THURSDAY, DECEMBER 22, 2016
business@tribunemedia.net
$3.85 Govt spending rises 26% in six years, IDB warns By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government’s total spending increased by 26 per cent over the six fiscal years to end-June 2016, the Inter-American Development Bank (IDB) warning that it is prioritising the wrong areas for sustainable, long-term growth. The IDB, in its just-published Caribbean Quarterly Bulletin, said the bulk of the spending increase had gone on civil service wages and the Government’s fixed costs, with recurrent spending up by 27 per cent since the 2010-2011 fiscal year. This has outstripped the 18 per cent growth rate for capital spending, which pales alongside the Government’s $2.2 billion recurrent Budget, resulting in “short-term” economic impacts that fail to translate into sustained growth. As a result, the IDB is urging the Government to reprioritise, and switch its
Bank says spending focus is in wrong place Recurrent expenditure growth of 27% misplaced Calls for prioritising of education, health investment primary expenditure focus away from fixed costs and into capital investments in education, health and other economic services. “A decomposition of the Bahamas’ central government expenditure by economic and functional classifications shows that within the last six periods, 2010-2011 to 2015-2016, total spending has increased by roughly 26 per cent,” the IDB said of the Bahamas. “Current expenditure See pg b9
‘False indicator’ worry on unemployment drop By NEIL HARTNELL Tribune Business Editor and NATARIO McKENZIE Tribune Business Reporter
The 1.1 percentage decline in the Bahamas’ official unemployment rate would not have occurred without the post-Hurricane Matthew rebuilding boom, officials conceded yesterday, as Opposition politicians See pg b7
Post-Matthew repairs spark 1.1% pt rate decline Storm aftermath adds 1,385 jobs But one in four young Bahamians can’t find work
Bran: Too few understand ‘junk’ status fall-out By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Democratic National Alliance’s (DNA) leader yesterday lamented that too few Bahamians understand the ‘junk’ downgrade’s significance, and will only wake-up when Miami shopping trips are priced beyond their means. Branville McCartney told Tribune Business that many Bahamians would only realise what they had lost when it was “too late”, and the currency already devalued, as a result of the country’s inability to reverse its economic and fiscal course. The newly-appointed Senate Opposition leader likened Standard & Poor’s (S&P) action to “a charcoal present under the Christmas tree”, and predicted that it would further deter Bahamian and foreign investment in this nation. With domestic private sector activity likely to slow ahead of the upcoming See pg b6
Bahamians will only wake when Miami priced-out S&P action like ‘charcoal under Xmas tree’ DNA chief: ‘Economic growth’ a term, not reality
Branville McCartney
$3.90
$3.86
$3.99
Realtors slam ‘foolish’ $1m residency reform By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Top realtors yesterday warned the Government it would be “foolish” to double the permanent residency investment threshold to $1 million, estimating it could undermine up to 60 per cent of active real estate developments. George Damianos, Damianos Sotheby’s International Realty’s president, told Tribune Business that the Bahamas would likely lose an entire segment of its real estate market if the
Warn that it will ‘kill’ 60% of ongoing projects And drive investment to Caribbean rivals Say Bahamas can’t just rely on high-end millionaires Christie administration followed through with the proposed changes. Emphasising that “it
would be a mistake” for the Government to take such action, Mr Damianos said the permanent resident market between the $500,000 and $1 million price points was “key to the economy”, helping to “drive” growth. His concerns were echoed by Larry Roberts, NAI Bahamas Realty’s chief executive, who warned that the Government’s plan threatened “to kill the only developments that we have”. Warning that foreign buyers had numerous alternatives to the Bahamas, Mr See pg b8
Larry Roberts
Govt’s fixation on Baha Mar sending ‘dangerous message’
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Chamber’s chairman yesterday warned the Government it is sending a “dangerous message” by continuing to focus solely on Baha Mar, which was used as “the whipping stick” for the ‘junk’ downgrade. Gowon Bowe told Tribune Business that by con-
tinuing to emphasise the $3.5 billion project, the Christie administration was effectively reinforcing the perception held by Standard & Poor’s (S&P) that the Bahamas’ economic and fiscal rebound was totally dependent on Baha Mar. He implied that this was effectively undermining the message that the Chamber has tried to convey to S&P and its fellow rating agency,
Moody’s, which is that Baha Mar is not the Bahamas’ sole growth engine. However, the Government’s response to the S&P downgrade continued to perpetuate the opposite, as the only foreign direct investment (FDI) project it mentioned was Baha Mar, and its sale and phased opening beginning in April 2017. See pg b12
Chamber chair: Perpetuates S&P ‘whipping stick’ Points out project not sole ‘saving grace’ But agency urged to take opening ‘into consideration’
PAGE 2, Thursday, December 22, 2016
Commonwealth in 7.6% profit growth
Don’t revert to type for the best designs As graphic or web designers, we often focus on the practical aspects of design above all else. We focus on what works, with little regard for why it works. And, in our day-to-day work, that outlook serves us well. It lets us get our work done in an efficient, professional manner, and generally nets good results. But spending some time on the theory behind the design principles we use every day can expand our horizons. It can open up new avenues of creativity and experimentation, which can take our designs from the good to the fantastic. There are a lot of general design theories and principles out there that apply to all forms of design, whether in digital or print mediums. These include things such as balance and scale, as well as more abstract topics like emotion and what makes for ‘good’ design. Let’s face it: The core purpose of all web or graphic design is communication. Whether we are talking about an online e-commerce store, an Internet presence for a Fortune 500 company, or a profile for a social networking site, typography and fonts are a vital component. Having the ability to set type with just a few strokes on a keyboard has allowed us to forget about the creative
and artistic possibilities. For most people, typography is simply about arranging a familiar set of shapes to make words, sentences and paragraphs. There are numerous obstacles to the effective customisation of typography for the Internet, but the power of type should be motivation enough to push the proverbial envelope. Not convinced? Pick up a magazine, turn on a television set, or take a walk through a grocery store. You will undoubtedly see hundreds of creative and effective uses of type. It is the substance of branding, the key to unspoken communication, and an essential piece of the web design pie. In order to unlock the potential of type, we must first understand it. This is no easy task, and details of letterforms and the spaces around them have been carefully calculated over centuries of investigation and practice. In the early days of print, every letter of every typeface had to be carved into wood or cast from lead, inked, and then pressed on to paper. This was a handcrafted profession requiring exacting attention to detail. Even though this practice has long been surpassed by modern printing methods, many colleges and universities offer classes in letterpress so that future graphic
designers can both appreciate the benefits of working with type on a computer, and see the potential for typographic exploration. Most people never think about typography. They do not understand the psychological effect it has in relation to conveying a message. Typography is 95 per cent of design; it is a driving force in all forms of art communication. Can you imagine reading a magazine, checking out a website, playing with an app or watching TV without text? Good typography is utilitarian in that it should allow the reader to focus on the content and not the formatting. Good typography often goes unnoticed because it just makes sense. Additionally, hierarchy is very important, too, as it allows your text to be read in the order that it is meant to be read in. Take a book, for example. The title is the first thing a reader sees, followed by the author’s name, and then the chapters and the story. Hierarchy intentionally guides the reader through the content. With bestselling authors, their name will often appear larger or the same size as the title of the book. This is because the designer is aware that the author has an existing fan base that will be interested in the book, regard-
THE TRIBUNE
The Art of Graphix by deidre m bastian
less of the title, and will most likely pick it up for that very reason. Finally, from a descriptive and simplistic point-of-view, typography is the art and technique of arranging type. My personal love of typography is two-fold, as I enjoy working with type because of the artistic aspects. I like the voice that different fonts provide, and the expressiveness that typographic collages. Until we meet again, do have a safe and happy Christmas. And remember the reason for the season. Enjoy life and stay on top of your game! • NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained Graphic Designer/Marketing Coordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of The Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.
Commonwealth Bank yesterday attributed its 7.6 per cent profit increase for the 2016 third quarter to a combination of improved interest margins, expense controls and relatively low non-performing loan ratio. William B. Sands Jr, its chairman, said the BISXlisted institution’s non-performing loans, as a percentage of total credit, were less than one-third of the commercial banking industry average. “The improvement in net interest margin continues to be a key contributing factor, along with the effective management of our credit portfolio and our focused attention on expense mitigation practices,” said Mr Sands. “The bank continued to focus on high quality credit opportunities, which resulted in a non-performing loan ratio of 4.58 per cent, while the industry average as of September 30 was 14.3 per cent.” Commonwealth Bank’s $47.3 million net income for the nine-month period to end-September 2016 compared to $43.9 million the year before. The BISX-listed institution’s unaudited results showed total assets of $1.5 billion, an increase of 1 per cent since the 2015 yearend. Total revenues increased by 6.1 per cent to $119.1 million, up from $112.3 million for the same period last year, while net interest income rose 6.6 per cent to $107.5 million. Mr Sands said the bank
William B. Sands Jr provided significant support to its staff, customers and the community in Hurricane Matthew’s aftermath, and represented a true example of “Bahamians helping Bahamians”. The BISX-listed institution extended more than $500,000 in assistance, including donations to the Bahamas Red Cross, the National Emergency Management Agency and the Salvation Army. “Commonwealth Bank is committed to the ongoing development of our dedicated and highly-motivated staff, as evidenced by the opening of our new $800,000 dedicated corporate learning centre on Prince Charles Drive,” Mr Sands said. Its share price was $10.44 at end-September 2016, up from $7.84 at December 2015.
THE TRIBUNE
Thursday, December 22, 2016, PAGE 3
Loretta demands more frequent jobless read-outs By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Opposition’s House of Assembly leader yesterday called for Labour Force Surveys to be done monthly as opposed to a bi-annual basis, in order to have consistent data on unemployment “ebbs and flows”. Loretta Butler-Turner argued that the Bahamas was facing a “bleak and black” Christmas, notwithstanding the 1.1 per cent decrease in the nation’s official unemployment rate to 11.6 per cent in November. “It is clearly not an indication in terms of expansion of the economy,” Mrs Butler-Turner said of the drop. “What it also clearly demonstrates is that if this was expanding the economy, it would not be done at the expense of the public purse. There is no new infusion of money, so to speak. “You have two surveys done, one in May and one in October or November. May is the month that this administration chose to do Carnival, and there are temporary jobs provided there,” she continued. “This year, because of the tragedy of Matthew, it has coincided with the survey. It’s not a good barometer of whether we are growing the labour force. “One must also note that post-Hurricane Matthew there were a lot of private sector lay-offs because of what had happened in Grand Bahama, and even here in Nassau. “We have got to look at all of these things and realise that real generation of money into the economy is from the private sector and not the Gvernment. The government cannot grow the economy by using taxpayers’ money. Mrs Butler Turner added that based on reports from
Unemployment drop countered by hotel lay-offs Govt ‘cannot grow economy with taxpayer money’
Bran: Can we afford NHI after downgrade? By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Opposition’s newly-appointed Senate leader yesterday questioned whether the Bahamas can afford National Health Insurance (NHI) following its downgrade to ‘junk’ status, urging the Government to reveal its “end game plan” for the scheme. Branville McCartney, who made his first contri-
Opposition Senate leader queries NHI ‘end game’ Challenges Govt over Drug Plan changes bution in the Senate yesterday, said: “While it is understood that NHI is vital to our country and is a necessity for our people, the
question remains what is the end game plan for NHI? Where do we stand on that? “This has been spoken of since 2002 when it was first introduced, and we don’t have an answer as to the end game of NHI. The bottom line is the majority of the facilities are not up to scratch. The majority of the facilities that would be used under this plan are not operational even today, so what is the end game plan?” Mr McCartney ques-
tioned how much NHI will cost, and how it will be funded, implying that these questions had assumed extra importance following Standard & Poor’s (S&P) decision to drop the Bahamas below ‘investment grade’. “We must be careful if we don’t know how much this plan is going to cost. We cannot afford a plan with no end game, especially in light of this recent downgrade,” See pg b9
Cruise line ‘committed’ to resolution with Govt By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Loretta Butler-Turner the Central Bank, this nation’s economy has been contracting for the past three years. “At the end of the day this administration has truly taken us over the edge. We are facing a bleak and black Christmas,” she said. “It matters not what the Department of Statistics has produced. I’m not going to discredit their work, I think they are a very credible organisation, but to get a very clear picture of the economy we have to be able to do these things monthly as opposed to bi-annually so that we can see the ebb and flow of job creation. “ I think the bigger picture is that over the last three years, if you’re looking at the Central Bank report, you will see that we have had a contraction of our economy, which means that this country has been in a recession for three years.”
Grand Celebration representatives yesterday reiterated that they were “committed to working things out” with the Government, declining to confirm whether any progress had been made in their talks. David Johnson, a former Ministry of Tourism director-general and now and consultant to Bahamas Paradise Cruise Line, did not confirm reports reaching this newspaper that the two sides have resolved their differences. He told Tribune Business: “At the moment, we really don’t want to comment publicly on the matter any further. “We are committed to getting things worked out. We’re back to work trying to do what we have to do to try and resume our operations very quickly.” Negotiations between Bahamas Paradise Cruise Line, the cruise operator, and the Government have become mired in controversy after the Grand Celebration operator warned it might have to pull out in the absence of a new agreement with the Ministry of Tourism.
This prompted charges by Tourism Minister, Obie Wilchcombe, that the company was effectively attempting to “blackmail” the Government, 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” that costs the
Grand Lucayan 50 per cent of its pre-Matthew business. Mr Johnson, in a previous interview, said the cruise line’s return to Grand Bahama might be “temporary”, as it was having “some challenges” in talks with the Government. Mr Wilchcombe, though, hit out at Bahamas Paradise Cruise Line for disclosing to the media that it might pull out of Freeport and
the Bahamas if it could not strike a favourable agreement with 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.
Announces
CHRISTMAS 2016 AND NEW YEAR’S 2017 FRIDAY, DECEMBER 23, 2016 Normal Banking Hours SATURDAY, DECEMBER 24, 2016 MONDAY, DECEMBER 26, 2016 TUESDAY, DECEMBER 27, 2016 CLOSED Normal Banking Hours will resume on WEDNESDAY, DECEMBER 28, 2016 FRIDAY, DECEMBER 30, 2016 Normal Banking Hours SATURDAY, DECEMBER 31, 2016 MONDAY, JANUARY 2, 2017 CLOSED Normal Banking Hours will resume on TUESDAY, JANUARY 3, 2017
HOLIDAY
Hours Notice Please be advised of our 2016/17 Christmas Holiday office hours CLOSED
Monday 26th and Tuesday, 27th December 2016 in observation of Christmas Day and Boxing Day Our offices will re-open on Wednesday, 28th December, 2016
CLOSED
Monday, 2nd January, 2017 in observation of New Year’s Day Our offices will reopen on Tuesday, 3rd January, 2017
We wish you and yours a holiday season filled with joy and a peaceful and prosperous New Year!
PAGE 4, Thursday, December 22, 2016
THE TRIBUNE
Shipyard eyes 15% cruise business rise
Grand Bahama Shipyard
Grand Bahama Shipyard yesterday said it expects a 15 per cent increase in cruise ship business for 2017, with 23 repair visits already confirmed. The Freeport-based repair facility, which is part-owned by Carnival and Royal Caribbean, the world’s two largest cruise operators, performed work
to advertise today in the tribune call @ 502-2394
on 20 cruise vessels in 2016. This number will rise to 23 next year, as cruise ships call on the Shipyard for refits, refurbishment or revitalisation. “To meet the needs of our customers, we are dedicated to continual upgrades to our yard, and our services.” said Grand Bahama Shipyard’s vice-president of sales and marketing, Graham Couser. “In 2016, significant investments included facility upgrades and purchasing of new machinery and tooling, adding to our workshops’ capabilities. “We have further expanded our facility with capital improvements to the North Beach Wharf. Plans are afoot in 2017 for additional
developments and expansions to our South Beach and East Beach areas.” Cruise vessel repairs this year included propulsion and technical systems overhauls; hull treatment; accommodations and public spaces upgrades; and the addition of onboard facilities. Seven Carnival and four Royal Caribbean vessels underwent repairs at the Grand Bahama Shipyard in 2016, which also received calls from ships belonging to Holland America Line (HAL); Celebrity Cruise Lines; P&O; Princess Cruise Line; Norwegian Cruise Line; and, for the first time, a vessel from Mediterranean Shipping Company.
THE TRIBUNE
Thursday, December 22, 2016, PAGE 5
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NOTICE
Callenders & Co. takes pleasure in having served you during the past year. Please accept our regrets as we will be closed between
Bahamian-owned brand opens downtown outlet Bahari is closing 2016 by launching its Winter Collection at a new location in downtown Nassau, across from the British Colonial Hotel. The brand opened its third store on December 17 with a promotion entitled, ‘12 Hours of Bahari’, which showcases its Winter Collection. The new store places additional focus on resort wear, while the Bahari Winter Collection combines Bahamian flora, fauna and symbols to create distinctive patterns. The new col-
Bahari in third, tourist-focused location Launches Winter Collection lection includes maxi dresses, bodycons, polos, linens and kaftans. Bahari said the third store is a tourist-focused complement to its existing Palmdale and Freeport locations.
“The décor was thoughtfully planned out to the millions of tourists that arrive on our shores each year in search of distinctive and uniquely Bahamian keepsakes.”, said Bahari’s brand manager, Kyle Williams. “We put a lot of thought and work into our newest location. We wanted the store to reflect the growth of the brand, while making a statement to both locals and tourist.” Bahari is a fully Bahamian owned and operated fashion brand.
FRIDAY, 23RD DECEMBER, 2016 AT 3PM and MONDAY, 2ND JANUARY, 2017 Regular Office Hours will resume on TUESDAY, 3RD JANUARY, 2017 WE WISH YOU A VERY MERRY CHRISTMAS AND A HEALTHY & PROSPEROUS NEW YEAR.
CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:
Engineering Can-Fix-It
Essential Job Functions: • Repair minor electrical issues, appliances, and minor plumbing. • Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs. • General knowledge to repair heating and cooling units, painting the exterior and pressure washing. Position Requirements: • Must have three years of hands on experience in the maintenance field. • Experience in the Hotel Industry will be a plus.
Customer Notice
Cook
Essential • • • • •
Job Functions: Inspect food preparation and serving areas to ensure observance of safe, sanitary food-handling practices. Turn or stir foods to ensure even cooking. Prep, season and cook food according to recipes or personal judgment and experience. Observe and test foods to determine if they have been cooked sufficiently. Weigh, measure, and mix ingredients according to recipes or personal judgment, using various kitchen utensils and equipment. Prepare staff meals.
Position Requirements: • General knowledge of working in a commercial kitchen. • Knowledge and ability to use basic work tools and equipment.
Dear Valued Customers Re: Hurricanted-Related Claims Security and General Insurance Company Limited (S&G) wishes to advise its policyholders that all claims related to Hurricane Matthew must be notified in writing to S&G no later than December 31, 2016. We know this has been a difficult time for many of you and as you repair your property we want to do everything that we can to evaluate your claim as expeditiously as possible. In order for us to consider your claim we need you to compete the first step, which is completing a Claim Notification form. Therefore, please visit either S&G’s office at the address below, or your Broker’s office, by the required deadline of December 31, 2016. We wish you all a safe and happy holiday season. Security & General Insurance Company Limited
Bartender Essential • • •
Job Functions: Properly stock and set up bar at the beginning of each shift. Make certain that all drinks prepared for guests are at industry standard. Ensure that the required amount of liqueurs are dispense for all drinks.
Position Requirements: • High School Diploma required. • Two years experience as a Bartender required.
Utilities
Essential Job Functions: • Perform duties to maintain kitchen work areas and restaurant equipment and utensils in clean and orderly condition. • Transfers supplies and equipment between storage and work areas by hand or by use of hand truck. • Sets up banquet tables, when required. • Keep all equipment in the food and beverage areas are in good condition. Report any breakdowns in equipment to management. Position Requirements: • High school graduate or equivalent. • Previous hotel-related experience desired.
Guest Service Representative Essential • • • •
Job Functions: Register guests and assign rooms. Assists in pre-registration and blocking of rooms for reservations. Thoroughly understands and adheres to proper credit, cheque-cashing, and cash-handling policies and procedures. Processes guest check-outs.
Position Requirements: • High school graduate or equivalent. • Must have the ability to work independently
Accounts Clerk
SECURITY & GENERAL INSURANCE COMPANY LIMITED Atlantic House, 2nd Terrace & Collins Avenue, Nassau tel. 326 7100 www.cgigroup.com A member of Colonial Group International Insurance, Health, Pensions, Life
Essential • • • • •
Job Function: Prepare all accounts receivable invoicing. Maintain and update all accounts receivable and accounts payable files. Perform all clerical work in the accounts department as assigned. Answer incoming calls and provide routine information in response to inquiries. Assist in accounts payable month/year end closing.
Position Requirements: • High school graduate with accounting background. • Knowledge of Excel and Microsoft Word. Competitive salary and benefits package are commensurate with experience. Interested persons should submit their resumes via e-mail to recruitment.
humanresources@outlook.com
PAGE 6, Thursday, December 22, 2016
Bran: Too few understand ‘junk’ status fall-out From pg B1 general election, Mr McCartney predicted that the Bahamas’ loss of ‘investment grade’ status would make “very nervous and afraid” businesses even more reluctant to invest and create jobs. Suggesting that S&P’s ‘junk downgrade’ had placed the Bahamas in a “nerve-wracking” position, the DNA chief said ‘economic growth’ had become more a ‘turn of phrase’ than something this nation “put into effect”. “It’s a present from S&P. It is like charcoal under the Christmas tree,” Mr McCartney told Tribune Business of the downgrade to ‘speculative’ or ‘junk’ status. “Our Government was warned about this. We have seen that the Government continues to be off-base with regard to their projections for this economy. “There’s been nothing put in place to curb our
spending and the wastage going on in this country. We can expect more of these types of downgrades if the Government doesn’t put certain measures in place to eliminate the corruption that’s going on, collect our outstanding taxes and make sure we put the VAT money where it is supposed to go.” Mr McCartney, though, expressed concern that many Bahamians may not appreciate the significance of S&P’s actions and how it could impact them personally, especially through reduced resources for public services, potential private sector retrenchment and job losses. “That is going to be the obvious cost that will probably happen as a result of the change; we’re going to have to pay more for our borrowing,” the DNA leader agreed. “It affects this country in every which way as a result. The unfortunate thing is that Bahamians, for the
most part, don’t recognise the significance of this. The only time they will realise the significance is when they can’t go to Miami, because it costs them four times’ more, as the Bahamian dollar will be nowhere what it’s worth now. “That’s probably the only time they will realise and ask: What the hell has happened? By then it’ll be too late.” The ‘junk’ downgrade, and loss of ‘investment grade’ status, is potentially highly damaging for the Bahamas and its reputation for economic stability, as it signals to the international capital markets that this nation’s creditworthiness (the Government’s ability to pay its debts) is slipping into dangerous territory. The Government will likely have to pay more for current and future debt issues, raising its debt servicing (interest) costs, and sucking money away from essential public and security services The ‘junk’ downgrade may also deter investors assessing the Bahamas as a place to invest, as it raises questions about the Government’s economic man-
www.ub.edu.bs
NOTICE Spring Semester 2017 Orientation NEW PROVIDENCE Orientation, Registration and Welcome Ceremony Wednesday, January 4, 2017 5:30 p.m. Performing Arts Centre University of The Bahamas, Oakes Field Campus Advisement Thursday, January 5 – Friday, January 6, 2017 Hours: 9:00 a.m. – 5:00 p.m. Online Registration Thursday, January 5, 2017 Begins at 3:00 p.m. For more information, call: 302-4525
GRAND BAHAMA Orientation, Registration and Welcome Ceremony Wednesday, January 4, 2017 10:00 a.m. Rooms 202 & 203 University of The Bahamas, Northern Bahamas Campus Advisement Thursday, January 5 – Friday, January 6, 2017 Hours: 9:00 a.m. – 5:00 p.m. Online Registration Thursday, January 5, 2017 Begins at 3:00 p.m. For more information, call: 688-5928/5903/5901
agement. Mr McCartney acknowledged that S&P’s ‘junk downgrade’ would make existing and potential foreign investors “think twice” about undertaking expansion projects in the Bahamas, adding this would also likely apply to locallyowned businesses. “Local businesses - like they were before - are likely to think twice now about investing to grow and expand,” the DNA leader added. “They’re nervous and afraid. “The economy typically slows before elections, but in light of this downgrade it’s going to slow even more, causing our country to be in a position where ‘economic growth’ is a term used, not something that is put into effect. It’s very nervewracking.” Mr McCartney repeated
his party’s call for Prime Minister Perry Christie to make a national address outlining the practical steps the Government plans to take in response to S&P’s action, “and give us some comfort on this”. The Government’s initial reaction, though, was to pin all its hopes on the Baha Mar project finally opening and creating several thousand new Bahamian jobs. The rest of its statement was typically vague, and short on detail in terms of growth and job-creating initiatives. Slamming the Government for being ‘all talk and no action’, Mr McCartney told Tribune Business: “The Prime Minister is the best talker in the world, but when it comes to execution and getting things done, he goes into reverse.” Acknowledging that “the
THE TRIBUNE warning signs” for a ‘junk’ downgrade had been building for decades, and across both PLP and FNM administrations, Mr McCartney said S&P had indicated what the Bahamas needed to do to avoid this latest action when its representatives met with the DNA in the summer. “The Government did nothing, nothing, nothing,” he charged. “We’re teetering on the edge of collapse. “Personally, being a Bahamian, I’m very, very concerned. I know many other business persons, professionals and foreign investors who live here are concerned. “The Government seems devoid of ideas, and not to have the political will to get our economy back on track.”
THE TRIBUNE
Thursday, December 22, 2016, PAGE 7
‘False indicator’ worry on unemployment drop From pg B1 queued up to slam a “false indicator”. Leona Wilson, the Department of Statistics’ acting director, in unveiling the November results for the bi-annual Labour Force Survey acknowledged that the 16 per cent construction industry employment boost following the Category Three/Four storm had helped to drop the national jobless rate to 11.6 per cent. That was down from 12.7 per cent in May, with the number of employed persons increasing by 4,025, while those without jobs (looking for work but unable to find it) down by 2,155 over the same six-month period. The figures, though, may have been skewed slightly by the first-time inclusion of Bimini and Exuma in the figures, which makes comparisons with the May 2016 data - focused only on New Providence, Grand Bahama and Abaco - difficult. Bimini and Exuma’s unemployment rates were 4 per cent and 8 per cent respectively, both below the national average, while those for New Providence and Grand Bahama, the two largest economies, were at 12.9 per cent and 13.3 per cent, respectively.
The mixed Labour Force Survey data provides something for both the Government and its political opponents to take away. The former can point to reductions in the overall unemployment rate and number of discouraged workers, those who have given up looking for work, as small signs that the economy is improving. The jobless rate fell on all islands, including for young Bahamians aged between 15 and 24 years-old. However, the unemployment rate for the latter remained stubbornly high at 25.1 per cent, indicating that one out of every four young Bahamians seeking work cannot find it. Still, youth employment rose by 4.3 per cent in comparison to November 25, while the number of discouraged workers declined by over 15 per cent between May and late October 2016. Hurricane Matthew, according to the survey, generated 1,385 jobs, with the number of Bahamian households requiring home repairs jumping from 14 per cent to 51 per cent after the storm. The Department of Statistics said 68 per cent of storm-damaged homes were in New Providence, with an-
other 18 per cent in Grand Bahama. And ninety-four per cent of impacted homes in New Providence required roof repairs. Shane Gibson, minister of labour and national insurance, and Robert Farquharson, director of labour, could not be contacted for comment before press time. However, Hurricane Matthew’s impact prompted Opposition politicians to argue that the jobless rate decline was a temporary, “false indicator” of the Bahamian economy and workforce’s position. Branville McCartney, the Democratic National Alliance’s (DNA) leader, said the employment figures were likely boosted not only by post-Matthew reconstruction but by politicallymotivated hirings in the public service ahead of the next general election. “I see more people working on the side of the road, cleaning one small area, than I’ve seen in four-andhalf years; and it was still dirty,” he told Tribune Business. “It’s really giving a false indicator as to where we are with unemployment in this country.” The Department of Statistics said it had been unable to assess the quality of jobs, and whether those created were likely to be stable or short-term, casual and relatively low paid. Meanwhile, K P Turnquest, the FNM deputy
leader, blasted the survey findings as “disingenuous and downright wrong”, also pointing to the boost from “extraordinary” temporary employment. The east Grand Bahama MP told Tribune Business: “This statistical data is so misleading as it attempts to attach extraordinary temporary employment to an overall statistic on the state of employment in the country. “It is disingenuous and downright wrong to do so, as it plays on the emotions of Bahamians who know the difference and are becoming increasingly frustrated.”
OPERATIONS COORDINATOR
Comfort Suites Paradise Island invites qualified persons to apply for the position of Operations Coordinator.
Job Summary
Provides administrative support to the Assistant General Manager and Business Process Manager along with all departments that fall under the umbrella of the Operations Department. • •
• •
NOTICE
FACULTY VACANCIES Suitably qualified candidates are invited to apply for the following positions at University of The Bahamas: Senior Management • Dean, Continuing Education and Lifelong Learning • Dean, Faculty of Liberal and Fine Arts • Dean, Faculty of Business, Hospitality and Tourism Studies • Dean, Faculty, Northern Bahamas Campus • Associate Vice President, Northern Bahamas Campus Management • Executive Director, Culinary Arts and Tourism Studies Middle Management • Grants Coordinator Staff • Grants Writer Faculty • Faculty of Business, Hospitality & Tourism Studies o Assistant Professor, Accounting (full-time) o Assistant Professor, Management/Marketing (full-time) • Faculty of Communication and Creative Arts o Assistant Professor, Spanish (full-time) o Assistant Professor, French (full-time) o Assistant Professor, French and Haitian Creole (full-time) o Associate Professor, Choral Conducting/Piano (full-time) o Media Lab Technician (full-time) o Part-Time Lecturer, Art (Ceramic Art) o Part-Time Art Studio Technician • Faculty of Pure and Applied Sciences o Associate Professor, Agriculture (full-time) o Assistant/Associate Professor Architecture (full-time) o Assistant/Associate Professor, Biology (full-time) o Assistant /Associate Professor Chemistry o Assistant/Associate Professor Electrical Engineering/Engineering Technology (full-time) o Assistant/Associate Professor, Physics o Assistant/Associate Professor Applied Mathematics (full-time) • Faculty of Social and Educational Studies o Assistant Professor, History (full-time) o Assistant Professor, Law (full-time) o Assistant Professor, Law and Criminal Justice (full-time) o Assistant Professor, Psychology (full-time) o Assistant Professor, Sociology (full-time) o Assistant/Associate Professor, Education (full-time) o Assistant/Associate Professor, Mathematics Education – Elementary (full-time) o Assistant/Associate Professor, Mathematics Education – Secondary (full-time) o Assistant/ Associate Professor, Special Education (full-time) • Faculty of Liberal and Fine Arts o Assistant Professor, Rhetoric and Composition (full-time) o Assistant Professor, Rhetoric and Composition and Caribbean Studies (full-time) o Assistant Coordinator, Language Resource Centre (full-time) • University Libraries o Law Librarian (full-time) o Campus Librarian, Librarian II – Northern Bahamas Campus (full-time) For more information visit http://www.ub.edu.bs/about-us/career-opportunities/ Materials should be submitted electronically, attention Office of Academic Affairs, University of The Bahamas via e-mail at facultyapply@ub.edu.bs by March 6, 2017. Send all documents together, including: 1) cover letter describing academic philosophy and vision, research and publications; 2) curriculum vitae; 3) sample course syllabus; 4) official copy of all academic records; 5) representative sample of research, publication or creative work; 6) at least one letter of recommendation; and 7) a UB application form. Note the position in the subject field of the email. Hard copy submissions will not be accepted. Incomplete files will not be considered.
lying to the Bahamian people and face the reality of our situation, rather than putting our heads in the sand and pretending to be surprised by the poor results that have resulted in a significant and unprecedented downgrade of our sovereign credit risk. “The FNM calls on the Government to compare apples to apples in these statistical presentations, and to ensure that the distinction between temporary/seasonal and permanent jobs is segregated, so that employers and investors have legitimate, objective data from which to make decisions.”
EMPLOYMENT OPPORTUNITY
•
www.ub.edu.bs
Mr Turnquest added: “The facts are very clear, as even without the official statistics, the unemployment levels of this country have deteriorated even before the hurricanes. “However, since that time we have shed jobs like winter coats in summer. Grand Bahama’s economy is in shambles with multiple layoffs in various sectors, and delayed reopening in various segments of the tourism plant. Grand Celebration has not returned; where are these jobs the government is speaking about.” Mr Turnquest told Tribune Business: “It is high time the government stop
Duties and Responsibilities: Assist with the day to day responsibilities of the Assistant General Manager’s office. Assist with the day to day responsibilities of the Business Process Manager’s office. Assist with clerical responsibilities with each department that falls under Operations Assist with Medallia and Tripadvisor responses. Assist with the coordination of Messenger service for all departments.
Position Requirements: Three or more years experience in the administrative field required. Experience in the hotel industry will be a plus. Competitive salary and benefits package are commensurate with experience. Interested persons should apply in writing via e-mail address: jmcdonald@comfortsuitespi.com
PAGE 8, Thursday, December 22, 2016
Realtors slam ‘foolish’ $1m residency reform From pg B1 Roberts said the real estate market and its participants “just don’t need anything more to adversely affect our industry”. It is unclear whether their warnings will be heeded by the Government, but the Bahamas’ downgrade to ‘junk’ creditworthiness by Standard & Poor’s (S&P) means that this nation can ill-afford anything else which might undermine its economy. Khaalis Rolle, minister of state for investments, declined to comment on the matter when contacted by Tribune Business, but this newspaper understands that the proposed change did not receive unanimous Cabinet support or approval. Tribune Business sources suggested that the initiative
to increase the investment threshold, from $500,000 to $1 million, for accelerated permanent residency consideration is bring driven by the Ministry of Financial Services rather than Investments. The former’s minister, Hope Strachan, announced the amendment last month at a seminar held by the Higgs & Johnson law firm, with her Ministry understood to be focused on “changing the Immigration product as it relates to the financial services industry”. However, both Mr Damianos and Mr Roberts warned that the change which was approved by the Christie Cabinet but has yet to be implemented - would negatively impact not only the real estate market, but the construction industry and service providers who
catered to the expatriate residency market. “Even though our average sales price this year has been $1.5 million, I don’t think it’s well thought-out and a good move for the Government to increase that to $1 million,” Mr Damianos told Tribune Business of the permanent residency investment threshold. “I think there’s a market of properties that change hands in the $500,000 to $1 million price level that will definitely suffer from that; a considerable segment of the market.” He added that foreign condo purchasers, who spent several months per year in the Bahamas and wanted to gain permanent residency status, were “key to the economy here”. “We need to encourage this, and get more of them,” Mr Damianos said. “They spend their money while here, put money into the economy, and there’s drive and buoyancy from them.
www.ub.edu.bs
NOTICE Holiday Operation Schedule The public is advised that the University of The Bahamas (UB) will close effective 5:00 p.m. on Wednesday, December 21, 2016 for the Christmas and New Year’s holidays. This includes Harry C. Moore Library and Information Centre, the Centre for Continuing Education and Lifelong Learning and the Wellness Centre at the Oakes Field Campus; the Grosvenor Close Campus and the Northern Bahamas Campus. However, Chapter One Bookstore will operate as per the following schedule:
CHAPTER ONE BOOKSTORE Day
Date
Time
Monday-Friday
December 19-23, 2016
Open 10:00 a.m.-6:00 p.m.
Saturday
December 24, 2016
Open 10:00 a.m.-1:00 p.m.
Sunday & Monday
December 25 & 26, 2016
Closed
Tuesday-Friday
December 27-30, 2016
Open 10:00 a.m.-6:00 p.m.
Saturday
December 31, 2016
Open 10:00 a.m.-1:00 p.m.
Sunday & Monday
January 1 & 2, 2017
Closed
Tuesday-Saturday
January 3-7, 2017
Open 10:00 a.m.-6:00 p.m.
Normal operations at University of The Bahamas will resume Tuesday, January 3, 2017 at 9:00 a.m.
“There’s definitely highend rollers who spend more than that; spend well over $1 million, but I think the Government would be foolish to lose that $700,000, $800,000, $900,000 purchaser. “I think it would be a mistake to go that route for the Government. For the time being, we need to do everything possible to keep that segment of the market alive and here,” he added. “By keeping it alive, and attracting these people to apply for permanent residency, it does nothing but help the Bahamas.” Mr Damianos said that in doing so, “nobody loses a job”, allaying misconceptions that the grant of permanent residency to foreign real estate purchasers automatically displaces Bahamian workers. These purchasers require further, different approvals if they seek to work or own a business in the Bahamas, and Mr Damianos emphasised that permanent residents injected money into the economy and helped to create employment by purchasing vehicles, furniture and appliances. “We will be getting a little ahead of ourselves to think we only need to attract these multi-millionaires,” he told Tribune Business. Mr Roberts was just as forthright, expressing hope that there were “some clear thinking people” in the Government who could ensure it rethinks the proposed increase. “I think it’s most unfortunate that they are killing the only few developments that we have; condo developments,” he told Tribune Business. “There’s very little going on, and those projects that are, are below the threshold of $1 million. They’re virtually killing that mar-
ket if people are buying for permanent residency. For those who are, it kills that market; they go elsewhere. “I’m very concerned. You don’t have to look around very far to see the state of our economy. We need as much development to go on as we can get. It’s pretty dead. There’s very little new development.” Pointing out that the Government’s tinkering with the permanent residency threshold “doesn’t help”, Mr Roberts added: “We just don’t need anything more to adversely affect our industry.” Pointing out that the potential ramifications would be felt beyond the real estate industry, he said: “Call around the contractors and ask what they’re doing. “The only contractors that I know are busy are working in the islands. Baker’s Bay is going great guns, and there is work in Old Fort Bay, Albany and Lyford Cay, but other than that.....” Mr Damianos, meanwhile, said many foreign buyers between the $500,000 and $1 million price points were “trying to get their feet wet” and see if they liked it in the Bahamas. Many often traded up for larger, more expensive properties, and he warned of the consequences: “We’ll miss out on that whole market, and send them to other Caribbean countries. “It’s very important. There’s no question about it, You have developments on Paradise Island, Cable Beach. If you go to that $1 million mark, you’ll probably exclude 60 per cent of those developments. “You’ll hurt realtors as well as new developments that have buildings coming out of the ground at that
THE TRIBUNE price level.” Mr Damianos expressed surprise that the Government appeared not to have consulted with the real estate industry on the proposed changes, adding: “We’d be sorry to see them do that.” Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, backed his colleagues, telling Tribune Business that he would “prefer they leave it where it is” in terms of the current $500,000 permanent residency threshold. “I also feel that in the more remote and less economically active islands they should reduce it to $250,000, just to get something going there,” he added, reiterating that such permanent residents did not take jobs from Bahamians. Developers and realtors are especially concerned with both the potential change and how it 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, reducing work for the construction industry and a variety of other trades whose business is tied to the real estate and second home markets.
THE TRIBUNE
Thursday, December 22, 2016, PAGE 9
Govt spending rises 26% in six years, IDB warns From pg B1 grew by 27 per cent, while capital spending moved by 18 per cent. Within the functional classification, the largest increases were observed with Housing and Defense (both doubling); community and social services by 52 per cent, while general public service, including general administration, [increased] by 32 per cent. “Education spending is projected to decline, while health care spending is estimated to increase by 5 percent.” It is unclear whether the IDB has accounted for National Health Insurance (NHI), but the 32 per cent increase in ‘general public service’ costs refers to the continued expansion of the
civil service and size of government, representing its fixed costs. The IDB data also gives an insight into why the Bahamas continues to run $300 million fiscal deficits and have a national debt pushing towards $7 billion, and explain why ValueAdded Tax’s (VAT) $1 billion-plus revenues have failed to eliminate the deficit. Primary expenditure is the Government’s spending minus its interest payments (debt servicing costs), and the IDB said its own analysis of IMF and Central Bank data showed the Bahamas could generate positive ling-term economic growth if this was re-purposed. “For policymakers, these
Bran: Can we afford NHI after downgrade? From pg B3 said Mr McCartney. “We are in dangerous times economically. This current situation shows that this administration does not have the tools to address our economic problems.” The Democratic National Alliance’s (DNA) leader urged the Christie administration to commit to true fiscal consolidation and “a reversal of out of control spending”. Mr McCartney, whose family owns Wilmac Pharmacies, said the National Prescription Drug Plan’s agreement with local pharmacies , introduced under the Ingraham administration, has been altered, re-
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sulting in some pharmacies dropping the plan altogether. “There was an agreement between the Government and pharmacies to purchase drugs for persons who were on the drug plan,” he added. “Pharmacies would purchase drugs in advance, and the Government, in a certain period of days, would reimburse them. Persons who were on the plan would come to the pharmacies and get their drugs for free. “Over the past few years, the end game in that regard has changed. The agreement was changed. The type of drugs purchased or initially required changed
results show that a longterm sustainable growth path can be achieved with investment in education, health, services related to the economy, such as air and shipping transportation, tourism and improved value chain linkages to agriculture and fisheries,” the IDB said of its analysis. “The key conclusion, therefore, is that a restructured primary expenditure towards capital expenditure, investments in education, health and other economic services can be long-run growth positive, with no further increases in the overall fiscal position.” This, though, will not be the case should the Government continue to focus the bulk of its spending on the civil service, fixed costs such as rents, and subsidies to loss-making corporations such as Bahamasair. “Long-run growth and development were not influenced by current ex-
penditure, which primarily included consumption of goods and services, personal emoluments, transfers, and subsidies,” the IDB said of its analysis. “However, this category was found to be a short-term stimulus for the economy, and suited for providing a quick response to exogenous shocks to the economy (including natural disasters).” The IDB said the National Development Plan, Vision 2040, had identified areas that “could place the economy on a sustainable path for long-term growth”, especially the focus on workforce development, the “efficiency and competitiveness” of transportation infrastructure, and energy reform. “Our analysis indicates that a restructuring of primary spending towards targeted sectors can be longterm growth positive while maintaining fiscal prudence
from the branded drugs to the generic drugs without or with very little notice to the pharmacies.” Mr McCartney said that while the generic drugs were less expensive, the move has cost pharmacies “thousands and thousands” of dollars as a result of having stocked up on branded drugs, only to be unable to distribute them. “The change of the end game unilaterally has caused tremendous damages to businesses. There are some now who do not carry the National Drug Plan anymore. That has become an inconvenience to many persons,” he said. Attorney GeneralAllyson Maynard Gibson, addressing Mr McCartney’s remarks, said the matter had been discussed with the pharmacies, adding that
Bahamian and foreign experts had found wastage in the system, and that pharmacies both locally and abroad routinely carry generic drugs.
LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) Holdun Family Office Limited (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Holdun Family Office Limited has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 15th day of December, 2016. Brendan Dunn Liquidator
and reversing the current trajectory of the national debt,” the IDB said. “Restructuring of primary spending, targeting key sectors with expenditure of capital on education, health and economic services, will significantly contribute to varied scale investment
projects and will be longterm growth positive. “Creative ways must be found that will help to enhance total factor productivity, the key driver of potential growth, while maintaining a balanced fiscal position.”
LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000)
Dunstans Holdings Limited (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Dunstans Holdings Limited has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 13th day of December, 2016. Randy D. Jenkins Liquidator
PAGE 12, Thursday, December 22, 2016
call 502-2394 to advertise in the tribune today! NOTICE KALIMARI INVEST LTD. NOTICE is hereby given as follows: (a) Kalimari Invest Ltd. 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 when the Articles of Dissolution were submitted to and registered by the Registrar General of the Commonwealth of The Bahamas. (c) The Liquidator of the said Company is Beatus Limited, P.O. Box N7776-348, N.P., Bahamas. Dated this 22nd day of December, 2016 Beatus Limited Liquidator
LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) Holdun International Limited (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Holdun International Limited has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 15th day of December, 2016. Brendan Dunn Liquidator
THE TRIBUNE
Govt’s fixation on Baha Mar sending ‘dangerous message’ From pg B1 Pointing out that S&P had been “very bearish”on Baha Mar, especially in comparison to Moody’s, which has maintained the Bahamas at ‘investment grade’, Mr Bowe said the former rating agency had used the project as its “whipping stick” in the runup to the ‘junk’ downgrade. “We, the Chamber, have been saying Baha Mar should not be seen as the saving grace,” the Chamber of Commerce chairman told this newspaper.
“As the project ramps up, hopefully that will be given high praise by S&P, who have been overly pessimistic over its delay and, hopefully, will be overlyoptimistic on its opening.” The Government, though, continued to highlight Baha Mar and give the impression that all the Bahamas’ ‘economic eggs are in one basket’, its response to S&P emphasising the Chow Tai Fook Enterprises (CTFE) purchase and the hiring of 1,500 Bahamians early in 2017.
Gowon Bowe “That one is dangerous,” Mr Bowe acknowledged. “That is not a message we should be sending.” Edison Sumner, the Chamber’s chief executive,
backed his chairman and confirmed that the private sector organisation had urged the rating agencies not to “over-emphasise” Baha Mar, and the impact its near two-year stall had on the Bahamian economy. “While we asked them not to place emphasis on a single development, the fact is the Baha Mar situation has been given a breath of fresh air, a new lease of life, and is scheduled to come on stream shortly,” Mr Sumner said of the CTFE purchase. “The spin-off effects are going to be enormous. While there should not be over-emphasis on a single development, the fact is the Baha Mar project is back on track.” Mr Sumner said the Chamber had been given an insight into CTFE’s plans and was “very pleased” with them, adding: “I think S&P ought to take that [the impending opening] into consideration. “The revenue coming in is not costing the Government anything, and this is one of the new drivers of the economy.” Mr Bowe, meanwhile, said that apart from Baha Mar there were numerous other FDI projects that had, or were poised, to bear fruit, such as the recent openings of the Warwick resort on Paradise Island and the former Nassau Palm on West Bay Street. He added that The Pointe adjacent to the British Colonial Hilton was also progressing, while there continued to be development activity at the likes of Albany and Baker’s Bay. “When you look at it, the tourism base, which is a big contributor to foreign exchange earnings, is expanding the best quality of its plant,” Mr Bowe said. Pointing to the new tourism markets being opened up by airlift from the likes of British Airways and the German carrier, Condor, he added: “There are fortuitous elements not seen by the downgrade that are going to benefit the Bahamas.”
NOTICE ISIDOR INVESTMENTS LTD. NOTICE IS HEREBY GIVEN as follows: (a) ISIDOR INVESTMENTS LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 20th day of December, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas
H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company
ADVERTISEMENT FOR THE BAHAMAS GOVERNMENT TREASURY BILLS
There will be an issue of B$155,300,000.00 91 days treasury bills on Tuesday, December 27, 2016. Tenders for these bills should be submitted via email to domestictenders@ centralbankbahamas.com no later than 10:30 a.m. on Friday, December 23, 2016. Full details may be obtained from The Central Bank of The Bahamas. Derek S. Rolle Sr. Manager, Banking Department The Central Bank of The Bahamas
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THE TRIBUNE
Thursday, December 22, 2016, PAGE 13
Polish govt rejects renewed pressure from EU on rights WARSAW, Poland (AP) — Poland’s government on Wednesday rejected renewed pressure from the European Union for the way it is consolidating power, and opposition lawmakers pushed ahead with a plan to occupy parliament all the way into the New Year. The heart of the issue is whether Poland’s populist and nationalist Law and Justice party is taking an authoritarian turn and eroding democratic institutions. The focus of concerns has centered largely on the independence of Poland’s Constitutional Tribunal but also on other issues perceived as backsliding on fundamental political rights. The government stands by its democratic credentials and says that street protests and the opposition’s occupation of parliament are attempts at destabilizing the state.zzzEU Vice-President Frans Timmermans weighed in on Wednesday, voicing renewed concerns over respect for the rule of law in Poland. He said he has sent a series of recommendations and given the Polish government two months to reply. Timmermans said the 28-nation bloc “will not drop this matter.” “We feel a strong, strong
Protesters stand along a fence in front of the parliament. in Warsaw, Poland, Tuesday, Dec. 20, 2016. Although the ruling Law and Justice party announced that they won’t introduce restrictions on media access in parliament, a plan that had sparked days of bitter protests, the parliament was surrounded by fences and more officers blocking the access to the building. (AP Photo) feeling of solidarity with the Polish people who deserve, like all Europeans, to have an independent judiciary, to have a full separation of powers,” Timmermans said. Government spokesman Rafal Bochenek described the latest EU step as unnecessary. He said the government has solved its issues with the constitutional court, citing a new law regulating the court and
the swearing in Wednesday of a new court president chosen by the ruling party. Poland has been in a state of political tension since Law and Justice assumed power in November 2015 and moved quickly to solidify control over state institutions. Tensions spiked last Friday over a plan by the ruling party to restrict media access in parliament. Opposi-
US water projects aimed at easing drought to get $225M
tion lawmakers began a sit-in around the speaker’s podium that blocked proceedings on the budget. Large street protests also erupted and lasted for days. The ruling authorities have since backed away from that media plan, but a dispute continues from that sit-in — a vote on the 2017 budget that ruling party lawmakers held in a separate room. Opposition lawmakers say that vote violated parliamentary procedures and must be held again. Grzegorz Schetyna, head of the opposition Civic Platform party, said protesting lawmakers will remain inside parliament’s main assembly hall in protest until Jan. 11, when parliament is to resume after a holiday break. Law and Justice party chief Jaroslaw Kaczynski called the behavior of opposition lawmakers of a “criminal nature” and appealed to them to respect the law. In reaction to the protests in Warsaw, state authorities have increased security outside of parliament, erecting metal barriers. Dozens of protesters gathered there Wednesday afternoon, vowing to remain as long as the protest inside the building continues.
ALBUQUERQUE, N.M. (AP) — The federal government will spend nearly a quarter-billion dollars to finance several dozen projects aimed at easing the effects of drought in the western U.S. and restoring watersheds that provide drinking water to communities around the nation, officials announced Wednesday. The $225 million in funding will be shared among 88 projects, from California’s Central Valley to centuries-old irrigation systems in northern New Mexico and thousands of square miles of fragmented streams in Maine. More than half of the projects specifically address drought and water quality. Jason Weller, head of the U.S. Department of Agriculture’s Natural Resources Conservation Service, said the federal funding will also generate $500 million more in spending for the projects that will be provided by state, local and private partners. “That’s important for us because no one organization has the boots on the ground, the financial resources, the technical expertise needed to deal with drought, invasive species, invasive weeds, be more energy efficient and improve the health of their forests,” he said. “It’s really incumbent upon us all to work smarter and more effectively together.” Weller pointed to the tens of millions of trees that have died in California due to the epic drought there and other challenges faced by communities bordering public and private forests that are overgrown and unhealthy. He said the dry conditions are putting pressure on watersheds and their ability to provide abundant and clean water. The funding also is aimed at tackling flooding problems in places such as Merced County, California, where storm runoff in recent years has forced road closures and damaged prime agricultural land.
Obama oil pipeline rules face uncertain future under Trump BILLINGS, Mont. (AP) — President Barack Obama’s administration is expected to push through long-delayed safety measures for the nation’s sprawling network of oil pipelines in its final days, despite resistance from industry and concern that incoming president Donald Trump may scuttle them. The measures are aimed at preventing increasingly frequent accidents such as a 176,000-gallon spill that fouled a North Dakota creek earlier this month. Thousands more accidents over the past decade caused $2.5 billion in damages nationwide and dumped almost 38 million gallons of fuels. Fights over pipelines have intensified in recent years, illustrated by the dispute over TransCanada’s Keystone XL plan and efforts by American Indians to stop the Dakota Access Pipeline from crossing beneath the Missouri River near the Standing Rock Sioux Reservation. The U.S. Department of Transportation proposal covers roughly 200,000 miles of lines that crisscross the country and carry crude, gasoline and other hazardous liquids. Environmental and safety advocates have criticized the agency’s commitment to tightening oversight of that network after a key safety feature — automatic valves that quickly shut down ruptured lines — was omitted from a draft rule published in 2015. Further revisions sought by the petroleum industry could make the rule largely ineffective, said Carl Weimer with the Pipeline Safety Trust. But keeping the proposal intact would expose it to a legal challenge or reversal by a Republicancontrolled Congress and Trump, an enthusiastic advocate for fossil fuels whose administration would en-
force the new safety provisions, Weimer added. “We already viewed it as an incremental step. If they water it down at all or extend the timelines, it’s going to be an even smaller step,” he said. Regulators began crafting the new rule after a 2010 Michigan pipeline break released almost 1 million gallons of crude into the Kalamazoo River. It’s languished amid industry criticisms, interventions from Congress and the bureaucratic inertia of the federal regulatory process. A recent boom in domestic drilling saw accident rates for pipelines increase by roughly a third. The number of hazardous liquid pipeline accidents in the U.S. increased from 350 in 2010 to 462 in 2015. The Transportation Department proposal calls for tougher inspection and repair criteria, leak detection systems on more lines and other measures to cut risk. Companies also would be required to inspect lines after flooding or other extreme events, a provision adopted after a 2011 ExxonMobil pipeline break spilled 63,000 gallons of crude into Montana’s Yellowstone River. It’s currently under review by the White House Office of Management and Budget. Final adoption is anticipated in late December, said Allie Aguilera, government affairs director of the Transportation Department’s Pipeline and Hazardous Materials Safety Administration. Industry representatives argue it would cost companies $600 million a year and almost $5 billion over the next decade. That’s almost 30 times the government’s estimate of $22.5 million annually. Association of Oil Pipe Lines Vice President John Stoody said the rule would force pipeline owners to immediately repair lines with
cleanup at the site of a Tesoro Corp. pipeline break that spilled more than 20,000 barrels of oil into a Tioga, N.D., wheat field. The massive oil spill still isn’t fully cleaned up three years and three months after it happened. The company responsible hasn’t even set a date for completion. Some say that one of the largest onshore oil spills recorded in the U.S. serves as a cautionary example, especially given a recent pipeline break about 150 miles south and ongoing debates over the fourstate Dakota Access pipeline. (AP Photo) microscopic cracks or traces of corrosion. Currently, the industry is allowed to monitor smaller defects and schedule repairs later. “It has the potential to distract us away from higher-priority safety issues,” Stoody said of the more stringent repair criteria.
Advocates say the rule is particularly important for rural areas. Current regulations apply primarily to lines in “high consequence areas” with large populations or environmentally sensitive features such as drinking water supplies. Lines outside those ar-
eas are not required to be inspected with mechanical devices known as “pipeline pigs,” which travel inside lines looking for flaws. “This is the first time (the Department of Transportation) is saying you have to inspect them” using the devices, Weimer said.
The Bellingham, Washington-based safety trust was formed after three children were killed when a gasoline pipeline broke in 1999, leaking fuel for 1½ hours before it exploded. The recent 176,000-gallon pipeline spill near Belfield, North Dakota occurred outside a high consequence area. Federal investigators said Wednesday that a leak detection system on the Belle Fourche Pipeline Co. line had failed to detect any problems before a rancher discovered the spill on Dec. 5. The company was ordered by the Transportation Department to make improvements to that detection system before re-starting the line. It’s unclear how long it had been leaking. The oil travelled 4½ miles down a tributary of the Little Missouri River, investigators said. About 76,000 gallons had been recovered as of Tuesday, according to company spokeswoman Wendy Owen.
NOTICE
NOTICE
HANSOLO HOLDINGS LIMITED
FLORIS PRIME LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a) HANSOLO HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) FLORIS PRIME 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 20th December, 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 7th December, 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
(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 22nd day of December, A. D. 2016
Dated this 22nd day of December, A. D. 2016
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000
Wilshire Global Commerce & Investment Holdings Ltd. (In Voluntary Liquidation)
Thonaken Limited (In Voluntary Liquidation)
Turducken Limited (In Voluntary Liquidation)
NOTICE IS HEREBY GIVEN that in accordance with Section 138 (8) of the International Business Companies Act 2000, as amended, Wilshire Global Commerce & Investment Holdings Ltd. has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 12 day of December, 2016.
NOTICE IS HEREBY GIVEN that in accordance with Section 138 (8) of the International Business Companies Act 2000, as amended, Thonaken Limited has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 12 day of December, 2016.
NOTICE IS HEREBY GIVEN that in accordance with Section 138 (8) of the International Business Companies Act 2000, as amended, Turducken Limited has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 12 day of December, 2016.
Kim Thompson Liquidator
Kim Thompson Liquidator
Kim Thompson Liquidator
PAGE 14, Thursday, December 22, 2016
THE TRIBUNE
NOTICE
NOTICE
NOTICE
FRAC FOREVER LIMITED
VAST GALAXY LIMITED
EVER VICTORY GLOBAL LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a) FRAC FOREVER LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) VAST GALAXY LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) EVER VICTORY GLOBAL 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 7th December, 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 20th December, 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 7th December, 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
(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
(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 22nd day of December, A. D. 2016
Dated this 22nd day of December, A. D. 2016
Dated this 22nd day of December, A. D. 2016
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
NOTICE
NOTICE
NOTICE
SARNEYROSSO LIMITED
UPRIGHT GLOBAL LIMITED
FOLIO LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a) SARNEYROSSO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) UPRIGHT GLOBAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) FOLIO 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 7th December, 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 7th December, 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 20th December, 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
(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
(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.
Dated this 22nd day of December, A. D. 2016
Dated this 22nd day of December, A. D. 2016
Dated this 22nd day of December, A. D. 2016
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Leeward Nominees Limited Liquidator
NOTICE
NOTICE
NOTICE
DOVRO LIMITED
DIVINO ASSETS LIMITED
CORAL VALLEY LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a) DOVRO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) DIVINO ASSETS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) CORAL VALLEY 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 7th December, 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 7th December, 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 7th December, 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
(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
(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 22nd day of December, A. D. 2016
Dated this 22nd day of December, A. D. 2016
Dated this 22nd day of December, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
NOTICE
NOTICE
NOTICE
CHINA PRIME INVESTMENTS LTD.
BESTON TREASURES HOLDINGS LTD.
AZZAHRA HOLDINGS LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a) CHINA PRIME INVESTMENTS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) BESTON TREASURES HOLDINGS LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) AZZAHRA 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 20th December, 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 7th December, 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
(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 22nd day of December, A. D. 2016 Dated this 22nd day of December, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
(b) The dissolution of the said company commenced on the 20th December, 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 22nd day of December, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator
NOTICE
NOTICE
AFTHONIA ALPHA EIRINI LIMITED
TWIN EQUITY LTD.
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a) AFTHONIA ALPHA EIRINI LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) TWIN EQUITY LTD. 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 20th December, 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 20th December, 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
(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 22nd day of December, A. D. 2016 Dated this 22nd day of December, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
THE TRIBUNE
Thursday, December 22, 2016, PAGE 15
Legal Notice
NOTICE
Legal Notice
NOTICE
NOTICE IS HEREBY GIVEN as follows:
NOTICE IS HEREBY GIVEN as follows:
(a) Saiph Fund Ltd. is in dissolution under the provisions of the International Business Companies Act 2000
(a) THE F.A.F QUARK FUND LIMITED is in dissolution under the provisions of the International Business Companies Act 2000
(b) The Dissolution of said Company commenced on December 20, 2016 when its Articles of Dissolution were submitted and registered by the Registrar General.
(b) The Dissolution of said Company commenced on December 20, 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.
(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 the 29th day of January 2017 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.
(d) All persons having Claims against the above-named Company are required on or before the 26th day of January 2017 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.
December 22, 2016 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY
December 22, 2016 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY
International Business Companies Act, 2000 S4 HOLDING COMPANY LTD. In Voluntary Liquidation NOTICE is hereby given that in accordance with Section 138(4) of The International Business Companies Act, 2000, S4 HOLDING COMPANY LTD. is in dissolution. The date of commencement of the dissolution was the 20th day of December A.D., 2016 Mr. Michael C. Miller, P.O. Box EE-17971, Nassau, Bahamas is the liquidator of S4 HOLDING COMPANY LTD. Michael C. Miller Liquidator
NOTICE
NOTICE
NOTICE
WIL-LIN INVEST LTD.
VOLPONA LIMITED
POWER ASSETS LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a) WIL-NIL INVEST LTD. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) VOLPONA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) POWER ASSETS 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 20th December, 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 7th December, 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
(c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.
Dated this 22nd day of December, A. D. 2016
Dated this 22nd day of December, A. D. 2016
(b) The dissolution of the said company commenced on the 7th December, 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 22nd day of December, A. D. 2016
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Leeward Nominees Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
NOTICE
NOTICE
NOTICE
TRE BESSOLTO LIMITED
SUNLIGHT BLAZE HOLDINGS LIMITED
STRONGBERG INVESTMENT LTD.
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a) TRE BESSOLTO LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) SUNLIGHT BLAZE HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) STRONGBERG INVESTMENT LTD. 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 7th December, 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 7th December, 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
(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 22nd day of December, A. D. 2016
Dated this 22nd day of December, A. D. 2016
(b) The dissolution of the said company commenced on the 20th December, 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 22nd day of December, A. D. 2016
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
NOTICE
NOTICE
NOTICE
SENTINEL WORLDWIDE HOLDINGS INC.
SARNEYGIALLO LIMITED
RUBELO LIMITED
N O T I C E IS HEREBY GIVEN as follows:
N O T I C E IS HEREBY GIVEN as follows:
(a) SENTINEL WORLDWIDE HOLDINGS INC. is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.
(a) SARNEYGIALLO 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 7th December, 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 7th December, 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
(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 22nd day of December, A. D. 2016
Dated this 22nd day of December, A. D. 2016
N O T I C E IS HEREBY GIVEN as follows: (a) RUBELO 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 7th December, 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 22nd day of December, A. D. 2016
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
_________________________________ Bukit Merah Limited Liquidator
NOTICE
NOTICE
NOTICE
PERFECT DEAL LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) PERFECT DEAL 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 7th December, 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 22nd day of December, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator
PELICAN ASSETS HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) PELICAN ASSETS 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 20th December, 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 22nd day of December, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator
K.B.C INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) K.B.C. INVESTMENTS 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 20th December, 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 22nd day of December, A. D. 2016 _________________________________ Bukit Merah Limited Liquidator
PAGE 16, Thursday, December 22, 2016
THE TRIBUNE
Not today: Dow still short of 20,000 as health stocks skid NEW YORK (AP) — Stocks finished slightly lower Wednesday as health care companies continued to struggle. Energy companies rose as the price of natural gas surged on the first day of winter. Some traders aren’t sticking around to see if the Dow Jones industrial average reaches the 20,000-point milestone: trading volume has fallen sharply this week as the year-end holidays draw near. After a mixed open, stocks finished at their lowest prices of the day. Health care companies continued to lag the market, as they’ve done throughout 2016. Industrial companies, which have surged since the presidential election, also eased lower. A jump of almost 9 percent in the price of natural gas helped gas and pipeline companies move higher. “It looks like we’re going to see another cold blast,”
said Jim Ritterbusch, an analyst who advises oil traders. He said weather forecasts suggest temperatures will drop later next week, which means people will use more natural gas to heat their homes. The Dow dipped 32.66 points, or 0.2 percent, to 19,941.96. The Standard & Poor’s 500 index lost 5.58 points, or 0.2 percent, to 2,265.18. The Nasdaq composite fell 12.51 points, or 0.2 percent, to 5,471.43. Cancer drug maker Celgene dipped $2.67, or 2.3 percent, to $116.40 and Merck skidded $1.07, or 1.8 percent, to $59.43 while health insurance company Anthem lost $2.68, or 1.8 percent, to $144.98 as health care stocks fell. The S&P 500 health care index is down 4.4 percent this year. The S&P 500 itself is up almost 11 percent. Natural gas companies made big gains thanks to a surge in natural gas fu-
tures. The price of that fuel climbed 28 cents, or 8.6 percent, to $3.54 per 1,000 cubic feet on the first day of winter. Southwestern Energy jumped 60 cents, or 5.8 percent, to $10.98 and Cabot Oil & Gas gained 62 cents, or 2.8 percent, to $22.44. Drilling service and pipeline companies also rose. The price of natural gas has fluctuated sharply in the last few months. “Whenever you get extreme volatility in the weather patterns, that translates to price volatility in futures,” said Ritterbusch, the energy analyst. FedEx said its quarterly expenses climbed and its earnings fell short of Wall Street estimates. The company’s stock lost $6.62, or 3.3 percent, to $192.12. Twitter slumped after Chief Technology Officer Adam Messinger said he’s leaving the company. The struggling company has
Gregory Rowe follows stock prices at the New York Stock Exchange, yesterday, in New York. The Dow is close to the 20,000 mark. (AP Photo) seen a number of executives leave recently. Former Chief Operating Officer Adam Bain left in November. In October Twitter said it would eliminate 9 percent of its workforce. Twitter fell 84 cents, or 4.7 percent, to $17.08. AMC Entertainment took a step toward completing its purchase of com-
PUBLIC NOTICE Notice is hereby given that the private roadways
Corporate Administrator Job Requirements: • Excellent knowledge of incorporation, liquidations and continuations of international business companies; • Must have a sound understanding of Bahamian laws in relation to IBCs, investment funds and foundations; • Experience in corporate and fund administration; • Responsible for liaison with government regulatory bodies including the Companies Registry and Securities Commission of the Bahamas;
to protect its privacy, and
Lucayos #2 on Elbow Cay will be closed on Sunday January 1, 2017 to protect its privacy.
Signed The Association
MARKET REPORT WEDNESDAY, 21 DECEMBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,935.57 | CHG 1.65 | %CHG 0.09 | YTD 111.62 | YTD% 6.12 BISX LISTED & TRADED SECURITIES 52WK LOW 2.50 17.43 8.19 3.50 1.77 0.12 5.50 8.05 5.50 7.67 12.59 2.18 1.31 5.60 6.70 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 10.40 13.23 2.15 1.60 5.82 9.30 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 100.00 100.00 100.00 108.84 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.44 13.23 2.09 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 0.04 0.00 -0.06 0.00 0.00 0.00 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
108.73 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.11 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
15,000
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 19.3 25.1 22.2 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% 3.45% 4.61% 2.87% 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
0.000 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
stock rose $1.25, or 3.7 percent, to $34.70. Mobile gyroscope maker InvenSense said it will be acquired by Japan’s TDK Corp. for $13 a share, or $1.22 billion. That sent the stock to its highest price in almost a year and a half. InvenSense gained $1.91, or 17.6 percent, to $12.75. Nike gained 51 cents, or 1 percent, to $52.30 after its second-quarter profit and sales came in stronger than analysts expected. Nike is by far the worst performer on the Dow this year.
Employment Opportunity
Lucayos #1 on Elbow Cay will be closed on Sunday December 25, 2016
52WK HI 4.25 17.43 9.09 3.55 4.70 0.12 8.22 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
petitor Carmike Cinemas. The Department of Justice said it will sign off on the sale if AMC sells 15 movie theaters in areas where it competes with Carmike. It will also sell most of its holdings in cinema advertising company National CineMedia and transfer 24 theaters to a rival theater ad company. AMC agreed to buy Carmike in July for about $825 million in cash and stock in a deal that would make AMC the biggest movie theater chain in the U.S. Its
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
Qualifications: • High School Diploma; • 3 years experience in corporate services; • Competent in Microsoft Office Suite Interested persons can apply by sending your resume to: jobsworld242@gmail.com
THE TRIBUNE
Thursday, December 22, 2016, PAGE 17
Senators urge action to block drastic drug price hikes WASHINGTON (AP) — Angered by skyrocketing drug prices, a pair of senators on Wednesday urged Congress to block companies from cornering the market on old, off-patent drugs. Sens. Susan Collins, R-Maine, and Claire McCaskill, D-Mo., released findings from a year-long investigation into companies like Turing Pharmaceuticals, which generated national outrage last year after hiking the price of a lifesaving anti-infection drug by more than 5,000 percent. Committee investigators concluded that Turing and several other companies “engaged in price gouging ... to make massive profits from decades-old lifesaving therapies.” The lawmakers, top members of the Special Committee on Aging, presented similar findings at three hearings over the past year. The 131-page report comes as lawmakers and pharmaceutical executives
try to gauge President-elect Donald Trump’s interest in government intervention to curb rising drug prices, a leading health care concern among patients. While campaigning, Trump said he would support efforts to allow Medicare — the massive government health plan for seniors — to directly negotiate drug prices with manufacturers, a step long opposed by the pharmaceutical lobby. That policy does not appear among the health care proposals currently outlined on Trump’s website. The list includes a policy allowing importation of cheaper drugs from Canada and other countries, another proposal opposed by drugmakers. Representatives for Trump did not respond to requests for comment Wednesday. A day earlier, 19 senators sent a letter to Trump, urging him to follow-through on pledges to help lower drug prices. “During your campaign,
you promised to implement bold reforms to bring down the cost of prescription drugs,” states the letter, signed by 17 Democrats and independent Sens. Bernie Sanders of Vermont and Angus King of Maine. “We are ready to advance bipartisan reforms that will help achieve the goal we all share: reducing the burden exorbitant drug prices are placing on hard-working Americans. The new report draws similarities between the tactics of companies such as Turing and Valeant Phar-
maceuticals and investment firms that profit by buying under-valued stocks and pushing up prices. Investigators note that Turing’s former CEO, Martin Shkreli, and several other executives probed by the committee previously worked at hedge funds. “This may help explain why these companies may have been run more like hedge funds than pharmaceutical companies,” the report states. Shkreli stepped down as the head of Turing after prosecutors charged him
with securities fraud late last year. Valeant is the target of more than 10 government probes, plus multiple shareholder lawsuits. Turing said in a statement Wednesday that it has taken several steps to increase access to its drug, daraprim, including offering discounts to hospitals. The drug still carries a list price of $750 per pill. “It is disappointing that the report takes out of context and selectively highlights certain comments, including from past employees that are not reflective
NOTICE
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
NOTICE is hereby given that NATHASHA JOSEPH, of Carmichael Road, P.O.Box GT-2126, 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 22nd day of December, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
The Public is hereby advised that I, JOAN CARMEN STURRUP (nee) ADAMS of #19 Lancaster Road West, Stapleton Gardens, P.O. Box N-9243 intend to change my name to JOAN LOUISE ADAMSSTURRUP. 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.
THE WEATHER REPORT
5-Day Forecast
TODAY
FRIDAY
SATURDAY
SUNDAY
MONDAY
Partly sunny
Partly cloudy
Partly sunny with a shower in spots
Partly sunny
Partly sunny and beautiful
Partly sunny and nice
High: 82°
Low: 72°
High: 82° Low: 71°
High: 83° Low: 72°
High: 83° Low: 72°
High: 83° Low: 72°
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
AccuWeather RealFeel
91° F
73° F
86°-72° F
89°-73° F
88°-73° F
87°-71° F
ORLANDO
TAMPA
High: 78° F/26° C Low: 60° F/16° 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.
N
almanac
E
W
ABACO
S
N
High: 76° F/24° C Low: 72° F/22° C
4-8 knots
S
High: 80° F/27° C Low: 68° F/20° C
4-8 knots
FT. LAUDERDALE
FREEPORT
High: 81° F/27° C Low: 71° F/22° C
E
W S
E
W
WEST PALM BEACH
N
uV inDex toDay
TONIGHT
High: 78° F/26° C Low: 58° F/14° C
High: 80° F/27° C Low: 68° F/20° C
MIAMI
High: 82° F/28° C Low: 70° F/21° C
7-14 knots
KEY WEST
High: 80° F/27° C Low: 72° F/22° C
Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 68° F/20° C Normal high ....................................... 79° F/26° C Normal low ........................................ 67° F/19° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 69° F/20° C Precipitation As of 1 p.m. yesterday .................................. trace Year to date ............................................... 49.61” Normal year to date ................................... 39.31”
ELEUTHERA
NASSAU
High: 82° F/28° C Low: 72° F/22° C
Forecasts and graphics provided by AccuWeather, Inc. ©2016
High: 78° F/26° C Low: 74° F/23° C
N
tiDes For nassau Low
Ht.(ft.)
Today
2:29 a.m. 2:39 p.m.
High
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
Monday
5:42 a.m. 5:53 p.m.
2.7 2.1
12:08 p.m. 0.2 11:59 p.m. -0.1
Tuesday
6:22 a.m. 6:35 p.m.
2.8 2.2
12:49 p.m. 0.0 ---------
Wednesday 7:01 a.m. 7:16 p.m.
2.8 2.2
12:39 a.m. -0.2 1:29 p.m. -0.1
E
W
7-14 knots
S
7-14 knots
6:51 a.m. 5:26 p.m.
Moonrise Moonset
1:06 a.m. 1:13 p.m.
New
First
Full
Last
Dec. 29
Jan. 5
Jan. 12
Jan. 19
ANDROS
SAN SALVADOR
GREAT EXUMA
High: 80° F/27° C Low: 76° F/24° C
High: 79° F/26° C Low: 76° F/24° C
N
High: 80° F/27° C Low: 74° F/23° C
E
W S
LONG ISLAND
insurance management tracking map
High: 80° F/27° C Low: 77° F/25° C
L
Ht.(ft.)
sun anD moon Sunrise Sunset
High: 79° F/26° C Low: 75° F/24° C
N
S
Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.
The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.
CAT ISLAND
E
W
of Turing’s current commitments and efforts,” the company said. A Valeant spokesperson did not immediately respond to a request for comment. An AP analysis published last month found that congressional investigations have had little effect on drug prices. A review of nearly 30 brand-name and generic medications targeted by Congress — including those probed by the Aging committee — showed that most have not budged since coming under federal scrutiny.
7-14 knots
MAYAGUANA High: 82° F/28° C Low: 76° F/24° 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: 75° F/24° C
N
E
W
E
W
N
S
S
8-16 knots
8-16 knots
marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR
Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:
WINDS NE at 4-8 Knots ENE at 8-16 Knots NE at 7-14 Knots ENE at 8-16 Knots E at 7-14 Knots ENE at 8-16 Knots ENE at 8-16 Knots ENE at 10-20 Knots NNE at 7-14 Knots ENE at 8-16 Knots NE at 4-8 Knots ENE at 8-16 Knots NE at 7-14 Knots ENE at 8-16 Knots NE at 8-16 Knots ENE at 10-20 Knots ENE at 6-12 Knots ENE at 8-16 Knots ENE at 8-16 Knots ENE at 8-16 Knots NE at 4-8 Knots ENE at 7-14 Knots NE at 8-16 Knots ENE at 10-20 Knots NE at 7-14 Knots ENE at 8-16 Knots
WAVES 4-8 Feet 4-8 Feet 1-2 Feet 1-3 Feet 4-7 Feet 4-7 Feet 3-5 Feet 3-5 Feet 4-7 Feet 4-8 Feet 2-4 Feet 3-5 Feet 1-3 Feet 1-3 Feet 3-5 Feet 3-5 Feet 1-3 Feet 1-3 Feet 5-9 Feet 4-8 Feet 1-2 Feet 2-4 Feet 1-3 Feet 2-4 Feet 2-4 Feet 2-4 Feet
VISIBILITY 10 Miles 10 Miles 10 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 9 Miles 10 Miles 9 Miles 9 Miles 9 Miles 10 Miles 9 Miles 9 Miles 9 Miles 10 Miles 10 Miles 8 Miles 9 Miles 9 Miles 9 Miles 9 Miles
WATER TEMPS. 76° F 76° F 81° F 81° F 79° F 79° F 80° F 80° F 79° F 79° F 86° F 86° F 79° F 79° F 81° F 81° F 80° F 80° F 80° F 80° F 81° F 81° F 79° F 79° F 79° F 79° F
THE TRIBUNE
Thursday, December 22, 2016, PAGE 19
Brazilian companies to pay combined $3.5B in bribery case WASHINGTON (AP) — Brazilian construction conglomerate Odebrecht and major petrochemical company Braskem have agreed to pay a combined penalty of at least $3.5 billion to settle allegations that they bribed government officials in a dozen countries around the world, U.S. authorities said Wednesday. The Brazilian corporations admitted to paying hundreds of millions of dollars in bribes, money that law enforcement officials say was authorized at the highest corporate levels and was concealed through shell companies and offshore entities. Both companies have pleaded guilty to briberyrelated charges in federal court in New York and have resolved charges from the authorities in Brazil, Switzerland and the U.S. The Justice Department called it the largest resolution ever under the Foreign Corrupt Practices Act, a 1977 law that makes it illegal to bribe foreign government officials for business. U.S. law enforcement officials say bribes totaling about $788 million were paid since 2001 in connection with approximately
100 projects around the world, including to secure public works contracts in Panama, Peru, Angola and several other countries. Some of the offshore entities that were used to hold and disburse the funds were owned or operated by people in the U.S., and some meetings where the scheming occurred took place in Miami, federal prosecutors said. Court documents allege that Odebrecht created a stand-alone unit, called the Division of Special Operations, that “effectively functioned as a bribe department” within the company and that relied on an offthe-books communication system of secure emails, code names and passwords. “Odebrecht had a division in its company dedicated solely to bribery, a full team of people dedicated to criminal conduct,” FBI assistant director Stephen Richardson told reporters in a conference call. The companies have both agreed to co-operate with law enforcement, including in investigations into individual company officials. In a statement Wednesday, William Burck, a law-
yer for Odebrecht, said the company was “glad to be turning the page and focusing on its future.” Earlier this month, the company apologized for its involvement in corruption scandals that led to the arrest of its former chairman and several of its executives. It acknowledged having made serious mistakes and promised not to rely on extortion or bribes to get contracts from public officials. Odebrecht signed another agreement with Brazilian authorities to return almost $2 billion to public coffers. The company is at the center of the mushrooming probe at state-run oil giant Petrobras, which has en-
snared Brazilian politicians and business people across the board. Some of the corrupt payments alleged Wednesday went to Petrobas employees and executives, and to political parties and government officials in Brazil, the
Justice Department said. Prosecutors also accused Odebrecht of conspiring with other Brazilian construction companies to rig bids for Petrobas contracts. Dozens of Odebrecht executives signed plea bargains with Brazilian pros-
ecutors and as many as 200 politicians might be implicated in the corruption scandal. The company has fired 51 people who participated in the misconduct and disciplined an additional 26, according to the Justice Department’s plea agreement.