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Fox Hill prisoners to make your auto plates By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Road Traffic Controller yesterday sought to reassure Bahamians that their personal data and security will not be compromised by allowing prison inmates at Fox Hill to manufacture their vehicle license plates. Ross Smith told Tribune Business that personal data, such as addresses, driver’s licences and vehicle makes, were “not going to be shared” as part of plans to outsource the manufacture of auto licence plates via a joint venture with the Bahamas Department of Corrections. The Government has yet to award the contract to supply a new vehicle license plate system, but Mr Smith confirmed the administration’s intention for the manufacturing operation to be

Road Traffic in Corrections Dept ‘joint venture’

Minister: ‘They’re trying to put us out of industry’ Attacks on Bahamas ‘beyond understanding’

Controller reassures on personal data safety Her Majesty’s Prison main gate obtaining a job or starting their own business when they are released back into society. While the desire to reduce the level of re-offending among former prisoners is admirable,

some observers are likely to question whether Bahamians’ personal data and, possibly, their security may be jeopardised through the involvement of See pg b5

Minister slams tax meeting Bran: Sandals nolle shows Christie team a reporting as ‘bold faced lie’ ‘know nothing’ Govt Hope: I never went to By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Democratic National Alliance’s (DNA) leader yesterday slammed the Christie administration as a “know nothing government”, after Cabinet ministers said they were all unaware the Attorney General had ordered an end to the Sandals criminal prosecution. Branville McCartney told Tribune Business he found it “hard to believe” assertions by Shane Gibson, minister of labour and national insurance, that he was unaware his Cabinet colleague had issued a ‘nolle prosequi’ on the same day the resort chain termi-

‘Hard to believe’ no other ministers knew AG plan DNA leader: Lack of Govt cohesion ‘very scary’ Raises issue of Cabinet collective responsibility nated 600 workers. But other Cabinet ministers, including Obie Wilchcombe, minister of tourism, and Deputy Prime Minister See pg b6

Govt losing from under-25% second home registration By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Prime Minister Perry Christie yesterday said the Government was losing significant revenues from Abaco’s vacation rental and second home market, with less than 25 per cent registered with the Ministry of Tourism. Addressing the 13th annual Abaco Business Outlook conference yesterday, Mr Christie said Abaco had delivered more than $41 million in fees, taxes and Customs receipts to the Public Treasury in 2015. “This, however, was without the requisite Business License, registration fees and VAT contributions for vacation rental sales, emanating from the 250 second homes and rental villas - representing some 780 rooms - registered with the Ministry of Tourism,” he added. “This number represents less than 25 per cent of the total number of certificates and permits issued for second homes in Abaco with the Bahamas Investment Authority, most of which are neither registered nor licensed with the Ministry of Tourism for commercial operations.” Mr Christie continued: “This situation should be rectified, and all proper-

PM tells Abaco: Out Islands losing upgrade revenue Abaco generates more than $41m taxes in 2015 ties on a nationwide basis should be licensed and, like hotels and other commercial entities, pay licenses fees and taxes to the Bahamas Treasury. “That is something that should happen and it is not happening. Our developing communities throughout the Family Islands can benefit from increased revenues from home rentals, as many still lack services that would improve efficiencies and quality of life for citizens.” Mr Christie said the Ministry of Tourism’s registration drive for second homes was now in “full force”. “This issue is slowly and systematically being addressed,” he added. Mr Christie said the increased level of economic actvity on Abaco had generated growing demand for a financial services sector on the island, as shown by the number of commercial bank branches.

Bahamas targeting 2017 start on auto tax exchange talks To fight OECD by ‘getting ahead of curve’

Inmates to gain skills, with reduced re-offend goal

carried out at Fox Hill prison by the inmates. This is a key element of the Government’s strategy to equip inmates with marketable skills during their sentences, thus improving their prospects for

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A Cabinet Minister yesterday slammed as “a bold-faced lie” international media reports suggesting she implied that the Bahamas would continue undermining the global crackdown on so-called ‘tax cheats’. Hope Strachan, minister of financial services, denied making the comment attributed to her, and accused the International Consortium of Investigative Journalists (ICIJ) of smearing and besmirching both herself and the Bahamas. Her anger was directed at the ICIJ’s main report on the ‘leak’ of 1.3 million documents from the Registrar General’s Department, published on its website, which quoted an alleged statement she made to journalists. The ICIJ piece concluded: “Recently, when countries met to forge an agreement on swapping tax information between nations, organisers

meeting, let alone spoke Reports ‘paint picture of Bahamas that’s untrue’

‘What more’ is there than OECD ‘clean health bill?’ 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.’” Mrs Strachan, though, denied that she had ever attended such a meeting. She told Tribune Business: “I wish for the record to state categorically that this story is false, as I, C.V. Hope Strachan, minister of financial See pg b5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas is aiming to start automatic tax information exchange agreement negotiations a “full year” before it has committed to implementing the new global standard, a Cabinet Minister said yesterday. Hope Strachan, minister of financial services, indicated that acting to meet its Common Reporting Standard (CRS) obligations ahead of schedule was the best way for the Bahamas to respond to “the very well-organised” attack now Hope Strachan being mounted on its financial services industry. Acknowledging that it was “crucial for us” to meet the timelines leading up to the Bahamas’ CRS implementation in 2018, Mrs Strachan expressed hope that the necessary enabling legislation, and accompanying regulations, would be brought to Parliament before yearend. Once that was passed into law, the Minister said the Bahamas would seek to begin negotiations - on a bilateral basis - with countries wanting to automatically exchange tax information with it in early 2017. “It is crucial for us to do it,” Mrs Strachan told Tribune Business of the need for the Bahamas to meet its CRS commitments. “The Task Force that is actually dealing with this, they are focused See pg b4

PAGE 2, Friday, September 23, 2016

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Vision that inspires a corporate identity In a very literal sense, vision addresses an individual or company’s capacity to see. Figuratively, vision speaks to foresight, or an individual or organisation’s ability to take a peek around the corner. It is envisioning what has not been made manifest, but articulating and anticipating what could be. A vision provides direction and a road map into the future. It describes the type of company that you want to become. The vision creates purpose and identity for the individual and organisation. Biblical text admonishes us to write the vision and make it plain. This encouragement to clarify where you see yourself and your company going in the future is commonly referred to as the individual

or corporate ‘Vision Statement’.

Check Point 1.

Does your company have a Vision Statement? Vision Statements serve as the guiding light for employees. They are designed to help them see the larger picture of why they come to work each day, and will hopefully motivate them despite the challenges - to continue to work towards this goal. If the vision statement is to achieve its desired intent, then some level of deliberate sharing of the statement with team members is crucial.

Check Point 2.

Do you know your company’s vision statement/

Can you quote it verbatim? The industry standard for a concise vision statement is a sentence between 1525 words in length, which inspires each team member. They must see themselves as part of the company’s vision, and should be taken through how - in their particular role - they can contribute to making this a reality.

Check Point 3.

Does your company vision inspire you, and do you understand your individual role in accomplishing what it is proposing? If you are writing for the first time, or rewriting or updating, here are a few helpful hints regarding effective vision statements. The Vision Statement must be:

1. Future Focused: An effective vision describes the company’s desired future. It provides the ‘big picture’ and sets the context for action. 2. Directional: An effective vision provides direction and makes clear where the company is going. 3. Clear: The vision must clarify focus, direction and constraints to ensure that scare resources are focused on the most strategic initiatives. 4. Relevant: Visions do not exist in a vacuum. The vision must be relevant to the company and the times. It reflects the organisation’s response to the challenges of the day. 5. Purpose-Driven: An effective vision provides a larger sense of purpose for the company and its people.

6. Values Based: An effective vision connects people to the organisation’s core values. 7. Challenging: A vision is a goal that should challenge us, stretch us and set a high standard for the company. 8. Unique: A vision is unique when it declares what makes the company stand out and why it matters. 9. Vivid: Well-crafted visions describe the future in a way that is easy to imagine, and to picture, in the mind. 10. Inspiring: Vision appeals to the hearts and minds of people. • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with

Ian ferguson regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

Tourism secures two key African-American events Ministry holds seminar

on accessible tourism

The Ministry of Tourism has secured two events that are expected to attract thousands of African-American visitors to the Bahamas in 2017. Linville Johnson, the Ministry’s director of the African-American market, said plans were underway for the international Black Women’s Public Policy Institute Conference to be held in Nassau in March 2017. This will be followed by the 2017 Harlem Fine Arts Show in May. “This market is very important to our tourism industry because we have a shared affinity for heritage and culture. African-Americans primarily travel in groups for reunions, fraternal, religious, and civic events, conferences and meetings,” Mr Johnson said. Research shows that this segment of the US population represents one of the fastest growing markets in the travel industry. According to Black Meetings and Tourism Magazine: “AfricanAmerican travellers spend more than $40 billion yearly.” As part of the Ministry’s efforts to increase its visibility in the AfricanAmerican market, Mr Johnson and a team from the Bahamas Tourist Office in Washington DC attended the Congressional Black Caucus Foundation’s (CDCF) 46th annual legislative conference (ALC). ALC is described as the premier gathering of African-Americans, attracting more than 9,000 men and

Pictured from L to R are Vandia Sands, marketing representative, Bahamas Tourist Office, Washington DC; Jeff Rodgers, manager, Bahamas Tourist Office, Washington DC; consul general, Paulette Zonicle (Washington DC); Linville Johnson; director of the African-American market; Garbrielle Archer, area manager, Bahamas Tourist Office, Washington, DC; consul general, Randy Rolle (Atlanta); Anita Johnson-Patty, the Ministry’s general manager, global communications; vice-consul Janine Gibson, Washington DC; and vice-consul Faith Maycock, Washington DC. women throughout the US each year. The Ministry of Tourism took advantage of the gathering and promoted the Bahamas at several events, including co-hosting a meeting at the Consul General’s office for the Board of the International Black Women’s Public Policy Institute; co-sponsoring an event with the National Coalition of Black Meeting Planners; and participating in the annual Harlem Fine Arts show. The show will be featured in Nassau from May 11-14, 2017.

“We were able to build and maintain critical and meaningful relationships with key leaders in the African-American community, including those from the travel and tourism industry, Government, and religious community who attend this annual event,” Mr Johnson said. While in Washington DC, Bahamian tourism officials also hosted a lunch for 40 meeting planners and members of the media. They were educated on the latest developments in the Bahamas.

The Ministry of Tourism is preparing to host a oneday symposium next week, as part of the United Nations World Tourism Day to raise awareness about accessible tourism in the Bahamas. The symposium, scheduled for Tuesday, September 27, at the Melia Nassau Beach Resort, will feature panellists including Prime Minister Perry Christie; architect, Michael Diggiss; Rosanne Tudor of Fully Accessible Barbados; and members from the Bahamas National Commission for Persons with Disabilities, including Iris Adderley and Peter Goudie. Through hosting the symposium, the Ministry of Tourism is hoping to break into a billion-dollar travel market segment that has long been overlooked. Janet Johnson, director in the Minister of Tourism’s office, said the idea is to place accessibility at the heart of tourism development in the Bahamas. “Our symposium takes aim at an emerging market,” she said. “We want our visitors to not only feel welcomed and safe, but to ensure that they have access to

all that we have to offer in the Bahamas. “Next Tuesday, we hope to have a lively session where creative and bold ideas about accessibility can be shared and nurtured.” Ms Johnson said the Ministry hopes the event will stimulate businesses to begin retrofitting their properties to cater and remove barriers to those with disabilities and the aging baby-boomer population. Retrofits would include installing individual handicapped male and female bathrooms, grab railings, increasing the width of doors, special retrofitted wings in hotels, chair ramps and signage so as to accommodate all visitors. The UN World Tourism Organisation’s ‘World Tourism Day 2016 Celebration’, scheduled for September 27, will be held under the theme ‘Tourism for All – Promoting Universal Accessibility’. While its conference takes place in Bangkok, the organisation has encouraged countries to raise the national consciousness for accessible tourism by conducting a national symposium.

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Friday, September 23, 2016, PAGE 3

Abaco ‘feverishly’ battling boat theft By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Abaco’s economy has taken a hit from ongoing boat thefts, its Chamber of Commerce president yesterday saying the private sector was working ‘feverishly’ with law enforcement to combat the problem. Speaking with Tribune Business at the 13th annual

Economy has suffered ‘some significant losses’ Chamber working with police to nab thieves Abaco Business Outlook conference, Vado Bootle Sr said: “We have a new slate

of officers in Abaco with the Royal Bahamas Police Force. “We’ve moved throughout the island introducing them, and the Chamber with them is working on a road-map to take away the access that one would have to boats, as well as intercept the boats if and when stolen.” He added: “We are putting a team together to determine how people re-

spond when things happen. For instance, if a boat is stolen in Hope Town and there is a tracker on it, and they are heading north, we will have teams in Man O’ War with boats and police on board, teams out of Marsh Harbour, Guana Cay and Treasure Cay, depending on where the boat is headed. “It would increase the chances of these persons getting their property back

PM urges ‘new paradigm’ on investment approvals By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemdia.net

Prime Minister Perry Christie pictured during his national address on Baha Mar. Photo: Shawn Hanna/Tribune Staff

which puts it on track to deliver solid returns for the full year 2016, with over 99,000 visitors coming by air to the destination in 2015,” the Prime Minister added. “Abaco is only one of three islands in the Bahamas that was able to meet or exceed the region’s over-

all growth rate of 7.3 per cent in foreign air arrivals last year.” Mr Christie stressed that Abaco should be more involved in agriculture, so that linkages could be established between local producers and resort operators, given that the Bahamas imports more than

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$1 billion in food each year. “There is no question that Abaco has developed over the years into a market leader, keeping ahead of trends and turning challenges into opportunities,” said Mr Christie.

the same issue,” he added. “We are working feverishly to alleviate all aspects of crime. We don’t want anything left undone. We are going to be working with the Ministry of Tourism very soon to bolster our arrivals via vessels. We have taken some minor and, in some cases, significant losses in that regard as a result of boat theft.”

Book engine ‘revamp’ boost for Out Islands By NATARIO McKENZIE

nmckenzie@tribunemedia.net

Prime Minister Perry Christie said yesterday that there must be “a new paradigm” when it comes to facilitating investment approvals and minimising bureaucratic obstacles, conceding that the wait time on central government decisions was a major challenge. Mr Christie, who was addressing the 13th annual Abaco Business Outlook conference, said: “There must be a new paradigm when it comes to functioning, being able to facilitate approvals and minimising bureaucratic obstacles to get things done. “I concede one thing to the environmentalists; that God has given this country such untold pristine beauty that this generation has an obligation to ensure that future generations of Bahamians are able to see and experience what we now know and share.” Referring directly to Abaco, Mr Christie said the island has seen growth in 2016 out of its top US source visitor markets. “In the first half of this year, Abaco experienced incremental growth in each of its top 10 US markets,

fully intact,and we are working with the police in that regard. It’s a very new initiative but we are working feverishly.” Mr Bootle said that while boat thefts were a “great concern” for the Abaco community, the problem was not unique to those islands. “While the problem is a great concern to us, it is not unique to Abaco or the Bahamas; the Florida Cays has

A senior Ministry of Tourism official said yesterday that the Family Islands will soon benefit from greater visibility and visitor access, given that it has “revamped” its Bahamas. com booking engine to introduce domestic airlines into the global distribution system (GDS). Ellison ‘Tommy’ Thompson, the Miniastry’s deputy director-general, told Tribune Business that this was “really significant” in terms of providing greater access to the Out Islands by transforming the way visitors make their Bahamas’ travel reservations. Mr Thompson said: “We have revamped the booking engine on Bahamas. com. We are working with a local Bahamian company. We are now able to not only give a person international flights, but also bundle that with the domestic carriers such as Bahamasair, Sky Bahamas, Pineapple Air. “So that no matter where a person is coming from, a person would be able to get their international flight and then get a domestic carrier to Acklins, Crook-

ed Island or wherever.” He added: “We are also able to package in there the hotel, and if there are any discounts that apply to that. It’s really significant in terms of giving access to those islands and making it much easier and giving greater visibility to those islands as well. “A number of the local carriers were not in the global distribution system, so they didn’t show up, but now the bridge that we have helps them show up, and a person is able to book them instantaneously.”

PUBLIC NOTICE Would the owner of a white 30ft homemade fiberglass hull boat located in Drigg’s Hill South Andros, on Lot #1 of Flowers Estate please contact Percitta Knowles at 369-1466/4710981./369-4569 in reference to removing said item. Storage fee @ $150.00 will be charged everyday for duration of Notice and thereafter. If no contact is made, the owner of the property reserves the right to dispose of the boat. Whether it be by removal of the boat from the property or sale of the boat for all cost incurred.

PAGE 4, Friday, September 23, 2016

Bahamas targeting 2017 start on auto tax exchange talks From pg B1 and have worked extremely hard to produce that legislation.” The Task Force, which is effectively a private-public sector partnership (PPP), is led by the Attorney General’s Office and Ministry of Finance, the two government ministries that have primary responsibility for financial services regulation. The draft legislation, and accompanying regulations, guidance notes, Tax

Information Exchange Agreements (TIEAs) and relevant treaty instruments, are due to be released for industry consultation next month. “When it comes to the legislation, we want to make sure we ‘dot the i’s’ and ‘cross the t’s’, and have regulations at the same time as the guidance notes,” Mrs Strachan told Tribune Business. “We don’t want to leave anything to chance, and hopefully we will have that

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:

in place in time for the year-end. We’re saying to ourselves: End of the year, let’s have the legislation completed.” Achieving that milestone would then allow the Bahamas to start negotiations with other countries desiring automatic tax information exchange agreements well before the 2018 deadline it has agreed for CRS implementation. “That’s my hope, January,” Mrs Strachan said of the launch of negotiations, adding that the Bahamas was putting together “a team” for this purpose. “We will have a full year to do negotiations and work towards it.” The Bahamas’ strategic response to the growing international pressure is thus to get ahead of the curve, with ‘offense the best form of defense’. Such an approach has been privately advocated to Tribune Business by several financial services industry professionals, who have suggested that the Bahamas not wait until 2018 to start automatic tax information exchange talks. They, too, have argued that the Bahamas ‘get ahead of the curve’ by starting CRS-related talks now with at least 40-50 countries, especially with the EU mem-

ber states, who would have to be given ‘participating jurisdiction status’. This would both show that the Bahamas is serious and ‘kill two birds with one stone’, given that it would help to address both Organisation for Economic Co-Operation and Development (OECD) and European Union (EU)concerns. The Government, based on Mrs Strachan’s comments, appears to have taken this advice on board, as the Bahamas and its financial services sector comes under the most sustained, public international pressure experienced since the 2000 ‘blacklisting’. Mrs Strachan acknowledged that the Bahamas was the victim of “a very wellorganised attack”, which began with The Economist magazine portraying this nation as a non-cooperative jurisdiction that was undermining the global battle against “tax dodgers”. This was swiftly followed by the European Union (EU) ‘red flagging’ the Bahamas on two of three criteria related to tax avoidance, and culminated in the ‘leak’ of 1.3 million documents - containing details on some 175,000 Bahamasdomiciled entities - from the Companies Registry. “I call it attack because

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when you have forces from every sphere coming at you, and it’s done in a very organised and strategic way, and all seem to have the same agenda, it has to be an attack on us,” Mrs Strachan told Tribune Business. She said that while the Bahamas’ bilateral approach to implementing the CRS was the ‘peg’ or ‘hook’ for this onslaught, those attacking this nation likely had broader, more sinister objectives. “The OECD and the bilateral approach is the issue which they’re sort of hanging their hat on,” Mrs Strachan added. “I personally think the ultimate objective is to put us out of the financial services business.” The anti-Bahamas media offensive to-date appears designed to force, or bounce, the Bahamas into abandoning the bilateral approach to CRS implementation - something that would allow this nation to exchange tax information automatically with those that approach it - rather than with all-comers. While the OECD would clearly prefer all nations, including the Bahamas, to adopt such a ‘multilateral’ approach to CRS implementation, Mrs Strachan said the Bahamas had “made our position known

since 2014”. To suddenly change this stance now, she added, threatened to undermine the Bahamian financial services industry and cost it business. “If you think about how people do business, and how businesses operate, you cannot just decide today or tomorrow to change course, as that has a lot of implications for people,” the Minister told Tribune Business. Pointing out that the Bahamas’ approach to implementing the CRS global standard was agreed prior to her becoming minister of financial services, Mrs Strachan said: “We consulted widely with the industry, looked at our tax regime, all aspects of how the jurisdiction is managed, and determined which approach was safer for us.” The OECD had itself provided, and approved, the bilateral approach for implementing the global standard on automatic tax information exchange, she added. “To come back and vilify us for choosing this route seems very disingenuous,” Mrs Strachan said. “It’s beyond understanding why we are being attacked this way. It’s very well organised.”

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Fox Hill prisoners to make your auto plates From pg B1 inmates in the manufacturing. And the Request for Proposal (RFP) tender document for the system contract, which has been obtained by Tribune Business, emphasises that “the Bahamas Department of Corrections’ system must be stand alone and secure from the offender workers”. This suggests that there is a potential risk to data stored in the proposed vehicle licence plate system, especially given the known security weaknesses at Fox Hill prison, and the ability of inmates to ‘game’ or ‘beat’ the system. Mr Smith, though, said he had visited US prisons where inmates manufactured auto plates, and was “satisfied” that a similar system could work in the Bahamas. “That’s not going to be shared. Personal data is not going to be shared, and personal data is not going into that system,” the Road Traffic controller told Tribune Business. “The inmates at the prison will be responsible only for production. They are on the assembly line. The information that will go into it will be done by a manager at the Road Traffic Depart-

ment.” Mr Smith implied that all necessary data would be stored at the Road Traffic Department’s end and, while the system would be linked to the prison, the only information sent to the Bahamas Department of Corrections would be “batch orders” specifying the volume/quantity of required vehicle plates. Describing the manufacturing initiative as “a joint venture”, Mr Smith said the Department of Corrections will supply the labour, with Road Traffic providing the management once the winning bidder had installed the system and trained persons on it. “They will not be dealing with the data itself,” Mr Smith reiterated of the prison inmates. “That will be dealt with at the Road Traffic Department itself. “When you manufacture a plate, you’re not attaching to it anyone’s information. That information is not going to be made available for anyone to see. No individual information will be given out in that regard.” Mr Smith said the ‘prison takeover’ of vehicle licence plate manufacturing had been proposed for some time. He suggested it would be modelled on the US prison system, where such

Minister slams tax meeting reporting as ‘bold faced lie’ From pg B1 services since January 2015, have never attended any meeting of countries to forge an agreement on swopping tax information between nations. “Nor have I made such a statement to reporters or, in fact, anyone else. Further, I am not aware of anyone else who would have made such a statement on behalf of the Government of the Bahamas. It is a bold-faced lie, and should never have been printed or attributed to me.” Mrs Strachan emphasised that it was not her ministry, but rather the Ministry of Finance, that attended OECD-related tax information exchange meetings on the Bahamas’ behalf. “That’s what concerns me,” she added. “To attribute such a statement to me is definitely inaccurate in every respect. I am not the Minister, and the Ministry, who attends those meetings.” Mrs Strachan added that the ICIJ, and other recent international media reports on the Bahamas and

its financial services sector, seemed to have been crafted to portray this nation and its financial services industry in the worst possible light. “We are concerned, because we know a lot of the implications flowing from it paints a picture about the Bahamas that is not true,” the Minister told Tribune Business of the negative media offensive. “We are a compliant jurisdiction. The OECD peer reviews gave us a clean bill of health; that the Bahamas is largely compliant. If they’re the regulator, and they give us a clean bill of health, I don’t know what more we can do. “It [the articles] paint a picture of what the Bahamas is truly not about. They play loose and distort the timelines and everything to paint the picture they wanted.” The fall-out from the ‘leak’ of corporate information, such as director/officer names and annual returns for some 175,000 Bahamasdomiciled entities, continued yesterday. Both the major Swiss and

Friday, September 23, 2016, PAGE 5 activities were already performed. “When I came in I visited prisons in the US to see how it’s done, and the security issues related to that, and I was satisfied with what I saw at that time,” the Road Traffic Controller told Tribune Business. Mr Smith confirmed that the two contenders for the manufacturing system contract are Bahamas Automobile Safety and Inspection Centre, a Bahamian joint venture with the German firm, UTSCH AG, and USbased John R. Wald Company. The latter has experience with prison inmate manufacturing of plates. The RFP reveals that the Government is seeking a provider who can deliver either “a service bureau” or “turnkey solution” for manufacturing Bahamian vehicle license plates. “The new vehicle license plate manufacturing system would be located within the Bahamas Department of Corrections (BDOC),” the tender confirms. “All proposals for a new system must include all installation, set-up, user acceptance testing, training, design, engineering, transportation, delivery to the work room within the proposed site are at the BDOC, liability insurance, and a five-year maintenance programme. The solution acquired/contracted will employ offenders under the

care and supervision of the BDOC.” License plates are currently manufactured at the Ministry of Works, but auto dealers and other ‘new vehicle’ owners/buyers were frequently complaining about shortages last summer. The RFP says license plate production rates for the next five years are projected to average 310,000 “per non-reissue year”, up slightly from the present 300,000. It adds that the Government “is committed to exploring the use of new technologies in the manufacturing of vehicle license plates for the Bahamas”, and then sets out its requirements. “Any new system shall focus on maintaining or reducing production costs; maintaining the quality of vehicle license plate length of usefulness, readability and effectiveness of their security features; creating a ‘greener’ manufacturing process; providing offenders training in contemporary and marketable skills for their successful re-entry transition; creating a safer work environment; gaining system efficiencies; band potentially reducing the required facility space,” the RFP said. Emphasising the social/ crime reduction objectives attached to the initiatives, the RFP added: “The successful transition of re-

Canadian-owned financial institutions based in this nation came under the microscope from their ‘home country’ media for the extent of their incorporation/ registered agent activities in the Bahamas. UBS and Credit Suisse, both of which have a substantial presence in the Bahamas, were said to have incorporated more than one out of every 10 Bahamasdomiciled entities - some 9,500 - featured in the data ‘leak’. Similar scrutiny was applied to the Royal Bank of Canada, Scotiabank and CIBC FirstCaribbean for collectively registering 2,000 Bahamas-incorporated entities over the same period. RBC was said to have registered 847 companies, CIBC some 632, and Scotiabank a further 481 between 1990 and May 2016. However, conspicuously absent from any of the media coverage was any suggestion of wrongdoing on the part of Bahamas-based

financial services providers. The information obtained is largely files that would have been available to the public anyway, and the impression to-date is of an investigation that has failed to find a true ‘smoking gun’ and may have missed the mark. “The records in the registry were either there in terms of being physically able to go in, or online,” Mrs Strachan said. Acknowledging criticism about the inability to properly search for comprehensive corporate information online at the Companies Registry, she added that electronic moves had only been initiated this year.

advertise today! call the tribune today @ 502-2394

leased offenders who are re-entering our communities, and the safety of our communities, continue to be of concern to the Government. “The Government desires proposals which will help train offenders in modern production technologies and processes for license plate manufacturing.” The Government also wants to make the manu-

facturing process more health and environmentally friendly. “The current wet-ink license plate manufacturing process creates Volatile Organic Compound (VOC) emissions,” it added. “The Government is in search of proposals from proposed vendor/contractors which would eliminate or reduce VOC emissions due to plate productions and chemical releases.”

PAGE 6, Friday, September 23, 2016

Bran: Sandals nolle shows Christie team a ‘know nothing’ Govt From pg B1

Philip Davis, yesterday said they, too, had been unaware of Allyson Maynard-Gibson’s action until this week. Mr Gibson also dragged the Prime Minister into the situation, disclosing a conversation in which Mr Christie told him he, too, was unaware of the Attorney General’s order to the magistrate’s court to discontinue the criminal prosecution of Sandals Royal Bahamian and its two senior executives. Yet Mr McCartney yesterday pointed out that Progressive Liberal Party (PLP) chairman Bradley Roberts, who was not a Cabinet member, appeared to be better informed than the ministers about the Sandals situation - even to the extent of explaining the reasons for Mrs MaynardGibson’s actions.

“That’s very hard to believe,” the DNA leader told Tribune Business of Mr Gibson’s professed ignorance, and that of other Cabinet ministers. “And if indeed this is the case, that tells you the type of government that’s running the country. But for the Attorney General to act on her own accord in such a manner, that’s very hard to believe. “Perhaps we can ask her that, and if she did it without the knowledge of the Prime Minister and the Cabinet,” Mr McCartney continued. “The chairman of the governing party not only indicated he supported her actions, but explained why she did it. For Shane Gibson to say he didn’t know, and to bring the Prime Minister into it, that’s highly unlikely.

“The Attorney General has some answering to do. You have a situation where she issued a nolle on the same day those persons were terminated, and your telling me she knew nothing about it. I find that amazing. The Government doesn’t know anything about anything. It’s a know nothing government.” Mr McCartney, an attorney by profession, acknowledged that Mrs Maynard-Gibson possessed the power and valid legal reasons to act as she did. Wayne Munroe QC, the attorney representing Sandals Royal Bahamian in the criminal prosecution brought against it by the six union officers, explained that the matter was effectively litigating the same issues as those raised in a pre-existing civil dispute between the parties, which was 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 be-

fore a higher court”. Mr Roberts provided a blunter explanation, namely that “it was an abuse of the judicial process to have the matter simultaneously litigated in the criminal courts”. But while the Attorney General may have acted for valid legal reasons, the manner in which the ‘nolle prosequi’ was handled and disclosed has only served to further inflame the Sandals situation - and industrial relations (union-government) in the Bahamas generally. The Bahamas Hotel, Maintenance and Allied Workers Union (BHMAWU), whose members were among those terminated by Sandals, and other trade unions have been negotiating with the Government for five-six weeks since that development to resolve both this and other labour-related disputes. Mrs Maynard-Gibson attended several of these meetings, yet the ‘nolle prosequi’s’ signing and existence was never disclosed, resulting in the un-

ions believing that the have been both betrayed and deceived. This threatens to undermine both trust in the Christie administration and harmonious workplace relations, with the unions now hinting at widespread industrial actions. Given the ignorance professed by several Cabinet ministers about the ‘nolle prosequi’, Mr McCartney told Tribune Business: “It’s a government we should be very, very concerned about. “These are the people who have been in charge of our country for four-and-ahalf years, and they seem to not know what each other is doing. That’s very scary. This is a significant event in this country, and the Prime Minister said he knew nothing about it.” The DNA leader said the ‘nolle prosequi’ seemed to have exposed a bizarre situation at the heart of the Christie government, where the ‘left arm did not know what the right arm’ was doing. Such a scenario, he added, had previously played out with the Renward Wells’ Letter of Intent (LOI) saga, when a variety of Cabinet ministers professed to know nothing about the document, only for Tribune Business to reveal otherwise. Mr McCartney added that this was also the second time that Mrs Maynard-Gibson had been ‘offisland’ when a controversial ‘nolle prosequi’ was issued, with the Sandals episode - and ministerial denials raising questions about the convention of ‘collective responsibility’. Under the Westminster system of governance that the Bahamas has, all ministers share in the respon-

to advertise today in the tribune call @ 502-2394

THE TRIBUNE sibility for government actions and Cabinet-level decisions. Yet Mr McCartney suggested yesterday that Mr Gibson was not adhering to this by seeking to distance himself, and back away from, the ‘nolle prosequi’. “It seems as if it’s [collective responsibility] not working there,” he added. “You have Cabinet ministers saying different things, and you have the Minister of Labour saying obviously he doesn’t know, so he’s trying to work himself back out of it. “But the bottom line is anything done by a Cabinet minister, everyone’s responsible for it, so he can’t get away from it.” Mr McCartney suggested that, as a former trade union leader, and the Cabinet minister responsible for labour relations, Mr Gibson had extra reason to distance himself from the order to discontinue the Sandals prosecution. Based on the explanation from Mr Munroe, it appears that the ‘nolle prosequi’ was only flushed into the open by the Judicial Review application launched by Sandals Royal Bahamian. Mr Munroe said the resort launched this action in the Supreme Court to challenge the process employed by the union in initiating the criminal prosecution. The matter was due to be heard by Justice Ian Winder on Wednesday and, had he given permission for the Judicial Review to proceed, Sandals would have been taking on both the union officers and the magistrate. “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. With the Judicial Review hearing looming, and the Government facing the possibility of damage and cost payouts, the Government finally issued the ‘nolle prosequi’ to the magistrate’s court.

NOTICE

NOTICE is hereby given that BEVERLEY MARIE HINDS of #22 More Cumbe Drive, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that RACHELLE SAINTILHOMME OF WASHINGTON STREET, P.O. BOX N-10326, NASSAU, N.P., THE BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd 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 RICHARD MERVIN HINDS of #22 More Cumbe Drive, Freeport, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that THOMPSON ADOLPHE OF KEY WEST STREET, NASSAU, N.P., THE BAHAMAS, is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd 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 Romann Jean Francois of is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, September 23, 2016, PAGE 7

US grants Airbus, Boeing permission to sell aircraft to Iran DUBAI, United Arab Emirates (AP) — Aviation giants Airbus and Boeing Co. have received permission from the U.S. government to sell aircraft to Iran, part of landmark deals potentially worth some $50 billion in total following last year’s nuclear accord. The announcements Wednesday came as Iranian and U.S. leaders are in New York for the United Nations General Assembly and show that the outgoing administration of President Barack Obama is honoring the economic terms of the nuclear pact. The next administration, however, may change that equation for Airbus and Boeing, whose possible deal with Iran would be the biggest for an American company since the 1979 Islamic

Revolution and U.S. Embassy takeover. European airplane manufacturer Airbus announced the license from the U.S. Treasury’s Office of Foreign Assets Control early Wednesday. Boeing followed with its own announcement later in the day. Though based abroad, Airbus needed the approval of the U.S. Treasury for the deal because at least 10 percent of the manufacturer’s components are of American origin. Airbus applied for two licenses to cover its deal with Iran to ensure the fast delivery of some of the aircraft, Airbus spokesman Justin Dubon told The Associated Press. The license announced Wednesday covers the first 17 planes involved in the deal, which will be

N O T I C E

OLFORD HOLDINGS LTD. (In Voluntary Liquidation)

Creditors having debts or claims against the above-named company are required to send particulars thereof to the undersigned at P. O. Box N-7776 (Slot 193), New Providence, The Bahamas on or before the 7th day of October, 2016. In default thereof, they will be excluded from the benefit of any distribution made by the Liquidators.

A320s and A330s, he said. Dubon said Airbus hoped to receive a second license allowing it to sell the remaining planes to Iran soon. In January, national carrier Iran Air signed agreements to buy 118 planes from Airbus, estimated to be worth some 22.8 billion euros ($25 billion). On Sunday, state TV reported that Asghar Fakhrieh Kashan, a deputy transportation minister, said Iran would cut the number of Airbus planes to 112. Base model A320s are listed at an average of $98 million, while A330s start at $231.5 million. That puts the value of the approved 17 aircraft in the first license around at least $1.8 billion and possibly much higher based on list prices, though buyers typically negotiate sizable discounts for bulk orders. Under Boeing’s deal, Iran Air will buy 80 aircraft with a total list price of $17.6 billion, with deliveries beginning in 2017 and running until 2025. Iran Air also will lease 29 new Boeing 737s in a deal that Iranian officials have suggested would be worth some $25 billion in total. In a statement, Boeing spokesman Marc Sklar said, “We have received that license and remain in talks

N O T I C E

SUNSET WATERS HOLDINGS LTD. (In Voluntary Liquidation)

N O T I C E MARBLE INVESTMENTS LIMITED (In Voluntary Liquidation)

NOTICE IS HEREBY GIVEN as follows:A.

In accordance with Section 138(4) of the International Business Companies Act, 2000 (No. 45 of 2000) MARBLE INVESTMETNS LIMITED (the “Company”) is in dissolution.

The dissolution of the Company commenced on 21st September, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar of Companies of the Commonwealth of The Bahamas.

The Liquidators of the Company are TONI Y. GODET and CELESTE F. MITCHELL both of Lyford Cay House, 6th Floor, Western Road, Lyford Cay, P. O. Box N-7776 (Slot 193), New Providence, The Bahamas. Dated the 22nd day of September, 2016. ___________________________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

N O T I C E

MARBLE INVESTMENTS LIMITED (In Voluntary Liquidation)

with Iran Air” based on the memorandum of agreement reached in June. The U.S. Treasury confirmed in a statement that the agency had granted the first licenses to Airbus and Boeing. “These licenses contain strict conditions to ensure that the planes will be used exclusively for commercial passenger use and cannot

be resold or transferred to a designated entity,” the Treasury said in the statement. Iran’s English language Press TV reported Thursday that Deputy Transport Minister Asghar Fakhrieh Kashan said Iran expects the purchase of planes from Boeing to proceed faster than they will with France’s Airbus. “This is because

the structure of negotiations with Boeing is different from that of Airbus,” he said. Fakhrieh Kashan said Boeing has sent the text of its contract to Iran to be studied by the Iranian authorities. He said that Boeing officials were due to travel to Tehran next week to work toward finalizing the contract.

N O T I C E

OLFORD HOLDINGS LTD.

SUNSET WATERS HOLDINGS LTD. (In Voluntary Liquidation)

(In Voluntary Liquidation)

Dated the 23rd day of September, 2016. ___________________________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

two passenger planes of Iran’s national air carrier, Iran Air, are parked at the Mehrabad Airport in Tehran, Iran. Airbus announced Wednesday, Sept. 21, 2016, that the U.S. government has granted it a license allowing it to sell the first 17 planes involved in a landmark deal with Iran. Most Iranian planes were purchased before the 1979 Islamic Revolution that ousted Shah Mohammad Reza Pahlavi and brought Islamists to power. (AP Photo)

NOTICE IS HEREBY GIVEN as follows:-

In accordance with Section 138(4) of the International Business Companies Act, 2000 (No. 45 of 2000) OLFORD HOLDINGS LTD. (the “Company”) is in dissolution.

In accordance with Section 138(4) of the International Business Companies Act, 2000 (No. 45 of 2000) SUNSET WATERS HOLDINGS LTD. (the “Company”) is in dissolution.

The dissolution of the Company commenced on 21st September, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar of Companies of the Commonwealth of The Bahamas.

The Liquidators of the Company are TONI Y. GODET and CELESTE F. MITCHELL both of Lyford Cay House, 6th Floor, Western Road, Lyford Cay, P. O. Box N-7776 (Slot 193), New Providence, The Bahamas.

Dated the 23rd day of September, 2016.

___________________________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators

MARKET REPORT THURSDAY, 22 SEPTEMBER 2016

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

BISX ALL SHARE INDEX: CLOSE 1,946.03 | CHG 0.00 | %CHG 0.00 | YTD 122.08 | 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 2.39 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 2.43 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 0.04 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

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

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330

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

115.19 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

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

52WK LOW 100.00 100.00 100.00

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

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

VOLUME

500

VOLUME

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000

P/E 13.4 11.7 8.4 15.9 N/M N/M 35.0 15.4 11.5 19.2 26.5 25.9 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% 2.47% 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

0.0 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

___________________________________________ TONI Y. GODET and CELESTE F. MITCHELL Liquidators 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

PAGE 8, Friday, September 23, 2016

Why some Fed voting members hold more influence than others

Federal Reserve Board Chair Janet Yellen answers a question during a news conference on Federal Reserve’s monetary policy, Wednesday, Sept. 21, 2016, 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)

WASHINGTON (AP) — Janet Yellen’s Federal Reserve has demonstrated one of the core tenets of central banking: On the Fed panel that sets interest rates, some votes are more equal than others. The panel — the Federal Open Market Committee — voted Wednesday to keep rates unchanged, something

it’s done for six straight meetings. What was unusual this time was that the result drew dissenting votes from three members — the most dissents in nearly two years. The 7-3 vote reflected “no” votes from the presidents of three regional Fed banks — Esther George of Kansas City, Loretta Mester of Cleveland and Eric

CAN MAKE A DIFFERENCE IN THE LIVES OF THE CHILDREN AT RANFURLY

he Ranfurly Homes for Children has been a safe haven for thousands of Bahamian children since 1956. The Home provides a safe, structured environment for children who have been orphaned, abused, neglected or abandoned. YOU can make a difference in the lives of the children at Ranfurly. With your support children can have nutritious food, warm beds and a safe environment where they can discover the joy of being children. For years the children living and learning at Ranfurly have made great social and academic strides. Their further development requires additional support in the form of a Transitional Home, planned for construction on the Ranfurly property. This residence will cater to teenagers and young adults who are beyond school age, but need accommodation while they find work and gain independence from the Home. We look forward to your continued support in this worthwhile endeavour.

THE TRIBUNE

MEMBERSHIP PACKAGES Individuals, Families & Corporate Sponsors Children Helping Children - $5 (Individual children from ages 6 - 18) Individuals Helping Children - $50 (Individual adults 18 years and over) Families Helping Children - $100

CIRCLE of FRIENDS Silver: $1,500 - $2,499 Gold: $2,500 - $4,999 Platinum: $5,000 plus

OPPORTUNITIES • • • •

Invitations to Ranfurly events Assist with fundraising events Involvement with special activities Adults are eligible to join the Board after three months • Stay in touch with Ranfurly through website and newsletters

BENEFITS

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Rosengren of Boston. All wanted to raise rates immediately. And all were powerless to do so. Not since December 2014 had so many policymakers dissented from a Fed vote. But critically, the “no” votes Wednesday included none of the Fed’s influential board members in Washington. The FOMC’s voting members are made up of seven board members in Washington (there are two vacancies); the head of the New York regional Fed; and four of the 11 other regional bank presidents who serve on a rotating basis. The last time any board member has dissented from a Fed policy vote was more than a decade ago, in 2005. That’s where the unequal nature of Fed votes comes in. The Fed isn’t like the Supreme Court, where 5-4 rulings are common. Fed leaders generally prefer votes that are unanimous or nearly so — to foster confidence among investors that it’s pursuing rate policies that command broad support. But if Fed leaders can’t get all voting members of the FOMC to back them, they can still preserve market confidence if they enjoy the support of all members of the board. Like the Fed chair, the board members are hand-picked by the president and confirmed by the Senate to a job in which they’re supposed to represent the entire country. By contrast, the regional bank presidents are chosen by the boards of each regional bank. They tend to represent the views of business leaders in their districts, and they are often perceived as being sympathetic to banking interests and quicker to support increases in interest rates. Once during the mid1980s, when Paul Volcker, then the Fed chair, was outvoted by the seven-member board, he went to Treasury Secretary James Baker and offered to resign. Baker resolved the conflict by persuading Fed board members to change their votes and back Volcker. Yellen, like most of her predecessors, has managed to maintain solid support among the board and the New York Fed president. Wednesday’s vote showed that the chair, mindful that she and her allies represent the central bank’s power base, isn’t unduly bothered by a trio of dissents from regional bank presidents. “Yellen is not losing control of the committee,” said Brian Bethune, an economics professor at Tufts University in Boston. “As long as a Fed chair has the support of the board, she will feel comfortable.” That doesn’t mean the regional Fed presidents have no influence. Some economists say they think the Fed’s statement Wednesday was shaped to signal that a rate hike is coming, probably in December, in part because of the growing number of dissents. “Three dissents are not normal; they are rare,” said David Jones, who has written books on the Fed’s history. “This is something Yellen is going to have to deal with.” The betting is that she will deal with it by steering the committee to support a rate hike by year’s end. Analysts said they would be expecting a rate hike at the next meeting in November if it were not occurring less than a week before the presidential election. They think the Fed wouldn’t want to be raising rates so close to the election for fear of being seen as influencing the vote. Far from seeming flustered by Wednesday’s three dissents, Yellen said at a news conference that it’s helpful that the Fed’s policy panel represents a range of views. “The FOMC is not a body that suffers from group think,” she said.