business@tribunemedia.net
THURSDAY, APRIL 13, 2017
$4.10 IDB: Bahamas ‘can’t escape’ $7bn debt without fiscal rules By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas and o ther Caribbean nations “canno t escape their debt challenges” witho ut implementing so-called fiscal rules, an Inter-American Development Bank (IDB) study recommending this nation impose spending controls. An IDB paper on developing fiscal sustainability in small states argued that limiting the Go vernment’s recurrent (fixed cost) and to tal spending, in order to bring the Budget back in line with a target debt-toGDP ratio, wo uld generate “higher consumer welfare in the Bahamas” than any o ther option. The paper’s authors, Allan Wright, Kari Granade and Ankie Sco tt-Joseph, effectively warned that the Bahamas will be unable to effectively tackle its $7 billion national debt burden unless it imposes discipline on successive go vernments thro ugh binding rules. “This study contends that Caribbean co untries canno t adequately surmo unt their fiscal and debt challenges in the absence o f binding rules that are geared to ward entrenching fiscal discipline, curbing fiscal procyclicality, and impro ving budget transparency and credibility,” the IDB paper’s authors wro te.
Study calls for ‘spending controls’ imposed on Govt Best method for shrinking Govt’s size And gives ‘highest consumer welfare’ of all options “Given the persistence and scale o f the fiscal and debt pro blem in many Caribbean co untries, the authors view the urgent adoption o f fiscal rules as a critical development priority for the Caribbean. “Improving fiscal governance and strengthening institutions are imperative not only to curb fiscal procyclicality and reduce indebtedness, but also to restore medium-term fiscal sustainability to better support socioeconomic development.” The IDB study said ‘ fiscal rules’ are intended to promote sustainable economic growth, while at the same time limiting government budget deficits and the growth of the national debt. It added that there were several types of fiscal rules, most involving set debtto-GDP ratio or balanced Budget targets - both of See pg b12
$4.14
$4.16
$4.16
Matthew ‘doubles, trebles’ Fidelity fund withdrawals By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net RoyalFidelity has seen withdrawals from its investment funds “double, sometimes treble” above normal levels in recent months after Hurricane Matthew sent investors scrambling for funds to effect repairs. Joseph Euteneuer, the investment bank’s mutual fund manager, yesterday told Tribune Business that the storm, combined with election uncertainty and sliding share prices for the funds’ key holdings, had all impacted 2017 first quarter performance.
Investors scramble to cash in holdings for repairs Merchant bank’s funds also hit by election nerves Two funds down to end-March, as key stocks slide He revealed that RoyalFidelity’s Targeted Equity Fund, which focuses on equity investments in listed companies, had produced a negative -2.81 per cent return through to end-March
Joseph Euteneuer 2017. Its Secure Balanced Fund, featuring a mixed equity/fixed income investment portfolio, had generated a negative -3.4 per cent return for the same period,
although its Prime Income Fund was up 1.09 per cent. Mr Euteneuer, though, emphasised that the yearto-date performance of RoyalFidelity’s investment fund family “shouldn’t alarm investors at all”, provided they were looking at long-term returns rather than short-term gain. He added that subscriptions (incoming investments) were starting to “balance off” the redemptions experienced postMatthew, and expressed optimism that the funds would enjoy “modest growth in assets” for 2017. “One of the factors that has definitely affected the funds is the number of See pg b7
FamGuard, partner front-runners for NHI insurer deal
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Family Guardian and its international partner, Aetna, were yesterday said to have emerged as the front-runners to land the contract to manage the National Health Insurance’s (NHI) public insurer. Multiple healthcare and insurance industry sources, speaking on condition of
anonymity, told Tribune Business that the BISX-listed insurer’s BahamaHealth subsidiary and Aetna were the leading contender to operate Bahama Care. This newspaper was told that Family Guardian/ BahamaHealth staff have been informed internally that the NHI public insurer contract will be awarded to them, although there has been no public confirmation to-date.
Lyrone Burrows, Family Guardian’s president, was yesterday said to be in meetings, and did not return Tribune Business calls seeking comment. Aetna, the US-based insurer with more than $60 billion in revenues, acts as the BISX listed firm’s international claims administrator and care co-ordinator when Bahamian policyholders travel for overseas treatment. See pg b10
Govt ready to launch NHI without private insurers BIA chair: ‘We can’t engage without regulations’ Key elements of scheme still not in place
Credit Bureau ‘eye opener’ for debt-laden Bahamians By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The proposed Credit Bureau will be an “eye opener” for many Bahamian consumers when it exposes just how heavily indebted they are, the Central Bank’s governor said yesterday. John Rolle told Tribune Business that legislation for the Bahamas Credit Bureau’s creation is in its final draft form, with the next government tasked with bringing it to Parliament. “The Credit Bureau is even more relevant in terms of moving forward and opening up the market to an easier flow of financing,” Mr Rolle said. “The legislation is in final See pg b12
Governor warns of ‘cooling-off’ for overleveraged Legislation now in final draft form
Your Homegrown, Home-owned Bank John Rolle
‘Global disruption’ to impact local insurers By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamas First’s top executive has warned that local insurers are likely to face increasing competition from consumers acquiring coverage online, as the underwriter’s gross and net premiums declined 3 per cent in 2016. Patrick Ward told See pg b11
wishes you a happy and blessed Easter!
Bahamas First chief eyes online competition Carrier’s gross, net premiums down 3% in 2016 Plans motor insurance product upgrade for 2017
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PAGE 2, Thursday, April 13, 2017
Cast your net far and wide online
Yes, your business really does need a website. There are not many companies that can survive without an Internet presence. Your firm’s website can be a highly effective marketing tool, and very cost-efficient, meaning there are numer-
ous benefits and little downside. There are also many things you can do with your website, as shown below.
* Create a presence Who knows about your business? Where can pros-
pects and clients go to learn more? Your website can help establish your business as a going concern, communicate your brand value proposition, and can convey professionalism. It also extends your reach to the entire world.
* Help build trust New clients and prospects might want to know about your business history, expertise and specialisation. This is a great vehicle for people to learn more
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and gain the comfort level they seek. * Get listed on search engines
Build your website by incorporating search engine optimisation (SEO) techniques, so that you can easily be found by people searching for relevant key words. This can be an important gateway to expanding your business.
* Point of contact
Your website provides customers with an easy way to contact you and learn more about your ongoing products, services and business.
* Leverage social networks
Implement a social media strategy to reach a larger audience, and thus create more buzz about your business. Establish your presence on Facebook, Google+, LinkedIn and Twitter. Facebook likes and shares can drive people to your website. Links to popular or topical items, from or to your website, will add to its relevance.
* Sell products
If your business lends itself to online sales, create a virtual store as an alternative or complement to a storefront or office location.
* Share the latest news
Whenever there are new developments regarding your business, update your website. Sites that have fresh, relevant and timely information lure users back more often.
* Blog
Keep your website fresh with regular Blog posts. Showcase your expertise, and share insights that provide practical tips on topics relevant to your business and of interest to your customers.
* Learn about customers
Learn about their needs,
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preferences and interests. Establish and nurture twoway communication with prospects and clients to forge a deeper bond and serve them better.
* Customer convenience
Providing customers with multiple ways to interact with your business is almost mandatory these days. Anything less could result in lost sales.
* Common concerns and questions about small business websites
It is natural to have questions and concerns regarding setting up a website, and ‘Cost’ is a common one. Beyond an up-front fee to design the website, the ongoing costs can be minimal. And considering the longterm benefits a website provides, the cost to design a good one should be well worth it. The answer to these and similar concerns is that a business website can provide so many more benefits. Establishing trust, strengthening your brand, forging better customer relations and informing a wider group of people about your business’s capabilities. Another common concern is that you do not have much content to add for frequent updates, or you do not have time to blog. The short answer is that you do not need to. Sure, more activity and frequently See pg b4
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Thursday, April 13, 2017, PAGE 3
Commonwealth to fill Spanish Wells’ RBC gap
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Spanish Wells residents were yesterday said to be “elated” that Commonwealth Bank has confirmed it will open a branch on the island, filling the vacuum left by Royal Bank of Canada’s (RBC) pull-out. Robert Roberts, chief councillor for Spanish Wells, told Tribune Business: “Everyone is elated. The icing on the cake is that they are Bahamian-owned and that money is not going back to Canada. People continually bring that up.” Commonwealth Bank confirmed in a statement yesterday that its Board of Directors had approved opening a branch in Spanish Wells. “I am very pleased to say that, as we have been sending our project management team to the island, Commonwealth Bank has
Bank confirms Board approves branch on island Residents give ‘great big sigh of relief’ Bahamian ownership ‘icing on the cake’ been widely and warmly welcomed by the Spanish Wells community,” said president Ian Jennings. “This move to Spanish Wells increases our presence to four islands, and we look forward to serving the Spanish Wells community as we do so. We will announce more details as our planning and contractual arrangements crystallise.” The Spanish Wells branch will be Commonwealth
Bank’s first new location since it opened its Prince Charles Drive branch in September 2009. The bank has branches in New Providence, Grand Bahama and Abaco, and some 6,000 shareholders and 500 staff members. Last month RBC, which acts as the Government’s banker, unveiled plans to close four branches, including Bimini and Spanish Wells, with the other two being its locations at Lynden Pindling International Airport (LPIA) in Nassau and Treasure Cay. RBC told Tribune Business that all four branches will be consolidated with remaining locations, starting with the Treasure Cay branch, which was merged with Marsh Harbour on April 7, 2017. That will be followed by the LPIA branch’s consolidation with RBC’s Cable Beach operation on May 19, with the Bimini and Span-
ish Wells locations to be merged with Freeport and Harbour Island, respectively, on May 26 and June 23. The announcement triggered an ‘uproar’ in the Bimini and Spanish Wells communities. “Right now, there is a great big sigh of relief that the community, and particularly the older persons, will be able to cash their cheques,” Mr Roberts added. “We will be able to have a physical presence here as we have businesses here doing a fair amount of cash sales. They will no longer have to going to Harbour Island.” Mr Roberts said the lines to open new accounts at Commonwealth Bank were “pretty good”. “They are opening accounts for sure,” he added of residents. “It’s good news. People were really turned off by the fact that RBC would close that abruptly.”
Foreign currency finance move a ‘work in progress’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Central Bank will better understand the true level of foreign currency financing demand among Bahamian businesses when the next exchange control liberalisation phase take effect on April 24, its governor said yesterday. John Rolle said: “Our approach is that this is a work in progress. We need to be able to establish the systems to monitor these transactions and build up experience, and to see how the economy can adjust beyond this.” He told a press conference that the bank does not yet have any statistics on the true level of demand for foreign currency investment financing. “We don’t have satisfactory statistics on the true level of demand,” Mr Rolle
No hard data on private sector demand Central Bank targets five-day turnaround time said. “When we did the survey last year there was a very dismal response rate, and that could have happened for a number of reasons, including sxepticism over whether there was any seriousness abut the process. We believe that now we will get better indication as to what the true level of demand is.” The Government earlier this month approved measures that will enable Bahamian businesses to access up to $5 million in foreign currency financing every five years, in a bid to boost
economic growth, job creation and overseas exchange earnings. It is designed to aid small and mediumsized businesses and the “upper end” of the real estate market. The reforms are targeted at 11 sectors seen as supporting the Bahamas’ medium to long-term national development goals, and having a positive impact on the country’s foreign exchange earning capability. These industries are: Agriculture and fisheries; manufacturing; transport (land, sea and air); tourism (hotels and restaurants); construction and real estate for residential tourism; energy and energy conservation; education; health; telecommunications; ICT; and infrastructure. Under the rules outlined by the Government, if the funding is sourced from a local commercial bank, no conditions beyond the $5
million limit over five years will be imposed. The same terms will apply if the financing is unsecured, even if it comes from a foreign source, but additional restrictions will be imposed if the business is in a sector reserved solely for Bahamian ownership under the National Investment Policy. Should the financing from non-residents or foreign banks involve secured debt or equity participation, this is limited to 40 per cent of the Bahamian company’s “exposed capital” - the amount of equity that would be lost in a default, or owned by a foreign partner. See pg b13
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Resort partners for more Bimini airlift Resorts World Bimini, has partnered with Silver Airways for non-stop airlift to the island from West Palm Beach, as well as direct services from Tampa. Both wil start on April 20, 2017. Resorts World Bimini is celebrating the new routes by offering a $100 resort credit to any guest who arrives on either route until May 25, 2017. The new flights will be available four days a week - on Mondays, Thursdays, Fridays and Sundays - arriving in Bimini at 9:40 am. The one-hour return flight to Palm Beach International Airport departs Bimini at 12:10 pm, arriving at 1:10 pm, with two connecting flights to Tampa International Airport. This is the first time West Palm Beach residents can travel directly to Resorts World Bimini without the added travel time to Fort Lauderdale or Miami airports, while Tampa residents can enjoy a direct flight to the island for the first time. “These new flights make it such an easy trip from Palm Beach and Tampa to Bimini but, once here, it feels a world away. These routes will have our guests on the beach and in a vacation mindset well before noon,” says Ed Farrell, Resorts World Bimini’s president. “Just 50 miles from Florida’s coast, our spa, casino, beaches, pools and, of course, rooms and suites are now more accessible and affordable than ever, and as a result we look forward to welcoming new visitors to explore and experience our property and the island.” The 750-acre Resorts World Bimini complex offers a newly-opened Hilton hotel with 300 guest rooms, 18 luxury suites, six restaurants and Vegas-style casino. All of Silver Airways’ flights are operated with its fleet of 21, 34-seat Saab 340B Plus turbo-prop aircraft.
THE TRIBUNE
Water Corp contracts for $14.2m upgrades
The Water and Sewerage Corporation (WSC) has signed a $14.2million contract with Island Site Development (ISD) for the construction of several wastewater treatment plants and pumping stations in New Providence. The agreement is the last of three contracts, funded by the Inter-American Development Bank (IDB) under a December 2011 loan agreement, for the implementation of the WSC Support Programme. This involves upgrading its New Providence water supply and sanitations systems. As part of the project, the WSC developed a longterm Wastewater Master Plan (2015 to 2035) to address the wastewater collection, treatment and disposal needs of New Providence, as well as rehabilitate critical sewerage infrastructure. The Master Plan was completed in October 2015, and this determined which infrastructure was to be addressed as a part of the immediate or critical works. These works were divided into three parts: Small works that addressed lift stations;major works that included treatment plants and major pumping stations; and construction supervision. Glen Laville, the WSC’s general manager, said: “The sewerage section is continuously challenged with operating and maintaining wastewater treatment plants and disposal
sites that are in very poor condition and, in some cases, require a complete reconstruction. “This contract will address some of these infrastructures and subsequently improve the level of treatment of wastewater and the quality of service to our customers.” Naveen Gupta, ISD’s chief operating officer, added: “ISD is extremely proud to be Bahamian-owned and operated. We believe in a sense of community, patriotism and are pleased to be working with WSC to enhance water and sewerage systems throughout the Bahamas. “The construction of wastewater treatment plants and pumping stations will allow for improvements on the current services provided. ISD hopes to exceed the expectations for the sewerage infrastructure on the island, and look forward to working closely with WSC. We also appreciate the continuing support from InterAmerican Development Bank and their investment into Bahamas infrastructure projects.” The Major Works Contract was procured using the IDB’s tendering procedures for international competitive bidding (ICB), and was evaluated by WSC’s technical evaluation committee. The ISD contract consists of four work package. These are improved screening and primary treatment at the Fox Hill Wastewater Treat-
The Water and Sewerage Corporation (WSC) has signed a $14.2 million contract with Island Site Development for the construction of several wastewater treatment plants and pumping stations in New Providence. Pictured at the signing are (sitting L to R) Glen Laville, general manager WSC; Chris Wilson, senior manager, ISD; Leslie Miller, WSC chairman; Naveen Gupta, ISD’s chief operating officer.Standing is Bradley Flowers, project officer, WSC ment Plant; the construction of a new main pumping station at Malcolm Park; construction of a new pump dtation and force-main to connect Lynden Pindling International Airport to the Airport Industrial Park Wastewater Treatment Plant; and construction of a new main pump Ssation at Flamingo Gardens. Work will start this month, and is projected to contine for 18 months. The project is expected to improve the overall quality of sewerage services to all WSC’s customers throughout New Providence.
Cast your net far and wide online From pg B2 refreshed content can generate more interest, but any Internet presence is probably better than none. Having an online presence offers your products and services for sale to whomever, whenever, around the clock with hardly any limitations, unless you run out of stock or are overworked, but that is a good problem to have. Giving your business the online presence it deserves is crucial to your brand and accountant’s smile. Being visible worldwide means you are likely to gain more customers. The more customers and visitors you have, the more sales you will generate. The more sales you generate, the happier you and your shareholders will be.
It is imperative for every business to have an ‘active’ website while you sleep. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game. • NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained graphic designer/marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.
Notice to the Public The private road of St. AuGuStiNe’S colleGe and MoNASteRY from the St. Augustine’s Cemetery Road to Prince Charles Drive and all other premises (grounds) belonging to the school and monastery Will be cloSeD to the public from MoNDAY APRil 17 th, 2017 at 11:59 p.m. until tueSDAY APRil 18 th, 2017 at 11:59 p.m.
THE TRIBUNE
Thursday, April 13, 2017, PAGE 5
Cacique Awards award top staffers
The annual Cacique Awards featured honours from the Bahamas Hotel and Tourism Association (BHTA) in seven key categories, with winners recognised for their contribution to the tourism industry. The BHTA awards were for chef of the year; employee of the year for Front and Heart of the House; sales executive of the year; supervisor of the year; manager of the year; and hotelier of the year. Nominations were put forward by employers wanting to recognise workers within their company who continue to exceed expectations, delivering the highest standard of services. “We are proud to be part of this incredible effort, alongside our valued industry partner, the Ministry of Tourism, as we recognise a remarkable cadre of talented, passionate, dedicated, industry professionals,” said Carlton Russell, the BHTA’s president. “The viability and sustainability of our tourism product is directly linked to our ability to provide authentic, quality-focused experiences for our guests. While we recognise our flora and fauna are an integral part of our tourism product, it is the Bahamian people who are the heartbeat of our industry. Congratulations, Cacique winners, finalists and nominees. The 2017 annual Cacique Award Winners for the BHTA Categories are: * Manager of The Year: Monique Taylor - Comfort Suites, Paradise Island * Supervisor of The Year: Jerome Sears - British Colonial Hilton * Sales Executive of The Year: Deryn Vindra Prabhu British Colonial Hilton * Employee of The Year
Pictured above from L to R: Patrice Ritchie, area vice-president, RBC Royal Bank (Bahamas); Dean Spychalla, managing director, Valentines Residences Resort and Marina; and Carlton Russell, president of the Bahamas Hotel and Tourism Association. (Front of The House): * Dicienzo Storr – Melia Nassau Beach * Employee of The Year
(Heart of The House): Kendal Deveaux – Atlantis, Paradise Island * Chef of The Year Category: Cheryl Mckenzie -
British Colonial Hilton * Hotelier of the Year Dean Spychalla – Valentine’s Residences Resort and Marina, Harbour Island, Eleuthera
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PAGE 6, Thursday, April 13, 2017
BTC unveils new products to clients The Bahamas Telecommunications Company (BTC) gave business customers a taste of its new products and services at its ‘monthly mixer’ event. Carlyle Roberts, BTC’s vice-president for business, said: “Our business customers have asked us for a number of special plans. One of them was a plan that included roaming. So today, we’re proud
to unveil our ‘Roam Like You’re Home’ business option. The plan includes free incoming calls and the lowest talk, text and data rates.” Customers were able to experience the virtual reality of the Samsung VR gear, and also touch and feel the new Samsung Galaxy S8 device. “We’ve had numerous requests for the new S8 de-
vice, and we will be offering the Samsung Galaxy S8 at the end of the month at special rates for our business customers,” Mr Roberts said. BTC will be unveiling a new suite of new ‘limitless’ plans for its business customers this month. April’s monthly mixer was held at the British Colonial Hilton.
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BTC business account representative, Chavar Rolle, with a client.
BTC business clients enjoy the evening with their account representatives, Jayde and Javier.
BTC’s chief marketing officer, Janet Brown; Dr Beverton Moxey and BTC’s vice-president for legal affairs, Nicole Watkins.
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Thursday, April 13, 2017, PAGE 7
Matthew ‘doubles, trebles’ Fidelity fund withdrawals From pg B1 redemptions people have taken due to the hurricane,” Mr Euteneuer told Tribune Business of the funds’ performance. “A lot of people had to tap into their savings to fix roofs and other things because of hurricane damage. Redemptions were definitely above normal, starting in November/ December, and going through January and February.” He added: “The redemptions had at least doubled, sometimes trebled, given any given month, although not consistently. “Some people sustained large damages, and we had redemptions that were quite big. We were able to accommodate damages claims, people wanting to make redemptions for hurricane damage reasons, and assisted them by lowering fees. You have to do that stuff when natural disasters strike.” Matthew’s impact on RoyalFidelity’s mutual funds shows how wide-rang-
ing, and deep, the Category Three/Four storm’s impact was for the Bahamian economy, with investors forced to liquidate investment holdings to finance repairs and recovery. “It’s beginning to taper off,” Mr Euteneuer said of the Matthew-related withdrawal requests. “We’re starting to get subscriptions to a degree that is balancing off redemptions. “We’re down to where redemptions are less likely due to hurricane damage, and are now down to uncertainties over the election.” The RoyalFidelity manager underscored how Bahamian capital market activity, and local investor sentiment, is now being impacted by the traditional ‘wait and see’ attitude that takes hold prior to a general election. Investors and businesses typically hold off on initiating new projects and activities until the new administration is elected, and they get a sense of its policy priorities and direction. “We’re always looking
for opportunities, trying to make things happen, but especially in an election year, it’s very difficult for anything to happen until that contest is decided,” Mr Euteneuer told Tribune Business. “When you have uncertainty, investors tend to clamp down and don’t do anything. You don’t see much growth until after the election, net growth in the funds, but we’ll see. It’s a real indication of people’s current uncertainty. We can see it, we can feel it. “It’s not that individual investors don’t want to invest in the funds, it’s that they don’t want to invest right now because of uncertainty.” Mr Euteneuer said the performance of both the Targeted Equity Fund and Secure Balanced Fund had also been impacted by the declining share prices of key BISX-listed stocks that they hold. He singled out Cable Bahamas, whose share price has declined 19.46 per cent year-to-date, and FINCO, which is down more than 10 per cent over the same period, as the main culprits. Commonwealth Brewery, tool, is down by 10 per cent. Cable Bahamas has incurred two consecutive
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years of losses, as it waits for its investments in Aliv, the second mobile operator, and $100 million Florida expansion to payoff. FINCO, Royal Bank of Canada’s (RBC) mortgage arm, has seen its profitability hit by a more than-$100 million non-performing loan portfolio - a problem exacerbated by Hurricane Matthew. “In such a limited marketplace, funds such as the mutual funds have a natural level of concentration in certain stocks, as there’s not a lot to choose from,” Mr Euteneuer told Tribune Business. “We are somewhat de-
pendent on the performance of those stocks, Cable being the main one in our portfolio. We have definitely taken some knocks from Cable, and to a degree FINCO, and until and unless those stocks rebound, or at least stop dropping, there’s not a lot you can do in an illiquid market to stop the decline.” Mr Euteneuer added that past annual returns had raised investor expectations regarding RoyalFidelity’s investment funds, pointing out that the 19 per cent return generated by the Targeted Equity Fund in 2015 was “unsustainable” year in, year out. Its returns fell to a more
typical 4.58 per cent for the 2016 full-year, and he emphasised the need for Bahamian investors to avoid being distracted, or deterred, by short-term events. “If you look down the road and maintain a long-term objective, this shouldn’t really alarm you at all,” Mr Euteneuer said of the present investment climate. “We tell investors on a regular basis that you’re not trading in and out of these things. These funds are established for the long-term, and if you don’t have a horizon of at least five years, these may not be the correct vehicle for you.”
PAGE 10, Thursday, April 13, 2017
FamGuard, partner front-runners for NHI insurer deal From pg B1 Aetna and Family Guardian’s likely role as joint Bahama Care managers emerged after it was revealed that the Government and its NHI Secretariat are prepared to launch the $100 million primary care phase without the private health insurance industry’s participation. Under the scheme’s structure, private health insurance companies are supposed to act as Regulated Health Administrators (RHAs), working alongside Bahama Care to disburse monies received from the NHI Authority to pay doctors for services rendered. However, Tribune Business contacts informed this newspaper that NHI project director, Dr Delon Brennen, told a meeting of Abaco healthcare industry stakeholders on March 30 that the Government was prepared to move forward without either the private insurers (RHAs) or Bahama Care being in place. Dr Brennen has not returned Tribune Business e-mails seeking comment, but sources present at the meeting confirmed that he disclosed NHI was moving ahead without private in-
to advertise today in the tribune call @ 502-2394
surance participation if necessary, and that the Government would pay doctors directly. Yet the RHAs and Bahama Care are shown as playing a key role in the proposed NHI structure, sitting directly below its governing organisation, the NHI Authority, and providing compensation to doctors and insurance coverage to Bahamian participants. Without the insurers, several sources have suggested there will be no claims adjudication oversight, potentially exposing NHI to both provider/patient fraud and corruption. Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, confirmed to Tribune Business in a recent interview that private health insurance underwriters currently lack sufficient details to participate in NHI. “The regulations have not been released, so the terms of reference for the Regulated Health Administrators (RHAs), we don’t have those. The discussions have not progressed to the point where it’s clear what the role of RHAs will be,” he said. “It is what it is. Without those details, I don’t think we can engage at this time. We just don’t have the details to say why and how it works. If we don’t have the public insurer and private RHAs, you don’t have the intermediaries for administration of the whole system. “They will be the interface. The private insurers have the systems already to
THE TRIBUNE adjudicate claims, they have the IT systems to adjudicate claims, tackle fraud and enable things to be efficient, ensuring service delivery is efficient and effective,” Mr Komolafe added. “How will that work? It’s pushing that down the line. It’s very difficult for the insurance industry to understand what their role is.” Mr Komolafe said the communication and information flow to the insurance industry, and other healthcare stakeholders, had dried up after the Universal HealthCare Stakeholder Advisory Council was disbanded. All sectors were represented on this body, but the BIA chairman said they had been told its work was completed, and that it was to be disbanded to “pave the way” for the NHI Authority’s creation. “The BIA is supposed to be represented on the NHI Authority’s Board,” Mr Komolafe added. “We’re not hearing anything pretty much, and communication out of the NHI Secretariat seems to have dropped off with the Council’s disbandment.” The Christie administration is now in ‘a race to the finish’ to launch NHI’s $100 million primary care phase before the general election, even though key parts of the scheme’s governance and service delivery structure are not in place. The NHI Secretariat yesterday announced that patient enrolment for NHI will begin on April 24, with Bahamians able to select their primary care doctor from the 60 private physicians, and public sector counterparts, that have signed up to provide services.
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:
SECURITY SUPERVISOR
Prime Responsibilities and Duties are: Oversee the proper reporting and documentation of all incidents. Act as focal point for any investigations involving guests and employees, prepare accurate reports and follow up action plans. Take the lead on all incidents and emergencies. Monitoring of camera system and schedule patrolling of grounds. Assist with the smooth and efficient running of the organization. Qualifications & Experience Required: Three or more years in the security or military (RBDF & RBPF) field. Three or more years in management. Excellent leadership and communication skills. Must be computer literate with strong administrative skills.
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
THE TRIBUNE
Thursday, April 13, 2017, PAGE 11
‘Global disruption’ to impact local insurers From pg B1 Tribune Business that the Bahamian property and casualty market “won’t escape disruption” from forces impacting the global insurance industry, which were likely to affect revenues locally. “There are challenges the industry faces whether we have a catastrophic event or not,” the Bahamas First president and chief executive said. “Competition is an issue. Price competition is potentially going to have an impact on revenues, one way or another. There are elements of disruption happening globally that the Bahamas won’t escape. “It’s easier for consumers to buy insurance online for different elements of their risk profile than in the past, so the playing field is now extended,” Mr Ward added. “I think I would be very surprised if elements of our market were not already doing that.’ In particular, he suggested that foreign second homeowners were likely to be insuring their Bahamasbased properties and other assets with overseas underwriters who they already did business with in their home countries. Mr Ward was speaking after Bahamas First Holdings’ saw gross premiums fall by 3 per cent year-over-year in 2016, dropping from $143.4 million the prior year to $138.7 million. Net written premiums, representing the sum re-
tained on its books, fell by the same magnitude from $59.2 million to $57.3 million, as Bahamas First passed more of its risks off to its global reinsurance partners. “The net premium decline was mostly driven by intentional actions, which ultimately led to a fall in the amount of premiums we retain for our net account with respect to our book of motor and liability business,” Bahamas First said in its 2016 annual report. “This initiative relates specifically to a joint project with a leading global reinsurer covering a 24-month period. The reduction in the top-line premium level was once again driven by declining property rates in both the Bahamas and Cayman during 2016.” Bahamas First said the decline in property premium rates was “more acute” in the Cayman Islands, but residential and commercial properties in both markets were impacted. “The group’s overall portfolio of property business reduced to a gross premium of $64 million from $71 million recorded in 2015, despite the small growth in exposures in Cayman and a relatively flat result in the Bahamas,” Bahamas First said. Mr Ward told Tribune Business that the property and casualty insurer was “working very hard to develop some additional motor product enhancements” that will be rolled-out in 2017, although he declined
to go into detail. “Despite tough and competitive market conditions, we experienced an increase in our policy count for our motor business in both Cayman and the Bahamas, with good rate stability across the portfolios,” Bahamas First’s annual report said. “Gross premiums for 2016 increased to $36 million compared to $35 million the prior year. The loss ratio improved by a few percentage points in Cayman, while the Bahamas’ claims experience suffered from the impact of Hurricane Matthew, which pushed up the loss ratio. The segment of liability business in both locations continues to perform well.” The underwriter added that gross and net premiums for its marine insurance business remained flat yearover-year in 2016, with Hurricane Matthew putting paid to any hope that it would repeat the underwriting profits of previous years. “We anticipate a return to profitable results in 2017 and
beyond, subject of course to material claims development,” Bahamas First said. As for its engineering insurance line, it added: “The dearth of construction projects in the Bahamas, and the intense competition for new business prospects in Cayman, has constrained our ability to grow this line of business. “Fortunately, despite some losses related to Hurricane Matthew, we were able to produce a small underwriting profit in 2016 in the Bahamas. The Cayman account was not impacted by any loss development.” Mr Ward added that Bahamas First “definitely have in our sights” the early redemption of the company’s remaining $3.75 million Series 1 bonds, after doing this with the same amount last year. The early redemption of the other 50 per cent, or $3.75 million, has saved Bahamas First some $225,000 in annual interest expenses. “The group’s total in-
vestment portfolio grew to $76.3 million from the prior year total of $67.9 million, primarily as a result of the unrealised gain in the value of our equity investment in Commonwealth Bank, and the additional cash on hand at December 2016,” Bahamas First told its shareholders. “Total investment returns
CLIENT RELATIONS MANAGER NEEDED Potential candidate must meet the following criteria: • BA in Business, Management, Communications or equivalent. • Minimum of 5 years experience in an administrative role. • Proficiency in all Microsoft Office programs. • Must be able to demonstrate time management and organizational skllls to effectively plan and prioritize work tasks. • Knowledge of and working experience in yacht management. • Multi-lingual capabilities preferred. Email: jobvacancies242@gmail.com
for 2016 were $2.4 million, just slightly above the prior year result. Going forward, we anticipate that the move by the Central Bank of the Bahamas to reduce the discount rate from 4.5 per cent to 4 per cent will impact both revenue and expense items that are interest rate sensitive in the Bahamas.”
FINAL NOTICE
LEGAL NOTICES VIA DELLA ROSA SUBDIVISION CORAL HARBOUR 4: Lavan Ruby Mackey 5: Presileth McPhee/ Nakeisha Simms 7: Philip Dorsette 13: Jerome/ Jamal Grey 22: Monadu Steed 23: Vincent Rahming 27: Claytino/ Laura Delaney 30: Jennis Meadows 34: Frederick/ Nikki Cleare 37: Fred Paul 39: Crystal McClain 117: Blackwood Group (Kevin Dean) 289: Tanisha Richardson Please note that the following Lot Owners need to contact Ms. Rose Urgently at 393-7370/1
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 12, Thursday, April 13, 2017
Credit Bureau ‘eye opener’ for debt-laden Bahamians From pg B1 draft form. It’s only an issue now of having it taken through the parliamentary approval process. For the vested stakeholder groups, you will see the strong interest maintained in seeing the legislation passed.” Credit Bureaus collect personal and financial information on persons and companies, and then issue this to client lenders via a credit report. This enables
the latter to better assess a potential borrower’s creditworthiness and associated risk, helping the distribution of aiding the distribution of capital. In the Bahamian context, a Credit Bureau should help borrowers improve their credit and payment behaviour, while lenders will have increased access to accurate and more comprehensive information about borrowers’ credit history and payment habits. This,
IDB: Bahamas ‘can’t escape’ $7bn debt without fiscal rules From pg B1 which, if adhered to, contain the fiscal deficit and national debt. Other methods identified by the IDB paper included spending rules that limit the Government’s total, recurrent and spending, something it said was used to “control the size of government”. Finally, revenue rules were used to boost or reduce tax burdens by setting “revenue ceilings or rules”. The IDB paper used two yardsticks to measure the impact of these so-called fiscal rules in the Bahamas and other Caribbean state, namely the impact on consumer welfare (change in household consumption) and affect on key economic
variables such as employment, investment and GDP. “Expenditure rules, which simulate adjustments in public spending based on deviations from the targeted debt-to-GDP ratio, provide higher consumer welfare in the Bahamas (0.18 difference) relative to discretionary fiscal policy than any other rules,” the IDB paper found. “In the Bahamas and Barbados, a revenue rule (which simulate adjustments in revenue based on deviations from the targeted debt-to-GDP ratio) was considered the second-best rule for improving welfare.” When it came to the key economic indicators, the IDB found that so-called ‘revenue rules’ produced
NOTICE
NOTICE is hereby given that WISLER MAURICE of Flamingo Garden, 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 13th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE IN THE ESTATE OF GERALD LAWRENCE CHILLIAN PENNENMAN, Boiling Brook Terrace, Blue Hill Estates, New Providence, The Bahamas. NOTICE is hereby given that all persons having any claims against or any interest in the above-named Estate are required on or before the 28th day of April 2017 to deliver their names, addresses and particulars of their debts, claims or interest to the undersigned and to come in and prove such debts, interest or claims, or in default thereof they will be excluded from the benefit of any distribution AND NOTICE is hereby given that at the expiration of the date hereinbefore mentioned, the assets of the Estate of the said late, GERALD LAWRENCE CHILLIAN PENNERMAN, deceased, will be distributed among the persons entitled thereto. DATED the 10th day of April 2017
Personal Representative of the ESTATE OF GERALD LAWRENCE CHILLIAN PENNERMAN c/o MITRE COURT Suite 227, 2nd Floor Island Lane Building Olde Towne, Sandyport Nassau, The Bahamas Attn: Attorney Hepburn
THE TRIBUNE
in turn, would reduce their exposure to risky loans. Credit Bureau clients typically include banks, mortgage lenders, credit card firms and other financing companies. “What it does is it allows the banks to be more selective on the preferential and not so preferential interest rates they can offer clients,” Mr Rolle said. “If a person has a very established credit record, in some cases that could be the difference between whether you get secured or unsecured funding, or very pricey funding versus cheap funding.
“For many it may be an eye opener. Some people may very well have to go into a cooling-off period when the truth be told about what their debt levels are. For those left who qualify, there is less pressure on their costs.” Mr Rolle described the Credit Bureau as having a wide net. “It will definitely require reporting from lending institutions that are not banks. If they have information on what your credit risk could be, they would be required to also report in on the credit behaviour,” he explained. “You will definitely need
to cast a wider net than just monitoring who the banks lend to, because those entities will also be beneficiaries of what the credit bureau puts out.” Wendy Craigg, Mr Rolle’s predecessor as Central Bank governor, previously said the Credit Bureau would result in “safer lending and lower defaults”, as lenders would have a better knowledge of borrower characteristics, behaviour and repayment history. She added that it would also “eliminate incentives to over-borrow” and promote a healthier credit culture in the Bahamas,
while lenders would be better able to “price for risk” and reward good borrowers with lower interest rates. Bahamian commercial banks are still sitting on a stubbornly-high delinquent loan pile that remains near $1 billion in worth, although the sale of non-performing loans and restructurings have helped to reduce this from a $1.2 billion peak. Bahamian commercial banks restructured $758 million worth of loans in the six-and-a-half years to end-June 2015, a figure that represents more than $1 out of every $10 lent to private individuals and businesses.
the least volatility for the Bahamas. The IDB study’s conclusions were yesterday seized upon as backing calls, made continuously by the private sector and others over the past three years, for the Bahamas to pass a Fiscal Responsibility Act and other reforms to make the Government more transparent and accountable over its taxation/spending plans. Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that he “100 per cent agreed” with the IDB authors’ conclusions. He added that their findings mirrored calls made by the likes of ORG for Fiscal Responsibility and Freedom of Information Acts, a government ombudsman and a State Services Act “to improve the management and efficiency of government”. Mr Myers said the Bahamas lacked a culture of fiscal responsibility and accountability, both within
the public sector and the major political parties. “It mimicks what we’ve been saying,” he added of the IDB report. “To that I would add the culture in the Government; they don’t seem to want to do it. So we have this real culture that is adverse to being fiscally accountable and responsible.” The Christie administration failed to deliver on promises, made in the February 2015 mid-year Budget presentation, to initiate a public consultation on introducing a Fiscal Responsibility Act. Such an Act would force the Government to be more accountable and transparent in the management of the public finances, and require it to return to Parliament for approval to raise more money if it had to exceed the limits approved in the annual Budget. Some have argued that ‘fiscal rules’, which go further than this by setting targets the Government cannot exceed, would lock or ‘box in’ the administration
such that it would not be able to effectively respond to emergencies, such as Hurricane Matthew. However, given the Government’s inability to control its spending, and concerns expressed by RBC’s chief Caribbean economist that it is squandering the region’s best VAT, many observers believe there is no choice but to impose discipline on it. The IDB study noted that the Bahamas’ gross public debt, as a percentage of GDP, had almost tripled between 2000 and 2015, jumping from 24.5 per cent to 65.7 per cent. Over the same period, this nation’s overall fiscal balance had deteriorated from -0.5 per cent of GDP to a 4.4 per cent deficit come 2015. The study added that many Caribbean countries, as the Bahamas has done with Value-Added Tax (VAT), initiated fiscal consolidation programmes “amid acute economic weaknesses” to tackle this. But it added that “political and socioeconomic realities thwart large-scale
fiscal consolidation in downturns”, and pointed to difficulties in aligning revenues with government spending. “The Caribbean has been unable to link development strategies and plans to medium-term fiscal planning and current year appropriations and execution,” the IDB study said. “There are also significant gaps in budget credibility, as several countries consistently execute budgets that differ significantly from approved budgets. Comprehensiveness and transparency are also problematic areas. “Moreover, there exist challenges in procurement planning and execution, and poor linkages between budget preparation, procurement planning, and execution systems. Oversight and governance of procurement, weak monitoring of contract compliance, noncompliance with bidding processes by procurement agencies, and non-transparent bidding processes are additional areas where most countries face challenges.”
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, JEZELL SHERICE TAYLOR of New Providence, Bahamas intend to change my name to TRACY JEZELL MORTIMER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that Ellis Pierrelus of Montell Height, Nassau, Bahamas is applying to the Minister
responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
WHERE HIT MUSIC LIVES W W W .
1 0 0 J A M Z
. C O M
@100JAMZ242
NOTICE
NOTICE is hereby given that EVELYN PASCAL of Miami St.,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 13th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that JOSEMANE LUBIN of Sunrise Road, P.O.Box SS-6156, 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 13th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
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 is hereby given that SAMENDA AUGUSTE of Soldier Road, P.O.Box N-433, 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 7th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE
NOTICE is hereby given that BALAAM BROWN of Low Sound, Andros, 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 13th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE is hereby given that JEAN BRENOLD VIXAMAR of #2 Soldier Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 13th day of April, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
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.
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.
THE TRIBUNE
Thursday, April 13, 2017, PAGE 13
Foreign currency finance move a ‘work in progress’ From pg B3 If the 40 per cent equity threshold is exceeded, NEC (Cabinet) approval will be required. Bahamas-based banks in the so-called ‘offshore’ sector will be allowed to extend financing to foreign developers in the Bahamas, but only for resort and real estate developments. Repayments will be “restricted” to foreign currency income generated by the investment or external proceeds, the Prime Minister said. The Central Bank yesterday published the application requirements for Bahamian businesses looking to access foreign currency for investment activities. “This will be followed up in the coming weeks with an automated and secure online system for all foreign investment applications processed through the Central Bank,”Mr Rolle said. “In addition, the Central Bank is releasing a detailed outline of the framework that will apply for non-
residents who make investments in real estate in the Bahamas.” Applications will require details such as the financing amount, source of funding, the projected timeline and utilisation of the financing and background information on the companies involved. Mr Rolle said the Central Bank has targeted a turnaround time of five working days. “Under an online system, which will undergo significant fine tuning in the coming months, the Bank will be receiving applications in a more standardised format, with a series of forms and through an electronic portal that would allow scanned submissions of other documents,” he said. “The Bank would be able to allow more real time submissions of other documents. The Bank would be able to provide more real time feedback on the completeness of applications with the further aim to speed up the process for applications.”
Trump says China won’t be labeled a currency manipulator WASHINGTON (AP) — Backing away from a campaign pledge, President Donald Trump said Wednesday that his administration won’t label China a currency manipulator in a report due this week, though he does think the U.S. dollar “is getting too strong.” Trump also said in an interview at the White House with The Wall Street Journal that he would prefer that the Federal Reserve keep interest rates relatively low. The president also left open the possibility of renominating Janet Yellen for a second four-year term as Fed chair. That would mark another shift from his campaign position that he would likely replace Yellen when her term as chair ends in February next year. In the interview, Trump said, “I do like a low-interest rate policy, I must be honest with you.” The decision not to label China a currency manipulator represents one
of the sharpest reversals of Trump’s brief presidency. Trump began to bash China in the 2015 speech that began his campaign, saying Beijing kept its currency artificially low to give its manufacturers an unfair advantage in global trade. A weaker Chinese cur-
rency, relative to the dollar for example, makes Chinese goods more affordable for American consumers and U.S. goods more expensive in China. “China is killing us,” Trump had complained on the campaign trail. “They’re devaluing their currency to
a level that you wouldn’t believe. It makes it impossible for our companies to compete.” As a candidate, Trump pledged to instruct his Treasury secretary to label China a currency manipulator immediately after he took office.
VA C A N C Y
SOUS CHEF A fantastic opportunity has arisen to become part of our team. We are looking for an individual that not only demonstrates the skills listed below, but also has the ability to apply individual leadership and decision making to ensure our goals are achieved.
As our Sous Chef you will be required to meet the following requirements: • Manage the day-to-day operation of the kitchen. • Assist with menu development and food cost. • Roster staff to control labour cost. • Ensure excellent Food Hygiene and Health & Safety standards at all times. • Lead a team of experienced cooks, motivating and coaching the staff to support their personal development. • Assist with the anticipation of trends, enacting approved profit-oriented and cost saving ideas/activities. Position Requirements: • A minimum of three (3) years of culinary and supervisory experience required. • An associate’s degree from a Culinary School of Arts or an equivalent is required. Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to souschef2017@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
THE TRIBUNE
Thursday, April 13, 2017, PAGE 15 NOTICE
NOTICE
NOTICE
BALMORAL INVESTMENT HOLDINGS LIMITED
TRIAZOLE LIMITED
RIFUGIO LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a) BALMORAL INVESTMENT HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) TRIAZOLE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) RIFUGIO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b) The dissolution of the said company commenced on the 10th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(b) The dissolution of the said company commenced on the 10th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(b) The dissolution of the said company commenced on the 10th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas
(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.
(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas
Dated this 13th day of April, A. D. 2017
Dated this 13th day of April, A. D. 2017
Dated this 13th day of April, A. D. 2017
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Leeward Nominees Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
NOTICE
NOTICE
NOTICE
HARUKI LIMITED
HORIZON DREAM LIMITED
BIOSMART GLOBAL LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a) HARUKI LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) HORIZON DREAM LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) BIOSMART GLOBAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(b) The dissolution of the said company commenced on the 10th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(b) The dissolution of the said company commenced on the 10th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(b) The dissolution of the said company commenced on the 10th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.
(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas
(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas
(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas
Dated this 13th day of April, A. D. 2017
Dated this 13th day of April, A. D. 2017
Dated this 13th day of April, A. D. 2017
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
PAGE 16, Thursday, April 13, 2017
NOTICE
NOTICE
N O T I C E
Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that LETOSAN LIMITED has been dissolved and that the name has been struck from the Register of Companies with effect from the 20 day of March, 2017.
Feed Exuma Limited _______________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 23rd day of March, 2017.
ENERVO ADMINISTRATION LIMITED LIQUIDATOR MONTAGUE STERLING CETRE EAST BAY STREET NASSAU, THE BAHAMAS
Delano Aranha Liquidator of Feed Exuma Limited
N O T I C E TILLERMAN SECURITIES LTD (In Voluntary Liquidation) ______________________________
NOTICE IN THE ESTATE of Mizpah Tertullien, late of the Southern District of the Island of New Providence, one of the Islands of The Commonwealth of The Bahamas, deceased.
NOTICE IS HEREBY GIVEN that at an Extraordinary General Meeting of the Shareholders of the above-named Company duly convened and held on the 30th day of March, 2017 the following resolutions were passed: It was RESOLVED as follows: l.
that the Company be wound up voluntarily; and 2. that Messrs. Mark E. Munnings and Raymond L. Winder be appointed the liquidators for the purpose of such winding up.
Dated the 13th day of April, 2017.
Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and particulars of the same certified in writing to the undersigned on or before the 6th April A.D., 2017, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executors shall then have had Notice. And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.
Mark E. Munnings and Raymond L. Winder Joint Liquidators of TILLERMAN SECURITIES LTD (In Voluntary Liquidation) c/o Deloitte & Touche Dehands House 2nd Terrace West, Centreville P.O. Box N-7526 Nassau, N.P., The Bahamas Telephone: (242) 302-4800 Fax: (242) 325-6410
THE TRIBUNE
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,
N O T I C E
TILLERMAN SECURITIES LTD
(In Voluntary Liquidation) ____________________________________ Creditors having debts or claims against the above-named Company are required to send particulars thereof, along with their names and addresses, to the undersigned c/o Deloitte & Touche, Dehands House, 2nd Terrace West Centreville, P.O. Box N-7526, Nassau, The Bahamas, on or before the 15th day of May, 2017. In default thereof they may be excluded from the benefit of any distribution made by the Joint Liquidators. Dated the 13th day of April, 2017. Mark E. Munnings and Raymond L. Winder Joint Liquidators of TILLERMAN SECURITIES LTD (In Voluntary Liquidation) c/o Deloitte & Touche Dehands House 2nd Terrace West, Centreville P.O. Box N-7526 Nassau, N.P., The Bahamas Telephone: (242) 302-4800 Fax: (242) 325-6410 (242) 322-3101
MICHAEL A. DEAN & CO., Attorneys for the Administrator Alvernia Court, 49 A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas
(242) 322-3101
MARKET REPORT WEDNESDAY, 12 APRIL 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,894.59 | CHG 0.00 | %CHG 0.00 | YTD -43.62 | 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 7.11 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 2.05 3.92 1.95 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.33 1.55 5.83 9.75 9.00 9.25 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 107.71 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.33 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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
107.59 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.12 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
VOLUME
142
NAV 2.05 3.92 1.95 168.44 141.76 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 22.8 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
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% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 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 28-Feb-2017 28-Feb-2017 24-Feb-2017 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
YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.44% 4.13% 2.58% 3.87% 4.12% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00%
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 EXXONMOBIL CHEMICAL QATAR LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 21st day of March, 2017 Dated the 13th day of April, A.D., 2017. D. Levy Liquidator of EXXONMOBIL CHEMICAL QATAR LIMITED
NOTICE MAUCLA BUSINESS INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MAUCLA BUSINESS INC. is in dissolution as of April 7th 2017. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________
THE TRIBUNE
Thursday, April 13, 2017, PAGE 17