MONDAY, SEPTEMBER 12, 2016
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Baha Mar payouts tied to concessions By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Baha Mar’s creditor committee has given “a strong indication” that the Government granted greater-than-normal investment incentives to the Chinese in return for payouts to Bahamians. Gowon Bowe, the Bahamas Chamber of Commerce and Employers Confederation’s chairman, agreed that the language employed by the committee appeared to tie the funding of promised creditor payouts directly to the investment incentives granted to the Chinese for completing Baha Mar. The creditors committee, in an expanded ‘question and answer session posted on its website, said: “Priority will be given to Bahamian creditors on the basis
Private sector has ‘no legitimate case’ over labour reform Union chief: Just penalising what should be doing now
Committee gives ‘strong indication’ of link
Sandals ‘first ever’ to ignore industrial deal custom TUC boss hopes grievances resolved this week
Chamber chair urges ‘timeline’ for deal disclosure
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Raises renewed fears of Bahamas taxpayer ‘bail out’ that the fund[s] has been provided in consideration for concessions and consents from the Government, which must benefit the Bahamian people.” Prime Minister Perry Chris-
Gowon Bowe
K P Turnquest
tie previously told the House of Assembly that the Government was restricted, both by Atlantis’s ‘Most Favoured Nation’ style treatment and laws such as the Hotels Encouragement Act, in
terms of the type and value of the incentives it could grant the Chinese. As a result, he and others connected to the Government’s See pg b4
Chinese bank ‘not a fairy godmother’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The China Export-Import Bank is not acting as “a fairy godmother” in agreeing to finance payouts to Baha Mar’s Bahamian creditors, current and former Chamber of Commerce executives said yesterday. Gowon Bowe, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman, said the move by Baha Mar’s $2.45 billion secured creditor was merely “a business decision” designed to ultimately maximise its recovery. Arguing that talk of a “goodwill gesture” should be dropped, Mr Bowe said the China Export-Import Bank was seeking to “get back on side” the Bahamian contractors and vendors it needs to complete Baha Mar’s construction by paying
$3.89
Baha Mar payouts a ‘business deal’, not goodwill Committee to creditors: ‘Take it or leave it’ Its settlement decisions final; no room to negotiate them at least a portion of what they are owed. He was backed by K P Turnquest, the former Grand Bahama Chamber of Commerce president turned Opposition deputy leader, who also described the bank’s decision as “a See pg b5
Air traffic controllers in tourism ‘black eye’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A senior Bahamian airline executive yesterday warned that the weekend industrial action by air traffic controllers had given the tourism industry “a black eye we cannot afford”. Captain Randy Butler, Sky Bahamas president and chief executive, told Tribune Business that visitors who were inconvenienced and frustrated by delayed/cancelled flights would be unlikely to return to this nation. Explaining that the situation forced Sky Bahamas to incur increased costs, as a result of having to pay overtime to staff who had to work into the evenings as a result of the delays, Captain Butler pleaded for “cooler heads” to
Sky Bahamas chief: ‘We can’t afford this’ Wants ‘mediator’ for today’s meeting TUC reveals overtime pay grievance prevail on all sides. He called for a “mediator” to be present at today’s meeting between the Government and BATCU, the air traffic controllers union, to control the seemingly “hostile environment” between the two sides. Glenys Hanna Martin, See pg b6
The private sector has “no legitimate case” for opposing the Government’s proposal to criminalise a business’s failure to inform it and the relevant trade union of planned redundancies, the Trades Union Congress’s (TUC) president said yesterday. Obie Ferguson told Tribune Business that the proposed amendments to the Employment Act were merely adding the threat of penal punishment should employers fail to do something that was already required. Acknowledging that the proposed criminal sanctions were Obie Ferguson causing concern in the Bahamian business community, Mr Ferguson said it was only “logical” that companies consult both the Government and relevant union ‘bargaining agent’ before significantly downsizing their workforce. “When I look at what the Chamber is saying, they don’t have a case,” Mr Ferguson told Tribune Business. “I don’t see a legitimate case being put forward by the Chamber. What is being proposed is a penalty for not doing what they’re supposed to be doing now. “All the changes that the Government is proposing to make are to preserve the industrial relations system, make it run smoothly and avoid strikes and walk outs. These are the sort of things we’re trying to avoid, and I hope they’d [the Chamber and private sector] come around See pg b5
Central Bank wants reductions in cash based transactions By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Central Bank wants to reduce the traditional Bahamian reliance on cashbased transactions as part of its strategy to combat the threat posed by correspondent bank ‘de-risking’. John Rolle, its governor, in an address to the Grand Bahama Chamber of Commerce on Friday, said the banking regulator was targeting such transactions because they were “more susceptible” to money laundering and organised crime. He added that the Central Bank was also working to bring the ‘unbanked;’ persons outside the formal banking system, into the mainstream financial services sector to further decrease ‘risk’. Mr Rolle also pledged to work with the Gaming Board to help bridge the divide between the web shop gaming industry and the Bahamian commercial banking sector, which has seen the latter - apart from Bank of the Bahamas - display a marked reluctance to accept the newly-legalised business’s deposits. While acknowledging that the Central Bank could not force its licensees to accept web shop monies, Mr Rolle said better dialogue between the two sides would enable commercial banks to better assess the
Key element of correspondent risk response Regulator to tackle ‘unbanked’ - like web shops Pushing better dialogue between that sector, banks
John Rolle risks, and ensure decisions were based on fact. “We will also have to promote changes in other areas of our society and economy,” Mr Rolle said of how the Bahamas should respond to pressure on its correspondent banking reSee pg b6
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PAGE 2, Monday, September 12, 2016
Callenders names managing partner for Nassau office
Callenders & Co has named Chad Roberts as its Nassau managing partner, with management and oversight responsibilities for the law firm. His appointment follows the death in December 2015 of Colin C. Callender, the third generation of Callenders to lead the law firm that was founded in 1903. Mr Roberts, 42, described the appointment, effective immediately, as “both the greatest honour and the most significant opportunity of my life”. “There is a distinct Callenders corporate culture, a closeness that creates a sense of community, and I want to keep that going,” said Mr. Roberts. “We share and work in teams when it is helpful to do so. At the same time, many of our lawyers - and particularly those in Grand Bahama - are also known for their passion, whether in environmental matters, human rights or immigration. “We have never been afraid to tackle the tough issues, and yet we have maintained the dignity and reputation of a firm that at its foundation is dedicated to making business work. Striving to maintain the balance between doing good and being good - no, being the best- at what we do will be my goal.” Mr Roberts graduated Magna Cum Laude from Taylor University in 1996, earning a Bachelor of Science in accounting systems.
THE TRIBUNE
He continued his studies at Stetson University College of Law, earning his Juris Doctor in December 1998, and later earning a Certificate in Legal Education from the Eugene Dupuch Law School in 2000. Mr Roberts was called to the Florida Bar in 1999, and the Bahamas Bar in 2000. He is a member of the Bahamas Bar Association, the Florida Bar Association and the American Bar Association. In 2012, Mr Roberts was selected as the premier corporate attorney in the Bahamas by Global Law Experts, the only attorney in this nation to achieve the referral by the reviewers,
who also named Callenders the recommended corporate firm. Mr Roberts became one of 2,000 attorneys worldwide from 140 countries to receive the nod from Global Law Experts. That same year, Corp. INT’L recognised Mr Roberts as its number one choice for real estate lawyers in the Bahamas, and the firm as the best in real estate law. Mr Roberts will continue his practice while also overseeing the legal and administrative matters of the Nassau offices of the mid-size firm, which has nearly 100 staff members. Fred Smith QC is managing partner for Callenders in Grand Bahama.
Bahamas SME focus at Women’s Summit
“We are so delighted that the United Nations Women has come on to become a partner with us in this initiative. In addition, Startup Women UK and the founder of Startup UK is also the founder of WIE enterprises, and they’re partnering with us. So just their reach alone has ensured that we have the highest calibre and quality of speakers coming.” The summit will also host the launch of the StartUp Woman initiative for the Bahamas, a new enterprise by the founders of WIE Network, which shines a spotlight on female-owned small and medium-sized enterprises in the UK, the US and the Bahamas. With the support of Startup Woman Bahamas, six notable women will be invited to mentor six young Bahamians aspiring to be entrepreneurs.
Attendees from as far away as Ghana are set to attend the upcoming International Women’s Empowerment Summit (IWES), which will be held at Atlantis from October 19-21. Hosted by the Ministry of Tourism in collaboration with Startup Woman and United Nations Women, the summit is designed for women professionals and entrepreneurs. Joy Jibrilu, the Ministry’s director-general, said: “We have had more interest from international audiences than we could have asked for. “I’m talking about people who have been prepared to register and commit to coming to the Bahamas. Feedback has been phe-
nomenal from as far away as Africa, and both Ghana and Nigeria have expressed huge levels of interest.” Mrs Jibrilu said the Ministry of Tourism had reached out to leading women to speak on panel discussions to ensure that the summit has not only merit, but also value. “We’ve reached out to phenomenal women, both at home and globally. Women who have made an impact, and these are names such as Mrs Folorunsho Alakija, the richest black woman in the world, who is coming in to speak on two panels,” she said. “In addition, you’ve got Sarah Roberts, TD Jakes daughter and her husband are coming to speak.
THE TRIBUNE
Monday, September 12, 2016, PAGE 3
New corporate image is ready for Sunryse
Team Sunryse ready to hit the road with a new name, new look and expanded services for the information management company.
Sunryse Shredding rebrands under the new name Sunryse Information Management. Pictured are fleet vehicles showcasing new branding. Photos/Cay Focus Photography
Beach soccer gives Bahamas significant marketing boost The Bahamas has received a major marketing boost from qualifiers for the Beach Soccer World Cup, with branding for the event viewed by more than 250 million households globally. The Bahamas was featured prominently in Jesolo, Italy, for the European World Cup qualifiers, where Switzerland, Portugal, Italy and Poland earned their spots for the FIFA Beach Soccer World Cup that will be held in Nassau next year. At the qualifiers last week, banners promoting the tournament were erected around the stadium. There were also large signs with the Bahamas’ logo. Dancers who performed
during the games wore costumes with the Bahamas’ logos, and danced to Bahamian music. Throughout the nineweek tournament, attendees were also encouraged to book their tickets to the Bahamas early. According to Beach Soccer Worldwide, the branding associated with the tournament was viewed by more than 250 million households globally. And there were over 150,000 viewers via the web live stream. Tourism officials said the successful hosting of the FIFA Beach Soccer World Cup will help to cement the country’s standing as a premier sports tourism destination.
“The amount of publicity that our destination has received over the past few days, and will continue to receive through to May, is priceless. Our hosting of next year’s FIFA Beach Soccer World Cup allows us to tap into several new markets,” said minister of tourism, Obie Wilchcombe. The Bahamas will be featured in six continents as various teams battle it out to earn a spot in next years’s main final. Over the next few months, millions of people in Europe, Africa, Asia, Latin America, South America, and North America will be talking about the Bahamas and the tournament. The tournament will be staged at the Malcolm Park Beach Soccer and Futsal Facility at the foot of the Sir Sidney Poitier Bridge from April 27 to May 7. The four qualifying European teams will be joined by the Bahamas and Tahiti, who automatically advanced to the tournament.
SUN OIL LIMITED EMPLOYMENT OPPORTUNITY Sun Oil Limited seeks to identify:
PROFESSIONAL TRACTOR TRAILER DRIVERS in New Providence
The successful candidate(s) will assume the role of Driver/Operator. This position is responsible for the daily execution of key responsibilities within a bulk fuel facility. These responsibilities include the safe receipt, storage and delivery of bulk petroleum products in accordance with strict industry and company standards. Successful candidates must be able to demonstrate a proven track record of safe driving. Successful experience in the petroleum industry would be a plus. Core Responsibilities • Daily inspection of assigned truck(s) and associated equipment. • Safe truck loading and delivery of petroleum products throughout the island. • Provide exceptional customer service at all times. • Adhere to company driving policies and the Highway Code of the Bahamas. • General fuel handling operations associated with the receipt, stor age and re-distribution of petroleum products. Job Requirements • 5 year’s minimum work experience in a similar capacity. • In depth knowledge of The Highway Code of the Bahamas. • A strong safety record. Safety related trainings would be a plus. • Defensive driving training would be a strong plus. • A mechanical aptitude with some experience with equipment maintenance and repairs. • Strong leadership skills with the ability to work as an effective team member. • Excellent verbal and written communication skills. • The ability to work flexible hours and weekends. Benefits include: Competitive salary and benefits package, commensurate with work experience and qualifications. Interested persons should apply no later than 28th September, 2016 to:
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Sunryse Shredding Services, the document management firm, has unveiled its new company name, logo and fleet design as part of a rebranding initiative. The new name, Sunryse Information Management, is designed to reflect the company’s evolution from a single-service business to a complete document management provider. Beyond shredding, the company also offers document imaging, document storage and the digital cataloging of business records for clients. Chris Sawyer, Sunryse Information Management’s president, said the rebranding aligns with what the business looks like today, and where the company plans to be in the near future. “At the core, our culture
This will be the Bahamas’ debut in the FIFA Beach Soccer World Cup. Over the next few months, the remaining 10 teams will be determined in five additional qualifiers. The beach soccer world cup is held every two years. It will also be the first time that the tournament is held in the Caribbean.
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.
at Sunryse centres around being the brand that people trust to manage their confidential records,” Mr Sawyer explained. “Over the years, even while expanding, we’ve remained true to this core mission. The official name change and shift in our visual identity more accurately reflects what the company is today. We are proven, we are on trend and we are backed by a talented team of trained professionals.” New branding elements, anchored by a redesigned logo, are reflected in the company’s uniforms, fleet vehicles, storage boxes and document consoles. Ongoing rebranding efforts will take place over the next six months, including an updated website, new communication sales material and signage. This summer, Sunryse
staff also underwent extensive training to enhance technical applications across all areas of the business in advance of the official rebranding launch. Sunryse Information Management, which is more than 16 years-old, has in the past five years introduced document storage, digital cataloging and document imaging services. The company serves clients in industries such as financial services, healthcare and government entities. It plans next year to move to a 36,000 square foot operations facility on Gladstone Road. Future plans also involve expanding services to other islands in the Bahamas, and looking at opportunities for growth throughout the region.
PAGE 4, Monday, September 12, 2016
Baha Mar payouts tied to concessions Frompg B1 agreement with the China Export-Import Bank have argued that the latter received incentives (tax breaks) no greater than the norm for resort developments such as Baha Mar. However, Mr Bowe said
the creditors committee’s statement indicated that “additional concessions” had been given to the bank and China Construction America (CCA), the project’s main contractor, to “facilitate” the payments to Bahamian contractors, vendors and former Baha Mar
employees. “If some of the payments are being made in return for some of the concessions received by the Chinese, the public has every right to know what concessions were granted,” Mr Bowe told Tribune Business. Confirming that he had read the ‘question and answer’ responses posted by the creditors committee, he added: “It’s a strong indication that additional con-
cessions were granted to facilitate this process [of Bahamian creditor payouts].” The creditors committee’s statement is likely to revive concerns as to whether it is the Bahamian public, via the Treasury, who will ultimately be responsible for compensating local creditors via the ‘tax breaks’ given to the Chinese. Contacts close to the Baha Mar construction completion agreement, speaking to Tribune Business on condition of anonymity, have refuted this, echoing the Government line that the investment incentives do not go beyond what is typically granted under the Hotels Encouragement Act, such as Customs duty and ‘border’ VAT exemptions on building materials, fixtures and furnishing. But, due to the uncertainty, Mr Bowe argued that the Bahamian people needed to be “very demanding” of the Government’s handling of the Baha Mar impasse, and particularly the investment incentives that have now been granted. He also called for a “timeline” to be published, detailing when various aspects of the Government’s agreement with the China Export-Import Bank are to be publicly revealed. These documents were ‘sealed’ by the Supreme Court, at the request of the China Export-Import Bank and its Deloitte & Touche receivers, an action that was supported by the Government. Mr Bowe acknowledged that such ‘sealings’ were “not unusual” in multibillion dollar transactions such as Baha Mar’s, so that an orderly sales process can be maintained and sensitive commercial data withheld
from the public domain. “There has to be a timeline as to when details are released,” Mr Bowe told Tribune Business, suggesting that aspects of the Baha Mar agreement be ‘unsealed at intervals such as three and six months later, when the need for confidentiality had passed. “That should be set out so there’s a a reasonable expectation, and we can see whether the benefits [creditor payouts] are justifiable given the level of concessions granted, and vice versa; that the concessions are justifiable by the benefits received,” he added. “It’s not necessarily an easy equation: A - B does not always equal C. It’s going to come down to people’s perceptions; whether it would have been cheaper for the Government to pay [the creditors] than offer the concessions granted. That’s a very real concern that will have to be addressed in due course.” Tribune Business previously revealed that the China Export-Import Bank is making “about $100 million” available to pay Bahamian creditors of the Baha Mar group of companies at least a portion of what they are owed. However, the decision to ‘seal’ all details, coupled with a general lack of trust in the Government and the Chinese, has created considerable public scepticism about the Baha Mar deal and whether it is ‘for real’. K P Turnquest, the Opposition’s deputy leader, also backed Mr Bowe in arguing that the creditors committee’s statement was effectively an admission of a ‘trade-off’ “It does imply that there’s quod pro quo,” he told Trib-
THE TRIBUNE une Business. “That line clearly says the Bahamian people are paying. That the bank has allocated whatever dollars they’ve agreed to allocate in return for an agreed amount of concessions to the Chinese. “That amounts to the Bahamian people bailing out this project again. No matter how you cut it, the Bahamian people are being asked to pay.” Mr Turnquest added that rather than rescue Baha Mar’s original developer, Sarkis Izmirlian, the Bahamian people were being asked to perform this act for the China Export-Import Bank, an institution owned by the Chinese government. “Forget Sarkis at the moment; we’re being asked to bail out the China ExportImport Bank,” he said, in reference to the likely investment incentives being offered. “It’s incredibly important for the Bahamian people to know the value of these concessions being offered quid pro quo, and whether these concessions would receive the approval of Parliament.” Others, such as Fred Smith QC, have argued that details such as the investment incentives, plus Crown and Treasury land involved in the Baha Mar deal, should have been made public given that they are assets belonging to the Bahamian people. However, given that the China Export-Import Bank is under no obligation, legal or otherwise, to compensate Bahamian creditors, the Government - and by extension the country - probably has little choice but to go along with its demands to an extent. James Smith, the former minister of state for finance, one of the five-person committee’s members, also confirmed other disclosures by this newspaper, namely that creditors owed $500,000 or less would likely recover 100 per cent of what they are owed. He indicated that those owed greater sums, likely less than 10 per cent of Baha Mar’s creditors, may not be ‘made whole’, but would likely receive more than 50 per cent of the amounts due.
THE TRIBUNE
Monday, September 12, 2016, PAGE 5
Chinese bank ‘not a fairy godmother’ From pg B1 business transaction”. “I don’t necessarily believe in gifts from the fairy godmother,” Mr Turnquest told Tribune Business drily. Both men were speaking out after Baha Mar’s creditor payout committee, featuring representatives from the Government, China Export-Import Bank and China Construction America (CCA), released more details on how the claims process will work. Of particular note to Bahamian contractors, vendors and former Baha Mar employees are the following aspects, particularly the fact that the committee’s decision on whether they will get anything, and/or how much, is “final”. * The committee is effectively adopting a ‘take it or leave it’ approach to its dealings with Baha Mar creditors, who will have no room for negotiation on how much they will receive. It justifies such an approach by arguing that the China Export-Import Bank is under no obligation, legal or otherwise, to compensate any creditor for debts that are owed by the Baha Mar group of companies and their original developer,
Sarkis Izmirlian. “When the committee has completed its work evaluating all of the claim forms that it receives, it will then begin to contact creditors to explain further how much and when they will be paid,” the committee said in a ‘question and answer’ session posted on its website. “It is at that stage that you will need to decide whether or not to accept any offer that the committee may make to you. “Please note that the funds for payment of claims is an ex-gratia amount from a settlement between the Government of the Bahamas and the China ExportImport Bank, and is not subject to a normal liquidation process. Therefore, the decision of the Committee is final.” The committee then helpfully says that any creditor who elects not to accept its settlement offer is free to pursue its claim, and search for remedies, against Baha Mar Ltd. The only snag, as it points out elsewhere, is that Baha Mar “is insolvent” and has no assets or money to pay its creditors, much less complete the resort project. And any proceeds from a
Private sector has ‘no legitimate case’ over labour reform From pg B1 and agree with us that’s the proper thing to do.” 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. Such a move has long been demanded by Bahamian trade union leaders, while the ‘advance redundancy
warning’ measure appears to be a “knee jerk” reaction by the Government to what occurred at Sandals. While both proposals must be discussed by the National Tripartite Council, in a bid to achieve consensus before they become draft legislation put before Parliament, the Government has made little effort to disguise its determination to move them forward. Sandals said it had little choice but to terminate its 600-strong Royal Bahamian workforce in order to facilitate $4 million worth of upgrades, as the existing hotel industry industrial agreement - with the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) - had expired. However, it is the rival Bahamas Hotel, Maintenance and Allied Workers Union
sale of Baha Mar will likely all go to the China ExportImport Bank as secured creditor, leaving nothing for anyone else. “All of the assets of Baha Mar Ltd are held as security by the Export Import Bank of China. So when the assets are sold, the entire sale price is to be paid to the bank if it is below the loan amount,” the creditors committee said. “This will almost certainly mean that unsecured creditors of Baha Mar will receive no recovery from the assets of Baha Mar Ltd.” In other words, the creditor payout committee is saying that Bahamians have no choice but to accept its generosity and that of the China Export-Import Bank, regardless of whether they are dealt with fairly or ‘made whole’. Mr Turnquest told Tribune Business: “It seems as if they are saying to contractors or debtors: ‘Take it or leave it, we will decide’. “It really, truly is a situation where they have you under duress. It’s a matter of whether you take something or nothing.” * The creditor payout committee also warns that Bahamian creditors may not receive anything, even if they submit a valid claim. “No. There is no assurance that you will receive (BHMAWU), an affiliate of Mr Ferguson’s TUC, that has been recognised as the bargaining agent that has been trying, in vain, to start industrial agreement talks with Sandals. The resort chain also said the BHCAWU industrial agreement’s expiry meant its provisions relating to redundancy were no longer in effect, something that Mr Ferguson argues is contrary to long-established industrial relations practice in the Bahamas. He told Tribune Business that when industrial agreements expire, the custom has been both parties - employer and union - to continue to abide by that deal’s provisions until a new agreement is negotiated. Mr Ferguson said the Sandals Royal Bahamian case was the “first time” that a company had not abided by such a convention, an action that set a dangerous precedent for the wider trade union and labour movement if left unchecked. “This is the very first time
any payment at all. No creditor has any legal entitlement to the funds being administered by the committee,” it said. “However, the Committee has been formed to review claims, and offer payments for valid claims, at the committee’s absolute discretion.” This confirms that contractors, vendors and former employees are completely at the committee’s mercy when trying to recover sums owed. The committee is dominated by representatives from the two Chinese state-owned entities, plus Deloitte & Touche (Baha Mar’s receivers). All parties will now have to be held accountable for promises that all Baha Mar creditors owed $500,000 or less, former employees and small and medium-sized businesses, will be ‘made whole’, while those owed greater sums will receive “more than 50 per cent” of what they are owed. * The creditors committee also says it will assess claims submitted by subcontractors, who have not been paid as a result of the entity hiring them not receiving due compensation by Baha Mar. “The committee will also consider claims that you may have against contractors working on the Baha that a company decided not to honour the BHCAWU agreement,” he told Tribune Business. “It’s really created a tremendous amount of problems. If allowed to go unchallenged, it will have far-reaching consequences for the future of the labour movement. “For a civil society looking to avoid industrial unrest and friction and that type of stuff, we thought the path was very clear to resolving this type of thing. “From 1958 we’ve operated in a certain way with regard to expired industrial agreements; not necessarily in law, but in terms of practice.” Mr Ferguson confirmed that the trade unions wanted the 592 persons terminated by Sandals Royal Bahamian, including the 12 BHMAWU officers on its staff
Mar project (excluding China Construction America (Bahamas)) if the contractor has not been paid by Baha Mar and, as a result, you have not been paid,” it said. Mr Turnquest suggested this would add a further layer of complexity to the creditor payout process, and argued that Bahamian contractors would have to settle with their sub-contractors once paid, or be exposed to legal actions. “How does that make sense?” Mr Turnquest argued. “If the agreement says that Bahamian contractors or service providers at Baha Mar will be paid, once they are it follows that they have on obligation to pay their contractors. I don’t understand what that means.” The different treatment being afforded sub-contractors in the Baha Mar ‘creditors chain’ is also likely to strike a raw nerve with CCA’s Bahamian sub-contractors. They are owed some 78 per cent, or $58 million, of the collective $74 million owed to the Bahamian construction industry for work at Baha Mar. Yet they are excluded from the Baha Mar claims process, and will instead have to negotiate with CCA to obtain compensation. Meanwhile, Mr Bowe told
Tribune Business that the funds being made available by China Export-Import Bank to fund the creditor payouts, said to be around $100 million, were not to be viewed as “a magnanimous gesture”. He added that the priority for Baha Mar’s secured creditor is to complete the project, then sell it, and in so doing maximise the sales price (its recovery). And to accomplish this, it would require the expertise of certain Bahamian contractors to supplement CCA. “We don’t need to use terms such as goodwill gesture and positive gesture,” Mr Bowe said. “They’ve [the bank] taken a business decision to complete this, and maximise the value of their sale. “They’ve made a decision to get the various parties they need to complete it back on side, and the mechanism to do that is to pay them what they’re owed, or a portion of what they’re owed, to come to a happy medium where persons are satisfied with their settlement. “The China Export-Import Bank is not doing this as a magnanimous gesture; it’s a business transaction. It’s really because of the significance of this project that there’s a constant spotlight shone on it and the decision.”
(some of whom were terminated earlier) to all be reinstated. This is likely to prove difficult to achieve, though, and is likely to be viewed by Sandals as unwarranted interference in its hiring practices, especially as just 64 per cent of the former workforce reapplied for their jobs. Mr Ferguson, though, again pulled back from previous threats that the trade unions would “shut the town down” unless they had their way over the Sandals situation and other labour grievances. He added that talks with the Government, including Prime Minister Perry Christie; attorney general, Allyson Maynard-Gibson; and Shane Gibson, minister of labour and national insurance, were continuing amid
hope that a resolution will be achieved this week. “It’s always better to negotiate. Negotiation must be, and ought to be, the basis on which matters are resolved,” Mr Ferguson told Tribune Business. “When you take the position of ‘closing the town down’, that must be the last resort. If the parties are serious about resolution, there’s no way we can’t meet and agree. “If it’s dictatorial, and my way or the highway, then we have a problem.” Mr Ferguson continued: “I’m satisfied we ought to find consensus on all these issues, and do what we’re supposed to be doing - making the Bahamas a more marketable place for tourists, and making it a more liveable place for Bahamians.”
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PAGE 6, Monday, September 12, 2016
Central Bank wants reductions in cash based transactions From pg B1 lationships. “This includes policies to reduce the prevalence of cash-based activities, as such transactions are harder to trace and more susceptive to being infiltrated by criminal elements. “We also need to regularise un-banked activities and un-banked persons, having them more integrated into the financial sector.” Bahamian society has traditionally relied heavily on cash-based transactions for most of its commercial dealings, a trend that has persisted despite the commercial banking industry’s best efforts to introduce electronic payments and Internet-based services. The Central Bank is thus proposing to drive a ma-
jor cultural shift for most Bahamians, and Mr Rolle said: “We have identified accelerated development of the payment systems as a priority. Work is underway to finalise the regulations for e-payments and mobile money, which would contain risks from external disruptions to domestic e-payments and promote more non-cash forms of transactions.” As for the ‘un-banked’, many lower income Bahamians and immigrants both legal and illegal - are thought to exist outside the formal banking system, using money transmission businesses to send and receive funds if necessary. “We are also putting more emphasis on the promotion of financial inclu-
sion, through appropriate reforms either already within the scope of our regulatory mandate or through appropriate recommendations to the Government,” Mr Rolle said. “We can promote financial inclusion by striving for more universal access to banking and banking services. This is true for documented and improperly documented persons within our borders.” Mr Rolle added that the term ‘un-banked’ equally applied to web shop operators, given the reluctance of the commercial banking industry to accept their deposits - something that was a key government objective in legalising the sector. “In the case of web shop activities, the Central Bank will work closely with the Gaming Board to promote comprehensive understanding of the adequacy of anti-money laundering and compliance systems within the sector, and provide this exposure to the compliance
units within local licensees,” Mr Rolle promised. “While the decision of who should be provided with services is still up to each bank, the Central Bank can ensure that the mutual exposure that is needed for both our licenses and gaming industry is facilitated, so that such outcomes can be driven by facts as opposed to anecdotes.” Some may still interpret this as a policy to help push web shop gaming into the formal banking system, though, despite Mr Rolle’s reassurances, with the Central Bank governor admitting that pressure on correspondent banking relationships were unlikely to “dissipate”. “We are headed towards fostering better understanding among global regulators and stakeholders; towards adapted and more informed compliance mechanisms; and likely towards a permanently-reduced footprint for correspondent banking operations,” he added.
Air traffic controllers in tourism ‘black eye’ From pg B1 minister of transport and aviation, said in a statement that the two-three hour ‘no show’ by air traffic controllers, which brought Saturday morning traffic at Lynden Pindling International Airport (LPIA) to a standstill, stemmed from concerns over new security procedures at the airport. She explained that the screening of air traffic controllers, as well as all airside personnel at LPIA, was essential to prevent a global warning being posted about the airport having security deficiencies. Such a warning, she added, could do immeasurable harm to the Bahamas’ reputation and its economy, and especially its largest industry, tourism. “The inclusion of the screening of air traffic controllers is a direct mandate by the International Civil Aviation Organisation (ICAO), which advised the Government of its immi-
nent intent to post globally that this specific deficiency made LPIA a vulnerable aerodrome as it relates to security, and noting that such action would seriously and negatively impact the economy and reputation of the Bahamas,” Mrs Hanna Martin said. “These concerns were also documented by the US Transportation Security Administration.” However, Obie Ferguson, the Trades Union Congress (TUC) president, suggested to Tribune Business yesterday that the air traffic controllers’ grievances may extend beyond security screening. He revealed that he had been asked by the BATCU, as a TUC affiliate, to resolve the issue of outstanding overtime payments it believes are due to its members from the Government. “There’s a question as to payment for holidays worked that is still due and owing,” Mr Ferguson said. “I would hope this week
Randy Butler
Glenys Hanna Martin
that it can be resolved..... “I was asked to look into it on behalf of those people. I was in discussions with the Government on Friday with respect to overtime payments. I was not aware of the withdrawal of labour; what happened there. “I was not privy to it before it happened. The only thing I was aware of was the failure to make payment for overtime; that work was not paid. The TUC is very much involved in bringing resolution to this matter.” Captain Butler, meanwhile, told Tribune Business that the air traffic controllers’ concerns did not justify the effective shut
down of aviation and the Bahamas’ main airport. “I don’t know is this is something knew that they’re doing,” he said of LPIA, “but security checks are the reality. That’s the way we live now.” Some six Sky Bahamas flights suffered delays of between two to three hours on Saturday as a result, and Captain Butler said: “It’s definitely a black eye for our tourism industry, and we can’t afford that right now. “You’re talking about tourism, connecting the Family Islands, and this is the only way we can connect them. When folks have
An entrepreneurial spirit, original thinking, and a passion to succeed. If you have it, we want you. We are growing! Fidelity Bank invites applications for the position of:
ADMINISTRATIVE ASSISTANT Job Summary: Fidelity Group of Companies has an immediate opening for a confident, well groomed, professional, Administrative Assistant seeking to grow with Fidelity Group of Companies. A positive eager attitude, excellent telephone presence, superior customer service skills and the ability to handle multiple tasks with an attention to detail will be keys to succeed in this role. Excellent organizational skills, finesse and diplomacy in all situations A MUST. Duties include fielding telephone calls, receiving and directing visitors, word processing, filing, and providing clerical support to the Administration Team.
Requirements / Qualifications: • High school diploma or equivalent vocational training • Minimum 3 years administrative experience • Willingness to take initiative and seek additional projects as time allows • Excellent communication skills - written and verbal • Ability to prioritize projects • Strong problem solving skills • Analytical, organized, and judicious in performing a variety of tasks • General knowledge of operating standard office equipment • Proficient in Microsoft Word, Excel, and Outlook
PLEASE SUBMIT BEFORE September 16th, 2016 to:
HUMAN RESOURCES Re: Administrative Assistant careers@fidelitybahamas.com
ABSOLUTELY NO PHONE CALLS
A competitive compensation package will be commensurate with relevant experience and qualification. Fidelity appreciates your interest, however, only those applicants short listed will be contacted.
THE TRIBUNE
Correspondent banks are those that allow Bahamian financial institutions to provide services in their home countries, using their physical and electronic banking infrastructures. They give Bahamian banks, and their clients, access to the international capital markets and financial system, enabling transactions to clear and be settled on a timely basis. Foreign correspondent banks thus provide a vital gateway to the world. This access, though, has tightened in recent months as international banks respond to increased global regulatory pressures to either place tighter controls on or drop altogether their correspondent banking relationships. The potential loss of access to the US financial system would be fatal to many Bahamas-based and Caribbean financial institutions, and the private sectors in their countries. Mr Rolle said the Baha-
mas also had to address foreign “misconeptions” that its regulatory regime was weak and lacked transparency, suggesting this was partly an offshoot of this nation being labelled as an ‘offshore financial centre’. “To deflect the threats to the sector, we have to tackle the misconceptions about the regulatory quality and transparency of our regime,” he added. “The Bahamas’ has a documented record of increasing regulatory cooperation and transparency, including under a significant number of tax information exchange agreements. “Our indigenous banks are also more vulnerable because they start out by having less access to independent global banking networks. Indigenous banks often serve niche markets overlooked by foreign banks. Their viability impacts the access of such niche customers to financial products and services.”
these kinds of experiences, they tend not to come back.” Captain Butler said Sky Bahamas incurred increased overtime costs as the delays pushed some flights into the evening. He added, though, that the greatest impact would have been on visitors and Bahamians trying to catch connecting flights at LPIA, only to find they had missed them as a result of the delays. Those impacted in such a way would have faced the extra cost and inconvenience of having to overnight in Nassau. Acknowledging that the labour withdrawal, and resulting disruption, had come during tourism’s off-peak season, Captain Butler still argued that the Bahamas could ill-afford a repeat. He called for an independent mediator to be present at today’s meeting between the Government and BATCU, and urged that “cooler heads prevail”. “I saw the minister’s release, and it was pretty harsh,” Captain Butler said. “If anything good is to come out of today’s meeting, we’ve got to have a media-
tor in there. It seems there is a hostile environment. “I’m hoping for cooler minds, and when we have reasonable people at the table, reasonable people prevail. This can’t be a security check; it happens every day of the week.” According to the Ministry of Transport and Aviation, two flights were cancelled as a result of the labour withdrawal, with Delta, Jet Blue and American Airlines suggesting “large numbers of missed connections” by passengers. Delta Airlines’ four Saturday flights, largely full, were delayed by an average three hours, with 90 per cent of passengers set to miss connections. Mrs Hanna Martin said: “I wish to assure the Bahamian people that the Government will not compromise on securing LPIA in accordance with international standards and in our own national interest, and I am calling on the union to be responsible and proportionate in its actions so as to not cause undue harm to the Bahamian people.”
THE TRIBUNE
Monday, September 12, 2016, PAGE 7
US tycoon’s China scholarship project opens doors in Beijing
BEIJING (AP) — A new scholarship program intended to rival the prestigious Rhodes Scholarships and build understanding between China and the world opened its doors at Beijing’s prestigious Tsinghua University on Saturday. The program, founded by Wall Street tycoon Stephen Schwarzman, covers all expenses for students in a one-year master’s degree program that will also emphasize cultural immersion, travel around China, and efforts to grasp and understanding the world’s secondlargest economy and rising superpower. Chosen from more than 3,000 applicants, the 110
Schwarzman Scholars represent 32 countries, with 44 percent from the United States and 21 percent from China. The program hopes to eventually provide support for as many as 200 scholars yearly. In an interview with The Associated Press, Schwarzman said the program had sought out students who were not just talented, but creative and insightful, with strong leadership and communications skills. Drawn from the sciences, business and even the military, they will go on to be “people of influence” who can explain China to the world and the world to China, he said. “In a world of populism
and strong views on the internet, there need to be people who can explain such complex issues,” Schwarzman said. Launched in 2013, the program has drawn support from the top ranks of the ruling Communist Party, one reason Schwarzman said he wasn’t concerned about possible infringements on academic freedom. Chinese universities remain strictly limited in what they can teach and discuss in areas such as politics and history, and President Xi Jinping’s government has redoubled calls to rid classrooms and textbooks of the influence of universal values and Western concepts of human rights and
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
participatory democracy. Schwarzman said the program fit perfectly with Xi’s call to elevate at least two Chinese universities into the top global rankings in coming years. “We’re in the sweet spot of what China is trying to do,” he said. The Schwarzman scholarship program aims for an endowment of $450 million, of which $200 million has already been raised from private sources, includ-
ing a $100 million gift from Schwarzman, a co-founder of the private equity Blackstone Group. Students will live in the Schwarzman College, a building designed by Robert A.M. Stern, dean of Yale University’s architecture school, and based on residential buildings at Yale, Harvard, Oxford and other elite schools. Members of the program’s advisory board include former British Prime Minister
Tony Blair, former French President Nicolas Sarkozy and ex-Australian Prime Minister Kevin Rudd. Rudd attended Saturday’s event, which also featured video greetings from U.S. Secretary of State John Kerry and first lady Michelle Obama. Former secretaries of state Colin Powell, Condoleezza Rice and Henry Kissinger also sit on the board, along with acclaimed cellist Yo-Yo Ma.
PAGE 8, Monday, September 12, 2016
THE TRIBUNE
EU finance ministers SUN OIL LIMITED line up behind tax ruling against Apple EMPLOYMENT OPPORTUNITY Sun Oil Limited seeks to identify:
PROFESSIONAL LPGas Serviceman/Technician
BRATISLAVA, Slovakia (AP) — The Dutch finance minister urged Apple on Saturday to “get ready” to pay up. Jeroen Dijsselbloem and his counterparts from other EU nations lined up behind a finding that the technology company owes billions of euros due to more than a decade of improperly low taxation. Apple's bill could reach 19 billion euros ($21 billion) with interest, and both the company and Ireland, Apple's European headquarters, are appealing the European Commission ruling. But as the last day of an EU finance ministers' meeting focused on ways to harmonize tax rules for multinational companies, Dijsselbloem told reporters that these “have an obligation to pay taxes in a fair way.” “International tax loopholes are a thing of the past,” said Dijsselbloem, who also heads the 19-strong group of nations within the EU using the euro currency. Apple will have to pay back taxes both in the United States and Europe, he added, “so get ready to do that.” Philip Hammond, his British counterpart, said the EU was keen “to make sure that international corporations pay the right tax at the right place.” “That's the fair way to do it, and we are going to
in New Providence
The successful candidate(s) will assume the role of Liquefied Petroleum Gas (LPG) Serviceman/Technician. This position is responsible to install, repair and maintain LPG equipment to the Company’s customer requirements. These responsibilities must be carried out to meet or exceed company, industry and local codes and standards. Experience in the petroleum industry would be a plus. Core Responsibilities • To respond immediately to all ‘gas leak’ reported • To conduct routine service checks on all company customers • To respond to all requests for assistance by the company’s customers • To install LPG tanks and piping in accordance with local codes and industry standards • To maintain current records of all the company’s bulk tanks with location • Continually conduct a safety upgrade program modifying installations to meet code changes and as necessary remove tanks due for recertification Job Requirements • Possess LPGas Certification Certificate • 3 year’s minimum work experience in a similar capacity. • In depth knowledge of LPG consumption equipment basic operating characteristics and the applicable gas code standards • A strong safety record. Safety related trainings would be a plus. • A mechanical aptitude with some experience with equipment maintenance and repairs. • Use computerised system to plan and document all maintenance activities • Strong leadership skills with the ability to work as an effective team member. • Excellent verbal and written communication skills. • The ability to work flexible hours and weekends.
to advertise today in the tribune call @ 502-2394
Benefits include: Competitive salary and benefits package, commensurate with work experience and qualifications. Interested persons should apply no later than 28th September, 2016 to: jobs@sunoilbahamas.com
MARKET REPORT FRIDAY, 9 SEPTEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,940.41 | CHG -0.33 | %CHG -0.02 | YTD 116.46 | YTD% 6.39 52WK LOW 2.47 17.43 9.09 3.15 1.96 0.12 6.09 7.25 5.50 7.00 13.99 2.25 1.27 5.55 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 2.17 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
CLOSE 4.05 15.85 9.09 3.50 1.96 0.12 6.47 8.50 5.83 10.27 14.00 2.40 1.55 5.80 8.77 10.95 8.25 6.60 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 -0.21 0.00 0.00 0.00 0.00 0.00 0.00 -0.14 0.00 0.00 0.00 0.00 0.08 0.00 0.00 0.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
LAST SALE 100.00 100.00 100.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330
115.45 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.37 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
20,000
50
2,075 325 1,000
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 25.5 9.3 11.4 14.3 11.4 12.7 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% 2.50% 2.58% 4.14% 3.14% 0.00% 3.39% 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
0.000 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
payout, however. Austrian Finance Minister Hans Joerg Schelling said Austrian, Italian and France tax authorities are following the case closely with the option of posting claims, and a senior OECD official attending the meeting suggested they could have right to do so. Angel Gurria, who heads the 35-nation Organization for Economic Cooperation and Development, cited the EU Commission ruling on Apple, saying it invited other nations that might have a claim “to come forward.” Before turning to tax issues, the meeting focused on Greece. Ministers and senior EU officials in the Slovak capital urged Athens to speed up enactment of economic reforms so it can get its hands on the next batch of bailout cash before the end of October. Greece, which depends on the money due from the bailout to stay afloat, has recently fallen short of reform commitments, stoking concerns of a flare-up in the country's debt crisis. Because it hasn't delivered on the reform promises it has made, it can't yet get hold of the 2.8 billion euros ($3.2 billion) due from this current phase of its bailout program.
LEGAL NOTICE SII ENERGY S.A. NOTICE IS HEREBY GIVEN as follows: (a) SII ENERGY S.A. is in voluntary dissolution under the provisions of Section 138 (4) of The International Business Companies Act, 2000. (b) The dissolution of the said company commenced on the 7th day of September, 2016, when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Edward Riley of Maasstraat 94-1, 1078 HM, Amsterdam, The Netherlands. Dated this 8th day of September, 2016.
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 8.25 6.90 12.25 11.00
make sure it happens,” Hammond said. The Apple decision is only one of several faulting international companies — and the countries hosting them — for exploiting European exemptions to pay minimal taxes. Both Starbucks and Fiat Chrysler are contesting rulings handed down last year that they are each about 30 million euros ($33 million) in arrears. The European Commission hopes to have ready by fall proposals for multinational companies operating in the EU that tightens up rules on tax bases. Pushing back against U.S. criticism of the Apple decision, EU tax commissioner Pierre Moscovici on Saturday hailed U.S. investment as an “important driver of growth and employment in Europe.” The commission ruling, he said, “is not a message that investors from U.S. companies are not welcome.” While Ireland would reap a huge windfall from the extra money, it opposes the ruling because it has also benefited from the setup. Multinationals have such huge revenue that small countries can reap big gains even from low taxes, and they also gain from the jobs created. Other countries are expressing interest in any
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
EDWARD RILEY (Liquidator)
NOTICE
NOTICE is hereby given that Benneka denoye of Treasure Cay, 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 twenty-eight days from the 12th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that WIDNER SIMILIEN of Ridgeland Park West, 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 5th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that GARRY JEAN-LOUIS of Marsh Harbour, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th dAY of SEPTEMBER, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.
NOTICE
NOTICE is hereby given that ANAYO FRANCIS KELVIN of #18 Yamacraw Shores, P.O.Box EE16707,Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Monday, September 12, 2016, PAGE 11
Samsung urges consumers globally to stop using Galaxy Note 7 SEOUL, South Korea (AP) — Samsung Electronics is urging consumers worldwide to stop using Galaxy Note 7 smartphones immediately and exchange them as soon as possible, as more reports of the phones catching fire emerged even after the company’s global recall. The call from the South Korean company, the world’s largest smartphone maker, comes after U.S. authorities urged users to switch the Galaxy Note 7 off and not to use or charge it during a flight. Several airlines around the world asked travelers not switch on the jumbo smartphone or put it in checked baggage, with some carriers banning the phone on flights. In a statement posted Saturday on its website, Samsung asked users around the world to “immediately” return their existing Galaxy Note 7 and get a replacement. “We are asking users to power down their Galaxy Note 7s and exchange them as soon as possible,” said Koh Dong-jin, Samsung’s mobile president. “We are expediting replacement devices so that they can be provided through the exchange program as conveniently as possible.” Consumers can visit Samsung’s service centers to receive rental phones for temporary use. Samsung plans to provide Galaxy Note 7 devices with new batteries in South Korea starting Sept. 19, but schedules for other countries vary. Earlier this month, Samsung announced an unprecedented recall of 2.5 million Galaxy Note 7s worldwide just two weeks after the phone was launched. That move came after Samsung’s investigation into reports of
fires found that rechargeable lithium batteries manufactured by one of its suppliers were at fault. The U.S. was among the first countries to take a step following the recall. Late Friday, the U.S. Consumer Product Safety Commission urged owners of the phone to turn them off and leave them off. It also said it was working with Samsung and hoped to have an official recall “as soon as possible.” The recall by the safety commission will allow the U.S. Federal Aviation Administration to ban passengers from carrying the phones on planes. The FAA already warned airline passengers late Thursday not to turn on or charge the Galaxy Note 7 during flights and not to put the smartphone in their checked bags. Scandinavian Airlines said Saturday that it has prohibited passengers from using the Galaxy Note 7 on its flights because of concerns about fires. Singapore Airlines has also banned the use or charging of the device during flights. Samsung said it had confirmed 35 cases of the Galaxy Note 7 catching fire as of Sept. 1, most of them occurring while the battery was being charged. There are at least two more cases that Samsung said it is aware of — one at a hotel in Perth, Australia, and another in St. Petersburg, Florida, where a family reported that a Galaxy Note 7 left charging in their Jeep had caught fire, destroying the vehicle. Samsung released the Galaxy Note 7 on Aug. 19. The Galaxy Note series is one of the most expensive lineups made by Samsung.
Elon Musk, CEO of Tesla Motors Inc., talks during a news conference at the company’s headquarters in Fremont, Calif. Musk said yesterday, the electric car company is making major improvements to the Autopilot system used by its vehicles, which will dramatically reduce the number and severity of crashes they’re involved in. (AP Photo)
Tesla says it’s improving Autopilot by boosting radar NEW YORK (AP) — Tesla CEO Elon Musk says the electric car company is making major improvements to the Autopilot system used by its vehicles, which will dramatically reduce the number and severity of crashes they are involved in. Sunday's news comes in the wake of a May crash involving a Tesla Model S that was using the semi-autonomous mode at the time. The driver died after crashing into a tractor-trailer. On a conference call with reporters, Musk said he thinks that the improvements, which will roll out globally in the next week or two in the form of a software update, would have prevented that crash. Musk called the upgrades a “massive enhancement,” but he said that Tesla cars are already the safest on the road. “It's not about going from bad to good,” Musk said on the call. “Things are already good. I think it's about going from good to great.” While he acknowledged that there's no such thing as perfect security, he predicted that the improvements will cut the accident rate for Tesla vehicles by more than half. Tesla's Autopilot system can maintain a set speed, keep the car within its lane and brake automatically. Radar, which was added to all Tesla vehicles starting in October 2014, currently helps the car see things that may be blocked to cameras in bright sunlight or bad
weather. The improvements announced Sunday call for Autopilot to rely more on radar and less on vehicle cameras. As part of that shift, the radar will use more advanced signal processing to create a better picture of the surrounding world. Musk said that he has wanted to make these kinds of improvements to Autopilot since last year, but he was told it couldn't be done for various technical reasons. “We really pushed hard on questioning all of those assumptions over the past few months,” he said. “It was just a very hard problem. Nobody else could solve this.” According to Tesla, one of the biggest challenges was the need to eliminate false positives. While slamming on the brakes is crucial if a driver is about to hit another vehicle, it isn't if they're about to hit something smaller, like garbage in the road. And these kinds of stops always have the potential to cause injury, making a false positive potentially dangerous. But Musk said the company was eventually able to solve that problem through software improvements. He added that he expects the radar system to continue to improve over the next several months, as the company collects more data and makes changes.
a Samsung Electronics’ Galaxy Note 7 smartphone is displayed at the headquarters of South Korean mobile carrier KT in Seoul, South Korea. Samsung Electronics recommended South Korean customers to stop using the new Galaxy Note 7 smartphones, which the company is recalling worldwide after several dozen of them caught fire. The South Korean technology giant in a statement on its website Saturday, Sept. 10, 2016, advised local users to visit the company’s service centers to receive rental phones for temporary use. (AP Photo)