12192016 business by tribune242

MONDAY, DECEMBER 19, 2016

business@tribunemedia.net

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Cruise line’s pull-out ‘worst case scenario’ By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Grand Celebration’s owner has warned that its restructuring hinges on a new agreement with the Ministry of Tourism, and that a pull-out from Grand Bahama would be a “worst case scenario” which costs the Grand Lucayan 50 per cent of its pre-Matthew business. David Johnson, a former Bahamas tourism directorgeneral and consultant to Bahamas Paradise Cruise Line, said the company’s return to this nation might be “temporary”, as it was having “some challenges” in talks with the Government. He warned that failure to reach an agreement with the Christie administration might cost the potential sale of the Grand Celebration, and “have a negative impact on tourism” at the worst possible time for Grand Bahama. Giving an insight into the economic devastation that might be created, Mr Johnson said the Grand Celebration brought 280,000 passengers to Grand Bahama annually, with 100,000 or more than one-third staying overnight in a hotel. He added that the Grand Lucayan would be “deeply harmed” if the Grand Celebration did not return, as the vessel’s ‘overnighting’ passengers accounted for 50 per cent of its pre-hurricane business. Between Grand Celebra-

Celebration warns GB: ‘Return may be temporary’ ‘Hinges’ on reaching deal with Ministry of Tourism 50% of Grand Lucayan business under threat 280,000 visitors in jeopardy for struggling economy

The Bahamas’ new mobile operator needs help from regulators and its main rival to maintain what its top executive described as a ‘double quick’ roll-out timeframe. Damian Blackburn, Aliv’s chief executive, told See pg b11

Bahamas Power & Light’s (BPL) ‘small-scale renewable generation’ proposal has been hailed as “long overdue” by industry operators, despite misgivings over the chosen compensation method. Guilden Gilbert, vicepresident of Alternative See pg b13

The Minister of Tourism has slammed a major cruise ship operator for trying “to blackmail the Government of the Bahamas” over negotiations for a longer term deal for its Freeport service. Obie Wilchcombe hit out at Bahamas Paradise Cruise Line, operator of the Grand Celebration vessel, for disclosing to the media that it might pull out of Freeport and the Bahamas if it could not strike a favourable agreement with

tion and Sunwing/Memories, Mr Johnson said 80 per cent of Grand Bahama’s tourism business was accounted for. He told Tribune Business that Hurricane Matthew had “dried up our business” to Grand Bahama and, with “no hotels to go to”, See pg b7

BTC cable access, number portability now essential New mobile player: ‘Hurdles not in our direct control’ Likely to seek more financing in early 2017

Homeowners ‘pay for privilege’ under net billing But hail BPL plan proposals as ‘long overdue’ Setting aside payment concerns to ‘move forward’

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the Christie administration. Suggesting that it was using the media to pressure the Government into agreeing what it wanted, Mr Wilchcombe said the Celebration’s operator was offering no guarantees to the Bahamas in return. He added that the Celebration had been responsible for “driving down” hotel room rates in Freeport to just $60 per night, prompting complaints from both the Grand Bahama Island Promotion Board and the Grand Lucayan. Disclosing that the Promotion Board and Ministry

of Tourism were investing $7 million annually into co-marketing with the Celebration, Mr Wilchcombe implied that the cruise operator was suddenly seeking a longer-term deal to make itself more attractive to potential purchasers (see other article on Page 1B). When contacted by Tribune Business, it took just the mention of the Celebration’s name to set Mr Wilchcombe off, the Minister immediately saying how he “heard some stupid story” regarding the See pg b10

Celebration owner trying to pressure Govt via media Obie: No guarantees in return, room rates dropping KP: $43m jeopardised if vessel pulls out Situation ‘spells disaster’ for hardpressed Freeport

Developer urges: Don’t ‘destabilise’ residency market via $1m mark

Bahamas ‘can’t afford more ripples in water now’

Renewable operators ‘prefer’ net metering

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Fears for ‘mid-flight impact’ on his $60$70m sales

DAVID Johnson

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Minister accuses cruise operator of ‘blackmail’

Qualifying threshold rise may upset 50% of market

BTC, URCA must come Aliv for new operator’s growth By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Bahamian developer is urging the Government not to suddenly “destabilise” the real estate market through plans to change the permanent residency threshold, expressing concern for his $60-$70 million in active sales. Jason Kinsale told Tribune Business that changing

this policy now would have “a huge mid-flight impact” on his ongoing developments at ONE Cable Beach and Thirty|Six on Paradise Island, both of which are targeted at the market segment that will be most affected. Looking beyond his own situation, Mr Kinsale said the Government’s plans to increase the real estate investment threshold for See pg b12

Jason Kinsale

PAGE 2, Monday, December 19, 2016

THE TRIBUNE

GB economy has ‘a long way to go’ By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Grand Bahama still has a “long way to go” to-

wards economic recovery, the FNM’s deputy leader has acknowledged, as he slammed the Government for “dragging its feet” on the Grand Celebration

cruise line negotiations. K P Turnquest said: “From an economic standpoint, the island has a long way to go, certainly. The Container Port continues to

face some challenges, and that is a significant asset in our arsenal that we sell to the world as an investment incentive. It is also a source of pride for us. “We are hopeful they will sort out their challenges in short order. The hotel [Grand Lucayan] is similarly facing its challenges, and hopefully they will be able to sort out their issues and get back into operation as quickly as possible. “The casino is now

closed, and that left a serious void in terms of employment but also the amenities that help to attract visitors to the island.” Mr Turnquest added: “We have challenges on the economic side, and the Grand Celebration is a part of the issues that we face that needs to be addressed. “Hopefully, whatever the issues are with respect to that will be resolved quickly. The Government seems to have been dragging its

feet on this, which is very unfortunate, but hopefully they will give it the urgent attention it deserves and we can get that pillar in our tourism product back in place and start to drive the visitors back to the island.” Bahamas Paradise Cruise Line, the Grand Celebration’s owner and operator, is in negotiations with the Government via the Ministry of Tourism, seeking to assign its current arrangement - along with a twoyear extension - to the proposed buyer of the cruise ship. The vessel brings roughly 280,000 passengers to Grand Bahama per year. Despite some $27.5 million in power restoration costs post-Hurricane Matthew, the Grand Bahama Port Authority’s vicechairman, Sarah St George, recently announced there will be no electricity rate increase to consumers in Grand Bahama. “That’s a change from what they had said initially. See pg b6

CIBC officer passes compliance exam

A CIBC FirstCaribbean officer has passed the Canadian chief compliance officer qualifying exam after studying with the Nassaubased Securities Training Institute (STI). Patrice Lamm, an officer for compliance, investigations and regulatory reporting, is pictured here. Bettina Albury, STI’s operations manager, said: “STI provides students with the necessary tools to effectively prepare for the chief compliance officer exam, and obtain this highly respected international qualification.”

YOUR

CHOICE FOR THE FAMILY @JOYFMBAHAMAS WWW.FACEBOOK.COM/JOYFM1019

THE TRIBUNE

Monday, December 19, 2016, PAGE 3

Minister: Terminated casino staff paid today By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Minister of Tourism has promised that the 140 terminated Treasure Bay Casino employees will receive their severance pay today, and be interviewed for re-hiring early in the New Year. Obie Wilchcombe told Tribune Business that Grand Bahama’s sole remaining casino was set to be taken over by a group that owned such facilities in Latin America and Spain, although he declined to name them. Promising to disclose the name once the Gaming Board had finished all its due diligence and approvals, Mr Wilchcombe said the casino was also being refurbished, adding: “We don’t want ho-hum.” Tribune Business understands that the former Treasure Bay casino staff were becoming extremely frustrated, and nervous, over whether they would receive severance pay and all other benefits due to them following the facility’s December 4 closure. This newspaper was told that Treasure Bay was only providing its brand name, and possibly management services, and the responsibility for compensating the former employees lay with the Government, which has been financing the payroll for the past two years. “They will get their severance pay on Monday [today],” Mr Wilchcombe told Tribune Business of the former staff, “and it will cover the period they’ve been with Treasure Bay. “They’ll then be interviewed early next year for hiring by the casino. It’s going to be refurbished, with more entertainment and amenities in it.” Asked who would be taking over the casino, Mr Wilchcombe replied: “It’s a group with ownership of casinos in Latin America and Spain. I’ll be able to give you details once it’s [due

Latin America/ Spanish operator to take over facility Govt wants ‘renewed interest’ from Hutchison Talking on airport fee reductions to boost airlift diligence] all finished. “We’re just completing it. We wanted to find a good casino operator, bring some entertainment back, give it more amenities. We didn’t want ho-hum.” Mr Wilchcombe gave no timeline of when the new group would take over the casino’s operations, when it is likely to open, or how many employees will be rehired. And many observers and Grand Bahama residents are likely to be extremely sceptical about Mr Wilchcombe’s assurances that a new operator for the Grand Lucayan casino has been found, given that he has made numerous similar pronouncements in the past. K P Turnquest, the FNM’s deputy leader, last week told Tribune Business that he laid responsibility for Treasure Bay’s closure “squarely at the feet” of the Government, and particularly Mr Wilchcombe, who he said had promised that a solution was at hand at least three times since taking office. Grand Bahama’s tourism product is arguably at its lowest ebb since the Royal Oasis closure in 2004, with Memories and 1,000 of the Grand Lucayan’s rooms closed, and no indication of when they may re-open. Mr Wilchcombe said he had discussed the matter with Hutchison Whampoa, the Grand Lucayan’s owner and landlord for Memories, while in Hong Kong recently to conduct due diligence

on Baha Mar’s new owner. The Minister said the Hong Kong-based conglomerate had appointed a project manager to oversee the post-Matthew repairs, but was awaiting settlement of its insurance claim before proceeding, as this would finance the renovations. Tribune Business was previously told that a $120 million claim had been submitted, and Mr Wilchcombe said Hutchison Whampoa had been expecting to hear from the insurers on Tuesday past. He also revealed that he was due to meet Hutchison Whampoa over the weekend, in a bid to reduce fees at another of its facilities, Grand Bahama International Airport, in a bid to encourage more airlift and flights to the island. Promising to reveal results of these discussions this week, Mr Wilchcombe said: “What we’re trying to do is get Hutchison Whampoa to demonstrate renewed interest in Grand Bahama. “The airlines want to come, but each time they think about landing, it costs more to land in Freeport than anywhere else in the Caribbean. Why not just fly on to Nassau instead. “A number of things have to happen. The Government and Hutchison Whampoa are working closely together. We have to ensure the product’s competitiveness improves, we ensure more airlift, and for that to happen we have to

get prices down. It’s high, and people are not going to go to where the cost is high.” As for the Grand Lucayan’s sale, Mr Wilchcombe indicated that based on the Government’s knowledge, this still had some distance to travel. “There is a buyer, somebody identified, a company out of Canada,” the Minister said, not disclosing any names. “They haven’t completed. They had shown interest in a Letter of Intent, but I’m not sure if they’ve

exchanged it. The company had called us, and spoken to us.” Mr Wilchcombe added that his focus was now on Grand Bahama and reviving its hotel and tourism industry, saying New Providence had been “taken care of”, and that the likes of Abaco, Exuma and Bimini “seem to be on the right track”. Pointing to Grand Bahama’s six golf courses, many of them owned and operated by Hutchison Whampoa, the Minister of Tourism

said the island had many of the facilities necessary to succeed. “Grand Bahama has all the amenities; it’s just getting them to put it together as a package,” Mr Wilchcombe said of Hutchison Whampoa. On the positive side, Mr Wilchcombe said the Government had held “wonderful discussions” with the Spanish-owned ferry operator, Balearia, while the Viva Wyndham Fortuna Beach resort had also reopened.

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.

The Board of Directors of Focol Holdings Limited (FOCOL) are pleased to present the unaudited results for the first quarter ended October 31, 2016. Net income for the three months ended October

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (B $000)

31, 2016 was $8.0 million compared to $7.9 million for the same period in the previous year. Hurricane Matthew caused considerable disruption to our fuel distribution operations in The Bahamas and Turks & Caicos Islands. Our storage terminals at Clifton Pier and Freeport Harbour received significant damages during the hurricane. However, the timely response by management and staff to the challenges brought on by the hurricane, demonstrated their competence and commitment to our Customers and the Company. On behalf of the Board of Directors, I wish to thank our loyal customers, dedicated staff and shareholders for their continued confidence in FOCOL Holdings Limited.

Sir Franklyn Wilson, KCMG Chairman. Copies of a full set of the audited financial statements can be obtained from Stephen Adderley (sadderley@focol.com), at the Freeport Oil Company located on Queens Highway, Freeport, Grand Bahama, Monday through Friday from 8:30 AM TO 5:00 PM.

PAGE 4, Monday, December 19, 2016

Bahamas sees 20% UK business rise The Ministry of Tourism has closed 2016 by attending its final international trade show, World Travel Market in London. The Ministry of Tourism has been making its presence felt in key markets throughout the world this year, including niche areas

such as destination weddings and group incentive business. “It is always important for the Bahamas to be represented at major trade shows, and World Travel Market is one of the largest,” said Tommy Thompson, the Ministry’s deputy

director-general. “This also provides public relations opportunities where we get to feature the Bahamas. The Minister and the director-general at these events are very busy with media interviews and meetings potential partners.”

Stakeholders from the Bahamas who were present along with the Ministry of Tourism included the Nassau/Paradise Island Promotion Board, Atlantis, Comfort Suites, Melia, the Warwick Hotel, Tiamo Resort and Majestic Tours. Anthony Stuart, the Ministry’s director for Europe, said the Bahamas’ UK business was up by 20 per cent in 2016. “World Travel Market 2016 was a very successful event for the islands of the Bahamas. We had great meetings with a number of our tour operators and some potential operators,” Mr Stuart said. “Starting in May 2017, Italian tour operator, Alpitour, will not only continue its successful Milan-Grand Bahama route, but will extend the length of the programme. “Alpitour is also considering adding new Bahamas destinations to its programme in 2018. We also had meetings with a number of German car-

riers about a direct flight from Frankfurt to Nassau. We also met with Emirates Holidays from Dubai, who will add Nassau to its programme in connection with its new daily Fort Lauderdale flight.” Mr Stuart added: “2017 is shaping up to be a strong year for the Bahamas. We are looking to increase our business from Russia and other points in Eastern Europe, as the economy there is showing signs of improvement. “With the signing of the visa waiver programme with the United Arab Emirates, we will be targeting this market for both leisure and business travel. In November, we will launch weekly service from Germany to Nassau. We are looking to increase the business from meeting and incentive market out of the UK as well.” World Travel Market is a critical event for planning for 2017. One of those initiatives is the first scheduled flight from Paris to San Salvador, allowing visitors

THE TRIBUNE to travel direct from Paris to the Bahamas. There are also plans to use Bahamian domestic airlines to connect San Salvador to Exuma, Long Island, Cat Island and Nassau. Fred Lounsberry, chief executive of the Nassau/ Paradise Island Promotion Board, said: “There were world events like BREXIT, the US elections, Hurricane Matthew that put a bit of a damper on 2016, but even with those outside influences we still had a good year. “We have had some new developments, including the newly-opened Warwick Hotel on Paradise Island. In 2017, we are expecting better. From all our indicators 2017 is shaping up to be a better year. “From the US operators here at World Travel Market, we are seeing double digit increases for bookings in the first three months going into 2017. So, we have a lot of optimism for the future.”

Left to right: Iain Rodgers, Bahamas Tourism Organisation’s London office; Jermaine Wright, general manager, Comfort Suites; Anthony Stuart, director of Europe; Maria Marino-Grazia, senior manager, Bahamas Tourism Organisation’s London office; AJ Saunders, president, Majestic Tours; Shantillya Sands, sales manager, Comfort Suites.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

2016/CLE/qui/No. 971

IN THE MATTER of The Quieting Titles Act, 1959 AND IN THE MATTER OF ALL THOSE certain lots pieces or parcels of land being Lots Numbered Eleven (11) and Twelve (12) in Block Numbered One hundred and Sixtyfive (165) of a Subdivision known as “Nassau Village” in the Eastern District of the Island of New Providence ABUTTING and BOUNDING in the said Block towards the NORTH by Lots Numbered Nine (9) and Ten (10) and running thereon Sixty-three and Ninety hundredths (63.90) feet towards the EAST by Lot Numbered Thirteen (13) and running thereon One hundred and One and Eighteen hundredths (101.18) feet towards the SOUTH by a Public Road known as Joseph Avenue and running thereon Sixty-one and Eight hundredths (61.08) feet and towards the WEST by a portion of a Subdivision known as “Pinewood Gardens” and running thereon One hundred and Three and Eighty-five hundredths (103.85) feet or however else the same may ABUT and BOUND AND

IN THE MATTER of the Petition of NICOLA (a.k.a. NICOLE) MONIQUE JOHNSON

N O T I C E THE PETITION OF Nicola (a.k.a Nicole) Monique Johnson in respect of: ALL THOSE certain lots pieces or parcels of land being Lots Numbered Eleven (11) and Twelve (12) in Block Numbered One hundred and Sixty-five (165) of a Subdivision known as “Nassau Village” in the Eastern District of the Island of New Providence ABUTTING and BOUNDING in the said Block towards the NORTH by Lots Numbered Nine (9) and Ten (10) and running thereon Sixty-three and Ninety hundredths (63.90) feet towards the EAST by Lot Numbered Thirteen (13) and running thereon One hundred and One and Eighteen hundredths (101.18) feet towards the SOUTH by a Public Road known as Joseph Avenue and running thereon Sixty-one and Eight hundredths (61.08) feet and towards the WEST by a portion of a Subdivision known as “Pinewood Gardens” and running thereon One hundred and Three and Eighty-five hundredths (103.85) feet or however else the same may ABUT and BOUND Nicola (a.k.a Nicole) Monique Johnson claims to be the owner in fee simple in possession of the aforementioned land and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959 to have her title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the Petition and Plan of the said land may be inspected during normal office hours in the following places: 1. 2.

The Registry of the Supreme Court, East Street in the City of Nassau, Bahamas; and The Chambers of Lockhart & Co., No. 35 Buen Retiro Road, Off Shirley Street, Nassau, Bahamas.

NOTICE is hereby given that any person having dower or right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days after the final publication of these presents, file in the Registry of the Supreme Court and serve on the Petitioner or the undersigned a Statement of his Claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of Thirty (30) days after the final publication of these presents shall operate as a bar to such claim. LOCKHART & CO. CHAMBERS 35 BUEN RETIRO ROAD OFF SHIRLEY STREET NASSAU, BAHAMAS Attorneys for the Petitioner

THE TRIBUNE

Monday, December 19, 2016, PAGE 5

Direct German flight returns for winter ‘17 The Bahamas will for the first time in decades see direct, non-stop flight service from Germany to New Providence when the winter 2017-2018 season begins. Condor Airlines will offer service from Frankfurt to Nassau, with the inaugural flight to take place on November 6, 2017. Flights will continue on a weekly schedule, occurring on Mondays. “We are so pleased to announce this new route from Frankfurt, Germany, to Nassau, Bahamas” Obie Wilchcombe, minister of tourism, said. “This will not only open the country up to new business but it will be a game changer for our tour operators, hotel partners and Family Islands, which are so popular with Europeans”. He added: “The great thing about this news is that not only are we opening the door to European

travel enthusiasts who have always wanted to experience the islands of the Bahamas, but importantly, Europeans have on average longer vacations than North Americans; they take multiple holidays per year and they stay for longer periods of time. Therefore, the economic impact of a European visitor on the destination is greater.” With the launch of this flight, the Bahamas will become a one-stop Caribbean beach destination. Condor expects to generate 4,000 passengers between November 2017 and May 2018. The company is also encouraging passengers to experience Grand Bahama during their trip, as the scheduling of the flight allows for a same-day connection to that island. Joy Jibrilu, director-general in Ministry of Tourism, said the new route will attract thousands of extra visitors to the Bahamas.

“The introduction of this new flight is not just a milestone but it also opens up major routes and opportunities for growth from Europe to the Bahamas,” she said. “This was a strategic approach, and culminates after two years of discussions with major German airlines. During the 1990s, the Bahamas received on average over 130,000 European visitors, peaking in 1993 with 133,085 arrivals. There was a direct correlation between these figures and direct airlift from Europe.

Weak tech, bank stocks pull indexes back from record highs NEW YORK (AP) — Falling technology and financial stocks pulled U.S. indexes back from the edge of record highs on Friday. Bond yields gave up some of their big gains from the last few days, and the dollar downshifted from its sharp climb against other currencies. The Standard & Poor’s 500 index fell 3.96 points, or 0.2 percent, to 2,258.07. It had wobbled up and down through the day, never rising by more than 0.3 percent or falling by more than 0.3 percent. The Dow Jones industrial average fell 8.83 points, or less than 0.1 percent, to 19,843.41. The Nasdaq composite fell 19.69, or 0.4 percent, to 5,437.16 after climbing above its record closing level earlier in the day. All three indexes remain within 1 percent of their record highs. Friday”s moves close a week where stocks slowed their sharp ascent since last month”s presidential election, and bond yields and the dollar continued their big gains. A driving force was the Federal Reserve”s move on Wednesday to raise interest rates for only the second time in a decade and indicate several more increases may be in store for 2017.

The dollar gave back a smidgen of its gains on Friday. The ICE U.S. Dollar index, which measures the dollar against six other currencies, dipped 0.2 percent. The index remains close to its highest level in 14 years. The yield on the 10-year Treasury likewise regressed a bit Friday, dipping to 2.59

percent from 2.60 percent late Thursday. It”s still near its highest level since 2014. Friday”s drop in yields helped drive stocks that pay big dividends higher. They often trade in the opposite direction of interest rates on expectations that income investors will buy them when bond yields are dropping.

DR. SPARKMAN FERGUSON DR. TAMIKA FERGUSON ANNOUNCE The relocation of OPTIMUM DENTAL CARE to VILLAGE ROAD PROFESSIONAL CENTER #61 VILLAGE ROAD BUILDING A SUITE 3 TELEPHONE: 323-2755

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2016 No. CLE/qui/01314

IN THE MATTER of ALL THOSE two (2) tracts of land totaling 5.331 acres originally the property of Captain Ernest Russell but now various owners situate about 805 feet northwestwardly of the old navigation light on Mann Island, near the Island of Harbour Island, one of the Islands of the Commonwealth of The Bahamas and now the property of Harrison H. Pinder. AND IN THE MATTER of the Quieting Titles Act, 1959. AND IN THE MATTER of the Petition of Harrison H. Pinder NOTICE OF PETITION The Petition of Harrison H. Pinder, of Ernest Dean Highway, on the Island of Great Abaco, one of the Islands of the Commonwealth of The Bahamas, is in respect of :ALL THOSE ALL THOSE piece parcel or tract of land containing 5.331 acres divided into two (2) parcels being 2.583 Acres and 2.748 Acres situate about 805 feet Northwestwardly of the old navigation light on the Island of Mann Island, near the Island of Harbour Island, one of the Islands of the Commonwealth of The Bahamas and having such position boundaries shape marks and dimensions as are shown on the plan filed herewith and recorded in the Department of Lands and Surveys in the said Commonwealth of The Bahamas as Plan No. 1055 Eleuthera. The Petitioner, Harrison H. Pinder claims to be the equitable and beneficial owner in fee simple possession of the parcels of land hereinbefore described and such ownership as aforesaid arises by virtue of a possessory and documentary title to the said land. The Petitioner has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959 to have his title to the said land investigated. Copies of the filed plan may be inspected during normal office hours at:1) 2) 3) 4)

The Registry of the Supreme Court, British American House, Marlborough Street, Nassau, Bahamas. The Chambers of Harry B. Sands, Lobosky & Company, Shirley House, 253 Shirley Street, Nassau, Bahamas. The Notice Board at the Administrator’s Office in Dunmore Town, Harbour Island. The Police Station at Dunmore Town, Harbour Island.

Notice is given that any person having dower or right of dower or an adverse claim or a claim not recognized in the petition shall on or before the 1st day of March A.D., 2017 file in the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form, verified by an affidavit to be filed therewith. Failure by any such person to file and serve a statement of such claim on or before the 1st day of March, A.D., 2017 will operate as a bar to such claim. Harry B. Sands, Lobosky & Company HARRY B. SANDS, LOBOSKY & COMPANY CHAMBERS SHIRLEY HOUSE FIFTY SHIRLEY STREET NASSAU, THE BAHAMAS ATTORNEYS FOR THE PETITIONER

FOCOL HOLDINGS LTD. PREFERRED DIVIDEND PAYMENT FOCOL is pleased to announce a

dividend payment to all holders of CLASS ‘A’ and ‘C’ preference shares as of December 30, 2016 payable within ten business days of the record date through THE BAHAMAS CENTRAL SECURITIES DEPOSITORY.

“Fuelling Growth For People”

PAGE 6, Monday, December 19, 2016

GB economy has ‘a long way to go’ From pg B2 I’m very excited and happy to hear that they have decided to spare the consumer that additional burden, and the certainly will go a long way to building goodwill with the community,” said Mr Turnquest. “In terms of the electricity restoration, there has never been any doubt that GB Power had done a fantastic job in terms of getting electricity back up and running for residents in a very short period of time considering the damage that was done. “There remains challenges in areas where the buildings themselves have a challenge, and power cannot be connected, but overall they have done a very good job in terms of getting the island back up and going.”

THE TRIBUNE

Ireland to appeal EU’s record $14 billion tax order on Apple DUBLIN (AP) — Ireland will appeal the European Union”s landmark order to collect a record 13 billion euros ($14 billion) in taxes from Apple, the Irish Department of Finance announced Monday. The Irish countermove comes nearly four months after EU competition authorities hit Apple with the back-tax bill based on its longtime reporting of European-wide profits through Ireland, which charges the American company only for sales on its own territory at Europe-low rates that in turn have been greatly reduced by the use of shell companies at home and abroad. In its formal legal summary , the Department of Finance declares that is the whole point of Ireland”s sales pitch to foreign investors — and asserts it is perfectly legal to levy far less tax on profits than imposed by competitors. It accuses EU competition

www.ub.edu.bs

MANAGEMENT Suitably qualified candidates are invited to apply for the following position at University of The Bahamas: Associate Vice President, Business Enterprise Unit responsible for providing strong oversight for multiple activities across a range of business operations and opportunities at the University including retail and facilities rental. Further duties and responsibilities include working pro-actively to develop new business opportunities; developing business proposals for existing and new customers; ensuring costs are reported and monitored to determine return on investments/objectives and improve general efficiency; working with key suppliers and network/source new suppliers in order to provide the most up-to-date and cost-effective client development solutions and developing innovative strategies for revenue growth, including undertaking interviews in order to get feedback and incorporate it into the institution’s growth plan. Applicants must have a Master of Business Administration (MBA) degree, with at least 5 years’ post degree experience at the management level. Applicants should submit by Wednesday 21st December, 2016 via email to hrapply@ub.edu.bs the following documents: • A cover letter of interest highlighting work experience and accomplishments relevant to the position; • Current Curriculum Vitae or Resume; • Copies of Qualifications and Certificates; • Copy of the relevant pages of a valid passport showing passport number, photo identification and expiration date; • Copy of N.I.B. Card; • Current Police Certificate; • One recent Passport photo; • At least three (3) written professional references. For more information visit: http://www.ub.edu.bs/about-us/career-opportunities/. Hard copy submissions will not be accepted.

authorities of unfairness, exceeding their competence and authority, and seeking to breach Ireland”s sovereignty in national tax affairs. The ruling unveiled Aug. 30 by EU Competition Commissioner Margrethe Vestager called on Apple to pay Ireland the 13 billion euros for gross underpayment of tax on profits across the European bloc from 2003 to 2014. Her report concluded that Cupertino, California-based Apple used two shell companies incorporated in Ireland to permit Apple to report its Europe-wide profits at effective rates well under 1 percent. The EU judgment could have been even huger, because EU time limits meant the judgment could include potential tax infringements dating only from 2003, not all the way back to Apple”s original 1991 tax deal with Ireland. Still, Irish specialists in

corporate tax estimate that the EU”s order, if enforced, actually would total 19 billion euros ($20 billion) because of compounding interest from delayed payment. The centerpiece of Ireland”s argument is that Vestager should have confined herself to policing illegal state aid that gives an unfair advantage to a particular company, whereas the EU has launched an assault on a policy that Ireland has offered to all foreign companies locating on its soil. The benefits are obvious in Ireland, which has the fastest-growing economy in Europe driven by the exports of about 1,000 multinationals that employ 5 percent of the workforce and generate nearly a quarter of economic output. Apple today is the biggest private employer in the Irish Republic”s second-largest city, Cork, with a workforce exceeding 5,500.

THE TRIBUNE

Monday, December 19, 2016, PAGE 7

Cruise line’s pull-out ‘worst case scenario’ From pg B1 the company had steered its vessel to Bimini until repairs to the Grand Lucayan are completed and it can return. That return is slated for January 13, 2017. “The company is in the process of negotiating a sale of the ship, the Grand Celebration,” Mr Johnson confirmed. “The existing owners still own Holiday Cruise Line, the tour company. They’re selling the ship to veterans in the cruise industry, although I can’t name them at this time. “The Government, and our key partners in Grand Bahama, are aware that we are looking to restructure the company so that there are two engines as opposed to one core group trying to do both, so that we can be more successful.” Mr Johnson continued: “The restructuring is also a recapitalisation to allow us to heal our wounds from the hurricane and plan a staged growth going forward. “We are in sensitive ne-

gotiations with the Government. We are at a point where we thought that we should say to our vendors that we are having some challenges and our return could be temporary. “We have not completed our restructuring, which is hinged to reaching an understanding with the Ministry of Tourism, and we are hopeful that that can be quickly resolved. The failure to reach an acceptable arrangement for both parties could impact our restructuring, could cost us the sale and could have a negative impact on tourism at a difficult juncture on Grand Bahama.” Many cruise lines receive funds from the Government via the Ministry of Tourism, which are tied to the rebates they get for the volume of passengers they bring to the Bahamas. Mr Johnson said Bahamas Paradise Cruise Line was looking to assign its current agreement with the Government to the purchaser on the same terms.

That agreement is in its third year, and the company is looking to extend it two more years. Mr Johnson added that Grand Celebration brings around 280,000 visitors to Grand Bahama per year, with close to 100,000 staying in a hotel, unlike most cruise lines. The 280,000 annual visitors are up from the 225,000-230,000 its smaller Bahamas Celebration cruise vessel facilitated. The company operated that ship for six years until it ran aground off Grand Bahama in November 2014. “The Grand Lucayan is the biggest recipient of our business. We are at least 50 percent of their total business, and they would be deeply harmed if we didn’t return,” Mr Johnson told Tribune Business. “Worst case scenario is pull-out. We are a big reason for Grand Bahama’s rebound in 2015 when the Canadian market slowed down; our business stayed strong.” Mr Johnson said the Grand Celebration, along with Sunwing, generates almost 80 per cent of the tourism business in Grand

Bahama. “Our commitment with the purchasers is that they would be there for the next five to 10 years,” he told Tribune Business. “Regarding the agreement we have now with the Government, it’s just the question of it being assigned to the new owners on the same terms. “There are three years on that agreement right now, and we would wish that it be extended for two years. Those are the details we are waiting for the Government’s concurrence on. We are hopeful we will get it. We are not looking at any extraordinary new arrangement.” Under an agreement between Bahamas Paradise Cruise Line and the purchaser, there is a commitment to keep the ship in Grand Bahama for 10 years regardless of what arrange-

ment is made with the Government. “The destination, as a result of reaching a mutually satisfactory agreement with the Government, would be assured of 10 more years of

the cruise line operating in Grand Bahama, and maybe even a second ship, because the business model calls for a second ship to have even greater economies of scale,” said Mr Johnson.

EmploymEnt opportunity Harbourside Marine is searching for an outboard engine and Waverunner salesperson. The candidate must have boating/marine experience, be well spoken and have a professional attitude. Please email your resume to nick@hbsmarine.com

PAGE 10, Monday, December 19, 2016

Minister accuses cruise operator of ‘blackmail’ From pg B1 cruise ship and its potential pull-out. “Celebration has two years remaining on its contract with the Government at the present time,” he told this newspaper. “I don’t know what their issue is, apart from coming up with a proposal that they’re changing ownership and want an extension beyond two years. “The Government is saying: Send us the information, we’ll do due diligence and get back to you.” Tribune Business contacted Mr Wilchcombe after hearing that the Celebration, and its owners, were becoming increasingly frustrated about their lack of progress in sealing a new agreement with the Government.

This newspaper had been told that the cruise operator wanted to bring a second ship to Grand Bahama, this one sailing from Port Canaveral, but had been unable to obtain a response from the Government. Mr Wilchcombe, though, described this proposal as “just a lot of talk” by Bahamas Paradise Cruise Line, which had yet to submit any detailed, ‘set in stone’ plans to the Government. When asked whether his, and the Government’s, position was that Celebration was seeking a longer term agreement without offering guarantees on passenger numbers and other definitives in return, Mr Wilchcombe replied: “You’ve got it.” He then blasted: “At the end of the day, they’re try-

NOTICE Will Faith Bellot or anyone knowing her whereabouts please contact the firm of Wells Legal & Corporate Services as soon as possible (242) 325-4618/9 or (242) 325-4177

NOTICE

IN THE ESTATE OF THOMAS J. CARLSON, (a.k.a. THOMAS JAMES CARLSON), late and domiciled of 646 Pawley Road, Mount Pleasant, Charleston County, South Carolina one of the United States of America, deceased NOTICE is hereby given that all persons having any claim or demand against or interest in the above Estate should send same duly certified in writing to the undersigned on or before 16th January, 2017 after which date the Personal Representative will proceed to distribute the assets of the Estate having regard only to the claims, demands or interests of which he shall then have had notice AND NOTICE is hereby given that all persons indebted to the above Estate are requested to make full settlement on or before 16th January, 2017. FREDERIK F. GOTTLIEB & CO.

Attorneys for the Executrix P.O. Box AB-20405 Royal Harbour Village #2 Bay Street, Marsh Harbour, Abaco, The Bahamas

PUBLIC NOTICE REDEMPTION of Treasure Bay Our Lucaya chips, pursuant to Gaming Regulation 67 (5) (a) (b) (c) of the Gaming Board of The Bahamas; effective December 2, 2016. Treasure Bay Our Lucaya Casino (hereafter referred to as The Casino) operates at Royal Palm Way, Grand Bahama Island. Please be advised that all denomination of chips may be redeemed at The Casino on or before December 22, 2016. The days provided to facilitate such are Mondays, Wednesday and Fridays, between the hours of 9:00 a.m. and 2:00 p.m. each day.

PUBLIC NOTICE REDEMPTION of Treasure Bay Our Lucaya unexpired slots tickets, pursuant to Gaming Regulation 69 of the Gaming Board of The Bahamas; effective December 2, 2016. Treasure Bay Our Lucaya Casino (hereafter referred to as The Casino) operates at Royal Palm Way, Grand Bahama Island. Please be advised that all unexpired slots tickets may be redeemed at The Casino on or before December 22, 2016. The days provided to facilitate such are Mondays, Wednesday and Fridays, between the hours of 9:00 a.m. and 2:00 p.m. each day.

ing to cause the media to blackmail the Government of the Bahamas. “None of this [what Celebration is offering] is on the table. It’s all talk. That’s the bottom line; don’t talk it, do it. They’re trying to put pressure on the Government to sign something beyond five years.” Mr Wilchcombe said the Celebration’s operator was already enjoying $7 million per year in marketing support from his Ministry and private sector partners, but added that its ‘overnighting’ passengers had been responsible for depressing hotel room rates. “Celebration brought down hotel room rates to $60,” the Minister said. “The Promotion Board and the hotel are protesting. We’re trying to work out a solution. “We’re looking at it, and will see where we go from here.” Mr Wilchcombe then reiterated his belief that Bahamas Paradise Cruise Line has been “wrong to discuss this in the media”, given the sensitivity that often accompanied such commercial negotiations. Based on the Minister’s comments, it appears that relations between the Government and the Grand Celebration’s operator are at an extremely low ebb, if

not rock bottom. This will especially alarm Freeport’s already-beleaguered tourism industry, given that the vessel’s regular calls on Grand Bahama have formed an essential component of both its day and stopover visitors. The Celebration’s passengers have been a key customer source for Grand Bahama’s solitary casino, which is now closed, plus the island’s largest hotel, the Grand Lucayan. With Grand Bahama’s hotel and tourism industry now struggling for survival in Hurricane Matthew’s wake, the island needs every visitor it can get, and many in the sector will likely regard Mr Wilchcombe’s criticism of such an important investor as the last thing they need in the circumstances. The ongoing closures of Memories and much of the Grand Lucayan have already deprived Grand Bahama of 1,000 much-needed hotel rooms, and cost Celebration’s ‘overnighting’ passengers their accommodation, forcing the ship to temporarily relocate to Bimini. Given the current state of relations with the Government, there is likely to be concern that Celebration’s relocation may become permanent - even to a loca-

NOTICE

NOTICE is hereby given that KERLY SAINTILHOMME of Washington Street, P.O.Box N-326, 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 19th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Legal Notice

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

CATHPARS LIMITED In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), CATHPARS LIMITED, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 24th day of November 2016.

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

THE TRIBUNE

tion outside the Bahamas - thereby costing Freeport and this nation’s economy around $43 million in lost business. K P Turnquest, the FNM’s deputy leader, told Tribune Business it was “inconceivable” for the Government to “play” with more Bahamian jobs, given Grand Bahama’s current economic and tourism distress. “He obviously knows something we don’t,” Mr Turnquest, the east Grand Bahama MP, said in response to Mr Wilchcombe’s comments, questioning how the Minister planned to replace Celebration’s business if it moved. “If you think about it, if it was not for the Grand Celebration, what would those stopover visitor numbers be? What would it look like now?” Mr Turnquest continued. “We are talking incremental business here. Every passenger they bring in is one we did not have. You can also look at our airlift. Outside of Memories, what’s driving those numbers?” Arguing that any sale of the Grand Celebration was “irrelevant” to Bahamians, so long as any new owner passed all due diligence tests, Mr Turnquest questioned why Mr Wilchcombe had not responded to the cruise operator’s proposal. He told Tribune Busi-

to advertise today in the tribune call @ 502-2394

ness he understood Bahamas Paradise Cruise Line officials had held just one “contentious” meeting with their Ministry of Tourism counterparts, and formal negotiations had yet to commence. “Celebration, as I understand it, has provided $43 million worth of business to the island annually,” Mr Turnquest said. “Removing that kind of business from the island spells disaster for us. “We need that business, so I’m very concerned. They not only provide the cruise component but the overnight, as their passengers cruise and stay. “With all the jobs lost in the last couple of weeks, it’s inconceivable that anyone would play with those jobs. From what I understand, what the Grand Celebration is asking for is nothing different from what it’s getting with the current ship,” the FNM deputy leader continued. “Unless they can tell us there’s other business coming to pick up the slack, it’s irresponsible for the Government not to respond to these people. They’ve not had the courtesy to respond. It’s just unacceptable. “The Minister ought to be made to answer the question: When did you know, and what are you doing about it?” Mr Turnquest said the loss of the Celebration, if it were to occur, would have a “significant” affect on Bahamian GDP, jobs and government revenues. He added of the Government: “If this is indicative of the way they do business, it’s no wonder the Bahamas and Grand Bahama are not growing.”

NOTICE

NOTICE is hereby given that DIEBONEL ALEXANDRE of Marsh Harbour, Abaco, 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 19th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LOVINGSTON MEDARD of P.O.Box AB-20045, March Harbour, Abaco, 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 12th day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE Pursuant to the Provisions of Section 138 (2) of the International Business Companies Act, 2000, (As Amended) NOTICE is hereby given that KEEP INVESTMENTS LIMITED has been dissolved and that the name has been struck from the Register of Companies with effect from the 28th day of November, 2016.

Jaqueline E. Sterling c/o Edward Street P.O. Box 2254 Grand Cayman, Cayman Islands, KY1-1107

NOTICE

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act (as amended), NOTICE is hereby given that Tacoma Ventures Limited is in dissolution and the date of commencement of the dissolution is 19th December, 2016.

Pursuant to the provisions of Section 138 (4) of the International Business Companies Act (as amended), NOTICE is hereby given that Rockland Ventures Limited is in dissolution and the date of commencement of the dissolution is 19th December, 2016.

Miles Evans and Magdaline Carey LIQUIDATORS c/o Clairmont Trust Company Limited Pineapple Grove #5 Lyford Cay P.O. Box SP-64284 Nassau, Bahamas

THE TRIBUNE

Monday, December 19, 2016, PAGE 11

BTC, URCA must come Aliv for new operator’s growth From pg B1 Tribune Business that the pace of its network infrastructure build-out was “no mean feat”, especially given the interruption created by Hurricane Matthew. He added that the startup operator and its immediate parent, NewCo 2015, had accomplished in five months what it normally took mobile companies nine months to a year to complete - placing it on a record roll-out pace. However, Mr Blackburn said Aliv now required assistance from both the Bahamas Telecommunications Company (BTC), its main competitor, and the Utilities Regulation & Competition Authority (URCA) to maintain this frenetic schedule. Aliv has to-date been able to rely on the fibre optic infrastructure of its controlling shareholder, BISXlisted Cable Bahamas, as the ‘building block’ foundation for its own network. However, having launched in Eleuthera this weekend, following its ‘going live’ with commercial services in New Providence, Grand Bahama and Abaco, Aliv is now targeting the islands of Andros, Bimini and Exuma in the New Year. None of these locations, unlike the previous four, possess an extensive Cable Bahamas fibre optic infrastructure, with Mr Blackburn revealing that Aliv’s roll-out here will depend on gaining access to BTC’s sub-sea cable. Acknowledging that there were now several factors “not in our direct control”, Mr Blackburn said the new operator was also working with BTC and URCA to make number portability a reality. While this is already available to fixed-line (landline) customers of BTC and Cable Bahamas’ REVoice services, it has yet to be introduced in the newly-liberalised mobile market. Number portability is vital to facilitating competition because it allows customers to keep their existing number when switching providers, thus removing a potential liberalisation barrier. Mr Blackburn said number portability was essential for Aliv to make inroads into the corporate market, and expressed hope it would become a reality for thousands of Bahamian subscribers early in the New Year. “The next ones are Exuma, Andros and Bimini,” he told Tribune Business of Aliv’s next island launches. “We’ll be looking at each of them early in the New Year. “We have a number of hurdles not in our direct

control to solve. We have to obtain subsea fibre access from BTC.” Mr Blackburn added that Aliv would also be “broadening into the corporate market once number portability is available to us, which we expect will be in early 2017”. He said: “It’s [number portability] important because people value their numbers, so we’re working closely with the regulator and BTC to make that happen as soon as possible”. Mr Blackburn said that while number portability was “not vital to our success”, it was important to the Bahamian mobile communications market’s evolution, and especially corporate customers. It will now be particularly interesting to see how much co-operation Aliv gets to fulfill its roll-out objectives, especially from BTC. URCA has already mandated that BTC allow Aliv to lease and utilise portions of its network infrastructure, until the latter completes construction of its own, so that competition can be brought more rapidly to Bahamians wherever they are living in the Bahamas. However, communications industry experience worldwide has shown that incumbent operators, such as BTC, have no incentive to let rivals in to steal their customers, and typically make life as difficult as possible for them. Mr Blackburn, meanwhile, declined to comment on Aliv/NEWCo’s financing plans, which Tribune Business understands will require them to make a $40-$60 million ‘call’ on investors and the Bahamian capital markets in either the 2017 first or second quarters. “We have plans around our financing,” he told this newspaper, “but I don’t think it’s appropriate to discuss them yet. “We have the funding to do what we need to do. Like any sensible company, we keep an eye on what we need to do. We don’t have a financial offering planned. We have enough money from the shareholders to do what we need to do in the first phase.” Apart from the $130 million provided by Cable Bahamas and the Government (the latter as 100 per cent temporary owner of HoldingCo, owner of 51.75 per cent of NewCo’s equity), Aliv also received vendor financing from its network equipment supplier, Huawei. Tribune Business understands that any Aliv capital raising will be co-ordinated with the Government’s efforts to exit HoldingCo via a sale to Bahamian institutional investors, so the two

www.ub.edu.bs

VACANCIES Suitably qualified candidates are invited to submit applications for the following positions at University of The Bahamas: NewCo2015 CEO Damian Blackburn do not end up competing for scarce financing. “We’re on track in terms of our targets and expectations,” Mr Blackburn said of Aliv’s operational performance. “Sales are going well, and we’ve got thousands of subscribers on board very quickly. “We believe that where everything is in our direct control, we’re hitting what we need to do and what we promised to do, even though there’s been a hurricane. Top of my list has been to get as many customers on board as possible. That’s what I’ve been running around doing.” Declining to give figures, Mr Blackburn said Aliv’s network roll-out pace todate had been “a record”. He credited this to Cable Bahamas’ existing network and preparatory work, which had involved acquiring and identifying cell tower sites, and “really made a big difference”. “It would typically take nine months to a year to get where we’ve got to,” Mr Blackburn told Tribune Business. “We’ve done it in five months, that plus a hurricane, which is no mean feat. “We’ll now obviously be broadening further our commercial offering, keep on refreshing that, bring new things to consumers and innovative price points as we go.” Cable Bahamas last week said Aliv expects “revenues to increase rapidly, resulting in a significant gain in market share by the end of 2017”. It touted the company’s various achievements, including the 160-plus jobs created by the new mobile operator, most of which are Bahamian. Aliv was also said to have 83 sites across New Providence and Grand Bahama,and more than 200 roaming agreements through over 500 international operators.

to advertise today in the tribune call @ 502-2394

MIDDLE MANAGEMENT Executive Assistant to the Provost responsible for providing comprehensive executive-level support services to ensure the overall efficiency of the Provost’s Office in a high-level and fast-paced environment. The Executive Assistant to the Provost will manage the Provost’s administrative needs to facilitate the effective allocation of time and provide information needed to advance the priorities of the office. Among the duties and responsibilities are: planning and coordinating meetings, retreats and other engagements; preparing internal and external correspondence; assisting in the processing of purchase orders, vendor contracts and other routine financial transactions in accordance with university policies; developing, implementing and managing departmental office systems and procedures and supporting the administrative needs of the relevant internal committee meetings, including taking accurate Minutes of each meeting as required. Applicants must have a master’s degree or equivalent from an accredited college/university and a minimum of three years of administrative experience, preferably in higher education or an executive setting. For more information visit: https://www.ub.edu.bs/about-us/career-opportunities/.

STAFF Graphic Designer in the Office of University Relations responsible for producing promotional and informational visual design solutions to communicate University of The Bahamas messages, goals and brand, with high visual impact using print and digital media for internal and external constituents. The successful candidate will be required to conceptualize, design and produce marketing and branding collaterals to maximize the University’s presence online, in periodic newsletters, publications (including annual and private giving reports and magazines), exhibitions, displays, advertising and via social media as well as in other relevant media; collaborate with and interpret stakeholder needs in the development of graphic designs and prepare design briefs and production timelines. The graphic designer will work as part of an editorial team of copywriters, photographers, other designers, web developers, marketing and public relations specialists. Required qualifications include a Bachelor’s Degree in Graphic Design, Communications, Journalism, Public Relations or a closely related area or an equivalent; a minimum of six (6) years’ post qualification work experience; and a minimum of five years’ experience working as part of a team performing graphic design duties. For more information visit: https://www.ub.edu.bs/about-us/career-opportunities/ . Data Entry Clerk II in the Office of Recruitment and Admissions responsible for creating and updating student information applicant records; conducting data checks that verify the accuracy and completeness of data entered; sending out timely responses to applicants and creating and maintaining effective filing systems for the Data Processing Unit. Other duties and responsibilities include creating and maintaining the filing system for admissions applicants; assisting with the recycling of inactive files; maintaining individual files for applicants and providing periodical reports as required by the supervisor. Required qualifications include an Associate Degree in a relevant area OR an Office Assistant’s Certificate or approved equivalent AND five years of relevant work experience. For more information visit: https://www.ub.edu. bs/about-us/career-opportunities/ . Secretary I in the Office of Institutional Research & Risk Assessment who will work closely with the Director to provide general clerical and typing services including drafting, editing and typing all routine correspondence and written communications to and from the Director; assist in creating routine and ad hoc queries of data tables to support Institutional Research & Risk Assessment and assist with the supervision and coordination of support staff, including workstudy students. Among the other duties and responsibilities are monitoring and ordering supplies and equipment for the Office; collecting and compiling data on student demographics, enrolment, retention and graduation; processing data to create reports/spreadsheets for the Institutional Research & Risk Assessment website and coordinating and maintaining the department’s filing system. Qualifications must include an Office Assistant’s Certificate, or approved equivalent for CSS-1 AND five years of relevant work experience; Or an Associate Degree in a relevant area. Secretary I should have shorthand skills at 50 w.p.m. and word processing skills. For more information visit: https:// www.ub.edu.bs/about-us/career-opportunities/ . Administrative Assistant I in the Office of the Chief Information Officer responsible for ensuring the smooth functioning of the front office and providing general professional and confidential support services to the Chief Information Officer. Among the duties and responsibilities are performing records management; responding to various inquiries and making the appropriate referrals both within and outside of the department; composing drafts and producing all routine correspondence and written communications for the CIO and coordinating, processing and dispatching forms for the Office of Information Technology. Other duties include monitoring and ordering office supplies and equipment; tracking expenses; coordinating the process of purchase requisitions through to final payment and conducting research and/or follow-up with activities related to special requests/inquiries as directed by the CIO. Qualifications must include a Bachelor’s Degree or the equivalent with no work experience OR an Associate Degree in a relevant area with ten years of work experience. For more information visit: https://www.ub.edu.bs/aboutus/career-opportunities/. Persons interested in any of these positions should submit by Monday 19th December, 2016 via email to hrapply@ub.edu.bs an up-todate résumé and a cover letter of interest highlighting work experience and accomplishments relevant to the position along with the following documents: • Copies of pertinent certificates and qualifications; • Copy of the relevant pages of a valid passport (showing passport number, photo identification and expiration date); • Copy of a current N.I.B Card; • Current Medical Certificate; • Current Police Certificate; • One recent Passport photo; • Three written professional references Hard copy submissions will not be accepted.

PAGE 12, Monday, December 19, 2016

Developer urges: Don’t ‘destabilise’ residency market via $1m mark From pg B1 accelerated permanent residency consideration to $1 million would impact other developments already underway, and, potentially, the entire market. He estimated that the “residency market” currently accounted for 50 per cent of the Bahamas’ real estate sales and, given this nation’s fragile economy, it could not afford to “create any more ripples in the water right now”. Calling on the Government to leave the threshold at the existing $500,000, Mr Kinsale said that should it decide to press forward with change, a sudden ‘without warning’ implementation needed to be avoided at all costs. He called for the Government to give a year’s warning before making any change, and for existing developments already underway to be ‘grandfathered in’, so that their multimillion dollar investments were not jeopardised. “The market between $500,000 and $1 million, for me, is the strongest market,” Mr Kinsale told Trib-

une Business, explaining that it was a key sales driver for his two ongoing projects plus the Balmoral. “I’ve invested significant amounts of money to target this market, and to change mid-flight would have a huge impact on our business.” Hope Strachan, minister of financial services, last month announced that the Government planned to ‘increase’ the permanent residency investment threshold from $500,000 to $1 million. She told a Higgs & Johnson seminar that Cabinet had given permission to double the threshold from its current $500,000, saying: “This threshold is no longer achieving the intended objective, which is to attract high net worth individuals to our country and to support the real estate market in a tangible way, while maintaining the integrity and profile of the Bahamas as a premier financial centre.” Developers and realtors, though, are especially concerned with both the potential change and how it

$500,000. “We see a lot of the business coming from permanent residents. We need to attract more people to this country and see a measurable demand for real estate, but I don’t believe that’s there. The statistics aren’t saying that. Our restaurants aren’t full, so that tells me we don’t have enough visitors.” Mr Kinsale told Tribune Business that the real estate market, especially for foreign buyers, relied on predictability, continuity and consistency - not sudden changes in government policy. “The reality is we cannot afford to destabilise the residency market,” he added. “I would say it’s approximately 50 per cent of our business. “I was considering other projects, but now I will have to sit down and work out markets I have to sell to if I don’t have the residency market, otherwise it becomes too risky. “We have to make things easier for people to come here; we can’t make it more difficult,” Mr Kinsale continued. “We have to stop believing we’re so special and market harder, as we’re being beaten by other jurisdictions.” He explained that the Bahamas was not just compet-

ply of available product. A lot of people don’t want to spend $3 million for a place they will not use for more than a few weeks a year.” Mr Kinsale added that foreign investors who were new to the Bahamas may not want to make a $1 million-plus investment initially, but may do so later on when their confidence and familiarity with the jurisdiction increased. The ‘$1 million threshold’ might deter this market complete, he implied, and said there was not enough demand at the $500,000 price point to justify the Government’s planned change. “We’re 60 per cent sold on ONE Cable Beach and 40 per cent at Thirty|Six,” Mr Kinsale said of his ongoing projects, both of which have significant inventory priced between $500,000 and $1 million. “That means I still have $60-$70 million of real estate I have to sell. To drop this on me half-way through this process puts at risk this large investment I’ve made, and other developers depend on this as well.” Mr Kinsale said something similar had happened to him when developing Balmoral, as he recalled how the Government changed the Stamp Duty exemption for first-time buyers from $250,000 to

is implemented, given the importance of the second home market to their industries and the wider Bahamian economy. With the Bahamian segment relatively flat, the second home sector has been one that realtors have been able to rely on to generate sales momentum over the past few years. With 80 per cent of real estate sales inventory priced below $1 million, they fear that any change - especially one that might be perceived negatively by foreign buyers - could drive a significant chunk of the market to other jurisdictions. And a ‘drying up’ of such buyers would produce wider ‘ripple effects’ in the Bahamian economy, drying up work for the construction industry and a variety of other trades whose business is tied to the real estate and second home markets. Mr Kinsale said the proposed increase to $1 million “really makes no sense”, and added: “The reality is that we have a lot of competition internationally, and the residency market is a big driver of our business right now. “Why should we deter one person from buying here?... The other thing is: What do we really have to offer at $1 million. If you have a budget of $1 million, there’s a very limited sup-

THE TRIBUNE

THE WEATHER REPORT

5-Day Forecast

TODAY

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Partly sunny

Partly cloudy

Partly sunny

Partly sunny with a stray shower

Sunny intervals with a shower

Partly sunny, humid; a p.m. shower

High: 84°

Low: 71°

High: 83° Low: 71°

High: 82° Low: 71°

High: 83° Low: 71°

AccuWeather RealFeel

95° F

72° F

88°-72° F

90°-74° F

94°-77° F

95°-74° F

ORLANDO

TAMPA

High: 84° F/29° 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.

almanac

ABACO

High: 79° F/26° C Low: 72° F/22° C

7-14 knots

High: 83° F/28° C Low: 72° F/22° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 74° F/23° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 84° F/29° C Low: 65° F/18° C

High: 83° F/28° C Low: 70° F/21° C

MIAMI

High: 84° F/29° C Low: 73° F/23° C

6-12 knots

KEY WEST

High: 83° F/28° C Low: 74° F/23° C

High: 84° F/29° C Low: 71° F/22° C

High: 81° F/27° C Low: 75° F/24° C

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

11:54 a.m. -----

2.8 -----

5:41 a.m. 0.0 6:24 p.m. -0.2

Tuesday

12:32 a.m. 12:48 p.m.

2.4 2.5

6:41 a.m. 7:17 p.m.

0.3 0.0

Wednesday 1:31 a.m. 1:43 p.m.

2.4 2.3

7:42 a.m. 8:10 p.m.

0.4 0.1

Thursday

2:29 a.m. 2:39 p.m.

2.4 2.2

8:43 a.m. 9:01 p.m.

0.5 0.1

Friday

3:23 a.m. 3:32 p.m.

2.4 2.1

9:42 a.m. 9:49 p.m.

0.5 0.1

Saturday

4:13 a.m. 4:23 p.m.

2.5 2.1

10:35 a.m. 0.4 10:34 p.m. 0.0

Sunday

4:59 a.m. 5:09 p.m.

2.6 2.1

11:23 a.m. 0.3 11:18 p.m. -0.1

sun anD moon Sunrise Sunset

6:50 a.m. 5:25 p.m.

Moonrise Moonset

11:22 p.m. 11:24 a.m.

Last

New

First

Full

Dec. 20

Dec. 29

Jan. 5

Jan. 12

CAT ISLAND

High: 81° F/27° C Low: 75° F/24° C

8-16 knots

8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 77° F/25° C Normal high ....................................... 79° F/26° C Normal low ........................................ 67° F/19° C Last year’s high ................................. 85° F/29° C Last year’s low ................................... 73° F/23° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ............................................... 49.61” Normal year to date ................................... 39.19”

ELEUTHERA

NASSAU

ing with other Caribbean nations, but the likes of Spain, Portugal, the US and Canada, all of which had lifestyle and tax advantages to offer foreign purchasers. Mr Kinsale added that foreign buyers, such as those who had already purchased in his developments, were sophisticated investors likely to warn their friends about coming to the Bahamas should any negative policy changes occur. “I think we need everything in our quiver to be successful,” Mr Kinsale told Tribune Business. “We cannot change these policies midway through projects without any advance warning. We cannot afford to make ourselves look unstable. We cannot afford any more ripples in the water right now.” Calling for the threshold to remain at $500,000, Mr Kinsale said an increase to $750,000 might eventually be achievable, if it was handled in the correct manner. “There has to be a notice period and grandfathering period,” he added, “lasting at least one year. One thing that might work is to say we’re increasing the residency one year from now, and let everyone know. “We need some stability. We can’t handle anything else; the economy is too fragile.”

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 81° F/27° C Low: 76° F/24° C

High: 82° F/28° C Low: 74° F/23° C

LONG ISLAND

insurance management tracking map H

High: 81° F/27° C Low: 77° F/25° C

8-16 knots

MAYAGUANA High: 82° F/28° C Low: 77° F/25° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 77° F/25° C

High: 81° F/27° C Low: 77° F/25° C

GREAT INAGUA High: 84° F/29° C Low: 76° F/24° C

10-20 knots

12-25 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SE at 7-14 Knots ENE at 6-12 Knots E at 8-16 Knots NE at 8-16 Knots E at 10-20 Knots ENE at 8-16 Knots ENE at 12-25 Knots ENE at 10-20 Knots E at 8-16 Knots NE at 8-16 Knots ESE at 6-12 Knots ENE at 6-12 Knots E at 8-16 Knots ENE at 8-16 Knots NE at 12-25 Knots ENE at 10-20 Knots ENE at 10-20 Knots ENE at 10-20 Knots ENE at 10-20 Knots ENE at 10-20 Knots E at 6-12 Knots ENE at 6-12 Knots NE at 10-20 Knots ENE at 10-20 Knots E at 8-16 Knots NE at 8-16 Knots

WAVES 3-6 Feet 3-6 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-6 Feet 3-6 Feet 3-6 Feet 3-6 Feet 3-6 Feet 1-3 Feet 1-3 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-6 Feet 3-6 Feet 3-5 Feet 4-8 Feet 3-6 Feet 1-3 Feet 1-3 Feet 3-6 Feet 3-6 Feet 3-5 Feet 3-5 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 76° F 76° F 80° F 80° F 79° F 79° F 80° F 80° F 77° F 77° F 84° F 83° F 78° F 78° F 81° F 81° F 79° F 79° F 80° F 80° F 80° F 80° F 79° F 79° F 78° F 78° F

THE TRIBUNE

Monday, December 19, 2016, PAGE 13

Renewable operators ‘prefer’ net metering From pg B1 Power Sources (Bahamas), told Tribune Business that he would have “preferred” net metering, rather than net billing, as the mechanism through which BPL compensates homeowners for selling excess energy back to the grid. He explained that, under net billing, residences with renewable energy systems would essentially be “paying a continual fee” for the privilege of having such technology, given that BPL would be paying them less than its own retail price. However, Mr Gilbert said renewable energy industry sentiments were that the plan produced by BPL, and released by the Utilities Regulation and Competition Authority (URCA), was better than the status quo. He added that it would at least permit the implementation of grid-tied, renewable energy to “move forward” in the Bahamas, helping to close the gap on Caribbean rivals such as Jamaica and Bermuda.

“It’s long overdue,” Mr Gilbert, a former president of the Bahamas Renewable Energy Association, told Tribune Business. “I think the Bahamas is very much behind, but this plan, these changes, will help to bring it more into line with the rest of the region. It’s very similar to what Jamaica and Bermuda have done, and other jurisdictions that have grid-tied systems in place. “As far as becoming competitive, I don’t see it as the Bahamas competing with other jurisdictions. It’s really a matter of the Bahamas looking at how we can reduce our use of fossil fuels.” Mr Gilbert also expressed hope that BPL’s ‘small-scale’ renewable generation proposal would be a stepping stone that eventually leads to commercial, utility-scale solar photovoltaic (PV) generation in the Bahamas - which is something URCA’s document hints at. The BPL plan, which URCA released last week for public consultation and feedback, represents an at-

tempt to provide homeowners with renewable systems the so-called ‘rules of the game’, setting out the terms and conditions under which they may tie-in and sell to the monopoly utility’s grid. Suggesting that it was seeking to “accelerate” this process, and the uptake of renewables in line with the Government’s National Energy Policy (NEP) goals, URCA said: “Residents and businesses within BPL’s service areas that have already installed solar panels and storage equipment can have certainty regarding the legality of, and required inspections and required approvals for, their existing activities, and clarity over the potential for future impacts on their investments. “Suppliers of solar panels and storage equipment, as well as consumers considering installing panels and storage equipment on their properties, can take advantage of changes in the existing legal framework.” The BPL plan is effectively the reintroduction of the Renewable Energy Self-Generation (RESG) plan previously announced by the Government, which was suspended in late 2015 to ensure it dovetailed with PowerSecure’s takeover of

the utility’s management. Mr Gilbert pointed out that the latest limits on how much each renewable energy user could supply back to the BPL grid were the same as in the RESG plan for all plans. He acknowledged that this was “not unusual”, given that BPL and other utilities wanted to know who was supplying energy to their grids, and how much, so they could ensure stability was maintained. Mr Gilbert, though, disagreed with BPL and URCA’s preference for ‘net billing’ as the mechanism that would compensate renewable energy system owners for the excess power supplied to the former’s grid. “Our preference would have been to have net metering rather than net billing,” he told Tribune Business. “With net billing, you continuously pay to have your system on the roof. “They’re not going to pay you the retail value of electricity; the price they [BPL] sell to customers at. They’re going to pay you a percentage of that. Say they sell at 37 cents per kilowatt hour (KWh). They will pay the small system operators, more than likely, 15-17

cents per KWh, in my estimation.” Mr Gilbert continued: “What’s going to happen is that during the day, when you’re turning your meter back and selling to them at 15-17 cents per KWh. “When you buy the power back at night, if you don’t have storage batteries, you’re buying back at the full retail price. The difference is essentially an ongoing fee to have a system on your roof.” Mr Gilbert added that most homes’ peak power usage was at night, rather than in the day, adding: “That’s why we would prefer to see net metering.” Tribune Business revealed last week how URCA is proposing to permit BPL to initially “undervalue” the price it pays to purchase renewable energy generated by its residential customers. While utilities typically pay a price equivalent to their ‘avoided cost of generation’ under a net billing arrangement, BPL is only willing to pay consumers a price equal to its then-prevailing fuel charge. URCA acknowledged that BPL’s proposed compensation to homeowners actually “undervalued” the

excess energy it was buying. Yet the regulator, in its preliminary decision, said it was minded to allow this as a “temporary measure”, in a bid to both kick-start renewable energy development in the Bahamas and avoid “the significant costs” that will be incurred in calculating BPL’s ‘avoided cost of generation’. But, despite the differences over compensation mechanisms, Mr Gilbert said most Bahamas-based renewable energy systems installers and suppliers were prioritising having a plan in place as opposed to the content. “I think I can safely speak for the industry: Let’s get on with the plan, and move the implementation of solar forward in this country,” he told Tribune Business. “Our position on this at this point in time is: Let’s get something in place so that those with systems or wanting to install systems don’t have any concerns as to the legality of having them.” Mr Gilbert also called for BPL’s small-scale generation plan to be a “living document”, not something that is “inked in stone”, so that it can be amended as necessary.

Chinese city cancels flights in 2nd day of smog alert BEIJING (AP) — A smog-shrouded Chinese city canceled airline flights Sunday due to poor visibility and parents took children to hospitals on the second day of a pollution alert across the country's north. The official Xinhua News Agency said 35 flights in Tianjin, east of Beijing, were delayed or canceled. Highways into the city of 7.5 million people were closed "due to extremely low visibility." Beijing and 22 other Chinese cities imposed emergency measures Saturday, including ordering cars off the road and telling factories and schools to close, after pollution soared to more than 10 times safe levels.

On Sunday, news website said the number of children being taken to Beijing hospitals with breathing trouble soared. Photos showed waiting rooms crowded with parents carrying children who wore face masks. Chinese cities are notorious for noxious air blamed on emissions from older cars and trucks, coal-fired power plants and factories. Members of the public closely watch levels of PM2.5, particles measuring 2.5 microns across that are easily inhaled and damage lung tissue. The alert, this winter's first, lasts through Wednesday. The National Meteorological Center said pollu-

NO T I C E KINGLY SHIPPING LTD. ____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the abovenamed Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 16TH day of November, 2016. Delano Aranha Liquidator of KINGLY SHIPPING LTD.

NOTICE

IN THE ESTATE OF JULIA BELLE ALBURY late of Man-O-War Cayone of the Abaco chain of Cays in the Commonwealth of The Bahamas, deceased NOTICE is hereby given that all persons having any claim or demand against or interest in the above Estate should send same duly certified in writing to the undersigned on or before 16th January, 2017 after which date the Administratrix will proceed to distribute the assets of the Estate having regard only to the claims, demands or interests of which she shall then have had notice AND NOTICE is hereby given that all persons indebted to the above Estate are requested to make full settlement on or before 16th January, 2017. FREDERIK F. GOTTLIEB & CO.

Attorneys for the Executrix P.O. Box AB-20405 Royal Harbour Village #2 Bay Street, Marsh Harbour, Abaco, The Bahamas

tion in a densely populated swath stretching from the country's northeast across Beijing to eastern China was likely to worsen on Monday. Visibility in some areas was as little as 1,000 meters (3,280 feet), according to the weather agency. Authorities in Jinan, south of Tianjin, raised that city's alert to the secondhighest level Sunday after the city "basically disappeared" in the haze, the newspaper Jilu Evening News reported. Photos on its website showed downtown office towers as ghostly silhouettes at midday. Beijing and other cities have tried to improve air quality by switching power

Electric bike riders wearing mask to protect themselves from exhaust gas wait at a traffic lights junction during a heavily polluted day in Beijing, yesterday. China’s capital and other northern cities have banned half of all vehicles from city streets and ordered factories, schools and construction sites closed in response to a five-day smog red alert. (AP Photo) plants from coal to natural gas and rolling out fleets of electric buses and taxis. The Beijing city weather bureau says that despite the latest spike, air in the Chinese capital has improved. It says days on which was it was rated good in the first half of the year increased by 19 to 107, while the number of heavily polluted days fell by two to 14.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Aniska Dean of #212 Pinta Avenue, P.O.Box ER-46178, Grand Bahama, Bahamas mother of SHAUNIQUE ALEXANDERIA DEANE intends to change my child’s name to SHAUNIQUE ALEXANDERIA DEAN. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P. O. Box N-742,Nassau Bahamas no later than Thirty (30)days after the date of publication of this notice.

MARKET REPORT FRIDAY, 16 DECEMBER 2016

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

BISX ALL SHARE INDEX: CLOSE 1,933.05 | CHG 2.80 | %CHG 0.15 | YTD 109.10 | YTD% 5.98 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.12 8.23 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.30 11.00 9.00 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 12.59 2.18 1.31 5.60 6.60 8.56 6.12 6.35 11.81 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

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

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

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB17 FBB18 FBB22

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

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

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

LAST CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.32 13.23 2.06 1.60 5.82 9.15 10.95 8.74 6.75 11.93 10.00 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 LAST SALE 100.00 100.00 100.00 108.83 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.38 13.23 2.13 1.60 5.82 9.30 10.95 8.74 6.75 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.07 0.00 0.00 0.15 0.00 0.00 0.00 0.00 0.00

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.09 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

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

VOLUME

4,000

1,500 8,125 1,800

VOLUME

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

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 19.2 25.1 22.7 9.6 11.4 15.2 11.4 13.4 9.6 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.55% 0.00% 0.00% 3.34% 3.06% 3.43% 3.47% 4.61% 2.82% 2.50% 4.12% 2.96% 0.00% 3.20% 1.78% 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

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