MONDAY, SEPTEMBER 26, 2016
business@tribunemedia.net
$3.78 OECD attacks like ‘unofficial blacklisting’ of the Bahamas By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A former finance minister says the recent OECD-inspired media onslaught against the Bahamas is akin to an “unofficial blacklisting” of its financial services industry, describing the situation as “a new form of international colonialism”. James Smith, also an ex-Central Bank governor, told Tribune Business that the well-co-ordinated, intense nature of the offensive against the Bahamas suggested more was at stake than just this nation’s chosen approach to implementing the global standard for automatic tax information exchange. He branded the sudden opposition to the Bahamas planned bilateral implementation of the Common Reporting Standard (CRS) as “ridiculous”, given that the OECD had itself allowed countries to select either this or the multilateral See pg b4
Ex-finance minister slams actions as ‘colonialism’ As OECD tax chief threatens real blacklisting Doubts Bahamas ability to meet CRS obligations
James Smith
Former foreign employees of Baha Mar have to wait until October 31 to see if they will recover what is owed to them, while their Bahamian counterparts have been reminded of the “take it or leave it” approach. Tribune Business can reveal that expatriates who submitted claims to the five-person Baha Mar creditor payout committee have been reminded of their status - they stand at the back of the creditors’ queue. An e-mail reply by the committee to one former overseas staffer, which has been obtained by this newspaper, emphasises that the staff payouts - set to begin tomorrow, and take place over a three-day period this
Told: Don’t bother showing up; you’re back of queue Bahamian workers reminded: ‘Take it or leave it’ week - are for former Bahamian staff only. “As previously indicated, the committee’s immediate goal is to settle the claims of former Bahamian employees by September 30, 2016,” the e-mail says. “As such, the payment instructions and upcoming cheque distribution dates recently published are applicable to former Bahamian employees only. “The committee has received your claim and will See pg b4
Sixty-day termination notice ‘recipe for woe’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The National Tripartite Council’s co-chairman has branded the proposed ‘60-day advance notice’ that employers must give of impending redundancies as “a recipe for putting your business in trouble”. Peter Goudie, one of the private sector’s See pg b5
Redundant staff may ‘make trouble’ Govt’s Sept 30 labour law reform target ‘impossible’ Private sector, unions still developing positions
$4.19
$4.01
Liquidator targeting Govt’s $720k oil fee By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Some $720,000 in oil exploration license fees that were paid to the Bahamas Government are being targeted by a Cayman-based liquidator, who has written to two Cabinet ministers seeking their assistance in recovering the funds. Christopher Johnson, managing director of Chris Johnson & Associates, indicated to Tribune Business that the monies were
Seeks recovery help from AG, environment minister Applicant’s company in court-supervised liquidation Answers sought on licence fate, any more monies
potentially among the best recovery sources for investors in Ryan Bateman’s B & C (Bateman & Company) Ltd. He revealed that he has written to both Kenred Dorsett, minister of the environment and housing, and Allyson Maynard-Gibson, the attorney general, to obtain their help in recovering the funds for what is a court-supervised liquidation. Mr Johnson, in an emailed statement in response to Tribune Busi-
ness inquiries, said he was targeting the $720,000 paid to the Government by two companies, Atlantic Petroleum Ltd and Bahamas Exploration Ltd, to acquire the oil and gas exploration rights for an 848,630 acre site in water north of Grand Bahama. “As the court appointed joint provisional liquidator of Bateman and Company Ltd, I am inquiring as to what has become of monies invested by that company and several investors who See pg b5
Unions’ strike threat ‘like child’s tantrum’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Baha Mar expat staff face October 31 wait
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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Trade unions have been urged not to “throw a child’s tantrum” over the Sandals situation, the Chamber of Commerce’s chairman warning against any strike action that would “cripple” businesses. Gowon Bowe told Tribune Business that the Chamber, and wider private sector, would not support
Action would be ‘counter productive’ for workers Chamber against ‘crippling firms, productivity’ any industrial action that would “disrupt economic productivity”.
And he warned the trade union movement, and workers in general, to remember that there would be no need for either if businesses did not exist. Responding to union hints that they will launch widespread industrial action after the Attorney General blocked the private prosecution of Sandals Royal Bahamian, and its management, from proceeding, Mr Bowe See pg b6
Gowon Bowe
PAGE 2, Monday, September 26, 2016
THE TRIBUNE
Sandals hires under 1/3 of former staff to-date Fewer than one-third of former Sandals Royal Bahamian staff members have been re-hired to-date, out of a total of 500 workers now engaged for when the property re-opens. “We are on target for a mid-October soft opening,” said Jeremy Jones, Sandals
Resorts International’s director of corporate services. “When you are doing extensive repairs in an historic property like the Royal Bahamian, you learn to expect the unexpected. Despite extra work that had to be undertaken, construction crews and sub-contractors
have brought their best game and have hit schedules remarkably well, and we really thank them for that.” Sandals Royal Bahamian terminated 592 staff to facilitate its two-month construction upgrades. Some senior staff members received more than $34,000 in severance
Near 500 workers receive letters monies, while 60 employees were transferred to Sandals Emerald Bay in Exuma to help accommodate the extra bookings from transferring guests who had reservations for Nassau. Sandals, which promised there would be no net increase in unemployment as a result, then held a four-day recruitment fair to hire/rehire staff for the mid-October opening. “Only about two-thirds of those employed before turned out for the job fair, though everyone was invited,” said Mr Jones. “While we were a bit disappointed in the numbers, we were not totally surprised. The severance packages made it possible for people who had been working hard to take some time off. “Others may have chosen to go back to school or develop skills for a different position or career. For many, the unexpected closure and immediate pay-out opened up opportunities.” As at September 25, nearly 180 former staff members who applied have begun orientation, and there are still more positions to be filled. “We continue to aim for a mid-October soft opening, and we want to make sure
Excitement Builds – Hundreds of Bahamians begin orientation to prepare for positions when Sandals Royal Bahamian reopens next month following a multi-million-dollar restoration. Letters are still going out to prospective employees as the company seeks to fill 600 jobs at the historic property on Cable Beach. all posts are filled with a six-month training cycle, so there is little time to spare,” said Mr Jones. “Fortunately, everyone is showing tremendous enthusiasm and there is a real spirit of rejuvenation, a pride in being part of something historic and something new all at once.” Several hundred staff piled into a former ballroom at Sandals Royal Bahamian last week to begin orientation, preparing for their new jobs. Across the property, boilers and chillers were being replaced; two large pool decks completely removed and replaced; ballrooms renovated, guest rooms redone, several villas gutted and rebuilt; pathways and
common areas reworked; original wooden floors sanded and refinished; air conditioning replaced; and a new dining option created. More than a dozen Bahamian companies were hired to work on repairs that were so extensive the hotel had no option but to close, according to an engineer’s report. The closure came in August as the Cable Beachbased all-inclusive was enjoying nearly 100 per cent occupancy, and was facing a nearly fully-booked property for the next several months. Sandals Resorts International operates 14 Sandals resorts in the Caribbean, including three in the Bahamas.
Chinese alliance to boost realtor
A Bahamian realtor willbenefit from a partnership that will drive Chinese buyer interest in this nation’s luxury real estate. Damianos Sotheby’s International Realty will receive a boost from its franchise’s tie-up with Juwai. com, a website with more than two million monthly visitors. “The Sotheby’s International Realty alliance with Juwai.com puts our listings in front of Juwai.com’s audience of high net worth
Chinese international property buyers,” said Lana Rademaker, vice-president, Damianos Sotheby’s International Realty “Having Juwai.com’s team respond to leads in a timely fashion overcomes the cultural and time-zone challenges of working with overseas buyers. That’s a huge competitive advantage to our clients.” Sotheby’s International Realty property listings will appear on Juwai.com, and in its real estate search results.
Juwai.com’s Chinese-language team will respond to consumer inquiries in real time, translating them into English and forwarding them to the Sotheby’s International Realty sales associate who has the listing. Damianos Sotheby’s International Realty has 10 offices located throughout the islands of the Bahamas, including in Abaco, Eleuthera, Exuma, Nassau, Paradise Island, Ocean Club Estates, Lyford Cay, Old Fort Bay and private islands.
THE TRIBUNE
Monday, September 26, 2016, PAGE 3
airlift Land registration still Abaco’s capacity up 9% ‘stuck in 18th century’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzi@tribunemdia.net
By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas’ land registration system remains “stuck in the 18th century, an Abaco realtor believes, while calling on this country to develop a proper Land Use Plan (LUP). Dwayne Wallas, appraiser and estate agent at HG Christie, told last week’s Abaco Business Outlook conference: “Uncertainty is terrible for investment. If you don’t know what’s going to happen you’re not going to spend your money. “Having a Land Use Plan and making it public allows investors to know where the Bahamas is going. The Bahamas land registration system is stuck in the 18th century. It’s high time that we change
Undermining investor confidence, business ease Abaco market sees 18% growth in value But prices still falling at rate of 5% per year the way land ownership is recorded and registered. “At the moment, it is a person-based registration system. That needs to be changed to a parcelbased registration system. I believe it has far-reaching
implications for the ease of doing business in the Bahamas. It could have a trickle-down effect on the ease of doing business.” Speaking on the Abaco real estate market’s health, Mr Wallas said: “Overall, the real estate market in Abaco is doing well but it could always do better. “The real estate sector in Hope Town is ‘booming’ while the rest of Abaco is having a banner year. Treasure Cay is a close second for driving the Abaco economy. They have a strong tourism market as well as posting a strong year for real estate sales. “The condominium market in Treasure Cay was in terrible shape. For almost eight years since the global recession there was basically no real estate sales of condo in Treasure
Cay, and in the last two years that has started to normaliae and see sales,” he added. “The second homeowner market, I think, is an economic model that can be grown and built upon. It’s working for Abaco; why not encourage it in other parts of the Bahamas.”. Having looked at real estate sales in the Abacos over the past seven years, Mr Wallas said there has been an 18 per cent growth in sales value. “Despite the growth and strong activity levels, property prices in Abaco are still dropping around 5 per cent per year. I don’t think that will continue. I think in the next year or two, maybe 12 months, property prices will start to come back up again,” he said.
Callenders hires six new associates Adrian Gibson
Crispin Hall
Garth Philippe
Marissa Pyfrom
Pearline Ingraham
Syneisha Bootle
Callenders & Company has announced that six new associates have joined the firm. “Callenders, the country’s oldest legal practice, was founded in 1903 and celebrated continuous service to local and international clients for more than 100 years over a decade ago,” said Chad Roberts, its Nassau managing partner. “During all that time and for the next decade and more, there was a member of the Callender family at the helm. Sadly, Colin Callender passed away in December, for the first time leaving Callenders without a member of the founding family in either Freeport or Nassau. “Although Mr. Callender’s death was untimely, he and the firm’s partners had
been seriously recruiting the brightest and best new talent, an exercise that resulted in identifying a number of well-educated, high energy, thoughtful and diligent younger legal minds,” he added. “We are now pleased to announce that six associates have proved themselves and have been named to the firm, each bringing a singular strength in a current area of demand among our client base.” Attorneys Adrian Gibson, Crispin S. Hall and Pearline Y. Ingraham joined the Freeport office headed by Fred Smith QC, although Mr Gibson works out of the Nassau office. Syneisha Bootle, Garth Philippe and Marissa Pyfrom have joined the Nassau
Others need to match Delta’s 90% load factor
Abaco has attracted 47,000 stopover visitors yearto-date, a Ministry of Tourism official says, with the island’s airlift capacity for international arrivals increasing for the third straight year. Ellison ‘Tommy’ Thompson, deputy director-general of tourism, said: “In terms of air seat capacity, Abaco is up 9 per cent in 2016 over 2015, and a lot of that has to do with the new Delta fight into Marsh Harbour from Atlanta. “Load factors in the 90 per cent on Delta are extremely positive for the destination. However, the rest of the international flights are around 70 per cent. That is not as healthy as it could be. “In order for the airlines to be making money you have to have your load factors in the 90 per cent. Silver accounts for half of the nonstop life into Abaco in 2016, but American Airlines has made the plane bigger, so
you’re getting more business out of there, too. “Eight per cent of your business is now coming from the Atlanta gateway; before it was Florid,a and this can only grow as we get more connections out of the Atlanta gateway.” Stopover visitors to Abaco in 2015 numbered 99,725, with 65,000 coming by commercial airlines and 21,900 arriving by private planes. A further 7,000 came by private boats. Mr Thompson added: “Abaco is clearly poised for success, but we have to see how we can globally position Abaco. We have to make sure that the products are pristine and state-of-the-art.”
office. Mr Roberts said it was the first time in the firm’s history that nearly every new associate had received at least part of his or her pre-law or legal education in the Bahamas, either at the College of the Bahamas, the Eugene Dupuch Law School or a combination of the two. “As the laws of the Bahamas continue to evolve, so must the country’s legal firms, and this exhaustive exercise on the part of Callenders & Co in Grand Bahama
and in Nassau is an indication that despite our awards and recognition, no firm can stand on yesterday’s laurels,” said Fred Smith, QC, senior partner at Callenders’ Grand Bahama office. “I am particularly pleased to know that some of the most capable young lawyers want to join Callenders because of our commitment, especially in Grand Bahama, to fighting for human rights and environmental protection and preservation.”
70% levels ‘not as healthy as could be’
MARIE REID, MBA Learning & Development Consultant
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PAGE 4, Monday, September 26, 2016
Baha Mar expat staff face October 31 wait From pg B1 be in touch with you by October 31, 2016.” That date coincides with when the committee should have decided, and be starting to payout, the funds owed to non-employee Baha Mar creditors - namely Bahamian contractors (not those owed by China Construction America) and vendors/suppliers. This implies that all foreign creditors of Baha Mar, both ex-staff, contractors and vendors, will have to fight over what little ‘scraps’ are left from the $100 million being made available by the China Export-Import Bank. The majority of this will likely have been exhausted by the Bahamian creditors. One source, speaking out on behalf of Baha Mar’s former foreign staff, said: “How is this fair when these
people were brought in, and encouraged to leave other jobs to come here. “These persons worked without pay for three months following the Chapter 11 filing. The foreign staff did not get a penny, and some of these guys are owed a substantial amount of money.” Several persons, including Democratic National Alliance (DNA) leader Branville McCartney, and Fred Smith QC, the Callenders & Co attorney and partner, have spoken out about the dangers of discriminating against Baha Mar’s foreign creditors in the claims payout process. While nobody is objecting to Bahamian creditors being paid what they are due, by agreeing to a claims process that discriminates in favour of locals over foreigners, the Government
OECD attacks like ‘unofficial blacklisting’ of the Bahamas From pg B1 approach. “On the surface, it seems to be a well-designed and targeted attempt to unofficially blacklist the Bahamas as if it’s collaborating with wealthy people to help them escape taxes,” Mr Smith told Tribune Business. “I don’t know what is driving it. I see earlier reports guessing that the focus is that the Bahamas opted to go the bilateral approach, as opposed to the multilateral route, for CRS, which is ridiculous, given that we were given that option. It seems more than that.” Mr Smith’s comments came prior to public interviews given by Pascal SaintAmans, the OECD’s tax policy head, in which he threatened that the G-20 would place the Bahamas on a ‘blacklist’ in 2017 if it did not bow to the multilateral CRS approach.
The Spanish newspaper, El Mundo, quoted Mr Saint-Amans as saying: “If the Bahamas continues, go to the blacklist of the G-20.” The ‘blacklist’, according to the Spanish newspaper, will feature those who do not meet the so-called ‘international standard for fiscal transparency’, which has likely been developed by the Organisation for Economic Co-Operation and Development (OECD) itself. “For now it is the case of the Bahamas, which is one of the countries that refuse to sign the multilateral agreement on automatic exchange of information,” Mr Saint-Amans was quoted as saying, pointing to the more than 100 countries who have agreed to implement the latter approach to the CRS. Mr Saint-Amans also poured scorn on the likelihood of the Bahamas meeting its commitment to im-
may have opened up some unintended consequences - namely the potential for collateral damage to this nation’s investment reputation. This was echoed by a Bahamian attorney, speaking on condition of anonymity, who confirmed they had been retained by several of Baha Mar’s foreign creditors in case legal action was necessary to safeguard their rights. These creditors will be submitting their claims, and associated proof of the sums owed, to the Baha Mar creditor payout committee, before settling back to watch how they will be treated. The Government’s priority in the agreement with the China Export-Import Bank was for Bahamian creditors, namely local contractors, vendors and the former Bahamian staff, to receive what they were due. Claims valued at $500,000 or less are likely to be made ‘whole’, while those owed higher sums are likely to re-
ceive a substantial portion of what is outstanding. But in a normal receivership/liquidation claims process, whether under the supervision of the Supreme Court or not, secured creditors (in Baha Mar’s case, the China Export-Import Bank) get first picking over the remaining assets. Next behind them in the creditors’ queue are the Government and former employees’ claims, with all other creditor groups further down the line. There is, though, no discrimination on the grounds of nationality. The Government and China Export-Import Bank have been able to structure the claims payout process such because the $100 million to fund it is coming from the latter, not Baha Mar and its group of companies, meaning that it can take place outside the ongoing receivership/provisional liquidation process. Meanwhile, the creditor payout committee has been responding to queries from Baha Mar’s former Baha-
mian staff by reminding them that they have little choice but to accept what is on offer this week. “The settlement sum is in line with the employee’s historical payment record for the employment period through October 2015. This figure has been recalculated since October 2015 to confirm our records,” the committee said in an e-mail to one employee, who had queried its sums. “The committee’s intention is to ensure that all amounts due to employees will be paid. We will certainly consider correcting the settlement sum offered to you if there has been a mistake. “However, please do note that while we are happy to discuss your case, you have no legal entitlement to any funds that the committee is administering and the offer that will be made to you is on a ‘take it or leave it’ basis.” James Smith, the chairman of the claims committee, in the standard e-mail
sent to all Baha Mar staff, emphasised: “Our immediate priority is offering payment of certain claims of Bahamian employees of Baha Mar Ltd or its subsidiary companies (Baha Mar) who were made redundant in 2015 as a result of Baha Mar’s insolvency. “We have now finished reviewing the books and records of the relevant Baha Mar companies, and confirmed the amount due to you. I am delighted to write to you on behalf of the committee to explain how you can now claim the money that is available for you.” The former finance minister later told Tribune Business: “The machinery [for payouts] has been put in place now, and once the day comes we expect the majority of persons to show up on site and receive their payment. “The emphasis has really been on trying to meet these deadlines, as the majority of claims will be coming from the former workers.”
plement the CRS standards for automatic exchange of tax information by 2018. “It is now looking like the Bahamas will not meet its commitment, and will not be able to implement it,” Mr Saint-Amans was quoted as saying by the website, taxnotes.com. His comments echo the broadside launched against the Bahamas by The Economist magazine, which accused the Bahamas of being an unco-operative nation that was singlehandedly undermining the global war against so-called ‘tax dodgers’. That was quickly followed by last week’s ‘leak’ of some 1.3 million documents from the Registrar General’s Companies Registry, providing annual returns, plus director/officer and shareholder details, on some 175,000 Bahamasdomiciled entities. The group behind the so-called ‘leak’ of information that is theoretically accessible to the public, the International Consortium of Investigative Journalists (ICIJ), also took a simi-
lar line to The Economist in attacking the Bahamas’ chosen approach to CRS implementation. It thus appears that the OECD, having initially using surrogates both inside and outside the media to pressure the Bahamas, and say what it could not say publicly, has now broken cover in a bid to force, or ‘bounce’, the Bahamas into the multilateral approach. Mr Smith, meanwhile, suggested that the Bahamas was being targeted because it was a relatively large international financial centre (IFC) seemingly more vulnerable to a concerted international attack than many of its competitors. While the likes of the Bermuda and the Cayman Islands (via the UK), and Hong Kong (through China), enjoy significant ‘protection’, the Bahamas has no such ‘cover’ as an independent sovereign state. Mr Smith added that Panama, a larger IFC than the Bahamas but also an independent state, was the first to be targeted via the so-called ‘Panama Papers’ leak. With the Central American country now forced into line, the OECD and its acolytes have now turned their attention to the Bahamas. “You start with Panama, which is larger than the Bahamas, and they will probably be going after someone else after the Bahamas,” he said. Mr Smith also hit out at what he described as “a very disturbing trend” in relation to the Companies Registry ‘leak’.
He effectively accused the Europeans of hypocrisy, suggesting that organisations such as the ICIJ were applauded for “obtaining” confidential information and sharing it with the world, yet they were quick to scream “violation” when it happened to them. “This different standard, it’s a new form of international colonialism,” Mr Smith told Tribune Business. “They [the OECD] make the rules from the centre, and you follow them. “It goes back to the early 2000s, when the OECD guys were sitting around the table with not political or international standing, making rules that adversely affected the economies of small countries who were not represented around the table. That’s the colonial mindset.” Many in the Bahamian financial services sector and government circles would privately agree that the latest OECD onslaught smacks of neo-imperialism, especially given that it appears to be changing ‘the rules of the game’ specifically for the Bahamas. However, they would likely equally agree that the Bahamas cannot afford to take on and resist the G-20, whose members are the world’s most powerful developed countries, given the damage that could be inflicted on the financial services sector and wider economy. Therefore, some kind of negotiation and compromise with the OECD over its latest demands appears
inevitable, given that the Bahamas has to escape the consequences of ‘blacklisting’ at all costs. Mr Smith, though, argued that the OECD-G-20 attacks appeared to be based on a fundamental misconception - namely that the fiscal woes of their own member states will be cured by driving ‘offshore’ assets back home. “There’s this misconception that the Bahamas and other IFCs are holding trillions of dollars,” he told Tribune Business. “It goes back to 2000, when this initiative came out under ‘harmful tax competition’. It went beyond tax harmonisation in Europe to the heart of putting IFCs out of business under the mistaken belief that in the process they would eliminate many of the deficits they are running. “First, I am not sure there are enough assets out there to do that, and secondly, are these deficits produced by their own domestic policies? IFCs become quite the scapegoat.” Mr Smith suggested that by “trying very hard to meet international standards, and in some cases exceeding them”, the Bahamas may have mitigated the fall-out from the Companies Registry ‘leak’. He suggested that as a result of the Bahamas’ efforts over the past decade, the financial services industry was likely to be attracting largely tax-compliant business.
Managing Director/Chief Executive Officer - Bank Position Description The Managing Director/CEO is responsible for oversight and management of the Bank’s performance in the marketplace, conformance to all laws, mandates and regulations, and satisfaction of stakeholders. The Managing Director/CEO also ensures decisions made by the Board of Directors are adhered to and integrity of the Bank is upheld. The Managing Director/ CEO is accountable for business development, management of risk, maintenance of the business lines and the maximization of profits. • Provides leadership and strategic direction for the entirety of the Bank’s operations. Establishes policies and makes decisions on behalf of the Bank and is responsible for corporate governance; • Ensures the profitable development and maintenance of business through all product lines; • Maintains an understanding of the diverse economic, social, political and legislative environments, and considers these factors in clearly identifying the market potential of the Bank; • Monitors the soundness of the asset and liability portfolios, and oversees the management of all risk especially, credit risk; • Uses advanced analytical skills, to assesses performance, considers external influences, and imparts recommendations for direct reports to execute; • Gains commitment for strategic direction and courses of action, ensuring appropriate corporate conduct; • Oversees the development and implementation of budgets and strategic plans, including oversight of fundraising and sets financial and operational performance targets for all key operating units; • Establishes strategic alliances and partnerships to increase the Bank’s reach, diversifying business lines, offering new methods of service and new products, and ensuring implementation of regulatory requirements; • Uses sound judgment and strong leadership skills to manage direct reports and managers in all departments; and • Provides oversight of the HR functions in a policy and decision making capacity to ensure the well-being of employees. Experience and Qualifications • MBA/MSc degree in banking, finance or a related field; • Minimum ten years relevant experience in an executive role within a Bank; • Thorough understanding of macroeconomics and experience in effective decision making utilizing macroeconomic inferences and a global perspective; and • Proven experience and proficiency in leadership skills such as, strategic planning, organizing, motivating, decision-making, coordinating and controlling. Qualified applicants are invited to send their résumés to info@orgsoul.com on or before October 4th, 2016. Applicants without senior or executive banking experience NEED NOT APPLY.
www.orgsoul.com
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APPLICATION DEADLINE FOR SPRING 2017
The public is advised that the deadline for submission of applications to The College of The Bahamas for Spring 2017 admission is Friday, September 30th, 2016. For further information please contact the Office of Admissions at 302-4499 or email admissions@cob.edu.bs. Applications may be accessed online at http://www.cob.edu.bs/Admission/Docs.php.
THE TRIBUNE
Monday, Monday, September September 26,26, 2016, 2016, PAGE PAGE 5 5
Liquidator targeting Govt’s $720k oil fee From pg B1 sent their monies to Bateman and Company Ltd, a company formerly controlled by Ryan Bateman,” Mr Johnson “In turn, these monies were - or should - have been invested in a Cayman company, NPT Oil Corporation Ltd, whose two Cayman subsidiaries, Atlantic Petroleum Ltd and Bahamas Exploration Ltd, paid $720,000 to the Bahamas Government in July 2009 for licensing certain offshore exploration rights. It is possible that further monies have been sent to the Government and this, too, is being investigated.” Mr Johnson told Tribune Business that the petition to wind-up Bateman & Company is due to be heard by the Grand Court of the Cayman Islands this week, hence his desire to obtain
information on the status of any Bahamas-based assets. “We need to ascertain whether the Government still holds the monies, the amounts and whether they are refundable,” he said. “I have seen no correspondence and no signed agreements, and certainly the companies have not commenced any drilling, and nor do they have the funds to do so.” Mr Johnson added: “I have sought the assistance of the Honourable Minister, Kenred Dorsett, and the Attorney General to help me in the matter in order that I may appraise the Grand Court of the Cayman Islands when the petition to wind up Bateman and Company Limited is heard next week. “Bateman and Company Limited is insolvent, and we are trying to recover as
Sixty-day termination notice ‘recipe for woe’ From pg B1 representatives on the Council, told Tribune Business that such a long warning period threatened to undermine a company’s operational efficiency and productivity. Workers set to be released might depart earlier than the business intended, while morale among all staff would likely plummet once the prospect of redundancies became known. Mr Goudie added that staff being made redundant might also start disrupting their employer’s business in revenge, even to the extent of sabotage. “The general feeling is that we don’t like what is being proposed,” he told Tribune Business of the private sector’s stance on the Government’s intended labour law reforms. “We don’t necessarily want to change the redundancy laws, rules, whatever you want to call them. And to give someone 60 days’ notice [of redundancy], that’s just a recipe for putting your business in trouble. “Some of the employees, if they know they’re being made redundant, might start making trouble for the business. That just doesn’t make sense.” The Government is seeking to push two significant reforms through the National Tripartite Council and Parliament in the wake
of Sandals’ mass termination exercise. The Christie administration wants to make it mandatory for employers to provide two months’ (60 days) notice to itself and the relevant bargaining agent (trade union) whenever they are about to make 10 or more workers redundant, with failing to do so becoming a criminal offence. And, joining this proposal in the “emergency legislation” the Government wanted to bring to the House of Assembly by September 30, is the removal of the Employment Act’s existing ‘12-year cap’ on severance/redundancy pay. Such a move has long been demanded by Bahamian trade union leaders, while the ‘advance redundancy warning’ measure appears to be a “knee jerk” reaction by the Government to what occurred at Sandals. While both proposals must be discussed by the Tripartite Council, in a bid to achieve consensus before they become draft legislation put before Parliament, the Government has made little effort to disguise its determination to move them forward. The Department of Labour served notice of the Christie administration’s intentions to the other two sides represented on the Tripartite Council - the private sector and the trade
much as possible for those who were unfortunate to invest their monies with the company.” Mr Dorsett, who has ministerial responsibility for oil and mineral exploration activities in the Bahamas, did not return Tribune Business’s numerous e-mails and phone calls seeking comment. There is no suggestion that Mr Dorsett, other members of the current Government or persons in the former Ingraham administration have done anything wrong in relation to Mr Bateman, Bateman & Company Ltd or the oil/gas exploration licence fees. Questions regarding Mr Bateman, who is now understood to be in Florida, and his companies were raised last year during the House of Assembly debate on the Petroleum Bill and other legislation designed to facilitate oil exploration in Bahamian waters. Mr Bateman even sent Mr Dorsett an e-mail to defend himself against the allega-
tions raised by Opposition leader, Dr Hubert Minnis, who had accused the Canadian of being “known to swindle” clients out of their money. The e-mail, which was read by Mr Dorsett, said: “There has never been a regulatory investigation into Bateman & Company or its business. We have just most recently completed an annual audit as required by the Cayman Monetary Authority.” The first sentence is now subject to doubt, given the court-supervised nature of the liquidation. Mr Bateman, though, told Mr Dorsett in the e-mail that during his 15 years in the exploration business, which involved international and domestic oil and gas companies, several companies which he invested in went on to make world-class discoveries. Dr Minnis did not return Tribune Business calls and e-mail messages seeking detailed comment on the latest developments involv-
ing Mr Bateman, although he acknowledged he was aware that the Canadian’s company was being placed into liquidation. “Bateman is bankrupt and court liquidators appointed,” the FNM leader said briefly. “Dorsett never got back to us about Bateman and my concerns.” Dr Minnis last year said the Government had granted approval for seven licenses to be issued in January 2015 to Atlantic Petroleum Ltd and Bahamas Exploration Ltd for oil exploration. Responding to the allegations, Mr Dorsett conceded that he knew of Mr Bateman, but added that it was the former Ingraham administration that began talks with him and accepted the $720,000 to begin the licence application processes. “With relation to the companies that he refers to, I find it of interest because it was their administration that accepted $720,000 from both Mr Rainwater and Mr Bateman, when
they were in power, to begin the processing of the applications,” the Minister said. “So it began under their watch. They processed the applications (and) held on to the money, Mr Speaker, from 2008. Almost three quarters of a million dollars they held, then indicated to the gentlemen that they lost the cheques and asked them to come back with fresh cheques in January of 2012, which they deposited again with the purpose of proceeding to process the application. “The draft licenses, the leases (and) everything was in my file, so I don’t want the member to sit here and say that this is something that this administration began. This began under the Free National Movement administration between May of 2007 to 2012, and the member for Killarney sat around the table during that time. So let me just set the record straight.”
unions - via a notice issued to them on August 30. Mr Goudie, though, told Tribune Business that it was now “impossible” for the Government to hit that September 30 deadline. Apart from Parliament still being in recess, he added that the private sector and trade unions were still finalising their respective positions. Mr Goudie said it would likely be another two-three weeks before the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), and other private sector groupings, finalised their position on the proposals. And “a long road” lies ahead before any consensus is achieved at the Tripartite Council - a development that would then allow the proposed reforms, in whatever format they take, to be brought to Cabinet and then the House of Assembly. “We’re both consulting our constituents,” Mr Goudie said of the private sector and trade unions. “We’ve been soliciting advice from the International Labour Organisation and other businesses, and have been talking to hotel groups. “We haven’t started any real form of discussions at the Tripartite Council because we want to get feedback from the members. We need to know exactly what our position is before we start talking. “That’s where we are right now. There was a meeting at the Tripartite Council, but nothing was
really discussed because neither of us knows our positions.” Suggesting that it might prove difficult for the Tripartite Council to “get consensus” on the reforms as they stand now, Mr Goudie said he also discussed the issue in Guyana last week during a CARICOM Tripartite Council meeting. “I met with the [regional] director of the ILO, who resides in Trinidad, and we talked about this,” he added. “We’re going to have their position in the next week or two. “We’re getting the best advice we can lay our hands on, and will go from there. I think it will be another two-three weeks before we get anything concrete.” “It’s probably going to be a long road,” Mr Goudie said of the proposed reforms. “It’s going to be a long wait for the discussion, and a long road until we get somewhere that we’re going to be, that’s for sure.” Many in the private sector view the proposed labour law reforms, especially the ‘redundancy notice’ proposal, as unwarranted government intrusion and interference into the affairs of private businesses, and how they manage their operations. They also threaten to undermine labour market flexibility, and the flexibility of Bahamas-based businesses in general to restruc-
ture as necessary to ensure their survival. Businesses are also likely to view the proposals as government over-regulation and overkill, and a ‘knee jerk’ response to the peculiar circumstances created by Sandals decision to terminate virtually its entire workforce to facili-
tate a $4 million renovation programme. While the ‘redundancy notification’ proposal threatens to tie the private sector up in more ‘red tape’ and bureaucracy, plans to lift the statutory ‘12-month cap’ on redundancy pay will further increase business costs.
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LEGAL NOTICE
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)
BAOBAB PHYSICAL COMMODITIES LTD. IBC No. 174685 B (In Voluntary Liquidation)
NOTICE is hereby given that as follows: (a) That BAOBAB PHYSICAL COMMODITIES LTD. is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 22nd day of September, 2016 when the Articles of Dissolution were submitted and registered by the Registrar General.
Angelique Romer is no longer employed with
Island Luck Web Café and is NOT authorized to conduct any business on behalf of the Company.
(c) The Liquidator of the Company is Sterling (Bahamas) Limited of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas. (d) Any person having a Claim against the above name Company are required on or before the 21st day of October, 2016 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved. Sterling (Bahamas) Limited Liquidator
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PAGE 6, Monday, September 26, 2016
Unions’ strike threat ‘like child’s tantrum’ From pg B1 reiterated that a thriving economy and private sector was the best form of protection for workers’ rights. “We are not supportive of any action that disrupts economic productivity,” the Chamber chairman told Tribune Business. “We have continually said that without the private sector there will be no need for unions and worker representatives. “Crippling businesses by virtue of industrial action, while this may not be in the forefront of their [union] minds or psyche, is counterintuitive and counter-productive.” Obie Ferguson, the Trades Union Congress (TUC) leader, was joined
by his National Congress of Trade Union (NCTU) counterpart, John Pinder, in previously warning that the labour movement was prepared to “shut the country down” with a repeat of the 1958 General Strike unless their grievances over the 600 Sandals Royal Bahamian terminations were not resolved. The likelihood of this threat being translated into action increased last week, after it came to light that Allyson Maynard-Gibson, the Attorney General, had ordered the magistrate’s court to discontinue the prosecution launched against Sandals Royal Bahamian and its senior executives by five union officers. The ‘nolle prosequi’ directive, which was signed on August 15, 2016, was only
disclosed last week. Its existence was withheld from union leaders for five-six weeks, even though during that time they were engaged in meetings with the Prime Minister and other Cabinet ministers - including Mrs Maynard-Gibson - in a bid to resolve the Sandals situation and other labour disputes. With the unions feeling betrayed and deceived by the Government, especially since the ‘nolle prosequi’ was signed the very same day that the Sandals staff were terminated, the TUC’s Mr Ferguson promised there would be a “reaction” to Mrs Maynard-Gibson’s move. He added that the unions were now “forced to do something, even if we don’t want to do it,” solely for “the preservation of the workers of this country”. Mr Bowe, though, warned that any industrial action would be “counter
to the protection of workers’ rights, because you’re disrupting economic activity, and when you do that, there’s no need for employees”. He told Tribune Business: “We have to be careful about threatening islandwide or country-wide shut downs or industrial action each time we don’t like the outcome. “It’s akin to throwing a tantrum and hoping the parent gives in.” Mr Bowe acknowledged that there was “significant tension brewing between the unions and certain hotel properties” as a result of recent developments in the Sandals situation, but called on all sides “to be peaceful and responsible”, and negotiate in a bid to resolve their differences. Pointing out that the court system and National Tripartite Council were appropriate forums for resolving such disputes, Mr Bowe said Bahamians had to be mindful that as an international, service-based
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THE TRIBUNE whether the BHMAWU still has the strength to be recognised as the bargaining agent. Given this backdrop, it is difficult to see what leverage the Government has, other than moral suasion, with Sandals Royal Bahamian over industrial agreement negotiations. Still, Mrs Maynard-Gibson said: “Civil proceedings are continuing in the Supreme Court between the Bahamas Hotel, Maintenance and Allied Workers Union and Sandals in relation to the continued existence of the union, and whether Sandals should be obliged, in the circumstances, to negotiate with the union. “Another action is before the Supreme Court on the matter of whether the Sandals employees were unfairly dismissed..... Persons are being held accountable through the legal process in the Supreme Court, where appropriate sanctions are available.” She added: “One of the objectives being pursued by the Government in meetings with Obie Ferguson and other trade unionists was the attempt to encourage Sandals to negotiate an industrial agreement notwithstanding the Supreme Court action. “The entering of the said ‘nolle prosequi’ does not prevent, nor does it compromise, further meetings and continued efforts of the Minister of Labour, or anyone else in the Government, in relation to this goal and a successful outcome.”
economy, the world’s eyes were watching how this nation dealt with labour relations and other issues as they arose. “It may not seem like a palatable reason, but in reality employees have as much responsibility to protect the viability of a company as the shareholders themselves,” Mr Bowe told Tribune Business. “They are a key stakeholder. There sometimes has to be a re-education of workers for them to understand that without the employer there will be nothing for them to do. They certainly have to see themselves as not opposing what the business is trying to do.” Mrs Maynard-Gibson, in her statement responding to the controversy surrounding her ‘nolle prosequi’, said the Government was encouraging Sandals Royal Bahamian to enter industrial agreement negotiations with the Bahamas Hotel, Maintenance and Allied Workers Union (BHMAWU). That union was recognised as the bargaining agent for the resort’s line staff back in 2009, but its efforts to get Sandals Royal Bahamian and its management to the negotiating table have been repeatedly frustrated. The resort, as Mrs Maynard-Gibson has pointed out, currently has a Judicial Review action before the Supreme Court challenging the BHMAWU’s very basis of existence. And, with the wholesale staff termination likely having removed several union members, it is unclear
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The College of The Bahamas Alumni Society 2016 Annual General Meeting
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• 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
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and General Side
2010/COM/gen/ 00325
BETWEEN BERKLEY WILDGOOSE
Plaintiff
Support your Alma Mater!
AND
To read the Alumni Society Charter, visit:
COMMONWEALTH BANK LTD.
http://www.cob.edu.bs/DOCS/UBALUMNIASSOCIATIONCHARTER.pdf.
Defendant
For more information on the meeting or becoming a candidate for office, call 302-4303 or email: elvardo.thompson@cob.edu.bs
TO:
BERKLEY WILDGOOSE
TAKE NOTICE that: 1. A Notice of Taxation , Bill of Costs and Statement of the Parties all filed on the 4th day of December A.D. 2014 have been issued in the Supreme Court of The Bahamas by Commonwealth Bank Limited, the Defendant herein. 2.
AND THAT by an Order made in the Supreme Court by Deputy Registrar on Monday 19th day of September 2016 in Supreme Court Action No. 2010/CLE/gen/00325 Common Law and General Side, it is ordered that service of the said Notice of Taxation; Bill of Costs and Statement of the Parties and all other pleadings against the Plaintiff, Berkley Wildgoose be effected by way of this Advertisement.
3. The Hearing date of the Notice of Taxation has been set to be heard on Thursday the 26th of October A.D. 2016 at 10:00 o’clock in the fore-noon before the Deputy Registrar Camille Gomez whose chambers is located in the main Supreme Court Building, Ansbacher Building, Nassau, Bahamas. 4. That the Court further Ordered that the existence of further proceedings be deemed to be served on you by way of similar advertisements. 5. You must attend the above-mentioned hearing otherwise an Order may be granted in your absence. Dated the 19th day of September A.D. 2016 GRAHAMTHOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, Bahamas. Attorneys for the Defendant
THE TRIBUNE
Monday, September 26, 2016, PAGE 7
Stocks move lower as energy, technology stocks fall NEW YORK (AP) – U.S. stock indexes closed moderately lower on Friday following three days of gains. Several technology stocks traded heavily, including Yahoo, Twitter and Facebook. Energy stocks fell along with a steep decline in the price of oil. The Dow Jones industrial average lost 131.01 points, or 0.7 percent, to 18,261.45. The Standard & Poor’s 500 index lost 12.49 points, or 0.6 percent, to 2,164.69 and the Nasdaq composite index lost 33.78, or 0.6 percent, to 5,305.75. Stocks posted solid gains this week, with the S&P 500 up 1.2 percent, as investors were relieved that the Federal Reserve decided to keep rates at their current low level. The next time the Fed could raise rates is November, but the general impression among investors is the central bank will not raise rates until December, long after the general election. “As much as market fun-
damentals matter, the Fed and its decisions continue to dominate markets,” said Kristina Hooper, head of U.S. investment strategies at Allianz Global Investors. Several technology stocks made big moves as investors worked through companyspecific news on Facebook, Twitter and Yahoo. Facebook fell $2.12, or 1.6 percent, to $127.96 after The Wall Street Journal reported that the company was overstating how long users were watching video ads, raising concerns that a portion of Facebook’s ad revenue may be at risk. Yahoo fell $1.35, or 3.1 percent, to $42.80 after the company admitted the data of 500 million users was stolen by a foreign agent, much more than it previously acknowledged. While Yahoo has previously agreed to sell most of its assets to Verizon, there were concerns that this development may cause Verizon to go back to the negotiation table.
Louisiana senator defends ‘hostage’ comment about Flint WASHINGTON (AP) — Louisiana Sen. Bill Cassidy on Friday defended his comment that people in his flood-ravaged state deserve immediate help and should not be held “hostage” to Flint, Michigan, where residents are struggling with lead-poisoned water. Cassidy, a Republican, told National Public Radio this week that Flint residents can be taken care of after the election, while flood victims in Louisiana need immediate help. “We shouldn’t hold folks who right now still have mud in their house and are thinking of throwing the keys to
their house on the table of their banker because they cannot afford their mortgage hostage to other people’s grief,” Cassidy said. Democrats called the remark insensitive and said it minimized the suffering of Flint families, who have been drinking bottled water for more than a year. Flint’s drinking water became tainted when the city began drawing from the Flint River in 2014 to save money. The impoverished city of 100,000 was under state control at the time. Regulators failed to ensure the water was treated prop-
Twitter soared $3.99, or 21 percent, to $22.62 after business network CNBC reported that the company is in deal talks with Salesforce and Google’s parent company Alphabet for a possible sale. While stocks rose solidly this week, most of the gains were in relatively safe, dividend-rich companies that investors favor when they’re uncertain about the economy. The Dow Jones utility index was up 3.3 percent this week, and the newly created real estate component of the S&P 500, made up of mostly real estate investment trusts, rose 4.3 percent. Oil prices fell sharply after reports that Saudi Arabia was unable to reach an agreement with Iran to cut production. U.S. benchmark crude oil futures closed down $1.84 to $44.48 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, fell $1.76 to $45.89 a barrel.
erly and lead from aging pipes leached into the water supply. As many as 12,000 people have been exposed to lead in water, officials say. Cassidy told The Associated Press on Friday he did not mean to “take a shot at Flint” and supports federal aid for the city. He voted for a water projects bill that includes $220 million to replace lead-contaminated pipes in Flint and other cities with lead emergencies, as well as test water for lead in schools and help with water infrastructure loans. “There is a path forward for Flint,” Cassidy said in a telephone interview. “To say you won’t help Louisiana when we know there’s a path forward for Flint, I don’t think that’s fair.”
American flags fly at the New York Stock Exchange on Wall Street. Asian stock markets held fairly steady Friday, Sept. 23, 2016 holding on to gains in the week driven by U.S. and Japanese central bank policy decisions that fueled investors’ belief that low rates will be around for a few more months. (AP Photo)
COMMONWEALTH OF THE BAHAMAS
2013
IN THE SUPREME COURT COMMON LAW AND EQUITY DIVISION
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
SCOTIABANK (BAHAMAS) LIMITED AND
Plaintiff
AUSTIN KENT BUTLER AND ANDREA CHARLENE BUTLER
Defendants
TO: ANDREA CHARLENE BUTLER
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
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
PAGE 8, Monday, September 26, 2016
THE TRIBUNE
Outsider status, politics shields Trump from House oversight WASHINGTON (AP) — Donald Trump’s status as a Washington outsider fuels his fiery populism and also is helping to shield him from the scrutiny House Republicans are devoting to Hillary Clinton, a former U.S. senator and secretary of state. The GOP-led, subpoenawielding Oversight and Government Reform Committee isn’t investigating Trump’s business dealings, his charitable foundation or his campaign’s ties to pro-Kremlin elements in Russia and Ukraine — all areas ripe for examination, according to Democrats, who’ve accused Republi-
cans of targeting Clinton in a partisan attempt to influence the outcome of the election. “Where is our investigation of Donald Trump?” Rep. Elijah Cummings, the oversight committee’s top Democrat, asked at a hearing this past week. “The answer is obvious. The Republican frenzy is focused exclusively and obsessively on Secretary Clinton. And that is for political reasons.” But senior Republicans on the panel said Trump has never held a government job or been elected to public office. Any alleged improprieties are the jurisdiction of state or federal agencies,
not Congress. The Oversight Committee operates in a “targetrich environment with lots of different investigative possibilities,” Chairman Jason Chaffetz, R-Utah, acknowledged. Yet he said he’s unaware of anything Trump is alleged to have done that would trigger a probe by his panel. “We’ll know it when we see it,” Chaffetz told The Associated Press. “Thus far, I don’t think there’s anything in that realm that has this clear federal nexus that would really compel us to pursue it.” Chaffetz said an improper $25,000 check sent from
Trump’s personal foundation to a political committee supporting Florida Attorney General Pam Bondi is a matter for state authorities. Other allegations swirling around Trump and his campaign, such his refusal to release his tax returns and disclose his foreign business investments, are matters for the American voters to decide, according to Rep. Mark Meadows, RN.C., who heads the Oversight Committee’s government operations panel. “When we’re looking at government oversight, it really has to do with previous government actions,” according to Meadows. Trump, he said, “wouldn’t qualify for that.” The hands-off approach to Trump is in contrast to the Oversight Committee’s focus on Clinton, who served as President Barack Obama’s secretary of state from 2009 to 2013. The FBI in July closed the agency’s yearlong investigation into whether Clinton and her top aides mishandled classified information that flowed through the private email server she used. FBI Director James Comey called Clinton’s actions “extremely careless,” but said his agents found no evidence to support criminal charges. Angered by Comey’s decision, Republicans said Clinton lied to Congress about her handling of emails when she testified last October before a House panel
investigating the deadly 2012 Benghazi attacks. The GOP is pressing the Justice Department to open a new investigation into whether Clinton committed perjury as the Oversight Committee seeks to keep the matter in the spotlight leading up to the election. Democrats on the House Judiciary Committee have asked Attorney General Loretta Lynch to investigate whether the 2013 donation to the group supporting Bondi violated federal bribery or tax laws. The $25,000 contribution came after her office said it was weighing legal action against Trump University. Bondi’s office never sued Trump, though she denies his donation played any role in that decision. Trump later paid a $2,500 fine over the check from his foundation because it violated federal law barring charities from making political contributions. The AP reported last month that a firm run by former Trump campaign manager Paul Manafort directly orchestrated a covert Washington lobbying operation on behalf of a proRussian political party in Ukraine, but Manafort and his deputy, Rick Gates, never disclosed the work under the Foreign Agents Registration Act. The 1938 law requires lobbyists to register if they represent foreign leaders or their political parties, and to disclose details about their work, including how much money
they spend and receive. Manafort and Gates said the registration was not necessary, though Manafort resigned his position with the Trump campaign. Gates is the Trump campaign’s liaison to the Republican National Committee. Trump’s apparent affinity for Russian President Vladimir Putin and his call in July for Moscow to help find Clinton’s missing emails also have sparked concern. He later said he was being sarcastic when he said Russia should find Clinton’s emails. The top Democrats on four key House committees have asked the FBI to expand an ongoing investigation of cyberattacks against Democratic organizations to determine whether connections between Trump campaign officials and “Russian interests” may have contributed to the breaches. At a recent hearing on Clinton’s emails, Rep. Stephen Lynch of Massachusetts, the top Democrat on the Oversight Committee’s national security panel, lamented the zeal with which Republicans are pursuing Clinton. The hearing, Lynch said, was a “sad goddamned day” for the oversight committee. But Lynch told the AP that he had no interest in a congressional probe of Trump. There are higher priorities, he said, and pursuing Trump would be seen as an attempt to drag down the Republican nominee.
House Oversight and Government Reform Committee Chairman Rep. Jason Chaffetz, R-Utah, right, confers with the committee’s ranking member Rep. Elijah Cummings, D-Md. on Capitol Hill in Washington. Donald Trump’s status as a Washington outsider fuels his fiery populism and also is helping to shield him from the scrutiny House Republicans are devoting to Hillary Clinton, a former U.S. senator and secretary of state. (AP Photo)
THE TRIBUNE
Monday, September 26, 2016, PAGE 9
IMF paints dark outlook for Greek jobseekers ATHENS, Greece (AP) — The International Monetary Fund on Friday painted a bleak outlook for bailout-dependent Greece, where it said it expects unemployment to stay in the double digits for more than three decades. In an annual report, the IMF also called for further debt relief from the country’s European creditors going “well beyond” extant proposals if the country’s debt mountain is to become sustainable. Shooting another barb at the Europeans, who insist on longterm strict budgetary policies, the Washington-based organization said current targets of high surpluses for years to come will impede growth and prove very hard to achieve. The report said Greek growth prospects remain weak, urged deeper cuts in “unaffordable” pensions provided to current retirees
and a tax policy review involving lower overall rates, eliminating exemptions for the rich and efficiency in fighting tax evasion. Greece’s economy is under constant scrutiny from its bailout creditors, the IMF and European governments and institutions. The left-led government is in negotiations with bailout inspectors on the course of mandated reforms, whose completion would allow release of a 2.8 billion euro ($3.14 billion) rescue loan installment. Late Friday, it tabled to parliament for approval next week a raft of these reforms. They include an energy market shakeup, and transferring to the state privatization fund the water companies of Greece’s two biggest cities, the Athens subway and another three public entities. The country has kept afloat on some €200 billion
in bailouts released since 2010, in return implementing successive spending cuts and reforms that improved fiscal stewardship but left Greek society in tatters. The economy has shrunk by a quarter, while unemployment is the highest in the 28-member European Union: Having hit a high of about 28 percent in early 2014, it remained at a bloated 23 percent in April-June. “Looking forward, growth prospects remain weak and subject to high downside risks, and unemployment is expected to stay in the double digits until the middle of the century,” the IMF report said. It said current bailout commitments for Greece to post primary budget surpluses — that is, excluding the cost of debt servicing — of 3.5 percent from 2018 on are “unrealistic.” Greece also cannot be expected to “simply grow out
of” its huge debt-to-GDP ratio, estimated at about 180 percent, the IMF said. “Further debt relief will be required ... going well beyond what is currently under consideration, and it should be calibrated on realistic assumptions about Greece’s ability to generate sustained surpluses and long-term growth,” the report said. The IMF has long been
pressing for substantial debt relief from Greece’s European creditors, who say they would consider reducing rates and extending repayment deadlines but rule out any reduction in the net value of the loans. Greek Finance Minister Euclid Tsakalotos said he welcomed the IMF observations on the debt and high surpluses, but insisted that Greece has already
passed its required raft of pension and tax reforms — effectively ruling out further pension cuts. That would be politically toxic for the government, which has already ditched initial pledges to reverse creditor-imposed austerity and is lagging more than 7 points behind the main opposition conservatives in recent polls.
EMPLOYMENT OPPORTUNITY EXECUTIVE ASSISTANT Qualified persons are invited to apply for the position of Executive Assistant in a mid-size hotel. Job Summary Provides administrative support to the General Manager. Duties and Responsibilities: • Investigate Guest Complaints. • Maintain Filing System • Control Company Stationery Supplies • Supervise Messenger • Coordinate licensing and inspection of company vehicles. • Take and transcribe minutes.
Greece’s Prime Minister Alexis Tsipras speaks during the 71st session of the United Nations General Assembly, Thursday, Sept. 22, 2016, at U.N. headquarters. (AP Photo)
Fed wants to put new limits on banks’ commodities activities WASHINGTON (AP) — The Federal Reserve wants to put new limits on big banks’ activities in physical commodities businesses, with an eye to reducing financial risks from volatile trading and transport of sensitive materials. The Fed’s governors are proposing restrictions for banks’ holding, transporting and trading of commodities like oil, aluminum and coal. Banks would be required to beef up the capital they hold against potential losses in commodities and would face limits on the amount of their commodities trading. The Fed is opening the proposal to public comment for 90 days. Wall Street banks have sharply reduced their involvement in physical commodities in recent years, under pressure from regulators and lawmakers. The biggest players in the field have been Goldman Sachs and Morgan Stanley. Regulators say disasters like the massive 2010 oil spill in the Gulf of Mexico show the potential risks to banks. Though that accident only affected BP and the oil-service companies involved, banks that engage in transport of oil in tankers could take heavy financial hits, the regulators say. Also, critics of Wall Street say that owning and storing commodities like aluminum in warehouses or
oil in storage tankers enables banks to drive up prices for basic products made from them — like gasoline, canned soft drinks and beer, and electricity. “As a general matter, (major banks) should be prohibited from owning physical assets like warehouses, pipelines and tankers,” Democratic Sens. Sherrod Brown of Ohio and Elizabeth Warren of Massachusetts have told the Fed. Business interests say they’re concerned about the Fed’s proposal. Reducing the number of players in commodities markets by forcing out banks could raise costs for businesses that use the commodities and need to hedge against price swings, the U.S. Chamber of Commerce said. There could be less money sloshing around in the financial markets, making it harder for the businesses to make trades for hedging, Chamber executive Tom Quaadman said in a statement. The Fed should have done a “robust economic analysis” of the proposal, he said. The proposed new requirements would mean banks would have to salt away a total of up to $4 billion in additional capital, Fed officials estimate. In addition, banks would no longer be allowed to engage in physical activities involving power plants.
NOTICE
NOTICE is hereby given that LESLIE CASIMIR of Cadet Ave. off Carmichael Rd., is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 19th day of September, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, NAEEM JONPAUL STUBBS a.k.a. NAEEM JON-PAUL SPENCE of P.O. Box SS-5642, Harbour Island, Eleuthera intend to change my name to NAEEM JON-PAUL STUBBS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.
Skills/Qualifications: • Excellent verbal and written communication skills required. • Microsoft Office skills required. • Self motivated with strong analytical and problem-solving skills.
Banks no longer could own and store copper, because regulators now deem copper to be an industrial metal, rather than a precious metal like gold and silver.
Interested persons should apply in writing via e-mail address: recruitment.humanresources@outlook.com
MARKET REPORT FRIDAY, 23 SEPTEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,946.02 | CHG -0.01 | %CHG 0.00 | YTD 122.07 | 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 2.43 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 2.41 1.55 5.80 8.77 10.95 8.25 6.60 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
LAST SALE 100.00 100.00 100.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330
115.19 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.12 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.07 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
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 25.6 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% 2.49% 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
THE TRIBUNE
US guidelines on self-driving cars get good reception at G-7
TOKYO (AP) — U.S. Transportation Secretary Anthony Foxx said Sunday that his counterparts in the Group of Seven nations welcomed U.S. guidelines on regulating self-driving cars and have agreed to work together on creating such standards to maintain safety. “There was actually a very enthusiastic reception to the policy,” he said. “We did a good job of inventorying what each country is doing and laying out areas that we want to explore further.” Such issues include cybersecurity, ethics and privacy, wireless spectrum questions and many other issues, he said, while noting that reaching a resolution might take years, meaning the technology would be moving faster. Foxx called the U.S. guidelines released earlier this month the most comprehensive on autonomous vehicles, coming out ahead of the rest of the world. Foxx and other transportation officials from the G-7 met over the weekend in the Japanese resort town of Karuizawa. Speaking by telephone with The Associated Press, Foxx stressed road tests on autonomous vehicles must continue to encourage innovation. U.S. electric car maker Tesla’s Model S that was using the semi-autonomous mode crashed in May. The driver died after crashing into a tractor-trailer. Tesla is introducing improvements to its Autopilot system to make it safer. “One of the things I think that autonomous vehicles suffer from is that they get compared to perfection, and not to the 94 percent of car crashes that are attributable to human factors. We have to make the right comparisons,”
U.S. Transportation Secretary Anthony Foxx, second right, talks with Japan’s Land, Infrastructure, Transport and Tourism Minister Keiichi Ishii during their meeting held on the sidelines of G7 Transport Ministers’ meeting in Karuizawa, Nagano Prefecture, north of Tokyo. Foxx says his counterpart ministers from the Group of Seven nations welcomed the new U.S. guidelines on regulating self-driving cars at a weekend meeting in Japan, and they agreed to work together to maintain safety. (AP Photo)
Foxx said, while declining comment on the ongoing investigation on Tesla. “These vehicles will not be absolutely perfect in terms of having no accidents, but by comparison they can be markedly better.” Many automakers besides Tesla are testing or have rolled out automated vehicles, including Ford Motor Co., based in Dearborn, Michigan, and Nissan Motor Co. and Toyota Motor Corp. of Japan. The new U.S. guidelines are meant to bring order to the technology’s development. Proponents say such technology can make cars safer because machines can
react faster and they are less prone to human error. But even experts remain cautious. Among the recent forays into self-driving technology are the partnership between Chinese-owned Volvo Cars and the Swedish-based automotive safety group Autoliv Inc., as well as Volvo teaming up with U.S. ride-hailing company Uber. Ford has announced a $75 million investment in Velodyne Inc., which makes laser sensors. BMW Group, Intel Corp. and Mobileye have joined together to develop and sell autonomous driving technology.
Monday, September 26, 2016, PAGE 11