07012016 business by tribune242

FRIDAY, JULY 1, 2016

business@tribunemedia.net

Air cargo costs to rise ‘tremendously’ By NATARIO McKENZIE Tribune Business Reporter and NEIL HARTNELL Tribune Business Editor BAHAMIANS were yesterday warned that the cost of imported air freight will increase “tremendously” as a result of the new Customs fees and fines set to be imposed on operators from today. The warning came as Florida-based air cargo companies confirmed Tribune Business’s exclusive Thursday article that a withdrawal from the Bahamas market remains an option

Freight operators ‘up in air’ on continued service Claim Customs ‘want us to do their jobs’ Say new fines ‘bad thing for the Bahamian people’ should the amendments to Customs regulation 147 not be reversed.

Air cargo pull-out threat result of ‘ill thought-out policy’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE threat of a Bahamas boycott by Florida-based air cargo operators was yesterday branded as “the unintended consequences of ill-thought out policy” by the Opposition’s deputy leader. K P Turnquest warned that as an import-dependent economy, reliant on international transportation links, the Bahamian economy could only suffer if freight companies reduced or eliminated services to this nation. “At present, we depend on them to bring in perishables, fruit and flowers and the like, and ‘just in time’ kinds of material,” the FNM’s finance spokesman told Tribune Business. “To the extent they actually reduce or don’t provide the service, that’s obviously going to have an effect on the products we can offer on the hotel and tourism side of the economy. “It will have an obvious knock-on effect,” he added. “In the short-term, it’s going to have some adverse downstream effects if we’re unable to find replacement cargo carriers. “It’s just another little knock back. The unintended consequences of plans and policies that were not well thought out or consulted upon.

FNM deputy fears ‘knock back’ for economy

K. PETER TURNQUEST “With this increased cost and increased bureaucracy that accompanies it, all the processing and Customs involvement, that whole model becomes questionable.” Mr Turnquest was speaking after Tribune Business exclusively revealed on Thursday how Florida-based air cargo companies are threatening to boycott the Bahamas over the new Customs fees and fines set See PG B6

Services Coalition ‘irony’ over WTO By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net LACK of private sector involvement has been a key factor in why the Bahamas’ bid for full World Trade Organisation (WTO) membership has lasted 15 years and counting, a former Securities Commission principal believes. Hillary Deveaux said it was “extremely ironic” that the Bahamas launched its membership effort in 2001, the same year that 13 Caribbean countries began efforts to establish a Coalition of Services Industries in their nations. The Bahamas this week became the 14th regional nation to create such a Coalition, which has as a key objective to advance and protect the interests of services industries in trade negotiations. Mr Deveaux, who was recently appointed as the Bahamas’ alternate chief negotiator for the WTO membership effort, said the absence of advocacy bodies such as a Coalition of Services Industries had impeded the country’s progress in these talks. “It shows why we have not progressed in the accession to WTO,” Mr Deveaux said of the 15-year delay in the Bahamas forming its own Coalition of Services Industries. “It’s one of the reasons, but not the only reason, why See PG B4

15-year wait highlights why Bahamas accession slow Business must protect itself as ‘free trade not fair’ Intellectual property ‘one of our main violations’

$4.15 $4.20 $4.21

$4.21

Walter LeBlanc, chief pilot for Fort Lauderdale-based Island Wings, said he and his colleagues were mulling whether to end services to the Bahamas, telling this newspaper: “It’s up in the air right now.” He explained: “It will have a major impact. Basically, they are making us responsible for doing their jobs. Customs officers are supposed to inspect incoming cargo passengers and their baggage. What they are doing is now they are putting that job on us, and if it is not done they are fining us heavily, which I don’t think is not fair deal.”

And Mr LeBlanc then warned: “This is going to cause the price of freight to go up tremendously, which is a bad thing for the Bahamian people. They hit us two years ago with the $150 on each flight. “How is that fair, when we have an airplane that carries seven people, and Jetblue has an airplane that carries 250 people? We both have to pay $150. They can spread that out on 250 passengers, and we have to spread it out on seven passengers. “It’s just getting to the point See PG B7

Govt ‘accelerates’ WTO member push By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s reconstituted trade negotiating bodies face a “huge task”, its chief negotiator acknowledged yesterday, adding that his appointment showed it wanted to “accelerate” the Bahamas’ accession to full World Trade Organisation (WTO) membership. Philip Galanis, principal of the HLB Galanis accounting firm, told Tribune Business that while the Government had set “no timelines” for the Bahamas to become a full WTO member, it was likely to be at least an 18-24 month exercise. He confirmed that the Bahamas Trade Commission, consisting of private sector representatives, had been reformed in March, with a mandate to represent the business community’s various positions on trade issues. The Trade Commission will also be responsible for educating the Bahamian people on trade, and what it means to their lives, and is planning to conduct a first public survey on the topic next month. Mr Galanis, meanwhile, said himself and the Government’s

Galanis named Bahamas chief trade negotiator Says: ‘Onerous task, but we’re not daunted’ ‘No timeline’, but suggests 18-24 month process alternate chief trade negotiator, former Securities Commission chief, Hillary Deveaux, headed a 15-person negotiating team that would negotiate the terms of the Bahamas’ WTO accession directly. The other 13 members are permanent secretaries and senior officials from government ministries and bodies that will be directly impacted by the Bahamas’ entry into the global economy’s rules-based trading regime, such as the Governor of the Central Bank of the Bahamas. “The Government is committed to accelerating the discussions on WTO,” Mr Galanis told Tribune Business, implySee PG B5

Bahamas exports decline by 36% to five-year low Imports also fall to lowest level since 2011 in 2015 Merchandise deficit narrows 12% to $2.7bn Drops reflect low economic activity levels By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ merchandise trade deficit fell by 12.3 per cent in 2015 to $2.719 billion, as the decline in imports offset a more than one-third reduction in exports. The annual trade report, released by the Department of Statistics, revealed that Bahamian goods’ exports - a vital source of foreign currency earnings - dropped by $246.4 million or 35.7 per cent year-over-year in 2015. The decline, from $689.2 million to $442.8 million, was attributed largely to declines in the re-export of ‘mineral fuels’ and ‘chemicals’, but was offset by a greater fall in the Bahamas’ import bill. This fell by $628.5 million, or 16.5 per cent, dropping from $3.79 billion in 2014 to $3.162 billion last year. Bahamian imports thus fell to their lowest level in five years, since 2011, another sign of a struggling economy where consumer demand is relatively low. A major contributor to the decline is likely to have been the reduction in global oil prices, which lowered the Bahamas’ nine-figure annual fuel import bill, plus a reduced level of economic activity highlighted by a 1.7 per cent contraction in real gross domestic product (GDP). These factors are likely to have figured prominently in reducing the Bahamas’ merchandise (physical goods) trade deficit from 2014, when it breached the $3 billion mark at $3.101 billion. “The trade deficit decreased by 12.3 per cent between 2014 and 2015, resulting in a negative trade balance of $2.7 billion,” the Department of Statistics report said. “The value of commodities imported into the Bahamas totalled $3.2 billion, resulting in a significant decrease of 16.5 per cent between 2014-2015.” It conceded that there had been a “significant decline” in the total value of Bahamian exports, attributing this especially to a 57.4 per cent fall in the value of ‘mineral fuels’, which dropped from $165.3 million to $70.4 million. “The category of ‘chemicals’ also See PG B6

PAGE 2, Friday, July 1, 2016

Healthy employees are productive employees ASK yourself: What is my company doing to promote health and wellness? How serious are your leaders about ensuring that you and your team members are mentally and physically fit for the daily workload? Globally recognised research tells us that companies, who pay close attention to their employees in holistic ways get far more from them in productivity. If you are looking to introduce a health and wellness initiative at your workplace, ensure the programme has these five features:

1. Proper nutritional plan. This can be accomplished in a number of ways, including vetting the providers of food options available in vending machines and the staff cafeteria; supplying the staff with ample water; offering diet meal plans for individuals on the team desirous of shedding the extra pounds. In a country like ours, where food is taken as seriously as it is, companies need to offer greater support in ensuring their employees make better choices.

2. Rigorous exercise plan. Again, this is eas-

Ministries partner on tourism health

ily accomplished by simply forming an afternoon or morning walking club, setting aside a space in the office and leasing used gym equipment, or introducing lunchtime aerobics with a fitness trainer. If bodies are going to remain healthy, they must keep moving. 3. Manage workload and alleviate high stress levels. Perhaps the greatest cause of premature death in the workplace is stress. Many work environments have become so tense that people find themselves working later hours, working See PG B5

IAN FERGUSON

Second Bahamian in insurance graduation

YOLAND G MOSS

AN account executive with J.S. Johnson & Company is the second Bahamian insurance professional to qualify for the Associates in Captive Insurance (ACI) designation. Yolanda G. Moss already held the ACII (Advance Diploma in Insurance) qualification from the Chartered Insurance Institute (UK), making this latest qualification her second major education achievement. Ms Moss said: “I am absolutely thrilled to have completed the ACI designation. The past year has gone by in a whirlwind, but I found the

ICCIE courses particularly interesting. “Insurance at its core is the same: it is simply a mechanism to transfer risk. What the courses showed me is a new facet to the industry, which truly is a broad field. And, of course, I got a greater appreciation for just how widely regulations differ between jurisdictions. “I’m so grateful to have been afforded this opportunity, and I am particularly thankful that J. S. Johnson was so accommodating. Through our broker affiliations I already have been able to put my knowledge

THE TRIBUNE

to use, and I anticipate that The Bahamas will again be seen as a worthy captives domicile in years to come.” The International Centre for Captive Insurance Education (ICCIE), based in Vermon t, introduced the ACI programme in 2004 to meet an identified need in the captive training space. It is described as the first comprehensive captive insurance education programme in North America, with the ACI designation recognised and respected globally. The Bahamas Financial Services Board (BFSB) and the Insurance Commission of The Bahamas (ICB) introduced the ACI Designation programme in the Bahamas in 2013, offering scholarships to interested insurance practitioners. Anastasia Campbell, attorney and partner at Graham Thompson, was the first Bahamian to qualify for the ACI designation earlier this year. Two other scholarship recipients are currently completing the programme. It is anticipated that at least two other scholarships will be awarded in 2017.

TWO government ministries have teamed with a Caribbean agency to launch the Tourism Health and Safety Programme (THP), which is designed to protect the health and well-being of visitors and Bahamians. The Ministry of Tourism and the Ministry of Health have partnered with the Caribbean Integrated Public Health Agency (CARPHA) to devise THP, which is part of a regional tourism and health project. This is jointly funded by a grant from the Inter-American Development Bank (IDB), aimed at protecting and enhancing the health and well-being of visitors and locals, thereby promoting sustainable and profitable tourism in the Caribbean. The Bahamas is one of six participating countries involved in the initiative, which aims to provide costeffective and quality healthcare, and food safety and environmental sanitation solutions, to threats impacting sustainable tourism in the Caribbean. Obie Wilchcombe, minister of tourism, said the Ministry fully supports the initiative. “I believe that we only stand to benefit from ensuring that our guests are healthy and protected,” he said. “With tourists being much more conscious about their health when they travel, it is important that we take steps to ensure that they not only feel safe, but have health facts readily available about our country. “We’re excited about participating in any healthbased programme. It shows that we take our guests’ needs seriously.” The workshop and training for the THP programme began at the British Colonial Hilton on Monday. The project stems from the fact that the health of Caribbean economies, including the Bahamas, is closely related to the health

of its tourism industry, given that the Caribbean is the most tourism-dependent region in the world. Enhancing sustainable tourism will promote economic development, poverty eradication and improve the quality of life in the Bahamas. Up to July 2015, the Bahamas recorded 512,215 air and sea arrivals. For the 2014-2015 cruise year, which encompassed the period May 2014 to April 2015, 3.93 million cruise passengers and crew members visited the Bahamas, according to a study conducted by Business Research and Economic Advisors (BREA). As a result, more than 7,000 jobs paying $138 million in wages were sustained in the Bahamian economy, the report stated. The Ministry of Tourism believes THP’s key benefit will be fewer outbreaks and other negative public health events occurring in the tourism industry. This, in turn, will promote a healthier, safer and more reputable tourism product. The Ministry added that another major benefit will be an innovative, regional THMR system for both stopover and cruise ship visitors. This proposal will also strengthen human resource capacity and skills in health, food safety and environmental management, and promote public-private sector inter-sectoral partnerships at national and regional levels. CARPHA serves 24 Caribbean countries and territories. It is mandated by Heads to prevent disease, promote health and respond to public health emergencies.

Career Opportunity Scotiabank (Bahamas) Limited is seeking the services of a

Personal Banking Officer Position Summary: The Personal Banking Officer is a member of the branch team and is responsible for contributing to the overall success of the branch at which they are assigned by meeting negotiated goals through the identification and satisfaction of customer needs. Success will be achieved through meeting the goals negotiated with the branch manager. These assigned goals include specific personal sales goals, sales activity goals, along with other objectives relating to teamwork, customer service and personal development.

Key Accountabilities for this role: • Identifying and satisfying the financial needs of potential customers; • Listening to and fully identifying the customer’s needs to link the identified need to appropriate solutions; • Using the Bank’s referral process when a referral opportunity is identified; • Initiating calls to a predetermined group of customers to retain and expand banking relationships, by offering customized solutions to customers; • Developing new customer opportunities through referrals from existing, satisfied clients and other sources; • Consistently delivering the desired customer experience during every customer interaction; • Applying the Know Your Customer (KYC) requirements including verifying and documenting Customer identity, source(s) of funds and the nature of the activity that is to be undertaken.

Educational Requirements: • Three years of related experience within the finance industry, in a Lending capacity; • Undergraduate Degree in Banking, Marketing or General Business

Functional Competencies: • • • • • • • •

Strong sales ability; Thorough knowledge of all Commercial Banking products and services; Excellent written and oral communication skills, negotiation and analytical skills; Good technical knowledge of Banking Systems and platforms; Strong Relationship Management Skills; Strong Customer Service Skills; Strong networking and interpersonal skills; Goal oriented and a self-starter

Qualified candidates should submit C.V. via email to: hrbahamas@scotiabank.com on or before July 8, 2016 Only candidates short-listed for an interview will be contacted.

®Trademark of The Bank of Nova Scotia, used under licence (where applicable).

THE TRIBUNE

Friday, July 1, 2016, PAGE 3

Bran promises ease to exchange control By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Democratic National Alliance’s (DNA) leader has pledged to ease the Bahamas’ exchange control regime if elected to office, and to make the Bahamas known as a “country open for business”. Branville McCartney told Tribune Business that he would immediately tackle the bureaucracy, “red tape” and inefficiency plaguing the approvals processes for too many entrepreneurs and those looking to either enter or expand businesses. “What we should be aiming for is a country known for being open to business - locally and to the world,” he said. “All this red tape, bureaucracy, taxes and inefficiency causes it to be an objective that cannot be reached under this administration. “Under a DNA administration, we are going to be open for business. We are going to be efficient, make sure that people do their jobs, and are going to invite businesses from around the world and locally.” Tribune Business has frequently highlighted in recent articles how the dif-

Will make Bahamas known as ‘open for business’ Red Carpet Inn exposed capital cost disadvantage Says Bahamians must get ‘economic independence’ BRANVILLE MCCARTNEY ficulties and uncertainties experienced by many Bahamian and foreign-owned businesses in obtaining timely, efficient approvals has contributed in no small part to the economy’s past two-year contraction and inability to create meaningful, sustainable jobs. The issue was brought into further focus by Ryan Pinder, the former financial services minister in this administration and Elizabeth MP, when he revealed that he had two separate clients who have been waiting 10 weeks and three months, respectively, for Business Licences. This seems to have finally caught the attention

of Prime Minister Perry Christie, who this week told a seminar hosted by the Inter-American Development Bank (IDB) and National Development Plan secretariat, that the Bahamas’ 106th ranking in the World Bank’s ‘ease of doing business’ rankings was “unacceptable”. “For far too long we have been too complacent,” Mr Christie said. “While there have been important changes over the decades, we have not as a country made a collaborative and concerted effort to change the Bahamian business environment and we are paying heavily for that now.”

He continued: “Our business environment, unfortunately, is know for its red tape and bureaucracy. Our agencies are too often likely to say come back another day, than offer advice on how to achieve the desired outcome. “We must continue to change this negative reality if we are to exist as a vibrant service economy, and if our Bahamian-owned businesses are to flourish. There must be clarity in our rules, certainty in our application and a zero-tolerance for graft and corruption.” Mr McCartney, in his recent interview with this newspaper, promised that a DNA administration would help businesses “get on their feet and to be successful”. And, for those seeking to expand or make investments abroad, he pledged to facilitate this via amendments to the Bahamas’ exchange control regime. “We’re going to ensure there’s no economic discrimination against Bahamians by relaxing the exchange control laws that apply to Bahamians,” he told Tribune Business. “Currently, they can only get financing and capital in this jurisdiction.” This, Mr McCartney said,

placed them at a disadvantage against foreign investors, who were able to exploit lower interest rates on the international markets to obtain cheaper financing. The DNA leader said this issue was brought into sharp relief for him when he mulled a bid for a wellknown boutique hotel that had been placed on the market. “I looked at a hotel a yearand-a-half ago, the Red Carpet Inn,” Mr McCartney told Tribune Business.

Isn’t Your Health Worth It?

Career Opportunity

‘Much work’ ahead over business ease By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas has “a lot of work to do” before it sees a dramatic improvement in the ease of doing business, the Opposition’s finance spokesman said yesterday, adding: “There’s just too much government bureaucracy.” K P Turnquest, the east Grand Bahama MP, was commenting after Prime Minister Perry Christie said this nation must strive to move into the top 50 on the World Bank’s ‘ease of doing business’ index in five years, asserting that the current 106th ranking does

not reflect its capabilities and potential. “There’s just too much government bureaucracy. There are too many agencies involved,” Mr Turnquest said. “You ought to be able to go to a ‘one-stop shop’ and get things done. “There are so many various agencies that you have to go through. There is no ‘one-stop shop’ for everything. There has been some improvement with respect to the technology. However, it lags and there is a lot more work to be done. “It’s not going to happen overnight. There are a number of things that need to be done. We have a lot of work to do before we see any real

dramatic improvement in that regard.” Mr Christie, while speaking this week at a seminar on innovation, transparency and service delivery hosted by the Inter-American Development Bank (IDB), in conjunction with the National Development Plan secretariat, said this nation’s 106th ranking is “not acceptable”. He stressed that there must be a transformation of the business climate in the Bahamas. “Getting into business, the ease of opening a business, is a problem. There is also an issue with the registration of land and trademarks,” Mr Turnquest said.

“I looked at it and thought: ‘What would it take to buy that? “They wanted you to give everything including the kitchen sink to the bank. If I could have had access to capital internationally, I could have gotten that in a heart beat. “Because of economic discrimination, I had to say I couldn’t do it. We have political independence, but not economic independence as a people. That has to change.”

“Then there are all of the inspections and licensing protocols that have to be done. There is also the issue of taxation. You have Business License, now VAT and this issue with NIB trying to get into the act with this Tax Compliance Certificate, all of which adds to the difficulty in doing business. “You also have issues with collections, and there being no credit bureau to access creditworthiness. You also have a lack of financing. There is also the worker productivity issue. There are many issues affecting the ease of doing business in this country.”

NURSES

In the ER, ICU and Med/Surg Unit of Doctors Hospital

GENERAL QUALIFICATIONS • • •

BSN or Associate Degree from an accredited Nursing Program Registration with the Nursing Council of the Bahamas Strong computer skills

ER NURSE ADDITIONAL QUALIFICATIONS • • •

Experience working within an ER environment Proven management capabilities in an Emergency Room a plus Current Certification in BLS and ACLS

ICU NURSE ADDITIONAL QUALIFICATIONS • •

Minimum of 3 years recent clinical experience working within an ICU environment Current Certification in BLS, ACLS and PALS

MED/SURG NURSE ADDITIONAL QUALIFICATIONS • • •

Experience working within a Med/Surg environment Proven management capabilities in a Med/Surg environment a plus Current Certification in BLS and ACLS

Salary commensurate with experience. commensu Only short-listed candidates will be contacted for interviews. Application deadline: Friday, July 22, 2016 Email resume to hr@doctorshosp.com with subject line: ER or ICU or Med/Surg

Please submit resume to: The Human Resources Department Doctors Hospital P.O. Box N-3018 Nassau, Bahamas Fax us at: (242) 302-4738 Email: info@doctorshosp.com Website: www.doctorshosp.com

Project:

Request for Proposals and Qualifications Hotel Renovations

CORAL TOWERS ATLANTIS PARADISE ISLAND, BAHAMAS dck Bahamas Inc. is hereby soliciting contractors interested in providing qualifications and proposals for renovation work for the above referenced project.

Project Description

the project consists of refurbishing and renovations to Guestrooms and corridors, ocean tower, Lagoon tower, and coral towers Main Lobby. the Guestroom work includes demolition, millwork, electrical, HVAc, paint and tile. the Lobby will be refinished with new materials. this is a phased project and will be turned over to the owner progressively. All locations will be worked on at the same time.

Proposal Request

this project may require that the contractor provide a Performance and Payment Bond or Surety Letter of credit for the value of the work. the owner and construction Manager reserves the right to accept a proposal that is in the best interest of the owner. the Atlantis is a World class Facility and has expectations of the highest quality of work. Interested parties should send an email to the address noted

SMOAtlantisBahamasRenovation@dckww.com by July 15, 2016.

PAGE 4, Friday, July 1, 2016

Services Coalition ‘irony’ over WTO From pg B1 we have not moved further in the accession to WTO. We have to have input from stakeholders. “They have to protect their interests, and ensure they have market access outside the jurisdiction.” Mr Deveaux, who chaired the services negotiating group for the short-lived Free Trade Area of the Americas (FTAA) project, said those talks exposed just how far behind the Bahamas was in terms of private sector involvement. He recalled how the US, in particular, was agitating to see other countries’ legal frameworks, so it could both protect the interests of American business and ensure foreign markets were

opened up to their goods and services. “You don’t go into these negotiations unless you have the support of organisations like the Coalition of Services Industries,” Mr Deveaux said bluntly. The former Securities Commission executive director, who is now a consultant to the Ministry of Financial Services, the ministry responsible for trade matters, emphasised that the notion of so-called ‘free trade’ was a myth when it came to the WTO. He told Tribune Business that the rules, or ‘terms of trade’, that the Bahamian economy and private sector will face upon accession to the WTO depend entirely on the skills of the negotiating team that himself

and HLB Galanis principal, Philip Galanis, will lead. “This thing about free trade, the WTO and other agreements, they’re not fair trade,” Mr Deveaux told this newspaper. “It has nothing to do with fairness. It’s how you negotiate.” He added that “massive education programmes” were required to inform the business community and individual Bahamians how WTO membership would impact their daily operations and lives. “One of the biggest violations in trade in the Bahamas is intellectual property rights,” Mr Deveaux admitted. “You see people near food stores, selling DVDs and CDs. They’re not legitimate, and think they’re making an honest living, but they’re abusing private individuals and companies’ intellectual property rights. It’s like going into

a person’s home and stealing. They don’t understand that.” Mr Galanis, in a separate interview, confirmed to Tribune Business that one of the newly-reformed Trade Commission’s primary tasks will be to educate the private sector and Bahamians on free trade agreements, and how they impact them in practice. “Our mandate is to ensure Bahamians are aware of the importance and terms of the various trade agreements undertaken by the Bahamian Government,” he said. “We are mandated to raise awareness of the impact of the trade agreements. There are a number of factors that will impact our daily lives; the removal of tariffs, movement of labour and anti-dumping.” The Bahamas’ negotiators, in talks with the countries that have an interest

THE TRIBUNE in trading with this nation, such as the US, Canada, European Union (EU) and other Caribbean nations, will be tasked with achieving the best possible ‘terms of trade’ for local businesses. WTO membership will mean that the Bahamas formally enters, for the first time, a truly global trading system where it has to ‘play by the rules’ with 152 other countries, and not enjoy the typical ‘ad hoc’ arrangements many exporters have previously been used to. “We want to look at the industries to protect,” Mr Galanis told Tribune Business. “We need to understand and identify sectors vulnerable to trade liberalisation. “We don’t want to open up, for example, the transportation sector to persons in the international arena. That’s going to be very important for us.”

Mr Galanis acknowledged that the Bahamas has already signed on to the Economic Partnership Agreement (EPA) with the European Union (EU), its first-ever rules-based trading treaty, but has yet to take full advantage of it. The Bahamas has also yet to implement all its obligations under the EPA, such as the creation of a competition watchdog. “In a number of instances, it’s a matter of implementing things and taking full advantage of concessions granted under the EPA,” Mr Galanis added. He emphasised that the Standards Bureau would play a key role in the Bahamas’ integration into the world economy, as it would certify that this nation’s exports met global health and safety standards - sanitary and phytosanitary standards - and were of a particular quality.

REMA Properties Inc. Company No. 92129 (In Voluntary Liquidation)

GILREN CONSULTING INC. Company No. 532416 (In Voluntary Liquidation)

NOTICE LEDINGALE SECURITIES LTD. In Voluntary Liquidation

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that REMA Properties Inc. is in voluntary liquidation. The voluntary liquidation commenced on 27th June, 2016 and Oliver Billeter of Weingartenstrasse 7, 8805 Richterswil, Switzerland has been appointed as the Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that GILREN CONSULTING INC. is in voluntary liquidation. The voluntary liquidation commenced on 27th June, 2016 and Oliver Billeter of Weingartenstrasse 7, 8805 Richterswil, Switzerland has been appointed as the Sole Liquidator.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, LEDINGALE SECURITIES LTD. is in dissolution as of June 29, 2016

Dated this 27th day of June, 2016 Sgd. Oliver Billeter Voluntary Liquidator

NOTICE CENTRAL SPRINGS LTD. In Voluntary Liquidation

NOTICE OTENSE OCEAN LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CENTRAL SPRINGS LTD. is in dissolution as of June 27, 2016

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, OTENSE OCEAN LTD. is in dissolution as of June 27, 2016

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

LIQUIDATOR NOTICE Saracen Ventures Holding Inc. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Saracen Ventures Holding Inc. is in dissolution as of June 27, 2016

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

LIQUIDATOR

NOTICE ALPHA AIR INTERNATIONAL S.A. In Voluntary Liquidation

NOTICE ATLANTIC LNG VALLEY INC. In Voluntary Liquidation

NOTICE TROPICANA VALLEY CREST LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ALPHA AIR INTERNATIONAL S.A. is in dissolution as of June 17, 2016

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, ATLANTIC LNG VALLEY INC. is in dissolution as of June 27, 2016

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TROPICANA VALLEY CREST LTD. is in dissolution as of June 27, 2016

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

LIQUIDATOR

NOTICE THAMIN VALLEY INC. In Voluntary Liquidation

NOTICE Exuma Invest Group Ltd. In Voluntary Liquidation

NOTICE RENGIFO S.A. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, THAMIN VALLEY INC. is in dissolution as of June 27, 2016

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Exuma Invest Group Ltd. is in dissolution as of June 23, 2016

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, RENGIFO S.A. is in dissolution as of June 24, 2016

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

FULVIO GUERRA situated at Puente del Rey, house A138, Anayansi street, Panama, Republic of Panama is the Liquidator.

LIQUIDATOR

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

LIQUIDATOR

THE TRIBUNE

Friday, July 1, 2016, PAGE 5 nounced in successive Budgets were an unspoken move by the Government to prepare for WTO and trade liberalisation, as such taxes are viewed as ‘barriers to trade’ that must be abolished or reduced to the bare minimum. “Over the past 10 years, since the commitment was made to join the WTO, our Customs duties have fallen gradually every year in anticipation we were going to enter into WTO,” he revealed. “The Government has been doing positive steps without indicating what the long-term objective is.” Mr Galanis has effectively taken over the post of lead trade negotiator from Raymond Winder, Deloitte & Touche (Bahamas) manag-

Govt ‘accelerates’ WTO member push From pg B1 ing that his appointment, and “reconstitution” of the Trade Commission, was evidence of this desire. “I’m convinced the Government is committed to doing it, but doing it seriously, and in a way that can provide advantages to Bahamians in a global environment.” Mr Galanis acknowledged that and enormous amount of work awaited the Trade Commission and the Government’s negotiating team, both in achieving the best possible WTO membership terms and preparing the Bahamian public and businesses for how it will impact them. “There’s a tremendous education process that’s going to be undertaken,” the former PLP MP and Senator told Tribune Business. “Our task is very onerous, but we’re not daunted by it at all.” He added that a primary function of the Trade Commission will be “to make sure the public is aware of what trade is, and what it’s all about; what is and is not permissible; and how the agreements we sign on to integrate into everyday activities”. Mr Galanis said this effort would be kick-started shortly with a public survey, which seeks to establish “a

baseline” of where the Bahamian people are on trade issues. “The Trade Commission is going to be conducting a survey on trade, which we’re hoping to get started next month,” he added. “We’re hoping to establish a baseline of persons’ attitudes, concerns and expectations about trade. There will be another one down the road.” Mr Galanis said the reformation of the Trade Commission meant there was little danger that the Bahamas’ WTO accession would slip past the private sector unnoticed, or that the Government would unwittingly commit to terms that place local businesses at a disadvantage. “What the Government has done in reappointing the negotiating team, it is committed to moving the process forward,” Mr Galanis told Tribune Business. “We have been given no timelines, but this is evidently an 18-24 month exercise; a process that involves a lot of discussion and debate in the public domain about the threats, opportunities and benefits that arise from WTO.” The timing of the Bahamas’ accession to full WTO membership is not in its hands. This nation is cur-

PHILIP GALANIS rently negotiating with a ‘Working Group’, made up of nations such as the US, Canada, European Union (EU) and other Caribbean states, who have an interest in trading with it. These negotiations with the ‘Working Group’ representatives will determine the Bahamas’ terms of trade and its membership, as they will finalise which sectors of

the economy will be ‘liberalised’ - opened up to foreign companies and workers. Corporate Bahamas will also have to rapidly adjust to operating under rulesbased trading regimes once this nation joins the WTO, as this is the body that sets the terms for all global trade. Mr Galanis said the import duty/tariff cuts an-

Healthy employees are productive employees From pg B2

weekends and spending much of their waking hours at work. Much of the job stress issue is tied to the ‘job fit’ dilemma. Someone once said, when you love doing what you do, you will never work a day in your life. 4. Take time for vacation. Closely tied to the previous point, employers must see the value of employees taking and enjoying their vacation. A simple way to make this possible is ensuring that they are paid to take vacation, and disadvantaged in some-way if they opt not to take it. One simple way is to not have vacation weeks rolling into a new financial year unless for valid reasons. The old adage is still true: All work and no play makes Jack a DEAD boy. 5. Company EAP programme. People need to talk. Men and women sometimes have serious life issues, and are in need of

professional help to work through them. Whether it is substance abuse, domestic abuse, a financial disaster, work-related stress, health and medical conditions or grief, responsible companies rush to the aid of their team members with help and hope. Evaluate your company’s stance and initiatives in line with these five health and wellness plan features. If, and where, they fall short, start making suggestions to your human resource coordinator or begin the programme yourself. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.

NOTICE Murphy Central Dohuk Oil Co., Ltd. NOTICE IS HEREBY GIVEN as follows: (a) Murphy Central Dohuk Oil Co., Ltd. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 28th day of June, 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 NOTICE

Murphy Suriname Company Ltd. NOTICE IS HEREBY GIVEN as follows: (a) Murphy Suriname Company Ltd. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 28th day of June, 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

NOTICE FORRESTER INTERNATIONAL INC. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Forrester International Inc. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 14th day of June, A.D., 2016. Dated the 01st day of July, A.D., 2016. Jerome E. Pyfrom Liquidator

ing partner (and Baha Mar receiver), who was handed the job by the former Ingraham administration. His ‘alternate’, Mr Deveaux, who is now a consultant to the Ministry of Financial Services, the ministry primarily responsible for trade matters, chaired the services negotiating group for the short-lived Free Trade Area of the Americas (FTAA) project. Trade specialists, though, have previously told Tribune Business that it is highly unusual for countries to name private sector professionals such as Messrs Winder and Galanis, both accountants, as their lead negotiators. Such a role normally goes to senior public officials.

PAGE 6, Friday, July 1, 2016

Air cargo pull-out threat result of ‘ill thought-out policy’ From pg B1 to be introduced today. This newspaper obtained correspondence which warns air cargo/freight companies to “be prepared to withhold your services” if it becomes necessary to force the Government to repeal changes that accompany the 2016-2017 Budget. The letter, addressed to ‘all carriers to the Bahamas’, and copied to the many local couriers and import brokers they serve, warns that the potential liabilities from the new Customs penalties “are more

than any reward our airlines can make”. Arguing that these sanctions could be imposed for infractions over which air cargo companies “have no control”, the letter says the sector “cannot be held hostage by Bahamas Customs”. Then, suggesting a potential boycott of this nation as a last-ditch response if all else fails, it adds: “The Bahamas needs us as much as we need them.” In common with the ocean shipping industry, the cargo airlines are especially concerned about the changes to regulation 147 in

Bahamas exports decline by 36% to five-year low From pg B1 showed significant decline from 2014’s total of $276.2 million, compared to $145.7 million for 2015,” the Department of Statistics said. “Domestic exports ($223.8 million) accounted for 50.5 per cent of total exports. The main contributors to domestic exports were the categories of ‘chemicals’, totalling $135.5 million (60.5 per cent of total domestic exports); ‘food

and live animals’, totalling $62.1 million (27.7 per cent of total domestic exports), and ‘crude minerals’ totalling $24.8 million (11.1 per cent of total domestic exports). “Three commodities, ‘expansible polystyrene’ valued at $83.7 million; ‘spiny lobster tail fresh, chilled and frozen’, at $56.2 million; and ‘other compounds containing a pyrimidine or piperazine ring’ at $49 million, accounted for some 84

NOTICE

the Customs Management (Amendment) Regulations. This requires all cargo planes to submit their C7 general declaration forms to Customs, detailing all freight items they are bringing in, to Customs one hour before touching down in the Bahamas. While this will incur a $75 processing fee, any C7s submitted less than an hour before arriving in the Bahamas will be subjected to a $2,500 charge. Air cargo operators will be subjected to a $5,000 per item fine for every “prohibited or restricted good” found on board. A fine equivalent to 25 per cent of the value will also be incurred for every item not

declared prior to landing in Nassau. Mr Turnquest said the implementation of these penalties, and the manner in which it had been done, brought back memories of how the Christie administration undermined Freeport’s logistics ‘business model’ with the fees introduced in the 2013-2014 Budget. Besides increased attendance fees for Customs officers to come to an import/ export business, the Government also introduced a 1 per cent ‘processing fee’ and environmental levy on goods brought into the Bahamas. Recalling how these led to the demise of VTrade,

the business created by former Chamber of Commerce chairman, Robert Myers, Mr Turnquest said: “It closed because of a similar kind of situation, where you had import processing and servicing fees imposed without consultation. “This is the same kind of situation, and it goes against the whole value proposition. If you’re increasing the cost of coming in and going out, you’re going to put that business out of reach. “We ought to be looking to reduce the cost and encourage big freight companies to come into town and create jobs for the economy.” The letter seen by Trib-

une Business confirmed that the new regulations threaten to undermine the business model for air cargo operators, especially those hired for specific charters, who relied on quick turnaround times after landing in the Bahamas. “A side effect, which is just as crippling as the financial, is that the general declaration will not be stamped until the cargo has been inspected,” the letter said. “This is deadly, as there are times Customs takes three to four hours to clear our flight. My aircraft are scheduled with a 30 minute turn time to meet the requirements of our other clients.”

per cent of total domestic exports.” On the other side of the merchandise account, machinery and transport equipment accounted for 19.4 per cent of Bahamas imports, standing at a total $614.6 million, while ‘mineral fuels’ - the most expensive commodity in 2014 - dropped to $535.5 million or 16.9 per cent due to the global oil price drop. Food-related products, such as meats, fruit and vegetables and processed foods, accounted for $508.7 million or 16.1 per cent of total imports, with manufactured goods equivalent

to $432.9 million or 13.6 per cent. “The commodities which contributed mainly to total imports were, ‘motor gasoline (unleaded)’, valued at $197.4 million; ‘diesel’, valued at $157.8 million; ‘other lubricating oils’, valued at $62.3 million; and ‘strips of polystyrene’ at $42.9 million. The combined value of these commodities represented 14.5 per cent of total imports.” The year-over-year decline in the merchandise trade deficit is helpful to the Bahamian economy, given that it places less strain on the capital account and

the main foreign exchange earners - tourism and financial services - to bridge the gap. However, the dramatic drop in exports, which also hit a five-year low and are down 45.5 per cent from the $811.711 million ‘high’ in 2013, represents a worrying development as there is less diversification in foreign exchange-earning sources. The US maintained its position as the Bahamas’ major trading partner, sending $2.583 billion worth of imports to this nation. It also remained the Bahamas’ major export market at $364.727 million. “While the United States ($2.6 billion) maintained its position as the Bahamas’ main trading partner, representing 81.6 per cent of total imports, there was a significant amount of trade as it relates to imports between the Bahamas and Dominica ($47.1 million), which showed a substantial

increase over 2014’s $3.3 million ,and Japan ($35.8 million),” the Department of Statistics said. “In terms of exports, the US ($364.7 million), France ($16.4 million), Finland ($14.1 million) and Canada ($5.5 million) were among the top partner countries, representing 82.3 per cent, 3.7 per cent, 3.1 per cent and 1.2 per cent of total exports, respectively.” It added: “Trade between the Bahamas and CARICOM countries was minimal, as the region represented only 2.4 per cent of total imports and 1.5 per cent of total exports. “Oil products imported from Dominica, valued at $43.1 million, accounted for 56.5 per cent of total imports from the region. In terms of exports, Barbados, St Kitts and Nevis and Antigua and Barbuda combined represented 88.6 per cent of CARICOM’s total in 2015.”

NOTICE

NOTICE is hereby given that STEPHANIE MILFORT of Butler’s Way off Carmichael Rd., P.O.Box CR-55647, 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 24th day of June, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that GINA PIERRE of #30 Eden & Foster Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of June, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, DELSEANA SMITH of #33A Palmetto Avenue and Acklins Street, St. Cecelia Subdivision,P.O. Box EE-15791 New Providence, Bahamas intend to change my name to DELLSEANER ROSZELDER SMITH. 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.

THE TRIBUNE

NOTICE is hereby given that SAINTUYR JEAN OSTAIS of Ocean St., Golden Gates #1, P.O.Box SB-52944, 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 30th day of June, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Share your news

The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

NOTICE

NOTICE is hereby given that CORDERO JOHN ROLLE of Sabbach Close, 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 1st day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, GARY RETARD GOODMAN of New Providence, Bahamas intend to change my name to GARY RAY GOODMAN. 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.

Isn’t Your Health Worth It?

Career Opportunity

Imaging Technologist In the Imaging Department of Doctors Hospital

Qualifications

EDUCATION • Graduate of an approved Associate or Baccalaureate degree program in Radiography (RT). •

ARRT registered or registry eligible in Computed Radiography (CT).

•

ARDMS registered or registry eligible in Abdominal, OB/GYN and Vascular Ultrasound.

EXPERIENCE • Minimum of two years experience in a hospital setting in radiography, CT and ultrasound. LICENSURE • Licensed under (Bahamas Health Professions Council). TRAINING • Ability to work independently. Excellent customer service skills. Excellent written and oral communication skills.

Position Summary

The successful candidate will: •

Responsible for performing a variety of imaging procedures for diagnostic interpretations in order to p support quality patient care and service. Responsible for patient safety protocols. Functions as the first line interface with customers in the successful accomplishment of their imaging needs. Participates in Continuous Quality Improvement activities.

Salary commensurate with experience Only short-listed candidates will be contacted for interviews. Application deadline: Friday, July 22nd 2016 Email resume to hr@doctorshosp.com with subject line: Imaging Technologist

Please submit resume to: The Human Resources Department Doctors Hospital P.O. Box N-3018 Nassau, Bahamas Fax us at: (242) 302-4738 Email: info@doctorshosp.com Website: www.doctorshosp.com

THE TRIBUNE

Friday, July 1, 2016, PAGE 7

Air cargo costs to rise ‘tremendously’ From pg B1 where you are going to have to look at your operation and question whether it’s worth it to go to the Bahamas. If they are going to make us liable to do their jobs and penalise us with large fees when something goes wrong, it’s just not going to be feasible.” As reported by Tribune Business yesterday, correspondence is circulating that warns air cargo/freight companies to “be prepared to withhold your services” if it becomes necessary to force the Government to repeal changes that accompany the 2016-2017 Budget. The letter, addressed to

“all carriers to the Bahamas”, and copied to the many local couriers and import brokers they serve, warns that the potential liabilities from the new Customs penalties “are more than any reward our airlines can make”. The shipping/cargo/logistics industry has been thrown into turmoil by the Budget amendments. In common with the ocean shipping industry, the cargo airlines are especially concerned about the changes to regulation 147 in the Customs Management (Amendment) Regulations. This requires all cargo planes to submit their C7 general declaration forms

to Customs, detailing all freight items they are bringing in, one hour before touching down in the Bahamas. While this will incur a $75 processing fee, any C7s submitted less than an hour before arriving in the Bahamas will be subjected to a $2,500 charge. Air cargo operators will be subjected to a $5,000 per item fine for every “prohibited or restricted good” found on board. A fine equivalent to 25 per cent of the value will also be incurred for every item not declared prior to landing in Nassau. “We have to look at our operations and say maybe we can just operate within the state of Florida and look at different markets which we don’t do right now,” Mr LeBlanc said.

“It may get to the point where we say we should just skip the Bahamas. It’s up in the air right now. I’m working with several other carriers, and we are trying to decide what to do. Why is it our job to inspect the cargo before it leaves? “We are taking a ‘wait and see’ approach. We will look at what happens and what everyone else is going to do.” Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, yesterday said the private sector was concerned about the threat of an air cargo ‘boycott’ given the economy’s import dependence. “That’s a matter we are looking at,” he confirmed of the Customs fees and fines. We are discussing it,

US stock indexes extend rally to a 3rd day AP BUSINESS WRITER INVESTORS remained in a buying mood Thursday, driving U.S. stocks broadly higher for the third day in a row. The latest gains added to the market's rebound from the brief, but steep slump that followed Britain's vote to leave the European Union a week ago. While the rally suggests that traders' anxiety over Britain's departure from the EU have eased, a surge in U.S. bond prices Thursday signaled many investors remain cautious about the possible long-term implications. As bond prices rose, the yield on the 10-year Treasury note fell to 1.47 percent. Consumer staples companies posted the biggest gains. Utilities stocks, a traditional safe-haven for investors seeking less risk, were a

close second. Oil prices fell. "The equity market has realized that the 'Brexit' in a vacuum by itself is not a reason to wholesale abandon equities," said David Schiegoleit, managing director of investments for the private client reserve at U.S. Bank. "But there is still the fear that it becomes contagious with other economies in Europe." The Dow Jones industrial average gained 235.31 points, or 1.3 percent, to 17,929.99. The Standard & Poor's 500 index rose 28.09 points, or 1.4 percent, to 2,098.86. The Nasdaq composite added 63.43 points, or 1.3 percent, to 4,842.67. The stock market closed out the second quarter with modest gains. The S&P 500 index added 1.9 percent in the April-June period. Much of the biggest gains came from energy

stocks, which benefited from a rebound in oil prices, and utilities and telecom companies, which became more attractive as bond yields declined. The index is up 2.7 percent so far this year. The Dow, which gained 1.4 percent during the second quarter, is up 2.9 percent this year. The Nasdaq lost 0.6 percent in the second quarter and is down 3.3 percent through the first half of 2016. Trading got off to a tepid start on Thursday, but got going into rally mode by midmorning, suggesting a resolve among investors to put their worries about Britain's eventual EU exit in their rearview mirror. Markets in Europe also extended their rebound from the two-day slump that broke on Tuesday. Britain's FTSE 100 rose 2.3 percent. The U.K.'s stock market has

recouped its losses, though that is largely thanks to a drop in the British currency, which favors earnings for big companies overseas. Germany's DAX added 0.7 percent. France's CAC 40 rose 1 percent. The simultaneous rise in prices for stocks and U.S. bonds on Thursday was unusual and suggests nervous investors overseas are seeking the relative safety of bonds even as other traders look to ride the U.S. stock market rally further, Schiegoleit said. "You have not only nerves pushing foreign money into U.S. Treasurys, you also have negative yields in several places around the world, which is forcing capital into the U.S. bond market," he said. Another factor: Over 60 percent of the stocks in the S&P 500 have a dividend

NOTICE

JAPADA FAMILY LIMITED

SUMMERGLEN LIMITED

and we are looking at it intensely. We are looking to engage further those in the industry, as well as the Government, to determine the way forward. It is a matter that is receiving the Chamber’s attention now. “Whenever there is a threat of this magnitude, based on the feedback from industry, we are concerned. Whenever there is a threat, real or perceived, that threatens the flow of business, we are concerned. Every business relies to some degree on air couriers bring in product and exporting product as well.” Mr Sumner pledged that the Chamber would take “a balanced approach” to resolving the issue, so that it did not appear to be “pandering” to one side or the other. “It’s important for us to

understand the Government’s intention in putting the rules and regulations in place, and also for us to understand the impact for industry and business,” he added. Mr Sumner expressed hope that despite the implementation of Customs’ new sanctions regime from today onwards, “there is still an opportunity for us, if necessary, to have amendments made”. “That’s where discussions rest with the various parties,” he said. Charles Turner, the Customs Comptroller, was said to be out of office yesterday and unavailable for comment. A message left on his cell phone was not returned. A message also left for William Poitier, the deputy comptroller, was not returned either.

yield that's higher than the 10-year U.S. Treasury. That gives even income investors a reason to buy stocks because bonds yields have fallen. The latest batch of company deal news also helped lift U.S. stocks Thursday. Cable channel Starz

climbed 6 percent after agreeing to be acquired by Lions Gate Entertainment, which owns the "Orange Is The New Black" Netflix series and the "Hunger Games" movies. Starz jumped $1.67 to $29.92. Lions Gate shed 71 cents, or 3.4 percent, to $20.23.

Career Opportunity

Medical Technologist In the Labatory Department of Doctors Hospital

Qualifications

EDUCATION • Graduate from an Accredited College or University with a B.SC. in Medical Technology, Certification (ASCP or AMT) required

N O T I C E IS HEREBY GIVEN as follows:

(a) JAPADA FAMILY LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) SUMMERGLEN 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 29th June, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

Position Summary •

Perform and report laboratory tests in the section that encompass a broad range of technical sophistication.

(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.

•

Assist in quality control studies, research, development of new procedures, teaching of students and orientation of new personnel.

Dated this 01th day of July, A. D. 2016

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

NOTICE

LOGISTA CONSULTANTS LIMITED

GRAND LULA LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) LOGISTA CONSULTANTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) GRAND LULA 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 29th June, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(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 01th day of July, A. D. 2016

EXPERIENCE • One or more years working as a generalist in all areas of the Lab including Phlebotomy, Chemistry, Hematology, Blood Bank and Microbiology LICENSURE • Bahamas Health Professions Council License is mandatory. The successful candidate will:

Salary commensurate with experience Only short-listed candidates will be contacted for interviews. Application deadline: Friday, July 22nd, 2016 Email resume to hr@doctorshosp.com with subject line: Medical Technologist

Please submit resume to: The Human Resources Department Doctors Hospital P.O. Box N-3018 Nassau, Bahamas Fax us at: (242) 302-4738 Email: info@doctorshosp.com Website: www.doctorshosp.com

NOTICE

URGEL LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) URGEL 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 29th June, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Octagon Management Limited, Bahamas Financial Centre, Shirley and Charlotte Streets, Nassau, Bahamas. Dated this 1st day of July, A. D. 2016 _________________________________ Octagon Management Limited Liquidator

_________________________________ Leeward Nominees Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

NOTICE

BORMAL INVESTMENT CORPORATION

GOLDEN BAMBOO HOLDINGS LIMITED

INTELLIGENTE INC.

N O T I C E IS HEREBY GIVEN as follows:

(a)

(a) GOLDEN BAMBOO HOLDINGS LIMITED. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) INTELLIGENT INC. 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 29th June, 2016 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

Dated this 01th day of July, A. D. 2016

BORMAL INVESTMENT CORPORATION 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 29th June, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

_________________________________ Verduro Associated Ltd. Liquidator

_________________________________ Bukit Merah Limited Liquidator

PAGE 8, Friday, July 1, 2016

THE TRIBUNE

THE HEALTHCARE.gov website, where people can buy health insurance, is displayed on a laptop screen in Washington. The Obama administration says about 1.6 million people who signed up for coverage in 2016 under the president’s health care law had dropped out by the end of March. The 2016 sign-up season ended Jan. 31 with about 12.7 million people initially signed up for private insurance through the health law’s markets. But not all had sealed the deal by paying their premiums. (AP Photo)

About 1.6M drop-outs from health law coverage this year WASHINGTON (AP) — About 1.6 million people who signed up for coverage this year under President Barack Obama's health care law dropped out by the end of March, according to administration figures released late Thursday. The report from the Health and Human Services department said some 11.1 million people were still signed up. But that's a drop of nearly 13 percent from the 12.7 million who initially enrolled for subsidized private coverage this year. Those dropouts failed to seal the deal by paying their premiums. The pattern of attrition is not new, and has been seen each year since customers began receiving health law coverage in 2014. However, this year the administration had been trying to do a better job of weeding out problem applications while sign-up season was still underway. "The drop off is maybe a tad higher than expected,

given that they dropped people as they went along," said Larry Levitt, an expert on the health care law with the nonpartisan Kaiser Family Foundation. "But it's in the range of reasonable results." The administration said a retention rate of 87 percent is in line with its goal of about 10 million still signed up at the end of this year. Also, some of the dropouts are likely to have switched to another kind of coverage, such as an employer plan. Although the health law's online insurance markets are now working smoothly, there's still concern that the overall program may not be stable. Enrollment has been lower than hoped for, and customers turned out to be sicker than expected. Some major insurance companies have cut back their participation, and 13 of 23 nonprofit insurance co-ops created under the law have folded. Premiums for 2017 are expected to be signifi-

cantly higher. The health care law offers subsidized private insurance through online markets like HealthCare.gov, also called exchanges. More than 8 out of 10 customers get financial help with their monthly premiums, and nearly 6 in 10 get additional aid for out-of-pocket costs such as deductibles and copayments. Combined with a Medicaid expansion for low-income people, Obama's law has reduced the nation's uninsured rate to a historic low of about 9 percent. Among the presidential candidates, Democrat Hillary Clinton says she would build on the health care law, taking additional steps to increase enrollment and reduce costs for consumers. Republican Donald Trump would repeal it, but his replacement plan is little more than an outline and it remains unclear how many people would be covered, or how much it would cost.