07272016 business by tribune242

wednesday, july 27, 2016

business@tribunemedia.net

Chamber chief: Don’t stoke devaluation fear By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Says such concerns are ‘premature’

Devaluation concerns were yesterday branded “premature” by the Bahamas Chamber of Commerce’s chairman, who argued against using the issue “to cause fear and pandemonium”. With a general election due within nine months, Gowon Bowe urged the political parties not to play on an emotive issue for many Bahamians by stoking devaluation fears as a means to undermine Government policy. He backed assertions by John Rolle, the Central Bank’s governor, that the Bahamian dollar faced “no imminent or mediumterm threat of devaluation”, as both the private sector and foreign currency reserves were performing adequately.

Urges political parties against ‘boy cried wolf’ trap Chamber chief’s view contrasts with predecessor However, he acknowledged the “long-term” concerns created by previous government foreign currency borrowings to support the reserves, given the pressures that might arise when such debts became due for repayment. “I think that it would be pre-

Gowon Bowe mature to make these types of statement,” Mr Bowe told Tribune Business of recentlyexpressed devaluation concerns. “As it currently stands, private sector performance and reserves’ performance have been adequate to support monetary policies.”

Family Island airport revelations ‘damning’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Revelations about ‘the sense of chaos’ at key Family Island airports are potentially “catastrophic” for the tourism industry, a senior airline executive yesterday saying immediate corrective action was required from the Government. Captain Randy Butler, Sky Bahamas’ chief executive, described as “damning” the report that identified numerous health, safety and environmental inadequacies at four Family Island airports targeted for private-public partnership (PPP) arrangements. He added that the findings by ALG Transportation Infrastructure and Logistics should have sparked an emergency Cabinet or ministerial meeting to determine how the Government, as owner of all four airports, should respond. “I would imagine there’s a Cabinet meeting, or the Minister’s in a meeting, because for these Family Island hotels, this is their bread and butter and how they live,” he See pg b6

Airline chief: Potentially ‘catastrophic’ for tourism Calls for ‘emergency’ response from Govt Could deter airline, and hotels’ ‘bread and butter’

Randy Butler

Bran: Youth jobless rate still ‘disturbingly high’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Democratic National Alliance’s (DNA) leader yesterday said unemployment among Bahamian youth remained “disturbingly high”, as he questioned whether the latest job survey accounted for underemployment and reduced work weeks. Branville McCartney told Tribune Business that the four percentage point drop in unemployment among 15-24 year-olds was “nothing to brag about” for the Government, given that more one in four in this age category still cannot find work. “From what you say, youth unemployment fell from 30 per cent to 25.8 per cent,” Mr McCartney said. “That’s nothing to brag about, my friend. “I don’t believe those figures, but there’s nothing to brag about. Twenty-five per cent youth unemployment is too high; disturbingly high.” The DNA leader also questioned whether the Department of Statistics’ May 2016 Labour Force survey would have picked up the reduced hours being worked by many in the hotel industry, where many persons were on two-three day weeks. “In the private sector, there are many businesses that have reduced the hours of work for their employees, and many small businesses

Reduction ‘nothing to brag about’ Govt ministries push businesses on summer hires have been letting people go in one’s and two’s, here and there. That happens on a daily basis,” Mr McCartney said. “I wonder whether they are taking into consideration the part-time jobs that persons were given through the Government, and whether or not they were See pg b7

$3.97 $4.06 $3.98

$3.98

The Chamber chairman said pressures would only likely arise when the Government’s foreign currency debts became due for repayment, as this could impose a drain on the foreign reserves. “There have been times when the Government borrowed in foreign currency to support the reserves,” Mr Bowe explained. “What we should be more concerned about is the longterm when these debts come due, and making sure the current account is in a position to enable us to pay back without a drain on the reserves.” Mr Bowe’s position contrasts with that of his immediate predecessor as Chamber chairman, Robert Myers, who recently told Tribune Business that devaluation of the Bahamian dollar was “a question of when, not if” unless this nation altered course on its economic and fiscal policies. See pg b5

Cable charges BTC recovering ‘seven times’ network cost By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Cable Bahamas has charged that its Bahamas Telecommunications Company (BTC) rival recovers more than “seven times’” the costs it incurs on terminating fixed-line calls to its mobile subscribers at peak hours. The BISX-listed provider, in feedback submitted to sector regulators, argued that the “inbound airtime” charges levied by BTC on such calls were “excessive and detrimental”, and are inhibiting the fixed-line market’s development. Responding to the Utilities Regulation and Competition Authority’s (URCA) consultation on proposed changes to the retail pricing regime, Cable Bahamas focused on how BTC dealt with calls from fixed-line phones to its mobile customers. With the mobile subscriber paying under BTC’s ‘receiving party pays’ (RPP) protocol, Cable Bahamas said fixed-line customers were not

Slams rival’s charges as ‘excessive and detrimental’ Claims inhibiting fixed-line market’s development charged for calling a mobile customer on the same island. Long distance calls to other islands incurred an $0.18 per minute charge, while prepaid mobile subscribers were charged a flat rate of $0.33 per minute, plus an incremental levy on a per second basis at peak hours. “Our estimate is that effective rates are 20-25 per cent higher than the rates presented, depending on call duration,” Cable Bahamas alleged. It added that a sameisland call from a fixed-line phone to a mobile customer could incur an “effective per See pg b4

URCA warned over ‘maximum damage’ New mobile operator fears competition blunted Concerned BTC will employ ‘Club Effect’ Bahamas at ‘unique’ stage in liberalisation By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Utilities Regulation & Competition Authority (URCA) is threatening to “inflict maximum damage” on the now-liberalising mobile market via a major change to its regulatory approach on retail pricing. NewCo 2015 Ltd, the newly-licensed second mobile operator, said the regulator had picked the worst possible time to propose shifting from an interventionist approach, where it took actions in advance to prevent potential market distortions such as anticompetitive behaviour. It warned that unless call termination rates and the methods used for billing customers were determined before this shift, URCA could unwittingly pave the way for the Bahamas Telecommunications Company (BTC) to cripple the competitive threat it poses. The Cable Bahamas-controlled operator, in July 8 feedback to URCA, expressed particular concern that BTC was in “an excellent position” to blunt its new rival’s ability to win customers through the ‘Club Effect’. Describing how this worked, NewCo2015 warned that BTC could levy higher, discriminatory prices and “above cost” termination rates on its subscribers when they called/ contacted the latter’s customers. NewCo2015 warned this would enable BTC to leverage its larger subscriber base to limit its new rival’s growth and market share, as the “discriminatory” tariffs would give no incentive for Bahamians to switch operators. As a result of these concerns, the second mobile operator is urging URCA to revert back to its proactive, interventionist (exante) approach rather than switch to acting only when distortions or anti-competitive behaviour is identified. While the latter approach was adopted in other Caribbean markets, these had all seen the introduction of a second operator when they were in the process of liberalising and growing. In contrast, NewCo215 is arguing that the Bahamas is a “unique situation” in that it is a mature market with an entrenched incumbent, BTC, that has enjoyed a 15-year monopoly. Hence NewCo’s call for a more interventionist, proactive regulatory approach by See pg b4

PAGE 2 , Wednesday, July 27, 2016

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STEP Bahamas elects new Board The Society of Trust and Estate Practitioners’ (STEP) Bahamas branch elected its new Board for 2016-2017 at its annual general meeting (AGM) on June 30. STEP Bahamas chairperson, Marie Cargill, presented the annual report for 2015-2016. This provided an overview of membership, projects and activities undertaken over the last fiscal year. Ms Cargill also gave thanks to the two outgoing directors, Karen Haven and Nicole Pratt, for their contributions during many years on the branch’s Board. Anita Bain, treasurer, presented a recap of the financial year. The newly-elected STEP Bhaamas Board for 2016-2017 is: Cecil Ferguson, director and chairman; Joanne Pyfrom, director and vicechairman; Anita Bain, director and treasurer; Dena Andrews, director and secretary; Por-

tia Smith, director and assistant secretary; Marie Cargill, director; Tanya Turnquest - Director; Sharon Colebrook, director; Veronica Sherman, director; and Sharmon Ingraham, director. The Board of Directors is charged with advancing the professional development of STEP members and, by extension, its associated stakeholders, while increasing the visibility of the branch. STEP Bahamas supports the Bahamas Financial Services Board (BFSB) in promoting financial services by participating in various subgroups, and partnering with numerous initiatives led by the BFSB. STEP is the professional body for the trust and estate profession worldwide with more than 20,000 members spanning over 95 coun- The newly-elected Board Members for 2016-2017. L-R: Tanya Turnquest, Portia Smith, Anita Bain (treasurer), tries in both common and civil law Joanne Pyfrom (vice-chairman), Cecil Ferguson (chairman), Dena Andrews (secretary), Sharmon Ingraham, Sharon Colebrook and Veronica Sherman. Not pictured is Marie Cargill, director. jurisdictions.

Dr. Adrian Moss, son, and Maggie Moss, wife of E. George Moss, unveil the renamed E. George Moss Building

Perry G. Christie, Prime Minister and minister of finance, honouring the legacy of E. George Moss

The Family of E George Moss poses with Prime Minister Perry Christie, former Prime Minister, Hubert A. Ingraham, other MPs and Glen Laville, Water and Sewerage Corporation general manager, in front of the plaque commemorating the naming of the E. George Moss Building.

Glen Laville, general manager of the Water and Sewerage Corporation, giving opening remarks

Water Corp honours ex-general manager The Water & Sewerage Corporation (WSC) celebrated its 40th anniversary by renaming its Thompson Boulevard headquarters in honour of former general manager, E. George Moss. Attendees included the governor-general, Dame Marguerite Pindling; Prime Minister Perry Christie; Deputy Prime Minister, Philip Davis; Leslie Miler, chairman of the Corpora-

tion; former Prime Minister, Hubert A. Ingraham; and many current and former MPs, heads of other utilities, and current and former employees. Water & Sewerage Corporation general manager, Glen Laville, called Mr Moss a man who “ran a tight ship”, describing him as his mentor. “Renaming of the WSC headquarters in honour of

Mr Moss was a unanimous decision,” said Mr Laville. “This decision of renaming our building is fitting for all of the contributions he (Mr Moss) had made, not only here at WSC but to the Bahamas.” Mr Davis added: “For a country so dependent, at the time, on the expertise of expats, Mr Moss showed that in a young Bahamas, Bahamians were ready to lead the charge, and this was evident by the excellent work of the WSC, under George Moss’ leadership.” Though unable to attend the event due to ill health, Mr Moss’ son, Dr Adrian Moss, spoke on behalf of his father and his family. He said the legacy of his father, “is one created in water; for even the littlest stream can make its mark on the biggest mountain”.

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Govt acts on Family Island airport woes By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A Cabinet minister yesterday said the Government was already moving to address health and safety deficiencies at several key Family Island airports, adding that Exuma’s redevelopment is ‘well underway’. Tribune Business revealed how the Government has been warned that “a sense of chaos” exists at four key Family Island airports, which lack the necessary management policies and structures to deal with environmental and social concerns. According to a July 21, 2016, report submitted to both the Christie administration and the Inter-American Development Bank (IDB) by ALG Transportation, Infrastructure and Logistics, several airports suffer from “general disorder and lack of cleanliness”, with hazardous and flammable materials not properly stored or disposed of. Glenys Hanna Martin, inister of transport and avia-

tion, told Tribune Business: “That report was actually done at my request so we could know what needs to be done. We asked them to do that, and we asked them to look at select airports in the Family Islands.” The ALG report assessed the Exuma and North Eleuthera airports, plus their Abaco and Treasure Cay counterparts. All four have been identified as airports suitable for public-private partnerships (PPPs) between the Government and private investors, as part of an IDBassisted project to upgrade the Bahamas’ airport infrastructure and secure tourism’s sustainability. “I can say that the Exuma airport’s redevelopment is certainly well underway,” said Mrs Hanna Martin. “North Eleuthera is commencing. We’re doing a lot of things to address those issues highlighted in that report, but we had asked for that report.” Overhauling all the Family Island airports has been pegged as an $180 million investment,” said Mrs Han-

na Martin. The Ministry of Transport and Aviation, in a statement issued yesterday afternoon, said work was underway towards the full modernisation of the aviation sector in the Bahamas, including the acquisition of a new radar that is expected to go live over the next few week,s and the construction of an APP Building with simulators that will reduce training times for air traffic controllers. The Ministry said it has recruited 10 new air traffic control trainees, and is seeking 10 more. “Now underway is work for the redevelopment of the Exuma International Airport, where design works are being completed for a new and expanded terminal and runway works, and a new fire station. It is anticipated that infrastructural works will commence by the end of the year,” said the Ministry in its statement. “Design plans for North Eleuthera airport are also being completed. Additionally, technical works are un-

derway for the selection of new airport sites for South Eleuthera and Long Island. “The Ministry of Works is finalising design plans for terminals and runway works for Moores Island, Great Harbour Cay and Mayaguana. Legislation has now been enacted for the modernisation of aviation agencies, including the creation of a Family Island Division of the Airport Authority, which is to be shortly created and will bring for the first time a singular and undiluted focus of the redevelopment and operational needs of all Family Island airports.” The Ministry said the management of the Leonard M Thompson airport in Marsh Harbour will be fortified and supported through a technical support arrangement with Vantage Airport Group (VAG), which currently manages Lynden Pindling International Airport (LPIA). The terms of that arrangement are now being finalised.

Govt yet ‘to bite bullet’ over NIB By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A Cabinet Minister said the Government had yet to “bite the bullet” on National Insurance Board (NIB) reforms, adding that recommendations from the International Labour Organisation (ILOs) to raise contribution rates was “no breaking news”. Shane Gibson, minister of labour and national insurance, said NIB’s own actuarial reports have long

warned that the current contribution rate of 8.8 per cent is not sufficient to sustain the current benefits promised indefinitely. Mr Gibson told Tribune Business that this was”no breaking news”. “Every single actuarial report from the inception of the fund until now, every one of them have said the exact same thing. This is no breaking news. Every report consistently said the same thing,” he said. “It’s all about timing. I’m not sure when a decision will be made. From the in-

ception of the fund until now, every actuarial review has said the exact same thing. The question is when do you bite the bullet and deal with it.” The ILO warned that based on the 10th actuarial valuation of NIB, its reserves will be exhausted in 2029, without reforms to contribution rates, in particular for the pension branch. These, it said, needed raisng immediately, with a reduction in benefits the only way to avoid a rate increase.

According to the ILO, the 6.2 per cent contribution rate for pension benefits for instance, is insufficient to sustain that branch of the NIB fund beyond 2029 unless the rate is immediately raised.

Wednesday, July 27, 2016, PAGE 3

Maintenance firm expands capacity to combat molds Bahamas Maintenance Solutions (BMS) has expanded its team to meet growing market demands. It has named Geoffrey Dugay as microbial remediation supervisor, after he spent months learning and applying tactics to eliminate mold. Mr. Dugay said Bahamian homeowners, plus commercial and income property owners, usually fail to take the necessary steps to prevent, locate and kill toxic mold growth inside walls, ceilings, floors and cooling systems. He added: “One major mistake is the use of fans and bleach to dry out and remove mold and the musty smell.

“Unchecked mold growth can damage buildings and furnishings, rot wood, damage drywalls and can cause cosmetic damage, such as stains to furnishings. “However, most importantly, the potential health risk to people is also a concern, hence it’s important to remove mold from the indoor environment.” Bahamas Maintenance Solutions (BMS) said in a statement that it is now offering solutions to completely eliminate the danger posed by molds. The company is a maintenance firm that specialises in providing cleaning and maintenance solutions to private residences and commercial businesses.

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PAGE 4 , Wednesday, July 27, 2016

URCA warned over ‘maximum damage’ From pg B1 URCA if competition is to flourish in mobile communications, and provide Bahamians with improved pricing, choices and service. Responding to the regulator’s consultation on proposed revisions to its retail pricing rules, in light of mobile liberalisation, NewCo said it was vital to determine how Bahamian consumers will be charged. It added that the correct regulatory regime for “anti-competitive behaviour” was closely linked to billing methods, with the Bahamas having a choice between a receiving party pays (RPP) regime and a calling party pays (CPP) plus “cost-oriented mobile termination” arrangement. Presently, BTC uses the latter approach. As a result, NewCo2015 said: “In an RPP scenario, ex-ante controls to prevent BTC from behaving in an anticompetitive manner are needed more at the point of commercial launch of NewCo than during the

BTC monopoly in the mobile market, and should last until NewCo has built a substantial presence in the market and is able to constrain BTC’s market power. “The approach of removing ex-ante controls without first addressing the billing protocol and associated issue of the mobile termination rate risks offering freedom to the SMP [Significant Market Power] operator (BTC) in the Bahamian mobile market at just the right time to behave in an anticompetitive manner, and inflict maximum damage on the evolution of competition. “This would be in direct contravention of URCA’s stated goal to ‘ensure that all participants in the market have a level playing field while being guided by high level principles of fairness, non-discrimination and transparency’.” The outcome of this consultation, and the one on NewCo2015’s ability to ‘nationally roam’ on BTC’s network for 24 months, are vital

Cable charges BTC recovering ‘seven times’ network cost From pg B1 minute rate” of 40-41 cents per minute depending on how long the call lasted. As for inter-island and long distance calls, Cable Bahamas said a 51 cents per minute charge was incurred (18 cents for the fixed-line client, and 33 cents for the mobile one). “The effective overall rate per minute for such calls may be 61-64 cents per

minute depending on call duration,” it added. Cable Bahamas then employed the 4.61 cents rate it charged for terminating traffic on BTC’s mobile network, which the latter deemed necessary to cover its costs. “If 4.61 cents is sufficient to cover any network costs, this raises the prospect that an effective peak hour rate of 40-41 cents is excessive relative to underlying

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to fostering competition that benefits Bahamian mobile consumers. They set ‘the rule of the game’, and are critical in creating a competitive ‘level playing field’ between BTC and its new competitor. NewCo2015 also urged URCA not to allow BTC to determine how the mobile market charges/bills customers. “BTC, as an SMP operator, is in a position to impose its opinions on other market players even if BTC’s position is detrimental to the development of competition and the interest of consumers,” it warned. “It is therefore imperative that the billing protocol is either agreed by NewCo and BTC, or imposed by URCA.” Then, detailing its main concern, NewCo2015 argued that the switch in regulatory approach and regime would give BTC “too much pricing flexibility” over the mobile market’s early development. Pointing out that BTC would hold a 100 per cent market share at the point of liberalisation, it said: “BTC is in an excellent position to impose a ‘Club Effect’ on the market through discrim-

inatory on-net/off-net pricing, thus limiting NewCo’s ability to grow its subscriber base. “Should BTC be allowed to do so, competition in the Bahamas will initially be based on the relative sizes of the subscriber bases of BTC and NewCo, and much less on innovation, quality of service and price competition than would otherwise be the case. “This is an undesirable outcome from a policy perspective, and NewCo urges URCA to ensure that BTC will not be allowed to engage in discriminatory anticompetitive pricing practices.” Explaining how the ‘Club Effect’ works, NewCo2015, whose management team features a number of exDigicel employees, warned that this allowed operators with large market shares, such as BTC’s, to “limit the growth of smaller operators”. By lowering rates to its own customers, and increasing those levied on NewCo’s, consumers would be more likely to remain with BTC, as it would have more subscribers, including frequently-called “friends and family”.

While NewCo could lower the tariffs it levies on BTC customers to match, it still faces the obstacle of “above cost” termination rates for traffic sent to the latter, depressing its margins. While it could “mitigate” the impact, NewCo2015 argued that the ‘Club Effect’ still made it “impossible to compete effectively with BTC”. “If BTC is allowed to charge low on-net retail rates, high off-net tariffs and above-cost mobile termination rates, then BTC is thus using its superior subscriber base to impose a ‘Club Effect’ and make it more attractive for subscribers to remain on BTC’s network,” Newco2015 argued. “NewCo, having a much smaller initial subscriber base, will need to respond to this by lowering its off-net tariffs to BTC, but will incur lower margins on this traffic while BTC’s mobile termination rate remains above costs. “Such an anti-competitive on-net/off-net retail price differential, combined with above-cost mobile termination rates, provides a huge and anti-competitive benefit for BTC, and an unfair disadvantage to NewCo.”

The new operator also urged URCA not to ‘copy’ the regulatory treatment employed in other Caribbean mobile markets. “This situation is unique to the Bahamas,” NewCo2015 argued. “In the vast majority of markets in the region, the second mobile licence entered when the mobile market was going through an expansive growth phase. “Customers find greater ‘friction’ in moving from one supplier to another compared with choosing between two new suppliers. Hence the ability of the new entrant to constrain the marker power of the incumbent operator is reduced. “If the impact of this difference is not recognised, URCA runs the risk of copying approaches taken in other markets that may have been appropriate to a different stage of market development, but not to existing circumstances in the mobile market in the Bahamas. “NewCo would therefore urge URCA to conduct a full market review of the mobile market to ensure regulatory intervention is proportionate and based on observed competition problems.”

costs,” the BISX-listed provider said of its commercial rival. “Rates during off-peak and weekend are lower but still high relative to the 4.61 cent reference point.” Using regional estimates that retail costs were equivalent to around 20 per cent of revenues, Cable Bahamas added: “This implies that BTC recovers its relevant network costs (by its own estimate) around seven times’ over on peak hour fixed to mobile calls. “It is Cable Bahamas’ view that mobile termination costs, set on the basis

of efficiently incurred costs, are substantially lower than 4.61 cents. This would, of course, increase this ratio further.” Detailing the consequences, the BISX-listed provider added: “Cable Bahamas believes the inbound airtime charge levied by BTC to be excessive and detrimental to the development of the fixed market, because it restricts call volumes to mobile customers. “Mobile customers are much less likely to answer calls from fixed subscribers when they are charged excessive rates, and this

makes fixed-line services less attractive to customers. This is a material issue in a market where mobile penetration exceeds fixed penetration by a factor of 2.5 to 1.” Cable Bahamas continued: “The charges are also discriminatory because they do not apply to mobile calls. These inbound airtime charges therefore affect the evolution of the fixed market in a way that is detrimental to fixed consumers, traffic between fixed and mobile customers is likely to be depressed, and fixed line penetration is

likely to be reduced.” Calling for URCA to address this issue, Cable Bahamas said the best way to resolve it was to switch to a calling party pays (CPP) regime for fixed-line to mobile calls. “In a scenario where receiving party pays continues to apply to fixed to mobile calls, BTC’s inbound airtime charges need to be aligned with costs, and fixed to mobile calls should continue to be subject to exante price controls to prevent further price increases in future,” it added.

FINAL NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:-

NOTICE MISTRAL ENERGY I L.P. (the “Partnership”) (In Voluntary Liquidation) 1. The reason for the winding-up and dissolving is that the Termination Date of the Partnership has occurred. 2. The Partnership is and will continue to be able to discharge or pay or provide for the payment of all claims, debts, liabilities and obligations in full. 3. The winding-up will commence on the date when the Notice of Dissolution is submitted to the Registrar.

TRIAX INTERNATIONAL FUND LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 14TH, JULY, 2016.

4. The Liquidator is authorized to carry on the business of the Partnership until the Partnership is dissolved. 5. The name of the Liquidator is Mistral Renewable Limited of Bayside Executive Park, West Bay Street and Blake Road, P.O. Box AP-59213, New Providence, The Bahamas, the General Partner. No remuneration is proposed to be paid to the Liquidator. 6. The Liquidator is not required to prepare a statement of account by or on its instructions in respect of its actions and transactions. The Notice of Dissolution was authorized by a Resolution of the General Partner on the 1st June, 2016 in Monaco.

Dillon Dean LIQUIDATOR Legal Notice

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

SEWARD LIMITED In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). SEWARD LIMITED, is in Dissolution.” The date of commencement of dissolution is the 22nd day of July, 2016.

ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

Legal Notice

LEGAL NOTICE

NOTICE

MURMILLO INVEST LTD. NOTICE is hereby given as follows: (a) Murmillo Invest Ltd. is in Voluntary Dissolution under the provisions of Section 138(4) of the International Business Companies Act 2000. (b) The Dissolution of the said Company commenced when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas. Dated this 22nd day of July, 2016. Beatus Limited Liquidator

Legal Notice

Dated this 2nd June, 2016 MISTRAL RENEWABLE LIMITED Liquidator

NOTICE Section 92(4) of the International Business Companies Act 1994 RE: VOLUNTARY DISSOLUTION OF DOMINO MANAGEMENT LIMITED (the “Company”) The Company hereby gives notice that: (i) the Company is in dissolution; (ii) the date of commencement of the dissolution is 21st July 2016; and (iii) the Liquidator of the Company is Antoine Mari, 41, Avenue Hector Otto, 98000 Monaco, Principality of Monaco. Dated this 21st day of July 2016 Legal Notice

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

REGAL CONSOLIDATED INVESTMENTS LIMITED

LINDEN OVERSEAS LIMITED

FALZON MANAGEMENT LIMITED

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). LINDEN OVERSEAS LIMITED, is in Dissolution.”

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). FALZON MANAGEMENT LIMITED, is in Dissolution.”

The date of commencement of dissolution is the 22nd day of July, 2016.

Mr. Roman Kaverin of Zvenigorodskaya Street 5-47, Moscow, Russia Liquidator

Thomas Brunhart, Langacker 49, Ll-9491 Ruggell Liquidator

In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). REGAL CONSOLIDATED INVESTMENTS LIMITED, is in Dissolution.” The date of commencement of dissolution is the 22nd day of July, 2016.

ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

In Voluntary liquidation

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Wednesday, July 27, 2016, PAGE 5

Chamber chief: Don’t stoke devaluation fear From pg B1 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’ comments prompted an immediate riposte from Mr Rolle, who said there was “no imminent or medium-term threat of devaluation”, given that the Bahamas’ foreign currency

reserves - at well over $1 billion- were in excess of international benchmarks. “Although the Bank expects the normal seasonal drawdown in reserves over the rest of the year, balances are still expected to settle at a year-end position that are stable to slightly improved when compared to December 2015,” Mr Rolle added last week. “In the present circumstances, the Bank remains well equipped to defend the Bahamian dollar, and any forced float or devaluation would not benefit the economy. It is well within the Bahamas’ means of being avoided over the mediumterm.” Astute observers, though, are paying particular attention to the latter statement,

LIQUIDATOR’S NOTICE PURSUANT TO SECTION 138 (6) OF THE INTERNATIONAL BUSINESS COMPANIES ACT We, Sterling (Bahamas) Limited, Liquidator of MALBOROUGH FUND LTD, hereby certify that the winding up and dissolution of MALBOROUGH FUND LTD, has been completed in accordance with the Articles of Dissolution. Dated the 25th day of July, 2016.

and Mr Rolle’s references to no devaluation danger in the ‘short to medium term’. Several have privately questioned to Tribune Business what Mr Rolle means by the “medium term”, and how long this period will last. They are also interpreting his statement that “it is well within the Bahamas’ means” to avoid a devaluation in the medium term as an implicit admission that Mr Myers’ concerns are correct. Mr Bowe, though, warned against making alarmist sentiments on an emotional subject (devaluation) that had the ability to provoke strong reactions among Bahamians. “The current situation is one that holds a strong sentimentality with the general population, and we have to be careful about causing fear and pandemonium on the issue,” he told Tribune Business. “We have to be very care-

ful sometimes in using this [devaluation] as a wake-up call on issues near and dear to the population, without recklessly creating fear when the facts don’t support that. “It’s an area where it’s easy to cause alarm, but one where the ‘boy cried wolf’ one too many times, and when the real danger is before us, people will say: ‘We’ve heard that before’.” In particular, the Chamber chairman urged the political parties not to “fall into the trap” of loose speculation about the economy’s performance “causing the risk of currency devaluation” in a bid to gain advantage with the election approaching. Suggesting that the Bahamian dollar was akin to “sentimental sovereignty”, Mr Bowe said the Central Bank’s monetary policy flexibility was in reality limited by the need to maintain the fixed exchange rate regime

and one:one US dollar peg. This meant it needed to ensure there were sufficient foreign currency reserves to back the Bahamian dollar money supply, so that the latter could be converted to US dollars in an emergency. Mr Bowe said fiscal policy only impacted the external reserves if the Government borrowed in foreign currency to cover its deficits, as this would eventually have to be repaid, potentially draining them. The Bahamas has traditionally relied on foreign currency earnings from tourism, financial services and foreign direct investment (FDI) to cover its multi-billion current account (trade in goods) deficits, given this nation’s propensity to import everything it consumes. Mr Bowe, though, suggested that the Bahamas needed to reduce its dependency on foreign investors by allowing Bahamian entrepreneurs

and groups, with the necessary means and ability, to finance their activities in foreign currency. This, he added, would help keep foreign currency earnings from such projects in the Bahamas, boosting the external reserves and this nation’s balance of payments position. “The Government is facilitating that, making it easier where businesses can expand locally and internationally, so they will be able to generate these types of reserves,” said Mr Bowe in reference to recent exchange control liberalisation moves. “If there are investor groups able to expand, let them do so.” He also said that Bahamians’ understanding of monetary policy needed to be “broadened and enhanced”, so expectations were clearly aligned with what was necessary to support it.

LIQUIDATOR’S NOTICE

PURSUANT TO SECTION 138 (6) OF THE INTERNATIONAL BUSINESS COMPANIES ACT

We, Sterling (Bahamas) Limited, Liquidator of BEAVERTON INVESTMENTS LIMITED, hereby certify that the winding up and dissolution of BEAVERTON INVESTMENTS LIMITED, has been completed in accordance with the Articles of Dissolution.

We, Sterling (Bahamas) Limited, Liquidator of ROUNDTABLE OFFSHORE MANAGEMENT (BAHAMAS) LTD, hereby certify that the winding up and dissolution of ROUNDTABLE OFFSHORE MANAGEMENT (BAHAMAS) LTD, has been completed in accordance with the Articles of Dissolution.

Dated the 25th day of July, 2016.

Sterling (Bahamas) Limited Liquidator

LIQUIDATOR’S NOTICE

LIQUIDATOR’S NOTICE PURSUANT TO SECTION 138 (6) OF THE INTERNATIONAL BUSINESS COMPANIES ACT

PURSUANT TO SECTION 138 (6) OF THE INTERNATIONAL BUSINESS COMPANIES ACT

We, Sterling (Bahamas) Limited, Liquidator of BLENHEIM FUND LTD, hereby certify that the winding up and dissolution of BLENHEIM FUND LTD, has been completed in accordance with the Articles of Dissolution.

We, Sterling (Bahamas) Limited, Liquidator of EMERGING EQUITY CAPITAL FUND LTD, hereby certify that the winding up and dissolution of EMERGING EQUITY CAPITAL FUND LTD, has been completed in accordance with the Articles of Dissolution.

We, Sterling (Bahamas) Limited, Liquidator of GLOBAL INVESTMENT MANAGEMENT SERVICES LTD, hereby certify that the winding up and dissolution of GLOBAL INVESTMENT MANAGEMENT SERVICES LTD, has been completed in accordance with the Articles of Dissolution.

Dated the 25th day of July, 2016.

Sterling (Bahamas) Limited Liquidator

LIQUIDATOR’S NOTICE PURSUANT TO SECTION 138 (6) OF THE INTERNATIONAL BUSINESS COMPANIES ACT We, Sterling (Bahamas) Limited, Liquidator of PANAMANIAN HOLDINGS LIMITED, hereby certify that the winding up and dissolution of PANAMANIAN HOLDINGS LIMITED, has been completed in accordance with the Articles of Dissolution. Dated the 25th day of July, 2016.

NOTICE

ISMA INTERNATIONAL LIMITED

RUF HOLDINGS LIMITED

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

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

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

(b) The dissolution of the said company commenced on the 25th July, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 27th day of July, A. D. 2016

Sterling (Bahamas) Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

NOTICE

MONT SOHIER LIMITED

SULSIKSEL LIMITED

DUVET HEAVEN LIMITED

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

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

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

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

(b) The dissolution of the said company commenced on the 25th July, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 27th day of July, A. D. 2016

_____________________________ Leeward Nominees Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

_____________________________ Leeward Nominees Limited Liquidator

PAGE 6 , Wednesday, July 27, 2016

Family Island airport revelations ‘damning’ From pg B1 told Tribune Business. “They should be calling on the Prime Minister, the Minister, to action this. Airlines who go in there will be looking at this.” ALG’s July 21, 2016, report, which was exclusively revealed by Tribune Business, warned that “a sense of chaos” existed at key Family Island airports, which lacked the necessary management policies and structures to deal with environmental and social concerns.

The report, submitted to both the Christie administration and the InterAmerican Development Bank (IDB), found that several airports suffered from “general disorder and lack of cleanliness”, with hazardous and flammable materials not property stored or disposed of. The airports assessed were the Exuma and North Eleuthera facilities, plus their Abaco and Treasure Cay counterparts. All four have been identified as airports suitable for public-private partner-

ships (PPPs) between the Government and private investors, as part of an IDBassisted project to upgrade the Bahamas’ airport infrastructure and secure tourism’s sustainability. However, Captain Butler said the ALG findings were likely to act as a deterrent to increased tourism arrivals and airlift, given their nature. “I think it’ll be catastrophic for the industry,” he added of tourism. “You look at the Family Islands, and airlift is already a challenge. This is critical for airlines in making a decision on whether to expand, and where not to go. “It’ll be a turn-off for investors. Where are you

dress it right now”. “We have to see the political will demonstrated that they have come to do something for the industry partners and the public,” he told Tribune Business. “This report is damning. It’s a serious thing.” Overhauling all the Family Island airports has been pegged as an $180 million investment, and the ALG report’s findings indicate there is much work to do. “The environmental management of the airport of Exuma (GGT or Georgetown) is not adequate,” it said bluntly. “The terminal spaces are saturated due to the lack of space. Given the absence of a structured environmental and social management system, a certain sense of chaos can be perceived from the general disorder and lack of cleanliness in some of the facilities.” In particular, the airport’s fire station was described as “obsolete”, with conditions unsuitable for emergency responders due to poor maintenance and inefficient use of space. “The cluttering of materials inside the fire station means that it is not possible to distinguish between materials and waste,” the ALG report said. “There is no control over the entry of materials. The

expiration date of materials is not taken into account. Flammable and hazardous materials are not distinguishable from other materials that have no direct environmental impact. In North Eleuthera, the ALG investigators found there was “a large area where all sorts of waste has been dumped, from construction materials to hazardous waste”. “One of the most common issues of the management of materials and equipment (which does not justify this unorderly and neglected storage) is that airport facility operators are not capable of managing government property,” their report said. “So that any piece of equipment that is inventoried can be dumped without prior authorisation, which leads to the accumulation of old materials at various points in the airport grounds.” As for Treasure Cay airport, the ALG report said: “Many different types of waste, both inside and outside the terminal, could be observed. Waste is not selected previously, nor is hazardous waste stored adequately (batteries, deposits with flammable materials... are dumped outdoors).”

IMF reaches staff-level accord with Moldova for $179M loan

ed Press the news “brings back optimism at home and helps restore our credibility abroad.” Filip added his government remained committed to European reforms and was “keen to attract foreign investment: in this sense we undertook a series of economic and banking reforms, which provide the basis for future sustainable growth.” The IMF mission, led by Ivanna Vladkova-Hollar, held discussions with Moldovan authorities in Chisinau during a 10-day visit this month. To access the funds, the government needs to improve the business climate, carry out fiscal reforms and ramp up the anti-corruption fight. The news is a boost to the government, in office since January, in one of Europe’s poorest nations.

going? Where’s the plan? Who’s in charge of Family Island development? Who’s paying attention to it?” Captain Butler conceded that the ALG report’s contents were “likely not surprising” for the Christie administration, something that was confirmed by Glenys Hanna Martin, minister of transport and aviation, yesterday (see article on Page 3B). She said the Government had itself commissioned the ALG report, and was already acting on its findings and recommendations. The Government also responded to Tribune Business’s revelations of the ALG report’s contents with an official statement, without actually admitting that this was what prompted its comments (see article on Page 3B). “The Government, after reading the report, today should be in an emergency meeting because this affects us internationally,” Captain Butler told Tribune Business. “This report makes everything worse. It’s revealing. We have to do something about it. We have to action it.” Captain Butler said the Government and Mrs Hanna Martin needed to demonstrate they will “be taking this seriously and ad-

CHISINAU, Moldova (AP) — The International Monetary Fund reached an agreement Tuesday with Moldova for a $179 million, 3-year loan arrangement conditional on the government carrying out reforms.

The IMF said its staff members have reached a “staff-level agreement on an economic reform program” with Moldovan authorities to be supported by the credit facility. Moldovan Prime Minister Pavel Filip told The Associat-

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, BAsIL FRANCIs of Pinedale, Eight Mile Rock, Grand Bahama, Bahamas intend to change my name to BASIL HART. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer,P. O. Box N-742,Nassau Bahamas no later than Thirty (30)days after the date of publication of this notice.

NOTICE

MARKET REPORT TUESDAY, 26 JULY 2016

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

BISX ALL SHARE INDEX: CLOSE 1,967.51 | CHG 2.61 | %CHG 0.13 | YTD 143.56 | YTD% 7.87 BISX LISTED & TRADED SECURITIES 52WK HI 4.01 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 8.76 11.00 7.90 6.90 12.25 11.00

52WK LOW 2.25 17.43 9.09 3.14 4.70 0.12 5.85 7.25 5.50 7.00 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 10.55 14.49 2.69 1.41 5.80 8.75 10.93 7.90 6.36 11.93 10.00

CLOSE 4.01 15.85 9.09 3.50 5.22 0.12 6.50 8.35 5.84 10.57 14.49 2.51 1.41 5.80 8.76 10.93 7.90 6.40 11.93 10.00

CHANGE 0.36 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 -0.18 0.00 0.00 0.01 0.00 0.00 0.04 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

114.99 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 1,000

11,843 1,072

1,300

8,350

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 13.2 11.7 8.4 15.9 N/M N/M 35.1 15.2 11.5 19.5 27.4 26.7 8.5 11.4 14.3 11.4 12.2 9.1 15.8 0.0

YIELD 2.24% 6.31% 0.00% 4.57% 0.00% 0.00% 2.88% 3.11% 3.42% 3.41% 4.21% 2.39% 2.84% 4.14% 3.14% 0.00% 3.54% 1.88% 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

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

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

THE TRIBUNE

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

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.

NOTICE

NOTICE is hereby given that STEVEN ABSOLU of Augusta Street, P.O.Box N-4388, 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 27th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that NIXON CALIXTE OF 1st STREET, THE GROVE, P.O. BOX N-4841, NASSAU, 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 27th DAY of JULY, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CLAIRCINA DUVERGE- ALTIDOR of Baldo Loop, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that FILS AIME ALTIDOR of Baldo Loop, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 27th day of July, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Wednesday, July 27, 2016, PAGE 7

Bran: Youth jobless rate still ‘disturbingly high’ From pg B1 taking into account the jobs created for a few weeks by Carnival, and whether they took into account the jobs created for the upcoming election by the Government. “People are losing jobs on a daily basis in the financial services industry, people have lost jobs - and continue to lose jobs - in the tourism industry, and persons continue to lose jobs or work reduced days. That’s

the reality.” The Department of Statistics acknowledged that the 2.1 percentage drop in the official unemployment rate to 12.7 percent in the six months to end-May was aided by the creation of temporary jobs for Bahamas Junkanoo Carnival. In particular, it attributed a large portion of the 26 per cent rise in manufacturing employment to the one-off event. Mr McCartney, mean-

while, said the Government had been pushing the private sector to take on persons as interns or trainees for the summer. “Businesses I’m involved with got calls from different ministries to place persons for the summer,” he revealed to Tribune Business, asking whether this was also properly picked up in the latest jobless survey. Comparing May’s unemployment figures to November’s is viewed by many observers as relatively meaningless, as the two biannual Labour Force surveys are conducted against different backdrops and circumstances.

While May typically produces a drop in the unemployment numbers and rate, due to events such as Junkanoo Carnival, and the peak winter tourism season, the figures traditionally spike in November. This is because that period captures the impact of between 3,000-5,000 annual high school leavers entering the workforce, which usually increases the jobless figures because the Bahamian economy is not growing fast enough to absorb them all. As a result, many believe the year-over-year comparisons provide a better guide as to how the Bahamian

economy is faring in providing sufficient jobs for its people. Comparing May 2016 to May 2015 paints a much different picture to the six-month comparison employed last week by the Government’s Department of Statistics. This shows that, compared to May 2015, the total number of unemployed Bahamians actually increased by 10.2 per cent or more than 2,500 year-overyear, rising from 24,980 to 27,520. This suggests that the 2,000-plus lay-offs from Baha Mar are still working there way through the

economy, as are recent high school graduates still struggling to find permanent employment. Moving the comparisons further out reveals that the total number of Bahamians unemployed at May 2016 almost exactly matches the total from two years ago 27,520 versus 27,435 in May 2014. This indicates that while the economy may be keeping pace with new entrants to the labour force, it has been unable to do both this and slash the existing number of jobless Bahamians.

US new-home sales climbed in June to more than 8-year high WASHINGTON (AP) — Americans bought new homes in June at the fastest pace in more than eight years, a sign that a solid job market and low mortgage rates are bolstering the U.S. housing market. The Commerce Department said Tuesday that new-home sales rose 3.5 percent last month to a seasonally adjusted rate of 592,000, the best level since February 2008. Purchases of new homes have climbed 10.1 percent year-to-date, despite volatile sales on a monthly basis. “Today's report confirms the considerable strength in the housing market over the past few months,” said Rob Martin, U.S. economist at Barclays. Low mortgage rates and a healthy job market have lifted residential real estate, which continues to recover from the depths of the housing bust that began nearly a decade ago. Greater demand and tight inventories have led to rising prices and signs that housing will help overall

economic growth. But affordability remains a problem and the potential of new-home sales returning to their historic average sales rate of 650,000 could be limited. June's median sales price rose 6.1 percent from a year ago to $306,700. Just 4.9 months' supply of new homes is listed for sale, well below this historic average of six months. Sales surged in the West and Midwest by more than 10 percent in June, but declined in the Northeast and South. The market for new houses is roughly just a tenth of the size of the existing-home market, where sales are also rising even as the number of listings are shrinking on a yearly basis. The National Association of Realtors said last week that sales of existing homes rose 1.1 percent in June to a seasonally adjusted annual rate of 5.57 million, the best performance since February 2007. But the number of listings has fallen 5.8 percent from a year ago to 2.12 million.

a home under construction and for sale is shown in Roswell, Ga. Yesterday, the Commerce Department reports on sales of new homes in June. (AP Photo) Builders remain relatively confident that they'll continue to expand, although their optimism waned slightly in July. The National Association of Home Builders/Wells Fargo builder sentiment index dropped one point to 59. Readings above 50 indicate more builders view sales conditions as good, rather than poor. The index had mostly held at 58 this

year before rising to 60 in June. Builders say they're struggling to find both workers and land for additional construction. Still, the number of construction jobs has risen by 217,000 over the past 12 months as home sales and apartment rentals are helping to drive growth in an economy hampered recently by global turmoil. Construction of sin-

gle-family houses has increased, rising 4.4 percent to a seasonally adjusted annual rate of 778,000 in June. Propelling much of this demand has been an improving job market coupled with cheaper borrowing costs. The unemployment rate is a solid 4.9 percent. Employers added 287,000 workers in June, a strong rebound after the pace of

hiring slipped in April and May. Buyers have also benefited from interest rates staying close to record lows. Mortgage buyer Freddie Mac said the average for the benchmark 30-year fixed-rate mortgage was 3.45 percent last week, down sharply from 4.04 percent a year ago.

PAGE 8 , Wednesday, July 27, 2016

THE TRIBUNE

As iPhone sale sag, Apple touts apps and services instead SAN FRANCISCO (AP) — You can expect to hear a lot more from Apple about the virtues of mobile apps and online services in coming months. And for good reason: They’re just about the only part of Apple’s business that’s growing right now. Apps and services have always been key to the appeal of Apple products. But with iPhone sales down for the second quarter in a row — and speculation that a major redesign won’t arrive until late next year — Apple is talking up its online business, promoting it with new kinds of ads and even sponsoring an upcoming reality TV show called “Planet of the Apps.” The giant tech company sold 40.4 million iPhones in the last quarter — 15 percent fewer than a year ago, according to its earnings report Tuesday. Analysts say consumers just aren’t as excited about the newest iPhone models. As a result, Apple’s overall revenue fell 15 percent to $42.4 billion for the three months ending June 30. Apple also sold fewer iPad units, Mac computers and Apple Watches in the last quarter. Revenue from iPads increased, thanks to the introduction of higherpriced iPad pro models. And a modestly better forecast for the next quarter sent Apple shares up 5 percent in late trading, after closing at $96.63. But the biggest bright spot in the company’s report was a 19 percent sales jump for the segment that includes iTunes, Apple Music, the App Store and services like Apple Pay and iCloud storage. That segment produced nearly $6 billion in sales — more than Apple pulled

a man uses his mobile phone near an Apple store in Beijing. Apple reports financial results yesterday. (AP Photo) in from quarterly sales of either iPads or Macs.

FOR SERVICES RENDERED Apple makes money from online services by taking a percentage whenever users pay to download a song from iTunes, buy an app from the App Store or subscribe to a streaming service like Apple Music. It keeps 30 cents of every dollar spent in the App Store, for example, and passes 70 cents to the app developer. Apple also collects fees from people who buy extra iCloud storage and from banks when customers use their credit cards with Apple Pay. Since growth is what Wall Street likes to see, Apple executives are increasingly touting the purchas-

ing power of the company’s massive customer base — nearly 600 million owners of Apple devices who spend an average of $68 a year on apps, music and other services, according to estimates by Credit Suisse. “We have more than 1 billion active devices out there, and those are all customers that are spending on our services,” Chief Financial Officer Luca Maestri told The Associated Press. “We expect this business will continue to grow,” even if Apple sells fewer devices in a particular quarter, Maestri said. “It’s becoming a very meaningful portion of what we do.”

REALITY OR BUST That’s where shows like “Planet

of the Apps” come in. Apple is partnering on the project with a team of veteran Hollywood producers and musician/entrepreneur will.i.am. Though it’s expected to be something like a “Shark Tank” competition for app developers, Apple has kept a tight lid on details such as who will host or when it will air. But it will undoubtedly promote the App Store. It also demonstrates Apple’s desire to create original programming as a way of drawing more people to purchase music and videos on iTunes and Apple TV. Apple also announced Tuesday that it will sponsor another unscripted video series based on the popular “Carpool Karaoke” segments hosted by CBS talk-show host James Corden. Separately, Apple has been tweaking the App Store itself. In one change, Apple is reducing its commission on apps that are sold on a subscription basis. That could lower its revenue in the short term, but experts say Apple benefits in the long run if more developers adopt a sales model that requires consumers to renew every year — since Apple gets a slice of every renewal fee. In another change, Apple has begun selling App Store ads to developers, so iPhone owners who search for new apps will now see a paid listing along with other results. The ads should increase Apple’s revenue both from ad fees and increased app sales, according to Credit Suisse analyst Kulbinder Garcha, who estimated Apple’s annual take from apps

and services could more than double in a few years, reaching $54 billion by 2020.

THE NOT-SO-SHINY SIDE Some of Apple’s online ventures are facing challenges, however. Music sales in the iTunes store are being undercut by the growing popularity of streaming apps like Spotify. Apple’s own streaming music service is growing, Maestri said, but it still lags Spotify in paying subscribers. Apple’s iCloud storage service, meanwhile, has a host of online competitors. “It remains to be seen how long it takes Apple to build a service layer meaningful enough to offset potential future declines in smartphone revenue,” said analyst Colin Gillis at BGC Financial in a recent note. Most experts predict iPhone sales will pick up this fall, when Apple is expected to release new models. But some analysts are warning of tepid sales even then, citing industry rumors that Apple may wait until 2017, the tenth anniversary of the iPhone’s release, before making dramatic improvements to its signature smartphone. Apple is also confronting a slump in demand for its newest gadget, a smartwatch introduced to great fanfare last year. While it doesn’t break out sales figures for the Apple Watch, the company said revenue in its “Other Products” segment, which includes the watch, fell 16 percent for the quarter. Apple is expected to introduce new watch features later this year.

Qualcomm to pay $19.5M to settle gender discrimination suit SAN DIEGO (AP) — Qualcomm agreed Tuesday to pay $19.5 million to settle a gender discrimination class-action lawsuit alleging women were denied equal pay and job opportunities to their male counterparts at the tech giant. The settlement also stipulates that the San Diegobased chip maker implement policy changes and programs to better promote female employees working in the field of science, technology, engineering and mathematics, known as

STEM. Qualcomm Technologies Inc. said in a statement that it “has strong defenses” to the claims but agreed to make improvements. The women's lawyers say the changes could greatly affect the male-dominated industry, where women face significant barriers. The lawsuit affects a class of about 3,300 women in STEM at Qualcomm. The company agreed to the settlement before the lawsuit was filed in federal

court Tuesday. The settlement is still subject to court approval. Women hold less than 15 percent of senior leadership positions at Qualcomm, according to the complaint. Throughout Qualcomm's U.S. operations, women in STEM and related positions earn less than their male counterparts. Managers, who are mostly male, also are in charge of deciding who gets promoted, leading to women being promoted less often than men, according to court documents.

The company also maintains an unwritten policy of rewarding employees who work late over those who arrive early and leave at the end of a normal work-day, making it difficult for women with children, according to the complaint. The company said in a statement emailed to The Associated Press on Tuesday that it is committed to fair and equitable treatment of its employees. “While we have strong defenses to the claims, we elected to focus on continuing to make

meaningful enhancements to our internal programs and processes that drive equity and a diverse and inclusive workforce which are values that we share and embrace,” the company said. As part of the settlement, Qualcomm will retain two independent consultants to make policy recommendations that will ensure an equitable workplace, and the company will appoint an internal compliance officer to oversee the implementation of the agreement's

terms. Those terms include investing in leadership development initiatives, educating employees on nondiscrimination policies and revamping the company's complaint procedures. “It is common knowledge that women in STEM and other related fields face persistent discrimination in pay and promotions,” said David Sanford, the lead lawyer for the plaintiffs. “This settlement represents a giant leap forward toward leveling the playing field and can serve as a model of best practices for other technology companies.”