09132016 business

TUESDAY, SEPTEMBER 13, 2016

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Bahamas urged: ‘Resist’ Baha Mar payout new global tax pressure process ‘opening

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A former Bahamas Financial Services Board (BFSB) chairman yesterday urged the Government to resist “disingenuous” international pressure, after this nation was accused of single-handedly undermining the global “war on tax dodgers”.

Michael Paton told Tribune Business that the Bahamas needed to remain steadfast and meet the commitments it has made to implement the Common Reporting Standard (CRS) for automatic tax information exchange on a bilateral (country-to-country) basis

Economist magazine slams ‘holdout’ Bahamas Nation undermining global ‘war on tax dodgers’ Ex-BFSB chief: ‘Big mistake’ to change CRS plans by 2018.

He warned that it would be “a big mistake” for the Bahamas to alter its position in response to an ar-

ticle in the respected international magazine, The Economist, which described this nation as ‘The Holdout’ on automatic tax information exchange, The article, published both in print and electronically on September 10, 2016, described the Bahamas as “chief among the recalcitrants” who had not agreed to the automatic exchange of tax information on a multilateral basis.

Agreeing to this would require the Bahamas to exchange tax information on the financial services industry’s foreign clients with all signatory countries - more than 100 - instantaneously.

Instead, the Bahamas has agreed to implement the

CRS on a bilateral basis, meaning it will negotiate agreements one country at a time with nations seeking to automatically exchange tax information with it.

Even though the Organisation for Economic CoOperation and Development (OECD), the global tax information overseer, has agreed that countries are free to determine their approach - bilateral or multilateral - the Bahamas has been portrayed as a noncompliant threat to the international order.

The Economist, whose target readership is the global financial and business community, just the sort of high net worth clients See pg b4

Bank of the Bahamas saw almost $70 million wiped off its stock market value last week, as investors searched for the ‘floor’ following the removal of price movement restrictions.

Tribune Business calculations show that the BISXlisted institution’s market capitalisation fell some 62.45 per cent in just five days, as buyers and sellers found prices at which they were willing to act.

Based upon the 21,387,924 ordinary shares outstanding prior to Bank of the Bahamas’ $40 million rights issue, which closed yesterday, the $5.22 share price as at Monday, September 5, meant it started last week with a market capitalisation of $111.645 million.

However, BISX’s decision to expand the trading ‘bandwidth’ for Bank of the Bahamas’ stock to 54 per cent paid dividends in that it stimulated trading activity in a stock that had been stuck at a $5.22 price for more than two-and-a-halfyears.

As a result, Bank of the Bahamas’ share price closed last week at $1.96, which caused its stock market value to drop to $41.92 million.

Such a calamitous fall would normally be regarded as a spectacular destruction of shareholder value, but in Bank of the Bahamas’ case, it was more a reflection of

Bank’s market capitalisation slashed 62.45% Price 28% below $40m rights offering level Govt likely to soon own 80-90% of BOB allowing the market to findand reflect - what it believes is the bank’s true value.

BISX normally allows trading prices to only fluctuate by a maximum of 10 per cent either side of the previous day’s close, in a bid to eliminate the price volatility produced by small retail sellers wanting to exit a stock at any price.

Yet in Bank of the Bahamas’ case, BISX took the view that this was unduly restricting trading activity and preventing better ‘price discovery’ by the Bahamian capital markets.

The stock, though, is now valued some 27.6 per cent below what was the $2.70 rights issue price, where existing Bank of the Bahamas shareholders were being invited to purchase one new share for every 1.44 currently held.

This means that the rights issue was significantly overvalued, based on where the market believes Bank of the Bahamas’ true value is See pg b4

The Opposition’s deputy leader yesterday expressed alarm at “the potential reputational damage” that may have been inflicted by allegations that the Bahamas is ‘non-cooperative’ in the “global war on tax dodgers”.

K P Turnquest said the article in the respected magazine, the Economist, which described this nation as “cocking a snook” at efforts to crack down on international tax evasion and avoidance, could negatively influence investor perceptions of the Bahamas and its financial services industry.

“That is the crux of the concerns I would have, and the industry has,” the east Grand Bahama MP said of the article, which was pub-

Bran: ‘No doubt’ about foreign creditor litigation

Joins BFSB chief in slamming Economist article Turnquest: ‘What more is required from Bahamas?’

Govt slams tax exchange delay claim ‘hearsay’

‘reputation damage’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEI L HAR T NELL Tribune Bu siness Ed i tor nhartnell@tribunemedia.net

The Democratic National Alliance’s (DNA) leader yesterday warned that the Baha Mar creditor payout process threatens to “open the floodgates” to litigation by foreign claimants, amid warnings that the Bahamas’ investment reputation is again under threat.

Branville McCartney told Tribune Business he had “no doubt” about the possibility of lawsuits being initiated, both in the Bahamas and abroad, by Baha Mar’s foreign creditors who view the payout process as ‘discriminatory’ in favour of Bahamians.

He also agreed that the “priority” being given to Bahamian creditors threatened to undermine this country’s reputation as a safe destination for foreign investors and companies, given that they appeared likely to recover little to See pg b4

BOB: $70m wiped Tax ‘holdout’: FNM off value in week deputy leader fears

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

legal floodgates’

McCartney: ‘Our actions speak for us’ lished on September 10, 2016.

“That this kind of unfortunate article has the potential to cause reputational damage to the jurisdiction.

Those individuals who may be investors here may not See pg b5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government has dismissed as “hearsay” allegations that public and private sector officials have been suggesting the Bahamas will hold back on automatic tax information exchange, making this nation more attractive to “undeclared” funds.

The assertion was contained in the Ministry of See pg b5

Attorney warns Bahamas viewed as ‘unsafe’ Process can’t discriminate in treatment

Branville McCartney

Refutes claim Bahamas open to ‘undeclared funds’ Little of Ministry’s denial made The Economist Questions if article was ‘plant’ of OECD position

PAGE 2, Tuesday, September 13, 2016

THE TRIBUNE

Mobile operator teams for second jobs drive

The Bahamas’ newlycreated second mobile operator has partnered with the National Training Agency (NTA) for a second recruitment drive.

The effort, which took place at the NTA’s offices on Wednesday, September 7, came following the first recruitment initiative’s success.

It allowed another group of customer service graduates to interview with NewCo2015 representatives as part of the job placement exercise.

“We are happy to partner with NewCo2015 once again. The high success rate of our trainees show that the programmes that the National Training Agency offers work,” said Agatha Marcelle, the NTA’s executive director.

“Our commitment to the successful placement after training is absolute. In addition, we will continue our efforts across multiple platforms to support this goal. It must also be noted that all courses are free of charge.”

“The National Training

Patrice Thompson, NewCo2015’s director of human resources Agency did a tremendous job in providing so many viable candidates in both recruitment drives. We are pleased to have had another opportunity to meet more graduates from the customer service programme,” said Patrice Thompson, NewCo2015’s human resources director, “At NewCo2015, we are committed to hiring the best Bahamian talent, and we look forward to adding

other qualified persons to our team.”

The National Training Agency has partnered with ten independent industry training providers, who represent the highest level of expertise in their respective areas.

These trainers are held to quality assurance standards that are set and modelled by international qualifications, such as the City and Guilds organisation, the International Institute of Health Care Professionals Inc, The Guild of Professional English Butlers and the Bahamas Maritime Authority.

The National Training Agency has given more than 2,500 Bahamians the opportunity to develop competency-based skills and achieve various certifications over the past three years.

It aims to supply qualified and skilled labour for the Bahamian workforce, and more than 20 companies are now providing support through internships and employment.

New mobile operator adds marketing chief The Bahamas’ new mobile operator has named Earlene Cartwright as its marketing operations manager.

She will head NewCo2015’s marketing department, and be responsible for developing new promotional ideas, market penetration strategies and revenue growth models for its mobile products and services.

“The addition of Earlene Cartwright to our team has been immediately beneficial. She has already contributed to key marketing strategies” said Franklyn Butler, NewCo2015’s chairman.

“Ms Cartwright has 10 years of experience in operational leadership, special

project management, strategic planning, customer management, and has built various sales and marketing strategies.

“Her creative approach to leadership has fostered highly creative teams, and yielded quality results throughout her career in hospitality and technical fields. This appointment is another example of our company’s commitment to hiring the absolute best in Bahamian talent and we will continue to deliver on this mandate.”

Ms Cartwright added: “I am truly excited to begin this journey with NewCo2015. My passion for results, people and delivering excellent service will remain steadfast as we build

Earlene Cartwright, newly-appointed marketing operations manager for NewCo2015. our team.

“I know that we will not only build on our company’s objective, but we will surpass them. I have a vision that has NewCo2015 as the cornerstone of the mobile market in the Bahamian community.”

THE TRIBUNE

Tuesday, September 13, 2016, PAGE 3

Design veteran in new firm launch A 20-year design veteran has launched her own business in both Nassau and Grand Bahama, in a bid to ensure companies inspire their employees through a comfortable workplace.

Monique Graham, who has set-up Style Office Solutions (SOS), said: “Countless studies show that if your team is comfortable and inspired by the space they are in, they are

going to want to be in that space and will work more effectively.

“Our goal is to make what can be a daunting process less stressful and overwhelming. At SOS, we take into consideration all aspects - from conception to completion. We are equipped to take on something as small as purchasing an office chair or as complex as space planning for a

multi-level office space.”

She added: “We collaborate with general contractors, architects and various vendors, in addition to providing floor and wall finishes, window treatments, lighting etc to ensure that the entire project is well planned and managed, carefully monitoring budgets and our clients’ needs.

In short, we are focused on providing a seamless ‘one-

An artist’s rendering of Washington Village, whose land assembly is being funded by Bahamasbased Sterling Mortgage Income Fund, a Sterling Global Financial vehicle.

Bahamas fund finances Boston redevelopment A Bahamas-headquartered financial services provider with more than $9 billion in assets under management is providing bridge financing for a project that will revitalise a south Boston community in the US. Sterling Global Financial’s Sterling Mortgage Income Fund (SMIF), formerly the New Providence Income Fund (NPIF), will finance the land assembly for the Washington Village project in the US city.

The site is about five acres of mostly low-rise, underused industrial and commercial properties that will be redeveloped through eight new buildings ranging in height from three-storey to 21-storey towers.

Washington Village will house 656 residential units catering to families of varying sizes - from single young professionals to multi-generation families. It will total 975,000 square feet, including 104,000 square feet of retail space and 648 parking spaces.

Inspiration for the redevelopment of the South Boston square was driven in part by the announcement that GE, the $50 billion corporate giant was moving its headquarters to Boston, a move that will drive additional housing demand.

“GE’s announcement triggered a great deal of energy and excitement for the Boston area, and especially

south Boston, which has so much potential,” said David Kosoy, Sterling Global’s chairman.

“We are pleased to be a contributing partner in Washington Village, which will totally transform an underutilised part of one of America’s iconic cities into a landmark for the new urbanism that is attracting so many who once fled to the suburbs and are now returning to a revitalised type of city life.

“As more companies join the march back to cities, we look forward to new opportunities to fund projects like this that make communities stronger.”

Washington Village is the latest project financed by funds administered by Sterling Global Financial.

Among its previous activities are the financing of the new Marriott Courtyard in downtown Nassau, and its investment as an equity partner in Thirty Six, a $30 million luxury condominium project on Paradise Island that broke ground last month.

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stop-shop’.”

Mrs Graham, and her sales and installation teams, have completed projects for the likes of Freeport Ship Services.

“Monique and her team were efficient and easily identified what we needed and wanted,” said Jeremy Cafferata, the company’s chief executive.

“For me, the installation was fast and painless

– we were moving from a cramped space to a much larger building. We now look high-end and professional, and my team is happy.”

SOS is currently working on both private and government offices, as well as furnishing Family Island clients with both office and home furnishings from inventory that is selected to be stylish, functional and

cost-effective.

“We are so grateful for the trust that so many clients have given us to create great spaces that meet their goals and their budgets,” said Mrs Graham.

“I have always felt that good design in a work environment is not only pleasing on the eye for those visiting and working, but also in its own way contributes to the productivity.”

PAGE 4, Tuesday, September 13, 2016

Bahamas urged: ‘Resist’ new global tax pressure From pg B1 this nation wants to attract, accused the Bahamas of a “go-slow approach” to meeting its international tax information exchange commitments.

“This looks like an excuse to drag its feet,” the magazine, which has a global circulation, said of the Bahamas’ bilateral approach, in an article that said: “The Bahamas cocks a snook at the war on tax dodgers.”

It then quoted a ‘Mark Morris’, who its described as an ‘independent tax expert’, who accused the Bahamas of adopting a “disingenuous ‘compliant non-compliance’ strategy”.

This was described as the Bahamas joining the CRS, but using the bilateral approach to delay automatic tax information exchange, while using “fabricated concerns” about whether other countries would properly

protect the shared data to agree deals with as few nations as possible.

Given the magazine’s standing, the article’s depiction of the Bahamas as a non-compliant, noncooperative jurisdiction threatens to undermine its international financial centre reputation - potentially scaring off both current and future business (see other article on Page 1B).

Mr Paton, though, called on the Government and financial services industry to provide a resolute response, and not be intimidated by what he described as crude pressure intended to force the Bahamas to adopt the ‘multilateral’ approach.

He also accused The Economist of basing its article on “a false premise”, namely that the Bahamas would only agree to automatic tax information exchange with those

Baha Mar payout process ‘opening legal floodgates’ From pg B1

nothing of the sums they are owed.

Tribune Business obtained independent corroboration yesterday that Baha Mar’s foreign creditors are monitoring the situation closely, and engaging attorneys - both in the Bahamas and the US - should legal action be required to enforce their rights.

A Bahamian attorney, who has been retained to act by several foreign creditors, told this newspaper that their clients were particularly unhappy about a creditor payout process that appears to discriminate in favour of Bahamians.

Speaking on condition of anonymity, as they were not authorised to talk by

their clients, the attorney said: “What most are concerned about is that the focus seems to be on paying Bahamian companies and creditors. What about them?

“It’s manifestly unfair if you’re going to be paying Bahamian creditors and not paying them. Many of those companies still have equipment on the ground here. Litigation is brewing.

“It’s not looking good for the jurisdiction either, if this is how we’re going to treat foreigners. It’s not going to be perceived as a safe place. I appreciate what they’re [the Government and the Chinese] doing for Bahamians, and that it’s election time, but you have to be fair to other people who come here and do business. I’m hoping they see sense.”

BOB: $70m wiped off value in week From pg B1

- a further indication that few, if any, of the 35 per cent minority investors had exercised their rights.

The increase in the number of listed shares as a result of the rights issue is likely, in theory, to push Bank of the Bahamas’ share price down further - and certainly well below

the bank’s own proposed post-rights price of $4.18.

And the lack of minority interest means that the 65 per cent majority shareholder, the Government, will have to use either the National Insurance Board (NIB), the Treasury or a combination of the two (likely NIB) to pick up the bulk of the $40 million issue.

N O T I C E EXXONMOBIL EXPLORATION AND PRODUCTION BULGARIA LIMITED ________________________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION BULGARIA LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 9th day of September, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General.

THE TRIBUNE

33 countries with which it has existing Tax Information Exchange Agreements (TIEAs).

“What’s their problem with that?” Mr Paton said of The Economist’s criticism of the Bahamas’ bilateral approach. “That’s an agreed approach to the adoption of the CRS. “And no one is saying the Bahamas is only going to enter into automatic tax information exchange agreements with those countries it already has a TIEA with.

That is clearly not true.

“That is a false premise right there, and it is very disingenuous for them to say that. Nowhere has the Bahamas come out officially and said that. It’s certainly not the assumption that the Bahamas Financial Services Board and the industry are operating on.”

Reiterating that the OECD had itself approved the CRS implementation approach that the Bahamas is taking, and which is also being used by the likes of Hong Kong and Singapore, Mr Paton said the position

being taken by Morris, the ‘tax expert’, was “very loaded and disingenuous”.

“The Economist is a wellrespected publication, so of course I’m concerned,” Mr Paton told Tribune Business of the potential repercussions from the article.

“Do I think it will have a real impact? It will only have a real impact if the Bahamas Government does not react in a way that is measured and considerate.

“The Bahamas stated a position, and it would be very unwise to resile from that position. The objective of the industry now is to hit the [implementation] milestones. I’d like to see the enabling legislation in place by the end of the year, and there’s nothing to stop the Bahamas initiating automatic tax information exchange agreement negotiations now.”

Mr Paton further blasted The Economist article as “hypocritical”, and suggested the Bahamas was being singled out because of a perception that it was less able to defend itself than

the likes of Singapore and Hong Kong.

“If they think that’s going to make the Bahamas turn and agree to the multilateral convention, I’d be very surprised,” he added.

“I’d counsel against doing that. We’ve taken a legitimate, correct position that’s been endorsed by the OECD itself. I’d say stick to our position. We have nothing to be apologising for. We’ve given our formal commitment, and are well within the timelines to do what needs to be done.”

Apart from Mr Morris, the only other source quoted in The Economist article was Pascal Saint-Amans, the OECD’s head of tax policy.

He said the Bahamas had failed to respond to a presentation he gave to the Christie Cabinet last year, and told the magazine: “I told them if they play games they will lose. Their reputation will be hit.”

Mr Saint-Amans said he had been left “extremely disappointed” by the Baha-

mas’ response, and was now planning to send the Christie government what was described as a ‘stern letter’.

Mr Paton, though, slammed Mr Saint-Amans for “not being honest”, reiterating that the Bahamas was implementing the CRS via an approach his own organisation, the OECD, has already endorsed.

“The OECD has already said we’re well within our rights to do what we’re doing,” he added. “This sounds like someone’s got an axe to grind.

“If they’re trying to put the pressure on, resist it.

We’re well within our legal rights. Until such time as we don’t meet a milestone, they don’t have a right to criticise...

“My advice to the Government and the industry would be to stick to the position taken. It’s legitimate, and as long as we meet the implementation milestones, we’re good. It would be a big mistake to change tack now.”

The attorney added that all the agreements between China Construction America Bahamas (CCA) and its foreign sub-contractors called for contractual disputes to be arbitrated, and litigated, in New York.

They argued, though, that any judgments obtained in New York were unlikely to be enforceable in the Bahamas, and questioned whether CCA (Bahamas) had any assets against which to claim.

The latter query is likely to be of interest to CCA’s Bahamian sub-contractors, who must seek to obtain the multi-million dollar sums owed to them from the Chinese state-owned company - not via the Baha Mar claims process.

The bulk of the $74 owed to Bahamian contractors, some $58 million or more than two-thirds, is owed by CCA as opposed to Baha Mar. While Prime Minister Perry Christie said CCA is

supposed to settle with its sub-contractors and vendors as part of the Baha Mar construction completion deal, the reason for leaving this outside the claims process being administered by the Government and bank - that CCA had its own assets to claim against - is now being queried by the attorney.

Meanwhile, in typical receivership/liquidation proceedings, all unsecured creditors are supposed to ‘join the queue’ and be treated equally in terms of the recovery they will realise.

But in Baha Mar’s case, Bahamian creditors are leapfrogging to the front of the queue, thus leading to cries of discrimination from their foreign counterparts, who will likely be left to fight over any scraps left.

“This is just opening the floodgates to litigation with how this deal is progressing,” Mr McCartney

warned. “I have no doubt that lawsuits will be initiated here and in other jurisdictions.

“The Baha Mar saga, I’m sure, will make it to the book stands as a New York best selling book. It’s just a complete disaster. There’s no doubt that foreigners will look at this situation and have second thoughts in terms of investing.”

The Government and China Export-Import Bank have been able to favour Bahamian creditors because the funding for the payouts is coming from the latter, not Baha Mar, taking the process outside the receivership and provisional liquidation.

The biggest Bahamian creditor is the Government, and its various agencies, who claimed to be owed $59 million when it petitioned to put Baha Mar into liquidation last year.

The majority of this sum, some $26 million, was said to be owed to the Bahamas

Electricity Corporation (BEC), with the remainder spread around the likes of NIB, Water & Sewerage, the Gaming Board and the Treasury in terms of unpaid taxes.

Many observers will likely be watching closely to see whether the Government is made whole, or paid first, by the creditor payout committee, which features representatives from the Chinese, Baha Mar’s receivers and two persons appointed by the Christie administration.

Of Baha Mar’s 20 largest unsecured creditors at the time of the Chapter 11 filing, only a few besides BEC were Bahamian. They were Osprey’s joint venture with Yates, valued at $5.281 million; TBI Caribbean’s $2.353 million; Cable Bahamas with $1.435 million; Cable Beach Resort Association at $1.219 million; and Island Site Development with $1.153 million.

This will further dilute minority investor equity interests, and leave the Government owning 80-90 per cent of a commercial bank, with all the consequences that portends.

The results of the rights issue had not been released

by Bank of the Bahamas as at press time last night.

But Dionisio D’Aguilar, a Bank of the Bahamas shareholder, told Tribune Business: “There’s a confidence issue at Bank of the Bahamas. After they

increased the trading bandwidth, it went down to its market value.

“There’s two ways you judge the price of a stock.

The first is whether it’s going to pay dividends, and that’s clearly not going to be forthcoming with Bank of the Bahamas. The second is whether the share price is going to go up.

“There’s nothing here to get you overly-excited. They still have problems, and we don’t know how deep they are. That’s

what’s been reflected in the market price and driven it down. You don’t know how big the hole is.”

Mr D’Aguilar said that should Bank of the Bahamas turnaround, buying its stock now could reward purchasers prepared to take a gamble on its recovery prospects.

He pointed to AML Foods, for which he is chairman, noting that its stock had climbed back from a low of $0.59 per share to its current price of over

$4, producing a more than seven-fold gain for those who had been prepared to buy low.

“I think the bank didn’t probably expect many shareholders to participate other than the majority shareholder,” Mr D’Aguilar said.

“It’s a bail out. They need to raise $40 million, and it’s very hard to get the average shareholder to buy into the fact this bank is going to turn around.”

NOTICE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

NOTICE is hereby given that ROSEMARY PIERRE of Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 6th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

The Public is hereby advised that I, SONLESS NOEL ESTIME of #2A Langton Ave., Freeport, Grand Bahama, Bahamas intend to change my name to SONLESS NOEL 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

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

NOTICE is hereby given that JACKSON JOSEPH of Marsh Harbour, 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 6th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

The Public is hereby advised that I, MARCUS DEAN AUGUSTIN of Joe Farrington Rd.,New Providence, Bahamas intend to change my name to MARCUS DEAN ALFRED. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE

N O T I C E

EXXONMOBIL EXPLORATION AND PRODUCTION BULGARIA LIMITED ____________________________________________

EXXONMOBIL EXPLORATION AND PRODUCTION NIGERIA (UPSTREAM VENTURES) LIMITED ____________________________________________

EXXONMOBIL EXPLORATION AND PRODUCTION NIGERIA (UPSTREAM VENTURES) LIMITED ____________________________________

(c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 13th day of September, 2016

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 6TH day of October, A.D., 2016.

In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 13th day of September, A.D., 2016.

R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 6TH day of October, A.D., 2016.

In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

Dated the 13th day of September, A.D., 2016.

T.A. Parmenter Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL EXPLORATION AND PRODUCTION NIGERIA (UPSTREAM VENTURES) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 8TH day of September, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is T.A. Parmenter, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 13th day of September, 2016 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

THE TRIBUNE

Tuesday, September 13, 2016, PAGE 5

Tax ‘holdout’: FNM deputy leader fears ‘reputation damage’ From pg B1 understand what is behind the article, and may be induced to believe there is something here, and that the persons quoted are speaking with authority.

“The article does have the potential to cause damage for the Bahamas.”

Entitled ‘The Holdout’, The Economist article portrayed the Bahamas as noncompliant with the global efforts to implement automatic tax information exchange, suggesting that this nation was singlehandedly resisting the fight against tax evasion and avoidance.

Of particular concern is that The Economist has a global circulation, while its target readership is the business and financial community - the sectors of society that generate the Bahamas’ financial services clients and foreign direct investment (FDI).

Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) executive director, described The Economist article’s negative portrayal of this nation and its financial services industry as “unfortunate”.

She told Tribune Business that its claims were refuted by the Bahamas’ ac-

tions when it came to meeting global regulatory and tax transparency standards/ best practices, and said: “Our track record speaks for us.”

“The view of BFSB is that we believe our actions over the years from 200 todate - the anti-money laundering and counter terror financing regime, and with the TIEAs and FATCA demonstrate our commitment to tax compliance and achievement of the highest international standards and best practices,” Ms McCartney said.

“Our actions can speak for us. People can look at what we did in response to the blacklisting in 2000, and when we implemented FATCA, and see that when the Bahamas makes a commitment it does all it has to do to deliver on that, and it’s the same with automatic tax information exchange..”

Both Ms McCartney and Mr Turnquest emphasised that the Bahamas’ decision to implement the Common Reporting Standard (CRS) for automatic tax information exchange on a bilateral - as opposed to multilateral - basis had been approved by the Organisation for Economic Co-Operation and Development (OECD)

Govt slams tax exchange delay claim ‘hearsay’ From pg B1 Financial Services’ response to questions from The Economist magazine, prior to its publication of an article alleging that the Bahamas is single-handedly undermining the “war on global tax dodgers”.

Quoting “more than one” unnamed source, The Economist put it to the Ministry that Bahamian government officials, together with private sector executives, “have been telling people at international conferences and in meetings that the Bahamas will not exchange information widely, or at least will be slow to do so”.

The Ministry, in its September 6, 2016, response, said: “While we are not minded to respond to hearsay, the position of the Bahamas Government is that we will engage in good faith negotiations with appropriate partners that approach the Bahamas to enter into bilateral negotiations, as is required by the OECD Global Forum.

“We are also committed to meeting our 2018 commitment [to implement the

Common Reporting Standard for automatic tax information exchange] and we have consistently conveyed this message in all fora.”

The Economist then suggested that “sources” had informed it that the same Bahamian public and private sector officials were promoting the Common Reporting Standard (CRS) ‘go slow’ to suggest “undeclared money will be safer in the Bahamas than elsewhere”.

This question implies that the Bahamas is open to accepting client funds that represent the proceeds of crime (money laundering) and/or tax evasion.

It provoked a sharp response from the Ministry, which said: “We are cognisant of the damage that such representations could have, particularly in light of the contribution that the financial services sector makes to our economy - providing employment, foreign exchange earnings and contributing more than 15 per cent to our GDP. “The Bahamas is a responsible, compliant inter-

Fed official’s speech lowers expectations for hike next week WASHINGTON (AP) — Investors, at least, suddenly seem more confident about what the Federal Reserve will announce when it meets next week: Nothing.

Stocks soared Monday after an influential Fed policymaker indicated she was in no hurry to raise interest rates despite intensified speculation that the Fed is poised to tighten U.S. borrowing rates.

After the speech by Lael Brainard, investors pegged the chance of a rate hike next week at just 15 percent, down from 24 percent before her remarks, according to figures from the CME Group.

In her speech in Chicago, Brainard suggested that the risk that higher rates might damage a fragile economy exceeds the risk that lower rates might ignite inflation.

As a governor on the Fed’s board in Washington and a close ally of Chair Janet Yellen, Brainard is seen as a key figure at the central bank. No governor has been on the losing side of a Fed vote since 2005. Presidents of the Fed’s regional banks are far more likely to cast dissenting votes.

The Dow Jones industrial average soared 240 points — nearly 1.5 percent — Monday. About half the gain came after Brainard’s speech.

Financial markets had been on edge after several Fed officials in recent days

had signaled a willingness to resume raising rates when they meet next week.

Low rates have fueled a steady rise in stock prices.

Until the recent comments,

KP Turnquest itself.

The Bahamas believes the bilateral approach, which has also been adopted by the likes of Hong Kong and Singapore, is better suited to its system of indirect taxation.

The Economist article attempted to gloss over the fact that other countries and international financial centres (IFCs) have opted

for the same bilateral approach, instead reserving all its fire for the Bahamas.

“As many as a dozen other CRS countries have declined to sign the convention or equivalent multilateral agreements,” the article admitted. “But most either have lots of Tax Information Exchange Agreements (TIEAs) with the countries where their clients live

national financial centre.

We are committed to maintaining the very highest levels of conduct, complying with the international standards, to prevent the abuse of our financial system by money launderers and criminal elements, including the use of our jurisdiction for undeclared money.”

Little of this made The Economist’s final article, which portrayed the Bahamas as a non-cooperative, non-compliant jurisdiction when it came to the global fight against tax evasion and avoidance, and other forms of financial crime.

It also ignored the fact that the Organisation for Economic Co-Operation and Development (OECD), the world’s tax overseer, has approved the Bahamas’ chosen bilateral approach for Common Reporting Standard implementation.

The Economist piece largely repeated the allegations contained in its questions, saying: “The Bahamas Financial Services Board (BFSB), which promotes the islands’ financial centre, has stressed at international industry events that it will move very cautiously on information exchange.

“Some interpret this as a veiled invitation to park un-

declared money there. Others say the Bahamas’ talk of its strategy being key to its finance industry’s ‘survivability’ shows it believes it can carry on only by accepting undeclared funds.

“Tax dodgers may also be attracted by the fact that the Bahamas is one of the few places where tax evasion does not count as a ‘predicate’ (underlying) offence for money laundering charges.”

It later acknowledged that the BFSB denied promoting the Bahamas as a safe location for ‘undeclared funds’, and that the Government recognised the damage doing so could cause.

The Economist’s two principal sources were Pascal Saint-Amans, the OECD’s tax policy head, and Mark Morris, who was described as an ‘independent tax expert’.

A website for what appears to be Mr Morris’s Swiss-based business, Mark Morris consulting, describes

investors had expected the Fed to delay a rate hike until December or later.

Brainard is among the Fed’s top “doves” — officials who tend to think the central bank should be cautious about raising rates out of concern that higher rates could stifle borrowing, spending and growth.

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.

(Hong Kong, for instance) or are minnows....

“But the Bahamas displays a unique combination of defiance and a sophisticated offshore trust and banking sector, giving clients plenty of choice. Its banks have assets of $223 billion, 26 times its GDP.” Mr Turnquest was especially exercised by the fact that both The Economist, and the OECD’s tax policy head, Pascal Saint-Amans, who was quoted in the article, appeared to completely ignore the fact that the latter’s own organisation had approved bilateral CRS implementation.

“What the hell more do they want?” he asked Tribune Business. “Why should we bow to their position when it is one of the methods they propose?

“I am advised by industry leaders that the jurisdiction is well advanced in putting in place the required legislation and regulations to ensure that it meets the accepted deadline of 2018 for the first round of reporting.

I am advised that the bilateral approach is more suited to countries like ours who do not have a formal direct tax regime.

“What more should be expected of the Bahamas?

Why should we be treated differently from other, more developed jurisdictions who are able to make an independent sovereign decision as to which tax system works best for its citizens

and business interests?”

Mr Turnquest said the effective tax rate in the Bahamas was 40 per cent, and even though the rate applied to international financial services clients was “significantly lower”, they were still subjected to a strong regulatory regime.

“The only thing we can do is speak in defence of the industry, and point to the advances that have been made,” he added. “To the extent Mark Morris feels it’s disingenuous non-compliant compliance, he has to prove his position.”

Mr Morris was the ‘independent tax expert’ quoted in The Economist article, and Mr Turnquest added: “As far as I’m aware, the jurisdiction has passed its OECD peer reviews, and to the extent there’s new requirements and timelines with the CRS, it is premature to say we’re dragging our feet and being noncompliant.”

Mr Turnquest said his only concern was the allegation by Mr Saint-Amans that the Christie administration had failed to submit a formal response to the presentation he had given to his Cabinet in Nassau last year.

“If this Saint-Amans guy is right, the Ministry of Financial Services has been negligent in its duty to respond to them. That’s unforgivable, and may have been reflected in the article,” he added.

him as a specialist on the CRS, and as having “regular interaction and input with the OECD Global Transparency Forum board members”.

He also labels himself as an adviser to the European Parliament on tax matters, and the editor of automatic tax information exchange ‘technical paper’s for the Tax Justice Network - an organisation that has shown itself to be no friend of the Bahamas.

Given Mr Morris’s

OECD links, and the quoting of Mr Saint-Amans, it is reasonable to ask whether The Economist article was an ‘OECD plant’ designed to pressure the Bahamas into adopting the multilateral approach to CRS implementation.

And given the two sources, another question is whether the article represents the ‘official’ OECD position, and if more trouble is brewing for the Bahamas and its international financial centre (IFC).

NOTICE

NOTICE is hereby given that PEDRO ALLEN WILLIAMS of Holmes Rock, Deadman’s Reef, Grand Bahama,e 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 6th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

USED OFFICE FURNITURE

SALE

Lyford Cay area

---------------------------------------------Executive and Secretarial Desks Chairs Tables Miscellaneous items

Call 502-5244 to view

PAGE 6, Tuesday, September 13, 2016

THE TRIBUNE

US nuclear plant up for sale at fraction of cost

HOLLYWOOD, Ala. (AP) — After spending more than 40 years and $5 billion on an unfinished nuclear power plant in northeastern Alabama, the nation’s largest federal utility is preparing to sell the property at a fraction of its cost.

The Tennessee Valley Authority has set a minimum bid of $36.4 million for its Bellefonte Nuclear Plant and the 1,600 surrounding acres of waterfront property on the Tennessee River. The buyer gets two unfinished nuclear reactors, transmission lines, office and warehouse buildings, eight miles of roads, a 1,000-space parking lot and more.

Initial bids are due Monday, and at least one company has publicly expressed interest in the site with plans to use it for alternative energy production. But TVA says it isn’t particular about what the purchaser does — using the site for power production, industrial manufacturing, recreation or even residences would all be fine with the agency, said spokesman Scott Fiedler.

“It’s all about jobs and investment, and that’s our primary goal for selling this property,” said Fielder.

TVA hopes to close the deal in October.

The sale is bittersweet for site manager Jim Chardos, who went to work at Bellefonte in 1994 expecting it to be finished as a nuclear power plant. All these years later, he commutes 90 minutes each way to work to oversee a plant that has never been stocked with radioactive fuel or used either of its reactors to generate a single watt of electricity.

Work began at Bellefonte in the mid-’70s on the backside of the nuclear energy boom in the United States, Chardos said. The utility initially planned to construct four reactors at the site, but demand for power in the region never met those early expectations and work halted in 1988. A series of starts and stops preceded TVA’s decision earlier this year to sell Bellefonte.

“If you’re going to make 1,200 megawatts you need to sell it to somebody, and if there’s no need for it you’re not going to finish,” he said.

“And that’s really what’s happened.”

Sales of U.S. nuclear plants aren’t all that unusual; the Nuclear Energy Institute, an industry group, says at least 30 units have been sold in part or whole since 1999. The potential sale of Bellefonte is creating hope in a region where

residents gave up long ago on the promise of thousands of good-paying, permanent jobs that were once expected at the plant.

“It was a great thing but then they just pulled the plug and left out, you know,” said Hollywood Mayor Frank “Buster” Duke, who worked at Bellefonte about a decade before moving on.

Today, he said, the 1,000 or so residents of his town need a place to work whether TVA or some other entity owns the property.

“It would help the area as far as land values go. Population would improve, businesses would come in,” he said.

The Nevada-based Phoenix Energy has said it will offer $38 million for Bellefonte in hopes of using it for a new, non-nuclear technology to generate power. The company says its system uses electromagnetic induction energy fields to heat water indirectly and produce steam that would turn turbines and generate electricity at Bellefonte.

Chardos said he would still like to see the site used to generate electricity by nuclear power, but he can’t be too picky.

“It’s all about the jobs,” he said.

sit manager, Jim Chardos, shows the media the control room at the Bellefonte Nuclear Plant, in Hollywood, Ala. The sale of the unfinished plant is bittersweet for site manager Chardos, who went to work at Bellefonte in 1994 expecting it to be finished as a nuclear power plant. All these years later, he commutes 90 minutes each way to work to oversee a plant that has never been stocked with radioactive fuel or used either of its reactors to generate a single watt of electricity. (AP Photo)

PUBLIC NOTICE

Legal Notice

Legal Notice

INTENT TO CHANGE NAME BY DEED POLL

NOTICE

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

The Public is hereby advised that I, Kevin Johnson of Alexander Blvd. off Charles Saunders Highway, P.O. Box EE-17876, Nassau, Bahamas intend to change my name to Kevin SandS. 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.

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

GRIFFON HOLDINGS LIMITED

SPECIAL EQUIPMENT BAHAMAS LTD.

In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), GRIFFON HOLDINGS LIMITED has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 19th day of August, 2016.

In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), SPECIAL EQUIPMENT BAHAMAS LTD. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 19th day of August, 2019.

Sally Louise Ozanne Fiman House St. George’s Place, St. Peter Port, Guernsey GY1 2BH Liquidator

Jonathan Betito 2, Giannou Kranidioti 1065, Nicosia Cyprus Liquidator

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

LIONZEST LIMITED In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), LIONZEST LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 19th day of August, 2016.

MARKET REPORT MONDAY, 12 SEPTEMBER 2016

Legal Notice

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

BISX ALL SHARE INDEX: CLOSE 1,940.42 | CHG 0.01 | %CHG 0.00 | YTD 116.47 | YTD% 6.39

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

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

52WK LOW 2.47 17.43 9.09 3.15 1.77 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 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

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

115.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

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

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

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

52WK LOW 100.00 100.00 100.00

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

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

VOLUME

500

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

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

Legal Notice

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

KANAHENA LIMITED In Voluntary liquidation

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

The date of commencement of dissolution is the 9th day of September, 2016.

Mr. Sergejs Sivrins of Strelnieku 13-24, Riga, Latvia Liquidator

Legal Notice

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

BALINT INVESTMENTS LIMITED In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), BALINT INVESTMENTS LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 19th day of August, 2016.

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

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

Tuesday, September 13, 2016, PAGE 7

US stocks leap as investors hope for steady interest rates NEW YORK (AP) — U.S. stocks surged Monday after a Federal Reserve official said the central bank shouldn’t raise interest rates too soon, which came as a big relief to investors. After a market nosedive on Friday, investors bought safe investments like household goods makers and phone companies.

Technology companies also jumped.

Stocks started the day lower following Friday’s drop, but they soon rallied. Investors were pleased when Lael Brainard, a member of the Federal Reserve board, said the Fed shouldn’t raise interest rates quickly because that could hurt the economy.

The biggest gains went to safe investments that pay big dividends, as they are more enticing to investors when interest rates and bond yields are low.

Stocks had plunged Friday following remarks from another Fed official that suggested interest rates could go up next week.

David Kelly, chief global

strategist for JPMorgan Funds, said he thinks Federal Reserve policymakers seem “noncommittal” and aren’t sure if they should raise interest rates now or not. In his opinion, the Fed’s cautious attitude toward raising interest rates even a little is causing strong market reactions.

“The more cautious they are, the more sensitive the market becomes,” he said.

“What’s one quarter of one percent? It’s nothing.”

The Dow Jones industrial average jumped 239.62 points, or 1.3 percent, to 18,325.07. The Standard & Poor’s 500 index rose 31.23 points, or 1.5 percent, to 2,159.04. The Nasdaq composite surged 85.98 points, or 1.7 percent, to 5,211.89.

The gains in the main three U.S. indexes made up for more than half of Friday’s losses.

As investors sought safeplay picks, retail giant WalMart rose $1.64, or 2.3 percent, to $71.94 and Procter & Gamble gained $2.01, or 2.3 percent, to $88.25.

Phone companies also rose

and AT&T gained $1, or 2.5 percent, to $40.71. Those stocks took some of the biggest losses Friday.

HP agreed to buy Samsung’s printer business for $1.05 billion, and HP stock rose 54 cents, or 3.9 percent, to $14.49. That helped take technology stocks higher. Elsewhere, Apple rose $2.31, or 2.2 percent, to $105.44 and communications chip maker Broadcom picked up $3.70, or 2.3 percent, to $164.48.

Canadian companies Agrium and Potash Corp. of Saskatchewan agreed to combine into the world’s largest crop nutrient company. The companies value their combined business at $36 billion, and Potash shareholders will own a majority of stock in the new company. Potash stock lost 21 cents, or 1.2 percent, to $16.76 and Agrium dipped $2.57, or 2.7 percent, to $92.64.

Markets overseas took sharp losses following the rout in the U.S. Friday.

Germany’s DAX fell 1.3 percent while the CAC-40

a man walks to work on Wall Street, near the New York Stock Exchange, in New York. Global stock markets tumbled yesterday, as investors fretted over the possibility of an imminent U.S. interest rate hike and reacted to the weekend health problems of presidential candidate Hillary Clinton. (AP Photo) in France also lost 1.2 percent. The FTSE 100 index of leading British shares gave up 1.1 percent. Japan’s benchmark Nikkei 225 index lost 1.7 percent and South Korea’s Kospi slid 2.3 percent. In Hong Kong the Hang Seng shed 3.4 percent.

U.S. stocks had plunged late last week after Federal Reserve Bank of Boston President Eric Rosengren said there’s a case to be made the U.S. central bank should raise rates sooner rather than later. Rosengren and Brainard have

both been reluctant to raise rates too quickly.

Investors are not sure if the central bank will raise interest rates, and they’re not sure the economy is healthy enough to handle that. Higher rates threaten stocks by making interestpaying savings accounts and bonds more attractive to investors. They could also ding corporate earnings by raising companies’ borrowing costs.

Irish drugmaker Perrigo added $6.52, or 7.3 percent, to $95.23 after activist investment firm Starboard

Value bought a 4.6 percent stake in the company. Starboard Value said Perrigo needs to boost profit margins for some of divisions, and notes that the company’s stock hasn’t done well since Perrigo rejected an offer from competitor Mylan NV. Perrigo said it will review Starboard’s comments.

U.S. crude rose 41 cents to $46.29 a barrel in New York. Brent crude, the benchmark for international oil trading, climbed 31 cents to $48.32 a barrel in London.

Obama, McConnell strike hopeful tone on budget, Zika WASHINGTON (AP) — Striking a conciliatory tone after an Oval Office sitdown, President Barack Obama and the top Senate Republican declared themselves hopeful Monday that an agreement can be reached to keep the government running and to provide money to take care of the worsening Zika crisis.

“I was encouraged by some of the constructive work that’s being done right now,” Obama said after his meeting with the top four congressional leaders, two from each party.

Long-sought provisions to provide money to deal with Zika look likely to be added to a must-pass spending bill to fund the government through Dec. 9.

Entering the Capitol after the meeting, Senate Majority Leader McConnell told reporters that the group “talked about wrapping up the funding issue and I think we’re all in a very good place to do that on a bipartisan basis pretty quickly.”

Obama, for his part, said his “hope is that by the time Congress adjourns, before the election, that we will have an agreement in place to fund the government and that Zika funding will be taken care of.”

His remarks in the Oval Office, with congressional leaders looking on, represented a marked shift in tone from a preview of the meeting provided by his spokesman just hours earlier.

White House spokesman Josh Earnest had said reasonable people could probably figure out a solution to the issues “in a couple of hours,” but added that “unfortunately, they’re stuck with Mitch McConnell and Paul Ryan being responsible for this,” referring to the Republican leaders in the Senate and House.

Conservative opposition to the emerging deal remains, but negotiators worked through the weekend on the details. The Zika money has stalled since Obama first requested $1.9 billion in February, but congressional Republican leaders seem likely to jettison provisions opposed by Democrats restricting any of the money from going to affiliates of Planned Parenthood in Puerto Rico.

Speaking on the Senate floor in advance of the White House meeting, McConnell confirmed that he expected action by week’s end on a funding bill including Zika money.

Senate Minority Leader Harry Reid, D-Nev., said his staff was working “diligently” toward a solution, and he called on Republi-

cans to “get away from their vendetta against Planned Parenthood ... Planned Parenthood should not be part of Zika funding.”

It comes as government scientists step up their warnings about the spread of the virus, which can cause devastating birth defects. More than 670 pregnant women in the states and Washington, D.C., have the virus, leading to the birth of at least 17 babies with microcephaly so far.

On Friday, Centers for Disease Control and Prevention director Thomas Frieden said that “we are now essentially out of money” and warned that the country is “about to see a bunch of kids born with microcephaly” in the coming months.

Obama, just back from a trip to Asia, invited the GOP leaders, Ryan and McConnell, and their counterparts, Reid and House Democratic leader Nancy Pelosi.

The lawmakers have been back from a seven-week summer recess for only a week but already are eager to depart again so that vulnerable lawmakers of both parties can campaign for re-election. The government funding bill is the only must-pass piece of legislation ahead of the election and thus has become the vehicle for the Zika provisions.

Also on the agenda for the president and legislators: a request from Louisiana’s governor for $2.8 billion in federal assistance to help the state recover from devastating flooding. Gov. John Bel Edwards last week had requested $2 billion, but upped the amount on Monday. Louisiana’s GOPdominated congressional delegation sent Obama a letter Monday urging him to submit a disaster aid request so that Congress can act on it this year, though it fell short of indicating that the funding should be added to the stopgap spending bill.

Obama said they discussed the need for disaster relief in Louisiana and elsewhere, but gave no specifics on the conversation.

Obama’s priorities for a lame-duck postelection session of Congress also were on the table, including Obama’s one major remaining foreign policy priority, the 12-nation Asia free-trade Trans-Pacific Partnership.

During his recent trip to Asia, Obama repeatedly called on Congress to pass what the White House considers a legacy-burnishing deal.

The president said he was hopeful about being able to “get things done” with Congress on issues including criminal justice reform when legislators meet again after the elections.

The Board of Directors of FamGuard Corporation Limited is pleased to advise that the second quarterly dividend for 2016 of 6 cents per share has been declared to be paid on August 24, 2016 to Shareholders of record as at August 17, 2016 FAMGUARD CORPORATION LIMITED The parent holding company of Family Guardian Insurance Company Limited FG Insurance Agents & Brokers Limited FG Capital Markets Limited FG Financial Limited

Speaker of the House Paul Ryan, R-Wis., left front, listens next to Senate Majority Leader Mitch McConnell, R-Ky., as President Barack Obama speaks next to Senate Democratic Leader Harry Reid, of Nevada, and House Democratic Leader Nancy Pelosi, of Calif., in the Oval Office of the White House, yesterday, in Washington. (AP Photo)

THE TRIBUNE

Tuesday, September 13, 2016, PAGE 9

b o dy a n d m i n d

Gabrielle at Shriners Hospital for Children in Greenville, South Carolina.

Brave Gabrielle beats scoliosis

By ALESHA CADET

Tribune Features Reporter

acadet@tribunemedia.net

T

HE experience of living with scoliosis has inspired 12-year-old Gabrielle Rolle to encourage other children to always be strong, fearless and trust God to work it all out.

Gabrielle recently underwent a spinal fusion surgery for her sideways curved spine at Shriners Hospital for Children in Greenville, South Carolina.

He mother, April Fowler, said the surgery lasted about five hours. Special metal rods and screws were attached to the curved parts of Gabrielle’s backbone to straighten her spine.

“They also had to use bone grafts to put over her spine, which will grow together with the spinal bone and fuse it into the proper position. Gabrielle had an 87 degree curve at the top of her spine and a 55 degree curve at the bottom, which means she has an incision in the middle of her back that runs the full length of her back,” Ms Fowler told Tribune Health.

She said she is pleased to report that the procedure was a success.

“That five-hour wait was the most nerve wrecking experience of my life, but I am so happy and relieved with the outcome. We will have to wait for her follow-up appointment on September 30 to have her X-rays done to actually see the correction of the curves,” said Ms Fowler. “(Gabrielle) is simply very happy and grateful to

Gabrielle with a staff member at Shriners Hospital for Children in Greenville, South Carolina.

12-year-old wants to inspire others

have had her surgery done and to be able to put this all behind her.”

Although Gabrielle now has a lot of restrictions to live by for the next year or two, her mother said she is recovering very well and very quickly.

“Looking at her now you would not be able to tell that there was ever anything wrong with her back,” she said.

Ms Fowler said there are no words to express how proud she is of her baby girl, describing Gabrielle as amazing, strong and courageous.

“She makes me want to be more like her. I am honoured to be her mother. I absolutely love her spirit and I love her so much,” she said.

During the morning of Gabrielle’s surgery, Ms Fowler said she asked her daughter if she was scared or nervous, and her daughter simply smiled and replied, “Mommy, I’m not scared”, while hugging her emoji pillow to her.

Ms Fowler said Gabrielle actually expressed how excited she was about her surgery, and how happy she was about not having to wear a back brace afterwards.

“Before surgery when she had to wear her body brace, I would encourage her to educate anyone who would ask her what was wrong with her back; to tell them what the brace was for and let them know what sco-

Gabrielle Rolle with her mother, April Fowler

12-year-old Gabrielle Rolle

liosis was, the causes and how it could be corrected if they asked, and they always asked,” said Ms Fowler.

She kept her daughter motivated by telling her to never to let anyone take advantage of her or make her feel bad about herself because of her condition, because she is a beautiful young lady inside and out.

“After surgery I simply reminded her of everything I told her before. She told me that she wanted her first bikini as an after-surgery gift and I asked her if she didn’t mind that people would see the scar on her back. She reminded me that I told her a while back that scars tell a story and she didn’t care who saw her scar because it is her story. We are going bikini shopping next week.

Her two favourite things to do are travelling and beaching,” said Ms Fowler.

The care her daughter re-

Seminar to highlight healing powers of yoga

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net IMPROVING wellness in the Bahamas through education is the aim of the Eye on Health seminars presented by Solomon’s Fresh Markets.

The seminars, which started nearly three years ago, feature presentations on a wide range of topics and themes that speak to how lifestyle and dietary changes can be used to help manage, prevent and even treat many common ailments and conditions.

The next seminar to be held on Saturday at the Old Fort Bay location will put a spotlight on yoga as a tool to heal the body and calm the mind.

The seminar will be hosted by Mychal Bryan, Baha-

mian yoga instructor and owner of Cosmosis Yoga Suite & Cultural Hub. It will run from 4pm to 6pm.

Over the past five years, Mr Bryan said, interest in yoga has grown tremendously in the Bahamas and more people are coming to sessions each day. The method of yoga that he practices and seeks to live by is the method outlined

by BKS Iyengar, founder of the Iyengar Yoga, a form of Hatha yoga that has an emphasis on detail, precision and alignment in the performance of posture and breath control.

“The reality is that there are many forms of yoga in the world today, but not all styles and systems focus as specifically on healing the body and mind through the integration of posture, intelligence, breath, and

alignment as the method outlined by Iyengar,” said Mr Bryan.

Through his Cosmosis Institute, he seeks to share and educate the Bahamian people about yoga.

“I feel it is my personal charge to show people the ways in which yoga is more than a fitness endeavor, more than a gym work-out, but an actual approach to life that can really transform your relationship to your body, mind, and to the world at large,” he said.

“Popular yoga in the world today is what Mr Iyengar has called ‘jumping yoga’. And it’s the truth.

Most yoga today is jumping, vigorous, and sometimes downright harsh on the body. Not everyone can do that. One of the greatest lessons I’ve learned since studying Iyengar

Mychal Bryan, owner of Cosmosis Yoga Suite & Cultural Hub, believes in individualised yoga lessons. yoga wholeheartedly is that it doesn’t matter what you teach, but how and to whom. Most yoga teachers today get stuck at the point of what they teach and have no concept at all of how something should be taught or to whom it may be applicable. The reality is that the triangle pose that you will use to heal lower back pain is very different

from the triangle pose that you will use to heal neck pain, which is very different from the triangle pose you will use for someone who is menstruating. These aren’t things that most people are exposed to when they first are exposed to yoga, and they leave feeling as if yoga wasn’t for them because they didn’t find a teacher who knew how to provide

ceived at Shriners Hospital, she added, was so amazing that Gabrielle has been asked by the team there to visit next summer to speak to other children who will be having surgery and talk to them about her experience and what to expect after surgery.

“I would like to thank everyone who helped or contributed in any way to Gabrielle’s journey and it’s success,” said Ms Fowler.

“I would also like to extend a special and huge thank you to Dr Michael Wattenbarger, Shriners Hospitals, Dr Joseph Lewis, Velma Burrows and the Physically Challenged Children’s Committee for all of their help and support.

Finally, I ask that persons please support this committee by making a donation if they are able to because they assist so many children like Gabrielle. God bless.” them an experience of yoga that matched the reality of their lives,” he told Tribune Health.

Mr Bryan believes this Saturday’s seminar will be especially beneficial to those looking for alternative methods to healing pain they may be experiencing.

“I think this will be beneficial because people need to know how yoga can help them lead better, happier, more fulfilled and pain-free lives. Anyone can learn yoga. The yoga that I teach to my 79-year old diabetic grandmother is different than the yoga that I teach to my 28-year old flexible and agile student. At Cosmosis, our intention is to share with people a yoga of correct application, so that people can know an have the tools to take them to their highest goals for themselves in the most intelligent and safest way possible. This is what I know people will gain from coming out to learn with us at Solomon’s Fresh Market this weekend,” he said.

PAGE 10, Tuesday, September 13, 2016

Mouth cancer – What to look out for

Have you ever watched a major league baseball game and seen almost everyone in the dugout chewing or sucking tobacco then spitting out the tobacco juices?

Do you think those athletes and team managers are aware that smokeless tobacco products contain at least 28 known chemicals that can cause cancer?

They should, but I am not certain that they do.

We live at a time when one of the few words that gets our attention is “cancer”. However, two other words that should get our attention equally are “early detection”.

Many persons are stunned to discover that cancer occurs within the mouth. The usual perspective is that cancer only attacks a few select areas of the body. Although mouth cancer is not as prevalent

Dr Sparkman Ferguson Registrar of the Bahamas Dental Council as many others, it accounts for three per cent of all cancers.

As a matter of fact, most mouth cancers are linked to cigarette smoking and/or heavy alcohol

use. Using tobacco and alcohol together pose a much greater cancer risk than using one of them. It is estimated that the five-year survival rate for local mouth cancer is 83 per cent, but this rate dramatically drops to 32 per cent if the cancer spreads to other body organs.

Persons with lifestyles where there is heavy drinking and tobacco usage create a good reason for regular oral exams, which aid in the early detection of disease.

These exams are doubly important for persons who smoke, and those who are heavy drinkers.

Incidentally, a person who has two dental checkups a year actually gets two cancer screenings a year. This becomes really important because if oral cancer presents itself, it will be discovered very early.

It is noteworthy that oral cancer most often occurs in persons over the age of 40.

In almost every case of mouth cancer, there is a red patch lesion, or a white patch lesion somewhere in the mouth. Red lesions are less common but have a greater potential for becoming cancerous.

It should be noted that every red or white patch in the mouth does not signal that cancer is present. If either of these two lesion types appears and remains for two weeks or more, a biopsy examination will be the professional advice.

Other possible signs and symptoms of oral cancer include lumps in the mouth, a sore throat, a feeling like something is caught in the throat, difficulty chewing or swallowing, difficulty moving the jaws or tongue, and hoarseness. It is

THE TRIBUNE important to note that the tongue is also very susceptible to developing cancer. Lip cancer is a concern and calls for individuals to be vigilant about excess sun exposure which is usually the cause.

Prevention of oral cancer is obviously the goal for dental health professionals and persons who are at the greatest risks. Everyone who is interested in preventing personal mouth cancer has an obligation to himself or herself to avoid tobacco products and heavy alcohol consumption. Smokers should have personal goals to wean themselves off of cigarettes, cigars, and pipes. Heavy drinkers should have goals to reduce their consumption of alcohol.

Conclusion: It is certain that the incidence of mouth cancer will be reduced significantly with the control of these hazardous substances. It is also important that persons who use these substances seek regular dental examinations to assist with early detection.

Loss of hearing in school-aged children Have you heard that based upon US studies (helpkidshear.org), about 14.9 per cent of all school-aged children between the ages of six and 19 have some significant degree of hearing loss in one or both ears.

Children with even a slight hearing loss have much more difficulty than children who have normal hearing in learning to read. And they often suffer from delays in speech, vocabulary, grammar, word order, native expressions and other forms of oral communication.

Did you know that at least 37 per cent of school-aged children who have just a slight hearing loss will fail at least one grade level, that 83 of every 1,000 school-aged children have an educationally significant hearing loss, and that 10 of every 1,000 children has a permanent sensorineural hearing loss.

Hearing loss is something that cannot be seen, and here in The Bahamas, just like in other countries all over the world, many school-aged children return to school every year with some degree of hearing loss from slight to profound.

Unfortunately, because it cannot be seen, and because to many adults the child just does not seem to be paying attention, “hears only what he/she wants to hear”, or is “being hard-headed”, the hearing loss usually goes undetected by both parents and teachers.

A child with hearing loss is unable to learn language incidentally as do children with normal hearing. Therefore, even a very mild hearing loss can cause significant difficulties in the child’s language development, communication skills, academic achievement and social integration. Again, studies have shown that even children with a mild to moderate hearing loss miss as much as 50 per cent of all classroom discussions.

The ability to hear well is a critical foundation to all aspects of language, communication and learning. And if hearing loss in a child is not identified and managed at an early stage, it can create difficulties for the child that follows them straight into adulthood.

Additionally, the earlier a hearing loss in a child occurs the more serious the effects on his/her overall development, resulting in delays that become even more exasperated once he/she enters the academic environment.

When hearing loss in school-aged children is not identified and managed it normally affects them in four major areas: • It causes a delay in the child’s receptive and expressive communication skills resulting in speech and language delays.

• The child often suffers from learning delays and deficits that result in poor or reduced academic performance and achievement.

• The child’s self-esteem begins to suffer as he struggles with communication difficulties which in turn often leads to them withdrawing socially and emotionally from his family and peers, and may also lead to behaviour problems.

• It normally limits the child’s future vocational studies and career choices.

Signs and symptoms of hearing loss Although the signs and symptoms of hearing loss may vary from child to child, some of the most common signs of hearing loss in children include: • Speech delay

Have You Heard

Dr Deborah Mackey-Nubirth • Unclear speech • Not following directions • Not paying attention • Not responding when spoken to • Struggling academically in languagebased classes like spelling, dictation or a foreign language • Often saying, “Huh?” or “What?”

• Turning the volume up on the TV • Withdrawing socially or playing alone • Exhibiting behavioural problems Screening and diagnosis A hearing screening is a quick, easy, nonpainful way to tell if a child is suffering from a hearing loss. It is done using special headphones and a piece of equipment called an audiometer. The headphones are placed on the child so that each ear is tested separately. The child will then hear a series of very soft tones at various speech frequencies that they will respond to, usually by raising their hand on the side they hear the beep on. Children who do not pass the hearing screening will need to be referred to an audiologist as soon as possible for a complete diagnostic hearing evaluation.

When to screen To ensure your school-aged child is hearing well, they should have the first hearing screening before entering school. However, because changes in hearing can occur at any time throughout a child’s school years, it is recommended that all children have their hearing screened at various intervals.

This determines if any changes have taken place with the child’s hearing since the last screening, or if hearing is still within the normal range.

Treatment and intervention Treatment for hearing loss may vary depending on the type of hearing loss the child has. Some types of hearing loss can be treated with medication or surgery. Other types may need to be treated with hearing technology such as hearing aids or cochlear implants. Still others may need a combination of both medical treatment and hearing technology. In some cases the child may need to be placed in a special class or attend a special school and both the child and the family may also need to learn another form of communication, like sign language.

Since early identification is critical to both the child’s academic success and future success in adulthood, the sooner the problem of hearing loss can be identified and an intervention plan implemented, the better!

Cog formation: failure or success?

From pg B11 brand of masculinity, but, as we have discussed on countless occasions, they see no alternative behaviours as many public officials also behave in a similar fashion.

We have created a dangerous group of youth who can do very little other than be cogs in a machine, but even that they are unable to do well because cogs do not feel and despite all accounts to the contrary, these young people do feel. They feel rage.

Das puts it thus: “This phenomenon, of men becoming cruel and violent when their comfort levels are upset or challenged, is

at the core of the high levels of violence that we are witnessing everywhere.”

This is also true for women, however. One of the obvious differences though is that men are more likely to perform anger through violence in extremely harmful and threatening ways.

They understand that their comfort should include the right to get paid when they demand it and the right to earn what they see other people around them earning. If they see a gold chain, they are told by society that they should be able to have that gold chain. We do not prepare the youth to manage disappointment.

In fact, we do not train them

to think about disappointment, so when it occurs they are unable to deal with it in any other way than with rage and violence.

The cogs in machine are coming loose and they are unable to deal with thinking about how to pull it all back together. As a country that sells paradise, we must stop producing young people who cannot function other than as cogs. Today’s cogs are explosive and destructive; they will ultimately undermine the national ideal of paradise society continually claims it wants.

When tourism is threatened by these cogs whose sole purpose is, according to popular discourse, to promote Bahamian tourism development and to provide labour, to die trying to get rich and not to think, we know that we are in trouble.

Make sure to test your child’s hearing in regular intervals A good treatment plan will include closely monitoring the child throughout his academic years, ensuring there are follow-ups, collaborating with the child’s classroom teachers, and making any necessary changes and adjustments to the child’s management plan.

Remember, even a very mild hearing loss in children can wreak havoc on their future success. It can leave a child with significant speech, language, learning, intellectual, social, and emotional delays, and may also

result in behaviour problems.

If you have any concerns regarding your child’s hearing. Seek immediate help. Do not delay!

• Dr Deborah Mackey-Nubirth is a doctor of audiology at the Comprehensive Family Medical Clinic, Poincianna Drive (Wilmac Building).

E-mail dnubirth@yahoo.com, or call 677-6627 or 356-2276 for questions and comments.

THE TRIBUNE

Tuesday, September 13, 2016, PAGE 11

Teens encouraged to express themselves at etiquette event

By ALESHA CADET

Tribune Features Reporter

acadet@tribunemedia.net

Duquesa Dean this summer continued with her chosen mission to assist the country’s youth in their social development.

Her Transitioning Mentoring Program (TMP), in conjunction with Mario’s Bowling Palace, recently invited teens to attend the Polished Etiquette Seminar.

The one-day interactive and educational event sought to build confidence, self-esteem, dignity and personal character.

Ms Dean first embarked on her mission two years ago. She said she believes programmes such as this one and others like Junior Achievement, Rangers and various youth organisations help to fill voids for teenagers and also aid in social development.

The like-minded individuals who make up TMP take on tasks like providing assistance with resumé building and coaching for interviews, directing students to participate in wholesome youth programmes, and

Participants of the inaugural Polished Etiquette Seminar. more.

Shenika Johnson, public relations officer at the TMP, said the recent summer etiquette seminar hosted 90 teens and was deemed a success.

The kids, she said, brought their personalities and all their questions about life’s mysteries and miseries to the event.

“The skepticism was obvious; why were they here

on a Saturday and early in the morning? What could you teach me that I didn’t already know? But less than an hour later, somewhere between the ice breaker and an introduction to the seminar, the room was filled with energy and the teens were getting more involved, raising their hands to be called on and some not even waiting to be called upon,” said Ms Johnson.

She said they learned

the value of saying please and thank you, sitting up straighter, standing up taller, and looking at each other instead of the floor.

“We discussed rude behaviour and reiterated what’s polite and what’s not. We shared with them the importance of how to express themselves the right way, whether to their parents, friends or teachers, and how to be open and honest with them when they

feel that they have made them uncomfortable or unhappy,” she said.

Ms Johnson said she believes it is important for TMP to teach the youth about their feelings; what it is they are feeling, how to decipher their emotions and how to express them.

Moreover, during the etiquette sessions the teens shared some intimate experiences, and the TMP team

Cog formation: failure or success?

The production of units of labour has become a norm in the 21st century late-capitalist reality of free market expansion where the market will control itself.

Cogs are the essential parts of every machine, but they do not think. They are simply replicated to produce a predetermined outcome.

The Bahamas is producing young people who are very much cog-like in their use in the mechanism and cannot think to perform any other task.

They are incapable of critical thought; they cannot reason further than lunch or breakfast, and they will not create wealth; they may become rich, but they will never be wealthy.

Further, their behaviour is very much what they observe, because they are incapable of creating a non-conformist type of behaviour that would benefit them and separate them from the socially constructed mainstream.

In order for a developing country to progress, it must develop its human capital. A country must invest in its young people and create a thinking, productive, critical mass that can create wealth at the

society. They are blinded to anything other than, if they are male, being tough men and not allowing anyone to “disrespect” them and, if they are women, reproducing, getting guys to look at them and fighting a girl over a boy who really isn’t checking for either of them, except for sex.

Dr Ian Bethell-Bennett personal as well as the national level.

We have lost our way in this regard. We are, instead, creating cogs who, much like labour units in the corporation, cannot perform outside of their space or slot. They cannot rise above their peers because they do not have the tools to do so. They cannot compete internationally because they are formed in a sphere that is limited to a small place when they can barely function.

Their gendered identities are controlled by expected gendered behaviour and this defines who they are and how they perform in

The problem when thoughtless, violent behaviour and paradise coincide Our paradise reality and ideal where tourists come willing to spend copious amounts of money (because the place is prohibitively expensive), has become a tragic flaw. As we graduate fewer students who are able to think their way out of conflict, they are also incapable of being true producers.

They are unable to communicate beyond their social reality.

When one walks on to Paradise Island beach, where one must cross over private land for public access, according to government, the first impression is one of violence, insecurity, gang mentality, anger and harassment.

This is what meets tourists as soon as they descend from harassing taxis that drive them to the

public access point of a national treasure. Here, aggressive young men line the way onto the beach and carry on in typical Bahamian masculine bravado style. They argue between themselves and then they turn to their targets and put on a kind of performance of ‘Americanness’ or universal tourist-machine masculine behaviour where they speak in an accent not theirs but well learned from television and music, for example.

They sell jet-ski rides, umbrellas and chairs, while shouting at their fellow cogs that, “They mussy like man, and you n*****s better stop liking man. If you come roun me I ga f*** you up.”

They are oblivious to their antisocial behaviour, often because they know no better. They look and dress the same; they behave the same and they perform the same roles. They are trapped in a training programme that has produced cogs. Most of them are middlemen who can only see as far as getting high and enjoying life. These are the cogs that, while working as the system has produced them to do, are destroying the very system they need to earn money and to survive.

Top 10 things pregnant women worry about Pregnancy is great, amazing and life-changing. But there are a few not so pleasant things that come with being pregnant and giving birth. Women read all about the scary things that can happen, the embarrassing, and not so pleasant things as well.

Worrying kind of comes with the territory, unfortunately. It’s normal to wonder about things you read or hear about. But it would be a good thing to try to put things into a realistic perspective so that you can enjoy your pregnancy and reduce your anxiety.

Here are the top 10 not so serious, but worrisome things that women think about when pregnant.

1. Weight gain OK, we all know we have to gain weight, and depending on what side of the thought process you’re on, this can be a great source of anxiety for women. On

Bun In The Oven

lbs is still putting on 75 lbs that you have to take off.

2. Stretch marks Those unappealing pesky things that may or may not show up; they can come in an array of colours and appear in a variety of places. And they’re permanent... yikes! Creams, oils and butters may prevent some, but truthfully, stretch marks are genetic.

Bianca Carter one hand, you can look at it as “eating for two” (without any evil looks or judgment) and enjoy all the sinful delights you want, but on the other hand, putting on 75

3. Hemorrhoids Painful, swollen, itchy and just not fun. No one wants these. Not every woman experiences this, but it’s a real concern for pregnant women who are already the most uncomfortable people on the planet.

4. Swollen ankles So not cute, and definitely not comfortable. You can lift your feet as high as you want and still

they will be swollen. This is a sign of preeclampsia, so you will want to talk to your doctor if need be.

5. Varicose and spider veins 6. How much will it hurt?

Women are prepared for pain when giving birth, but many women wonder how much pain it will be. No one can really answer that, and truthfully, if you’re pregnant you want to avoid those kinds of conversations, because it will only make you even more anxious.

7. Pooping in the delivery room No need to elaborate more on this point.

8. Will everything go back to normal?

Women’s bodies take a beating

Are you asking the ‘right’ questions?

One core principle of my public speaking programme is asking the right questions. If you are going to speak well you must think well.

Thinking well produces clarity and understanding. This means you are asking who, what, when, where, why and or how, before you make any half-baked conclusions.

Indeed, asking the right questions is like a silver bullet for getting to the heart of real solutions.

Let’s consider the issue of antisocial behaviour. Even with the endless amount of time spent on the question of how to arrest anti-social behaviour, a solution remains elusive.

However, if we asked the question how to address the cause of anti-social behaviour that may be the right question and produce a more sustainable solution.

We are often quick to complain about the results we dislike, not

Michelle Miller Motivationals

Michelle M Miller realising that our results cannot improve until we question and address our cause factors.

Looking only at things on the surface leads to far-fetched conclusions that cannot withstand the

light of day and become a recipe for frustration. Failing to ask the right question is like building your life house upon quicksand.

Another question for you to ponder as we come into this final quarter of 2016, what specific thing have you done so far that makes you feel empowered? A fitting question, considering the many resolutions made at the beginning of 2016.

Indeed, people pay little attention to the quality of the questions they ask. So anxious to find solutions, they miss the point. Until they ask the right questions, real solutions will remain out of reach.

The bottom line is, questions are so much more important than answers. Such questions, however, must be the right type of question. Of course, “right” is relative.

You can begin by learning the difference between close-ended and open-ended questions. Wellplaced open-ended questions

stimulate thinking, generate insight and expand understanding.

When asking the right questions, it is critical to listen attentively. Active listening is another essential skill to develop. This is particularly true when working within a team to solve a problem.

Stating the problem without also identifying the cause of the problem makes finding a solution difficult. Most of the time what we think is the problem is usually just a symptom of the problem.

This is a good place to ask some open-ended questions about the problem.

Perhaps you are facing some serious problems in your life. Be willing to look deeper at the issues you’re facing with a view of getting to the cause. You cannot solve any problem without asking the right questions about the cause of the problem.

Those who live an empowered

was able to provide guidance and suggestions on how to handle certain situations.

Nakera Symonette, former Miss Bahamas, was a special guest lecturer. She spoke about knowing and having a strong personal brand, dress code and society perception.

“This is a big issue with our teens. They want to be in style, wear what the crowd or what the popular person is wearing, not realising that some things are not the right fit for them or their character. The sessions were to teach and enlighten the teens on what to look forward to as they mature,” said Ms Johnson.

During a table manners session, Ms Johnson said the kids were taught the importance of making a good first impression.

She said after each session the participants walked away with a smile and a new attitude.

The TMP team hopes to make the Polished Etiquette Seminar an annual event. For more information visit the programme’s Facebook page, “Transition Mentoring Program”.

According to Abhijit Das: “Men all over the world are in the news for killing, shooting, raping, road rage, domestic violence, honour killing, acid attacks and many more forms of violence against others – women, men, children, sisters, children, wives. Society has often glorified violence and killing, especially in wars aimed at political gain and public safety, where the other ‘party’ is cast as the enemy. But in recent times such ‘heroic’ acts of violence seem to be replaced by more inter-personal violence, or violence which is not aimed at any obvious enemy. And this disease seems to affect men everywhere.”

This behaviour that Das describes is the same kind of disease and disaster we see in this small island. These young men and women are aggressive and hostile when they are not being solicitous. In fact, we know that this behaviour is socially valued because there are countless performances of this everywhere everyday and it gets them points.

Antisocial behaviour that has become socially accepted and respected overtime on the public. Meanwhile, respectability is about violence, swag, and masculine prowess. This is especially troubling with young black men who see it as cool to perform this See pg b10 while pregnant and when delivering. It’s no wonder that many women worry if their body will go back just as it was before pregnancy.

9. Will I be a good mother?

Even the best moms worry about this.

10. Will my baby be OK? Love and hugs!

• Bianca Carter is a certified lactation counsellor and founder of Bun in the Oven.

For more information, e-mail her at info@babybunintheoven.com. Follow BITO on Facebook at babybunintheoven, and check out the BITO Blog every Monday and Thursday at http:// babybunintheoven.com. life long recognised the power of asking the right questions.

The great Albert Einstein echoed this truth when he said: “If I had an hour to solve a problem and my life depended on the solution, I would spend the first 55 minutes determining the proper question to ask, for once I know the proper question, I could solve the problem in less than five minutes.”

These words from Einstein confirm the importance of today’s question. Leader to leader, your life is in your hands. You can actively solve your life problems by paying attention and asking questions.

When you ask the right questions, you build your confidence to live an empowered life.

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

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

SECTION b

Mario Almanzar

tuesday, september 13, 2016

Scharad Lightbourne

Epic Forealz

Harrison Thompson

Kedar Clarke

Bahamian men asked to speak up at upcoming seminar Simmone Bowe, founder of ‘The Good Man’ campaign

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

M

isunderstandings between the sexes have existed since the beginning of time. Men say they don’t understand women, and women say some men are like a convoluted 500-piece jigsaw puzzle, requiring a lot of time an energy to figure out.

But instead of going to the source – the man himself – to help solve the riddle, many women rely on unqualified sources for their information (mostly their girlfriends) to help give insight into what it means to be a man, the experiences of men and their thought process when it comes to dating and relationships.

Breaking through these barriers in communication is the goal of the “The Good Man” campaign launched by motivational speaker Simmone Bowe.

The campaign, she explained, is one that promotes the support, understanding and respect of men, while also inspiring positive relationships between men and women.

Next up on the agenda is the new instalment of the “#MenSpeak” event. The theme is “Expressions & Confessions: From the Heart of a Man”, and will focus on the ways men ex-

Campaign seeks to support and respect “The Good Man” press themselves through the arts especially.

The event will be held at the Meliá Nassau Beach Resort on October 1 at 8.30pm, with an after party immediately following. The emerging personal development organisation called Dream Life will be hosting a training seminar prior at 6pm.

The #MenSpeak event will feature an all-male panel with entertainer and DJ Epic Forealz, who is also the seminar co-host; local celebrity chef Simeon Hall Jr; therapist and Bahamian Icon Award winner Harrison Thompson; founder of The Cookie Caterer, Gregory Collie; lifestyle photographer Scharad Lightbourne; and stylists Kedar Clarke and Mario Almanzar.

“The events are always social in nature where we include entertainment and opportunities to mix and mingle before or afterward,” said Ms Bowe. “This month’s entertainment includes a comedy set by Naughty, comedian and radio personality; spoken word by US-based poet and speaker Adrian ‘Lovebook’

Carter, for his second appearance at #MenSpeak, and a live magic show by Edwourral Daxon, local magician.”

“People should attend the event because it is very informative and eye-opening, especially for women. And it gives men an outlet of support where they can safely share how they feel. It is really good for people who are dating, want to date, are in relationships, or people who just want to understand how each gender thinks so they can relate better even in other social settings like work, church and society,” she told Tribune Woman.

Through hosting events under the umbrella of her Recharge Empowerment Group, which was originally just for women, Ms Bowe said she was able to learn how men think and what they want.

“It focused on inner healing, empowerment, personal transformation, and the pursuit of purpose. As a result of conversations with women and their experiences with relationships, it caused me to listen more to men and ask intentional questions about how they felt about life, love, parenting, marriage, and relationships,” she said.

“It was shocking to hear what men had to say. Many men felt that they were disrespected, neglected, abused, not listened to, and misunderstood. They felt

the scales were tipped in favour of women and women’s empowerment, but that men were being disempowered as a result. They felt that the same needs women have in relationships they want too, but were not given the same kind of attention. Mainly, women didn’t believe them when they shared their innermost thoughts and desires. Consequently, it caused them to shut down and not talk or to find solace in other activities or people to avoid drama.”

A number of events have already been held as part of The Good Man campaign and more are to come, said Ms Bowe.

“We began by having a male panel at our women’s empowerment social, which was well received, with great insights and dialogue between men and women in the audience and the panellists. Since then, we have had three #MenSpeak conversation social events that feature only the male panel or a combination of a male and female panel – #WomenSpeak – each with a different theme each month in an intimate, engaging forum. We have discussed the definition of a ‘good man’, what women misunderstand about men, what men find attractive in women, what are men’s rights in the Bahamas, can single fathers men raise daughters, etcetera,” she said.

“The response overall has been really positive. Many women

who attend said they were glad that they did because it completely changed how they thought about men and how men really think. Men enjoy it because they can finally say things they always wanted to say or have been saying but the women around them won’t listen. We hope that more people would get involved so that the conversation would continue past the events and spill over into our homes, schools, workplaces and society at large, so we can see more positive change among men and women of all ages.”

Ms Bowe said they have begun taping interviews for a documentary and are looking to conduct formal research about how men and women are socialised in the Bahamas, how it affects relationships, parenting, roles and responsibilities and societal expectations, especially from a male perspective.

In December, #MenSpeak will features an elegant, intimate dinner and fashion experience called “Dinner, Dancing & Dating”.

The event is a night for foodies featuring local chefs, entertainers and conversation around the dinner table.

“Our events always seek to highlight men with a message and men who are progressive in their careers, businesses and communities,” she said.

Tourism official makes ‘Top 40 Under 40’ of Houston professionals

By Felicity Ingraham According to the i10 Media Group and the Houston Business Journal, Bahamian PJ Douglas-Sands is a woman to watch.

The newly-appointed Senior Area Manager for the Bahamas Tourist Office in Houston, Texas, recently made the “Top 40 Under 40” list of Houston’s professional women.

This honour followed closely on the heels of her also being selected for the Houston Business Journal’s 2016 Top 40 Under 40 award.

She will pick up that award later this month during a special ceremony.

Mrs Douglas-Sands was recognised for her efforts in networking and showcasing the Bahamas as a brand in the Houston business community.

Additionally noted were her accomplishments as a speaker, brand strategist and awareness builder for the Seahorse Children’s Foundation, which funds the Seahorse Institute in Nassau for children with special needs, autism and developmental delays.

But Mrs Douglas-Sands is no stranger to receiving accolades.

In 2014, she was nominated for the Bahamian Icon Award for Outstanding Entrepreneur of the Year after

successfully launching her own Caribbean branding and event consulting firm.

In 2013, she was recognised by Black Enterprise Magazine as one of the ‘Leading African-Americans in Technology’ at the International Consumer Electronics Show in Las Vegas. And in 1999, she was the first runner-up in the Miss Bahamas Universe pageant. This allowed her to compete for her country at the 1999 International Princess pageant, where she was victorious.

Mrs Douglas-Sands has nearly 20 years experience in the tourism sector, as well as in event planning, branding, technology, en-

tertainment and consulting in the private sector; she also possesses extensive economic development knowledge when it comes to the Caribbean.

She has produced concerts, festivals, conferences and weddings, and her many clients have included celebrities like Colin Cowie, Tyrese Gibson, BeBe Winans, U2, R Kelly, Wyclef Jean, Jimmy Buffet and Lenny Kravitz.

The Bahamas Tourist Office appointed Mrs Douglas-Sands as a Senior Area Manager responsible for Business Development, Marketing and Sales in Texas, Oklahoma, Louisiana, New Mexico, Colorado,

PJ Douglas-Sands is the new Senior Area Manager for the Bahamas Tourist Office in Houston, Texas.

Wyoming, Montana, Kansas and Nebraska.

In that capacity, she leads the charge in Houston to develop and implement initiatives to reintroduce the

Bahamas to the local travel, sports, entertainment and corporate sectors.

She is expected to reengage and reconnect with customers, as well as develop and build relationships with key travel partners, consortiums, meeting/wedding planners, trade, media, wholesale and corporate partners.

“I am excited to take an active role in increasing the awareness of the islands of the Bahamas while contributing to exponential growth in travel from the Southwest (United States), communicate the marketing strategies of the Bahamas, and assist in positioning the Bahamas brand to showcase our uniquely competitive distinction among other destinations in the US, Caribbean, and North and South America,” she said.