07142016 business by tribune242

THURSDAY, JULY 14, 2016

business@tribunemedia.net

Cable confirms capital raising profits ‘drag’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CABLE Bahamas has acknowledged that costs associated with recent debt capital raisings “have dragged on profitability and cash flow”, helping push it into a $14.371 million net loss for 2015. The BISX-listed communications provider, in the offering memorandum attached to its latest $50 million preference share offering, said the pursuit of growth opportunities had impacted its financial performance in the short-term. Apart from extra bank financing, Cable Bahamas has issued some $189 million worth of preference share debt over the past two years to help fund both its

But confident on 3-5 year mobile returns Aims to capitalise on BTC ‘dissatisfaction’ Bahamas ‘significantly below’ on penetration rates $100 million Florida expansion and successful pursuit of the Bahamas’ second mobile licence. “The expansion into the US market used a See PG B5

Court ‘erred’ on ‘unfiled evidence’ in Baha Mar claim By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Supreme Court allegedly “erred” in relying on “unfiled evidence” from Baha Mar’s receivers to reject Sarkis Izmirlian’s bid to acquire the $192 million damages claim against the project’s contractor. Mr Izmirlian and his See PG B4

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GB Power challenges regulation by URCA By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama Power Company (GBPC) is challenging the Utilities Regulation and Competition Authority’s (URCA) ability to license and regulate it, arguing that this “conflicts” with Freeport’s founding law. The utility provider, in legal documents obtained by Tribune Business, is seeking a Supreme Court in-

junction to prevent URCA “from regulating, or seeking to exercise licensing and regulatory authority”, over it. Its amended statement of claim, filed on July 7, 2016, also wants the Supreme Court to declare that GB Power can carry on its business without requiring a public electricity supplier licence from URCA. GB Power’s action is founded on the basis that, as a Grand Bahama Port Authority (GBPA) licensee, it

is licensed and regulated by the latter via the Hawksbill Creek Agreement - and not by URCA and the Electricity Act 2015. It is arguing that the Electricity Act’s sections 44-46, which give URCA the legal right to licence and oversee energy providers, “are inconsistent, and conflict with, the rights and privileges vested in [GB Power] and the Port Authority” by the Hawksbill Creek Agreement. See PG B6

Seeks injunction to block licensing, oversight process Regulated by Hawksbill Creek, not Electricity Act ‘Conflicts’ with GBPA MoU, energy regulation

Regulation to aid 50% construction market ‘salvage’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A FORMER Bahamian Contractors Association (BCA) president yesterday expressed hope that moves to regulate the sector will help “salvage” the 50 per cent market portion seized by foreigners. Stephen Wrinkle, speaking to Tribune Business after Deputy Prime Minister Philip Davis finally brought the Construction Contractors Bill 2016 to Parliament, said Bahamians would enjoy “a big boost” if they could recover half the mar-

Ex-BCA chief hopes Bill deters unregulated foreigner ‘Big boost’ to locals if half ‘foreign share’ regained Fighting for legislation for 30 years ket share gained by their foreign counterparts. He explained that the Bill’s requirement for all contractors to possess a Bahamian construction licence would create an obstacle to

unregulated foreign contractors coming into this market and taking business from locals. “There are a lot of foreign persons here under the See PG B2

$4.05 $4.20 $4.06

$4.06

PAGE 2, Thursday, July 14, 2016 2016 THE TRIBUNE THE TRIBUNE

Regulation to aid 50% construction market ‘salvage’ From pg B1

BOARD Members: From top left: Henry Campbell, treasurer; Bruce Delancey, secretary; and Walter Evans, director. From bottom Shantel Saunders, director; Reece Chipman, chairman; and Sheila Smith, director.

Directors elected for Co-op League broker

THE Bahamas Co-operative League Insurance Brokerage Ltd (BCLIBL) has elected its Board of Directors. The Board’s ratification took place at the 16th annual general meeting (AGM) on May 28, 2016. The company has been a registered broker and agent since October

2011. BCLIBL is a wholly-owned subsidiary of the Bahamas Co-operative League Ltd, which is owned by its affiliates. The company has offered general insurance products and services to credit union members and the public since its creation in 1999.

Port set to address ‘Fee-port’ plans THE Grand Bahama Port Authority’s (GBPA) vice-chairman will address Freeport’s private sector tomorrow on plans to keep the city a ‘free trade zone’. Sarah St George plans to address the Grand Bahama Chamber of Commerce’s (GBCC) monthly business meeting on the theme, ‘Freeport not Fee-port’, highlighting the GBPA’s objective of preserving the city’s current economic model. “We’re trying to grow the economy, grow the revenue, so the Bahamas benefits from the economic activity, rather than possibly shrinking it by imposing property taxes and other kinds of taxes that really take away it’s free trade zone status,” Ms St George said. “We want to play into the free trade zone concept to maximise what Freeport is capable of.”

She will also discuss plans for Freeport’s economic revival in the context of the GBPA’s recent Memorandum of Understanding (MoU) with the Government, which saw the extension of key tax exemptions by the Government. Chamber president, Kevin D. Seymour, said the event would rpovide an opportunity for business leaders to raise questions - and receive updates - about ongoing and upcoming investment projects on the island. “We’re eager to hear, from the GBPA’s perspective, what plans are in the making for the development and promotion of the Port area,” Mr Seymour said. “We’re interested in learning which sectors will continue to be targeted in terms of the GBPA’s promotion and what areas we, the business community, can expect to see projects get-

ting started in between now and the end of the year.” Mr Seymour added that Ms St. George is expected to also provide a status report on the continuing Hawksbill Creek Agreement negotiations with the Government. He expressed “cautious optimism” for the outcome of the negotiations, and said: “Having had the opportunity to sit on the Hawksbill Creek Agreement Review Committee, I think the committee has made some recommendations that, if adopted in full by the Government, should bring about a turnaround in the economy and should certainly revitalise the light and heavy industrial sectors.” The Chamber’s July business meeting begins at 12:30pm in Salon III at the Grand Lucayan Convention Centre.

guise of consultants that are acting as contractors, and building these houses behind these gated communities,” Mr Wrinkle told Tribune Business. He described the issue as “a significant problem”, especially in the high-end residential communities of western New Providence, and added: “They’re putting us out of business.” Rather than act as the lead or general contractor on such projects, Mr Wrinkle added that Bahamians were having to settle for lesser roles, such as subcontractors and providers of labour, to “foreign consultants”. “They have no risk, no liability, no insurance, no nothing,” he said. “It creates a truly uneven playing field.” When asked how much business such practices were costing Bahamian contractors, Mr Wrinkle replied: “It could be as much as 50 per cent of the industry being taken away by this type of activity, particularly at this time when the construction industry is at a low ebb. “It’s disheartening. The local housing market is devastated, and the only market sustaining the industry is the second home market for foreigners. When this is cornered by people not regulated by the industry at home, it hurts everyone.” Mr Wrinkle said construction project owners “often put the foreign contractor up in their home, and feed and clothe them. “That’s taking work from bona fide Bahamian contractors,” he added, “and that has to stop, particularly in this economic climate, when we have to take every legal measure we can to protect our industry, “If we can salvage 25 per cent of the market lost to foreigners, that will be a big boost to the local economy. We’re currently not doing anyone any favours except them. I can’t go to Florida without certification, insurance and a valid business licence. Why can they come

here and do it? We have to protect our industry.” Mr Wrinkle said he was optimistic that the licensing and regulatory provisions in the new Bill, tabled for its first reading in the House of Assembly, would both catch and deter unregulated foreign contractors from operating in the Bahamas. “This Bill requires every contractor to possess a Bahamian Contractor’s Licence to construct, renovate and remodel,” he added. The licensing system has four grades, ranging from contractors able to construct single family homes to those that can build hotels. Efforts to pass the Contractors Bill have spanned three administrations, two of PLP vintage and one FNM. The Bill, if passed, will introduce a system of licensing and self-regulation, where Bahamian contractors would be certified according to their qualifications and scale/scope of work they are capable of undertaking. It also includes provisions giving Bahamian consumers means of redress against shoddy workmanship and other frequent complaints made about Bahamian contractors. And it will also help to ‘level the playing field’ between Bahamian and foreign contractors, allowing the former to better compete for - and gain a greater share of - the work stemming from multi-million dollar foreign direct investment (FDI) projects. Mr Davis yesterday told the House of Assembly that “Bahamian consumers have been exposed to a dangerously under-regulated industry”, and problems created by “unscrupulous contractors, poor workmanship and cost overruns”. Mr Davis said construction was one of the largest, and most important, industries in the Bahamas, and estimated to account for 10 per cent of gross domestic product (GDP). He added that to become

licensed, contractors would need a valid Business Licence and to resolve any outstanding complaints. “Praise the Lord. That’s further than we have ever got before,” was how Mr Wrinkle reacted to the Bill’s tabling in the House of Assembly. “It’s a significant step in the right direction. “This is something we’ve been fighting for for 30 years. Hopefully, it will be passed, and we will see a drastic change in the construction industry. This Bill, for the first time in the history of the country, will license, regulate and control the contracting construction industry. “We currently have a tremendous problem with unlicensed and unregulated persons practising in the industry and acting as general contractors. It’s having a huge impact.” Mr Wrinkle added that the Bill would hold contractors accountable for their actions as part of enhanced consumer protection safeguards. “We’ll see a lot more adherence to standards and best practices in operations and procedures,” he told Tribune Business. “It will create a more level playing field in the bidding and tendering process, as contractors will be held accountable for the contract. Instead of not finishing and demanding more money, they will be mandated to finish or their licence will be pulled.” Mr Wrinkle continued: “The Bill is not designed to keep any Bahamian out of the industry. It is designed to protect Bahamians wanting to participate in the industry, and protect consumers that want to use a good contractor. “There are clauses that protect consumers from shoddy work and being abandoned by the contractor. There are a lot of good things for the Bahamian consumer and public, and they should welcome it. People who short cut will be able to stay in the game. They will be weeded out by this moving forward.”

THE TRIBUNE

Thursday, July 14, 2016, PAGE 3

BTC chief operating officer set to depart By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Telecommunications Company’s (BTC) chief operating officer is set to leave her post after just one year and return to the US, where she will assist its controlling shareholder’s Caribbean retail strategy. John Reid, the interim chief executive for the Cable & Wireless Communi-

Bain returns to US to work for controlling owner Post made redundant; all reporting to Leon Williams Williams switches from Cable to NewCo

cations (CWC) businesses recently acquired by Liberty Global, informed BTC staff of Ms Bain’s departure in an internal staff e-mail obtained by Tribune Business. Ms Bain, a Bahamian citizen, is set to leave the Bahamas by the end of this month, with the post of BTC chief operating officer being made redundant. “As we continue to assess the needs of our business and refine our operating

structure, I wish to inform you that we have decided to eliminate the chief operating officer – BTC position,” Mr Reid wrote. “As a result, Bonnie Bain will relocate to the United States at the end of July. Bonnie will support Alvin Stokes, senior vice-president of customer experience, to drive our Caribbean retail strategy.” Praising Ms Bain’s work in the Bahamas, he added: “During her time as BTC

chief operating officer, Bonnie and her team introduced welcome and service follow-up calls; expanded the concierge service and increased the number of registered customers on the MyBTC app. “In addition, her technical and sales teams supported the ongoing rollout of VDSL in the Family Islands, Fibre-to-the-home (FTTH) in New Providence and launched IPTV in Bimini, Inagua, Abaco and

Insurers: Downgrade threat reinforces need for prudence on NHI THE Bahamas Insurance Association (BIA) yesterday said the threat to downgrade this nation’s creditworthiness to ‘junk’ reinforced the need for a prudent approach to healthcare reform. The industry body, in a statement issued yesterday, said Moody’s recent warning mean the Bahamas and especially the Christie administration - could not afford to ignore the same rating agency’s previous concerns over the proposed National Health Insurance (NHI) scheme. It urged the Government to be “fiscally responsible”

to avoid a downgrade, and warned that tax and spending decisions would be under constant international scrutiny. “Just over a year ago, it was reported that Moody’s had warned that NHI and low economic growth levels would ‘complicate the [fiscal] consolidation’,” the BIA recalled, noting its concerns that the scheme may create ‘upward pressure’ on recurrent (fixed cost) spending. Prime Minister Perry Christie subsequently said the Government would not use new or increased taxes to finance NHI, and would

roll it out via a phased approach, which was confirmed in the 2016-2017 Budget. The BIA, though, said it was unclear how much additional funding had been allocated to universal healthcare (UHC) reforms over the current fiscal year, with Ministry of Health items showing a reallocation or repurposing of existing spending. Public Service health insurance premiums are projected to rise from $22.9 million last year to $35 million, but the NHI allocation has dropped from $260 million to $210 million.

“The fallout from any negative revision to our rating as a country will be far-reaching and impact the private sector as a whole,” the BIA said. “In this regard, we cannot afford to ignore or discount Moody’s expressed concerns about the upward

CAREER OPPORTUNITY Comfort Suites Paradise Island is seeking qualified persons to apply for the following positions:

Will receive qualified applicants’ resumes for the following position

Tasks include: Confirm purchase and sales orders with brokers Correspond with Clearing Houses and group employees for timely settlement of trades Reconciling accounts, Coupon calculations, interest and dividend payments Opening and maintenance of brokers and customers’ accounts Execute purchase and sale orders with brokers and counterparts Correspond with customers of the bank regarding general queries and renewals of Time Deposits Spanish - fluent, spoken and written. No need to apply without this requisite. Strong organizational skills At least 5 years of financial experience in Banks or Broker Dealers. Understanding of securities administration Knowledge of Euclid and Clearstream settlements systems (an asset) Proficiency in the use of Microsoft’s Office suite (including Word, Excel, PowerPoint and Outlook) Ability of work under pressure, and keep daily deadlines Please send all correspondence to: Back Office Search P.O.Box N4779 Nassau, Bahamas

ing access to quality healthcare by our people.” The BIA added that the UK was still on the UHC “journey” more than 70 years after establishing its National Health Service (NHS), and said: “Following commentaries from various stakeholders, and having realised that the economy cannot absorb or See PG B7

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pressure NHI could put on government expenditure. “This is why the phasing in of UHC over a reasonable and practical period of time is extremely important to ensure that we don’t put the economy at risk while pursuing what is no doubt a noble objective of expand-

parts of New Providence.” Mr Reid outlined a new internal BTC reporting structure with effect from July 18, with all executives previously reporting to Ms Bain now responsible to BTC chief executive, Leon Williams, on a local basis. Those affected are Khalil Nassar, chief technology and information officer; Chris Mayer, senior vicepresident, B2B); Pat Walters (senior ice-president, See PG B7

Engineering Manager: Essential • • •

Job Functions: Working knowledge of systems such as electrical, plumbing, heater, solar panels, mechanical, heating and air condition units. Must be proficient in Preventive Maintenance Programs. Perform preventative maintenance on a scheduled basis and complete work orders as necessary; keep accurate records of PM’s on all rooms and equipment and prepare relevant reports. Have the ability to test, examine, and maintain all hotel’s safety systems to ensure they are 100% operational at all times.

Position Requirements: • Five years experience as a Supervisor or Manager in the Maintenance Department of a hotel

Engineering Can-Fix-It Essential • • •

Job Functions: Repair minor electrical issues, appliances, and minor plumbing. Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs. General knowledge to repair heating and cooling units, painting the exterior and pressure washing.

Position Requirements: • Must have three years of hands on experience in the maintenance field. • Experience in the Hotel Industry will be a plus.

Electrician

Essential • • • •

Job Functions: Assemble, install, test, and maintain electrical or electronic wiring, equipment, appliances, apparatus, and fixtures, using hand tools and power tools. Diagnose malfunctioning systems, apparatus and components, using test equipment and hand tools, to locate the cause of breakdown and correct the problem. Connect wires to circuit breakers, transformers, or other components. Inspect electrical systems, equipment, and components to identify hazards, defects, and the need for adjustment or repair, and to ensure compliance with codes.

Position Requirements: • Completion of a technical school program. • Three years experience in the field of electrical engineering.

Reservations Agent Essential • • • • Position • • •

Job Functions: Receives reservations from various sources: Reservation Terminal, telephone, correspondence, and guests at front desk. Handles arrangements for groups - i.e., rooming lists and pre-registration. Keeps block arrangements secure for group bookings for Sales Department. Maintains all pertinent information with regard to Travel Agent Commissions.

Requirements: Three years experience at a major company or hotel in a similar position; Working knowledge of hotel’s reservation system. General knowledge of office and telephone procedures.

Guest Service Representative: Essential • • •

Job Functions: Register guests and assign rooms. Thoroughly understands and adheres to proper credit, cheque-cashing and cash-handling policies and procedures. Coordinate guestroom maintenance work with the engineering and maintenance department.

Position Requirements: • High school graduate or equivalent. • Previous hotel-related experience desired.

Storekeeper/Receiver: Essential • • • Position • • •

Job Functions: Receive and inspect all incoming materials and reconcile with purchase orders. Process and distribute documentation with purchase orders; reports, documents and tracks damages and discrepancies on orders received. Ensure all goods received are of good quality.

Requirements: High School Diploma required. Two years experience as a Storekeeper required. Must be computer literate.

Purchasing Agent:

Essential Job Functions: • Prepares purchase orders by verifying specifications and price; obtaining recommendations from suppliers for substitute items; obtaining approval from requisitioning department. • Verifies receipt of items by comparing items received to items ordered; resolves shipments in error with suppliers. • Provides purchasing planning and control information by collecting, analyzing, and summarizing data and trends. Position Requirements: • High School Diploma required. • Two years experience as a Purchasing Agent required. • Must be computer literate. Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resume to jmcdonald@comfortsuitespi.com

PAGE 4, Thursday, July 14, 2016

Court ‘erred’ on ‘unfiled evidence’ in Baha Mar claim From pg B1 Granite Ventures vehicle, in their ‘motion of appeal’, alleged that Justice Ian Winder had used “what he expressly acknowledged to be”an ‘unfiled affidavit in rejecting their claim with his June 29, 2016, judgment. That affidavit, from Deloitte & Touche (Bahamas) managing partner, Raymond Winder, one of the three-strong Baha Mar receivership team, was Ordered to be filed - and sealed - on the same day that the judgment was issued. “The learned judge later ordered (by a separate Order of the same day as the ruling) that [Mr Winder’s affidavit] should be filed and sealed until further order,” the appeal motion, filed by the Harry B. Sands Lobosky law firm, alleged. “There was no basis for the judge to have taken into account unfiled evidence when reaching the determinations made in the ruling.” Mr Izmirlian and Granite Ventures are also arguing that the Supreme Court failed to consider whether the Companies Act was “intended to be a mechanism for empowering creditors to seek the court’s assistance in the case of inactive or ineffective receivers”, adding that this was an important “public interest” point. The July 12, 2016, appeal motion shows that Justice Winder granted permission for Granite Ventures to go to the Court of Appeal fol-

lowing a July 7 hearing. Besides hearing Granite Ventures (and Mr Izmirlian), Justice Winder will also likely have heard arguments against the appeal from Baha Mar’s receivers and the $2.45 billion secured creditor who appointed them, the China Export-Import Bank. Granite Ventures seems, though, to have successfully overcome such objections. Confirming that they were appealing the denial of its bid to purchase the $192 million claim against its contractor’s parent, the China State Construction Engineering Corporation (CSCEC), Mr Izmirlian and his vehicle again argued that they were acting in the best interests of all unsecured Bahamian creditors of Baha Mar. “These valid claims could represent real value to the Baha Mar estate and their realisation, in turn, could benefit Baha Mar’s unsecured creditors,” they said in a statement. “Granite has proposed that the claims be pursued by the joint provisional liquidators, or, alternatively, by a committee of the unsecured creditors.” The $192 million claim seeks to enforce a May 12, 2011, guarantee that Baha Mar’s contractor, China Construction America (CCA), would perform all necessary obligations under the terms of its Baha Mar construction contract. The action was filed in the UK High Court on

SARKIS IZMIRLIAN June 30, 2015, one day after Baha Mar sought Chapter 11 bankruptcy protection a move that was ultimately defeated in the Bahamian and Delaware Courts. However, Mr Izmirlian argued that the Deloitte & Touche receivers were “failing to properly pursue” the $192 million claim - allegedly one of the most valuable potential recovery sources for the project’s creditors. Granite Ventures thus petitioned the Supreme Court on February 18, 2016, to approve a process whereby the $192 million action could be pursued in the UK High Court without the involvement of the receivers. It provided the Supreme Court with two options for ‘monetising’ the value of Baha Mar’s claim against

its contractor for the benefit of all creditors, including itself. Granite Ventures sought an Order that would place “custody and control” of the CSCEC action into the hands of either a Baha Mar creditors’ committee or the project’s joint provisional liquidators. Justice Winder, though, has ruled that it is legally impossible for Mr Izmirlian and Granite Ventures to acquire the rights to Baha Mar’s $192 million damages claim against China Construction America’s (CCA) parent. He instead found in favour of the arguments advanced by Brian Simms QC, attorney for Baha Mar’s receivers, ruling that the project’s original developer had no standing to ‘purchase’ the action lodged in the UK High Court. Justice Winder ruled that the Supreme Court “has no jurisdiction” to hear Granite Ventures’ application. He explained that while Mr Izmirlian and Granite had brought their action under the Baha Mar winding-up case, which fell under the purview of the joint provisional liquidators, the $192 million claim was an asset that had been transferred to the Deloitte & Touche receivers. And secured assets, such as the $192 million claim,

THE TRIBUNE “are protected and immune from winding-up proceedings”, with secured creditors - such as the China Export-Import Bank - able to realise their interest outside these cases. However, Granite Ventures’ appeal is alleging that Baha Mar’s receivers failed to prove the $192 million claim was a ‘secured asset’. “At its highest, the learned judge could have found that the Baha Mar claim was merely a ‘potentially secured asset’,” the appeal alleged. As a result, Granite Ventures claimed that because there was “no proper basis” to deem the $192 million claim ‘a secured asset’, the Supreme Court was mistaken in finding it had no jurisdiction to hear the matter. Justice Winder, though, also found that Granite Ventures had no standing to bring the claim because it was “not an interested person” under section 148 of the Companies Act. He ruled that whether a creditor was “an interested person” depended on the circumstances of the case. And, in Baha Mar’s case, it was not only in receivership

but provisional liquidation. As a result, unsecured creditors such as Granite Ventures only had an interest in the provisional winding-up estate. Justice Winder found that because of this, only the joint provisional liquidation team of Bahamian accountant, Ed Rahming, and the UK duo of Alastair Beveridge and Nicholas Cropper, could do what Granite Ventures was seeking. “As Granite is not supported by the joint provisional liquidators it therefore could never, in these circumstances, lawfully obtain the outcome desired,” he ruled. “Granite would therefore not be an interested person to move such an application.” Granite Ventures, though, is challenging this on the grounds that Justice Winder have “insufficient weight” to the case laws cited by its attorneys to support their arguments. It is arguing that the Supreme Court should not have treated the joint provisional liquidators as “a significant or even a relevant factor”.

OFFSHORE BANK Will receive qualified applicants’ resumes for the following position

Adminstrative Assistant

NOTICE

Dr. Rochan Sharrell Thompson

is not registered or licenced to practice medicine in the Commonwealth of the Bahamas, effective June 28th, 2016.

Tasks include: Taking phone calls Filing all documents (clients’ accounts, broker’s statements, bank statements, etc.) Preparing documents for weekly delivery Handling all billing and collection of office supplies and local expenses Iseries operations, opening and closing of the daily activities, backups Spanish - fluent, spoken and written. No need to apply without this requisite. Please send all correspondence to: Back Office Search P.O.Box N4779 Nassau, Bahamas

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

Thursday, July 14, 2016, PAGE 5

Cable confirms capital raising profits ‘drag’ From pg B1 combination of senior debt and preferred shares, both in Bahamian and US dollars,” the offering memorandum says. “Subsequent capital raises of preferred shares in 2015 to fund the expected move into mobile, and most recently a rights offering to boost its [Cable Bahamas] equity base, have been used in its Bahamian and US operations, and to ensure all required funding is in place through to roll out of mobile in late 2016. “These capital raises have dragged on profitability and cash flow as the company continues to ramp up operations in the US (backlog of contracted new business through to mid-2017) and funded its investment in mobile.” In other words, Cable Bahamas has been investing for projected future gains and shareholder returns tomorrow, which have yet to materialise. The onus is now on the company, which has Board

and management control, and a 48.25 per cent equity stake in NewCo2015 Ltd, the Bahamas’ second mobile operator, to execute and deliver the anticipated increase in shareholder returns and value from these ventures. While the 63.3 per cent year-over-year increase in preference share dividends, from $6.696 million in 2014 to $10.936 million last year, was a factor in Cable Bahamas’ 2015 loss, it was not the major one. A one-off $20.5 million accounting ‘write down’ or ‘goodwill impairment’ associated with its US operations acted as the major impairment, and the company last night told potential investors in its latest preference share issue that it remained confident of performing. It said both the mobile licence and Florida expansion are “expected to be accreting good revenue growth and cash flow over the next three to five years”. Turning to the New-

Co2015 opportunity specifically, Cable Bahamas said it would benefit from “the inherent dissatisfaction” among consumers with the prices, service and quality provided by the incumbent, the Bahamas Telecommunications Company (BTC). “Cable Bahamas expects that the new mobile company can gain a significant market share over the long term,” its offering memorandum said. “This is a reasonable expectation given the inherent dissatisfaction with the current mobile provider and the plans by Cable Bahamas to deliver a highquality service at competitive costs.” It added that based on Caribbean regional experience over the past decade, the second mobile market entrant typically captured market share of 42 per cent within three years. Cable Bahamas also suggested that NewCo2015’s entry will boost mobile penetration beyond the 314,000 wireless subscriber base that BTC reported at year-end 2014. “This represents a mobile penetration rate of approximately 82 per cent,” the of-

fering memorandum said, adding that the Bahamas was “significantly below” all Caribbean countries that have a GDP per capita of greater than $20,000. “The Ericsson Mobility Report for Latin America and Caribbean suggests that the average mobile penetration in the region is approximately 115 per cent,” Cable Bahamas added. “This leaves very large room for growth within the Bahamian market, which is presently a monopoly. Evidence from markets liberalised after 2004 in the Latin American and Caribbean region shows that license awards to second mobile operators and subsequent market entry coincide with an average penetration in-

crease of 29 percentage points.” And, using Trinidad & Tobago as an example, the BISX-listed provider said the second mobile entrant there grew total gross market revenues by 82 per cent in the first year. That was followed “by another 20 per cent in value” the following year. Emphasising that NewCo2015 will be created as a separate entity from Cable Bahamas, the BISX-listed operator would allow the mobile start-up to use its infrastructure and support services “at all stages of its development”. “This will allow the business to take advantage of the extensive experience and investments already

made by Cable Bahamas in the Bahamas,” the offering memorandum added. “Additionally, Cable Bahamas will also have the opportunity to leverage its relationships with its existing customer base, which encompasses approximately 70 per cent of Bahamian households.” Cable Bahamas’ offering memorandum confirmed that it wants to use NewCo2015 to “create a quad play opportunity” with its existing products, in a bid to further drive down pricing. Besides delivering a better customer experience and reducing costs, the company is also targeting an increase in bandwidth sales and “greater access to broadband for Bahamians”.

PRIME COMMERCIAL lot of land located on Windermere Road off East Bay Street adjacent to Red Carpet Inn and the UBS Bank building contains approximately 31,000 square feet. Portion of property presently used as a parking lot and is income producing. Inquiries should be directed to J. Albury at 324-7856 (H) or 424-2624 (Cell)

Position Announcement Job Title: Photographer & Video Producer Closing Date: Friday July 22, 2016 Contract type: Permanent, full-time Salary: Based on experience An established Bahamian company is seeking an accomplished Photographer and Videographer who is comfortable working across platforms and in different styles, managing multiple projects in parallel, and keeping them all moving forward. The successful applicant will have the ability to produce and edit multimedia content that will help maintain the company’s position at the cutting-edge of its market. Skills and Qualifications: Required • Shooting and editing top quality images for print and digital media. • Producing and editing video and audio for websites, mobile, and downloadable media. • Familiarity with all aspects of photographic and video production. • Ability to work with a range of cameras, lighting, audio recording & mixing tools. • A good technical knowledge of editing and graphic tools including Adobe Premiere or Final Cut, Illustrator, Photoshop, After Effects, Pro Tools or other audio-editing software such as Audacity, as well as of graphics, effects, and editing techniques. • Understanding of content licensing, including

CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:

Security Supervisor

Prime Responsibilities and Duties are: • Oversee the proper reporting and documentation of all incidents. • Act as focal point for any investigations involving guests and employees, prepare accurate reports and follow up action plans. • Take the lead on all incidents and emergencies. • Monitoring of camera system and schedule patrolling of grounds. • Assist with the smooth and efficient running of the organization. Qualifications & Experience Required: • Three or more years in the security or military (RBDF & RBPF) field. • Three or more years supervisory experience • Excellent leadership and communication skills. • Must be computer literate with strong administrative skills.

Security Officer

Prime Responsibilities and Duties are: • Assist with any investigations involving guests and employees, prepare accurate reports and follow up action plans. • Ensure that any criminal activity does not hamper the smooth functioning of the hotel. • Assist with and ensure the accuracy of all industrial accident reports. • Take the lead on all incidents and emergencies. • Assist with the monitoring of camera system and scheduled patrolling of grounds. • Assist with the smooth and efficient running of the organization. Qualifications & Experience Required: • Two or more years in the security or military (RBDF & RBPF) field. • Excellent leadership and communication skills. • The ability and interpersonal skills to relate with internal and external customers. • Ability to work as part of a team, as well as independently. • Must be computer literate with strong administrative skills. Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to

recruitment.humanresources@outlook.com

music, VO and trademarks. Skills and Qualifications: Preferred • Strong media or related Bachelor’s degree. • Proficiency in website maintenance and emerging technologies for proactive communications such as blogging, social networking, etc. • Familiarity with CRM tools. Please email photovideobahamas@gmail.com for more information. Be sure to include a copy of: Resume Current list of camera equipment & accessories you are trained in using Portfolio or samples of previous work

GERACE RESEARCH CENTRE FACILITY MANAGER JOB VACANCY Applications are invited from suitably qualified candidates for the following position: The Facility Manager is responsible for directing the overall operations of the physical plant. This position is physically demanding and requires working long hours with almost no days off during the busiest weeks, including weekends. The position of Facility Manager is required to perform a variety of tasks including but not limited to the following: Directing the overall operations of the physical plant including maintaining the vehicles and boats, buildings, guest rooms, fresh and salt water plumbing, food preparatory equipment, and sustaining and upgrading the aging electrical system; Supervising the physical plant staff and conducting performance reviews (currently a staff of two); Managing and administering minor construction/renovation projects around the Centre; Establishing a preventative, predictive and replacement program for the Centre’s vital equipment; Coordinating the setup of rooms and laboratory spaces for use by various college and university groups; Assisting faculty with equipment for research and educational needs and maintaining research and laboratory equipment; Coordinating with the Executive Director the purchasing and transportation of parts and supplies for the station; Maintaining a small dive shop and dive compressor. QUALIFICATIONS: • A minimum of an associate’s degree in an engineering related field or equivalent; • A minimum of 5 years experience directly related to physical plant management or an equivalent combination of considerable education, training, and experience with the aspects of physical plant management, personnel management, automotive expertise, and safety and budgetary practices; • Previous experience managing personnel; • The ability to begin this position no later than November 1, 2016 For a complete job description, visit www.cob.edu.bs/hrapply. Interested persons should submit a completed COB application form; letter of interest highlighting work experience and accomplishments relevant to the position; a current resume or curriculum vitae and supporting documents/qualifications on or before August 15th to: Associate Vice President, Human Resources The College of The Bahamas P.O. Box N-4912 OR Email: hrapply@cob.edu.bs Nassau, Bahamas

PAGE 6, Thursday, July 14, 2016

GB Power challenges regulation by URCA From pg B1 GB Power’s statement of claim argues that itself and the GBPA “have been vested with the sole authority to operate utilities”, including electricity generation and transmission and distribution, within the Port area until the Hawksbill Creek’s expiration in 2054. “The Electricity Act 2015, which came into force on January 28, 2016, purported to grant the defendant [URCA] the power to regulate the electricity sector in the entire Bahamas, including the Port area and any person licensed by the Port Authority to supply electricity in the Port area,” GB Power argued. “By letter dated April 21, 2016, the chairman of the defendant (Randol Dor-

sett) has advised the chief executive of the plaintiff (Sarah McDonald) that, pursuant to sections 44 and 46 of the Electricity Act, the plaintiff is required to obtain a public electricity supplier license from the defendant... “Further, by the said letter, the chairman of the defendant advised that the defendant will impose upon the plaintiff regulatory fees and charges in respect of such license.” As a result, GB Power could face the prospect of ‘double taxation’, through separate licensee fees and other charges that would be payable to both the GBPA and URCA. Rejecting URCA’s attempt to regulate it, GB Power added: “The plaintiff seeks a determination

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

V.E.S.E. CORPORATION In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), V.E.S.E. CORPORATION is in Dissolution.” The date of commencement of dissolution is the 8th day of July, 2016.

Mr. Alfred Victor Brewster Baie Lazare Mahe Seychelles Liquidator

of the issue of whether the defendant is lawfully entitled to license and regulate the plaintiff’s business in the Port area of Grand Bahama, having regard to the rights and privileges vested in” it by the Hawksbill Creek Agreement and license agreements with the GBPA. As a result, the Power Company is also seeking a Supreme Court declaration that the Electricity Act 2015 “contravenes the rights and privileges” granted to it by Freeport’s founding law. Stephen Bereaux, URCA’s director of policy and regulation, did not return Tribune Business’s phone message seeking comment yesterday. However, GB Power’s decision to initiate legal action represents an immediate obstacle to URCA’s fledgling efforts to regulate the entire Bahamian energy sector, which have yet to get past first base.

For the filing coincides with URCA’s initiation of consultation on the very ‘public electricity supplier licence’ that is the subject of GB Power’s action. This is URCA’s first regulatory action in the energy sector since the Electricity Act, and amendments to its own founding law, transferred such obligations to it earlier this year. Meanwhile, the GB Power action is also the first challenge to the Memorandum of Understanding (MoU) agreed between the Government and GBPA in early May 2016. That committed the GBPA to working with the Government to create “a mechanism to ensure the exercise of the regulatory powers and functions vested in the GBPA are consistent with the national policy, regulations and laws of the Bahamas”. This commits the GBPA to far-reaching governance

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) MERMAID HOLDING OVERSEAS LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The Dissolution of said Company commenced on July 13, 2016 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before August 11, 2016 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. JULY 14, 2016 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

THE TRIBUNE reforms, and the potential devolution of some of its quasi-governmental powers/regulatory authority, via their ‘harmonisation’ with national laws and government policies/regulations. The MoU’s clause 1.18 suggests this ‘harmonisation’ will be achieved through “existing independent regulators” such as URCA - a development that is now being directly resisted by the GB Power action. URCA’s public electricity supplier licence consultation makes clear it contemplates licensing, and regulating, GB Power as well as Bahamas Power & Light (BPL). “This consultation document is specific to the public electricity supplier licence (the licence) regulating the electricity generation, transmission, distribution and supply functions of the Bahamas Power and Light Company (BPL) and the Grand Bahama Power Company (GBPC) that URCA will issue to BPL and GBPC,” the document said. The URCA consultation added that under the Electricity Act’s transitional provisions, licences were to be granted to both energy utilities by April 28, 2016 - 90 days after the new law came into force. The complicated process involved in issuing those licences worked against meeting that deadline, and URCA said it was “unsatisfactory and inconsistent” with both law and energy sector policy for the two

utilities to keep operating without a licence. This sparked the public consultation’s launch on July 6, with GB Power’s action filed one day later. That move comes as no surprise, as Tribune Business warned last year, when the Electricity Act was brought to Parliament, that its provisions conflicted with the Hawksbill Creek Agreement and would likely spark legal action. And these issues have already created issues for URCA in its regulation of the communications industry. The Supreme Court ruled in 2011 that it had no jurisdiction to levy fees on Cable Bahamas’ Internet earnings in Freeport, because the BISX-listed provider operated in the city via its wholly-owned subsidiary, Cable Freeport. The latter entity was licensed by the GBPA, not the Government. Cable Bahamas (and Cable Freeport) won their 2011 case on the basis that the former Telecommunications Act permitted URCA’s predecessor, the Public Utilities Commission (PUC), to levy fees only on its licensees. Cable Freeport, of course, did not fall into that category because it was a GBPA licensee, and the PUC’s demand for $78,747 was thus quashed. Then-Justice Longley, though, declined to rule on the wider issues - whether the PUC, and by extension URCA, had jurisdiction in Freeport, and whether Cable Freeport should be licensed by URCA.

CALL 502-2394 TO ADVERTISE TODAY!

THE TRIBUNE

Thursday, Thursday, July 14, July 2016, 14, 2016, PAGEPAGE 7 7

BTC chief operating officer set to depart From pg B3 customer experience and retail); Talbot Collie (vicepresident, northern Bahamas); and Helene Ferguson (senior vice-president, human resources). They will also report to their regional unit heads. Meanwhile, BTC’s firstever mobile rival, NewCo2015 Ltd, confirmed that Cable Bahamas’ senior vice-president of finance, Barry Williams, will slide over to become its chief financial officer. It also af-

TO ADVERTISE TODAY IN THE TRIBUNE CALL @ 502-2394

firmed Damian Blackburn as the company’s chief executive. Franklyn Butler, NewCo2015’s chairman, said: “I am delighted to announce that with immediate effect, Damian Blackburn will lead the team as chief executive and Barry Williams will be our chief financial officer. “Both have the expertise and experience required to lead NewCo into this very exciting phase of telecommunications choice. I wish them every success as they begin their journey to deliver the Bahamas’ newest cellular network.” Mr Blackburn added: “Newco will deliver innovation across its offerings here in the Bahamas. Twenty years’ experience within global telecommunications operators has brought me here to NewCo; I am no

stranger to launching, leading and driving growth in new markets, for new entrant operators and creating opportunity.” Mr Blackburn said he was part of the founding management team at Virgin Mobile UK, and spent more than six years aiding that venture and assisting the Virgin Mobile USA founder in creating that start-up. “Based on this experience, I look forward to introducing the same ‘Virgin style’ approach to NewCo here in the Bahamas and delivering the same ethos of respect, support, inclusivity, development and promotion for our Bahamian team, while at the same time delivering quality and innovation in the mobile market,” Mr Blackburn added. “My Virgin experience led me to Digicel, the most customer-focused mobile operator in the region, where I was fortunate to lead and grow their business across multiple Carib-

bean and Central American markets for six years. “Now, I look forward to meeting the people of the Bahamas on this exciting journey, and I promise I will serve them to the best of my ability as we turn the NewCo dream into a reality.” Mr Williams added: “I am delighted to bring over 16 years of financial management experience gained in Cable Bahamas to the NewCo operation. “Simply, I look forward to bringing this experience and expertise gained todate to NewCo. As a Bahamian professional with international experience, it is a source of pride to be leading the financial operation of the newest mobile operator at home in the Bahamas. From this point on, a key focus for me will be driving choice and change in the telecommunications sector here, through management of the NewCo financial structure and growth plan, built to deliver it.”

Insurers: Downgrade threat reinforces need for prudence on NHI From pg B3 afford the initially proposed NHI scheme, the Government seems to have scaled back its ambitions. “The renewed focus on UHC, rather than the proposed funding mechanism of NHI, appears to have been motivated by this realisation. Additionally, the modifications to the initial NHI model over the past year seem to vindicate stakeholders that have advocated for a more pragmatic approach to the expansion of UHC in the Bahamas.” The BIA continued: “In the final analysis, we have to be disciplined enough to roll out UHC initiatives in a pragmatic manner, and with full understanding of mac-

roeconomic indicators. “This requires prudent and informed decisions on the breadth, depth and height of coverage to be provided during each phase of UHC in the Bahamas. In doing so, the expectations of the populace in relation to UHC should be managed in an environment that promotes transparency and collaboration. “There is no need to totally halt our UHC journey, which we embarked on several years ago in light of Moody’s warning. We should continue to strengthen the public healthcare system while implementing a broader comprehensive healthcare reform agenda.”

GN-1773

PAGE 12, Thursday, July 14, 2016

THE TRIBUNE

Stocks eke out late gains to hit more records NEW YORK (AP) — Stocks inched up to another record on Wednesday after spending much of the day flitting between gains and losses. After big moves up in recent days, investors appeared to take a bit of

breather. They nudged stocks higher at the open, then sent them down, then back up in indecisive trading that set the tone for the rest of the day. In the last half hour, the Standard and Poor’s 500 crept to a tiny gain, closing up less than a

third of a point, an increase of just 0.01 percent. Still, it was another high, and a winning streak that began with a strong U.S. jobs report on Friday stretched into a fourth day. Investors are hoping the strengthening economy combined with low interest rates will help lift corporate profits and the appetite for stocks. “Good economic numbers could translate into decent second quarter earnings, and rates are low,” said Ernie Cecilia, chief investment officer of Bryn Mawr Trust. That makes for a “decent environment” for stocks. Utility companies rose more than the rest of the market, though, a sign that investors are cautious as they seek out the relative safety of steady dividend payers. Investors also sought safety in U.S. government bonds, sending yields lower. The yield on the 10-year Treasury note, which had been rising since hitting an all-time low last week, dropped to 1.47 percent from 1.51 percent. The S&P 500 edged up 0.29 points to 2,152.43. The

LEGAL NOTICE

TIB HOLDINGS, LTD. NOTICE is hereby given that in accordance with the Section 138 (8) of the International Business Companies Act, 2000, TIB Holdings, Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 5th day of July, 2016. Dated this 12th day of July, 2016

GEORGE CLIFFORD CULMER Liquidator

Dow Jones industrial average rose 24.45 points, or 0.1 percent, to 18,372.12. The Nasdaq composite lost 17.09 points, or 0.3 percent, at 5,005.73. Rising oil prices have brought relief to the stock market in recent months, but the price reversed course Wednesday after the U.S. government said crude oil stockpiles shrank less than expected last week. Hess slumped $2.11, or 3.5 percent, to $58.02 and Devon Energy lost $1.01, or 2.5 percent, to $39. Eight of the 10 biggest losers in the S&P 500 were energy-related companies. For all the recent gains in stocks, the major indexes are barely above their old records a year ago. “In essence, we have a stock market that has given us zero gains but plenty of heartaches,” said James Abate, chief investment officer at Centre Asset Management. Investors will turn their attention to second quarter earnings reports over the next few days. Earnings per share at companies in the S&P 500 are expected to fall 5.5 percent compared with

the same period a year ago, according to research firm S&P Global Market Intelligence. That will be the fourth quarter in a row of drops. On Thursday, JP Morgan Chase and Delta Air Lines report, followed by Citigroup and Wells Fargo on Friday. Among stocks making big moves, Juno Therapeutics soared $2.63, or 9.5 percent, to $30.42 after regulators said its leukemia drug trials can continue. The stock had tumbled Friday after the Food and Drug Administration halted testing. Arts and crafts chain Michaels fell $1.75, or 6 percent, to $27.13 after a disappointing forecast. It said it plans to sell stock to raise money. In overseas trading, Britain’s FTSE 100 slipped 0.2 percent and Germany’s DAX fell 0.3 percent. France’s CAC 50 rose 0.1 percent. In Japan, the Nikkei 224 extended gains for another day with a rise of 0.8 percent on hopes that Prime Minister Shinzo Abe will expand bond purchases and flood financial markets with money

THe WeaTHer repOrT

5-Day Forecast

TOday

OrlandO

High: 94° F/34° C low: 76° F/24° C

Tampa

FrIday

saTurday

sunday

mOnday

Partly sunny, a t‑storm in spots

Partly cloudy with a shower

Partly sunny, a t‑storm in spots

Clouds and sun, a t‑storm in spots

Periods of sun, a t‑storm in spots

Clouds and sun, a t‑storm in spots

High: 93°

Low: 80°

High: 92° Low: 80°

High: 93° Low: 80°

High: 92° Low: 79°

AccuWeather RealFeel

106° F

89° F

108°-89° F

106°-88° F

104°-89° F

106°-88° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

aBaCO

High: 88° F/31° C low: 81° F/27° C

7‑14 knots

High: 91° F/33° C low: 80° F/27° C

6‑12 knots

FT. lauderdale

FreepOrT

High: 91° F/33° C low: 81° F/27° C

W S

WesT palm BeaCH

uV inDex toDay

TOnIGHT

High: 90° F/32° C low: 78° F/26° C

High: 90° F/32° C low: 79° F/26° C

mIamI

High: 91° F/33° C low: 80° F/27° C

4‑8 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 91° F/33° C Low .................................................... 79° F/26° C Normal high ....................................... 88° F/31° C Normal low ........................................ 75° F/24° C Last year’s high ................................. 92° F/33° C Last year’s low ................................... 76° F/24° C Precipitation As of 2 p.m. yesterday ................................. 0.01” Year to date ............................................... 23.40” Normal year to date ................................... 16.40”

eleuTHera

nassau

High: 93° F/34° C low: 80° F/27° C

High: 87° F/31° C low: 81° F/27° C

Key WesT

High: 90° F/32° C low: 82° F/28° C

High: 87° F/31° C low: 80° F/27° C

7‑14 knots

8‑16 knots

andrOs

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

4:09 a.m. 4:52 p.m.

2.3 2.7

10:20 a.m. 0.3 11:11 p.m. 0.6

Friday

5:01 a.m. 5:41 p.m.

2.3 2.8

11:08 a.m. 0.3 ‑‑‑‑‑ ‑‑‑‑‑

Saturday

5:51 a.m. 6:27 p.m.

2.3 3.0

12:02 a.m. 0.5 11:55 a.m. 0.2

Sunday

6:39 a.m. 7:11 p.m.

2.4 3.1

12:49 a.m. 0.4 12:40 p.m. 0.2

Monday

7:24 a.m. 7:53 p.m.

2.5 3.3

1:33 a.m. 1:24 p.m.

0.3 0.1

Tuesday

8:08 a.m. 8:34 p.m.

2.6 3.4

2:15 a.m. 2:08 p.m.

0.2 0.0

Wednesday 8:52 a.m. 9:16 p.m.

2.8 3.4

2:56 a.m. 2:52 p.m.

0.1 0.0

sun anD moon Sunrise Sunset

6:29 a.m. 8:02 p.m.

Moonrise Moonset

3:32 p.m. 2:17 a.m.

Full

last

new

First

Jul. 19

Jul. 26

aug. 2

aug. 10

CaT Island

now that his Liberal Democratic Party has won parliamentary elections. South Korea’s Kospi gained 0.7 percent. Hong Kong’s Hang Seng index rose 0.5 percent. In the currency markets, the euro rose to $1.1107 from $1.1067 and the dollar fell to 104.31 yen from 104.79 yen. The pound fell to $1.3182 from $1.3271. Precious and industrial metals prices rose. Gold climbed $8.30 to $1,343.60 an ounce, silver increased 24 cents to $20.41 an ounce and copper added 3 cents to $2.24 a pound. Benchmark U.S. crude fell $2.05, or 4.4 percent, to close at $44.75 a barrel in New York. Brent crude, a standard for international oil prices, lost $2.21, or 4.6 percent, to close at $46.26 a barrel in London. In other energy trading, wholesale gasoline lost 5 cents, or 3.6 percent, to close at $1.38 a barrel, heating oil fell 8 cents, or 5.6 percent, to $1.38 a barrel and natural gas was flat at $2.74 per 1,000 cubic feet.

san salVadOr

GreaT eXuma

High: 87° F/31° C low: 80° F/27° C

High: 90° F/32° C low: 82° F/28° C

W S

lOnG Island

insurance management tracking map

High: 87° F/31° C low: 80° F/27° C

8‑16 knots

mayaGuana High: 86° F/30° C low: 80° F/27° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CrOOKed Island / aCKlIns raGGed Island High: 86° F/30° C low: 80° F/27° C

High: 86° F/30° C low: 78° F/26° C

GreaT InaGua

High: 88° F/31° C low: 81° F/27° C

10‑20 knots

marine Forecast aBaCO andrOs CaT Island CrOOKed Island eleuTHera FreepOrT GreaT eXuma GreaT InaGua lOnG Island mayaGuana nassau raGGed Island san salVadOr

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 6‑12 Knots ESE at 7‑14 Knots E at 7‑14 Knots ESE at 7‑14 Knots E at 8‑16 Knots E at 8‑16 Knots E at 10‑20 Knots E at 8‑16 Knots E at 7‑14 Knots ESE at 7‑14 Knots E at 6‑12 Knots ESE at 6‑12 Knots E at 8‑16 Knots E at 7‑14 Knots NE at 10‑20 Knots ENE at 8‑16 Knots E at 10‑20 Knots E at 8‑16 Knots E at 8‑16 Knots E at 8‑16 Knots E at 6‑12 Knots ESE at 6‑12 Knots E at 10‑20 Knots E at 8‑16 Knots E at 8‑16 Knots ESE at 8‑16 Knots

WAVES 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑2 Feet 1‑2 Feet 1‑3 Feet 1‑2 Feet 2‑4 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 3‑6 Feet 3‑5 Feet 1‑3 Feet 1‑3 Feet 2‑4 Feet 2‑4 Feet 1‑3 Feet 1‑3 Feet

VISIBILITY 5 Miles 5 Miles 5 Miles 5 Miles 8 Miles 8 Miles 8 Miles 10 Miles 8 Miles 5 Miles 5 Miles 5 Miles 8 Miles 8 Miles 8 Miles 10 Miles 10 Miles 8 Miles 8 Miles 10 Miles 5 Miles 5 Miles 10 Miles 8 Miles 8 Miles 8 Miles

WATER TEMPS. 85° F 85° F 88° F 87° F 82° F 83° F 84° F 84° F 85° F 85° F 83° F 82° F 86° F 86° F 84° F 84° F 85° F 85° F 84° F 84° F 86° F 86° F 84° F 84° F 85° F 85° F

THE TRIBUNE

Thursday, July 14, 2016, PAGE 13

House approves bill to undercut nuclear agreement with Iran my. President Barack Obama would veto the House bill if it reaches his desk, according to the White House. But Republicans said Iran should be punished for continuing to manufacture heavy water, not rewarded with millions of U.S. taxpayer dollars that may end up being used to support terrorism or Tehran’s ballistic missile program. “Why are we giving the seal of approval to Iran’s heavy water production?” asked Rep. Ed Royce, RCalif., the chairman of the House Foreign Affairs Committee. The heavy water measure is the first of three bills targeting the seven-nation nuclear pact that are expected to clear the chamber before Congress departs Washington for a lengthy summer recess. The bills have antagonized Democrats, who have accused the GOP of jettisoning bipartisanship in favor of election-year politics. They said both parties have worked in the past to address Iran in a way that demonstrated unity instead of dissension. Rep. Eliot Engel, D-N.Y., who opposed the nuclear deal, said he agreed the U.S. shouldn’t be buying Iran’s heavy water. But Republican

WASHINGTON (AP) — The Republican-led House has approved a bill that would undercut the milestone nuclear deal with Iran, a largely symbolic move that highlights strident GOP opposition to the international accord. On a largely party-line vote, the House backed the measure Wednesday 249176. It calls for prohibiting the Obama administration from buying more of Iran’s heavy water, a key component in certain nuclear reactors. The White House has said removing the country’s surplus heavy water denies Tehran access to a material that may be stored for potential nuclear weapons production. As the House voted, a bipartisan group of senators announced it had introduced legislation to sanction persons involved in Iran’s ballistic missile program and to require the president to enforce an arms embargo. The U.S., other world powers and Iran finalized the nuclear pact on July 14, 2015, after nearly two years of intense negotiations. In exchange for Tehran rolling back its nuclear program, the U.S. and other world powers agreed to suspend wide-ranging oil, trade and financial sanctions that had choked the Iranian econo-

leaders wanted “political theater,” he said, and they hustled Kansas Rep. Mike Pompeo’s bill to the House floor and barred any amendments to the legislation. “That’s why this bill is so deeply flawed,” Engel, the House Foreign Affairs Committee’s senior Democrat, said. “That’s why it has no chance of becoming law.” A measure similar to the House bill died in the Senate

two months ago. Heavy water, formed with a hydrogen isotope, is not radioactive but has research and medical applications and can also be used to produce weapons-grade plutonium. Under the nuclear deal, Iran is allowed to use heavy water in its modified Arak nuclear reactor, but must sell any excess supply of both heavy water and enriched uranium on the inter-

national market. The Obama administration announced in April plans for the Energy Department to purchase 32 metric tons of heavy water for $8.6 million from a subsidiary of the Atomic Energy Organization of Iran. The heavy water is expected to arrive in the U.S. in the coming weeks and will be stored at the Oak Ridge National Laboratory in Tennessee and then resold

LEGAL NOTICE

on the commercial market for research purposes. The Senate bill, backed by Foreign Relations Committee Chairman Bob Corker of Tennessee, seeks to punish Iran for pressing ahead with its ballistic missile program and for its continued support to terrorist groups. The bill also proposes to sanction anyone involved in the sale or transfer of prohibited arms to or from Iran.

LEGAL NOTICE

COLDWAY VENTURES LIMITED

GREEN EARTH INC

NOTICE is hereby given that in accordance with the Section 138(8) of the International Business Companies Act, 2000, Coldway Ventures Limited has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on

NOTICE is hereby given that in accordance with the Section 138 (8) of the International Business Companies Act, 2000, Green Earth Inc has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on

the 5th day of July, 2016.

Dated this 12th day of July, 2016

GEORGE CLIFFORD CULMER Liquidator

NOTICE

N O T I C E LUNA THREE LTD. ____________________________________

ELA LIMITED (“the Company”)

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 29th day of June, 2016.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 6th day of July, 2016. Dated the 14th day of July, 2016.

Delano Aranha Liquidator of LUNA THREE LTD.

Paul Andy Gomez and James Robert Toynton Joint Liquidators

MARKET REPORT WEDNESDAY, 13 JULY 2016

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

BISX ALL SHARE INDEX: CLOSE 1,956.78 | CHG 5.11 | %CHG 0.26 | YTD 132.83 | YTD% 7.28 BISX LISTED & TRADED SECURITIES

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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

52WK LOW 2.21 17.43 9.09 3.14 4.70 0.12 5.67 7.25 5.50 6.85 14.48 2.25 1.27 5.51 6.00 9.85 6.01 5.55 11.75 10.00

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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 2.75 1.41 5.80 8.50 9.87 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 2.72 1.41 5.80 8.50 10.31 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 -0.03 0.00 0.00 0.00 0.44 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

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

114.71 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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

2,121 1,000

4,250

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 28.9 8.5 11.4 13.9 10.7 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% 2.21% 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

0.0 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

PERSONAL ATTRIBUTES

• Broad experience and exposure spanning all key radiological modalities • High energy and able to work under pressure • Keen attention to details • Strong communication skills • Values collaboration

QUALIFICATIONS/EDUCATION

• Post Graduate degree in Radiography and Board certified • 2-3 years imaging experience in a clinical setting • Strong technical knowledge and specialty training in one or more areas of radiology

52WK HI 1.97 3.82 1.91 160.64 138.35 1.44 1.67 1.55 1.06 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.38 1.53 1.47 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 1.44 1.67 1.55 1.06 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% 1.89% 3.91% 2.32% 8.70% 1.68% 5.28% 2.77% 1.26% -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 30-Jun-2016 30-Jun-2016 30-Jun-2016 30-Jun-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

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

hr@doctorshos Email to: hr@doctorshosp.com Only short-listed candidates will be contacted for interviews. Application deadline: Friday, July 22, 2016

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

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

THE TRIBUNE

Thursday, July 14, 2016, PAGE 15

Home Ownership Seminar Series Thursday, July 14, 2016 6:00 p.m. to 7:30 p.m. Ballroom C, Melia Nassau Beach Resort Session 1: Thursday, July 14, 2016

Home Ownership: Mortgage 101 Where to start? How to switch? Legal Facts?

Session 2: Thursday, July 28, 2016

Home Ownership: Build vs. Buy Insights from a Mortgage Specialist, an Architect, the Ministry of Works, Realtors & Attorneys

RSVP/Info: Christian.culmer@scotiabank.com You have questions. We have answers. Scotiabank. Your home ownership partner. Visit bahamas.scotiabank.com/thehomeyouown

Trademarks of The Bank of Nova Scotia, used under licence.

PAGE 16, Thursday, July 14, 2016

THE TRIBUNE

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