MONDAY, SEPTEMBER 19, 2016
business@tribunemedia.net
$3.78
Racing to issue $30m bonds for CLICO payout By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government and its financial advisers are racing to implement the second phase of the CLICO (Bahamas)payout by the promised end-September deadline, even though some policyholders are reluctant to accept the bonds that will be offered. Tribune Business can reveal that Leno Corporate Services has been hired to structure and advise on the placement of around $30 million worth of government bonds, which are designed to compensate clients of the insolvent insurer who
The Baha Mar creditor payout process “bodes ill for the Bahamian economy’s future” because it discriminates against foreign investors and businesses, an outspoken QC has warned. Fred Smith, the Callenders & Co attorney and partner, told Tribune Business that the decision to favour Baha Mar’s Bahamian creditors over their foreign counterparts was “a terrifying prospect” that could ultimately deter foreign direct investment (FDI) - the lifeblood for much of this nation’s economy. “I am shocked at the attempt to impose a discriminatory, quasi-judicial process in the Baha Mar fiasco,” Mr Smith said. “It is completely unconstitutional, it is patently discriminatory and all it does is highlight the Bahamas as a most undesirable, dangerous and risky environment for foreign direct investment (FDI) and foreign See pg b4
are owed more than $10,000. The bonds, which are to carry an interest rate equivalent to Bahamian See pg b5
QC: ‘Terrifying prospect’ for foreign firms, investors’ Sends ‘negative message’ that hurts economic future Discrimination undermines investment security
Fred Smith QC
‘How the hell’ can taxpayers receive Potter’s Cay return? By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Opposition politicians are questioning “how the hell” the budget for Potter’s Cay’s upgrade has increased four-fold, while expressing concerns over whether Bahamian taxpayers will get a return on their investment (ROI). K P Turnquest, the FNM’s finance spokesman, told Tribune Business that the Government’s capital works projects have “to make See pg b3
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Leno hired to place issue as insurers in due diligence Bishop: I and others reluctant to accept bonds
Opposition politicians query four-fold budget rise FNM deputy: Capital works ‘must make sense’ No Budget line item for planned $9m expenditure
$4.19
$4.01
Government debt issuing shake-up
Promised endSeptember deadline looming
Baha Mar payout process ‘bodes ill for future FDI’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
$4.19
John Rolle
The Central Bank has regained the lead role in the issuance of domestic Government debt, amid plans for “important modernisations” in how it is priced and investor ownership tracked. Tribune Business can reveal that a report from the Commonwealth Secretariat, which is thought to be in draft form only, has
influenced the Government to take responsibility for the issuance and pricing of its domestic securities back from the private sector after just one year. This newspaper’s financial industry contacts, speaking on condition of anonymity, disclosed that the Commonwealth Secretariat recommended that the issuance of Bahamian government debt should take place primarily via the See pg b6
Central Bank resumes lead role from private sector Govt advised to make move by Comm Secretariat Governor promises price, owner track ‘modernisations’
Attorney’s $100k Fidelity Bank theft ‘a sad case’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Appeal Court’s president has branded the two-year prison sentence for a veteran attorney, who stole $100,000 from Fidelity Bank (Bahamas) in a mortgage transaction, as “indeed a sad case”. Dame Anita Allen said Alpin Russell Jnr had to be “appropriately punished” by the reimposition of a
custodial sentence, notwithstanding the “outstanding public service” he and his family had given to the Bahamas. Mr Russell, who is now in his late 60s, and worked from the Shirley Street law firm that bears his name, had appealed against the Supreme Court jury verdict that found him guilty of stealing by reason of service. The Court of Appeal judgment upholding that
verdict, and released last week, details how Mr Russell gave a variety of explanations for what happened to the missing $100,000 ranging from his law firm being robbed to using the funds as security for a prior debt owed to him by one of the participants in the mortgage transaction. Dame Anita, delivering the Appeal Court’s verdict, said Fidelity Bank (Bahamas) had hired Mr Russell See pg b4
Two-year prison sentence for Alpin Russell Jnr ‘Solicitor’s lien’, robbery used to explain funds’ fate Bar veteran’s claims ‘totally contradicted’
PAGE 2, Monday, September 19, 2016
THE TRIBUNE
Bahamas tops region as luxury destination
The Bahamas was named the ‘Caribbean’s Leading Luxury Destination’ by the World Travel Awards for the second consecutive year at a Saturday night gala in Jamaica. The Bahamas beat out Anguilla, the Turks and Caicos Islands, Mustique and St Lucia to win the award. The honour was one of several that the Bahamas was nominated for at the 23rd annual World Travel Awards - Caribbean region, including Caribbean’s Leading Beach Destination, Cruise Destination, Cruise Port Destination, Dive Destination, Honeymoon Destination, Airport and Romantic Destination. The Ministry of Tourism was also nominated for the Caribbean’s Leading Tourist Board. Accepting the award in Jamaica was Giovanni Grant, general manager of multi-destination marketing. “I’m thrilled that The Bahamas has maintained its appeal as the leading luxury destination,” he said. “It speaks to our commitment to building on the success that we have achieved thus far. We will continue to work hard, and hopefully next year we’ll be walking away with a few more awards.” Echoing similar sentiments, Joy Jibrilu, the Ministry of Tourism’s directorgeneral, added that the Bahamas is “elated to have been deemed the Caribbean’s leading luxury destination. “Winning this award for the second consecutive year, especially in such a competitive market, means that we are doing something right. This stamp of approval from the World Travel Awards says a lot,” she said. The Caribbean & North America Gala Ceremony took place at Sandals Ochi Beach Resort in Ochi Rios. Two resorts in The Bahamas also won on Saturday night. Sandals Emerald Bay was named the Caribbean Leading All Inclusive Resort, while Atlantis was named the Caribbean’s Leading Casino Resort. World Travel Award is voted for by travel and tourism professionals worldwide.
Zuckerberg’s “compound” raises red flags for housing board PALO ALTO, Calif. (AP) — An advisory board recommended a California city refuse Facebook CEO Mark Zuckerberg’s plans to demolish and rebuild four homes around his property because of privacy concerns, saying it won’t support the building of a “compound.” Zuckerberg bought the Palo Alto homes in 2013 for $30 million after learning that a developer planned to build a neighboring house tall enough to have a view of his master bedroom, the Mercury News reported (http://bayareane. ws/2ceY6FK). He planned to replace those structures with much smaller two-story and single-story homes that would be used as an extension of the family’s living, cooking, dining and entertaining quarters, said Kathy Scott, of the Walker-Warner Architects firm working with Zuckerberg on the project. “The idea is just to expand our client’s capacity to enjoy the property,” Scott said. Palo Alto’s Architectural Review Board members said plans for all four homes meet architecture standards, but a single family using all four properties would create a compound and ruin the single-family home feel of the neighborhood.
THE TRIBUNE
Monday, September 19, 2016, PAGE 3
Callenders unveils its new Freeport partner
R. Dawson Malone, a man described by a Queen’s Counsel (QC) colleague as “unrelenting in his commitment to clients, the rule of law and the firm”, has been named as a partner in Callenders & Co. Abaco-born Mr Malone joined Callenders & Co in 2011 as an associate, after earning a Bachelor’s degree and graduating with first class Honours from the University of the West Indies and the Eugene Dupuch Law School, where he received a Legal Education Certificate of Merit. “Dawson Malone has proven himself to be an exemplary and conscientious member of the Callenders team, which is able to rely on every commitment he makes,” said senior partner Fred Smith
QC. “That translates into responsible, effective and successful provision of services to the client. “Dawson has been with us nine years, initially as an intern for four consecutive summers, and for the past five years as an associate. Over that time, he has developed a very extensive breadth of a practice that encompasses civil as well as criminal litigation.” Mr Malone also served as assistant registrar (acting) for the Supreme Court in Freeport. His advocacy experience includes pleading cases at every level of the judicial system - Magistrate’s Court, Industrial Tribunal, Supreme Court, Court of Appeal and Privy Council in London. Mr Malone’s practice covers Judicial Reviews, constitutional
‘How the hell’ can taxpayers receive Potter’s Cay return? From pg B1 sense”, especially those involving income-producing assets such as Potter’s Cay. He was speaking after the Government last week confirmed that the budget for upgrading the Cay’s docking facilities and infrastructure, plus vendor stalls, had jumped from $3.1 million to $12 million - and possibly more, if vendors are compensated for loss of income due to the construction works. The Christie administration was forced to issue a clarification, after V Alfred Gray, minister of agriculture and fisheries, divulged that his Ministry would be spending $9 million to enhance vendor facilities at Potter’s Cay. This cost for this element of the project had never been disclosed before, with many assuming changes to the vendor stalls were factored into the Ministry of Transport and Aviation’s $3.1 million infrastructure budget. The Government, though, has now made clear there are two separate aspects to the Potter’s Cay upgrade, although it is unclear where the $9 million referred to by Mr Gray is coming from. A Tribune Business review of the 2016-2017 Budget shows that the Potter’s Cay project has not been budgeted for as a specific line item, either in the recurrent side or among the capital works. It is possible that the funds may be included among the Ministry of Works’ $124 million capital budget, but no line item is devoted to it. And the $9 million disclosed by Mr Gray is equivalent to 31.2 per cent of the approved 2016-2017 recurrent spending for his ministry, plus the departments of agriculture and marine resources, combined. Stripping out the two departments would bring the
proposed Potter’s Cay expenditure close to 50 per cent of the entire annual Budget for Mr Gray’s ministry, making it virtually impossible for the Government to be repurposing some of these funds. Mr Gray did not return Tribune Business’s call seeking comment yesterday, despite a message being left on his mobile phone. But given the figures announced to-date, Mr Turnquest questioned the value of the annual Budget exercise, and having Parliament approve the Government’s fiscal plans, if the executive was then going to spend as it deemed fit. “It seems to me they’re making it up as they go along. How did we get from $3 million to $12 million? It’s a hell of a jump. Do we have a proper plan, or are they going by the seat of their plans?” the FNM’s deputy leader told Tribune Business. Calling for the Government to fully disclose the plans and spending estimates for the Potter’s Cay upgrades, Mr Turnquest said the details released so far epitomised how the ‘grand visions’ of politicians frequently created trouble for the Bahamian taxpayer. “This is the kind of development that we’ve been doing in this country for years, and it has gotten us into problems,” he added. “Somebody likes a plan, wants to improve something, and builds an elaborate building without any consideration of how to pay for it. We’ve got to give more consideration for return on investment (ROI).” Mr Turnquest continued: “If we’re building a social institution, like a school, it’s not such a big consideration, but if we’re constructing some economic activity that’s fee-based, there should be some correlation between the Bahamian people investing money and the
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R. Dawson Malone
return. “At the end of the day, we don’t want to invest in entities that cost us. We want to invest in entities that help the Bahamian people become self-sufficient.” Mr Turnquest emphasised that he was not ignoring the needs of Potter’s Cay vendors, and agreed that the area needed to be overhauled and upgraded. His main concern, he explained, was to ensure that any project made sense for all stakeholders - vendors and the Bahamian taxpayer. As a result, the Opposition’s deputy leader questioned whether an outlay of $9 million made sense, especially given Mr Gray’s suggestion that many vendors were not paying current lease fees as low as $42 per month. This was despite the minister’s suggestion that some were earning up to $90,000$123,000 per annum, which raises immediate questions as to whether the taxpayers - via the Government - will be able to recover their investment from lease payments. “Any project that the Government invests in of a fee or revenue-based nature, I would expect that the lease payments would be reflective of a reasonable rate of return to the Bahamian people,” Mr Turnquest told Tribune Business. “If the vendors can only afford $42 per month, you would build in a manner that gives you a return on investment in three, five, seven years etc.” Although the Government has yet to approve the designs and plans before it for Potter’s Cay, Mr Turnquest said that unless the new vendor stalls were concrete structures, the $9 million “is going to be a hell of a stretch”. “How do we get there without coming back to Parliament for supplementary
law, personal injury, company law, real property and condominium disputes, employment law, environmental law, conveyancing and preparation of wills with a concentration in civil litigation and commercial law. “Dawson has also taken many of the articled clerks and new associates under his wing, and assisted in their training and development, inculcating an appropriate team and work ethic,” said Mr Smith. “He is unrelenting in his commitment to successfully pursuing his clients’ interests, and he always has the best interests of the firm at heart. He is well respected by the Bench and Bar alike. I know the partners join with me in wishing him success.”
expenditure and borrowing,” he asked. “We’ll certainly be calling on the Government to show us where the approval in the Budget is for this to be done. “If they’re going to disregard us and, on the fly, decide to spend $9 million or whatever it is, what is the purpose of bringing the Budget to Parliament. “Nobody is saying the vendors don’t deserve a first class facility, but it’s a matter of how much we can afford.” Mr Turnquest added that the Potter’s Cay upgrades were also coinciding with a time when the Government was being urged, both domestically and internationally, to rein in its spending and bring down the fiscal deficit. Branville McCartney, the Democratic National Alliance’s leader, told Tribune Business that the newlyrevealed budget for the Potter’s Cay upgrades again highlighted the Christie administration’s “lack of transparency and accountability”. He said the situation reminded him of the “tremendous amount of money” spent by the former Ingraham administration on the Saunders Beach bathrooms, plus the dormitories at the Bahamas Agriculture and Marine Science Institute (BAMSI). Pointing out that the Government had yet to give an accounting for the monies it had spent on Bahamas Junkanoo Carnival this year, Mr McCartney said: “They just don’t seem to make the proper financial or business decisions when it comes down to the people’s money.” He also suggested that it was no coincidence that an expanded Potter’s Cay investment was being talked about with a general election fast approaching.
Mr Malone’s appointment was the latest in a restructuring of the expanding firm. In early September, Chad D. Roberts was named managing partner of the Nassau chambers. That appointment followed the untimely death of Colin Callender QC, who passed away in December 2015. Mr Roberts said: “Everyone who has had the pleasure of working on a case with Dawson Malone knows that he brings dedication and diligence to every task and everything he does. “His work ethic is legendary; his willingness to engage in a team effort for the benefit of the client is always appreciated.” Founded in 1903, Callenders & Co has offices in Nassau, western New Providence and Freeport.
Financial services summit prepared for 11th edition The 11th Nassau Conference will be held this Wednesday at the Meliá Nassau Beach Resort under the theme, ‘Strengthening Our Competitiveness’. It will extend its activities into a second day with a preconference Financial Services Bootcamp, scheduled for tomorrow and also at the Meliá. Presentations and discussions during Wednesday’s morning sessions will emphasise an external view led by international financial services experts. Following remarks by Hope Strachan, minister of financial services, Joseph C. Kellogg, a leading expert in wealth planning and management, and partner with WE Family Offices (USA), will deliver a presentation on ‘Trends in Family Offices’. This will be followed by a two-part session called ‘Latin America in Focus’, the first led by Simon Beck, a partner with Baker & McKenzie LLP (USA), who advises global institutions and wealthy families, family offices, trust companies and governments across the US, Europe, Asia and Latin America. The second stage will feature Craig Barley, a director and Partner with Latour Capital do Brasil Ltda, who has extensive experience in tailoring wealth management services to the needs of ultra-high net worth Brazilian families. The agenda will then shift to a technical review of the OECD’s Common Reportig Standard (CRS), led by Bill Bailey, the Ernst & Young (EY) tax partner and leader for the Bahamas, Bermuda, British Virgin Islands and Cayman Islands. Mr Bailey will then be joined by Lanishka Far-
rington-McSweeney, a partner with PricewaterhouseCoopers (PwC) Bahamas assurance and advisory services group, on a panel ‘Perspectives on financial services in Bermuda and Cayman’. The afternoon sessions of the Nassau Conference will focus on the sector’s internal view. Tanya McCartney, chief executive and executive director of the Bahamas Financial Services Board (BFSB), will lead with a focus on the ‘Bahamas Value Proposition’, and will then participate in a panel discussion on CRS along with Michael Halkitis, minister of state in the Ministry of Finance, and Brian Moree QC, senior partner with McKinney, Bancroft & Hughes. This will be followed by another panel discussion on ‘International Business & Finance’, which will feature Gowon Bowe from the Bahamas Chamber of Commerce & Employers Confederation; Michael Paton, partner with Lennox Paton; and Ryan Pinder, partner with Graham Thompson. The conference will finish with an open-forum ‘Ask The Experts’ panel, featuring Dianne Bingham of STEP Bahamas, Ms McCartney, and Messrs Moree, Paton and Pinder.
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Baha Mar payout process ‘bodes ill for future FDI’ From pg B1 businesses.” He added: “It is unbelievable that the Government would agree to set up such a construct.... This sends a very negative international message to potential foreign investors. “The message is that no foreigner or investor from abroad is safe in the Bahamas. It is a terrifying prospect for the future of the Bahamian economy, and bodes ill for any legitimate, positive economic future.” Few Bahamian creditors are likely to care about Mr Smith’s concerns, which have been echoed by others, so long as they receive at least a substantial portion
Attorney’s $100k Fidelity Bank theft ‘a sad case’
of what they are owed as a result of the agreement to complete Baha Mar’s physical construction. However, the well-known QC’s concerns have already been echoed by others, such as Democratic National Alliance (DNA) leader, Branville McCartney, who agreed that the preferential treatment being afforded Bahamians is likely to “open the floodgates” to litigation by foreign claimants. This was echoed by a Bahamian attorney, speaking on condition of anonymity, who confirmed they had been retained by several of Baha Mar’s foreign creditors in case legal action was From pg B1 in early 2006 to represent it in a real estate transaction that it was providing mortgage financing for. Mr Russell was charged
THE TRIBUNE
necessary to safeguard their rights. These creditors will be submitting their claims, and associated proof of the sums owed, to the Baha Mar creditor payout committee, before settling back to watch how they will be treated. The Government’s priority in the agreement with the China Export-Import Bank was for Bahamian creditors, namely local contractors, vendors and the 2,000-plus former staff, to receive what they were due. Claims valued at $500,000 or less are likely to be made ‘whole’, while those owed higher sums are likely to receive a substantial portion of what is outstanding. Nobody would object to Bahamian creditors being paid what they are due. However, by agreeing to a claims process that discrimi-
nates in favour of locals over foreigners, the Government may have opened up some unintended consequences - namely the potential for collateral damage to this nation’s investment reputation. In a normal receivership/ liquidation claims process, whether under the supervision of the Supreme Court or not, secured creditors (in Baha Mar’s case, the China Export-Import Bank) get first picking over the remaining assets. Next behind them in the creditors’ queue are the Government and former employees’ claims, with all other creditor groups further down the line. There is, though, no discrimination on the grounds of nationality, and it will be interesting to see how Baha Mar’s former foreign employees are treated in the
claims payouts that are expected to begin at month’s end. Several former Baha Mar workers spoken to by Tribune Business yesterday said they had yet to be contacted by the payout committee, even though this was supposed to occur by Friday. The Government and China Export-Import Bank have been able to structure the claims payout process such because the $100 million to fund it is coming from the latter, not Baha Mar and its group of companies, meaning that it can take place outside the ongoing receivership/provisional liquidation process. Mr Smith, meanwhile, suggested that the treatment of Baha Mar’s foreign creditors and employees was “a frightening prospect”, and a dangerous precedent, “for any Baha-
mian citizen that may have a joint venture partnership and agreement in collaboration with foreign investors”. “No foreign investor can have any comfort in the security of their investment in the Bahamas,” he told Tribune Business. “We have become a Central American, 1960s style, banana republic. “The corruption is endemic, cronyism is rife, discrimination and abuse is rampant, and were it not for the efforts of the courts in persistently resurrecting the rule of law and respect for constitutional rights, the Bahamas would be completely lost at sea. “I know that I am a Bahamian, and I do not wish ill for my country, but the truth is the truth.”
by the BISX-listed bank with preparing the mortgage documents and providing a title opinion on the property that was being purchased from Emmanuel Tsakkos by Amanda McKenzie. To complete the deal, Fidelity Bank (Bahamas) transferred some $328,575 on Ms McKenzie’s behalf to Mr Russell’s firm. From that sum, $200,000 was to be paid to Mr Tsakkos for the property’s purchase, with a further $100,000 used to pay-off a promissory note that Ms McKenzie owed to him. The remaining $28,575 was intended to cover Mr Russell’s legal fees. “The evidence further
showed, and it was not disputed, that the amount received by [Mr Russell] from Fidelity to complete the transfer of the property was disbursed to Tsakkos, but not the $100,000 he received in satisfaction of the promissory note,” Dame Anita wrote. “[Mr Russell’s] defence in the court below, and his claim on appeal, was that he still had the money, which could not be seriously asserted.” During the Supreme Court trial, it was revealed that Ms McKenzie was a former client of Mr Russell, and that he had performed some legal work for her in 2005. Mr Russell alleged that she still owed him $95,000 for that work and, as a result, had a “solicitor’s lien” that he attached to the $100,000 paid to him by Fidelity Bank (Bahamas). Ms McKenzie, though, produced a bill from Mr Russell that showed the fees were not equivalent to the $95,000 that he was claiming. And, moreover, Mr Russell only “raised the issue of the lien for the unpaid work for the first time” in a November 21, 2008, letter - more than two-and-a-half years after he was hired by Fidelity Bank (Bahamas) for this particular transaction. Ms McKenzie said she only became aware of that letter in 2010, when the police staged “a confrontation” between herself and Mr Russell. And, further undermining the attorney’s case, Mr
Russell was shown to have written to Fidelity Bank (Bahamas) soon after receiving the $328,575, in which he “acknowledged his understanding” that the $100,000 was also to be given to Mr Tsakkos. “This evidence totally contradicted the appellant’s assertion of a claim of right, and evidenced that the appellant [Mr Russell] knew the funds were paid by Fidelity Bank to the order of Tsakkos, and that he did not have the bank’s consent to retain them,” Dame Anita found. Shelly Shackleford, secretary at the law firm which represented Ms Tsakkos in the purchase, said she was given “several explanations” for the failure to disburse the $100,000 to her client, having made “numerous inquiries” to discover the monies’ fate. One explanation from Mr Russell was that he was waiting for the cheque from Fidelity Bank (Bahamas) to clear, which ignored the fact the $328,575 was sent as one sum. “Ms Shackleford’s further evidence was that at one point, she was told the firm had been robbed, and that as soon as the insurance paid the claim, it [the funds] would be forwarded,” Dame Anita said of another explanation from Mr Russell. She added that this, again, showed the veteran attorney “knew he had no claim of right to the funds”, and that Fidelity Bank (Bahamas) did not agree to their appropriation by him”. Mr Russell and his attor-
neys appealed the jury verdict on the grounds that Justice Ian Winder had erred in rejecting their ‘no case’ submission, and had also made mistakes in his directions to the jury. They also claimed that the sentence was “unduly severe”. Dame Anita, though, said there was sufficient evidence to show that Mr Russell was in possession of the monies he was alleged to have stolen, acting as a trustee or escrow agent for Fidelity Bank (Bahamas). She agreed that the Crown had made out “a prima facie case” against the veteran attorney, and shown that his claim to a right or ‘solicitor’s lien’ over the $100,000 was “a recent invention and a fabrication”, given that Mr Russell did not raise this until twofour years after appropriating the funds. Describing Justice Winder’s jury directions as “adequate”, Dame Anita said: “We found that the learned judge’s directions, though simple, succinctly pointed them [the jury] to the receipt of the funds from Fidelity Bank, and the bank’ s instructions as to the disbursement of the funds”, balanced by Mr Russell’s counter-claim regarding the ‘solicitor’s lien’. The Court of Appeal reaffirmed Mr Russell’s twoyear sentence, doing away with the suspension of 18 months. He was ordered to serve one year and 11 months from May 2, 2016, and repay the $100,000 to Fidelity Bank (Bahamas).
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THE TRIBUNE
Monday, September 19, 2016, PAGE 5
Racing to issue $30m bonds for CLICO payout From pg B1 Prime (4.75 per cent), are likely to carry a seven-year maturity and will be issued to CLICO (Bahamas) former Executive Flexible Premium Annuity (EFPA) holders and those who surrendered their pension policies. This represents the second stage of the CLICO (Bahamas) process, following the cash portion payouts in March this year. However, Tribune Business understands that the Ministry of Finance, Leno and the insurer’s liquidators are now in ‘a race against time’ to meet the end-month issuance deadline. Khalil Braithwaite, a senior Leno executive, said he was in a meeting when Tribune Business called seeking comment and an update on the bond issue’s progress on Friday. Despite promising to call back, no call was received before press time. Apart from being issued to CLICO (Bahamas) former policyholders, Tribune Business understands that a portion of the bonds will also be used to raise financing that will capitalise a special purpose vehicle (SPV). This is the entity that the insurer’s remaining life and other policyholders will be transferred to, until CLICO (Bahamas) liquidator is able to find a purchaser for the portfolio. Craig A. ‘Tony’ Gomez, the Baker Tilly Gomez accountant and partner, is gagged by the Supreme Court from commenting on the CLICO (Bahamas) liquidation and its progress. However, Tribune Business sources close to developments have revealed that both Family Guardian and BAF Financial are conducting due diligence to determine whether they wish to take over management of the SPV, once the policies are transferred to it. It is understood that both insurers may also be seeking an option to acquire the CLICO (Bahamas) portfolio, should it prove attractive in the future. Meanwhile, a prominent CLICO (Bahamas) policyholder expressed disquiet about having to accept the
remainder of his compensation in bonds, suggesting that most would prefer a straight cash payout. That is likely to prove an impossible request, given how cash-strapped the Public Treasury is, but Bishop Simeon Hall said he would be “less aggressive” in his public statements if he knew more about how CLICO (Bahamas) liquidation was progressing. He added that the bonds were less attractive to persons like himself, who were debt free, because while they could be pledged as security for loans this meant taking on interest and debt servicing costs again. Bishop Hall also told Tribune Business that himself, and his four fellow pastors who publicly pushed for more progress earlier this month, would “take strong social action”if nothing happened by end-September. “I was told that some progress was made. I don’t know how much, and in the absence of information, people make their own conclusions,” Bishop Hall said. “I think it would be better if CLICO and the Government were to give the policyholders the relevant information. People are still in the dark as to what’s going to happen.”
Bishop Hall said that three of his four fellow pastors had also been personally impacted by CLICO (Bahamas) collapse into insolvency in early 2009. “I know that we don’t have what we were promised from March,” he added. “If someone put $55,000 into this thing, and then almost seven-and-a-half years later, all you get is less than $10,000 and you are promised the rest in government bonds........” Bishop Hall said he had been informed by a commercial bank that he could pledge his government bonds as security to obtain a loan, and be ‘made whole’ that way. However, the well-known churchman said this was of little benefit to himself as he wanted to remain debt-free. “There are a few of us who are debt free, and don’t want to get back into debt,” Bishop Hall told Tribune Business. “Those persons like me wouldn’t want to go to a bank and get a loan. “At 69, I was told I can’t go to the bank for a loan, yet you’re now telling me to get back my money I have to get a loan? “I, as a policyholder, don’t want bonds. If it’s a bond that I can take to the bank and cash it, fine, but I don’t want to go to the bank where I have to take out a loan with interest and all that foolishness. I don’t want to go back into debt.”
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
ZELEC SERVICES LIMITED In Voluntary liquidation
Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), ZELEC SERVICES 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.
Mr. Nenad Josifovikj 14-18 Mito Hadjivasilev Jasmin Br. Street Skopje-Center FYRO Macedonia Liquidator
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Bishop Hall added that he “would be less aggressive” if policyholders were provided with more information, and complained that nothing was forthcoming from the Ministry of Finance.
He added that policyholders had to physically visit Vaughn Culmer, CLICO (Bahamas) operations manager, to glean any details “The five pastors who met are thinking, and plan-
ning, that if nothing concrete is done by the end of the month then we’re going to have to take some strong social action if we don’t get the payments,” Bishop Hall told Tribune Business.
APPLICATION DEADLINE FOR SPRING 2017
The public is advised that the deadline for submission of applications to The College of The Bahamas for Spring 2017 admission is Friday, September 30th, 2016. For further information please contact the Office of Admissions at 302-4499 or email admissions@cob.edu.bs. Applications may be accessed online at http://www.cob.edu.bs/Admission/Docs.php.
PAGE 6, Monday, September 19, 2016
Government debt issuing shake-up From pg B1 Central Bank, rather than broker/dealers. As a result, Tribune Business was told that the Bahamas Government Stock (BGS) and Treasury Note programmes, which were being handled by RoyalFidelity Merchant Bank & Trust, have effectively been placed ‘on hold’ for the time being. The only activity that the Bahamas-based investment bank is currently conducting is the ‘roll over’ of existing short-term Treasury Note issues as they mature. In contrast, the Central Bank has already placed a $30 million, 20-year Bahamas Government Registered Stock (BGRS) issue, which was fully subscribed
at end-August and with all categories - individual investors, institutions and credit unions “fully allocated”. John Rolle, the Central Bank’s governor, told Tribune Business that the regulator would be “more active than last year” when it came to the issuance and placement of the Government’s domestic debt securities. While not commenting directly on the changes, Mr Rolle confirmed that the Commonwealth Secretariat had “provided general advice.... in terms of the approach” the Government should take. “Even with the private bank [RoyalFidelity] managing some of the issues, there were occasional issues
where the Central Bank handled things,” he told Tribune Business. “In instances where there needed to be a swift issue, the Central Bank resold it.” Mr Rolle said several key reforms for the Government’s domestic debt market are set to be unveiled over the next year, including changes to the way bond issues (BGRS/BGS) are priced so as to obtain “the best interest rate possible” and minimise the administration’s debt servicing costs. He added that the planned reforms also involve moving to an electronic ‘book entry’ system for recording the ownership of government debt securities, and away from the unwieldy paper-based certificates currently in use now. “Going forward, you should expect to see some initiatives from the Government side that are focused
on important modernisation of the Government’s securities,” Mr Rolle told Tribune Business. “There are certain rules that the Central Bank has to follow in terms of making these advances. We’ve spoken for many years about moving away from paper certificates, and a lot of the issues last year would have been in book entry form. “One of the changes that will bring innovation going forward is making sure that system is perfect for government bonds,” the Central Bank’s governor added. “That will have a lot of other benefits for how these securities are used in other transactions; how you can use them as collateral. “You can use them as collateral now, but it’s a more convoluted process as the certificates [proving government bond ownership] have to move about and have certain changes made to them.
THE TRIBUNE
Whereas when we move to an electronic platform, these changes will happen much more conveniently.” Then there is the pricing of government debt securities. “The other modernisation change that we have been focused on is the way the pricing of government debt is done in the market,” Mr Rolle told Tribune Business. “We want to get to a state where the Government auctions issues and we get the best interest rate possible on the issue.” Mr Rolle said the reform initiatives were likely to be announced as joint initiatives between the Ministry of Finance and the Central Bank moving forward. “I think we believe we can make some advances in this area,” he added. “I would expect that over the year some of these reforms will start to materialise. We’ll certainly be making
some announcements later in the year in terms of what they start to look like; the major deliverables.” The Government’s domestic debt market accounts for the biggest component of the Bahamian capital markets, with between $3-$4 billion in issues currently outstanding. It provides the administration with its greatest source of debt financing. “We’ve gotten general advice from the Commonwealth Secretariat in terms of the approach,” Mr Rolle said. “We would have got comprehensive input from them in terms of the approach. “It would have been more the kind of infrastructure we should go to, a fully functioning book entry system; the auction system, and issues relating to the control and trading of government securities, and how to track trades.”
Yelp warns California lawsuit could scrub critical reviews SAN FRANCISCO (AP) — Yelp.com is warning that a California lawsuit targeting critical posts about a law firm could lead to the removal of negative reviews and leave consumers with a skewed assessment of restaurants and other businesses. Lawyer Dawn Hassell said the business review website is exaggerating the stakes of her legal effort,
which aims only to remove from Yelp lies, not just negative statements, that damaged the reputation of her law firm. Though its impact is in dispute, the case is getting attention from some of the biggest Internet companies in the world, which say a ruling against Yelp could stifle free speech online and effectively gut other websites whose main func-
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
UNICORN ASSOCIATES 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), UNICORN ASSOCIATES LIMITED is in Dissolution.”
tion is offering consumers reviews of services and businesses. A San Francisco judge determined the posts were defamatory and ordered the company to remove them two years ago, which a second judge and a state appeals court upheld. Yelp is asking the state Supreme Court to overturn the order. The high court faces an Oct. 14 deadline to decide whether to hear the case or let the lower-court ruling stand. Experts expect Yelp to prevail.
ATLANTIS PARADISE ISLAND, THE BAHAMAS REQUEST FOR PROPOSAL
RE: IHCL -017 MEDICAL CLINIC SERVICE MANAGEMENT – ATLANTIS
The date of commencement of dissolution is the 16th day of September, 2016.
Mr. John Collins M.B.E., F.C.I.B Suite 1, Artemis House, 67 Fort Street George Town, Grand Cayman Cayman Islands Liquidator
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
Yelp CEO Jeremy Stoppelman poses at his company’s headquarters in San Francisco. Yelp.com is warning that a California lawsuit targeting a disgruntled former client’s critical posts about a law firm could lead to the removal of negative reviews and leave consumers with a skewed assessment of restaurants and other businesses. (AP Photo) “There were a lot of people who were unhappy about this opinion,” said Eric Goldman, co-director of the High Tech Law Institute at Santa Clara University School of Law. Internet giants Facebook, Twitter and Microsoft said in a letter to the California Supreme Court last month that the ruling “radically departs from a large, unanimous and settled body of federal and state court precedent” and could be used to “silence a vast quantity of protected and important speech.” Yelp said it would give businesses unhappy about negative reviews a new legal pathway for getting them removed. They could sue the person who posted the content and then get a court order demanding the Internet company remove it. But Hassell disputes the ruling would do anything that drastic. Her 2013 lawsuit accused a client she briefly represented in a personal injury case of defaming her on Yelp by falsely claiming that her firm failed to communicate with the client, among other things. San Francisco Superior Court Judge Donald Sulli-
van ordered the client and Yelp to remove the statements. Hassell said the client failed to answer her lawsuit or remove the posts, so she had to seek a court order demanding that Yelp do it. “We have an impeccable reputation,” she said of her firm, Hassell Law Group. “We have a right to protect it.” Yelp says the judge’s order violates a 1996 federal law that courts have widely interpreted as protecting Internet companies from liability for posts by thirdparty users. A federal appeals court cited the law in a Monday ruling saying Yelp’s star rating system did not make it responsible for a negative review of a Washington state locksmith business because the overall rating is based on user reviews. In Hassell’s case, a threejudge appeals panel has said the order requiring Yelp to remove the defamatory statements did not violate the 1996 Communications Decency Act because the company was not facing liability. That’s because Hassell’s lawsuit named her former client and not Yelp, the appellate court said.
NOTICE
IN THE ESTATE OF JAMES EMMANUEL FORBES late of Sandford Drive in the Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the Undersigned on or before the 28th day of October, A.D. 2016, after which date the Executrix will proceed to distribute the assets having regard only to the claims to which she shall then have had notice. AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. MERIDIAN LAW CHAMBERS Attorneys for the Executrix Chambers, P.O.Box N-168, East Bay Shopping Center, East Bay Street, Nassau, Bahamas.
THE TRIBUNE
Monday, September 19, 2016, PAGE 7
Measuring Occupy Wall Street’s impact, 5 years later NEW YORK (AP) — For a time, Occupy Wall Street was everywhere with its grass-roots encampments — first in New York City, then globally — and the refrain, “We are the 99 percent!” And then it was gone. Its most famous camp in lower Manhattan was cleared out in an overnight police raid two months after it started, and other Occupy locations fizzled soon thereafter. But five years later, demonstrators gathered once again in New York City’s Zuccotti Park on Saturday to commemorate the movement and what they said has been its lasting impact. About two dozen attended the gathering, many holding signs to demand political and banking reform. Others chanted, blew whistles and carried photo cutouts of political figures, including former Attorney General Eric Holder. As the group recounted its time occupying the park, tour groups stopped to catch a glimpse of the action. Occupy Wall Street takes some of the credit for introducing income inequality into the broader political discourse, for inspiring the fight for a $15 minimum wage and, most recently, for creating a receptive audience for the Democratic presidential campaign of Vermont Sen. Bernie Sanders. “Everyone knows we were right,” said Caleb Maupin, who was working in the insurance industry when he first joined the movement five years ago. “We had a major campaign for president with Bernie Sanders. The campaign was like a giant Occupy Wall Street rally, talking about the 99 percent and the one percent because millions of people know we were right.” Maupin, who said he would rush to Zuccotti Park every night after work, was arrested twice during the group’s two-month encampment. He said it helped shape the country’s political discourse. And some political observers even draw a line between the movement and the rise of Republican presidential nominee Donald Trump, who tapped into the vein of suspicion against the power of elites — the 1 percent — that Occupy made ubiquitous. “We had sort of a deepdown effect on activists all around the world,” said Kalle Lasn of the Vancouver, British Columbiabased “Adbusters” magazine, among those who put out the call for a protest of Wall Street to take place Sept. 17, 2011. “We politicized a whole generation of young people who didn’t quite know what to do with their activism and their
feelings of anger.” While critics of Occupy took issue with it at the time for its lack of specific demands, a clear organizational structure or strategies for next steps, it has come to resonate politically, said Heather Gautney, a sociology professor at Fordham University. She pointed to Sanders’ campaign, saying Occupy’s injection of income inequality into the discourse paved the way for the senator’s calls to get money out of politics, rein in Wall Street banks and provide free public college education. Nicholas Kiersey, a political science professor at Ohio University, said Trump’s political presence is part of Occupy’s impact, as well. “If Bernie Sanders represented a left-wing popular suspicion that had felt all of a sudden very legitimate in expressing its grievances, Trump, I think, represents the mirror of that from the right,” he said. “They both, in a sense, have ridden the momentum of popular dissatisfaction.” Other social movements have followed Occupy, such as the Fight for $15, a minimum-wage campaign that started with fast-food workers in New York City in 2012 and has spread, with victories in states, including New York and California. The environmental movement was also inspired by the idea that a small handful of elites were using their power to accumulate wealth at the expense of the many, said Guido Girgenti, an organizer with the group 350. org. Occupy, Girgenti said, helped jumpstart “a new kind of climate movement” that questions the power of the fossil fuel industry. “How do we overcome that power, how do we take back our government so we can actually have solutions that work for the people, that work for the planet?” Girgenti said. Harrison Schultz, 33, of Brooklyn, said Occupy also helped educate people about the need for government and banking reform. “I learned way more about how the banking system works, how our government is supposed to work and how to take control of the banks and the government,” he said. Occupy supporter Lasn remains convinced of the movement’s importance. “I see Occupy Wall Street as being another one of those great historical moments, when something surprising happened and a whole generation got politicized,” he said. “After a generation gets politicized, then who knows what the hell they’re going to do after that?”
demonstrators in the Occupy Wall Street movement gather to call for the occupation of Wall Street in New York. Alumni of the Occupy Wall Street protest are gathering Saturday, Sept. 17, 2016 in the New York City park that they took over five years ago to mark the anniversary of the movement. (AP Photo)
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PAGE 8, Monday, September 19, 2016
THE TRIBUNE
Stocks decline, hurt by declines in banks; Waiting for Fed
NEW YORK (AP) — Stocks were moderately lower Friday, pushed down, in part, by the price of oil. Investors continue to remain on edge regarding the possibility of the Federal Reserve raising interest rates at its meeting next week. Banks also fell, led by a plunge in Deutsche Bank after the giant German lender said it wouldn’t settle with the Department of Justice over its handling of mortgage securities in the run-up to the 2008 financial crisis. The Dow Jones industrial average fell 88.68 points, or 0.5 percent, to 18,123.80. The Standard & Poor’s 500 index fell 8.10 points, or 0.4 percent, to 2,139.16 and the Nasdaq composite fell 5.12 points, or 0.1 percent, to 5,244.57.
The U.S.-listed shares of Deutsche Bank dropped $1.38, or 9 percent, to $13.38 after the bank said it did not intend to pay the $14 billion settlement that the U.S. government asked for. Federal regulators have been looking to settle with Deutsche Bank, as it has done with the other major Wall Street firms like Goldman Sachs and JPMorgan Chase & Co., for its role in the mortgage bubble and financial crisis. Other European banks fell as well. Royal Bank of Scotland Group fell 30 cents, or 6 percent, to $4.86. The news out of Deutsche Bank dragged European stocks lower, with Germany’s DAX closing down 1.5 percent, France’s CAC-40 index down 0.9 percent and the U.K.’s FTSE 100 index down 0.3 percent.
NOTICE International Business Companies Act (No. 46 of 2000)
STARTLING MEDIA, LTD. Registration Number: 173313 B (In Voluntary Liquidation)
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 46 of 2000) STARTLING MEDIA, LTD. commenced voluntary liquidation on the 11th day of February, 2016. Any person having any claim against STARTLING MEDIA, LTD. is required on or before the 15th day of October, 2016 to send their name, address and particulars of the debt or claim to the Liquidator of the company, or in default thereof they may have excluded from the benefit of any distribution made before such claim is approved. GSO Corporate Services Ltd., of 303 Shirley Street, Nassau, The Bahamas is the Liquidator of STARTLING MEDIA, LTD.
GSO Corporate Services Ltd. Liquidator
Stocks have been volatile this week, with the Dow moving more than 100 points four out of five days. Most of the volatility has come as investors prepare for next week’s Fed meeting. While most investors do not expect a rate increase, there is a small but noticeable likelihood there will be one. “By the Fed’s own criteria, everything is in place for them to raise rates. But still, people don’t think they are going to raise rates, so the market is in conflict,” said David Kelly, chief global investment strategist at JP Morgan Asset Management. In other company news, pharmaceutical company Novavax plunged $7.05, or 85 percent, to $1.29 after the company said its experimental vaccine failed in late-stage clinical testing. Novavax has no active products on the market and this drug was their furthest in development. Intel rose $1.11, or 3 percent, to $37.67 after the company raised its revenue forecasts, citing strongerthan-expected demand for personal computers. The S&P 500 is adding a new industry to its traditional groups for the first time since the dotcom era. The benchmark stock index will now have a real estate sector, which will be
American flags fly at the New York Stock Exchange on Wall Street. Stocks fell in early trading in Europe on Friday, Sept. 16, 2016, led by banks as Deutsche Bank shares tumbled following news the U.S. Justice Department is seeking a $14 billion settlement over its dealings in mortgagebacked securities before the 2008 financial crisis. (AP Photo)
split off from the financial services component. The new industry component will be effective at the end of trading Friday. After the split, the S&P 500 will have 11 industry sectors. The 10 current sectors of the S&P 500 are: financial services, information technology, energy, industrials, consumer discretionary companies, materials, tel-
ecommunications, consumer staples, health care and utilities. Benchmark U.S. crude lost 88 cents to $43.03 per barrel in New York. Brent crude, used to price international oils, fell 82 cents to $45.77 per barrel. Heating oil fell 1 cent to $1.41 a gallon, wholesale gasoline rose 3 cents to $1.46 a gallon and natural gas rose 2
cents to $2.948 per 1,000 cubic feet. The yield on the 10-year Treasury note was mostly unchanged at 1.69 percent. The euro fell to $1.1151 from $1.246 and the dollar rose to 102.42 yen from 102.16 yen. In metals, gold fell $7.80 to $1,310.20 an ounce, silver fell 18 cents to $18.86 an ounce and copper was un-
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NOTICE
NOTICE is hereby given that Benneka denoye of Treasure Cay, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Monday, September 19, 2016, PAGE 9
Pipeline shutdown in Alabama could send gas prices higher DALLAS (AP) — Motorists in the Southeast and East could pay more for gasoline in coming days because of the shutdown of a leaking pipeline in Alabama. Experts say, however, that any spike in servicestation prices should only be temporary. Colonial Pipeline Co. said Friday that it doesn’t expect to fully reopen its primary gasoline pipeline until next week. It is one of two major pipelines that connect more than two dozen refineries in Texas and Louisiana with cities in the East, from Atlanta to New York. The
Colonial pipeline provides nearly 40 percent of the region’s gasoline and usually runs at or near full capacity. Prices on futures contracts for wholesale gasoline rose about 2 percent Friday to $1.46 a gallon after rising 5 percent on Thursday. Colonial said that supply disruptions would be felt first in Georgia, Alabama, Tennessee, North Carolina and South Carolina. Tom Kloza, an energy analyst with the Oil Price Information Service, said some stations in the Southeast could run short on supply and boost their prices by 20 or 30 cents a gallon.
“The Colonial pipeline is the metaphorical aorta for the supply to the most-populated regions of the country, and you’ve lost 10 days of blood flow,” Kloza said. The good news, he added, is that the disruption comes at a time when gasoline prices are down sharply from a couple years ago. If prices rise, the effect could be felt the hardest in Tennessee, which is supplied by a spur off the leaky pipeline. Trade groups for service stations and convenience stores in Tennessee assured consumers that the pumps won’t run dry. They said fuel wholesalers were
hauling gasoline in from fuel terminals and refineries that don’t depend on the downed pipeline. “Tankers are just having to drive farther to get the fuel,” said Emily LeRoy, executive director of the Tennessee Fuel and Convenience Store Association. Pump-price increases should be smaller in the Mid-Atlantic, Kloza said, because any shortfall from the shutdown of the Colonial pipeline could be made up within about 10 days by tankers arriving from Europe. Jim Ritterbusch, who advises energy investors, said the surge in gasoline
futures was exaggerated. A large surplus of gasoline in the central-Atlantic region should have cushioned the blow of the pipeline accident, he said. By the end of September, the bulk of the price spike should be erased as higher prices attract more supply to fill the void, he wrote in a note to clients. Georgia-based Colonial Pipeline estimated that the pipeline rupture near Birmingham has spilled 252,000 to 336,000 gallons of gasoline, most of which was corralled in a retention pond. The company downplayed any threat to public safety.
It is not clear when the leak started. It was detected Sept. 9. Colonial said work crews would begin excavation work Friday and repairs would continue through the weekend. Workers might put up a temporary stretch of pipeline around the leak, the company said. Colonial said it was making up some of the gasoline shortfall by using another pipeline that usually carries diesel and jet fuel. The company said fuel shippers were also sending tankers to supply markets along the East Coast.
Tanker trucks line up at a Colonial Pipeline Co. facility in Pelham, Ala., near the scene of a 250,000-gallon gasoline spill on Friday, Sept. 16, 2016. The company says spilled gasoline is being taken to the storage facility for storage. Some motorists could pay a little more for gasoline in coming days because of delivery delays. (AP Photo)
Employment Opportunity Warehouse Assistant Manager I.
Function
To oversee the safe receipt, storage, retrieval and timely dispatch of goods and to ensure workplace health and safety requirements are met and take responsibility for the security of the building and stock. Also to oversee picking, packing and distribution. He/ She shall possess a good understanding of all applicable quality, food safety, environmental, health and safety laws and/or regulations and their impact on Company policies. He/ She shall demonstrate knowledge of pertinent quality, food safety requirements, health and safety and environmental plant hazards in their respective area of responsibility; and shall assist in the development of new policies/ procedures for improvements of quality, food safety, health and safety, environmental management as it relates to his/her department and Company
II.
Tasks and Responsibilities
The task and responsibilities of the Warehouse Assistant Manager include but are not limited to the following: • • • • • • • • • • •
III.
To assist in management of warehouse staff To assist in effectively maintaining Inventory levels. Oversee loading of containers shipments. Relieve warehouse desk in afternoon when working night shift. Verify sign off on Daily production report. Generate Purchase Orders. Update and distribute Write-off report. Update and distribute Weekly Boat schedule. Update Transactions in Route Center. Assist in the management of the Departmental KPI’s Assist in the development and execution of the staff training plan.
Competency
◊ Education/Experience
• •
BSc. in Business administration or related discipline and/or relevant experience, would be an asset. 3 years experience in Warehouse Supervision.
Interested persons must submit resume to the front desk or electronically no later than September 30, 2016 Caribbean Bottling Co. Sir Milo Butler Highway Nassau, The Bahamas vbain@cbcbahamas.com jfountain@cbcbahamas.com
PAGE 10, Monday, September 19, 2016
THE TRIBUNE
tourists take a selfie at the Byzantine-era Hagia Sophia, in the historic Sultanahmet district of Istanbul. With summer drawing to a close, Turkey is counting the cost of a tough year that saw a string of terrorist bombings and a diplomatic spat with Moscow that cut deep into the country’s crucial tourist trade. (AP Photo)
Amid hefty tourism drop, Turkey hopes to weather storm
MARKET REPORT FRIDAY, 16 SEPTEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,942.55 | CHG -0.02 | %CHG 0.00 | YTD 118.60 | YTD% 6.50 BISX LISTED & TRADED SECURITIES 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 2.36 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 -0.02 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 370
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 25.1 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% 2.54% 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
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
ISTANBUL (AP) — With summer drawing to a close, Turkey is counting the cost of a tough year that saw a string of terrorist bombings and the fallout from a diplomatic spat with Moscow that cut deep into the country’s crucial tourist trade. And then right bang in the middle of summer, the economic backdrop got more precarious after an attempted military coup that saw more than 270 people killed, the imposition of a state of emergency and the subsequent arrest and dismissal of thousands of supposed sympathizers. Turkey’s Deputy Prime Minister Mehmet Simsek conceded the failed coup on July 15 and its aftermath have “weakened” the economy even as he praised its resilience in the face of such adversity. Tourism, a crucial foreign-currency earner for a country in constant need of foreign currency to plug a yawning current account deficit, has borne the brunt of the economic fallout. That’s mainly due to a precipitous 89 percent drop in Russian tourist arrivals after a diplomatic fallout between the two countries brought on by Turkey’s downing of a Russian warplane last year. Russia was Turkey’s second-largest tourist market with 4.5 million people visiting places like Turkey’s tourism capital Antalya in 2014. With many Russians holidaying elsewhere, Turkey stands to lose between $8
and $10 billion in tourism revenue by the end of the year, according to Cetin Gurcun, Secretary General Turkey’s travel agency association TURSAB. No amount of deals could fully plug that gap. “If we consider the volume of the Russian market, it’s not easy to fill the void,” Gurcun told The Associated Press. Turkey-Russia relations are now back on track, but Gurcun doesn’t expect the Russian market to rebound before next year. It wasn’t just Russians who have stayed away from Turkey’s beaches and the cultural delights of places like Istanbul. Thomas Cook, the British-based holiday company, said recently that demand for Turkish holidays was “significantly below last year’s level” and that its overall bookings for the summer 2016 season were down by 5 percent largely because of this particular “geopolitical disruption.” Official Turkish figures for the whole of the summer tourist season have yet to be released. But it’s clear there’s been a hit. June and July alone saw tourism arrivals plunge an annual 40 and 36 percent, respectively. And with fewer tourists, retail sales have suffered. Sami Kariyo, head of the United Brands Association, an umbrella group representing 150 member companies and 500 brands, said lower tourism numbers have translated into a five percent drop in revenues.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MELISSA DORSETT(nee) DEAL of #Yamacraw Hill Road, P.O.Box CB-12063, Nassau, Bahamas, mother of SOLOMON DUKE BOAZ DORSETT intend to change my child’s name to SOLOMON BOAZ DUKE HALL. 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 LESLIE CASIMIR of Cadet Ave. off Carmichael Rd., 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 19th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that GARRY JEAN-LOUIS of Marsh Harbour, Nassau, Bahamas, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th dAY of SEPTEMBER, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.
NOTICE
NOTICE is hereby given that ANAYO FRANCIS KELVIN of #18 Yamacraw Shores, P.O.Box EE16707,Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 12th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.