05252016 business

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BAHA MAR CREDITORS PROTECTED AGAINST ‘BACKROOM DEALS’ D’Aguilar ‘delighted’ he and Minister agree But Chapter 11 haircut claim ‘totally untrue’

WEDNESDAY, MAY 25, 2016

‘Financial constraints’ hit $20m harbour repair By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Ex-director hits back at ‘vitriolic’ Fitzgerald

THE Port Department’s “financial constraints” are preventing it from carrying out a $20 million repair to Nassau harbour’s breakwater, and threatening to undermine operations at the Caribbean’s most efficient report. A newly-released Caribbean Development Bank report has recommended that institutional reforms transfer the legal responsibilities for such activities from the government-run agency to Arawak Port

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN EX-BAHA MAR director yesterday expressed delight that a Cabinet Minister agreed all Bahamian creditors should be compensated, even if the Government “cuts a backroom deal with the Chinese”. Dionisio D’Aguilar, though, told Tribune Business that suggestions by Jerome Fitzgerald, minister of education, science and technology, of Baha Mar’s Bahamian creditors taking a ‘haircut’ through the Chapter 11 process were “completely untrue”. Arguing that there was “no need” for Mr Fitzgerald to label him “a total and complete hypocrite”, Mr D’Aguilar hit back by calling for the Minister to focus more on his portfolio than business matters. And he urged Mr Fitzgerald to leave such situations to “successful businessmen”, a seeming reference to RND Holdings, in which the Minister - prior to becoming and MP and Cabinet Minister - sold his majority equity interest to Colina. “I don’t understand why he’s getting so excited and got to be vitriolic,” Mr D’Aguilar told Tribune Business. “There’s no reason to get down and dirty. “He [Mr Fitzgerald] seems to be in the press a lot these days, fighting Fred Smith and Save the Bays, and I guess he needs to prove he’s a bad ass to the PLP and pandering to his base. He must be vying for the leadership, attacking opponents of the Government’s policies.” Mr Fitzgerald last week said it was ironic that Mr D’Aguilar was calling for SEE PAGE FOUR

Chamber chief ‘fully expects responsible’ Budget from Gov’t By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Bowe urges no spending spree

THE Chamber’s chairman yesterday that we ‘cannot afford’ said he “fully expects the Government to be responsible” with today’s Budget, Asks if Bahamas ‘moving as we and not engage in pre-election spending need’ to end deficits sprees that will throw the Bahamas’ fiscal consolidation plan off-course. ‘balanced Budget’. Gowon Bowe told Tribune Reaching the latter goal Business he was giving the would curtail any further inChristie administration “the crease in the $6.7 billion nabenefit of the doubt” ahead of tional debt, which was equivathis morning’s Budget commulent to 76.3 per cent of GDP at nication, given that it knew the year-end 2015, and growing furBahamas was still in dire fiscal ther beyond the IMF’s ‘danger straits. threshold’. Emphasising that pre-election “I’ve not set any expectadeficits and spending that the tions,” Mr Bowe said of the country “cannot afford” were 2017-2018 Budget. “I think the what the Bahamian people Prime Minister and the Govneeded least, Mr Bowe added GOWON Bowe ernment fully know what’s facthat the Government’s desire to ing the country in terms of our retain office needed to be balfiscal situation. anced with fiscal realities. “I fully expect them to be responsiAcknowledging the collective $1.6 billion increase in the national debt over ble, so I’m giving them the benefit of the the three years to end-2015, the Cham- doubt. “Hopefully, they will be listening to ber chair said history was less important than where the Government’s finances the technical people telling them that they can’t afford certain elements, and were headed. He argued that the key was whether hopefully they will not depart from the the Bahamas was “moving as rapidly as fiscal consolidation plan they have bewe need to”, and as quickly as the Gov- cause it runs smack dab into the general ernment has projected, towards eliminat- election cycle.” ing the GFS fiscal deficit and achieving a SEE PAGE FOUR

‘Magical partnership’ urged between Gov’t and private business Cost, ease of business reform key Budget priority Private sector hoping for Business Licence change By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government and private sector were yesterday urged to form “a magical partnership” to combat high unemployment and escalating levels of violent crime. Speaking ahead of today’s 2016-2017 Budget communication, Edison Sumner, the Chamber of Commerce’s chief executive, told Tribune Business that the Government needed to prioritise improvements in the ease - and cost - of doing business in the Bahamas. And, in return, the private sector needed to ‘play by the rules’, competing on “a level playing field” and ensuring that all aspects of society - including the Bahamian taxpayer and consumer - benefited from their activities. “The only way we can fight the unemployment levels, and the crime issue in the country, is if we have businesses and companies prepared to hire people, and people going into business and creating opportunities for themselves,” Mr Sumner told Tribune Busi-

Election should not mean fiscal consolidation deviation

CEO of Chamber of Commerce Edison Sumner. ness. “To reduce crime, there has to be a magical partnership between the Government and the private sector to move the economy forward.” He added: “For that to happen, the Government has to demonstrate it will cause improvements to the ease of doing business in this country. “The private sector has to show it’s compliant with the rules, and not participating in the underground or informal economy, but operating in an economy where there is a level playing field and where we all benefit.” Mr Sumner confirmed that specific initiatives and strategies to improve the cost, and ease, of doing business in the Bahamas were among the private sector’s chief requirements for SEE PAGE TWO

Threaten most efficient port in Caribbean Arawak port to have 45% volume growth to 2025 Report: Limited union power boosts productivity

Development Company (APD). The report, entitled ‘Transforming the Caribbean port services industry’, said such reforms would allow the Nassau Container Port’s BISX-listed operator to cease paying port dues to the Port Department. SEE PAGE FIVE

QC slams ‘abysmal consultation failure’ Abaco Club project Judicial Review gets go-ahead Smith likens cases to ‘broken record repeating’ Urges developers to respect locals, not fight them By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A QC yesterday slammed “the complete and abysmal failure” of seven government departments and agencies to consult local residents over the Abaco Club’s proposed marina project. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that such alleged episodes were akin to “a broken record that keeps repeating itself”, after the Supreme Court granted permission for another development-related Judicial Review to proceed. Justice Petra HannaWeekes gave Responsible Development for Abaco (RDA), acting on behalf of Little Harbour residents, leave “to issue a motion seeking Judicial Review” of the Abaco Club’s proposed development. “We are now going to

move to have the matter heard as soon as possible,” Mr Smith said, while acknowledging that the GovSEE PAGE THREE

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PAGE 2, Wednesday, May 25, 2016

FINANCIAL PROVIDER UNVEILS NEW WEBSITE BAHAMAS-BASED Sterling Global Financial, the banking and financial services provider with more than $9 billion in assets under management, yesterday announced the launch of its new website at http:// www.sterlinggloballtd. com/ The design features a corporate section focused on information and news about the company’s services, as well as background on the firm’s Board of Directors, including chairman and chief executive, David Kosoy, founder of The Sterling Companies. Other executives include president and chief operating officer, Stephen Tiller, former president of BMO Nesbitt Burns Real Estate in Canada, and Mike Harris, the former Premier of Ontario. The website also features a client portal where investors can manage banking, documents and fiduciary services securely from any device. “The new website reflects the high ethical standards and client-centric services inherent to Sterling Global,” Mr Kosoy said. “We constantly strive to create a comfort level for our investors, marrying the best of convenience with the highest level of security. “As the world of financial services looks to the future, there will be more client-facing portals that enable presentation of information and financial strategies, including any potential risk, in a clear and relatable way online. “Sterling is proud to be at the forefront of this type of information shar-

“The new website reflects the high ethical standards and client-centric services inherent to Sterling Global.” David Kosoy, founder of The Sterling Companies. ing and practical application for our clients, who can now manage their financial affairs with greater ease. “It’s this kind of service that has helped us grow from a relatively small office overseeing a few significant investments at a time to a full-fledged banking and financial services provider with a staff of nearly 40 professionals.” Along with its trust services based in Cayman, Sterling serves more than 1,500 clients. According to MR Tiller, technology to augment expansion is particularly critical when it comes to attracting the next generation of investors. “While many baby boomers prefer faceto-face collaboration, younger investors are accustomed to electronic, fast-paced engagement styles, making it more important than ever for banking and financial services firms to offer clients sophisticated investment services,” Mr Tiller said. “Given that the world we live in is more automated and electronic than ever, the demand for fast, online access and services is especially important for NextGen investors. “We believe the new Sterling Global website delivers on that expectation.”

THE TRIBUNE

Bahamas aims to shine during Caribbean week THE Ministry of Tourism plans to provide attendees with a true ‘down home’ Bahamian experience when ‘Caribbean Week’ hits new York. Obie Wilchcombe, minister of tourism, said the Bahamas must continue to find creative ways to boost visitor arrivals. “The hardworking staff at the Ministry of Tourism has created a schedule of exciting events to give voice to our national story,” he said. “The food, art, culture, music and people will be showcased in such a meaningful way that we will experience a spike in travel from summer 2016 to winter 2017.” Caribbean Week in New York is the largest regional tourism activity, and typically attracts thousands of participants. “It showcases the sights, sounds, colours, culture and unique holiday experiences of the Caribbean, and combines business sessions and consumer-oriented events with food, fashion, entertainment, sales and networking opportunities,” said the Caribbean Tourism Organisation (CTO), which organises the event yearly. Caribbean Week will be held from May 31 to June 5. The week of activities will culminate with a Caribbean Rocks concert. Caribbean Rocks is a partnership between the Bahamas, TEMPO and the CTO. As a platinum sponsor, the Bahamas will feature prominently during the show. Organisers are hoping to develop Caribbean Rocks into a premier event

OBIE WILCHCOMBE for Caribbean artists, comparable to sor because we want the islands of the the MTV Video Music Awards and Bahamas to be in the forefront,” Mr BET Honours and Awards Show. Wilchcombe said. Bahamian artists DMac, FanShawn, “We want people to know that the and Stileet, backed by the Spank Bahamas is more than just Nassau and Band, will perform at the concert. Paradise Island. Mr Wilchcombe said: “The concert “We want people to experience the will give Bahamian and other Carib- beauty that all of the islands have to bean artists the opportunity to take offer. Caribbean week offers a great their music to an international stage, platform to showcase our uniquein the world’s most dynamic city.” ness.” Turning to the country’s participaThe Ministry of Tourism will also tion in Caribbean Week generally, Mr host a Bahamas Date Night and parWilchcombe added that the Bahamas ticipate in the CTO’s chef programme. will make its presence felt in a major Prime Minister Perry Christie is way. also scheduled to travel to New York “We signed on as a platinum spon- for the event.

NEW PI RESORT HIRES HOTEL SECTOR VETERAN A NEWLY-RENOVATED Paradise Island hotel has named industry veteran, Benjamin Davis, as general manager of its 244room property. The former Grand Lucayan general manager is taking charge at the Warwick Paradise Island Bahamas, which is set to open this summer as an adultsonly, all-inclusive resort following a $28 million renovation.

Mr Davis is a 38-year hospitality industry veteran, having spent the last 17 years in hotels. He is working with Warwick International Hotels’ executive team, and will oversee every aspect of the day-today operations. “Benjamin Davis’ extensive knowledge and expertise of the hotel industry and the islands of the Bahamas made him the most qualified candidate for general manager of Warwick Paradise Island Bahamas,” said Richard Chiu, Warwick International Hotels’ president. Mr Davis was most recently the general manager at Grand Lucayan, where he spent five years (20112016) managing the 1,271room resort. Prior to that, he served as chief operating officer

for Restaurants Bahamas, and was general manager at Bimini Bay Beach Resort from 2007-2009. Mr Davis held the positions of vice-president and general manager during his four years at the 700-room Radisson Cable Beach and Golf Resort on Nassau. And he was the hotel manager for the then-Our Lucaya when it opened its doors in 1999. Mr Davis has held positions with other Caribbean resorts, including Barbados’ Almond Beach Village and Forte Hotels’ Nassau Beach Hotel in the Bahamas, Jamaica Pegasus in Kingston, and Sandy Lane Hotels in Barbados. He started his career in London, where he worked at the Four Seasons’ Inn on the Park and Forte Hotels’ Grosvenor House.

Benjamin Davis

‘Magical partnership’ urged between Government and private business FROM PAGE ONE

this morning’s Budget communication by Prime Minister Perry Christie. The Bahamas’ ranking in the World Bank’s ‘ease of doing business’ ratings has declined progressively in recent years to 106th spot, and is viewed as a symptom of a despair malaise undermining this nation’s economic competitiveness and efficiency. “Right now, the business community is suffering from the high cost of doing business,” Mr Sumner emphasised. “We’re looking for improvements and initiatives from the Government to cause doing business in the Bahamas to be more efficient, and less expensive. “Right now, the country is one of the most expensive for tourism and the cost of living, and we’d like to see that reduced.” With a general election less than one year away, the 2016-2017 Budget is unlikely to include any new taxes, or increases to existing ones, given the increased burden imposed on Bahamian consumers and businesses by Value-Added Tax’s (VAT) implementation. The only potential driver of new or increased taxes would be the proposed National Health Insurance (NHI) scheme, with the Christie administration instead likely to focus on improved revenue collection and administration, and tinkering with certain import duty rates. Mr Sumner, meanwhile, said the private sector was hoping this morning’s Budget would include “the review and consideration for the restructuring of the Business Licence regime in the country, including the fees imposed on businesses”. That alludes to the promise, contained in the Government’s initial 2013 tax reform ‘white paper’, that Business Licences would be reduced to a flat $100 fee across the board once VAT was implemented and meeting revenue targets. Mr Sumner also expressed hope that the Government will raise the turnover threshold, above which companies have to hire an accountant to certify the accuracy of their financials, from $100,000 to $400,000 for Business Licence fees. That is intended to ease the burden on

Bahamian small businesses, and Mr Sumner said the Chamber’s proposal to take over management of the Business Licence register on the Government’s behalf remained on the table. “We’re expecting to advance these discussions in the weeks and months to come with the Government,” Mr Sumner said of the Register proposal, “so hopefully by the time we get into the New Year and the mid-year Budget, and certainly by the time of the 2017 Budget, we will have that initiative implemented by then.” Mr Sumner said the Chamber was also looking for initiatives to incentivise Family Island development in this morning’s Budget, going beyond the exigency orders and relief announced in the aftermath of Hurricane Joaquin. Apart from the now much-anticipated update and announcement on Baha Mar, today’s Budget is likely to contain more spending than taxation initiatives, given the Christie administration’s desire to ‘sweeten up’ voters ahead of the upcoming general election. The Government will be keen to unveil progress on its 2012 campaign promises, so progress updates on initiatives such as NHI, mortgage relief and foreign direct investment (FDI) projects in the pipeline are likely to feature prominently. Besides painting a ‘rosy’ economic outlook and taking jabs at the Opposition, the Prime Minister will also likely laud his government’s ‘achievements’ - VAT and fiscal consolidation; BEC/energy reform; the legalisation of web shop gaming; and the recent agreement with the Grand Bahama Port Authority (GBPA). Ongoing initiatives will also feature, with the Prime Minister likely to mention progress on mobile liberalisation and when the second licence will be issued to the Cable Bahamas-managed NewCo. Programmes for apprenticeship, and tackling youth unemployment, will also be included. Outlining his Budget expectations, K P Turnquest, the Opposition’s finance spokesman said: “I’m expecting pretty much more of the same that we’ve had for the last four years. “I’d be very pleased to hear something that’s new and definitive.”


THE TRIBUNE

Baha Mar citizenship claim ‘political mischief’

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Deputy Prime Minister yesterday branded as “political mischief” charges that the Christie administration had agreed to grant 500 Bahamian citizenships to Chinese investors in connection with the stalled Baha Mar project. The request was said to have been contained in a letter from Baha Mar’s lead contractor, China Construction America (CCA), which reportedly also called for the resort’s original developer, Sarkis Izmirilian, to be removed from the project. It also sought a 30-year exclusivity with regards to its casino licence; a 30-year Value-Added Tax exemption, and a 25 per cent increase in the concessions currently enjoyed by Baha Mar. Philip Davis responded: “We are still working assiduously to ensure that the Baha Mar project is open and the Bahamian people get to work; negotiating with China EX-IM Bank to make sure it gets open, and we think we are there. “I will not pre-empt the Prime Minister from speaking to the matter. I’m not aware that they have, but I understand that they [the Chinese] may have made some proposals which have not come to Cabinet as yet. “

DEPUTY Prime Minister Phillp ‘Brave’ Davis.

On the citizenship issue, Mr Davis said: “This is not a negotiable issue. We subscribe to the rule of law in this country, and the rule of law trumps anything I may seek to negotiate in this country. “The law sets out how a person gets citizenship, so why would this be a concern? Why would it be a concern that this government could negotiate the granting of citizenship? It cannot be because the law shows how to grant it out. “I’m not aware of the requests begin made. I haven’t’ seen any letter. It has been reported that a letter has been written. It has been reported that the letter found itself in the hands of Steve Mckinney, who then

brought it to the fore,” the Deputy Prime Minister added. “If there were a letter, any investor, not understanding our laws and not understanding the way we do business, may request whatever they think is in their interest. “It doesn’t mean we will comply with it. “We will point out that you can’t get that because the law says this has to happen and we cannot break the law. I think it is just basically political mischief to raise this as a concern.” Prime Minister Perry Christie, in a statement on Monday night, said Bahamian citizenship was “not for sale at any time, at any price” as he refuted allegations that his administration had agreed to the sale or grant of 500 Bahamian citizenships to Chinese investors. Mr Christie described it as an “absolute lie” that citizenship in return for foreign investment had been agreed, saying that was a “non-negotiable position” for his government. Mr Davis said: “I don’t know if they know what our laws are. “What you must recognise is there is such a thing that has been created by other countries as economic citizenship, so they might think that the Bahamas has a programme for economic citizenship and make a request, but we don’t have a programme like that in the Bahamas.”

QC slams ‘abysmal consultation failure’ FROM PAGE ONE

ernment ministers and agencies listed as respondents have six weeks to supply their evidence. “We also gave the court an undertaking to serve Southworth Development with the filed motion, so they could move the court to seek to intervene or be heard on the Judicial Review.” Southworth Development partnered with a group of existing Abaco Club homeowners to acquire the Winding Baybased property in late 2014. RDA initiated the proceedings on the grounds that both developer (the Abaco Club) and the Government have failed to engage in “adequate consultation” with residents and affected parties in Little Harbour. Apart from the 44-slip private dock, the Abaco Club’s planned supporting facilities include a supplies shop, private restaurant and 6,000 square foot covered parking lot. RDA fears that if the project goes ahead it will completely change the environment and character of Little Harbour, a 50-home community that runs almost entirely off solar power. Mr Smith said the action was based on what he described as the Government’s consistent failure to properly consult local residents, and others, who will be most affected by development and infrastructure projects approved from afar in Nassau. “This is another very basic case of a complete

and abysmal failure on the part of seven government agencies to consult with the community that is affected by this,” he told Tribune Business. There are nine government respondents to the Judicial Review, including Prime Minister Perry Christie; Deputy Prime Minister Philip Davis; Glenys Hanna Martin, minister of transport and aviation; Kenred Dorsett, minister of the environment; the Town Planning Committee; South Abaco District Council; Richard Hardy, acting director of Lands and Surveys; and Marques Williams, Abaco’s port administrator. The Government is likely to be thoroughly sick of the Judicial Review initiatives brought by Mr Smith and his various clients, which they have already tried to paint as a deliberate effort to undermine the Government and Bahamian state. Mr Smith yesterday compared the Little Harbour case to both RDA’s first-ever Judicial Review action, involving BEC’s Wilson City power plant, and the recent success he and fellow attorney, Carey Leonard, enjoyed in challenging the consultative process over the proposed Hawksbill Creek Agreement reforms. Arguing that RDA, a community partner of Save the Bays, was standing up for “natural justice and respect for local rights”, Mr Smith added: “The people of Little Harbour are not telling the Government and developer what to do.

“They just have a right to be consulted.... For the life of me, I cannot understand why successive government departments and regulatory agencies, and foreign developers, can’t understand the very fundamental and basic principal of consultation with their neighbours and the people most affected by their projects. “It is so basic as to be mind-boggling, and is respected more in the breach than in the observance,” Mr Smith added. “This is all becoming the sound of a broken record that just keeps repeating itself. “Foreign developers keep finding these sweet little spots in the Bahamas that seduce them. All they have to do is work with the locals rather than fight them. “As with the BEC power plant case, the Government and developer may find that the locals have some meaningful, positive and sensible contributions to make. “RDA and Save the Bays are not opposed to development. They just want to have proportionate, consultative and sustainable development that respects local rights, the environment, culture and society. “That’s all.” Tribune Business reported on Monday how the Abaco Club’s principal had accused some Little Harbour residents of seeking to “incite confrontation” against him over the controversial marina. David Southworth cited this as the principal rea-

son why he broke off all contacts with the Little Harbour Property Owners Association (ALHPO) just six weeks after meeting them to initiate a public consultation process over the facility in 2015. His decision to sever all ties drew a predictably negative response from Little Harbour residents, who are accusing the Abaco Club of seeking “to monopolise 40-50 per cent of the navigable water” in their harbour with the proposed marina.

Wednesday, May 25, 2016, PAGE 3

BUDGET CAN’T BE ‘MORE OF SAME’ By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net PRIME Minister Perry Christie must inspire confidence of an economic turnaround in today’s Budget, the Opposition’s Finance spokesman said yesterday, adding: “More of the same just won’t cut it.” K P Turnquest said: “The primary thing that we are looking for coming out of this K P TURNQUEST Budget is optimism; some real projects that will give the Bahamian public some level of confidence that there is a turnaround in the economy, and that they can look forward to opportunities for jobs and entrepreneurship. “I think that more of the same will not cut it. We need to see some initiatives that will stimulate economic growth rather than bragging about how much taxes you have collected from the Bahamian people. “We need to hear about incentives that will be given to businesses, small and medium-sized in particular, to assist them with the ease of doing business, which will give them the confidence to reinvest and to hire.” With the fate of the stalled $3.5 billion Baha Mar development still unknown, Mr Turnquest said: “We also need to hear some positive and concrete decisions that have been made with respect to Baha Mar as a major catalyst for economic growth in 2016.” He added: “We also need to hear about the plans for Grand Bahama, not just chest beating with respect to getting the Port Authority to agree to some equity stake, but how this new arrangement will actually result in a stimulated environment where investors will feel confident again to come to the jurisdiction and to invest.” The Government and the Grand Bahama Port Authority (GBPA) have signed a Memorandum of Understanding (MOU) to create a new framework for performance-­based development incentives that will replace the expiring tax concessions of the Hawksbill Creek Agreement (HCA). “We’re not interested in hearing a regurgitation of the litany of projects that have been talked about since 2012. We need action; we need dates and certainty,” said Mr Turnquest.

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PAGE 4, Wednesday, May 25, 2016

THE TRIBUNE

Chamber chief ‘fully expects responsible’ Budget from Gov’t FROM PAGE ONE That medium-term plan calls for the Government’s recurrent or primary balance (revenues minus recurrent expenditure) to move into surplus during the upcoming fiscal year. And the GFS deficit measurement, which strips out debt principal redemption costs, was forecast last year to narrow further to just $70 million in 20162017. A further cut, to $31 million, was projected for 2017-2018, leaving the Bahamas in position to finally reach a GFS surplus the following year. Yet such progress, which has yet to become reality, could be threatened if the Christie administration were to engage in pre-election spending sprees that have frequently occurred in the Bahamas since independence. “Reality sets in, and we know there’s going to be a tendency towards things most advantageous to their election efforts,” Mr Bowe told Tribune Business. “It has to be tempered with where we are on fiscal realities. “I would be very critical of any increase in spending. They [the Government] know what the mediumterm fiscal consolidation plan calls for, and the implementation of VAT needed to be accompanied by spending restraint. “This position has not changed, so from that perspective I expect them to do the responsible thing as a government.” Mr Bowe clarified that he was not against all spending, such as capital works and infrastructure projects where the Government knew how they were going to be financed. Pointing to the Prime Minister’s call for airport and harbour upgrades, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman said the Government needed to initiate further private-public partnerships (PPPs) along the lines of the Nassau Airport Development Company (NAS) and the Nassau Container Port. Pointing out that private financing could provide necessary infrastructure

without burdening the Bahamian taxpayer, Mr Bowe said the key issue was whether “there is a plan behind it as to how spending will be funded and paid for. “Do outflows lead to inflows? If there are outflows of cash with no clear indication as to how things are dealt with, that will be an element I would be critical of.” Tribune Business revealed on Tuesday how Central Bank data showed that the Christie administration has added $1.6 billion to the Bahamas’ national debt over the past three years. “The national debt rose by $361.1 million (5.8 per cent) to $6.638 billion at end-2015, albeit lower than the $689 million (12.3 per cent) gain registered in 2014,” the Central Bank said. “Similarly, the debt-toGDP ratio firmed by 2.6 percentage points to 76.3 per cent, a notable tapering from the 7.4 percentage point widening to 73.7 per cent in 2014.” Mr Bowe, though, told Tribune Business that the $1.6 billion increase came as no surprise, given the multi-million dollar deficits that have been incurred in recent years. “We should not be any more concerned today than when we saw this two years ago, and saw the steady incline [in the national debt],” he said. “Our concern should be the level of the deficit, and whether we’re moving as rapidly as we need to towards a fiscal balance. “We should be focusing on the upcoming communication, and whether it demonstrates a true commitment to achieving a fiscal balance by 2017 and 2018,” Mr Bowe added. “We do not want to see any imprudent spending for the sake of an election, as we cannot afford that in our current situation. “We must not take a blind view, but what do we expect from the Government going forward in terms of fiscal discipline? “Now is the time to shift the dialogue from the blame game. “There’s certainly no monopoly on bad decisions.”

MACHINERY & ENERGY LIMITED

As a privately-owned, mid-sized, Bahamian Company and the Authorized Caterpillar Dealer in The Bahamas, we are seeking candidates for the position of Technical Communicator. The individual should meet the following requirements: Strong sense of urgency to address technical issues, excellent organization skills, capability to understand abstract concepts, good computer literacy (Microsoft Office and Web browsers), and excellent communication skills. Applicants with a Bachelor of Science in Electrical Engineering Technology or an Associate of Science in Mechanical Engineering Technology degrees are preferred. Send complete resume with education and work experience to M&E Limited P.O. Box N-3238. Nassau, Bahamas. Attention: Human Resources Department, or email to me@me-ltd.com Only persons interviewed for this position will be contacted.

Baha Mar creditors protected against ‘backroom deals’ FROM PAGE ONE all Bahamian creditors to be fully compensated, given that the Baha Mar Board he was part of tried to do exactly the opposite in filing for Chapter 11 bankruptcy protection last June. The Minister of Education, who sits on the Cabinet sub-committee responsible for dealing with the Baha Mar impasse, added that “the record” from the Delaware Bankruptcy Court proceedings showed that Sarkis Izmirlian wanted all creditors to take a ‘haircut’. Suggesting that this exposed the “hypocrisy” of Mr D’Aguilar’s call for the Government to protect Bahamian interests in any Baha Mar sale, Mr Fitzgerald said the Christie administration had already taken such a position. He added that the Government had “made it abundantly clear” to both Baha Mar’s secured creditor, the China Export-Import Bank, and any prospective purchasers that no acquisition would be approved unless all Bahamian creditors received 100 per cent of what was due to them. Mr D’Aguilar, though, blasted back yesterday by saying: “The bottom line is that what he’s saying is completely untrue. “Baha Mar was going to take care of the Bahamian creditors as part of Chapter 11.” He challenged Mr Fitzgerald to show where he obtained the figures of a ‘10-12 cents on the dollar haircut’ from, as they were not contained in any Baha Mar Chapter 11 filings. However, Mr D’Aguilar expressed delight that he and Mr Fitzgerald (and the Government) were in agreement that all Bahamian creditors must be fully compensated in any Baha Mar resolution. He explained that he made this call to prevent any “backroom deal” being cut between the Government and Chinese that was not in the interests of Bahamians, and could leave the creditors ‘out to dry’. “There are a lot of rumours swirling around that a backroom deal is being cut with the Chinese, and I just wanted to make sure that if they were, the Bahamian creditors were not going to be left out,” Mr D’Aguilar told Tribune Business. “Sarkis Izmirlian said he’d take care of the Bahamians, and I wanted to make sure any deal with the Chinese

Dionisio D’Aguilar

Jerome Fitzgerald

did not leave them out.” Some 123 Bahamian contractors are owed a collective $74 million for work done at Baha Mar, while the trade vendors, suppliers and others are also owed significant sums. A total $123 million was said to be owed to trade creditors when Baha Mar filed for Chapter 11 bankruptcy protection last June, and Standard & Poor’s (S&P) recently put the project’s debts to creditors as high as $170 million. Then there are the former 2,000 Baha Mar employees, who are at the bottom of the creditor queue, waiting for their due severance pay and other entitlements. The deal Mr D’Aguilar is referring to is the Government’s hope that the China Export-Import Bank, Baha Mar’s secured creditor, can reach an agreement with fellow Chinese state-owned entity, China Construction America (CCA), to complete Baha Mar’s construction. Prime Minister Perry Christie has branded as an “absolute lie” that the Government had agreed to grant 500 Bahamian citizenships to Chinese investors in return for Baha Mar’s resumption. Apart from the 500 citizenships, the Chinese demands supposedly include that Baha Mar’s original developer, Sarkis Izmirlian, be out of the picture completely; and that the $3.5 billion development be ‘tax free’ for 30 years. Such demands, if true, envisage that the Government earn not a single cent from Value-Added Tax (VAT), real property tax, casino tax and a host of other taxes for three decades - essentially a ‘tax holiday’ across several generations of Bahamians. The Chinese were also said to have demanded a 25 per cent increase above the value of the investment incentives

granted to the Government by Mr Izmirlian. Given that the Christie administration previously valued these collectively at $1.2 billion, this amounts to a $300 million increase to $1.5 billion. The incentives granted to Mr Izmirlian were for a 20year period, not 30 years, and were not as extensive as those supposedly sought by the two state-owned Chinese entities. These requests are likely to form an initial Chinese ‘negotiating position’ over the Government’s desire for CCA and China ExportImport Bank to agree to the construction resumption. The Chinese are likely to seek a ‘very hard bargain’, given that they know the Government and Mr Christie are in a position of extreme weakness - having given up all control of Baha Mar’s fate, but desperate for something to happen with a general election on the horizon. The demands are likely to have prompted the sudden dispatch of Allyson Maynard-Gibson, the attorney general, and Sir Baltron Bethel, Mr Christie’s senior policy advisers, to Beijing in the hope that they can somehow salvage a deal that can be sold to the Bahamian people in time for today’s Budget communication. The duo’s hasty departure also indicates that an agreement for Baha Mar’s construction resumption, certainly one acceptable to the Government, was not in place before last weekend. Tribune Business understands that the furore surrounding the Chinese position, even though the Government has not agreed to it, has forced the Prime Minister to tweak his Budget address to provide a more detailed statement on Baha Mar than initially planned. Tribune Business sources confirmed that the China Ex-

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT CLE/GEN/No.01746 Common Law & Equity Division

2015

BETWEEN HWK COMPANY LIMITED AND

Plaintiff

MYSTICAL FITNESS & HEALTH SPA LIMITED And DEREK PETER BULLARD Defendants

NOTICE OF PROVOST MARSHALL SALE BY AUCTION TAKE NOTICE that a sale by public auction of the goods and chattels and other property of Mystical Fitness & Health Spa Limited and Derek Peter Bullard will take place in the building situate on Patton Street off of Madeira Street Palmdale, opposite the business known as Liquid Courage, which building is yellow with a white trim, commencing at 2.30pm on Monday 30th May, 2016 pursuant to a Writ of Execution filed in this Action on the 8th April, 2016. Dated this 23rd day of May, A.D., 2016 ROBERTS, ISAACS & WARD, Chambers, The Rigarno Building, Bay Street & Victoria Avenue, Nassau, Bahamas. Attorneys for the Plaintiff

port-Import Bank did indeed send a letter to the Government last week, setting out its terms and conditions for restarting Baha Mar’s construction and moving it towards completion. However, they were unable to confirm the contents. This is not surprising, given that Baha Mar’s secured creditor has given every indication it does not want to invest a single cent more in the Cable Beach project. However, it would have to finance CCA in completing construction, and would likely seek generous concessions from the Government in so doing - especially since the Prime Minister last year applied a $600 million price tag to the work. The alleged incentives demanded, while perhaps not benefiting the bank or CCA directly, would certainly ‘sweeten the pot’ for any Baha Mar purchaser (likely Chinese), and result in a higher acquisition price - a key Chinese goal. And, should the China Export-Import Bank elect not to sell, it could ‘sit and hold’ Baha Mar for years, given that it would incur minimal carrying costs in the form of taxes. Granting the Chinese ‘wishes’ would also require that the same concessions be extended to Atlantis, and concerns are being raised that CCA would likely seek a preferential or ‘secured’ creditor status - further bumping Bahamians down the creditors queue. Then there is the issue of whether CCA will seek to be paid its multi-million dollar pre-Chapter 11 costs, and whether the sums owed to all - or just some - of its Bahamian sub-contractors will be paid. Mr D’Aguilar, meanwhile, urged Mr Fitzgerald to stick to education rather than business. “I suggest that Minister Fitzgerald, who’s a good friend of mine, really focus on education and leave other matters,” he told Tribune Business. “Our education system is in stress, and it’s generating loads of D-minus students who are totally unprepared to enter the workforce. I wish he would focus all his attention on that and correcting the problem. “Since he took office I don’t think the situation’s improved, and he should leave business to successful businessmen, not unsuccessful ones.”

NOTICE NOTICE is hereby given that KNUT GEORGE RUSSELL of EIGHT MILE ROCK, GRAND BAHAMA, BAHAMAS is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18TH day of MAY, 2016 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas. NOTICE CAMBAMBE SHIPPING COMPANY LIMITED NOTICE IS HEREBY GIVEN as follows: (a) CAMBAMBE SHIPPING COMPANY LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 23rd day of May, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas. H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company


THE TRIBUNE

Wednesday, May 25, 2016, PAGE 5

TECH COMPANIES TAKE THE LEAD AS US STOCKS SURGE

NEW YORK (AP) — U.S. stocks made their biggest gain since March on Tuesday as technology companies like Apple and Microsoft soared. Homebuilders also climbed after the government said sales of new homes reached an eight-year high last month. That was a sign the housing market and the broader economy are still in pretty good shape. Stocks opened higher following hefty gains in Europe. Tech stocks made their biggest gain in almost three months, which erased their losses from earlier this year. Banks rose as interest rates continued to inch higher, which lets banks make more money on lending. Stocks have alternated between gains and losses in recent days following a four-week-long string of losses. “A little bit of good data has reminded people that things are actually OK,” said David Lefkowitz, senior equity strategist at UBS Wealth Management. “It’s almost like a rubber band. When things get too stretched they snap back.” The Dow Jones industrial average rose 213.12 points, or 1.2 percent, to 17,706.05. The Standard & Poor’s 500 index picked up 28.02 points, or 1.4 percent, to 2,076.06. The Nasdaq composite index surged 95.27 points, or 2 percent, to 4,861.06. Tech stocks led the market higher with their biggest jump since March 1. Apple picked up $1.47, or 1.5 percent, to $97.90 and Alphabet, Google’s parent company, added $15.78, or 2.2 percent, to $733.03. Microsoft rose $1.56, or 3.1 percent, to $51.59. Home building stocks jumped after the Commerce Department said sales of new homes reached their highest level since January 2008. Sales of both newly-built and previously-occupied homes grew as job gains and low mortgage rates encourage Americans to keep buying homes. Toll Brothers also reported better first-quarter results than analysts expected,

TRADER Michael Urkonis, foreground, works on the floor of the New York Stock Exchange, Tuesday. Stocks are opening solidly higher on Wall Street, led by gains in technology stocks and banks. (AP Photo/Richard Drew) and the company raised its annual projections for home prices and sales. The stock gained $2.36, or 8.7 percent, to $29.46. Beazer Homes USA added 66 cents, or 9.2 percent, to $7.86 and PulteGroup rose 91 cents, or 5.1 percent, to $18.73. Bond prices fell. The yield on the 10-year U.S. Treasury note rose to 1.86 percent from 1.84 percent. When interest rates go up, as they have been doing recently, banks can make more money from lending. JPMorgan Chase climbed $1.08, or 1.7 percent, to $64.54 and Bank of America gained 21 cents, or 1.6 percent, to $14.68.

‘Financial constraints’ hit $20m harbour repair FROM PAGE ONE And, with that burden removed, APD may be in position to reduce the tariffs it charges at the Arawak Caybased port. Outlining the only challenge or ‘operational bottleneck’ faced by APD and its port facility, the CDB report said: “The breakwater is exhibiting some minor fractures, which results in downtime during northwest winds. “Rehabilitation of the breakwater falls under the responsibility of the Port Department. “ However, the Port Department has not been able to carry out rehabilitation works due to financial constraints. “In the Bahamas, the port authorities are failing to carry out fully their responsibilities as stipulated in their respective agreements with the port operators.” The CDB report said that, as a result, the harbour breakwater was not providing “the desired nautical protection”. It placed the repair cost at around $20 million. “Currently, APD pays port dues to the Port Department for activities including dredging, pilotage, and maintenance of the breakwater,” the report said. “However, due to financial constraints, the Port Department is unable to perform its activities. Hence, the activities are carried out by APD (or outsourced by APD). “Consequently, the tasks could be formally transferred to APD, thereby removing APD’s obligation to pay port dues to the Port Department. This could, in turn, lead to lower tariffs at the port.” The CDB report ranked the Nassau Container Port as the most efficient port in the Caribbean by some distance, placing it well ahead of its nearest rivals in Trinidad & Tobago and Suriname. The Bahamas was ranked as either the top, or joint top, Caribbean port in the areas of productivity, labour, infrastructure, information technology and autonomy. “The port of Nassau in the Bahamas is the most efficient port in the (12-strong) sample. “This should come as no

surprise, given the newness of the port and private sector leadership,” the CDB report said. “The port of Nassau represents a mature island port. “The port is functioning highly efficiently. “This could warrant the shift of additional responsibilities to the private sector. “According to the Caribbean Shipping Association’s 2015 productivity report, the Nassau Container Port reaches an average 24.62 berth moves per hour. “This productivity puts NCP comfortably ahead of other ports in the region.” APD was established as a private-public partnership (PPP) under the former Ingraham administration, with the Government and privately-owned shipping industry each holding a 40 per cent equity stake. The private sector, though,has retained management control, with the remaining 20 per cent equity held by Bahamian public investors following the initial public offering (IPO). “The port of Nassau is an example of a port in which the labour unions have limited power and hence labour costs are low and productivity levels high,” the CDB report said, “The container port of Nassau is a prime example of a well-developed modern island port. “The involvement of the private sector has been key in moving from a situation of six stevedoring companies without modern facilities to a modern facility with one stevedoring company. “The former stevedores are still involved but limited to yard management.” The CDB report estimated that container throughput at the Nassau Container Port will increase by 45 per cent in the decade leading to 2025, rising from 136,800 twenty-foot equivalent units (TEUs) to 198,400. That represents a 3.79 per cent compound annual growth rate, slightly higher than the 2.4 per cent growth achieved during the port’s formative years. Tropical Shipping was said by the report to handle 50 per cent of container volumes, with Mediterranean Shipping Company (MSC) and Arawak Stevedoring handling 30 per cent and 20 per cent, respectively.

Agribusiness giant Monsanto rejected an offer from German conglomerate Bayer worth $62 billion, or $122 per share. However Monsanto said it’s open to talks with Bayer about a possible sale. As investors hoped for a richer offer, Monsanto stock rose $3.30, or 3.1 percent, to $109.30. Streaming video company Netflix jumped after it said it struck deal with Disney. Starting in September, Netflix will have exclusive U.S. rights to new movies from Disney, Marvel, Lucasfilm and Pixar. Netflix stock jumped $3, or 3.2 percent, to $97.89. Fertilizer maker CF Industries ended a deal to buy OCI’s distri-

bution networks for about $8 billion. CF planned to reincorporate in the U.K. as part of the deal, which would have reduced its tax bill, but the company said new Treasury Department rules made the combination less appealing. CF Industries will pay OCI $150 million for calling off the deal. CF Industries shed $2.24, or 7.5 percent, to $27.61. Oil is trading at its highest price since early October, and benchmark U.S. crude picked up 54 cents, or 1.1 percent, to $48.62 a barrel in New York. Brent crude, used to price international oils, rose 26 cents, or 0.5 percent, to $48.61 a barrel in London.

Retailers continued to struggle. Electronics chain Best Buy said its quarterly sales kept falling and its outlook was weak. That made Best Buy the latest retailer to disclose disappointing quarterly results. Its stock lost $2.45, or 7.4 percent, to $30.55. Shoe and accessories retailer DSW cut its outlook, saying it expects weaker sales this year. That came after the company reported disappointing results for its first fiscal quarter. The stock gave up $2.53, or 11.6 percent, to $19.20. Athletic apparel maker Under Armour rose after it announced a deal with UCLA worth $280 million over 15 years. The stock jumped 95 cents, or 2.5 percent, to $38.22. Twitter announced a series of format changes that make its 140-character limit a bit more flexible. While that might make Twitter more appealing to new users, Twitter did not abolish that limit entirely, as some had expected. Already trading around all-time lows, the stock declined 38 cents, or 2.6 percent, to $14.03. France’s CAC 40 added 2.5 percent while Germany’s DAX gained 2.2 percent. In Britain the FTSE 100 rose 1.3 percent. Japan’s benchmark Nikkei 225 fell 0.9 percent as the yen continued to strengthen, hurting Japanese exporters. South Korea’s Kospi edged down 0.9 percent. Hong Kong’s Hang Seng rose 0.1 percent. In other energy trading, wholesale gasoline gained 1 cent to $1.65 a gallon. Heating oil rose 1 cent to $1.49 a gallon. Natural gas fell 8 cents to $1.98 per 1,000 cubic feet. Gold fell $22.30, or 1.8 percent, to $1,229.20 an ounce. Silver slid 17 cents, or 1 percent, to $16.25 an ounce. Copper was unchanged at $2.07 a pound. The dollar rose to 109.98 yen from 109.19 yen. The euro slipped to $1.1143 from $1.1221.


THE TRIBUNE

Wednesday, May 25, 2016, PAGE 7

BILLS TO EXPAND GAMBLING TO INTERNET, BARS, AIRPORTS FAIL HARRISBURG, Pa. (AP) — Legislation that would expand casino-style gambling to airports, bars, off-track betting parlors and casino-run websites is stalling in Pennsylvania’s House of Representatives. The House soundly defeated two separate proposals Tuesday, as lawmakers look to resolve a yawning state government budget deficit without raising taxes.

Provisions The bills would have devoted slightly more than $300 million to public school employee pension obligations, although there’s no guarantee that its provisions would actually deliver that amount of money. Both bills would have made Pennsylvania the fourth state to allow online casino-style gambling, while allowing Pennsylvania’s licensed casinos to station slot machines at six international airports and offtrack betting parlors. One of the bills would have allowed video gambling at bars, taverns and truck stops. The bills’ prospects in the Senate are cloudy.

BEST BUY OFFERS WEAK PROFIT VIEW, SAYS CFO STEPPING DOWN

NEW YORK (AP) — Best Buy Co. on Tuesday offered a disappointing profit outlook for the current quarter, weighed in part by a recent earthquake in Japan that hurt the availability of some highly profitable products. The nation’s largest consumer electronics chain also said its chief financial officer, Sharon McCollam, is stepping down. She played a key role in the company’s turnaround a few years ago. McCollam will be succeeded by long-time executive Corie Barry following the company’s shareholders’ meeting on June 14 and stay on in advisory role for the rest of the fiscal year. The news sent Best Buy’s stock down more than 7 percent even as the company reported first-quarter profits that topped Wall Street projections. CEO Hubert Joly sought to ease investor worries about the company’s future in the wake of McCollam’s departure. “Our legacy will endure,” he said. But Best Buy faces challenges as it tries to re-energise growth. Under Joly, who took the helm in 2012, Best Buy has been cutting costs, revamping stores and improving training for its sales staff as it fights off competition from online leader Amazon and big discounters like Wal-Mart. It’s been rolling out services like shipping goods from all its stores, which means speedier deliveries.

NOTICE Zumaque Access Inc. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Zumaque Access Inc. is in dissolution as of May 20, 2016. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

It’s been working with big suppliers like Samsung to develop home theaters. And it has also been catering to shoppers’ increasing interest in “smart home” technology, which gives users the ability to turn down the heater remotely, for example. Best Buy’s investments in its online business have helped. Its online sales rose 24 percent in the latest quarter. But it has been battling softer sales because of declining prices for electronic products and the fact that fewer customers are upgrading their mobile devices. Joly told to reporters that

the average selling price for a 4K TV is down 30 percent from a year ago. Still, there are plenty of new innovations that he said should help drive sales, such as virtual-reality goggles. The company is feeling an immediate impact from an earthquake in April that hit southern Japan’s Kumamoto region and affected the supply of products like digital cameras and lenses, which carry high profit margins. It said that it now expects adjusted earnings between 38 cents and 42 cents per share in the current quarter. Analysts had been projecting

50 cents per share, according to a FactSet survey. For the three months ended April, Best Buy earned $229 million, or 70 cents per share. A year earlier the consumer electronics retailer earned $129 million, or 36 cents per share. Earnings, adjusted for one-time gains and costs, came to 44 cents per share, easily topping the per-share projections of 35 cents from analysts surveyed by Zacks Investment Research. Revenue fell to $8.44 billion from $8.56 billion. While the results beat the $8.29 bil-

NOTICE

lion that analysts expected, Best Buy’s first-quarter revenue has now dropped for the past three years. Revenue at stores opened at least a year in its domestic business were essentially unchanged for the quarter. Some of the bright spots were appliances, home theater and wearable technology like smart watches. The Richfield, Minnesota, company maintained its fullyear guidance for approximately flat revenue. Shares of Best Buy fell $2.45 to close Tuesday at $30.55, erasing most of their gains for the year.

PUBLIC NOTICE

NOTICE is hereby given that MERLANDE CASIMIR of Godet Avenue, 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 25th day of MAY, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, FAIRLEASE WALLACE of Muttonfish Drive, Golden Gates No.1, P.O. Box N-9504, Nassau, Bahamas intend to change my name to FEARLEASE WALLACE. 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.

MARKET REPORT FRIDAY, 20 MAY 2016

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,865.20 | CHG -10.02 | %CHG -0.53 | YTD 41.25 | YTD% 2.26

LIQUIDATOR

______________________ NOTICE Zumaque Energy Partners S.A. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Zumaque Energy Partners S.A. is in dissolution as of May 20, 2016. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

BISX LISTED & TRADED SECURITIES 52WK HI 3.30 17.43 9.09 3.50 4.70 0.18 8.34 8.25 5.80 9.10 15.50 2.57 1.60 5.80 7.55 11.00 7.21 6.90 12.25 11.00

52WK LOW 2.20 17.43 9.09 3.00 4.70 0.12 4.84 7.25 5.10 6.85 14.50 1.94 1.27 5.51 5.60 10.00 6.00 5.25 11.75 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 105.50 100.00 100.00 100.00 105.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

LAST CLOSE 3.30 15.85 9.09 3.50 5.22 0.12 6.76 8.15 5.69 8.99 15.27 2.69 1.50 5.80 7.55 11.00 7.21 6.36 11.93 10.00

CLOSE 3.30 15.85 9.09 3.50 5.22 0.12 6.76 8.15 5.70 8.99 14.50 2.66 1.50 5.80 7.55 11.00 7.21 6.36 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 -0.77 -0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

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

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

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

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

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

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

VOLUME

2,500 2,190 1,379

10,000

VOLUME

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.628 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.270 0.120 0.640 0.000

P/E 10.9 11.7 8.4 15.9 N/M N/M 36.5 14.8 11.2 16.6 27.5 19.5 9.0 11.4 12.3 11.5 11.5 9.0 15.8 0.0

YIELD 2.73% 6.31% 0.00% 4.57% 0.00% 0.00% 2.77% 3.19% 3.51% 4.00% 4.21% 2.26% 2.67% 4.14% 3.64% 0.00% 3.74% 1.89% 5.36% 0.00%

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

0.0 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%

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

LIQUIDATOR

______________________ NOTICE Zumaque Special Situations Inc. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Zumaque Special Situations Inc. is in dissolution as of May 20, 2016.

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

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

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

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330

MUTUAL FUNDS 52WK HI 1.97 3.82 1.91 160.64 138.35 1.42 1.64 1.53 1.05 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.37 1.50 1.45 1.02 6.11 6.93 5.55 10.37 8.65

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 Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund

NAV 1.97 3.83 1.91 164.74 133.64 1.42 1.64 1.53 1.04 6.67 8.01 5.81 10.66 8.65

YTD% 12 MTH% 1.35% 4.06% 1.43% 6.57% 0.70% 3.23% 1.67% 5.13% 0.66% -3.41% 0.93% 3.88% 1.00% 8.17% 0.80% 5.37% 0.49% 1.61% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%

NAV Date 30-Apr-2016 30-Apr-2016 29-Apr-2016 31-Mar-2015 30-Sep-2015 31-Mar-2016 31-Mar-2016 31-Mar-2016 31-Mar-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016

MARKET TERMS

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

LIQUIDATOR

______________________

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


PAGE 8, Wednesday, May 25, 2016

THE TRIBUNE

THE central control room for Ryanair flight operations at the airline’s Dublin headquarters. The liquid crystal wall map shows a live picture of every Ryanair flight airborne over Europe, North Africa, the Mediterranean. European budget carrier Ryanair has posted record full-year profits and passenger figures and expects both to hit new highs this summer amid rapid growth and declining fares. (AP)

RYANAIR POSTS RECORD 2016 PROFIT, SEES LOWER SUMMER FARES DUBLIN (AP) — European budget carrier Ryanair has posted record full-year profits and passenger figures, and expects both to hit new highs this summer amid rapid growth and declining fares. Monday’s results for the year ending March 31 showed the Dublin-based airline strengthening on every front. Net profit before exceptional gains rose 43 percent to 1.24 billion euros ($1.4 billion) and the percentage of seats sold rose 5 points to 93 percent. Total sales rose 16 percent to 6.54 billion euros and the overall number of passengers for the year rose 18 percent to 106.4 million. Chief Executive Michael O’Leary says Ryanair expects average fares to fall around 6 percent this summer and even more in winter amid increased competition and wellhedged fuel costs. He says Ryanair should carry 116 million passengers and record a minimum net profit in 2017 of 1.38 billion euros, 11 percent higher than Monday’s record figure. Analysts expect Ryanair to beat that forecast by at least 100 million euros. O’Leary said Ryanair foresees its fleet of Boeing 737800s growing this year by 53 aircraft to reach 380 as the airline expands eastward with

seven new bases including Bucharest, Romania; Prague, Czech Republic; Sofia, Bulgaria, and the German cities of Hamburg and Nuremberg. Ryanair already is central to western Europe’s short-haul traffic with the biggest market share in Belgium, Ireland, Italy, Poland and Spain. It’s No. 3 in Germany and France and No. 2 in Britain where it’s battling to dethrone budget rival easyJet. Ryanair shares rose 2.4 percent in afternoon Dublin trading to 13.53 euros. Monday’s net profit excluded an exceptional gain of 317.5 million euros from Ryanair’s November sale of its stake in rival Irish carrier Aer Lingus to IAG, the parent of British Airways. Ryanair launched three hostile bids for Aer Lingus that faced opposition from competition regulators, the Irish government and labor unions. Analysts credit Ryanair’s 2013 decision to start improving customer service and broadening its product range as critical in driving its latest growth. A business previously infamous for surprise extra charges and cut-throat inflexibility now offers smoother online sales, family and business tickets, more relaxed baggage rules and better space on its new Boeing models.

HP ENTERPRISE GETS SMALLER BY SELLING SERVICES DIVISION SAN FRANCISCO (AP) — Hewlett Packard Enterprise is continuing to slim down by selling its business services division to competitor Computer Sciences Corp. Both companies said the deal is worth about $8.5 billion to shareholders in HP Enterprise, one of two companies formed last year by the breakup of struggling tech giant Hewlett-Packard, Inc. HP Enterprise, based in Palo Alto, California, will now concentrate on selling data centre hardware, software and other commercial tech gear to big organisations. It’s spinning off a technology outsourcing and management services business that includes operations the old HP acquired when it bought Electronic Data Systems Inc., for nearly $14 billion in 2008. CEO Meg Whitman said the “enterprise services” division helped bring in customers. With roughly 100,000 employees, it contributes more than a third of HPE’s revenue.

But the division has lagged other segments in both growth and profit. Analysts say some of the operations acquired from EDS were outdated. Whitman announced the deal Tuesday as HP Enterprise reported better-than-expected revenue for its fiscal quarter ended April 30. Investors liked the news: HP Enterprise stock rose more than 10 percent in after-hours trading after the deal was announced. Shares in CSC surged more than 27 percent. Whitman has been trying to overhaul a once-mighty tech conglomerate since she became chief executive of the old HP in 2011. Nearly a decade ago, the old HP led the tech industry with annual sales above $100 billion, boosted by several large acquisitions including EDS and the personal-computer maker Compaq. But the company struggled to keep up with industry trends, as consumers bought fewer PCs and businesses shifted to new models of

commercial computing. Whitman oversaw a split last year that led to the creation of HP Enterprise and a second company, HP Inc., that’s focused on selling PCs and printers. Spinning off the services division will leave HPE with businesses producing about $33 billion in annual revenue, the company said Tuesday. It said the deal should boost annual revenue for Tysons, Virginiabased CSC to about $26 billion. HPE shareholders will get a cash dividend of $1.5 billion and a 50 percent stake in CSC, which will assume about $2.5 billion in debt and other liabilities. Including the services division, HPE reported $320 million in profit on $12.7 billion in sales for its most recent quarter. Profit rose 5 percent and sales were up 1 percent from a year earlier. Most of the sales growth came from its computer hardware division.


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