08302016 business by tribune242

TUESDAY, AUGUST 30, 2016

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Govt given road map to $2bn pension cuts By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government could reduce its combined civil service and public corporation pension liabilities by more than $2 billion come 2032, provided it enacts reforms to prevent a major financial and social crisis. The Christie administration has been presented with two options, which it has yet to enact, to address the growing multi-million dollar public sector pensions deficit by KPMG. The accounting firm’s presentation to the Government, which has been obtained by Tribune Business, suggests as a first option that it place all new civil

Urged to close existing plans to new hires And introduce ‘pensionable salary cap’ KPMG: Existing schemes outdated and unsustainable service and public corporation hires into newly-created defined contribution pension plans. This would close existing corporation plans, such as

those at BEC and Water & Sewerage, to new recruits, while leaving existing employees - and their accrued benefits (liabilities) untouched. However, KPMG suggests a second, more radical solution that would have a greater impact in terms of reducing the Government’s liabilities in providing retirement income for public sector employees. In addition to placing new recruits into a defined contribution pension plan, KPMG calls for the Government to ‘cap’ the growth of pensionable salaries for existing workers. It suggests that they be ‘capped’ at an annual growth rate of 2 per cent, with existing public sector

employees given the ability to contribute any salary increase portion above 2 per cent into the defined contribution scheme. By combining the ‘pensionable salary cap’ with closing existing pension schemes to new hires, KPMG forecast that the Government could reduce its accrued liabilities (retirement benefits that public sector workers have accumulated) by a total $2.01 billion in the 20 years to 2032. It broke this figure down into a reduction in accrued civil service liabilities of $1.5 billion, while those owed to public corporation retirees would decline by $510 million. See pg b5

$30m ‘game changer’ BOB non-compliant with 80% of regulatory ratios target for Freeport By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A realtor is hoping innovative marketing will enable him to succeed where others have failed in selling Freeport’s $30 million Xanadu Beach Resort, describing a successful deal as “a game changer” for the city. Arlington Capron, principal of Bahama Islands Luxury Properties, told Tribune Business that the resort and associated amenities had been placed back on the market after a potential sale “fell through”. While the Xanadu is listed for sale by numerous Bahamian realtors, Mr Capron yesterday explained that he aimed to ‘stand out from the crowd’ through the creation of a website that is dedicated solely to marketing the resort to potential investors. “Every company has it on their website,” he said. “The approach I wanted to take was to create a website specifically for that property, and give a comprehensive view of the property itself, so that people can focus in on it with no distractions and see the potential.” The Xanadu’s owner, Mario Donato, has been seeking to sell the resort that was once the home of eccentric billionaire industrialist, Howard Hughes, for four to five years. Tribune Business last year reported that a sale had been agreed with Kyle Houts, a US-based entrepreneur, but that sale appears not to have concluded, although it is unclear whether it was the latest

Xanadu ‘back on market’ after sale falls through Realtor sets up dedicated website to market property Re-opening would create jobs for ‘300-plus’ deal to fail. “There was a sale pending, but it fell through about a month-and-a-half ago,” Mr Capron told Tribune Business. “It’s back on the market. Freeport needs some help, so I’ve sent this See pg b4

$3.85 $3.89 $3.89

$3.89

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Bank of the Bahamas shareholders are being asked to “throw good money after bad”, with the BISX-listed institution now non-compliant with FOUR out of five key Central Bank capital ratios. Dionisio D’Aguilar, another Bank of the Bahamas shareholder, said the $40 million rights issue that launched yesterday was merely the latest phase of a rolling series of government ‘bail outs’ for the institution. He added that current investors were being asked to inject more equity capital despite no apparent, meaningful changes having yet been made to Bank of the Bahamas’ corporate governance structure, while few specifics have been revealed about its turnaround plan. Suggesting that few of the 35 per cent minority investors were likely to See pg b4

Breaches increase from two to four out of five Shareholders asked to ‘throw good money after bad’ D’Aguilar: BOB stock ‘ain’t worth $1’

Dionisio D’Aguilar

CCA’s Baha Mar creditor committee ‘conflict’ slammed By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Opposition’s deputy leader yesterday slammed the ‘conflict of interest’ created by the inclusion of a senior China Construction America (CCA) executive on the committee that will handle Baha Mar creditor payouts. K P Turnquest told Tribune Business there was a clear conflict between Tiger Wu’s appointment and CCA’s status as Baha Mar’s largest unsecured creditor when the project filed for Chapter 11 bankruptcy protection in June 2015. He described this as “very unfair” to the Bahamian creditors, especially those local contractors who were hired as sub-contractors by CCA, given that the latter could use its position on the committee to ‘beat down’ the value of their claims. Mr Turnquest said that apart from being able to exploit its committee membership to ensure it was See pg b4

Has seat on panel despite being $72.6m creditor FNM deputy: ‘Very unfair’ to Bahamian creditors Fears it will ‘beat down’ compensation for locals

K Peter Turnquest

NewCo2015 seeks 25% higher charges for call termination By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas Telecommunications Company (BTC) has begun battle with its new mobile rival more than a month before the latter launches, with the two differing sharply over its initial termination rates. BTC, in feedback to industry regulators, is urging that NewCo2015’s termination rates be set at “the same level” as its own, arguing that to do otherwise would harm Bahamian consumers and distort the newly-liberalised mobile market. But NewCo, for which

BTC blasts NewCo call as ‘distorting’ market Wants end to higher rates when rival hits 15% share Cable Bahamas has Board and management control, is arguing that it should be allowed to charge termination rates that are 25 per cent higher in the shortterm to enable it to “establish market position”. See pg b6

PAGE 2, Tuesday, August 30, 2016

THE TRIBUNE

Ex-Kerzner executive takes over at Atlantis Atlantis’s owner yesterday said it had appointed a former Kerzner International officer to replace Paul Burke as the Paradise Island -based resort’s top executive. Brookfield Asset Management said Howard C. Karawan, a 30-year hotel

and gaming industry executive, will become Atlantis’s president and managing director with effect from September 19, 2016. Mr Karawan was previously president and chief marketing officer for Kerzner International, the former owner and operator of

Atlantis. During his time at Kerzner International, he was part of the leadership team that developed and managed Atlantis, while also spearheading the creation and launch of the One&Only brand. He then served as chief

operating officer and chief restructuring officer for Fontainebleau Resorts, where he was responsible for all aspects of the luxury resort including financial, operations, marketing, and the launch of the Fontainebleau Miami Beach. “Atlantis, the Bahamas and the Bahamian people hold a special place in my heart,” said Mr Karawan. “It is a privilege to be able to come back to this one-ofa-kind resort and work with the team of dedicated Atlantis employees committed to delivering a guest experience unlike any other, and continuing to evolve Atlantis, which attracts holiday travelers from around the globe.” In his new role, Mr Karawan will lead Atlantis’ business development, and the property’s strategic direction and growth. He will

also oversee the leadership and integration of the guest and employee experience, while managing the resort’s day-to-day operations. “We thank Paul for his commitment over the past five years, and are pleased he will help to transition Howard into his new role,” said Andrea Balkan, Brookfield’s managing partner. “We are delighted to welcome Howard back to the Atlantis team, and are confident he and the team will continue making Atlantis a leading world-class destination. With Howard’s knowledge and understanding of the business, it will build on our growth and strategic vision for the future.” Mr Burke added: “It has been my pleasure working at Atlantis for the past few years, and I will truly miss all my team members and the Bahamas. I am grateful

Howard Karawan for my time here and wish the best for the resort in the future.” Mr Karawan holds an MBA from the State University of New York, with a concentration in marketing and finance, and an undergraduate degree in hospitality management from Florida International University.

Union leader dismisses Sandals Judicial Review By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Photo/Shawn Hanna

The Trades Union Congress (TUC) president has dismissed a Judicial Review launched against a trade union by Sandals Royal Bahamian, arguing that it has no impact on its position as the recognised bargaining agent for the resort’s line staff. Obie Ferguson stressed that the Bahamas Hotel, Maintenance and Allied Workers Union (BHMAWU) remaind the sole recognised bargaining agent, having been seeking to negotiate an industrial agreement with Sandals Royal Bahamian since 2009. However, the resort and its attorneys, Lennox Paton, have been challenging the “very basis” for the union’s existence on technical grounds. The resort previously filed a Judicial Review seeking a court order that would force the Registrar of

Sandals Royal Bahamian Trade Union’s to cancel the union’s registration. “Once you have a determination certificate, you’re the bargaining agent,” Mr Ferguson responded. “Until the court says otherwise, you’re the bargaining agent. “Just because you filed something in the court to challenge me on something, it doesn’t mean that I’m no longer that. Filing an ac-

tion doesn’t stay the action pending your matter. You have to go to court and get a definitive Order from the court staying that action. “Those things never happened, and when you look at the time they did file around 2008-2009, it has no significance. That ‘s the law as I understand it, with an injunction, yes, but not See pg b5

THE TRIBUNE

Tuesday, August 30, 2016, PAGE 3

Unions team to drive employment reforms

Union is ‘hoping’ for Sandals meet Friday

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas’ two leading trade union bodies have joined forces to develop a draft Bill proposing changes to the Employment Act and the Industrial Relations Act. Trade Union Congress (TUC) president, Obie Ferguson, told Tribune Business yesterday that changes the unions are seeking relate to long-advocated issues such as redundancy pay, the establishment of a redundancy fund and gratuities being included in the definition of wages. “Our position is that gratuities form a part of wag-

Want redundancy pay change, gratuities in wages Also seeking redundancy fund es,” he said. “We are of the view that the gratuity plus the basic pay constitutes wages. We now will be proposing to have the Industrial Relations Act and the Employment Act redefine wages to include all pecuniary benefits. “For example, if redundancy takes place, we want all the pecuniary benefits

for the worker to run concurrently from the period of notice. Let’s say there is a redundancy for 12 months, and they are entitled to insurance. They would be entitled to be either insured for that period or pay the worker the premium that would be required of them in order for them to be continuously employed from the period of the notice. “The Court of Appeal has accepted gratuities as damages, but we want to make sure that it is enshrined in the legislation.” Mr Ferguson added: “On the question of the period of redundancy, the way it is now is totally inadequate.” He said that limits set by the Employment Act meant

that a redundant worker employed for 35 years was only entitled to the same pay-off as a colleague hired for 12 years. “We are also looking at a redundancy fund so that when companies go belly up and leave the country, employees can collect basic pay,” the TUC president added. “Both the TUC and the NCTU are putting an urgent committee together to come up with a draft Bill that we are going to propose. Obviously the Employers Confederation would be brought into the picture so we can also get their input on it.”

Baha Mar details a ‘moving target’ By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Opposition’s deputy leader yesterday said the agreement to pay Baha Mar’s creditors and complete its construction appears to be a “moving target”, adding: “The Bahamian people are on the hook for something”. K P Turnquest queried: “Are the Bahamian contractors going to get a fair shake out of this? Who knows? We’re still all standing by to see what the details are, when these payments will actually happen. “The Prime Minister indicated that monies will be transferred shortly, but what does that mean? It makes it appear as if he was a bit over-anxious or premature in making an announcement on this deal in the first instance. “The fact that the preliminary agreement has been sealed suggests that

The Baha Mar development.

there are still matters that are begin negotiated, and depending on how things go they might not even come out the way they anticipate. It seems seems a bit overanxious to announce that deal to distract form the Moody’s downgrade,” Mr Turnquest continued. “It still seems to be a bit of a moving target here, and the Bahamian people are on the hook for something and we need to know what we are on the hook for.” The Government, in a statement on Sunday, expressed “hope” that the claims of former Bahamian workers at Baha Mar will be settled by the end of September, with all other claims dealt with by yearend. The Christie administration also revealed the establishment of a committee to administer creditor claims, but no information was given on how the process would be conducted, its timeline, or the amount

of funding allocated for claims. The members of the newly-formed committee are former minister of state for finance, James Smith; Grant Lyon, liquidation claims advisor to the Government; Yanping Mo, representative of the Export-Import Bank of China; Norbert Chan, representative of court appointed receiver, Deloitte & Touche; and Tiger Wu, representative of China Construction America. The statement read: “On August 22, 2016, the Supreme Court approved the plan to remobilise the resort. Part and parcel of the remobilisation was the acknowledgement and provision of funds to deal with the claims of unsecured creditors, in particular Bahamian creditors, in accordance with an agreed formula and a process for the assignment of those claims. “It is important to note that these claims are being

Photo: Tim Clarke/Tribune Staff

paid from monies which have been made available by the bank, as the Baha Mar companies in liquidation have no assets from which to pay creditors. “The bank will shortly place on deposit in the Bahamas the funds necessary for the work of the committee; to settle the Bahamian employees’ related claims as outlined by the Prime Minister during his address to the nation on August 22; and to administer and pay the claims of Bahamian creditors, according to the process which has been indicated.” It continued: “Further announcements on the specific details of the process will come from the committee. The Government hopes that Bahamian employee claims will be settled no later than September 30, 2016 and that all other claims will be dealt with on or before December 31, 2016.”

By NATARIO McKENZIE

nmckenzie@tribunemedia.net

Trade union and Sandals representatives are expected to meet with Prime Minister Perry Christie on Friday in a bid to resolve ongo ing disputes, with one union leader describing it as “‘ very important day”. Obie Ferguson, the Trade Union Congress (TUC) president, said: “We meet with the Prime Minister and Sandals on Friday. Friday is go ing to be a very important day for this whole exercise. We want to see a resolution to this matter.” Mr Ferguson suggested that the meeting has been arranged on the Prime Minister’s instruction, but he co uld no t confirm if Sandals wo uld be at the nego tiating table come Friday. “I truly hope so,” said Mr Ferguson. “I kno w that the TUC and the National Congress o f Trade Unions (NCTU) will be there, that’s for sure.” Union executives, along with members o f the religio us community, met with Mr Christie last Friday regarding grievances o ver the termination o f Sandals Royal Bahamian’s 600 staff and related issues. The TUC and the NCTU had previo usly warned they were prepared to “shut the co untry do wn” with a repeat o f the 1958 General Strike unless the Prime Minister met with them within 48 ho urs to resolve the Sandals situation, which he has no w done. Tribune Business understands, ho wever, that the threat co uld still stand if no resolution is imminent follo wing Friday’s meeting, with the unions demanding that all 600 terminated Sandals Royal Bahamian staff be rehired. The TUC and its Bahamas Ho tel, Maintenance

and Allied Workers Union (BHMAWU) affiliate previo usly blasted Sandals Royal Bahamian for its abrupt closure earlier this month, arguing that it was a ‘union busting’ mo ve. The resort chain, tho ugh, has repeatedly argued that the closure, which resulted in 600 employees being made redundant, was essential for much-needed $4 million repairs to take place at the Cable Beach property. The BHMAWU has since 2009 been seeking to nego tiate an industrial agreement for workers at Sandals Royal Bahamian, and has gro wn increasingly frustrated at its failure to do so, despite having been recognised as the bargaining agent. Sandals Royal Bahamian and its attorneys, Lenno x Paton, have been challenging the “very basis” for the Bahamas Ho tel, Maintenance and Allied Workers Union’s (BHMAWU) existence on technical gro unds. The resort previo usly filed a Judicial Review seeking a co urt order that wo uld force the Registrar o f Trade Union’s to cancel the union’s registration.

PUBLIC NOTICE Would the owner of a white 30ft homemade fiberglass hull boat located in Drigg’s Hill South Andros, on Lot #1 of Flowers Estate please contact Percitta Knowles at 369-1466/4710981./369-4569 in reference to removing said item. Storage fee @ $150.00 will be charged everyday for duration of Notice and thereafter. If no contact is made, the owner of the property reserves the right to dispose of the boat. Whether it be by removal of the boat from the property or sale of the boat for all cost incurred.

PAGE 4, Tuesday, August 30, 2016

CCA’s Baha Mar creditor committee ‘conflict’ slammed From pg B1 paid first, and made ‘whole’, CCA was perfectly placed to “mitigate its liabilities” to the Bahamian construction industry by reducing the compensation they received. He called instead for Baha Mar creditor claims, and the eventual payouts, to be overseen by a panel of arbitrators rather than the five-person committee named by the Government on Sunday evening. “I think it is,” Mr Turnquest replied, when asked whether CCA’s inclusion on the Baha Mar creditor committee represented a ‘conflict of interest’. “They are a creditor themselves, one. And, two, a lot of the claims coming from Bahamian contractors would be sub-contractors of them. “The Bahamian contrac-

tors will thus have to prove their claims against CCA, which is obviously trying to mitigate its liabilities (payouts to its creditors). It’s very unfair.” Besides implying that CCA’s inclusion on the committee is equivalent to ‘leaving the fox guarding the hen coop’, Mr Turnquest said Baha Mar’s main contractor was likely to be supported by other members in determining the value of claims it owes. Apart from a representative from the China ExportImport Bank, Baha Mar’s $2.45 billion secured creditor, the committee also includes Norbert Chan from the Deloitte & Touche accounting firm. Given that CCA and the China Export-Import Bank share the same owner in the Beijing government, each is likely to back the

BOB non-compliant with 80% of regulatory ratios From pg B1 exercise their rights and subscribe for extra shares, Mr D’Aguilar also queried the $2.70 per share price, arguing that Bank of the Bahamas’ stock “ain’t worth $1”. His comments came as the bank’s unaudited financial statements for the year to end-June 2016 revealed it is now non-compliant with 80 per cent of the Central Bank’s key capital ratio requirements. Bank of the Bahamas is now in breach of four critical ratios, as compared to just two out of five at endJune 2015, showing just why the institution is desperate to boost its equity capital. According to the financials, the bank’s Common Equity Tier 1 capital ra-

to advertise today in the tribune call @ 502-2394

tio was just 5.93 per cent at end-June 2016, having dropped from 11.06 per cent the year before. The former figure is also well below the 9.6 per cent minimum set by the Central Bank. Bank of the Bahamas’ Total Tier 1 capital as a percentage of ‘risk weighted assets’ was in a similar condition, also standing at 5.93 per cent compared to 11.06 per cent at June 2015, and well below the 12.8 per cent regulatory minimum. Total capital had also slipped below the 17 per cent of ‘total risk weighted assets’ minimum, having closed Bank of the Bahamas’ 2016 financial year at 11.58 per cent, while Total Tier 1 Capital had slipped further below the 75 per cent of total capital benchmark - declining from 62.47 per cent to 51.25 per cent. The only Central Bank ratio that Bank of the Bahamas remains in compliance with is Common Equity Tier 1 capital as a percentage of Total Tier 1 Capital, where it exceeds the 75 per cent minimum at 100 per cent. The prospectus for the rights offering says the $40

other on decisions/actions taken in relation to Bahamian creditor claims. And since Deloitte & Touche, as Baha Mar’s receivers, are the bank’s agent, its representative will also be under pressure to lean towards the Chinese entities. “When you look at the other members of the committee, one or two of them are going to be in favour of CCA,” Mr Turnquest told Tribune Business. “I think the creditors will find themselves having to fight all of them. “It puts the Bahamian creditors in a very unfair position..... Surely there’s got to be some independent people that can be appointed to that committee who creditors can trust will treat their claims impartially and fairly? Will these creditors have a fair shake given the make-up of the committee?” It remains to be seen how the committee will deal with CCA’s own demands, given the almost $68 million discrepancy between what Baha Mar (under Sarkis Izmirlian) alleged its main

contractor was owed, and what the Chinese stateowned company was actually claiming. Tribune Business’s review of documents filed with the Delaware Bankruptcy Court at the time of Baha Mar’s ill-fated Chapter 11 bid show CCA as the largest unsecured creditor, with the contractor owned some $72.635 million. Much of this sum is likely owed, in turn, to its Bahamian sub-contractors. Yet Tom Dunlap, Baha Mar’s former president, alleged in an affidavit accompanying the Chapter 11 filing that CCA had been claiming it was owed around $140 million. “CCA has alleged it has accrued but unpaid construction amounts and claims of approximately $140 million in the aggregate,”Mr Dunlap alleged at the time. “[Baha Mar], in reliance upon the opinion of their chartered quantity surveyors, vigorously dispute most if not all of these allegations, and many of the disputed claims are subject to

pending or future litigation between [Baha Mar] and CCA, its sub-contractors, and/or China State Construction Engineering Company.” How the committee resolves CCA’s own claim, and the discrepancy between what it was demanding and what Baha Mar alleged it was owed, will thus be a key early test for it. The China Export-Import Bank’s attitude towards CCA’s own claim will also be interesting, given Mr Dunlap’s allegation that its own project monitors, Ryder, Levitt and Bucknall, found that the contractor had completed just 22 per cent of the work it had claimed for. “CCA began to submit inflated invoices for work,” Mr Dunlap said back in June 2015. “For example, the debtors received monthly pay applications from CCA for the period February through May 2015 in an aggregate amount of $343.8 million for work in respect of which China Export-Import Bank’s own independent project moni-

tor countersigned at a value stated to be worth only $76.1 million.” And, in another irony, Tiger Wu, the very same executive named to the Baha Mar creditors committee, is also listed as the CCA contact person on the list of the $3.5 billion project’s 20 largest unsecured creditors. Emphasising that he meant “no disrespect” to former Cabinet minister James Smith who, together with liquidation adviser, Grant Lyon, are the Government’s representatives on the Baha Mar committee, Mr Turnquest suggested that member should have instead been drawn from bodies such as the Bahamas Institute of Chartered Arbitrators. “It’s unfortunate they decided not to go to an independent arbitration panel to review these claims and oversee the payouts,” he told Tribune Business. “True to form, the Government wants to oversee everything. It’s unfortunate.”

million proceeds will be used to bring Bank of the Bahamas back into conformity with its regulatory requirements, with some observers likely to question why the Central Bank has not taken tougher action over non-compliance that has lasted for more than a year - and grown worse. With the Government owning a majority 65 per cent stake in Bank of the Bahamas via a combination of the National Insurance Board (NIB) and the Public Treasury, it appears that at least $26 million of the total $40 million rights offering sum will be taken up. Agreeing that NIB would likely have to take up most of the $14 million remainder, given that few minority investors would subscribe for more shares, Mr D’Aguilar described the rights offering as “the third government bailout” of Bank of the Bahamas. The first, he explained, occurred when NIB acquired non-voting ordinary

shares that boosted Bank of the Bahamas’ capital base and took the Government’s combined equity stake to 65 per cent, without changing the latter’s 51 per cent majority voting rights. Then came the October 31, 2014, transaction where some $45 million worth of toxic loans were transferred from Bank of the Bahamas’ balance sheet to Bahamas Resolve, a government-owned special purpose vehicle (SPV), in exchange for $100 million worth of bonds. While the 4,000 minority investors will see their equity stakes in Bank of the Bahamas diluted if they do not subscribe for their rights, Mr D’Aguilar said many would be reluctant to invest further in a troubled institution. “This is a government bail out,” Mr D’Aguilar added of the $40 million rights issue. “This is another of the number of bailouts the Government is going to

have to do to put Bank of the Bahamas in line after running it into the ground. “I’m pretty sure that a lot of the individual shareholders are not going to be happy to be diluted, but in their minds it’s not worth much to them. “The quandry is: Do you throw good money after bad? Can the bureaucrats and people running the bank turn it around, given its corporate governance structure? There’s still the ability for the political directorate and civil servants to meddle in the governance of the bank with painful consequences.” Mr D’Aguilar echoed calls by fellow Bank of the Bahamas shareholder, exFNM chairman and senator, Darron Cash, for the Government to either reduce its shareholding or sell the institution outright. The rights issue has been priced at $2.70 per share, with existing shareholders able to acquire one new share for each 1.44

that they hold, but Mr D’Aguilar again joined critics who argue that this is overvalued despite being a 48.3 per cent discount to the prevailing BISX price. “Nobody is buying the shares at $5.22,” he told Tribune Business. “Those shares ain’t worth $1. “The bank’s in a desperate situation, suffered year after year of big losses, there’s turmoil in the head office and it’s stressed. The Government bailed them out with $100 million via Resolve, $26 million now, and will probably have to put in the full $40 million because no shareholder will participate in the process. They just don’t have a good feeling on the bank.” Bank of the Bahamas and its advisers, Leno Corporate Services, appear to have been anticipating a few negative answers from minority investors as regards their participation, given that the rights issue will only last one week before closing on Monday.

beaches. The write-ups it used to get on Trip Advisor were amazing. “It would be a game changer for the city of Freeport, and put 300-plus people back to work easily, especially to someone who has the wherewithal to take that property to the next level. It has so much potential. It’s ripe for the right person to transform.” Mr Capron added that the Xanadu was the only major hotel that was both close to Freeport city centre and the beach, while also being located just 200 feet from the Princess Isle community. Despite the Xanadu having been closed for several years, he said the property had been “well maintained” by its owners, who went on site “every other day” to clean and air the resort and associated buildings. “I’m giving it my best shot,” he told Tribune Business of the sales effort. “For the shrewd buyer, all of that available land is there to be used for expansion with villas, condos and cottages; however they want to use it.” Mr Capron said the Xanadu had more than 2,200 feet of beach and canal frontage, and he had already received interest in the property despite marketing it for just a short period of time.

“I did a presentation for some individual US buyers and investors,” he added. “I introduced it to one guy, and he said he wished he’d known about it. He said he was going to get a couple of his US investor friends to come down and take a look. I’m already getting interest.” Mr Donato is still seeking his original $30 million purchase price target for the Xanadu property, which covers 18 acres and features some 75 marina slips, in addition to 184 rooms. “It is perfect for aggressive rooms and amenities expansion or adding condominiums,” Mr Capron’s website says of the resort. “The hotel is situated on a semi-private beach just a five-minute drive away from the International Bazaar and the Casino at Bahamia. Adding to its strategic location, the Xanadu sits just 10 minutes from Grand Bahama International Airport. Its rich history includes a reputation as the party venue for Sinatra’s ‘Rat Pack’, as well as the home of Mr Hughes. Amenities include three bars, a swimming pool, a restaurant, retail shops and tennis courts.

$30m ‘game changer’ target for Freeport From pg B1 out to everyone I know so that the word gets out it’s for sale again.” Mr Capron said finding the right buyer would be a major boost for Freeport’s tourism and economy, as the Xanadu’s re-opening would create direct jobs for

around 300 persons. “When you have friends and family in a position where they could lose their homes, that’s how important this is,” he added of the need to sell the property to the right purchaser. “It’s an awesome property, and has one of the best

NOTICE NEW ERA INVESTMENT FUND LTD. (In Voluntary Liquidation) Clement T. Maynard & Company is seeking to employ a Legal Assistant with Civil and Commercial litigation and general work experience with Commercial Contracts and other disciplines. Must have a minimum of three (3) years experience. Applicants should be organized, thorough, professional, productive and able to take initiative when necessary. Interested applicants should forward their curricula vitae to Email: info@clementmaynard.com or Fax: 242-326-3779. Please be advised that only applicants acceptable to the firm will be contacted.

Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the abovenamed Company is in dissolution, which commenced on the 25th, day of August 2016. The Liquidator is Dillon R. Dean of Nassau Bahamas.

PASIALIS MANAGEMENT INC. Company No. 689341 (In Voluntary Liquidation)

NOTICE GOLDEN ASTER INDUSTRIES LIMITED In Voluntary Liquidation

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that PASIALIS MANAGEMENT INC. is in voluntary liquidation. The voluntary liquidation commenced on 25th August, 2016 and Querube C. De Nunez of im Gräfli 1A, 8808 Pfäffikon SZ Switzerland has been appointed as the Sole Liquidator. Dated this 25th day of August, 2016 Sgd. Querube C. De Nunez Voluntary Liquidator

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Dillon R. Dean (Liquidator)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, GOLDEN ASTER INDUSTRIES LIMITED is in dissolution as of August 23, 2016 International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

NOTICE Makag Valley Ltd. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Makag Valley Ltd. is in dissolution as of August 26, 2016 International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

THE TRIBUNE

Tuesday, August 30, 2016, PAGE 5

Govt given road map to $2bn pension cuts From pg B1 Over a 10-year period, the accrued pension benefits owed to civil servants and public corporation staff were projected to fall by $365 million and $175 million, respectively. This data compares favourably with the impact made by only placing all new public sector hires into a defined contribution plan. KPMG predicts that this would cut total accrued benefits by $115 million and $15 million, respectively, over the next 20 and 10 years, respectively. With civil service pension liabilities forecast by KPMG to total $4.1 billion by 2032, and the collective deficit for public corporation schemes estimated at $1.6 billion that same year, the case for reform seems clear if the Government is to protect both its retirees and prevent a major ‘cash call’ on Bahamian taxpayers. “Pension liabilities and

cash outflows that the Government faces are unsustainable based on the current fiscal position,” KPMG warned the Government, which has possessed all these recommendations for more than three years. “Pension liabilities present significant financial and demographic risk to the Government. “There is a need for better ongoing management of Government’s pension liabilities and reform is critical. Taking the immediate step of closing defined benefit plans to new joiners would limit potential longterm liabilities.” KPMG argued that the combination of putting new hires into a defined contribution plan, and the ‘pensionable salary cap’, would have a greater impact in tackling already-accrued retirement benefits. “Any reforms made to public sector pensions that do no impact accrued benefits will not result in significant reductions in cash

flows in the short to medium-term,” the accounting firm added. While the public corporations have defined benefit pension plans for their staff, the civil service does not even enjoy this. The latter effectively has a ‘payas-you-go’ scheme via the Government, where retirees’ pensions are funded out of the Consolidated Fund in the annual Budget. But, with more civil servants projected to retire in coming decades, KPMG is forecasting that annual Budget spending on their pensions is set to increase from a current $60 million per annum to $142 million by 2032. The report also warned that existing public corporation plans were outdated and ‘behind the times’, given that employees contributed nothing to their retirement, with 100 per cent of funding coming from their employer. “Defined benefit pension provision is rare in the Bahamas outside government and the corporations, and is becoming rarer in most countries,” KPMG said. “Surveys indicate that

Union leader dismisses Sandals Judicial Review From pg B2 because you file.” Sandals Royal Bahamian’s case is that the BHMAWU has breached the Industrial Relations Act on two counts - failing to hold nominations for its executive positions, and the non-publication of its annual returns. And it is alleging that the Registrar of Trade Unions (the director of labour), despite discovering these irregularities and giving the BHMAWU two months to correct the problems, had failed to take action over the union’s continued non-compliance. The other thrust of Sandals Royal Bahamian’s action was that the union’s executives were not elected in accordance with the BHMAWU’s constitution, and it has therefore been seeking a Supreme Court declaration that they have no authority to act on the staff’s behalf. The Judicial Review action might explain why Sandals Royal Bahamian is still refusing to negotiate an industrial agreement with the trade union,with tensions boiling over into road blockages and the filing of criminal complaints against the resort’s ex-

TOURISM MINISTER Obie Wilchcombe ecutives. T he resort recently made some 600 workers redundant, claiming that it was the only available option to allow it to carry out a $4 million renovation in time for the winter season. The TUC and the BHMAWU have blasted the move as union busting, pointing to a job fair last week during which new employees - not those among the terminated 600 - were invited to apply for jobs with Sandals Royal Bahamian.

VACANCY (for an)

ASSISTANT ACCOUNTANT Applications are invited from suitably-qualified applicants for the position of Assistant Accountant. Applicants must possess the following qualifications: • • • •

B. Sc., BA, BBA Degree with a minimum of two (2) years experience as Trainee Accountant OR AA Degree and a minimum of two (2) years experience as a Trainee Accountant OR two (2) subjects at the BGCSE level or equivalent and six (6) years experience as Chief Accounts Clerk; Excellent organizational skills; Excellent communication skills (oral and written); analytical and conceptualized thinking skills; excellent interpersonal and leadership skills; Excellent computer skills,(proficiency in Excel required);

The Assistant Accountant will report to the Financial Controller. JOB SUMMARY: The Assistant Accountant will assist in maintaining accounting records, processing payables, receivables, and responding to accounting queries in accordance with the Rules and Regulations of the organization, within the confines of the approved appropriations of a budget year. Also, ensure that pertinent documentation is maintained to substantiate all payments processed within the Accounts Payable Department. DUTIES: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

Prepares payment of invoices to suppliers; Processes requisitions and purchase orders for suppliers; Assists with the preparation of the monthly expenditure report; Assists with the monthly reconciliations of suppliers’ accounts; Liaises with departments on outstanding invoices for payment; Responds to suppliers’ queries; Assists with the budget preparation; Assists in processing the request for the replenishment of funds for imprest account; Assists with the issuance of cheques; Assists with contacting suppliers to ensure that cheques are collected before they become stale-dated; Assists with ensuring that drafts are obtained and disbursed in a timely manner; Assists with the maintenance of company records; Maintains files of all other documentation;

The post of Assistant Accountant is in Salary Scale ($30,000 x 800 - $36,400). Letter of application and curricula vitae should be submitted to the General Manager; P.O. Box N-1986, Nassau, Bahamas, no later than Friday, 7th September, 2016 Please note that only short-listed applicants will be contacted for interviews.

most Bahamian private sector plans are defined contribution, and that average employer contributions to private sector defined contribution pension arrangements are around 5.5 per cent of salary, whereas KPMG estimates that the average cost of benefit accrual in the public sector plans is around 15-20 per cent.” Defined contribution pension plans require employees to contribute to their retirement, with employers matching the pro-

portion of their salaries that is invested. KPMG argued that getting public sector workers to contribute to their own pension plans would reduce the Government’s financial risk and burden. It suggested that employee contributions start at 1 per cent, and increase to a maximum 5 per cent of salary over five years, to “minimise the impact on employees’ take home earnings”. It recommended the Government’s contributions be set at 10 per cent.

KPMG forecast that placing new hires only into a defined contribution plan would increase the Government’s cash outflows by $199 million and $39 million over 20 years and 10 years, respectively. And combining this would the ‘pensionable salary cap’ would increase defined contribution outflows by $563 million and $113 million over 20 and 10 years, respectively. However, both figures are dwarfed by the reduction in accrued benefits/liabilities.

PAGE 6, Tuesday, August 30, 2016

Banks lead gains on Wall Street on hopes for higher rates NEW YORK (AP) — Banks led the stock market higher Monday as investors anticipate that the Federal Reserve could raise interest rates this year from their historically low levels. That could help banks recover from a long slump by making lending more profitable. The Dow Jones industrial average rose 107.59 points, or 0.6 percent, to 18,502.99. The Standard & Poor’s 500 index climbed 11.34 points, or 0.5 percent, to 2,180.38. The Nasdaq composite edged up 13.41 points, or 0.3 percent, to 5,232.33. Major U.S. banks posted solid gains as traders bet that the Fed was likely to nudge interest rates higher in December or even at its next policy meeting in September. Federal Reserve Chair Janet Yellen told a conference last week that the case for raising rates was strengthening given improvements in the economy. Raising interest rates from their rock-bottom levels, where they have been since the 2008 financial crisis, could be a good thing not only for markets but for savers, said Rob Lutts,

the statue of George Washington on the steps of Federal Hall faces the facade of the New York Stock Exchange. Stocks are opening moderately higher on Wall Street, Monday, Aug. 29, 2016, as the market comes off three days of losses. (AP Photo)

chief investment officer of Cabot Wealth Management in Salem, Mass. “We’re running out of excuses not to raise interest rates,” Lutts said. “We’re the wealthiest economy on the planet, and everybody who has a bank account is earning virtually zero

on those balances today. There’s a lot of spending power that may be released in the economy” if savers earn more on their bank accounts, Lutts said. Wells Fargo, the nation’s largest mortgage lender, rose $1.05, or 2.2 percent, to $49.56 and JPMorgan

US consumer spending posts slower growth in July WASHINGTON (AP) — American consumers boosted spending at a slower pace in July, while their incomes accelerated slightly. Spending grew 0.3 percent in July following a 0.5 percent increase in June, the Commerce Department reported Monday. The slowdown had been expected given an earlier report that retail sales were flat in July. Incomes grew 0.4 percent in July, up from a 0.3 percent increase in June. Economists are counting on solid gains in consumer spending, which accounts for 70 percent of economic activity, to power overall growth in the second half of the year. The deceleration in July is likely to be followed by stronger spending increases in coming months. For July, spending on durable goods such as

autos rose by a solid 1.6 percent, but spending for nondurable goods fell. Laura Rosner, an economist at BNP Paribas, described both the income and spending numbers for July as “solid.” They will likely be read by Fed officials as confirmation of their economic outlook, which would help bolster the case for a September rate hike, she said. The overall economy, as measured by the gross domestic product, grew at an anemic annual rate of 1.1 percent in the April-June quarter, marking a full year in which growth has limped along at an annual rate of 1.2 percent. But economists believe many of the headwinds that have been holding back growth are starting to diminish. They expect growth in the current quarter to rebound to above 3 percent,

Chase gained 73 cents, or 1.1 percent, to $66.95. Banks are still one of the worst-performing sectors in the market this year. The financial sector of the S&P 500 has gained just 1.8 percent in 2016 versus a 6.7 percent increase for the broader index.

powered by strong consumer spending and solid employment gains. Federal Reserve Chair Janet Yellen said in a speech Friday that the case for raising interest rates has strengthened in recent months in light of a solid job market and an improved outlook for the economy and inflation. Private economists said the Fed could raise rates as soon as September, but many believe the central bank will end up waiting until December. The Fed hiked rates by a small quarter point last December, marking the first increase after seven years of keeping its key rate at a record low near zero. A key factor keeping the Fed on the sidelines has been ultra-low inflation. The new report showed that a price gauge favored by the Fed edged up a modest 0.1 percent in July and has risen just 0.8 percent over the past year. Excluding energy and food, prices are up 1.6 percent over the past year. Both readings have been below the Fed’s 2 percent target for inflation for more than four years.

MARKET REPORT MONDAY, 29 AUGUST 2016

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

BISX ALL SHARE INDEX: CLOSE 1,974.95 | CHG 0.07 | %CHG 0.00 | YTD 151.00 | YTD% 8.28 BISX LISTED & TRADED SECURITIES 52WK HI 4.05 17.43 9.09 3.50 4.70 0.18 8.34 8.50 6.10 10.60 15.50 2.72 1.60 5.80 8.76 11.00 8.20 6.90 12.25 11.00

52WK LOW 2.25 17.43 9.09 3.15 4.70 0.12 6.09 7.25 5.50 7.00 13.99 2.25 1.27 5.51 6.00 9.85 6.12 5.75 11.75 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 106.00 100.00 106.00 100.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 100.00 100.00 100.00 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 4.05 15.85 9.09 3.50 5.22 0.12 6.47 8.50 5.83 10.60 14.00 2.50 1.55 5.80 8.77 10.95 8.12 6.60 11.93 10.00

CLOSE 4.05 15.85 9.09 3.50 5.22 0.12 6.47 8.50 5.83 10.60 14.00 2.58 1.55 5.80 8.77 10.95 8.12 6.60 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330

115.34 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.16 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.18 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

200

VOLUME

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000

P/E 13.3 11.7 8.4 15.9 N/M N/M 35.0 15.4 11.5 19.6 26.5 27.4 9.3 11.4 14.3 11.4 12.5 9.4 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 2.89% 3.06% 3.43% 3.40% 4.36% 2.33% 2.58% 4.14% 3.14% 0.00% 3.45% 1.82% 5.36% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045

MUTUAL FUNDS 52WK HI 1.99 3.90 1.92 167.58 138.35 1.44 1.67 1.55 1.08 6.94 8.65 5.92 9.94 11.15 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.39 1.67 1.48 1.03 6.41 7.62 5.66 8.65 10.54 9.57

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 Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

NAV 1.99 3.90 1.92 167.58 136.68 1.44 1.67 1.55 1.08 6.94 8.65 5.92 9.59 11.15 9.57

YTD% 12 MTH% 2.33% 4.05% 3.34% 6.09% 1.63% 2.99% 3.41% 5.18% 2.95% -0.58% 2.19% 3.91% 2.46% 8.70% 1.94% 5.28% 4.11% 1.26% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%

NAV Date 31-Jul-2016 31-Jul-2016 27-Jul-2016 30-Jun-2016 30-Jun-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-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

THE TRIBUNE

NewCo2015 seeks 25% higher charges for call termination From pg B1 To back its case, NewCo produced a benchmarking study of the termination rates employed by new mobile market entrants in 12 European nations from 2005. This produced the ‘25 per cent higher’ average for mobile operators with less than 20 per cent market share, a proportion that NewCo will initially take as it builds its business from scratch. The new operator, which is due to begin delivering services on New Providence and Grand Bahama from October 1, 2016, said the benchmarking exercise showed new operators maintained “asymmetric” termination rates - charges higher than the incumbent operator - for some 9.8 years. BTC, not surprisingly, opposed NewCo2015’s bid for higher short-term termination rates. It argued that should the Utilities Regulation and Competition Authority (URCA) permit this, the length of their existence should be determined by market share, not time. The incumbent operator argued that “asymmetrical” termination rates should end when either NewCo2015’s market share hits 15 per cent, or at 15 months from the issuance of its licence on July 1, 2016 - whichever comes first. Setting out its case, NewCo2015 said European regulators had allowed new mobile entrants to levy higher mobile termination rates than incumbent rivals as a way to cover “additional costs” stemming from their market entry. “In the Bahamas, the predecessors to BTC launched their mobile network about 20 years ago, and this has allowed BTC to achieve economies of scale that are not immediately available to NewCo and to recover its investments,” the new operator argued. “NewCo supports the principle of asymmetric termination rates while NewCo’s market position is being established.” It added that should URCA accept its 25 per cent ‘asymmetry’, NewCo2015’s termination rate for calls received from other mobile phones would be 3.10 cents per minute, compared to $2.48 cents for BTC. Termination rates for calls from international numbers would be 5.76 cents per message, compared to 4.61 cents for

BTC, while NewCo2015’s message termination rates would be 1.75 cents per message as opposed to its rival’s 1.40 cents. BTC, though, countered by arguing: “The setting of symmetric call termination charges provides predictability and promotes competition. Conversely, asymmetrical rates lead to distortions in the market and suboptimal outcomes. “Reciprocal termination rates will ensure both allocative and productive efficiencies in the market, and prevent distortions like excessive wholesale charging, high or inefficiently structured retail rates and inefficient market entry.” BTC said NewCo2015’s expectations of quickly winning market share, plus the existence of number portability, suggested its rival had no barriers to expansion. “Without prejudice to the arguments that BTC has advanced in support of symmetrical termination rates, in response to URCA’s question on time period of any asymmetry in mobile termination rates, BTC is of the view that any transitional arrangement for asymmetrical rates should be based on market share and not exclusively time based,” BTC told URCA. “Consistent with URCA’s parameters of market threshold for minimum efficient scale of 15-20 per cent market share, the company is of the view that any transitional arrangement for asymmetry of mobile termination rates for NewCo should be removed once NewCo has achieved 15 per cent market share, and/or not more than 15 months following the issuance of licence, whichever comes first.” BTC added: “The setting of symmetrical termination rates should be based on the URCA-approved mobile termination rate (MTR) for BTC. In direct response to URCA’s question in this section, any consideration for asymmetrical rates should not only be based on market share - 15 per cent market share threshold, or not more than 15 months from the date of the issuance of the licence, whichever is achieved first but the level of asymmetry should be between 1.4 to 1.5 of BTC’s mobile termination rate; between 40 per cent to not more than 50 per cent higher than BTC’s mobile termination rate.”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SENEK EUGENE of Sandilands Village, Fox Hill, P.O.Box N7050, New Providence, Bahamas intend to change my name to RicaRdo SENEK EUGENE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that PERIUS ABSOLU of Marsh

Harbour, P.O.Box General Delivery, Abaco, Bahamas

is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 23rd day of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that SAMANTHIA APRIL BULGINPINDER of #460 Manderville Road, Hudson Estate, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30thday of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that AUDLEY PETION of #21 Sunlight Cottage, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 30thday of August, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Tuesday, August 30, 2016, PAGE 7

Mylan launching cheaper, generic version of EpiPen By LINDA A. JOHNSON TOM MURPHY AP Health Writers

pear to be moving in the right direction, but its announcement raises as many questions as solutions_including why the price is still astronomically high, and whether its action is a pre-emptive strike against a competing generic.” Mylan, which mainly sells generic medicines, said Monday it will begin selling its generic version for $300 for a pair of EpiPens, in doses for adults or children, like the current EpiPens. That will still bring Mylan tens of millions of dollars while helping it retain market share against current and future brand-name and generic competition. “We need real competition to lower drug prices, not corporations offering generic versions of their own drugs for whatever price they want,” Sen. Bernie Sanders, D-Vermont, wrote in a Twitter post Monday. EpiPens are used in emergencies to stop potentially fatal allergic reactions

The maker of EpiPens will start selling a cheaper, generic version of the emergency allergy shots as the furor over repeated U.S. price hikes continues — and looming competition threatens its near-monopoly. Despite its second move in five days to make EpiPens more affordable for consumers, maker Mylan N.V. still faces condemnation from critics who accused it of price-gouging. They note Mylan hasn’t reduced the $608 list price for a pair of EpiPen auto injectors or explained why it hiked the price more than 500 percent from $94 after acquiring the product in 2007. “More must be done_and more quickly_to make this life-saving drug more affordable,” Sen. Richard Blumenthal, D-Connecticut, said in a statement Monday. “Myl?an may ap-

to insect bites and stings, and foods like nuts and eggs. People usually keep multiple EpiPens handy at home, school or work, but the syringes, prefilled with the hormone epinephrine, expire after a year. Some analysts have estimated that the tiny amount of epinephrine in an EpiPen is worth barely $1, and the auto-injectors might cost as little as $5. There’s currently little competition for EpiPen. Rival Adrenaclick carries a list price of $461, and there’s a generic version, but doctors typically prescribe EpiPen, originally launched in 1987, because it’s so well known. Parents doing back-toschool preparations encountered sticker shock at pharmacy counters this month and began protesting to politicians and on social media, leading to an uproar in an election year when drug prices already are a hot issue and other drugmakers have been blasted for astro-

nomical price hikes. Last Thursday, Mylan offered more financial aid to patients getting EpiPens, including coupon cards covering up to $300 off patient copayments, triple the $100 discounts previously offered. Coupon cards are a standard pharmaceutical industry strategy, one that leaves employers and taxpayers still footing at least two-thirds of a big bill — and everyone facing higher insurance premiums eventually. And like other drugmakers that increase prices sharply when generic competition is on the horizon, Mylan has been taking bigger annual price increases on EpiPens the last few years.

A generic competitor was expected in 2015 but has been delayed. Now that product and a couple rival brand-name ones could hit the U.S. market in mid- to late 2017. Then last Thursday the compounding pharmacy Imprimis Pharmaceuticals said it hopes to sell a version of the allergy shot in a few months for around $100 for two injectors. A chorus of politicians, consumer groups and others has been calling for hearings and investigations of EpiPen pricing, along with action by the Food and Drug Administration to speed approvals of any rival products. On Monday, Reps. Jason Chaffetz, R-Utah, and

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

Elijah E. Cummings, DMaryland, heads of the House Committee on Oversight and Government Reform, wrote to Mylan CEO Heather Bresch, requesting documents and communications regarding Mylan’s revenues from EpiPens since 2007, manufacturing costs and how much Mylan receives from federal health care programs. Bresch has said the company only receives $274 of the total price for a twinpackage while pharmacies and other middlemen divvy up the rest. Mylan hasn’t responded to Associated Press questions about its costs and income from EpiPen, its most profitable product. 2014/CLE/gen/FPO/00327

Common Law and Equity Division BETWEEN COMMONWEALTH BANK LIMITED

Plaintiff

AND BRADLEY CECIL SWEETING

Defendant

TO: BRADLEY CECIL SWEETING TAKE NOTICE that: 1.

That you have failed to respond as aforementioned.

The Court further ordered that subsequently the existence of further proceedings be advertised in a like manner and be deemed as good and sufficient service on the Defendant. Dated the 2nd day of December, A.D., 2015. ESSEX LAW CHAMBERS #6 South Buckner Square The Olde Towne, Sandy Port West Bay Street Nassau, N.P., Bahamas Attorneys for the Plaintiff

a pharmacist holds a package of EpiPens epinephrine auto-injector, a Mylan product, in Sacramento, Calif. Mylan said it will make available a generic version of its EpiPen, as criticism mounts over the price of its injectable medicine. (AP Photo) COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law & Equity Division

2014/CLE/gen/FPO/00319

Plaintiff

i. ii.

iii.

An Order has been issued on the 7th day of April A.D., 2016 in the Supreme Court of The Bahamas in relation to the subject action. Pursuant to Order 61 Rule 4 of the Rules of the Supreme Court the Plaintiff to be allowed advertise the Originating Summons and supporting Affidavit filed herein on the 3rd September, 2014 and all future pleadings on the Defendant by way of Substituted Service by advertising the existence of the said Originating Summons and supporting Affidavit by inserting and publishing once in the Nassau Guardian and Tribune newspaper and that such notice when published shall be deemed to be good and sufficient service of the said Originating Summons and supporting Affidavit. That subsequently the existence of further proceedings be advertised in a like manner and be deemed to be good and sufficient service on the Defendant

Dated the 2nd day of December, A.D. 2015.

Dated the 7th day of April, A.D. 2016.

ESSEX LAW CHAMBERS #6 South Buckner Square The Olde Towne, Sandyport West Bay Street Nassau, The Bahamas Attorneys for the Plaintiff

2014/CLE/gen/FPO/00317

Common Law and Equity Division

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2014/CLE/gen/FPO/00331

Common Law and Equity Division BETWEEN

COMMONWEALTH BANK LIMITED AND MATTHEW MILLER TO: MATTHEW MILLER TAKE NOTICE that:

2. 3.

Defendant

TAKE NOTICE that:

An Order has been issued on the 2nd day of December A.D., 2015 in the Supreme Court of The Bahamas in relation to the subject action. Pursuant to Order 61 Rule 4 of the Rules of the Supreme Court the Plaintiff to be allowed advertise the Originating Summons and supporting Affidavit filed herein on the 3rd September, 2014 and all future pleadings on the Defendant by way of Substituted Service by advertising the existence of the said Originating Summons and supporting Affidavit by inserting and publishing twice in the Tribune newspaper and that such notice when published shall be deemed to be good and sufficient service of the said Originating Summons and supporting Affidavit. That subsequently the existence of further proceedings be advertised in a like manner and be deemed to be good and sufficient service on the Defendant

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

Plaintiff

AND PETULA CHRISTA NEWBOLD TO: PETULA CHRISTA NEWBOLD

TAKE NOTICE that:

iii.

BANK OF THE BAHAMAS LIMITED

Defendant

TO: ALBERT DEXTER CLEARE

ii.

IN THE MATTER OF property comprised in an Indenture of Mortgage dated 28th day of April A.D., 2008 between Petula Christa Newbold and Bank of the Bahamas Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 10577 at pages 385 to 399. BETWEEN

BANK OF THE BAHAMAS LIMITED AND ALBERT DEXTER CLEARE

2014/CLE/gen/FPO/00322

Common Law & Equity Division

IN THE MATTER OF property comprised in an Indenture of Mortgage dated 27th day of September, A.D., 2000 between Albert Dexter Cleare and Bank of the Bahamas Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 7943 at pages 563 to 571. BETWEEN

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

BETWEEN COMMONWEALTH BANK LIMITED

Plaintiff

AND Defendant

CRAIG BETHEL TO: CRAIG BETHEL TAKE NOTICE that:

By Court order dated the 2nd day of December A.D., 2015, it was ordered that you must within fourteen (14) days from the date of the publication of the advertisement of the Writ of Summons filed on the 3rd day of September A.D. 2014 respond to the Claim by: a. Entering an Appearance to the Action, b. Admitting the Claim, or c. Filing and serving a Defence to the Claim, That you have failed to respond as aforementioned. The Court further ordered that subsequently the existence of further proceedings be advertised in a like manner and be deemed as good and sufficient service on the Defendant.

Dated the 2nd day of December, A.D., 2015. ESSEX LAW CHAMBERS #6 South Buckner Square The Olde Towne, Sandy Port West Bay Street Nassau, N.P., Bahamas Attorneys for the Plaintiff

Plaintiff

2. 3.

Defendant

Dated the 2nd day of December, A.D., 2015. ESSEX LAW CHAMBERS #6 South Buckner Square The Olde Towne, Sandy Port West Bay Street Nassau, N.P., Bahamas Attorneys for the Plaintiff

THE TRIBUNE

Tuesday, August 30, 2016, PAGE 9

b o dy a n d m i n d

Participants of the Freedom Kids programme

‘Freedom Kids’ to have fun day at Radio House By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemeda.net IN an effort to raise awareness of cancer and sickle cell disease in children, the Cancer Society of the Bahamas is joining forces with 100 Jamz to host a special fun-filled day for young adults and kids battling these illnesses. The event, that is intended to be “memorable and exceptionally fun”, will feature a DJ workshop and an educational session at Radio House on Shirley Street on this Saturday beginning at 12noon. Children who are part of the Freedom Kids programme will participate in arts and crafts activities as

well as get an opportunity to learn and exercise their disc jockey skills. “We wanted to do something special that would be fun for the kids and bring awareness. There will be about 12 children with their parents. They will also be doing arts and crafts and have lunch in our lobby,” said radio personality J J McKenzie. “Xtra Large, DJ Tank, DJ Fines and Xcitement – who’s coming off vacation to help out – have volunteered to host the DJ workshop. We will break the kids up into groups. While one group is doing the DJ workshop, the other groups will be doing arts and crafts.” Entertainers like Bahamian Tre, Fadda Fredand

“We allow the kids to come here and be kids...With them having ongoing hospital visits, and always being told that they should not eat this or that, or being told that they cannot do certain things, we just wanted them to get together and have fun.” Spicy Dee will also be in on hand to make sure the event is as fun as possible for the kids. “It is important that we use this as an opportunity to bring awareness about childhood cancer in the Bahamas. But our main focus is to make this a memorable and exceptionally fun day for them,” said Ms McKenzie.

Freedom Kids is a social, support and education programme for kids with cancer or sickle cell disease under the Cancer Society of the Bahamas and sponsored by Lyford Cay Foundation. Melissa Major, the programme’s coordinator, told Tribune Health that the aim of Freedom Kids is to provide ongoing and practical hands-on support for the

children while offering support to their parents at the same time. “Every year the Cancer Society hosts a Christmas party for the kids and this event is an extension of that. We thought it necessary to do it,” said Ms Major. “We have a register of over 100 kids in the programme and on any given time we can have between 12 to 30 kids that come out on a monthly basis along with their parents. “But the workshop in conjunction with 100 Jamz is kind of two-fold. We allow the kids to come here and be kids...With them having ongoing hospital visits, and always being told that they should not eat this or that, or being told that they can-

not do certain things, we just wanted them to get together and have fun,” she told Tribune Health. And the fun day also has another purpose. “We also take the opportunity to educate them on healthy lifestyle choices, the importance of physical activity and we talk to their parents about medical management and what it is to have a child with a longterm illness. There is also a counselling and support initiative that we provide for parents as well,” said Ms Major. For more information or to donate to the programme, contact the Cancer Society of the Bahamas at 323-4441.

Women vs men in a healthy ‘Battle of the Sexes’ By ALESHA CADET

Tribune Features Reporter

acadet@tribunemedia.net

WITH the belief that it takes a village to build a healthy nation, members at the Club One Fitness Centre are trying to create fun events to get Bahamians to be more active. One of the events was the recently held fifth annual Battle of the Sexes – the culmination of the Sexy Summer Slim-Down eight-week weight loss programme. Organisers said Club One hosts these types of events because they believe in creating friendships within the community, to assist persons in finding a support system to help make the necessary changes for a healthy lifestyle. Participants included radio personalities Shenique Miler, Leyvon Miller, Naughty,and Mary Jane, fashion expert Bianca Nygard, entertainer Nehemiah Hield, health coach Sha King, and Bahamaslo-

cal.com representative Vanessa Mott. They were all given a full fitness assessment, a nutrition guide, weekly classes, social media support, special activities, and access to Jimmy Norious as their certified group trainer. Their daily fitness and nutrition challenges were posted on the Battle of the Sexes Facebook group where they received points for challenges completed. “Battle of the Sexes was designed to increase selfconfidence, increase knowledge in fitness and nutrition, help create healthy habits, as well as create a supportive community among men and women in the Bahamas,” said Dianne Gibson, assistant manager and certified personal trainer at Club One. “At Club One we know that the motivation behind why we exercise is very important to the success of the fitness programme.” Above all, she said the programme’s first step is to

Facebook post from Michael Phelps fan with autism inspires BALTIMORE (AP) — A Michael Phelps fan who has autism has become an inspiration on his own after sharing his dream of competing in the Olympics one day on the swimmer’s Facebook page. Austin Levingston’s Aug. 16 post has received more than 3,000 likes. In it, the 21-year-old man, from Great Bend, Kansas, says he’s attending college and hopes to be the first person in his family to get a degree. He also tells Phelps,

“I’m hoping to swim in the Olympics just like you someday.” Levingston also is a doppelganger for Phelps, who grew up outside Baltimore. Levingston included a few pictures of himself which show a strong resemblance to the 23-time gold medalist. Levingston tells The Baltimore Sun (http://bsun. md/2clHu51 ) he doesn’t know if Phelps saw his post.

The ‘Battle of the Sexes’ competitors encourage people to always love and accept themselves as they are, no matter what age, shape or size. The fitness professional believes when a person has self-confidence they are happy and

are more likely to adhere to a fitness and nutrition plan because they are aware that they are worth it, and deserve to be healthy and the best version of themselves. Ms Gibson said the goal

was to do their part in lowering the nation’s obesity rate by providing the necessary tools and education to the public about healthy eating habits and exercise in an entertaining, motivating

and fun way. “The challenge is especially important now as is seems the obesity rate in the Bahamas is spiralling out of control. In January it was reported that the Bahamas has the sixth highest obesity rate in the world and we are suffering from preventable illnesses at younger ages than ever before. At Club One, as one of the leaders in the health and fitness industry, we felt we had to make some serious efforts to help the nation as a whole get in shape,” she said. Ms Gibson said every year the challenge becomes bigger and more exciting with added elements to make each summer feel different from the last. Five years ago, when it was first launched, the Sexy Summer Slim-Down was an all-women weight loss programme. This year, they decided to challenge the women and bring a team of men on board to spice up the competition. Michael Phelps at MTV Video Music Awards (Photo by Evan Agostini/Invision/ AP)

PAGE 10, Tuesday, August 30, 2016

THE TRIBUNE

Use of Kinesio taping in physiotherapy By Dr Felicia Adderley

The Rio 2016 Olympic Games have come to a close. The world as watching closely as our own Shaunae Miller and men’s 4x400m relay team won medals for the Bahamas. Aside from the excitement of watching the world’s best on the world stage, people noticed that many of the athletes were wearing colourful tape on their bodies – in blue, red, black and beige. This was Kinesio tape, an inexpensive yet effective way to help rehabilitate injuries and facilitate muscle function. The Kinesio taping method was created by Dr Kenzo Kase, a Japanese chiropractor, in 1979. By 1981, he invented his own brand of kinesiology tape. The Kinesio tex tape, or KT as it is commonly called, was first highlighted on an international level during the 1988 Seoul Olympics. This elastic tape is made of 100 per cent cotton and elastic fibres, and contains no medication or latex. It works based on how it is applied to the body, specifically how much stretch, which type of cut is used and in what direction it is applied. Kinesio tape has a similar thickness and weight to skin and helps to create space by lifting the skin, thus decompressing the tissues and structures underneath. This is one way it is thought to reduce pain by taking pressure off nerve endings. This lift of the skin allows for the tissues to be decongested, improves flow of fluid from the tissues to reduce swelling and improve waste removal. As the body is moved into a position putting the muscle on stretch, more of the skins receptors are exposed to the Kinesio tape. Another way in which the

Dr Felicia Adderley tape is beneficial is to provide feedback and sensory information to the muscles. This can be particularly important in any diagnosis where sensation or general awareness of the body is reduced, such as with strokes. The tape can remain on the body and retain its effectiveness for three to five days. The adhesive within it is heat activated and allows for longevity with wearing the tape, which is also waterproof and holds up during baths, showers and even swimming. Unlike other rigid tapes, Kinesio tape allows for the individual to maintain full motion of their joints, while muscles and joints are being supported and stabilised. The Kinesio taping method is a viable treatment option that can be utilised as an adjunct to other physical therapy treatment including manual therapy, therapeutic exercise, electrical stimulation and other modalities geared towards pain relief. One of the many positive features of Kinesio tape is that it can be used post treatment to help retain the gains (such as reduced muscle spasm, increased flexibility of tissues and/ or range of motion) made during a therapy session. It is a treatment

the patient will have the benefit of in the days between therapy sessions. There is also a great benefit in that Kinesio tape can be used in a wide variety of patient populations from pediatric to geriatric, from athletes to non-athletes. The Kinesio taping method can be used to treat sprains, strains, lymphedema (swollen limbs due to removal of lymph nodes), bruises, increase muscle tone in low tone children, improve posture, reduce pain, swelling and muscle spasm, including those associated with strokes. Kinesio taping has also been found safe and effective in treating pre- and post-natal patients for low back pain, diastasis recti (separation of the abdominal muscle), supporting the abdominal wall/uterus in the third trimester and even carpal tunnel which can occur with pregnancy due to increased swelling and pressure on the nerves in the wrist. For every diagnosis under the Bahamian sun, there’s a Kinesio taping app for that! The applications and uses are truly endless. • For further information or queries contact Dr Felicia Adderley at Adderley Physiotherapy, 8th Terrace Centreville, at 326-3052, e-mail adderleypt@gmail.com, or visit Felicia Adderley PT, DPT, CKTP on Facebook.

Examples of Kinesio taping

Flossing on trial Recently, a scientific study came out which suggested that groups of studies that had been conducted could not prove the benefits of daily flossing. Many persons who heard this welcomed the news with relief, simply because they had never practised flossing anyhow. The news also came as a surprise to dental professionals because we have always recommended daily flossing to our patients for better dental health.

What is the meaning of the study?

The results of this study are simple to interpret. Firstly, there may be a need for further studies which may offer more definitive results. Secondly, the fact that the study did not prove flossing’s benefits did not mean that flossing was useless.

What should we do about flossing now?

The obvious answer is to continue flossing. It should be noted that daily flossing is only one form of interdental cleansing. Interdental cleansing has continuously proven to be an important practice in oral health. However, interdental cleansing is not only ac-

Dr Sparkman Ferguson Registrar of the Bahamas Dental Council complished with floss. For many, interdental cleaning is accomplished with wooden sticks, or small brushes , or water flushing (with a waterpik or similar device) The causes of gingivitis and periodontal diseases have not changed with this study. It is still a fact that dental plaque, dental tartar, and dental calculus are still the determinants of gum disease and have to be eliminated regularly from the mouth.

How many people floss?

It is generally accepted that

persons fall into three main categories when it comes to flossing. About 30 per cent of persons floss daily, another 30 per cent do random flossing, and 40 per cent do not floss at all.

Does your dentist know if you floss ?

Yes. Your dentist knows if you floss or not? This is not a judgement issue for dentists. It is note worthy that most people believe that flossing is important. This is often proven when patients who

do not floss, go to great lengths to convince their dentists that they do.

Conclusion

It is factual that gingivitis and periodontal diseases are very real. We know this because we see both diseases everyday in the practice of clinical dentistry. We also know that the causes of these gum diseases are also very real since the devastation associated with them continue to wreak havoc on the mouths of everyday people.

We cannot relax our efforts since we have come a long way in determining, treating, and eliminating gingivitis and periodontal diseases. A position taken to stop flossing, or to stop any form of interdental cleaning, can only prove detrimental to the health of any mouth. My professional advice to persons who floss would be to continue to do so. I would also encourage those who do not, to begin flossing and adopt interdental cleansing.

Carrot and quinoa mini-muffins are great snacks or breakfast By MELISSA D’ARABIAN Associated Press The reason cupcakes too k the baking world by storm a few years ago is because, in short, they are awesome. A sweet little package o f mo ist, crumby goo dness topped with a dollop o f creamy, fatty frosting — I understand my fo ur daughter’s (and America’s) o bsession. For the healthy eater, cupcakes might seem like a non-starter; completely o ff the table. Except, my 10-year-old daughter, Charlo tte, did something very wise that changed everything for me last year. At someone else’s party, she chose a mini-cupcake o ver a regular-sized cupcake, which frankly puzzled me, given the “more-ismore” tendency normally driving my children’s sugary-treat decisions. Her reason? Because it was “cuter.” To her, tiny was darling, and that made it better. I co uld use that to my advantage, I decided. And so can yo u.

I have always lo ved the automatic portion control that comes with using a regular muffin tin — I bake up everything from scalloped po tatoes to huevos rancheros muffin-sized. And mini-muffins are perfect for healthier muffin batters — the smaller size is more forgiving on the texture front, so yo u can lo ad up batters with pro tein and fiber (think whole grain flo urs, nuts, seeds, shredded veggies) and they will still be tasty, where full-sized muffins can feel denser more easily. I make all sorts o f flavors o f mini-muffins, and keep them in my freezer in resealable plastic bags for last minute snacks and even breakfast on the go — they thaw in minutes on the co unter. Using my carro t and (lefto ver, repurposed) quino a mini-muffin as a base, I added a reduced sugar frosting o ut o f cream cheese and orange juice, and vo ila: the mini-muffin became a “cupcake.” Sud-

denly, I had very reasonable dessert! And, if yo u want to skip the frosting altogether, then keep this little guy as a mini-muffin, no pro blem — they are a treat either way.

MINI QUINOACARROT CAKES Start to finish: 30 minutes, plus cooling time Servings: 20 mini cupcakes Ingredients: 1 1/4 cups finely-milled almond flour 1/2 cup cooked quinoa 1/2 teaspoon baking powder 1/2 teaspoon baking soda 1 teaspoon ground pumpkin pie spice (or ground cinnamon) 1/4 teaspoon salt 2 tablespoons coconut oil, melted 2 eggs 1/4 cup sugar (agave or maple syrup could also be used) 1 teaspoon vanilla extract 1/4 teaspoon almond extract

Mini quinoa carrot cakes from a recipe by Melissa d’Arabian. (Melissa d’Arabian via AP) 1 tablespoon fresh orange juice (or other citrus) 1 large banana, mashed well until creamy (about 1/2 cup) 1/3 cup finely-grated carrot (about one carrot), gently squeezed dry in a paper towel Cream Cheese Frosting (optional): 4 ounces (1/2 cup) light cream cheese 1/4 cup powdered sugar 1-2 tablespoons fresh orange juice (or other citrus) Orange zest, for garnish, optional Directions:

Preheat oven to 350 F. In a large bowl, whisk together the almond flour, quinoa, baking powder, baking soda, pumpkin pie spice, and salt and set aside. In a small bowl, vigorously whisk the oil, sugar, eggs, almond extract, almond extract and orange juice until pale and creamy (about 2 minutes). Mix wet ingredients into dry ingredients and stir with a wooden spoon until blended. Add the banana and carrot and mix well. Spoon into mini-muffin tin lined with paper liners (or sprayed well with

nonstick spray). Fill about 2/3 full. Bake until cooked through, about 15 minutes. Meanwhile make the frosting by whisking together the cream cheese, powdered sugar and lemon juice until completely smooth. Cool cupcakes completely, and frost if desired. Nutrition information per serving: 95 calories; 55 calories from fat; 6 g fat (2 g saturated; 0 g trans fats); 24 mg cholesterol; 112 mg sodium; 8 g carbohydrate; 1 g fiber; 5 g sugar; 3 g protein.

THE TRIBUNE

Tuesday, August 30, 2016, PAGE 11

Back-to-school: Kid-friendly lunch box ideas

Thank goodness school is back in session! Whew, is it just me, or does summer feel like the longest time ever? Sure, we all love a little vacation and family time. And the weather is fabulous, especially if you live by the beach, but the kids are just so bored a lot of the time. My kids hang out at the community park and playground and at the beach every day, but gees, even that gets a little mundane. However, there are parts of back-to-school that I don’t really care for. Shopping for new everything. Packing interesting enough food choices. You know, the things they actually eat and not toss… total mommy issues!

Here are few ideas that my kiddies actually like in their lunch box: • Grapes and cheddar

I chop white grapes in half and cube up some medium cheddar to pile in a small container. You can also take a toothpick and stack these like a kebab, but only for the bigger kids. Toddlers shouldn’t play with toothpicks for many reasons;no need to expand on this point.

• Cream cheese and basil pinwheels

These things are so cute, and so fast and easy to whip together. Take a flour tortilla (or spinach;

online. It’s supper yummy, sans scent! (Psst...add avocado for a more adult snack). I use the lightly salted rice cakes, but you can also use the white cheddar.

Bun In The Oven

• Bow tie pasta with butter and parm

Who hasn’t tried this recipe, right? I think kids like the simple stuff; the simpler, the better. This is pretty basic, but it’s also pretty yummy. The Parmesan cheese sticks to the butter and the pasta, and it slightly melts so you have the perfect bite. This is a good recipe to try if you can’t get your kids to eat a thing. Boil the pasta, drain, add a healthy amount of butter and toss in a handful of grated Parmesan cheese. No need to be precise; just toss it all in and taste!

Bianca Carter they like the green) and spread cream cheese all over the tortilla, leaving a 1/2 inch around the edges. Then take store bought pesto (or the homemade one if you’re a badass mama) and spread a table spoon over the cream cheese. Roll it up into a cylinder shaped roll and cut into inch rounds. You can also make these pinwheels with anything else you can think of – ham and cheese or marinara sauce, and mozzarella and pepperoni are other yummy options.

• Pita pockets

Take a whole pita and cut it in half, layer it with hummus or cream cheese and leave the fix-ins on the side so that the kids can assemble them themselves. Include tomato, spinach, lettuce and tur-

Happy back to school! Love and hugs! Pita pockets are a fun and delicious option for your child’s lunchbox key on the side. My girlfriend’s daughter loves to create her own sandwiches with pita bread; it’s the only way she’ll actually eat it. Whatever it takes, right?

• Apples and raisins

Dice up a small red apple, either peeled or with the skin on. Grab a handful of raisins and combine together in a small container. Super

sweet!

• Egg salad rice cakes

OK, some kids like egg salad and some don’t. One week my daughter likes it, and the other week she doesn’t. No clue why she’s so finicky! If you don’t like the smell or your kids don’t either, try a vegan egg salad recipe; you can find it

Are you truly ruling your destiny? True freedom is having the audacity to rule your destiny. Such a freedom doesn’t just land in your lap. Personal liberation is not given – it must be taken. This means that you only become free by breaking free. Your life is your most adventurous flight, and you my friend are the pilot. You must set your life flight plan accordingly. Ruling your destiny takes courage and commitment. It means being brutally honest with yourself and cutting ties with all those lies that holds you hostage. Now this is where this flight gets turbulent for most. In this climate of “face-booking” this and “tweeting” most are still unwilling to face the truth. Or better said – they are unwilling to face their person-

al truth. They avoid facing and addressing their feelings of fear, hurt, pain and uncertainty. It is sad, but despite the endless outlets for texting and talking, people still don’t know how to speak their truth. Instead, they learn to live a life of masquerades. Of course, honestly facing your truth is difficult and not an easy feat. I guess this is why so many surrender to living the status quo. Yet is this really living? Living is truly ruling your destiny. Truly ruling your destiny requires some degree of honesty. Try to see your destiny not as some place you must find, but more so as the person you are born to become. Imagine that you are born to be a phenomenal person living an empow-

ered life. To do so requires that you be mentally and emotionally free. This enriching, honest freedom is the golden ticket for truly ruling your destiny. The other key point to consider is this: you cannot rule your destiny if you do not master your mind. Mastering your mind means paying attention to who and what you are giving your attention to. Too often, we squander the precious currency of our attention on people and places that offer us no real value. Ruling your destiny means holding yourself more accountable for how you dispense your attention. Start to reevaluate how you distribute your time and attention. Recognise that you are the pilot of this flight known as ‘your

Kerry Washington: ‘Two pregnancies have been very different’ MIKE CIDONI LENNOX AP Entertainment Writer “Scandal” creator Shonda Rhimes didn’t know that star Kerry Washington had another baby on the way when a less-is-more plan was put in place for season six of the political thriller. The ABC series will have just 16 episodes next season. And fans will have to wait until January to see how the show’s many cliffhangers play out. Rhimes “knows what the story is,” Washington said recently when she sat down with The Associated Press. “She knows about how many episodes she needs left to get there. And that was her decision.” It was only a couple weeks after Rhimes’ announcement about the new “Scandal” game plan that Washington told her boss that she and her husband, former NFL star and current film actor and producer, Nnamdi Asomugha, were expecting again. They have a twoyear-old daughter, Isabelle Amarachi Asomugha. Washington, 39, smiles and jokingly denies she’s carrying a second child. She pats her baby bump, laughs and says she’d merely eaten too much for lunch. So, how is having a second child different from having the first? “Every day is different,” she says. “And, for me, definitely these two pregnancies have been very different.” When asked how each pregnancy has been unique, she veers away from the subject. Kerry Washington is not one to talk publicly about her personal life. For the last three years, Washington has been an ambassador for the Allstate Foundation Purple Purse

Kerry Washington campaign, which raises money to benefit nearly 200 domestic-violence nonprofits worldwide. What’s new for 2016 is that fashion industry heavyhitters — including Tory Burch and Christian Louboutin — are joining Washington, with each designing limited-edition purple purses to be auctioned off for the cause. The auctions are set to take place in October. They will be followed by a retail bag sometime this fall, and there will be a monthlong daily handbag giveaway to contributors to the Purple Purse Challenge. The 2015 campaign raised more than $3 million, and a spokesperson for the Allstate Foundation says the charity is aiming to best that with the 2016 campaign. Washington says purses also will be given to charities to use for their own fundraising. Purple is the color for domestic-violence awareness. The purse represents freedom from financial abuse, a tactic frequently used to trap victims in the relationships. Washington recalls a recent encounter an abuse victim, “A woman came up to me, in a room full of people (and said), ‘I just want you to know, that when I left, I wore purple for an entire year,’” Washington says. “I knew what that meant and

she knew what that meant. And it was the power of this metaphor: That she didn’t need to give me details about her black eyes. She didn’t have to give me details about her destroyed credit, or her empty bank account, or the mode of transportation that was taken from her. She could just say to me, ‘I wore purple.’” The Purple Purse campaign comes at a particularly busy time for Washington. In July, she returned to work on “Scandal,” in which she plays Olivia Pope, a fictional fixer for Washington’s elite. The actress also has been navigating Emmy season. She has two nominations for the TV movie “Confirmation,” which centers on the Supreme Court confirmation hearing of Clarence Thomas (played by Wendell Pierce) and allegations he sexually harassed one of his employees, Anita Hill (played by Washington). Washington is nominated for her performance, as well as for serving as one of the movie’s executive producers. “I think the thing that most surprised me about producing is that it kind of brings out my own inner Olivia Pope, ironically,” Washington says. “I love producing because it allows me to play other characters in other worlds in other situations. But that part of me, that part of Kerry that likes to be a fixer and a helper and solve problems, is really able to play. I’m not exactly wearing a white suit or a white hat or carrying Prada. I usually have on sneakers and jeans and a baseball cap. But I still have a little Olivia Pope with me when I’m producing.”

Michelle Miller Motivationals

Michelle M Miller

• Bianca Carter is a certified lactation counsellor and founder of Bun in the Oven. For more information, e-mail her at info@ babybunintheoven. com. Follow BITO on Facebook at babybunintheoven, and check out the BITO Blog every Monday & Thursday at http://babybunintheoven.com.

life’. You are responsible for your flight plan and for choosing your flight crew. More importantly, you must understand that whether or not you choose to be the pilot of your life, you are all ways in charge of your destiny. This is simply because your life follows you – your thoughts, feelings and behaviour. This article merely serves to help you decide if you want to rule your destiny intentionally or let it continue accidentally. Leader to leader, your life is all ways in your hands. Jamaican reggae artist Buju Banton says it well in his song “Destiny”: “Though forces try to hold I down, breaking chains has become the norm, I know I must get through no matter what a gwaan.” I hope you agree with Mr Baton. Ruling your destiny is the precursor to living an empowered life. Yes, you can do it. What do you think? Please send your comments to coaching242@yahoo.com or call 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 b

tuesday, august 30, 2016

Exploring the meaning

womanhood By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net

HREE best friends are set to reveal and restore the beauty of womanhood with the debut of their very first stage play entitled “She Shall Be Called Woman”. Two performances will be staged at the Crush, Coral Towers, in Atlantis, at 7pm on Friday, September 9, and at 4pm on Saturday, September 10. With their first production, the trio of Mycquel Glinton, Nishan Patton and Anthia Butler is seeking to create a space for dialogue and to capture the spirit behind their amazing journey to discovering what womanhood means throughout the world in this day and age. With a cast of 15, made up of both kids and adults, the show hopes to open up the conversation about the topic through song, dance, drama, spoken word and other forms of art that throughout history have served as the spark of revolution. The project took five years to come to the stage and was developed with the help of continuous conversations with women from across the Caribbean, Canada, Europe, the Middle East and the United States. These women candidly shared their diverse experiences, concerns, dreams and frustrations with the three friends and also challenged misconceptions. The title of the play is taken from the biblical story of the first woman, Eve, and in “She Shall Be Called Woman” the trio of friends consider how her experience is connected to the struggles of women around the world today. “Our hope is that the truth and beauty of a woman’s heart, mind, soul and spirit would be revealed and restored. Womanhood itself can be seen as an endangered species, as the fight to preserve it’s true meaning has been a longstanding effort, especially in a society that can be perceived as highly patriarchal,” said Anthia. “This body of work has transformed my entire existence. I’ve never felt more confident, fierce, informed, in touch and proud to be a woman.” She said the show is guaranteed to make

Three friends put together play inspired by the world’s first woman

audience members laugh, cry and everything in between. It is trio’s hope that after seeing this show, women will feel they can step out boldly in their glorious identities after receiving the revelation of Eve and womanhood through God’s eyes. “It’s a pillar to stand on and birth new friendships and sisterhoods as we’ve done over the past five years with women from across the globe. We see this going beyond the boarders of the Bahamas, becoming a road show,” said Anthia. “We have friends that are travelling from as far as Montreal. It has allowed us to create so many friendships and relationships and I think that is really important to us to create a space to encourage other women to understand their identity and their purpose,” said Anthia. “Mycquel and Nishan are both full-time writers so this is a gift of theirs. They have always shared poetry and some of their works, so this is a platform for them to just put it out there differently. I am a dancer so there is going to be a lot of different genres of dance as well. We also love Broadway, so that has been a huge inspiration for us. We just feel as though this is an interesting and amazing way to engage the crowd. Following the play on September 10, an after party will held at 8pm, featuring some of Nassau’s hottest DJs and hits from the 70s, 80s and 90s.

Nisha Patton

Anthia Butler

Mycquel Glinton

Samantha Hepburn takes to the skies By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net As the youngest Bahamian to pass the private pilot’s exam, high school student Samantha Hepburn is well on her way to a fulfilling her dream of a career in aviation. This month, the 15-year-old travelled to Orlando, Florida to sit the written examination at American Flyers, the oldest flight training school in the US. Although she just recently developing an interest in flying, Samantha has already taken one of the first important steps in obtaining a private pilot’s licence. “There were a myriad of unplanned events that brought me to this point. During preparation for an upcoming science competition my physics teacher mentioned a past student of hers who I believe majored in an aviation related field and she asked me if I ever thought of going into aviation. Being honest, I told her that it never occurred to me, because as a female when we are thinking of careers paths things like aviation are rarely mentioned. So I started doing some research and I fell

15-year-old sky school student passes private pilot’s exam in love with the fact that I could have a career in which I am paid to travel and see the world. That excited me the most, but it wasn’t until I took my first flight (during training) that I found myself so engulfed by all of the possibilities that I knew that I had to make this a career,” the 11th-grader told Tribune Woman. And with her father Samuel Austin Hepburn being a retired pilot and her mother Domicia cheering her on every step of the way, Samantha has all the support she needs. “When I was younger my father never pressured me into choosing a career in the aviation field. He was more interested in us finding our own fit in the world and what worked for us. However, when I first showed interest in aviation he thought I was joking and he didn’t take me serious because everyone who is close to me knows how I’m always starting something different no matter how crazy it sounds. But after summer started and he

Samantha Hepburn, 15, receives her exam results from a flight instructor at American Flyers in Orlando. saw that I was actually committed, everything just fell into place...My father inspires me to be different and know my worth, and to never count myself out. He inspires me to be better than he was and to be the best at whatever I choose to do,” she said. Samantha likened becoming a pilot to becoming medical doc-

tor, in that the journey there is long and arduous. But Samantha said she is up to the challenge and determined to see her dream realised. “The exam was just that an exam. It had a few questions that caused me to do a double take but overall it was a fairly good exam. The only challenging part was what I had to do in order to sit the exam. Being so young and a non-American citizen I had nothing in my name that fulfilled the requirements necessary. I didn’t even have a driver’s licence, so my mother had to vouch for me in order to take the exam. Thank God for mothers! “I remember being overjoyed when I got my results. I was ecstatic. I couldn’t stop smiling and thanking God for guiding me, but I only had about 10 minutes to bask in all my glory, then I was off on runway six ready to take off with my instructor. Although I do remember the awkward pictures my mother took of me when she heard the news, I think that she was more excited than I was,” Samantha said. The teen is fully aware how much responsibility the job of pilot brings with it.

“The training and testing is gruelling because it’s a life or death job. Persons place their lives in your care and when unexpected circumstances come up you are expected to know how to access and handle the situation. So far the theory part has been rough. Because even though I have already taken my written exam there is still more I need to know so I am constantly reading or revising whenever I get the chance. However, the practical part is amazing. The actual flying is a once-in-a-lifetime experience. Seeing the skies from the left seat of the cockpit is a different experience,” she said. Now that she has taken the first steps towards becoming a private pilot, Samantha needs to make some decisions about her future. “Now that summer has ended training can only happen when I have the spare time since school has started...We are currently making some decisions on where I should go to complete my training and with whom,” she said. After finishing school, Samantha said she hopes to obtain a full scholarship to college and get her private’s pilot licence.