaluations and records. Oversight and training for emergency response procedures such matters as fires, bomb threats, power outages, and other serious matters or emergencies. Directs and monitors the security and safety of customers, employees, facilities, and grounds. Reviews security investigations concerning all incidents and issues taking place on property and makes necessary reports and notifies the CEO. Checks all security reports for accuracy and completeness and ensure timeliness. Ensure compliance with department and Company policies and procedures. Create and update weekly department schedule. Continually evaluate Team Members for alertness, appearance, and proper performance of duties. Observes, supervises and instructs shift officers in the performance of their duties. Determines personnel requirements and makes assignments at the beginning of each shift. Ensure effective onboarding and training for Security Officers. Provide security and protection for customers, team members, property and assets. Reacts promptly to disturbances where Security is required. Maintain a high level of confidentiality Be familiar with all Chances web shops throughout the Bahamas. Takes appropriate action, when required, of individuals suspected of illegal activities. Perform related duties as assigned by management.
Interested person mail their resume to P.O. Box F-40886 or email to careers@chancesgames.com
Pictured (L to R): Lorenzo ‘TC’ Symonette, hotel manager, Warwick Paradise Island - Bahamas; G.Paul LeBlanc, special assistant to the president, Warwick Hotels and Resorts; Philip Davis, Deputy Prime Minister; Ann Chiu, wife of Richard Chiu; Prime Minister Perry Christie; Richard Chiu, president, Warwick Hotels and Resorts; Obediah Wilchcombe, minister of tourism; Warren Chiu, vice-president, Warwick Hotels and Resorts; Amanda Kim Chiu, wife of Warren Chiu; and Richard Pan, son-in-law of Richard Chiu. Ann Chiu (left) and Prime Minister Perry Christie, cut the ribbon officially opening Warwick Paradise Island while Lenora Symonette, wife of Lorenzo ‘TC’ Symonette, hotel manager, holds the ribbon.
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SECURITY OFFICER
Prime Responsibilities and Duties are: Assist with any investigations involving guests and employees, prepare accurate reports and follow up action plans. Ensure that any criminal activity does not hamper the smooth functioning of the hotel. Assist with and ensure the accuracy of all industrial accident reports. Take the lead on all incidents and emergencies. Assist with the monitoring of camera system and scheduled patrolling of grounds. Assist with the smooth and efficient running of the organization. Qualifications & Experience Required: Two or more years in the security or military (RBDF & RBPF) field. Excellent leadership and communication skills. The ability and interpersonal skills to relate with internal and external customers. Ability to work as part of a team, as well as independently. Must be computer literate with strong administrative skills. Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to:
recruitment.humanresources@outlook.com
PAGE 8, Thursday, April 6, 2017
Bahamas has region’s ‘most productive’ VAT From pg B1 productivity rating likely results from its ‘low rate, broad base’ model, which has to-date avoided the “excessive” exemptions and zero-rating treatments granted to numerous goods and industries by other Caribbean countries. It also reflects the ‘newness’ of the Bahamas’ VAT regime, and the fact that unscrupulous businesses and registrants have yet to
develop sophisticated evasion and under-reporting techniques. The IMF paper indicated that the Bahamas’ VAT structure, which the Christie administration ultimately accepted following extensive lobbying by the private sector, was a model that the rest of the Caribbean should look to. Noting that the Bahamas’ VAT rate was half that in many other Caribbean na-
Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 3221986 and share your story.
tions, the paper said: “The recent Bahamian experience indicates that introducing a broad-based VAT with minimum exemptions allows for the application of a lower tax rate (at 7.5 per cent compared to 15–17 per cent in the rest of the region).” The IMF paper and its author also found that the Government’s total tax revenues, as a percentage of gross domestic product (GDP), rose by 4.4 percentage points after VAT’s first full year compared to preimplementation. “In the Bahamas, total revenue collection increased by 39 per cent between fiscal year 2013-2014 (prior to VAT introduction) and fiscal year 2015-2016 (after one full year of VAT operations),” the IMF paper said. Those two years were chosen because VAT was introduced on January 1, 2015, half-way through the 2014-2015 fiscal year, meaning the latter was not suitable for comparison purposes. The IMF paper also disclosed that the Bahamas’ enjoys one of the best ontime VAT filing compliance
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rates, with 75 per cent of its 6,710 tax-paying registrants hitting the payment deadlines. Only Bermuda, Dominica and Grenada, with VAT on-time filing compliance ratios of between 80-81 per cent, were shown as performing better than the Bahamas, with this nation well ahead of the 62 per cent regional average. However, the IMF paper said the Bahamas’ Department of Inland Revenue, as the central tax administration authority, had the second highest population-tostaff ratio in the Caribbean. It revealed that only Haiti, where there is 8,600 persons for every tax administration staffer, had a higher ratio than the Bahamas’ 2,549 persons per tax officer. The IMF paper effectively sets out a ‘road map’ for the Bahamas on what not to do with its VAT regime, setting out many of the challenges the Government and Department of Inland Revenue will likely face, and how this nation can learn from the experience of other Caribbean nations. Warning against the granting of widespread VAT ‘exemptions’ and zero-rated treatment, the paper said: “In a number of countries, the expansion of zero-rated domestic supplies of goods and services has contributed to building up a large volume of VAT credits, including in the retail sectors. “This has increased the number of refund claims and put tax administrations under pressure to refund the credits within acceptable periods (good practice
is 30 days). In many cases, the turnaround time for reimbursing VAT credits exceeds 90 days, and quite often it is not monitored at all..... “In Trinidad and Tobago, VAT refunds have been temporarily suspended due to an insufficient budget. Refund delays and related cash flow issues have been the primary reasons for granting VAT exemptions to investors.” The IMF paper suggested the deferment of VAT on capital goods imports, such as machinery and equipment, plus raw materials and spare parts, rather than use exemptions. However, the political pressure for the Bahamas to go down the VAT ‘exemptions’ route is mounting, with FNM leader, Dr Hubert Minnis, on Wednesday night repeating previous campaign pledges to remove the tax from so-called ‘breadbasket’ items. He also promised to exempt electricity and water bills; education; and healthcare from VAT, adding: “This will provide tremendous savings for Bahamians. These savings will make a difference for Bahamians, who will now have more money to buy food, more money to pay rent, more money to pay expenses for their children, more money to put back in their businesses, and more money to pay other bills. “The removal of VAT in these specific areas will bring relief to Bahamians who are struggling to make ends meet. It will bring relief to the middle class, to families in general, and to small business people.”
THE TRIBUNE However, those companies and industries treated as VAT ‘exempt’ will be unable to recover the 7.5 per cent levy paid on their ‘input’ costs if they cannot charge the tax to their consumers. As a result, under Dr Minnis’s plan, the cost structure for entities like Bahamas Power & Light (BPL) and the Water & Sewerage Corporation will increase, not decrease. And these increases will be passed on to consumers in the form of higher bills - the opposite of what Dr Minnis is intending. “VATs have been effective in terms of mobilising additional tax revenues since their introduction in Caribbean countries,” the IMF paper said. “The VAT has proven to be more effective than the consumption taxes it replaced. However, its contribution should have been much greater. On average, an increase of 20 per cent of VAT productivity for the region would represent an increase of 2 per cent of VAT revenues in terms of the GDP. “Initially intended to be a broad-based, single rate tax, the VAT’s legislation has deviated from these objectives. Zero-rating of domestic supplies, generous exemptions, lower rating of tourism activities and low registration thresholds have affected its performance negatively and compromised administrative efforts. This paper argues that, instead of eliminating the VAT, the objective should be to strengthen it.”
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division
2014 CLE/GEN/1814
IN THE MATTER of an Indenture of Mortgage made the 28th day of February A.D., 1996 between Brent Michael Russell and Marcia Lynn Russell and Royal Bank of Canada AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN RBC ROYAL BANK (BAHAMAS) LIMITED (Formerly “ROYAL BANK OF CANADA”) AND BRENT MICHAEL RUSSELL
Competitive salary and benefits package are commensurate with experience.
Plaintiff
First Defendant and THE PERSONAL REPRESENTATIVES OF THE ESTATE OF MARCIA LYNN RUSSELL (DECEASED) Second Defendant
Interested persons should submit their resumes via e-mail to souschef2017@outlook.com To:
Brent Michael Russell
TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of the Bahamas by RBC Royal Bank (Bahamas) Limited, Spanish Wells Branch, St. George’s Cay, Spanish Wells, Eleuthera, Bahamas, in which the Plaintiff’s claim is set out in the Originating Summons filed in this action on the 5th day of November A.D., 2014 seeking an Order to direct you to deliver up possession of the Mortgaged Property situate approximately One Thousand Seven Hundred and Eighty (1,780) square feet west of the Government Dock at Muddy Hole on Russell Island another of the Islands of the Commonwealth aforesaid and designated as Lot Numbered Fourteen (14) in a Subdivision of Fourteen (14) lots called and known as “Pierre Rock Heights” shown on the diagram or plan attached to an Indenture of Conveyance dated the 1st day of December A.D., 1993 and made between Pinmar Properties Limited of the one part and Brent Michael Russell and Marcia Lynn Russell of the other part and recorded in the Registry of Records, Nassau, New Providence in the Commonwealth aforesaid in Volume 6144 at pages 310 to 315 and is thereon coloured Pink together with the rights of way appurtenant thereto, to RBC Royal Bank (Bahamas) Limited within Twenty-eight (28) days of the Order, and Judgment for the sum outstanding under the Indenture of Mortgage dated the 28th day of February A.D., 1996 as up-stamped. And that it has been ordered that the publication of a notice of the entry of the Notice of Adjourned Hearing filed on the 27th day of March A.D., 2017 in the Nassau Guardian newspaper and The Tribune newspaper shall be deemed to be good and sufficient service of the said document on you. The Originating Summons will be heard before the Honourable Mrs. Justice Guillimina Archer-Minns of the Supreme Court at Ansbacher House, The Judicial Complex, East Street, Nassau, New Providence, Bahamas, on Tuesday the 11th day of April A.D., 2017 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just. A copy of the said Notice of Adjourned Hearing may be obtained from the Supreme Court Registry, BAF Financial Centre, Marlborough Street, Nassau, New Providence, Bahamas, or from the Attorneys for the Plaintiff below mentioned. Dated the 6th day of April A.D., 2017. HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas. Attorneys for the Plaintiff.
THE TRIBUNE
Thursday, April 6, 2017, PAGE 9
‘No confidence’ in Baha Mar casino licensing process From pg B1
machines in anticipation of gaining approval. Mr D’Aguilar also urged the Government and the Hong Kong-based conglomerate to “call a spade a spade”, and confirm that the April 21 ‘soft opening’ date is merely “a gimmick” to boost administration’s re-election prospects. “I’m delighted they’re moving forward with the opening of Baha Mar,” he told Tribune Business. “However, the approval of the gaming license was already pre-determined, and it was inevitable it would happen because they’ve already imported the machines and hired the staff.” Obie Wilchcombe, who has ministerial responsibility for gaming, confirmed on Tuesday that the Gaming Board had granted the necessary license and approvals to own/operate the Baha Mar casino. The license award to CTFE’s Sky Warrior Bahamas subsidiary came just four days after the ‘public hearing’ on the application at the British Colonial Hilton. That hearing appears to have been held solely for the Gaming Board to comply with the legal and procedural requirements of the Gaming Act 2014, and the speed with which the license approval was announced suggests the deci-
sion may have been taken prior to that hearing. Graeme Davis, Baha Mar’s president, gave no insight into CTFE’s plans for the casino or projections of its financial performance, instead defending the company from anonymous attacks on its integrity. However, the public hearing also raised no opposition to the casino license application, giving the Gaming Board no lastminute grounds to halt it. “They have a deadline of April 21. They must show progress by April 21,” Mr D’Aguilar said of the Government and CTFE. “Whatever needs to be done by that date, all the persons that need to approve the documents are holding the pens ready.” Mr D’Aguilar had previously alleged that CTFE and its owners, the Cheng family, were unsuitable to hold a Bahamian casino license because they had been denied such permits by gaming regulators in the US states of Nevada and New Jersey.
His claims sought to link the Cheng family and CTFE’s publicly traded subsidiary, New World Development, to concerns that Macau’s VIP gaming rooms were vulnerable to exploitation by Chinese/ Asian crime gangs known as Triads. Mr D’Aguilar attempted to link CTFE to this via its investment in Stanley Ho’s STDM and SJM companies, which control a significant share of Macau’s gambling industry. Mr Davis, though, previously told Tribune Business that the claims of Mr D’Aguilar were “baseless and unfounded”, adding that CTFE has a strong reputation for business integrity and corporate governance. CTFE has also attempted to distance itself from Mr Ho and Macau, arguing that it is a mere investor in the latter’s companies, and has no control or involvement in their managerial and operational aspects. However, the Macau ‘issue’ has not gone away, with CTFE having to defend itself from attacks on its reputation right up until last week’s public hearing. “They should have addressed all the issues,” Mr D’Aguilar told Tribune
Business yesterday, implying that CTFE had failed to satisfy his concerns. “No one was holding this up. This was getting approved. They [the Gaming Board] didn’t care what the reports were. It doesn’t give you confidence that they did in-depth background research because they put the cart before the horse. That set out the direction they were heading in.” Obtaining the casino license was vital to CTFE’s closure of Baha Mar’s purchase from the China Ex-
port-Import Bank, as the 100,000 square foot gaming facility - the largest in the Caribbean and situated at the development’s core represents its key amenity. Mr D’Aguilar again disputed the description of April 21 as an ‘opening’, adding: “Most people in the lodging business don’t open a hotel until its absolutely ready. “The only reason it’s opening on April 21 is because it’s three weeks to the next general election. I know it, they know it. Eve-
rybody knows it. “Stop making something out of nothing. Call a spade a spade. I’ve never heard of all the fanfare they’ve got planned for a soft opening. It’s three weeks before the general election. Call it what it is. It’s a gimmick.” Mr D’Aguilar suggested that CTFE would likely incur “horrendous losses” keeping Baha Mar going until the property was fully open - something that will not occur until April 2018, when the Rosewood property comes online.
call 502-2394 to advertise today! CAREER
OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:
Engineering Can-Fix-It
Essential Job Functions: • Repair minor electrical issues, appliances, and minor plumbing. • Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs. • General knowledge to repair heating and cooling units, painting the exterior and pressure washing. Position Requirements: • Must have three years of hands on experience in the maintenance field. • Experience in the Hotel Industry will be a plus.
Cook
Essential Job Functions: • Inspect food preparation and serving areas to ensure observance of safe, sanitary food-handling practices. Turn or stir foods to ensure even cooking. • Prep, season and cook food according to recipes or personal judgment and experience. • Observe and test foods to determine if they have been cooked sufficiently. • Weigh, measure, and mix ingredients according to recipes or personal judgment, using various kitchen utensils and equipment. • Prepare staff meals. Position Requirements: • General knowledge of working in a commercial kitchen. • Knowledge and ability to use basic work tools and equipment.
Utilities
Essential Job Functions: • Perform duties to maintain kitchen work areas and restaurant equipment and utensils in clean and orderly condition. • Transfers supplies and equipment between storage and work areas by hand or by use of hand truck. • Sets up banquet tables, when required. • Keep all equipment in the food and beverage areas are in good condition. Report any breakdowns in equipment to management. Position Requirements: • High school graduate or equivalent. • Previous hotel-related experience desired.
Guest Service Representative
Essential Job Functions: • Register guests and assign rooms. • Assists in pre-registration and blocking of rooms for reservations. • Thoroughly understands and adheres to proper credit, cheque-cashing, and cash-handling policies and procedures. • Processes guest check-outs. Position Requirements: • High school graduate or equivalent. • Must have the ability to work independently
Food and Beverage - Waiter/Server
Essential job Functions: • Wipe tables or seats with dampened cloths or replace dirty tablecloths • Take customer orders and serve customers • Maintain adequate supplies of items such as silverware, glassware, dishes, or trays. • Interact with guests and provide them with a warm greeting and a positive parting remark showing gratitude for their business as appropriate. • Other duties as required by Management. Position Requirements: • High School Diploma • Two years experience as a waiter • Ability to work in a busy, fast paced work environment • Knowledge of food sanitation requirements • Excellent verbal and written communication skills Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to
recruitment.humanresources@outlook.com
PAGE 10, Thursday, April 6, 2017
‘Banana republic’ fear on Carnival date shift From pg B1 20, forcing many having to cancel their travel plans. “I don’t think they realised the repercussions from the international market, and also the local market,” Mr Tirelli said of the Bahamas National Festival Commission. “I think that they gambled and they lost. They didn’t realise the magnitude of the support from the locals, and the backlash from the international persons. They never realised how many people were coming. “If they had a relationship with the bands, they would have had a good understanding of how many
international revellers were supposed to come.” Mr Tirelli added: “It was shocking to them that we did almost 2,000 last year. I’m trying to figure how to go back to these people. Some have already cursed us out, asking what kind of ‘banana republic’ we have here. “Some have cancelled and some say that there are still coming, but we have to throw an event for them. You’re looking at almost 3,000-4,000 people that were scheduled to come and already have spent thousands of dollars. “Now they are trying to salvage this thing to our detriment. Some bands
Labour reform ‘sticking points’ largely resolved From pg B1 but we were satisfied we were able to come to some compromises with the other parties to the Tripartite Council, particularly on the Government side and the labour side,” Mr Sumner told Tribune Business. “We were glad at least that most of the more stick-
ing points were addressed and dealt with... Based on the proposed amendments and what we saw in the final Bills presented to Parliament, most of the issues were addressed to the private sector’s satisfaction.” The initial versions of the Bills were viewed as potentially “crippling” for many
THE TRIBUNE
went and locked down hotel, airfare and transportation as part of the deal. We’re looking at thousands and thousands of dollars that we are going to lose.” Bahamas Junkanoo
Carnival is now back to its original dates. The Nassau leg is once again scheduled for May 4-6, and the Grand Bahama leg, which had been scrapped earlier this week back for April 28-29.
The BNFC on Tuesday explained that it made the “difficult decision” to postpone Junkanoo Carnival due to conflicts with the general election timetable. The announcement, though, triggered a major backlash from the local and international community. It was this, and the potential fall-out for the Bahamas at it relates to its international reputation among travellers and tourists, that appears to have caused an abrupt re-think and reversal on Junkanoo Carnival. Visitors coming to this nation specifically for Junkanoo Carnival would have had to cancel, costing them thousands of dollars in hotel and air fares, with the Bahamas having to endure angry social media reviews and postings read by persons across the globe.
Bahamian businesses, with the increased costs and bureaucracy stemming from them threatening to “bankrupt” many companies - especially small and mediumsized businesses. Perceived as unionfriendly, the legislation was also seen as an unwarranted interference with the ability of business owners to run their operations. It prompted a week of agonised negotiations between the Government, private sector and trade unions in a bid to achieve greater balance with the reforms, forcing the Christie administration to halt the Bills’ second reading in the House of Assembly. “One or two items did not get the support we’d liked, and there are a couple of matters we’d like to go back and address in the future,” Mr Sumner told Tribune Business, declining to identify what they were.
He added that these issues were being discussed internally at the Chamber, and said it was possible that “in the not too distant future” they would be brought to the National Tripartite Council for future consideration. “We were pleased the Government showed at least a flexibility where they were prepared to listen to the views of private employers,” Mr Sumner told Tribune Business. “Most of what we wanted, and the amendments proposed, most of it made it into the final Bills. It shows that we’re able to get much accomplished when we work together towards certain goals and objectives. “We think where we ended up was a strong compromise to get to a position where we can move to the next phase.” Employers obtained their
key demand, which was to drop the proposed 67 per cent increase in the redundancy pay cap. The revised Employment Act and Industrial Relations Act reforms completely dropped plans to alter the redundancy ‘cap’, deleting the clause dealing with this in the initial Bill in its entirety. Line staff, 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’, will continue to receive such compensation. Previous proposals to increase the ‘cap’ to 32 weeks (16 years) immediately, and 40 weeks after two years, have been scrapped. And managerial staff will continue to receive the existing 48 weeks (12 months/ one year) redundancy pay
Bahamas Junkanoo Carnival 2016 Road Fever Parade.
The two-week postponement to May 18-20 also threatened to cost Carnival bands, those affiliated with them and service providers “millions” in lost sales and cancellations. This, in turn, would have undermined a key Government rationale for holding Carnival and subsidising it to the tune of almost $20 million over its first two years - creating jobs and small business entrepreneurial opportunities, and unleashing the ‘cultural economy’. Now, the constant ‘back and forth’ over the Junkanoo Carnival dates threatens to exacerbate and deepen a self-inflicted debacle, with the uncertainty threatening to further damage the event’s brand and that of the wider Bahamas. maximum that they are due under the Employment Act, rather than an immediate increase to 64 weeks, followed by 80 weeks after two years. To balance the dropping of the redundancy ‘cap’ rise, the Government has made additional union-friendly reforms, with the changes allowing employees to obtain both redundancy pay and their non-contributory pension or gratuity. The initial Employment Act draft required employees to choose one or the other, but now they can walk away with both - something permitted in the hotel industry for years, even though it is not law. The Government has also agreed to another union demand by reducing the threshold for ‘agency shop’ from 60 per cent of workers voting in favour to 50 per cent plus one.
NOTICE A law firm, seeks to employ person(s) for the following position:
Filing Clerk
with at least Two(2) years experience. Kindly send all Resumes to the following: Email: humanresourceslaw1@gmail.com Deadline for Application is 21st April, 2017
Legal Notice
NOTICE
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
SLC INVESTMENTS LIMITED
Floral Export Limited
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), SLC INVESTMENTS LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 17th day of March, 2017.
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), Floral Export Limited, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 10th day of March, 2017.
In Voluntary liquidation
NOTICE
Notice is hereby given that the dissolution of MEMLX, LP has been completed as of the 31st day of March, 2017. ____________________________________ Moore Advisors, Ltd., its Liquidator One Montague Place East Bay Street PO Box N-4906 Nassau, Bahamas
Legal Notice
In Voluntary liquidation
Christos Michael, 20 Spyrou Kyprianou Avenue, Cyprus Liquidator
Raj Kumar Yadav of P.O. Box 80835-00650 Liquidator
Legal Notice
NOTICE
NOTICE
NOTICE IS HEREBY GIVEN as follows: (a) ANESTELLE FOUNDATION is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on April 5, 2017 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before May 5, 2017 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. April 5, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY
Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that NEPTUNE INVESTMENTS HOLDINGS LTD. is in dissolution and the date of commencement of the dissolution is 30 March 2017. 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
THE TRIBUNE
Thursday, April 6, 2017, PAGE 11
Troubled broker agrees wind-up From pg B1 Tribune Business understands that the accountant duo will, early next week, seen a supervision Order from the Supreme Court to place the liquidation under the latter’s oversight. At the same time, the Securities Commission will drop its winding-up petition against Tillerman, with the broker/dealer also discontinuing its own action that had - temporarily at least - blocked the regulator’s action. “It’s done,” Mr Sweeting confirmed to Tribune Business yesterday. “The
advertise today! call the tribune today @ 502-2394
company [Tillerman] has resolved to go into voluntary liquidation, and Ray Winder and Mark Munnings have been appointed liquidators. “There’s a couple of procedural things we need to finish, and close out the proceedings that are on record. Once the liquidators have applied for a supervision order, which is part of the agreement made, then [all other] proceedings will be withdrawn.” Mr Sweeting added that Messrs Winder and Munnings would likely apply for the supervision Order to make themselves joint official liquidators of Tillerman “early next week”. “I think it’s the best outcome that could be achieved in the circumstances,” Mr Sweeting told Tribune Busi-
ness of Tillerman’s voluntary winding-up agreement. “I think they [Tillerman’s directors and shareholders] felt, and I agreed with them, that they had strong arguments to make against some of the decisions the Securities Commission made about their company,” the Glinton, Sweeting & O’Brien attorney continued. “But they were looking at a long, drawn out fight over this thing, and doing that while prevented from doing business; it made no financial sense to continue with the fight. “They were going to bleed them dry long before the fight was over. This way they, in fact, have a really good shot... at making their investors whole.” The Securities Commission had sought to petition for Tillerman’s winding-up after the broker/dealer admitted to using almost $4 million in client monies to
fund its operating expenses and business development plans without first getting their permission. Tribune Business previously revealed that apart from “the improper use of its clients’ funds”, Tillerman Securities has also been unable to meet the minimum $300,000 regulatory capital requirement for two years. Detailing numerous serious breaches by the Bahamian-owned broker/dealer, in legal filings the Securities Commission added that Tillerman was also “insolvent”, with assets exceeding liabilities following several years of sustained losses. Its application for Tillerman’s provisional liquidation, made late last year, came following an 18-month saga that concluded with the broker/dealer’s alleged failure to deliver on numerous promises to both reimburse its clients and remedy its regulatory capital deficiency.
Tillerman, though, had managed to temporarily thwart the Securities Commission’s winding-up bid, after persuading Justice Winder that the regulator had failed to comply with the disciplinary process set out in section 157 of the Securities Industry Act 2011. The broker/dealer’s principals also alleged that they had agreed a ‘rescue plan’ with 13 clients, who had given “retroactive consents” to Tillerman borrowing their assets. Michael Scott, the attorney representing the Securities Commission, confirmed yesterday’s developments in the Supreme Court, adding that his client was “entirely satisfied” with the agreed resolution. “The matter will be in the hands of the liquidators, who will become joint official liquidators, and subject to the regime of the courts,” Mr Scott told Tribune Business.
“The Commission is entirely satisfied with the unexpected, but very necessary turn of events. This is a happy result for the Commission, and they’re very pleased.” Mr Winder yesterday confirmed to Tribune Business that he and Mr Munnings had agreed to act as Tillerman’s liquidators, saying: “That’s accurate. We’re taking it on.” The Securities Commission is likely to view the voluntary liquidation agreement as a ‘victory’, given that it ends a situation which - in its eyes - threatened the regulatory integrity and reputation of the Bahamas as a jurisdiction, plus the ‘orderliness’ of the capital markets. From the perspective of Tillerman and its principals, the agreed resolution ends the winding-up petition against them, and possibly also blocks further legal and/or regulatory action being taken.
CAREER OPPORTUNITY
Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following position:
Housekeeping Supervisor
Prime Responsibilities and Duties are: • Assist with the supervision of the Room Attendants and Housemen. • Assign team members their duties and inspect work for conformance to prescribed standards of cleanliness. • Communicate with other Departments, particularly Front Desk and Engineering, to ensure that all standards in the rooms are met before assigning them for sale. • Prepare assigned Housekeeping Reports. Qualifications & Experience Required: • Potential applicant must possess a High School Education. • Must be computer literate • Excellent written and oral skills Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to recruitment.humanresources@outlook.com
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
PAGE 12, Thursday, April 6, 2017
THE TRIBUNE
Stocks wither as Fed plans throw cold water on early rally NEW YORK (AP) — A big rally in U.S. stocks evaporated Wednesday as the Federal Reserve appeared to struggle with questions related to inflation and government policy and suggested it might start trimming its balance sheet later in the year. Stocks had jumped early on after payroll processor ADP said private U.S. businesses added 263,000 jobs in March, which was more than analysts expected. The Dow Jones industrial average rose as much as 198 points, and the Nasdaq composite reached an alltime intraday high. Industrial and energy companies made some of the largest gains. But stocks halted their advance and started falling at 2 p.m. Eastern, when the Federal Reserve disclosed the minutes from its policy meeting last month. The minutes showed Fed officials discussing plans to reduce the Fed’s bond holdings later this year and disagreeing over whether it would be safe to let inflation rise faster and how to deal with the economic impact of President Donald Trump’s stimulus ideas. The Standard & Poor’s 500 index lost 7.21 points, or 0.3 percent, to 2,352.95. The Dow sank 41.09 points, or 0.2 percent, to 20,648.15. The Nasdaq fell 34.13
points, or 0.6 percent, to 5,864.48. The Russell 2000 index of small-company stocks lost 16.03 points, or 1.2 percent, to 1,352.14. The Federal Reserve bought trillions of dollars’ worth of bonds during the financial crisis of 2008-09 in an effort to stimulate the economy. When its bonds mature, it has continued to buy new ones. But now, the Fed may stop buying new bonds when older ones mature, which would gradually shrink the size of its holdings. That sent bond prices surging and yields tumbling. The yield on the 10-year Treasury note fell to 2.33 percent from 2.36 percent. When bond yields fall, interest rates fall with them. That tends to hurt banks because it means reduced profits on lending, and banks took the largest losses Wednesday. JPMorgan Chase dropped $1.12, or 1.3 percent, to $86.19 and BB&T shed 56 cents, or 1.3 percent, to $43.98. Banks made strong gains in early trading but they wound up with much bigger losses than the rest of the market. For the last couple of months it seemed investors and the Fed understood each other well, as the central bank indicated it intended to keep raising interest rates gradually as-
the New York Stock Exchange at sunset, in lower Manhattan. U.S. stocks are jumping early yesterday, after a survey of private businesses showed that hiring was very strong in the previous month. (AP Photo) suming the economy continued to grow at a steady clip. It raised rates in December and March. The uncertainty reflected in the Fed’s March meeting may challenge that understanding. Soup and sandwich chain Panera agreed to be acquired by JAB Holding of Europe for $315 a share. JAB has quietly become a rival to Starbucks in recent years as it owns, or has a large stake in, a series of brands that includes Peet’s
NOTICE
NOTICE is hereby given that GEORGITTE DOCTEUR of Market Street #3, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th DAY of APRIL, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Coffee & Tea, Caribou Coffee, Stumptown Coffee, Keurig Green Mountain and Krispy Kreme Doughnuts. Panera stock jumped in recent days thanks to rumors about a deal. It rose $38.94, or 14.2 percent, to $312.94. The stock was trading at $230 a share a month ago. Early Wednesday, U.S. and European regulators approved the sale of Swiss agribusiness Syngenta to ChemChina. ChemChina will have to sell some busi-
NOTICE
NOTICE is hereby given that LATOYA ALEXANDRIA PORTER of Silver Gates, P.O. Box N-3835, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th DAY of APRIL, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau,
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,894.57 | CHG 2.13 | %CHG 0.11 | YTD -43.64 | YTD% -2.25 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 10.43 11.86 2.32 1.55 5.83 9.75 9.00 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 10.48 11.86 2.31 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 0.05 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.40 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
105.12 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-1.19 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
10,000
3,750
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 22.6 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% 3.44% 4.13% 2.60% 3.87% 4.12% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
NOTICE
NOTICE is hereby given that FRED RIKO POLYCARPE of #32 Fleming St., 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 6th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
MARKET REPORT WEDNESDAY, 5 APRIL 2017
nesses to complete the $43 billion deal, but those rulings may have made investors more hopeful that two other giant chemical deals will be approved. Dow Chemical and DuPont, which plan to combine, both rose. Dow Chemical gained 32 cents to $63.52 and DuPont added 67 cents to $80.47. Monsanto reported profit and sales that were far better than analysts expected. Monsanto said profits from its corn and soybean busi-
nesses grew in the fiscal second quarter. It also backed its forecasts for the year and said its sale to Bayer of Germany should close by the end of the year. The stock rose $1.10, or 1 percent, to $115.31. Greenbrier, which makes railroad freight car equipment, announced a bigger profit and better sales than analysts expected. It also said rail traffic is growing and announced a $1 billion agreement with a key customer. Greenbrier stock climbed $4.30, or 10 percent, to $47.25. U.S. crude oil rose 12 cents to $51.15 a barrel in New York. Brent, the international standard, gained 19 cents to $54.36 a barrel in London. In other energy trading, wholesale gasoline remained at $1.72 a gallon. Heating oil rose 1 cent to $1.60 a gallon. Natural gas decline 3 cents to $3.27 per 1,000 cubic feet. Gold sank $9.90 to $1,248.50 an ounce. Silver lost 14 cents to $18.19 an ounce. Copper jumped 7 cents, or 2.6 percent, to $2.68 a pound. Those moves reflected investors’ earlier optimism, as precious metals trading ends before stock trading does. The dollar rose to 110.86 yen from 110.65 yen. The euro fell to $1.0667 from $1.0670.
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
NOTICE is hereby given that KETLENE MONSIEUR of Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, HELA ELSUMA of Cooper’s Town, Abaco, Nassau, Bahamas, intend to change my name to SHEILA ELSUMA. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that ELVIN GARCONVIL of #7 Ida Street, 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 30thday of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that JOANES JEAN of Cordeaux Ave., 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 30thday of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that JUDITH VEDRINE of Biscut Street, Gregory Town, Eleuthera, 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 30thday of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.