09222016 business

THURSDAY, SEPTEMBER 22, 2016

business@tribunemedia.net

$3.78

QC says Sandals workers gained from termination

By NEIL HARTNELL nhartnell@tribunemedia.net and NICO SCAVELLA nscavella@tribunemedia.net Sandals decision to terminate its 600-strong Royal Bahamian workforce benefited them more than the union’s preferred option, the resort’s attorney argued yesterday, because it ensured they had funds to meet ‘back to school’ expenses.

Wayne Munroe QC said that, in contrast, the Bahamas Hotel, Maintenance and Allied Workers Union’s (BHMAWU) desire for the staff to be “furloughed” would have left many members without money during this critical period.

While Sandals would have retained the existing workforce under this option, they would not have received any pay for the two-month period that the Royal Bahamian property was undergoing a $4 million renovation programme.

Mr Munroe said: “I have heard all sorts of matters See pg b6

Gained money for ‘back to school’ season Accuses union of looking out for own interests, dues Judicial Review flushed out ‘nolle’ for process abuse

Wayne Munroe QC

The DNA’s leader yesterday expressed fears that investors would view the Bahamas “with jaundiced eyes” following the Panama Papers-style data ‘leak’, and added: “We can’t afford any more reputational damage.”

Branville McCartney told Tribune Business he was “taken aback” by revelations that the International Consortium of Investigative Journalists (ICIJ), and its media members, had obtained 1.3 million documents from the Registrar General’s Department’s companies registry.

These documents are said to contain information

Fears FDI ‘2nd thoughts’ after document leak Takes declining financial sector ‘down another notch’ Provider backs Companies Registry criticism on 176,000 Bahamasdomiciled companies, trusts and foundations, and See pg b7

Govt ‘lacks credibility’ to probe Registrar’s 1.3m document leak

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Opposition politicians yesterday demanded that the Government swiftly investigate whether the ‘leak’ of 1.3 million corporate documents from the Registrar General’s Department resulted from a data security breach, amid calls for the Attorney General to be reassigned.

K P Turnquest, the FNM’s deputy leader, said, See pg b6

Opposition wants investigation into ‘serious breach’ FNM deputy urges that AG be reassigned Save the Bays: Warning to House committee

$4.19

$4.01

Bahamas ‘No. 1 target’ via Panama-style leak

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas yesterday became the world’s ‘number one target’ among international financial centres (IFCs), after it fell victim to a Panama Papers-style leak of 1.3 million documents.

Politicians and financial services providers warned that the Bahamas was now facing “a continual onslaught” that threatens to undermine its reputation,

DNA leader: ‘We are the world’s bulls eye’ 1.3m documents ‘leaked’ from Companies Registry Financial services faces greatest attack since 2000

Bran McCartney

after data obtained from the companies registry at the Registrar General’s Department was published for a global audience to view.

The ‘leaked’ data was obtained by the German newspaper, Süddeutsche Zeitung, and published in a worldwide database built by the International Consortium of Investigative Journalists (ICIJ) - the same two organisations that disclosed the so-called ‘Panama Papers’.

See pg b4

Bahamas faces ‘hostile economic dismantling’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Bran: ‘Jaundiced eyes’ now viewing Bahamas

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.19

The FNM’s deputy leader yesterday accused the OECD and other foreign actors of being “intent on dismantling this country’s economic base in a most hostile way”, after the Bahamas fell victim to a Panama Papersstyle leak.

K P Turnquest told Tribune Business that elements in the international community had disregarded the

FNM deputy slams global attacks on this nation But concedes need to reassess tax structure Nation at ‘ground zero; only way is up’

Bahamas’ compliance with all global tax and regulatory initiatives, and now appeared intent on driving it out of the financial services industry.

However, he called for the Bahamas to reassess its ‘no tax’ financial services business model as a way to “meet its detractors head on” and again become “the jurisdiction of choice”.

Speaking after some 1.3 million documents, relating to 176,000 Bahamas-domiciled companies, trusts and foundations were allegedly

‘leaked’ from the Registrar General’s Department’s Companies Registry, Mr Turnquest took aim at the forces seemingly ranged against this nation.

“It is clear that there are international interests unconcerned with the facts, or the tremendous efforts the jurisdiction has been engaged in to keep pace with the changing landscape, but instead intend on dismantling this country’s economic base in a most hostile way,” he told See pg b5

PAGE 2, Thursday, September 22, 2016

THE TRIBUNE

Sterling Global Financial has announced the recent sale of the nearly 190,000 square foot Rolling Acres Shopping Centre in The Villages, Kissimmee, near Orlando, Florida.

Bahamas provider sells Florida shopping centre Sterling Global Financial, the Nassau-headquartered financial services provider with $9 billion in assets under administration, yesterday announced it has sold a shopping centre near Orlando, Florida.

“The sale of Rolling Acres Shopping Centre in Florida is a significant success story and demonstrates the opportunities uniquely flowing from investment in real estate,” said Stephen Tiller, Sterling’s president.

“We bought it at the right

time for the right price, and when we sold it, it was fully leased with significant value enhancement from the sale benefiting our investors.”

Sterling acquired the 189,390 square foot shopping centre, located on US 441/27, some three years ago. It is home to stores such as TJ Maxx, Ross Dress for Less, Bealls Outlet, Michael’s, PetCo, Carrabbas, Outback and Chick-fil-A. The shopping centre is situated in The Villages, an active community where

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

. C O M

@100JAMZ242

many Bahamians have settled in retirement, and where others have second homes shared with extended family for Disney World and Orlando vacations.

“The sale of Rolling Acres is significant because it is an example of what Sterling Global Financial stands for: An ultimate and absolute respect for the value of land,” said Sterling chairman and chief executive, David Kosoy.

“Sometimes it takes patience, but property does not vanish and eventually will reap benefits that may be more elusive in other types of investments. Sterling Global is pleased to have been able to earn solid returns for our investors.”

Earlier this month, Sterling Global Financial reported that it provided an $11 million bridging loan for land assembly for Washington Village, a major multi-use development that will help to reshape an iconic section of south Boston.

Sterling Global Financial is a provider of private banking, trust, wealth and asset management and fiduciary services for corporations, institutions and high net worth individuals.

With 1,500 clients, Sterling Global Financial maintains offices in the Bahamas and the Cayman Islands.

THE TRIBUNE

Bahamas must ‘sell own story’ to ward off global pressure

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Chamber of Commerce’s chairman yesterday urged this nation to become “proactive” and “sell its own story”, following yesterday’s data leak that continues to paint this jurisdiction as a ‘tax haven’.

Gowon Bowe said the Bahamas must brace itself for further pressure and negative media reporting, after the International Consortium of Investigative Journalists (ICIJ) released 1.3 million documents from this nation’s corporate registry, details on 175,000 Bahamian companies, trusts and foundations registered between 1990 and early 2016.

“For tax jurisdictions in the OECD, offshore international financial centres are still considered threats because they see them as places where their citizens can put money and avoid paying significant sums of taxation on it,” Mr Bowe said.

“From that perspective there is going to be an agenda. As an international financial centre we have to brace ourselves. The Panama Papers is just an example of what they would do if they get access to information.”

He added: “Sometimes the bigger picture that is lost in all this is that data security is becoming a major threat to commerce, and to the way we do business, because there are overzealous journalists and regulators that are willing to pay for malicious activity in order to obtain information for the purposes of achieving

their agenda.

“We are not going to be immune to it because we are a jurisdiction that they continue to see as one that is ‘zero’ or no tax. We have to start becoming proactive and prepare our story.

What is it that we do well as a jurisdiction?”

The Bahamas ‘leak’ comes just months after the Mossack Fonseca disclosures, in which The Bahamas was ranked as the third most popular ‘tax haven’ used by the Panamanian law firm for company incorporations.

“We already know it’s hypocritical,” Mr Bowe said of the pressure.

“Some of the greatest secrecy jurisdictions are those that are a part of the OECD. We have to do all that is necessary to maintain our reputation, sell our positive story and make sure that we are on the right side of all the initiatives.

They continue to move the goal post, but if we want to remain in this game we have to play by the rules.”

Financial services minister, Hope Strachan, who addressed the Nassau Conference yesterday morning, stressed that the Bahamas is “fully committed” to maintaining a “trustworthy, competent and compliant jurisdiction”.

She said: “We will not tolerate the use of the Bahamas financial services sector as a conduit for the conducting of illicit or illegal activities.”

Mrs Strachan did not provide a response on the matter when contacted by Tribune Business yesterday, but assured that she would provide a statement later.

Thursday, September 22, 2016, PAGE 3

Minister tells Bahamas: ‘Don’t be discouraged’

By NEIL HARTNELL nhartnell@tribunemedia.net and NATARIO McKENZIE nmckenzie@tribunemedia.net The Minister of Financial Services yesterday urged the Bahamas to stand steadfast “and not be discouraged” by the increasing international attacks on it, indicating the Government had advance knowledge of the 1.3 million-strong ‘leak’ of companies registry documents.

Hope Strachan told the Nassau Conference it seemed that whatever steps the Bahamas took to comply with international tax and regulatory standards were never enough, with global bodies continuing to “move the goal posts”.

Speaking ahead of disclosures by the International Consortium of Investigative Journalists (ICIJ), and its global media partners, that they have obtained documents on 176,000 Bahamasdomiciled entities, Mrs Strachan again defended this nation’s chosen bilateral approach to implementing automatic tax information exchange.

“While the Bahamas continues to demonstrate its cooperation and commitment, and while our current position and strengths are widely recognised, our country’s position as a respected and trusted international offshore financial centre is constantly being challenged and threatened,” Mrs Strachan said.

“Now, more than ever, we must not be discouraged. We must continue to display the resilience and

Financial sector reform requires ‘bold steps’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

This Bahamas was yesterday urged to “embrace innovation” and “take the bold steps” necessary to reverse the contraction in the financial services sector.

Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief exective and executive director, ]suggested that a closer look at this nation’s Immigration policy, and processes in terms of tax residency and expanded grounds for permanent residency, was needed.

“As the environment transforms, so does our value proposition,” Ms McCartney said. “I believe that there are fourelements that should drive anything that we do. It should be our expertise; two generations of experience and knowledge in financial services that differentiates us from the jurisdictions.

“Secondly, our strong regulatory framework and the fact that consistently we have done what we have to do to meet international obligations. There is also our unique geographical location that places us at an opportune sort of place to capture Latin America and the trends going on there.

“Lastly, but by no means least, there is the need for innovation. We need bold initiatives, which include a deep dive and look at our Immigration policy and processes in terms of tax residency, expanded grounds for permanent residency and improved ease of doing business.”

Ms McCartney added: “To the extent that individuals would want to relocate and create business here, you need an Immigration policy that is flexible and facilities that. You need an Immigration policy that is efficient. You need to be able to look at expanding grounds for permanent residency to allow people to qualify for permanent residency if they create business.”

She added: “If all financial centres are offering the same products, it has to be the experience that differentiates us. To the extent

that we can utilise technology to improve service delivery, that is something we need to do as well.

“We need to look at our tax structure in earnest.

People label us as a ‘no tax’ jurisdiction, but in reality we are highly taxed.

We need to make sure we review our tax structure so when it comes to how we are perceived internationally, we are given credit for the environment that we have.

“Many are advocating a corporate tax, but the question is what would that look like? We need input from industry on that so we could take advantage of double taxation agreements and make the Bahamas more attractive for international businesses, meaning companies with a substantial connection; with mind and management here. That’s job creation.”

Ms McCartney said that

provided this nation embraces innovation and takes some bold steps, it would be able to compensate for the contraction in the financial services sector.

“Yes, you may have consolidation, but if we take some steps around creating an environment that is attractive to international business, anyone who is displaced will then be shifted to another area that touches and concerns financial services. It’s a new day in financial services,” she said.

“We have to review our business model and respond. It can no longer be about products; it has to be about service and differentiating yourself from the financial centres. We should be thinking long term about what client objectives are, and developing solutions for them. We have to take a holistic approach to meeting client needs.”

Urges nation to remain steadfast against pressure strength that has brought us this far.”

Mrs Strachan was seeking to strengthen the industry’s resolve against a series of attacks on the Bahamas, mounted first by The Economist magazine (seemingly acting as a mouthpiece for the OECD), then the European Union’s (EU) ‘red

flagging’ exercise.

Then came yesterday’s ICIJ disclosures, and Mrs Strachan said: “We now know that this attack will be sustained from other quarters, having since received almost half a dozen such requests for further information regarding the financial services sector from various media outlets represented by the International Consortium of Investigative Journalists (ICIJ).”

Giving an indication of what is at stake for the See pg b10

Hope Strachan

PAGE 4, Thursday, September 22, 2016

Bahamas ‘No. 1 target’ via Panama-style leak From pg B1 The UK’s Guardian newspaper, an ICIJ member, boasted that 1.3 million “internal files” had been leaked from companies registry in the Bahamas, containing information on 176,000 companies, trusts and foundations. It described this nation as a “notorious tax haven”.

The newspaper’s article, echoing the recent piece by The Economist, went on to portray the Bahamas as a ‘rogue’ jurisdiction that gave sanctuary to fraudsters and other financial criminals, while also proving ‘uncooperative’ in the fight against global tax evasion and avoidance.

It even quoted Mark Morris, the same ‘independent tax expert’ featured by The Economist, who seized on the Ministry of Financial Services’ sponsorship of the upcoming STEP Latin American conference in Panama to allege that the Bahamas was saying “bring your untaxed money to us”.

Branville McCartney, the Democratic National Alliance’s (DNA) leader, told Tribune Business that the leak and resulting negative media coverage showed the Bahamas currently has “a bulls eye” painted on it.

He added that the nation seemed to be under a “continual onslaught” from the international community

paul Moss once again, and expressed concern that it would deter foreign direct investment (FDI) and financial services clients from coming to this nation.

“We have a ‘big X’ on our back. We are the bulls eye. It is quite frightening.

I don’t know how else to put it,” Mr McCartney told

Tribune Business.

“It seems as if everything keeps coming at the Bahamas. It’s like a continual onslaught against the country.

Ultimately, we, the Bahamian people, suffer for it.”

The DNA leader was backed by Paul Moss, president of Dominion Management Services, one of the few Bahamian-owned firms in the financial industry, who agreed that this nation was “in the cross-hairs of the OECD and others”.

The Bahamas, and its international financial services industry, are now under the most sustained international pressure they have experienced since the 2000 ‘blacklisting’ by the Financial Action Task Force (FATF), supported by other G-7 groupings.

The Economist article appears to have been an attempt, sanctioned by the Organisation for Economic Co-Operation and Development (OECD), to ‘bounce’ or force the Bahamas into switching its preferred method for implementing automatic tax information exchange to the multilateral - as opposed to bilateral - approach.

Then, less than a week later, came the European Union’s (EU) announcement of the ‘scorecard assessment’ exercise, which ‘red flagged’ the Bahamas on two out of the three criteria, as part of an exercise that will lead to ‘blacklists’ and sanctions by end-2017.

This week sees the turn of the ICIJ and its ‘leak’ database, and many in the Bahamas are likely to view the timing of its publication as more than coincidental and part of a co-ordinated, concerted campaign designed to break this nation.

Allyson Maynard-Gibson, the Attorney General, who has ministerial responsibility for the Registrar General’s Department, did not return Tribune Business’s phone and e-mail messages seeking comment.

The UK’s Guardian newspaper, though, re-

vealed the connections of prominent politicians, such as the UK’s home secretary, Amber Rudd, and former EU competition commissioner, Neelie Kroes, to Bahamas-incorporated entities.

It added that among the data were links to Cem Kinay (German), a property developer wanted by Interpol for bribery, and accused of making a possibly corrupt payment to Michael Misick, the former premier of the Turks and Caicos Islands.

However, conspicuously absent from the ICIJ database and volumes of media coverage is any suggestion, let alone evidence, that suggests any wrongdoing by Bahamas-based financial services companies and associated professionals.

Neither has any suggestion emerged yet that a Bahamas-incorporated entity is guilty of wrongdoing.

The ‘leak’s’ main threat is to international investor perceptions of the Bahamas as a safe place to conduct business, especially when it comes to data security and legitimate requirements for confidentiality.

Of particular concern is the suggestion that the Registrar General’s Department is the source of the leak, as this could undermine investor trust and confidence in the Government’s ability to protect their interests and privacy.

Some cynics may suggest the Christie administration has already achieved this goal in the ongoing Save the Bays controversy, but the ‘leak’ could cost the Bahamas further financial services and foreign direct investment (FDI) business.

Still, the Bahamas-related revelations are likely to be less ‘juicy’ than those associated with the ‘Panama Papers’ because of the source where the information originated.

In Panama’s case, the revelations came from the Mossack Fonseca law firm, and included correspond-

THE TRIBUNE ence between its attorneys, clients and financial services intermediaries worldwide.

When it comes to the Bahamas, given that the material is said to have originated from the Companies Registry, the documents obtained seem likely to be fairly ‘dry’ corporate filings showing company annual returns, plus the identities of their shareholders, directors and officers.

This was effectively conceded by the ICIJ, which admitted: “Unlike the Panama Papers, 11.5 million often-detailed e-mails, contracts, audio recordings and other documents from one law firm, the information listed in the new Bahamian documents is plainer - if still fundamental - in content.

“The new data does not make it clear, for example, whether directors named in connection with a Bahamian firm truly control the company or act as nominees, employees-for-hire who serve as the face of the company but have no involvement in its operations.”

The ICIJ said the 1.3 million Bahamian files featured the names of 539 registered agents and intermediaries who incorporated companies, before co-mingling them with the ‘Panama Papers’.

It also further admitted: “It is generally not illegal to own or direct an offshore company, and there are legitimate business reasons in many cases for setting up an offshore structure. But transparency experts say it’s important that public officials disclose their connections to offshore entities.”

One Bahamian legal source, though, speaking on condition of anonymity, questioned the ‘leak’ moniker ascribed to the documents obtained by the ICIJ, pointing out that annual returns for all companies, coupled with director and shareholder listings, were publicly available documents.

The College of The Bahamas Alumni Society 2016 Annual General Meeting Graduates of The College of The Bahamas your involvement and participation matters so plan to attend!

• Election of Alumni Society Directors • Find out information on the new Alumni Association • President Rodney D. Smith to share updates on the college to university transition.

Tuesday, September 27th, 2016 6:30 p.m.

The College of The Bahamas Oakes Field Campus Harry C. Moore Library & Information Centre, Auditorium Support your Alma Mater!

To read the Alumni Society Charter, visit: http://www.cob.edu.bs/DOCS/UBALUMNIASSOCIATIONCHARTER.pdf.

For more information on the meeting or becoming a candidate for office, call 302-4303 or email: elvardo.thompson@cob.edu.bs

THE TRIBUNE

Thursday, September 22, 2016, PAGE 5

Bahamas faces ‘hostile economic dismantling’ From pg B1 Tribune Business.

But, rather than simply complain and try to resist, a strategy that many believe will ultimately be unworkable for the Bahamas, Mr Turnquest called for this nation to reposition itself to withstand the latest international pressures.

“It is also clear that the Bahamas as a jurisdiction must become even more proactive to out-think and out-manoeuvre our economic detractors, and to make the Bahamas a clear jurisdiction of choice rather than one of pure convenience, as alleged,” the FNM deputy leader told Tribune Business.

“It is time for us to meet the challenge head on and make the case for the Bahamas, rather than continue to be victims of circumstances surrounding us. We must now reconsider our tax structure as it relates to IFC clients as well as domestically.

“We must look at our Immigration policy to ensure we steer clear of claims of jurisdictions of convenience, and we must look at our openness to transparency as defined by the OECD and others. We must redefine our value proposition based upon clarity, transparency and compliance today, with full anticipation of the next OECD moves.”

Mr Turnquest is the first serving politician to make the case for the Bahamas switching from its current ‘no tax’ model, where there is no income, capital gains, corporate or estate taxes levied on either domestic of foreign entities/individuals.

Several financial services professionals have urged this nation to move to a ‘low tax’ model, and impose cor-

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.

porate and income taxes, on the grounds that this would give the Bahamas extra legitimacy and enable it to shed the ‘tax haven’ moniker.

They also believe it would help to attract business to the Bahamas, rather than lose it, especially corporate and institutional clients, who could then exploit the Bahamas’ ‘low rate’ environment to gain tax savings if this nation were to enter into ‘double taxation’ treaties with other countries.

One such advocate, Paul Moss, told Tribune Business that the data ‘leak’, and associated coverage by International Consortium of Investigative Journalists (ICIJ) members, provided another opportunity for the Bahamas to craft a business model that could withstand all international regulatory pressures.

“If we have hit ground zero, the only way is up,” the Dominion Management Services president said yesterday. “For us, having been

stuck for a long time, it gives us an opportunity to pause, look at many things, and make decisions concerning our long-term future in a holistic way.

“It is clear that they [the international community] are not going to go away.

We have to be seen to be doing something for ourselves, not for them. Part of that will be making these kind of changes without them telling us what kind of changes ought to be made.”

Mr Moss continued: “It is obvious the Bahamas is in the crosshairs of the OECD and others. But we seem to be nonchalant. It almost seems as if we’re in an industry that we don’t check for.

“We respond to criticism and blacklistings, but then carry on in the same way.

We’re not proactive, and don’t set the industry on a path for it to go on uninterrupted.”

The Bahamas has yet to find a strategy, or a model, that would make its financial services industry OECD-proof and impervious to further international tax and regulatory initiatives.

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

Do you want to Double your income?

Do you want to take control over your income by mastering a skill, one that increases your job promotions by 50%?

Call: 601-8581

Given that the likes of the OECD and European Union (EU) are either backed by, or draw their membership from, the world’s most powerful countries, such as the G-20, there appears little sense in the Bahamas engaging in a direct fight with them.

Given their ability to sanction or ‘blacklist’ states deemed un co-operative, the Bahamas can ill-afford to incur their wrath, especially in an environment where its correspondent banking relationships are already under threat.

Even though the Bahamas is being bullied, and facing a ‘might is right’ situation where its sovereign rights are being overridden, it appears to have little choice but to meet the demands of the OECD and others.

This nation is especially vulnerable, given that it is an independent sovereign nation and cannot draw on

the political backing many of its international financial centre (IFC) rivals, such as Hong Kong (China) and Cayman and Bermuda (the UK), can draw upon.

Even greater protection is available to the likes of Delaware and Nevada, which continue to operate under regulatory regimes far less onerous than the Bahamas.

This is at least recognised in some quarters. Clark Gascoigne, deputy director of the Financial Accountability and Corporate

Transparency Coalition (FACT Coalition), speaking on the Bahamas’ leak yesterday, acknowledged: “It is worth repeating that the US remains one of the easiest places in the world for a criminal to set up an anonymous shell company that can be used to launder money.

“Perhaps, with leaks coming from 50 miles off the Florida coast, it is time for Congress to pass the bipartisan bills that would put an end to this outrage.”

MARIE REID, MBA Learning & Development Consultant

-Higher Education -Corporate Education -K-12 Education -Curriculum Design -Catalogue Development -Policy Framework Development -Workshop & Seminar Development -Programme Delivery Mapping -Library/Learning Resources Solutions -Graphic & Website Design -Forms & Document Development -Strategic Plan Development -Systems Mapping & Implementation

NOTICE

This Public Notice is issued by the Utilities Regulation and Competition Authority (URCA) in exercise of its powers under section 38(3)(c) of the Electricity Act, 2015 (EA).

URCA hereby notifies the public that ALL persons, licensees or franchise holders in the Electricity Sector (ES) in The Bahamas, or those involved in the generation, transmission, distribution, importation or exportation of electricity are required to obtain a licence from URCA unless exempt under the EA. Under section 22 of the EA, URCA was established as the independent regulator for the ES in The Bahamas and has the regulatory responsibility to grant a licence with terms and conditions consistent with the national energy and electricity sector policies, as URCA considers appropriate.

URCA requests that ALL persons, licensees or franchise holders in the ES, and those involved in the generation, transmission, distribution, importation or exportation of electricity in The Bahamas to contact URCA at its office either at telephone number (242) 396-5211 or email info@urcabahamas.bs or visit its offices situated at Frederick House, Frederick Street, New Providence no later than September 30, 2016 to the end of becoming duly licensed under the EA. URCA hereby advises that, pursuant to section 44(2) of the EA, any person who engages in the generation, transmission, distribution, importation or exportation of electricity without a licence granted by URCA commits an offence and is liable on conviction to a fine not exceeding Five Hundred Thousand Dollars ($500,000.00).

PAGE 6, Thursday, September 22, 2016

Govt ‘lacks credibility’ to probe Registrar’s 1.3m document leak From pg B1 though, that the Christie administration “cannot be taken seriously” when it comes to data security because of its previous release of confidential e-mails belonging to the Save the Bays activist group.

He nevertheless called for a probe to determine whether the data purportedly obtained by the International Consortium of Investigative Journalists (ICIJ), and its global media partners, had come from ‘hacking’ or any other method that violated the Data Protection Act. Mr Turnquest said it was vital for all investors and businesses in the Bahamas

to know their confidential data was secured and protected, warning that “serious damage” may have been inflicted upon the Bahamian financial services industry.

And he also suggested that Prime Minister Perry Christie consider whether to reassign Allyson Maynard-Gibson to a new ministerial post, given that the alleged breach had occurred under her stewardship. Mrs Maynard-Gibson did not return Tribune Business calls and e-mails seeking comment.

“It is clear.... that there has been a very serious data protection breach at the Register General’s Of-

fice, which falls under the Attorney General,” Mr Turnquest said in response to ICIJ claims that it now possessed data on 176,000 Bahamas-domiciled entities.

“This is very serious, and the Attorney General must respond to the threat and advise what steps have been taken to determine if, in fact there has been a breach; how extensive the problem has been; what information has been illegally accessed; any legal implications to the jurisdiction; and have clients been notified of the breach and advised of steps to protect themselves from financial, legal and personal risk?”

Mr Turnquest also asked whether an IT audit had been conducted at the Registrar General’s Department and its companies registry, and if all data access points had been reinforced.

He suggested, though,

that the Government lacked all credibility when it came to data protection, especially since Jerome Fitzgerald, minister of education, had this week said he would “leak private information” in the House of Assembly again should a similar case to Save the Bays arise.

“He was speaking to a similar alleged breach of confidential information that highlighted the serious damage that has been done to this sensitive financial services industry,” Mr Turnquest said.

“We wonder if he has yet realised the danger of his actions and careless speech.

The Government cannot be taken seriously in condemning this latest breach and release of confidential data (if the government system was, in fact, hacked), if they condone Minister Fitzgerald’s actions, tone and statements in relation to the Save the Bays mem-

QC says Sandals workers gained from termination From pg B1 about how these people [Sandals] are so harsh with these Bahamian employees.

“Well, the union accepts that the hotel was closing for two months. When occupancy falls, hotel workers’ days are scaled back.

We’ve all heard of hotel workers on two days, three days and no days.

“The option was for the people to be furloughed from August through to October without pay at the time when you would be getting your children ready for school, or for them to be terminated, paid, received unemployment benefit in the second month, and then reengaged in October.”

Mr Munroe said he had “heard stories about the workers celebrating” how much severance pay they received under the Employment Act. “But you still see stories about how bad they are being treated when they are actually being paid for two months,” he added. “If you believe it, their union wants them not to be paid. How

in the world is that standing up for workers?

“That appears to me to be the union standing up for that $10 per worker, per week, [union dues] and nothing more. Could you actually imagine? A lot of us live pay cheque to pay cheque, people getting ready to send their people back to school, and the union is saying send them home with no pay, just so that we can be sure that they remain members of the union? Whose interest is being looked out for in that dynamic?”

Mr Munroe continued: “How is it that this union isn’t telling people that it wanted its workers to go home with no pay at ‘back to school’ time? Things like that I find a little disturbing.

“I have all respect for properly-run trade unions.

I think that we are faced with a challenge where we have to make sure that the Industrial Relations Act is applied and followed by unions very simply, because there is a temptation to act in their own interest. And

Sandals Royal Bahamian I would think that it’s the Government’s responsibility to make sure that a worker who pays $10 a week is getting value for their money.”

Mr Munroe said Sandals Royal Bahamian had not terminated any of its managers, but said some became “disgruntled” as this position and wanted the same severance terms as the line staff.

‘The managers got disgruntled and asked to be offered the same deal, and when they were, 16 of their managers decided that they would like to be terminated along with the line staff; paid their benefits, have the right to reapply and be reengaged in October,” Mr Munroe said.

“For the life of me, I think

Bahamian people have to be more careful in what we say or we will be easily lead around by the noise.”

Mr Munroe said too much misinformation was circulating regarding the Sandals terminations, which he attributed to an “information vacuum”.

He explained that the Attorney General’s directive to the magistrate’s court, requiring it to drop the criminal prosecution launched by the BHMAWU’s officers against Sandals Royal Bahamian and its management, stemmed from an abuse of the judicial system’s processes.

Mr Munroe said the criminal case was effectively litigating the same issues as those raised in a pre-existing civil matter, which was

THE TRIBUNE

bers’ e-mail leaks. To do so would make them all hypocrites.”

Fred Smith QC, Save the Bays’ legal director, yesterday seized on the ICIJ ‘leak’ to warn the House of Assembly’s committee on privilege that it risked further undermining the Bahamas’ data security reputation should it proceed with its probe into the Supreme Court ruling on the Save the Bays’ e-mails.

“I hope this sends a clear message to the Privilege Committee that they should be very anxious about the reputation of the Bahamas abroad, and they should not seek to legitimise for purely political and vindictive reasons the illegal tabling and discussion of private financial and confidential information belonging to Save the Bays,” Mr Smith told Tribune Business.

Meanwhile, with Mrs Maynard-Gibson already

under pressure over her decision to direct the Magistrate’s court to discontinue the criminal action against Sandals Royal Bahamian and its top executives, Mr Turnquest sought to ramp this up even further.

“It is now clearly reasonable for the Prime Minister to reconsider his ministerial allocations to ensure that the individuals overseeing these critical Ministries are focused and fully in control of these sensitive areas,” he added.

Mr Turnquest’s call for an investigation was backed

by Democratic National Alliance (DNA) leader Branville McCartney, who described the ICIJ revelations as “a serious breach”.

“I think they need to determine fully how that breach occurred, and the Government needs to look at that and ensure that doesn’t happen in the future,” he added.

already before the Supreme Court. Previous rulings, he added, had established the legal precedent “that you cannot try in a lower court an issue that is presently before a higher court”.

Mr Munroe said he and Sandals Royal Bahamian had warned the Attorney General, Allyson MaynardGibson, that unless she acted they would sue both the magistrate and union officers via Judicial Review to have the criminal case quashed.

That case, which was due to be heard before Justice Ian Winder yesterday, appears to have sparked the Attorney General’s rush to finally file the ‘nolle prosequi’ with the courts earlier this week - despite it having been signed more than a month earlier on August 15, 2016.

This explanation was last night backed by PLP chairman, Bradley Roberts, who said Mrs Maynard-Gibson had “determined that it was an abuse of the judicial process to have the matter simultaneously litigated in the courts”.

Mr Munroe, though, said he - like the union - had been aware of the Government’s intentions, and only found out about the move after it has happened.

“There was a private prosecution launched against West Bay Management Ltd, which is Sandals, and two of their managers,” Mr Munroe said. “We were instructed for West Bay Management, and complained to the Office of the Attorney General that Sandals was at that very moment in a case [with] the registrar of trade unions and that union, making a case that the union didn’t

exist because it hadn’t complied with the mandatory requirement of the Industrial Relations Act.” The Supreme Court has still to determine whether the BHMAWU exists, and Mr Munroe added of the criminal case: “This prosecution is about whether this employer failed to negotiate with a union who it is presently saying doesn’t exist in the civil Supreme Court.

“There were issues about statute barring, and issues about them not having followed the process. We cried to the Attorney General that they need to look at this or we would sue them sue them in terms of bringing a case against the magistrate and the complainant to have the proceedings quashed.”

Mr Munroe said of the Government: “They said nothing to us, although looking at the nolle they must have looked at it and determined to sign it in August, but they told us nothing.

“So we settled the proceedings for leave for Judicial Review to get the proceedings quashed, and to get damages against the magistrate and the individuals bringing the prosecution.

We served them on Friday past with our application for leave to bring it, and I’m discovering through the press that they [the Government] promptly ran down to court on Monday and presented this nolle that terminated the procedure.

“So this morning, when we went before Justice Winder for leave, there was nothing for him to give us leave on, and so we got no cost against the Government.”

NOTICE

NOTICE OF DISSOLUTION OF

AL-MAL INVESTMENT ADVISORY CO. INC. Notice is hereby given that pursuant to Part IX, Section 138(4) liquidation of the above company commenced on the 20th day of September, 2016. Triangle Administration Limited of Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, The Bahamas has been appointed Liquidator of the Company.

Triangle Administration Limited Liquidator LEGAL NOTICE

NOTICE

SEABIO FAMILY LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) SEABIO FAMILY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 20th September, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

Dated this 22nd day of September, A. D. 2016

_________________________________ Leeward Nominees Limited Liquidator

THE TRIBUNE

Thursday, September 22, 2016, PAGE 7

Bran: ‘Jaundiced eyes’ now viewing Bahamas From pg B1 Mr McCartney expressed concern that the fall-out from their publication would further undermine an already-declining financial services industry.

“Oh my God; I’m just taken aback hearing it,” Mr McCartney told Tribune Business of the ICIJ ‘leak’.

“We can’t afford, as a country, to have more damage done to our international reputation. This, of course, doesn’t help.”

He added that the publication of the ‘leaked’ documents created “tremendous concern”, not only for the Bahamas but also for its international clients and investors doing business in this nation.

“This certainly doesn’t help our number two industry, which has been in decline for some years now, and continues to decline,” the DNA leader added.

“It seems as if everything is coming at us from an international perspective. It’s very, very concerning as, of course, it affects all of us.

Notwithstanding your political affiliation, it affects the Bahamas as a whole.

“It’s not good news. As a

person who does business and has investments in this country, it’s most concerning.”

Mr McCartney said his main fear was the fall-out impact on investor perceptions of the Bahamas as a safe and secure place to do business, and particularly whether their personal data and legitimate privacy concerns were protected.

“I fear the repercussions with the foreign direct investors who, looking at this, could have second thoughts on the Bahamas,” he told Tribune Business.

“That trickles down to the local investors, because there’s less foreign direct investment coming in. We are at a standstill now in that regard, and this certainly doesn’t help one bit.

“A lot of that has to do with the lack of transparency and accountability by our government. But now investors can look at the Bahamas with an even more jaundiced eye, have second thoughts and go elsewhere.

This seems to be a blow.”

Exacerbating the data security concerns is the fact that the breach appears to have come from within one

of the Government’s own agencies, and Mr McCartney suggested that the episode would take the financial services industry “down another notch”.

“The international community is saying that we’re not compliant and that we’re a tax haven,” he told Tribune Business. “That frightens away people who want to do legitimate business in the Bahamas.

“It’s a double whammy against us. Persons reading this are going to be looking elsewhere, whether it’s true or not. They’re going to reconsider doing business here.”

Paul Moss, president of Dominion Management Services, a Bahamianowned financial services provider, suggested yesterday that this nation could ease international concerns by requiring all International Business Companies (IBCs) to start filing the names of their shareholders/ officers with the companies registry.

One of the key complaints voiced by the ICIJ and its members, such as The Guardian newspaper in the UK, is that this nation lacks a public register of all beneficial owners of Bahamasdomiciled entities.

Mr Moss acknowledged that the likes of the G-20, European Union (EU) and

Classic + COOL

OECD had been pushing for this, given that the likes of the Cayman Islands and Jersey had bowed to such demands. The latter two, though, are UK Crown dependencies, whereas the Bahamas is an independent, sovereign nation.

Bahamian financial services regulators are able to access beneficial ownership information through their intermediaries and registered agents. Yet Mr Moss suggested that a central ownership registry that was placed “under lock and key” might be something this nation has to consider, notwithstanding privacy rights that are enshrined in the Bahamian constitution.

The ICIJ and the UK’s Guardian newspaper were both critical of the Bahamas’ companies registry, especially its online functions.

Mr Moss agreed with these concerns, telling Tribune Business: “I think that the system they have there is not really optimal. I prefer the old system of carrying in the documents.”

The former said: “The information in the online registry maintained by the Bahamian government is often incomplete.

“In addition, retrieving one company’s documents will cost at least $10, in conflict with the recommendation of the international

association of company registries, which discourages search fees.”

The Guardian, for its part, wrote: “The Bahamas claims to be a transparent jurisdiction with a public register of companies, but the information shared from the seat of government in Nassau is limited.

“The corporate registry is supposed to contain the names and addresses of all directors and officers, and can in theory be consulted online, but there is no requirement to register the owners of a company with the authorities. Unlike the Cayman Islands and Jersey, the Bahamas has not responded to public pressure to introduce governmentheld registers of beneficial owners.”

The UK newspaper continued: “The Bahamas registry website is often unavailable, and the information it contains is patchy.

Neelie Kroes [a former EU commissioner], for example,

does not appear in the online entry for the company of which she was a director.

Complete information can often only be obtained by phone and fax or a visit in person.

“Importantly, it is not possible to search for names of individual directors, but only by company name, which can make wrongdoing hard to track.”

Hope Strachan, minister of financial services, in her only comment following the ICIJ revelations, said in a statement: “The Bahamas remains committed to the transparency of its corporate registry.

“The data required by law to be maintained in the corporate registry is available to the public. The Bahamas is committed to the Registrar General’s Department transitioning to an entirely online service that meets international standards. This transition commenced in 2016 with the advent of the online companies registry.”

Classic Air Conditioners / Ductless Units 9,000 BTU 220V: $ 503.10 9,000 BTU 115V:

$ 532.13

12,000 BTU 220V: $ 532.13 12,000 BTU 115V:

$ 556.32

18,000 BTU 220V: $ 822.37 24,000 BTU 220V: $ 1141.65 Sales & Full Service Department Rosetta & Montgomery Streets T: 322-2188/9 | E: geoffjones@comcast.net | www.geoffreyjonesandco.com

PAGE 10, Thursday, September 22, 2016

Minister tells Bahamas: ‘Don’t be discouraged’ From pg B3 Bahamas and its economy, Mrs Strachan emphasised that the financial services sector had played a key role in the growth and development of the Bahamian middle class, providing this nation’s most lucrative and best-paying jobs.

“Financial services is the second pillar of the Baha-

mian economy, second only to tourism, and accounts for more than 15 per cent of the GDP of the Bahamas, and more than 20,000 jobs directly and indirectly,” the Minister added, “This represents more than 13 per cent of total employment in the country. The job opportunities presented in the financial services sector significantly

support the middle class in the Bahamas, as they are among some of the highest paid jobs available.

“Financial institutions also invest heavily in the intensive training of their employees, increasing their intellectual professional capital and indeed the professional human resource capital of the Bahamas.”

She added: “The financial services sector also generates more than $200 million in substantial government revenues, and 19 per cent of the country’s tax base, ac-

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

cording to the latest publicly available figures.

“It is, therefore, easy for us to understand how vital the financial services industry is to the Bahamas. It is also anticipated that these figures will increase tremendously as we advance to automate the various government departments (namely the Registrar General’s Department, Business Licensing Unit, National Insurance and the Immigration Department) in order to increase efficiency and to facilitate the ease of doing business in the Bahamas.”

Mrs Strachan dismissed the suggestion that the Bahamas is ‘dragging its feet’ in implementing the OECD’s Common Reporting Standard (CRS) for automatic tax information exchange, having committed to launching this in 2018.

She queried why only the Bahamas was being targeted, when other nations had also chosen to implement the CRS via a bilateral approach, which the OECD itself had permitted as an option.

“It stands to reason that if there was no alternative approach to signing on to the

call 502-2394 to advertise in the tribune today!

multilateral convention, the Bahamas would not have been able to make such a choice,” Mrs Strachan said.

“The discontent and outright attack on the Bahamas for having made the choice is not only disingenuous but extremely unfair. Could it be that a choice is not really a choice? Other countries have chosen the bilateral approach, but are not being targeted for negative ridicule for having done so.”

The ICIJ, though, again attacked the Bahamas for selecting the ‘bilateral’ approach to the CRS. It quoted Reuven Avi-Yonah, professor of tax law at the University of Michigan, and former consultant for the US and the OECD, as saying: “I am very doubtful that jurisdictions that seek to maintain bilateralism on this issue are serious about meeting their commitments, even under bilateral agreements.”

He then described the multilateral convention as “the new global standard, and jurisdictions that are serious about exchange of information sign on to it. I worry that money will flow to the bilateral jurisdictions and no information will be forthcoming.”

The ICIJ also took a shot at Mrs Strachan, saying: “Recently, when countries met to forge an agreement on swapping tax information between nations, or-

THE TRIBUNE ganisers declared that soon tax cheats would have ‘nowhere left to hide’. The Bahamas’ minister of financial services struck another note with reporters, concluding: “We got everything we wanted’.”

The ICIJ also quoted Nicholas Shaxson, author of ‘Treasure Islands: Tax Havens and the Men Who Stole the World’, who described the Bahamas as having “a riskier and wilder reputation than bigger offshore jurisdictions such as Switzerland”.

“The Bahamas is ‘on a par with Panama in terms of its thirst for and tolerance of dirty money’,” said Shaxson to the ICIJ. It added: “Recently, Shaxson said, as governments push tax havens to share banking and financial information with national tax agencies concerned about offshore evasion by citizens, the Bahamas has pushed back. “‘They are saying ‘While everyone else is being transparent, your secrets are safe with us. Bahamas has also long taken an attitude of selective non-compliance with its own laws, and it is now pushing out this message with a nudge, nudge, wink, wink’.”

Mrs Strachan yesterday said the Investment Condominium (ICON) product had proven successful, with 45 created to-date.

THE TRIBUNE

Thursday, September 22, 2016, PAGE 11

US stocks jump after Fed leaves interest rates unchanged

NEW YORK (AP) — U.S. stocks climbed Wednesday as investors were relieved that the Federal Reserve once again left interest rates unchanged.

That sent dividend-paying stocks higher, while energy companies jumped with the price of oil.

Stocks made a big gain after the Fed’s decision, which ended about weeks of confusion for investors. With the central bank confirming that it will raise interest rates slowly, bond yields dropped and utility and phone companies rose. The price of oil rose after the U.S. government said energy stockpiles shrank last week.

In the last two weeks, a few Fed leaders gave differing opinions on whether the central bank should raise interest rates now. That surprised investors, and stocks gyrated for a few days before settling down to tiny moves this week.

“If we had not received these mixed messages, I don’t think anybody would have been surprised,” said Sam Stovall, U.S. equity strategist for S&P Capital IQ. The Dow Jones industrial average added 163.74 points, or 0.9 percent, to 18,293.70.

The Standard & Poor’s 500 index picked up 23.36 points, or 1.1 percent, to 2,163.12.

The Nasdaq composite rose 53.83 points, or 1 percent, to a record 5,295.18.

Oil prices jumped as fuel stockpiles shrank and investors hoped that supply gluts are easing, which would allow prices to rise. The Energy Information Administration said oil inventories dropped by 6.2 million barrels and gasoline inventories decreased by 2.5 million barrels last week.

S&P Global Platts says analysts expected oil inventories to grow and gasoline stockpiles to shrink by a smaller amount.

Benchmark U.S. crude added $1.29, or 2.9 percent, to $45.34 a barrel in New York. Brent crude, used to price international oils, rose 95 cents, or 2.1 percent, to $46.83 a barrel in London.

That helped energy companies, and Anadarko Petroleum rose $2.78, or 4.8 percent, to $61.06 while Chevron added $1.93, or 2 percent, to $99.63.

The Federal Reserve said the economy has gotten a bit

stronger after some shaky results in the spring, and that the argument for raising interest rates has also gotten stronger. However the central bank said it wants to see more improvement in the job market before raising rates.

The Fed raised interest rates in December and hasn’t made another move since. The benchmark interest rate was cut to zero in late 2008 and at its current pace it will take many years for rates to get back to prefinancial crisis levels.

Investors were surprised earlier this month when Fed official Eric Rosengren, who has been reluctant to raise rates, suggested he might be willing to raise rates this month. For several days stocks made big moves

up and down as investors wondered if that would happen. In the end, Rosengren was one of three Fed voters who wanted to raise rates Wednesday. Seven members voted to leave rates where they are.

By Fed standards, that’s a divided result. Investors doubt the Fed will take action in November, when it meets right before the presidential election, but they think there’s a good chance rates will rise in December.

The Dow was up about 30 points before the Fed’s decision was announced. The ruling boosted dividendpaying companies while bond prices changed course and moved higher. The yield on the 10-year Treasury note fell to 1.66 percent from 1.69 percent.

a sign for Wall Street carved into the side of a building in New York. European stock markets dipped Thursday, Sept. 8, 2016, while the euro struck two-week highs against the dollar after the European Central Bank left its key interest rates unchanged and decided against extending the duration of its bond-buying stimulus program. (AP Photo)

Collections Specialist Leading local company seeking Collections Specialist to manage a list of debt collection matters, prospective payment arrangements, urgent payments or large payment arrangements that have been promised. The ideal candidate will be able to conduct skip tracing and property title research, prepare financial calculations through the use of financial models, communicate with accountholders, update collection management software, and work well with co-workers.

Qualifications: Highly motivated and results driven Excellent communication skills College business degree with GPA of 3.0 or more Excellent computer skills Ability to problem solve and apply judgement Ability to multi-task and work in a fast-paced professional setting All interested and qualified applications should submit a cover letter and resume to the attention of the Human Resources Manager at the below email address: Debtcollections242@gmail.com The deadline for receipt of all applications is Thursday, 29 September 2016. Only persons shortlisted for an interview will be contacted.

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

PAGE 12, Thursday, September 22, 2016

THE TRIBUNE

Bank of Japan sets higher inflation goal to revive economy

a man stands near an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo. Japan’s trade balance slipped into deficit in August, for the first time in three months, as a stronger yen sapped exports, the Finance Ministry reported yesterday. (AP Photo)

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

GN-1796

CABINET OFFICE PUBLIC HOLIDAYS The Cabinet Office wishes to advise the general public on the days to be observed as Public Holidays for the remainder of 2016 and early 2017: Monday, 10th October, 2016 -

Commemorated as National Heroes Day in accordance with Section 10 of the National Honours Act, 2016.

Monday, 26th December, 2016 - Observed as the Christmas Day Holiday Tuesday, 27th December, 2016 - Observed as the Boxing Day Holiday Monday, 2nd January, 2017

- Observed as the New Year’s Day Holiday

Monday, 9th January, 2017

- Commemorated as Majority Rule Day

The public should also be aware that, stores, wishing to do so, may open for business on Tuesday, 27th December, 2016, the day observed as Boxing Day and Monday, 2nd January, 2017, New Year’s Day. At the same time, business owners are reminded that employees who are required to work on Boxing Day, Tuesday, 27th December and New Year’s Day, Monday, 2nd January, 2017 must be paid in accordance with Section 10 (a) of the Employment Act. ******************

TOKYO (AP) — Struggling to rejuvenate an ailing economy, Japan’s central bank has set a more ambitious goal for raising inflation and announced steps meant to raise the profitability of financial firms.

World stocks rose Wednesday after the decision by the Bank of Japan, with Japan’s benchmark Nikkei 225 index jumping 1.9 percent.

The bank said it would seek to overshoot a 2 percent annual inflation target that it’s already failing to meet. By raising the inflation goal, it hopes to convince consumers and businesses that prices are heading up, coaxing them to spend more now and fuel faster economic growth.

Analysts expressed doubt that the new target would change the mindset of Japanese shoppers and businesses long used to a stagnant economy and flat or declining prices.

“No one believes it,” said Sung Won Sohn, an economist at California State University Channel Islands.

“They can’t get close to 2 percent (inflation). So how are they going to exceed 2 percent?”

The Bank of Japan kept short-term rates at negative 0.1 percent and said it will continue its asset purchases at a rate of about 80 trillion yen ($787 billion) a year.

But while keeping shortterm rates low, it will aim to push up yields on longterm government bonds.

A wider spread between short- and long-term rates would benefit life insurers and other big institutional investors, whose investment returns have slumped since the central bank imposed a negative interest rate policy early this year.

In a 61-page assessment, the Bank of Japan said its “quantitative and qualitative easing,” monetary policy had succeeded in ending deflation, or falling prices.

But it said that managing “inflation expectations” to encourage consumers and businesses to spend more is taking time.

“Sluggishness is expected to remain in exports and production for some time, and the pace of economic recovery is likely to remain slow,” it said.

Analysts expect the central bank to eventually slash its policy rate further.

“With underlying infla-

tion set to fall to zero in coming months, we expect the policy rate to eventually fall to minus 0.4 percent,” Marcel Thieliant of Capital Economics said in a commentary.

The world’s other major central banks have spent years struggling to rejuvenate their economies, to raise inflation and get businesses and consumers to spend more.

In the United States, the Federal Reserve is expected to raise short-term U.S. interest rates — but probably not before a meeting in December.

In December 2015, the U.S. central bank raised rates for the first time since 2006. It was widely expected to hike rates several more times this year, has held off as the U.S. economy sputtered, hobbled by weak global growth and a strong dollar that makes American goods pricier in foreign markets.

Meanwhile, European Central Bank chief Mario Draghi is asking for help from the governments of the 19 counties that use the euro currency. The ECB on Sept. 8 left its aggressive stimulus measures un-

THE TRIBUNE

Thursday, September 22, 2016, PAGE 13

Mylan CEO defends EpiPen cost to angry lawmakers

WASHINGTON (AP) — Outraged Republican and Democratic lawmakers on Wednesday grilled the head of pharmaceutical company Mylan about the significant cost increase of its life-saving EpiPens and the profits for a company with sales in excess of $11 billion.

Defending the company’s business practices, Mylan CEO Heather Bresch told the House Oversight and Government Reform Committee that she wishes the company had “better anticipated the magnitude and acceleration” of the rising prices for some families.

“We never intended this,” Bresch said, but maintained that her company doesn’t make much profit from each emergency allergy shot.

The list price of EpiPens has grown to $608 for a twopack, an increase of more than 500 percent since 2007.

Families who rely on multiple EpiPens to respond when their children have allergic reactions, whether at home or at sporting events, have lashed out at Mylan in growing public outcry.

House Oversight Chairman Rep. Jason Chaffetz, R-Utah, said high executive pay at Mylan “doesn’t add up for a lot of people” as the EpiPen price has increased.

Chaffetz said executives for the company made $300 million over five years while the list price for a pair of the emergency allergy shots rose.

“Parents don’t have a choice,” Chaffetz said. “If your loved one needs this, it better darn well be in your backpack.”

Mylan CEO Heather Bresch holds up an EpiPen while testifying on Capitol Hill in Washington, yesterday, before the House Oversight Committee hearing on EpiPen price increases. Bresch defended the cost for life-saving EpiPens, signaling the company has no plans to lower prices despite a public outcry and questions from skeptical lawmakers. (AP Photo) Bresch, who displayed an EpiPen, said the company makes only $50 in profit on each EpiPen. But Chaffetz said he finds that “a little hard to believe.”

The soft-spoken CEO patiently listened to criticism after criticism from lawmakers of both parties, but found no sympathy in the room. In response to one question, Bresch acknowledged that she made $18 million in salary last year.

“Sounds like you’re doing pretty well on this,” said Rep. John Mica, R-Fla. When asked if she understood what the furor was about, she argued that the complexity of drug pricing is partially to blame.

“I truly believe the story got ahead of the facts,” Bresch said.

EpiPens are used in emergencies to stop anaphylaxis, the potentially fatal allergic reactions to insect bites and stings and foods like nuts and eggs. People usually keep multiple EpiPens handy at home, school or work, but the syringes, prefilled with the hormone epinephrine, expire after a year.

The company says it has made strides to more widely distribute the drug to schools and others and raised awareness of deadly allergies. That requires investment, Bresch said.

The Mylan executive has some familiarity with Capitol Hill — she is the daughter of Sen. Joe Manchin, D-W. Va. But lawmakers so far haven’t given any deference to her, and several other committees have called for

COMMONWEALTH OF THE BAHAMAS

investigations into the price increase.

Bresch noted that Mylan has said it will begin selling its generic version for $300 for a pair. That will still bring Mylan tens of millions of dollars in revenue while helping retain market share against current and future brand-name and generic competition.

Chaffetz said he was skeptical that the company will lose any money on the generic versions.

“This is why we don’t believe you,” he said.

The company has also offered coupon cards and has doubled the limit for eligibility for its patient assistance program. But critics have said the coupons, discount cards and patient assistance programs aren’t real solutions because many customers won’t use them or won’t qualify for them.

Republican Rep. Scott DesJarlais of Tennessee, a physician, told Bresch that she was “trying to make us feel good” about the generic version and other programs, but that he doesn’t feel good about it.

“A mother would cut off her right arm to get that drug. You chose to charge her $600 instead of cutting off her arm,” DesJarlais said. “Lower the price so they can afford it.”

Mylan, though the company says it only receives about $1.1 billion after rebates and fees paid to insurers, distributors and other health care businesses.

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

2013

JOB OPPORTUNITY

IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION

The Winterbotham Trust Company Limited is looking to fill the position of

CLE/GEN/01235

IN THE MATTER of the Property comprised in a Deed of Mortgage dated the 23rd day of July, A.D., 2002 AND Further Charge dated 20th day of February, A.D., 2006 and made between Austin Kent Butler and Andrea Charlene Butler as Borrowers and Scotiabank (Bahamas) Limited as Lender AND IN THE MATTER of the Conveyancing and Law of Property Act, Chapter 138 of the Revised Statute Laws of the Commonwealth of The Bahamas.

BETWEEN

Last year, more than 3.6 million U.S. prescriptions for two-packs of EpiPens were filled, according to data firm IMS Health. That brought in sales of nearly $1.7 billion for

SCOTIABANK (BAHAMAS) LIMITED AND

Plaintiff

AUSTIN KENT BUTLER AND ANDREA CHARLENE BUTLER

Defendants

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

TO: ANDREA CHARLENE BUTLER Pursuant to the Order of Justice Cheryl Grant-Bethel, Justice of the Supreme Court made herein on the 18th day of August, A.D., 2016, TAKE NOTICE THAT: 1. An Originating Summons has been issued against you in the Supreme Court of the Bahamas being CLE/gen/01235 of 2013

by Scotiabank Bahamas Limited, The Plaintiff herein along with the Supporting Affidavit of Kelvin Briggs filed on the 11th day of July, A.D., 2013 seeking vacant possession of the mortgaged premises and Judgment.

2. A Notice of Appointment to hear the Originating Summons has been adjourned for hearing on the 29th September, 2016 before Justice Cheryl Grant-Bethel at 12:00p.m.

3. Publication of this Notice constitutes service of the aforesaid Notice of Appointment on you which you may obtain a copy of from the Supreme Court Registry, situate at the British American Building, George Street, Nassau, Bahamas during normal office hours.

4. The documents can also be collected from the Chambers of the Plaintiffs’ Counsel as set out below.

AND TAKE FURTHER NOTICE that should you fail to appear the Court may proceed in this action in your absence and make an Order as it deems just.

BAYCOURT CHAMBERS Cumberland House 15 Cumberland Street Attorneys for the Plaintiff

CAREER OPPORTUNITY A well established law office is seeking a highly-motivated individual as SENIOR ACCOUNTANT with five (5) years accounting experience and should have a Bachelor Degree in Accounting, proficiency in Microsoft Office, Quick Book and PCLAW. Previous experience in a legal environment is an advantage but not obligatory.

The duties of the successful candidate will be to manage book-keeping and finalization of accounts, which includes but not limited to the preparation of Income Statement, Balance Sheet, Cash Flows and Bank Reconciliation.

The successful candidate should possess excellent organizational and communication skills, the ability to multi-task, adjust priorities and work in a team environment without close supervision. The candidate should also have the ability to represent the office in a professional manner while working with clients and co-workers.

Interested candidates should email their C.V. and professional reference to lawfirmbahamas@outlook.com

PAGE 14, Thursday, September 22, 2016

THE TRIBUNE

Fed keeps key rate unchanged but hints of coming hike WASHINGTON (AP) — The Federal Reserve is keeping its key interest rate unchanged but signaling that it will likely raise rates before year’s end.

The Fed said in a statement ending its latest policy meeting Wednesday that the U.S. job market has continued to strengthen and economic activity has picked up. But it noted that business investment remains soft and inflation too low and that it wants to see further improvement in the job market.

The central bank characterized the near-term risks to its economic outlook as “roughly balanced.” It was the first time it has used that wording since late last year, when it most recently raised rates. Most analysts have said they think the Fed will next raise rates in December.

The Fed said its policy committee had concluded that “the case for an increase in the federal funds rate has strengthened but decided, for the time being,

Federal Reserve Board Chair Janet Yellen speaks during a news conference on the Federal Reserve’s monetary policy, yesterday, in Washington. The Federal Reserve is keeping its key interest rate unchanged but signaling that it will likely raise rates before year’s end. (AP Photo) to wait for further evidence of continued progress toward its objectives.”

“The Fed appears to be firmly on track for a December hike,” Paul Ashworth, chief US economist at Capital Economics, said after the statement was issued.

Stock prices rose after the Fed issued its statement and

extended their gains during a news conference by Chair Janet Yellen in which she laid out her case for holding off on a rate hike for now.

Major stock averages closed up around 1 percent for the day.

In her news conference, Yellen offered a simple explanation for why the Fed didn’t raise rates: The economy can still grow without hurting itself.

She noted that historically low rates haven’t caused the economy to overheat as some analysts feared they

would. Steady job gains have pulled discouraged workers back into the job market and yet inflation remains below the Fed’s 2 percent target rate.

“The economy has a little more room to run than previously thought,” Yellen said.

Indeed, the Fed made clear in updated forecasts it issued Wednesday that it expects growth to remain tepid for at least three years.

It expects the economy to expand just 1.8 percent this year and by an almost equally sluggish 2 percent in both 2017 and 2018.

The policymakers also forecast that inflation will nearly reach the Fed’s target next year before achieving 2 percent in 2018 and 2019.

Inflation has remained below that level for over three years.

For the first time since Yellen became Fed chair in February 2015, there were three dissents to the Fed’s statement. The three officials are all presidents of regional Fed banks — Esther George of Kansas City, Loretta Mester of Cleveland and Eric Rosengren of Boston. All wanted the Fed to raise its key rate at this meeting.

NOTICE

NOTICE is hereby given that ALCIME STANLY OF #24 RIDGELAND PARK WEST, ROBERTA DRIVE, P.O. BOX N-7060, 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 22nd 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 EDITH DORESTIL OF #24 CLIFTON STREET, P.O. BOX SS-19812, 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 22nd DAy of SEPTEMBER, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

MARKET REPORT WEDNESDAY, 21 SEPTEMBER 2016

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

BISX ALL SHARE INDEX: CLOSE 1,946.00 | CHG 0.01 | %CHG 0.00 | YTD 122.05 | 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 10.40 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 2.39 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 0.01 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

114.99 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

115.01 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.02 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

40

44

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 25.4 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% 2.51% 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

NOTICE is hereby given that FELICIA JOSEPH OF PENFOLD COURT, CARMICHAEL ROAD, P.O. BOX N-3331, 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 22nd DAy of SEPTEMBER, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Legal Notice

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

COMPTEX ENTERPRISES INC. Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), COMPTEX ENTERPRISES INC., 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.

MARIANO DE LARROBLA and MARIA DEL CARMEN FERNANDEZ., Av. Rivera 2417, Montevideo, Uruguay Liquidator

LEGAL NOTICE

NOTICE

International Business Companies Act (No. 45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No. 45 of 2000), Semel International Investments Ltd. is in dissolution. The date of commencement of the dissolution is 16th September, 2016. Kavan EE is the Liquidator and can be contacted at Winterbotham Place, Marlborough & Queen Streets, P.O. Box N-3026, Nassau, Bahamas.

All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before 16th October, 2016.

THE TRIBUNE

Thursday, September 22, 2016, PAGE 15

Senate panel backs bill to protect miners’ retirement funds

WASHINGTON (AP) — An election-year bill to protect health care and pension benefits for about 120,000 retired coal miners and their families is one step closer to a vote in the full Senate.

The Senate Finance Committee approved the measure Wednesday, 18-8. Six Republicans, including Finance Chairman Orrin Hatch of Utah, joined all 12 Democrats in endorsing the bill, which supporters say would save lives and honor a 70-year-old promise made by the federal government.

The measure has divided coalstate Republicans. Several endangered Republican incumbents support the bill, but GOP leaders — including Senate Majority Leader Mitch McConnell of Kentucky — are wary of bailing out unionized workers.

The bill would ensure that retired miners receive more than $250 million a year in benefits now at risk amid the coal indus-

try’s steep decline and bankruptcies of several large companies.

Without congressional intervention, some of the funds could run out of cash by next year, according to the United Mine Workers of America.

Sen. Shelley Moore Capito, R-W.Va., hailed the finance panel vote.

“This is not and should not be a partisan issue,” said Capito, who co-sponsored the bill with Sen. Joe Manchin, D-W.Va., and other lawmakers.

The proposed Coal Miners Protection Act “will mean a real difference in the quality of life for tens of thousands of Americans just months from now, and I hope my colleagues will recognize the uncertain futures facing our miners,” Capito said.

She and Manchin attended the finance panel meeting, although neither serves on the committee.

Hatch said the fiscal outlook

for the miners’ pension plan and its beneficiaries is “pretty bleak” and said the bipartisan bill represented months of hard work and compromise by both parties.

“I certainly don’t support everything in this package, though I will note that there are number of praiseworthy elements,” including the fact the bill is largely paid for through a fund used to clean up abandoned mines, Hatch said.

“Given that so many members ... have a keen and intense interest in this matter, I want work with my colleagues, despite my own concerns, to move the bill forward to be considered and hopefully improved” on the Senate floor, Hatch said.

Manchin and other supporters noted that President Harry S. Truman brokered an agreement in 1946 to guarantee miners’ lifetime health and retirement benefits, a move that averted a lengthy strike.

Sen. Mitch McConnell, R-Ky. speaks on Capitol Hill in Washington.

An election-year bill that would protect health-care and pension benefits for more than 100,000 retired coal miners is dividing coal-state Republicans. (AP Photo)

Pipeline protesters disrupt North Dakota oil group’s meeting MINOT, N.D. (AP) — Police in Minot say about five Dakota Access pipeline protesters briefly interrupted North Dakota’s top oil regulator at an industry conference.

Police say it happened Wednesday during the final day of the North Dakota Petroleum Council conference. Police say the protesters did not display “violent or aggressive acts” and no arrests were made.

The protesters identified themselves as elders of the Oglala Lakota Nation and took the stage while Department of Mineral Resources Director Lynn Helms was speaking to conference attendees.

The protesters called the pipeline that would run from North Dakota to Illinois a “black snake” that would harm water and land.

Minot police had said earlier that they had taken extra precautions to prepare for the possibility of protesters at the three-day meeting.