business@tribunemedia.net
FRIDAY, MARCH 10, 2017
$4.20
$4.24
$4.22
PHA eliminated in NHI structure By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
The Government is proposing to eliminate the Public Hospitals Authority (PHA) by merging it with the Department of Public Health to create a “single governance regime” for National Health Insurance (NHI). Details of its plans are contained in the draft Bahamas Health Services Authority Bill, which will be the organisation
Hospitals Authority to merge with Public Health Bill promises ‘transparency and accountability’
Hospitals, public clinics to come under new governor
‘Dump burns for same reason the country is broke’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The New Providence landfill inferno has again exposed the Bahamas’ poor governance, a prominent reformer yesterday saying: “The same reason the dump is burning is the same reason the country is broke.” Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business “there isn’t a single Bahamian, expatriate or foreign investor not hugely concerned” by the ongoing health and environmental risks posed by the landfill. He argued that the path to this week’s blaze, which started outside the landfill but eventually ignited its waste and forced the evacuation of Jubilee Gardens residents, epitomised the failings that had brought the Bahamas to its present position. Mr Myers, a former Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chairman, said poor governance by successive administrations, coupled with a lack of accountability and transparency, and poor management and execution, was now directly affecting the lives of thousands of Bahamians. “The dump fire is a real, significant health risk, and so is the lack of accountability in governance,” the ORG principal told Tribune Business. “If it [the landfill] was properly managed, we wouldn’t be having this conversation.
Reformer says poor governance again exposed All Bahamians, expats, investors ‘hugely worried’ Govt urged to ‘take the lead’ on landfill fix
Robert Myers “All of these issues have led to this place. The same reason the dump is burning is the same reason the country is broke. “It’s the same reason why crime is where it is, the same reason Bank of the Bahamas failed, the same reason Bahamasair is broke, the same reason ZNS is losing money; there’s no accountability, no efficiency, we don’t have the right people in management; and See pg b4
PM: Improved offer for Grand Lucayan By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Prime Minister Perry Christie yesterday said he had held Wednesday afternoon talks with the preferred buyer for the Grand Lucayan resort complex, describing the discussions as “very positive” after it improved its offer to Hutchison Whampoa. Mr Christie, while delivering the keynote address at the Grand Bahama Business Outlook conference, said “The Hutchison Lucayan properties were placed on the market for sale, and negotiations were underway with a preferred bidder prior to the closure due to Hurricane Matthew. “We are now in ongoing discussions with Hutchison and Sunwing, the previous operator of Memories, on the renovations and reopening of Memories, while si-
Preferred bidder ‘increases scope, investment’ Four brands involved; PM feels bid is now ‘real’ Hurricane repairs still waiting on insurance multaneously dealing with a buyer for the purchase of the entire Lucaya resort complex and potential operators for the hotels and casino.” Mr Christie did not name the ‘preferred buyer, but this is likely to be the Wynn Group, a Canadian-based real estate developer, which has also been interested in constructing a $65 million See pg b4
charged with delivering and administering all health services and programmes under the NHI scheme. The Bill, which has just been released for healthcare industry consultation and feedback, stipulates that all the PHA’s assets, including the Princess Margaret Hospital, Rand Memorial Hospital and Sandilands Rehabilitation Centre, will be transferred to the new Authority. Also transferred, according to the draft obtained by Tribune Business, are all “pension-
able officers” of the PHA and Department of Public Health, apart from those working at the latter who are dealing with “population-based health”. Those moved to the Bahamas Health Services Authority will be employed on the same salaries and terms as at the PHA and Department, with “existing union agreements continuing in force until” changed via industrial negotiations when they become due for renewal. The PHA-Department of See pg b3
RBC withdrawal may send Bahamas ‘rogue’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas could be perceived as having gone “rogue” if Royal Bank of Canada’s (RBC) pull-out drives Bimini and Spanish Wells residents to use web shops for mainstream financial services transactions, a local provider warned yesterday. Paul Moss, Dominion Management Services’ president, told Tribune Business that the Bahamas’ financial services reputation and integrity could be undermined if web shops became “de facto banks” in Family Island communities. While the web shop industry’s legalisation via the Gaming Act 2014 was intended to bring it and its finances into the formal economy, Mr Moss pointed out that all commercial banks - with the exception of Bank of the Bahamas - were accepting the sector’s funds and deposits. As a result, he warned that the Bahamas’ anti-money laundering regime, and international regulatory standing, could be compromised if
Financial provider fears web shops as ‘de facto’ banks Warns nation must ‘guard against’ reputation risk ‘Empower’ Bahamians to own banks, credit unions Family Island residents increasingly turned to web shops and the ‘underground’ economy to conduct their daily banking business. “That is what is going to happen; it’s happening even now,” Mr Moss told Tribune Business of fears that web shops will fill the ‘vacuum’ created by the withdrawal of RBC and other commercial banks from the Family Islands. “Web shops are going to see more financial banking business, and this is something the former Central Bank governor [Wendy Craigg] had See pg b2
$4.23
New car dealer blow from Auto Show postpone Mall at Marathon works cause likely October delay ‘Unfortunate’ normal sales boost won’t happen BMDA chief likens market to ‘Dodge City’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamian new car dealers were yesterday said to have suffered a fresh blow with Mall at Marathon renovations forcing the likely postponement of the annual Car Show, as one operator likened the market to “Dodge City”. Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business that while its members had assessed other potential venues, such as the National Stadium and hotels, none matched the setting and “value for money” provided by the Mall. As a result, he revealed that dealers were considering postponing the Car Show to October, a move that might force some to ultimately discount autos they had imported in anticipation of sales from an earlier event. “On a scale of one to 10, it might knock off a few points,” Mr Albury said of the potential negative impact from a Car Show postponement. “The thinking right now is probably around October or so,” he added of a rescheduled event. “The reconstruction in the Mall won’t be done until the end of summer or thereabouts, so we’re thinking October.” The BMDA president explained that the Car Show had been unaffected by the Mall at Marathon’s renovations last year because they had focused on the entrance, which was away from the vehicle display and dealers themselves. This year, though, the work is focused on the corridor between the Mall’s ‘Centre Court’ and Kelly’s Home Centre. That has forced all the kiosks in that corridor to relocate to ‘Centre Court’, the traditional home for the Car Show. “We’re looking around for possible other venues; we’re open to that,” Mr See pg b4
PAGE 2, Friday, March 10, 2017
THE TRIBUNE
Providing the platform for your ‘stars’ to excel Every workplace employs super stars: Employees who far exceed the potential and performance of other worker. Researchers indicate that between 7-9 per cent of your employees have the natural inclination, and aptitude, to deliver great value that far exceeds the output of average staff. These workers are not to be confused with the diligent, hardworking and committed employee, who comes on time and spends extra hours at work completing assignments, or the fast-talking, enthusiastic
employee who has mastered ‘the gift of the gab’. While the ‘star’ employee to whom this article speaks may possess all of these qualities, this individual has much higher skill levels that have been honed by advanced qualifications, learning opportunities and exposure. The workplace cannot survive without these individuals making their significant contribution. These employees, though, sometimes endure much abuse in the working environment, resulting in them performing far below their output potential. Some of
You always want your top talent to assume leadership roles.
The issue is how to mobilise these employees and encourage them to become
consistently productive? Here are a few suggestions for getting the best out of your most talented employees, in an effort to make your business more viable. * Create a performancebased incentive programme. You must never provide the same rewards and recognition to every employee. * Allow the champion employee to lead the team, and delegate assignments to other employees * Place the talented employees on a leadership track, and provide additional training where necessary.
transmission providers, with Bahamians placing funds in their gaming accounts for pick-up on other islands. However, concerns that they may be increasingly used for regular banking transactions have escalated since RBC’s announcement that it will shortly close four branch locations, including three in the Family Islands. The Bimini and Spanish Wells pull-outs will leave both islands without a physical commercial banking location, and force residents to travel to Freeport and Harbour Island, respectively, if they need to access a branch. RBC’s move has caused “uproar” among the residents and private sector on both islands, forcing Nathaniel Beneby, the bank’s Bahamas managing director, to meet with local government officials and some businesses on Bimini yesterday. Some complained,
though, that they were unable to access the meeting. RBC’s pull-out follows Scotiabank’s withdrawal from North Eleuthera and Long Island in 2015, as commercial banks seek to cut costs in a low-growth economy that has saddled them with a $1 billion-plus pile of non-performing loans. The commercial banking industry is also trying to drive Bahamians to increasingly turn to electronic banking channels, such as the Internet and mobile apps, to conduct their financial services business rather than visit branches. However, many observers feel the banks are trying to make Bahamians run before they can walk. This nation is still a cash-intensive economy, with many employees paid by cheque and requiring a branch to deposit and cash them, while many older Bahamians are not familiar with electronic
banking technology. Mr Moss said RBC’s pullout would cause “tremendous hardship” for Bimini and Spanish Wells residents, and expressed surprise the bank would choose to exit the former island given its strong economy. “Bimini, particularly over the last five years, has grown exponentially, with a number of Bahamians employed at the resort down there,” he said. “They have to use that bank because it’s the only facility there; they have to use it. “It’s going to mean that people are going to have to use more cash, and it’s not good in any society where people can’t have the banking services they desire. It’s going to be tremendously hard.” With many Biminites likely to have to travel to Freeport just to cash and deposit their pay cheques, Mr Moss added: “It’s crazy. It doesn’t make sense. Bimini is taking off. “I think RBC is making a strategic move, but the move is backwards. Bimini is poised for more development. There are more people looking at Bimini.” Mr Moss said “the difficulty” the Bahamas faced, especially with the Canadian-owned banks, was that branch closure decisions were taken either at Caribbean head offices or Toronto by persons who have “no appreciation for the situation on the ground”. Arguing that banks played a vital role in sustaining Family Island communities, Mr Moss criticised what he described as
these abuses include: * De-motivation as a result of few workplace incentives, or work environments that do not challenge their ability. * Insecure leaders who victimise these employees because they are threatened by them. * Overwork of these employees, delegating many assignments to them while giving the less talented supporting and, sometimes, effortless roles.
• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.
Ian ferguson
BTVI partners with UK college on apprenticeship adult education in the United Kingdom. We are excited to be partnering with them to advance the BTVI brand.” Seated in front are deputy principal of Barnsley College, Yiannis Koursis (left), and BTVI’s president, Dr Robert W. Robertson. Standing from L to R are: Barnsley’s head of department, health sciences and social care professions, Lee Pryor; business development director, Tricia Smith; Board of Governors’ chair, Simon Perryman; and chief executive of the Bahamas Chamber of Commerce and Employers Confederation (BCCEC), Edison Sumner
RBC withdrawal may send Bahamas ‘rogue’ From pg B1 concerns about.” John Rolle, her successor, has publicly sought to bridge the gap between the web shop industry and Bahamas-based commercial banks through education, exposing the latter’s compliance departments to the stringent regulatory regime imposed by the Gaming Act 2014. Mr Moss, though, reiterated that this has yet to result in commercial banks outside Bank of the Bahamas accepting web shop deposits, thus potentially leaving hundreds of millions of dollars outside the regulated, formal banking system. “What we’re making now is a statement that the Bahamas might be a rogue in terms of its anti-money
laundering regime,” he warned. “What I’m saying is that, if left unchecked - if there’s no bank in Bimini or Spanish Wells, and the web shops are there - they will become de facto banks. “We know commercial banks, apart from Bank of the Bahamas, are not accepting web shop funds because of the perceived high risk attached,” Mr Moss explained. “If that goes unchecked, almost implicit in that is we have allowed Bahamians to participate in unsupervised and unregulated financial transactions, and that creates a problem for the whole jurisdiction. That’s something we’ve got to guard against.” Web shops are already effectively used as money
Photo/Barnsley College
The Bahamas Technical and Vocational Institute (BTVI) has signed a Memorandum of Understanding (MOU) with UK-based Barnsley College to help develop apprenticeship schemes that will prepare Bahamians for the workforce. BTVI said the MOU is designed t”o promote partnerships that will focus on best practices in the areas of delivering job-ready skills training, using an apprenticeship model” Dr Robert Robertson, BTVI’s president, said: “Barnsley College is noted as an innovative leader in
a short-sighted “hands-off” approach towards ensuring financial services were available throughout the Bahamas. He called for a proactive policy of promoting Bahamian bank/credit union development and ownership, and agreed that this nation look at legislative tools similar to the US Community Reinvestment Act. This mandates that USbased banks not discriminate in the provision of financial services, and that these are provided to low income and remote communities on the same terms as received by more affluent persons. It has also been used to require financial institutions to assist in the creation of credit unions, and savings and loan organisations, in neighbourhoods they have exited. “This is what the regulators should already be doing. We are at the mercy of the banks,” Mr Moss told Tribune Business. “We’ve had this handsoff approach to financial services. We stick our heads in the sand until we are forced to act. We’re going to get these results, quite frankly with this hands-off approach to empowering Bahamians to own banks. “We should do that. Put the policies in place to make sure these banks don’t get away from their obligations. It’s an opportunity for the Government to look at policies so Bahamians can become owners of savings and loan institutions, or even fully-fledged banks.”
THE ESTATE OF ANDREW HARCOURT KNOWLES aka ANDREW H. KNOWLES aka ANDREW KNOWLES late of #14 Windsor Avenue, Eastern District of the Island of New Providence, one of the Islands in the Commonwealth of The Bahamas, Deceased. NOTICE is hereby given that all persons having any claims or demands against the above-named Estate are requested to send the same duly certified to the undersigned on or before Wednesday the 12th day of April 2017 after which the Personal Representatives will proceed to distribute the assets of the deceased among the persons entitled thereto having regard only to the claims of which the Personal Representatives shall then have had notice. AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned. CASH FOUNTAIN Chambers 11 Armstrong Street P.O. Box N-476 Nassau, The Bahamas Attorneys for the Personal Representatives
THE TRIBUNE
Friday, March 10, 2017, PAGE 3
Insurers ‘watching’ for NHI regulations By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@ribunemedia.net
The Government has yet to publish the regulations that will govern the National Health Insurance (NHI) scheme, with Bahamian insurers yesterday said to be “watching the landscape” ahead of the planned $100 million primary care phase roll-out. Emmanuel Komolafe, the Bahamas Insurance Association (BIA) chairman, speaking with Tribune Business at the Grand Bahama Business Outlook conference, said: “We are still awaiting the accompanying regulations for NHI, which give the details on any legislation that is passed. “Another important component will be the co-ordination of benefits. The NHI Act specifies that in the event that the person has private insurance, and they enroll for NHI, if they have to make a claim the primary payer will be the private insurer. “What that means is if I enroll for NHI, I have to first exhaust my benefits under my private health plan before NHI kicks in, at least in so far as it relates to the benefits covered under NHI,” he added.
“Some persons are asking whether, once they exhaust their benefits under their private insurer, how would it work. Let’s say the insurer can only pay 80 per cent; will the other 20 per cent be picked up by the NHI Authority?” Mr Komolafe continued: “For the industry right now, it’s just watching to see how it plays out and the sign-up by the health care providers, for instance. “One thing is certain: Whatever is agreed between the health care providers and the NHI Authority, eventually you will begin to see a convergence in terms of what private health insurers pay and what the Government pays to physicians. You’re not going to have that huge gap. “If you have a physician signed up for NHI, and he or she is charging $30 for their service, you would not have a private health insurance industry that pays $150. If $150 is the price, you will have customers asking how come when they use the NHI card they are charged $30,” he added. “This is something that we are watching closely as well. What drives the cost of health insurance most times is the cost of health care.”
GB needs to ‘break away from two-sector economy’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The private sector remains optimistic about Grand Bahama’s future, its Chamber of Commerce president said yesterday, although the island may need to “widen” its economic model beyond the industrial and tourism sectors. Mick Holding told Tribune Business while at the Grand Bahama Business Outlook conference that while the industrial sector had been less affected by developments in the Bahamian economy, the island’s tourism sector is “in the doldrums”. “Our economy has two major sectors; the industrial and tourism sectors,” he said. “The industrial sectors markets are generally global markets, and they are less affected by what’s going on in the local economy and continue to generally grow and improve our economy. “It’s sustaining jobs while our tourism sector seems to continue to suffer knock after knock. The tourism industry is in the doldrums. We need something to revitalise it. We may need to look at the product that we offer here. We have got sun, sand and sea, but so do a lot of other destinations.” Mr Holding added: “We have our proximity to the United States, and I think
that is a major plus, but we may need to look at new tourist ideas and attractions. I know of one or two businesses persons who have a few ideas on a new product. We have an industrial sector and tourism sector, but what other sectors can we attract here? The more sectors that we have, the more resilient we can become.” Mr Holding said the agricultural sector could be worth exploring. “I think we need to break away from the two-sector model and look for something else. I’m not saying that agriculture is the one, but it is an idea. We may need to look at widening that sector model,”he added Mr Holdom said the Chamber of Commerce was currently a survey among its membership. “We are going out and meeting every single one of our members,” he said. “We are asking them lots of questions, and one of them is: ‘How optimistic do you feel about the future for Grand Bahama?’ Surprisingly, in some ways there is a good deal of optimism out there. There is a vibrance, not everywhere but throughout the business community, and we need to harness that optimism and make things work. We have all been talking, but talking isn’t enough. Action is what is required and we have to do something.”
Container Port to combine expansion with storm repairs By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Prime Minister Perry Christie said yesterday that his administration has “remained in dialogue” with Hutchison Whampoa and Mediterranean Shipping Company (MSC) over the $250 million Freeport Container Port expansion, which will likely be incorporated into post-Hurricane Matthew repairs. “My government has re-
mained in dialogue with Hutchison Ports and MSC on the Phase Five expansion of the Container Port which, as a result of the damages and setback resulting from Hurricane Matthew, the objective is to incorporate the expansion into the repairs which are underway,” said Mr Christie told the Grand Bahama Business Outlook conference. Hutchison Whampoa had initially wanted “certainty” that Freeport’s expiring investment incentives would
PHA eliminated in NHI structure From pg B1 Public Health merger into the Bahamas Health Services Authority is designed to provide a single governance structure that will boost efficiency, quick decision-making and healthcare system governance, according to the Bill. “The Bahamas Health Services Authority forms a part of the National Health Insurance regime of the Bahamas. The goal of NHI Bahamas is ‘to enable the progressive implementation of Universal Health Coverage’,” the Bill’s ‘objects and reasons’ section states. “The Cabinet of the Bahamas has therefore approved a single governance model that will accelerate the implementation of Universal Health Coverage, while providing effective oversight of the programme. “The structure of the single governance regime will provide for quick and effective decision-making with transparency and accountability, as well as the alignment of health systems, and will result in greater efficiency, continuity of care and the seamless delivery of patient-centred services in the Government health
sector.” Many observers, especially in the private healthcare sector, will likely question whether this Bill, which repeals the PHA Act and associated bye-laws, can help achieve those lofty goals. The Bill, though, emphasises that the Bahamas Health Services Authority will have responsibility “for the delivery and administering of health services and health programmes in the Bahamas” once the legislation is enacted. It confirms that the management and maintenance of the public health sector’s clinics and laboratories will be transferred from the Department of Public Health to the Bahamas Health Services Authority, representing a fundamental change in the system’s governance. The Bill has likely been released for consultation now because the Christie administration is rapidly running out of time to launch the much-touted $100 million NHI primary care phase before the upcoming general election, which is likely to be held in late April or early May. The structure proposed under the Bill mirrors that
be extended before committing to the Container Port expansion and other potential projects. The Government has since extended those tax breaks for another 20 years. Following the Prime Minister’s presentation, the site of the proposed $200 million Carnival Cruise port was sought. The Minister for Grand Bahama, Dr Michael Darville, indicated it would be located two-anda-half to three miles west of Statoil on private land.
Prime Minister Perry Christie has said publicly that the signing of the cruise port agreement between the Government and Carnival is imminent. Carnival has been searching for its own Bahamas cruise port/private island for some time, as it seeks to match rivals who already possess such facilities. Concerns have been raised over the potential economic impact of such a development on Freeport tourism service operators.
proposed in the September 2014 report by the National Health Systems Strengthening Committee, the contents of which were disclosed by Tribune Business last year. That report called for politicians to “buy into” the healthcare system’s new governance structure and care delivery model, and “ensure standardisation and overall quality of care”. Warning against political meddling and interference in NHI and the new Authority, the 2014 report urged: “The Public Health Authority must be outfitted with persons well versed in healthcare and management, particularly the latter. “There must be full transfer of authority to the limits of our governmental system. In this way decisions can be made that will allow the health system to function unencumbered by specific external pressures. This central co-ordination will allow for equitable distribution of trained staff, equipment, etc.” The 2014 report called for “a single governance structure to address the administrative operations of all healthcare services underpinned by quality. “The committee proposed a Central Governance Board or Public Health Authority with regional bodies to oversee the administration, man-
agement and operations of health care facilities in the regional zone,” it said, outlining exactly what the Christie administration now appears to be adopting. “These changes will diminish the fragmentation of government health services, provide greater autonomy and allow for seamless movement of clients across the care continuum (where the continuum of care is a concept that involves an integrated system of care that guides and follows an individual over time through a comprehensive range of health services across all levels and intensity of care).” The National Health Systems Strengthening Committee also called for the Bahamas to be divided into four healthcare regions, namely the Northern, Central, Southern and Southeastern District Health Authorities. The Bill, too, appears to reflect this, as it allows the Minister of Health via Order to “establish one or more health districts”, name them and set their boundaries. However, no regulations accompanying the Bill have yet been disclosed, which will likely arouse industry concern given that these typically contain the enforcement ‘teeth’.
House passes bill to restrict legal claims against companies WASHINGTON (AP) — The House has approved a bill that would make it harder for individuals or groups to bring legal claims against companies in consumer disputes, employment discrimination cases and other areas. Lawmakers approved the Republican-sponsored measure, 220-201, Thursday night. The bill heads to the Senate, where its prospects are less clear. The legislation is the latest in a flurry of businessfriendly moves by Congress and the Trump administration. Changes mandated in the bill could help reduce legal costs for businesses by putting up more hurdles to bringing class-action lawsuits in federal court. Supporters say the bill is
needed to curb abuses in class-action suits that often result in a huge payday for lawyers. “The class-action litigation system has morphed into an expensive enterprise where lawyers are often the only winners, and American businesses and consumers are the losers,” said Rep. Bob Goodlatte, R-Va., chairman of the House Judiciary Committee and the bill’s primary author. “Trial lawyers often profit at the expense of deserving victims.” The U.S. Chamber of
Commerce, representing business interests, also supported the legislation. Consumer groups and civil rights advocates said the bill penalizes those who have been mistreated by corporations. “This devastating Republican attack on our federal and state civil courts will severely restrict the hallowed right of the American people to have their day in court when they are wrongfully injured or defrauded,” said veteran consumer advocate Ralph Nader. The bill would ensure
that “judges’ and juries’ hands are tied by absentee politicians in Washington, greased by corporate campaign contributions,” Nader said. Nader and other critics point to a history of cases in which class-action suits enabled consumers to recoup losses and compelled companies to stop selling unsafe products. A recent example: a suit by Volkswagen owners in the U.S. who won about $11 billion in compensation from the German company in its emissions cheating scandal.
INVITATION TO BID FOR REINSTATEMENT OF DAMAGES CAUSED BY HURRICANE MATTHEW TO THE LIGHTHOUSE YACHT CLUB & MARINA AT FRESH CREEK ANDROS ISLAND, BAHAMAS The Hotel Corporation of The Bahamas (“The Corporation”) invites bids for the reinstatement of damages caused by Hurricane Matthew to the Lighthouse Yacht Club at and Marina at Fresh Creek Andros Island, Bahamas Prospective bidders are invited to collect an outline of SCOPE OF WORKS FOR THE REINSTATEMENT OF DAMAGES CAUSED BY HURRICANE MATTHEW TO THE LIGHTHOUSE YACHT CLUB & MARINA AT FRESH CREEK ANDROS ISLAND, BAHAMAS at the undersigned address. Bids must be submitted in sealed envelopes marked “BID FOR REINSTATEMENT OF DAMAGES TO THE LIGHTHOUSE YACHT CLUB AND MARINA” and addressed to the undersigned to arrive between the hours of 9:00 a.m. and 5:00 p.m., Monday to Friday, and no later than 10:00 a.m. Tuesday April 4, 2017, when all bids would be opened in the presence of all bidders wishing to attend. The Board reserves the right to reject any or all bids. Corporate Secretary The Hotel Corporation of The Bahamas 3rd Floor British American House (formerly Euro Canadian Centre) Marlborough Street Nassau, Bahamas
PAGE 4, Friday, March 10, 2017
‘Dump burns for same reason the country is broke’ From pg B1 there’s too much meddling from the politicians.” Mr Myers said governance issues also weighed heavily in the fate of the $23.5 million Inter-American Development Bank (IDB) loan to the Bahamas in 1999, which financed the bulk of the $33.5 million Solid Waste Management initiative that was designed to cure the landfill woes - and not only on New Providence. “It’s not just in Nassau,” he told Tribune Business. “It’s evident that monies that were loaned to build proper facilities in the Out Islands have been squandered and misappropriated, and those landfills were not completed properly. It’s a bigger problem than we thought. That’s all part and parcel of what we’re trying to correct.” The Auditor-General, in a 2011 report to the Public Accounts Committee, said “possible fraud” and collusion resulted in $600,000$700,000 overpayments to contractors working on a the $33.5 million project, resulting in his recommendation that police investigate the affair.
Terrance Bastian revealed that the project to construct 18 landfills in various Family Islands spiralled out of control because the Department of Environmental Health Services (DEHS) suffered “a complete breakdown of internal controls”. The DEHS had hired two engineering firms, The Engineering Group and Shepard U Management Engineering Firm, to review the Solid Waste Management project “to determine whether the Government had received value for the public funds expended”. The Public Accounts Committee report said: “The engineering companies had concluded that there had been a large disparity between what should have been paid out and what had, in fact, been paid out. “The firms also determined that there had been overpayments to the contractors to the tune of $600,000 to $700,000.” Mr Myers, meanwhile described the New Providence landfill and its ongoing issues as “a micro thing”, with the ‘bigger picture’ project requiring a complete transformation of the Bahamas’
PM: Improved offer for Grand Lucayan From pg B1 condominium complex at Goodman’s Bay in New Providence. Tribune Business previously exclusively revealed Wynn’s identity as a potential purchaser of the Grand Lucayan, with its purchase price offer said to be around $110 million. Memories, the recently departed Hutchison hotel tenant and operator, and Hard Rock, were said to be part of its bid as hotel and casino partners, respectively. Memories blamed Hutchison’s intransigence over Hurricane Matthew-related repairs for its decision to leave Freeport at the end of January, a move that made 400-500 Bahamians jobless. Its Vacation Express tour operator, which supplied Grand Bahama with tourists from 13 US cities in the sum-
mer, also subsequently withdrew citing a lack of room inventory, costing the island 30 per cent of its market. “Hutchison’s hurricanerelated insurance claims still remain unsettled, thus complicating the restoration process,” said Mr Christie yesterday, in an explanation for why no repair work has yet started. Attempting to strike an upbeat tone amid the gloom surrounding Freeport’s resort industry, the Prime Minister added: “I had a very positive teleconference update from the prospective purchaser, who had expanded his offer to Hutchison, increasing the scope and level of investments. “He is now planning to involve four well-known brands in the operation of the hotels and casino. I’m speaking to it because it has now reached that stage
governance structure if the country is to get back on track as an economy and society. “We’ve got to put structures in place to change all that,” he added, “a structure that allows us to create efficiency and accountability.” Mr Myers argued that a Fiscal Responsibility Act, proper Freedom of Information Act, ‘whistleblower’ legislation and the creation of a government ombudsman to assist Bahamians in obtaining redress for executive actions. The businessman, whose Caribbean Landscaping enterprise lies to the west of the landfill, said yesterday was the first day since Saturday that he had been unable to smell the fire and associated fumes. “I don’t think there’s a single Bahamian, expatriate or foreign investor that isn’t hugely concerned,” Mr Myers told Tribune Business. “Aside from the fact it’s burning, it’s a massive environmental and health problem. If it’s not managed properly, it’s a huge environmental liability.” Other western New Providence businesses expressed similar concerns. Christopher Anand, managing partner at the high-end Albany development, said that while the project had been spared
the worst of the fumes and smoke, the landfill’s problems needed to be resolved swiftly. Urging the Government to “take the lead”, Mr Anand told Tribune Business: “I think the Government is well aware of what it needs to do, and we would hope they get on with it.” Emphasising that this was not criticism of any one political party or administration, Mr Anand added: “It’s not an issue that’s just evolved. Obviously, it’s been decades in the making, and it’s time to do something about it. “There are lots of ways to solve problems. I think the business community stands ready to help with solutions, but at the end of the day the Government has to take the lead.” George Damianos, president of Damianos Sotheby’s International Realty, who is based at Lyford Cay, said the landfill fire was unlikely to undermine real estate prices in western New Providence. “I don’t think it’s going to affect values at this time,” he told Tribune Business, “but I hope that we’ve seen the worst of it; the worst we’ve had over the years. “It’s not nice, it’s not good. I’d hate to be living close to that, inhaling the smoke and fumes.”
where I regard it as real.” Mr Christie added: “It is intended for him to add other attractions, and work with stakeholders to turn the entire Lucayan strip into a distinctive and lively destination. “What excited me about the discussions was that for the first time I started to feel that we have an opportunity, through this level of interest, that is going to integrate into the tourism mix in Grand Bahama some wonderful brands.” However, noticeably absent from Mr Christie’s comments was anything about how Hutchison Whampoa has reacted to the offer, and whether it is prepared to sell the Grand Lucayan on terms - and at a price - acceptable to a buyer. The damage inflicted by Hurricane Matthew removed 1,500 rooms from Grand Bahama’s hotel inventory, with Memories now totally closed. At the Grand Lucayan, just 200 rooms are open at the Lighthouse
Point section, with Breaker’s Cay also entirely closed following the Category Four storm. The closures have not only negatively impacted stopover tourist arrivals and employment, but also the wider Grand Bahama tourism economy, especially overnighting cruise passengers and businesses at the Port Lucaya Marketplace. Hurricane Matthew arrived amid efforts by Hutchison Whampoa’s property arm, Cheung Kong Property Holdings, and its HVS Capital Corporation adviser, to sell the Grand Lucayan - a process that has been underway since early summer 2016. Tourism Minister Obie Wilchcombe confirmed to Tribune Business back in January that Memories/Sunwing was seeking to partner with Hard Rock and the Wynn Group on a joint bid to acquire the entire Grand Lucayan resort, including its own property.
Career Opportunity
THE TRIBUNE
New car dealer blow from Auto Show postpone From pg B1 bury added. “We’ve looked around. The bank had done something at the new National Stadium late last year, but that exposes us to the weather. “We haven’t ruled out any of the hotel convention centres if they’re reasonable on costs. But the Mall is good value for what they charge us, and we have good foot traffic flowing through there. I’ve been doing this for 27 years, and the Mall is good value for money.” Mr Albury emphasised that no alternative venue shared the Mall’s characteristics of space, price competitiveness and floor traffic, making it almost impossible to hold the Car Show in its traditional endMarch/early April slot. The event plays a critical role for BMDA members, as the visibility provided through the presence of virtually all new car dealers, together with the ‘deals’ traditionally offered by banks and insurance companies, tends to spike consumer interest and lead to a sales boost. That increase may not happen now, further hurting dealers in a market that has failed to recover from the 2008-2009 recession, and which take a further ‘nosedive’ following ValueAdded Tax’s (VAT) arrival in 2015. “It’s unfortunate and it’s a little disappointing,” Mr Albury told Tribune Business of the likely postponement, “but it’s out of our control and we just gave to work with it. “Most of the dealers had brought in inventory for the
show, but we found out the Mall was too far gone with renovations. This might be for the next couple of years. “In the past, the consumers got sensitised to having the Show at this time, and if they were seriously thinking of trying to purchase a vehicle, they’d start inquiring when the show was because the banks would give lower interest rates and the insurance companies would give discounts.” Mr Albury said BMDA members may have to offer ‘in-house specials’ and other creative pricing strategies to “offload inventory” normally showcased by the Car Show, should the event be moved back to October. He conceded that any postponement would not help a new auto market that has been struggling with “flat sales” for the past two years since VAT’s implementation. “The market has shifted from sedans to smaller vehicles, and I am not seeing much of a pick up,” Mr Albury said. “My forecast this year is that it will be the same as the last two years. “It’s been rough out there. I don’t have the numbers year-to-date, but I think it’s on a par with last year. The used cars are still flooding into the marketplace, and it’s even got to the point where used car dealers are feeling the pinch, and cutting back or closing up. “Individuals are bringing in four to five cars and selling them by the side of the road. We see it all over town. It’s uncontrolled; Dodge City out here, a free for all for everybody.”
NOTICE FLOWER HILL (PTC) LIMITED ________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 23rd day of February, 2017.
FINANCE ACCOUNTANT ASSOCIATE
JPMorgan is currently seeking applications for a Finance Accountant Associate. JPMorgan Private Bank is a global wealth management leader that delivers the highest quality advice, service, capabilities and products to high net worth individuals and families in 36 countries around the world. We deliver highly customized and tailored solutions to help clients with the many complexities they face by leveraging all the commercial and investment banking capabilities of the firm. Our Team The purpose of the Controller’s group is to ensure that the financial statements are complete and accurate, regulatory requirements are met, and an adequate control environment is in place for the business from a global perspective. Core Responsibilities • General Ledger Operation: preparation, review and approval of journal entries, ledger maintenance, and reviews of balance sheet and income statements. • Month-‐end Closing: calculate, book and oversee accruals and reserves. Prepare and review revenue & expense variance & trend analysis. Oversight of Inter-‐company transactions which includes review and resolution of all Inter-‐Company breaks. Work closely with fee operation team on the preparation of monthly revenue accruals. • Regulatory Reporting – accurate regulatory reporting filed in a timely manner. Co-‐ordination of audits. Provide data as required to corporate and regulatory groups. • Financial Reporting – preparation of Board Packages and Legal Entity Financial Reports. Provide MIS reports and analysis to business on an ad-‐hoc basis and participate in periodic local committee meetings. • Treasury Operations – monitor legal entities’ daily cash movements and transfers, oversight liquidity and regulatory exposure, provide appropriate funding of the legal entities DDA accounts as well as assist with the local account payable functions. • Controls Environment – establishing and maintaining a controlled ledger environment as it pertains to corporate policy, US GAAP and IFRS. • Major Business Initiatives Support – provide guidance & support in the new business initiative process (including new products, merger & integration). Participate in the projects related to systems consolidation & conversions. Qualifications • 3+ years of banking/financial industry experience as a financial accountant or auditor. • Ability to multitask in a changing environment with attention to detail. • Strong analytical and problem solving skills – ability to analyze complicated problems/scenarios to develop root cause analysis as well as remediation steps. • Excellent communication skills • Strong organizational skills • Experience working in an environment that requires attention to detail and a dherence to strict rules/standards. • Ability to work independently and take ownership of processes and functions. • Excellent computer skills and capabilities. Knowledge of Microsoft office required. This position is located in Nassau, The Bahamas. Interested persons can apply to J.P. Morgan Chase online at: www.careers.jpmorgan.com Careers Home Page -‐>Experienced Professional: Browse Roles -‐> Find Roles -‐> Keyword: [enter] Bahamas -‐> Search for Jobs Job Requisition number: 170023872 Deadline to submit application is March 17, 2017
Delano Aranha Liquidator of FLOWER HILL (PTC) LIMITED NOTICE RED WOOD (PTC) LIMITED ________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 23rd day of February, 2017. Delano Aranha Liquidator of RED WOOD (PTC) LIMITED NOTICE EAGLE WOOD (PTC) LIMITED ________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 23rd day of February, 2017. Delano Aranha Liquidator of EAGLE WOOD (PTC) LIMITED
THE TRIBUNE
Friday, March 10, 2017, PAGE 5
GOP leaders claim momentum as health bill clears hurdles WASHINGTON (AP) — Republican leaders drove their long-promised legislation to dismantle Barack Obama’s health care law over its first big hurdles in the House on Thursday, claiming fresh momentum despite cries of protest from right, left and center. After grueling all-night sessions, the Energy and Commerce and Ways and Means committees both approved their portions of the bill along party-line votes. The legislation, strongly supported by President Donald Trump, would eliminate the unpopular tax penalties for the uninsured under the Affordable Care Act, replacing Obama’s law with a conservative blueprint likely to cover far fewer people but — Republicans hope — increase choice. The vote in Ways and Means came before dawn, while the Energy and Commerce meeting lasted past 27 hours as exhausted lawmakers groped for coffee refills, clean shirts and showers. Angry Democrats protested that Republicans were acting in the dead of night to rip insurance coverage from poor Americans. But Republican leaders sounded increasingly confident that, after seven years of empty promises about undoing Obama’s law, they might finally be able to overcome their own deep divisions and deliver a bill to Trump to sign. “This is the closest we will ever get to repealing and replacing Obamacare,” Speaker Paul Ryan of Wisconsin said at a press briefing where he arrived in shirt-sleeves to deliver a wonky power-point pres-
House Speaker Paul Ryan of Wis. uses charts and graphs to make his case for the GOP’s longawaited plan to repeal and replace the Affordable Care Act, yesterday, during a news conference on Capitol Hill in Washington. (AP Photo) entation on the GOP bill, part TED Talk and part “Schoolhouse Rock.” “The time is here. The time is now. This is the moment. And this is the closest this will ever happen,” Ryan said. Leaders are aiming for passage by the full House in the next couple of weeks, and from there the legislation would go to the Senate and, they hope, on to Trump’s desk. The president has promised to sign it, declaring over Twitter on Thursday, “We are talking to many groups and it will
end in a beautiful picture!” Yet at the same time the president is leaving himself a political out, privately telling conservative leaders that if the whole effort fails, Democrats will ultimately shoulder the blame for the problems that remain. That’s according to a participant in the meeting Wednesday who spoke only on condition of anonymity to relay the private discussion. Democrats reject that notion, and the entire GOP effort. “What we have seen is the
“The time is here. The time is now. This is the moment. And this is the closest this will ever happen”
Republicans’ long-feared and job-killing health bill that means less coverage and more cost to American people,” said House Minority Leader Nancy Pelosi of California. “I don’t think the president really knows what he’s talking about.” The GOP legislation would kill Obama’s requirement that everyone buy insurance by repealing the tax fines imposed on those
who don’t. The bill would replace income-based subsidies Obama provided with tax credits based more on age, and insurers would charge higher premiums for customers who drop coverage for over two months. The extra billions Washington has sent states to expand the federal-state Medicaid program would phase out, and spending on the entire program would be capped at per-patient limits. Around $600 billion in tax boosts that Obama’s statute imposed on wealthy Americans and others to finance his overhaul would be repealed. Insurers could charge older customers five times more than younger ones instead of the current 3-1 limit but would still be required to include children up to age 26 in family policies, and they would be barred from imposing annual or lifetime benefit caps. Democrats said the Republicans would yank health coverage from many of the 20 million people who gained it under Obama’s statute, and drive up costs for others. And they accused Republicans of hiding bad news by moving ahead without official estimates from the nonpartisan Congressional Budget Office on the bill’s cost to taxpayers and its anticipated coverage.
And even as Republican leaders expressed confidence, enormous obstacles remained. A growing coalition of interest groups has lined up in opposition, including AARP and numerous medical professionals, from mental health providers to doctors, nurses, hospitals and more. Republican senators from politically divided states have voiced qualms about the changes to Medicaid, and opposition remains from conservative lawmakers and groups. There were signs, though, that some of that conservative opposition could be softening amid concerted lobbying from Trump, Vice President Mike Pence and other administration officials. Trump dined Wednesday night with Sen. Ted Cruz of Texas, a skeptic of the bill, and kept up his wooing efforts Thursday, inviting a group of lawmakers including two influential House conservatives to lunch at the White House. One of them, Rep. Mark Meadows of North Carolina, who chairs the House Freedom Caucus, said afterward that there are still “major concerns that need to be addressed, but I really appreciate the president’s willingness to consider issues that are important to all Americans.”
JOB OPPORTUNITY:
CHIEF CURATOR Applications are invited from suitably qualified professionals for the post of Chief Curator at The National Art Gallery of The Bahamas. The NAGB is an independent quasi-governmental corporation. Hired persons are employees of the Board and work on fixed-term independent contracts. No pension or health care is provided. The Chief Curator is responsible for the selection, presentation, care and scholarly interpretation of the National Collection for the public and the development of an exhibition schedule for the NAGB. He/she will have a clear vision for the Gallery’s exhibition program and how the National Collection is researched, documented and interpreted. The Chief Curator is a museum professional who has demonstrated excellence in curation and is capable of budget planning, grant writing and all financial aspects of creating, implementing and installing an exhibition. This is a fulltime position.
Key Responsibilities include:
Oversee management of gallery collection including the development of a database to catalogue the National Collection and its historicization with the wider curatorial team; Plan and coordinate the gallery’s exhibition programme; coordinate exhibition, education and outreach activities; Administer gallery activities with Education Officer and Communications and Development Officer; Solicit and secure exhibition opportunities for Bahamian Artists, residencies and other professional placement opportunities; Oversee the research and writing of the history and descriptions of The National Collection items to properly illustrate display and catalogue items in conjunction with curatorial team; Coordinate exhibit design, planning, production, and installation including working with visual artists to support their projects; Oversee cataloging and care for the National Collection, including overseeing the development and maintenance of the collections database; Staff training and supervision in curatorial practices, arts education, communications and community outreach efforts; Supervise curatorial assistants, trainees and interns; Oversee the organization, scheduling and implementation of educational and public outreach programmes e.g. tours, workshops, and lectures;
PERSONAL SPECIFICATIONS:
The applicant must have the equivalent of a Master’s Degree or Ph.D. from relevant areas such as Anthropology, Cultural Studies, Museum Studies, Art History, Contemporary Art, or Curatorial Studies; four-to-six years of experience working in an art gallery, museum or related environment, with a portion of those years in a leadership role; proven knowledge of the region, including research projects; a clear understanding of national and regional artists and art histories in relation to international art histories and market trends and of current international trends, exhibitions and markets so as to advise on direction for Bahamian artists; of museum policies, policies, practices, and procedures. The Chief Curator must display excellent organizational, planning and administrative abilities with outstanding verbal and written communication skills; engagement in the Museum’s development and readiness to work unfavourable hours; creativity, and flexibility. Capabilities must include MS Office and cataloguing software for museums, contemporary exhibition design and fabrication methods; scale, balance, proportion, and colour; knowledge or familiarity with architecture, graphic and building design; knowledge of materials and basic conservation of objects. Please send the following documents in support of your application: 1. CV or résume 2. Letter of Intent 3. Writing sample of under 1,000 words. 4. 3 Letters of recommendation. Note: Make sure your application and any attachments to the application submitted at the time of filing are complete and accurate and include details on all experience, education, training and other information that qualifies you for this recruitment. Failure to submit a complete and accurate application at the time of filing may result in your ineligibility for this recruitment. Only the most qualified applicants will continue on in the selection process. Review Process: The review process will include evaluation of applications in relation to minimum requirements. Only those applicants whose qualifications most closely meet the needs of the Department will be invited for an interview. Application deadline, March 24th, 2017 For further questions, please contact Amanda Coulson, Director, The National Art Gallery of the Bahamas at acoulson@nagb.org.bs.
PAGE 6, Friday, March 10, 2017
THE TRIBUNE
Greece sees progress in ongoing bailout talks with creditors ATHENS, Greece (AP) — Greece’s government wound up yet another round of talks with its creditors Thursday without a breakthrough that would unfreeze bailout payments, although a Greek official said progress has been made and differences can be ironed out in the next week and a half. Government spokesman Dimitris Tzanakopoulos said the main point of friction is Greece’s bid to restore collective wage bar-
gaining. “In any case, we will try to bridge these differences in coming days,” he said. The current talks were initially scheduled for completion last year, and the delay has increased jitters over the country’s prospects amid a sharp drop in October-December output. A deal would allow the release of loans from the country’s 86-billion euro bailout, without which Athens will be unable to handle a summer spike in sched-
uled debt payments. That would leave Greece staring at a potential exit from the euro — so-called Grexit, a scenario it has repeatedly encountered since the first bailout deal in 2010. The left-led government has already agreed to extend austerity measures, expected to include further pension cuts and higher taxation, beyond the end of the current three-year bailout program in mid-2018. Nevertheless, it insists that additional pain for austerity-weary Greeks after the bailout expires will be fully offset by benefits — provided Greece meets its ambitious budgetary targets. Over the past ten days, Greek officials have been negotiating in Athens with
Protesting farmers place a greek flag on a police vehicle outside the Greek Agriculture Ministry, in Athens. Yesterday several hundred farmers from the island of Crete are protesting against government tax reforms tied to the country’s international bailout. (AP Photo) days, with a view to build on existing progress. Athens hopes to establish the framework of a deal by a March 20 meeting of European finance ministers, Tzannakopoulos said, adding that this would form part of a later “comprehensive agreement” that would include measures to relieve
Greece’s debt mountain. “For the first time in eight years, we are close to a comprehensive solution that won’t just move the problem on, but will create the necessary conditions for our final exit from bailouts and supervision,” he said.
Trump administration announces steps to avoid debt default
the level of debt in effect at that time. The debt currently stands at $19.8 trillion. Once the limit goes back into effect, the Treasury Department has the power to employ a variety of bookkeeping maneuvers, such as temporarily reducing investments from civil service pension funds to clear room to allow the government to keep borrowing and paying its bills. Those bills range from making interest payments on the existing debt to paying Social Security benefits and federal employee salaries. In its report, the CBO estimated that various “extraordinary measures” plus the normal tax revenue flow will enable the government to meet its obligations “until sometime in the fall.” The CBO report did not provide specifics on the date Treasury will exhaust its maneuvering room.
WASHINGTON (AP) — The Trump administration is letting Congress know that it will begin taking steps next week to keep the government from an unprecedented default on the national debt. Treasury Secretary Steven Mnuchin said in a letter to lawmakers released Thursday that he will employ measures to avoid breaching the borrowing limit once the current suspension of the limit expires on March 16. Once that happens, Treasury will use a variety of bookkeeping maneuvers to continue to finance government operations, including making interest payments on the national
the country’s European creditors and the International Monetary Fund, both on reforms that are currently required and post-bailout cutbacks. The meetings concluded Thursday, but a government official said negotiations would continue through conference calls in coming
debt. However, the Congressional Budget Office estimated in a report earlier this week that those measures will be exhausted by sometime in the fall. In his letter to all members of Congress, Mnuchin urged lawmakers not to delay acting. “As I said in my confirmation hearing, honoring the full faith and credit of our outstanding debt is a critical commitment,” Mnuchin wrote. “I encouraged Congress to raise the debt limit at the first opportunity so that we can proceed with our joint priorities.” Under former President Barack Obama, Republicans often sought to use must-pass legislation to
MARKET REPORT THURSDAY, 9 MARCH 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,907.65 | CHG 3.47 | %CHG 0.18 | YTD -30.56 | YTD% -1.58 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.27 2.72 1.60 5.83 9.75 11.00 9.25 6.90 12.01 11.00
52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 3.80 8.15 5.56 7.72 11.00 2.18 1.31 5.80 6.78 8.56 7.00 6.35 11.92 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 2.03 3.92 1.94 169.70 141.76 1.47 1.67 1.57 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 5.83 10.48 11.86 2.07 1.55 5.83 9.75 10.00 9.25 6.90 12.01 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 100.00 100.00 100.00 105.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.07 1.55 5.83 9.75 10.14 9.25 6.90 12.01 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.17 0.00 0.00 0.00 0.00 0.00 0.00 0.14 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
105.12 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.25 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 299 100 200 7,784 2,945 5,800
200 15,770 5,200
VOLUME
200 NAV 2.03 3.92 1.94 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 0.000
P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 14.0 23.3 107.8 20.3 19.4 19.4 18.8 10.6 11.3 23.5 19.7 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 0.0
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% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.44% 4.13% 2.90% 3.87% 4.12% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00%
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
raise the borrowing limit as leverage to force the administration to impose greater controls on spending. In one standoff in August 2011, the Standard & Poor’s rating agency issued a first-ever downgrade of a portion of America’s debt, citing the 11th-hour maneuvering that was need to raise the limit that year to avoid a default. The debt ceiling, which sets the amount of money the government can borrow, has been suspended since October 2015 as part of a budget agreement reached between Democrats and Republicans. But that suspension will expire on March 16 when the debt limit will be re-imposed at
NOTICE
NOTICE is hereby given that BRENTNOL ELEAZER NICHOLLS of Queens Highway, Nicholls Town, North Andros, 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 10th day of May, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that PATRICK AUGUSTIN of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of May, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that JAMES GUILLAUME of Bar 20 Corner, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of May, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
NOTICE is hereby given that ALTON FRANCOIS of Rocky Pines, Gladston Rd., Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, ANDRONIQUE JAVONNE THOMPSON of South Beach Oxford Drive, Nassau, Bahamas intend to change my name to ANDREW JAVONNE THOMPSON. If there are any objections to the change of name by deed poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.
THE TRIBUNE
Friday, March 10, 2017, PAGE 7
Board rejects Puerto Rico fiscal plan as unrealistic
President of the European Central Bank Mario Draghi speaks during a news conference in Frankfurt, Germany, following a meeting of the ECB governing council. (AP Photo)
European Central Bank: Global politics now the bigger risk FRANKFURT, Germany (AP) — The head of the European Central Bank says global political events like Brexit and turbulent election campaigns in Europe pose increasing risks for the economy. Mario Draghi said that the international arena has become more troubling since last year even as the 19-country eurozone’s economy continues to heal from its own home-grown and drawn-out economic difficulties. “If one wants to assess the balance... we would say that the domestic sources of risks have been more contained,” Draghi said at a news conference after the bank left its stimulus programs unchanged. “And the geopolitical global risks share of importance, if anything, has gone up.” Risk factors Draghi mentioned include the raft of European elections this year in France, the Netherlands and Germany that will give right-wing candidates opposed to the EU and euro membership a chance to test their support. And Britain is due to start its official divorce talks with the European Union within weeks. New U.S. President Donald Trump has raised uncertainty about U.S. policy on trade as well as toward the dollar by at one point mentioning the currency was “too strong.” One of his trade advisers accused Germany of benefiting from a too-weak euro. Draghi rejected such criticism, citing the U.S. Treasury’s own assessment that the ECB has not intervened in currency markets. He said it was especially important for countries to avoid protectionism and stick with commitments not to devalue their currencies to grab a quick trade advantage at others’ expense. Finance ministers from the Group of 20 biggest economies, including new U.S. Treasury Secretary Steven Mnuchin, are to get a chance to do that at a meeting in Baden-Baden, Germany, next week. Draghi said that while geopolitical events have not derailed the economy’s recovery so far, it was unwise to become complacent. “We don’t know yet how these risk events will reverberate on the economic situation,” he said. Draghi was speaking after the ECB decided against changing the size or duration of its stimulus programs, even though economic growth across eurozone appears to be picking up steam and inflation has risen to the bank’s targets. Draghi pointed out that the recent rise in the annual inflation rate to 2 percent — past the ECB’s target of just below 2 percent — has come from higher oil prices, and not from fundamental improvements in the economy such as higher wages for workers. He said underlying inflation across the region is still too weak for the bank to start the process of withdrawing its monetary stimulus efforts. Core inflation, which strips out the volatile items of food, energy, alcohol and tobacco, has been stubbornly low over recent months at an annual rate of 0.9 percent. In light of the near-doubling in headline inflation rate to 2 percent in the past few months, the ECB, which is the chief monetary authority for the 19 countries that use the euro, sharply raised its inflation projection for this year, to 1.7 percent from
1.3 percent previously. The inflation estimates for 2018 was nudged up to 1.6 percent from 1.5 percent while the forecast for 2019 was left at 1.7 percent. Draghi credited the bank’s stimulus for the improvement in the economy and said that data suggest growth will continue “to firm and broaden.” The eurozone economy grew 1.7 percent last year as the bloc continues to recover from a crisis over high debt that threatened to break it apart in 2011-2012. Unemployment has slowly fallen to 9.6 percent with big differences among member countries; Germany’s is at 3.9 percent but Greece, still struggling with bailouts, has a rate of 23 percent. By comparison, the rate in the U.S. is 4.8 percent. The ECB kept its bond purchases from banks — a form of stimulus — unchanged at 80 billion euros ($85 billion) this month and 60 billion euros per month through the end of the year. It held its key short-term interest rate benchmark at zero, and maintained its rate on deposits from commercial banks at minus 0.4 percent. That is in effect a tax aimed at pushing banks to lend the money, not stash it at the ECB. Now that inflation has reached 2 percent, calls have arisen to start withdrawing the stimulus, particularly in Germany, where the stimulus was never popular in the first place. German economists, media and politicians have bemoaned low interest rates on savings and pension products. Some have argued that the low rates bail out indebted governments such as Italy, which face less pressure to reduce budget deficits because they can borrow cheaply.
SAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor clashed on Thursday with a federal control board overseeing the island’s finances after it rejected his fiscal plan for the U.S. territory’s economic future as being unrealistic and too optimistic. Gov. Ricardo Rossello said his administration is willing to meet with board members to talk about disagreements over financial data but warned he would not support a plan that contains erroneous information. “Every decision we take based on faulty data that affects the people of Puerto Rico is just unacceptable,” he said. “We need to have a level head. We need to think about what the implications are.” Rossello spoke with reporters just hours after the board issued a letter rejecting his plan and demanded that he submit a revised one by Saturday morning. The board said the plan does not ensure funding for essential public service nor does it provide a path to restructuring debt and pension obligations to reach a sustainable level. “Specifically, the proposed plan is based on unrealistic projections of economic growth, substantially underestimates spending, and reflects overly optimistic revenue projections,” the board said. It also said that based
on an analysis, it found the government’s expenditures could be understated by $60 million to $510 million and the liquidity projection by $300 million. It said general fund expenses should be increased by $585 million and that the government should reduce expenditures in legislative and executive branches and consolidate schools to reflect a drop in students as an exodus to the U.S. mainland continues. The letter comes less than 24 hours after the board urged Rossello’s administration to take emergency actions to offset a critically low cash flow. It recommended the government impose a furlough for certain government workers, slash professional services contracts by 50 percent and cut health care costs. The board is expected to approve a 10-year fiscal plan on Monday that many believe will be amended to include additional austerity measures. Rossello did not say specifically whether he would submit a revised plan by Saturday, stressing that he preferred to first meet with board members to talk about whether there’s a need for amendments. “This doesn’t need to be a battle,” he said. “We need to remember who gets to pay the price if this gets done in an incorrect manner. And it’s the people of Puerto Rico.” The letter was issued on
the same day that Rossello and other government officials spoke before hundreds of Puerto Ricans at a conference organized by an advocacy group representing some of the estimated 60,000 individual bondholders — many of them locals. They hold roughly $15 billion of the nearly $70 billion public debt that Puerto
public property or getting government loans to open a business. Many of the bondholders have filed lawsuits that have been temporarily blocked by congressional action that also created the federal control board with power to impose austerity measures. The deadline on the stay on lawsuits expires in May, but
“We need to remember who gets to pay the price if this gets done in an incorrect manner. And it’s the people of Puerto Rico” Rico is seeking to restructure as the government runs out of money. Hedge funds hold about a third, and officials say it’s not clear who holds the rest. Top Puerto Rico legislators pledged to help local investors in government bonds who face deep losses as the U.S. territory defaults on a series of debts due to an economic crisis. Carlos Mendez, the president of Puerto Rico’s House of Representatives, promised to seek tax credits for local bondholders who suffer losses. And Senate President Thomas Rivera Schatz said he would push for legislation that would give them priority in buying
the government has asked the control board overseeing the island’s finances to extend it until December. Members of the crowd pelted officials with questions about when they might be paid, what kind of losses they might face and why the debt has not been audited. One asked whether the government can guarantee that at least interest will be paid. “The government aims to meet those obligations,” Schatz said. “But it wouldn’t be honest of us to say it’s guaranteed.” Among the bondholders at the event was retiree Mercedes Pont, who worked in publicity until she got laid off in 2011.
Legal Notice
INTERNATIONAL BUSINESS COMPANIES ACT, 2000
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
S4 HOLDING COMPANY LTD.
NOTICE FLORAL EXPORT LIMITED In Voluntary liquidation
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). FLORAL EXPORT LIMITED, is in Dissolution.” The date of commencement of dissolution is the 8th day of March, 2017.
Raj Kumar Yadav of P.O. Box 80835-00650 Liquidator
INTERNATIONAL BUSINESS COMPANIES ACT, 2000 PRIVAL BONDS LATAM FUND LTD. NOTICE is hereby given that in accordance with Section 138 (8) of The International Business Companies Act, 2000, the Dissolution of PRIVAL BONDS LATAM FUND LTD. 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 A.D., 2016. Michael C. Miller Liquidator INTERNATIONAL BUSINESS COMPANIES ACT, 2000 GVE HOLDINGS LIMITED NOTICE is hereby given that in accordance with Section 138 (8) of The International Business Companies Act, 2000, the Dissolution of GVE 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 30th day of December A.D., 2016. Michael C. Miller Liquidator
NOTICE is hereby given that in accordance with Section 138 (8) of The International Business Companies Act, 2000, the Dissolution of S4 HOLDING COMPANY LTD. 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 22nd day of December A.D., 2016. Michael C. Miller Liquidator
PAGE 8, Friday, March 10, 2017
THE TRIBUNE
China says it followed law in approving 38 Trump trademarks SHANGHAI (AP) — China on Thursday defended its handling of 38 trademarks it recently approved provisionally for President Donald Trump, saying it followed the law in processing the applications at a pace that some experts view as unusually quick. Democrats in Congress were critical of Trump after The Associated Press reported Wednesday that the potentially valuable trademarks had been granted, raising questions of conflict of interest and political favoritism. One senator said the issue “merits investigation.” Trump has sometimes struggled to win trademarks from China; he secured one recently after a 10-year fight that turned his way only after he declared his candidacy for the presidency. China’s foreign ministry spokesman Geng Shuang said in a regular briefing with reporters that Chinese authorities handle all trademark applications “in accordance with the law and regulation.” He declined to comment on speculation about political influence on Trump’s trademark approvals. Critics fear foreign governments might gain leverage from Trump’s global portfolio of brands. Democrats in Congress have been pushing Trump to sever financial ties with his global businesses to avoid potential violations of the emoluments clause of the U.S. Constitution, which bars federal officials from accepting anything of value from foreign governments unless approved by Congress. The monopoly right to a successful brand in a market like China can be worth huge sums. Former top ethics lawyers from the administrations of Barack Obama and George W. Bush say any special treatment from Beijing in awarding Trump intellectual property protection would violate the Constitution.
Concerns about political influence are particularly sharp in China, where the courts and bureaucracy are designed to reflect the will of the ruling Communist Party, and foreign companies and the lawyers that work for them regularly ask embassy staff for help lobbying Chinese officials. Spring Chang, a founding partner at Chang Tsi & Partners, a Beijing law firm that has represented the Trump Organization, declined to comment specifically on Trump’s trademarks. But she did say government relations are an important part of trademark strategy in China. She said she has worked with officials from both the U.S. and Canadian embassies to help her clients. The key, she said, is “you should communicate closely with the government to push your case.” Drawing on public records from the Trademark Office of the State Administration for Industry and Commerce, the AP compiled a detailed list of 49 trademarks Trump’s lawyers applied for in 2016, even as he railed against China on the campaign trail. On Feb. 22, seven of those marks were rejected , though public records do not indicate why. China granted preliminary approval for 38 marks on Feb. 27 and Mar. 6. Four applications are pending. Matthew Dresden, a China intellectual property attorney at Harris Bricken in Seattle, said the rejections suggested that the trademark office hadn’t done Trump any special favors. “Some did not go through, that suggests it’s just business as usual,” he said. Dan Plane, a director at Simone IP Services, a Hong Kong intellectual property consultancy, said it would be difficult to draw firm conclusions without in-depth research. However, he said the efficiency of China’s trademark office in handling Trump’s caseload suggested favor for a
Computer screens showing some of the Trump trademarks approved by China’s Trademark office and seen on their website in Beijing, China, yesterday. China has granted preliminary approval for 38 new Trump trademarks, fueling conflict of interest concerns and questions about whether President Donald Trump is receiving special treatment from the Chinese government. (AP Photo) man whose decisions could have a powerful impact on China. “For this many marks to all sail through to preliminary approval this quickly, with nary an issue in sight — that is unheard of to me, and I have been doing this for 16 years,” he said. “I wish my clients’ applications would be dealt with half as expeditiously and graciously.” If no one objects, the new marks will be officially registered after 90 days, bringing the number of Trump’s trademarks in China to 115. Nearly all are in the president’s own name; a few are registered to a Delaware company called DTTM Operations LLC. The new marks could lay the groundwork for an ex-
panded range of branded businesses, including financial, insurance and real estate services, golf clubs, educational institutions, restaurants and bars. A number of the trademarks granted, including those for “social escort” and “body guard” services, appeared to relate specifically to hotels. Other international
hotel companies whose documents were reviewed by AP sought similar trademarks. It’s unclear whether any of these Trump-brand businesses will materialize in China. Many companies here register trademarks just to prevent others from using their name inappropriately. Trump has also
said he will refrain from new foreign deals while in office. Trump began to file trademark applications in China in late 2005, an effort that accelerated in 2008 as Trump’s lawyers fought for control of Chinese variations of his name, public records show. Years of ambition in China, however, have yet to yield a single marquee development. And despite all the recent activity, Trump still doesn’t have a firm hold on his brand in China. More than 225 Trump-related marks are held or sought by others in China, for an array of things including Trump toilets, condoms, pacemakers and even a “Trump International Hotel.” Trump Organization chief legal officer Alan Garten said the latest registrations were a continuation of efforts that long predate Trump’s presidential run. “Any suggestion to the contrary demonstrates a complete disregard of the facts as well as a lack of understanding of international trademark law,” he said in an email. But a growing number of Democrats disagree. After AP reported Wednesday about the sweep of new approvals, Senators Debbie Stabenow and Ben Cardin called a press conference to lambaste President Trump for his growing Chinese entanglements. Also citing AP’s report, Senator Richard Blumenthal said on the Senate floor that Trump’s intellectual property in China “merits investigation.” “This President’s conflicts of interest are creeping into every corner of the world,” he said in an email to the AP. “The consequence is that he has done nothing to counter Chinese currency manipulation, trade rules violations, military buildup, and other aggressive Chinese actions. Standing up for a great America means putting our nation before personal profit.”