WEDNESDAY, SEPTEMBER 21, 2016
business@tribunemedia.net
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Govt’s Sandals directive takes workers ‘pre-1958’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government was yesterday accused of returning Bahamian workers to “pre-1958 General Strike” conditions, after the Attorney General directed the courts to “discontinue” criminal proceedings against Sandals Royal Bahamian and its top executives. Obie Ferguson, the Trades Union Congress (TUC) president, told Tribune Business that the entire trade union movement was “very, very, very shocked” by Allyson Maynard-Gibson’s See pg b4
End ordered to criminal case against hotel, executives
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Sandals Royal Bahamian
Opposition to Chamber offer ‘much easier’ query Govt’s than Inland Revenue’s ‘3 at once’ SPV fondness Tax Certificate Will ‘most likely’ raise issue in House of Assembly Entities used for BoB, UBS deal, CLICO, BEC KP asks if true national debt nature being hidden By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Opposition will “most likely” raise concerns in the House of Assembly over the Government’s increasing use of special purpose vehicles (SPVs), its deputy leader said yesterday. K P Turnquest told Tribune Business that his “major concern” was whether these entities were being used to ‘hide’ the true extent of the Government’s debt. He was speaking after Tribune Business revealed that the Government is employing an SPV to not only acquire UBS House, but See pg b5
The Inland Revenue offer to simplify the Tax Compliance Certificate (TCC) process by issuing ‘three at once’ would be “much easier” if just one was made valid for a 90-day period, the Chamber of Commerce’s chief executive said yesterday. Edison Sumner told Tribune Business that despite several meetings between the Chamber and Ministry of Finance officials, the latter had yet to act on its recommendation that TCCs last for a duration of “at least 90 days”. However, he recalled that Roger Forbes, head of the Inland Revenue Department, had proposed at last week’s Chamber breakfast meeting issuing “three TCCs at the same time” to businesses current with all tax payments. The thinking here was that when one TCC expires, another kicks-in, with the three collectively enabling a busi-
Bahamas missed ‘free will’ reform of taxation system By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas missed “a golden opportunity” to get ahead of its competitors when it elected to implement Value-Added Tax (VAT) instead of a ‘low rate’ corporate /income tax regime, a financial services provider said yesterday. Paul Moss, Dominion Management Services’ president, told Tribune Business that the Bahamas now faced having such reforms imposed on it by outside pressure, rather than adopting them of its own free will and becoming a market leader. Warning that this nation will continue to face unrelenting pressure from the likes of the European Union (EU) and OECD, Mr Moss said the Bahamas would have to adapt to a “tax transparent” environment whether it liked it or not. “We have to be seen to be doing certain things,” he told Tribune Business. “It’s no good for us to be resolute and be forced into doing concessions that outside countries would like us to do. “We should have implemented a corporate and income tax regime for ourselves, not the EU, and not be forced to do so. One thing is certain. There’s going to be a lot more pressure
EU forcing ‘what we could have done for us’ Provider fears nation will ‘succumb’ to pressure Being forced ‘to change the way we do business’
paul Moss coming on the Bahamas to change the way we do business.” Mr Moss added that the Bahamian financial services industry’s needs, and the potential threats to it, were See pg b7
MP: Deep Water Cay sale queries Govt boasts
Baha Mar realtor marketing property to buyers
Fears ‘far-reaching consequences’ for labour
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
‘Bahamian elite’ urged to acquire upscale GB hotel
Deal being worked for expansion incentives switch
TUC chief: Govt betrayed, deceived unions
Warns of mass action, election implications
$4.01
proposal ‘good offer’; can be bettered
Govt yet to respond on private sector 90-day call But new TCC complaints not coming to Chamber ness to go for 90 days/three months without needing to apply for another. But Mr Sumner, while welcoming the offer, told Tribune Business it would be far simpler, and more efficient and less costly for all, if the Government could issue companies with just one TCC covering a 90-day period. “Our suggestion to the Government is that the Tax
CEO of Chamber of Commerce Edison Sumner. Compliance Certificate last for a period of not less than 90 days,” Mr Sumner told Tribune Business. “Thirty days is too short for people to make sense of them and use them properly. “One suggestion by the Comptroller of Inland Revenue was that if a company has a need for a TCC beyond 90 days, the Department would See pg b4
The “Bahamian elite” were yesterday urged to consider buying Grand Bahama’s Deep Water Cay resort, with the area’s MP saying its sale called into question repeated Government boasts that it was on the verge of a $110 million expansion. K P Turnquest told Tribune Business that Deep Water Cay’s buyer search contradicted claims by both Prime Minister Perry Christie and Dr Michael Darville, minister for Grand Bahama, that the resort was poised for major growth. Speaking after the property’s sale was formerly disclosed, Mr Turnquest told Tribune Business: “It’s interesting when juxtaposed against what the Prime Minister and minister for Grand Bahama have been saying about the expansion of this property.” Mr Christie heavily touted expansion and job creation at the east Grand Bahama bonefishing property during his mid-year Budget presentation back in February 2016. He had spoken of a “$110 million expansion of the Deep Water Cay Resort at the eastern end of the island, which will create over 100 construction jobs between now and 2018. “An additional 280 permanent jobs will come on stream when the resort, to be operated by the Six Senses brand, is completed.” Tribune Business had been told at the time that the Government’s pronouncements were very premature, and Mr Turnquest said yesterday’s developments again raised questions about the accuracy of Mr Christie’s foreign direct investment (FDI) promSee pg b6
PAGE 2, Wednesday, September 21, 2016
Some of the latest additions to BTC’s sStreet Squad’ marketing team.
THE TRIBUNE
The Creole community turns out in droves to attend the BTC Town Hall Meeting.
BTC to open first all-Creole store The Bahamas Telecommunications Company (BTC) will open its first Creole Flagship Store on September 26. The store, which will be located on Carmichael Road, will be managed and staffed by a Creole-speaking team. BTC’s chief executive, Leon Williams, said: “This is another first for BTC. South-West New Providence is growing by leaps and bounds, and we are continuing to be a part of that growth. “Almost 10 years ago, we opened our first Carmichael retail store. Since then, we’ve increased our points of presence in the
south-west community.” He added: “BTC has been a part of the Haitian community for many years. We pledged that we would open an all-Creole speaking store for the community some time back. In a few days, we will do just that. “Additionally, at a Town Hall meeting on the weekend, we discussed a number of other civic initiatives that we will collaborate with the Haitian community on in the upcoming weeks.” BTC held a Town Hall meeting at the Ebenezer Baptist Church last weekend. During the event, the company added 18 young adults to its ‘Street Squad’ marketing team. These
new ‘Street Squad’ team members are bi-lingual and speak Creole as a second language. BTC will be the title sponsor at this weekend’s 242 Caribana Music Festival. The event is expected to feature former Haitian president, Michel Martelly. It was also the title sponsor of the Haiti versus Jamaica soccer match at the Thomas A. Robinson National Stadium this summer. In 2005, BTC partnered with Teleco d’Haiti to introduce the Bahamas Haiti International Initiative (BHi), which would have allowed the company to extend telecommunications services to Haiti.
ACCOUNTANT
Bank And Trust Company seeking a candidate for the position of Accountant. RESPONSIBILITIES • • •
Direct responsibility for bank and investment reconciliations Data preparation, input maintenance and upkeep of the general Ledgers of client companies, trust and other structures, including preparation of related yearly financial statements and periodic cash flow analyses. Assist the Manager, as required with the preparation of monthly and quarterly financial statements.
KNOWLEDGE/SKILLS REQUIRED: • • • • • • • • •
3-5 years’ experience with a Bachelor’s degree in accounting or related field Strong oral and written communications skills Basic knowledge of banking and investment products and their application in overall management and administration of wealth Working knowledge of accounting concepts and their applications Ability to identify potential risk issues and solutions and to communicate these effectively to senior management Excellent time management, organization and administrative skills Strong analytical and problem-solving skills Strong PC skills Strong interpersonal skills and excellent team player Interested candidates should forward a copy of their resume to: Human Resources P.O. Box N-9834 Nassau, Bahamas
Winterbotham Place – P.O. Box N-3026 – Marlborough & Queen Streets Nassau – The Bahamas Tel: (1-242) 356-5454 – Fax: (1-242) 356-9432 E-mail: nassau@winterbotham.com – Website: www.winterbotham.com
JOB OPPORTUNITY
The Winterbotham Trust Company Limited is looking to fill the position of
Junior Accountant
Main Function: To provide accounting services to several clients, including assistance with the preparation of financial statements under IFRS. In this position you will be responsible for but not limited to the following tasks: • To gather all information needed to start bookkeeping. To this extent, liaison with Corporate Administrators and filing staff is required. • Bookkeeping. • Preparation of bank account reconciliations. • Preparation of special accounting reports. • Assistance with the building and formatting of Financial Statements for trusts, companies and foundations and onward delivery to AVP for review. • To provide audit support to certain clients. To validate balances on external audit confirmations. The successful applicant must have the following qualifications: • • • • • •
Associates Degree (or equivalent) with emphasis in Accounting. 1 year of experience in a similar position. Knowledge of Accounting standards (IFRS), Office (Excel, Word) Strong organization and communication skills Team work-focused, ability to achieve several objectives in parallel. Consistency in meeting reporting deadlines.
Applications/resume should be sent by e-mail to jobs@winterbotham.com Under reference “Junior Accountant” ABSOLUTELY NO TELEPHONE INQUIRIES WILL BE ACCEPTED Persons not meeting the above requirements need not apply Deadline for applications Monday, September 26, 2016
BTC donates $1,000 towards youth activities at Ebenezer Baptist Church. Left to Right: Valarie Wallace, vice-president of human resources and training; Helene Ferguson, senior vice-president of human resources and training; Leon Williams, chief executive; Janet Brown, chief marketing officer and senior vice-president of marketing; and Jean Charles, pastor, Ebenezer Baptist Church.
Caribbean to honour region’s top exporters The Caribbean Export Development Agency (Caribbean Export) will host the second annual Caribbean Exporter of the Year Awards at the Hilton Barbados Resort on September 27. The event is designed to recognise the contribution made by the Caribbean’s exporters to the regional economy. The awards are ultimately intended to support the creation of an export culture across the region by encouraging CARIFORUM firms to either begin exporting, or to expand their exports and, by extension, contribute towards the sustainability of their
economies. Six awards will be presented to exporters this year. These include the Female Exporter of the Year, sponsored by RBC Royal Bank, which recognises a successful exporting company with a principle female shareholder. The others are the Emerging Exporter of the Year, sponsored by the Automotive Art Group, which recognises companies that have begun exporting within the last three years and have experienced great success; and the Green Exporter of the Year, sponsored by Williams Industries, which recognises firms that have
invested in alternative or renewable energy solutions to reduce production costs and export more. The final awards are the Special Award for Excellence in Services Exports; the Caribbean Export Choice Award; and the overall Caribbean Exporter of the Year. The Caribbean Exporter of the Year Awards are being supported by the European Union (EU) as part of the 10th EDF regional private sector development programme. The Awards contribute towards Caribbean Export’s goal of strengthening the export culture across the Caribbean.
THE TRIBUNE
Wednesday, September 21, 2016, PAGE 3
Union chief slams Govt over Sandals ‘deception’ By NATARIO McKENZIE
by the Trades Union Congress (TUC) and its Bahamas Hotel Maintenance & Allied Workers Union (BHMAWU) affiliate. Mr Pinder told Tribune Business: “We were very disappointed to learn of the decision made by the Attorney General’s Office to do that, not so much because of the legal aspect but mainly because we met with the Prime Minister. “They were giving us the impression that they were working in good faith to have the matter resolved favourably in terms of ensuring that the 600 persons laid-off were given a fair shot at being rehired, and
ensuring that we would strengthen the redundancy package with a view of making it more difficult for an employer to make positions redundant, then turn around and advertise those positions in a day or two for new hires. “We also wanted to ensure that the Industrial Relations Act speaks to employers coming to the table in 90 days or so, rather than just saying in a reasonable time. They were acting in very good faith as far as I was concerned, only to find out from August 15 they knew that that case was nollied. To me, that was very deceptive.”
Mr Pinder continued: “While in law the Attorney General’s Office may have had the right to do so, you should not be meeting with people and giving them the impression that the case is going through the court, and you have to wait for the case to be resolved, when you know full well that the case has been nollied. “I take grave exception to the level of deception displayed towards the trade union movement in that regard. That tells you that these people can’t be trusted. All I can say is: What a tangled web we weave.” Union executives, along with members of the reli-
gious community, have met with Prime Minister Perry Christie regarding grievances over the termination of Sandals Royal Bahamian’s 600 staff. The TUC and NCTU had previously warned they were prepared to “shut the country down” with a repeat of the 1958 General Strike unless the Prime Minister met with them within 48 hours to resolve the Sandals situation. The TUC and its BHMAWU affiliate previously blasted Sandals Royal Bahamian for its abrupt closure last month, arguing that it was a ‘union busting’ move.The resort
chain, though, has repeatedly countered that the closure, which resulted in 600 employees being made redundant, was essential for much-needed $4 million repairs to take place at the Cable Beach property. The BHMAWU has been seeking to negotiate an industrial agreement for workers at Sandals Royal Bahamian since 2009, and has grown increasingly frustrated at its failure to do so, despite having been recognised as the bargaining agent.
Potter’s Cay upgrades: Bahamians deserve it
ter’s Cay,” he added. “The Bahamian people deserve the best at the lowest possible cost. The Ministry of Works gave an estimate and we will have to revisit that to see if we can find a cheaper way to do it, and that’s up to
Cabinet, but the price I am quoting is from the Ministry of Works. They are the government engineers and we rely on them to give us a reasonable price for the jobs that the Government has to do.”
Tribune Business Reporter
nmckenzie@tribunemedia.net
A trade union leader yesterday slammed the Christie administration for what he described as its “deception” towards workers, after the Attorney General had directed that the criminal case against Sandals Royal Bahamian and its top executives be discontinued. John Pinder, the National Congress of Trade Unions (NCTU) president, said he was “very disappointed” to learn of Allyson MaynardGibson’s decision to dismiss legal proceedings initiated
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Minister of Agriculture and Marine Resources yesterday brushed off criticism over the fourfold increase in costs for the Potters Cay upgrade, arguing: “The Bahamian people deserve the best.” Speaking outside the Cabinet Office, V Alfred Gray said the $9 million estimate for the Ministry of Agriculture’s portion of the project came from the Ministry of Works. He promised that he would soon hold a press conference to give a comprehensive break down as to how the $9 million will be spent. Opposition politicians, though, have questioned how the Potter’s Cay’s upgrade costs have increased four-fold from $3.1 million. This came after the Christie administration clarified that 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 was currently pegged at $9 million. Mr Gray said that plans for his Ministry’s section of
Minister’s justification for $9m overhaul budget the Potter’s Cay redevelopment were currently before Cabinet. “It is before the Cabinet, and the Ministry of Works and Urban Development has estimated the cost,” he added. “It’s not only stalls; people continue to say stalls, but it’s a redevelopment of the whole of Potter’s Cay the bathroom area and the administration block. I’m having a press conference to show what we are trying to do, so people get an appreciation for what we are trying to do there. “It’s going to be a marvellous development, and whenever you do anything good, people are going to criticise. We are not concerned about the criticism because the Bahamian people deserve the best.” Mr Gray said that each vendor stall may cost be-
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tween $45,000-$50,000, although he could not say when construction would start. “I’m going to have a press conference to show the en-
tirety of the plans and what will be done for the estimated $9 million, and then I suppose they may have a better appreciation for what we are trying to do at Pot-
PAGE 4, Wednesday, September 21, 2016
Govt’s Sandals directive takes workers ‘pre-1958’ From pg B1 ‘nolle prosequi’ (no prosecution) directive to the magistrate’s court. He accused the Government of betraying and deceiving the Bahamas Hotel, Maintenance and Allied Workers Union
(BHMAWU), and all workers, by not being “up front” about its actions and intentions. Mr Ferguson pointed out that while the TUC’s BHMAWU affiliate, and other trade unions, have been engaged in talks with the Government for more than
a month in a bid to resolve the Sandals situation and other matters, the ‘nolle prosequi’ was signed and dated August 15, 2016. The TUC president said that date effectively ‘added insult to injury’ for Bahamian workers, as it was the same day on which Sandals Royal Bahamian terminated its 592 staff to facilitate a three-four month renovation programme. Mr Ferguson said nei-
ther Prime Minister Perry Christie, nor Mrs MaynardGibson, had disclosed the ‘no prosecution’ directive’s existence despite meeting several times with the unions over the past five-six weeks. He added that the directive was only brought to light during court proceedings on Monday, with himself only receiving a copy yesterday. Mrs Maynard-Gibson could not be contacted for comment, but Mr Ferguson hinted that the unions were preparing a “united” response, and made a thinlyveiled threat that the Christie administration would likely pay for its actions in the upcoming general election. The TUC president said the unions would likely announce their next move within the next 48 hours, once the joint committee made up of members from both his umbrella body and the National Congress of Trade Unions (NCTU) had met. “We are shocked. Needless to say we are very shocked. We didn’t anticipate this happening,” Mr Ferguson told Tribune Business of the Attorney General’s directive. He accused the Christie administration of being less than frank in its meetings with the trade unions postSandals terminations, and suggested that the ‘no prosecution’ move proved the Government was firmly on the side of the all-inclusive resort chain. “Based on the meetings we had [with the Government], we felt we would have been told,” Mr Ferguson told Tribune Business. “If the document was signed on the 15th, and 600 workers were terminated on the 15th, at the time we requested a meeting, and the information was not disclosed to us, it makes it very difficult to conclude that the Government disclosed all it knew.” Mr Ferguson added that it was “abundantly clear” that the Government had sided with Sandals and senior management at Royal Bahamian. “And not only take their
side; it crippled the union,” he charged. “What action can the union take now? It’s been nolled. “We are very, very, very shocked as to the behaviour of the Government in this particular situation. They were not up front.” The Attorney General’s directive to the court “authorises” and requires it to enter into its records that the proceedings against Sandals and two senior executives “be discontinued”. This halts the criminal action launched against the resort, its general manager, Gary Williams, and financial controller, Fritzroy Walker, by five officers of the BHMAWU. The quintet, Donnell Ferguson; Dwayne Fraser; Rhonda Huyler; Latoya Archer; Tyrone Morris; and Santino Higgs, had alleged that Sandals Royal Bahamian was in breach of the Industrial Relations Act by failing/refusing to “treat or enter into negotiations” with the BHMAWU. They had also claimed that the resort, and Messrs Williams and Walker, had violated the Industrial Tribunal Relations Act by intimidating and terminating employees. The resort, and its executives, had vigorously denied all allegations. Mr Ferguson told Tribune Business that the ‘discontinuation’ directive would have “far-reaching consequences” for all Bahamian trade unions, not just the BHMAWU. He implied that it effectively deprived trade unions, and left them weaponless, when it came to forcing reluctant employers to the negotiating table to talk with recognised bargaining agents - especially in the absence of an industrial agreement. “The average industrial agreement takes three to five years to complete. It overruns the time you have to do it [before the previous agreement expires],” Mr Ferguson complained. “If the Government cannot cause employers to come to the Labour Board, sit down and conciliate labour disputes and reach resolution, what other means are available to trade unions to reach an amicable agreement with the employ-
THE TRIBUNE er? “Nothing, other than an industrial agreement. The most important thing to a worker is a completed recognised agreement and increased wages. If a union is unable to do that, members paying dues is a worthless exercise.” Mr Ferguson also accused the Government of ‘double standards in electing to direct the ‘discontinuation’ of the criminal case against the resort and its top executives, but not the separate prosecution of the union’s executives, with that case due back before the courts on October 24. “It’s a difficult period; a very difficult period for workers in this country,” he said. “The decision to nolle this matter puts the workers back to pre-1958. One should at least expect to have your day in court. The effect of this nolle is to prevent the Bahamian workers for going to court.” Mr Ferguson said “something will be done” in response to the Government’s action, once the united labour movement had met to discuss the issue. “Let me say this,” he told Tribune Business. “We will be calling on all the civic organisations in this country, all the trade unions in this country, the churches and all the political organisations that have an interest in the workers to participate in whatever action the labour movement deems appropriate to deal with this in a manner that is fair, balanced and in the interests of our country. “We have a solemn responsibility to protect and look after the interests of Bahamian workers. We have to look after the health and welfare of this country, and not do anything to disadvantage it, but at the same time we must protect those we took an oath to protect, the Bahamian workers”. Describing the Government’s decision, for which no reasons have been given, as “very upsetting” for the union movement, Mr Ferguson suggested the Christie administration will feel the impact at the ballot box. “People vote their interests. Workers will vote their interests. It’s a two-way street,” he warned.
NOTICE
NOTICE is hereby given that MANOUSHKA CASTER of Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Wednesday, September 21, 2016, PAGE 5
Chamber offer ‘much easier’ than Inland Revenue’s ‘3 at once’ From pg B1 process three separate applications at the same time and approve them. So that when one expires, another sets in.” While welcoming this proposal as a sign that the Government and its tax agencies are prepared to be flexible, Mr Sumner said: “Why not issue one certificate for three months at a time, rather than three for three months? “It serves the same purpose, and cuts down the paperwork for businesses and vendors. That is our general recommendation
to the Government; to expand and extend the terms of the TCC from 30 days to 90 days.” The Government and its agencies now require companies to provide them with TCCs, showing they are up-to-date with all tax payments, before the latter receives due compensation for any goods and services supplied. The move has added to the bureaucratic burden Bahamian businesses have to deal with, with many companies experiencing difficulty in obtaining TCCs in a timely manner.
Opposition to query Govt’s SPV fondness From pg B1 finance it via the issuance of $20 million worth of government bonds to Bahamian investors. Although it will ultimately be owned by the Public Treasury, the structure underlying the SPV will allow the $20 million debt - to be repaid to investors via a portion of future lease/ rental payments - to stay off the Government’s ‘balance sheet’. As a result, it will not add to the $6.778 billion national debt. “These off-balance sheettype SPVs are all creative ways of raising funds,” Mr Turnquest told Tribune Business. “However, the reality is that they all represent contingent liabilities for the Government, and as
such they do add to the national debt. “That is my major concern, and it is a significant concern. It is again taking away some of the fiscal headroom we have in the event of a disaster or major unplanned expenditure that becomes necessary.” The Government has shown an increasing fondness for using SPVs in a variety of transactions. Apart from the impending UBS House deal, it created Bahamas Resolve as such an entity to absorb $45.2 million in ‘toxic’ loan assets from Bank of the Bahamas as part of the latter’s $100 million bail-out. The remaining CLICO (Bahamas) insurance policies are also set to be transferred to an SPV before
Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story. LEGAL NOTICE
NOTICE ZUNTARI INVEST LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Zuntari Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 08th day of September, 2016. Dated this 21st day of September, 2016 Beatus Limited Liquidator
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
Besides adding to general private sector frustration, the situation has impeded business cash flows, and profitability, as they are unable to collect government payments without a TCC. Mr Sumner told Tribune Business that some prior delays had been caused by “technical challenges with the [Government’s] system, which have since been addressed and corrected”. He added that the Chamber had received no new TCC-related complaints for several weeks, which it was cautiously interpreting as a sign that the situation was improving. Mr Sumner pointed out that the private sector body was also focusing most of its attention on companies who held government contracts worth $10,000 or more, since they were the ones re-
quiring TCCs on a monthly basis. Businesses with contracts valued below this threshold are only required to produce their’s every six months. Of the Chamber’s 90-day recommendation, Mr Sumner added: “If that were to happen, we would have a lot more businesses operating more efficiently without having to apply for these TCCs on a monthly basis. “If we do them for three months at a time, we will make life more convenient and efficient. It’s [the TCC] become too much of an administrative and operational challenge. “Many businesses are unable to access the funds owed to them by the Government if they do not provide a TCC, and by the time they get around to accessing their money, the TCC has
expired,” he added. “The idea of applying for three at one time is a good offer, but why not apply for a certificate for three months? It makes life so much easier.” Mr Sumner, though, praised the willingness of the Government and its agencies to engage “in full and frank discussions with the private sector” on issues that impacted both sides, and for showing flexibility where it could. He added that the ultimate goal was to make “the ease of doing business become easier”. The TCC’s legal basis is in changes made to Part IIB, Section 19I of the Financial Administration and Audit Act in July 2015. These mandate that a business/entrepreneur must provide a TCC both to win
an initial government tender and obtain payment on that contract, provided the value is greater than $10,000. The taxes they must be in full compliance with are Business Licences and real property taxes, Immigration (work permit) fees, all Customs-related taxes, Value-Added Tax (VAT), NIB contributions and motor vehicle licensing fees. With the Public Treasury desperate for every cent of revenue it can earn, given the Bahamas’ strained fiscal position, the TCC-related changes are designed to further tightening the enforcement circle and eliminating tax compliance gaps and loopholes.
their planned sale to an eventual buyer, while the same sort of entity will issue the $650 million in rate reduction bonds (RRBs) to refinance the Bahamas Electricity Corporation’s (BEC) debt. While each SPV, and its use and management, needs to be judged on its merits, Mr Turnquest pointed out that these vehicles - and their off-balance sheet status - had played a key role
in the US sub-prime mortgage crisis, which turned into the ‘credit crunch’ and ultimately the 2008-2009 recession the Bahamas is still struggling to recover from. The FNM’s deputy leader queried the potential for “a domino effect” if any of these SPVs were unable to meet their debt repayment obligations, and urged the Government to clarify how it planned to use the UBS property on East Bay
Street. “Are these assets absolutely necessary, or are we just collecting them? What is the proposed use of the building?” Mr Turnquest asked. “We have to know what the Government is exposing us to in terms of liabilities, and increase in the national debt and requirements on a recurrent basis to service them.”
KP Turnquest
NOTICE
Legal Notice
INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)
NOTICE
COASTAL HOLDINGS LTD. IBC No. 32531 B (In Voluntary Liquidation)
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
NOTICE is hereby given that as follows: (a) That COASTAL HOLDINGS LTD. is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 19th day of September, 2016 when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the Company is Sterling (Bahamas) Limited of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas. (d) Any person having a Claim against the above name Company are required on or before the 18th 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 be excluded from the benefit of any distribution made before such claim is approved. Sterling (Bahamas) Limited Liquidator
REGAL CONSOLIDATED INVESTMENTS LIMITED Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), REGAL CONSOLIDATED INVESTMENTS LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 15th day of September, 2016. ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator
PAGE 6, Wednesday, September 21, 2016
‘Bahamian elite’ urged to acquire upscale GB hotel
From pg B1 ises. Pointing out that Deep Water Cay’s sale did not exactly indicate that an expansion was imminent, Mr Turnquest said the Prime Minister had “been prone to make these kind of grandiose promises”, only for little to materialise.
Colliers International, the Canadian-headquartered international realtor, which has marketed both Baha Mar and the British Colonial Hilton to potential buyers in recent years, has been hired to find a purchaser for the 91-acre Deep Water Cay. Mr Turnquest told Trib-
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: • • • • • • • • • • •
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.
III.
une Business that it was important to find the right buyer for Deep Water Cay, which is a private resort island famous with sports and bone fishermen. “It is my hope that we can interest some Bahamians in that property,” he said. “It is a very unique, upscale property that really has the potential to be developed into a world class destination, taking advantage of all the tourism opportunities that exist in Grand Bahama. “Hopefully, some of the Bahamian elite who are in possession of the kind of funding and resources that can make this property grow will consider investing in Deep Water Cay and realise its full potential.” Mr Turnquest described Deep Water Cay as one of eastern Grand Bahama’s key economic anchors and job creators, and expressed concern about potential disruption from the sales process. “The reality is that Deep Water Cay is responsible for a significant amount of the economic activity and employment in the eastern area, so any disruption or slowdown of that property is going to have a significant effect on the community,” he said. “Hopefully, they’ll be able to fund a buyer quickly, and the promised expansion takes off. It is very important to us. It is the main economic driver, and any disruption will not only disadvantage constituents in my area but the wider Grand Bahama economy. Bahamian lives are hanging in the balance, and it is not a comfortable place to be.”
◊ 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
WASHINGTON (AP) — The CEO of Wells Fargo faced accusations of fraud and calls for his resignation Tuesday from harshly critical senators at a hearing over allegations that bank employees opened millions of accounts customers didn’t know about to meet sales quotas. Members of the Senate Banking Committee showed bipartisan outrage
MARKET REPORT t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,945.99 | CHG 6.84 | %CHG 0.35 | YTD 122.04 | YTD% 6.69 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.50 4.70 0.18 8.30 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 13.05 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 10.24 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 10.40 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 0.16 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
114.96 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
114.99 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.03 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
4,500 100
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 19.2 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% 3.46% 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
granted to Deep Water Cay by the Government in anticipation of its expansion. “What happens to those concessions now the project presumably is not moving forward?” Mr Turnquest asked. “Will the Government dial back those concessions? How does that work now?” Deep Water Cay was founded in 1958 by two fishing legends, Palm Beach guide, Gil Drake Sr, and ‘Field & Stream’ editor, A.J. McClane. “It’s already an extraordinary property today, but the opportunity for development is huge,” said Colliers International’s South Florida broker, Rich Lillis. “It’s almost an extension to the South Florida fishing and tourism communities, just a short 40-minute flight away.” Located in the proposed 188-square mile East Grand Bahama National Park, a marine preserve, Deep Water Cay has more than 2.5 miles of beachfront. “The vision for the property is two luxury resorts, one with overwater bungalows and partial overwater spa, and the other as Fisherman’s Village Resort,” explained Kent Schwarz of Colliers International Hotels. “Key approvals in principle are in place, and a Heads of Agreement is being finalised that will allow the transfer of these approvals to new ownership. These factors provide Deep Water Cay with the unique marriage of expansion and development opportunities with protected views and marine habitat.”
Senators heap criticism on Wells Fargo CEO, who apologizes
Competency
TUESDAY, 20 SEPTEMBER 2016
Deep Water Cay Holdings, the current owner, was said to have invested $18 million in the property since acquiring it in 2009. The property’s potential for expansion figures heavily in the Colliers ‘sales pitch’, with ‘approvals in principle’ said to have been given for a masterplan that would “reposition” Deep Water Cay via a “second luxury resort” and more overwater bungalows. “The approval in principle calls for the construction of 68 resort units, 25 two and three-bedroom cottages, 23 custom-built residences, 20 overwater bungalows and expansion of the existing 4,200-foot runway and more,” the press release announcing Deep Water Cay’s sale said. “The seller has masterplanned Deep Water Cay for a repositioning of the existing resort, adding a second overwater bungalows, platting residential lots and registering the lots for sale in New York, among other things.” Mr Turnquest queried whether Bahamian realtors would be involved in Deep Water Cay’s sale, and allowed to market the property either by themselves or in a joint venture with Colliers. Pointing out that real estate was supposed to be reserved for Bahamians only, he added: “It would be a shame if none of the local realtors gets a benefit from the transaction that will occur.” The east Grand Bahama MP also questioned what will happen to the investment incentives already
THE TRIBUNE
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
over the long-running conduct, unsatisfied by Chief Executive John Stumpf’s show of contrition. Stumpf said he was “deeply sorry” that the bank failed to meet its responsibility to customers and didn’t act sooner to stem “this unacceptable activity.” He promised to assist affected customers. Sen. Elizabeth Warren flatly told Stumpf he should step down. “You squeezed your employees to the breaking point so they would cheat customers,” she said. “You should resign. You should give back the money you took while the scam was going on.” The Massachusetts Democrat, one of the fiercest critics of Wall Street, also advocated for a criminal investigation by the Justice Department and securities regulators. Stumpf, a 34-year veteran of Wells Fargo and CEO since 2007, earned $19.3 million last year. The bank does have in place provisions its board could implement to claim back executive compensation. Wells Fargo sales employees, trying to meet targets that called for every customer have eight products
with the bank, opened more than 2 million bank and credit card accounts, regulators said last week in levying a $185 million fine. Money in customers’ accounts was said to have been moved to these new accounts without their permission. Debit cards were issued and activated, as well as PINs created, without telling customers. In some cases, bank employees even created fake email addresses to sign up customers for online banking services, the regulators said. Wells Fargo has long been known in the banking industry for its aggressive sales goals. Stumpf bristled at Warren’s suggestion that the sales practices were a “scam.” He defended the crossselling of products — trying to draw customers into taking on more — as “deepening relationships.” The senators also challenged assertions that Stumpf and other Wells Fargo senior executives didn’t become aware of the problems until 2013 — when the sales misconduct was reported by The Los Angeles Times. The practices apparently began at least in 2009. Carrie Tolstedt, the for-
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, GABRIEL BIANCA FERGUSON of Lyon Road, Nassau, Bahamas, intend to change my name to GABRIELLE BIANCA FERGUSON. 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 KERBY FREDERIC of Faith Avenue North,P.O.Box N-4681, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 14th 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 SANDRA JEAN LOUIS of Malcolm Road, P.O. Box SS-6063, Nassau, N.P., The 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 21st DAY of SEPTEMBER, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, N.P., The Bahamas.
THE TRIBUNE
Wednesday, September 21, 2016, PAGE 7
Bahamas missed ‘free will’ reform of taxation system From pg B1 not well understood by the nation’s political leaders. “The danger I see is that because we have leaders that do not understand the industry, they will succumb to pressure,” Mr Moss told Tribune Business. “The pressure is not going to let up, and if we have leaders who refuse to be proactive, we’re clearly going to be playing catch up and we will have people shaking our cage on how we’re going to respond. They know we’re going to have knee jerk reactions.” Mr Moss was speaking after the EU gave the Bahamas two ‘red flag warning’ scores while rating 81 different jurisdictions for
their co-operation on tax matters. The Bahamas and nine other countries - mainly its fellow international financial centre (IFC) rivals - were ‘red flagged’ for having either no, or a zero rate, corporate income tax. The Brussels-based EU Commission also placed a ‘red flag’ against the Bahamas when it came to transparency and the exchange of tax information, although on the third and final criteria - the existence of a ringfenced preferential tax regime - this nation received a clean bill of health. The EU, though, made clear that the ‘scorecard’ is merely the first stage in efforts by itself and its mem-
ber states to create a ‘shortlist’ of nations who will be considered for inclusion on a “list of tax and secrecy havens” set to be published at end-2017. Countries that make the final ‘blacklist’ will be subjected to EU financial sanctions and penalties, such as ‘withholding taxes’ and the removal of tax deductions. The EU’s renewed sabrerattling threatens to further increase the pressure on the Bahamas and its financial services sector given that it coincides with the Organisation for Economic Co-Operation and Development’s (OECD) latest offensive against this nation. The OECD, which represents the G-7 and G-20 groups of the world’s most powerful nations, appears to have endorsed - and may even have encouraged/instigated - the publication of
Samsung says replacements available for recalled Note 7 SAN FRANCISCO (AP) — Samsung says new Galaxy Note 7 smartphones will be available in U.S. stores starting Wednesday to replace about 1 million devices that are being recalled because of a problem with batteries catching fire. The South Korean company also says it’s pushing out two software updates through wireless carriers: One will show a green battery icon to confirm that a Note 7 device is a new one that isn’t affected by the battery problem. The other will display a short notification to owners of old Note 7 phones, telling them to turn off the device and take it in for a replacement. Samsung is coordinating the recall with U.S. safety officials, who say the batteries in 92 devices overheated or caught fire since the Note 7 went on sale last month.
a screen magnification feature of the Samsung Galaxy Note 7 is demonstrated, in New York. Samsung says new Galaxy Note 7 smartphones will be available in U.S. stores starting today, to replace about 1 million devices that are being recalled because of a problem with batteries catching fire. (AP Photo)
Microsoft sets $40 billion stock buyback, raises dividend REDMOND, Wash. (AP) — Microsoft Corp. says its board has approved a dividend increase and a new $40 billion stock buyback plan. The Redmond, Washington, company said Tuesday it will pay a quarterly dividend of 39 cents on Dec. 8 to shareholders of record Nov. 17. That’s up 3 cents, or 8 percent, from its previous payout.
The technology giant also said it’s on track to complete its existing $40 billion stock buyback plan by year-end. The new plan has no expiration and may be terminated anytime. Shares of Microsoft are up about 30 percent in the past year. In after-hours trading, the stock rose 67 cents to $57.48.
Employment Opportunity
Production Assistant Manager I.
Function
To assist in the production process including scheduling and procurement of raw materials. 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 Production Assistant Manager include but are not limited to the following: • To assist in management of production staff • To assist with the materials and production planning. • To assist in optimization of the raw material inventory levels. • Prepare weekly production staff roster • Review of Daily production records in order to improve the production process. • Generate Purchase Orders. • Generate all the necessary reports requested for the management • Assist in the management of the Productions KPI’s (Line efficiency, Yield, etc.). • Assist in the development and execution of the Production staff training plan. The Production Assistant Manager is expected to be flexible and to be prepared to assist in other reasonable job related activities that may arise in periods due to changes in the company’s structure and development or as reasonably directed by the Manager or his/her designate.
III.
Competency
◊ Education/Experience
•
BSc. in Business administration/Industrial Engineer/Mechanical Engineer or related discipline. 3 years experience in Manufacturing 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
an article in The Economist magazine on September 201 that accused this nation of being a ‘haven’ for “tax dodgers”. The article appears to have been the first salvo in a campaign to try and force, or bounce, the Bahamas into abandoning its preferred ‘bilateral’ approach to CRS implementation - something that was approved by the OECD itself - in favour of a ‘multilateral’ approach. “This is a tax competitive world, but we can’t compete when we say we’re not going to change our tax system,” Mr Moss told Tribune Business. “It’s not going to work.” He has in the past argued that the Bahamas should switch from its ‘no tax’ platform to one that is based on a ‘low rate’ corporate/income tax, on the basis that
such a move would give this nation extra legitimacy, and help to attract companies to domicile and do business here. “We need to do it,” Mr Moss reiterated. “It’s really a shame that we would do so because of the pressure coming from these people, as opposed to doing it for our own selves. “We had an opportunity when we brought in VAT to
have a true look at our tax regime, which should have included corporate tax for companies.” Mr Moss said the EU and OECD were delivering a message that “there’s no place to run”, and added: “The world is not going to stop until it has tax transparency, and the Bahamas has to recognise that it has to get into a competitive tax regime and be part of it.”
NOTICE
NOTICE is hereby given that DON DARBEAU 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 14th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PAGE 8, Wednesday, September 21, 2016
THE TRIBUNE
people walk to work on Wall Street beneath a statue of George Washington, in New York. Global stock markets traded with a positive bias yesterday, a day ahead of policy statements from the U.S. Federal Reserve and Bank of Japan that could go a long way to driving sentiment over the rest of the year. (AP Photo)
US stocks creep higher as Federal Reserve meeting starts NEW YORK (AP) — U.S. stocks inched higher Tuesday in another cautious day of trading as investors kept an eye on central banks in the U.S. and Japan. Health care and household goods companies led the way while energy companies slipped. Major market indexes were higher all day, but returned most of those gains at the close of trading. They rose just enough cancel out Monday’s small losses. Drug companies helped health care stocks make some modest gains, while Exxon Mobil fell on reports it’s being investigated by securities regulators. Bond yields slipped and the dollar was little changed as investors waited decisions from the Federal Reserve and the Bank of Japan. Since investors doubt the Federal Reserve will raise interest rates Wednesday, they may focus instead on the Fed’s statement and a press conference led by Fed Chair Janet Yellen. “The Fed, until they raise rates, are going to be the primary focus of the markets,” said J.J. Kinahan, chief market strategist at TD Ameritrade. “The only reason people may take their eye off of
that is the election.” The Dow Jones industrial average gained 9.79 points, or 0.1 percent, to 18,129.96. The Standard & Poor’s 500 index added 0.64 points to 2,139.76. The Nasdaq composite picked up 6.33 points, or 0.1 percent, to 5,241.35. On the New York Stock Exchange, more stocks fell than rose. That was the reverse of Monday, when major indexes fell but more stocks were up than down. Tuesday was the start of two-day meetings for the Fed and Bank of Japan. While investors didn’t expect an increase in U.S. interest rates, the Japanese central bank is expected to take new steps to boost the nation’s ailing economy. That could include an increase in its stimulus program or a further cut in the deposit rate as a way to encourage banks to lend money. Gilead Sciences gained $2.79, or 3.5 percent, to $81.78 after the hepatitis C drugmaker completed a $5 billion debt offering. Gilead said it may use the cash to make a deal, and Jefferies & Co. analyst Brian Abrahams said he thinks the company is getting close to at least one acquisition. Elsewhere,
Merck rose 61 cents, or 1 percent, to $61.94. Ascena Retail Group, the parent of Ann Taylor, Lane Bryant and Dress Barn, dropped to a six-year low after the company reported weak quarterly results and gave a forecast that fell short of investor expectations. Ascena bought Ann Taylor a year ago and also struggled with discounts from competitors and shaky demand. Its stock lost $2.43, or 29.9 percent, to $5.69. Allergan, the maker of Botox, announced yet another acquisition as it agreed to buy Tobira Therapeutics. Tobira is studying drugs that treat symptoms of nonalcoholic steatohepatitis, a disease that triggers inflammation that can lead to cirrhosis, cancer and liver failure. Tobira stock has tumbled this year after it reported mixed results from a midstage trial of one of its drugs. The shares finished at $4.74 on Monday, but Allergan agreed to pay $28.35 per share upfront, and could pay another $49.84 if Tobira’s drugs succeed in clinical testing, win regulatory approved, and meet sales targets.