07202016 business by tribune242

WEDNESDAY, JULY 20, 2016

business@tribunemedia.net

Devaluation issue ‘of when, not if’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Ex-Chamber chief: Nation a ‘rudderless ship’

A former Chamber of Commerce chairman yesterday warned that devaluation of the Bahamian dollar “is not a question of if; it’s a question of when”, describing the country as “a rudderless ship”. Robert Myers, now a principal with the Organisation for Responsible Governance (ORG), a newly-created civil society group, said none of the political parties had shown they have what is needed to steer the Bahamas back on track. He argued that politicians were too focused on “shiny object issues”, such as crime and Baha Mar, and the symptoms of the Bahamas’ current economic

Despairs at politicians’ ‘shiny object’ focus Warns Baha Mar ‘not enough’ to reverse course

Robert Myers

and social malaise, rather than the causes such as poor governance, lack of accountability and an under-performing education system. Turning to the stalled $3.5 billion development at Cable Beach, Mr Myers said that even if it and all ‘pipeline’ foreign direct investment (FDI) projects were to complete in short order, this would still “not be enough” to generate the higher economic growth rates that the

Bahamas so desperately needs. “We’re going to make some recommendations as to what needs to be done,” Mr Myers said of ORG, “but I don’t see these people [politicians] doing it, quite frankly. Emphasising that he was referring to all political parties, not just the Government, he added: “I don’t hear enough from political candidates about the real fundamental issues. “All they’re talking about are crime and Baha Mar. Those are not real issues; they’re shiny object issues. They’re not the real thing. “The only thing that’s going to save us is creating a robust economy, and we’re not hearing anything from the politicians about public sector See pg b4

QC slams ‘mockery’ of Bar ‘wants to be 21st new Freeport consult century self-regulator’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

‘Puzzled’ by extra month given MoU ‘fait accompli’

The further month of consultation on proposed reforms to Freeport’s Hawksbill Creek Agreement has been rendered irrelevant by the “fait accompli” of the Government’s deal with the Grand Bahama Port Authority (GBPA), an outspoken QC argued yesterday. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business he was “puzzled” to receive notice that the Government was allowing a further onemonth consultation period on the proposed reforms. A June 30, 2016, letter from Dr Doswell Coakley, the secretary to the Hawksbill Creek Agreement Review Committee, informed him that it was “commencing consultations for a further period of one month” on its proposals. That period, which started on July 1, is set to end on Tuesday, August 2, and Dr Coakley added: “This is to allow the general public and all interested parties time to fully acquaint themselves with the See pg b4

Smith: ‘What is there for us to be consulted on?’

The Government has admitted that project management and execution restrictions are preventing it from following the IMF’s call for greater investment in “growth enhancing infrastructure” developments. The admission is contained in the Fund’s recent Article IV report on the Bahamas, where it calls on the Christie administration to re-purpose its spending from its recurrent (fixed costs) to the capital budget. “To support near-term economic activity, staff sees room for shifting spending away from current spending and towards more productive and growth-friendly infrastructure spending,” the IMF said. “Priorities include efficient investment in information and communication technology, transportation, public utilities, as well as projects that support economic diversification, increase domestic value added in the dominant tourism sector and enhance resilience to natural disasters. “Using responsible public-private partnerships, where relevant, can help reduce the burden of higher investment on government finances.” However, noting the Government’s response, the IMF said the Christie administration admitted that insufficient resources and expertise in project management and implementa-

Eyes certification, licensing, ongoing training

Questions if Govts MoU with Port ‘invalid’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FRED SMITH qc

The Bar Association’s president has conceded that the profession is “not properly regulated”, adding: “We want to become a 21st century self-regulatory body.” Elsworth Johnson, in a recent interview with Tribune Business, said there was a need for Bahamian attorneys to gain professional certification and be “licensed every year” if it was to become truly selfregulating. He praised the attorney general, Allyson MaynardGibson, for recognising the need for such reforms,

Govt ‘execution capacity’ inhibits key infrastructure By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

President says attorneys ‘not properly regulated’

IMF notes ‘upward drift’ in public spending Urges cut backs to retain ‘hard won’ VAT benefits Calls on Govt to takes steps towards ‘fiscal rules’ tion would inhibit its ability to increase infrastructure investments. “They argued that room for increasing capital See pg b5

$4.05 $4.06 $4.06

$4.06

Elsworth Johnson which would also include ongoing professional training/education requirements. “The Bar at the moment See pg b4

BORCO loses $22m battle on destroyed jetty Tanker owners did not waive liability damages But Privy Council does not declare for $16.995m cap Criticises Court of Appeal in judgment By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas Oil Refining Company (BORCO) yesterday lost its battle to gain $22 million in damages from the owners of an oil tanker that caused “substantial damage” by crashing into one of its jetties. The Privy Council instead ruled in favour of the Cape Bari’s owners, finding that they had not waived their rights to “limit liability” for any accidents through an agreement signed with BORCO immediately before the ill-fated berthing attempt. The London-based court, the highest in the Bahamian judicial system, found it was “inconceivable” that the tanker’s owners would agree to remove such protection, while there was nothing in the agreement suggesting they had done so. However, the Privy Council declined to rule on whether a September 20, 2012, Supreme Court Order, to create a $16.995 million ‘limitation fund’ should stand, instead implying that the two sides now needed to settle all issues arising from its judgment themselves. The ‘limitation fund’ sum is what the Cape Bari’s owners claim their liability for the jetty damage is capped at. They alleged they were entitled to do this by the Merchant Shipping (Maritime Claims Limitation of Liability) Act 1989, which incorporated into Bahamian law an international convention that limits liability for maritime claims/damages. BORCO, though, having reduced its original damages claim from $26.8 million to $22 million, denied that the Cape Bari’s owners could limit their liability as a result of the contract signed by the vessel’s master just before berthing. “BORCO denies that the owners are entitled to limit their liability, on the ground that they had waived their right to do so under a contract which it was agreed that the parties had made immediately before the berthing operation,” the Privy Council recorded. See pg b4

PAGE 2, Wednesday, July 20, 2016 THE TRIBUNE

Renewing the case on battery back-up Does it make sense to add batteries to your solar system? In our last article, we talked about some battery basics and benefits. Today, we will help you determine if batteries are a practical addition to your home or business. Until 2000, all solar systems had batteries. If you had a solar system on your home or business, you had to put the extra power somewhere, and that was into a battery. However, around that time, grid-tied systems were introduced.Batteries are not required for these systems because they send excess power directly to the electricity grid. The home or business can also draw power back from the grid whenever solar power is not sufficient. These systems have become immensely popular worldwide. A key advantage of gridtied systems is that they are less costly because they have no batteries. The disadvantage of grid-tied sys-

tems, however, is that when the power from the electricity company goes out, you have no power. You are tied to the grid, hence the name. This means that some sort of back-up option is still important. Fortunately, battery systems have been improving, and new types have been developed. It does take a while for advances to meet UL certification, testing, software controls and safety requirements. Nonetheless, battery technology has been progressing rapidly and prices have dropped dramatically, so there are situations where batteries make economic sense. Here are the two situations where batteries make sense now. First, and most obviously, batteries make sense in off-grid applications with a solar system. A generator is also recommended to supplement the power whenever we have a few consecutive cloudy days. In the Bahamas, that

is just a couple of times per year. Completely off-grid systems may not be the ideal power source for powerhungry houses, such as dwellings with pools, electric stoves and extensive air-conditioning. As the only power source, the system would require so many batteries that you normally would be better to partly tie to the grid. However, if you have a small ‘cabin in the bush’ or larger dwelling on a separate island, where it would cost many thousands of dollars to run electrical infrastructure to connect you to the grid, an off-grid system could be best for you. Second, while off-grid has involved the traditional application of solar, batteries can now make sense as a back-up for homes and businesses that are connected to the electric grid. A back-up solar system with batteries is great whenever there is a power failure (you may

not even notice the power has gone out). It also lowers your electricity bill when there is no power failure. For back-up systems, it is important to keep in mind that the power stored in the batteries is limited. The more things you turn on, the faster you draw out power from the batteries, meaning there is less time that the system can run. This is just like a generator, except the generator stops providing power once you use all the gas. To account for this, your professional solar specialist will install a critical load sub-panel for you. What is a critical load subpanel? Imagine the main panel in your home with 20 or 40 circuits that powers everything in your house. For the critical load sub-panel, you will pick only the things that you feel you really need when the power shuts off, such as six of the 40 circuits. In a typical home, your critical load

sub-panel may power your fridge, TV and some basic lighting. It may also power an air conditioner if you get a sizable back-up system. A solar system with batteries can be an excellent investment for your home or business. It reduces your electric bills. When BPL cuts off the light, it prevents you from going back to the ‘Stone Age’. It also increases the value of your property, so if you ever decide to sell, you can get that much more money. Finally, a solar system with batteries reduces the electricity you need from harmful fossil fuel, thereby helping our environment. In our next article, we will discuss two situations where batteries do not make sense now, but will in the future. This is important to bear in mind because your solar inverters can last more than 10 years, and your panels will last more than 25 years. You need to be sure your system will benefit you not

Bahamas ‘benchmarks’ for Funds Act reforms The Bahamas will benchmark itself against the Cayman Islands, Ireland and Luxembourg as it bids to address deficiencies in its Investment Fund Act. The Law Reform and Revision Committee, which has been charged with developing the necessary changes, was asked by the Attorney General to brief Hope Strachan, minister of financial services, during a July 8 courtsey call. The Financial Services Advisory Council (FSAC) Review in 2012 found several weaknesses in the Investment Funds Act, which the current overhaul now aims to correct. The benchmarking exercise will also focus on the United Kingdom. The Committee will work with the Securities Commission of the Bahamas to produce a draft of the new Act. Margaret Gonsalves-Sabola has been retained by the Securities Commission of the Bahamas as the drafting consultant, and Graham, Thompson & Company has been retained as the technical consultant.

Pictured seated, L-R: Aliya Allen, partner at Graham, Thompson & Company; Christina Rolle, Securities Commission of the Bahamas; Hope Strachan, minister of financial services; and Margaret Gonsalves-Sabola. Standing, L to R: Hillary Deveaux, consultant to the Minister of Financial Services; Samantha C. Paul-Samuels, legislative draftsman, Jn. Paul-Samuels & Company Chambers; Mechelle Martinborough, Securities Commission of the Bahamas; Sarah Packington, associate, Graham, Thompson & Co; Christina Davis, Graham, Thompson & Co; Sherinn Munnings, executive manager, Securities Commission of the Bahamas; and Brandace Duncanson, senior counsel, Ministry of Financial Services. (BIS Photo/Letisha Henderson)

Joshua key SuperGreen Solutions

just now, but for many years to come. If you want to be sure you make the most informed decision, talk to your local energy efficient products specialist. • NB: Joshua Key is general manager for SuperGreen Solutions Bahamas, located on Wulff Road next to FYP. SuperGreen Solutions is one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions.

Tourism gives input to Development Plan The National Development Plan secretariat has met with senior Ministry of Tourism officials to strategise and discuss ideas that will be put into the finished document. “We were so excited to be invited to speak to the Ministry of Tourism and its senior officials to talk about the National Development Plan,” said Dr Nicola VirgillRolle, director of economic development and planning. “Of course, tourism is our main industry in this country. It is the main employer and the main source of GDP. “So we cannot do a National Development Plan without fully understanding the potential of tourism. So as we look at expanding the economy, we have to look at diversifying away from tourism, but also diversifying within tourism.” The National Development Plan is being developed in three phasea, and is being part-funded See pg b3

THE TRIBUNE

Wednesday, July 20, 2016, PAGE 3

Union leader blames BEC management over blackout woes By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net Union leaders representing Bahamas Power & Light (BPL) staff yesterday backed the Prime Minister’s assertion that former executive management failed to act on warnings that the country was headed for a summer blackout crisis. Paul Maynard, the Bahamas Electrical Workers Union’s (BEWU) president, argued that management had effectively dropped the ball by failing to prepare for electricity generation challenges during the summer months. Mr Maynard told Tribune Business: “The Prime Minister is quite right in what he said. In January of this year, Shevonn Cambridge, who was the deputy general

manage in charge of generation, had raised the alarm that if we didn’t get rental units or do something that we would be in this problem. “The executive management were aware and should have acted upon it. The units are here now.” Mr Maynard added: “They are preparing the ground now in order to put them down. They should be up and running by the first week in August. I think it about 40 MW, which should make up the generation shortfall. It’s not PowerSecure; they didn’t come in until February. It’s BEC and, by extension, BPL, the executive management.” Prime Minister Perry Christie, during an appearance on the ‘Ed Fields Live’ show on Kiss FM on Monday evening, admitted that

BPL management failed to adequately anticipate the challenge of generating electricity during the summer months and prepare for it. “The difficulty is that I thought we had anticipated, that is the management of BEC and the management going forward, that we were going to have a bad summer and I knew that we had to have at least 40 Mega Watts (MW) in addition to what we have now. They were ordered late,” Mr Christie said. While he was referring to temporary generators that BPL has ordered to assist with power generation for the summer, the Prime Minister’s comments raise further unanswered questions. It is unclear whether BEC’s former manage-

ment, and Board, failed to act or had enough time to do so, given that the BPL management contract with PowerSecure was signed on February 9. Other questions concern whether the ‘blackout’ fears, and need for rental generators, was properly passed on to the new BPL Board and PowerSecure, and whether the latter - presumably having done its due diligence on BEC - should have known of the risks in any event. It is possible that the issue became ‘lost’ in the transition from BEC to BPL and PowerSecure. The latter, too, had its own issues as a result of its acquisition by Southern Company, while BPL’s chief executive post has seen turnover, too, with Jeff Wallace leaving to be replaced by Pam Hill.

Unionising ‘best bet’ to save banking jobs By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net The Bahamas Financial Services Union’s (BFSU) president yesterday urged commercial bank employees to unionise, arguing that it was the “best bet” to save their jobs in a sector where employment contracted by 7 per cent in 2015. Theresa Mortimer added that unlike other jurisdictions across the Caribbean, commercial banking employees in the Bahamas are not part of a union, with the exception of those at CIBC

FirstCaribbean, which are represented by the BFSU. Ms Mortimer said that while she had no information on any further layoffs, more contraction was certainly possible. “I know First Caribbean isn’t having any more lay-offs, I could tell you that,” she added. “I don’t know about Royal Bank and Scotia. I have been begging my people here to come. You can take a horse to water, but you can’t make it drink. What is so sad is that the entire Caribbean is unionised except the Bahamas. “That is why we are los-

Tourism gives input to Development Plan From pg B2 by the Inter-American Development Bank (IDB). The plan aims to address the core areas of sustainable development, society, the environment and the economy. Dr Virgill-Rolle said the secretariat and Ministry officials discussed how to improve the fundamentals of tourism, “which really revolve around our workforce and the strength of that workforce”. “We also looked at issues of how do we increase our market share, things like promotions, tours and getting people in our hotels,” she said. “Then we also looked at

how do we innovate within tourism. So there we looked at things like what else should we be doing in tourism. How do we differentiate? “Then we have to look at what tourists buy. We know that we need to improve our

ing, no ifs, ands or buts about it. We don’t protect our own; we just don’t, and that’s a sad thing. You can’t do anything after the fact. No one seems to want to reach out and help them.” According to the Central Bank’s annual financial services industry survey, Bahamian jobs in the commercial banking sector contracted by 7 per cent in 2015, as outsourcing and technology continued to take a toll on employment levels. It found that the banking sector remained “in retrenchment mode”, al-

though sectors such as insurance and investment funds showed improved signs of recovery. Some 244 Bahamian jobs in the commercial banking industry were eliminated in 2015, exceeding the 4.3 per cent ‘attrition rate’ seen in the prior year. “Their best bet is to get in the union and have a voice. In our constitution it is our right to be a part of the union, but our people have fear, and as long as there is that fear we aren’t going anywhere. Fear has people crippled,” said Ms Mortimer.

tourist spend,” Dr VirgillRolle added. “So at the moment, cruise ship visitors are spending less than $100, and stopover visitors are spending just over $1,000. “So how do we improve to allow greater attractions and having greater opportunities for them to interact with the Bahamian population, experiences, our food our culture?”

Dr Virgill-Rolle said the first draft of the plan should be finished by the end of July or early August. “Of course we have to go to Cabinet with the first draft, and then we want to have a public release of that and to launch the conclave sessions,” she said. The final plan should be ready to be tabled in Parliament by October, Dr Virgill-Rolle added.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, DONALD SCOTT BROWN JR. of the Eastern District of the Island of New Providence, The Bahamas, intend to change my name to SCOTT THOMPSON. 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, The Bahamas, no later than Thirty (30) days after the date of the publication of this notice.

Regulators unaware of broker’s FBI ‘bait’ By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net Financial services regulators yesterday said they were unaware that a Bahamas-based broker and its principal had allegedly been used as “bait” by the Federal Bureau of Investigations (FBI) to help snare numerous international securities fraudsters. Tribune Business revealed on Monday how Guy Gentile, head of Swiss-America Securities, is claiming that he and his Bahamian businesses were “forced” to play key roles in undercover ‘sting’ operations targeting criminals earning millions of dollars from market manipulation scams. Their participation even extended to the ‘bugging’, both by video and sound, of Swiss-America’s head office at Bay Street’s Elizabeth on Bay Plaza in a successful bid to gain evidence against a Canadian fraudster, who subsequently pleaded guilty to the charges against him. Christina Rolle, executive director of the Securities Commission, Swiss-America’s primary regulator, told

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division

Tribune Business: “The Commission is not aware of Mr Gentile’s involvement in any operation with the FBI. “We’re not able to comment on anything that may be subject to confidentiality. One way or the other we’re unable to comment. We can say, though, we are not aware of any co-operation he’s been making with the FBI.” The allegations are contained in documents filed with the New Jersey federal courts, as part of Mr Gentile’s bid to have an eightyear old case against him dismissed. The Swiss-America Securities principal is alleging that the US federal authorities have resuscitated the case after he refused to continue acting as a ‘co-operating witness’ or ‘undercover agent’ for them. Tribune Business has not yet been able to confirm with the Attorney General’s Office and the Royal Bahamas Police Force as to whether they had any knowledge as to what was occurring on Bahamian soil and the FBI’s extra-territorial use of its powers.

2016/CLE/gen/00284

IN THE MATTER OF property comprised in an Indenture of Mortgage dated 11th day of June A.D. 2007 between Dwight Rolle and Vernessa Rolle of the one part and FirstCaribbean International Bank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 10829 at pages 363 to 374. BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED

Plaintiff

AND DWIGHT BASIL ROLLE

First Defendant

AND VERNESSA JESSELEE ROLLE TO:

DWIGHT BASIL ROLLE

Second Defendant

TAKE NOTICE that: 1. An ORIGINATING SUMMONS AND AFFIDAVIT OF TAMIKA LIGHTBOURNE filed on the 2nd day of March A.D. 2016 have been issued against you in the Supreme Court of The Bahamas being Action No. 2016/CLE/gen/00284 by First Caribbean International Bank (Bahamas) Limited, the Plaintiff herein. 2. AND THAT by an Order made in the Supreme Court by Justice Guillimina ArcherMinns on the 15th day of July A.D. 2016 in Supreme Court Action No. 2016/CLE/ gen/00284 Common Law and Equity Division, it was ordered that service of the said Originating Summons and Affidavit and all other pleadings against the First Defendant, Dwight Basil Rolle be effected by way of this Advertisement. 3. A NOTICE OF APPOINTMENT TO HEAR ORIGINATING SUMMONS filed on the 30th day of March A.D. 2016 has been issued against you in the Supreme Court of The Bahamas by the Plaintiff herein. 4. The hearing date of the Notice of Appointment to Hear Originating Summons has been set to be heard on Friday 12th day of August 2016 at 2:30 o’clock in the afternoon before the Honorable Justice Guillimina Archer-Minns whose chambers is located in the main Supreme Court Building, Bank Lane, Nassau, Bahamas. 5. That the Court further Ordered that the existence of further proceedings be deemed to be served on you by way of similar advertisements. 6. In default of such appearance such order will be made and proceedings will be taken as the Court may think just. GRAHAM THOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, Bahamas. Attorneys for the Plaintiff

PAGE 4, Wednesday, July 20, 2016

BORCO loses $22m battle on destroyed jetty From pg B1 Its judgment recalled how the Cape Bari had arrived off Freeport in the early afternoon on May 25, 2012, to load a cargo of crude oil from BORCO’s Grand Bahama-based oil storage and blending terminal. BORCO’s affiliate, BORCO Towing Company, provided the tugs and pilot for the berthing operation after the Cape Bari’s master signed two agreements presented to him. These dealt with the provision of pilotage and tug services, and the usage by vessels of BORCO’s facilities. “Shortly after the agreements were signed, two tugs

arrived and towing lines were secured to the vessel,” the Privy Council judgment said. “Soon after 1350 hours, the vessel proceeded towards Sea Berth no 10. Very shortly thereafter, at about 1401 hours, the vessel collided with Sea Berth no 10, causing substantial damage.” Then-senior justice Hartman Longley ruled in BORCO’s favour on August 9, 2013, finding that the Cape Bari’s owners could not limit their liability because they had “contracted out” of this via the two sides’ pre-berthing agreement. The Court of Appeal, though, overturned that decision some nine months

QC slams ‘mockery’ of new Freeport consult From pg B1 redacted McKinsey report, and thereby further contribute to the consultation process.” The extra one-month consultation appears to be an effort by the Christie administration, and the Committee, to comply with the requirements of Justice Indra Charles’ May 5, 2016, ruling, which quashed the previous process - and any decisions flowing from it as “fundamentally flawed”. This was based on the Government’s failure to make the McKinsey report publicly available, and Justice Charles ordered that both it be released and the consultation extended for

another month - the two subjects detailed in the Committee’s letter. While satisfied that the McKinsey report had been made available online, Mr Smith questioned whether the further month’s consultation had been rendered pointless and irrelevant by the Government’s Memorandum of Understanding (MoU) with the GBPA. That document, signed three weeks after Justice Charles delivered her ruling, appears to incorporate many of the Committee’s recommendations, leading Mr Smith to question whether further consultation was meaningless. And, given the contents

Devaluation issue ‘of when, not if’ From pg B1 management, fiscal reform and a Fiscal Responsibility Act, which is desperately needed,” Mr Myers continued. “We’ve got to put all these things in place, which are needed to correct. Where’s the real issues? Where’s the real leadership? Where’s the discussion about how to improve education and improve the economy? “Baha Mar, if it gets open, it’s a fraction of what we need to correct... We need to be thinking much further out.” While Baha Mar prom-

ises to create 5,000 direct jobs, and numerous indirect ones, if and when it can open, Mr Myers said the Bahamas needed much more to escape its high debt/low growth trap. The International Monetary Fund (IMF) previously projected that the Bahamas needed to achieve an average 5.5 per cent GDP growth rate between 2013-2018 to both absorb all school leavers and cut existing unemployment by 50 per cent. Yet with just 0.5 per cent GDP growth projected for 2016, and around 1.5-1.7 per cent forecast the following

Bar ‘wants to be 21st century self-regulator’ From pg B1 is not properly regulated,” Mr Johnson admitted to Tribune Business. “There’s a need for professional certification, a need to be licensed every year like any other competent profession. We want to become a 21st century self-regulatory body.” Mr Johnson said that oth-

er potential reforms would also involve the issuance of ‘certificates of good standing’ to attorneys, which would signal to existing and potential clients that they conducted themselves appropriately. While the Bar Association is already self-regulating to an extent, via its ethics and disciplinary committees, the proposals outlined

THE TRIBUNE

later, finding the convention on limited liability, which was ratified by the 1989 Bahamian Act, did not allow parties “to contract out of the right to limit”. However, this issue was not argued before the Court of Appeal. As a result, BORCO appealed to the Privy Council on two grounds - that it was possible to waive the ‘limited liability’ stipulation, and that the Cape Bari’s owners had done just that. “BORCO also complains that the Court of Appeal acted unfairly in disposing of the appeal on a ground which had not been argued by either party, and which the court gave neither party an opportunity to address in argument,” the Privy Council added. Addressing that point, the Privy Council criticised the Court of Appeal, espe-

cially given that attorneys for both BORCO and the Cape Bari’s owners had agreed it was possible to contractually waive ‘limited liability’ rights. “The Court of Appeal answered the question ‘no’ and, moreover, did so without the point being taken and without giving the parties the opportunity to make submissions on it,” the Privy Council said. “The Board wishes to make it clear at the outset that the Court of Appeal ought not to have decided the point without giving the parties such an opportunity. In very many cases, such an approach will lead to an appeal against the decision being allowed.” With both parties able to argue the case before it, the Privy Council found there was nothing in the international convention, or Ba-

hamian law, “to prohibit” shipowners from agreeing to waive their rights to limited liability. As to whether the Cape Bari’s owners had actually done this, the Privy Council found there was nothing in the ‘facilities usage’ agreement that “contains even a hint” they were agreeing to waive limited liability rights. That agreement, its judgment said, provided BORCO with numerous liability exclusions and protections. “As the owners observe, it is this liability to hold harmless and indemnify BORCO which triggers the owners’ need to limit their liability,” the Privy Council said of the Cape Bari’s owners. “In short, there is nothing in the language of the agreement which suggests that the owners were agree-

ing to waive their right to limit. Indeed, viewed objectively, it seems to the Board to be inconceivable that the owners intended to waive their right to limit. “Moreover, if BORCO had intended that they should do so, it could reasonably have been expected for BORCO to include such a clause in the ‘Conditions of Use’.” However, the Privy Council subsequently declined to give a declaration that the Cape Bari owners’ liability “shall be no more than $16.995 million” plus interest of $342,696. Several Bahamian attorneys were involved in the case. Kenra Parris-Whittaker, of Parris Whittaker, represented the Cape Bari’s owners, while Oscar Johnson and Tara Archer from Higgs & Johnson acted for BORCO.

of Justice Charles’ ruling and the Government’s belated efforts to comply ‘after the fact’, the well-known QC questioned whether the MoU itself was “invalid”. “I am puzzled by what is purporting to happen,”Mr Smith told Tribune Business. “By the time the judge gave her ruling, the Government and Port Authority had publicised the MoU they had entered into. I’m not quite sure what there is left to consult about. “The cat is already out of the bag. The horse is already out of the stable. It really deprives the consultation of any role or effect. What are we being consulted about now? It’s a fait accompli. “Are we now to give ideas on how to convert the MoU into legislation or an appropriate agreement? What is

the objective of this consultation period? What are we being consulted about?” Pointing out that the MoU was negotiated when the GBPA itself had joined the action before Justice Charles, Mr Smith added: “Quite frankly, I’m not sure the MoU itself can be valid. “The court has declared that [consultation] process to be invalid and quashed any decision coming from it, and ordered a new consultation period before decisions are made. “The MoU, in all likelihood, is ultra vires, illegal and of no effect, having been made in almost contempt of the court process,” he continued. “I’m appalled that the Government and the Port Authority, being parties to my action, should have felt compelled to enter

an agreement by usurping a court’s judgment. This repeated demonstration of contempt for the court system by the executive is systemic; not only by this government, but the FNM as well.” Mr Smith hit out at the ‘twin track’ approach seemingly being pursued by the Government and the GBPA, who were secretly negotiating the MoU ‘in parallel’ to participating in the court action his companies had brought to challenge the Hawksbill Creek Agreement consultation. Arguing that this undermined the ‘rule of law’, the Callenders & Co attorney and partner said he had to contend with similar government actions in previous Judicial Review actions, such as the one concerning the Baker’s Bay project on

Great Guana Cay. “If we don’t want to be downgraded to ‘junk’ bind status, if we don’t want advisories issued against us by the US and others, if we want to be regarded as a legitimate investment destination, if we want to be taken seriously as a democratic nation, we have to behave that way as well and respect substance over form,” Mr Smith said. “We just need to damn well grow up, otherwise we will always be perceived as a banana republic jurisdiction of opportunistic pirates.... “What is this purported consultation about? It makes a mockery of the whole process. There is complete contempt and disrespect for any kind of legitimate consultation process.”

year, the Bahamas is well short of what is required. “It’s not enough,” Mr Myers told Tribune Business of Baha Mar. “We could have every FDI project complete and open, and still be hard pressed to get GDP growth.” And with indicators such as unemployment, FDI and the fiscal numbers all trending in the wrong direction, he added: “Devaluation is a question of if; it’s not a question of when” if the Bahamas fails to change course and tackle its shortcomings. Devaluation of the Bahamian dollar would be a disaster for an economy that consumes virtually all it imports, as the living standards of Bahamian consumers and households would be drastically slashed.

With reduced purchasing power versus the US dollar, businesses and households would be unable to afford many of the necessities and products taken for granted - at least in the same quantities. And the cost of education and holidays abroad would rise dramatically. Mr Myers, meanwhile, said reform of the public sector and its culture was vital to transforming the Bahamas’ fortunes. “We’ve got to put in a Public Management Act and get the civil service, ministries and management of those ministries in order,” he told Tribune Business. “It’s a completely rudderless ship. It’s upsetting to me that I’m not hearing the kind of rhetoric to show

we’ve got candidates that understand what this country needs to right itself. “If they are out there, start speaking up. Stop talking the noise in the market, and start talking the real issues - improving productivity, getting accountability, getting GDP growth, what about education, what about transparency. These are the real issues.” Mr Myers continued: “ORG is trying to say: ‘Guys, we’ve got to have a real discussion, a real debate. The time for politics is gone’. “Baha Mar is a shiny object. Baha Mar by itself is not going to make or break us. What are we doing about improving the ease of doing business, getting small and medium-sized enterprises

to start growing, the economy to start growing? “If we don’t improve productivity and education, we’re not going to get the improvement in GDP growth. We ought to be providing businesses with incentives for the education and career development of their staff, but instead we’re taxing them more and more. It’s completely the wrong approach.” Mr Myers urged the Government to “improve education, ease Immigration” to get GDP growth moving. On the latter, he emphasised that he was referring to entrepreneurs and senior foreign management executives, who could start businesses and employ Bahamians, rather than low-level maids and gardeners.

by Mr Johnson go much further and would bring the legal fraternity into line with the practices of other professional bodies, such as the architects and engineers. There has also been criticism from some quarters that the Bar’s disciplinary processes are ineffective, and fail to properly punish attorneys for transgressions when client complaints are proven. The US government recently issued such criticism, complaining that the Bar Association was failing to

pursue complaints about the conduct of member attorneys. The State Department’s annual investment climate statement on the Bahamas said complaints submitted to the Bar’s Ethics Committee were “frequently unanswered”, raising questions about whether foreign investors enjoyed sufficient legal protection. “The [Nassau] Embassy is aware of several complaints about local attorneys, primarily involving real estate transactions, which have resulted in significant losses to American investors,” the US report charged. “Referrals to the Bahamas Bar Association and its Ethics Committee for appropriate disciplinary action in these matters often go unanswered.” Mr Johnson, meanwhile, said calls to ‘liberalise’ the Bar, and open it up to specialist foreign financial services attorneys and law firms, were really an issue for the Government to deal with via Acts of Parliament and Immigration policy. He added, though, that ‘liberalisation’ was a misleading term, as those advocating such a move were really calling for the ‘free movement of people’ in and out of the Bahamas. Acknowledging that opinions in the legal profession were split on the issue, and that the Bar and its members would have to “once and for all” settle the issue, Mr Johnson said its Financial Services Group (FSG) had “brought this matter to

the fore again”. The FSG, a Bar committee featuring Bahamian attorneys specialising in financial services work, has written to the Bar Council requesting $6,000 to conduct a survey of members’ view on liberalisation. While indicating he was not in favour of such a development, Mr Johnson acknowledged he was just one voice in the debate, and the Bar was both “democratic and open to freedom of expression”. He added: “What is going on now, the Bar must address it and address it fully. The whole concept of what persons are saying is liberalisation is not entirely correct. “People want freedom of movement, persons to come in and out, but they’re saying only for specialist areas.” Senior attorneys, such as Bryan Glinton, Brian Moree QC and Michael Paton, who have advocated for ‘liberalisation’, have been quick to point out that such an ‘opening up’ will not be widespread, with areas such as family and criminal law reserved for Bahamians only. Mr Johnson, though, questioned why, more than 40 years after independence and with the considerable investment in the Eugene Dupuch Law School and other facilities, the Bahamas had seemingly been unable to train sufficient local attorneys with the necessary financial services expertise. “Something has to be

fundamentally wrong and flawed with the system of legal education in the Bahamas,” he added, if this nation was not adequately preparing its attorneys to engage in the international financial services industry. “We have committed millions of dollars to train our people, and I can tell you they are just as good and just as bright as any lawyer around the world,” Mr Johnson said. “I know there are very senior members of the Bar in favour [of liberalisation], and other very senior members who say that if there are qualified, committed Bahamians, give them the work.” He added: “This is an Immigration matter, and a matter for Parliament. At the end of the day, for the Bar, we believe in freedom of expression and democracy, but we see this as an Immigration issue. We don’t make the laws, and the Government will have to determine to change it through a parliamentary Act.” Mr Johnson, though, said he believed the current system - where foreign attorneys were allowed to appear before Bahamian courts if the necessary expertise was not available at the Bar, or it was “conflicted out”, as happened in the Baha Mar case - was working well. He suggested that ‘liberalisation’ would see the legal profession end up like the tourism industry, where all the major assets were foreign owned. “I believe in building a sovereign Bahamas where there are some benefits to being a Bahamian once you are qualified, and I believe in building a sovereign Bahamas where it’s good to allow someone other than a Bahamian to be able to work if they are needed,” Mr Johnson said.

Share your news

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

THE TRIBUNE

Wednesday, July 20, 2016, PAGE 5

Govt ‘execution capacity’ inhibits key infrastructure From pg B1 spending in the near term was constrained by project execution capacity,” the Fund said of the Government, which has budgeted $242 million, or around 3 per cent of GDP, for capital projects over the next three fiscal years. The Article IV report

also acknowledged that the Government’s fiscal reform and consolidation focus had been almost entirely on the revenue side, with its fixedcost spending continuing to “drift upwards”. As a result, the Fund called for recurrent spending restraint to be combined with public sector financial management reforms.

“Fiscal consolidation has so far focused on the revenue side, while government expenditure has been drifting upwards after the great financial crisis (of 20082009),” the IMF said. “Staff reiterated that rationalisation of current expenditure in the context of a medium–term budget framework would help preserve the hard-won benefits of the VAT, enhance policy credibility in the low growth environment and strengthen fiscal sustainability.

“Such a framework should seek to contain further growth in current spending and gradually unwinding crisis related spending increases,” its Article IV report added. “The authorities should resist pressure to increase public wages and employment, especially in view of low labour productivity growth, while also strengthening payroll management. Furthermore, services and transfers and subsidies would generate fiscal sav-

ings.” The Fund also warned that an “out-of-date accounting system and chart of accounts undermine the integrity of financial reporting and spending quality” “Capital budgeting is not fully integrated into the annual budget planning process,”the Article IV report said. “Staff emphasised that improving fiscal reporting, introducing procedural rules to support expenditure discipline and

preparing a medium-term fiscal framework document, submitted to the Parliament, are important immediate steps towards adopting a fiscal rule. “To strengthen their commitment to fiscal responsibility, the authorities should consider further intermediate steps towards a fully-fledged framework, such as introducing a simple rule to contain volatility in spending growth.”

US home construction posted solid gain in June WASHINGTON (AP) — Construction of new homes posted a solid increase in June, led by a surge of building in the Northeast and the West. The Commerce Department said Tuesday that housing starts rose 4.8 percent to a seasonally adjusted annual rate of 1.19 million from a revised 1.14 million in May. The June reading was the highest level since February, but was down from 1.21 million a year earlier. Construction of singlefamily homes rose 4.4 percent to 778,000. Home construction jumped 46.3 percent in the Northeast and 17.4 percent in the West. During the housing boom of the mid-2000s, housing starts sometimes ranged

above a 1.7 million annual rate. In the bust that followed, they fell below 600,000. Over the past year, they have mostly stayed between 1.1 million and 1.2 million. Builders this year have been eager to put up more single family houses, a switch from recent years when they focused more on apartments. Super-low mortgage rates and a growing job market have encouraged home buying. The average 30year fixed-rate mortgage ticked up 3.42 percent last week, staying close to its all-time low of 3.31 percent in November 2012. “This morning’s report was quite upbeat,” Neil Shankar, U.S. regional economist at TD Economics, wrote in a research note. “Continued job creation coupled with rising wages

and low interest rates bodes well for a broader rebound in housing demand as well as consumer spending.” Builders completed work last month on nearly 1.15 million homes at a seasonally adjusted annual rate, highest since September 2008. Completions of apartments and condominiums — buildings with more than five residential units — reached 386,000, highest since February 1989. Homebuilders remain confident about the outlook for the new-home market, according to a survey released Monday. The National Association of Home Builders/Wells Fargo builder sentiment index dipped to 59 this month from 60 in June. But readings above 50 indicate that more builders view sales conditions as good, rather than poor.

UK stats office says inflation rose in June LONDON (AP) — The Office of National Statistics says consumer price inflation rose to 0.5 percent in the year to June from 0.3 percent in the year to May as rises in airfares and oil prices pushed the figure to one of its highest levels this year. Chris Williamson, chief

economist at IHS Markit, says the June rate was based mainly on data collected prior to the June 23 referendum — ignoring the dip in the pound that followed the vote to leave the European Union. Meanwhile, Moody’s Investors Service says Britain’s

creditworthiness is under pressure because of uncertainty after the vote. Kathrin Muehlbronner, a senior vice president at Moody’s, says "the UK’s institutions will be tested," by the number of complex economic and trade issues it will face in the coming years.

IMF says Brexit will drag down world economic growth WASHINGTON (AP) — Britain’s decision to leave the European Union will reduce global economic growth this year and next, the International Monetary Fund says. The IMF said Tuesday that it is shaving its estimate for worldwide growth to 3.1 percent this year and 3.4 percent in 2017. Both estimates are 0.1 percentage points lower than the bank’s previous forecast in April. IMF chief economist Maurice Obstfeld said the bank was prepared “as of June 22” — the day before Britain’s vote — to slightly mark up its global forecast, citing unexpectedly strong growth in Europe and Japan and a partial rebound in global commodity prices. “But Brexit has thrown a spanner in the works,” Obstfeld said. Britain must now renegotiate its trade relationship with Europe, creating uncertainty that could erode consumer and business

confidence and freeze investment. The world’s two biggest economies — the United States and China — are unlikely to sustain much damage from the tumult in Europe, the IMF said. The IMF earlier downgraded its forecast for U.S. growth this year to 2.2 percent, after the American economy got off to a slow start this year, partly because a strong dollar pinched exports. The fund has raised its forecast for Chinese growth this year to 6.6 percent

(from an April forecast of 6.5 percent). The improvement reflects economic stimulus from five interest rate cuts last year and an increase in government spending on infrastructure. Sub-Saharan Africa continues to struggle with the fallout from last year’s freefall in commodity prices. The Nigerian economy is expected to shrink 1.8 percent, a dramatic turnaround from the IMF’s April forecast for 2.3 percent growth. The South African economy is forecast to eke out 0.1 percent growth.

NOTICE

NOTICE is hereby given that MICHAEL MEDEUS of Miami Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

It’s the Most Wonderful

Time of the Year!

November 18th, 19th - 20th, 2016

The Bahamas National Trust is accepting applications from vendors wishing to exhibit at the Christmas Jollification Arts and Crafts Festival. Crafts must be original and made in The Bahamas. Forms may be collected from the BNT office on Village Road. Deadline for application is August 19, 2016. FOR MORE INFORMATION Call: 393-1317 OR e-mail: gapebnt@gmail.com

a “Sold” sign rests in front of a house under construction, in Walpole, Mass. yesterday, the Commerce Department reports on sales of new homes in June. (AP Photo)

VACANCY ANNOUNCEMENT:

COASTAL ZONE MANAGEMENT/DISASTER RISK MANAGEMENT CONTRACTUAL The Bahamas consists of more than 700 low lying islands and cays extending over an area of 5000 sq. km. and encompassing a variety of coastal and marine ecosystems, mangroves, extensive beaches and coral reefs. The coastal zone is a critical asset for the national economy. It harbors much of the islands’ critical infrastructure in the tourism and fisheries sectors, including industrial complexes, ports, fish processing plants and tourism resorts and associated services; as well as 80% of the island’s residential population. Coastal ecosystems themselves provide goods and services that are also vital to these sectors, including for example the provision of nursery habitat for fish stocks, buffering public infrastructure and coastal populations from coastal erosion and flooding, and supporting tourism and recreation. Natural disasters pose a recurring and substantial threat to the well-being of the country’s coastal and marine assets and tourism plant, and thus to the country’s economy. Bahamas on average is affected by a hurricane once every three years and three of the Bahamas islands (Andros, Abaco and Grand Bahama) are ranked among the top 10 in terms of effects from tropical systems of all cities, islands and countries in the North Atlantic Basin. Coastal erosion present additional threats; and the densely populated coastal zone is also prone to flooding. There is also increasing evidence that increased intensity and frequency of storms associated with climate change and sea level rise is affecting the health of the country’s coastal and marine biodiversity including reef degradation and coral bleaching due to increased temperatures and physical damage and loss of reefs. As most coastal development, tourism, industry, and residential sites occur at elevations of one to four meters above sea level, and more than 90% of all fresh water resources lie within 1.5 meters of the surface, significant property damage, potential loss of life, and long-term damage to coastal biodiversity is predicted (ICF, Bahamas National Report). Other impacts include greater inundation of low-lying coastal lands, loss of beaches, inland migration of coastal wetlands (notably mangroves) and increased groundwater contamination due to saltwater intrusion. Key Functions The tasks include and are not limited to the following: • Support to the Bank’s Environment, Rural Development and Disaster Risk Management Division and the Country Office Bahamas in the execution of approved TCs in The Bahamas and the Caribbean Region • Increasing capacity within the Government of The Bahamas to incorporate ecosystem services into coastal planning and evaluation • Evaluating the impact of hazard-resilient coastal infrastructure • Comparing best practices in ICZM in SIDS/SDS • Disseminating lessons learned • Assist in the project preparation and supervision of ICZM and DRM-related operations (BH-T1029/BH-T1038, BHT1040) in The Bahamas, including (i) supporting the preparation of TC approval documents (e.g., San Salvador); (ii) contracting of individual contractuals and consulting firms; (iii) coordination and monitoring of activities of firms and individual contractuals and with executing agencies; (iv) technical review of project documents; and (iv) the updating of Bank monitoring systems; • Assist in the preparation of technical studies; • Develop presentation material and reports and deliver presentations as requested; • Assist in the organizing of meetings, workshops and conferences, including those aimed at building the community of practice in risk-resilient ICZM in The Bahamas and regionally. • Support other ICZM-related operations in the region (RG-T2489, RG-T2675/RG-T2702). Requirements • Academic Degree/ Level& Years of Professional Work Experience: Master’s degree in coastal zone management, coastal engineering and/or natural resource management, with at least five years of postgraduate relevant experience in analytical research and technical input for projects and programs in coastal zone management/disaster risk management, or the equivalent combination of education and experience. Experience in the Caribbean is necessary. • Languages: English written and spoken fluently. • Areas of Expertise: Integrated Coastal Zone Management (ICZM), climate change adaptation, disaster risk management. • Skills: Dynamic individual with capacity to be proactive, work under minimal supervision; strong analytical, planning, organizing and executing skills; attention to detail; ability to work with multicultural and multidisciplinary teams; ability to adjust to multiple demands; ability to write technical reports; and excellent communications skills in English For more information about this position and to apply, please refer to the following link before July 25th, 2016: https://iadbcareers.taleo.net/ careersection/external/jobdetail.ftl?job=1600003293&lang=en&sns_id=email

PAGE 6, Wednesday, July 20, 2016

THE TRIBUNE

Turkey opts to cut key interest rate again after failed coup ANKARA, Turkey (AP) resilience of the economy — Turkey’s central bank against shocks.” cut a key interest rate for Some economists had the fifth month in a row expected an even bigger Tuesday, days after an at- reduction in the marginal tempted coup against Presi- interest rate of half a perdent Recep Tayyip Erdogan centage point, in line with triggered concerns over the the central bank’s last three country’s economic out- cuts. The more modest relook. duction may point to some In a statement, the bank’s concern about the impact Monetary Policy Commit- on the Turkish lira, which tee said it had reduced its has fallen sharply since the overnight marginal funding coup attempt Friday night rate by a quarter percent- and could be weakened furage point to 8.75 percent. ther by lower interest rates. All other rates were left unThere’s been a lot of volachanged. tility in Turkish financial The move will help banks assets since the coup. Turkborrow more cheaply from ish stocks are still way down day to day, which could help from pre-coup levels as is ease liquidity restraints that the Turkish lira. The curemerge in the financial sys- rency fell further Tuesday tem at a time of heightened against the dollar, which was up another 1.6 percent uncertainty. The central bank’s rate- at 3.03 lira. Before the coup, setting body didn’t mention it was trading at 2.89. Turkish stocks continued the coup directly but said “domestic developments to fall Tuesday though not have led to fluctuations in at Monday’s precipitous rate, when the main index financial markets.” “Market developments slid by more than 7 percent. will be closely monitored On Tuesday, the Borsa Isand the necessary liquidity tanbul 100 index fell 1 permeasures will continue to cent to 76,177.81. The attempted coup and be taken to support finanthe subsequent tough recial stability,” it said. The panel sought to sponse by the government downplay worries about have reinforced concerns the country’s economic out- over the toxic political divilook, arguing that recent sions in Turkey. A major worry is that policy and liquidity measinvestors, ures “have increased the international NOTICE Time-Teck Limited

A woman waits for customers to sell food for pigeons outside the Istanbul University Tuesday, July 19, 2016. Turkey’s state-run news agency says courts have ordered 85 generals and admirals jailed pending trial over their roles in a botched coup attempt. Dozens of others were still being questioned. (AP Photo/Emilio Morenatti) who are badly needed for Turkey to meet its external financial obligations, will take fright and adopt a more cautious approach that further dents the Turkish lira. The same applies to those planning to holiday in Turkey — tourism is a key sector and foreign-currency earner for Turkey. Tourist

numbers this year, particularly from Europe, were already before the attempted coup expected to be sharply lower as a result of a series of attacks in Turkey over the past few months. William Jackson, senior emerging markets economist at Capital Economics, said the overall tenor of the central bank’s statement

NOTICE Crystal Teck Limited

NOTICE IS HEREBY GIVEN as follows:

(a) Time-Teck Limited is in dissolution under the provisions of the International Business Companies Act 2000.

(a) Crystal Teck Limited is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The dissolution of the said Company commenced on the 18th day of July, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas.

H & J CORPORATE SERVICES LTD.

Registered Agent for the above-named Company

MARKET REPORT TUESDAY, 19 JULY 2016

BISX ALL SHARE INDEX: CLOSE 1,966.53 | CHG -0.01 | %CHG 0.00 | YTD 142.58 | YTD% 7.82 52WK LOW 2.21 17.43 9.09 3.14 4.70 0.12 5.85 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

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 3.65 15.85 9.09 3.50 5.22 0.12 6.50 8.35 5.84 10.58 14.49 2.70 1.41 5.80 8.75 10.96 7.90 6.36 11.93 10.00

CLOSE 3.65 15.85 9.09 3.50 5.22 0.12 6.50 8.35 5.84 10.58 14.49 2.69 1.41 5.80 8.75 10.96 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 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

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

115.07 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

114.96 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.11 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 100

500

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 12.0 11.7 8.4 15.9 N/M N/M 35.1 15.2 11.5 19.6 27.4 28.6 8.5 11.4 14.3 11.4 12.2 9.0 15.8 0.0

YIELD 2.47% 6.31% 0.00% 4.57% 0.00% 0.00% 2.88% 3.11% 3.42% 3.40% 4.21% 2.23% 2.84% 4.14% 3.14% 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 52WK HI 1.99 3.89 1.91 167.58 138.35 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

to advertise today in the tribune call @ 502-2394

FELICIS COMMERCIAL CORP. Company No. 1418960 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that FELICIS COMMERCIAL CORP. is in voluntary liquidation. The voluntary liquidation commenced on 13th July, 2016 and Rachel Louise Wells of Lieu-dlt Gallerie, 31 Route de Breil, Channay Sur Lathan, France, has been appointed as the Sole Liquidator.

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

BISX LISTED & TRADED SECURITIES 52WK HI 3.65 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 8.75 11.00 7.90 6.90 12.25 11.00

suggests it is “pretty unfazed” by the political turmoil and that further cuts seem likely in the coming months. However, he voiced his concern about how sustainable it is to keep cutting rates at this pace, especially as rising political risk turns off international investors. Lower interest rates could translate into weaker re-

turns for foreigners investing in Turkey. If they are scared off, that could push the lira down further. “The context here is that Turkey has a large current account deficit, so tighter external financing conditions would put the lira under pressure and cause inflation to rise,” he said. Before the attempted coup, most economic forecasters had penciled in Turkish economic growth of around 4 percent this year. Fitch and Moody’s Investors Services have already warned about the possibility of downgrading their ratings on Turkey in light of the attempted coup. Moody’s said there’s now a “likelihood of a weakening in medium term growth prospects” and that it will “be assessing the impact of the failed coup on institutional strength.” One concern consistently highlighted since the coup fell apart is that Erdogan will push ahead with longheld plans to amend the constitution to centralize power further for himself, and undermine respect for the rule of law. Both are central to the proper functioning of a market economy. “Turkey continues to operate in a fragile financial and geopolitical environment and its external vulnerability is rising, implying the rising possibility of an escalation in capital outflows, a more rapid fall in reserves and, in a worstcase scenario, a balance of payments crisis,” Moody’s warned as it put the country on notice that its Baa3 rating could be cut.

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 1.99 3.89 1.91 167.58 136.68 1.44 1.67 1.55 1.06 6.67 8.01 5.81 10.66 8.65

YTD% 12 MTH% 2.09% 4.15% 3.06% 6.67% 1.39% 3.06% 3.41% 5.18% 2.95% -0.58% 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-Jun-2016 30-Jun-2016 24-Jun-2016 30-Jun-2016 30-Jun-2016 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

Dated this 13th day of July, 2016 Sgd. Rachel Louise Wells Voluntary Liquidator NOTICE MARMALADE SKIES INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MARMALADE SKIES INC. is in dissolution as of July 15, 2016 International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________ NOTICE BOLERTON TRADING INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, BOLERTON TRADING INC. is in dissolution as of July 14, 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

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

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

THE TRIBUNE

Wednesday, July 20, 2016, PAGE 7

Dow inches to record high in mixed day for stock indexes NEW YORK (AP) — Stocks ended mixed Tuesday as investors let up on the accelerator after a three-week rally sent indexes to all-time highs. The Dow Jones industrial average inched 25.96 points higher, or 0.1 percent, for its eighth consecutive gain to set another record at 18,559.01. But the Standard & Poor’s 500 index, which more mutual funds at the core of 401(k) accounts benchmark themselves against, pulled back from its record high. It lost 3.11, or 0.1 percent, to 2,163.78. The Nasdaq composite fell 19.41, or 0.4 percent, to 5,036.37. A mixed set of corporate earnings helped keep the market in a tight range through the day. The S&P 500 was down for the entire day but never by more than 0.4 percent. About 10 stocks fell on the New York Stock Exchange for every seven that rose. Netflix was one of the decliners to pull down the S&P 500. It lost $12.97, or 13.1 percent, to $85.84 after the video streaming service reported adding fewer subscribers last quarter than it expected. The tumble continued a sharp turnaround

for Netflix, whose stock has struggled in recent months after more than doubling in 2015, the biggest gain in the S&P 500. Philip Morris International fell $3.11, or 3 percent, to $99.89 after reporting weaker quarterly results than analysts expected. Smokers in North Africa, Japan, Argentina and elsewhere bought fewer cigarettes, leading to a 5 percent drop in shipments from a year earlier. Better-than-expected earnings from Johnson & Johnson, meanwhile, helped to prop up the Dow Jones industrial average, which has just 30 stocks. The health care giant rose $2.11, or 1.7 percent, to $125.25 after it raised its forecast for profits this year. “For investors, the most important questions are: When is the recession coming, and am I paying too much for stocks?” said Linda Duessel, senior equity strategist at Federated Investors. “Everything else is noise, and there’s so much noise.” Duessel does not see a recession on the horizon, and she says stock prices can remain high because government bonds and oth-

a sign for Wall Street carved into the side of a building in New York. Stocks got off to a weak start on Wall Street, early yesterday, as more earnings reports rolled in. (AP Photo) er alternatives look even less attractive. A report on the housing industry was the latest to show better-than-expected data for the U.S. economy, joining updates earlier this month on retail sales and job growth. Home construction strengthened more in June than economists expected, particularly in the Northeast and West.

The June reading on housing starts from the Commerce Department was the highest since February, though down from a year earlier. The International Monetary Fund said Tuesday that indicators are pointing to a pickup in the U.S. economy following a weaker-thanexpected first quarter. But it also lowered its forecast

for global growth this year, down to 3.1 percent from 3.2 percent, due to the United Kingdom’s recent vote to leave the European Union. As for whether stocks are expensive, one big part of the answer is how much profit companies are producing. Stock prices tend to track earnings trends over the long term, and profits have been on the down-

swing for the last year. Analysts expect S&P 500 companies to say their earnings per share fell 5 percent in the spring quarter from the same period a year earlier, according to S&P Global Market Intelligence. Wall Street expects profit growth to resume in the second half of the year. Overseas, Japan’s Nikkei 225 index jumped 1.4 percent on a weaker yen and a Pokemon-powered rally in Nintendo shares. France’s CAC 40 was down 0.6 percent, and Germany’s DAX shed 0.8 percent. The yield on the 10-year Treasury fell to 1.55 percent from 1.59 percent late Monday. Precious and industrial metals prices ended the day mixed. Gold rose $3.00 to $1,332.30 per ounce. Silver fell 7 cents to $20.01, and copper rose nearly 3 cents to $2.26 per pound. The price of crude oil fell 59 cents to $44.65 a barrel. Brent crude lost 30 cents, or 0.6 percent, to $44.66 a barrel in London. Wholesale gasoline fell 1 cent to $1.38 a gallon, heating oil edged up less than 1 cent to $1.38 a gallon and natural gas rose less than 1 cent to $2.73 per 1,000 cubic feet.

Federal effort launched to expand solar power in communities LOS ANGELES (AP) — The Obama administration unveiled a plan Tuesday aimed at helping middle-class and low-income communities put solar panels on their roofs. Homeowners could choose to harness electricity from the sun, buy energyefficient water pumps and make other energy-saving upgrades at no cost upfront, eventually paying it back through their property tax bills. While this type of cleanenergy financing has existed for years, officials said backing by the federal Housing and Urban Development and the Department of Veterans Affairs should expand access to families who may not afford it otherwise. The White House estimated the effort would

bring solar power to about 250,000 middle-class and low-income homes by 2020. “Solar panels are no longer for wealthy folks who live where the sun shines every day,” President Barack Obama said in a video message accompanying the announcement. In recent years, technological advances have made it cheaper to install rooftop solar panels, Obama senior adviser Brian Deese said in a telephone briefing with reporters. California Gov. Jerry Brown praised the effort, saying it would lead to more solar installations and energy-saving retrofits around the country. “It is another important government effort to accelerate the movement to renewable energy and efficient housing so we’re not

wasting water, we’re not wasting gas and electricity, and we’re using the sun as much as we can,” Brown said. Under the plan, if a solar-powered home is sold through a regular sale or foreclosure, the responsibility of paying for the upgrade is passed on to the next owner. Not every lender is on board. The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, the government-backed mortgage giants that guarantee most mortgages, said that while it supports increasing solar access, it “continues to have serious concerns” with how the clean-energy program is structured.

Brazil’s top judge overrules suspension of WhatsApp service RIO DE JANEIRO (AP) — The chief justice of Brazil’s Supreme Court quickly struck down a lower court decision that had blocked the WhatsApp messaging service nationwide for several hours Tuesday, affecting almost 100 million users. Chief Justice Ricardo Lewandowski ruled on a motion filed by a political party seeking to have the Rio de Janeiro judge’s order thrown out. Early in the day, Judge Daniela Barbosa ordered the suspension because Facebook, WhatsApp’s parent company, would not help a police investigation. The app was suspended at 2 p.m. local time. Lewandowski ruled after the service had been blacked out almost four hours. Telecom operators said they were waiting to be notified formally so they could put the messaging system online in Brazil. In her decision, Barbosa said Facebook showed “total disrespect for Brazilian laws.” She argued that the company was repeatedly asked to intercept messages sent through the service to help in a criminal investigation in the city of Caxias, outside Rio. WhatsApp CEO Jan Koum had said the company was working to get the app running again. “It’s shocking that less than two months after Brazilian people and lawmakers loudly rejected blocks of services like WhatsApp, history is repeating itself,” Koum said on his Facebook page. Justice Minister Alexandre de Moraes also said he wanted a solution that

installers from California Green Design install solar electrical panels on the roof of a home in Glendale, Calif. The Obama administration announced a plan yesterday, to help middle-class and low-income communities put solar panels on their roofs. White House officials said energy upgrades can be made with no upfront costs, but homeowners will gradually pay back the cost through their property tax bills. (AP Photo)

Calling All High

SCHOOL STUDENTS

Every year in August THE TRIBUNE publishes a popular Back to School supplement as a guide to the following academic year. In the supplement we feature the profiles of high school students across the Bahamas and Family Islands. A man checks his cell phone outside a shopping mall in Sao Paulo, Brazil, yesterday. A Brazilian judge has ordered the nationwide suspension of the instant messaging application WhatsApp because it won’t help out in a police investigation. (AP Photo) would prevent decisions like Barbosa’s. It was at least the third such ruling against WhatsApp this year in Brazil. A judge in the northeastern state of Alagoas blocked the app over a separate investigation in February, and WhatsApp was blocked in Sao Paulo for 12 hours in

December by a judge in that region. After Barbosa’s ruling took effect, the website of the court where she sits went offline. The activist group Anonymous Brasil claimed it knocked out the site as a “protest against WhatsApp being blocked.”

We want profiles from as many schools and students as possible to make this guide essential and informative.

Profiles must include 1. Name 2. Age 3. School 4. Grade 5. Parent name or names 6. Goals and aspirations, prizes won and honours awarded

7. Name of college they will be attending (if attending) Plus a suitable photograph in .jpeg format (graduation or any other image).

How to submit profiles Email to back2school@ tribunemedia.net with ‘Back To School’ in the subject field and photos in .jpeg format. By post to Back To School, The Tribune, Shirley Street & Deveaux Streets, PO Box N-3207, Nassau. By hand to The Tribune office The deadline for the profiles is July 29, 2016 and there is no cost involved. For any questions please contact Tribune Features at 5022373 or 502-2387 or 502-2411.