07122016 business

TUESDAY, JULY 12, 2016

business@tribunemedia.net

800 job applications for new mobile player

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CABLE Bahamas had received around 800 applications for jobs with the nation’s second mobile provider by end-last week, it was revealed yesterday, and is confident the new operator can beat its financial targets.

David Burrows, Cable Bahamas’ senior vice-president of marketing, told Tribune Business there was “no question” that NewCo2015 Ltd would match the 42 per cent market share threshold typically hit

by Caribbean mobile entrants within three years of start-up.

He said the real issue was “how much more than that” NewCo2015 will gain, given that the BISX-listed

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Cable confident of 42% market share beat Ex-Digicel executives to lead NewCo2015 Second operator to lodge $18.2m bond REVUniversity is officially launched communications provider had “proven” its ability to compete with the Bahamas Telecommunications Company (BTC) across all prod-

Receiver dismisses ‘uninsurable’ Baha Mar allegations

CABLE BAHAMAS HEAD OFFICE uct lines.

Speaking after regulators confirmed the issuance of NewCo2015’s 15-year operating licence last week, Mr Burrows said Cable Baha-

mas was “hitting the ground running” with its new venture.

The BISX-listed provider, which has Board and See PG B4

BAHA Mar’s receiver yesterday dismissed claims by firebrand FNM MP, Dr Andre Rollins, that the $3.5 billion development is both “uninsurable” and will cost a further $1.8 billion to complete.

The denials by Raymond Winder, Deloitte & Touche (Bahamas) managing partner, came amid efforts by the Government - facing the prospect of a potential Moody’s downgrade to ‘junk’ status - to intensify pressure on the receivers and their Chinese clients to reach a solution to the Baha Mar impasse.

Tribune Business sources

Rollins’ $1.8bn complete estimate ‘way off’ Govt said to be pushing for Macau-led bid said the Christie administration wants the group led by Dr Stanley Ho, the billionaire Macau gaming magnate, to be selected as the preferred bidder to acquire Baha Mar. The Government was said to have been applying increased pressure towards the end of June, and going See PG B5

Buyers ‘pull back’ Ex-minister: Dingman case Govt ‘out of’ new mobile ‘waste of judicial resources’ operator by early September on Moody’s threat

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net TRYING the $1.1 million damages claim against Jamie Dingman’s failed Nassau restaurant empire in New York will be “a waste of judicial resources”, a former Cabinet minister is arguing.

Damian Gomez QC, former minister of state for legal affairs, has warned the New York courts that the case against Mr Dingman and his five restaurant brands will subsequently have to be tried in the Bahamas should it proceed to hear the matter.

This, he alleges, is because any judgment rendered by the southern New York district court against Mr Dingman and the companies will be “unenforceable” in the Bahamas without approval from this nation’s judicial system.

Mr Gomez’s arguments, laid out in a June 23, 2016, affidavit, are being employed by Mr Dingman and his US attorneys to strengthen their case that the New York action should be dismissed because the Bahamas is the best jurisdiction to hear the allegations.

They are also arguing that the Bahamian court system is “less congested” than its New York counterpart, and it has “a more significant interest” given that the claims all relate to this nation’s laws.

“Under the Reciprocal Enforcement of Judgments Act, judgments of a court in the US did not qualify for registration in the Bahamas,” Mr Gomez alleged in

Gomez: NY judgment may not be enforceable in Bahamas US attorneys claim Bahamas ‘less congested’ than US courts Claim Bahamian creditors ‘tagging along’ in $1.1m action his affidavit.

“Therefore, an American judgment is unenforceable in the Bahamas without further judicial action.”

See PG B6

$4.05 $4.20 $4.06

$4.06

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government’s short-lived majority ownership of the Bahamas’ second mobile provider will end in early September, when it is replaced by private capital via an offering set to launch next month.

Gowon Bowe, the PricewaterhouseCoopers (PwC) accountant and partner, told Tribune Business that HoldingCo’s private placement memorandum (PPM) is being “finalised” for an early August release.

Mr Bowe and PwC , who are acting as financial advisers to the process, expressed confidence that the offering will be fully subscribed and “get the Government” out of HoldingCo’s ownership.

While declining to state the total sum that will be sought from Bahamian institutional investors, Mr Bowe said the Government See PG B5

HoldingCo investor search to launch August Advisers express optimism fully subscribed NewCo majority owner ‘fully funded’ for start-up

GOWON BOWE

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

INTERNATIONAL buyers are “pulling back” due to uncertainties caused

by Moody’s threatened downgrading of the Bahamas to ‘junk’ status, realtors have warned.

Mario Carey, founder of Mario Carey Realty (MCR), told Tribune Business that foreign clients were “holding off” on potential projects until they could assess the fall-out from any Moody’s action that impacts the Bahamas’ sovereign creditworthiness.

“We’ve got a challenge with the downgrade by Moody’s,” Mr Carey said.

“We’re seeing people pulling back on making decisions.

“They were getting ready to do some stuff, and then told us they were going to hold off because they didn’t know what a Moody’s downgrade would look like.

“We’re starting to see a See PG B6

Realtors: Foreign market ‘holds off’ on uncertainty Concern ‘junk’ could cost Bahamas ‘pristine image’ Region’s top market can’t be bracketed with JA

MARIO CAREY

PAGE 2, Tuesday, July 12, 2016

THE TRIBUNE THE TRIBUNE

Chamber chief says ‘space for third mobile operator’ Usage, tourists create deep enough market Third licence can only be awarded in 2019 Hopes for better price, services via NewCo

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Chamber of Commerce’s chief executive believes “there is space for another mobile player”, and is urging the Government to issue a third licence come 2019.

Edison Sumner told Tribune Business that the high level of mobile communications penetration in the Bahamas, coupled with the expanded market created by millions of tourism, meant

there was sufficient demand to support a third operator.

“I’m still hopeful, as the Government indicated before, that they will introduce a third operator in the next three years or so, as they did specify when launching the liberalisation,” he told Tribune Business.

When asked whether there was a sufficient consumer base, given the Bahamas’ 350,000-strong population, to support three operators, Mr Sumner replied: “Absolutely.

“We are one of the larg-

est per capita users of mobile phones and devices anywhere in the hemisphere,” he added, suggesting there were almost three cell phones per Bahamian.

“There’s a market for it, there’s a profit for it. Apart from providing cellular services, mobile services; it goes beyond that to mobile data. Data is where it’s at.”

With the rapid growth in ‘smart phone’ and ipad usage, Mr Sumner said: “In years to come, cell phones will become a thing of the past and obsolete. The whole society will move to data usage. Everything we do is through data.”

He argued that there would be a shift to Internet Protocol (IP) engineering,

and added: “Those who provide good data services will do well in this market.

“I believe there is space for another player, and hopefully we’ll see a third provider coming into the market. We still have to cater to millions of tourists and visitors coming to our shores every year, and they need the provision of data.”

Many, though, are sceptical that the Bahamian market is large enough to support more than two mobile providers, who are the Bahamas Telecommunications Company (BTC) and the soon-to-be launched NewCo2015, which is controlled and managed by Cable Bahamas.

Figures supplied by

Tax authorities warn on Business Licences THE private sector was last night warned that Department of Inland Revenue inspectors will soon be visiting businesses to check whether they have current Business Licences.

The Department said in

a statement that the deadline for submitting all 2016 Business Licence renewal applications was January 31, 2016. All fee payments should have been made by March 31.

All applications submit-

EDISON SUMNER sector regulator, the Utilities Regulation and Competition Authority (URCA), showed that See PG B7 ted and paid for after the deadlines will incur a late penalty fee, the Department added, warning that companies without valid Business Licences were operating illegally.

There is a $100 fine for late filing, and notification of inactivation or cessation of a business. late payment incurs a fine equivalent to 10 per cent of the tax liability.

THE TRIBUNE

Tuesday, July 12, 2016, PAGE 3

Mortgage finance ‘biggest hurdle’ to housing recovery

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net MORTGAGE financing access remains “the biggest hurdle” to reviving the domestic real estate market, causing up to three deals for the same property to fall through.

Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, told Tribune Business that some lender decisions to turn down mortgage applications were simply “outrageous”.

“One of the real estate companies had a home that was sold three times, but the sale fell through each time because the purchaser could not get financing,” he said, declining to name the realtor involved.

Recalling another case that impacted his firm, Mr Lightbourn added: “You had the bank instructing the lawyer to prepare the actual documents and check the title.

“They did that. On the day of the closing, the bank reneged and said: ‘We can’t

Three deals for same property fall through And bank ‘reneges’ on day transaction closing Realtors call for lenders to ‘lower the bar’ finance this at this time’.”

Mr Lightbourn said such cases showed why the domestic real estate market continued to struggle, with the inability of purchasers to obtain mortgage financing from commercial banks and other lenders acting as the main obstacle to its recovery.

“It makes it very difficult,” he added of the financing issues. “Ninety per cent or more of purchasers need some sort of bank mortgage.

“I’m not the banker who makes the decisions, but

some of them are just outrageous. Buyers have the ability, they have the collateral, but can’t get the financing for unknown reasons. The banks don’t have to give a reason.”

Mr Lightbourn said the rejection of borrowers who seemed to qualify for mortgage financing was “a frequent occurrence in our market”.

Arguing that the issue was getting “worse”, he added: “The thing is our banks have money to lend.

The problem is that they’ve been burned so badly in the past, no one wants to get blamed for making a bad loan, but not every loan will turn out to be good.”

Revitalising the domestic, Bahamian segment of the real estate market is key to turning this nation’s economic fortunes around, given that so many industries and professions depend on it.

The real estate, construction and legal professions all prosper when the Bahamian housing market is growing, as do industries such as furniture and

housewares retailing and landscaping.

It is a major job creation source, yet remains weighed down by the $614 million worth of mortgages that were in arrears at endMay 2016. Of that sum, some $455 million was nonperforming, meaning it is 90 days or more past due.

As a result, Bahamasbased commercial banks are reluctant to extend mortgage loans beyond borrowers who they deem ‘delinquency proof’.

This is despite the huge pool of funds available for lending, with excess liquid assets in the Bahamian commercial banking system standing at near-$1.5 billion at end-May 2016, having risen by $165.49 million year-to-date.

Ryan Knowles, the HG Christie Ltd realtor hired to market Tennyson Wells’ Lyford Hills development, told Tribune Business that the Bahamas needed to “lower the bar” so more persons could qualify for mortgages and home ownership.

“In our case, the main

challenges are still that people have sufficient to buy the lot, but getting construction financing to build the home is difficult,” he said.

“The bank requirements are very onerous. It’s a major hurdle. They’ve become more flexible in some areas. The interest rates have come down. The issue is: It’s got cheaper to borrow, but it’s dfficult to borrow.

“For people who qualify, and have a downpayment, sound financial history and good quality jobs, and want to buy, they should be able to get a mortgage. To me, it’s still too difficult, even with the Stamp Duty exemption,” Mr Knowles added.

“We’ve got to find a way to lower the bar and make it more of a level playing field for the ‘average Joe’.”

Mr Knowles acknowledged that the domestic real estate market was “getting squeezed”, but expressed optimism that better economic times lay ahead for the Bahamas.

“I feel like hopefully we’ve seen the worst of it,”

he told Tribune Business.

“If they can ever figure out the situation at Cable Beach, I think that will alleviate a lot of the problems in the economy at least.

That’ll help.”

Mario Carey, principal of Mario Carey Realty (MCR), said that while purchaser financing remained a problem, Bahamian commercial banks were starting to become more willing to extend financing.

“We’ve noticed that the banks are getting a little bit more purchaser friendly, but with preferred clients,” he said.

“The lending rates are getting more attractive, with Royal Bank of Canada offering 4.9 per cent and as little as 4 per cent at Scotiabank. They’re the lowest I think we’ve seen in a very long time.

“The banks are trying to make things happen, but with unemployment at 15 per cent, no credit history and no credit reports, it’s tough. But they’re coming back into the market and understand they need to lend for home ownership.”

PI condo project set for an August launch ARISTO Development and Sterling Global Financial yesterday announced they will break ground on their 38-condo joint venture, the first new residential development on Paradise Island for a decade, next month.

“The appetite for upscale residential properties on Paradise Island is greater than I have ever seen it, and with all permits now in place, we are excited to share the news that we will break ground on THIRTY|SIX in August,” said Jason Kinsale, Aristo’s president and chief executive.

The three-storey, contemporary style project will feature 38 residences ranging in price from $445,000 to just over $1 million. The property will have an infinity edge pool, covered parking, 24hour security and concierge service, fitness centre, highend finishes and amenities, while ownership will entitle residents to numerous Paradise Island privileges.

Launched less than six months ago with a preview event at Graycliff, THIRTY|SIX is already 50 per cent sold, with the greatest interest coming from European, Canadian and US buyers. There are also Bahamians buying for investment

Joint venture already 50% sold or future use.

THIRTY|SIX is Aristo Development’s first project in partnership with Sterling Global Financial, an integrated financial services provider with more than $9 billion in assets under administration, and operations in the Bahamas and Cayman Islands.

“We are very proud to participate as equity partners with Aristo Development, a company which has a proven track record of success with

fully sold-out projects like Hampton Ridge and Balmoral, and the ultra-luxury beachfront condominiums at ONE Cable Beach more than 50 per cent sold prior to completion,” said David Kosoy, Sterling’s chairman and chief executive.

Aristo’s sales and marketing director, Matthew Marco, added: “This is Aristo’s fourth project and its first on Paradise Island.

“So whether people are buying for their own residence or for investment, they can look at the track record and see that Aristo does not just promise; it is a developer that delivers.”

LOBBY OF THIRTY|SIX DEVELOPMENT

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

SMO-AtlantisBahamasRenovation@dckww.com

by July 15, 2016.

PAGE 4, Tuesday, July 12, 2016

800 job applications for new mobile player From pg B1

performance of its network roll-out obligations.

Mr Burrows told Tribune Business there was “no impediment” now, either from the performance bond requirment or anything else, to Cable Bahamas proceeding with NewCo2015’s launch.

“We’ve been planning for this for a long time - to win the licence and be the second provider in the country,” he said. “We know the road we’re travelling, and the goals we’re going after.

“This [the mobile licence] was the next phase of our development. We have fairly saturated the market in terms of broadband Internet and TV, and made a huge splash in the landline voice business.

“We’ve been able to penetrate the Florida market and expand our fibre presence throughout the Bahamas to the entire state of Florida. The next great achievement for us is to be able to offer mobile services to the entire Bahamas.”

He added that NewCo’s

management control at NewCo2015, has appointed Damian Blackburn, Digicel’s former Caribbean regional chief, as the new operator’s chief executive.

Mr Blackburn, who has also headed Digicel’s operations in Haiti and Honduras, will be supported by a management team largely drawn from that same mobile operator, Tribune Business can reveal.

And, to support Cable Bahamas’ realisation of its ‘quad play’ dream, Mr Burrows said the company had launched its REVUniversity training school, headed

by Beverley Saunders, who fulfilled the same role at Atlantis.

With Cable Bahamas having already paid the $62.5 million spectrum licence to the Utilities Regulation and Competition Authority (URCA), it now has until the end of this week to lodge an $18.2 million performance bond with the regulator to guarantee

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DAVID BURROWS imminent arrival had triggered significant interest in employment opportunities, although he was unable to specify how many jobs will be available immediately.

“Today, we already have over 800 applications so far,” Mr Burrows told Tribune Business.

It was estimated last year that the second licence’s award would create between 100 to 150 jobs, and the Government’s own website has been advertising numerous available positions with Cable Bahamas.

These range from top management posts to engineers, technicians, tower construction and logistics managers, flagship store managers, marketing and customer service representatives.

“We have our university, REVUniversity, up and running, led by Beverley Saunders, who led Atlantis University,” Mr Burrows told Tribune Business.

“REVUniversity will be the training ground. We’ve been building to get to that stage over the last year or so. There will be classes in every field you can imagine.

We want to have the best trained staff, and believe we need to take hold of training ourselves.”

Mr Burrows also confirmed that Cable Bahamas will be expanding its retail footprint with more stores, given that mobile communications - as a product geared to individuals, rather than households - will expand its subscriber base and the number of people it needs to ‘touch’.

Cable Bahamas will have a 48.25 per cent minority equity interest in NewCo2015, with the majority owned by HoldingCo, the holding vehicle for Bahamian institutional investors.

HoldingCo is currently owned by the Government until it is bought out by private capital (see other article on Page 1B0.

The award of NewCo2015’s licence, following a 20-month process that began in November 2014,

makes Cable Bahamas the nation’s second ‘quad play’ provider after BTC. The two will now go ‘head-to-head’ in the TV, mobile, broadband Internet and fixed-line sectors, making the Bahamian communications market something of a ‘duopoly’ dominated by these players.

Cable Bahamas, in the offering document for its $30.818 million rights issue in March 2016, set out its broad expectations for what NewCo2015 can achieve.

It noted that new entrants into liberalised mobile markets in the Caribbean and Latin America typically seized an average 42 per cent share within three years, implying that it was targeting the same for NewCo2015.

Mr Burrows, though, suggested yesterday that Cable Bahamas will be setting its sights higher. “I don’t think 30-40 per cent is in question,” he told Tribune Business. “I don’t think there;’s even a question about that.

“The question is how much more than that will we get? We’ve proven we can compete with BTC in every single area.

“In broadband connectivity, they started with 8,000 [subscribers] and we started with zero. We now have 55,000 broadband subscribers to their 26,000 broadband Internet subscribers. It’s somewhere in that range.”

NewCo2015’s 15-year licence was signed-off by URCA on June 30, meaning that it will run until June 29, 2031. The company also has three months, until end-September/beginning October 2016, to launch services covering 99 per cent of New Providence’s population, and 80 per cent of Grand Bahama’s.

The arrival of competition also spells the end to BTC’s last remaining monopoly, which raises major questions as to the impact mobile liberalisation will have on its own financial performance BTC’s financial numbers show it has become evermore reliant on its mobile monopoly to drive the bulk of its revenues and profits, with the segment generating almost three-quarters of its top-line.

For example, for the six months to end-September 2014, cellular/mobile revenues accounted for $126 million, or 73.68 per cent, of BTC’s $171 million top-line revenues.

Extrapolated out on an annual basis, BTC earns between $240-$260 million (between $20-$22 million per month) from its cellu-

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lar/mobile monopoly, again dominating the annual $350-$360 million top-line.

Taking Cable Bahamas’ seizure of a 30 per cent fixed-line market share within two years as a guide of what the new mobile operator may do, some $80$90 million of BTC’s annual mobile revenues might be in jeopardy.

This not only demonstrates how lucrative the second mobile licence is as a business/financial opportunity, but the potential negative repercussions for a BTC net income that was $37 million in the six months to end-September 2014.

And figures supplied by URCA showed that mobile subscriber numbers and revenues for BTC both fell in 2015.

The total number of mobile subscribers in the Bahamas fell by 1.16 per cent year-over-year, from 314,842 or 311,175.

And BTC suffered an almost 30 per cent or $77 million year-over-year fall in mobile revenues, which dropped during 2015 to $175.965 million from $253.301 million.

This was blamed on the reduced subscriber numbers and increasing use of Over The Top (OTT) applications, which shifted revenue from mobile voice and messaging services to mobile data , which earns less revenue.

BTC’s financial future, and indeed survival, may now depend heavily on whether it can win market share from Cable Bahamas in the TV and broadband Internet markets to compensate for the loss of its mobile monopoly.

The company’s controlling 49 per cent-plus shareholding is now owned by John Malone’s Liberty Global, following the completion last month of its Cable & Wireless Communications (CWC) acquisition.

Still, CWC will have enjoyed a five-year mobile monopoly, together with associated profits and dividends that will have covered a large chunk of the $206 million paid to the Government for BTC’s privatisation.

Mr Burrows, meanwhile, expressed confidence yesterday that Cable Bahamas would meet the onerous network roll-out schedule and associated service coverage/quality indicators that are part of its licence terms.

“We’re very good at meeting targets,” he told Tribune Business. “We’ve always been an organisation that’s been target driven.”

By year-end 2016, NewCo2015 is obligated to provide reliable service to Eleuthera, Abaco, Bimini, Andros and Exuma.

And within eight months of June 30, it has to provide coverage to 85 per cent of Andros, plus 99 per cent of Grand Bahama, Eleuthera, Abaco, Bimini and Exuma.

THE TRIBUNE

By June 30, 2017, NewCo2015 is required to provide 99 per cent coverage to Andros, Cat Island, Long Island, San Salvador, the Berry Islands, Inagua and Ragged Island.

And within 18 months, it has to give coverage to 99 per cent of Acklins, Crooked Island, Long Cay, Rum Cay and Mayaguana.

As for quality indicators, NewCo2015 must have an average call completion rate of greater than 99 per cent, meaning less than 1 per cent of calls on its network are dropped.

Mr Burrows added that “the key” to NewCo2015’s success was having the right supporting network infrastructure in place - an attribute Cable Bahamas already provides.

“The important thing is that the infrastructure we have has been proven over and over again,” Mr Burrows explained.

“The infrastructure we built in the 1990s was able to carry cable TV, then broadband Internet, and then digital TV and undersea fibre connecting multiple islands, the US, fibre to multiple customers, and now we will be carrying mobile traffic on the same fibre.

“What we’ve done is building that infrastructure first, and then carrying the product on top of that.”

With the mobile liberalisation process now effectively completed, Cable Bahamas will be able to fully engage its shareholders, investors and the Bahamian public on its new growth opportunity, and what it means for both the company and themselves.

As previously revealed by Tribune Business, the company is planning to launch another $30 million preference share issue into the Bahamian capital markets imminently, in a bid to raise more financing for its expansion opportunities.

Franklyn Butler has been named as NewCo2015’s chairman, with the Board featuring four representatives from Cable Bahamas and three from HoldingCo (the Government).

Mr Butler said in a statement: “We are delighted to be given this opportunity by the Government and the people of the Bahamas.

NewCo is a venture established to bring something that is badly needed here in the Bahamas; choice within the mobile telecommunications market.

“Our clear goal is to deliver a next generation network, superior customer service and unbeatable value for smart phone devices, voice and data plans.

“This will be underpinned by a significant investment in world class technology and resources.

Our intent is to provide an unparalleled cellular experience that the people of our nation will be proud of.”

REQUEST FOR PROPOSALS (RFPs) The College of The Bahamas invites proposals for the Provision of General Insurance Coverage for its facilities throughout The Bahamas.

To obtain the RFP document, contact: Tel: (242) 302-4590/302-4300 ext. 4609 or email: takara.lewis@cob.edu.bs Proposals should be addressed to: Office of the Vice President, Finance Student Services Centre Keva M. Bethel Building The College of The Bahamas Oakes Field Campus, Nassau, Bahamas Deadline for submission is on or before: July 29, 2016 No later than 5:00 p.m.

Submissions should be marked: Proposal 01/16 TO PROVIDE GENERAL INSURANCE COVERAGE FOR FACILITIES AT THE COLLEGE OF THE BAHAMAS The College of The Bahamas reserves the right to accept or reject any or all proposals.

THE TRIBUNE

Tuesday, July 12, 2016, PAGE 5

Govt ‘out of’ new mobile operator by early September From pg B1 had ensured HoldingCo was “fully funded” through its initial start-up phase.

HoldingCo, which will eventually be renamed, is the vehicle that will own the majority 51.75 per cent equity interest in NewCo 2015, the Bahamas’ newlylicensed second mobile operator.

It will be partners with fellow NewCo 2015 shareholder, Cable Bahamas, which despite owning a minority 48.25 per cent, has Board and management control after defeating all rivals to win the second licence.

Mr Bowe explained that the Christie administration had only stepped in as HoldingCo’s owner on an interim basis, both to ensure that NewCo’s launch and infrastructure roll-out are not delayed, and that it could finance its share of the associated costs.

The initial mobile/cellular liberalisation request for proposal (RFP) allows the Government to step in as HoldingCo’s initial owner if private capital is unwilling to become equity investors in the company.

Such a scenario has oc-

curred, with Mr Bowe explaining that - while interested - institutional investors had provided feedback saying they could not commit without first assessing NewCo’s business plan and its projected financial performance.

“It was difficult to get institutional investors interested with no financial information,” the PwC partner said simply.

“That was recognised, in terms of the lack of financial information, so we were not going to push that envelope. We knew we needed financial data and financial information. The final leg was the financial plan for NewCo.” That was not available until NewCo’s recent incorporation and set-up, meaning it was impossible for potential investors to do the desired due diligence.

“I would say that by the end of the month, the final PPM and opening should be in progress,” Mr Bowe told Tribune Business of the offering.

“We’d like the investment groups to be mulling over it, and make a decision, in the month of August. The aim is to have it [the PPM] out in early August, so by the

beginning of September the offering will be closed down and the cash flowing in, removing the Government shareholding.”

While the total sum sought by the private offering “can’t be disclosed at this time”, Mr Bowe said that based on investor feedback to-date “we think we will get the full proceeds to get the Government out”.

“Any placement agent and underwriter will tell you that until they see the signature on the dotted line, you never know what you’re going to raise,” he added.

“But there are limited investment opportunities in the Bahamas for diversification, and this particular opportunity, which is an opportunity to invest in the assets of the country, is particularly appealing.

“The exercise with HoldingCo is now going to move to the final stages. The PPM has been drafted; it has not been finalised. It has been put out for comment by institutional investors,” Mr Bowe continued, suggesting this process would be completed in the next two weeks.

“The target audience have been canvassed already. They’d expressed an interest, and were awaiting financial information to do due diligence and get information for their trustees

and investment committees, so they could be confident that it was a sound investment and good for cash flow.”

The PwC partner said launching the PPM rapidly was a priority, given that HoldingCo did not want to have to compete with rival investment offerings that could come to market.

“We’re working fast to get the PPM in progress,” Mr Bowe told Tribune Business, “so that there are no competing investment opportunities that divert funds from this.

“Pension funds, credit unions; their whole aim is to deploy cash as quickly as they can, as cash does not earn them any money.”

Mr Bowe said they were also seeking to time the PPM for when other investments were maturing or being redeemed, particularly fixed income securities, so investors could switch funds into HoldingCo. The PPM, which will outline the terms and conditions attached to investing in HoldingCo, is being targeted at select institutional investors such as pension funds, credit unions and Bahamian investment/mutual funds.

This is to ensure HoldingCo’s equity owners represent the broadest possible Bahamian investor base, especially given that its re-

Receiver dismisses ‘uninsurable’ Baha Mar allegations From pg B1 into this month, on the receivers to come to a decision that could then be advanced to Baha Mar’s secured creditor, the China Export-Import Bank.

However, this newspaper understands that while Deloitte & Touche may be “leaning” towards one of the two groups identified as having the most potential, no recommendation has been made yet.

Mr Winder yesterday declined to comment on the status of the receivers’ negotiations with the two lead Baha Mar bidders, other than to say: “We’re still working on it.”

He was more forthcoming, though, with emphatic rebuttals of the claims made

by Dr Rollins, the Fort Charlotte MP, in a statement issued to the media.

“I am reliably informed that a recent site inspection of Baha Mar by an insurer, as a pre-condition to insur-

ing the property, revealed some alarming findings,” Dr Rollins alleged.

“These findings caused the insurer to conclude that the $3.5 billion asset is presently uninsurable. In effect, due to construction deficiencies, in its present state the property has been assessed to be a $3.5 billion liability.

“I am further advised that the repair costs to remediate the construction deficiencies may be as high as $1.8 billion and not the previously estimated figure of $600 million.”

Mr Winder told Tribune Business that both claims were “not true”. On the insurance, he said: “I’m in the process of making a payment on my insurance premium as we speak.”

As for Dr Rollins’s construction completion cost claim, he said simply: “That’s way off.” Mr Winder, though, declined to supply the true estimate.

Tribune Business, though,

RAYMOND WINDER

DR ANDRE ROLLINS

had heard claims similar to Dr Rollins regarding Baha Mar’s insurance.

It was suggested that a building inspector, sent out to Nassau by the Lloyd’s of London insurance market, had deemed the resort properties uninsurable because of defects with the sprinkler system and other issues.

These claims, though, could not be substantiated.

However, informed sources close to developments at Baha Mar said the receivers were starting to lean towards one of the two remaining groups as ‘pre-

ferred bidder’.

“One is closer than the other, but they’re keeping all things in play,” one source said of the receivers, speaking on condition of anonymity.

However, they expressed doubt as to whether the

mit is to act as a vehicle for future investment in publicprivate partnership (PPP) and infrastructure opportunities - and not just be limited to NewCo. “It’s an opportunity for HoldingCo to take ownership, and is attractive to Bahamians based on the returns they can earn, while providing a vehicle for future PPP activity,” Mr Bowe told Tribune Business.

“There is an element of bated breath and excitement, as it’s [HoldingCo] an idea most Bahamians see as the way of the future.”

PwC has been one of the main advisors to the Government and its Cellular Liberalisation Task Force on the near-20 month process that led to the June 30 award of the second mobile license to NewCo. Mr Bowe said the process had moved at a “reasonable pace”, even though this may not have been obvious to persons on the outside.

NewCo has already held its first Board meeting, featuring four Cable Bahamas-appointed directors, together with three temporary ones nominated

by HoldingCo (the Government).

Mr Bowe said the two sets of directors had been working “collaboratively” to complete all the documentation necessary for NewCo’s incorporation and

launch, plus the PPM. Apart from the “formalisation of the financial plans and strategy documents”, the two sides have also had to conclude arrangements regarding the management services Cable Bahamas will provide, and associated.

“URCA has issued the licence, so you can take that to mean the funds have been transferred for the spectrum fee and the Government has funded HoldingCo for the initial stages,” Mr Bowe confirmed.

Cable Bahamas beat out Virgin Mobile (Bahamas) with a $62.5 million bid to acquire the wireless spectrum that NewCo will use to deliver its services to Bahamian and residential consumers.

The long-term plan is that HoldingCo will act as a vehicle through which Bahamian institutional, and potentially retail, investor capital can be pooled to invest in public-private partnerships (PPPs) and other key infrastructure projects and assets.

The imminent liberalisation of Bahamian mobile communications will end the last - and most lucrative - Bahamas Telecommunications Company (BTC) monopoly.

Government was pushing for a particular bid to be declared the ‘winner’ over the other.

“I think the Government wants something to happen, but they’re not telling the receivers to favour one over the other,” the source added.

As previously revealed

by Tribune Business, Lyford Cay-based billionaire Joe Lewis and his Tavistock Group, the principal developers of the $1.4 billion Albany project, are part of one of the remaining Baha Mar bid groups.

Observers, though, believe it is highly likely that the China Export-Import Bank and the Beijing government will favour a Baha Mar buyer with Chinese connections, given that they

can likely work out a deal to make the bank ‘whole’.

The selection of a ‘preferred bidder’, though, is merely just the first step towards resolving the Baha Mar impasse.

The bidder, and the sale, will both have to be approved by the Supreme Court. And negotiations between the chosen group and receivers, acting for the China Export-Import Bank, are likely to be complex and take several months to conclude.

Then there is the small matter of negotiating a Heads of Agreement with the Christie administration, and fulfilling its demands that all Bahamian creditors - especially the contractors with their $74 million liabilities - be ‘made whole’.

PAGE 6, Tuesday, July 12, 2016

Buyers ‘pull back’ on Moody’s threat From pg B1 pattern. The market is retrenching for foreign clients because they don’t know what’s going to happen.”

Mr Carey added that this was impacting all segments of the Bahamas’ foreign real estate market - potential purchasers, existing homeowners and tenants.

Any slowdown in activity will be a further blow to the already-struggling Bahamian economy, as the foreign real estate market has been one of the few relatively bright spots in recent years.

Stronger growth levels in the US and other developed world economies, combined with lower interest rates and better access to credit, have helped fuel Bahamian real estate purchases by foreign investors.

The Bahamas, with its favourable tax/investment

regime, location and history of stability, remains an attractive destination for foreign capital, especially Canadian and European clients seeking to escape ‘high tax’ regimes at home.

This demand has generated important foreign direct investment (FDI) and currency flows that now stand to be impacted, along with work for realtors, attorneys, contractors and others who earn a living from the real estate market.

Mr Carey’s concerns were echoed by Ryan Knowles, a realtor with HG Christie, who warned that a downgrade by Moody’s - especially one that pushed the Bahamas to ‘junk’ status - would negatively impact investor perceptions of this country.

He added that this nation’s “pristine image” with

Ex-minister: Dingman case ‘waste of judicial resources’ From pg B1 Mr Gomez said it was possible the Supreme Court may not recognise any US judgment against Mr Dingman and his companies because they were all Bahamian-domiciled, and contesting the New York court’s jurisdiction over them.

“Therefore, it would be a waste of judicial resources to have this case heard twice; first in the US, and then again in the Bahamas,” the ex-Cabinet minister alleged.

Battles over whether the Bahamian, or US, judicial systems are best-suited and the most appropriate forums to determine major legal cases appear to be increasing in both frequency and intensity.

Apart from the fight over Baha Mar’s Chapter 11 bankruptcy protection bid, the arguments raised in Mr Dingman’s case mirror those cited by Canadian fashion designer, Peter Nygard, in his war with neighbour Louis Bacon.

Mr Nygard is arguing that Mr Bacon’s $50 million defamation case against him should be dismissed by the New York State Supreme Court and instead re-filed in the Bahamas, given that the relevant witnesses and documents are located here.

Mr Dingman, son of world-famous Lyford Cay-based entrepreneur, Michael, is fighting a variety of claims from Bahamian creditors and former friends/partners who were enticed to invest in his fledgling restaurant empire.

The Bahamian companies involved as plaintiffs against Mr Dingman are Wulff Road-based FYP and Tile King, the People First (Bahamas) employment agency, IDNet, and Young Digerati (YNG).

The first four are claiming outstanding sums for services they provided to the restaurants, while the latter is alleging it is $2,500 ‘out of pocket’ after it was unable to hold a function at one of the eateries.

Certified General Accountants Association of The Bahamas NOTICE IS HEREBY GIVEN as follows:

(a) Certified General Accountants Association of The Bahamas is in dissolution. (b) In accordance with Section 226 of the Companies Act 1992 the dissolution of the said company commenced on the 2nd day of February, 2015 on the passing of a resolution by the Directors and members of the company. (c) The Liquidator of the said company is Errol Haines, of P. O. Box N-4911, Nassau, Bahamas.

Errol Haines Liquidator

THE TRIBUNE

overseas buyers would be threatened, as any downgrade would raise concerns over the safety of their investments and the Government’s economic management.

“Perception is reality,” Mr Knowles told Tribune Business. “If we are downgraded to ‘junk’ status, and our bonds are considered ‘junk’, we’re going to lose that pristine image we as a country have in some places.

“We don’t want to be associated with Jamaica and those in the Caribbean. We want to maintain our status as an ideal place to invest.

“The Bahamas is probably number one in the region, and certainly our real estate market is; we’re the strongest market in the Caribbean for buyers. We could lose that if things like this happen.”

Moody’s placed the Bahamas on a two-month review, which could lead to the potential credit rating downgrade, on July 1. It

warned that any cut could be by “one notch or more”, giving it the flexibility to slash this nation to ‘junk’ status.

Mr Carey, meanwhile, hit out at the Bahamas’ ‘ease of doing business’ woes, which he warned were deterring foreign investors from acquiring real estate and establishing physical businesses here.

“We have all these buyers that want to come in and do developments and to do businesses, and they complain about how difficult it is to do this in this country,” he told Tribune Business.

“How many layers of approvals, how many run arounds. There’s a lot of frustration that we see. I think it’s pretty real to people wanting to come in and do business.”

Mr Carey said such investors frequently drew unfavourable comparisons between the Bahamas and the Cayman Islands when it came to ‘business ease’.

He recalled a recent

conversation with Royal Bank of Canada (RBC) executives, who told him how quick and easy it was to conduct business in the Cayman Islands, plus hire needed expatriate talent.

Mr Carey also said the Bahamian real estate market was also being affected by forces such as the US dollar’s strength on the foreign exchange markets, coupled with Great Britain’s decision to leave the European Union (EU).

He explained that UK and Canadian owners of Bahamian real estate, in particular, had been influenced to sell by the current weakness of their respective currencies.

“People are trying to sell to take US dollars out and buy at home at good rates,” Mr Carey said. “It’s good. It creates a real estate market here for people wishing to sell, but they’re also exiting the country.

“It’s just an interesting trend. These are things that ebb and flow. We’ve lost

a lot of Canadian buyers because of the Canadian dollar’s weakness. That’s a very big market.”

Mr Carey reiterated his belief that a revitalised real estate market, aided by Government tax cuts and business-friendly policies, is a critical factor in helping to fight off the likes of sovereign rating downgrades.

“I feel very strongly that with the right approach to real estate, stimulating the real estate market, creating incentives and creating different products to attract the international buyers out there, we can bring this country out of a big, dark hole,” Mr Carey told Tribune Business.

“I feel that we still have so much to offer. There’s been zero government incentives, initiatives to stimulate the real estate market; nothing to encourage sales.

“I’ve been preaching that for a long time. Every time a transaction happens, it creates employment. The statistics show it.”

The individual Bahamians suing Mr Dingman are Jason Rolle, the restaurants’ general manager, who claims to be owed $46,113 in unpaid salary and benefits. Then there is Tyrone Adderley, a contractor allegedly due more than $2,000 for work on the Beach Club Cafe at Sandyport.

Mr Dingman’s attorneys, though, are claiming that the Bahamian plaintiffs are merely “tagging along” with claims asserted by Mr Dingman’s former American friends and partners, Ryan Giunta and Erik Gordon, that they were fraudulently induced to invest in the restaurant businesses.

Jeffrey Mitchell, Mr Dingman’s US attorney, is thus arguing that the Bahamian plaintiffs “should have little say” in choosing where the action against Mr Dingman and the companies is heard.

In a June 23, 2016, letter to US judge Naomi Buchwald, he argued: “Every defendant is Bahamian, the companies are incorporated under Bahamian law and have principal places of business in the Bahamas, and Dingman is a permanent resident of the Baha-

mas, not New York as the complaint wrongly alleges.

“Defendants submit that this action should be dismissed... because the majority of the parties, many non-party witnesses, and relevant documents are all located in the Bahamas, which makes the Bahamas the more appropriate, and convenient, forum for this action.

“Further, given that the claims require the application of Bahamian law to the conduct alleged, should this matter proceed, it is best addressed by a Bahamian court.”

The restaurant concepts, which came under the Out West Hospitality umbrella, included the iconic Traveller’s Rest, along with 25 North Ltd, Island Smoke House Ltd and Bahamex Ltd. Mr Mitchell then suggested, using Mr Gomez’s affidavit, that the case against Mr Dingman would be tried more speedily in the Bahamas because this nation’s court system was “less congested”.

“While the southern district of New York is one of the congested centers of litigation...., the Bahamian courts are not,” he alleged.

“They have substantial experience effectively managing complex commercial disputes, and can quickly move cases to trial.

“Moreover, given the Bahamian legal issues involved in this case, such as the approval requirements for the issuance of stock to non-Bahamian citizens, the Bahamian courts have the more significant interest in deciding and interpreting their own statutes and laws.”

Mr Mitchell’s assertion that the Bahamas would provide a more speedy, and effective, forum to resolve the disputes involving Mr Dingman and his former venture is likely to be challenged by many observers.

Not least his own US government. Its investment climate statement on the Bahamas, issued last week, said: “Courts in the Bahamas face a persistent backlog of cases. Civil cases, on average, can take five years to resolve.

“Foreign investors have frequently complained that local defendants are able to delay payment on Bahamian civil judgments due to the lengthy judicial process, which often involves delays during multiple levels of appeal. In addition, enforcement or collection of court judgments can be difficult.”

This directly contradicts Mr Mitchell’s claim. And Robert Adams, the Graham Thompson & Co attorney and partner, earlier this year issued a similar warning when he said complex, keenly-fought commercial disputes may take two-four years to come to trial in the Bahamian judicial system.

His assertion came in support of Mr Bacon in his ‘judicial territory’ fight with Mr Nygard, an action in which the latter is also represented by Mr Gomez.

Just as in the Dingman matter, Mr Gomez was called upon to counter Mr Adams by asserting the positive qualities of the Bahamian judicial system and why this nation was the more appropriate forum.

Drawing on similar material to argue Mr Dingman’s case, Mr Gomez said “Bahamian law provides adequate remedies for all causes of action asserted by the plaintiffs in this case”.

He added that the ‘securities fraud’ claims raised by the Americans were covered by Bahamian law, especially the notion of ‘fraudulent misrepresentation’, while the local plaintiffs will be able to pursue ‘breach of contract’ claims via the Supreme Court.

Mr Gomez also alleged that the claims of ‘unjust enrichment’ and ‘breach of fiduciary duty’ were covered by Bahamian law, and could be heard in the Supreme Court.

As to whether the Bahamian judicial system was up to the challenge, Mr Gomez added: “The Bahamas is a world financial centre, and accordingly the Bahamian courts are well-equipped to handle, and have-handled, innumerable complex matters.

“Furthermore, in my experience, the judges in the Bahamas are exceedingly accomplished jurists, and are considered our best and brightest.... The Bahamas also had on its panel judges and jurists from England, New Zealand and Australia.

“Thus, in my opinion, the judges are well capable of handling complex or large cases expeditiously, and applying foreign law where necessary.”

Mr Dingman’s US attorney, Mr Mitchell, concluded that “it is impractical, if not impossible, to compel the testimony” from Bahamian witnesses use in New York.

“Further, should this matter proceed here, the cost for these witnesses to travel from the Bahamas to New York for trial may be prohibitive, and is a substantial impediment to efficiently conducting a trial,” he added.

“Also, as discussed in the Gomez declaration, a judgment obtained in this court is not eligible for registration in the Bahamas, but rather, in order to enforce it, plaintiffs would need to commence a new civil action in the Bahamian courts to first register the judgment before being able to enforce it.

“In all, the private factors weigh in favour of dismissing the action here and in favour of proceeding in the Bahamas.”

NOTICE ALL RESOURCES GROUP LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) ALL RESOURCES GROUP 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 07th July, 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 12th day of July, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator

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THE TRIBUNE

Tuesday, July 12, 2016, PAGE 7

Chamber chief says ‘space for third mobile operator’ From pg B2 mobile subscriber numbers and revenues for BTC, currently the monopoly provider, both fell in 2015.

The total number of mobile subscribers in the Bahamas fell by 1.16 per cent year-over-year, from 314,842 or 311,175.

And as a result, mobile penetration rates (the number of subscribers per 100 individuals) dropped from 86.50 in 2014 to 85.49 in 2015.

Meanwhile, BTC suffered an almost 30 per cent or $77 million year-overyear fall in mobile revenues, which dropped during 2015 to $175.965 million from

$253.301 million.

This was blamed on the reduced subscriber numbers and increasing use of Over The Top (OTT) applications, which shifted revenue from mobile voice and messaging services to mobile data , which earns less revenue.

OTT applications are apps or services, such as WhatsApp, Skype and Netflix, that provide a product over the Internet and bypass traditional distribution.

Mr Sumner readily acknowledged he had a personal interest in any third mobile licence, given his position as chief executive

of IP Solutions International (IPSI).

IPSI had been expected to join the race for the second mobile licence, and partnered with international operator, Limitless Mobile, in preparation to make a bid.

However, it ultimately decided not to participate after finding the terms in the Government’s Request for Proposal (RFP) “too onerous” - especially the aggressive network roll-out timetable, and the requirement that the winning bidder relinquish a majority 51 per cent stake to Bahamian investors.

The RFP for the second mobile licence, though, pledged that the Government would delay the entry of a third operator until “at least three years” after the

second one has begun commercial operations.

Given that NewCo’s licence was signed on June 30/July 1, this means that it must launch services to 99 per cent of New Providence’s population, and 80 per cent of Grand Bahama’s, by end-September/ October 1 to meet its licence conditions.

This, in turn, means no third provider could enter the market until the same point in 2019.

However, the Government will have to amend the Communications Act’s section 114, as this only mandates that it cannot issue a licence to a third cellular operator until April 2016 - a date now passed, and before NewCo will begin services.

“The Government in-

tends to amend the Electronic Communications Sector Policy to delay the entry of a third cellular mobile operator for at least three years from the commercial launch of the second mobile operator,” the second licence RFP said.

The RFP also made clear that much market analysis remains to be done to determine if the Bahamian market can sustain three players.

“Before any decision is made to initiate a process for licensing a third mobile operator, the Government will consider such factors as it deems necessary,” the tender documents state.

Mr Sumner said it was “great” that the long-running mobile liberalisation process was finally ending with the second license’s

issue to NewCo and Cable Bahamas.

“This hopefully will bring better competition to the market, lower prices and improved customer service and experience, both with NewCo and also, BTC,” he added. “I’m hoping the customer experience is going to be better for both these services. Time will tell.”

The Chamber chief executive congratulated Cable Bahamas for winning the second mobile license, while also praising BTC for launching its Flow TV product.

“I’m pleased to see the direction they’re moving in,” he said. “I’ve been advocating for advancing the IP infrastructure in the country, and it’s good to see these kind of advances being made.”

Stocks gain, setting a new record high for S&P 500 index NEW YORK (AP) — The Standard and Poor’s 500 index closed at a record high Monday, beating the mark it set a bit over a year ago.

The Dow Jones industrial average was within 1 percent of its own closing high, which was also set in May last year, but the Nasdaq composite has further to go. The technology-focused index is still negative for the year and would have to gain nearly 5 percent to regain the closing high it reached last July.

The S&P 500 gained 7.26 points, or 0.3 percent, to 2,137.16. That beat the record close of 2,130.82 it reached on May 21, 2015.

The Dow rose 80.19 points, or 0.4 percent, to 18,226.93. The Nasdaq composite rose 31.88 points, or 0.6 percent, to 4,988.64.

The market has had a rough ride in the year since the S&P 500’s last record.

Investors have been rattled by plunging oil prices, falling corporate earnings, fears over possible rising interest rates, slowing growth in China, and, most recently, Britain’s historic vote to leave the European Union.

In the weeks since the British referendum on June 23, however, many investors

have come around to thinking that the consequences of the vote, which has come to be known as “Brexit,” may be contained largely to Britain, and they’ve gone back to buying stocks again.

Jonathan Corpina, senior managing partner at Meridian Equity Partners, expressed surprise that the market has bounced back so much that the S&P 500 has reached another record high.

“If you looked at the headlines from Brexit, you’d think that the world was coming to an end,” Corpina said. “And very quickly, in a matter of weeks, that was completely erased.”

Technology stocks and banks rose more than the rest of the market, while utilities and phone companies, which investors have favored recently for their steady dividends, fell. Boeing rose $1.95, or 1.5 percent, to $132.04 and Citigroup added 31 cents, or 0.7 percent, to $42.29.

This week investors are turning their focus to company earnings. Aluminum maker Alcoa reported its quarterly earnings after the closing bell Monday, and JPMorgan Chase will release its own results on Thursday.

Earnings per share for companies in the S&P 500 index are expected to fall 5.4 percent for the second quarter, the fourth straight quarterly drop, according to research firm S&P Global Market Intelligence. But some investors think the worst is over as oil prices stabilize, the jobs market strengthens and consumers start spending more.

“When consumers start to spend more, producers have to produce more, which means they have to hire more workers,” said John Manley, chief equity strategist for Wells Fargo Fund Management. “It’s a virtuous cycle.”

In Japan, the benchmark Nikkei 225 rose 4 percent following a weekend election that landed the ruling coalition a resounding victory, ensuring stability and more stimulus spending for the world’s third-largest economy.

European markets closed sharply higher. France’s CAC 40 gained 1.8 percent, while Germany’s DAX climbed 2.1 percent. Britain’s FTSE 100 added 1.4 percent. Elsewhere in Asia, South Korea’s Kospi gained 1.3 percent and Hong Kong’s Hang Seng rose 1.5 percent.

China car sales rise in first half on strong SUV demand HONG KONG (AP) — China's car sales expanded at a faster pace in the first half of the year, boosted by strong demand for sport utility vehicles in the world's largest auto market, an industry group said Monday.

About 11 million passenger vehicles were sold in the January-June period, according to data released by the China Association of Automobile Manufacturers. That's 9.2 percent more

than the same period last year.

Total vehicle sales, including trucks and buses, rose 8.1 percent to 12.8 million, the group said.

The surging popularity of SUVs among Chinese drivers has helped prop up industry sales growth after a slump last year. Cheaper Chinese-made SUVs have also helped domestic brands claw back market share from foreign auto brands that have long domi-

nated the country's auto market.

For June, total passenger vehicle sales jumped 17.7 percent from the year before to 1.8 million. SUV sales surged 41 percent to 632,000.

Sales of Chinese auto brands last month rose by a quarter to 717,000, pushing their market share up by 2.2 points to 40.2 percent.

Chinese SUV sales rose 62 percent to 347,000 and accounted for more than half

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SHOWS a Wall Street sign in front of the New York Stock Exchange. Global shares rose Monday, July 11, 2016, after Wall Street rose on a strong U.S. employment report and as investors recovered gradually from post-Brexit jitters.

(AP Photo) Benchmark U.S. crude fell 65 cents, or 1.4 percent, to close at $44.76 a barrel in New York. Brent crude, a standard for international oil prices, lost 51 cents, or 1.1 percent, to $46.25 a barrel in London.

of total SUV sales.

Sales of U.S.-brand cars rose slightly in June, while sales of Japanese, German and other foreign brands slipped, the association said.

NOTICE MASTAR HOLDING INVESTMENT LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) MASTAR HOLDING INVESTMENT 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 07th July, 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 12th day of July, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator

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GOVERNMENT NOTICE Public Announcement

PAGE 8, Tuesday, July 12, 2016

THE TRIBUNE

Obamacare 2.0: Obama calls for revisiting the public option

WASHINGTON (AP) — President Barack Obama is laying out a blueprint for addressing unsolved problems with his signature health law, including a renewed call for a "public option" to let Americans buy insurance from the government.

Obama’s assessment of the Affordable Care Act comes in an eight-page article in the Journal of the American Medical Association, a peer-reviewed publication. The article debuted Monday on the journal’s website, and Obama plans to echo the themes in public events and speeches in the coming weeks.

Replete with academicstyle citations, the article is largely a self-congratulatory look at what Obama sees as the accomplishments of his law: millions of Americans who have gained coverage, slower growth in overall health costs and better coordination of care to improve quality.

Yet it’s also a memo for Democrat Hillary Clinton on how she can build on his legacy if elected president.

Obama’s latest ideas are likely to be dismissed by

his administration, "too many Americans still strain to pay for their physician visits and prescriptions, cover their deductibles or pay their monthly insurance

Republicans, who remain committed to repealing the health care law. In polls, "Obamacare" continues to divide the public.

Despite progress under

bills," Obama wrote. Others struggle to navigate the "bewildering" health system.

Too many still lack insurance coverage, he added.

Obama urged lawmakers

with. It will have to be dealt with gradually,” he said at a meeting of the eurozone’s 19 finance ministers.

“There will be no big solutions ... It’s not an acute crisis so that also gives us some time to sort things out.”

Dijsselbloem said it’s important that the eurozone respects what it’s agreed “otherwise everything will be questioned in Europe, and there are a lot of questions in Europe already so we don’t need any more questions.”

Italian banks have been worn down by some 360 billion euros ($400 billion) in loans that won’t be paid back in full. Italy is the eurozone’s third-largest economy so any big crisis there would likely have negative effects far outweighing the impact from the repeated problems over the past few years, notably in Greece.

Many Italian banks have seen their share prices come

under intense pressure.

Italy’s third-largest lender, Monte dei Paschi di Siena, has been ordered to sharply reduce its load of bad loans and has seen its share price slump by around a third since the British vote. And on Monday, Italy’s largest bank UniCredit also said it is launching an “in-depth strategic review” under its new CEO Jean Pierre Mustier “to reinforce and optimize the group’s capital position, (and) improve profitability.”

Should measures such as those announced by UniCredit not prove to be enough to assuage investors, then the Italian government may have to intervene in some form to help the banks out.

However, any rescue attempt that involves the use of public money could run into resistance from the EU, which recently introduced the new rules to

avoid a repeat of some of the recent bailouts that afflicted the eurozone. During the region’s debt crisis over the past few years, the parlous situation of some banks was at the root of some of the bailouts, notably Ireland in 2010.

Taxpayer money can now only be used after bank creditors such as bondholders have been “bailed in,” meaning they lose some of their money before taxpayers chip in. That provision was aimed at keeping the costs of rescuing banks from overwhelming government finances.

“We established these rules coming out of a major banking crisis in Europe,” Dijsselbloem said. “I think bail-ins is a very sound economic principle which basically says that those investors that put in their money and take out some profit in the good years carry the losses in the bad years.”

FRIDAY, 8 JULY 2016

BISX LISTED & TRADED SECURITIES

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

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

LAST CLOSE 3.62 15.85 9.09 3.50 5.22 0.12 6.56 8.35 5.84 10.58 14.49 2.56 1.41 5.80 8.50 10.96 7.90 6.36 11.93 10.00

CLOSE 3.62 15.85 9.09 3.50 5.22 0.12 6.56 8.35 5.84 10.58 14.49 2.56 1.41 5.80 8.50 9.87 7.90 6.36 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.09 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

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

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

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

114.07 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

114.15 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

662

1,000 700

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 0.650 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 0.280 0.120 0.640 0.000

P/E 11.9 11.7 8.4 15.9 N/M N/M 35.5 15.2 11.5 19.6 27.4 27.2 8.5 11.4 13.9 10.3 12.2 9.0 15.8 0.0

YIELD 2.49% 6.31% 0.00% 4.57% 0.00% 0.00% 2.85% 3.11% 3.42% 3.40% 4.21% 2.34% 2.84% 4.14% 3.24% 0.00% 3.54% 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

MUTUAL FUNDS 52WK HI 1.97 3.82 1.91 160.64 138.35 1.43 1.64 1.54 1.05 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.38 1.52 1.46 1.03 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 1.43 1.64 1.54 1.05 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% 1.56% 3.85% 0.69% 8.09% 1.11% 5.27% 2.03% 0.72% -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-May-2016 31-May-2016 31-May-2016 31-May-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016

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

NOTICE PEAKAI GROUP INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) PEAKAI GROUP INVESTMENTS 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 07th July, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

Dated this 12th day of July, A. D. 2016 t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,951.51 | CHG -12.71 | %CHG -0.65 | YTD 127.56 | YTD% 6.99 52WK LOW 2.21 17.43 9.09 3.14 4.70 0.12 5.67 7.25 5.50 6.85 14.49 2.25 1.27 5.51 6.00 9.85 6.01 5.55 11.75 10.00

ed.

Germany’s influential finance minister, Wolfgang Schaeuble, echoed Dijsselbloem’s view about the importance of respecting rules.

“We all know that the European rules that we created as a lesson from the financial and banking crisis are made to prevent repeats,” Schaeuble said. “It offers sufficient possibilities to respond appropriately to every situation.”

(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

MARKET REPORT 52WK HI 3.62 17.43 9.09 3.50 4.70 0.18 8.34 8.35 6.10 10.60 15.50 2.72 1.60 5.80 8.50 11.00 7.90 6.90 12.25 11.00

Dijsselbloem also took a swipe at those bankers that call for public money to be put in when their firms face difficulties.

“There have always been, and will always be, bankers who say we need more public money to recapitalize our banks, and I will resist that very strongly, because again and again it’s hitting on the taxpayer, again and again increasing sovereign debt in countries that are heavily indebted,” he add-

PRESIDENT Barack Obama signs the health care bill in the East Room of the White House in Washington. With the nation still divided over “Obamacare,” President Barack Obama is laying out a blueprint for addressing unsolved problems with his signature health law, including a renewed call for a “public option” to let Americans buy insurance from the government. (AP Photo)

Eurozone insists bank bailout rules won’t change for Italy BRUSSELS (AP) — New rules governing the rescue of imperiled banks in the 19-country eurozone that seek to protect taxpayers won’t be fudged, officials from the single currency bloc insisted Monday amid growing concern about some of Italy’s lenders.

Worries over the financial health of Italy’s banks have grown more acute since the June 23 referendum result in Britain and the country’s premier, Matteo Renzi, is looking for a way to rescue them from a pile of bad loans that aren’t being repaid.

Jeroen Dijsselbloem, the eurozone’s top official, conceded that Italy’s banks have problems with so-called non-performing loans, but that dealing with them through a fudge of newly created rules was not on the cards.

“It needs to be dealt

to "revisit" the public plan, especially in areas of the country where there is little or no competition among private insurers participating in HealthCare.gov and

state-run marketplaces created by the law.

Many experts consider that at least three insurers are needed for a competitive market. But many small towns and rural areas have only one option. The problem is growing, as some commercial insurers scale back their participation in the health law’s markets, and more than a dozen nonprofit insurance co-ops have collapsed.

Kristie Canegallo, White House deputy chief of staff, said Obama will keep making his case for a public option to voters, but he doesn’t plan to send the Republican-run Congress new legislation to implement it.

"This Congress is not going to act on a proposal like that," Canegallo said.

During hard-fought negotiations in Congress before Obama signed the law in 2010, liberals pushed vehemently for a public option, in which Americans could opt for a government-run plan similar to Medicare.

It was scuttled to secure enough votes from moderate Democrats to pass the bill.

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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

_________________________________ Bukit Merah Limited Liquidator

NOTICE

NOTICE is hereby given that JOLETTE THOMAS JOSEPH of Robinson 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 4th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SONIA DATIS of Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th 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, TENNEAL SHANTELL ROBERTS intend to change my name to TENNEAL SHANTEL MOULTRIE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer,P. O. Box N-742,Nassau Bahamas no later than Thirty (30)days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that JAMES SIMEON of Bailey Town, Bimini, 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 12nd dAy of JULy, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.

THE TRIBUNE

Tuesday, July 12, 2016, PAGE 9

B O DY A N D M I N D

THE EMERGENCY department at the Baptist Health Hospital of South Florida has an ongoing partnership with the Bahamas to provide emergency telemedicine consults for the Bahamian public.

PMH physician partners with South Florida’s Baptist Health to improve Bahamian services

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

A

young Bahamian doctor is hoping that all the knowledge she acquired during a recent observership programme will go a long way in helping to improve the public accident and emergency department at the Princess Margaret Hospital.

Dr Ketroya Oliver, 29, an emergency room physician at PMH, participated in an observership programme at the Baptist Health Hospital of South Florida in Miami last month.

She spent a month rotating through the emergency department at the hospital, observing many interventional procedures not yet readily available in the Bahamas.

Dr Oliver is a graduate of Queen’s College High School and obtained a Bachelor of Science in Biology/Psychology with Honours from the University of Tampa in 2007. She is also a medical school graduate of the University of the West Indies.

As a young physician

working in the emergency room, Dr Oliver said she is constantly looking for ways to improve the current system of the department.

“This led me to look at the emergency room at Baptist Health of Miami which is known for very short wait times and excellent patient satisfaction,” she told Tribune Health.

Dr Oliver became acquainted with a nurse from Baptist Health who encouraged and advised her about the observership programme.

“A wonderful Bahamian nurse by the name of Rose Rahming who works for Baptist Health of South Florida intrigued me with the concept of the observership programme to gain experience in first world emergency medicine. She later introduced me to Dr Rogelio Ribas who invited me to participate as soon as I was available,” she said.

During the observership, Dr Oliver also met Dr Sergio Segarra, the chief of the emergency department, who gave much insight into the speciality of emergency medicine and the dynamics of Baptist Health Hospital’s efficiency protocols.

DR Ketroya Oliver seeks to improve accident and emergency services at PMH

Seek a dentist’s help for Bruxism if you grind your teeth HAVE YOU ever woken up in the morning with headaches, a painful jaw or a chipped tooth?

If so, you may be grinding your teeth while you sleep at night.

Bruxism is a condition defined as clenching or grinding your teeth. Most people who are bruxers are not fully conscious of this habit.

In the majority of cases, teeth grinding occurs while the individual is asleep. Therefore, their partner or people they live with are the first to notice due to the terrible grinding sounds the person makes. Some also grind or clench their teeth during the day.

This is thought to be associated

Dr Tamika Ferguson with stress or anxiety.

There are various causes for bruxism, with stress being the most

popular. It can also be caused due to malocclusion (where teeth do not come together properly) and bruxing is the body’s response.

A less common cause is as a side effect of psychiatric medications, for example anti-depressants. It can also simply be a coping mechanism or focusing habit for an individual. In children, bruxism can be a response to pain from an earache or teething.

Grinding your teeth can lead to several dental complications.

Not only can dental fillings be fractured but your natural tooth as well. The persistent grinding of the teeth together can cause enamel to be worn down, which results in exposure of dentin and

“I learned about the new illness approach strategies in the emergency room that I hope one day will be in place for the Bahamian public. For example, when a patient comes in with a stroke, an entire stroke team is activated in the emergency department to ensure that the best outcome is afforded to the patient to avoid long lasting neurological consequences.

Another team is devoted for cardiac emergencies, trauma and other lifethreatening disorders. I was amazed at how these teams interacted and worked so cohesively towards the patient’s best outcome.

“Of course I realise that staffing and infrastructure presents specific challenges for PMH, however, I hope that we can one day overcome these barriers to become similar tertiary care institution,” she said.

A highlight for Dr Oliver during the observership was an agreement made by Dr Christian Kokinakos, the assistant chief of the emergency department, to an ongoing partnership with the Bahamas through physicians like Dr Oliver to provide emergency tel-

increased tooth sensitivity. With the increased fracturing of teeth and fillings plus tooth sensitivity more extensive dental treatment will be needed; for example crowns, root canals etc. Further, bruxism can be one of the main differentials for jaw dysfunction, unexplained facial pain and headaches when one wakes up in the morning.

If you are experiencing any of these signs and symptoms it’s time to visit your dentist, who will determine if you are a bruxer and your best treatment option. You should expect questions about sources of stress, life changes and what medications you are currently taking.

The dentist will also examine you, paying close attention to your jaw muscles and the appearance of your teeth, looking for any evidence of grinding. He or she will look for chipped teeth, poor tooth alignment and will test

emedicine consults for the Bahamian public, with special emphasis on the Family Island clinics.

“Baptist Health of South Florida has a foundation which can be used for donations of speciality equipment. For example, there is a hand-held machine similar to a glucometer used by diabetics. This device is called an I-Stat and is used to measure breakdown products of heart muscle, for example Troponin, and can tell with only a finger prick of blood the likelihood of an acute coronary event. This would be most beneficial in the Out Islands where blood work is not available to complete the work up of a myocardial infarction. This machine could be available at the major clinics through this partnership with Baptist Health of South Florida,” she said.

Dr Oliver is hoping to participate in more programmes that will help the department at PMH offer more efficient care in future.

tooth sensitivity.

The main preliminary treatment for bruxism is a nightguard - basically a nighttime mouthguard. It will prevent teeth from grinding together protecting them from wear. Your dentist will make a customised nightguard for you.

In order to properly treat bruxism, the initial cause must be known. If it is from stress then you may need professional counselling. If the cause is malocclusion, your dentist may have to adjust your bite and if bruxism is a result of medications your medical doctor may have to change your medication.

Grinding your teeth may not sound like a serious problem but it is harmful and if severe can cause a lot of pain. If you have started to experience any of the symptoms listed above please seek treatment immediately to prevent future expense and save your teeth.

PAGE 10, Tuesday, July 12, 2016

THE TRIBUNE

Cancer Society makes donating easy with new ‘iDonate’ campaign

By ALESHA CADET

Tribune Features Reporter

acadet@tribunemedia.net

T

HE Cancer Society of the Bahamas is introducing its “1000@50 iDonate” campaign to raise funds for their Caring Centre and to urge persons to be proactive in lowering their individual risk of developing cancer.

The campaign aims to encourage 1,000 donors to donate $50 monthly or make a one-time donation of $600 to the Cancer Society. Each donor will receive a commemorative pin once the $600 is paid in full. The proceeds from

Initiative hopes to give more care to struggling patients the campaign will support the Cancer Caring Centre’s $3 million expansion building fund.

“The overall goal is to raise $600,000 and raise awareness of the burden that cancer has become to families and our country.

We are in need of funding to continue the building expansion project and wanted to make it afford-

able to donors to participate in the campaign,” said Melissa Major, programmes coordinator at the Cancer Society of the Bahamas.

She believes the campaign is important because the building expansion will support Family Island cancer patients that frequently fly into Nassau for cancer treatment and are in need of a place to lodge free of charge.

The building expansion will also offer hospice care for the first time for cancer patients in the Bahamas. Also a daycare program for those patients that are in Nassau and need support during the daytime. The frequency of the cancer

patient travelling to Nassau will depend on their treatment cycle.

“This initiative is important to me because I am working at the Cancer Caring Centre and I often experience the struggle of patients having no place to stay during the time of their cancer treatment.

Patients that are terminal are told that there is nothing that the doctors can do. The Family Island patients have to leave Nassau to return to the Family Islands during their last stages of cancer, at which time all systems in the body are shutting down and patients at this final stage often require immediate medical attention and are not

able to return to Nassau to receive care as needed. This is also a very sensitive time for family members and most persons are not able to handle this transition emotionally or provide the level of care that is needed for the cancer patient,” said Ms Major.

All donations for the iDonate campaign can be made at any Cash N’ Go location in Nassau or in the Family Islands (Rock Sound, Eleuthera; Freeport, Exuma and Abaco), at the Cancer Society of the Bahamas headquarters or online at www.cancersocietybahamas.org. The campaign will run for a year; until June 27, 2017.

Sunscreen doesn’t work as well as it says: What to do?

By LINDA A. JOHNSON AP Medical Writer SOMETHING to consider as you head to the beach or pool over the summer: That sunscreen in your bag may not protect your skin as much as you think.

Even after regulators updated standards for labelling sunscreen four years ago, tests have shown many provide far less protection than advertised.

That’s a worry because too much exposure to the ultraviolet rays produced by the sun can lead to skin cancer, including melanoma, the deadliest type. The American Cancer Society forecasts about 76,380 new melanoma cases and about 10,130 patient deaths this year — good reasons for diligence.

“Even a single exposure increases risk of melanoma,” says Dr Len Lichtenfeld, deputy chief medical officer at the American Cancer Society.

Here are some tips on how to protect yourself:

CHOOSING A SUNSCREEN

While sunscreen protects your skin, take claims on the tube with a grain of salt.

Back in 2012, the FDA did a major update of sunscreen standards, including banning the inaccurate, misleading terms “sunblock” and “waterproof.” Now manufacturers can only label products “water resistant” and must state how soon they break down from swimming or sweating, either 40 or 80 minutes. That’s helped. More changes, such as allowing some additional ingredients long used in Europe, are being considered.

In the meantime, use sunscreen that protects against both harmful types of ultraviolet rays, UVA and UVB. Both can cause skin cancer, disfiguring lesions and premature wrinkling.

The level of protection

IF you’re going to be outside, experts recommend finding some shade and wear clothing that covers your arms and legs, and a broad-brimmed hat to protect your face, ears and neck. (AP Photo) against UVB rays is measured by something called SPF, or sun protection factor. For UVA rays, which penetrate skin more deeply, sunscreens are rated as passing or failing government standards.

Pick sunscreen rated at least SPF 30, considered the minimum needed. Consumer Reports’ recent testing of 65 sunscreens found more than 40 per cent didn’t meet their SPF claims, so the magazine advises using SPF 40 or 50 to increase chances you’re getting at least SPF 30.

Avoid sunscreens labelled higher than SPF 50, which protects against 98 per cent of UVB rays. Higher SPF numbers falsely imply much

greater protection, leading some sun worshippers to stay outside longer.

Consumer Reports recommends as “Best Buys” four sunscreens that met their claimed SPF of 50 and cost about $6 to $10: Pure Sun Defense Disney Frozen, Coppertone Water Babies, Equate Ultra Protection and No-Ad Sport. It also recommends Up & Up Kids Stick and a few sprays, including Equate Sport Continuous Spray SPF 30.

PUTTING IT ON

“Use sunscreen every day, every time you poke your nose outside,” says Dr Theresa M. Michele, who oversees the Food and Drug Administration’s evaluation

of nonprescription drug products.

While that may be unrealistic for most people, you should use sunscreen whenever outside for a while, even if it’s cloudy, experts say.

You also have to use it correctly: Most people using sunscreen don’t realise they’re applying too little, too late and too infrequently, says Dr Darrell Rigel of the American Academy of Dermatology’s sunscreen regulations task force.

An average-sized person should apply roughly an ounce, or about two tablespoons, on all exposed skin.

That’s about twice what most people use.

Apply it 15 to 30 minutes

before going outside, then reapply at least every two hours, more frequently if swimming or sweating a lot.

With spray-on sunscreen, apply two coats, then rub it in to ensure even coverage.

Rigel, a New York University School of Medicine dermatology professor, recommends products that don’t feel greasy, so you’ll use them frequently.

SEEK SHADE

Of course the best way to prevent sunburn and skin cancer is as clear as day: Avoid the sun.

Experts recommend staying indoors or finding some shade, especially from 10am to 2pm, when the sun’s rays are strongest. Wear clothing

that covers your arms and legs, and a broad-brimmed hat to protect your face, ears and neck.

The FDA’s Michele notes that ultraviolet rays are stronger, and therefore more dangerous, at high altitudes and in southern states, so people there should be extra careful.

Ditto for those spending time around water or sand, which reflect UV rays.

Experts also say people should avoid tanning beds, which have been linked to a rise in melanoma in young women.

• Further information online: https://www.aad.org/ public/spot-skin-cancer

Kale chips, move over. Try making baked BBQ zucchini chips

By MELISSA D’ARABIAN Associated Press IT all started with the kale chip.

I fell in love the texture of the thick, green leaf made thin and so delicately crisp by baking that it felt almost flaky, with just enough thickness to impart a satisfying little crunch before nearly dissolving into salty-grassy goodness on the tongue.

And I wasn’t alone: healthy-conscious eaters crowned the kale chip its unofficial sweetheart and suddenly they were available not just in health-food stores, but in mini-marts, airports and gas stations.

Which led me to ask: What else might we chipup in a dehydrator or oven?

And what other flavours might we add? My daughter’s all-time favourite potato chip is BBQ flavoured, so that became my mission — a baked veggie chip that mimicked the BBQ potato chip flavour, with all natural ingredients.

In mixing up various spice rubs, we were surprised by how much brown sugar we needed to emulate that characteristic flavour. And then we struck gold: what if we used a naturally sweet vegetable, which would allow us to reduce the added sugar down to nearly nothing?

recipe. And, you don’t even need a mandoline for slicing. I have one, but almost never use it ever since nipping off a bit of finger years ago on an episode of “Ten Dollar Dinners.”

Use a knife and slice relatively thin, and that’s fine. In fact, the slices are better and sturdier when they aren’t too thin anyway. I do recommend using a baking rack, only because the chips will dry out faster and more evenly. But, even this is optional equipment — just use parchment paper on a tray, cook a little longer, and flip the chips halfway through cook time if you don’t have a rack.

Kale chip, move over.

BAKED BBQFLAVOURED ZUCCHINI CHIPS

Start to Finish: 2 ½ hours Yield: serves 4

BAKED BBQ zucchini chips in Coronado, Calif. This dish is from a recipe by Melissa d’Arabian. (AP Photo) And thus, the baked BBQ zucchini chip was born! It was a huge hit with the BBQ-potato-chiplovers in my house. And

here’s the really good news: You don’t need any special equipment to make this happen.

If you have a dehydra-

tor, great — you probably already have a strong veggie-chip game going. For the rest of us: your oven on low will work great for this

INGREDIENTS: 2 teaspoons smoked paprika 1 teaspoon chipotle or ancho chili powder (or plain chili powder) 1 teaspoon brown sugar 1 teaspoon kosher salt 2 large zucchini 2 teaspoons olive oil DIRECTIONS: Preheat oven to 200 degrees. In a

small bowl, stir together the smoked paprika, chili powder, brown sugar and salt and set aside. Slice the zucchini thinly, about 1/16th of an inch, but not paper thin.

You can use a mandolin, but slicing by hand is just fine. Don’t worry if you can’t quite get the slices super thin. Place the zucchini slices in a large bowl, and blot with a paper towel to remove excess moisture.

Drizzle with olive oil and toss the slices to coat. Sprinkle with the spice mixture and toss to coat. Line two or three large baking sheets with baking racks, and spray briefly with nonstick spray. Spread out zucchini slices and bake until dry and slightly crispy, about two hours. Allow to cool on rack before removing. Best eaten the same day.

NOTE: Instead of a baking rack, you may instead line the baking trays with parchment paper, in which case flip the chips about one hour into cooking, and note that chips will require about 30 extra minutes of bake time.

NUTRITION INFORMATION PER SERVING: 54 calories; 24 calories from fat; 3g fat (0 g saturated; 0g trans fats); 0 mg cholesterol; 513mg sodium; 7g carbohydrate; 2g fiber; 5g sugar; 2g protein.

THE TRIBUNE

Tuesday, July 12, 2016, PAGE 11

Not all stars find it easy to get designer duds for carpets

By SANDY COHEN AP Entertainment Writer “GHOSTBUSTERS” star Leslie Jones’ recent online lament about having trouble finding a designer to dress her for the film’s premiere points to the challenges actresses face when it comes to walking red carpets in style.

While one nice tux might carry a male actor through many a premiere, it’s customary for female stars to show up in new attire for every photo opportunity, which makes finding fresh, fashion-forward outfits for such occasions a time-consuming task, especially for women larger than a size 2.

“It’s so funny how there are no designers wanting to help me with a premiere dress for movie,” wrote Jones, who is six feet tall.

“Hmmm that will change and I remember everything.”

But for designers, it’s not just about their star clients fitting into smaller sizes, said celebrity stylist Nina Hallworth. It also has to do with creating a mutually beneficial partnership between the clothier and the star.

“It is about how a designer wants to be represented as an artist,” Hallworth said in an interview. “We have worked with women who are sample sizes and incredibly well known and a designer will say no to that collaboration as creatively it is not a fit — even if we think it is.”

As it turned out, designer Christian Siriano responded to Jones’ call on Twitter last week and agreed to make her gown. He said in a statement that he’s a fan of the actress and her work.

“I can’t wait to create something special for her to wear,” the statement said. “I support all women no matter age or size!”

“It shouldn’t be exceptional to work with brilliant people just because they’re not sample size,” Siriano wrote on Twitter. “Congrats aren’t in order, a change is.”

LESLIE JONES, a cast member in the new “Ghostbusters”, lamented online that she was having trouble finding a designer to dress her six-foot frame for the film’s premiere. (AP Photo)

He followed up later in the week with photos of Jones visiting his studio, where she said they are “making magic.”

It’s not clear how long Jones had been seeking a dress for the premiere, but she hasn’t been alone.

Other actresses outside the size 2 landscape have said it can be hard to find designers to work with, even for high-profile events. Melissa McCarthy said that when she was invited to the Oscars after the success of “Bridesmaids,” she couldn’t find anyone to make her a dress.

“I asked five or six designers —very high-level ones who make lots of dresses for people— and they all said no,” she told Redbook magazine in 2014.

McCarthy has since launched her own clothing line and she helped design the dress she wore to this year’s Golden Globes.

Bryce Dallas Howard, who wears a size 6, said she bought her own gown off the rack for the Golden Globes, as she does for most Hollywood appearances.

“I like having lots of options for a size 6, as opposed to maybe one option,” she told E! News on the red carpet. “So I always go to department stores for this kind of stuff.”

Hallworth notes that designers who loan their dresses might have specific demands for how they’re worn.

“Free clothes can come at a cost to your own authentic style,” she said. “If you own those pieces, you own your image and can wear things in a way that speaks your narrative, not the designer’s.”

It comes down to an actress establishing a personal, individual look, she said, which then becomes a magnet for designers.

“Collaboration between designers and actors is symbiotic,” Hallworth said. “A great image can last a lifetime; a bad one longer.”

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SECTION B

TUESDAY, JULY 12, 2016

New campaign emphasises women’s

INNER BEAUT Y

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

B

EING a woman in today’s world often means putting on that extra little bit of makeup, changing up your hairstyle regularly or purchasing body shapers; sometimes it even means taking life-changing measures like plastic surgery – all for the sake of beauty.

Increasing pressure from the media and other sources have led many women to go to great lengths just to meet the so-called beauty standard.

In their quest to meet this standard, some women neglect to enhance who they are on the inside, according to organisers of a new empowerment campaign.

The “Beauty Starts Here” campaign began as simple, fun, “girly girl” event to uplift women, but has now evolved into a movement which aims to inspire women to focus on developing their inner beauty.

NATOYA Flowers (left) and Shannen Albury want women everywhere to know that they are beautiful inside and out.

The campaign is an initiative inspired by a Beauty & Assurance event held in May by Shannen Albury and Natoya Flowers.

The event was designed to give women a good dose of fun while teaching them how to enhance their makeup application skills, and giving them a chance to share their most personals thoughts.

During the “Beauty Talk” segment, those in attendance were given a pep talk on accepting and embracing who they were created to be.

“Lives were touched and ladies began to pour out their beauty stories. It was incredible. After the event, we didn’t want it to stop there. We partnered with the amazing people over at Unorthodox Entertainment to bring our campaign’s vision to life,” said Ms Albury.

The new campaign began last month with a series of promotional videos posted to the “Beauty Starts Here” social media pages.

The official launch, however, takes place next month with the

sharing of two beauty stories by women in Nassau.

Over a five-week period, women will share stories of the their struggles and the process of getting to a place where they love who they are inside and out.

“There are so many females, young and old, here in Nassau alone who suffer in silence because they believe they have to meet the beauty standards of their peers and socially famous people,” said Ms Albury.

“Their standards drop because their assurance comes from compliments and social media ‘likes’ they’d do anything for. The aim of this campaign is for women in the Bahamas and around the world to look past social norms and standards of beauty that only apply to the fading outer beauty of a woman. We desire for females to begin to search within themselves, to the core of the heart, for the unfading beauty of a woman.

“This cause is so significant because there are dozens of beauty campaigns that only focus on the exterior. If you dress this way, fix

your hair this way, do your makeup this way, then you’ll be beautiful. It is so much more than that.

This campaign is all about the interior. We desire for women to begin searching from the inside out, not the outside in. So when persons don’t compliment you or like your Facebook photo, you’re still assured that you are beautiful.”

Organisers of the campaign hope that women will understand that being attractive on the outside is just a small part of what it means to be beautiful.

“If you are a woman reading this, I want to assure you that you are so beautiful and nothing will ever change that. Be confident with the flaws God created you with on the outside. It’s OK to correct them, but begin putting in more work enhancing what’s on the inside of you, and only you.

That there is what really makes you beautiful,” said Ms Albury.

For more information, visit the “Beauty Starts Here” Facebook page, Instagram @_beautystartshere and the YouTube “Beauty StartsHere” channel.

Girls shine at Starmania gymnastics summer camp

By ALESHA CADET

Tribune Features Reporter

acadet@tribunemedia.net

THE Bahamas Star Gymnastics club is once again opening its doors to give young girls a chance to experience all the fun and benefits of the sport during its Starmania Summer Camp.

The camp officially kicked off on June 27 and concludes on August 12.

Each week, the participants celebrate a different theme.

Week one focused on the “Road to Rio” where the gymnasts wore an item which represented the upcoming Olympics. During week two, the theme was “Red, White and Blue”, in recognition of the US’ July 4 independence celebrations.

This past week paid homage to the Bahamas with the theme “National Pride Week”. Themes to come

will include “Wet and Wild” and “Crazy and Wacky”.

During regular class sessions, the day starts with games unique to gymnastics. The coaches then rotate gymnasts on the four pieces of Olympic apparatus: the vault, uneven bars, balance beam and floor mat to develop skills at each level. There are also dance classes incorporated into each day’s workout.

Organisers said it is a delight for novice gymnasts to jump on the Tumbl Trak which feels a lot like jumping on a bouncing castle.

“This is our seventh year; the first being in 2010. For the first three years, we relied heavily on our US coach partners to assist us in the management of the camp and in training on the technical aspects of the sport. As the programme evolved, the local coaches have proven more equipped each year to train and de-

GYMNASTS get to try the vault, uneven bars, balance beam and floor exercises. velop the athletes in each level of progression,” said Nicola Thompson, a member of Bahamas Star Gymnastics.

She said the mission of the club itself is to provide holistic development

through gymnastics, with a mantra of “Gymnastics today – Character for life.”

Gymnasts are encouraged to work hard, follow a path of discipline in all aspects of their lives and to pursue excellence in all

their endeavours.

“The camp provides a safe environment for young girls to receive introductory and continued training in the progressions of the sport. The biggest benefits to participants are development of self-confidence, poise, body awareness in movement, following coaches’ instructions and working as a team player through good sportsmanship. Some have benefitted from improvements in academics, other sports like tennis and participation in other civic groups like Brownies,” said Ms Thompson.

Ms Thompson reiterated that the goal is to guide each gymnast into maximising their potential in the sport and in life. For some, the eventual goal will be to compete for the country at the Olympic level, for others it maybe to compete as a member of a National Collegiate Athletic As-

sociation (NCCA) squad, and for others it may be to become a coach some day.

Whatever the goal, the organisation aims to support the girls’ dreams until they become a reality.

“We want gymnasts to transition to adulthood with positive attitudes and contributors to nation-building.

Within each youngster is the latent ability to succeed wherever hard work and determination is combined.

We have had the delight of witnessing shy kids become more confident, watching gymnasts cheer for competitors from other clubs, and seeing junior coaches transitioning to give back to the community through such initiatives and events like ‘A Passion for Pink: Flips for the Cure’ or International Handstand Day. Gymnastics is a tool for building good citizenship,” said Ms Thompson.