WEDNESDAY, NOVEMBER 2, 2016
business@tribunemedia.net
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Auto dealer chief warns: ‘I’m considering quitting’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas Motor Dealers Association’s (BMDA) president yesterday said he was “seriously thinking” of exiting the auto business, with the 5,180 increase in vehicle imports highlighting the “oversaturated” market’s woes. Fred Albury, who is also principal of the Auto Mall, told Tribune Business that several auto dealerships were likely to close in 2017 unless current industry trends were reversed. He added that the figures released by the Nassau Container Port’s operator, which showed
Auto Mall boss ‘can’t survive’ in current conditions Plans downsize, used car exit in 2017 New Year Warns of ‘demise’ of some auto dealers a 5,180 year-over-year rise in vehicle imports during the 12 months to end-June 2016, exposed how the Bahamian auto market had “switched”.
Gray confirms nod for $2bn agriculture talks with Chinese By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
But stresses nothing before Govt for approval
A Cabinet Minister yesterday confirmed he had given permission for the Bahamas’ ambassador to China to seek out agriculture and fisheries investments, in a bid to reduce this nation’s $900 million food import bill. V Alfred Gray, minister of agriculture and marine resources, said the $2.1 billion project proposed by ambassador, Paul ‘Andy’ Gomez, and his embassy could help the Bahamas improve its ‘food security’. Then, in comments that seemed to undercut the rationale for the Bahamas Agriculture and Marine Science Institute’s (BAMSI) ‘reason for being’, Mr Gray said Bahamians “lack interest” in large-scale agricultural production. However, he stressed that the proposal by Mr Gomez, an accountant and former Grant Thornton (Bahamas) partner, and his embassy, was nowhere near the approval stage. No
Bahamians ‘lack interest’ in large-scale farming Seemingly undercuts rationale for BAMSI formal submission has yet been submitted to any of the Government’s various investment agencies. “I know that the newly-appointed ambassador to China had approached my ministry with a view to finding out whether it was OK for them to enter into discussions with respect to Chinese investments in the Bahamas in fisheries, factories and agricultural pursuits,” Mr Gray said. “I felt as minister that was a good thing if we could get them to invest in agriculture, because agriculture is one of the industries in the Bahamas where See pg b5
GB eyes foundation for storm protection By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Grand Bahama’s business community is assessing whether to form its own foundation so that disaster recovery funds will be available after future catastrophic hurricanes. Kevin Seymour, the Grand Bahama Chamber of Commerce president, confirmed to Tribune Business that the proposal was in its “embryonic” stages, but initial talks had already been held with the Grand Bahama Port Authority (GBPA) and larger businesses. “We’re looking at forming our own foundation,” he said. “Traditionally, Grand Bahama, Abaco and Bimini have fallen into a hot hurricane spot. “It’s not a question of if, but when, this happens again. We want to be in a better position to hit the ground running, and do everything necessary to get the business community back on stream as quickly as possible.” Grand Bahama, whose economy has yet to fully recover from the Royal Oasis closure following Hurricanes Frances and Jeanne in 2004, was dealt another devastating blow last month by Hurricane Matthew’s Category Four winds and storm surge. With many businesses, especially small and mediumsized enterprises (SMEs), struggling to rebuild and
Chamber, businesses talk disaster recovery financing Initiative in ‘embryonic stages’ Island looking to coin ‘GB strong’ slogan reopen, the Grand Bahama Chamber and wider business community are seeking to develop a permanent disaster relief financing mechanism to ensure private sector recovery. “It’s very much in the embryonic stages,” Mr Seymour told Tribune Business. “We’ve had some good conversations with the GBPA and large members, and every indication so far is that it’s something we need to be doing, given the dire straits some of the businesses find themselves in now.” He added that the private sector and wider community were now looking to adopt the phrase ‘Grand Bahama strong’ to reflect the island’s post-Matthew resilience. “In talking about the funding, we were discussing something to uplift the spirits of the people of Grand Bahama,” Mr Seymour told Tribune Business. See pg b5
Mr Albury said that with no increase in ‘new car’ sales recorded by the BMDA or its members, the vehicle import increase seen by Arawak Cay Port Development Company (APD) related entirely to used ‘autos’. With ‘new auto’ dealers still unable to generate the vehicle sales so essential to profits, Mr Albury again railed at the ‘unfair competition’ posed by roadside vendors who - without the same overheads and taxpaying obligations - were able to undercut established, legitimate businesses. The Auto Mall chief said he planned to further downsize his business in 2017 in response to
prevailing market conditions, exiting the ‘used car’ business himself and shrinking operations at his Wulff Road site “considerably”. APD said vehicle imports during its 2016 financial year were 1,905 more than expected, and Mr Albury told Tribune Business: “The numbers speak for themselves. “That’s where the market is. There was no increase in the new cars. That’s strictly used cars. That tells you the amount of used cars coming in over the past year, and shows you how much the market has shifted.” ‘New car’ sales for 2015 were down 38 per cent year-overSee pg b4
‘Pie in the sky’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government was yesterday urged to deal with the “thousands of Bahamians” awaiting answers to Crown Land applications before handing 10,000 acres to the Chinese, a well-known QC describing the Andros proposal as “pie in the sky”. Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that the Government needed to prioritise Bahamian interests over foreign when it came to Crown Land grants or leases. He was responding after it was revealed that the Bahamas’ embassy in Beijing is pursuing a $2.1 billion Chinese agricultural and fisheries investment that would require the leasing of 10,000 Crown Land acres in Andros. This could double to 20,000 acres if the 100 companies involved in the proposal, which has yet to be firmed up and submitted for government See pg b7
QC ‘absolutely opposed’ to China Andros proposal Urges Govt to prioritise Bahamians for Crown Land DNA calls for Land Bureau to aid wealth creation
Fred Smith QC
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Bran threatens ‘peaceful revolt’ over proposed Chinese deal DNA leader slams Beijing embassy’s plan Fears Chinese domination from agri-fisheries plan Labels Bahamian joint ventures ‘appeasement’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Democratic National Alliance’s (DNA) leader yesterday threatened to lead “a peaceful revolt” over the proposed Chinese agricultural deal, arguing that it was merely trying to “appease” Bahamians by promising joint ventures. Branville McCartney and other opposition politicians reacted furiously to the Christie administration giving permission for the Bahamas’ Beijing embassy to seek out a potential $2.1 billion tie-up that would involve 10,000 acres of Crown Land. The DNA leader argued that the proposal, which the Government yesterday emphasised was not remotely close to coming before it, or receiving the necessary approvals, would be “to Branville the detriment of McCartney the Bahamian people” if it proceeded as is. Seeking to generate a mood of national indignation, Mr McCartney urged Bahamians to set aside their political differences and unite to oppose an investment policy that he said relegated them to “third class citizens”. “I want to have a peaceful revolt against this, where we are able to galvanise all rightthinking Bahamians, notwithstanding their political affiliations, to stand up against this,” Mr McCartney told Tribune Business. “I pray to God that it does not happen, but the odds are that it will, where we will be See pg b4
PAGE 2, Wednesday, November 2, 2016
THE TRIBUNE
Shining a light on ways to save energy Have you felt it in the air? Summer is behind us, and winter will be here before we know it. For some Bahamians, that will mean the air conditioners (AC) that have run all summer will get a break at last. For others, however, that is not an option. Businesses and churches will still need to run their ACs, and restaurants will not be able to turn off their walk-in coolers and freezers. Many homes will also run air conditioners to stay comfortable. If you need electricity for cooling over the next few months, how can you reduce its impact on your electricity bill? That’s what we will talk about today: * Maintenance Check – If your home or facility uses air conditioners or walk-in chillers, schedule a qualified technician to check your compressors and condensers regularly to be sure the components are in good repair. Is coolant is leaking? Are the ducts clogged? Is the fan working properly? An air conditioner in good working order can save you
a lot of money. * Energ2 – If you are a restaurant with a walk-in cooler or freezer, you know how much your cooling costs because of how much your energy bill goes up in the summer. Fortunately, you can fight this year-round by adding intelligence to your walk-in coolers and freezers. With retrofits such as the Energ2, typical savings are 15-30 per cent, which easily puts $3,000 back into your pocket every year. Since these types of retrofits often go for less than $2,000 and have a 10-year warranty, it is a no-brainer investment for any business. Who would not want to have an extra $30,000 in 10 years? * Air Flow – Just behind the door of the walkin cooler or freezer, install overlapping plastic panes so only the smallest amount of air possible is allowed to pass through the doorway, along with your staf f and goods. These panes should extend from the top of the door to the floor, and preferably be several millime-
tres thick. Replace any that become significantly ripped or damaged to minimise the expensive cold air flowing to the outside. * Tick-Tock - If your facility has multiple air conditioners and compressors, use timers and delays -i f possible - to stagger when your units start up. Imagine the power required to start all your units the moment after Bahamas Power & Light (BPL) stops load shedding in your area. Your power usage peaks in that instant. Timers and delays will reduce your peak demand (the greatest amount of electricity demanded at any one moment during the month), which is a major factor in many a company’s power bills. * Hidden Benefit of Solar – Have you ever thought about adding solar panels to your house, church or business? One of the secret benefits of solar panels is how they help to keep the building cool. Properly installed systems are racked to the roof with a small air space in between. When the sun Since launching Keys Bahamas Realty in March 2016, motherdaughter duo, Donna LaingJones and Kiara Jones (seated), have established themselves in the real estate industry.
Mother-daughter duo grow realtor A family-owned real estate company has expanded its client base to the US and Europe during its first six months in existence. Keys Bahamas Realty
opened in Freeport on March 21, 2016, under the ownership of motherdaughter duo, Donna Laing-Jones and Kiara Jones. “People know that they can trust us,” Mrs Laing-
LEGAL NOTICE
If anyone knows the whereabouts of EDY PAUL, a Haitian National, whose last known address was Wulf Road, Nassau, please contact the Law Office of Murrio Ducille Chambers, Suite #9 Bayparl Building Nassau, Bahamas or Call 326-5229. THE MATTER IS URGENT
Jones said. “We have over 20 years in the industry and we’re just very real people. We believe in integrity and keeping persons advised about where we are with the transaction, and we hold their hand from the beginning to the end of the process.” Mrs Laing-Jones and Ms Jones have more than 20-years’ experience in real estate between them and, with help from listing coordinator, Marv Humes, and administrator, Keturah Babbs, have built a strong foundation for the company. Keys Bahamas Realty offers buyer and seller representation in residential, commercial and new developments; long and shortterm rentals; property management; concierge services and appraisals.
shines on your panels, they take the heat instead of the roof. And because of that air space, a lot of that heat never transfers down into your home or business. This keeps your building cooler, extends its li fe and saves you money on cooling. * Shine when the lights go out – What happens when BPL schedules you for load shedding and cuts of f your light? If you have a solar generator, you can power lights, fans and fridges for hours to stay cool. In fact, even when BPL is on, you can power some items with the solar generator and save a few dollars on the power bill. There is still no fuel surcharge on the sun. * Don’t skimp – If you are thinking about installing an air conditioner to cool a new room, be sure to get one that is large enough to cool the room properly. Do not think that you are saving money by getting a cheaper AC that is too small. Even in winter, i f the unit is too small to cool the room properly, it will have to run a lot more and make your electricity bill signifi-
cantly higher than the bigger unit would. On top of that, you still will not be cool with the tiny unit. Spend the extra dollars to get the correct size unit, and you will save many more dollars on your electricity bill. Or get an outright solar air conditoner. * SEER Matters – The SEER (Seasonal Energy Efficiency Ratio) of an air conditioner tells you how efficient it is. The higher the SEER, the less it costs to run. If you need a new air conditioner or chiller, our expensive electricity makes it a ‘no brainer’ for you to spend a few extra dollars to get a more efficient unit. The savings will pay you back in no time. * Upgrade – And, if you have older AC units in the 10 SEER range, consider changing them out, especially if you use your AC regularly. Upgrading to a more efficient unit or solar unit can dramatically reduce your electricity bill. Many of these tips and tricks will help you save
Joshua key SuperGreen Solutions
money all year. If we each made our lives more ef ficient, we would have more money to spend, we would burn fewer fossil fuels, and we would play our part in keeping the Bahamas clean, green and pristine. Now is the time to start. • NB: Joshua Key is general manager for SuperGreen Solutions Bahamas, located on Wulff Road next to FYP. SuperGreen Solutions is one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions.
BFSB unveils financial services award nominees The Bahamas Financial Services Board (BFSB) has named the nominees for its annual industry awards, who will be recognised at the upcoming Gala Dinner. The dinner, to be held on November 18 at the Melia, will see the unveiling of the winners, who will be selected by the BFSB’s Blue Ribbon Panel. The excellence awards programme was introduced in 2001 as a part of a Financial Centre Focus (FCF) outreach, which includes recognising talent within the industry. The nominees for the 2016 Awards are: STUDENT OF THE YEAR 1. Candace Darling – BBA Accounting 2. Crajia Sears – Bachelors, Banking and Finance 3. Headlease Smith – BBA Accounting 4. Javon Rolle – BBA Accounting 5. Kiria Gibson – BBA CIS (Networking) 6. Sayar Rolle – BBA Marketing ACHIEVER OF THE YEAR 1. LaNovia Ferguson, operations administrator, EFG Bank & Trust (Bahamas) 2. Marlon Rolle, customer care officer, CIBC FirstCaribbean International Bank 3. Ranel HannaPierre, assistant relationship manager,
Julius Baer Bank & Trust (Bahamas) 4. Tiffany Bryan, senior associate, fiduciary services, Bank of Nova Scotia Trust Company (Bahamas) 5. Vivian Sands, executive assistant, Commonwealth Bank 6. Wendy Sands, corporate administrator, Delaney Partners & Delaney Corp (Bahamas) PROFESSIONAL OF THE YEAR 1. Branson Gibson, branch manager, Commonwealth Bank 2. Cindy Tinker, branch supervisor, claims adjuster, J.S. Johnson Company 3. Inger Johnson, district manager, CIBC FirstCaribbean International Bank 4. Maria Darville, operations manager, Julius Baer Bank & Trust (Bahamas) 5. Santosha Williams, manager, banking and finance, The Winterbotham Trust Company 6. Sonya Longley, senior manager, operations, Bank of Nova Scotia Trust Company (Bahamas)
7. Tamicka DealBabb, assistant manager, operations, EFG Bank & Trust (Bahamas) 8. Ursula Rolle, vice-president, CBH (Bahamas) MENTOR OF THE YEAR 1. Lynden Smith, special credit supervisor, delinquency, Commonwealth Bank EXECUTIVE OF THE YEAR 1. Brian Jones, managing director, Deltec Fund Services 2. George Damianos, president, broker, Damianos Sotheby’s International Realtor 3. Ian Jennings, president, Commonwealth Bank 4. J.Nicola Farrington, director, fiduciary services, Bank of Nova Scotia Trust Company (Bahamas) 5. Kasynthi Bodie, deputy chief executive, financial director, Edmond de Rothschild (Bahamas) 6. Michele Fields, superintendent, the Insurance Commission
THE TRIBUNE
Wednesday, November 2, 2016, PAGE 3
FNM deputy fears for economic sovereignty By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Opposition’s deputy leader yesterday said the proposal for a $2.1 billion Chinese agricultural investment in Andros “raises the alarm” over threat to the Bahamas’ economic sovereignty. K P Turnquest questioned whether the proposal was a Baha Mar “quid pro quo”, and said: “There is a common saying that if a deal is too good to be true, it usually is. “While we do not wish to look a Chinese gift horse in the mouth, we must ask, based upon current history with the PLP and Chinese, what is the quid pro quo? Is this part of the secret Baha Mar deal?” The Bahamas ambassador to China, Paul ‘Andy’ Gomez, and his embassy have received permission to pursue Chinese agriculture and fisheries investments, V Alfred Gray, minister of agriculture and fisheries, confirmed yesterday. Their present proposal so for the injection of some $2.1 billion into the Bahamian economy over 10 years. This will involve the incorporation of 100 Bahamian companies, each of which will be owned 50/50 by Chinese and Bahamians, or Bahamian entities. “While the development of the agriculture and fisheries industries is a very desirable venture, we must be mindful of the details,” Mr Turnquest said. “Who, what and when? “We are aware of the challenges in the Asian
K Peter Turnquest
Asks if Andros deal a Baha Mar ‘quid pro quo’ Too many unanswered questions on proposal Pacific region that has led to depleted fish stocks and thus regional tensions. Will we see the same here, with uncontrolled fishing and foreign methods? How many foreign workers will there be imported?”
If the proposal is approved, the Government would reportedly lease, with an option to renew for additional years, some 10,000 acres of Crown Land in Andros that would be divided between the 100 companies. “In terms of land acquisition, is this another land sell-off by the PLP to a foreign state which they will not be able to control once title is handed over?” asked Mr Turnquest. “Where does BAMSI fit into this picture? Who will lead these organisations, and what will be the ownership and management structure? What will
Exuma graduates 20 from training agency Twenty young Exumians are now prepared to enter the workforce after completing the first half of a programme designed to equip Bahamians with workplace readiness skills. The National Training Agency (NTA) trainees, part of the third intake, have been awarded certificates for completing the Agency’s four-week mandatory workforce preparatory (MWP) ‘soft’ skills training programme. Over the course of the four weeks, the trainees, who range in age from 16 to 30, underwent training that equipped them with the necessary skills to enter various industries on Exuma. Five of the 20 trainees secured full-time employment, with the remaining 15 being placed on internships with a number of participat-
ing companies in Exuma. “I am very proud of the accomplishments of all of you, and the fact that some of you have already found employment. That is a testimony to the fact that the NTA is achieving its mission,” its executive director, Agatha Marcelle, said during the certificate/ awards presentation at St. Andrew’s Anglican Parish in George Town. “The Government of the Bahamas has created an opportunity for Exumians to develop themselves professionally, free of charge. I am glad to see that you took advantage of the opportunity.” The NTA’s mission is to build a competency-based training and job placement system that is flexible and responsive to the actual requirements of the workplace, via a network
of suitable training institutions, organisations and programmes involved in the process of supplying qualified and skilled labour for the Bahamas. Glendina Brown, who was offered employment the same day of the certificate presentation ceremony, said being in the programme changed her way of thinking. “We learned to appreciate great opportunities even when it doesn’t seem easy to achieve. This programme allowed our personalities to shine and helped us understand ourselves better. We made new friends and learned to be more patient,” she said. At the end of a ceremony that saw each graduate receive a MWPP completion certificate, the most outstanding team player award was handed to Debra
be the demand on natural resources, water and environment?” Mr Turnquest added: “ Generally, we will need to know more about this proposal, but as we have done in the past we raise the alarm again about the selling and/or franchising large chunks of our economic infrastructure to foreign state-owned entities. “We do not feel this is prudent for long-term stability or sovereignty, ironic for a government who continues to cry concerns over sovereignty whenever a significant concern is expressed by members of the Bahamian public.” Thompson. The internship providers in Exuma, who are providing real-world job training for the 15 trainees for 10 weeks, include BTC, Chat & Chill - Stockings Island, Peace & Plenty Resort, Grand Isle Hotel & Beach Resort and February Point Resort. The NTA in Exuma is currently registering applicants for its fourth cycle of training, which is scheduled to begin early next year. To date, some 2,500 young Bahamians have completed training and received appropriate certification from the NTA. The NTA’s signature Mandatory Workforce Preparatory Programme, which is coupled with 10 weeks of practical skills training/internship, is also offered in Nassau, Grand Bahama and Eleuthera.
Ex-Pictet chief to be honoured The Bahamas Financial Services Board (BFSB) will present the 2016 Lifetime Achievement Award in Financial Services to former Pictet Bank & Trust managing director, Yves Lourdin. Mr Lourdin, who is now the Bahamas-based institution’s chairman, will be honoured at BFSB’s Financial Services Industry – Excellence Awards on November 18th at the Melia Cable Beach Resort. Mr Lourdin spent his Yves Lourdin early years in Geneva, Switzerland, where he obtained a Certificat Fédéral de Capacité. In 1972, he completed military school and became an officer in the Swiss Army in 1975. He then returned to Pictet & Cie, the Swiss bank, where he worked as an assistant trader to Jean-Francois Pictet, a former partner of the bank, in the equity market, When he arrived in the Bahamas in 1978, he had been sent - at the age of 25 - to help establish the first subsidiary of the 200 year-old bank that was located outside Europe. Mr Lourdin worked as an assistant to the manager and, in 1982, four years after his arrival in Nassau, he became the president and, later, managing director of Pictet Bank & Trust. He held these positions until his retirement in December, 2015. From 1985 until 2012, Mr Lourdin was the president and managing director of Pictet Overseas Trust Corporation, a wholly-owned subsidiary of Pictet Bank & Trust. He then became a limited partner of the Pictet Group, a position he also held until his retirement. Pictet Bank & Trust grew from an initial staff of four, operating from modest premises at Charlotte House in downtown Nassau, to a staff of more than 90 at Bayside Executive Park, at the junction of West Bay Street and Blake Road. Mr Lourdin’s encouragement saw the partners of Pictet and Company agree to invest more than $20 million to construct the new office building, and develop Bayside Executive Park in partnership with Teekay Shipping. Previous Recipients of Lifetime Achievement Award 2015 - Betty Roberts 2014 - Ian Fair, Butterfield Trust (Bahamas) Ltd/BFSB founding chairman 2011 - Hugh Sands, retired chairman, Bank of the Bahamas 2008 - Ruth Millar, retiring financial secretary, Ministry of Finance 2007 - T.B. Donaldson, C.B.E.
PAGE 4, Wednesday, November 2, 2016
Auto dealer chief warns: ‘I’m considering quitting’ From pg B1 year in the aftermath of Value-Added Tax’s (VAT) implementation, dropping to around 1,600. And the 2016 first half produced little sign of improvement, with BMDA members reporting a further collective 8 per cent decline. “At this rate, you can anticipate the demise of some of the new car dealers early next year,” Mr Albury predicted. “I’m seriously thinking of getting out of the business. “I can’t survive like this. I can’t deal with this. It doesn’t make any sense throwing good money after bad. It’s approaching the end of the year, and I can’t sleep at night wondering how to pay Business Licence fees. “There’s no protection
for legitimate businessmen who are paying VAT and Business Licence fees. You’ve got these individuals by the roadside able to bring these cars in. There’s got to be a two-way street here. “The market is oversaturated, and I know it is because every day I get one or two phone calls or 10 emails from suppliers in Japan begging me to buy used cars from them. It means that companies have shut down, and it’s just the individuals buying from them.” Mr Albury said it would likely be far more profitable for him to close the Auto Mall, put 80 persons out of a job, shed all his existing overheads, infrastructure and tax-paying obligations, and join the roadside vendors by importing vehicles under his own name.
“I might as well close up shop, import vehicles, put them on the roadside, advertise them in The Tribune and social media,” he continued. “Buyers will come to me, be happy, and I don’t have the bureaucracy of the Tax Compliance Certificate every month. When you get waylaid by so many taxes, and bureaucracy coming at you left, right and centre, it’s tough. We’re just asking for a level playing field.” Mr Albury’s comments should trigger ‘alarm bells’ in the Government, given that the auto industry is a major economic contributor to the Bahamas, both from an employment and activity perspective, and revenue for the Public Treasury. The consumer shift in favour of older, lower-priced vehicles means that the Government’s yield per auto has reduced in terms of import duty/VAT, thus impacting its fiscal position. New auto dealers, who
were already having to contend with high tax rates, have suffered significantly since the 2008-2009 recession and subsequent slow recovery, due to the lingering effects on consumer spending and disposable income. The addition of VAT, and frequent shifts in taxation rates, coupled with ever-increasing ‘red tape’, have further impacted the sector, as has the existence of the Price Controls that depress profit margins. “The hurricane didn’t help matters any,” Mr Albury told Tribune Business of the Auto Mall. “Our operation in Freeport took a heavy hit, and we were on the verge of closing the operation there. “We kept it going; I don’t know for how much longer, and are going to downsize the operation here to meet the business model we find ourselves in; the operating environment.” He explained that this would involve not replacing staff who left the busi-
ness, and moving its Suzuki brand next to Toyota. Mr Albury said his Wulff Road site would be “downsized considerably” to a stacking and preparation area as he exited the ‘used car’ business. Auto Mall will continue to focus on its service and parts business, as Bahamians seek to keep their existing vehicles operational for longer. Saturday openings have been started. Yet Mr Albury added: “The vehicle sales, the area you really need for profits to keep the doors open, that has diminished considerably. “I don’t know what else to say. Those little Mickey Mouse used car operations on the side of the road are taking quite a toll. “Talking to some of the other car companies, they’re just holding on. Thank God their shareholders so far have had deep pockets. If you’re losing money, it doesn’t make sense to hold on. It’s better to close the doors, stop the bleeding,
and stop the red ink.” Any auto industry downsizing, Mr Albury acknowledged, would have consequences for other businesses and the wider Bahamian economy. “Drive through Palmdale and you see the number of businesses that have closed up, many ‘Mom and Pop’ operations,” Mr Albury said. “That’s hurtful. We’re finding ourselves in some rough, tough economic times.” Mr Albury urged the Government to follow Trinidad’s lead in passing legislation that would require all persons seeking to import vehicles to the Bahamas to first obtain a permit. This, he added, would enable the Government to crack down on the roadside vendors importing multiple vehicles, and ensure they operated from fixed premises and paid all due taxes - thereby creating the ‘level playing field’.
Bran threatens ‘peaceful revolt’ over proposed Chinese deal
joint venture companies, which on average would receive the equivalent of $20.1 million in financing if the deal went ahead. Assuming that the proposed 10,000 acres of Crown Land is divided equally, each company would receive 100 Crown Land acres, with the option to lease a further 100 each should they meet certain performance benchmarks. As a result, the Bahamian embassy’s proposal involves some 20,000 Crown Land acres. Mr McCartney, meanwhile, reiterated his fears that if the agricultural deal went through, and especially so swiftly behind Baha Mar, it would give the Chinese government too much leverage over the Bahamas by virtue of it controlling such a large portion of the economy. He suggested that domination of the Bahamian tourism product, through ownership of Baha Mar and The Pointe/British Colonial Hilton; Hutchison Whampoa’s investments in Freeport, including DevCo’s thousands of acres; monies owed on the roads project and North Abaco port; and now the agricultural proposal meant that China was effectively becoming this nation’s paymaster and lead investor. “Let me tell you something. The PLP should be dead on arrival when it comes to the next election,” the DNA leader told Tribune Business. “The Government, with an election coming up, seem to be giving away our industries to the Chinese, and that would be to our detriment. I hope to God I’m wrong on this one. “This is not good for the Bahamas. The Chinese are getting too much interest, and it seems they are controlling our government. This is a communist country that has such a large stake in our country.
From pg B1 answering to a communist government in very short order.” Cabinet ministers, recognising the potential PR and general election damage as a result of the proposed deal’s ‘leaking’, yesterday sought to both backtrack and downplay the issue. However, given the general distrust of the Government among many Bahamians, particularly non-PLP supporters, that is unlikely to be an easy task especially given the suspicions and uncertainties surrounding the Baha Mar deal. Many are likely to view the embassy’s ‘floated’ agriculture/fisheries investment proposal as confirmation that the Christie administration is to close to China, and an explanation for why it sided so readily against Baha Mar’s original developer, Sarkis Izmirlian, in his dispute with two Beijing state-controlled entities. The Bahamian embassy’s proposal, which is seeking to access $2.1 billion in financing from a Beijing govern-
MARKET REPORT TUESDAY, 1 NOVEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,929.82 | CHG -0.14 | %CHG -0.01 | YTD 105.87 | YTD% 5.80 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 8.40 6.90 12.25 11.00
52WK LOW 2.47 17.43 8.19 3.49 1.77 0.12 5.83 8.05 5.50 7.25 13.05 2.18 1.31 5.60 6.45 9.85 6.12 6.23 11.81 10.00
PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00
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1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 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 5.83 8.50 5.83 10.50 13.99 2.24 1.55 5.80 8.78 10.00 8.40 6.61 11.93 10.00
CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 5.83 8.50 5.83 10.50 13.98 2.23 1.55 5.80 8.78 10.00 8.40 6.61 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 -0.01 -0.01 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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B
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 1.00 100.00 100.00 100.11 100.00 100.00 100.00 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 BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
115.10 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.08 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
E J K L M N
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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME 115 5,000
10,000
13,401
90 23
850
82,870 VOLUME
40
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 31.5 15.4 11.5 19.4 26.5 23.7 9.3 11.4 14.3 10.4 12.9 9.4 15.8 0.0
YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 3.21% 3.06% 3.43% 3.43% 4.36% 2.69% 2.58% 4.14% 3.13% 0.00% 3.33% 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% 3.50% 3.88% 4.25%
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 15-Oct-2018 15-Oct-2020 15-Oct-2022
MUTUAL FUNDS 52WK HI 1.99 3.90 1.92 167.58 138.35 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.94 11.15 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.40 1.61 1.50 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 1.45 1.67 1.56 1.09 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% 2.86% 3.86% 2.64% 3.93% 2.51% 3.63% 5.44% 4.48% 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 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-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
THE TRIBUNE
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
ment regional fund, appears both unwieldy and to be weighted towards the Chinese’ advantage. In particular, it acknowledges that the Chinese would provide all the capital, equipment and expertise, seemingly relegating Bahamians to the role of labourers. As a result, while the companies proposed by the embassy are to be 50/50 owned via Chinese-Bahamian joint ventures, the latter are likely to be passive investors who merely receive dividends. All management and operational control will likely reside with the Chinese. Mr McCartney said the ‘joint venture’ suggestion was likely an attempt to mollify Bahamian public opinion, especially since fishing is supposedly reserved for Bahamian ownership exclusively under the National Investment Policy. He also expressed concern that any Bahamians and Bahamian entities involved in the joint ventures would likely be family, friends and political supporters of the governing party. “The Chinese will have the say, and I have no doubt it will be the friends, family and lovers that will be 50 per cent partners of these socalled companies,” the DNA leader told Tribune Business. “I think they threw that [joint ventures] in there to try and appease the Bahamian people, when in fact the Government know themselves that the Bahamians and Bahamian entities will really have no say and be collecting on the back end, allowing the Chinese to do this.” The cumbersome aspect of the embassy’s proposal is that it requires the creation of 100 Bahamian-domiciled
THE TRIBUNE
Wednesday, November 2, 2016, PAGE 5
Gray confirms nod for $2bn agriculture talks with Chinese From pg B1 Bahamians seem to lack interest, generally speaking. “Our food security problem is such that if you have to pay $900 million for food from outside the country, any investment in the Bahamas in agriculture and agricultural pursuits, is fine as long as it does not compete with Bahamians who basically have no general interest in farming at any large scale. I thought it was a good discussion to have. I know of his interest in opening that discussion,” As a result, the Government has reportedly given the go-ahead to its embassy in China to pursue a possible agriculture and fisheries partnership with the Chinese. The embassy’s current thinking is for a deal that
or otherwise. I don’t know of it. The Prime Minister has indicated that he does not know of it. We would would inject some $2.1 bil- like to know where this aplion into the Bahamian proval came from. “As minister, I did ineconomy over 10 years. The initiative will entail the in- dicate to the ambassador corporation of 100 Baha- that it was certainly a dismian companies, with each cussion that he could have owned 50/50 by the Chinese with interested investors, and Bahamians or Bahami- and I don’t know what as he did as a result of our an entities. Mr Gray stressed, communications,”Mr Gray though, that no approval said. “I don’t think he will be has been given in relation to able to approve anything by the proposal. “I don’t know of any ap- discussing it. I couldn’t approval,” he emphasised. prove anything even if the “Certainly, the ambassador discussions were held with has no authority to approve me. I think it’s erroneous anything. This minister has to say they have a letter of no authority to approve approval from the Governanything, and it would still ment. That is not true, outhave to come to the Na- side of the fact that he may tional Economic Council be discussing a matter of - headed by our Prime Min- that kind with possible investors. I think that if the ister - for any approval. “I think it’s erroneous at discussions are conducted best to say that there is any it will still have to be put approval of that magnitude before the Government for
Stocks fade as nervous investors watch 2016 election NEW YORK (AP) — Stocks closed broadly lower on Tuesday, as nervous investors continued to monitor the run-up to the 2016 election, which is turning out to be closer than previously expected. Newspaper stocks fell as Gannett and Tronc, publisher of The Los Angeles Times, called off a merger and drugmaker Pfizer fell as the company cut its full-year forecast. The Dow Jones industrial average lost 105.32 points, or 0.6 percent, to 18,037.10. The Standard & Poor's 500 index lost 14.43 points, or 0.7 percent, to 2,111.72 and the Nasdaq composite lost 35.56 points, or 0.7 percent, to 5,153.58. Increasingly, investors' focus has been the presidential election, as polls between Hillary Clinton and Donald Trump appear to have tightened following last week's news that the FBI had opened a new investigation into Clinton's private email server. The narrowing in the race has
introduced a new element of uncertainty into financial markets; something that analysts say is likely to keep trading in check. There were several signs of nervousness in the market. Gold prices rose and the Mexican peso, which has become a proxy for Trump's chances to win, has been falling steadily against the U.S. dollar since Friday. The peso lost nearly 2 percent against the dollar, a significant move in currency trading. "While Hillary Clinton is still expected to win the final vote, email concerns notwithstanding, next week's outcome could well be too close for comfort," said Michael Hewson, chief markets analyst at CMC Markets. Notably, the VIX, a measure of volatility that is nicknamed Wall Street's "fear gauge," jumped 14 percent on Tuesday to its highest level since June. "The tightening in the polls has gotten the market into a bit of a risk-reduction mode. A week ago it was a
Clinton blowout. Now, all of a sudden, it's turning into a bit of a race," said Tom di Galoma, managing director of Treasury trading at Seaport Global Holdings. Outside of the election, investors will be watching the Federal Reserve, which wraps up a two-day meeting on Wednesday. It is widely expected the nation's central bank will keep interest rates stable, due to the meeting's proximity to the general election. Shares of newspaper company Tronc, which publishes the Los Angeles Times and the Chicago Tribune, plunged $1.49, or 12 percent,
NOTICE
NOTICE is hereby given that RUTH EVERETTA WHYLLY of Green Castle, Eleuthera, 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 2nd day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that JESULA DESHOMMES of Millennium Gardens, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that MELISSA GEORGES of Blue Hill South, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 26th day of October, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
Legal Notice
NOTICE
its consideration and approval.” Mr Gray continued: “In every investment there is some good, especially if it does not compete with Bahamians or is the kind of investment that will advance the national interest. “I am satisfied that any investment in agriculture or agribusiness in the Bahamas is a good investment because Bahamians do not seem to like agricultural investments, maybe because they can’t get money from the banks to do it. “Banks don’t like lending money to agriculturalists and fishermen for their pursuits because they think it’s too big a risk. If Bahamians can’t get involved in it because they can’t afford the money to do so, any investment that will advance our food security is a good investment. But nothing has been approved of which I know.” to $10.54 after Gannett said it would stop its bid to buy the company. Gannett fell 19 cents, or 2 percent, to $7.59. The spin-off of Yum Brands' operations in China jumped $1.95, or 8 percent, to $26.19 on its first day of trading. Yum's flagship brand, KFC, has been a success story in China for decades and is by far the largest fast-food franchise in the country. Yum had been pressured by activist shareholders to spin off its China operations. Drugmaker Pfizer fell 64 cents, or 2 percent, to $31.07 after the company reported third-quarter profits plunged 38 percent, despite higher sales. The mediocre results missed Wall Street expectations and Pfizer lowered the top end of its 2016 profit forecast.
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
ROSABEL LIMITED In Voluntary liquidation
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), ROSABEL LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 19th day of October, 2016.
Marwan Ksibati Office 2103 Ontario Tower Business Bay, Dubai, UAE Liquidator
“We’re looking to coin the slogan ‘Grand Bahama Strong’ in all our public pronouncements to convey the essence of the people, the spirit and their perseverance.” He added that the Grand Bahama Chamber had been carrying out assessment studies and surveys of its members, and other businesses, to determine the extent to which individual companies had been impacted by Matthew. Mr Seymour said his organisation had partnered with the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) in Nassau, and the latter’s Rebuild Bahamas ‘joint venture’ with Rotary, to raise funds and assist SME recovery on Grand Bahama. “A fair number of businesses do carry insurance, but in some cases they may be underinsured or not carry catastrophic insurance,” he told Tribune Business. “It’s going to be a long jour-
ney for those businesses to get back on stream.” Mr Seymour said the Chamber and Rebuild Bahamas would be seeking to assist companies that had “adopted best business practices”, and were either suffering from an insurance “shortfall” or required a modest sum to come back on line. Those requiring more significant financial assistance are being referred to the National Emergency Management Agency (NEMA). The Grand Bahama Chamber president praised the GBPA, Grand Bahama Power Company and the Ministry of Grand Bahama on how they were handling the restoration efforts todate. The Power Company, in particular, were “doing an exemplary job in which they have approached the restoration effort”. “Those guys are working at breakneck speed to restore everything quickly and safely,” Mr Seymour said. “I’d like to commend them.”
Share your news
The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story. COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT
2012
CLE/qui/01749
Common Law and Equity Division IN THE MATTER of The Quieting Titles Act, 1959 AND IN THE MATTER of ALL THAT piece parcel or Lot being Lot Number Eighteen (18), Block Number Forty-nine (49) of a Subdivision called and known as Englerston and bounded on the NORTH by land the property of one Williams and running thereon One Hundred and Twentyseven Hundredths (100.27’) feet on the WEST by land the property of one McKinney and running thereon Fifty and Sixteen Hundredths (50.16’) feet on the SOUTH by land the property of one Outten and running thereon Ninety-eight and eighty-two Hundredths (98.82’) feet and on the EAST by Ida Street and running thereon Fortynine and Forty-five Hundredths (49.45’) feet the lot being 50 x 100 in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas AND
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
IN THE MATTER of The Petition of MICHELLE GEORGINA JOHNSON (Administratrix of the Estate of Wilbur John Ferguson, deceased)
NOTICE NORTHCOTE HOLDINGS LIMITED In Voluntary liquidation
_________________________________
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), NORTHCOTE HOLDINGS LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 18th day of October, 2016.
NOTICE _________________________________
Mr. Paul Healey 17 Birchleigh Close Onchan, Isle of Man IM3 4EX Liquidator
Legal Notice
NOTICE
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
AKASHI INVESTMENTS S.A.
DELIVERY SERVICES INC.
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), AKASHI INVESTMENTS S.A., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 21st day of October, 2016.
Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), DELIVERY SERVICES INC., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 21st day of October, 2016.
Michael Alan Gardner Fifth Floor, 37 Esplanade St. Helier, Jersey JE1 2TR Liquidator
From pg B1
Legal Notice
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
In Voluntary liquidation
GB eyes foundation for storm protection
In Voluntary liquidation
Pollux Corporate Services Ltd. Suite E-2, Union Court Building Elizabeth Avenue and Shirley Street Nassau, Bahamas Liquidator
THE PETITION of MICHELLE GEORGINA JOHNSON (Administratrix of the Estate of Wilbur John Ferguson, deceased) “ALL THAT piece parcel or Lot being Lot Number Eighteen (18), Block Number Forty-nine (49) of a Subdivision called and known as Englerston and bounded on the NORTH by Lot Number Nineteen (19) in the said Subdivision now said to be the property of one Williams and running thereon One Hundred and Sixty-six Hundredths (100.66) feet on the WEST by Lot Number Fifteen (15) in the said Subdivision now said to be the property of one McKinney and running thereon Fifty and Forty-four Hundredths (50.44) feet on the SOUTH by Lot Number Seventeen (17) in the said Subdivision now said to be the property of one Outten and running thereon Ninety-eight and Seventy-seven Hundredths (98.77) feet and on the EAST by Ida Street and running thereon Fortynine and Forty-four Hundredths (49.44) feet and is more particularly described on PLAN 5771 NP filed at the Department of Lands & Surveys. NORWOOD A. ROLLE & CO. Chambers Suite #6, Gomez Building Dowdeswell Street east of Christie Street Nassau, Bahamas Attorneys for the Petitioner
THE TRIBUNE
Wednesday, November 2, 2016, PAGE 7
‘Pie in the sky’ From pg B1 approval, hit certain performance benchmarks. There is no certainty that Chinese government investment, or investors, will be forthcoming, or that any government approval is forthcoming, but Mr Smith said yesterday: “I would be absolutely opposed to any such pie in the sky project.” He suggested the proposal provided further evidence of how successive governments had placed ‘the cart before the horse’, particularly when it came to land use planning. Pointing out that the current Planning and Subdivisions Act required the development of a Land Use Plan for each Bahamian island, with specific areas set aside for defined uses, Mr Smith said nothing had been done - not even consultations with local communities. He also pointed out that Crown Land leases, such as that proposed by the Beijing embassy, had to be approved by Parliament under the Conveyancing and Law of Property Act. And consultation with the relevant local government authorities and district councils was also required on matters of Crown Land grants/leases by the Local Government Act. “In addition, Bahamians should be getting their own land before the Chinese,” Mr Smith told Tribune Business. “Notwithstanding any suggestion of a 50/50 own-
maining land, and combined with the fact that the Government is the largest landowner, this means Crown Land assumes vital importance in fostering social cohesion, development, wealth creation by Bahamians and economic growth. However, the lack of transparency surrounding how it is conveyed/leased, and to whom, continues to hold the Bahamas back. Branville McCartney, the Democratic National Alliance’s (DNA) leader, yesterday called for the creation of a Land Bureau to deal with all Crown Land matters, and to take the issue out of the hands of future prime ministers. “When have you last seen the Government make available 10,000 acres to Bahamians or Bahamian entities,” he asked Tribune Business. “The only access you have to Crown Land is through the Prime Minister. We, the DNA, have said that the method of getting Crown Land must be taken out of the Office of the Prime Minister and put in some office or entity so that one man does not have the final say. “We have said that there ought to be a Land Bureau that divides Crown Land into residential, commercial and industrial uses for the benefits of Bahamians. “Land is wealth. We want to be in a position to make Bahamians wealthy, and not the Chinese or anybody else.”
ership concept, he who controls the money controls the venture.” That is a reference to the embassy’s proposal that the $2.1 billion project be a 50/50 joint venture between the Chinese and Bahamians, albeit with the former providing all the financing, expertise and equipment. Mr Smith, meanwhile, questioned why the Government appeared to be giving priority treatment to the Chinese when hundreds of Bahamians had either been denied, or heard nothing on, requests for Crown Land conveyancings and leases. “There are thousands of Crown Land applications that have gone unanswered, and the non-governmental organisation called Crown Land for Bahamians has encouraged people to agitate on this issue,” he told Tribune Business. “Before offering thousands of acres of Crown Land to the Chinese in an area as environmentally sensitive and unique as Andros, we should have the Prime Minister, who is responsible for Crown Land, pay attention to the very thousands of Bahamian applications that are waiting.” Crown Land grants, and leases, and the terms for such have often been used as a political tool by various administrations in the absence of laws and policies to guide how it is disbursed. The Bahamas’ has a relatively small supply of re-
THe WeaTHer repOrT
5-Day Forecast
TOday
OrlandO
High: 84° F/29° C low: 65° F/18° C
Tampa
THursday
FrIday
saTurday
sunday
Clouds and sun, a shower; breezy
Partly cloudy, a shower; breezy
Partly sunny with a shower in spots
Partly sunny
Partly sunny and breezy
Partly sunny, a shower; breezy
High: 85°
Low: 73°
High: 84° Low: 70°
High: 81° Low: 69°
High: 80° Low: 70°
High: 81° Low: 71°
AccuWeather RealFeel
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AccuWeather RealFeel
88° F
72° F
91°-76° F
90°-67° F
85°-68° F
83°-68° F
High: 86° F/30° C low: 67° F/19° C
The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.
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High: 85° F/29° C low: 72° F/22° C
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High: 85° F/29° C low: 74° F/23° C
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Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 75° F/24° C Normal high ....................................... 83° F/28° C Normal low ........................................ 71° F/22° C Last year’s high ................................. 90° F/32° C Last year’s low ................................... 74° F/23° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ............................................... 48.00” Normal year to date ................................... 35.84”
eleuTHera
nassau
High: 85° F/29° C low: 73° F/23° C
Forecasts and graphics provided by AccuWeather, Inc. ©2016
High: 84° F/29° C low: 77° F/25° C
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High: 83° F/28° C low: 75° F/24° C
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Today
10:04 a.m. 10:21 p.m.
3.1 2.5
3:47 a.m. 4:31 p.m.
0.4 0.5
Thursday
10:42 a.m. 11:01 p.m.
3.0 2.4
4:23 a.m. 5:10 p.m.
0.5 0.6
Friday
11:22 a.m. 11:43 p.m.
3.0 2.4
5:02 a.m. 5:53 p.m.
0.6 0.7
Saturday
12:06 p.m. -----
2.9 -----
5:44 a.m. 6:38 p.m.
0.8 0.8
Sunday
12:31 a.m. 11:54 a.m.
2.3 2.8
5:33 a.m. 6:28 p.m.
0.9 0.8
Monday
12:25 a.m. 12:48 p.m.
2.4 2.8
6:29 a.m. 7:22 p.m.
0.9 0.8
Tuesday
1:25 a.m. 1:46 p.m.
2.5 2.8
7:31 a.m. 8:17 p.m.
0.9 0.6
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High: 83° F/28° C low: 76° F/24° C
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Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
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7:18 a.m. 6:28 p.m.
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9:36 a.m. 8:49 p.m.
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High: 83° F/28° C low: 77° F/25° C
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High: 84° F/29° C low: 77° F/25° C
mayaGuana High: 85° F/29° C low: 78° F/26° C
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
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CrOOKed Island / aCKlIns raGGed Island High: 84° F/29° C low: 78° F/26° C
High: 84° F/29° C low: 78° F/26° C
GreaT InaGua High: 86° F/30° C low: 76° F/24° C
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WINDS NE at 8-16 Knots ENE at 7-14 Knots NE at 8-16 Knots ENE at 7-14 Knots ENE at 8-16 Knots ENE at 8-16 Knots ENE at 8-16 Knots ENE at 8-16 Knots ENE at 8-16 Knots ENE at 7-14 Knots ENE at 8-16 Knots ENE at 7-14 Knots NE at 8-16 Knots ENE at 8-16 Knots NE at 12-25 Knots ENE at 8-16 Knots ENE at 10-20 Knots ENE at 8-16 Knots NE at 8-16 Knots ENE at 8-16 Knots ENE at 12-25 Knots ENE at 8-16 Knots NE at 10-20 Knots ENE at 8-16 Knots NE at 8-16 Knots ENE at 7-14 Knots
WAVES 4-8 Feet 4-7 Feet 1-3 Feet 1-3 Feet 4-7 Feet 4-7 Feet 4-7 Feet 3-6 Feet 4-8 Feet 4-8 Feet 3-5 Feet 2-4 Feet 2-4 Feet 1-3 Feet 4-8 Feet 3-6 Feet 2-4 Feet 2-4 Feet 5-9 Feet 5-9 Feet 2-4 Feet 1-3 Feet 3-6 Feet 2-4 Feet 3-5 Feet 3-5 Feet
VISIBILITY 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles
WATER TEMPS. 81° F 82° F 81° F 81° F 80° F 80° F 82° F 82° F 78° F 78° F 82° F 82° F 83° F 83° F 83° F 83° F 82° F 82° F 82° F 82° F 82° F 81° F 81° F 81° F 80° F 80° F
PAGE 8, Wednesday, November 2, 2016
THE TRIBUNE
October US sales fall as auto boom slows DETROIT (AP) — It's a chilly autumn for U.S. auto sales. Sales of new cars and trucks fell an estimated 4 percent in October as consumer demand waned, according to Autodata Corp. Hyundai and Subaru both reported 4-percent sales increases from last October. But General Motors' sales fell 2 percent, Toyota's sales were down 9 percent and Fiat Chrysler's sales dropped 10 percent. Honda's sales fell 4 percent and Nissan's were down 2 percent. Volkswagen's sales fell 18.5 percent. Ford Motor Co. said its sales figures would be delayed until later in the week due to an electrical fire at its headquarters that stopped dealers from reporting sales. Autodata estimated Ford's
sales fell 2 percent U.S. auto sales remain near their all-time highs, but after six years of growth following the Great Recession, they're tapering off. October was the fifth month of year-over-year sales drops in 2016, a sign this year could fall short of last year's U.S. record of 17.5 million sales. "The fact that retail sales are beginning to contract despite high incentives and extremely low interest rates and gas prices is a clear indicator that this cycle has reached its peak," said John Humphrey, senior vice president of J.D. Power's global automotive practice. Sales fell even though automakers increased average discounts per vehicle by 12 percent to $3,726 per vehicle, according to J.D. Power. But
the average sales price still was expected to set an October record at $31,383. Prices are rising because more higher-priced trucks and SUVs are being sold. Incentives can draw buyers in the short term, but they can be dangerous for the industry, since they lower profits and hurt vehicles' resale values. Kelley Blue Book senior analyst Alec Gutierrez said incentives are currently growing faster than average prices; if that trend continues, or if prices stagnate but incentives keep growing, there could be trouble for manufacturers. "We're on the upper end of the spectrum in terms of where we would feel comfortable," he said. Gutierrez and others say they expect automakers to
cut production in the coming weeks in order to keep vehicle supplies aligned with demand. Ford already cut production at four North American plants in October, including those that make the Fusion sedan, Escape SUV and F-150 pickup. Automakers said: — General Motors Co. said its U.S. sales fell 1.7 percent to 259,000 last month. All brands but Buick reported declines. Sales of its topselling Chevrolet Silverado pickup fell nearly 4 percent but Chevrolet Tahoe SUV sales rose 81 percent while GMC Acadia SUV sales were up 24 percent. GM reported that it's getting strong prices for its vehicles; its average sale price of $43,988 was a record for October. —Toyota Motor Corp.'s sales fell 8.7 percent to 186,295. Toyota brand sales were down 9 percent, while luxury
Lexus sales fell 6 percent. Sales of the Tacoma small pickup rose 4 percent and Lexus SUV sales jumped 6 percent. But car sales tumbled. Sales of the Prius hybrid were down 46.5 percent despite a recent redesign. — Fiat Chrysler Automobiles said its sales fell 10 percent to 176,609. Jeep, Chrysler, Dodge, Alfa and Fiat sales were down, but Ram sales were up 12 percent on strong sales of its commercial vans. — Honda Motor Co.'s sales fell 4.2 percent to 126,161. Sales of the Honda HR-V small SUV jumped 46.5 percent, while sales of the luxury Acura MDX SUV were up 15 percent. But car sales dropped. — Nissan Motor Co.'s sales fell 2.2 percent to 113,520. Sales of the newly redesigned Nissan Armada SUV jumped 79 percent, while sales of the
Murano SUV doubled from last year. But Infiniti luxury sales were flat, and Nissan and Infiniti's combined car sales were down 13 percent. —Hyundai Motor Co.'s sales were up 4.1 percent to 62,505. Hyundai's new luxury brand, Genesis, sold 1,201 vehicles; the Hyundai Tucson SUV also saw an 11-percent increase in sales. —Subaru brand sales rose 4.1 percent to 53,760 on strong sales of the Outback SUV — which was up 22 percent — and the Crosstrek wagon. — The Volkswagen brand, still recovering from its diesel cheating scandal, said sales fell 18.5 percent to 24,779. Sales of the newly redesigned Beetle were up 29.5 percent, but most vehicles saw sales declines.
Chevrolet vehicles are fo sale at a dealership in Fremont, Calif. General Motors says its U.S. sales fell 1.7 percent last month as all brands but Buick reported declines. The Detroit automaker, the first to report yesterday, says it sold nearly 259,000 cars and trucks in October. But it increased retail sales to individual buyers by 3 percent. GM has been shunning low-profit sales to rental car companies in favor of more lucrative retail sales.(AP Photo)