FRIDAY, SEPTEMBER 16, 2016
business@tribunemedia.net
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Blackbeard’s developer in ‘court abuse’ claim By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Smith: ‘High probability’ all ex-workers made whole
Allege Blue Illusions ‘re-litigating’ shut down verdict
‘Noise in marketplace’ to cease once payments start
$12m project open over two years after permit quash
filing the separate action. He suggested that the Government had “collaborated” with the developer, headed by businessman Samir Andrawos, See pg b4
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
An Aerial view of Blackbeard’s Cay.
BREA chief supports Bahamian ‘hacker’ could Quieting Act reform have cost music artist $6m By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas Real Estate Association’s (BREA) president yesterday backed calls for this nation to both establish a Land Registry and reform the Quieting Titles Act to prevent widespread real estate fraud/ theft. Carla Sweeting told Tribune Business that while the Quieting Titles Act did serve a legitimate purpose, it was too open for abuse by unscrupulous land speculators and their attorneys. “I’m sure we would,” Mrs Sweeting said, when asked whether BREA and its members would back efforts to reform the Act and other elements of the Bahamas’ land system. “The Quieting Titles Act, I think, has a purpose
Agrees law open to ‘abuse’, needs ‘fixing’ Also calls for transition to Land Registry Otherwise Bahamas will be ‘going backwards’ but it definitely needs to be looked at because it’s being abused.... While there are legal reasons for it, people are exploiting it. It needs to be amended to qualify persons for Quieting. The Quieting Titles Act was passed in 1959 to cure See pg b5
New Sandals staff ‘too scared’ to join trade union By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A former hotel union leadership contender believes re-hired Sandals Royal Bahamian staff will be too scared to join a trade union, and described August’s 592-strong termination as “clearly union busting”. Dave Beckford told Tribune Business that while Sandals had every right to close the Cable Beach property down in order to improve the guest experience, its former staff were also entitled to have received notice of the terminations. And he suggested that the summer’s events would intimidate workers from joining a trade union, while making it difficult for the Bahamas Hotel, Maintenance and Allied Workers Union (BHMAWU) to regain the membership level needed to maintain its ‘bargaining agent’ status. “I support Mr Obie Ferguson 100 per cent,” Mr Beckford said of the Trades Union Congress (TUC) president, and the BHMAWU’s main sponsor. “I hope all those workers terminated are reinstated to their previous positions. “I think it was clearly union busting, and disrespectful to workers, the union and the Government. The employer has the right to renovate his hotel, but if you’re going to renovate for just two-three months, why terminate the workers?
Ex-leader contender says ‘clearly union busting’ Feels union’s ‘bargaining agent’ status threatened You’re going to need them again.” Mr Beckford reiterated his opinion that Sandals’ actions were “clearly union busting”, given that within two-three weeks of the terminations that resort chain staged a job fair where it invited new recruits to interview for positions at Royal Bahamian once it reopened. Many in the private sector, though, are arguing that Sandals was well within its legal rights to terminate its workforce, paying them what was due under the Employment Act, and then seek out new workers who could improve the guest experience, service and productivity. And the all-inclusive chain added that the extent, and nature, of the renovation work required at Royal Bahamian would have made it impossible for it to provide the expected guest experience amid a construction site. However, others believe that Sandals also used the renovations as a way to See pg b3
Baha Mar staff told: ‘Take it or leave it’ No room for negotiation over payout sums
Environmental activists seek to ‘intervene’
Environmental activists have accused the $12 million Blackbeard’s Cay developer of “an abuse of court” by initiating a separate legal action to block the Supreme Court verdict requiring the project’s closure. reEarth and its attorneys, Callenders & Co, on Wednesday sought the Supreme Court’s permission to “intervene” in the case brought by the developer, Blue Illusions, which in April obtained an injunction barring enforcement of the group’s earlier Judicial Review win. Fred Smith QC, reEarth’s attorney, yesterday accused Blue Illusions and its advisers of doing an “end run around” his client’s Judicial Review victory by
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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Bahamian ‘celebrity hacker’ could have cost an international pop artist $6 million in lost sales had he made good on threats to reveal half the songs on their new album prior to its release. US government attorneys are arguing that magnitude of this potential loss means that existing sentencing guidelines “do not accurately capture the gravity” of the offences committed by Grand Bahama native, Alonzo Knowles. Mr Knowles, who in May pleaded guilty to electronically hacking more than 100 global celebrities, and stealing unreleased movie and TV scripts, social security numbers and private sex videos, is due to be sentenced on September 30, 2016. And the US district attorney for southern New York is pushing for a 2733 month prison term for Mr Knowles, a duration above the range suggested by advisory guidelines, because “a substantial term of imprisonment is
If GB native had dropped half album pre-release More time for ‘gravity’ of Alonzo Knowles offences Wants to risk more jail time for future profits justified to reflect the seriousness of the offense, promote respect for the law, and provide deterrence for this defendant”. Court documents obtained by Tribune Business allege that normal US sentencing guidelines for copyright infringements are not adequate in Mr Knowles’ case. “The criminal copyright infringement offense in count one of the indictment does not accurately capture the gravity of the unique circumstances of this case,” the US attorney’s ofSee pg b4
Baha Mar’s 2,000-plus former employees have been bluntly informed that their end-September payouts will be made on a “take it or leave it basis”, with little room for them to dispute the compensation offered. The five-person creditor payout committee confirmed this hardline stance in a new ‘frequently asked questions’ posting to its website, which said it “intended” to ensure “all amounts” due James Smith to former Baha Mar staff were paid. The committee’s latest posting said the sums that will be offered, and paid, to ex-Baha Mar staff at month’s end will be based on the amounts shown as owing to them by their employment records up to end-October 2015. “The committee’s intention is to ensure that all amounts due to employees will be paid,” its ‘frequently asked question’ posting said. “We will certainly consider correcting the settlement sum offered to you if there has been a mistake. However, please do note that while we are happy to discuss your case, you have no legal entitlement to any funds that the committee is administering, and the offer that will be made to you is on a ‘take it or leave it’ basis.” This leaves former Baha Mar staff with little doubt as to where they stand See pg b2
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Developing deep roots over customer service If one were to ask the average businessman what they believe to be one of the main, or critical, components that helps to ensure a business’s success, I am certain the term ‘customer service’ will be among the top responses. Given that this is so vital to the success of the enterprise, it is surprising that the average business fails to meet this standard. Exceptional service is something that everyone wants and believes in (business and customer alike). It is what people pay their money for. It is what we all seek to find from the moment we enter an establishment, yet most businesses/ organisations – in both the public sector and private sector - force their patrons to endure the opposite.
The services delivered by most (not all) can, in many instances, be summed up using at least one of the following – horrible, sucks, below average, unsatisfactory. So why is it that companies fail in this regard? Why is it that we cannot seem to get over the hump in delivering quality of service? While there might be many reasons for this, I believe the answer to this issue can be traced to the company’s model for establishing its intended culture. Another reason may be its DNA. I believe that when companies have the right model, or when a company has a strong gene from which to establish their roots, they will not have to struggle in delivering exceptional service.
This concept must be interwoven and incorporated into the mission, vision and value statements – even before the company’s inception, in many cases. Operating standards, and the protocols, procedures, policies and the job descriptions, must reinforce the culture of service excellence, and make no allowances for bad/poor performance. The environment must be so conducive to exceptionalism that anything less is not only considered abnormal, but intolerable. Sadly, it seems the opposite is the reality for most companies, where there seems to be a level of comfort with bad, and a level of discomfort with delivering good service. Some steps that compa-
nies can take to become an engaging organisation, and ensure that the culture is continuously producing accordingly, are: * Make it the corporate culture by incorporating these terms into the vision, mission and value statements, and share them during the orientation experience. * Engage in consistent and continuous training / up-training around the standard, helping employees to realise the benefits of engagement. These benefits include: * Happy customers * Repeat business * Free word of mouth advertising * Increased sales * Improved business reputation
* Larger market share over time * Hire individuals through strategic psychometric and behavioural instruments, and identify those who have a natural inclination for warm and engaging behaviours. These include eye contact, an inviting greeting, initiating contact, positive body language, warm smiles, hand shakes and hugs - where appropriate * Ensure that company leaders are developing these behaviours with both internal and external customers • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international
Ian ferguson universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.
New mobile operator adds human resources partner The Bahamas’ second mobile operator has named Yvette Williams as its human resources business partner. She will be responsible for the development of employee engagement and work/life balance initiatives at NewCo2015, building employee relations and promoting human resource best practices. Ms Williams was previously employed at Cable Bahamas, NewCo2015’s controlling 48.25 per cent shareholder, for more than 11 years. She began her career with Cable Bahamas as a technician at the technical support desk. Within five months of joining the company, she was promoted to the position of provisioning representative, and has served in multiple capacities - including network service co-ordinator, commercial provisioning representative and commercial support technician. In 2013, Ms Williams switched to Cable Bahamas’ human resources department, where she automated a number of processes and led
Yvette Williams, NewCo2015’s human resource business partner. implementation of the company’s wellness programme. “We are extremely excited to have Yvette Williams join our team. She is a talented and capable professional who is passionate about what she does” said Franklyn Butler, NewCo2015’s chairman. “Her background and qualifications have laid a foundation that she has built on with a great attitude and work ethic.
“We remain committed to sourcing the best Bahamian professionals as we continue to add to our team, and Yvette’s position is a testament to this mandate.” Ms Williams added: “This is an exciting new chapter in my life. NewCo2015 has acquired a team that is passionate about creating the best mobile brand in the country. “We plan to not only deliver on expectations, but surpass them. I look forward to contributing to our planned success.” Prior to joining Cable Bahamas, Ms Williams was an information technology instructor at Bahamas Baptist Community College. She was also a computer technician contracted to IBM in Boulder, Colorado, where she was tasked with troubleshooting Lucent Technologies computer-related issues. Before leaving The Bahamas to pursue a second degree, she was employed at the Lyford Cay Club as assistant director of human resources.
The Baha Mar development project.
Baha Mar staff told: ‘Take it or leave it’ Frompg B1 - that they will have little to no choice to accept what is offered to them, and there is virtually no room to dispute or negotiate what they are offered. The creditor committee also warned the ex-employees that while they could reject its payout offer, and take action against their former employer, this was “unlikely to result in a material payment to you”. This, as its posting helpfully explains later, is because their former employer, Baha Mar Ltd, is insolvent and has no assets to pay any of its debts or bills - a situation that effectively forces ex-staff to accept their offer. James Smith, the former minister of state for finance who is chairing the creditor payout committee, told Tribune Business yesterday that there was “a high probability” that former Baha Mar staff would receive 100 per cent of what was due to them. He added that the payouts would include due severance pay (as stipulated by the Employment Act) and any outstanding salaries, plus payments in lieu of notice and outstanding National Insurance Board (NIB) contributions. Unpaid pension payments will also be covered by the payouts, although several sources pointed out that this - and NIB contributions - were mandated by law. Mr Smith, meanwhile, said he expected the employee payout process, which is scheduled to take place between September 27-29, to go relatively smoothly given that both sides knew what was owed. He explained that Baha Mar’s remaining human resources personnel, together with the project’s Deloitte & Touche receivers and joint provisional liquidators, would possess details on what was due to each terminated employee. “I believe a lot of this has been accumulated before,” Mr Smith told Tribune Business. “The period is to October 2015, and I believe most of this, if not all, will have been submitted for the court’s consideration. “That’s why the rather tight deadline has been se-
lected for the employee payouts, as much of the employee information has already been collated, and there will be very little change from what was submitted to the courts.” This will form the basis of the ‘offer’ that will be made to each employee by Perfect Luck Claims Ltd, the special purpose vehicle (SPV) that has been created specifically to purchase claims held by Baha Mar creditors. The five-person committee will merely be administering the funds injected into Perfect Luck Claims Ltd, with the financing coming from Baha Mar’s secured creditor, the China Export-Import Bank, under the terms of its agreement with the Christie administration. Tribune Business understands that all former Baha Mar employees were given a print-out of what was owed to them when they were terminated, and Mr Smith said he “didn’t expect much difference” between this and the information possessed by the committee. “I think that in many of the cases, if not all, discrepancies on the staff side will be very low, if non-existent, and will not result in someone not signing for a cheque,” he added. Mr Smith said the fact that ex-employees, and other Baha Mar creditors, had no right to the funds set for distribution by Perfect Luck Claims Ltd was “being muddied for various reasons in the public domain”. Given that the debts are owed by Baha Mar, the funding from China ExportImport Bank is being made available on an ex-gratia basis, as the latter has no legal obligation to do this. Mr Smith suggested that former Baha Mar staff, and other creditors, were likely to view the claims payout process more positively than the “naysayers”, given that they had likely written off their prospects of recovering a single cent for more the past 18 months. “We wanted to do that [payout the employees] first because it shows goodwill and there will be a higher satisfaction rate among a larger number of people,” he told Tribune Business. “I think that once we get on the road, the noise in the
marketplace should abate somewhat.” Meanwhile, the committee’s latest pronouncement also confirmed that by purchasing claims, Perfect Luck Claims will take Bahamians’ places as a creditor of Baha Mar. Several observers have suggested privately to Tribune Business that this shows the China Export-Import Bank intends to recover the sum it will pay out to Bahamian creditors, possibly by adding this sum to the purchase price it will seek in a Baha Mar sale. Mr Smith declined to comment on how much the China Export-Import Bank is making available for creditor compensation, but Tribune Business was again told yesterday that the total figure was $100 million. The former Cabinet minister added that he was unaware of what the Chinese bank planned to do with the claims acquired by Perfect Luck, but several disgruntled observers likened the SPV to a ‘vulture fund’. These funds acquire distressed debt at a discount, then seek to extract a ‘king’s ransom’ from the debtor even to the point of holding them to ransom. One former Baha Mar staffer, speaking on condition of anonymity, said: “This is exactly like a vulture fund, and the Bahamian people are once again being taken for a ride. “Right before the election, they are throwing some pennies to people. They’re paying you out with the money you’ve worked for, and telling you that if you don’t take it, you won’t get anything.” Mr Smith, though, refuted the ‘vulture fund’ label, and said of the China ExportImport Bank: “They’re saying: Look, we don’t have to pay you, but if we pay you, we buy what might have been your claims. “It clears the way for the bank to go into a different stage of development.” Mr Smith added that it was currently impossible to suggest how much Baha Mar creditors owed more than $500,000 will recover. He said this would be determined by the number of claims submitted, and how valid they were, plus how much funding was left after the staff payouts. “It’s very difficult until they’re [non-staff claims] are all in, and they’re not all in,” Mr Smith added.
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Friday, September 16, 2016, PAGE 3
is Potter’s Cay overhaul Bahamas tourism chair may reach $12m cost for Caribbean Potter’s Cay’s total redevelopment may cost $12 million if the Government fully approves plans for the area’s overhaul, it was announced last night. The Christie administration issued a release clarifying comments by V Alfred Gray, minister of agriculture and marine resources, in which he implied that Potter’s Cay renovation costs had near-tripled from $3.1 million to $9 million. The Government said two different ministries were responsible for the upgrade. While the Ministry of Transport and Aviation had responsibility for the infrastructure improvements, the Ministry of Agriculture willtackle vendor stalls and the commercial
Aviation’s portion $3m, Agriculture’s $9m aspects. As a result, while the Ministry of Transport’s works budget had not changed from the projected $3 million, the Ministry of Agriculture’s portion of the Potter’s Cay project is currently pegged at $9 million -hence the $12 million cost. “The Ministry of Transport and Aviation is responsible and has oversight of the scope of works currently underway at Potter’s Cay,” the Government said. “This scope includes the construction of the board-
New Sandals staff ‘too scared’ to join trade union From pg B1 remove the BHMAWU, as the temperature rose in the two sides’ relationship, culminating in street blockages and the union initiating a court prosecution against Royal Bahamian’s senior management executives. Mr Beckford said he was among those who subscribed to the ‘union busting’ theory, and predicted that the BHMAWU would face a difficult task in maintaining both a presence among Royal Bahamian’s new workforce and its ‘bargaining agent’ status. “Once they open back up, the union will have to go and get ‘50 per cent plus one’ to be part of it,” Mr Beckford told Tribune Business of the threshold required for bargaining agent status. “How many of the work-
ers are going to be interested in joining the union when they saw what was happening to the former employees who were terminated? “You kicked the union right out. I don’t think the Government should allow this to happen. The table needs to be balanced. We want the employer to be successful, and for the workers to be productive and provide good service. The employees should be the employer’s greatest asset. This is just common sense.” Mr Beckford also echoed Mr Ferguson in warning that the Sandals situation “sets a dangerous precedent for current and future hotel workers”. He expressed concerns at the implications for the sector’s expanded labour force at the newly-opened Marriott Courtyard and Warwick
walk, the sidewalks, the landscaping, the parking lot, the roadworks, the fencing and a new cargo holding building. This aspect of the project is estimated to cost about $3.1 million. This project is in the advance stage of development.” It added: “The Ministry of Agriculture has the responsibility for the fish and food vendors, and the stalls connected with their commercial enterprise. This Ministry plans to demolish the existing stalls and replace them with new ones, while increasing the number of stalls to around 65, with a number of them constructed over water given the restricted space between the bridge and the bulkhead at Potter’s Cay.
“This phase of the redevelopment project has not yet commenced, as the drawings and design proposal are before the Cabinet for approval. According to [Mr] Gray, the estimated cost of this project is $9 million based on advice from the technical team at the Ministry of Works and Urban Development. If approved, the total cost of the redevelopment of Potter’s Cay can cost around $12 million.” The Government added that these costs might soar even higher, given that the figures unveiled to-date “do not include the possibility of compensation to food vendors by the Government for loss of business during construction”.
Paradise Island properties, and resorts still in development, such as Baha Mar and The Pointe. Mr Beckford backed the Government’s proposal to change the Employment Act so that employers must notify both it and union ‘bargaining agents’ some 60 days in advance of their intention to make 10 or more employees redundant. He said this issue had emerged several years before the recent Sandals terminations, pointing to Baha Mar’s lay-offs at the former Wyndham property as one instance where affected staff received no warning. Mr Beckford also supported the Government’s proposal to lift the 12-year ‘cap’ on redundancy pay in the Employment Act, arguing that the sums it provided for were insufficient for staff who had given the same company 20 or 30 years’ service. “Industrial relations between the Government, the unions and the employers have to be improved to
avoid situations like this,” Mr Beckford told Tribune Business. “Lay-offs and redundancies are necessary, but let’s do it the right way. That’s all we’re saying.”
The Bahamas has been elected as Caribbean Tourism Organisation (CTO) chair, with Obie Wilchcombe, minister of tourism, taking the seat. The election took place yesterday at the organisation’s annual general meeting in Barbados, which featured the CTO’s State of the Tourism Industry Conference (SOTIC). Following his election, Mr Wilchcombe said: “I intend to build upon what [immediate predecessor Richard Sealy of Barbados] began, and I also intend to build on the relationship with the private sector. “I’ve always thought that CTO is the body that provides equity and we can, and the way is to speak with the same voice. We also have to deal with the issue of interregional travel.” Mr Wilchcombe succeeds Mr Sealy, and will serve a two-year term. It is his second stint as chairman, having previously been elected to the position in 2002. The Bahamas minister will shortly name his appointee for the post of
chairman of the CTO Board of Directors since, according to the CTO constitution, the Board chairman and the chairman of the Council of Ministers and Commissioners of Tourism must come from the same member country. In addition to the election of the chairman, vice-chairs were elected to serve on the executive committee of the Board of Directors and represent various sub-groups - Curacao, representing the Dutch Caribbean; Martinique, representing the French Caribbean; Barbados and Belize, representing the independent CARICOM countries; and the Turks & Caicos Islands representing the British Overseas Territories. Each of these member countries will form the executive committee of the Board of Directors, which will be completed with representatives from the private sector. The CTO constitution mandates that elections must be held every two years.
PUBLIC NOTICE
TOWN HALL MEETING September 19, 2016 6:30 pm Good Samaritan Kingdom Ministries Carmichael Road Cable Bahamas Limited will be holding a public town hall meeting for the residents of Coral Harbour and Carmichael Road, to discuss the erection of electronic communications towers at Esso Gas Station on Coral Harbour Road and Eagle Electric Limited, Carmichael Road west. All interested residents are invited to attend.
PUBLIC NOTICE
TOWN HALL MEETING September 20, 2016 6:30 pm Black Legend Reception Hall Prince Charles Drive Cable Bahamas Limited will be hosting a public town hall meeting for the residents of Camperdown Subdivision and High Vista, to discuss the erection of electronic communications towers at No. #62 Camperdown Drive, and lot P7 on Mango Drive, High Vista . All interested residents are invited to attend.
PAGE 4, Friday, September 16, 2016
Bahamian ‘hacker’ could have cost music artist $6m From pg B1 fice argued. While the level of financial sanctions imposed on an offender was normally determined by the retail value of a copyrighted item, multiplied by volume, it added that the damage inflicted by Mr Knowles related to the potential loss of revenues and profits. “In this case, the value of unreleased movie and television scripts to the networks and studios is not defined by their retail value, but rather, by the potential loss in profits and associated costs if the scripts were made public prior to the release of the relevant movies and television shows,” the US attorney’s office alleged. “According to the executive of one victim network, if the scripts of unaired movies
or television show episodes were to be made public prior to their release, significant costs could be incurred, including complete or partial rewrites of the scripts, reshooting of scenes or episodes, or eliminating the project entirely.” Its sentencing memorandum added that Mr Knowles had also offered to sell to US undercover agents “over half the songs from an unreleased album of a pop artist”. The court papers do not name the artist in question, referring to them as ‘Victim 8’. “Knowles played one of ‘Victim 8’s’ songs for the undercover agent, and possessed in his Dropbox account and on his iPad numerous unreleased songs by ‘Victim 8’ and other artists,” the US attorney’s office said. While sentencing guide-
Blackbeard’s developer in ‘court abuse’ claim From pg B1 in not enforcing that judgment, and it was only when reEarth sought to enforce a ‘penal notice’ against the Christie administration that the new action was initiated.
That move resulted in Justice Stephen Isaacs’ April 8, 2016, Order that restrains the Government and its agencies from attempting to enforce reEarth’s July 2014 judgment - a verdict that he himself delivered. The reEarth ruling
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lines based financial sanctions on the retail value of the musician’s album, multiplied by the amount sold, “‘Victim 8’s’ manager stated that ‘Victim 8’ sold over one million copies of ‘Victim 8’s’ last album. “Release of over half the new album in advance of its public release by ‘Victim 8’ would ‘cannibalise the sales by at least 50 per cent’,” the US attorney’s office was told. “According to ‘Victim 8’s’ manager, had half of ‘Victim 8’s’ album been released prior to ‘Victim 8’ dropping it, ‘Victim 8’ would have lost album sales of approximately $6 million. “The significant potential cost to ‘Victim 8’ of unreleased music being distributed to the public is not accounted for in the guidelines calculation for criminal copyright infringement.” Mr Knowles’ case illustrates the great harm, and potential cost, associated with copyright infringe-
ments and abuses. The Bahamas has traditionally struggled to enforce the law in this area, as shown by the numerous young men selling pirated CDs and DVDs along the roadside and at shopping plazas. Recalling the meeting with undercover US law enforcement agents that which ultimately led to the Grand Bahama native’s capture, federal attorneys alleged that Mr Knowles sold 15 unreleased movie and TV show scripts to them for $80,000. This valued the scripts at $5,333 each, and a search of Mr Knowles’s Dropbox account later uncovered a further 10 unreleased movie scripts that he had also obtained via e-mail hacking. “Assuming each of those scripts had the same retail value, the total retail value of Knowles’s 25 copyrighted unreleased movie and television scripts was $133,333,” the US attorney’s office said, implying that existing penalties are woefully inadequate.
What appears to be of particular concern to US authorities is that Mr Knowles has refused to hand over to them at least one computer - which may be in the Bahamas - upon which celebrity information obtained via e-mail hacking has been stored. The US attorney’s office is alleging that based on his phone calls and communications from prison, which have all been monitored, Mr Knowles is prepared to endure a longer sentence in return for retaining that information, which he can then exploit for future profit. “Knowles’s prison e-mails reveal that he is anxious to get out of jail so that he can go right back to making money by exploiting celebrities,” the US attorney’s office alleges. “Specifically, Knowles is planning to write a book airing non-public information about the celebrities he has hacked. It is incredible that Knowles already has a plan
in place to re-offend by publishing intimate stolen information about celebrities, and then hacking celebrities to promote his efforts.” Its sentencing memorandum added: “Significantly, Knowles has at least one computer that he has refused to forfeit to the Government that contains celebrities’ private information that Knowles believes is worth a lot of money. “It is significant that Knowles is willing to risk serving more time in jail – what he believes will be a year – rather than produce his computer to the Government. “Knowles says that with the computer he’s a ‘millionaire’, and without it, he’s a ‘loser’. The reason for that is obvious – the computer clearly contains valuable information about celebrities from which Knowles believes he can profit handsomely (“a lot more stuff that’s worth a lot more money.”).”
quashed all the permits and approvals granted to the Blackbeard’s Cay project, and effectively required the Government and its agencies to ‘close down’ the cruise passenger getaway destination, which is located on Balmoral Island, off New Providence’s north coast opposite Sandals Royal Bahamian. However, reEarth and its attorneys alleged this week
that Blackbeard’s Cay has continued operating until this day, effectively defying the Supreme Court ruling - affirmed by the Court of Appeal - that was rendered more than two years ago. “I am shocked that Blue Illusions and its various attorneys should try to do an end run around, and a collateral attack, on a final judgment of the Supreme Court that was reaffirmed
by the Court of Appeal,” Mr Smith told Tribune Business. “This is nothing more than some kind of compliant collaboration between the Government and Blue Illusions. It is only when reEarth sought to hold the respondents [the Government] in contempt for the refusal to put into effect the judgment that Blue Illusions and their allies bestirred themselves.” Blackbeard’s Cay’s developer appeared to have pulled off a neat legal manoeuvre to safeguard its investment and the almost 100 jobs that rely on it with the April 8 Order, as reEarth was not named as a party to the action. That makes it difficult for the environmental group to challenge it, hence its bid this week to seek Supreme Court permission to intervene. Mr Smith, meanwhile, said he interpreted the Government’s failure to enforce the Judicial Review verdict as another indication of its “modus operandi” and support for unregulated development in the Bahamas. The July 2014 ruling quashed Blackbeard’s Cay’s permits, including those for its dolphin attraction, on the basis that the Government had failed to follow its own statutory processes in granting these approvals. Mr Smith argued that the Government’s failure to enforce it was symptomatic of “a complete breakdown of the rule of law in the Bahamas”, with good governance undermined by its dealings with investors outside legally-established procedures. Adrian Gibson, a Callenders & Co associate, in a September 14, 2016, affidavit supporting reEarth’s intervention, alleged that Blue Illusions was trying to “set aside” the Judicial Review ruling by initiating new court proceedings. “Over the last two years since the [Judicial Review] ruling, Blackbeard’s Cay continued to operate unabated, despite its permits being quashed,” Mr Gibson alleged, “and reEarth commenced taking steps to enforce the judgment by
applying to the Court for its Judgment Order to be endorsed with a penal notice. “In the process of seeking an order of committal, Blue Illusions filed the instant action..... By this action, Blue Illusions seeks to set aside that ruling. Though reEarth obtained the judgment that is the genesis of the instant application by Blue Illusions, reEarth was not joined as a party.” Mr Gibson alleged that reEarth would be “prejudiced and adversely impacted by relief being sought, and/or any re-litigating on the part of Blue Illusions”. He added: “Further, as one of the foremost environmental watchdogs in the Bahamas, reEarth has a vested interest in that the proper processes are followed, that there is no attempt to frivolously and vexatiously abuse the process of the court in an effort to cure the premature and improper issuances of licences and permits and, conjointly, that the dolphins currently in Blue Illusions’ custody are secure, properly maintained and suitably housed in accordance with statutory requirements and world-class standards.” Given reEarth’s obvious interest in the Blue Illusions case, Mr Gibson addled that “the rules of natural justice demand” that it be given the chance to participate. Mr Gibson alleged that the Blackbeard’s Cay developer’s attorneys, Charles Mackey and then Desmond Bannister, had ended virtually every hearing before the Supreme and Appeal courts on the Judicial Review action. However, they only held ‘a watching brief’, and despite being invited by the Court of Appeal to join the action, present its case and defend the project, Blue Illusions and its attorneys elected not to do so. Mr Gibson alleged that the developer and its attorneys were also served with all relevant documents in the Judicial Review matter, and while Mr Bannister “exalted the economic impact of Blue Illusions upon the local tourist industry” in an affidavit, he never sought to join the case as a party. “Blue Illusions, by their counsel, held a watching brief in the courts and never asserted their interest or sought to intervene,” Mr Gibson alleged. “The court records show that Blue Illusions knowingly stood by while the reEarth and Government respondents litigated in Judicial Review proceedings bearing the same interest as the instant matter... I verily believe that Blue Illusions’ action is tantamount to an abuse of court.” Subsequent to obtaining the April 8, 2016, Order, Blue Illusions filed another action seeking nearly $16 million in ‘special damages’ from the Government because it “recklessly breached” its duty to defend the project from environmental activists. The developer has also alleged that it and its 90-strong staff are threatened with “irreparable harm” as a result of the ongoing legal woes, which have already reduced cruise visitor numbers to the site.
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Friday, September 16, 2016, PAGE 5
BREA chief supports Quieting Act reform
sons seeking a Certificate of Title from the Supreme Court not to notify others, who may have an interest in the same land, of the court action and their intentions. All Quieting Titles Act applications are supposed to be made public, so rival claimants can challenge title applications, but this does not always happen. Among the most egregious examples of Quieting Titles Act fraud is the three-decade saga impacting a 156-acre tract in the Pinewood Gardens/Nassau Village area, near to Sir Lynden Pindling Estates. As previously reported by Tribune Business, a group of land speculators, assisted by some unscrupulous attorneys, obtained a Certificate of Title to the land via fraud, as they never notified - or made the Supreme Court aware that there was an “adverse claimant” in the shape of Arawak Homes. They then promptly sold the land to unsuspecting Bahamians, paving the way for three decades of legal battles that have damaged the lives - and largest investments - that many ordinary persons will make in their homes. Such actions also undermine Bahamian economic
activity by tying up major land tracts in legal disputes for years. The situation cries out for legislative reform by Parliament, but there has been little appetite for this to-date in a body that is typically dominated by attorneys. Mrs Sweeting, meanwhile, also backed calls for the Bahamas to establish a Land Registry and move to a system of registered land. “We have a very antiquated, colonial system,” she told Tribune Business. “We need a Land Registry otherwise we’re going backwards. There’s so much that needs to be fixed like that. “It’s going to take someone who’s determined to fix this, get support from various sectors of the community, and sit down and see how it can be fixed. “It’s a sad state. I could tell you story after story about how lawyers don’t properly look at title searches and make sure stakes are in place.” The BREA president recalled the case of a person who received the go-ahead to purchase a property from their attorney, only to find out it was improperly marked out - with the site already owned by a neighbour. “The bottom line is that
A flurry of tepid economic data could lead Fed to delay hike
At the same time, the U.S. job market remains solid. Employers have added 204,000 jobs a month over the past year, though hiring dipped to 151,000 in August. The Labor Department said Thursday that the number of Americans applying for unemployment benefits came in under 300,000 for the 80th straight week — the longest such streak since 1970. Healthy hiring and sluggish growth can be a worrisome combination suggesting that companies need more workers to generate the same amount of product.
From pg B1 title (land ownership) defects for which there was no remedy. It has proven helpful to persons wishing to legitimise their lawful occupation of a property, or who possess commonage or generation land, in obtaining a documentary Certificate of Title. Mrs Sweeting disclosed how the Act had helped her husband, and his family, obtain and prove their ownership of a tract of land in Marsh Harbour, Abaco, known as Sweeting’s Tract. However, a Court of Appeal ruling published earlier this week warned that the Bahamian judicial system was susceptible to being “an unwitting pawn” in the commission of land thefts/frauds. Appeal Court justice, Stella Maureen ScottCrane, said the Quieting Titles Act, in particular, was effectively being employed as a tool to steal land, given that “material facts” relating to title applications were often hidden from the courts. Ruling on a family-relat-
WASHINGTON (AP) — U.S. factory output fell, consumers cut back at retailers and wholesale prices went nowhere in August, the latest evidence of a less-thanrobust economy. The weak numbers could give the Federal Reserve further reason to hold off on raising interest rates when it meets next week. “All the data seem to say the same thing: Not much is happening in the economy,” said Joel Naroff of Naroff Economic Advisors. “We have no inflation, not a lot of consumer spending, not much production ... The data don’t demand that the Fed do anything right now.” The Fed reported Thursday that factory production fell 0.4 percent last month. Overall industrial production — which combines manufacturing, mines and utilities — dropped by an identical amount. A second report Thursday suggested that the factory weakness may be extending into September. The Federal Reserve Bank of New York said that manufacturing in New York shrank in September for a second straight month. New orders and shipments fell sharply. Earlier this month, a survey by the Institute for Sup-
ed land dispute in Exuma, Justice Crane-Scott wrote that the case “exemplifies the kinds of egregious abuses - ranging from the fraudulent concealment of material facts to the deliberate manipulation of the statutory requirements of the Quieting Titles Act - which can occur in the course of quieting proceedings........ “Where material facts, such as the existence of adverse claimants, are deliberately suppressed and concealed, and where additionally, the petitioner knowingly represents to the court - as required in section 5 - that ‘full and fair disclosure’ has been made, the court may nonetheless unwittingly become a pawn in a fraud and deception...” Mrs Sweeting added: “Quieting needs to be fixed. There’s a time and a place for it, but it can’t continue to be allowed to be abused.” Tribune Business has reported on several Quieting Titles Act abuses in recent years, detailing how the law has been used as a fraudulent tool to commit real estate theft. A typical abuse is for per-
ply Management showed that U.S. manufacturing contracted in August for the first time since February. Still, the Philadelphia Fed reported Thursday that its manufacturing gauge climbed in September for a second straight month, suggesting greater factory output in the mid-Atlantic region. In reporting its closely watched measure of retail spending, the Commerce Department said that retail sales fell in August for the first time in five months. Consumers spent less on building materials, furniture and cars. Americans did spend more at clothing retailers, restaurants and bars. “They were buying T shirts and eating out — and that was about it,” Naroff said. Noting the slide in retail sales, Barclays Research downgraded its forecast for U.S. economic growth from July through September to an annual rate of 2.6 percent from 2.8 percent earlier. “The report was soft across the board,” Barclays economists said in a research report. The Fed will meet Tuesday and Wednesday, after which it will announce whether it will resume rais-
ing interest rates. In December, it raised its benchmark short-term rate from a record low, where it had been since the depths of the 2008 financial crisis, but hasn’t increased it since then. In recent days, some Fed policymakers have said a rate hike should be considered next week. But given recent lackluster economic reports, investors peg the chances of a September rate hike at just 12 percent, according to figures from the CME Group. They foresee a 51 percent chance of a rate hike at the Fed’s December meeting. One reason the Fed might hold off: Inflation remains excessively low. The Labor Department reported Thursday that producer prices were unchanged in August. Core wholesale inflation, which excludes volatile energy and food prices, rose just 0.1 percent in August and 1 percent over the past year. Overall, inflation is running well below the Fed’s 2 percent annual target. American economic growth has been sluggish since late last year, slowed by worldwide economic weakness and a strong dollar, which has made U.S. goods pricier overseas.
this person has a credit risk if they do not keep up payments on a property that they will never be able to build on,” Mrs Sweeting said. “The whole thing needs to be fixed. We’re not making progress at all. Something has to be done.” A Land Registry would contain all information relating to a specific parcel of land in one database, including its location, dimen-
sions, ownership interests and all encumbrances, such as mortgages and other liens/charges. Moving to a such a system - and registration system would remove the need for attorneys to conduct expensive, time consuming title searches that were sometimes prone to error, and move the Bahamian real estate market away from being based on “first to record” title deeds.
ur O Join Head of Bridal Department Kelly’s is seeking a motivated person to be a full-time Head of Bridal Department at Kelly’s House & Home. The position will demand a resourceful communicator and leader able to motivate adults and create a sense of “team” within the personnel under their care, as well as someone experienced in providing an excellent level of customer service. This is a middle management position and the successful applicant will be a member of a management team responsible for the day-to-day retail operation of the Kelly’s House & Home at the Mall at Marathon. Responsibilities will include, but not be limited to ensuring: • The efficient and effective daily operation of the Bridal Department • A high quality of Customer Service and responding to Customer issues and requests • The Bridal Department staff have a thorough product knowledge • The cleanliness and maintenance of the Bridal Department • The welfare, performance and development of the Bridal Team • That company policies and procedures are maintained through out the Bridal Department
Candidates must have proven interpersonal skills and be willing to be flexible. Leadership experience in a retail environment will be essential. Previous experience with chinaware, crystal ware and/or as a Bridal Consultant will also be beneficial. Benefits include medical, pension and profit-sharing plans with remuneration package dependent on qualifications and experience. E-mail a letter of application and comprehensive resume to applications@kellysbahamas.com with Head of Bridal and your name as subject. No phone calls please. Only Bahamians, or those with Bahamian status, need apply: no applicants needing a work permit will be considered. The deadline for applications is Friday 7th October 2016: no application received after that date will be considered.
No phone calls please
House& Home Mall at Marathon Monday-Friday 7:00am-8:00pm Saturday 7:00am-9:00pm Sunday closed www.kellysbahamas.com
DELTEC BANK & TRUST LIMITED Invites applications for the position of Associate Legal Counsel Job Description
The Associate Legal Counsel will be a member of the Legal Team and provide legal support and advice on all relevant issues faced by the Group. The Associate Legal Counsel will work closely with other lawyers and the Legal Counsel on a wide range of day-to-day legal issues, typically including: • Reviewing and negotiating a range of contracts and other documentation with third parties such as client agreements, service agreements, confidentiality agreements and various terms & conditions; • Instructing and working with external counsel; preparing necessary corporate and other approvals; legal research • Giving accurate and timely counsel to Group executives in a variety of legal topics (employment law, investment funds, international ventures, corporate finance etc.) • Employment matters such as employee service agreements and advising management with regard to staff disciplinary and grievance procedures, redundancies and terminations; • Commercial property work reviewing and negotiating leases; • General corporate legal matters that may include internal Group corporate matters and potential Group acquisitions; • Legal support for the subsidiaries/affiliates of the Group; • Assisting with the development and implementation of Group policies and procedures including related support and delivery of training to employees; • Reviewing and assessing current legal processes, structures and procedures (including control procedures) within the Group, identifying areas of weakness, recommending scope for improvement and implementing appropriate changes; • Assisting with various aspects of corporate secretarial work; and • Further development, maintenance and updating of legal systems and records. The role of Associate Legal Counsel will also require the successful candidate to establish excellent working relationships and liaise closely with a wide range of both external and internal contacts, including: • Client procurement and legal representatives; • Group management and staff including the Group Business Development Team, Executive Managers and Department Managers; and • Professional advisers to the Group. The Successful Applicant The role of Associate Legal Counsel requires the successful candidate to be highly professional at all times and demonstrate a strong set of general legal skills. You will ideally have between 5-7 years’ experience either at a law firm or a mix of law firm and in-house. In addition, the successful candidate must: • Have outstanding verbal and written communication skills, the ability to work effectively in a team and demonstrate a self-starting attitude and a high level of independent thought; • Be able to quickly form strong working relationships with internal and external colleagues and contacts; • Demonstrate commercial awareness and the ability to apply legal knowledge and experience within a dynamic commercial environment; • Have strong organisational skills and attention to detail; • Demonstrate a high degree of personal motivation and the desire to develop within the role and take on additional responsibility; and • Be proficient with the use of Microsoft Office, including Word, Excel and PowerPoint. • Be highly responsive with ability to manage a large workload efficiently and effectively. • Solution-oriented with a focus on exceptional client service. Qualifications The applicant must be a Counsel and Attorney of the Supreme Court of the Commonwealth of The Bahamas and a member of the Bahamas Bar Association in good standing. We offer an excellent benefits package and salary will be commensurate with experience and qualifications. Interested applicants may submit resumes by email to humanresources@deltecbank.com Only applicants with the above qualifications will be contacted.
PAGE 6, Friday, September 16, 2016
THE TRIBUNE
US stocks jump as Apple pulls tech companies up again NEW YORK (AP) — U.S. stocks changed course again Thursday and climbed as Apple led a big gain for technology companies and energy companies recovered some of their recent losses. Investors looked over a series of mixed economic reports as they sought clues about the Federal Reserve’s intentions and the health of the economy. Technology companies made the largest gains as Apple rose for the fourth consecutive day. It’s up 12 percent this week on growing optimism about early sales of its newest iPhones. Energy companies bounced back after two rough days, though the price of oil rose only a small amount. Health care and phone company stocks also climbed. Bond yields wobbled and finished little changed, a sign investors aren’t sure what will happen with interest rates. It was the fourth big move for the market in the last five days as investors try to anticipate whether the Fed will raise interest rates next week. Based on weaker producer prices and manufacturing and less spending by shoppers, they appeared
to conclude rates will stay where they are for now. Karyn Cavanaugh, senior market strategist for Voya Investment Strategies, said investors are sending stocks higher because they think the reports will make the Fed less likely to raise rates now. Some investors fear that that would hurt the economy. “They’re not going to raise interest rates in September,” she said. “It was kind of a mixed bag, but the bottom line is that the data’s not great.” The Dow Jones industrial average rose 177.71 points, or 1 percent, to 18,212.48. The Standard & Poor’s 500 index jumped 21.49 points, or 1 percent, to 2,147.26. The Nasdaq composite gained 75.92 points, or 1.5 percent, to 5,249.69. Apple rose to its highest price in 10 months on reports of strong preorders for the new iPhones it introduced last week. The stock added $3.80, or 3.4 percent, to $115.57. Other technology companies also rose. Microsoft gained 93 cents, or 1.7 percent, to $57.19 and Intel picked up 94 cents, or 2.6 percent, to $36.56. Strong gains for technol-
ogy and health care companies have the Nasdaq on pace for its best week since late June. Benchmark U.S. crude rose 33 cents to $43.91 per barrel in New York. It fell almost 6 percent in the last two days. Brent crude, used to price international oils, added 74 cents, or 1.6 percent, to $46.59 a barrel in London. Among energy stocks, Marathon Petroleum rose $1.87, or 4.5 percent, to $43.74 and Chevron gained $1.08, or 1.1 percent, to $99.50. Investors pored over a series of economic reports. The Labor Department said producer prices fell in August as gas and food prices declined. Lower producer prices reduce inflation, and the Fed has said it wants to see evidence inflation is edging upward before it raises rates. Inflation has remained consistently low in recent years. Reports by the Commerce Department and the Federal Reserve, respectively, showed that retail sales fell last month and factory production decreased as well. Bond prices wobbled. The yield on the 10-year Treasury note remained at
Specialist Mark Fitzgerald, right, works at the post on the floor of the New York Stock Exchange that trades Pandora. Pandora says it has revamped its $5 a month Internet radio service, yesterday, giving listeners the ability to skip and replay more songs. (AP Photo) 1.70 percent. Among companies in the news, Goodyear Tire & Rubber climbed after the company boosted its dividend and said it plans to return $4 billion to shareholders over the next few years. The stock rose $1.58, or 5.1 percent, to $32.39. Aerie Pharmaceuticals surged $9.48, or 44.9 percent, to $30.61 after the company reported positive results from a late-stage trial of Roclatan, an experimental glaucoma drug. AMC Networks fell $1.44, or 2.8 percent, to $50.53 after Stifel Nicolaus analyst Benjamin Mogil downgraded the company because competition is growing and ratings for its
hit “The Walking Dead” may weaken as the show enters its seventh season. Wells Fargo lost 37 cents to $46.15. Regulators said last week that the bank opened more than 2 million accounts that customers may not have authorized and transferred money into those accounts without their approval. The company agreed to pay a $185 million fine and says it will cut back on aggressive sales targets, but the controversy is damaging its reputation. The stock is mired in a five-day losing streak that has pulled its value down 7.5 percent. The price of gold fell $8.10 to $1,318 an ounce and silver lost 3 cents to
$19.04 an ounce. Copper remained at $2.16 a pound. In other energy trading, wholesale gasoline jumped 7 cents, or 5 percent, to $1.43 a gallon. Heating oil rose 3 cents, or 2.5 percent, to $1.42 a gallon. Natural gas added 4 cents to $2.93 per 1,000 cubic feet. The dollar slid to 102.16 yen from 102.42 yen. The euro dipped to $1.1246 from $1.1249. The FTSE 100 index of leading British shares traded 0.9 percent higher. Germany’s DAX rose 0.5 percent while the CAC 40 of France edged up 0.1 percent. Tokyo’s Nikkei 225 tumbled 1.3 percent while Hong Kong’s Hang Seng gained 0.6 percent.
US regulators: Official recall of 1M Samsung Note 7 phones SAN FRANCISCO (AP) — U.S. safety regulators announced a formal recall of Samsung’s Galaxy Note 7 smartphone Thursday after a spate of fires led to injuries and property damage and created a global marketing headache. Samsung had already initiated a voluntary recall, but the U.S. Consumer Product Safety Commission stepped in to coordinate. Commission Chairman Elliot Kaye blasted Samsung for trying to do the recall on its own, saying that anyone who believes that a unilateral effort
would be sufficient “needs to have more than their phone checked.” Samsung sold about 2.5 million of its top-line smartphone, including about 1 million in the United States. Kaye said the South Korean company has now agreed to offer consumers the choice of a full refund or a replacement device. Before, Samsung was offering replacements only. The recall comes as Samsung is locked in a fierce battle with Apple for the attentions of high-end smartphone purchasers. Apple just introduced the
latest versions of its iPhone, which go on sale Friday. Samsung had beaten Apple to market with the Note 7 by several weeks, and it was drawing favorable reviews before consumers began reporting problems with the battery overheating, resulting in fires and explosions. One family in St. Petersburg, Florida, reported that a Galaxy Note 7 left charging in their Jeep had caught fire, destroying the vehicle. “Samsung has received 92 reports of the batteries overheating in the U.S., including 26 reports of burns and 55 reports of property damage,” said a statement on the U.S. commission’s website. The statement said property damage included fires in cars and a garage. Samsung pledged Thurs-
day to expedite the recall. “Consumer safety is always our highest priority,” Tim Baxter, president of Samsung Electronics America, said in a statement. The company has been criticized for its response over the past two weeks. Samsung announced on Sept. 2 that it had stopped selling the phone and would replace any that had been sold. But Samsung didn’t tell consumers at the time to stop using the device. The company also did not immediately coordinate its recall with the U.S. consumer safety agency. Since then, the Consumer Product Safety Commission has not only stepped in, but U.S. aviation safety officials have also taken the unusual step of warn-
There was an error made in regard to a citizenship ad that ran in yesterday’s paper under the name,
Daphne Otean Beneby. We apologize for any inconvenience caused. THE CORRECTED NOTICE IS BELOW.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DAPHNE OTEAN BENEBY of #37 Lou Adderley Estates, Nassau, Bahamas, intend to change my name to DAPHNE OLEAN ADDERLEY. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
NOTICE
NOTICE is hereby given that RICHARD MERVIN HINDS of #22 More Cumbe Drive, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that BEVERLEY MARIE HINDS of #22 More Cumbe Drive, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
the Galaxy Note 7, foreground, is displayed in New York. In a statement issued Friday, Sept. 9, 2016, the U.S. Consumer Product Safety Commission said owners of the Galaxy Note 7 smartphones should turn them off and stop using them because of the risk that their batteries can explode. (AP Photo) ing airline passengers not to turn on or charge the phone during flights, or put them in checked bags. Gartner analyst Tuong Nguyen said Samsung’s statements left many customers confused. “Because it took a while, the messages were confusing, and that might have an impact on overall consumer confidence, especially since we’re talking about a highend device, their flagship phone,” Nguyen said. People who bought the phone did so to get the best possible quality and service, he said, and how the recall came about “kind of seems like a strike on both counts.” Samsung said Note 7 purchasers will be offered the choice of a refund or
a replacement. For a replacement, customers can choose a new Note 7 when it is available again in the U.S. by Wednesday, or the smaller and cheaper Galaxy S7 or S7 Edge right away — with a refund of the price difference. Speaking with reporters on Thursday, Kaye at the consumer safety commission said Note 7 purchasers should check the back of their device for an identifying number, and visit Samsung’s recall website or call a hotline at 1-844-365-6197 to find out if the device needs to be turned in. If so, consumers can take the device back to Samsung or to the phone carrier that sold it. About 97 percent of phones sold in the U.S. are being recalled.
ATLANTIS PARADISE ISLAND, THE BAHAMAS REQUEST FOR PROPOSAL
RE: IHCL -017 MEDICAL CLINIC SERVICE MANAGEMENT – ATLANTIS
The Atlantis, Paradise Island, Bahamas is soliciting proposals from qualified companies to facilitate the Medical Clinic Services for both Guests & Staff of Atlantis.The RFP and vendor selection process can be obtained by contacting: Patrice L. Carroll – Director of Purchasing via email: patrice.carroll@atlantisparadise.com This invitation is open as of
September 15, 2016 thru. October 15, 2016
THE TRIBUNE
Friday, September 16, 2016, PAGE 7
Trump campaign pushes food safety rollbacks, then deletes
WASHINGTON (AP) — A fact sheet issued by Donald Trump’s campaign on Thursday said he would roll back food safety regulations if the billionaire businessman is elected president, arguing they are burdensome to farmers and “overkill.” The campaign later deleted the fact sheet from its website and issued a new release that did not include the food safety language. The fact sheet was sent out to supplement a speech Trump gave to the New York Economic Club on boosting economic growth. Trump did not mention food safety in the speech. In the original fact sheet, the campaign said that Trump would eliminate several regulations, including the “food police” at the Food and Drug Administration. The Trump campaign did not respond to a request for comment on the food safety proposal or why it was deleted. The handout said the FDA food safety rules “govern the soil farmers use, farm and food production hygiene, food packaging, food temperatures” and other ways farmers and food companies do business. It also criticizes increased inspections of food manufacturing facilities as “inspection overkill.” The description matches new food safety regulations
Republican presidential candidate Donald Trump speaks at luncheon for the Economic Club of New York in New York, yesterday. (AP Photo)
passed by Congress in 2010 in response to an outbreak of salmonella linked to a Georgia peanut company that killed nine and sickened more than 700 people in 46 states. A 2011 outbreak of listeria linked to cantaloupes killed 33 people, and other large scale outbreaks in fresh spinach, cucumbers and eggs have sickened hundreds. Last year, an outbreak of listeria linked to Blue Bell ice cream was linked to three deaths. FDA inspectors found many violations at a company plant,
including dirty equipment, inadequate food storage, food held at improper temperatures and employees not washing hands appropriately. The Centers for Disease Control and Prevention estimate that 48 million people — or 1 in 6 in the United States — are sickened each year from foodborne diseases, and an estimated 3,000 people die. The final food safety rules for produce issued last year and supported by the food industry require farmers to test irrigation wa-
NOTICE
NOTICE ABANCAY INVEST LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Abancay Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 22nd day of August, A.D., 2016. Dated the 8th day of September, A.D., 2016
ter quality, regularly train workers on the best health and hygiene practices and monitor wildlife that may intrude on growing fields, among other measures. The rules are designed to focus on the riskiest foods, and there are also standards for keeping equipment and facilities clean. Michael Taylor, the former FDA deputy commissioner for foods who led the effort to put the rules in place, says it is one area of agreement in the country, since both the food industry and consumers want
safe food. “Eliminating FDA’s food safety role would make more consumers sick, destroy consumer confidence at home, and damage American competitiveness in global food markets,” he says. The language in the Trump campaign fact sheet mirrors, almost word for word, parts of a May report from The Heritage Foundation that criticizes increased regulation under President Barack Obama. That report said the FDA rules cast an “exceedingly broad regulatory net.” While some Republicans in Congress have made similar arguments about overly burdensome regulations, the FDA worked to tweak the rules to appease farmers and companies that voiced concern about the rules. Since then, congressional opposition has died down and the Republican House and Senate have given the FDA an in-
NOTICE is hereby given that Romann Jean Francois of 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 16th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
creased amount of money to put the rules in place. Sen. Jeff Sessions, the Alabama Republican who has been Trump’s biggest supporter in the Senate, said on Thursday that he hadn’t yet seen the nominee’s proposal on food safety, but he said farmers feel like there are too many federal rules and all regulation needs to be evaluated. “In Washington, if you propose to pull back any regulation that has a good title, like food safety, then somebody says you want to poison the American people, and so forth,” Sessions said. “But if it can be established that they are not really beneficial, often times the regulations can actually make things more unsafe.” Michigan Sen. Debbie Stabenow, the top Democrat on the Senate Agriculture Committee, also said she had not seen the proposal, but criticized the idea of rolling back the rules.
AYLA FINANCE LTD. Company No. 1447207 (In Voluntary Liquidation)
NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that AYLA FINANCE LTD. is in voluntary liquidation. The voluntary liquidation commenced on 7th September, 2016 and Nicolas Müller of Talstrasse 83, 8001 Zürich, Switzerland has been appointed as the Sole Liquidator. Dated this 7th day of September, 2016 Sgd. Nicolas Müller Voluntary Liquidator
MARKET REPORT THURSDAY, 15 SEPTEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,942.57 | CHG 0.00 | %CHG 0.00 | YTD 118.62 | YTD% 6.50 BISX LISTED & TRADED SECURITIES
Beatus Limited Liquidator NOTICE GOLDANTILOP LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Goldantilop Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 22nd day of August, A.D., 2016. Dated the 8th day of September, A.D., 2016 Beatus Limited Liquidator NOTICE MURMILLO INVEST LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Murmillo Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 22nd day of August, A.D., 2016
52WK HI 4.25 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 11.80 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 4.06 15.85 9.09 3.50 1.96 0.12 6.47 8.50 5.83 10.32 14.00 2.38 1.55 5.80 8.77 10.95 8.25 6.60 11.93 10.00
CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 6.47 8.50 5.83 10.32 14.00 2.38 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
115.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
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 50
120
3
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 13.4 11.7 8.4 15.9 N/M N/M 35.0 15.4 11.5 19.1 26.5 25.3 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% 3.49% 4.36% 2.52% 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
Dated the 8th day of September, A.D., 2016 Beatus Limited 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