11242016 business by tribune242

THURSDAY, NOVEMBER 24, 2016

business@tribunemedia.net

$4.10 Narrowed VAT filing ‘less onerous’ if Govt sees bigger picture By NEIL HAR TNELL Tribune Business Ed itor nhartnell@tribunemedia.net The Government’s decision to press ahead with narrowing the Value-Added Tax (VAT) payment window by seven days will be “less onerous” if it meets its due obligations to the private sector, the Chamber of Commerce’s chief executive said yesterday. Edison Sumner told Tribune Business that timely refunds, and the ability to obtain Tax Compliance Certificates (TCCs) without delay, would make it easier for the private sector to accept a reduced VAT filing/payment period. He added that the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) was now set to “take the pulse” of the business community on the issue, after the Government decided to move forward with amendments unveiled with the 2016-2017 See pg b4

Govt confirms sevenday cut to VAT pay/ filing time Chamber to ‘take pulse’ of private sector on issue Says VAT refunds, TCCs must be just as prompt

Edison Sumner

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Bahamian web shop operator yesterday said the industry should reduce its need for physical gaming house locations by conducting its business electronically, adding that 80 per cent of its business came from online. Craig Flowers, the FML Group of Companies chief executive, told Tribune Business that physical gaming houses should be “a thing of the past”, acknowledging the growing concern over their rapid spread throughout Bahamian See pg b6

Flowers: Industry needs to move to online gaming 80% of FML business done electronically Urges better Govt direction; agrees too many sites

$4.14

$4.05

Bahamian liquidators battle Florida law firm By NEIL HAR TNELL Tribune Business Ed itor nhartnell@tribunemedia.net The liquidators for a “failed” Bahamian bank are battling a Florida law firm as part of efforts to recover a $15 million loan, with their target alleging they should “stop wasting time and creditors’ money chasing non-existent claims”.

Maria Ferrere and Alison Treco, the Supreme Court-appointed liquidators for Rural International Bank, are pursuing the Carlton Fields Jorden Burt law firm and its attorney, Robert Macauley, for alleged legal malpractice in their representation of the bank. Legal documents filed on behalf of the FT Consultants duo, and See pg b4

FT Consultants duo allege conflict, malpractice Target replies: ‘Stop wasting time, creditor money’ Duo seek $15m recovery for ‘failed’ Bahamas bank

BTC privatisation chair Key revenues off 30% confident in ‘best deal’ in Matthew aftermath By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

More web shops a ‘thing of the past’ By NATARIO McKENZIE

$4.14

The chair of the Bahamas Telecommunications Company’s (BTC) privatisation committee yesterday expressed confidence that a Parliamentary probe would find the sale was “the best deal that could be done”, provided its inquiry was conducted properly. Julian Francis, who was also BTC’s chairman when the former Ingraham administration sold a 51 per cent majority stake to Cable & Wireless Communications (CWC), said he had

Francis: ‘No doubt’ sale done ‘entirely correctly’ Welcome select committee; urges ‘proper review’ Pledges cooperation, but fears ‘political move’ “no doubt” that all parties to the deal had conducted themselves properly. See pg b5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Hurricane Matthew’s impact on government revenues has been exposed by data showing a collective 30 per cent month-over-month dropoff in three key taxes during October. Figures released on the Nassau Container Port’s website show the Government collected $32.791 million in combined Customs duty, Excise and ValueAdded Tax (VAT) revenues on New Providence during October 2016.

Data shows falls in duty, Excise Tax and VAT Excise taxes down 46%, VAT falls 26% October figures for New Providence only This represented a 29.2 per cent drop-off compared to the total $46.706 million these three taxes generated in September 2016, with the See pg 5

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BTC takes university endowment to $1m The Bahamas Telecommunications Company (BTC) and the University of the Bahamas haveannounced the establishment of a new endowment fund, with the company’s contributions standing at almost $1million. Dr Rodney Smith, president of the newly-inaugurated University, said: “In yet another public-private partnership, we have partnered with the Bahamas Telecommunications Company (BTC) for the creation of a unique Technology Innovation laboratory. “This lab, designed by our architecture students, will be housed within the

Harry C. Moore Library, and will have the most upto-date technology in existence. “Students will create new apps, design and implement new and improved social media, and create new global companies. In addition, BTC has committed to establishing a $300,000 endowed scholarship fund. The total of these donations, combined, from BTC is estimated to be up to $1 million.” BTC chief executive, Leon Williams, said: “We are indeed proud of the University of the Bahamas. The Charter Ceremony signalled the dawn of a new era, and BTC was privi-

leged to be a part of the events. “Earlier this year we broke ground, along with the University, for a new Technology Lab and Innovation Centre. We are grateful to be a part of the University’s transition and we wish the president, faculty and students well.” BTC announced a $250,000 investment in the then-College of the Bahamas in 2013 to fund 10 scholarships, and invest in the endowment fund. BTC also opened a franchise store on the campus and heavily invests in its annual Freshman Week and other university activities.

Bahamian passes compliance exam Natalia Delancy recently passed the Canadian Chief Compliance Officers qualifying exam after studying with the Nassau-based Securities Training Institute (STI). Bettina Albury, STI’s operations manager, said: “STI provides students with

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Thursday, November 24, 2016, PAGE 3

Flowers in level playing field call over web shops

CLICO awaits Govt SPV insurer approval

Tribune Business Reporter

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A leading web shop operator yesterday urged the Government to clarify how many gaming house locations will be allowed to remain open, adding: “You have to start everyone evenly.” Craig Flowers, chief executive of the FML Group of Companies, said: “The Government says to us what the starting number of locations is, and if some have more than that, then give us six months to close down and choose which of those we want to keep within the confines of the numbers. “For those who have less then they should, they have an opportunity to increase. It has to start somewhere, in my opinion.” Mr Flowers added: “You have to start everyone evenly. You can’t start one person way in front of the others unless you allow the others to get those numbers as well. “If I’m going to plan my business for the next five years, I’m not going to make plans for any new stores if I don’t know how many stores I’m allowed to open.” The Gaming Board recently confirmed in a statement that the existing gaming house licensees have been inspected and certified by independent international agencies, and officially granted licenses. FML Web Shop, A Sure Win, Chances Games, Paradise Games, Island Luck, Percy’s at the Island Game, Asue Draw + Spin, and Bahama Dreams were all granted conditional gaming house licenses last October. The Gaming Board recently confirmed that Four Point Group Limited, trading as Asue Draw + Spin, has not renewed its Gaming House operator license for 20162017. The Gaming Board said Obie Wilchcombe, who

The Government needs to kickstart the next CLICO (Bahamas) resolution phase by approving the Board and manager for a newly-created insurance vehicle, Tribune Business can reveal. The establishment of Coral Insurance Company, the special purpose vehicle (SPV) to which all the insolvent insurer’s policies that remain in effect will be transferred, awaits these key decisions. Once that happens, Tribune Business sources said the CLICO (Bahamas) liquidator, Craig A. ‘Tony’ Gomez, will be able to submit his business plan for Coral to the Insurance Commission of the Bahamas (ICB) for regulatory approval. And, in turn, once Coral is formally established and functioning, Leno Corporate Services will issue $45 million worth of bonds in its name - the second stage of the payout to compensate CLICO (Bahamas) former Executive Flexible Premium Annuity (EFPA) holders and those who previously surrendered their pension policies. However, the wait for the Government’s decision has come too late for some. A disillusioned Bishop Simeon Hall, himself a CLICO (Bahamas) annuity holder, said in a statement that he was “throwing in the towel” in his pursuit of the matter. With it now almost eight years since the insolvent life and health insurer was placed into liquidation by the Supreme Court, Bishop Hall said: “I must tell you that I am throwing in the towel on this noble cause, in which many of us have been engaged for almost eight long, frustrating years. Someone else has to take us ‘over Jordan’. Of the 4,000 churches in the Bahamas, only less than half a dozen showed any interest in this corporate theft per-

By NATARIO McKENZIE

nmckenzie@tribunemedia.net

Craig Flowers has ministerial responsibility for gaming, intends to adopt its recommended zoning regulations. It added that following hundreds of site inspections to determine the proximity of gaming houses to schools or learning institutions, places of worship, residential areas, other gaming houses and premises where pensions or welfare payments are collected, the zoning proposal proposed by the Gaming Board “envisions a transitional approach that takes into consideration the unique constraints associated with imposing a comprehensive zoning scheme upon many long standing gaming house locations, in an environment that has been properly zoned itself”. Mr Flowers said: “The reality is that prior to the regulations, we initiated this whole idea of regulating the industry with the Ingraham administration; myself and two other operators at the time. “There were really only four operators in the country. After the Government made the announcement that they were going to regulate, everybody got into the business. The irony is that on Friday past, the Government issued licenses for six - maybe seven - operators. That’s a huge change in how the industry started.”

Tourism relaunches its Bahamas website The Ministry of Tourism has relaunched its Bahamas.com website to provide visitors with a modern and interactive user experience, alongside a global booking engine. “The new booking engine for the website allows interested persons to better navigate the Islands of the Bahama,” said the Ministry’s director of global communications, Andre Miller “People know how to get Nassau, Grand Bahama and other islands where we have direct airlift, but they may not explore the other Family Islands because they don’t know how to get there. “The new booking feature connects our domestic carriers and international carriers, making it easier for travellers to get to some of those islands that you cannot fly to directly, like Rum Cay or the Berry Islands, for example.” The website attracts 250,000 ‘unique’ visitors each month, with just shy of one million page views during that period. The new booking engine

is designed to encourage visitors to book their trip to the Bahamas after seeing all that the multi-island destination has to offer. “Thousands of people were always going to our site to seek out information about the islands of the Bahamas, but then they had to leave the page to book their trip other ways,” Mr Miller said. “That leaves room for distractions, and gives people time to consider other destinations. Now that we have a booking engine, the trip is just a click or two away while the interest in the Bahamas is at its highest.” The first trip was booked on the new website just a day after it was launched by a European traveller who will spend a few days in the Family Islands. Bahamas.com now includes videos and blogs containing stories about activities guests can do in the Bahamas. The blogs cover a wide range of categories, ranging from fishing, diving, pampering and nightlife to boating, water sports, wor-

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ship and romance. “We’ve added some new bells and whistles and, obviously, we kept the Bahamas map on the website so people can see our proximity to major hubs, like Florida. We now have a much more mobile friendly version of the website to keep up with the trend of increased mobile use for booking,” said Mr Miller “We’ve put social media much more upfront. We have a homepage social media feature that gives you a snapshot of what’s going on when people are using the hashtag ‘Bahamas’, ‘visit the Bahamas’ or ‘it’s better in The Bahamas’. The website also highlights several different vendors, restaurants and other activities and attractions, allowing travellers to not only book but plan their entire trip. “We’ve built this website to spur a deeper economic impact across all the persons who have a stake within the industry when it comes to tourism,” Mr Miller said.

Board, management firm require sign-off Key step to kickstarting remaining payout Disillusioned Bishop ‘throws in towel’ on advocacy petuated by CLICO. This exercise should have received greater support than it has.” He added: “Before the 2012 elections this government promised it would address it. Less than 10 per cent was paid, and we remain hopeful the balance would be paid in this lifetime.” Mr Gomez, the Baker Tilly Gomez accountant and partner, remains gagged from speaking publicly on the liquidation by the Supreme Court. However, sources familiar with the situation, speaking on condition of anonymity, said Cabinet approval was needed for Coral’s Board members and management company before its creation could be completed. Tribune Business understands there are two contenders for the management company - BISX-listed Family Guardian, and BAF Financial. “At the end of the day, Coral will be a governmentowned entity,” one source said. “The liquidator can’t tell them who to appoint. Once he passes the portfolio to them, they take on that liability.” Tribune Business was separately told that the Government and all parties

Bishop Simeon Hall involved were “looking forward to getting it done”. “Once the company is set up, Leno will issue in Coral’s name the bonds to be distributed,” this newspaper was told. “They need the company to be set up first, and Leno will do what it has to do.” The bonds will be issued in exchange for, and replace, the pledges issued to former CLICO (Bahamas) clients owed more than $10,000, and who received their first cash payments in February 2016. That collective payment totalled some $13.1 million.

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Narrowed VAT filing ‘less onerous’ if Govt sees bigger picture From pg B1 Budget. The Department of Inland Revenue, in an e-mail issued to the 6,000-plus VAT registrants yesterday, confirmed that the time companies have to file their returns, and submit payment, will be cut from 28 days after the reporting period ends to just 21. “The Department of Inland Revenue wishes to advise all taxpayers that effective January 1, 2017, the deadline for VAT filing and payment will change,” said the e-mail, obtained by Tribune Business. “Registrants must now file their VAT returns and remit any VAT due within 21 days after the end of each

tax period, in accordance with the VAT (Amendment) Act, 2016, Section 47, Subsection (1).” The warning/threat was not far behind. “Please ensure that all VAT returns are filed and paid by the new deadline of the 21,” the Inland Revenue Department said. “Failure to file and make payment on or before the deadline will result in fines and penalties being assessed.” The ‘narrower’ VAT payment window was among the private sector’s major concerns following the Prime Minister’s Budget address in late May. Mr Sumner yesterday said the issue had been raised in subsequent meet-

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ings with Simon Wilson, the Ministry of Finance’s financial secretary, and his team, and the Chamber had been waiting for the Government to announce a formal position before it took further action. “We’ve had occasion to have several meetings with them regarding the plans they have to make amendments on the filing and payment of VAT,” Mr Sumner told Tribune Business. “We would have presented our concerns in those meetings with the Government officials. We have put the information out to the private sector and our members. “It is something we are going to the pulse of members on. We were waiting to see what the Government’s final position is. We have to speak to our members to find out how they feel about shaving seven days off the payment.” Mr Sumner said the Christie administration’s decision to ‘narrow’ the VAT payment/filing window was linked to its desire to improve government cash flows, and ensure it can meet its multi-million dollar monthly obligations.

“The Government wants to change its cycle for the payment of VAT,” he reaffirmed to Tribune Business. “It’s to do with the revenue process, and to be sure that they get the revenue in a more timely fashion to meet monthly commitments and obligations.” The ‘narrowed’ VAT window, together with the recently-announced ‘offensive’ against major tax evaders and delinquents, will add to the growing impression that the Government is enduring significant cash flow difficulties and is desperate to gain every cent of revenue due to it. Mr Sumner said the Chamber planned to “quickly” provide feedback from the private sector to the Ministry of Finance on the reduced VAT filing/ payment, and argued that any reforms should be implemented “holistically” and take account of “the whole picture”. He suggested that the narrowed ‘window’, and the extra costs and bureaucratic burden it might impose on some VAT registrants, would be easier to absorb if the Government delivered on its end of the bargain.

Bahamian liquidators battle Florida law firm From pg B1 which have been obtained by Tribune Business, allege that Rural International Bank - prior to its liquidation - was induced to pay more than $1 million in “unauthorised legal fees” for work the Florida law firm did on behalf of others. And they also claim that Carlton Fields Jorden Burt, without the Sandyportbased bank’s knowledge, provided legal advice to the parties that borrowed more than $13 million from it and which they have refused to repay. As a result, Ms Ferrere and Ms Treco have initiated a separate legal claim, also in the southern Florida courts, against the borrower, Key Financial Investment Group, and its subsequent purchaser, Geofinance Ltd. They are alleging that

Key Financial “was used as a mere conduit or ‘straw borrower’” to obtain credit from Rural International Bank, with the $13 million obtained then lent on to other parties. The Bahamian liquidators are alleging that Key Financial, Geofinance and their key executives, Monique Merriam and Bruno Junqueira, had “no intention” of repaying the money to the Bahamian bank, with the situation amounting to fraud. However, they are claiming that without advising Rural International Bank or terminating their engagement with it, Mr Macauley and Carlton Fields Jorden Burt provided an April 17, 2014, opinion to Geofinance’s Bahamian attorney on the Key Financial transaction. The letter, to Marco Turnquest, an attorney with the Lennox Paton law firm, said it was “substantially accurate” to say Key Financial’s debts had been discharged because Geofinance had assumed the obligations to Rural International Bank. Mr Macauley, in documents filed with the Florida courts, also said “no harm” had been done to the Bahamian bank. The Bahamian liquidators, though, are alleging that Carlton Fields Jorden Burt and its attorney are hopelessly conflicted by their joint representation of Geofinance and Rural International Bank - two parties on opposite sides of the same lawsuit. “As a fiduciary, at all times Carlton Fields owed Rural International Bank a duty of care and a duty of loyalty,” the accountant duo of Ms Ferrere and Ms Treco alleged. “Carlton Fields, as its fiduciary, owed Rural International Bank the duty to refrain from self-dealing, the duty of loyalty, the overall duty to not take unfair advantage and to act in the

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This, Mr Sumner explained, meant ensuring that businesses could obtain timely TCCs from the Government, thereby ensuring they can obtain payment for services already rendered to it. And it also requires the Government to pay VAT refunds within the same time periods they are demanding of the private sector for tax filings and payments. “When we talk about adjusting the VAT filings and payments, we have to look at that holistically and how it impacts those companies doing business with the Government, and requiring TCCs to get payments due to them,” Mr Sumner told Tribune Business. “When we look at making adjustments in the payment periods for the filing of VAT, we have to look at the whole picture.” Mr Sumner acknowledged that “many companies” may have concerns with the reduced VAT payment window, adding: “It’s going to possibly impact cash flow, even though it’s the Government’s money. “They’ve got to make provisions to file those returns earlier than they’re

doing, so those companies may have to make revisions to their payment systems and operating systems.” The Chamber chief, though, added that “the real issue” would come when VAT credits and refunds were due to registrants. “When are we going to get refunds applied to our accounts?” he asked rhetorically. “The business community may say they have no difficulty paying in 21 days, but if the Government is paying reimbursements and refunds of VAT credits, how quickly will those be paid? “If they’re able to satisfy that requirement of the business community, any change will be less onerous and better accepted by the business community.” Mr Sumner acknowledged that the “cries are not as loud as before” on TCCs and VAT refunds, and he urged impacted businesses to contact the Ministry of Finance with their complaints, given that it had pledged to address all issues on “a case-by-case” basis.

best interest of Rural International Bank, and the duty to disclose material facts. “Carlton Fields, as its fiduciary/attorney, owed Rural International Bank the duty not to have a conflict of interest between Rural International Bank and another client..... [and] between itself and Rural International Bank.” Carlton Fields Jorden Burt and Mr Macauley are urging the south Florida district federal court to dismiss the Bahamian liquidators’ action on the grounds that they have failed to produce any evidence of subpar work, or that the bank suffered any damage from the law firm’s actions. They are also alleging that the Rural Bank International liquidators have failed to show “a breach of duty that caused” harm to the Bahamian bank - an essential element in any legal malpractice lawsuit. The FT Consultants duo are, not surprisingly, resisting the Florida law firm’s efforts to have the case dismissed. They say that their efforts to collect on the $15 million now owed by Key Financial/Geofinance were undermined, and harmed, when Mr Macauley copied the latter’s attorneys on a letter he wrote to Rural International Bank’s US legal counsel. The December 2015 letter, which has been obtained by Tribune Business, argues that the Bahamian liquidators are pursuing the wrong target in their efforts to recover the $15 million loan owing. Mr Mcaculey’s letter confirmed that Rural International Bank’s loans were then “re-loaned in Brazil”, with some of the money going to affiliates of its parent in a related party transaction. Rural International Bank is part of the Brazilian banking group, Banco Rural, which was placed into liquidation in its home country in 2013 after being tied to the corruption scandal that brought down ex-president, Dilma Rousseff, and tarnished her predecessor, Luiz Inacio ‘Lula’

Da Silva.’ It was accused of forging loans as part of a ‘vote buying’ scandal during the latter’s presidency. Acknowledging the $15 million debt, Mr Macauley said Rural International Bank’s liquidators needed to recover two loan portfolios owned by Geofinance - and for which the Bahamian bank is the collections agent - rather than go after the loans directly. “Despite Geofinance’s repeated requests, and despite the fact that it is in all parties’ interests to promptly collect on these accounts, the Rural International Bank liquidators [Ms Treco and Ms Ferrere] have blocked these efforts for over a year,” he wrote. “The collectible value of these portfolios is approximately $10-$20 million, subject of course to exchange rate risk.” Mr Macauley then hit out at the Bahamian liquidators for chasing $41 million in Rural International Bank loans that were booked to Geofinance in transactions involving an Austrian bank, Bank Winter. He argued that this was “an accounting issue, not a payments issue”, as the money had all been returned to the Bahamian bank and its Brazilian parent. “The liquidators’ focus on the Bank Winter transactions is a waste of time and money, which has [been] explained repeatedly to the liquidators and their Bahamian counsel,” Mr Macauley wrote. “Please note that the liquidators are working for the Rural International Bank creditors, the vast majority of whom are Rural Group affiliates and allies. “Consequently, the liquidators should immediately take the necessary steps to collect the Geofinance receivables and stop wasting time and money chasing non-existent claims.” Given that both their Florida actions have been ongoing for six months, and remain current, it is clear Ms Ferrere and Ms Treco disagree with Mr Macauley’s assessment.

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Thursday, November 24, 2016, PAGE 5

BTC privatisation chair confident in ‘best deal’ From pg B1 The former Central Bank governor added that the privatisation was “done in an entirely correct way”, and said it was unlikely that any improprieties would have escaped his attention. Emphasising that he welcomed the House of Assembly’s decision to form a select committee to investigate BTC’s privatisation, Mr Francis said he was prepared to “fully co-operate” with its work. He added, though, that the Christie administration had created questions about its “seriousness” and intent by delaying the select committee’s formation for so long. And, now that it had been formed, Mr Francis suggested it would be perceived as “a political move” so close to a general election. Still, dismissing suggestions that something untoward had occurred over BTC’s privatisation, Mr Francis told Tribune Business: “Once a proper review

is done, they will come to the conclusion this was the best deal that could have been done, and that it was done in an entirely correct way. “I have no doubt about that whatsoever, unless there’s something I’m not aware of, but I rather doubt that.” The then-opposition Progressive Liberal Party (PLP) focused on the BTC privatisation as a major element of its 2012 general election campaign, tapping into deep-rooted Bahamian nationalism with slogans such as ‘keep Bahamian industries in Bahamian hands’. Both in opposition, and following their subsequent election to government, PLP ministers and MPs have continually attacked the BTC privatisation via allegations of ‘finder’s fees’; the $1.5 million in bonuses shared between 15 BTC executives; and concerns over how CWC became the buyer when it did not enter the

Key revenues off 30% in Matthew aftermath From pg B1 almost-$14 million decline likely caused by Hurricane Matthew and the subsequent disruption to commerce and imports. It is unclear whether the data includes all Customs, Excise and VAT revenues collected on New Providence for those months. It appears unlikely, given that the figures for VAT appear way below those needed to produce the Government’s stated $852 million during the tax’s first 18 months. However, Michael Maura, chief executive of Arawak Port Development Company (APD), the BISX-listed operator for the Nassau Container Port, told Tribune Business yesterday that the figures came from the Ministry of Finance. “Those numbers came from the Ministry of Fi-

nance. They’re not specific to our port,” he added. Key revenue streams on Grand Bahama are likely to have been impacted in a similar fashion to New Providence, with the data highlighting the numerous ‘holes’ that Matthew has created in the Government’s fiscal projections and Budget for 2016-2017. The largest month-overmonth revenues declines in October were experienced in Excise taxes, which dropped by 46 per cent from $16.456 million in September to $8.91 million post-Matthew. VAT revenues were shown as being down by 26 per cent, having fallen from $13.378 million to $9.894 million. These figures likely refer to VAT ‘collected at the border’, along with Customs duties and VAT. The revenue decline may also have been exacerbated

original process. Mr Francis yesterday suggested that the Christie administration should have acted earlier to put such claims and innuendo to rest, as it created an impression of wrongdoing that was unwarranted. “They should have done it four years ago,” Mr Francis said of the BTC select committee’s formation this week. “When it came up again two years ago, I just felt the Government should have gone ahead and done it, instead of always talking about it. “Now, it just smacks almost of a kind of political move.” Free National Movement (FNM) MPs argued in Parliament on Monday that the select committee’s formation was little more than an attempt by the Government to distract the Bahamian public from the many more serious issues affecting the country just prior to the upcoming general election. The timing certainly leaves many observers with that impression, and Mr Francis said the select committee needed to hire professional accountants and corporate advisers to help it

understand all the BTC privatisation’s nuances. “It seems to me that if they want a proper review done, they should engage a professional auditor to do it, so they have a complete analysis and understanding of the whole thing,” he told Tribune Business. “ Hopefully, now we have the committee convened they can get on with it. It would be a good thing for this matter to be put to rest finally, and if the Government is serious about it and wants to do it properly and the review goes ahead, I would for my part be entirely happy to co-operate with the committee’s work.” Mr Francis added: “The sooner they [the select committee] get it done, the better. It will take time as it’s a fairly complex transaction, since it involved a great deal of work and there are thousands of documents to be reviewed. “For my part, I’m absolutely happy to co-operate fully with the work of the committee. No problem. I’m very happy to be fully co-operative and help however I can with the work the committee needs.” The calibre of persons

by the Customs duty and VAT exemptions that the Government announced post-Matthew to ease the recovery from the Category Four storm. The Central Bank of the Bahamas, in an analysis prepared by its research department, acknowledged that revenue inflows had been disrupted by the interruption to business activity in Matthew’s aftermath, plus the ‘tax breaks’ granted by the Government’s exigency Order to assist the rebuilding programme. “Expectations are that hurricane-related outlays to facilitate the repair of Government infrastructure and higher social assistance spending, alongside some abatement in near-term revenue potential, will place additional pressure on the fiscal position,” the Central Bank said. The data displayed on the Nassau Container Port’s website thus highlights how the Government’s alreadystrained fiscal position is being further squeezed

from both the revenue and expenditure sides as a result of Matthew. It also provides further explanation for the timing of the Government’s crackdown against major tax evaders and defaulters, as it bids to collect an extra $40-$80 million in extra revenues over the next six to 12 months via its compliance offensive.

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and advisers directly involved in the BTC privatisation process, and negotiations for the company’s sale, would likely have guarded against any of the suggested improprieties. The privatisation committee’s deputy chairman was the late T. B. Donaldson, chairman of Commonwealth Bank and, like Mr Francis, a former Central Bank governor. The committee’s work was also overseen, and approved by, a privatisation advisory committee set up by the former Ingraham government. Apart from these layers of safeguards, the advisers engaged by the former administration included the likes of Citibank and KPMG, both highly-regarded financial services and accounting brands. The Christie administration subsequently retained KPMG to advise on the Bahamas Electricity Corporation (BEC) and energy sector restructuring, and its National Health Insurance (NHI) scheme. And it has also retained the UK law firm, Charles

Russell Speechlys, as the Government’s British legal adviser - the same law firm that, too, advised on the BTC privatisation process. While the $1.5 million worth of bonuses paid to the BTC executives have been described as ‘hush money’ by PLP MPs, and designed to ‘buy their silence’ over the privatisation, those involved with the process have described this as appropriate compensation given the extra ‘man hours’ and work involved. Mr Francis also previously explained to Tribune Business that the Government began negotiating with CWC after all efforts to negotiate an acceptable deal with the bidders who entered the process proved fruitful. He said negotiations with the leading bidder to emerge, the J P Morgan/ Vodafone combination, broke down after the latter - which would have been BTC’s operating partner refused to ‘put skin in the game’ by taking an equity stake in the bid.

PAGE 6, Thursday, November 24, 2016

More web shops a ‘thing of the past’ From pg B1 rapid spread throughout Bahamian communities. “Opening more stores is a thing of the past,” he said. “That’s not what we have ahead of us. I didn’t get here believing that the old system was the way. We passed the bookies in the streets because they didn’t look good, and now web shops are under attack and they should be. “The industry should move to a point where smart phones and on-line gaming is done away from the public domain, particularly in smaller communities.” The Gaming Act 2014

prohibits Internet gaming to ensure that web shops know the identities of their customers. Mr Flowers’ comments likely refer to existing customers, who have already passed Know Your Customer (KYC) due diligence, conducting their gaming online. The FML chief, meanwhile, called for the Government to provide greater guidance and clarity on its plans for the web shop industry, along with details about how it plans to enforce the new zoning regulations. Mr Flowers told Tribune Business: “It would mean a great deal for us to be able

to make some some compromise at this juncture, and inform all concerned where the Government would want to take this industry. If not, in my opinion we’re going to end up just like the jitney service industry.” He continued: “I don’t think that there is a need to have a massive amount of stores to create the same revenue being generated for government purposes, as well as the operators. “I think that there is this myth and perception that the more stores you have out there, the more money you will make. I don’t buy that theory because the customers will usually find themselves at the nearest affordable location in ample time. “For us, more than 80

per cent of our customers are on-line. The need for us to have these lavish buildings all over the place is not needed. We are a digital, online gaming entity. That’s where we are headed and that is where this industry should be given a mandate to go. What we have now is very short-sighted. There should be a plan.” The Gaming Board this week confirmed in a statement that the existing gaming house licensees have been inspected and certified by independent international agencies, and officially granted licenses. FML Web Shop, A Sure Win, Chances Games, Paradise Games, Island Luck, Percy’s at the Island Game, Asue Draw + Spin, and Bahama Dreams were all granted conditional gaming

house licenses last October. The Gaming Board recently confirmed that Four Point Group Limited, trading as Asue Draw + Spin, has not renewed its Gaming House operator license for 2016-2017. The Gaming Board said Obie Wilchcombe, who has ministerial responsibility for gaming, intends to adopt its recommended zoning regulations. It added that following hundreds of site inspections to determine the proximity of gaming houses to schools or learning institutions, places of worship and residential areas, other gaming houses and premises where pensions or welfare payments are collected, the zoning proposed by the Gaming Board “envisions a transitional approach that

THE TRIBUNE takes into consideration the unique constraints associated with imposing a comprehensive zoning scheme upon many long-standing gaming house locations, in an environment that has been properly zoned itself”. Based on the Gaming House Operator Regulations 2014, operators are required to pay $250,000 annually for license and monitoring fees, in addition to separate license fees for all of their employees. As it relates to the taxes, according to the regulations, gaming house operators will be required to pay 11 per cent of their taxable revenue or 25 per cent of earnings before interest, taxes, depreciation and amortisation (EBITDA), depending on which one is greater.

Equipment companies power Dow and S&P 500 to new records NEW YORK (AP) — The Dow Jones industrial average and Standard & Poor’s 500 indexes again set records Wednesday in a quiet day of pre-holiday trading. Machinery and equipment makers climbed after strong results from Deere, but technology companies fell. Stocks opened mostly lower, but they slowly recovered. Industrial companies like Caterpillar and United Technologies continued to rise. Banks also rose as bond yields climbed. Companies that make hardware and network devices skidded after printer and PC maker HP gave a weak profit forecast. “It sends kind of a chill through the sector,” said Sameer Samana, a strategist for the Wells Fargo Investment Institute. The Dow rose 59.31 points, or 0.3 percent, to 19,083.18. The Standard & Poor’s 500 index edged up 1.78 points, or 0.1 percent, to 2,204.72. The Nasdaq composite lost 5.67 points, or 0.1 percent, to 5,380.68. Trading was relatively light ahead of the Thanksgiving holiday. U.S. markets will be closed Thursday and will

close early on Friday. The Russell 2000 index of small-company stocks climbed for the 14th day in a row, its longest winning streak since early 1996. It has closed at a record high for nine consecutive days. It’s up 16 percent over that time and has now climbed 18 percent this year, more than twice as much as the S&P 500, which tracks large companies. Deere, an agricultural and construction equipment maker, reported a bigger profit than analysts expected even though its business has been hurt by a slowdown construction and low commodity prices, which have caused farmers to cut back on purchases of equipment. The stock advanced $10.16, or 11 percent, to $102.17, its highestever closing price. Already trading at alltime highs, industrial companies continued to rise after Deere’s report. Construction and mining equipment maker Caterpillar gained $2.56, or 2.7 percent, to $96.18. United Technologies, which makes elevators, jet engines and other things, added $1.17, or 1.1 percent, to $108.11. Both

companies are Dow components, which contributed to the Dow’s big gain. Printer and PC maker HP lost ground after it issued a profit forecast that disappointed investors. Its stock gave up $1.08, or 6.8 percent, to $14.87. Tech stocks did very well this summer, but they have lagged the market since the presidential election. Samana said investors are concerned that President-elect Donald Trump’s immigration policies will hurt their ability to hire workers. “You may see foreign competitors be able to be more attractive places for talent if there were to be greater restrictions over who could and could not come over,” he said. Bond prices dropped, sending yields higher. The yield on the 2-year Treasury note rose to 1.13 percent from 1.09 percent. The yield on that note is at its highest in more than six years. The yield on the 10year Treasury note rose to 2.36 percent from 2.31 percent, its highest in almost a year and a half. Higher bond yields are linked to higher interest rates, so the rising yields

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

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

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helped bank stocks turn higher. Capital One rose $2.03, or 2.5 percent, to $84.62 and Sterling Bancorp jumped 45 cents, or 2 percent, to $23.50. The S&P 500 financial index is up 12 percent since the election while the S&P 500 itself is up 3 percent. As bond yields rose, investors sold shares of real estate investment trusts, utilities, and companies that sell household goods. Those companies are sometimes compared to bonds because they pay large dividends. When bonds yields rise, those stocks become less appealing to investors seeking income.

EXPERIENCED MECHANIC NEEDED Qualifications · Must have strong HVAC experience · Diagnostic skills are required · Strong technical and electrical troubleshooting skills. · Good interpersonal and supervisory skills to manage a small maintenance team · Serve as liaison with outside contractors as needed Candidates can email resumes to hiring242@gmail.com

THE TRIBUNE

Thursday, November 24, 2016, PAGE 7

Trump’s illegal immigration stance may boost private prisons BOISE, Idaho (AP) — The population of American prisons is likely to rise for the first time in nearly a decade with Presidentelect Donald Trump’s promise to detain and deport millions of immigrants who are in the country illegally and his selection of tough-on-crime Sen. Jeff Sessions to the nation’s highest law enforcement post. If so, one of the prime beneficiaries would be the private companies that operate many of the nation’s prisons. The stock market seems to agree. A day after the election, CoreCivic Co., formerly Corrections Corporation of America, saw the biggest percentage gain on the New York Stock Exchange with shares climbing 43 percent. Shares of Geo Group, another private prison company, also jumped 21 percent. The federal prison population had been trending down for nearly a decade when the Obama administration announced in August that it would phase out its use of some private facilities. The announcement followed a Justice Department audit saying private facilities have more safety and security problems than government-run lockups. The policy change did not cover private prisons used by Immigration and

Customs Enforcement, though federal officials have said they are considering phasing out private contractor immigration facilities. Trump, however, said during his campaign that the nation’s prison system was a mess and voiced support for private prisons. “I do think we can do a lot of privatizations and private prisons. It seems to work a lot better,” Trump told MSNBC in March, though he didn’t offer any details on what that might mean for the federal prison system. Immigration and Customs Enforcement holds up to 34,000 immigrants awaiting deportation. Forty-six of the roughly 180 facilities in which ICE holds those immigrants are privately run, with about 73 percent of detainees held in the private facilities, the agency says. “Trump was saying during his 100-day plan that mandatory minimums for people re-entering the country would be set at two years — that’s going to require a longer-term need for beds,” said Michael Kodesch, a senior associate with financial services firm Canaccord Genuity Inc. Immigration detention centers are particularly profitable for private prison companies because they command a higher rate for each inmate bed, he said. Yet what’s good for

investors isn’t good for the country, said Bob Libal, executive director of Grassroots Leadership, a national nonprofit group that works to reduce incarceration and detention rates. “They’re handing the keys to a deportation machine over to the Trump administration,” Libal said. “And I think there’s no reason to believe that the Trump administration won’t drive that machine forward through human rights protections or due process protections people in the detention system.” Sessions, Trump’s pick for attorney general, was among a handful of Republican senators blocking a bipartisan bill that would reduce lengthy sentences for low-level drug offenders. McLaurine Klingler, a spokeswoman for Sessions, said no one on Sessions’ staff was immediately available to talk about his feelings on the DOJ’s use on private prisons. CoreCivic spokesman Jonathan Burns said the company doesn’t take positions on proposals, legislation or policies that would determine the basis of an individual’s incarceration or detention. He said the company instead works to “educate lawmakers on the benefits of public-private partnership generally and the solutions CoreCivic provides.”

the Corrections Corporation of America (CCA) detention center in Elizabeth, N.J., that the private prison contractor runs for the government. President-elect Donald Trump’s promise to deport millions of immigrants in the country illegally and his selection of tough-on-crime Alabama Sen. Jeff Sessions as attorney general could mean big money for the private prison industry. Some analysts believe the prison population could jump under the Trump administration, and the stock market seems to agree. A day after the Nov. 8, 2016 election, CoreCivic Co., formerly Corrections Corporation of America, saw the biggest percentage gain on the New York Stock Exchange. (AP Photo)

www.ub.edu.bs

STAFF VACANCIES Applications are invited from suitably qualified candidates for the following positions:-

Clinical Supervisor The University of The Bahamas’ Nursing Department at the Grosvenor Close Campus is seeking to hire individuals committed to serve as role models and mentors for nursing students. The Clinical Supervisor is responsible for liaising with faculty and clinical staff to evaluate students’ performance of clinical skills and procedures; demonstrate proper technique in the performance of clinical skills and procedures; provide ongoing constructive feedback to students; ensure that students document their clinical experiences according to established protocols; monitor students’ attitudes as well as adherence to established nursing policies, protocols and codes of conduct; and assist in preparing students for the Nursing Council Clinical Assessments. Application Information Interested candidates should submit the following items: • A letter of interest (highlighting work experience and accomplishments relevant to the position); • An up-to-date curriculum vitae or resume; • Registration License; • Copies of Certificates; • Unofficial transcripts (official transcripts needed for employment); and • At least three confidential, professional references. to the Office of the Provost on or before November 30th, 2016, addressed as follows: Dr. Maria Oriakhi The Office of the Provost University of The Bahamas OR submit electronically to hrapply@cob.edu.bs

Administrative Assistant – Intercollegiate Athletics The role of the professionals in Intercollegiate Athletics, therefore, is to assist with the development of the University of The Bahamas’ athletic platform as it transitions to the National Association of Intercollegiate Athletics (NAIA). The Administrative Assistant in Intercollegiate Athletics is responsible for assisting in developing, maintaining and implementing a highly efficient, organized and professional department. As the department’s first contact, a welcoming customer service attitude is paramount as well as good communications with athletics administrator, coaches, students, faculty, alumni, boosters, families, and the wider community.

Human Resources (HR) Assistant I – Training & Development The Human Resources Assistant – Training & Development will assist with all related administrative duties relating to the Training and Development Unit. These functions include administrative duties related to Staff Development Committee Meetings, Staff Conference Leave and Tuition Waiver. In addition, he/ she will be required to Email/circulate all training initiatives and be responsible for handling the scheduling and organizing meetings. The HR Assistant should be able to work independently and will report to the Assistant Director, Training & Development.

Plumber I The position of Plumber I is required to perform a variety of tasks including but not limited to conducting daily checks of campus buildings plumbing facilities; carry out repairs to all plumbing work, drains, guttering, downspouts, pumps and pool areas; assist we matters related to the maintenance of all college buildings; prepare written monthly reports and liaise with Plumbing Supervisor on a daily basis as well as inspect the condition of all equipment. Application Information Interested candidates should submit the following items: • A letter of interest (highlighting work experience and accomplishments relevant to the position); • An up-to-date curriculum vitae or resume; • A completed Employment Application Form; • Copies of Certificates/Qualifications; • Copies of Birth Certificate/Information pages of Current passport; • Unofficial transcripts (official transcripts needed for employment); and • At least three written confidential/professional references. to the Human Resources Department on or before November 30th, 2016, addressed as follows: Dr. Mychal Coleman The University of The Bahamas Chief Human Resources Officer Oakes Field Campus OR submit electronically to hrapply@uob.edu.bs

PAGE 10, Thursday, November 24, 2016

THE TRIBUNE

“Joy” or “hope”? Holiday giving may depend on how you voted NEW YORK (AP) — This holiday season, elves and “joy” may be on the way out and “peace” and “hope” on the way in. A divisive election that left half the country deflated and the other half rejuvenated could reverberate through the holiday shopping season in the gifts people give or how they spend. Some retailers say they have seen a surge in feelgood items such as spa treatments, candles and comfort food, while executives at some major retailers like Wal-Mart, Target and Macy’s have said there’s no discernable shift in consumer behavior since the presidential election won by Republican Donald Trump. The divide in the outlook may reflect the rift in the election, as Americans split along geographic lines as well as by income. “I don’t need a comfort dog. I don’t need anybody to feel sorry for me,” said Rhondi Bleeker, 50, of Totowa, New Jersey. “I’m actually happy because I was for Trump.” Bleeker, who owns an eyelash extension business, believes the economy will be better now. She says she’ll still be spending the same $3,000 as she does every holiday season, but she believes her business could do even better because whether people are sad or happy, most will want retail therapy. Some shoppers say they plan to divert money from

Miami-Dade police officer William Cook and police dog Ringo guard the terminal at Miami International Airport, yesterday, in Miami. Almost 49 million people are expected to travel 50 miles or more for the Thanksgiving holiday, the most since 2007, according to AAA. (AP Photo)

Thanksgiving travel expected to be heaviest since 2007 Lee Rhodes, owner of Glassybaby, poses for a photo near votive candle holders on display at her shop in Seattle. Rhodes says that she has seen her products with positive labels such as “kindness,” “comfort” and “hope,” surge past holiday themes like “elf” and “joy” since Election Day. (AP Photo)

traditional gifts like sweaters to donations to charity groups in their friends’ or relatives’ names. Ryan Holmes of Chicago, who voted for Democrat Hillary Clinton, said he plans to devote at least one-quarter of the $750 he typically spends on holiday gifts to doing that. Even for gifts like music or books, he says he can’t help but feel he might make a political statement such as perhaps giving a book on climate change to educate a friend. “I am frightened to what’s to come, and sad and less hopeful,” said Holmes, 34, an urban planning and real estate consultant. But he added, “I’m feeling more engaged.”

Shoppers have generally been moving away from buying “stuff” and more towards spending on experiences. Factors from the weather to when Thanksgiving falls already affect how stores fare at the holidays, and retailers from department stores to discounters are under intense pressure from online sellers to offer low prices and convenience. A dip in buying before a presidential election is normal as people are distracted, but spending usually bounces back afterward. Tamara Gaffney, principal analyst and director at Adobe Systems, an online research company, said that between Nov. 1 and Nov. 14

this year, retailers lost out on more than $800 million in online revenue, with the sharpest drop happening after the Nov. 8 election. States that voted Democratic have seen the biggest drops since the election, she said. Gaffney says she’s waiting to see how the Thanksgiving weekend plays out and may have to revise the original holiday online sales growth forecast of 11 percent. “We are in uncharted territory,” said Gerald Storch, the CEO of Hudson’s Bay Co., which operates department stores under that name, Lord & Taylor and Saks Fifth Avenue. “We will know more as we get past Black Friday.”

NOTICE

PROGRESS PLUS HOLDINGS LIMITED

KENNY BRONCO LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) PROGRESS PLUS HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) KENNY BRONCO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 22nd November, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 24th day of November, A. D. 2016

CHICAGO (AP) — Elizabeth Thompson can’t wait to leave the big city behind and decompress over the Thanksgiving holiday at her grandmother’s house in rural south-central Indiana. But first she has to get there. On Wednesday, Thompson, 23, missed her Amtrak train from Chicago to Galesburg, Illinois, where she’d planned to catch a ride with a family member the rest of the way to Edinburgh, Indiana. “It’s just where we go to unplug and escape,” said Thompson, who had to decide whether to wait several hours for the next train or hop on a bus and get going. Americans took to the roads, air and railways Wednesday for what is expected to be the busiest Thanksgiving travel period in almost a decade. Almost 49 million people are expected to travel 50 miles or more between Wednesday and Sunday, the most since 2007, because of lower gas prices and an improving economy, according to AAA. And while they look forward to eating turkey and watching football, many are ready to abandon another, more recent, American pastime: rehashing the rancorous election between Republican Donald Trump and Democrat Hillary Clinton. “My mother specifically said, ‘We’re not going to talk about it,’” for her grandmother’s sake, Thompson said. Although nobody in her family supported President-elect Trump, “my grandmother is sick of hearing about it.” Sitting on their suitcases at a departure lounge at O’Hare International Airport in Chicago, a major

travel hub, Sharyn Ioffe and her brother Saul Ioffe said there’s a good chance politics will intervene this Thanksgiving when they arrive home in New York. “I’m pretty anxious about it,” said Sharyn Ioffe, 27, who supported Clinton, though others in her family sided with Trump. “I’m still very emotional about the election. I know you have to try and understand the other side. But I’m not there yet.” Saul Ioffe, 20, said he is expecting some heated exchanges. “I’m battening down the hatches,” he said. Lines of cars, taxi cabs and buses dropping travelers off and picking others up at O’Hare terminals grew longer by early evening. Crowds grew steadily inside, too, as travelers pulled suitcases into departure terminals decked out with giants wreathes. A light, cold rain fell outside, but most flights as of evening were listed on big boards as “on time.” The Chicago Department of Aviation said on its website that delays were averaging 15 minutes. The weather appeared to be cooperating for the most part, with no significant issues in the majority of the country, the National Weather Service said. The National Weather Service issued winter weather advisories for parts of northern Wisconsin, Minnesota and Michigan as well as western and central Montana and central Idaho, New York and Pennsylvania for Wednesday night. A winter storm warning was in effect for parts of northwest Washington state, with heavy snow expected through Thanksgiving Day.

_________________________________ Bukit Merah Limited Liquidator

NOTICE

MIS NIETOS LIMITED

STANDEVER LIMITED

SONG SEN TURNG HOLDINGS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) MIS NIETOS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) STANDEVER LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) SONG SEN TURNG HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 23rd November, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 22nd November, 2016 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 24th day of November, A. D. 2016

Dated this 25th day of November, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) COMPLETE MANAGEMENT INVESTMENTS S.A. is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on November 23, 2016 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before December 29, 2016 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. November 24, 2016 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

THE TRIBUNE

Thursday, November 24, 2016, PAGE 11

Billionaire investor is Trump’s Commerce secretary pick WASHINGTON (AP) — Wilbur Ross, the billionaire investor considered the “king of bankruptcy” for buying beaten-down companies with the potential to deliver profits, is President-elect Donald Trump’s choice for Commerce secretary, a senior transition official said. The official isn’t authorized to publicly discuss the matter and requested anonymity. Reputed by Forbes to be worth nearly $3 billion, Ross would represent the interests of U.S. businesses domestically and abroad as the head at Commerce. His department would be among those tasked with carrying out the Trump administration’s stated goal of protecting U.S. workers and challenging decades of globalization that largely benefited multinational corporations. With a Florida home down the road from Trump’s Mar-a-Lago retreat, the 78-year-old Ross played a role in crafting and selling the president-elect’s tax-cut and infrastructure plans. Ross has suggested that much of America is disgruntled because the economy has left middleclass workers behind and says Trump represents a shift to a “less politically correct direction.” “Part of the reason why I’m supporting Trump is that I think we need a more radical, new approach to government— at least in the U.S. — from what we’ve had before,” Ross told CNBC in June, referring to Trump’s blunt tone and sweeping promises to reinvigorate economic growth. Despite his embrace of populist rhetoric, Ross has enjoyed a patrician lifestyle. He frequently commutes between his offices in New York and home in Palm Beach, Florida, ac-

cording to Haute Living magazine. He maintains an art collection worth more than $100 million that includes works by the Belgian surrealist Rene Magritte. A graduate of Yale University, he pledged a $10 million to help build its management school. For 24 years as a banker at Rothschild, Ross developed a lucrative specialty in bankruptcy and corporate restructurings. He founded his own firm, W.L. Ross, in 2000 and earned part of his fortune from investing in troubled factories in the industrial Midwest and in some instances generating profits by limiting worker benefits. That region swung hard for Trump in the election on the promise of more manufacturing jobs from renegotiated trade deals and penalties for factories that outsourced their work abroad. A specialist in corporate turnarounds, Ross buys distressed or bankrupt companies at steep discounts, then seeks to shave costs and generate profits. Some of those cost reductions have come from altering pay and benefits for workers. Since 2000, his firm has invested in more than 178 companies. Ross most prominently created four companies through mergers and acquisitions that focused on steel, textiles, autos and coal. In some cases, Ross has sold the companies he packaged to even larger globe-spanning companies. In 2005, he sold the International Steel Group, which included the former Bethlehem Steel, to the Indian steel magnate Lakshmi Mittal. And while his investments appear to have proved generally lucrative, they have also at times brought troubling publicity. In early 2006, the Sago coal mine owned by Ross

exploded, triggering a collapse that killed a dozen miners. Federal safety inspectors in 2005 had cited the West Virginia mine with 208 violations. Ross said afterward that he knew about the safety violations but that the mine’s management had assured him that it was a “safe situation.” “Oh, my God, it’s the worst week of my entire life,” Ross told ABC News days after the collapse. If confirmed by the Senate as Commerce secretary, Ross would oversee nearly 47,000 employees and a budget of roughly $8 billion. Among its responsibilities, the cabinet department provides data on the economy through the Census Bureau and monitors the environment through the National Oceanic and Atmospheric Administration. One former Commerce secretary, Donald Evans, noted that a prime responsibility is opening up markets around the world for U.S. companies and workers. “What you are is ambassador to the world from America,” said Evans, who served under President George W. Bush. “It’s critically important when you go to other countries that, first and foremost, you care about them, the citizens of their country.” That advice clashes somewhat with the promises made by Trump, who campaigned on the doctrine of putting “America first.” The president-elect told voters that Mexico, China and other countries had played U.S. trade negotiators for fools. “Under a Trump administration, no American citizen will ever again feel that their needs come second to the citizens of foreign countries,” Trump said in April.

Online ad exchange AppNexus cuts off Breitbart NEW YORK (AP) — Online advertising exchange AppNexus said Wednesday it has barred Breitbart News, the ultraconservative outlet that has served as a platform for the “alt-right,” a white nationalist movement. AppNexus said it removed Breitbart from its advertising network because the online news site had violated its policy against hate speech. Breitbart can still sell ads, just not on AppNexus’ online marketplace, the second largest to Google’s. Breitbart was not a direct client of AppNexus but its access to some advertisers will be cut as a result of the move, although it’s unclear how much this would hurt its revenue. A representative for Breit-

bart did not immediately return a message seeking comment Wednesday. Breitbart emerged during the campaign as an unabashed backer of Presidentelect Donald Trump, who has named Steve Bannon, the news site’s former leader, as chief White House strategist. AppNexus spokesman Josh Zeitz said in an email that his company bars sites that “contain pornography, graphic violence, pirated material, or hate speech.” Also barred are sites that attract a lot of nonhuman traffic or appear to be “content farms” that produce articles for the sole purpose of generating clicks. AppNexus determined that Breitbart “deployed crude racial, ethnic, gender,

and sexual slurs in a way that could incite violence or discrimination against minority groups,” he said. Facebook and Google have said recently that they are prohibiting fake news sites from using their ad networks. This case is different though — AppNexus is not banning Breitbart for posting fake news, but for posting hate.

to advertise today in the tribune call @ 502-2394

Wilbur Ross Jr., Chairman and CEO of WL Ross & Co., speaks at the NanoBusiness Alliance Conference in New York. Ross, the billionaire investor considered the “king of bankruptcy” for buying beatendown companies with the potential to deliver profits, is Presidentelect Donald Trump’s choice for Commerce secretary, a senior transition official said Wednesday, Nov. 23, 2016. The official isn’t authorized to publicly discuss the matter and requested anonymity.

President-elect Donald Trump, left, stands with investor Wilbur Ross after meeting at the Trump National Golf Club Bedminster clubhouse in Bedminster, N.J. Trump is poised to offer the position of commerce secretary to the head of a private-equity firm, Wilbur Ross. (AP Photos)

PAGE 12, Thursday, November 24, 2016 Commerce Secretary Penny Pritzker, center, stands with Chinese Vice Premier of the State Council Wang Yang, left, and U.S. Trade Representative Ambassador Michael Froman, before the start of a signing ceremony at the 27th session of the U.S.-China Joint Commission on Commerce and Trade in Washington, yesterday6. (AP Photo)

THE TRIBUNE

China rebuffs Trump threat to take steps to win trade edge WASHINGTON (AP) — China pushed back Wednesday against President-elect Donald Trump's threat to use sanctions to win back a competitive trade advantage for the United States. On the campaign trail, Trump had threatened to slap 45 percent tariffs on Chinese products and to label China a “currency manipulator.” But Zhang Xiangchen, China's deputy trade representative, warned that Trump will find he is bound by the rules of the World Trade Organization, which restrain countries from imposing sanctions without making a persuasive case for them. China can challenge any sanctions at the WTO. Speaking at the end of annual U.S.-China trade talks, Zhang also disputed the idea that China keeps its currency artificially low to give its exporters a price advantage. Many economists agree that China no longer manipulates its currency, the yuan. At the meeting, the United States and China agreed to continue working on vexing issues such as China's overproduction of steel. U.S. Trade Rep. Michael Froman stressed the importance of keeping the com-

mercial relationship with China “on as even a keel as possible.” But the talks were overshadowed by the prospect of a new administration that vows to take a more aggressive stance toward Chinese trade practices, which, Trump has charged, have wiped out U.S. jobs. He has pointed to the gaping U.S. trade gap with China — $334 billion last year — as a key factor in destroying those jobs. The trade gap is the amount by which the value of Chinese products imported to the United States exceeds the value of what the United States exports to China. The United States and China sold each other $598 billion in goods last year, ahead of the $576 billion the U.S. exchanged with No. 2 Canada. China is undergoing a difficult transition from economic dependence on exports and investments in real estate and factories to slower growth built around spending by its own consumers. U.S. officials have encouraged the shift, saying it would open opportunities for American companies, especially in services such as banking and law.

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

. C O M

@100JAMZ242

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Bennett Nehemiah Deleveaux of McKinney Ave., Stapledon Gardens, Nassau, Bahamas intend to change my name to Bennett Nehemiah Missick. 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 the publication of this notice.

NOTICE

NOTICE is hereby given that Rolins Obsaint of Farrington Road, Nassau, Bahama 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 24th 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 Lornika Seraphin of Ave., Carmichael Road, Nassau, Bahama is applyin the Minister responsible for Nationality and Citizenship registration/naturalization as a citizen of The Bahamas, that any person who knows any reason why registra naturalization should not be granted, should send a wr and signed statement of the facts within twentydays from the 24th day of November, 2016 to the Min responsible for nationality and Citizenship, P.O. Box N-7 Nassau, Bahamas.

NOTICE

NOTICE is hereby given that JULIAN PHILIPPE of Wulff Rd, 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 24th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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Thursday, November 24, 2016, PAGE 13

a home for sale in Carlsbad, Calif. Yesterday, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo)

Mortgage rates keep rising after Trump’s election win WASHINGTON (AP) — Long-term U.S. mortgage rates continued to surge this week in the aftermath of Donald Trump’s election win. Mortgage giant Freddie Mac said Wednesday that the average rate on a 30year fixed rate loan shot up to 4.03 percent, the highest since July 2015 and up from 3.94 percent a week earlier. The rate on 15-year home loans climbed to 3.25 percent, up from 3.14 percent last week and highest since January. Long-term U.S. interest rates have climbed since Trump was elected Nov. 8. That is largely because bond investors believe the president-elect’s plan to cut taxes and spend massively on roads, bridges, airports and other infrastructure could ignite inflation. When they foresee rising inflation, investors demand higher long-term rates and pay lower prices for bonds. The yield on 10-year Treasury notes has risen from 1.87 percent on Election Day to 2.38 percent Wednesday. The expectations of economic stimulus from tax cuts and higher infrastructure spending that are driving up interest rates have also pushed stocks higher. On Wednesday, the Dow Jones industrial average closed above 19,000 for the first time. Still, rising mortgage rates pose a threat to the housing market. Low mortgage rates have helped fuel a rally in home sales. The National Association of Realtors said Tuesday that sales of existing homes rose 2 percent in October to a seasonally adjusted annual rate of 5.6 million — strongest pace since February 2007. That’s also helped lift home prices. The median price of a previously occupied U.S. home has risen 6 percent over the past year to $232,200. Higher mortgage rates,

along with rising house prices, could eventually reduce demand for housing. Typically, as mortgage rates rise, buyers feel more of an urgency to purchase a home before rates rise further. That can lead to a short-term spike in sales. But if rates continue to climb, many buyers, particularly those living in pricier coastal markets, could find it tough to qualify for a loan. “Certainly there are households on the margin where the difference between 3.5 and 4 percent is the difference between qualifying for a loan and not qualifying for a loan,” said Ralph McLaughlin, chief economist at housing data provider Trulia. Mortgage rates will likely keep rising until there’s some more understanding of where the economy and housing policy are headed, McLaughlin said. But he doesn’t expect U.S. home sales to weaken dramatically unless rates rise to 5 percent. The Commerce Department reported Wednesday that fewer Americans bought new homes in October, though they are still 12.7 percent higher than they were a year ago. A tight supply of new homes has limited sales. To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for a 30-year mortgage was unchanged at 0.5 point. The fee on 15-year loans stayed at 0.5 point. Rates on adjustable fiveyear loans climbed to 3.12 percent this week from 3.07 percent. The fee was unchanged at 0.4 point.

UN agency says China tops world again in patent applications GENEVA (AP) — China continued to set the pace for patent applications last year, filing a record 1 million that nearly all focused on its giant home market, the U.N.’s intellectual property agency said Wednesday. The World Intellectual Property Organization says China comprised more than one in three of the total 2.9 million patent applications in 2015, followed by the United States and Japan with about a half-million each. Releasing an annual report, WIPO officials said the increase shows the strong demand for protection for intellectual property rights at a time when the world economy has shown lackluster growth. “What stands out with these figures is the contrast, because you have a very low growth environment as we have experienced for some long time,” WIPO directorgeneral Francis Gurry told reporters in Geneva. “It is a

measure, if you like, of the activity of the knowledge economy.” “We do have one very major driver,” he said, calling China’s figures “extraordinary.” Domestic-only applications made up about twothirds of the global total; only about 42,000 Chinese applications were for patents outside China. The United States, meanwhile, led the way when it comes to filing patent applications abroad, at nearly 238,000 last year. The agency says the computer technology, electrical machinery and digital communications sectors recorded the highest number of published patent applications. Overall, the number of patents last year grants grew 5.2 percent to 1.2 million. Trademark applications jumped 15.3 percent to nearly six million, and industrial design applications rose 2.3 percent to 872,000.

PAGE 14, Thursday, November 24, 2016

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Grassley mulls subpoenas for Mylan, DOJ over EpiPen

a pharmacist holds a package of EpiPens epinephrine auto-injector, a Mylan product, in Sacramento, Calif. Pharmaceutical company Mylan is refusing to testify at a congressional hearing next week on a settlement between the company and the Justice Department over its life-saving EpiPen. (AP Photo)

WASHINGTON (AP) — The chairman of the Senate Judiciary Committee said Wednesday he is considering a subpoena or another method of compelling testimony from the pharmaceutical company Mylan, the Justice Department and the federal Centers for Medicare and Medicaid Services. All three parties have refused to attend a committee hearing next week. Sen. Charles Grassley, R-Iowa, said in a statement that he is postponing the Nov. 30 hearing on a possible settlement between Mylan and the Justice Department over Mylan’s lifesaving EpiPen. Grassley said that because of the parties’ refusal to participate, “we must now consider compelling their participation.” Mylan has said it agreed to pay $465 million to settle allegations that it over-

billed Medicaid for EpiPen. At issue was whether the product should have been classified as generic under a Medicaid program. But according to Grassley, the Justice Department has said there is no “executed settlement.” Grassley said it appears that the misclassification of the EpiPen has forced taxpayers and states to foot higher bills. “This committee will not stop until our questions are answered and any appropriate actions are taken,” he said. In September, a House panel grilled Mylan CEO Heather Bresch about the skyrocketing cost of the devices, which many parents rely on when their children have allergic reactions. The list price of EpiPens had grown to $608 for a twopack, an increase of more than 500 percent since 2007.

NOTICE

Jury awards California truckers $54M in Wal-Mart wage suit SAN FRANCISCO (AP) — Wal-Mart intentionally failed to pay hundreds of truck drivers in California the minimum wage, a federal jury decided Wednesday, awarding the drivers more than $54 million in damages and opening up the retail giant to additional penalties. The seven jurors returned the verdict in a lawsuit accusing the company of not properly paying drivers in accordance with California

law for activities that included inspecting and washing their trucks and for layovers. The company argued that the drivers are paid for activities that include those tasks and that they are not working during layovers. Scott Edelman, an attorney for Wal-Mart, said he was pleased the company won seven of the 11 claims. “The findings on the other claims were dictated,

Legal Notice

NOTICE is hereby given that KETIELEAN ST. CHARLES of North Palmetto Point, P.O. Box General Delivery, 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 17th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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

CATHPARS 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), CATHPARS LIMITED is in Dissolution.”

NOTICE

The date of commencement of dissolution is the 22nd day of November, 2016.

NOTICE is hereby given that JEFFREY LUBIN of Allen Drive, Carmichael Road, 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 17th day of November, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

MARKET REPORT WEDNESDAY, 23 NOVEMBER 2016

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

BISX ALL SHARE INDEX: CLOSE 1,943.62 | CHG 5.17 | %CHG 0.27 | YTD 119.67 | YTD% 6.56 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.18 8.28 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.00 11.00 8.69 6.90 12.25 11.00

52WK LOW 2.50 17.43 8.19 3.50 1.77 0.12 5.50 8.05 5.50 7.66 13.05 2.18 1.31 5.60 6.60 8.56 6.12 6.23 11.81 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

900.00 1000.00 1000.00 1000.00

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 5.60 8.50 5.83 10.49 13.98 2.30 1.55 5.82 8.78 10.74 8.69 6.61 11.93 10.00

CLOSE 4.06 15.85 9.09 3.52 1.96 0.12 5.60 8.50 5.83 10.49 13.98 2.22 1.55 5.82 9.00 10.95 8.69 6.61 11.93 10.00

CHANGE 0.00 0.00 0.00 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.08 0.00 0.00 0.22 0.21 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

110.50 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

110.52 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

9,952

3,000 3,350

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 16.0 N/M N/M 30.3 15.4 11.5 19.4 26.5 23.6 9.3 11.4 14.7 11.4 13.4 9.4 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.55% 0.00% 0.00% 3.34% 3.06% 3.43% 3.43% 4.36% 2.70% 2.58% 4.12% 3.06% 0.00% 3.22% 1.82% 5.36% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 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 2.01 3.91 1.93 169.70 140.34 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 2.01 3.90 1.93 169.70 140.34 1.45 1.67 1.56 1.09 6.94 8.65 5.92 9.59 11.15 9.57

YTD% 12 MTH% 3.11% 4.17% 3.28% 4.34% 2.07% 2.93% 4.73% 5.64% 5.70% 7.66% 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 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-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

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

we believe, by juror instructions that the court gave that were wrong and will be the subject of post-trial motions and, if necessary, an appeal,” he said. The company has said its drivers are among the bestpaid in the industry, with some making over $100,000 a year. More than 800 drivers who worked for Wal-Mart between October 2005 and October 2015 sought $72 million in damages, the bulk of it for layovers when they say they are required to stay with their trucks. Their attorneys said at trial that additional damages and penalties could push the total Wal-Mart owed to more than $150 million. A judge will determine civil penalties. “The facts in the law clearly show that these driv-

ers were not paid for all the duties they did, like the preand post-trip inspections, and they were not paid for their rest breaks,” said Butch Wagner, attorney for the drivers. Arkansas-based WalMart Stores Inc. — the nation’s largest private employer — has faced other criticism over its pay and treatment of U.S. employees. The company announced last year that it was giving a raise to about a half-million U.S. workers. The raises were part of a $1 billion investment that the retailer said also was intended to give workers more opportunities to advance and more consistent schedules. Wal-Mart drivers are not paid by the hour. Wages are based on mileage and specified activities.

PAGE 16, Thursday, November 24, 2016

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