09092016 business by tribune242

FRIDAY, SEPTEMBER 9, 2016

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Unions warned: Shed ‘old world mentality’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Stronger labour laws ‘diminish’ need for unions

Bahamian trade unions were yesterday urged to shed their “old world mentality”, a former Chamber chairman arguing that their value to worker protection had “diminished” due to stronger labour laws. Robert Myers, now a principal with the newly-formed civil society group, Organisation for Responsible Governance (ORG), called on unions to focus more on providing “added value” for their members. Rather than disrupting commerce with strikes, or threats of industrial action, and pushing

Ex-Chamber chief: Become ‘labour co-operatives’ Calls on unions to ‘add value’ for members for worker benefits that businesses will struggle to sustain, Mr Myers told Tribune Business

that Bahamian trade unions should restructure themselves into “labour cooperatives”. “The benefit of unions over the decades has diminished as the labour laws have improved,” Mr Myers told Tribune Business. “The better the Fair Labour Standards, the less need for unions. Unions were there to protect the worker, but that’s what the Fair Labour Standards are for.” Much of the Fair Labour Standards Act was incorporated into the current Employment Act when it was repealed, with the latter coming into effect in 2001. The latter legislation has See pg b5

Bahamas First has unveiled a 94 per cent year-over-year increase in first half profits, although this was driven largely by a $4 million gain in the value of its investment holdings. The property and casualty insurer saw the unrealised gain in the value of its investment holdings, in both equity and debt securities, jump by 1,648 per cent to $4.264 million at end-June 2016 compared to just $243,946 the year before. The investments that drove the increase were not disclosed in Bahamas First’s report to shareholders, and this also masked a 10 per cent year-over-year fall in its net underwriting income. This figure, which measures the performance of Bahamas First’s core insurance operations, fell to $11.446 million as at end-June 2016, compared to $12.658 million the year before - a more than $1.2 million decline. The fall resulted from a combi-

Driven by $4m gain in investment holding value But underwriting income falls 10% year-on-year Net claims rose 6% due to motor account nation of lower gross written premiums, which represents Bahamas First’s top-line revenues, and a 6 per cent increase in net claims incurred. Ian Fair, Bahamas First Holdings’ chairman, told shareholders: “Investment income during 2016 has exceeded both budget and prior year by significant amounts as a result of the sharp uplift in the value of our equity and international bond holdings, resulting in an unrealised gain of $4.3 million.” Besides the increase in the See pg b6

$1m cargo carrier ‘makes some waves’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Bahamian-owned cargo airline yesterday said it had “made some waves” since getting approval to enter the Florida market in January, and is now leveraging technology to expand its $1 million investment. Captain Christopher King, Junkanoo Air’s president, said the two-plane carrier was using its Bahamian knowledge and certifications to further its “competitive edge” over rivals. Apart from being authorised to transport hazardous materials, Junkanoo Air is employing the Internet and a planned electronic tracking system to attract customers to its service. “We want to take back some of the flights from foreign carriers,” Captain King told Tribune Business. “We’re open to offering our clients a little more than they can right now. “We have a competitive edge on our rivals. We have a more technically advanced system. Our clients are able to book cargo flights through the website, and are developing a live tracking system for customers to follow their shipments right through to Nassau, like UPS. That will give them more confidence in our ability.” Captain King added that his fledgling airline also planned to connect Nassau and the Family Islands, tak-

Junkanoo Air leverages technology to gain edge Plans cargo tracking system for clients Start-up aims for further expansion ing goods both ways. In particular, he emphasised that Junkanoo Air was offering to bring straw work and carvings from the Family Islands to Nassau and international markets, thereby enabling the Bahamian crafts industry’s growth. “In the not too distant future, we hope to acquire larger aircraft,” Captain King added, “something that can go the distance, take goods out of the country to nations such as Haiti and the Dominican Republic, and bring goods out. You have a lot of different nationalities here that want to send goods back to their families.” Junkanoo Air, which operates two Chieftain Navahoe aircraft, has been operational for just over one year. Yet its business received a major boost to its expansion plans in January, when the US Federal See pg b6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Government was yesterday urged by a former Contractors Association president to develop measures that will stop Bahamians “getting left holding the bag over and over again” on troubled foreign direct investment (FDI) projects. Stephen Wrinkle told Tribune Business that the construction industry, and wider Bahamian private sector, could not afford a future repeat of what happened in the Baha Mar impasse. Calling on the Government not to pass up the opportunity, the ex-Bahamian Contractors Association (BCA) chief said the construction industry had not only performed as requested, but effectively carried Baha Mar financially for 1518 months as a result of not being paid. See pg b4

Baha Mar and VAT ‘sucked’ $700$900m from the economy ‘Welcome Xmas present’ if some recovered Myers: Better if creditor process ‘more transparent’ But praises Govt for payout deal ‘if it’s done and fair’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Robert Myers

Bahamas First in 94% Don’t leave Bahamians first half profits jump ‘holding the bag’ again By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Govt urged: Use Baha Mar for policy changes But ex-BCA chief adds: ‘We got swing by Chinese’ Warns of ‘Herculean effort’ to finish Baha Mar

Stephen Wrinkle

Baha Mar and Value-Added Tax (VAT) have collectively “sucked” between $700-$900 million out of the Bahamian economy since 2015, a local businessman estimated yesterday, amid expectations that some funds may now be recovered. Robert Myers told Tribune Business that while he would have liked “more transparency” in relation to the Baha Mar claims process, and a broader committee to oversee it, the Government deserved some credit for getting the Chinese to finance the payouts. He added that “assuming” the payouts actually happened, and were done fairly, Bahamian businesses and the wider economy might recover at least some of the money that had been “lost” since January 1, 2015. Central Bank data shows that some $600 million in VAT revenues were collected by the Government in the first 11 months of the 2015-2016 fiscal year, coming on top of $182 million that was realised during the first five months of the 2015 calendar year. Although the combined $782 million is a gross figure, and some of this sum will have been either ‘netted-off’ or returned as VAT refunds and credits, Mr Myers estimated that with Baha Mar debts to Bahamian creditors ranging from $100-$160 million, between $700-$900 million had been removed from the Bahamian economy since New Year’s Day 2015. “Baha Mar sucked that money out of the economy. It’s tens of million, and possibly multiple tens of millions, but that money has gone,” Mr Myers told Tribune Business. “When you consider that, on top of the VAT money, there’s probably been $700$900 million taken out of the economy See pg B7

PAGE 2, Friday, September 9, 2016

Breaking the grip of workplace addiction Everyone has personal habits; some more than others. From gambling and sex to drugs and alcohol, addictions can become quite expensive for both the individual and the company

that employs them. Here are a few consequences of neglecting to address workplace addictions: * Tardiness/sleeping on the job * The after-effects of sub-

stance use (hangover, withdrawal) affecting job performance * Poor decision-making * Loss of efficiency * Theft * Lower morale among

co-workers * The increased likelihood of having trouble with co-workers/supervisors or tasks * A pre-occupation with obtaining and using substances, money or sex while at work, which interferes with attention and concentration * Illegal activities in the workplace, including the selling of illicit drugs to other employees * Higher turnover * Training of new employees * Disciplinary procedures * Premature death/fatal accidents * Injuries/accident rates * Absenteeism/extra sick leave * Loss of production Every workplace must create an environment where people can seek - and find - help for such addictions. Here is what you and your company can do to offer help: 1. Take action: Do not allow people to suffer alone. They are often unaware that they are in need of help, or

even how to source it. Reporting to human resources, and directly confronting the individual with love and compassion, is crucial to their full recovery. 2. Engage the employee in an Employee Assistance Programme. Creating such a programme (an EAP) is the most effective way to address alcohol and drug problems in the workplace. EAPs deal with all kinds of problems, and provide short-term counselling, assessment and referral of employees with alcohol and drug abuse problems; emotional and mental health problems; marital and family problems; financial problems; dependent care concerns; and other personal problems that can affect the employee’s work. 3. Establish policies and procedures that employees meet when they join the team. The company’s orientation programme, and all other training initiatives, should constantly direct employees to expectations regarding solicitation, substance abuse and other matters that might interfere

THE TRIBUNE

Ian ferguson with the proper functioning of the workplace. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

Bahamas to gain convention boost Bahamian dishes, such as conch fritters, conch stew and fried fish, were featured at a ‘Party in da Backyard’ Bahamian-styled event at the recent Shriners Annual Convention in Tampa, Florida. The annual convention is one of the organisation’s major events, and the Bahamas has been a major sponsor for the past few years. The Royal Bahamas Police Force band was also centre stage again. This year’s event featured

a Bahamas booth, where information on travel to this nation was shared with the thousands in attendance. The Bahamas booth also allowed attendees to learn about major events in the country, including sporting events, major cultural festivals and conferences such as the upcoming International Women’s Empowerment Summit (www.bahamasiwesummit.com), which takes place in Nassau during October. Linville Johnson, the

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Ministry of Tourism’s director for the African-American market, said the number of Bahamian attendees at this year’s Shriners convention was a bonus for the Bahamas. He explained that the large group of Bahamian members were excellent ‘ambassadors’ for this nation. “They are like a Bahamas ‘People to People Programme’ abroad,” he said. Mr Johnson added: “Although the Shriners have been holding some of their smaller meetings in the Bahamas over the years, they have upped the ante and this year have promised that some four to five of their events are scheduled to take place in the Bahamas over the next four years, with group movements ranging from 100 persons to 500.”

THE TRIBUNE

Friday, September 9, 2016, PAGE 3

Scotiabank affirms its Bahamas commitment By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

L to R at the Bahamas’ booth at the recent Black Enterprise Golf and Tennis Challenge: Charles Lightfoot, African-American Golfers Hall of Fame, and executive with the Brooklyn Junior Autistic Golfers Academy; Avis Brown Riley, organiser of the Avis Brown Riley Golf Extravaganza; Malachi Knowles, founder of the AAGHF; Linville Johnson, Ministry of Tourism, director of African-American market; Jeannie Gibson, manager, Ministry of Tourism’s global communications; and Bridgette King, Ministry of Tourism’s senior director.

Bahamas markets Women’s Summit The Bahamas promoted the International Women’s Empowerment Summit (IWES), which will be held in Nassau on October 2021, at the recent Black Enterprise Golf and Tennis Challenge in Palm Beach, Florida. Registrants for the event were provided with literature and information on the upcoming IWES Summit. The event, to be held at Atlantis, will provide an opportunity for women to network and learn from some of their most powerful and successful counterparts. Linville Johnson, the Ministry of Tourism’s director for the AfricanAmerican market, said he has been pursuing relationships and partnerships with key African-American organisations. “The opportunity to meaningfully promote our event at their signature golf outing is a major step towards establishing and cementing a great partnership between our two organisations - Black Enterprise and the Bahamas,” he said. Mr Johnson added that Black Enterprise was one of America’s most affluent organisations, and responsible for the education, empowerment and enrichment of African-Americans in business and personal development, plus education and entrepreneurship. He said: “We are now looking to Black Enterprise to work with us even further to the degree where we will see them hosting some of their events in the Bahamas, such as this golf outing - which, of course, we can easily host at one of our top PGA certified golf courses.” In addition to promoting IWES, the Bahamas

also provided golfers with special Bahamas-branded caps, as well as other giveaways and information on the Bahamas. The Ministry of Tourism team members joining Mr Johnson at the event included Bridgette King, senior director; Jeannie Gibson, manager, global communications; and Angelika Cartwright, manager, golf.

Scotiabank’s district head of for the north Caribbean has pledged that the institution is “committed to the Bahamas”, as it kicked-off its 60th anniversary celebrations. During a brief ceremony at the bank’s Rawson Square branch, attended by government officials, industry executives, longstanding customers, community leaders and bank personnel, Sean Albert said Scotiabank’s presence in the Bahamas started in 1956 with its first branch on Bay and Charlotte Street. “Scotiabank is Canada’s most international bank with a footprint across 55 countries,” he said. “We have very strong roots in the Caribbean, having been here for over 125 years. “During this time we have demonstrated our commitment to our communities for the long-term.

JOB OPENING Needed immediately experienced Nurses to work in Operation Theatre. Must have a good employment background, must possess a Bachelors Degree in Nursing, must have Operating Theatre experience and must be licensed in the Commonwealth of the Bahamas. For immediate consideration, please send your resume to: PHYSICIANS ALLIANCE LTD. P.O. BOX EE-17022 #31 COLLINS AVE. NASSAU, BAHAMAS FAX: (242) 326-8874

WANTED 1 Sales Person Needed • 3 years experience • Computer literate • Works well with others. Forward resume with references and police record to email:

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The bank’s journey in the Bahamas began in 1956. Over the years, Scotiabank in the Bahamas has evolved into a strategic network of branches and ATMs across the country, offering a complete range of retail, commercial and wealth products and services. “Scotiabank is committed to the Bahamas, to providing comprehensive financial services, and being a good corporate citizen by helping Bahamians become better off.” Mr Albert added that Scotiabank’s community donations exceed $300,000, while employees spend over 3,000 total hours volunteering their time and energy to charitable works.

Michael Halkitis, minister of state for finance, said: ”Over the past few years we have all faced our challenges. The economy has, banks have and the Government has. “We believe that we have come through tremendous challenges in relatively good shape, and believe that the future is indeed bright for this country, as we project that our country

will begin to turnaround and we will be able to see tangible benefits for our people.”

to advertise today in the tribune call @ 502-2394

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.

Job Opportunity: BOTANIST – Leon Levy Native Plant Preserve (Eleuthera)

POSITION DESCRIPTION: The Botanist will provide advice and guidance to advance the Leon Levy Native Plant Preserve (LLNPP). This will involve on and off site management on the development and improvement of trails, general program and visitor experiences and special project development. The position involves on and off site work on plant identification and signage, improvements to site diversity, and general site development, including training and mentoring of staff. The position will continue development of content for Eleuthera Plants on-line database for the Preserve Website. This will include the development of scientifically accurate descriptions and digital images of species that occur at the LLNPP, Eleuthera, and the Bahamian Archipelago. The position will liaison with the New York Botanical Garden, Fairchild Tropical Garden and other relevant international botanical institutions. The Botanist will also act as coordinator and supervisor for plant collecting expeditions throughout the islands of the Bahamas. Qualification and Experience M.S. In Botany, Biology or related field 5 Years minimum experience infield Proficiency in MS Office suite Strong organizational and time management skills Excellent oral and written communication skills To Apply: Send CV to P O Box N 4105, Responses will only be communicated to those persons meeting all qualifications. Deadline to apply – September 15, 2016

PAGE 4, Friday, September 9, 2016

Don’t leave Bahamians ‘holding the bag’ again From pg B1

the Government does not adopt policies to prevent this situation reoccurring with Bahamian contractors and suppliers,” Mr Wrinkle told Tribune Business. “There’s no reason for us to get left holding the bag on these foreign direct investment projects, and it happens over and over again.” While Mr Wrinkle suggested no specific measures or policies himself, there have been past calls - particularly from the trade unions - for foreign investors/ developers to be required to lodge performance bonds or a similar type of security. These funds, which would be placed in escrow, could be used to compensate Bahamian creditors should the developer flee the Bahamas and leave no assets behind in this nation to claim against. Some 123 Bahamian contractors are said to be owed a collective $74 million for work performed on Baha Mar, and recovering this sum is not as straightforward as it first appeared. While those contractors employed directly by Baha

Mar and its companies will be able to submit compensation claims via the process announced by the Government, those hired by the project’s main contractor, China Construction America (CCA), must negotiate directly with it for monies owed. Mr Wrinkle told Tribune Business on Wednesday that based on CCA’s past performance in dealing with Bahamian contractor claims, the prospects of its former sub-contractors receiving what they are owed has “diminished substantially”. He urged those contractors whose claims fell into the ‘CCA pool’ to unite, form a group and prepare to take legal action against the Chinese contractor in the Supreme Court if they were dissatisfied with the compensation owed. “You know the saying: ‘We get swing’. There it is. We got swing by the Chinese,” Mr Wrinkle told Tribune Business. “I’m so glad I got out of it [working on Baha Mar[]. “The reason Bahamian contractors got more and more involved was because Baha Mar was not satisfied with the quality of work

NOTICE

SAPURAKENCANA ENERGY VIETNAM (CUU LONG) INC. Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 16th day of August A.D., 2016. Dated the 9th day of September, A.D., 2016. Kirvy Ferguson Liquidator of SAPURAKENCANA ENERGY VIETNAM (CUU LONG) INC.

NOTICE

from CCA, and the productivity from CCA. “That’s why they aggressively moved to take back packages of work that could be returned back to the Bahamian contractors. They [Baha Mar] formed a direct relationship with Bahamian contractors, and they were able to finish 97 per cent of the work.” In contrast, Mr Wrinkle said CCA “never fully mobilised the site with skilled workers”, and never met any of the deadlines it agreed to for completing Baha Mar on time and on budget. Expressing concern that CCA had not been held to account for its alleged failings, which many believe contributed directly to Baha Mar’s missed opening and year-long impasse, the ex-BCA president added: “CCA never finished the contract. “It’s [the claims process] great for people who worked for Baha Mar, but CCA has done nothing in terms of completing the performance of the contract works. “I’m afraid the Bahamian contractors will have to take it to court. If the Government couldn’t negotiate with them [CCA] to settle it, how do you think the contractors are going to negotiate with them?

The contractors have been left with no representation whatsoever to settle these accounts.” Prime Minister Perry Christie, in unveiling the agreement with the China Export-Import Bank, Baha Mar’s secured creditor, for the project’s construction completion, said CCA had to compensate its subcontractors and vendors as part of the deal. “China Construction will finish the works, and will resolve outstanding claims with its suppliers and subcontractors,” Mr Christie said that night. “Going forward, many of the same people and companies who were previously contracted will be re-engaged to complete the project.” Typically, few details were provided, and there was nothing from the Prime Minister to indicate that there will effectively be two claims recovery processes one for Bahamian creditors of the Baha Mar group of companies, and another for CCA’s sub-contractors and vendors. The Government’s view is that because CCA (Bahamas) and its parent are solvent, with their own assets, they will be able to satisfy creditor claims from their own financial resources. And creditors will also

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MELISSA LIANSHA APRIL FALCON née SAWYER of Pennsylvania, U.S.A. intend to change my name to MELISSA L. A. SAWYER FALCON. 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

SAPURAKENCANA ENERGY VIETNAM (MALAY THO CHU) INC. Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 16th day of August A.D., 2016. Dated the 9th day of September, A.D., 2016.

EXXONMOBIL CHINA (ORDOS) LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of August A.D., 2016. Dated the 9th day of September, A.D., 2016. T.J. Frink Liquidator of EXXONMOBIL CHINA (ORDOS) LIMITED NOTICE

IN THE ESTATE OF JAMES EMMANUEL FORBES late of Sandford Drive in the Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before the 28th day of October, A.D. 2016, after which date the Executrix will proceed to distribute the assets having regard only to the claims to which she shall then have had notice. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. MERIDIAN LAW CHAMBERS Attorneys for the Executrix Chambers, P.O.Box N-168, East Bay Shopping Center, East Bay Street, Nassau, Bahamas.

Kirvy Ferguson Liquidator of SAPURAKENCANA ENERGY VIETNAM (MALAY THO CHU) INC. NOTICE

SAPURAKENCANA ENERGY VIETNAM (NAM CON SON) INC. Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 16th day of August A.D., 2016. Dated the 9th day of September, A.D., 2016. Kirvy Ferguson Liquidator of SAPURAKENCANA ENERGY VIETNAM (NAM CON SON) INC. NOTICE

THE TRIBUNE

have legal recourse if they are dissatisfied with the settlement on offer. While suggesting that this week’s revelations had raised questions about the Prime Minister’s promises on compensation, Mr Wrinkle conceded that the Government had been left with little choice if it was to complete Baha Mar and get the project open. Accomplishing this, he added, was now the main objective for both the Christie administration and wider Bahamas, with the ex-BCA president warning that it will require “a Herculean effort”. “At this point in the game, it’s basically irrelevant who finishes it. The Government is at a terrible disadvantage in trying to get it finished anyway they can,” Mr Wrinkle told Tribune Business. “It’s an extremely difficult situation at Cable Beach. Nobody knows the extent of the remediation works. That has to be considered too. There’s probably a lot more than meets the eye to get this place finished.” Mr Christie previously estimated that Baha Mar’s construction completion would cost around $600 million, but this figure is likely to have increased,

given that the resort properties will have deteriorated in the 15 months since the original developer filed for Chapter 11 bankruptcy. And Mr Wrinkle said the fall-out from Baha Mar’s initial demise, with unhappy guests and a tarnished reputation, meant it may be difficult for any buyer to attract top-notch hotel and casino brands as operators. He added that significant pre-opening expenses would be incurred, especially for staff recruitment, training, marketing and rebranding, potentially taking the cost of completing and opening Baha Mar to $1 billion or more. “There’s a lot of things to happen before we receive guests at this facility,” Mr Wrinkle said. “It’s a really Herculean effort. “It’s sad they dismissed Mr Izmirlian from this game. The one man who knew all the moving parts has been totally dismissed. They’re [the Government] trying to juggle a bag of marbles to make it work. It’s going to be very difficult to make it happen.”

NOTICE

NOTICE is hereby given that devon scott of Clarke Lane, 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 2nd day of september, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, TABBY NARISSA MILLER of Pine Yard Road, in the East Wind Gates Sudivision, Eastern District, New Providence, Bahamas intend to change my name to TABITHA NARISSA MILLER. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that we, SHANTEL BUTLER of Williams Lane, Kemp Road and STANLEY LIGHTBOURN of Reeves St. Fox Hill, P.O.Box N-4655, New Providence, Bahamas, parents of PRECIOUS STANLEAH SHANDIKA BUTLER intend to change our child’s name to STANLEAH SHANDIKA PRECIOUS LIGHTBOURN. 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 International Business Companies Act (No. 46 of 2000) TINSULA LTD. Registration Number: 165046 B (In Voluntary Liquidation) Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) TINSULA LTD. commenced voluntary liquidation on 6th day of September, 2016. Any person having any claim against TINSULA LTD. is required on or before the 6th day of October, 2016 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved. GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of TINSULA LTD. GSO Corporate Services Ltd. Liquidator NOTICE International Business Companies Act (No. 46 of 2000)

EXXONMOBIL CHINA (SICHUAN) LIMITED Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 18th day of August A.D., 2016. Dated the 9th day of September, A.D., 2016.

T.J. Frink Liquidator of EXXONMOBIL CHINA (SICHUAN) LIMITED

ROSE ISLAND VILLA HARBOUR RESORTS, LTD. Registration Number: 158608 B (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) ROSE ISLAND VILLA HARBOUR RESORTS, LTD. commenced voluntary liquidation on the 25th day of August, 2016. Any person having any claim against ROSE ISLAND VILLA HARBOUR RESORTS, LTD. is required on or before the 26th day of September, 2016 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved. GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of ROSE ISLAND VILLA HARBOUR RESORTS, LTD. GSO Corporate Services Ltd. Liquidator

THE TRIBUNE

Friday, September 9, 2016, PAGE 5

Unions warned: Shed ‘old world mentality’ From pg B1 been strengthened several times since. “I know they’re not going to like hearing that,” Mr Myers said of the likely trade union reaction to his comments, “but I’m telling them where they’re benefits are. “If unions are out there training their members, making them more efficient and better educated, that’s great, but I don’t see much of that. “That’s what they should be doing, acting as a labour co-operative operated on behalf of their members, getting them insurance benefits, providing them with greater education and value for money,” the ORG principal urged. “Get them bulk prices on various products and services. There’s plenty of opportunity for unions, but they need to start shifting from an old world mentality to a new world mentality.” Mr Myers said the “new world mentality” required Bahamian trade unions to raise their horizons, and focus on the greater good of this nation, rather than the narrower interests of just themselves and their members.

“I’d encourage unions to start taking a national approach as opposed to a union approach,” he explained to Tribune Business. “Be more holistic in your views and the services provided. “Unions should provide value to their members, just like businesses have to provide value to their customers. The world is about agitating for change that’s going to benefit the nation, and not necessarily the politicians, the unions or the private sector, but move the country forward.” Workplace relations in the Bahamas have periodically been stormy, especially where government corporations and agencies are concerned, with trade unions often able to get their way against governments concerned about general election votes. In a bid to develop more harmonious labour relations, the National Tripartite Council - featuring representatives from the private sector, trade unions and the Government - has been formed as the body that will address all workplace-related issues and legislation in the Bahamas. However, the Government’s latest proposed labour law reforms, which

many view as a “knee jerk” response to Sandals’ termination of its 600-strong workforce, has aroused immediate controversy - especially among the private sector. The Christie administration wants to make it mandatory for employers to provide two months’ (60 days) notice to itself and the relevant bargaining agent (trade union) whenever they are about to make 10 or more workers redundant, with failing to do so becoming a criminal offence. And, joining this proposal in the “emergency legislation” the Government wants to bring to the House of Assembly by September 30, the Government also wants to remove the Employment Act’s existing ‘12-year cap’ on severance/ redundancy pay. The legislation has yet to be discussed by the Tripartite Council, but the trade unions have used the Sandals situation to push the Government to address numerous outstanding grievances, and are warning that they will “shut the town down” unless their demands are met.

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Notice from the Claims Committee for Creditors of Baha Mar Ltd. and its Affiliates 9 September 2016

Frequently Asked Questions and their responses have been provided to assist creditors. Additional concerns can be forwarded to info@claimsspv.net.

GN-1794

Major firm in the financial and legal services industry invites applicants for the function of:

Corporate Administrator Successful candidate will: • have responsibility for preparation of incorporation documentation, filings with the Registrar of Companies, maintaining corporate records, preparation of directors and shareholders’ resolutions and other related documentation • prepare all post incorporation documentation: o Minutes, Notices, share transfers and share certificates, bank opening forms, etc. o updating and maintaining the corporate system in relation to companies to which the firm provides registered offices o general secretarial duties Good typing and organization skills required. Ability to work independently is essential. Proficiency in Microsoft Office Suite is required. Minimum 3 years’ experience preferred.

Reply in confidence to: corpvacancy1@gmail.com

finance, we will have less GDP growth, and that affects us all. There are less homes and businesses to be built, fewer jobs. It hurts us everybody.” Mr Myers said the Bahamas appeared to be a country that was ‘locked into’ its status quo which, with other countries making progressive reforms, meant this nation was losing ground on its competitors. “Doing nothing is like moving backwards. It’s the same effect,” he told Tribune Business. “We have to improve. We have to be a

country that improves in Government, improves in the private sector, improves the education system, improves our thinking. “That’s why Singapore has jumped ahead by leaps and bounds. It’s continually challenging itself. That’s how New Zealand was able to pull itself out of a recessionary period. It reinvented itself, and is continually changing and evolving. “We’re not. We’re stuck in time, and it’s just like moving backwards.”

ACCOUNTANT Bank And Trust Company seeking a candidate for the position of Accountant. RESPONSIBILITIES • Direct responsibility for bank and investment reconciliations, • Data preparation, input maintenance and upkeep of the general Ledgers of client companies, trusts and other structures, including preparation of related yearly financial statements and periodic cash flow analyses. • Assist the Manager, as required with the preparation of monthly and quarterly financial statements.

KNOWLEDGE/SKILLS REQUIRED: • • • • • • • • •

3-5 years’ experience with a Bachelor’s degree in accounting or related field Strong oral and written communications skills Basic knowledge of banking and investment products and their application in overall management and administration of wealth Working knowledge of accounting concepts and their applications Ability to identify potential risk issues and solutions and to communicate these effectively to senior management Excellent time management, organization and administrative skills Strong analytical and problem-solving skills Strong PC skills Strong interpersonal skills and excellent team player

Interested candidates should forward a copy of their resume to:

The Website established for Creditors to submit claims has been launched. The Website address is www.claimsspv.net. The Claims Form must be downloaded and the signed, completed form returned by email to: info@claimsspv.net. Former employees do not need to complete a Claims Form, as their claims will be dealt with separately and speedily.

Salary commensurate with experience and qualifications Only short-listed applicants will be contacted

Speaking out amid this volatile atmosphere, Mr Myers said too many Bahamians generally were resistant to change because it did not benefit their own, narrow interests. “They’re resistant to change because they benefit from it. They benefit from the status quo,” he told Tribune Business. “While they may benefit from the status quo, the nation gets left behind. And if that happens, we all suffer. “If we have less tourism, less foreign direct investment, less banking and

Human Resources P.O. Box N-9834 Nassau, Bahamas

PAGE 6, Friday, September 9, 2016

Bahamas First in 94% first half profits jump From pg B1 unrealised value of its investments, Bahamas First also experienced an 8 per cent increase in actual investment income, which jumped from $1.086 million to $1.178 million. Detailing the forces impacting Bahamas First’s core general insurance business, Mr Fair said increased competition was continuing to pressure premium rates being levied on consumers. “The present insurance market conditions for property and casualty insurers and intermediaries in both

From pg B1 tion Administration (FAA) gave it permission to start flying into Florida. The airline now makes at least one flight a day into the so-called ‘Sunshine State’, with Captain King a 16-year aviation industry veteran, who has been flying for 12 of them - saying business to-date had exceeded expectations. “I was just really looking at the models that were out

there, and thinking of new ways to better cargo services,” he told Tribune Business of the motivation for starting his own company. “To me, they were not adequately serviced, and most of the airlines that bring cargo here are foreign. “Business has been fairly decent. Right out of the gate, everyone was pretty much driven to the new business. We’ve been able to make some waves in the market.

“In April of this year, our Cayman subsidiary paid dividends totalling $1.4 million of which 87.65 per cent inured to our benefit,” Mr Fair added. “Cayman First continues to perform well contributing $1.25 million towards the group’s comprehensive income, a 37 per cent improvement over the prior year. “The group’s equity attributable to owners of the parent increased to $61.2 million, compared to $54.6 million at June 2015, primarily as a result of the operational earnings generated during the period,” he continued. “The group’s return on equity for the 12 months ended June 30, 2016 stands

to help mitigate the effect of rate reductions. “Net premiums written and earned declined by 6 per cent due to our intentional reduction in the retention of the motor/liability account.” Mr Fair said all Bahamas First’s business lines had produced improved claims ratios compared to 2015, apart from its Bahamian auto portfolio. “The motor line experienced an elevated loss ratio owing to adverse developments on a few prior year claims, primarily contributing to a 6 per cent increase in net claims incurred,” the Bahamas First chairman wrote. “As a result of the aforementioned, the group’s net

underwriting income decreased by 10 per cent to $11.4 million.” As a result of all this, Bahamas First’s total comprehensive income increased from $3.033 million to $5.878 million year-overyear. Mr Fair said Bahamas First had contained operating expenses, which grew by just 1 per cent during the 2016 first half, hitting $11.011 million compared to $10.955 million the year before. He added that Bahamas First’s expense ratio was set to improve during the 2016 second half, due to the company redeeming 50 per cent of its Series 1 Corporate Bonds - some $3.75 million - in July.

“For a start-up, we weren’t expecting this. It really has exceeded our expectations, but that’s a driving force for us to do even better.” Prior to getting its US approvals, Junkanoo Air was providing cargo services around the Bahamian islands, and also to nations such as Haiti and Turks & Caicos. Captain King said the company was seeking business from both the Bahamian public and local freight forwarders, and looking to exploit its ability to directly service the Family Islands.

Consumer borrowing grows by $17.7 billion in July

Bahamas and Cayman are best characterised by intense competition, leading to price reductions,” he confirmed. “Rates in our property class of business continue to decline relative to the prior year, resulting in a 5 per cent reduction in gross premiums written. “Fortunately, the benefit of a higher level of incoming base commissions (5 per cent increase), coupled with a decline in our own cost of reinsurance protection (14 per cent decrease), has resulted in additional income

$1m cargo carrier ‘makes some waves’

THE TRIBUNE

WASHINGTON (AP) — American consumers increased their borrowing in July, though the category that includes credit cards grew at the slowest pace since February. The Federal Reserve said Thursday that consumer borrowing rose by $17.7 billion in July, up from a $14.5 billion increase in June. Revolving credit, which

covers credit cards, rose by $2.8 billion, down from $9.2 billion in June and least since February’s $2.2 billion. The category that includes auto and student loans increased by $14.9 billion, up sharply from June’s $5.4 billion gain. Consumer spending accounts for about 70 percent of U.S. economic activity and was one of the few sources of strength

at 17.4 per cent, on track to exceed our 2016 budget.” Breaking down Bahamas First’s results by geographical location, its Bahamas business suffered a 3.7 per cent drop in gross written premiums during the 2016 first half, falling from $46.794 million to $45.065 million. As a result, net underwriting income for the Bahamas operation fell by almost $1 million or 12.3 per cent to $7.095 million, compared to $8.09 million in 2015. However, with the investments boost, the Bahamas’ bottom line contribution more than doubled yearover-year, leaping from $1.969 million to $4.437 million.

in the first quarter, growing at a 4.4 percent annual pace while the overall economy expanded just 1.1 percent. Consumers have been encouraged by a solid labor market. Employers have added 204,000 jobs a month over the past year —though they added just 151,000 in August — and the unemployment rate is a healthy 4.9 percent.

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MARKET REPORT THURSDAY, 8 SEPTEMBER 2016

J SAFRA ASSET MANAGEMENT LIMITED t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,940.74 | CHG -1.66 | %CHG -0.09 | YTD 116.79 | YTD% 6.40 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 9.00 11.00 8.20 6.90 12.25 11.00

52WK LOW 2.47 17.43 9.09 3.15 2.17 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 2.41 0.12 6.47 8.50 5.83 10.27 14.00 2.55 1.55 5.80 8.77 10.95 8.17 6.60 11.93 10.00

CLOSE 4.05 15.85 9.09 3.50 2.17 0.12 6.47 8.50 5.83 10.27 14.00 2.54 1.55 5.80 8.77 10.95 8.17 6.60 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 -0.24 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

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

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

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

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

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

115.27 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.45 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

2,000

400

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 19.0 26.5 27.0 9.3 11.4 14.3 11.4 12.6 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% 3.51% 4.36% 2.36% 2.58% 4.14% 3.14% 0.00% 3.43% 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

Notice is hereby given in accordance with Section 137 (8) of the International Business Companies Act, 2000, the Dissolution of J SAFRA ASSET MANAGEMENT LIMITED has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was 6th June 2016.

NOTICE A Divorce Petition has been filed by Satory & Associates, Attorneys for the Petitioner, DENNIS CHRISTOPHER DAMES II, seeking a Declaration that the marriage celebrated between Dennis Christopher Dames II and Shavanny Arel Dames (nee Archer) be dissolved. Shavanny Arel Dames (nee Archer) the Respondent may apply to the Registry of the Supreme Court of the Commonwealth of The Bahamas, Bank Lane, Nassau, Bahamas or to the Chambers of Satory & Associates, Unit #3, Professional Centre, Caves Village, West Bay Street, Nassau, Bahamas for a copy of the Petition as filed in the matter. If within Twenty-one (21) days she has not communicated with the Registry or the said Chambers the Court may hear and determine the matter in her absence. SATORY & ASSOCIATES Attorneys for the Petitioner

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

Friday, September 9, 2016, PAGE 7

Baha Mar and VAT ‘sucked’ $700-$900m from the economy From pg B1 [since] 2014. That’s a lot of money. That explains why we’ve had negative GDP growth for the last two years. “Between VAT and Baha Mar, they blew the economy up. There was no disposable income. If there’s no disposable income, everything stops. People stop spending, and eventually business will grind to a halt.” Mr Myers said that even if Baha Mar creditors recovered just a portion of what they are owed, it would provide a significant economic stimulus and a potentially “welcome Christmas present” for many. While suggesting that the claims adjudication and payout process could have been structured better, the former Chamber of Commerce chairman said the Christie administration was to be commended if creditors were to receive compensation. “I’d like to have seen a lot more transparency and a broader base to the committee,” Mr Myers told Tribune Business. “But based on what’s been said, we should be OK. “We should be paid everything, which will be a welcome Christmas present at a time we need it. We’re certainly under $500,000.” Mr Myers’ business, Caribbean Landscaping, is among the Baha Mar creditors, owed around $200,000. James Smith, the former minister of state for finance, who is a member of the payout committee, has said creditors owed $500,000 or less should be compensated in full.

“Ideally, that committee should have had somebody from the Bahamian Contractors Association, somebody from the Chamber of Commerce, somebody from Baha Mar on it,” Mr Myers added. “And the process should have been transparent. What’s good for one is good for all.” He argued that creditors owed $500,000 or more should have been given more certainty about how much they were likely to recover, suggesting that they should have been supplied with percentages based on the amounts they were claiming. Mr Myers also suggested that the various creditor classes - the former Baha Mar employees, and contractors and vendors - should receive their payouts at the same time. While the committee is hoping to conclude all payouts to the 2,000-plus former staff by end-September, thereby dealing with around 90 per cent of Baha Mar’s creditors, it is targeting yearend to have dealt with all others. Mr Myers, though, argued that paying everybody at the same time would demonstrate fairness, and ease fears that some creditors were being given preferential treatment. “That will take out a lot of the flak and the stress that the Government is going to take,” he told Tribune Business. “If you start trickling payments out to people”, they are going to start criticising. Mr Myers also conceded that Bahamian sub-contrac-

tors and suppliers of China Construction America (CCA), Baha Mar’s main contractor, had “no guarantees” that they will be paid. While Prime Minister Perry Christie said CCA would compensate them as part of the deal to complete Baha Mar’s construction, these Bahamian creditors will not participate in the claims process, and will have to instead negotiate their compensation directly with the Chinese state-owned contractor. However, given that the China Export-Import Bank, Baha Mar’s secured creditor, is under no obligation - legal or otherwise - to make “about $100 million” available to compensate Bahamians for the development’s debts, Mr Myers said the Government had likely secured the best deal it thought possible. “I must say that the Government should be com-

mended for negotiating that, because it’s a bloody mess,” he told Tribune Business. “It’s taken for ever, but we have to be thankful we’ve got the Chinese to do this thing, because it’s tens of millions that have been sucked out of the economy that might get put back in. “Assuming it’s actually done and it’s fair, hats off to them. They [the Government] deserve credit for that.” Some observers, though, may question whether the Government obtained the best possible deal for Baha Mar’s Bahamian creditors. They will likely point to the offer by original developer, Sarkis Izmirlian, to make all of them and the China Export-Import Bank whole, which was neither accepted by the Christie administration nor the Chinese.

NOTICE International Business Companies Act No.45 of 2000

Baha Mar Resort Development

LEGAL NOTICE NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), JMBA INVESTMENT FUND LTD. (the “Company”) is in dissolution. The date of commencement of the dissolution is September 8th, 2016. Guilherme Kodja Tebecherani is the Liquidator and can be contacted at R Waldomiro Silveira 8, AP 31, Cabreuva, CEP 11055 - 150, Santos, São Paulo – SP, Brazil. All persons having claims against the abovenamed Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before October 7th, 2016. Guilherme Kodja Tebecherani Liquidator

INGOLSTADT LTD. Company No. 240099 (In Voluntary Liquidation)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of AAM Investment Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 17th day of August, 2016.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that INGOLSTADT LTD. is in voluntary liquidation. The voluntary liquidation commenced on 7th September, 2016 and Dr. Oliver Nesensohn of Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein has been appointed as the Sole Liquidator.

Luciane Ribeiro Moreno Liquidator

Dated this 7th day of September, 2016 Sgd. Dr. Oliver Nesensohn Voluntary Liquidator

NOTICE PONTS DE MARTEL LTD. In Voluntary Liquidation

NOTICE KAYLANE PARK LIMITED In Voluntary Liquidation

RUGGLES GROUP LTD. Company No. 600444 (In Voluntary Liquidation)

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, PONTS DE MARTEL LTD. is in dissolution as of September 7, 2016

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, KAYLANE PARK LIMITED is in dissolution as of September 7, 2016

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

LIQUIDATOR ______________________

Dated this 4th day of August, 2016 Sgd. Dr. Bernhard Lorenz Voluntary Liquidator

NOTICE

ABANCAY INVEST LTD.

MURMILLO INVEST LTD.

GOLDANTILOP LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Murmillo Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 22nd day of August, A.D., 2016

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Goldantilop Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 22nd day of August, A.D., 2016.

Dated the 8th day of September, A.D., 2016

AAM Investment Fund Ltd. (the “Company”)

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Abancay Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 22nd day of August, A.D., 2016. Dated the 8th day of September, A.D., 2016 Beatus Limited Liquidator

Beatus Limited Liquidator

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that RUGGLES GROUP LTD. is in voluntary liquidation. The voluntary liquidation commenced on 4th August, 2016 and Dr. Bernhard Lorenz of Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein has been appointed as the Sole Liquidator.

Beatus Limited Liquidator

PAGE 8, Friday, September 9, 2016

THE TRIBUNE

US stock indexes notch modest losses; oil prices surge By AP Business Writer A slide in technology and consumer-focused companies helped pull U.S. stock indexes modestly lower Thursday, offsetting strong energy sector gains. A broad swath of retailers, from department stores to fast-food chains, also notched losses, while most of the big gainers were oil production and drilling companies. They got a boost from a report indicating fuel stockpiles fell precipitously last week. The price of U.S. crude also jumped on the report, and closed nearly 5 percent higher. U.S. bond yields also surged, as traders reacted to the European Central Bank’s decision to leave its key interest rates unchanged and hold off on extending a stimulus program. Still, in the absence of any major new economic data, the stock indexes continued

a recent pattern of mostly sluggish trading. “It’s been many, many days since we’ve had a substantive move either to the upside or the downside in the market,” said Erik Davidson, chief investment officer for Wells Fargo Private Bank. “It still feels like a holiday week.” The Dow Jones industrial average lost 46.23 points, or 0.3 percent, to 18,479.91. The Standard & Poor’s 500 index slid 4.86 points, or 0.2 percent, to 2,181.30. The sell-off in technology stocks weighed on the Nasdaq composite index, which fell 24.44 points, or 0.5 percent, to 5,259.48. The tech-heavy index set alltime highs on Tuesday and Wednesday. Apple slid 2.6 percent a day after the consumer electronics giant introduced its newest slate of products, including a new iPhone that doesn’t come with an analog headphone jack. The

stock shed $2.84 to $105.52. Investors also got a dash of tech sector deal news. Hewlett Packard Enterprise agreed to spin off part of its business software unit to Micro Focus in a deal valued at $8.8 billion. The pact calls for HP Enterprise to remain majority owner of the new company. Shares in HP Enterprise slid 71 cents, or 3.2 percent, to $21.38. Separately, Intel said it will spin its cybersecurity business into a new company called McAfee for $3.1 billion in cash. Private equity firm TPG will invest $1.1 billion in the new company and own a majority stake. Intel slipped 2 cents to $36.44. All told, technology stocks were the biggest decliner in the S&P 500, shedding 0.9 percent. The sector is up 9.1 percent this year. “The tech sector has been strong and outside of today continues to be strong,” said Willie Delwiche, an invest-

a sign for Wall Street carved into the side of a building in New York. European stock markets dipped yesterday, while the euro struck two-week highs against the dollar after the European Central Bank left its key interest rates unchanged and decided against extending the duration of its bond-buying stimulus program. (AP Photo) ment strategist at Baird. Investors hammered retailers Tractor Supply and Pier 1 Imports. Tractor Supply slumped 16.9 percent after the farming and hardware goods retailer said its business is be-

ing hurt by poor economic conditions in rural, energyproducing areas where it does most of its business, and other factors. The stock was the biggest decliner in the S&P 500 index, shedding $14.15 to $69.38. Pier 1 Imports tumbled 15 percent after the home decor retailer gave weak quarterly guidance and said its president and CEO will leave the company at the end of the year. The stock slid 72 cents to $4.08. Several oil drilling and production companies rose on the latest oil stockpiles figures, pushing the S&P 500’s energy sector 1.7 percent higher. The sector is up 17.4 percent this year. Chesapeake Energy rose 93 cents, or 13.7 percent, to $7.74, the biggest gainer in the S&P 500 index. Diamond Offshore Drilling gained $1.43, or 9 percent, to $17.40. Murphy Oil climbed $1.90, or 6.8 percent, to $29.75. Traders also bid up crude oil prices. Benchmark U.S. crude rose $2.12, or 4.7 percent, to close at $47.62 a barrel in New York. Brent crude, used to price international oils, gained $2.01, or 4.2 percent, to $49.99 in London. The news out of the European Central Bank helped ease demand for U.S. bonds, driving their prices

lower and pushing yields higher. The yield on the 10year Treasury rose to 1.60 percent from 1.54 percent late Wednesday. “They’re not adding more stimulus, and that maybe makes people feel less like they need to pile into U.S. bonds,” said Delwiche. At a news conference, ECB President Mario Draghi seemed relatively confident about the economy and less inclined to hint at more stimulus than some analysts had expected. He urged governments to do their part. Despite Draghi’s more confident tone, the ECB will have to take more stimulus action at its October or December meetings, analysts said. News of the ECB’s decisions weighed on most of Europe’s major stock indexes. Germany’s DAX fell 0.7 percent, while France’s CAC-40 declined 0.3 percent. The FTSE 100 index of leading British shares rose 0.2 percent. Earlier, some markets in Asia closed higher following a report showing that imports rose in China last month for the first time since late 2014, while a contraction in exports narrowed. The Hang Seng index in Hong Kong gained 0.8 percent. Seoul’s Kospi added 0.1 percent, while India’s Sensex rose 0.3 percent to 29,006.18. Japan’s Nikkei 225 index fell 0.3 percent. In other energy trading, wholesale gasoline rose 7 cents, or 5.2 percent, to $1.42 a gallon. Heating oil added 6 cents, or 3.9 percent, to $1.48 a gallon. Natural gas rose 13 cents, or 4.9 percent, to $2.81 per 1,000 cubic feet. Among metals, gold slid $7.60 to $1,341.60 an ounce, while silver fell 17 cents to $19.68 an ounce. Copper held steady at $2.10 a pound. In currency markets, the dollar strengthened to 102.49 yen from 101.75 on Wednesday. The euro climbed to $1.1257 from $1.1245.