08022016 business

TUESDAY, AUGUST 2, 2016

business@tribunemedia.net

Whistleblower challenges CIBC evidence ‘credibility’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Cacique award winner’s bid to avoid financial ruin may receive late help from a former Cabinet Minister, after ‘whistleblower’ evidence cited “inconsistencies” with CIBC FirstCaribbean’s case.

Damian Gomez QC confirmed he was asked to do “some further research” into Malcolm Spicer’s fight to avoid foreclosure on both his family home and Abaco-based investment project, which was designed to provide for his family in retirement.

“I’m doing some further research,” Mr Gomez told Tribune Business of his case review. “It’s really

Ex-minister reviewing ‘4 x 4= 12’ loan dispute Bankers received SUVs for meeting loan targets Former officer refutes bank manager’s assertions Borrower’s attorneys alleging ‘cover up’ just covering all the bases and making sure nothing is left.”

He added that no decision had been made on whether he will intervene on Mr Spicer’s behalf, praising the way the latter’s

existing attorney, Dywan Rodgers, had handled the case to-date.

Tribune Business understands that attorneys for both CIBC and Mr Spicer have closed their arguments, and are now waiting

for Supreme Court Justice, Estelle Gray-Evans, to resolve their bitter loan dispute.

But Mr Spicer, who is well-known in sporting and teaching circles, is hoping his case received an ‘11th hour boost’ after a ‘whistleblower’ came forward to challenge several key foundations of the bank’s case.

CIBC FirstCaribbean has long argued that the matter is a simple asset/security repossession following the borrower’s default, but the ‘whistleblower’ backed Mr Spicer’s argument that responsibility lies largely with the bank.

A former CIBC FirstCaribbean executive, they concluded that based on the available evidence, the See pg b8

Consumers ‘totally naked’ against banking practices

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A former Cabinet Minister believes Bahamians are “completely naked” against sharp banking practices, adding that the problem had become “endemic”.

Damian Gomez QC, who until recently was minister of state for legal affairs, told Tribune Business there needed to be “a complete rethink” of how banking was conducted in the Bahamas.

He accused the Canadian-owned banks, in particular, of “doing things they couldn’t dream of” in their home jurisdiction, adding that this was “unfair” to Bahamians.

Mr Gomez said that with virtually no protection

Ex-minister urges ‘complete rethink’ on sector Says Bahamian treatment complaints ‘endemic’ Doing ‘things wouldn’t dream of’ back home available to consumers, he was set to assist numerous Bahamians on a “pro bono” basis in cases against the commercial banks.

And, given the relatively See pg b3

Regulator won’t ‘price TUC takes Sandals to court over longcontrol’ banking fees Property Fund ‘nowhere close’ to rental targets delayed industrial deal Central Bank eyes

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net PRESIDENT of the Trade Union Congress (TUC) Obie Ferguson said that the union had been left with “no other alternative” but to file criminal charges against Sandals Royal Bahamian and its top executives for failing to negotiate an industrial agreement since 2009, a move prompted by the recent termination of union officers employed at the Cable Beach all-inclusive property.

Gary Williams, Sandals Royal Bahamian’s general manager, confirmed to The Tribune that he had received a summons to appear in court on August 10.

“They have summoned me to court. The matter is going to court. The issue with the union has been with the courts for some period now, well before my tenure. It’s with the lawyers so I don’t want to say anything to prejudice the case,” said Mr Williams.

The TUC and its Bahamas Hotel Maintenance & Allied Workers Union (BHMAWU) affiliate, which represents some 500 plus workers at Sandals Royal Bahamian, have had a long-standing dispute with the resort over the issue of union recognition.

In 2011, the BHMAWU secured a ruling by the Privy Council that it and not the Bahamas Hotel Catering and Allied Workers Union (BHCAWU) be recognised as the bargaining agent for Sandals Royal Baha-

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

“No other alternative” says union chief Sandals confirms legal moves No deal negotiated since 2009 mian employees. Despite this however, Sandals has refused to negotiate with BHMAWU, union officials have said.

“From 2009 to now, Sandals has been violating the laws of the Bahamas and in a criminal manner,” said See pg b3

$3.97 $4.06 $3.98

$3.98

The Central Bank will not intervene to cap or “price control” commercial bank fees, its governor has revealed to Tribune Business.

John Rolle, in a recent interview, indicated that the banking sector regulator is instead focused on a “holistic” approach that aims to ‘empower’ consumers to protect their own interests via improved financial literacy.

“We are definitely not looking at it from the position of a price control issue.

We don’t see this as price control,” the Central Bank’s governor told Tribune Business.

“Our focus is to encourage a system that promotes financial literacy and consumer financial protection holistically. That is an area we have in our work programme, looking at best practices and making See pg b7

more ‘holistic’ approach

Govt may ‘package’ Credit Bureau with other plans Homeowners Protection, salary deductions eyed

John Rolle

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The BISX-listed Bahamas Property Fund says occupancy rates at its two flagship properties are “nowhere close to where we’d like to be”, after it incurred a $1.545 million net loss for 2015.

Michael Anderson, RoyalFidelity Merchant Bank and Trust’s president, told Tribune Business that higher vacancy rates drove a $3.238 million ‘write down’ on the value of the Fund’s One Marina Drive property.

That, combined with reduced rental income as a result of the vacancies there and at its Bahamas Financial Centre property, drove an almost nine-fold yearover-year increase in the net losses suffered by shareholders.

Mr Anderson, who acts as the Property Fund’s See pg b6

Suffers almost ninefold rise in losses Driven by $3.24m PI property writedown Occupancy improvements ‘drop in bucket’

Michael Anderson

PAGE 2 , Tuesday, August 2, 2016

THE TRIBUNE

Maintaining quality requires more people, says Standards Bureau chief

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Bureau of Standards and Quality (BBSQ) is hoping to increase its staff compliment by at least 15 in the coming months and looking at adding at least 100 plus inspectors in the next three years, The Tribune has been told.

“We have a three years strategic plan and our goal is to adopt as many international standards as we can,” said BBSQ director Renae

Ferguson-Bufford. “There is no need to reinvent the wheel. We just need to look at the standards that are there and tweak them for the benefit of the country.

Our standards team is doing well. Metrology is where we need to get up and running.

The metrology team is well trained and very competent but we do need to have a large inspectorate. We have to hire more people.”

The Standards Bureau, which has to be established as part of the Bahamas’ commitments to member-

Call for firms to have mandatory redundancy funds

By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net A TRADES union leader and attorney has reiterated calls for Bahamas-based companies to be mandated to establish a redundancy fund.

Obie Ferguson, the Trade Union Congress (TUC) president and leading labour attorney, said that such a fund would ensure that workers could collect basic pay for a period in the event a company goes ‘belly up’.

“Over the last 10 years, I have asks successive governments to put in place a redundancy fund for workers. I asked them for that because when these companies go belly up and they simply pick up and leave, it is the workers who are left with nothing. They are the ones who are left at a significant disadvantage,” said Mr Ferguson.

“What we suggest is that while they are functioning they should be required to pay a certain amount of money into a fund so that when they leave and in the event they file for bankruptcy the worker can go and collect basic pay at least for a period.”

Mr Ferguson said that such a fund would not represent an unsustainable burden to employers and should be able to earn interest, potentially reduce the burden of future payouts on employers.

ship in rules-based trading regimes such as the World Trade Organisation (WTO) and Economic Partnership Agreement (EPA), is designed to both protect consumers and facilitate trade.

“Even though we are quasi government we still have all of our support coming from government. One of the challenges is financial support and being able to get the total subvention that we need to be able to operate very effectively. Right now we don’t’ have enough human capital to be able to move to the Family Islands

because that is another challenge for us as well; to get to the Family Islands and get them involved,” said Dr Ferguson-Bufford.

“We are starting with legal metrology which involves verification services of areas like the petroleum pumps, meaning all of the stations in the country we are going to be doing verification of all commercial scales to determine whether people are getting value for their dollar. We have found that a lot of these places you are not getting value for

your dollar. We want to let people know that the bureau is here to protect them and ensure that they are getting quality.

“We have to have a bigger inspectorate, the equipment that is needed. We have to be able to transport some of the equipment as well to Freeport and create hubs on the Family Islands.

We are looking in the next three years to bring on at least 100 plus inspectors at the bureau. We know we would have to have huge expansion to the bureau.

We have developed a work plan for the country and as soon as we get the vehicles, I’m hoping by September inspectors can begin to go out and perform services and with every service there is a fee.”

Dr Ferguson-Bufford said that the Bureau is looking to hire 15 additional staff members between now and December. “We want to quickly bring in eight to 10 inspectors to assist in Nassau and then expand to the Family Islands,” she said.

Ocean’s West hotelier wins top trade show award A LEADING trade show designed to promote the Bahamas and the Caribbean to AfricanAmerican hoteliers and investors in Florida last week heard from Prime Minister Perry Christie about the diversity of tourism in the archipelago .

Mr Christie was a keynote speaker at the annual International African American Hotel Ownership and Investment Summit and Trade Show at the Miami Marriott Biscayne Bay Hotel, where an Outstanding Hotelier Award given by the National Association of Black Hotel Owners, Operators and Developers (NABHOOD) was won this year

by Bahamian entrepreneur and hotel owner, Dr Veronica Williams McIver, operator of the Ocean’s West Boutique Hotel, Nassau.

Attendees at the summit included hospitality industry executives, hotel owners and investors, developers, hospitality operators and emerging leaders, industry vendors, franchise brands, country leaders, tourism and government officials, business professionals, industry consultants, bankers and financial experts, legal authorities, college/university professors and students.

Director for the Bahamas African American Market, Linville Johnson, said that the Bahamas being among the many exhibitors at the summit was key. He said that the attendance of top hotel and corporate executives gave Tthe Bahamas the opportunity

Linville Johnson, Director, African American Market, Bahamas Ministry of Tourism (left) with Prime Minister Perry Christie and Andy Ingraham, Founder/President and CEO of NABHOOD. to network and encourage groups and individual tourists as well as African American investors to the country.

The Prime Minister, who has been the guest speaker at the summit before, was joined by Minister of State for investments, Khaalis Rolle, while other country leaders from the Caribbean at the event included the Minister of Tourism for Jamaica, Ed Bartlett, and Ingrid-Irania Arrindel, Minister of Tourism and Economic Affairs, Saint Marteen.

Mr Christie summarised some of the reasons for the Bahamas being a great choice for investment including its great health

system, the wide variety of choices of islands and the diversity of attractions and adventures. He also told attendees that the country is continually exploring other areas of tourism for visitors to have different vacation experiences.

He pointed out some of the top tier properties in the Bahamas such as the Genting’s Resorts World Bimini, on Bimini Island; Winding Bay and Baker’s Bay in Abaco; Sandals Resort and February Point in Exuma; Lyford Cay and Albany in New Providence and the renowned Atlantis, Paradise Island as example of valued investments. The Prime

Minister spoke about the industries in Grand Bahama including the Petroleum and Pharmaceutical facilities and the shipyard.

Mr Christie said that the Bahamas is looking at a National Health Care Program for the country - “Bahama Care”.

Founder/President and CEO of NABHOOD, Andy Ingraham said that “the organisation’s mission is to increase the number of African Americans developing, managing, operating and owning hotels, increase vendor opportunities and executive level jobs for minorities; thereby creating wealth within the African American community.”

THE TRIBUNE

Tuesday, August 2, 2016, PAGE 3

Consumers ‘totally naked’ against banking practices From pg B1 high returns and profits generated in the Bahamas by the foreign banks, Mr Gomez said these were effectively fuelling growth in other nations at the expense of this economy.

“I think the banks here need to be held to account for their lending policies,” Mr Gomez told Tribune Business. “We have really no protection as consumers; that’s the reality.

“The Central Bank is supposed to be here for us, but if you make a complaint they say they only deal with bank-to-bank complaints, so the public is left completely naked for practices that could be abusive, and that can’t be right.”

Mr Gomez cited “predatory practices” with consumer lending (automobiles, vacations, credit cards etc) as one of his primary concerns.

“There’s absolutely no policing of it,” he charged.

“We’ve got civil servants who sometimes take home as little as $20 from their pay cheques, and the banks are charging these enormous rates for so-called administrative fees when they are getting salary deductions from the infrastruc-

ture that is put in by the Government and paid for by the Bahamian people.

“It is something that could not happen in England and Canada, and we ought to be giving the Bahamian public the same level of protection as in enjoyed in these developed countries.”

New, and increased, bank fees have also attracted the public’s ire, as the industry seeks to develop new income streams to compensate for reduced interest earnings - and increased provisioning - associated with its $1.1 billion ‘bad loan’ portfolio.

Mr Gomez told Tribune Business he was “partial to the public”, and “on board” with their concerns, as it relates to Bahamian commercial banking practices.

Tribune Business recently revealed the bitter loan dispute between CIBC FirstCaribbean and Malcolm Spicer, an Abaco-based former Cacique award winner who stands to lose his home and investment project designed to provide for his family in retirement (see other article on Page 1B).

CIBC FirstCaribbean has long argued that the matter is a simple asset/security

TUC takes Sandals to court over longdelayed industrial deal From pg B1 Mr Ferguson. “We have not been able to get the government of the Bahamas to bring criminal proceedings and so we have had to do so.”

According to Mr Ferguson, Section 41(1) of the Bahamas Industrial Relations Act notes that all employers should recognise a trade union of which more than 50 per cent of the employees are members. Moreover, sub-section 41(3) calls for employers who are refusing to recognise a sanc-

tioned union to be prosecuted and, if found guilty of the offence, face a fine not exceeding $5,000 or imprisonment for a term not exceeding two years or both.

Last month several BHMAWU members were arrested following a protest over conditions the Cable Beach property. “Three officers were suspended and terminated. The law protects officers of trade unions and so we are asking for the court to deal with them with respect to the reinstatement of those offic-

repossession following the borrower’s default, but Mr Spicer and his advisers are alleging that the bank bears the primary responsibility for the situation.

They claim that the bank lent a sum, $855,000, that it knew was inadequate to complete construction of Mr Spicer’s project, and he only proceeded after receiving verbal assurances that more financing would be forthcoming.

They are also alleging that the loan amount was based on a realtor’s fundamentally flawed appraisal, in which it was calculated that the size of the physical buildings was “4 at 4,014 square feet = 12,042 square feet”. This, Mr Spicer is alleging, was never disclosed to himself.

Mr Gomez is currently “researching” Mr Spicer’s matter to determine if his help is needed, and he told Tribune Business: “There are others that I will be helping on a pro bono basis similar to this.

“It’s endemic. There needs to be a complete rethink of how the banking business is done in the country. We need to have the same sort of standards that pertain in Canada, where these banks are from.

“They are doing things they couldn’t dream of doing in Canada, and I don’t think it’s fair.”

Despite the odd annual loss caused by one-off writedowns, the Canadianowned banks are still generating significant profits in the Bahamas amid a tepid recovery, with much of this money repatriated to their regional and global parents.

Bahamians, both individually and in the private sector, have also long complained that interest rates in this nation are too high compared to the rest of the world, placing businesses and the wider economy - at a competitive disadvantage.

Mr Gomez argued that, as a result, the Bahamas was effectively helping to finance lending activities that helped develop other economies, while its own remained stagnant.

“What we’ve ended up doing is to support the employment of workers in the automobile industry elsewhere, and manufacturing industries elsewhere,” he told Tribune Business.

“We are paying such a high rate of return to the banks that we are in essence robbing ourselves of the opportunity to start our own manufacturing.

“It’s taking away from our jurisdiction the ability to develop, and keeping us in a state where we’re always struggling to reduce the unemployment level below 6 per cent,” the former Cabinet minister added.

ers,” said Mr Ferguson.

“The officers were off duty when they were fired.

They were not working.

They didn’t walk of their job and began to picket.

There is no requirement by law for a peaceful picketing to be approved by the police. The police brought charges agent them or picketing without a permit.

That is something the court will deal with,” said Mr Ferguson.

He added: “An officer of the union cannot be terminated while they are pursuing and participating in a lawful and peaceful demonstration. To fire or even discipline officers of the union you have to deal with the president. You can’t just get up and say and officer

will be terminated. This is the very first time we know of where an employer is subject to be imprisoned for failing to negotiate an industrial agreement under Section (41) Subsection (3) of the Industrial Relations Act. “If the government doesn’t do what it has to do with respect to the labour laws, we will have to do what we have to do because the employees are at a disadvantage. We are going to be very active cover the next seven to eight months. This is the beginning of something very historic, something very new, because we need to tell employers that the laws of the Bahamas are not just for the average man but they were designed of all of us,” said Mr Ferguson.

“In the US, UK and Canada, over 6 per cent is regarded as a problem. For us, it’s a reality. We’re never going to get unemployment below 6 per cent if we’re paying these interest rates that are not sustainable from an economic and social development perspective.

“It’s important that something be done, because one of the impediments to entrepreneurship is a banking environment that doesn’t assist small businesses.

That reality is the problem we are faced with.”

Mr Gomez said this was why he supported the recent creation of the Con-

sumer Protection Agency, and expressed hope that it would lead to “real” political and public discussion on banking and development policies.

This, he added, had not occurred “for some time in the political arena”.

to advertise today in the tribune call @ 502-2394

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Send complete resume with education and work experience to M&E Limited P.O. Box N-3238. Nassau, Bahamas. Attention: Human Resources Department, or email to me@me-ltd.com Only persons interviewed for this position will be contacted.

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Advise staff on appropriate action.

Serve as liaison between staff and the technology department to resolve issues.

Work one-on-one with staff on application projects.

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A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.

PAGE 6 , Tuesday, August 2, 2016

Property Fund ‘nowhere close’ to rental targets From pg B1 administrator, said the drag at One Marina Drive was caused by Royal Bank of Canada’s (RBC) decision to close its Paradise Island branch.

Atlantis’s Harborside timeshare development also vacated space at the property, which is the sole purpose-built office block on Paradise Island, dropping occupancy rates into the low-mid 60 per cent range.

“If you look at the rental income, the change is associated with the vacancy rates at that [One Marina Drive] property, rather than the Financial Centre,” Mr Anderson told Tribune Business.

“We’ve got the latter back

from the mid-60s; we’ve got it up to just over 70 per cent now. It hasn’t gone anywhere close to where we would like it to be.”

For the 12 months to endDecember 2015, the Fund’s total rental and parking revenues were down almost 7 per cent, standing at $4.003 million compared to $4.3 million the year before.

The near-$300,000 drop, though, was almost entirely due to One Marina Drive, where rental income fell year-over-year by 31 per cent, down from $856,613 to $591,261.

The Bahamas Property Fund’s audited financial statements were only published in early July, some three months later than the end-April (120 days) dead-

line stipulated by BISX for its listed firms to disclose their annual results.

No explanation was given for the late publication, and the financials made no mention of any adverse regulatory action being taken by the stock exchange or Securities Commission as a result.

However, the Fund’s results show it continues to be ‘squeezed’ on its top-line by the loss of rental income, and below by having to pick up increasing maintenance (CAM) costs associated with the greater vacant space at its two main properties.

CAM costs in 2015 rose by 6.5 per cent year-overyear to $1.303 million, but the biggest dent to the Fund’s performance was the revaluation hit taken on One Marina Drive.

Mr Anderson explained that the $3.238 million

write-down was tied directly to One Marina Drive’s increased vacant space, as the Fund’s buildings were valued based on the rental streams they were generating.

“That’s what drives down the valuation,” he said, “because it’s valued as a real estate fund on rental streams, and these were cut for the lower vacancy rates. That’s where we saw the losses.”

One Marina Drive’s performance thus negated modest upward revisions to the values of the Bahamas Financial Centre and Providence House, the Fund’s third property, which is home to the PricewaterhouseCoopers (PwC) accounting firm.

As a result, the Fund’s ‘net fair value’ loss on its three properties jumped by 86.5 per cent year-overyear, from $1.581 million to $2.949 million.

This, in turn, cut its total income by 61.3 per cent, from $2.719 million the prior year to $1.054 million.

Despite a 14.6 per cent drop in total expenses to $1.715 million, which was aided by the ‘recovery’ of $749,575 in Business Licence fees, the Fund still saw a $1.372 million ‘swing’ into an operating loss of $661,388.

Once interest expenses

and other adjustments were added in, the Fund’s net loss increased almost ninefold year-over-year, jumping from $173,147 to $1.545 million.

Mr Anderson, meanwhile, attributed the Fund’s low occupancy/high vacancy rate problem to the soft market for prime commercial office space.

“It’s still a tough market,” he told Tribune Business. “We are seeing more interest potentially in retail space at One Marina Drive.

“We have to figure out how best to split it, and have people looking at it for various reasons, but have not managed to get anyone to take it yet.”

One Marina Drive has long had ‘exclusivity’ as the only purpose-built office block on One Marina Drive, but its location by the ferry terminal, and now the Margaritaville franchise, has opened up possibilities for converting the former RBC branch space into retail use.

Similarly, FINCO’s decision to vacate its ground floor spot at the Bahamas Financial Centre has opened up potential retail opportunities there, although Mr Anderson said no decision had been reached there.

The 100,000 square foot Financial Centre, regarded as ‘Class A’ or top quality

THE TRIBUNE office space, with built-in redundancy and generators, is focused chiefly as its name implies - on financial services tenants.

However, that industry’s travails in recent years, coupled with the increasing trend of financial services firms to locate in western New Providence, means that replacements for FINCO and the Spanish bank, Santander, have been hard to find.

“We’ve been successful in terms of getting a number of small firms to take 1,000 square foot chunks; we’ve had four to five of those,” Mr Anderson said of the Financial Centre.

“It’s like a drop in the bucket for what we have.

FINCO’s vacancy and Santander’s; between them, they vacated 21,000 square feet. We still have plenty of space available upstairs, and downstairs where FINCO was.

“We’ve seen the impact of the banking slowdown and cutting back, having lost two pieces of [RBC] space.”

Mr Anderson added that the addition of smaller tenants had helped the Financial Centre’s occupancy levels to rebound from a low of 65-66 per cent to the current 73-74 per cent.

While discussions with potential tenants for One Marina Drive and the Bahamas Financial Centre are continuing, Mr Anderson said there was “not that significant a demand for space”.

With the Financial Centre’s ‘base rate and CAM’ starting at $50 per square foot, he explained that many companies were instead seeking out “high $30-low $40” rates at ‘Class B’ and ‘Class C’ office buildings in the downtown Nassau area.

“Both properties will recover when this market for that space rebounds,” Mr Anderson told Tribune Business. “We’ve seen an offset in terms of reduced interest costs; that’s helped.

But the bottom line is still being impacted by the loss of rental income and higher costs.”

THE TRIBUNE

Tuesday, August 2, 2016, PAGE 7

Regulator won’t ‘price control’ banking fees From pg B1 recommendations as to what we see as a holistic approach.”

Mr Rolle did not go into detail as to what was meant by “a holistic approach”, but many Bahamians are likely to be disappointed that the Central Bank is not taking a tougher approach with its licensees.

The commercial banking industry has both introduced new fees, and hiked existing ones, on all kinds of transactions in the past few years, with observers believing this is at least partly designed to compensate for reduced interest income - and increased loss provisions - associated with its $1.1 billion ‘bad loan’ pile.

Fees for cashing cheques at banks other than the one the funds are drawn on, Automatic Teller Machine (ATM) usage charges and others have repeatedly drawn the ire of hardpressed Bahamian others, especially as they also attract Value-Added Tax (VAT).

Mr Rolle, though, was adamant that the Central Bank does not intend to intervene in a manner akin to the Price Control Commission.

“This framework does not dwell on a price control formula,” he reiterated. “It’s all the other elements that go into financial literacy, protection and best practices.”

The Governor added that work on the Bahamas’ first-ever Credit Bureau was “very advanced”, but said the manner of its introduction will depend on the Christie administration.

He indicated that the Government may bring the Credit Bureau legislation to the House of Assembly as part of “a package” of financial sector reforms, which would see it introduced “in unison” with measures such as the Homeowners Protection Bill and efforts to tackle the ‘salary deduction’ debt trap.

“The work is very advanced,” Mr Rolle said of the Credit Bureau. “We’ve done all the reviews of the legislation, and completed the public consultation. I think it is in the very final stages of review in the Attorney General’s Office.

“The framework is drafted from our perspective for the Credit Bureau. That’s ready to move forward once we get the legal sign-off, and we think that’s going to

come in a reasonable timeframe now.”

“Our input is considerable. What will matter more is how the Government packages this.. with some of the other initiatives on the drawing board for the credit market.”

Mr Rolle identified one of these “initiatives” as the proposed Homeowners Protection Bill, a piece of legislation that has caused some consternation in the commercial banking industry.

The Governor alluded to this, saying: “There was a very intense consultation between the Government and the banking community in terms of how to get the process closed out, in terms of the issues the banks want to address.

“You would have heard the Government, from time to time, say they want to get a better handle on salary deductions, and managing that.

“You could see all these elements advance in unison.”

The Homeowners Protection Bill, which was brought

to the House early in the Christie administration’s term in office, but never made it into law, is likely to have undergone some subsequent revisions.

However, in its early incarnation, many in the banking industry saw it as wellintentioned legislation that would provoke numerous unintended consequences.

While the Bill is designed to make troubled Bahamian borrowers more secure in their homes, it would have made it far more difficult, costly and time consuming for banks to secure - and take possession of - distressed assets.

And inserting the already-clogged court system into the contract between lender and borrower would have provided a further disincentive for banks to lend, Tribune Business was told then, or entice them to raise interest rates to compensate for the increased risk.

The end result, industry sources said, would have been a further pull-back in commercial bank mortgage lending, exacerbating the current Bahamian housing crisis.

Mr Rolle, though, implied that the Central Bank’s main focus was on getting

the legal basis for the Credit Bureau passed into law.

“Very credible structural reforms are in the pipeline for the financial sector, in terms of the Credit Bureau and reforms that the Government is driving, which speak to the better management of risk in private sector credit,” he added.

The Central Bank of the Bahamas is hoping that the legislation creating the Credit Bureau will reach, and be passed by, Parliament in 2016. The target is for the Credit Bureau to issue its first reports in 2017.

Credit Bureaus collect personal and financial information on persons and companies, and then issue this to client lenders via a credit report. A Credit Bureau’s clients typically include banks, mortgage lenders, credit card firms and other financing companies.

In the Bahamian context, such a facility will help borrowers improve their credit and payment behaviour, while lenders will have increased access to accurate and more comprehensive information about borrowers’ credit history and payment habits. This, in turn, would reduce their exposure to risky loans.

Wendy Craigg, Mr Rolle’s predecessor as Central Bank governor, last year said the Credit Bureau would result in “safer lending and lower defaults”, as lenders would have a better knowledge of borrower characteristics, behaviour and repayment history.

She added that it would also “eliminate incentives to over-borrow” and promote a healthier credit culture in the Bahamas, while lenders would be better able to “price for risk” and reward good borrowers with lower interest rates.

Mrs Craigg also said that “borrowers know the odds of repaying their debt much better than lenders” - a situation that led to “adverse selection and moral hazard”.

This, she explained, re-

sulted in borrowers having no intention of honouring their obligations to repay, with debtors “most likely to produce undesirable outcomes” from receiving credit.

However, some in the commercial banking industry have warned that a Credit Bureau is not an instant or complete panacea to the Bahamas’ credit woes.

Ian Jennings, Commonwealth Bank’s president, told Tribune Business earlier this year that the Credit Bureau would likely require three years post-creation to build up a comprehensive database on borrower histories.

As a result, it would take four-five years from inception to become an effective tool in assessing borrowers.

PAGE 8 , Tuesday, August 2, 2016

Whistleblower challenges CIBC evidence ‘credibility’ From pg B1 bank “miscalculated the loan amount” and then concealed this from Mr Spicer.

The ‘whistleblower’, whose assessment was admitted into evidence after attorneys had completed their closing arguments, said the affidavit from CIBC FirstCaribbean’s Abaco branch manager contained several “inconsistencies” with the bank’s then-policies and internal culture.

Besides alleging that it was “common practice” for bank officials to verbally reassure borrowers further funding would be forthcoming for construction projects, they added that there was “tremendous pressure” upon staff to originate loans at the time Mr Spicer obtained his.

Executives were also rewarded handsomely for hitting ‘sales targets’ in the 2005-2008 ‘boom’ period prior to the global reces-

sion, with CIBC FirstCaribbean even giving some new SUVs (sports utility vehicles).

CIBC FirstCaribbean declined to comment because the case is before the Supreme Court. But attorneys from Meridian Law Chambers described the ‘whistleblower’s’ evidence as “integral” to Mr Spicer’s case.

Gilbert Thompson, one of Mr Rodgers’ colleagues, alleged in an April 26, 2016, affidavit: “It goes as far as, we say, to further dilute - and even impeach - the credibility of the evidence of the plaintiff [the bank].”

He claimed that Mr Rodgers, in his closing submissions, suggested that there had been “a cover up”, and that affidavit evidence from the CIBC FirstCaribbean branch manager “was generated to conceal the true state of affairs”.

Tribune Business was asked not to publicise the ‘whistleblower’s’ name, on

Jarol Investments Limited is seeking to fill the following position:

Marketing Manager •

• •

• •

•

•

•

•

•

Plan marketing and branding objectives.

Prepare and adhere to budgets.

Oversee creation and delivery of press releases, advertisements, and other marketing materials.

Design print ads and publications Engage consumers on social

media.

Deepen relationships with all media to ensure the most effective messaging and positioning of the organization.

Lead all areas of content generation and production across all media platforms.

Collaborate with sales and sourcing to develop strategic partnership activities and implement the execution framework and strategic plan on identified opportunities.

Develop and lead a marketing team that will develop and execute new concepts, business models, channels and partners to position business as innovator and leader.

Perform other related duties as assigned by management.

Interested person mail their resume to P.O. Box F-40886 or email to careers@chancesgames.com

the grounds that they were involved in other court cases.

However, the person was already known to this newspaper as a former CIBC FirstCaribbean employee, having figured in the news when the bank was created in 2002 as a result of the merger between CIBC and Barclays.

The ‘whistleblower’ was employed as a mortgage specialist with Barclays from 1996, with their title switching to ‘home finance specialist’ following the 2002 merger - a position they held until 2005, around the time Mr Spicer negotiated his loan.

Their affidavit is designed to back Mr Spicer’s claim claim that CIBC FirstCaribbean knew it was lending a sum, $855,500, that was inadequate to complete the first stage of what was to be a rental apartment and bar/ restaurant complex located near the Abaco Club at Winding Bay. Mr Spicer, in an affidavit filed last year, alleged that he only agreed to proceed with the project after receiving verbal assurances from the bank’s Abaco branch manager, Bryan Thompson, that more funding would be forthcoming.

And he is also claiming that CIBC FirstCaribbean withheld from him the fact that the original loan amount was based upon a fundamentally flawed calculation.

Tribune Business revealed earlier this year how a realtor’s March 2006 appraisal report on Mr Spicer’s property, commissioned by the bank, came up with the following calculation: “Proposed buildings: 4 at 4,014 square feet = 12,042 square feet.”

Based on the maths, the appraisal report should have produced a 16,056 square feet calculation.

However, it went on to base the ‘replacement method’ for valuing Mr Spicer’s property on the 12,042 square feet.

Using a price of $125 per square foot for the buildings, and a $210,000 valuation for the existing undeveloped land and improvements, the appraisal valued the potential project at $1.715 million.

Given that the ‘first stage’ involved just two (half) of the four proposed buildings, Mr Spicer is alleging that he should have been eligible to receive $253,500 more on the original loan which, at $855,500, was based on 50 per cent of the incorrectly calculated $1.7 million But Mr Thompson, in a November 6, 2014, affidavit, refuted key aspects of Mr Spicer’s case.

He said that “at no time did the bank agree to” or indicate that it would definitely provide further fi-

MARKET REPORT FRIDAY, 29 JULY 2016

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

BISX ALL SHARE INDEX: CLOSE 1,971.13 | CHG 0.84 | %CHG 0.04 | YTD 147.18 | YTD% 8.07 BISX LISTED & TRADED SECURITIES 52WK HI 4.01 17.43 9.09 3.50 4.70 0.18 8.34 8.40 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 6.09 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 4.01 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.84 10.57 14.49 2.70 1.41 5.80 8.76 10.93 7.90 6.40 11.93 10.00

CLOSE 4.01 15.85 9.09 3.50 5.22 0.12 6.50 8.40 5.84 10.59 14.49 2.68 1.41 5.80 8.76 10.93 7.90 6.40 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 -0.02 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

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

115.56 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.59 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

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

113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

VOLUME

2,000

1,300

2,500

VOLUME

30

200 200

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 19.6 27.4 28.5 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% 3.10% 3.42% 3.40% 4.21% 2.24% 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

0.000 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

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

nancing beyond the original loan.

And Mr Thompson also denied that CIBC FirstCaribbean “miscalculated the value of the appraisal” based on the March 22, 2006, realtor’s report, or that this was “a fundamental error which undermined the funding of the project”.

These assertions, though, were challenged by the ‘whistleblower’ in their April 20, 2016, affidavit filed with the Supreme Court.

“There are several statements contained therein which I would dispute/ challenge, as they are not consistent with how CIBC FirstCaribbean operated at the time,” they alleged of Mr Thompson’s affidavit.

“Of critical importance: During the time that I worked with the plaintiff bank (which includes the timeframe of the Spicer/ Spicer Group International loan), I was instructed to give - and I would give verbal assurances such as ‘we’ll take care of you’ or language similar in nature.

“It was not unusual, and was in fact quite typical, to give assurances of additional funding without putting it in writing.”

The ‘whistleblower’ alleged that executives such as Mr Thompson would have been in position to provide such “leeway and discretion”.

They added that ‘verbal assurances’ were frequently provided in relation to construction projects such as Mr Spicer’s, given that extra financing was often required, and the bank did not want to risk being stuck with an incomplete development.

The ‘whistleblower’ then alleged that “financial selfinterest” also motivated the use of ‘verbal assurances’, especially given that written promised could “slow down moving ahead with the original loan”.

They claimed that this was particularly prevalent during the Bahamas’ ‘credit boom’ of 2005-2008, when banks were eager to find lending clients and set high targets for their loan officers.

“Lending staff were under tremendous pressure to sell, sell, sell mortgages and lend money out because they were given high loan targets by the plaintiff, particularly during that time; in the 2005-2008 period before the global recession,” the ‘whistleblower’ alleged.

This was when Mr Spicer’s loan was originated, and they further claimed: “And if the branch manager(s) or loans officer(s) reached [CIBC’s] goals and/or exceeded them, they were given financial bonuses and, even on occasion, Nissan Trail SUV vehicles as reward(s).

“More importantly, their professional review, or staff appraisal report, was based on how well they did at selling or generating loans in order to get salary increases for meeting targets.”

This suggests that Bahamas-based commercial banks may at least be par-

tially responsible for their own misfortune, namely the $1.1-$1.2 billion ‘bad loan’ pile they are currently stuck with.

In the run-up to the 20082009 recession, when credit was plentiful, the pressure on bank executives to hit ever-higher ‘sales targets’ will likely have induced them to lend to unsuitable borrowers who should never have received funding.

As a result of aggressively trading away safety for growth, the commercial banking industry is still being held back a decade later by delinquent loans where there is little prospect of repayment and falling collateral (real estate) values.

This, in turn, is retarding both the housing market and private sector, as even ‘good risks’ are unable to obtain credit due to a tightened lending criteria.

The ‘whistleblower’, meanwhile, took issue with Mr Thompson’s assertion that the Spicer loan was based on the latter’s business plan.

They argued that CIBC FirstCaribbean would “never” have determined the loan sum based on any potential borrower’s business plan, and that the policy was always to require an independent realtor’s appraisal.

While Mr Thompson argued that the flawed appraisal “had no material impact” on the sum lent to Mr Spicer, the ‘whistleblower’ said he had never seen CIBC FirstCaribbean calculate a mortgage based on a business plan - especially one that was 18 months “out of date”, as in this case.

“It would have been against the plaintiff’s [CIBC] policy to have calculated the loan any other way, other than from that very March 2006 bankapproved appraisal,” the ‘whistleblower’ alleged.

They argued that Mr Thompson’s “alternate explanation” for how CIBC FirstCaribbean calculated the sum loaned to Mr Spicer “cannot be true”, as the bank “would not determine and/or calculate the size of a loan on a property project like this based solely on a borrower’s business plan”.

The ‘whistleblower’ added that banks commissioned appraisal reports from independent realtors to ensure there was sufficient security/collateral for the loan in the event of default, and the potential need to repossess or foreclose.

Mr Thompson had alleged that CIBC FirstCaribbean calculated the loan to Mr Spicer as “85 per cent of the overall costs in the 2005 business plan” prepared by the latter.

The ‘whistleblower’, though, said the bank’s loan commitment letter to Mr Spicer made “no mention” of either the 85 per cent or a requirement to prove that he could finance the remaining 15 per cent from his own resources.

“The loan amount must be such to have a viable loan to create business completion and success,” they said.

NOTICE

NOTICE is hereby given that SAMMY DORCELY of P.O. Box SB-52401 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 2nd day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DESHAN TAMARA SAUNDERS and GENISKO GARFIELD BULLARD of Freeport, Grand Bahama, Bahamas intend to change our daughter’s name from JANYAH SARAH ROLLE to JANYAH SARAH BULLARD. 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.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, BEVERLEY LAVERNE NEELY of Chippingham, New Providence, Bahamas intend to change my name to BEVERLEY ALEXANDRIA PILGRIM. 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 then Thirty (30) days after the date of publication of this notice.

THE TRIBUNE “If it is different, it needs to be stated in writing on the bank’s commitment letter how it will be completed.

“If it is not stated in black and white, as it is not in this case, then it must have been that the bank gave Spicer/ Spicer Group International credible verbal assurances that more monies would be forthcoming.

“If that claim by Mr Thompson were so, then the 15 per cent should have been stated so that auditors can see that the project will be completed and generating income to repay the loan,” the ‘whistleblower’ continued.

“In other words, there would be clear evidence to show that applicant has 15 per cent liquid cash to be deposited to the account to ensure that full funding, but that is not present in the banking documents I have seen in this action.”

The ‘whistleblower’ branded Mr Thompson’s affidavit as “misleading and designed to divert the responsibility” for basing the loan to Mr Spicer on a flawed appraisal.

“In this case, it is my opinion as a mortgage specialist that, for all the reasons described above, the truth in this case is that the plaintiff [CIBC] miscalculated the loan quantum by missing out one of SGI/ Spicer’s four buildings (4 x 4 does not equal 12) without ever telling the customer,” they alleged.

“And when the customer responsibly asked about the low loan amount, the plaintiff gave verbal assurances, which they trusted based on a long-standing relationship.”

Claiming that the mistakes exacerbated the project’s under-funding, Mr Spicer alleged last year that a Bahamas Realty appraisal of his property in October 2007 showed that construction work had increased the property’s value by 33.5 per cent.

Arguing that this should have been sufficient to satisfy CIBC FirstCaribbean’s demand for ‘progress’, Mr Spicer alleged that his requests for further funding to complete the project were met with silence for a 10-month period.

Yet he was still having to pay $6,000-$7,000 per month to service the original loan, without any income coming in from the apartments as planned to meet the payments.

When the extra funding from the bank failed to materialise, Mr Spicer’s project ground to a standstill.

He was forced to sell his Abacom Wireless Services business in 2010 “to keep his financial affairs afloat”, while also having to use the profits and cash flow from his other company, Abacom Computer Services, to service the CIBC FirstCaribbean loan.

Ultimately, he fell into default, and the bank is now seeking - through the Supreme Court - to repossess not just what remains of the apartment/restaurant project, but also his family home - which was offered as additional security.

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

Tuesday, August 2, 2016, PAGE 9

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.

Jarol Investments Limited is seeking to fill the following positions:

Island Manager (Bimini) Island Manager (Eleuthera) Island Manager (Andros) People walk past an electronic stock indicator of a securities firm in Tokyo, yesterday. Shares were higher Monday in Asia, as investors shrugged off disappointing growth data from the U.S. and lackluster but better-than-expected manufacturing figures for China. (AP Photo)

US stocks slip as falling oil prices punish energy companies NEW YORK (AP) — U.S. stocks wobbled and finished mostly lower Monday as the price of oil continued to nosedive thanks to the strong dollar. Energy companies took the biggest losses as U.S. crude hovered around $40 a barrel, its lowest price in almost four months, and materials companies also traded lower.

Every oil, gas and pipeline company on the Standard & Poor’s 500 finished lower as a slump in the price of oil and other fuels extended into a third week.

The losses for energy and mining, chemical and building companies canceled out gains for technology and health care companies. A survey showed U.S. manufacturing continued to grow in July, but did so at a slower pace than the month before. That, too, is linked to strength in the dollar.

“Manufacturing and oil have moved in lockstep for the better part of five years,” said Steve Chiavarone, associated portfolio manager for Federated Investors.

The Dow Jones industrial average fell 27.73 points, or 0.2 percent, to 18,404.51.

The S&P 500 lost 2.76 points, or 0.1 percent, to 2,170.84. The Nasdaq composite gained 22.06 points, or 0.4 percent, to 5,184.20.

The Nasdaq rose last week while the other major indexes fell. The Dow and

S&P 500 set all-time highs recently and the Nasdaq is within 1 percent of the record it set in July 2015.

A survey by the Institute for Supply Management said U.S. factories expanded for the fifth month in a row, although its survey reading was lower in July than it was in June and factory employment decreased. A survey of manufacturing in Europe showed a similar result, and two surveys showed manufacturing activity in China was relatively weak in July.

The dollar has been gaining strength in over the last few years, and while it appeared to level off recently, it appears to be picking up again because investors are realizing the Federal Reserve may raise interest rates later this year. Chiavarone said that’s starting to hurt oil prices and slow down U.S. manufacturing. When the dollar gets stronger, oil falls because it’s priced in dollars.

Benchmark U.S. crude lost $1.54, or 3.7 percent, to $40.06 a barrel in New York, while Brent crude, which is used to price international oils, gave up $1.39, or 3.2 percent, to $42.14 a barrel in London. The price of oil has fallen 13 percent in a little more than two weeks and during the day it traded below $40 a barrel for the first time since April 8. Exxon Mobil fell $3.09, or 3.5 percent, to $86.85, its

biggest loss since January.

Chevron shed $3.37, or 3.3 percent, to $99.11.

Ionis Pharmaceuticals rose after it said a drug designed to treat spinal muscular atrophy in infants worked in a late-stage clinical study. It also said drugmaker Biogen exercised an option to develop the drug globally and will pay Ionis $75 million. Biogen plans to start seeking marketing approval for the drug, nusinersen, in the next few months. Ionis surged $8.82, or 30.2 percent, to $38.01 and Biogen gained $11.90, or 4.1 percent, to $301.83, more than any other S&P 500 stock.

Those moves helped pull health care stocks higher.

Technology and consumer stocks also gained ground, and the S&P 500 consumer company and tech indexes reached annual highs. Netflix rose $3.12, or 3.4 percent, to $94.37 and Apple added $1.84, or 1.8 percent, to $106.05.

The dollar edged up to 102.35 yen from 102.03 yen.

The euro fell to $1.1169 from $1.1179.

Bond prices fell and the yield on the 10-year U.S. Treasury note rose to 1.52 percent from 1.45 percent, reversing a slide in bond yields on Friday. That’s also a sign more investors are expecting higher interest rates.

Tesla agreed to buy Solar-

City for $2.6 billion in stock.

More than a month ago it offered to buy the company for about $2.5 billion, and investors had hoped for a bigger offer. SolarCity has 45 days to seek better offers. Tesla CEO Elon Musk owns more than 20 percent of both companies, and SolarCity is run by his cousin Lyndon Rive. The deal won’t go through unless it’s approved by a majority of shareholders other than Musk.

SolarCity also cut its guidance Monday. Its stock fell $1.98, or 7.4 percent, to $24.72 and Tesla Motors lost $4.78, or 2 percent, to $230.01.

Caesars Entertainment said it agreed to sell its social and mobile games business to a Chinese consortium for $4.4 billion. Its stock advanced 46 cents, or 6.7 percent, to $7.36.

Duties include, but not limited to:

•

•

•

•

•

•

•

•

Overseeing adherence to company policies and procedures by employees.

Auditing cashiers work to ensure efficiency.

Maintain a safe and secure working environment for customers and staff Maintaining confidentiality of sensitive data.

Evaluating, assessing and managing the performance of each employee.

Ensuring that the opening and closing of shops in a timely manner.

Ensure safe keeping of company funds.

Overseeing the selection and recruitment of new employees

Interested person mail their resume to P.O. Box F-40886 or email to careers@chancesgames.com

PAGE 10 , Tuesday, August 2, 2016

THE TRIBUNE

Tesla’s deal for SolarCity could speed sustainable energy DETROIT (AP) — Tesla wants to put its car and energy storage businesses under one solar-powered roof.

Tesla said Monday it will buy solar panel maker SolarCity Corp. in an all-stock deal worth $2.6 billion.

The deal must still be approved by the government and shareholders at both companies. It’s expected to close in the fourth quarter if it goes through.

Thirteen-year-old Tesla currently makes two luxury vehicles — the Model S sedan and Model X SUV— as well as Powerwall and Powerpack energy storage units

for homes and businesses.

The company said Monday that a tie-up with SolarCity would create a one-stop shop for cleaner energy. With one service call, customers could get their solar panels installed and connected to a Powerwall, which preserves energy for later use. Users could also get the system hooked up to chargers for one of Tesla’s vehicles.

“This is really all part of solving the sustainable energy problem,” said Elon Musk, the chairman and biggest shareholder of both companies, during a conference call.

But some have questioned the wisdom of the deal, which combines two money-losing companies that already have a lot on their plates.

Tesla is working feverishly on its new, lower-cost Model 3 sedan, which is due out by the end of next year, as well as pickups, electric buses and semi-trucks. It’s in the midst of building one of the world’s largest factories in Nevada to make batteries. And it’s under investigation by the government after the semi-autonomous Autopilot system in its Model S failed to prevent a fatal crash in Florida.

Ten-year-old SolarCity is the top provider of residential solar panels in the U.S., and installs about one-fifth of all commercial solar panels. But the company said Monday that it experienced lower-than-expected residential bookings in the first half of the year, so it’s reducing its full-year guidance for megawatts installed.

Others have questioned the conflicts of interest in the deal. Musk owns a 26 percent stake in Tesla Motors Inc., based in Palo Alto, California, and a 22.5 percent stake in SolarCity Corp., which is based in nearby San Mateo, California. Musk’s cousins, Lyndon Rive and Peter Rive, run SolarCity.

But Musk said the companies have synergies they can’t take advantage of un-

Elon Musk, CEO of Tesla Motors Inc., talks about the Model X car at the company’s headquarters, in Fremont, Calif. Yesterday, Tesla and SolarCity announced they have entered into an agreement under which Tesla will acquire SolarCity. Tesla will pay approximately $2.6 billion for solar panel maker SolarCity in an all-stock deal. (AP Photo) less they’re combined.

“The point of the merger is to get rid of the conflicts,” he said. “Until then it’s very limited what we can do unless we are one company.”

Musk said he believes the companies could save $150 million to $200 million in the first year alone by streamlining manufacturing, sales and service.

Customers could learn about SolarCity products at Tesla’s 190 stores, for example, and save on installation costs because they’d be done more efficiently. Tesla also would give SolarCity access to international customers.

SolarCity’s stock slid more than 8 percent to $24.56 in afternoon trading Monday. Tesla’s shares fell 1.3 percent to $231.71.

Tesla’s current offer values SolarCity’s shares at $25.37. That’s less than

the $26.50 to $28.50 value it placed on them in June, when it made its initial overture to SolarCity. Musk said he had no role in establishing the value of the deal.

“I know about as much as you do about how this price was obtained,” he said.

S&P Global raised its target price for SolarCity shares to $26 but reiterated its “sell” opinion on Tesla shares Monday, saying the deal benefits SolarCity more than Tesla.

“We see benefits from a combined solar/storage offering and manufacturing efficiencies, but remain concerned about cash flow and capital needs,” S&P analyst Efraim Levy said in a research note to investors.

The deal may draw more attention to the financial position of both companies. Tesla has lost $1.2 billion in the past two years

alone while SolarCity has suffered losses exceeding $1.1 billion during the same span. Analysts surveyed

by FactSet are predicting a $416 million loss from Tesla this year while they believe SolarCity will lose $851 million.

Rebecca Lindland, a senior analyst with Kelley Blue Book, said the deal addresses a tiny market for now. About 1 percent of the 17 million cars sold in the U.S. are electric and only 1.4 percent of single family homes have solar power.

Those markets are expected to grow over time, she said, but in the meantime, both businesses are capital intensive and propped up by government incentives. Electric car buyers can currently get a $7,500 federal tax credit, for example, while solar panel buyers can deduct 30 percent of the cost of their installation from their federal taxes.

“If anything happens with incentives or the economy in general, this could come crashing down even faster than others are projecting,” Lindland said.

SolarCity has a 45-day “go-shop” period in which it can solicit alternative acquisition proposals. It will have to pay Tesla a $78.2 million termination fee unless it ends the deal with Tesla in order to enter an agreement with a third party that initially made an alternative offer before the “go-shop” period ended.

If that happens, SolarCity would pay a $26.1 million termination fee, according to a regulatory filing.

Musk said if someone makes a better offer for SolarCity, he has committed to vote his shares with that offer.

THE TRIBUNE

Tuesday, August 2, 2016, PAGE 11

b o dy a n d m i n d

Avoiding delays in cancer diagnosis and treatment to improve outcomes

By Dr Glenn Wayne Jones Head of Radiation Oncology and Deputy Head of Oncology The Cancer Centre Eastern Caribbean

Cancer care is increasingly accessible, affordable and effective. However, it remains true that earlier diagnosis and reducing delays to treatment are essential. Patients can only get the real value of modern care if cancers are found and treated in a timely manner.

Modern treatments cannot make up for lost time and they work best when used as early as possible.

The time to diagnosis is important. Many studies have researched the time to finding cancer. For example, screening trials with people who have no symptoms demonstrate improved case finding in cervix, breast, colorectal and prostate cancers.

This results in better outcomes in these four cancers that are a majority of cancers in the Caribbean region. When cancers are just developing, patients have no symptoms and won’t know they need to see a doctor. When a patient still feels well and normal, screening finds pre-cancer and early cancer lesions. Treatment then gives a greater chance of cure. Without screening, cancers are worse when they show up. They require more tests and intense treatments – at greater costs, side effects, and chances

Glenn Jones

of death. The bottom line is that routine regular screening for everyone according to guidelines is important. But those at greater risk for specific cancers must really get screened. This includes people who have strong family histories of these cancers that have a genetic cause.

The time from diagnosis to treatment is also very important.

Many research studies document that the impact of long delays to starting treatments reduces the chance that modern treatments control cancer. Chemotherapy for many new breast cancer patients is now commonly given before breast and node surgeries.

Chemotherapy and radiation for many new rectal cancer patients is now commonly given before local surgery.

For many diagnoses where there is surgery first, research shows that delays to chemotherapy, radiotherapy, and combined chemoradiation treatments after surgery increase the risk of local disease recurrence, distant metastases, and mortality.

Specifically for breast and head and neck cancers, there is now very good evidence that every four-week delay to radiation increases the chance of local recurrence by 14 per cent. That means that after several months of waiting, half of the maximum potential benefit from radiation is wiped out because of the delay.

By a year there is no benefit from radiation. The bottom line

is that once a cancer has been biopsied, it is vital to move on to treatment as soon as possible.

This means the biopsy result and staging tests are needed quickly.

Also, the patient must see the surgical, medical and radiation cancer doctors as soon as results are available. This is for consultations, shared team decisionmaking, and for treatments to begin and to be properly combined or sequenced if more than one is needed. It is not acceptable to have weeks go by waiting for results, doing tests serially rather than together, seeking many opinions, and so on. The patient must move efficiently from diagnosis to first treatment and then adhere to the course of treatment. Treatments that are frequently interrupted by internal delays are less effective than treatments given in a timely pattern.

For the best outcomes of improved chances for cure, reduced side-effects, less treatment, lower cost, and reduced mortality, it is important to reduce delays to diagnosis, tests, consultations and treatments. International guidelines support timely diagnosis and treatment. Locally, government officers and workers, healthccare providers, patients and their families, and citizens and cancer organisations, should all contribute to improving outcomes by making any delays as short as possible.

and DHA – that are so crucial to optimal brain health and function. It’s important to know where your fish oil comes from and how it is purified. Nordic Naturals specialises in purified, molecularly distilled oils that come in various formulations, including a variety of options for children. Learn more at www.nordicnaturals.com.

brain health while calming the nervous system during times of stress. Blueberries, raspberries and strawberries are full of antioxidants and vitamin C, which research shows helps regulate cortisol, a hormone responsible for stress. And don’t forget bananas! Not only are they full of potassium, but they also help the body produce hormones that help reduce stress and promote better sleep.

Brain foods: Eating for academic success (BPT) - What do the foods your children eat have to do with the grades they bring home? Surprisingly, more than many people think.

Research shows that certain vitamins and nutrients support brain health and development.

That means the snacks, meals and supplements your child consumes can give them an academic edge, in the classroom and in life.

Lauren Zimet, director of the Early Insights Healthy Foundations Programme and a mother herself, understands how food can empower the body and brain.

Here are Mrs Zimet’s top picks for brain foods that can help support your child’s learning and development:

Powerful proteins Protein for breakfast and lunch will not only curb hunger pangs throughout the school day, but will also help sustain mental energy and level moods. Kid-friendly protein ideas include eggs, organic chicken/turkey/beef, nonGMO nitrate-free turkey bacon, and beans. Have leftovers from last night? Dinners in the US traditionally have more protein than other meals, so eating last night’s leftovers in the morning is a fun brain-boosting breakfast option.

Incredible carbohydrates Some examples of healthy complex carbohydrates to incorporate into your child’s diet are brown rice, quinoa and oats. These types of carbs elevate levels of serotonin in the brain, which has a calming effect. Need bread? Look for organic options so you can feel confident your child is consuming the nutrients they need and not the additional chemicals that are commonly found in conventional breads and grains.

Fantastic fats Did you know the brain is about 60 per cent fat? That means when your kids eat healthy fats, it can support brain function. Pack snacks with nuts, seeds and avocado. When cooking, replace unhealthy hydrogenated oils with healthier options such as extravirgin olive oil or coconut oil. Eat more meals with cold-water fish like salmon to get more omega-3 essential fats, which play an integral role in promoting cellular health and brain development.

Mighty nuts and seeds These nutritional powerhouses provide generous amounts of calories, fats, complex carbohy-

drates, protein, vitamins, minerals and fibre. Kids can enjoy making their own healthy seednut snack mixes, then package in baggies or small containers. Also, try swapping traditional peanut butter for other nut butters like almond or cashew for a healthier take on PB&J.

Super supplements Omega-3 fish oil supplements are becoming more and more recognised as part of a healthy family diet. They are a convenient source of the omega-3s – especially EPA

The five critical dental years PEOPLE 21 years and older who missed seeing the dentist during the “five critical dental years” keep wondering thereafter “what has happened to my teeth?”

They are wondering because their teeth in many ways have hit rock bottom early in life.

The five critical dental years are between the ages of 13 and 18, when teenagers are in high school.

At this time of life, strict dental attention is needed but we find that this is when the most dental neglect takes place.

When a person is 13, they would have shed the last of their baby teeth and would now have a full mouth of permanent teeth. This is when parents have to literally wake up if they had been asleep earlier in the child’s dental life.

Diet

almost all commercially prepared drinks are filled with high fructose corn syrup sweeteners. These drinks load the mouth with sugar and teeth become vulnerable to bacterial attack on the sugars resulting in caries (cavities).

Caries

Dr Sparkman Ferguson Registrar of the Bahamas Dental Council The diet of high school students is a major concern. With all the fast foods now available, it is a conscious decision for all to acquire a nutritious meal. Likewise,

Dental caries are the greatest threat to teeth during the five critical dental years. As a direct result of the diet (food and drink regularly consumed) of teens, caries can become rampant in a short period. This process is worsened if the teen does not get professional care or does not exhibit good home care of the teeth.

Extractions It is unfortunate when parents

Vivacious veggies and fruit Real, whole foods like fresh fruits and vegetables support

By paying a little attention to the foods your child eats, you’ll be set for a healthy start to a brainsmart school year!

neglect to seek dental care for teenagers who are vulnerable dentally speaking. It cannot be overstressed that teens need regular dental visits. It is estimated that more than 75 per cent of our local teenagers do not have regular dental visits.

This is not the fault of the schools. The fault is in the homes.

A combination of mediocre home care coupled with no dental visits is a recipe for disaster.

This always leads to dental extractions and is a horrifying prospect for all concerned. Although the loss of a bad permanent tooth here or there does not seem like a big deal to many, it becomes a huge deal later in life for the teen.

we find a teenager who is very mouth conscious and can point their parents in the right direction so that they (the teen) can receive proper dental care. This is great, but rare.

In 95 per cent of the cases, or more, teens are depending on their parents to make informed dental health decisions.

This article is meant to challenge every parent/guardian to step up and realise that they are responsible for all the negative dental outcomes concerning their teens. This process starts with parents becoming more aware.

The dental consequences are too great for our teens when parents/ guardians are not aware.

Conclusions The five critical dental years need to be taken seriously by parents. There is hardly a teenager that is sufficiently mature to realise the importance of the health of the mouth. Every now and then,

Tip for today Something to ponder: parents who do not visit the dentist themselves raise teens who suffer from dental neglect, who then go on to become parents of the next dentally-neglected generation.

PAGE 12 , Tuesday, August 2, 2016

THE TRIBUNE

Future healthcare professionals receive scholarship assistance from Dr Meyer Rassin Foundation Thirty-six young Bahamians received financial assistance from the Doctors Hospital Dr Meyer Rassin Foundation scholarship fund to help offset their educational expenses.

All of the students are studying to become healthcare professionals. Many aspire to be physicians or surgeons, others are working towards their qualifications in nursing and a number of others are studying to become allied healthcare professionals.

A number of this year’s scholarship recipients received funding from the Dr Meyer Rassin Foundation for a second or third year, ensuring that they are supported throughout their tertiary education.

“The Bahamas needs you. You see what’s going on right now with National Health Insurance. You see the obesity rates and noncommunicable diseases, cancer all of the things that are trying this country and making it more difficult and more costly to provide healthcare,” said the foun-

The thirty-six recipients of financial assistance from the Doctors Hospital Dr Meyer Rassin Foundation scholarship fund. dation’s director, Michele Rassin-Moodie, said in her keynote address.

“I just want to thank you, being one of the directors, to be able to look through all of your portfolios, read your essays, see your passion, and know that the country is going to be better because of all of you.”

The Dr Meyer Rassin Foundation was established in honour of her grandfather.

During the scholarship presentation ceremony, Doctors Hospital CEO

Charles Sealy explained why the country’s premier private healthcare institution offers this assistance.

“We realised a long time ago that to become involved in healthcare is a costly venture. We realised also that healthcare continues to change and the support that is needed is great and as many ways as we can find to assist in that regard we wanted to do the same. So the foundation was started with the same purpose,” he told the students and proud parents gathered.

He added: “Over the years we have helped hundreds of students and we deem it an honour to be able to participate in this way. We look forward to when you return and are able to contribute to the healthcare industry here in the Bahamas.”

This year’s scholarships range from $500 to $2,000, and both recipients and parents expressed sincere gratitude for the assistance.

“I literally jumped up and ran to my mother and told her I got it,” said Do-

novan Williamson, a firstyear medical student at the University of the West Indies, Cave Hill. “It’s a step to helping me in the right direction and achieving my dreams of coming back home and helping the healthcare profession be all that it can be. Not only will the scholarship help me with my tuition, but it will help me to stay focused and not get sidetracked, knowing that someone has my back and believes in me.”

Krystle Curtis, who is studying medical technology and biology at Gannon University was similarly moved to receive word that she had received a Dr Meyer Rassin Foundation scholarship.

“I started to cry when I got the email at work. I had applied to a few scholarships and didn’t get them, so just to get that good news and knowing that my parents won’t have that hardship to pay even more money, I’m just grateful for the opportunity,” said the aspiring forensic scientist or lab technician.

Each year, Doctors Hospital Health System donates a portion of its profits to the fund, and this year associates at the hospital and the Bahamas Medical Centre rallied to host two events to raise additional money for the scholarship fund – the BMC Dri Tri and the DHHS Fun Run/Walk.

“It is important for Doctors Hospital to play a key role in the development of future healthcare professionals. We are constantly challenged to find Bahamians who have qualified in a number of critical areas and so far too often we are forced to look outside of the Bahamas to find staff that we need in order to continue to provide the very highest level of healthcare to the Bahamian public,” said Paul Haven, vice president of Human Resources.

Applications for the Dr Meyer Rassin Foundation scholarships are due by March 31 of each year and forms as well as a list of requirements can be found on www.doctorshosp.com.

Why you need vitamin E - and how to get your daily dose (BPT) - You get your fill of vitamins C and D by eating oranges and soaking in a little sun each day, which is good for your body and mind. Small habits like these can have a big impact on your overall health and help you feel your best each day. However, vitamins C and D aren’t the only vitamins your body needs to thrive. Take vitamin E, for example. This overlooked vitamin is essential to our well-being and yet, many people don’t know anything about it. Let’s take a moment to learn about the super vitamin, and what you can do to get your daily intake.

What are the benefits of vitamin E? Vitamin E, like vitamin C, is an antioxidant and therefore helps improve immunity levels.

Here are the possible benefits of vitamin E, and how it can specifically enhance your health: • Fights summer colds: Winter isn’t the only time you can catch

a cold. In the summer, vitamin E can boost your immunity to prevent sickness during the warmer months.

• Extends cell life: What’s the secret to aging well? While there are many factors that can influence aging, vitamin E can extend cell life to keep skin in great shape for years.

• Repairs damaged cells: With vitamin E oil, you can also repair damaged cells. Specifically, vitamin E can be used to treat sunburns and scars.

• May reduce risk of heart disease and cancer: There’s still much to be discovered about vitamin E. Currently, doctors and scientists are testing whether vitamin E can reduce the risk of serious health conditions, like heart disease and cancer.

• Reduces risk of cataracts and other eye issues: Maintain eye health and prevent serious eye diseases by getting your daily intake of vitamin E.

Cultural violence and gender From pg B12 • Poor people are criminals As so many people argue, poverty is a state of mind that causes crime to develop. However, when we insist on “ghettoising” people and that all the folks who come from a particular area are violent and criminal or poor and unclean, much like black youth in the US, we make them thus.

Bell hooks and other black US-based scholars work with these structures, and they also show that when black youth resist becoming what they are told they are, they fall victim to becoming another aspect of the socio-cultural stereotype that binds people into strict ways of being.

We refuse to allow them any other way of being. We have established that this is their culture and it justifies

• May slow down cognitive decline: Studies have found that a higher intake of vitamin E in older individuals can reduce cognitive decline and can even slow down the progression of diseases like Alzheimer’s.

How can I get more vitamin E in my diet?

The US Recommended Dietary Allowance (RDA) for vitamin E in individuals 14 years and older is 15 mg. Instead of taking supplements to get the recommended daily dosage, however, save your money and add vitamin-rich foods to your diet. “The simplest way to increase your vitamin E intake is to follow a healthy diet that focuses on eating vitamin E-rich vegetables, fruits, healthy fats and lean forms of protein,” says Lyssie Lakatos, a registered dietitian.

Lakatos lists these five foods as examples of what you can include in your vitamin E-rich meal plan: • Pistachios: A protein-packed

using violence to control them. However, those persons in authority can justifiably use these same mechanisms to exact their desires, but they are not seen as violent. Violence is saved for those who may not be able to afford to defend themselves.

In colonial societies, like the United States and other states built on the imperial/colonial model where there is a group of people who have authority and are right,and a group of people who are disempowered and are wrong, these discontinuities arise.

Yet we do not challenge

snack, pistachios are also a rich source of vitamin E you can take on-the-go.

• Spinach: When preparing salads, toss some spinach into the mix. This dark, leafy green is also high in calcium.

• Eggs: Eggland’s Best eggs contain 10 times more vitamin E than ordinary eggs, which is equal to 25 percent of the recommended daily intake for vitamin E. They are also packed with omega-3s, vitamins like B12 and D, and contain 25 percent less saturated fat than other eggs.

• Avocados: Add an avocado to your salad or make guacamole to get the benefits of this healthy, vitamin E-rich fruit.

• Olives: Whether you like to eat olives as a snack or use olive oil when cooking, you can expect to increase your vitamin E intake by including olives in your diet.

that the culture is violent or that we have used cultural violence to create a culture of violence: a culture where young, less well-off, darkerskinned persons are forced into the social margins, but are used to create the wealth of the nation. They are the labour, except when there is surplus of youth, then the state has the right to control their existence and their ability to express themselves. It justifies its exploitation of them, while taking away their access to human rights and a supportive environment (one of the factors high on the index of quality of life). When 7,000 homes are without power because they cannot afford to pay for it, and perhaps the same number are without running water, we have a serious problem.

When homes function on the structure of violence, and the violence when it comes from the top is normal, justifiable and accepted, or legitimate, but the violence when it comes from those who are being

The “EBLT” bowl is chock-full of vitamin E

oppressed is not, there is a serious social problem.

To borrow some words from the OSAC 2016 report on the Bahamas: “As a result of this trend, on January 6, 2016, Embassy Nassau put the use of jet-skis operated by local nationals in New Providence off-limits to all Chief of Mission personnel/agencies domiciled in the Bahamas.”

Cultural violence has been used to create a culture of violence that makes young men into sexual predators and their partners into victims of sexual violence because of the relationships they experience at home and the behaviour of the state towards them.

When colonial overlords were paying themselves in parcels, acres, masses of land for their work in government, the country was already rigged against the same people who are today less able to survive because they cannot live in the same way they are told they must live. They are told they must have a new car, a nice house,

Ashley Thompson makes the dean’s list at leading liberal arts college From pg B14 nonetheless a large adjustment,” she said. “The weather was probably the hardest thing to adjust to.

We could go days without seeing the sun during the fall semester. The cloudiness and cold temperatures really took a toll on my mood a few times.”

But all in all, Ashley said that she’s happy with the choice that she made in attending CSB. “Now that I’m a student of CSB, I know that I’ve made the right choice. I wouldn’t change it at all.

I’m especially glad that I chose a college that is religiously affiliated. My faith is important to me so I’m glad that I can live and study in a place where I can regularly go to mass and practice my faith,” she said.

Ashley said she intends

to use her educational background to become an occupational therapist. She is also considering changing her major to an individualised major called Integrative Health Science. This will allow her to study multiple disciplines within the health field such as biology, psychology, kinesiology, and more.

She said people are often taken aback when she tells them of her career plans.

“I’m often asked, ‘Why aren’t you becoming a doctor?’ To be completely honest, it just doesn’t interest me to study medicine.

Sometimes the criticism gets to me and I secondguess myself, but I remind myself what I’m passionate about,” she said. “Many Bahamians are not aware that we need more occupational therapists in our country.

jewellery and other accessories, but they are not able to access that kind of life because they are not given the tools to enter those areas legally. In fact, the land is already owned, the banks do not lend to them money for houses; they do lend for new cars – at premium rates that create unsustainable debt. They cannot get “good jobs” because their education has not prepared them for such. Their home lives have created people who see violence and the use of violence to survive as necessary and normal; so they are just outside the gates.

Sadly we are perpetuating our own culture of violence as we legitimise domination and exploitation as normal ways of life, but expect those less fortunate to live exemplary lives notwithstanding the walls built against them.

• bethellbennett@gmail. com Don’t get me wrong, we’ll always need doctors, but allied health careers are just as important.”

Being named to the dean’s list at CSB for the 2016 spring semesters was certainly an honour for Ashley, but she admitted that she is not as excited about it as some of her family members are.

“I’m just doing what I’m supposed to do, that’s how I see it. So to me, it’s not that much of a big deal,” she said.

Ashley said she wants to tell recent high school graduates who are going abroad for school to stay true to themselves and to enjoy the college experience.

“Don’t let fear get in the way of opportunities that are awaiting you. You’re going to get homesick, that’s natural. Put yourself out there, make friends, make valuable connections and enjoy the experience.

Stay grounded in the morals and values you grew up with, because they will be tested time and time again,” she said.

THE TRIBUNE

Tuesday, August 2, 2016, PAGE 13

Cultural violence and gender Blue waters, pristine beaches, wonderful hotels and violence is the image of the Bahamas splattered across many tabloids, and the warnings issued by nations to protect their citizens from falling victim to the violence resident in the Bahamas.

This is the only time Bahamians seem to complain about the international press, yet we know this is true. We say that we feel unsafe in our island home, but we expect tourists to continue to travel here and pay large sums of money to enjoy paradise. Unfortunately, that paradise is out of bounds to many residents. At the same time, the press and government continue to talk about the level of violence in our young people. Where are the options?

We have created a culture of violence that pervades many layers of Bahamian society, yet we see it as normal.

This article builds on last week’s piece, “Criminals”, and tries to show how gender-based violence, domestic violence and sexual violence become normalised through this cultural violence and a culture of violence. These are two different and distinct things, but we assume that the second is normal and the first is out of place.

One of the fundamental links that we need to look at is the in-

Dr Ian Bethell-Bennett tergenerational continuation of violence. Many families breed violence in their homes because of the level of anger and frustration they share with their children.

In a country where 50 per cent of homes are headed by single mothers who earn less than men, although they may be as qualified, and where more than half of young men do not graduate from school and so are unable to support the kind of life they are told they should expect, men are often seen as vagabonds and no good louts. These same sentiments are shared with the children who may look like their fathers.

Mothers inflict a level of violence on their children through the hatred they have for the men with whom they chose to have children. Yet they do not under-

stand how the culture can have become so violent.

We teach young boys that it is normal to be violent towards girls and we teach young girls that you should expect boys to be violent towards them. We do not allow women to choose, but we tell them they have a choice.

We also create young men who cannot really choose unless they have had exceptional parenting that has given them love instead of heaped abuse on them. This is cultural violence. We also teach boys that it is normal and good that they dominate women: women must submit to their husbands.

A culture that legitimates exploitation is based around cultural violence. Research shows us that.

The study of cultural violence highlights the way in which the act of direct violence and the fact of structural violence are legitimised and thus rendered acceptable in society. One way cultural violence works is by changing the moral colour of an act from red/ wrong to green/right or at least to yellow/acceptable; an example being “murder on behalf of the country as right, on behalf of oneself wrong”. Another way is by making reality opaque so that we do not see the violent act or fact, or at least not as violent. (Johan Gultang 1990, p 292)

Rape is a form of violence that has been changed from morally unacceptable to being less wrong; it is only about a man insisting that he gets what he wants. Rape is forcing a woman to submit to a man. It is not about sex. It is about power. As Gultang argues, the use of power is legitimised by the state and its authority becomes unquestionable.

He states: “By ‘cultural violence’ we mean those aspects of culture, the symbolic sphere of our existence – exemplified by religion and ideology, language and art, empirical science and formal science (logic, mathematics) – that can be used to justify or legitimise direct or structural violence.

We often see violence being legitimised by some branches of the church, especially with holy wars.

It is also the case that we legitimise the exploitation of a group of people, for example, through creating inequalities among peoples and espousing hatred, and we legitimise violence.

We can argue that women are worth less than men unless they behave more like men, but when they do this they are castigated by society for being unfeminine.

If a woman is very successful in her career, she is seen as being too masculine. If she is too political, she is also seen as venturing

Do you accept or avoid responsibility?

Some people have the habit of accepting responsibility, while others have the habit of avoiding responsibility. To those in the latter group: you may not realise it, but while it may seem like you’re getting away with something, in the long run you are only shortchanging yourself.

By accepting responsibility, you strengthen your ability to respond. It is your ability to respond that gives you empowerment.

I define empowerment as tapping into your power within. It is only when you are willing to accept responsibility that you truly tap into you’re power within. This point is also critical when it comes to issue of ownership. Whenever I hear the word ownership tossed around in daily discussion, par-

Michelle Miller Motivationals

Michelle M Miller ticularly about the economy of the Bahamas, many seem to be of the view that ownership is some-

thing that someone else must give to you. Nothing could be further from the truth.

First things first, ownership, no matter how you slice it, is an effect, not a cause.

The cause of ownership is responsibility. There is no ownership without responsibility. Those who take ownership of anything understand that they must first take responsibility for that thing.

This point is clearly echoed in mergers and acquisitions.

I worked at a bank that was acquired by another institution.

Before they took ownership of our bank they first had to take responsibility for the staff costs, including employees’ benefits, salaries etcetera, as well as all of our bank’s liabilities. It was only

after taking responsibility in this regard that they actually took ownership.

Having said that, if you are desirous of owning any part of the economy, first assess your tolerance for taking responsibility.

Real owners know the power of accepting responsibility. In so doing, they take the lead.

Clearly, if you have allowed yourself to fall into the category of avoiding responsibility, you cannot board the 747 flight called ownership. More than this, by avoiding responsibility you live a life of uncertainty.

You get stuck waiting for something to happen, whereas responsibility teaches you that you must make it happen.

I’m grateful to my mother who

into a man’s world: politics equal male and so her active participation in politics is masculine, unfeminine. (Ironically, we do not see the double standard we create in this small country where there are more women supporting families). However, these women must know their place and behave accordingly. This is especially so in the private sphere, although women often run their homes, it is seen as normal that men are heads of households and if they choose to discipline their wives, they have that right. A study by the Crisis Centre and the College of the Bahamas demonstrated this beyond a doubt. Yet we seem content with the status quo. This spills over into the public sphere in very interesting ways and is taken up by the state as a danger against the state. This danger is expressed on a number of levels and through a number of ways: • Young girls should expect to be violated by men • Young boys are expected to violate young women • Men must dominate women • Women must submit to men • The state has the authority to use violence • We expect rich people to use their power to exploit • Poor people are bad people See pg b12 enabled me to develop a great relationship with responsibility.

By accepting personal responsibility, I found the courage to face my challenges with confidence. I quickly realised that if I was going to live my life on my own terms I had to get out of the blame game.

Because no matter what I face, ultimately I am the captain of my ship.

Leader to leader, isn’t time you accept responsibility? Remember, only the responsible are truly free.

Living an empowered life is one where you are free to live your life as you desire it to be. Yes, you can do it.

What do you think? Please send your comments to coaching242@ yahoo.com or 429-6770.

• Michelle M Miller is a certified life coach, communication and leadership expert. Visit www. michellemmiller.com; mail can be sent to PO Box CB-13060.

SECTION D

xxxDAY, xx month xx, tuesDAY, august 2, 2015 2016

Christian author addresses

‘taboo’ subjects

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

Author and entrepreneur Sapphire J will re-release her motivational book this Sunday.

A

t age 13 it was clear to Bahamian author Leshea “Sapphire J” Jones that she had something to say and something to share.

Years later, her unique way of presenting that which lies heavy on her heart motivated her to publish a book of poetry.

Sapphire J, who is also a singer, entrepreneur, motivational speaker and fine arts facilitator, is now rereleasing her book “Wait! I Have Something to Say” in the hopes that readers learn from and are inspired by her triumphs over adversity as a young Christian. “ ‘Wait! I Have Something to Say’ is a book of poems that were written during different points in my life,” she said. Sapphire J readers can expect vulnerability and a young author who is not afraid to share her pain.

Shortly after the initial release of the book, Sapphire J also brought out her first spoken word audio CD. To celebrate the re-release of her book, she will be hosting a signing session as well as a live album recording. The event will be held under the theme “Treasures in Clay Jars” on Sunday, August 7, at the Life Worship Centre at 7.30pm.

Hosting the event will be radio personality Antonia “Toni” Lightbourne, which special appearances

by Denczil Rolle & Friends, Chesternique and Lenelle Michelle.

Sapphire J said she strives to make each piece of her work different by adding a touch of her unique

flair. She hopes her creativity will always find an outlet through various works.

Each poem in this book, she said, was inspired by different emotions and situations she faced as a teenager and young adult. For most of her life, venting would take the form of writing pages and pages of poetry, even though she never had any intention of writing a book.

“Those who are familiar with my ministry know that I am one who loves to target territories that have been overlooked, or rather, people have been afraid to address.

As Christians we are afraid to talk about our emotions, struggles and things that the Church considers to be taboo. As a result, I tend to use this platform to share the gospel unapologetically with spoken word/ poetry. I guess it is safe to say I tend to share God’s heart without any form of restrictions,” she told Tribune Woman.

As is always the case when it comes to her ministry, reaching people is the ultimate goal for Sap-

phire J. She said she believes the words she writes, and knows the poems she has spoken will not be in vain.

“Having something to say and actually saying it are two totally different things and many of us struggle with finding our voice. Therefore, I took a bold step not only to develop my voice, but to relate to those who have been silent for such a long time. I wanted to inspire young people to not only walk into their purpose, but to be comfortable with the gifts God has given them and learn to embrace them at an early age. Purpose doesn’t have age restrictions, meaning you don’t have to wait until your 30s to pursue it; but rather you can begin to reshape a nation from a teenager,” she said.

“The overall message of this book is to simply encourage all readers to develop a relationship with the Holy Spirit, which means allowing him to penetrate your heart, asking God to reveal Himself to you in ways you thought were not possible.”

Ashley Thompson makes the dean’s list at leading liberal arts college

By PEANDRA PRATT Choosing a college and adjusting to life on campus, especially when that campus is abroad, is something many young students struggle with after graduating from high school.

However, for Ashley Thompson, a first year Biology major who has already distinguished herself, attending the College of Saint Benedict (CSB) in Minnesota has proven fortuitus and rewarding.

The daughter of Colin and Lynette Thompson, Ashley graduated as head girl and valedictorian at Saint John’s College. And now, she has earned the distinction of being on the dean’s list for the 2016 spring semester at her college.

While she has experienced academic and personal success at CSB in her first year, she admits that the liberal arts women’s college was not her first choice for tertiary education.

“Initially, St Ben’s wasn’t one of my top choices. It

was actually the last school I applied to. I didn’t even consider it until I attended a college fair in November of my senior year of high school, which was pretty late considering I had finished most of my applications by then,” said Ashley.

However, she decided to apply to CSB anyway.

At CSB, she wasn’t only accepted, but she also received a very generous scholarship from the school.

Despite all of this, Ashley said she was still not 100 per cent sold on the school until she visited again with a few of her friends who were also accepted.

But the main thing that sealed the deal for her was finding out that her grandfather, whom she calls her “biggest inspiration”, was an alumni of Saint John’s University, CSB’s partner college for men.

“To know that I could attend the same university and walk the same paths that he did helps me feel connected to him. I like to think that he’s proud of me,

Ashley Thompson with a friend and fellow Saint Benedict’s student

that’s what keeps me going,” she said.

A first year major in Biology at CSB, Ashley said her love for the subject developed in 10th grade, and she credits her biology teacher with igniting this interest in her.

“I started taking biology in the 10th grade and loved it ever since. My teacher, Sean ThompsonPalmer, really had a hand in that because he was so passionate about it. I could tell he genuinely wanted his students to learn. I truly enjoyed learning in his class,” she said.

“I’ve loved biology since high school and did really well in it, so I thought I’d pursue something I enjoyed and excelled in.”

Besides Biology, Ashley said that she thoroughly enjoys her psychology and Spanish classes, which was surprising to her because she took French throughout high school and only took Spanish because she wanted to challenge herself.

A proud Bahamian, Ashley said she liked bringing her culture to Minnesota through the Archipelago Association, a Caribbean club on campus of which she will be junior co-chairperson this upcoming semester. She added that the club’s spring gala was a major highlight of her college experience to date.

So far, Ashley said she loves the college life and has found it to have been a relatively easy adjustment for her overall. However, her first semester was not without some challenges.

“Moving to Minnesota was a culture shock: the weather, the food, the people; not in a bad way, but See pg b12