05092017 business by tribune242

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TUESDAY, MAY 9, 2017

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BOB’s Central Bank row ‘very troubling’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bank of the Bahamas (BOB) shareholders yesterday said it was “very, very troubling” that it was resisting the Central Bank’s regulatory demands, warning this would only further undermine confidence in the troubled BISX-listed institution. Dionisio D’Aguilar, the FNM’s Freetown candidate, told Tribune Business that he and all other minority investors had already “written off” their investment in BOB after it racked up more than $120 million in collective losses over the past three-and-a-half years. “It is very, very troubling that they are resisting the regulation of the Central

Shareholders fear depositor confidence erosion Bank ‘confident’ of solution to regulatory differences

Investors still waiting two years later on recovery plan Bank,” Mr D’Aguilar said of BOB. “I don’t think any clearing bank has done that; at least not publicly. “The purpose of the Central Bank is to regulate the banks operating in the jurisdiction, and if they are making demands on Bank of the

Dionisio D’Aguilar Bahamas, and Bank of the Bahamas is resisting, that doesn’t lend confidence to depositors that all is good.” Tribune Business exclusively revealed on Monday that Bank of the Bahamas is seeking the Supreme Court’s protection from the Central Bank, which is de-

manding an “immediate” $50 million increase in loan loss provisions and legal action against “politically exposed” bad borrowers. The Central Bank also wants BOB to convert its $10 million in contingent convertible bonds to common equity Tier 1 capital, with “all future capital injections.... paid in cash and constituting common equity Tier 1 capital”. Bank of the Bahamas is resisting the $50 million provisioning, and $10 million convertible bonds, demands, which resulted in the Central Bank levying a $100,000 fine for non-compliance with its supervisory requirements. This prompted the BISXlisted institution to initiate legal action in the Supreme See pg b4

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PM confirms secret energy bid process By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Opposition yesterday demanded full disclosure from the Government, after Prime Minister Christie confirmed the existence of a secret bidding process to improve Bahamas Power & Light’s (BPL) electricity supply. K P Turnquest, the FNM’s deputy leader, told Tribune Business that the Government’s quiet solicitation of bids did not pass ‘the smell test, given its secretive, lastminute nature so close to a general election. Calling on the Government to publicly disclose the identities of the bidders and details of their respective offers, Mr Turnquest expressed fears that the Christie administration was trying to strike “another Bluewater” type deal. That refers to the 20022007 Christie administration’s efforts to finalise the See pg b4

Talks ‘ongoing’ with preferred BPL generation offers Opposition demands full disclosure of bid details Says last-minute move ‘not clean in the smell’

Perry Christie Ex-minister slams ‘incredible’ Carnival bands estimate 1,000 reveller ‘no show’ Minnis’s tax break plan broke Treasury claims By NEIL HARTNELL By NATARIO McKENZIE ‘No denying’ Tribune Business Editor ‘Rally talk’ from ‘may come back to bite’ nhartnell@tribunemedia.net nmckenzie@tribunemedia.net postponement persons who ‘know Tribune Business Reporter

A former finance minister has branded as “incredible” FNM claims that the Public Treasury is broke, warning that this does a disservice to whoever is elected as the Bahamas’ next government. James Smith, also an exCentral Bank governor, told Tribune Business that the allegations were being made by persons who should know better, as the Government had numerous methods for financing its obligations. “I find it so incredible that people wishing to run a Government will be making these comments,” he told this newspaper of the ‘Treasury broke’ allegations. “You can only regard that as rally talk. “If that’s the case, what happens if you win and have had less experience of what’s going on for the last year or so. It will take time to work things through. “Some of these people know this. It can only be rally talk. I think that’s probably only to scare the uninitiated. It doesn’t help whoever comes back as government having to explain this.” Mr Smith, who has served the two Christie administrations as both minister and consultant, was speaking

better’

But no negative fall-out for sovereign credit rating Smith urges: ‘Don’t blow a hole in Budget’

James Smith after former prime minister, Hubert Ingraham, suggested on the campaign trail that “the money ain’ there” in the Public Treasury. He suggested that the next government will be unable to give police officers overtime pay on May 29, as promised by Prime Minister Perry Christie, adding See pg b5

Bahamas Junkanoo Carnival participants yesterday said there was “no denying” that the postponement debacle had impacted this year’s event, estimating that “no less than 1,000” revellers did not attend as a result. Dario Tirelli, the Bahamas Carnival Band Owners Association’s (BCBOA) president, estimated there were 3,000-plus persons on the weekend’s Road Fever Parade, a signature event of the festival. “Last year we had double that number, easy,” Mr Tirelli said. “I could estimate that no less than 1,000

debacle’s impact

Band owner chief urges more Road March promo persons didn’t come because of the change of the date and, in addition to the revellers, there would have been others persons who came with them who may not have necessarily been a part of the parade.” The Nassau event, which had been set for May 4-6, was suddenly postponed to May 18-20 due to conflicts See pg b5

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A former finance minster has warned that Dr Hubert Minnis’s Over-theHill tax break plan “may come back to bite”, as the main beneficiaries will be “wealthy absentee landlords”. James Smith, also an exCentral Bank governor, suggested that Dr Minnis’s proposals would not benefit Over-the-Hill residents and Bahamians who needed them most. “In the inner city, for the most part you have absentee landlords,” he told

Over-the-Hill incentives to aid ‘wealthy landlords’ And VAT exemptions to also benefit ‘rich households’ Ex-minister warns of ‘unintended consequences’ Tribune Business. “You’d not be handing it to people who live there; for the most part you’d be handing it to See pg b5

PAGE 2, Tuesday, May 9, 2017

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World Cup boosts Bahamas tourism

The FIFA Beach Soccer World Cup Bahamas 2017 at National Beach Soccer Arena on May 07, 2017 in Nassau, Bahamas. Photos/Manuel Queimadelos

The Bahamian tourism industry and wider economy have been boosted by the hundreds of visitors who descended on Nassau for the FIFA Beach Soccer World Cup 2017. Players and coaching staff from 16 teams, plus event officials and beach soccer enthusiasts, stayed in the Bahamian capital for two weeks or more. This was the first time the Beach Soccer World Cup has held in the Caribbean, and the East Bay Street stadium attracted more than 2,000 spectators for each day of the tournament. Thomas Berli, of Switzerland, said he travelled to the Bahamas with a group just to watch the World Cup. Switzerland was one of the 16 countries vying for the title. “We enjoyed it very much,” Mr Berli said. “We came with a group of 10. It’s crazy that we’re here to watch this. It’s amazing. It was great.” Switzerland lost in the semi-finals, but that did not stop the fans from coming out to enjoy the rest of the tournament. Matt Stanley, of New Hampshire, was vacationing in the Bahamas for three days but spent most of that time at the stadium.

“It’s been great so far. We saw some great matches,” said Mr Stanley. “It’s real exciting soccer on the sand. I am happy that I chose these dates for my vacation during the same time as the World Cup. It’s a great event to come and check out.” Mareen Guevara 32, who travelled from Trinidad and Tobago, added: “I loved the vibes at the stadium. It was always hype. This is a fun atmosphere. I wish I could watch the finals but I must return to Trinidad. “This is definitely the kind of events that we need in the Caribbean to build our profile. The Bahamas has done an amazing job pulling this off. And what a beautiful stadium. I’m happy to be here and to witness

history in the making. I will definitely be back.” Like most evenings, the stadium was packed on Sunday for the final games. Iran held off Italy for the third spot, before Tahiti lost in the final against Brazil, making the latter five-time World Cup champions. A large group of Tahitian fans travelled many miles to support their team to its second consecutive World Cup final, while fans from Brazil dominated the stands. The finalists were not the only teams to bring large groups to the Bahamas. Fans from Mexico, Panama, Portugal and the United Arab Emirates brought their flags and enthusiasm to Nassau to support their teams.

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Tuesday, May 9, 2017, PAGE 3

BISX share index in Appeal Court criticised on $700k insurance claim first quarter fall By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Privy Council yesterday expressed “the strongest reservations” over the Bahamian Court of Appeal’s failure to properly interpret an insurance contract in overturning a verdict that required RoyalStar Assurance’s predecessor to pay out a $700,000 claim. The highest court in the UK legal system found that the Court of Appeal considered “irrelevant” evidence in finding that a Sun Alliance (Bahamas) insurance policy covered the full property value of a dilapidated Freeport apartment complex, not just the proposed renovations. The Privy Council also “expresses its surprise” and dissatisfaction with the Bahamian legal system, noting that the case only came to trial in the Supreme Court in 2010 - despite having been filed in February 1997. “The Board is not fully

informed about the reasons for this delay, but considers that an interval of 13 years before an action comes on for trial cannot be consistent with the interests of justice,” the Privy Council judgment said. Then, in an admonishment, it said: “The Board understands that there are procedures which enable the Court to manage cases actively with a view to avoiding unnecessary delay. If such procedures exist, they should be used.” The underlying dispute involved the acquisition by Scandi Enterprises of a 12-unit, two-storey apartment complex, located at 45 Kings Road in Freeport, in 1990. It planned to renovate the property and rent out the units to tenants. “In July 1992, Mr Risse, a vice-president and partowner of the company, approached Donald Ward [then] of Insurance Management (Bahamas), which acted as local agents of the [Sun Alliance] insurers,” the Privy Council recalled.

“Mr Ward’s evidence, which the trial judge accepted, was that Mr Risse wanted to insure the building against the usual physical risks, but Mr Ward refused to insure the building because it was by then unoccupied. “Instead, he suggested that Scandi should insure the proposed works under a Contractors All Risks (CAR) policy. Mr Risse accepted that advice and a CAR policy was duly issued to Scandi on July 31, 1992, for a period of a year from July 27 for an insured value of $700,000. On December 3, 1992, the building was extensively damaged by fire.” Scandi sought to claim the full $700,000 when it launched its Supreme Court action in 1997, basing this on the argument it was insured “against all risks of loss or damage to the building”, and that the property had become a total loss. The Supreme Court had initially rejected Scandi’s

claim on the grounds that the construction work, rather than the building, was insured by the policy. It also found that Scandi was required to prove its actual loss. Both findings were reversed by the Court of Appeal, leading to the insurer’s appeal to the Privy Council. “The policy is unusual in one respect,” the Privy Council found. “Scandi was the sole insured, there being in effect no contractor since Scandi proposed to carry out the works by employing small firms and individual workmen under their direct control.” Otherwise, it said the policy was a standard CAR contract, covering ‘renovations’ to the apartment complex and the ‘contract works’. “In the present case, the judge found that no works had been carried out by the time of the fire, apart from some renovations to two of the 12 units, and some See pg b5

LOI firm holding to Stellar project

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The company at the centre of the Renward Wells Letter of Intent (LOI) controversy yesterday said it had not given up on its $650 million waste-to-energy solution for the New Providence landfill, and pledged to market it to the next administration. Jean-Paul ( JP) Michielsen, Stellar Waste To Energy’s chief executive, told Tribune Business yesterday that the landfill’s woes, and the relatively high cost of electricity, would have both been addressed if the Government had approved the project. He added that after close to four years of “back and forth” between the Government and Stellar, the Christie administration was at the end of its mandate and had still to solve the New Providence landfill. “If we would have been able to move ahead from the day that Renward Wells signed that LOI, if we would have been given access to do the remaining studies, it would have taken six months after that date to do the studies and come back with the actual planning,” Mr Michielsen said. “We would have been building six months later. The worse case scenario was a 24-months turnaround. This plant would have been running today. Everyone would have been paying less for their electricity. The landfill would have been on its way to becoming a properly sanitised and managed landfill.” Stellar was thrust into

the spotlight three years ago by the controversy that erupted over the signing of itsnow-expired LOI by the former Ministry of Works parliamentary secretary, Mr Wells. The saga ultimately led to his dismissal from Government. Mr Wells, an engineer by profession, subsequently admitted in Parliament that he had signed the LOI with Stellar Energy in order to allow the company “to carry out studies” free of charge to present to Cabinet. Stellar later alleged that the LOI was leaked as part of “a conspiracy” against it, with “clear intent at the Government level to sabotage the project”. The company and its attorneys, Ian Cargill & Company, have launched a $727.364 million Supreme Court claim for damages over the affair against the Government, attorney Allgernon Allen and his firm, Allen, Allen & Company, as well as Frank Forbes and his company, Sigma Holdings/Management. Mr Michielsen said yesterday that up to last week, meetings between the company’s attorneys and the “highest levels” of government had been held. “We will continue to promote this issue as we move forward with the next administration, whoever might emerge victorious,” he added. Mr Michielsen took a shot at the Renew Bahamas deal and the recent landfill tender, all done in a bid to addressing the landfill’s management and remediation.

“The Renew Bahamas deal was supposed to remedy the landfill but, after just a short period in place, they decided to pack their bags as well,” he added. “The fires have continued. When the RFP for the privatisation of BEC was issued, for which we paid the $25,000, a large portion of it had to do with renewables. They recently issued an RFP and give people a week to come up with a [landfill] plan. That makes no sense.” Kenred Dorsett, minister of the environment and housing, recentlty told Tribune Business that two bids have been submitted for the New Providence landfill’s management and remediation. One of the bidders is the Bahamian Waste Resources Development Group (WRDG) and its partner,

Providence Advisors chief, Kenwood Kerr. The other is understood to be foreign. As reported by Tribune Business on Monday, the Government has committed to resolving the New Providence landfill’s woes by year-end December 2017 as part of its Heads of Agreement with Baha Mar’s new owner. The Christie administration’s April 25, 2017, Heads of Agreement with Chow Tai Fook Enterprises (CTFE)stipulates that any failure by the Government to resolve the landfill’s problems by that date will be treated as “a force majeure” event. Private sector groups were given eight days to submit bids to take over the New Providence landfill’s management and remediation.

Securities listed on the Bahamas International Securities Exchange (BISX) had a collective worth of just under $5 billion at end-March 2017, even though its market indice declined slightly yearover-year. BISX’s market data for the 2017 first quarter, released yesterday, showed that its All-Share Index had declined by 1.83 per cent over the three months to end-March. The All-Share Index, which measures the collective movement of listed stock (equity) prices only, moved in the opposite direction to many leading global stock market indices. The S&P 500 and FTSE 100 indices appreciated buy 4.65 per cent and 2.02 per cent over the same period, while the MSCI Emerging Market Index jumped 10.36 per cent in the three months to end-March 31. “For the three-month period ending March 31, 2017, the BISX All-Share Index closed at 1,902.75. This represents a year to date decrease of -33.46 or -1.83 per cent,” BISX said yesterday, noting that this compared to a 2.74 per cent increase for the same period last year. The BISX All-Share Index only measures the collective movement in prices of listed equity stocks, and does not account for dividend payments to shareholders, so does not reflect total investor returns. The All-Share Index also excludes debt securities, meaning it does not reflect the total value or worth of all instruments listed on the exchange. “As at March 31, 2017, the market was comprised of 20 ordinary shares with a market capitalisation of $4.041 billion,” BISX said. “In addition, there were 13 preference shares with a market capitalsation of $327 million, and 19 bonds with a face value of $579 million.” BISX added that trading activity for the 2017 first

Total worth of listed securities just under $5bn quarter saw an increase in volumes, but the collective value of shares changing hands was down year-overyear. “Trading volume for the three-month period January 1, 2017, to March 31, 2017, was 996,137 shares for a value of $6.315 million,” the exchange said. “By comparison, trading volume for the three-month period January 1, 2016, to March 31, 2016, was 899,125 shares for a value of $7.337 million.” BISX added: “For the three-month period from January 1, 2017, to March 31, 2017, the average volume per trading day was 16,097 shares for a value of $ 303,499. “By comparison, for the three-month period from January 1, 2016, to March 31, 2016, the average volume per trading day was 14,457 shares for a value of $118,280.” When it came to market leaders, AML Foods was the most active stock by volume, accounting for 53 per cent or 519,639 of total shares traded. Cable Bahamas took second place, accounting for 16 per cent of total volume with 153,581 shares traded. AML also led on the value of shares traded, accounting for 36 per cent or $2.276 million of the total worth changing hands. Behind it came FOCOL Holdings, Commonwealth Bank and Cable Bahamas, who accounted for 13 per cent, 12 per cent and 11 per cent, respectively, of the total value of shares traded.

PAGE 4, Tuesday, May 9, 2017

PM confirms secret energy bid process From pg B1 sale of the Bahamas Telecommunications Company (BTC) to Bluewater Communications Holdings in the final days before the 2007 general election. Mr Turnquest said the new energy bid process appeared eerily similar to the Bluewater situation, after Mr Christie was forced by Tribune Business’s exclusive revelations to confirm the Government has been seeking proposals to enhance BPL’s generation capacity. A carefully-worded two paragraph statement, attributed to the Prime Minister and released by Bahamas Information Services (BIS), suggested the process had reached the stage of negotiations with preferred bidders. Mr Christie was quoted as saying: “The Government has been giving consideration to the short and longterm electricity demands throughout the Commonwealth of the Bahamas, with a view to improving

both efficiency in the supply of electricity and lowering the cost of electricity to the public. “In that regard, a committee comprised of members from both the public and private sectors has carried out a meticulous review of various proposals received by the Government and has made its recommendations. “Discussions with preferred proponents and relevant stakeholders are ongoing. This matter is of great economic importance and benefit to the public, and my Government expects to complete consideration of this matter as soon as possible.” No details were provided in the Prime Minister’s statement, but the latter phrase that “my Government expects to complete consideration of this matter as soon as possible” is especially interesting, not least because the current administration may be enjoying its last 48 hours in office depending on the general election’s outcome. This, in turn, will likely

BOB’s Central Bank row ‘very troubling’ From pg B1 Court on April 7, 2017, challenging the Central Bank’s demands and seeking an injunction to prevent it enforcing these impositions. Mr D’Aguilar yesterday pierced the corporate veil, pointing out that Bank of the Bahamas’ moves would have been approved by a Board that represents only

the interests of its 79 per cent majority shareholder, the Government. The FNM election candidate suggested that, as Minister of Finance, Prime Minister Perry Christie was the “de facto” chairman and owner of BOB, effectively pitting the Government against the Central Bank. The demands being resisted by BOB would almost

NOTICE

TRIANGLE CAPITAL INVESTMENTS LTD. Pursuant to the provision of Section 138(7) of the International Business Companies Act 2000 (Chapter 309). Notice is hereby given that the above named company has been dissolved and struck off the Register of Companies and a Certificate of Dissolution has been issued by the Registrar General on 15th March, 2017. Jill McKenzie Brittany Investment Company Limited Liquidator

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fuel suspicions among some that the Christie administration intends to sign-off on a deal before tomorrow’s general election, as it sought to do with BTC and Bluewater in 2007. Mr Turnquest told Tribune Business he and the FNM were “very concerned” that the Government may sign a last-minute deal that binds the hands of a new administration. He added that the FNM, as already reported by Tribune Business, understood the Government’s preferred bidder was New Fortress Energy, a liquefied natural gas (LNG) supplier with assets and interests in both Florida and Jamaica. “There’s something not clean in the smell here,” Mr Turnquest told Tribune Business. “BPL doesn’t know about this until late, and nobody else seemed to know it was in the works. “It’s a last-minute deal that raises all kinds of suspicions as to the motive, who’s behind it and who’s going to benefit from it. These guys are incredible; this is just over the top.” Tribune Business revealed on Monday that several energy industry groups had been invited to partici-

pate in “a very weird Request for Proposal (RFP)” initiated by the Christie administration. This newspaper was told that the process, run directly out of Prime Minister Perry Christie’s office, set different terms and bid criteria for the various energy groups, with timelines similar to the tight deadlines involved in the New Providence landfill tender. The process was initiated without the knowledge or involvement of BPL or its management company, PowerSecure, while the ‘free electricity’ pledge in the PLP’s election manifesto was an idea that originated directly with Fortress. None of this was refuted by Mr Christie’s statement yesterday, which did not identify the energy reform committee’s members or the “stakeholders” the Government is now talking to. “This cannot be good for the Bahamian people, and is certainly not in the interests of transparency,” Mr Turnquest told Tribune Business. “It lacks the transparency and integrity of process that the Bahamian people ought to be entitled to. “We call on the Govern-

ment to submit to the Bahamian people the names of all those invited to propose for this power generation contract; how many submitted bids; what those bids look like in comparison to those who did not make it; and who the preferred bidders and winners are.” Emphasising that any agreement had to be “in the Bahamian people’s best interests”, Mr Turnquest slammed the “incredible hypocrisy” of the Christie administration. He argued that having criticised the former Ingraham administration for signing last-minute contracts prior to the 2012 general election, it was now doing exactly the same thing it had complained about. Any energy sector agreement would likely involve the winning bidder taking over management of BPL’s existing generation assets, before procuring and installing - at its own expense - new, more efficient generation units. Ultimately, they would likely be required to plan, finance and construct a new power plant for New Providence, which would supply energy to BPL via a 20 of 25-year power purchase

agreement (PPA). Once this term expires, the plant would likely be handed over to BPL. Mr Turnquest asked whether BPL’s Board had met on Sunday to sign-off on an agreement with Fortress, and expressed particular concern that such an agreement had to be got right. This, he explained, was because the winning bidder would be given a long-term, exclusive contract to be BPL’s main energy supplier, giving it almost monopoly status notwithstanding moves towards renewable energy. “We need to see the terms of the deal,” Mr Turnquest said, “the rates they’re talking about. If this is an exclusive deal, these guys will effectively benefit from a monopoly where they will set the rates.” Tribune Business reported on Monday that the Government’s latest energy sector moves could be linked to the commitments it has made in the Baha Mar Heads of Agreement, together with the difficulties it has encountered in refinancing BPL’s $650 million legacy liabilities via a rate reduction bond (RRB).

certainly require the Government to inject more capital into BOB, beyond the $170 million directly committed and over $300 million in deposits. Given the Treasury’s cash-strapped position, this is unlikely to be desired The $10 million bond issue referred to by the Central Bank was the first of three equal tranches, set to ultimately total $30 million, all of which are being 100 per cent financed by the Government. This commitment comes on top of the $100 million ‘promissory note’ injected into BOB as part of the bailout deal that left taxpayers ‘on the hook’ for Bahamas Resolve’s bad loans, plus the $40 million used to take up the bank’s entire rights issue last September. “Are the requirements of the Central Bank so egregious that you don’t want to comply with them?” Mr D’Aguilar asked of BOB, suggesting the Government was “trying to keep a lid” on its problems until after the general election. BOB, in an advert published in today’s newspapers, does not refute any details published by Tribune Business regarding its legal battle with the Central Bank, and declines to comment on the matter. It did, though, say: “The bank remains confident that all differences with the regulatory authorities will be

comprehensively addressed to the complete satisfaction of all relevant parties within the very near future.” BOB did not say how this would be achieved, and reiterated its oft-repeated optimism that “a solid foundation is being systematically laid to restore the bank to sustained profitability in the bear future”. It added: “The Board and management have been keenly focused on this goal, and are convinced of its viability. “With the continued support of the bank’s majority shareholder and the bank’s thousands of loyal and dedicated customers, the future of Bank of the Bahamas remains very positive.” BOB’s minority shareholders have, of course, heard this all before over the past two-and-a-half years, but a turnaround has yet to materialise despite repeated promises. Dr Johnathan Rodgers, the well-known ‘eye doctor’ and another BOB shareholder, told Tribune Business that investors had yet to see details of the bank’s turnaround plan despite promises in late 2014 by its chairman, Richard Demeritte, that these would be disclosed. “I remember the AGM a couple of years ago,” he said. “We raised many points with the bank’s Board of Directors about the lack of performance, and we were

assured by the chairman, Richard Demeritte, that the bank had come up with a plan of action that was palatable and compliant. “We were told we would be informed of what the action plan is. We’re still waiting.” Dr Rodgers also recalled how BOB’s former managing director, Paul McWeeney, had pleaded with shareholders to give the bank “time to sort things out”. “It’s more than two years later and nothing has changed,” Dr Rodgers added. “I’d always said in the past that they were insolvent, and it seems now their liquidity is being challenged. They’re really on a slippery path. “The fact no one else participated in the rights issue speaks volumes... It’s very unfair on the other banks that these guys have been allowed to get away with what they’re doing. It’s one rule for them, and one rule for everyone else.” Dr Rodgers, though, praised the Central Bank and its governor, John Rolle, for seemingly getting tougher with BOB and enforcing the law and accompanying regulations. “I’m happy to see the Central Bank is taking action; it’s something that needs to be done, and I think the minority shareholders will be happy to see the Central Bank taking a more active

role in what’s going on with that bank,” Dr Rodgers told tribune Business, questioning how the courts could uphold BOB’s resistance to the regulator. Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, and another BOB shareholder, described the bank’s predicament as “phenomenal” and confirmed he had writtenoff his investment. “Man, I wrote that off a long time ago and don’t expect to see anything out of that,” he told Tribune Business. “The situation just shows the influence the Government has. If that were a foreign-owned bank, it would have already been put into liquidation. “It’s extremely serious. Anywhere else, the bank would have been closed down, no two ways about it. But because of the politically exposed borrowers, the Government is going to keep it going.” Mr D’Aguilar backed Mr Lightbourn, adding: “The shareholders have given up on Bank of the Bahamas. There’s only one shareholder; the Government. The rest of the shareholders have written off their investment, don’t expect anything back, and have kissed it goodbye.”

NOTICE

VITELLIUS INVESTMENTS COMPANY LTD.

GREEN RIVER CAPITAL INVESTMENT LTD.

BOXWOOD CAPITAL INVESTMENT LTD.

Pursuant to the provision of Section 138(7) of the International Business Companies Act 2000 (Chapter 309). Notice is hereby given that the above named company has been dissolved and struck off the Register of Companies and a Certificate of Dissolution has been issued by the Registrar General on 29th March, 2017.

Jill McKenzie Brittany Investment Company Limited Liquidator

NOTICE

SAN MIGUEL CAPITAL INVESTMENT LTD.

MARKER INVESTMENTS INC.

BROOKS CAPITAL INVESTMENT CORPORATION Pursuant to the provision of Section 138(7) of the International Business Companies Act 2000 (Chapter 309). Notice is hereby given that the above named company has been dissolved and struck off the Register of Companies and a Certificate of Dissolution has been issued by the Registrar General on 15th March, 2017.

Jill McKenzie Brittany Investment Company Limited Liquidator

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Ex-minister slams ‘incredible’ broke Treasury claims From pg B1

that the next administration would have to “borrow tens of millions of dollars to pay bills that the PLP government is now unable to pay”. Many observers have questioned whether the next government will be able to afford all the pre-election spending commitments unveiled by the Christie administration, including promotions and pay rises for Royal Bahamas Police Force and Royal Bahamas Defence Force officers. These fears have been heightened by the Government’s current fiscal predicament, with annual deficits still exceeding $300 million and the national debt growing past $7 billion. There has been frequent talk within the private sector about the Government having cash flow problems, with businesses having to wait for payments and VAT refunds. Mr Smith, though, said the Government had numerous means through which to meet its spending obligations and commitments. “The Government, like any other government, has the capacity to meet payroll and payments through many means,” he told Tribune Business. “It’s got a lot of wiggle room, because you can’t afford not to meet your obligations if you’re “It collects revenue every day, it has overdraft facilities, and it has the ability to issue short, medium and long-term paper. Nothing restricts that. Even if you’re worried about the economy, the market prices the paper accordingly.” Mr Smith added that in a “worst case scenario” the Bahamas could even seek to access funding from multilateral agencies, such as the International Monetary Fund’s (IMF) special drawing rights (SDRs), or the World Bank and InterAmerican Development Bank (IDB). Asked whether the ‘broke Treasury’ comments could attract the attention of Moody’s and Standard & Poor’s (S&P), and potentially further impact the Bahamas’ sovereign credit rating, Mr Smith suggested that the financial markets would be able to distinguish reality from campaign talk. The same, he added, went for the wider capital markets, and both domestic and foreign holders of the Bahamas’ debt. “I think it’ll have very little impact on members of the capital markets,” Mr Smith said. The former finance minister, though, acknowledged that he was uncertain as to the financial impact of the Government’s pre-election spending promises as he had seen no “full costing”. Mr Smith reminded the Government that it had an obligation “not to blow a hole in the Budget” given the Bahamas’ fiscal predicament, which has worsened beyond initial expectations and has yet to show signs of turning around. “You always see these things at election time and promise time,” he told Tribune Business, “but the Government has a larger obligation to itself to ensure you don’t blow a hole in the Budget. “You can say what you like, but when you get to the nitty gritty the reality bites in when you take the reins again.”

Tuesday, May 9, 2017, PAGE 5

Carnival bands estimate 1,000 reveller ‘no show’ From pg B1 with the general election timetable. Following two days of widespread backlash, both locally and internationally, over the last-minute delay, and the cancellation of the Grand Bahama event, Tourism Minister Obie Wilchcombe announced that the original dates were reinstated, along with the Grand Bahama component. “There as some negative fallout, we can’t deny that. We had less revellers than last year,” Mr Tirelli said. “The money is made in selling costumes produced locally at an inexpensive rate to sell at a premium. “As much as they want to pretend that it did not, the postponement controversy had a significant effect. Some persons changed their ticket to go to Jamaica’s Carnival right away as soon as they made that announcement. People had taken vacation, which they allocat-

ed a year ahead of time, and decided they would simply accept the penalty to change their ticket but not their vacation.” Mr Tirelli said yesterday that not all 21 bands made a profit this time around. “Everyone involved has to understand that the Road Parade is carnival; that’s what brings the heads in beds,” he added. “People look at the Bahamas for the Road Parade. That is where the money is generated from; people purchasing costumes, people coming here and paying for their hotel stay, meals and those sorts of things. “I think that some bands made profits and some didn’t. It’s a business. Either you make the sacrifice to stay relevant or you don’t. With my band I had anticipated 97 people; we might have done 21 at the most.” Mr Tirelli said more must be done to market the Road March. “As the band owners we are falling down

Minnis’s tax break plan ‘may come back to bite’ From pg B1 wealthy property owners. “That’s the unintended consequences. I’m sure your heart is in the right place, but if those programmes being proposed are not managed properly, they may come back to bite you.” Dr Minnis has made tax exemptions a central theme of his, and the FNM’s, election campaign, promising to remove Value-Added Tax (VAT) from key products, utilities and services, while also introducing a menu of concessions for businesses and residents in inner-city areas. The VAT-related ‘exemptions’ are billed as reducing living costs for

middle and lower income Bahamians, with Dr Minnis describing the latter set of tax breaks as key to his strategy of revitalising ‘Over-the-Hill’ areas. The Over-the-Hill tax breaks an FNM government would implement include the duty-free importation of construction materials for residential and commercial properties; no Business License fees or real property taxes; no taxes on household furniture; no taxes on capital goods and business equipment “after proper vetting”; and lower import duties on business vehicles. Mr Smith’s argument is that tax breaks such as real property tax exemptions would benefit landlords and

Appeal Court criticised on $700k insurance claim From pg B3 minor work on the building done by a plumber and an electrician,” the Privy Council said. “These were worth less than $5,000 and no claim has been made for them. The damage claimed relates entirely to the preexisting building, which was not part of the insured property.” The Privy Council said the key evidence was Mr Ward’s refusal to insure the buildings, but it found that the Court of Appeal had failed to properly “con-

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strue” the insurance contract. “They considered that because there was no contractor in this case, the ordinary principles on which CAR policies work could be ignored,” the Privy Council found. “They decided that because of the discussions which preceded the contract, the ‘Contract Works’

Scenes from Saturday’s Bahamas Junkanoo Carnival road fever. Photo/Terrel W. Carey on that also,” he added. “We have to market the Road March. Attending the other carnival events is how you get the enthusiast. “There are people who do the Carnival circuit. We are out there at the Trinidad carnival promoting the Bahamas carnival to get

people to come here. There can not be this standoff approach with the band owners.” Still, Mr Tirelli described this year’s event as “an excellent show” “It was good. It was successful in that it happened on the date they posted last year. We saw

less attendance this year than at the previous ones, that’s what I saw. They put on a world class show, they put on an excellent show. I think that the parade was good, but we still had problems with security in the Nassau Street and Poinciana corridors.”

property owners who least need the concessions, rather than low income residents. His concerns add to those expressed by others, such as businessman Sir Franklyn Wilson, who suggested that the Government instead seize abandoned Over-theHill properties, tied up in family issues and probate problems, for its low income housing programme, Dr Minnis’s strategy appears to have been borrowed from the late US president, Ronald Reagan, who employed tax-free areas, known as Economic Enterprise Zones (EEZs), in a bid to attract businesses to revitalise depressed American inner-cities in the 1980s. However, monitoring these ‘tax breaks’ to prevent fraud and evasion by those not entitled to them is likely to present difficulties for the Customs Department and other relevant agencies.

Family members living outside the ‘inner city’ may seek to evade due taxes by importing furniture through relatives who do live there, for example, with businesses also seeking to employ similar tricks. Apart from the problems of ‘policing’, further issues relate to who will be eligible to receive such tax breaks, as not all ‘inner-city’ residents are poor or low income. And then there is the question of how to define ‘inner-city’ areas. Mr Smith also suggested there would be ‘unintended consequences’ involved with Dr Minnis’s plans to ‘exempt’ breadbasket food items, electricity and water bills from the 7.5 per cent VAT levy. “If you did away with VAT, which sounds good, on those consumer items because they’re consumed by low income households,

don’t forget rich people consume the same goods,” he told Tribune Business. “They need to go back and reconsider some of these pronouncements.” Mr Smith’s point is that such VAT exemptions would benefit higher income persons more than those targeted by Dr Minnis, as they consume greater quantities of these goods. Besides, industries whose products are treated as VAT ‘exempt’ are unable to recover the 7.5 per cent levy paid on their ‘input’ (factors of production) costs, since they cannot charge the tax to their consumers. As a result, ‘exempt’ businesses are left to ‘absorb’ the VAT, increasing their costs, which are inevitably passed on to consumers in the form of higher prices. This is another potential consequence of Dr Minnis’s campaign promises.

could not be limited to the renovations, which were described as being the subject of the contract. “Essentially, this was because the figure of $700,000 for the sum insured was too large to have represented the value of the works and must therefore have represented the value of the buildings. In particular, they thought it significant that the insurers quoted the same premium on the same insured values for the following year, 1992-1993, when the works would have

been completed.” The three Court of Appeal judges who heard the case are no longer with the court, but the Privy Council said: “The Board reiterates that where the express terms of a contract are clear, they must be applied. “The Board has the strongest reservations about the admissibility of this material for any purpose of interpretation, let alone for the purpose of contradicting the express language of the insuring clause. But they are satis-

fied that it would be irrelevant even if admissible.” As a result, the Privy Council reinstated the Supreme Court ruling in favour of Sun Alliance (RoyalStar). The insurer was represented before the Privy Council by Bahamian attorney, Gail LockhartCharles.

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NOTICE

AFRICAN SUN SHIPPING INVESTMENT COMPANY LIMITED

AFRICAN SUN SHIPPING COMPANY LIMITED

Notice is hereby given pursuant to section 138 (4) that the above named Company is in dissolution commencing 4th May A.D.2017. Articles of Dissolution have been duly registered by the Registrar. The Liquidator is BOSTWICK LAW PARTNERS of P.O. Box EE-17102, Nassau, Bahamas. All persons having Claims against the above named Company are required on or before 25th of May A.D. 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.

Dated the 31st day of May 2017

(In Voluntary Liquidation)

BOSTWICK LAW PARTNERS LIQUIDATOR

(In Voluntary Liquidation)

BOSTWICK LAW PARTNERS LIQUIDATOR

NOTICE AFRICAN SUN INVESTMENT COMPANY LIMITED (In Voluntary Liquidation)

BOSTWICK LAW PARTNERS LIQUIDATOR

PAGE 6, Tuesday, May 9, 2017

European stocks falter after Macron’s victory confirmed LONDON (AP) — European stock markets gave up some recent gains Monday after Emmanuel Macron comfortably won the French presidential election. Over the past couple of weeks, European stocks, particularly French ones, had been buoyant on expectations of a Macron victory over the far-right candidate Marine Le Pen. KEEPING SCORE: In Europe, the CAC 40 index in Paris was down 0.9 percent at 5,385 while Germany’s DAX fell 0.3 percent to 12,685. The FTSE 100 index of leading British shares bucked the trend, trading 0.1 percent higher at 7,307. Wall Street was poised for a lower opening, with Dow futures and the broader S&P 500 futures down 0.1 percent. MACRON WIN: When Macron topped the first round of voting in the French presidential election two weeks ago, French stocks soared to near-decade highs. On Monday, the reaction to his clear victory in the runoff was subdued: investors had been fully expecting it and seem wary of the difficulties he’ll face governing a divided country. The clear bias in favor of Macron in the markets over Le Pen rests on a number of factors, above all his views on Europe. Macron is a keen advocate of the European Union and the euro currency, while Le Pen has proposed taking France out of both. ANALYST TAKE: “It’s been a lively start to trading on Monday, with the initial

relief rally following Emmanuel Macron’s victory in the French election quickly fizzling out as the euro and European stock markets reversed gains to trade lower on the day,” said Craig Erlam, senior market analyst at OANDA. “What we’re seeing this morning is a classic case of the rumor — or the expected result in this case — being bought and the fact being sold.” EURO REACTION: After initially rallying to six-month highs above $1.10 in the wake of the Macron result, the euro faltered and was trading 0.5 percent lower at $1.0945. ASIA’S DAY: Earlier, Asian stock markets, which were the first to respond to the Macron win, rallied. Japan’s benchmark Nikkei 225 added 2.3 percent to finish at 19,895.70 and South Korea’s Kospi index hit a record high ahead of a presidential election Tuesday, gaining 2.3 percent to 2,292.76. Australia’s S&P/ ASX 200 gained 0.6 percent to 5,870.90 and Hong Kong’s Hang Seng gained 0.3 percent to 24,547.98. The Shanghai Composite lost 0.8 percent to 3,078.61 on weaker than expected trade data for April. In currency markets, the dollar was down 0.1 percent at 112.59 yen. ENERGY: Benchmark New York crude was steady at $46.22 a barrel while Brent, the international standard, fell 0.1 percent to $49.06 a barrel.

THE TRIBUNE

Asian shares show relief over French moderate Macron’s win TOKYO (AP) — Asian shares rose Monday after Emmanuel Macron, a centrist would-be reformer and supporter of the European Union, won the French presidential election. Japan’s benchmark Nikkei 225 added 2.3 percent to 19,885.73, reflecting investor relief over the outcome. The euro, shared by France and 18 other countries, was trading at $1.0969. It had edged up 0.1 percent to $1.1013 in late Sunday trading in Europe. The dollar rose to 112.73 yen from 112.59 yen late Friday in Asia. Other Asian stock markets were also higher, cheered by the results. South Korea’s Kospi added nearly 0.8 percent to 2,257.73. Australia’s S&P/ ASX 200 gained 0.6 percent to 5,869.80. Hong Kong’s Hang Seng gained 0.4 percent to 24,562.06, but the Shanghai Composite lost 0.9 percent to 3,074,55 on weaker than expected trade data for April. France’s CAC 40 index had risen last week to its highest since early 2008 — before the worst of the global financial crisis — in anticipation of the result. While Macron’s win had been widely anticipated, the election had cast a long shadow over the continent as the defeated candidate, the far-right Marine Le Pen, had wanted France to exit the 28-nation EU, with potentially catastrophic consequences for the region and its euro currency. “Europe dodges a bullet here,” said Paul Christopher, head global market strategist for Wells Fargo

A man looks at an electronic stock board of a securities firm in Tokyo yesterday. Asian shares rose Monday after Emmanuel Macron, a centrist would-be reformer and supporter of the European Union, won the French presidential election. (AP Photo/Koji Sasahara) Investment Institute. Analysts said strong jobs data in the U.S., released late last week, added to the cheer in Asia. Attention was turning to other regional economic indicators, including trade data on China, they said. “A sense of normalcy has returned to the Forex desks this morning as the final round of the French elections had the expected,” said Stephen Innes, senior trader at OANDA. The rise in the euro was not as strong as it was after Macron’s victory in the first round of the presidential vote. Investors seem to have largely expected the outcome and polls showed him consistently in the lead

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by a wide margin going into the second round. But analysts say the result lifts a huge amount of uncertainty for the European economy, which is just picking up some momentum after years of financial crises and stagnation. “This is certainly positive for the European economy,” said Jacob Kirkegaard, senior fellow at the Peterson Institute for International Economics. The possibility of a Le Pen presidency had unnerved some after polls had failed to accurately read the popular sentiment that led to Britain’s vote last year to leave the EU and the election of President Donald Trump. Le Pen’s propos-

parliament for his year-old party in parliamentary elections next month. “Macron’s election offers stability to Europe’s single market, and strengthens the EU’s position in the upcoming Brexit negotiations,” Margaret Yang of CMC Markets said in a commentary. “With another area of political uncertainty clarified, investors will now focus on corporate earnings and the cyclical economic tail wind brought about by the broad recovery in global trading,” she said. Wall Street finished last week at record highs. The Standard & Poor’s 500 index climbed 0.4 percent to

“A sense of normalcy has returned to the Forex desks this morning as the final round of the French elections had the expected” als included holding a referendum on EU and euro membership — and experts agree the euro wouldn’t have survived the departure of its founding member and second-biggest economy. Macron has vowed to strengthen the EU and euro and to reform France’s economy, which hasn’t grown quickly enough in recent years to bring unemployment decisively below 10 percent. He will face a stern test in trying to do so as he will likely struggle to put together a majority in

2,399.29. The Dow Jones industrial average rose 0.3 percent to 21,006.94 and the Nasdaq composite jumped 0.4 percent to 6,100.76, beating a record it set earlier this week. In energy trading, U.S. crude oil gained 58 cents to $46.80 a barrel in electronic trading on the New York Mercantile Exchange. It had jumped 70 cents, or 1.5 percent, to $46.22 a barrel in New York late Friday. Brent crude, the standard for international oil prices, added 70 cents to $49.80 barrel in London.

NOTICE

NOTICE is hereby given that MOSES ALMONOR of Blue Berry Hill, Bahamas is applying to the Minister responsible

for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Tuesday, May 9, 2017, PAGE 7

All is calm: US stock indexes nudge again to record highs NEW YORK (AP) — A turn higher in the last few minutes of trading was enough to nudge U.S. indexes to more record highs Monday as fear seemed to drain out of the market. Trading was remarkably calm following the weekend’s presidential election in France, which had the potential to upset global markets. The candidate who was in favor of keeping France in the European Union and in the euro currency won, to the relief of investors who feared the alternative would have hurt global trade. That helped calm markets enough that an index used to measure the market’s fear level dropped to its lowest level since 1993. The Standard & Poor’s 500 index wafted up and down through the day before ending at 2,399.38, up by just 0.09 points. The Dow Jones industrial average likewise edged up a fraction of a percent, adding 5.34 points to 21,012.28. The Nasdaq composite rose 1.90 points, or less than 0.1 percent, to 6,102.66. Small-company stocks fell, and the Russell 2000 index lost 5.36, or 0.4 percent, to 1,391.64. Markets around the world have been tearing higher in recent weeks, due in part to excitement about the French election and strong earnings reports from U.S. companies. “Corporate earnings have been phenomenal, the best quarter in five years,” said Phil Orlando, chief equity strategist at Federated Investors. “The earnings recession that was about seven or eight quarter long is definitively behind us. It’s over.” More than 80 percent of companies in the S&P 500 have reported their results for the first three months of the year, and most have topped analysts’ expectations. With

the U.S. job market continuing to improve, along with economies around the world, Orlando says he expects profits to keep rising through the year. That has him, unlike market critics, not worried that stocks have grown too expensive relative to their profits, and he expects further gains. “Everyone is starting to get a little more confident now,” he said. Confidence has grown enough that the VIX volatility index on Monday sank to its lowest level since 1993. The VIX measures how much investors are paying to protect themselves from upcoming swings in the S&P 500, and it has been on a general trend downward since shortly before Election Day. Newell Brands jumped to the largest gain in the S&P 500 Monday after reporting stronger revenue and profit for its latest quarter than analysts expected. The company, whose brands include Paper Mate, Sharpie and Calphalon, also raised its earnings forecast for the year. Shares jumped $5.54, or 11.9 percent, to $51.93. Kate Spade surged $1.41, or 8.3 percent, to $18.38 after agreeing to a $2.4 billion buyout by Coach, its rival in the luxury goods market. Coach will pay $18.50 per share for Kate Spade. Often when companies announce takeovers, the purchaser will see its share price drop on worries that it paid too much or pursued an ill-fitting deal. But Coach rose $2.05, or 4.8 percent, to $44.71. Tribune Media jumped $2.11, or 5.2 percent, to $42.40 after Sinclair Broadcast Group said it would buy its rival in a cash-andstock deal valued at $43.50 per share, or a total of $3.9 billion. Sinclair fell 83 cents, or 2.2 percent, to $36.13. Tyson Foods dropped $3.85, or 6.1 percent, to

$59.48 after reporting weaker revenue and earnings for its latest quarter than analysts expected. The company said fires at two of its chicken plants hurt results. In markets abroad, the French CAC 40 fell 0.9 percent. But that follows a 7.4 percent surge in the preceding two weeks, when investors sent French stocks higher in anticipation of a victory by Emmanuel Macron. In Germany, the DAX slipped 0.2 percent. The FTSE 100 index in London was virtually flat. Asian markets fared better. Japan’s Nikkei 225 index jumped 2.3 percent, as did South Korea’s Kospi index. The Hang Seng in Hong Kong rose 0.4 percent. The euro had been climbing against the dollar in recent weeks as expectations built for a Macron victory. Following the actual result, it fell like the French stock index. The euro slipped to $1.0930 from $1.0990 late Friday. The dollar rose to 113.07 Japanese yen from 112.61 yen. The British pound slipped to $1.2943 from $1.2969.

the American flag flies above the Wall Street entrance to the New York Stock Exchange. European stock markets gave up some recent gains yesterday, after Emmanuel Macron comfortably won the French presidential election. (AP Photo/Richard Drew, File)

Spare a dime? Puerto Rico seeks change to help university SAN JUAN, Puerto Rico (AP) — The budget woes at Puerto Rico’s largest public university are so bad that the U.S. territory will soon ask people for spare change to support it. Gov. Ricardo Rossello introduced a bill Monday to have commercial businesses ask if customers want to donate part of their change to the University of Puerto Rico, which faces deep cuts after the island’s decadelong economic slump. The proposal comes as a

federal control board overseeing the finances of Puerto Rico’s government seeks to cut $450 million from the University of Puerto Rico’s budget in upcoming years as part of overall cost-slashing measures. The school’s budget for the fiscal year ending June 30 was a little over $1 billion. Rossello has proposed that the cut be reduced to $241 million, but the issue has not yet been resolved. Rossello’s measure would create a registry of busi-

nesses authorized to collect change donated to help the university, whose main campus and several others have been shuttered for a month by a strike by tens of thousands of students protesting the cuts. Another bill the governor submitted would create a commemorative license plate to help raise funds for the school, with the institution receiving $20 per purchase. The ideas were two of several that university students proposed during a recent meeting with government officials, said Thomas Rivera Schatz, president of Puerto Rico’s Senate.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, ERNELIA LAUREN TURNQUEST (Nee DEAN) of West Bay Street, P.O. Box EE-17318, mother and legal guardian of LIA-LAUREN DAYLE DEAN, intend to change my daughter’s name to LIA-LAUREN DAYLE TURNQUEST. 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.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, LISA RAHMING PRATT of Eastwood Estates in the Eastern District, intend to change my name from LISA RAHMING PRATT to LISA RAHMING. 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.

NOTICE

NOTICE is hereby given that ESTNELL POLYCARPE of Nassau Village, 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 9th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ROSE KARINE CHARITE of Fire Trail Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 9th day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that CHERENE ALMONOR of Blue Berry Hill, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of May, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

MARKET REPORT MONDAY, 8 MAY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,889.62 | CHG 0.01 | %CHG 0.00 | YTD -48.59 | YTD% -2.51 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.13 6.76 8.60 6.10 10.60 15.27 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.01 11.00

52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.20 5.69 8.50 11.00 2.18 1.31 5.80 7.50 8.56 7.15 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 2.05 3.92 1.95 169.70 141.76 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 4.05 8.60 6.00 10.51 11.50 2.37 1.55 6.00 9.75 9.00 9.95 6.90 12.01 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.67 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.05 8.60 6.00 10.51 11.50 2.38 1.55 6.00 9.75 9.00 9.95 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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

108.80 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.13 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

11,000

VOLUME

NAV 2.05 3.92 1.95 168.44 141.76 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

P/E 151.0 15.8 N/M 20.8 N/M N/M -135.0 14.2 14.0 23.4 104.5 23.3 19.4 20.0 18.8 9.4 12.1 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% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 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 28-Feb-2017 28-Feb-2017 24-Feb-2017 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% 2.22% 3.49% 3.67% 3.43% 4.26% 2.52% 3.87% 4.00% 4.10% 0.00% 3.32% 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

Morley is also entitled to lease arrangement fees for serving as leasing agent. Such fees are payable

THE TRIBUNE upon the execution of a lease for new tenancy and upon the exercising of any predetermined renewal

options. The maximum lease arrangement fees payable to Morley may not exceed three (3) months of net rent under the applicable lease agreement. The agreement expired on 20 December 2002 and has been renewed for successive terms of one year.

As of 31 December 2016, there were deferred lease arrangement fees of $12,088 (2015: $22,337). Included in the consolidated statement of comprehensive income are amounts totalling $10,249 (2015: $12,664) for amortisation of such fees. (d)

Real estate advisory agreement Pursuant to an agreement dated 20 December 1999, Morley serves as real estate advisor to the Group. Morley is entitled to a fee not to exceed 2.50% of the transaction value or net price of all real property acquisitions, disposals and exchanges by the Group. The agreement expired on 20 December 2002 and has been renewed for successive terms of one year.

(e)

Directors and officers Certain directors of the Group are also directors or officers of RFMBT and its subsidiaries, including the Investment Manager.

(f)

Cash at banks and credit facility The Group has demand deposit accounts with the Investment Manager, which earn interest at a rate of 0.50% per annum for balances greater than $10,000. As of 31 December 2016, the balances totalled $3,552,467 (2015: $3,939,762). Interest income earned during the year on the deposits totalled $16,867 (2015: $18,816). The Group has an unsecured line of credit with the Investment Manager of $1,000,000, which incurs interest at a rate of 8.50% per annum. The facility was not utilised during the current and prior years, and accordingly, the Group did not incur interest expense.

(g)

Other As of 31 December 2016, related parties owned 725,476 (2015: 725,558) Class A ordinary shares. In prior years, related parties owned preference shares and interest expense for the year ended 31 December 2015 totalled $102,083.

10.

Financial Risk Management The Group engages in transactions that expose it to market risk (which includes price, currency and interest rate risks), credit risk and liquidity risk in the normal course of operations. The Group’s financial performance is affected by its ability to understand and effectively manage these risks. The Investment Manager is responsible for identifying and managing risks. The Directors monitor the Investment Manager and are ultimately responsible for the overall financial risk management of the Group.

Monitoring and controlling risks is performed through the establishment of limits by the Directors, which reflect the business strategy, including the level of risk that the Group is willing to accept and the market environment in which the Group operates. In addition, the Group monitors and measures the overall level of risk in relation to the aggregate risk exposure across all risk types and activities. Concentration of risks Concentration of risk indicates the relative sensitivity of the Group’s performance to developments affecting a particular industry or geographical location, and arises: when a significant proportion of financial instruments or contracts are entered into with the same counterparty; or where a significant proportion of counterparties are engaged in similar business activities, or activities in the same geographical region, or that have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentration of currency risk arises when the Group has a significant net open position in a single foreign currency, or aggregate net open positions in several currencies that are historically positively correlated. Concentration of liquidity risk arises from the repayment terms of financial liabilities, sources of borrowing facilities or reliance on a particular market in which to realise liquid assets. To mitigate excessive concentration of risk, the Group’s policies and procedures include specific guidelines to maintain appropriate diversification. (a)

Market risk Price risk Price risk is the risk that the fair values and/or amounts realised on sales of investment property, or rental amounts received, will fluctuate significantly as a result of changes in market prices. The price risk of the portfolio of investment property is managed through diversification of the portfolio. The Group seeks to diversify its exposure by investing in properties that are leased as commercial, office and retail space. The Group has significant geographical concentration risk because all of its investment property is located in The Bahamas; specifically New Providence and Paradise Island. See Note 3 for impact on fair values of investment properties of changes in key estimates and assumptions. Currency risk Currency risk is the risk that the fair values and/or amounts realised on sales of financial instruments or the settlement of financial liabilities may fluctuate due to change in foreign exchange rates. The Group is not exposed to significant currency risk, as its financial instruments are denominated in B$, and the majority of its transactions are also denominated in B$. The remaining transactions are denominated in US$, however, this risk is mitigated because the B$:US$ exchange rate is fixed at 1:1. Interest rate risk Interest rate risk is the risk that the fair values or cash flows of financial instruments will fluctuate because of changes in market interest rates. The Group’s cash flow interest rate risk arises from its long term borrowings (Note 5), which bear interest at a variable rate. The Group does not hedge against its cash flow interest rate risk exposure, which is not considered significant as the Bahamian dollar Prime rate has not experienced frequent significant changes in prior years. Trade receivables and other financial assets and financial liabilities generally do not bear interest and have settlement dates of less than one (1) year.

Tuesday, May 9, 2017, PAGE 15

Trump in-laws promote thorny visa-for-sale program in China WASHINGTON (AP) — Plenty can go wrong foreign when money mixes with immigration green cards, real estate deals and political connections. Revelations that the sister of Jared Kushner, President Donald Trump’s son-in-law and adviser, promoted a program offering a path to U.S. citizenship to Chinese backers in a Kushner family project bring new scrutiny to a foreign investor visa program. The Kushner Companies apologized Monday, saying it had not meant to lure investors by using Jared Kushner’s name at an investment promotion event held Saturday at a Ritz Carlton in Beijing. Marketing materials for the event promoted Nicole Kushner Meyer as Jared’s sister, and cited the Kushner family’s “celebrity” status. The project promoted by Meyer in Beijing is a 79-story apartment building called Kushner 1. The company is seeking 300 aspiring U.S. residents to invest a total of $150 million, and it follows other Kushner family projects using the investment program known as EB-5, including a nearby Trumplicensed building promoted as “Trump Bay Street.” At a press briefing, White House spokesman Sean Spicer said Jared Kushner has no involvement in the project. An attorney for Jared Kushner said he had sold his stake to a trust benefiting other members of the Kushner family, and would recuse himself from related policy matters while serving as an adviser to Trump. Though the foreign investor immigration program has become a source for cheap real estate financing for projects like the Kushner family’s, questions about its fairness and national security implications have made it a political briar patch for years. One recent scandal involved Hillary Clinton’s brother. Created in 1990 as a way to encourage investment during a recession, the program requires foreigners to invest $1 million in a business that sustainably employs 10 people anywhere or $500,000

The Group does not have any significant exposure to fair value interest rate risk.

All of the Group’s financial assets are due within one (1) year.

Financial assets and liabilities are principally Level 2 in the fair value hierarchy. Capital Management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (effectively, total liabilities) less cash at banks. Total capital is calculated as total equity, as shown in the consolidated balance sheet, plus net debt. The gearing ratio as of 31 December 2016 is as follows: 2016 $ Total liabilities Less: Cash at banks

2015 $

12,860,279 (3,552,467)

13,887,324 (3,939,762)

9,307,812

9,947,562

Total equity

32,134,504

33,350,847

Total capital

41,442,316

43,298,409

Gearing ratio

22.46%

22.97%

Net debt

13.

Corresponding Figures The corresponding figures were adjusted to categorise all borrowings as current liabilities in the consolidated statement of financial position based on the bank loan being contractually repayable on demand. However, the installments continue in accordance with the schedule of repayments set out in the loan agreement, as disclosed in Note 5. Previously, the installments per the schedule of repayments due after one (1) year were categorised as non-current liabilities, as the loan is not expected to be demanded earlier.

14.

Accountant Thursday, May 11th, 2017 $36,500 - $43,500 per annum

A diversified financial services and management firm requires an Accountant to become an integral member its Accounting & Finance Team. This individual will be responsible for:

Fair Value of Financial Instruments Financial instruments utilised by the Group comprise the financial assets and liabilities recognised in the consolidated financial statements. The Group’s financial instruments are principally short term in nature or have interest rates that reset to market interest rates; accordingly, their fair values approximate their carrying values.

12.

Job title: Closing date: Salary Range:

Liquidity risk Liquidity risk is the risk that the Group is unable to meet its payment obligations associated with its financial liabilities when they become due. The Group’s operations generate monthly cash inflows that are used to meet its expense and borrowings repayment obligations. In addition, the Group maintains flexibility in funding through a committed credit facility [Note 9(e)]. With the exception of borrowings and security deposits from tenants, the Group’s financial liabilities are due within one (1) year. The cash flows associated with borrowings are disclosed in Note 5.

11.

political favoritism and national security risks. President Barack Obama’s choice for the No. 2 official at the Homeland Security Department nearly had his appointment derailed in 2013 amid allegations that he provided special treatment to a company run by former Secretary of State Hillary Clinton’s brother and others. Alejandro Mayorkas was accused of intervening in three visa cases involving prominent Democrats, including Clinton’s brother. The Homeland Security Department inspector general concluded in 2015 that Mayorkas’ intervention created the appearance of favoritism and special access. Mayorkas denied wrongdoing. He said at the time that while he disagreed with the inspector general’s report, he would “certainly learn from it and from the process.” U.S. officials have raised concerns about the vetting of investors, too. A 2013 Homeland Security Department investigation cited risks that Iranian intelligence operatives may have exploited the program, and the United States Citizenship and Immigration Services found numerous fraudulent documents when it audited a sampling of investors’ green card applications.

Credit risk Credit risk is the risk that a counterparty will be unable or unwilling to meet a commitment that is entered into with the Group. Credit risk arises from cash at banks as well as credit exposures with respect to rental customers, including outstanding trade receivables. Cash balances are placed with financial institutions in good standing with the Central Bank of The Bahamas. Further, the Group has policies in place to ensure that rental contracts are made with customers with an appropriate credit history. The Group has no significant concentrations of credit risk with respect to rental customers.

(c)

in rural areas or those with high unemployment. The smaller investment is done through a regional center, a collection point for multiple investments that can be used for a variety of projects. The regional center is the root of many complaints about the program. As part of such deals, investors — who in recent years have been overwhelmingly from China — typically accept below-market investment returns to qualify for a visa, allowing the developer to pocket the savings on financing costs. After as little as two years, participants can apply for a fast-track green card and later U.S. citizenship. With permanent residency in hand, the foreign investors can then sponsor additional visas to bring in family members. Critics have faulted the program for failing to bring investment into downtrodden communities as intended. By gerrymandering together rich geographic areas with poor ones, developers have managed to win approval from economic development authorities for luxury projects in Manhattan, Beverly Hills and Miami’s South Beach. Beyond the question of whether the program encourages development as intended lie allegations of

Career Opportunity

The Directors monitor interest rate risks and determine the most appropriate capital structure (i.e. gearing ratio) to maximise profits for the Group’s shareholders. (b)

A projector screen shows a footage of U.S. President Donald Trump as workers wait for investors at a reception desk during an event promoting EB-5 investment in a Kushner Companies development at a hotel in Shanghai, China, Sunday, May 7, 2017. The sister of President Trump’s son-in-law, Jared Kushner, has been courting Chinese investors using a much-criticized federal visa program that provides a path toward obtaining green cards. (AP Photo)

Subsequent Events Subsequent to 31 December 2016, the Bahamian dollar Prime rate was reduced to 4.25%. Accordingly, the monthly installments of blended principal and interest on borrowings was reduced to $93,951.

• • • •

providing financial advice and support to Executive Management and to Operations; producing accurate and timely financial reports; assisting with the management the Company’s financial accounting, monitoring, and reporting systems; and assisting with supervising and directing the activities of accounting & finance team members.

Candidates should possess a Bachelor’s degree in Accounting and a minimum of three (3) years’ experience in a similar position, preferably in a financial services institution or retail company. CPA/ACCA/CA designation or license with BICA is a plus. Reputable accounting firm experience with financial services and retail focus in audit or private company consulting is highly valued. Candidates must have good communication skills, be flexible and have a positive attitude. Candidates will be required to undergo a thorough background check and must provide suitable character and employment references. Please submit resumes to employed242@gmail.com. Candidates submitting resumes must be prepared to begin their tenure with the Company within two weeks of employment offer.

PAGE 16, Tuesday, May 9, 2017

THE TRIBUNE

b o dy an d min d

A life without limits By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

THE Megan Louise Sands Ostomy Foundation is hoping to raise $50,000 with its upcoming third annual 5K fun, run and walk. This event takes place this Saturday, starting at 6.15am at the Montagu foreshore. There are hundreds of Bahamians today living with an ostomy – a surgically created opening from an internal organ, such as the intestine, to an external point on the body, usually in the abdomen. The three types of ostomies are colostomy, urostomy and ileostomy. People with an ostomy use a heavy duty plastic pouch worn outside the body that is attached to the stomach. It serves the purpose of collecting urine and stools. Without much needed ostomy supplies, many people are limited in their daily activities. The Megan Louise

Third annual fun run aims to raise $50,000 for ostomates Sands Ostomy Foundation launched its patient assistance programme three years ago to lift the burden of financially challenged ostomates and improve their lives to some extent. The programme currently services 21 patients and enables ostomates to obtain a temporary supply of essential items, including pouches, wafers, skin prep

“There are Bahamians who have ostomies that have to resort to using a Ziploc bag to collect their waste because they are unable to afford proper ostomy supplies.”

wipes, remover wipes and paste. Funds raised from Saturday’s fun run and walk will go towards the programme and the operational fees of the foundation. “This programme helps patients afford the vital ostomy supplies as well as support from an ostomy nurse. We have Bahamians applying to the programme and reapplying to the programme daily, so we encourage the public to show support. Donations can be sent to the Megan Louise Sands Ostomy Foundation,” said Megan Sands. In 2006, Megan suffered serious injuries after being in a jet-ski accident, which resulted in her having to undergo a colostomy. She started the foundation to raise funds for those individuals who are living with an ostomy and are economically disadvantaged, and who require both financial

Scenes from past fun run/walk events. and emotional support. “No one is exempt from the possibility of having ostomy surgery, and unfortunately our current health system is not able to manage and supply ostomates with the supplies that are vital to an ostomates life. There are Bahamians who have ostomies that have to resort to using a Ziploc bag to collect

their waste because they are unable to afford proper ostomy supplies. We are here to help those ostomates. The 5K fun run and walk is the main source of obtaining funds toward this programme,” she said. Megan said the organisation will continue to create awareness that ostomates can live a life without limi-

enrolled students become more prepared for the professional job market, as they have the opportunity to perform health checkups alongside certified professionals. “They do complete externships, but at the end of the day we want the general public to have an idea of what they are all about. We will also be doing community services within the next two weeks to provide free healthcare screenings. After their courses are completed they are certificated within the National Health Care Association and this can be used in the Bahamas as well as the UK, Canada and the United States,” said Ms Johnson.

After last year’s success, the Cyber Tech Career College is once again hosting its Health and Career Fair.

tations and help break the stigma surrounding ostomies. Interested persons can register at the Sports Center in the Harbour Bay Shopping Plaza for a fee of $20, which includes a T-shirt. Call 359-0020 for more information.

A future in allied health By ALESHA CADET

Tribune Features Reporter

acadet@tribunemedia.net

Saturday’s fair to offer screenings and career information

THE CYBER Tech Career College is inviting all Bahamians to attend its third annual Health and Career Fair this Saturday. The event will take place on the college grounds, # 85 Collins Avenue, from 10am to 4pm. The fair will feature checks for blood glucose, blood pressure and cholesterol levels, body mass index, as well as a electrocardiogram, first aid demonstrations, healthcare seminars and body massages. Licenced doctors will also be on-hand to offer free medical advice. Brittany Johnson, ad-

missions and recruitment officer at Cyber Tech Career College, told Tribune Health that their team is dedicated to equipping its students the vital industrycurrent knowledge and skills they can use to pursue a wide range of careers. The college offers courses for medical administrative assistants, clinical medical assistants, patient care technicians, phlebotomy technicians, EKG technicians, billing and coding specialists, and pharmacy technicians. “The Health and Career Fair was created to give the general public a bet-

ter understanding of what the college is all about and the many different types of career options that are offered. Today. more than ever before, motivated young adults have an opportunity to identify, pursue and be successful in the growing number of exciting and satisfying careers in the allied health career field. With the introduction of the National Health Insurance, the demands for certified health care professionals are climbing in the Bahamas every day,” said Ms Johnson. She believes the event also assists in helping the

Healthier kids, healthier communities: four ways to get involved (BPT) – It’s no secret that experiences in early and middle childhood are extremely important for a child’s healthy development and lifelong learning. Yet schools – the places where kids spend the majority of their time outside of the home during the week – often lack the resources and support needed to enable and inspire students to adopt healthier lifestyles. The solution is within reach; it rests in the hands of parents and other concerned community members who make investments (even small ones) in kids inside and outside of school to help build healthier communities and a healthier world. Dominique Dawes, an Olympic Gold medallist, three-time Olympian and child nutrition advocate, shares her tips on how caregivers can get involved

in manageable, meaningful ways to impact change within their children’s schools and communities. 1. Understand you’re not alone. Look to organidations with a footprint in your community, and seek out ways to volunteer. There’s a great organidation called Action for Healthy Kids. With the help of sponsors like GoGo squeeZ, their volunteer network works to improve the health and wellness of students in schools nationwide and highlight the link between nutrition, physical activity and learning. They even have an “Every Kid Healthy Week” to celebrate the great effort schools are making. Programmes like these are impactful resources for parents, students and teachers alike.

2. Reach out to your local parks and recreation department. Chances are, they’re looking for volunteers. You may be able to help out with something on a recurring basis – a wellness or athletic programme of particular interest to you. Also, ask about other ways you can serve your community. They may have park cleanup programmes or other projects that can get your whole family moving and contributing. 3. Make it fun. Talk to the administration at your child’s school about activities and competitions to help students take ownership of their own health. 4. Don’t underestimate your own abilities. Did you grow up learning

gymnastics? Speak to the parents of your kids’ friends about organiding a gymnastics workshop at the park one weekend. Do you have a passion for making (and eating) healthy food? Volunteer to bring easy, nutritious snacks to a local afterschool programmes, sports group or camp whenever you’re able. Bonus: nothing builds new friendships faster than food! “I talk to so many people who care about the issues we’re facing with childhood health and wellness but don’t know how to get their foot in the door,” Dawes says. “My best advice is to start small, but start somewhere. Just one small change can make a significant difference in the life of a child and the health of a community.”

Olympic Gold medallist Dominique Dawes

THE TRIBUNE

Tuesday, May 9, 2017, PAGE 17

C H Reeves Junior High nab second place with their chant for the theme ‘Six Pack Coming Soon’.

TA Thompson Junior High School won the new chant competition with their theme ‘Don’t Sit, Get Fit’.

Spectacular winnings at the Atlantic Medical Fun Run/Walk

ver the past several years, Atlantic Medical Insurance has hosted one of the most popular fun run/walks in the country. The main objective of the event is to achieve “top of mind” awareness of the importance of healthy lifestyles, the company said. Atlantic Medical Insurance has contributed significantly to two charities: the Bahamas Cancer Society and the Bahamas Diabetic Association. Approximately $400,000 has been donated over the past 18 years to these charities – all proceeds from the fun run/walk. The 19th annual Atlantic Medical Fun Run/Walk, held on April 29, attracted more than 1,000 participants. T-shirts worn by participants showcased one of three fun healthy lifestyle themes: ‘Six Pack Coming Soon’, ‘Feeling Awesome’ and ‘Don’t Sit, Get Fit’.

Walker in ‘65 and over category’ places fifth overall People competed in the categories of runners and walkers; male and female, and in the following age groups: under 15, 15-19, 20 - 29, 30 - 39, 40 - 49, 60 - 65, and over 65. Michael Symonette, former CEO of BTC, stood out by placing first in his age group, over 65, and by ranking fifth overall. Mr Symonette and his family have participated in the Atlantic Medical Fun Run/Walk for the past several years. On another note, for the first time, the event introduced the high school chant competition. Three of the country’s top junior high schools competed in a chant competition highlighting the event’s three themes. Enthusiastic students

rocked Montagu Beach in the promotion of healthy lifestyles, positioning themselves to win great prizes. At the end of the morning, judges Monique Toppin, a professor at the University of the Bahamas; Antonio Knowles, a CPA, and TR Sands, an IT professional, chose the school that executed the best healthy lifestyle chant. The school in first place, TA Thompson Junior High School, won $1,500 with their theme ‘Don’t Sit, Get Fit’. C H Reeves Junior High School received $700 for their theme ‘Six Pack Coming Soon’, and placing third with a prize of $500 was H O Nash Junior High School for their expression of the theme ‘Feeling Awesome’.

H O Nash Junior High School place third with their theme ‘Feeling Awesome’..

Deep cleanings A deep cleaning is a procedure done by your dentist or hygienist to treat gum and periodontal disease. It is very different from a regular cleaning. Your regular dental cleaning focuses on the surfaces of the teeth above the gum line (supragingival), while a deep cleaning will cleanse the areas beneath the gum line (subgingival). Who needs a deep cleaning? When visiting your dentist, they will perform a comprehensive dental evaluation. During this evaluation, a probe will be used to measure the area around your teeth to detect pocket formation. These pockets indicate areas between the tooth and gum where

bacteria will form. Gum disease is diagnosed if probing reveals areas of four millimeters or more. A normal/healthy probing depth will not exceed more than three millimeters. Gum disease is caused by lack of proper brushing and flossing, long periods of time between professional dental cleanings, and other conditions for example diabetes. If after your dental evaluation, there are areas of pocketing, your dentist will recommend a deep cleaning. Why is a deep cleaning needed? A deep cleaning is needed to remove bacteria and calculus that have collected under the gum. The presence of calculus and de-

and shaky teeth. What is the process of a deep cleaning?

Dr Tamika Ferguson bris beneath the gum line creates an environment for more bacteria to collect. The bacteria cause an immune response from the body resulting in inflammation of the gums. If the bacteria are left to fester, the infection and inflammation will progress further under the gum; leading to bone loss

Scaling and root planing is another term for a dental deep cleaning. Scaling removes buildup from the surface of the teeth and from the pocket between the teeth and gums. It can be done with an ultrasonic instrument or regular hand instruments. Before the deep cleaning, your dentist will numb the area. The second part of a deep cleaning is root planing. Root planing is done with hand instruments and is the process of removing buildup from the surface of the roots of your teeth. A deep cleaning normally requires at least two visits depending on how many quadrants of the mouth require treatment. After all areas of the mouth requiring deep cleaning have been

treated, your dentist will do a follow-up visit to ensure your gums are healing well. They will also reevaluate to see if there has been a reduction in pocket depth. Your dentist may also place you on a three month recall instead of six months until the disease is fully under control. If after the deep cleaning and three month recalls there is no improvement, your dentist will refer you to a periodontist for a consultation. How to avoid deep cleanings? The best way to avoid needing a deep cleaning is to visit your dentist at least two times a year for your regular professional cleanings. If you are not sure what the right brushing technique is, ask your dentist at your next visit. Oral hygiene may not be something most take seriously but if ignored or not properly done, negligence can result in the loss of your teeth.

Are you allergic to your bedroom? If you find yourself waking up with a stuffy nose, irritated eyes or unexplained sneezing, you may wonder what’s making you feel sick. Some dismiss it as being ‘sinus problems’ and struggle along with the symptoms. Could it be the down feathers in your pillow? Or the material your sheets are made of? Something else? Well, it appears that dust mites are often behind this morning misery. Dust mites love bedding, whether it contains feathers or a man-made material. The moisture from your breathing creates a natural habitat in your sheets and pillows for these microscopic critters. A pillow can double in weight in 18 months due to a buildup of these allergens. We generally spend about a third of our life with our heads on our pillows, that’s a long time with these unwanted bedfellows. Not everyone is allergic to dust mites. For those that are, the symptoms can include nasal congestion, coughing, shortness of breath, wheezing and headaches. They can also be a common cause of asthma in children. It’s worth asking your doctor for an allergy test if you believe you are having a reaction. It’s almost impossible for your home to be dust mite free but there are steps you can take to reduce their presence. If you are struggling with some of the symptoms mentioned here, it’s time to take steps to rid your bedroom of allergens and other irritants. Here are a few tips: Regulate humidity The ideal humidity level is between 30 and 50 per cent. Use a hygrometer to check the humidity level in your bedroom. They are available at leading drugstores or

Is your bedroom making you sick? It may not always be ‘sinus problems’.

Bettyjoe Cooper cotton curtains or blinds instead. If you must use heavy curtains, wash them in hot water (130° F) on a regular basis. Also, wipe window frames and glass to prevent mold and mildew from growing.

Filter

It may not just be ‘sinus problems’ online for less than $20. In our climate, we are more prone to high humidity levels. A dehumidifier will reduce the amount of moisture in the air and can set you back about the price of a small refrigerator. Keep the bedroom windows closed during the pollen season (for the Bahamas this can mean Spring all the way through Fall). Instead, use air-conditioning during pollen season. Check the weather websites for allergy reports. Vacuum Use a vacuum with a HEPA filter to clean your bedroom floor at least weekly. If you have rugs or pets, consider vacuuming more often. Take care to clean the areas often overlooked that are dust prone, such as under the bed. If

you do have carpets, consider replacing them with tiles or other hard surface such as laminate flooring and use washable area rugs.

ate a cooler sleep surface, while Tencel® fibers wick away moisture.”

Protect your bedding

Rinse off so you don’t bring pollen or other allergens into bed with you, especially if you have been outside. If you wash your hair before bedtime, make sure that it is completely dry. Any residual moisture can promote mold growth in your pillow. It is also possible to buy a pillow protector that offers the same benefits as a mattress protector.

Wash sheets and pillowcases in hot water (130° F) once a week and dry them in a hot dryer; do the same for your duvet cover every other week. Don’t let pets lie on or sleep in your bed. Consider barring them from the bedroom altogether! Use a mattress protector such as the Encase OmniPhase. Malouf, a manufacturer of a range of protectors, states: “The Encase Omniphase mattress protector delivers six-sided protection and a cool, dry sleep environment. Patented and lab-certified technologies completely block bed bugs, liquids, allergens and dust mites. Omniphase phase changing fabric absorbs and releases heat to cre-

Shower

Declutter Books, papers, lotions, and trinkets on your night stand are dust magnets. At the very least put them in another room, one that nobody sleeps in! Throws are another haven for dust mites and they often end up on the floor, adding to the problem. Heavy curtains are dust traps too! Replace them with washable

Use a disposable high-efficiency filter in your air-conditioning system that’s rated MERV 11 or 12 (this rating means that the holes in the filter that allow air to pass through are smaller and trap pollutants better). Change the filter every three months (or as often as the filter label recommends), and during the summer, leave your air conditioner on “fan” mode so pollutants such as pollen don’t get trapped indoors. If that’s not enough, on top of that, you can also use a HEPA Air Cleaner in the bedroom. The bedroom is the one place we spend most of our time, so it’s smart to make it an allergy-free zone. That way, you can breathe easier and avoid letting allergies affect your sleep. • Bettyjoe Cooper is a self-published author and the founder of Brand New Mattress Co, a retailer of bedding products located in the Hummingbird Plaza, Coral Harbour Road, Nassau. Call 6984609 for more information.

PAGE 18, Tuesday, May 9, 2017

THE TRIBUNE

Kena Deveaux and Raquel Pinder “I know what beauty means because she’s my mother.”

Elaine and Vernique Henfield “It is hard not to love such a genuine, selfless individual.”

Bett y Cadet-Dial and Alesha Cadet “She is my best friend, my pain reliever, my angel on my confidant, and my Eleuthera island gal.” earth,

What does your mother mean to you? By ALESHA CADET

Tribune Features Reporter

acadet@tribunemedia.net

HERE are no cards, gifts, or any material items for that matter, that can express the love a child has for their mother. This sentiment shared by the Bahamian women who spoke to Tribune Woman ahead of Mother’s Day this Sunday. Speaking about their “mommies”, they talked about the adventures they shared and the lessons they were taught in childhood. Asked what her mother means to her ‘Happy Foods’ founder and host Sasha Lightbourne simply said, “Everything.” The TV show producer said she sees her mother, Virgil Lightbourne, as the nucleus and the heartbeat of the Lightbourne family. “Without her I am nothing. In many ways I am very much like her, so everyone likes to say. And so much of who I am is because of the phenomenal woman that my mother is. She is a huge part of my success as well as my older brother’s success. Because of her, and our father of course, I think we are the successful citizens that we are,” said Sasha. Her mother taught her how to be strong, how to never give up and “to just keep swimming”. Sasha said she was always told that the world is her oyster, and that she had the backing of her family and God. Like Sasha, Raquel Pinder’s mother, Kena Deveaux, is also the strength of her family. A two-time breast cancer survivor and mother of four girls, including Raquel, Mrs Deveaux always provided the best

and taught valuable lessons pertaining to life and God. “So many times life just happened to be a little more than expected, but she showed love with a smile,” said Raquel, founder of the Beauty Beyond Feelings organisation. “I remember every morning on the way to school she would anoint me with oil and pray God’s protection over me. She would start her prayer like this, ‘Lord as I come to you today, not on the strength of my own, but in the strength of your son Jesus’... and she would finish with her request and thanksgiving. Today, I start my prayer with the same pattern as she did back then. I know what beauty means because she’s my mother.” Raquel said her mother taught her to never stop praying because it changes things; she also fostered her daughter’s belief in her selfworth. Raquel said she will never know what it means to stand alone because her mom has taught her to know that God is always beside her. Meanwhile, Hollaback! Bahamas Director and activist Alicia Wallace said her mother, Jill Wallace, has personified many of the values and virtues which she herself now is working on within herself and which she wants to share with others. Alicia said her mother is never too tired to listen, to push her, or to show up when needed, and she somehow manages to strike the perfect balance between acknowledgement of her capacity as a human being and a resolve to defy perceived limitations. “Over the past few years, I’ve seen her endure more loss and pain than I could have imagined, and

Jill and Alicia Wallace

Sasha and Virgil Lightbourne

“She is what it means to be more.”

“Without her I am nothing.”

marvelled at her ability to live with both strength and vulnerability – a testament to the dichotomy of black Caribbean womanhood. There’s no one who believes in me more, challenges me more, cheers me on more, clears the way more or champions me more than my mum. Named Atlantis’ Employee of the Year, my mum is a shining example of resilience, dedication and blooming where planted. She is what it means to be more,” said Alicia. “She told me more than once, ‘You’d better never love anyone better than you love yourself.’ This has become a critical part of my life and a statement I frequently revisit to ensure that I do no harm to myself or the people around me as I advocate for the rights of others.” Vernique “Nikki Jae”

Henfield said her mother, Elaine Jennifer Henfield, is an absolute blessing in her life. The lifestyle blogger said from the moment she entered this world, her mom has and is still fulfilling the mother role in an exceptional manner. “If it is in God’s will, when I become a mother, I will exemplify the love and nurture the same way my mother did. She is my best friend, confident, advisor and more. It is hard not to love such a genuine, selfless individual. As a child, my mother taught me the importance of reverence to God and to trust Him on a daily basis. She also instilled in me the importance of gaining an education. She ensured that I successfully completed all levels of education, from pre-school to university. She reminded me to give without expecting to

receive and to treat others with respect,” said Nikki Jae. As for me, Alesha Cadet, the song “Mother” by R&B singer Ashanti perfectly depicts my relationship with my ‘Superwoman’ – Betty Cadet-Deal. She has taught me strength, gave me guidance, and whenever faith was lost she was there to find it. The song’s lyrics say, “And all because a mother’s love is unconditional, with all my heart and my soul, I thank you and I love you.” Above all things, I never have to look very far for inspiration because she will always be the epitome of how my two sisters and I should carry ourselves as young women. She builds me up on a daily basis with kind words and unconditional love, and she is indeed my “green light” for a lot decisions I make in life,

Your choices: to hold or to fold? Your life is said to be the sum total of the choices that you make. Then there are those that say that life in general is like a box of chocolates, you never know which one you are going to get. Both of these positions may hold some valuable truth. In the latter case, whichever chocolate you get, you can choose to live empowered or disempowered. However, in the former case, where the choices you make tend to sum up your life, let’s add some context. Your life is not so much the sum total of the choices you make, but more so the sum total of your capacity to know when to hold or fold the choices you have made. This means taking time to reevaluate the degree to which your choices are still positively impact-

ing your life. If they are positively impacting your life, then you hold them; if they are not...well, you consider what you need to do. There is incredible power in making a choice. This power is not always acknowledged, leading many to choose randomly. What I know for sure is that you cannot choose randomly and expect to live an intentional empowered life. Random choices results in random living. Ultimately, you get to choose what you want your life to be about. It doesn’t matter which kind of cards or hand you are dealt. What matters is your willingness to play your hand with courage. Stay focused on your desired outcome so that you know when to ‘hold them and when to fold them’.

Personally, I like the power of making choices. It is one of those gifts of freedom that we cannot afford to take for granted. Not making choices intentionally often leaves you open to the inherent consequences. Every choice carries a consequence. This is why you must know not only what you are choosing, but why you are choosing that choice. The power of choices is about being intentional. The choices that you make are like the many cards in the deck of life. You have the responsibility of knowing when it’s time to hold them or fold them. If the choice you make is no longer serving your desired outcome, then it may be a good idea to fold it. Choosing to stay in hell is still a choice that you make.

In her hit song ‘Sending a Message to Myself’, artist Melissa Etheridge sings: “Every day I spent in hell, I chose to stay.” There is no point in complaining about a hell of a choice if you are choosing to stay. Leader to leader, understand that self-empowering choices are always at your disposal. You need only make up your mind up to hold and fold accordingly. New possibilities are only possible when make the choice to let go of the old. Knowing when to hold or fold your choices is the path to living an empowered life. Yes, you definitely an do it! What do you think? Please send your comments to coaching242@yahoo.com or 4296770.

encouraging me to always follow my heart and my dreams. Her opinion means the world to me. Believe it or not, even as a single mother, nothing seemed hard for her, or a least that is the way she portrayed it. Whether it was getting us ready for school every morning, literally walking us to school for years, or staying up every night to assist with homework studies even after getting off a 11pm shift, my mom showed strength and still does even through my adulthood. Things were never really easy, but she did it all with ease. It was almost like she had a secret cape in the closet with an actual “S” emblazoned on it. She is my best friend, my pain reliever, my angel on earth, my confidant, and my Eleuthera island gal.

Michelle Miller Motivationals

Michelle M Miller

• Michelle M Miller is a certified life coach, communication and leadership expert. Visit www. talktomichellemiller.com or call 1-888-620-7894; mail can be sent to PO Box CB-13060

SECTION b

Cindy Coakley Knowles, DNA, Fort Charlotte

tuesday, may 9, 2017

Lanisha Rolle, FNM, Sea Breeze

R Prodesta Moore, DNA, Elizabeth

Cheryl Bazard, PLP, St Barnabas

Emily Williams, DNA, Marathon Pakesia Parker Edgecombe, FNM, West Grand Bahamas & Bimini

Karen Davis, DNA, Free Town

Charlis Robins, DNA, Yamacraw

Miriam Emmanuel, FNM MICAL

Eva Bain, PLP, Central & South Abaco

Hope Strachan, PLP, Sea Breeze

Loretta Butler-Turner Independent candidate for Long Island Ruth Naomi Flowers, DNA, Central and South Abaco

Shonel Ferguson, FNM, Fox Hill

Arinthia Komolafe, DNA, Killarney

Bishop Margo Burrows, DNA, St Anne’s

Reneika Knowles, PLP, Killarney

Glenys Hanna Martin, PLP, Englerston

Stephanie Lightbourn, DNA Englerston

Melanie Griffin, PLP, Yamacraw

Brenda Harris, DNA, Bain Town & Grants Town

Dr Madlene Sawyer, DNA, Southern Shores

Women making their mark at the polls By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

ILLARY Clinton made history last year by becoming the first woman to be chosen to run for the highest office in United States by the Democratic Party. The outcome, was unfavourable for Clinton, she demonstrated courage, inspiring women everywhere and quashing misconceptions that running a country is a man’s job. There are countless women who are making strides in frontline politics and playing significant roles as decision, law and policy-makers in countries around the world. And while there are more women political contenders in the Bahamas’ 2017 general election compared to the previous cycle, male candidates still make up the overwhelming majority. There are a little over two dozen women contenders – with 13 representing the Democratic National Alliance (DNA), seven running for the Progressive Liberal Party (PLP), four representing the Free National Movement (FNM), and four also representing the Bahamas National Coalition Party (BCP). In 2012, for the first time

in Bahamian history, a team of observers from the Organisation of American States (OAS) was invited to observe the Bahamian general election. The team, composed of 12 international observers, monitored the May 7 elections in 30 constituencies, covering a total of 189 polling stations. Preliminary recommendations by the OAS, which were released in a press statement that year, noted that while 18,574 more women were registered to vote than men, this level of participation was not reflected in the number of female candidates. Only 22 of the 133 candidates who ran in the 2012 general election were women – about 16.5 per cent. The DNA, which has positioned itself as the third major party in the country over the past five years, has met and exceeded its promise of ratifying more female candidates than any of the other political parties. Back in February of this year, DNA Deputy Leader Chris Mortimer boasted the party would ratify 10 women as candidates. He said ratifying more female candidates than any other party is a testimony to the organisation’s commitment to equality. He said by the time the process was completed, the organi-

sation would have ratified 10 women. For tomorrow’s election, the DNA will actually be running a total of 13 women. Running for frontline politics as a woman is no easy task in any country. However, in the Bahamas there remains a great disparity between male and female candidates, despite women being the majority of bread-winners of households, representing more than half of the student population at the University of the Bahamas, and being significant movers and shakers in the private sector. And while not everyone is cut out for a life in politics, this year’s general election begs the question, “Are women considered unfit to run this country?” Regardless of their fate in tomorrow’s race, these women have set out prove otherwise. Meet the women contenders representing three of the major parties in tomorrow’s election: (Not pictured are BCP candidates; Annmarie Glinton Rolle (Seabreeze), Lorraine Arthur (Centreville), Denise Wilmore (Marathon) and Angela Cox (Fox Hill).

Candace Weatherford, DNA, North Eleuthera