05232016 business

MONDAY, MAY 23, 2016

business@tribunemedia.net

Gov’t ‘got nothing’ for foregone $2bn taxes

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

MP: Freeport MoU ‘make no sense’

THE Government’s deal with the Grand Bahama Port Authority (GBPA) “makes no sense” because it has gained just “nebulous promises” in return for foregoing potentially $2 billion in taxes.

Greg Moss, the Marco City MP, told Tribune Business that the two sides’ Memorandum of Understanding (MoU) had effectively maintained Freeport’s inadequate, existing ‘status quo’ for another 20 years.

The United Democratic Party (UDP) leader questioned the effectiveness of the Government’s negotiating team, saying it had gained nothing “near the value” of what it was conceding in annual revenues.

He added that the Government already possessed See PG B4

Moss ‘beyond disappointed’ with PLP Deal leaves city ‘as is’ for 20 more years

THE Government has again been urged to prioritise legislation for the $1 billion-plus private pension industry, with financial managers warning the lack of oversight is “a disaster in the making”.

Larry Gibson, vice-president of Colonial Pension See PG B2

KENWOOD KERR

CABLE Bahamas has urged regulators to protect consumers and a “competitive level playing field” by preventing BTC from choosing the payment regime for calls terminating on its network.

The BISX-listed communications provider, which will own a 48.25 per cent interest and have management rights for the Bahamas’ second mobile provider, warned that regulatory intervention was necessary to prevent the Bahamas Telecommunications Company (BTC) from leveraging its market dominance.

Cable Bahamas’s concerns on behalf of NewCo, the yet-to-be-named second mobile operator, were laid out in response to the Utili-

THE Abaco Club’s principal has accused some Little Harbour residents of seeking to “incite confrontation” against him over its controversial 44-slip marina planned for that community.

David Southworth cited this as the principal reason why he broke off all contacts with the Little Harbour Property Owners As-

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

GREGORY MOSS

Legislation needed for accountability ‘Fit and proper test’ urged for all providers Bahamas again lagging Caribbean, the world

LARRY GIBSON

Cable seeks protection on mobile pay regime

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

sociation (ALHPO) just six weeks after meeting them to initiate a public consultation process over the facility.

His decision to sever all ties drew a predictably negative response from Little Harbour residents, who are accusing the Abaco Club of seeking “to monopolise 4050 per cent of the navigable water” in their harbour with the proposed marina.

The rapid deterioration in relations between the Abaco Club and that com-

munity is laid bare in e-mail and letter exchanges filed with the Supreme Court to support a legal challenge to the 44-slip dock and associated facilities.

Attorneys for Responsible Development for Abaco (RDA) are due to appear before the Supreme Court in Freeport tomorrow, seeking its permission (or leave) to initiate Judicial Review proceedings on the grounds that both developer and the Government have failed to See PG B6

Abaco Club chief then halted consultation Fears 40-50% of Little Harbour water ‘monopolised’ EIA ‘lack of transparency’ at root of concerns

Education woes leave ‘blind leading blind’

Unregulated pensions a ‘disaster in the making’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Developer claims residents were ‘inciting confrontation’

Fears allowing BTC choice ‘anticompetitive’ Calls for regulator intervention if no agreement Seeks NewCo interconnection within 30 days ties Regulation and Competition Authority’s (URCA) consultation on proposed changes to BTC’s access and interconnection (RAIO) regime.

It called on URCA to mandate that BTC provide interconnection between its network, and that of See PG B5

THE Bahamian education system’s woes have created sub-standard management throughout the Government and private sector, resulting in “the blind leading the blind”.

Robert Myers, a former Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chairman, told Tribune Business that many businesses and public sector agencies were forced to persist with below par management “as it’s all we’ve got”.

He linked this both to the education system’s relatively poor output, and issues with

‘Sub-par’ management in business, Gov’t Aids corruption, inefficiency in public sector

$4.00 $4.06

Many workers lack ‘cognitive ability’ to thrive corruption, waste and inefficiency in many government departments that have been highlighted in recent Auditor-General reports.

While acknowledging that

ROBERT MYERS

$4.07

the $20 million Inter-American Development Bank (IDB) project to enhance Bahamian workforce skills and job matching “may be See PG B5

$4.04

PAGE 2, Monday, May 23, 2016 2016 THE TRIBUNE THE TRIBUNE

Union forges global alliance on Liberty’s BTC acquisition

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net UNION representatives are still “trying to find out much as we can” about the Bahamas Telecommunications Company’s (BTC) new controlling owner, telling this newspaper: “We’re not afraid but we are concerned.”

Bernard Evans, the Bahamas Communications and Public Officers Union (BCPOU) president, confirmed that it had attended a meeting at the London headquarters of Uniglobal, the umbrella global union representing workers in the financial and communications industries, on April 19.

That meeting, he said, was intended to share information and get a feeling for how Liberty Global, Europe’s largest cable group, interacts with worker representatives.

Mr Evans said that between May 5-6, a follow-up meeting was held in Trinidad with the Caribbean representatives of Cable & Wireless Communications (CWC) staff, ahead of the May 13 deadline for the company’s regional assets to be acquired by Liberty Global.

“We have formed an alliance in anticipation of meeting with Liberty Global to

ensure that we could confront, and be aware of, any atrocities or any misgivings that Liberty Global may present, or benefit from any workers’ compensation or whatever it is they might allow in certain jurisdictions,” Mr Evans said.

“Certainly, we want to be able to share information as much as we can to better prepare our people to be proactive, and to notify government agencies or government as a whole if there is in fact an impending danger, or to ensure that it doesn’t come this way to the Bahamas.”

Mr Evans said the union does not anticipate any major differences between Liberty Global and CWC’s control of BTC. “We realise that Liberty is a cable company trying to get in the mobile industry via this merger, so telecommunications is kind of new to them as far as we know,” he added.

“We’re still under contract. We have a succession clause that in matters where there is new ownership, all of the terms and conditions of employment are protected through the life of the contract, which ends April 2018.”

Mr Evans continued: “We don’t feel that our livelihood is being threatened, because by law we are still bound

Unregulated pensions a ‘disaster in the making’ From pg B1 Services (Bahamas), told Tribune Business that the sector would continue to see cases where there was “a lack of accountability” in the absence of statutory oversight.

He warned that its sheer size, and importance, meant the Bahamian pension fund industry was too important for policymakers to ignore.

Mr Gibson was backed by Kenwood Kerr, Providence Advisors’ chief executive, who said statutory oversight for existing plans was the “absolute minimum” requirement for protecting workers’ retirement assets.

He called for all pension industry players, such as administrators, fund managers and trustees, to pass “a fit and proper person test” as a means to prevent the mismanagement of assets.

Both men were speaking out following multiple Tribune Business revelations on the ongoing City Markets pension debacle, with beneficiaries still waiting to receive their entitlements more than four years after the compa-

ny’s collapse.

L Sydney Saunders, an accountant hired by a group of City Markets pension fund beneficiaries, earlier this year warned that “numerous suspicious transactions” appeared to have occurred with the plan’s assets.

He did not identify these “transactions”, but said further scrutiny and examination was required.

However, exhibits to other documents filed with the Supreme Court show that a $20,000 cheque, drawn on the City Markets pension plan on February 22, 2013, was used to pay Bahamas Automotive Services for the purchase of a 2009 Hyundai van. The licensing and insurance costs for the van were also paid by the pension fund.

And a $176,000 cheque was drawn on March 19, 2013, to pay Trans-Island Traders, the last 78 per cent majority owner of City Markets, “closing fees for the sale of vacant land”. The land in question is not identified.

“What it speaks to fundamentally is that we need pensions legislation,” Mr Kerr told Tribune Business. “We need to have some kind of legislation to govern, oversee and police existing plans in the country.

“It’s required at an absolute minimum. We need legislation to govern existing pension funds in the country, and service providers.

“There must be some rules and criteria by which service providers qualify themselves, offer their services and are regulated and monitored, so they’re always fit and proper.”

Mr Gibson added: “Until we get legislation in place, we’re going to continue to be challenged with cases of dubious accountability, if not the complete lack of accountability.

“It’s not until we seemingly have more cases and something bad happens that it gets on the politicians’ agenda.

“It’s like every couple of years the door cracks a little bit, and people get on their soapbox and talk about it, but at the end of the day nothing gets done and that’s unfair to the hardworking people of this nation.”

The Christie administration attempted to initiate pension industry regulation via a Bill brought to the House of Assembly in 2013.

Although it made it to a second reading and full debate, the Bill has never progressed into law.

Mr Gibson recalled that the Bill became “bogged down”, making it to the House committee stage where “it died”. Mr Kerr, meanwhile, described the legislation as “probably gathering dust”.

He suggested that provisions making it mandatory for all employers to provide pensions became controversial, as the Bill was seen as effectively imposing another “tax obligation” on the private sector.

Suggesting that ‘mandatory pensions’ be treated as a separate issue from regulating the sector, Mr Kerr said existing private plans needed to be properly structured.

to that until 2018. That’s doesn’t mean the company may not want to come in here and do further lay-offs or cut costs here and there.

“That’s the way of the world in terms of those who run major companies trying to streamline operations.

Often times, the employees are the ones who suffer. We are going to be watchful.

We’re not afraid but we are concerned.

“Staff just don’t know exactly what is going to come.

If it is true that they put employees first, then we will welcome them with open arms. If it is proven to be otherwise then that will be a different story. We are doing all we can to ensure we are prepared.”

Liberty Global’s takeover of CWC and, by extension, the controlling equity interest at BTC, still has to be approved by the Government.

The Utilities Regulation & Competition Authority (URCA) has already given its approval as sector regulator on competition grounds.

And, to all intents and purposes, the Liberty takeover at BTC is a ‘fait accompli’, since the deal has already been completed outside the Bahamas.

Under the deal, CWC - including BTC - will become part of Liberty’s Latin American and Caribbean group (the LiLAC Group).

He emphasised that they needed to be completely separate from their company sponsors/founders, to prevent retirement assets from being used for operating capital.

And the trustees, fund managers and administrators also needed to be completely separate from the plan sponsors.

“It can’t be done inhouse,” Mr Kerr told Tribune Business. “It needs qualified service providers or investment managers so you create an arm’s length, totally independent environment with rules, policies and procedures in place so people can be held accountable.”

The Providence Advisors chief suggested that the industry could be regulated through a new, separate Pensions Commission or via the Securities Commission.

He suggested that the latter would likely be more efficient and cost effective, given that it already regulated many pension industry players through other legislation.

Mr Gibson, meanwhile, said the private pension industry’s growing size and assets under management made it impossible to ignore from a regulatory standpoint.

“Look at it this way,” he told Tribune Business. “You look at pension funds as a percentage of GDP. They’re growing continuously.

“Can you imagine the banking sector without regulation, the insurance sector without regulation? It’s enormous; way over $1 billion.

“I suspect it will be somewhere north of $1.5 billion in private pensions. We’re talking big numbers; very large numbers indeed.”

Mr Gibson said the protection of Bahamian retirement assets was critical, especially when combined with this nation’s relatively low savings rate and unsustainable debt/ consumption habits.

“You’re looking at a large proportion of your population going into retirement without a pension,” he told Tribune Business. “At best, only 40 per cent are covered by a plan; 60 per cent are out there.

“You combine that with the credit structure in this country, where the average debt ratio is unsustainable, and the poor financial habits most people are carrying, and you can see it’s a disaster in the making.

“High unemployment, low pension coverage and a nil savings rate. It’s not a pretty picture.”

With a general election imminent, Mr Gibson said the issue of pensions - and their regulation - needed to be “put on the front table”.

“What are your plans to support the long-term financial stability of the country, and savings and retirees?” he asked of the major political parties.

“If you look at the region, everybody is doing something. Everybody has something. You look at smaller countries; Turks & Caicos doesn’t have direct pension ordinance, but it’s in insurance and other substantive legislation.

“It may not be adequately or substantively covered, but at least they’re doing something. Maybe doing nothing’s our preferred position.

You have to wonder.”

THE TRIBUNE

Monday, May 23, 2016, PAGE 3

Moving $1.1m Dingman case to Bahamas ‘unduly burdensome’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Creditors fight back against New York dismissal bid

As for transferring the case to the Bahamas, Mr Sher urged the New York court to “defer” to the plaintiffs’ choice of venue, given that some of them resided in the city.

“Defendants have not offered any proof that the Bahamas would be an adequate alternative forum,” he alleged.

“In fact, decisions in this circuit have recognised that the Bahamas may not be an adequate alternative forum for cases involving ‘multiple defendants and the possibility of extensive discovery’ because the American contingent fee system is ‘not available in the Bahamas’.”

Mr Sher continued: “ Finally, adjudicating this dispute in the Bahamas would be unduly burdensome to plaintiffs, most of whom do not reside in the Bahamas.

“By contrast, litigating plaintiffs’ claims in this court would not be burdensome at all to Dingman, who maintains an apartment in New York city and travels to New York often.”

Mr Dingman’s attorneys had previously argued that the Bahamas - not New York - was the most appropriate jurisdiction in which to bring the claim.

“Almost all of the parties, witnesses and evidence are in the Bahamas, the case concerns businesses in

the Bahamas, and virtually every event complained of occurred in the Bahamas,” they alleged.

“Accordingly, the three factors to be considered in assessing a request to dismiss all weigh in favour of dismissal. Moreover, for those plaintiffs who are US citizens, their reliance on citizenship to avoid dismissal is diminished in view of their choice to invest in a foreign country, and their complaints about fraudulent acts occurring primarily in that country.

“Instead, these claims should be adjudicated in a Bahamian court, where defendants all are amenable to suit, and which is the appropriate avenue for plaintiffs to seek redress for their claims.”

Mr Dingman and his attorneys also indicated that they might seek to dismiss the lawsuit because it “lacked jurisdiction” over both himself and the five restaurant companies, all of whom are domiciled in the Bahamas.

The Bahamian companies involved as plaintiffs are FYP and Tile King, the People First (Bahamas) employment agency, IDNet, and Young Digerati (YNG).

The individual Bahamians suing Mr Dingman include Jason Rolle, his for-

mer general manager, who claims to be owed $46,113 in unpaid salary and benefits, plus Tyrone Adderley, a contractor due more than $2,000 for work on the Beach Club Cafe at Sandyport.

The original lawsuit, filed early in the New Year, claimed that Mr Dingman has effectively abandoned his creditors and investors and “fled the Bahamas altogether”, refusing to pay what he owes.

Mr Dingman’s efforts to build a Nassau-based restaurant and hospitality business included taking over the iconic Traveller’s Restaurant in western New Providence via a lease arrangement.

That venture failed and the property shut again, until members of the Bain family, its owners, reopened it again last summer.

He also leased two units in the Klonaris brothers’ Elizabeth on Bay plaza on Bay Street for two other restaurant formats, both of which have also closed.

Tribune Business also revealed how Mr Dingman leased the Beach Club Cafe from Sandyport’s developers, viewing this as his “signature property”. The venture never opened, and the lease was pulled.

Union seeks ownership audience with the PM

via the Ministry of Finance.

He explained that this would provide reassurance to Bahamian commercial banks and international agencies, which were prepared to financially support the proposal.

The union has launched a campaign to seek the signature of all taxi drivers who support outright

ownership of the industry.

The PSDU has said in the past that there are 2,500 taxi franchises in existence today.

“At the end of the day we want to form a co-operative that would help to bring about a businesslike approach to the ground transportation sector,” said Mr Johnson.

JAMIE Dingman’s creditors are arguing that moving their $1.113 million claim over his failed Nassau restaurant empire to the Bahamian Supreme Court will be “unduly burdensome”.

Serving notice that they will resist any move by the son of world-famous entrepreneur and Lyford Cay resident, Michael, to dismiss their New York action, the creditors suggested there was US legal precedent to show the Bahamas was an “inadequate” forum for their case.

Attorneys from US law firm Sher Tremonte, who are representing seven Bahamian companies and individuals in the action against Mr Dingman, said he had provided no proof to back his assertion that the Bahamas was a proper alternative jurisdiction.

Setting out their clients’ case in a May 19, 2016, letter to US judge, Naomi Reice Buchwald, attorney Justin Sher argued that many of the events detailed in the complaint against Mr Dingman occurred in New York.

“This case concerns defendant James T. Dingman’s scheme to defraud investors and others in con-

By NATARIO McKENZIE

Tribune Business reporter

nmckenzie @tribunemedia.net

A TAXI union hopes to meet with Prime Minister Perry Christie to discuss proposals to transform the sector from government control into an enterprise owned, and run, by franchise holders.

Richard Johnson, the Public Service Drivers Union (PSDU) president, told Tribune Business: “We have finally gotten a position from the Government on the question of the monetisation of the franchises.

“We have been dealing with this for quite some time, and we hope to enter into a public private/part-

nection with his development of a hospitality business in the Bahamas,” Mr Sher alleged.

He acknowledged that the five restaurant companies central to the claim, The Traveller’s Beach Restaurant, 25 North Ltd, Island Smoke House Ltd, Out West Hospitality and Bahamex Ltd, were all formed as Bahamian-incorporated companies between December 2012 and September 2013.

Out West Hospitality was established as the holding, or parent, company for the planned Nassau restaurant venture, and Mr Sher claimed: “ To fund these businesses, Dingman made material misrepresentations to investors in New York concerning Out West Hospitality, Traveller’s and BahaMex. “During a conversation in New York, Dingman promised plaintiff Ryan Giunta an annual salary of $150,000 and a 10 per cent equity stake in Out West Hospitality in exchange for Giunta’s services as a business manager.

“In soliciting the invest-

Wants taxi industry moved to private ownership nership arrangement with the Government throughout the Ministry of Transport.

“We have had meetings with Road Traffic Controller, Ross Smith. He is supportive of our efforts. However, he has made it clear that the only person who can give the go-ahead is the Minister of Finance and that is, of course, the Prime Minister.”

Mr Johnson added: “We would like to appeal for an audience with the Prime

ment of Erik H.Gordon in Traveller’s and Out West Hospitality, Dingman made material misrepresentations to Gordon over meetings in New York. Relying on those misrepresentations, Gordon wired a total of $325,000 from his personal bank account in New York to Traveller’s,” the letter continued.

“Dingman also sent a joint letter to investors, including Giunta and Gordon, continuing to misrepresent the financial condition of Out West Hospitality even after all of Dingman’s businesses had closed.”

This is designed to counter the suggestion by Mr Dingman and his attorneys that the claim should be dismissed by the southern New York federal court on the grounds that US securities laws do not apply to Bahamas-based transactions.

Mr Sher argued that because the agreements between Mr Dingman and the US plaintiffs were reached in New York, and money wired from New York bank accounts, the US Securities Exchange Act still applies.

“In brief, all of plaintiffs’ claims relate to the slew of misrepresentations made

by Dingman to each of the plaintiffs in connection with Dingman’s Bahamian restaurant venture,” he alleged.

Minister so we can outline our proposal. This is nothing new. Under Prime Minister Christie’s first watch we came up with this proposal for the valuation of the taxi franchise.

“Once we meet with the Prime Minister and get his approval I believe we can access funding for this initiative. We want taxi franchises, livery franchises, those who use cars and private charter franchises, and those are the ones we would like to manage because those would fall in line with the medallion system operated in other countries.”

The PSDU has long been agitating that the industry transition from one that is

government-controlled to an enterprise owned, and run, by taxi franchise holders.

In a previous interview, Mr Johnson said the PSDU had finally secured the long-desired ‘comfort letter’ from the Government

US Secretary of State Kerry urges further reforms in Myanmar NAYPYIDAW, Myanmar (AP) — U.S. Secretary of State John Kerry on Sunday urged Myanmar's new civilian-led government to complete the Southeast Asian nation's transition to democracy by implementing further reforms to enshrine free markets, development and human rights.

Speaking with Myanmar's foreign minister and de facto leader, Aung San Suu Kyi, after talks in the capital of Naypyidaw, Kerry pledged continuing U.S. support for the country and hailed progress it has made since Suu Kyi's political party took office in late March after winning historic elections that ended decades of military control.

"We strongly support the democratic transition that is taking place here," Kerry said.

His visit came less than a week after the Obama administration lifted sanctions against 10 state-run companies and banks in a sweeping modification of penalties imposed while Myanmar was under military rule. The administration, however, left in place restrictions on trade and investment with the nation's still-powerful military.

The changes are intended to spur more U.S. investment and support economic growth under the new government, but also to encourage more reforms.

The U.S. waived its longstanding bans on investment and trade in 2012 after Myanmar began political and economic reforms, but retained restrictions on dozens of companies and individuals designated by the Treasury's Office of Foreign Assets Control because they oppose reform, or are implicated in human rights abuses and military trade with North Korea.

In addition, the U.S. continues to ban the import of jade and rubies from Myanmar.

"The key to the lifting of the (remaining) sanctions is really the progress that is made within Myanmar in continuing to move down the road of democratization,"

Kerry said, adding, "It is very difficult to complete that journey, in fact impossible to complete that journey, with the current constitution."

He called for the charter to be revised to fully respect civilian authority and clearly spell out a separation of powers among various branches of government as well as protect minority rights and promote inclusivity. He said he raised those issues with the commander in chief of Myanmar's military before departing later Sunday to join President Barack Obama on a visit to Vietnam.

Suu Kyi said she did not believe the remaining sanctions would stay in place for long, but did not look at them as a punishment.

"We're not afraid of sanctions, we're not afraid of scrutiny," she said. "The time will come soon that the United States will know that this is no longer the time for sanctions."

Under the current, juntaera constitution, Myanmar's military controls the ministries for defense, home affairs and border affairs, and 25 percent of parliamentary seats. Rights groups say stateless Rohingya Muslims and other minorities still face repression.

The treatment of the Rohingya remains a major sticking point in U.S.-Myanmar ties, with the government complaining that even U.S. officials use the term to refer to the group, which many Buddhists inside Myanmar call "Bengalis." They say the 1 million or so members of the minority are mostly illegal immigrants and not a native ethnic group. In fact, the families of many Rohingya have lived in Myanmar for generations.

Because Myanmar does not officially recognize the Rohingya as an ethnic group, it denies most of them citizenship and basic rights.

Conflict over land and resources in the western state of Rakhine, where most of them live, caused deadly violence between Buddhists and Muslims that later

spread to other parts of the country. More than 100,000 Rohingya were forced to flee their homes and now live in poor conditions in decrepit camps.

Suu Kyi, who won international admiration and a Nobel Peace Prize for her nonviolent struggle for democracy during Myanmar's years of military rule, has in recent years disappointed many former fans by failing to speak on behalf of the Rohingya. Despite international expressions of concern, Myanmar's previous military-backed government did nothing to ease the Rohingya's plight.

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PAGE 4, Monday, May 23, 2016

Gov’t ‘got nothing’ for foregone $2bn taxes From pg B1 most of what it claimed the MoU has delivered, via the 1968 agreement with the GBPA over the Benguet Consolidated merger.

Mr Moss also scoffed at the GBPA’s possible purchase by Mediterranean Shipping Company (MSC), warning that Freeport’s governance was being handed “to a shipping company”.

And he warned that the proposed Carnival cruise port for eastern Grand Bahama would provide few benefits for Bahamian entrepreneurs and businesses, citing the example of the company’s facilities in Turks & Caicos.

“The MoU that the Gov-

ernment has signed is conspicuous in the absence of any reference to the near $100 million per annum it has foregone to obtain the nebulous, imperfect and unbinding promises the Port Authority has made in return,” Mr Moss told Tribune Business.

“That is the most important point: It is conspicuous in the absence of any reference to the amount of tax the Government is going to forego in return for these promises by the Port Authority.”

The taxes referred to by Mr Moss are primarily real property tax. The Prime Minister, in unveiling the MoU, said the Government planned to impose that tax

on all foreign-owned, undeveloped landholdings in the Port area that are greater than five acres in size.

However, Mr Christie confirmed that the GBPA and all its affiliate companies will receive a ‘blanket’ 20-year renewal of all Freeport’s recently expired investment incentives - including real property tax.

That means the city’s two largest landholders Freeport Commercial and Industrial and the Grand Bahama Development Company (DEVCO), the latter of which is 50 per cent owned and managed by Hutchison Whampoa/C K Property Holdings - will not be paying any real property tax on their main assets.

Several Freeport-based businessman and attorneys have told Tribune Business that the ‘blanket’ exemption for the GBPA and

Hutchison/C K Property Holdings is contrary to the recommendation of the Government’s own Hawksbill Creek Agreement Review Committee.

They have also argued that by granting this concession, the Government has given up its main ‘leverage’ source over both the GBPA’s owners and Hutchison/C K Property Holdings.

As a result, there is minimal pressure for the St Georges and Haywards to exit, and no incentive for Hutchison/C K Property Holdings to proactively develop DEVCO’s 74,000 acres.

The Government’s first consultants, McKinsey & Company, estimated the real property tax exemption as amounting to a total $60$80 million ‘tax break’ for Freeport-based businesses - chiefly DEVCO and the GBPA. The Ministry of Grand Bahama, meanwhile, put this figure at $101 million.

It broke this down into $30 million worth of real property tax from developed land, and $71 million on undeveloped land, with DEVCO contributing some $85 million of this. The $16 million balance was to come from the GBPA and its Port Group Ltd affiliate.

Mr Moss himself told Tribune Business that the real property tax concession could amount to $100 million per annum in foregone tax revenue.

“At the end of the day, what the Government gets in return for foregoing $2 billion over 20 years makes

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THE TRIBUNE no sense,” he said.

“Most of the concessions it claims it got in return is what it already has from the Benguet agreement in 1968. We have membership on the Board, have a right to see what they’re [the GBPA] doing.....”

The Government took a 7.5 per cent equity stake in the GBPA in return for approving its merger with Benguet in 1968.

While subsequent documents show that the GBPA re-acquired that shareholding in the early 1970s for around $8 million, the strong suspicion is that the Public Treasury’s accounts never received the bulk of that price.

As a result, the Government still technically holds that 7.5 per cent stake, and the GBPA’s annual returns have continued to show the Treasury as a shareholder.

Hence Mr Moss’s suggestion that the Government already has what it has touted in the MoU - an equity stake in the GBPA, coupled with corresponding Board seats.

Summing up what the MoU means in practical terms, the Marco City MP told Tribune Business: “You’re talking about taking the city of Freeport, the last private colony in an independent Commonwealth, and leaving you as you are for another 20 years.

“This makes absolutely no sense. We’re talking about an island desperately needing an economic stimulus, where $50 million would be life changing for the island and Commonwealth as a whole.

“You’re giving all that up without anything near the equivalent of that value being brought to the city of Freeport, the Commonwealth and the Government.”

Mr Moss also pointed out that the MoU did nothing to address the fate of the Royal Oasis, which has been closed for 12 years, or the deteriorating International Bazaar.

He thus becomes the latest opposition politician, alongside Grand Bahama colleagues such as K P Turnquest and Kwasi Thompson, to suggest that the MoU is much less than the Government is promot-

NOTICE Edith Lottie Bastian please contact Magan Taylor at Baycourt Chambers URGENTLY.

ing it to be.

In particular, all three have expressed misgivings that the real property tax exemption lets DEVCO (and its owners) “off the hook” in terms of living up to their development obligations.

And, as a result, the MoU has done little to spur economic growth in Freeport over both the short and long-term - especially since many of the commitments it contains seem vague and non-binding.

Hutchison/C K Property Holdings lobbied the Government heavily against imposing real property tax on their Freeport-based real estate interests, warning that they would not undertake the $300 million Container Port expansion or other investments unless the exemption was renewed on existing terms.

It appears likely that the Christie administration traded-off its real property tax ‘leverage’ in return for both the Container Port and a waiver of Freeport Harbour Company’s (FHC) cruise port exclusivity on Grand Bahama.

The latter move appears designed to pave the way for Carnival’s proposed private port in the eastern part of the island.

Mr Moss, though, warned that such a facility was unlikely to result in major economic benefits for Bahamians.

“We saw what happened in the Turks & Caicos with Carnival,” he said. “The terminal became nothing more than an extension of the cruise ship... In Turks & Caicos, it does not benefit the locals because they’re not able to have structures and businesses on that property.

“It’s what we’re now talking about doing in east Grand Bahama, and we’re talking about doing the same for the city of Freeport: Taking what’s wrong in Bimini and expanding it writ large for the city of Freeport.”

Mr Moss said he was increasingly eager to debate the MoU in the House of Assembly, and he is likely to soon get his wish, given that its contents are bound to feature in Wednesday’s Budget debate.

“I am very concerned and beyond disappointed with the Christie government,” he told Tribune Business, “and equally concerned about the silence of the FNM on this.

“I’m looking forward to a vibrant and vigorous debate on what’s going on in the city of Freeport. We’re looking forward to the debate in the House, so the people of the Bahamas can see what is really going on.”

Position AvAilAble Corporate IT Help-Desk and Junior Software Developer An international corporation is looking for a Corporate IT Help-Desk and Junior Software Developer who has experience and a positive attitude supporting a small company’s IT infrastructure. This role will be based in the Bahamas. The successful candidate will be expected to hit the ground running by managing all on-site support requests, provide ad-hoc end-user training, and provide assistance developing and maintaining proprietary applications. They will also be involved in the development and implementation of enterprise applications that provide our companies with streamlined operational efficiencies. This would be an ideal opportunity for an experienced IT support person who wants to transition into a software developer.

Skills required for this job are: • Experience providing technical support in a modern Windows network.

• Experience with application support.

• Some experience working with front end web technologies (HTML, JavaScript, CSS).

• Rudimentary programming experience with a desire to learn on the job.

• Working knowledge of TCP/IP networks (Wi-fi, VPNs) • Demonstrated ability to apply analytical and troubleshooting skills.

Responsibilities for this job are: • Produce and maintain documentation of site-specific issues and requests.

• Setup and install workstations and software applications • Troubleshoot and problem solve end-user issues.

• Manage your daily tasks through the IT ticketing system, documenting all work and delivered solutions.

• Work with IT team to track trends and user requirements.

• Proactive attitude towards any potential future problems.

• Ongoing and self-training of new and current technology.

This is a unique opportunity that provides strong career growth and hands on enterprise support and development experience. If you feel that you are a good fit for the job please send resumes to resumes@sgfsi.net.

THE TRIBUNE

Monday, May 23, 2016, PAGE 5

Education woes leave ‘blind leading blind’ From pg B1 along the right lines”, Mr Myers said more was required to address labour productivity.

“You can’t just throw money at it,” he told Tribune Business. “Education is something deep-rooted, and unemployment is specific to it.

“You’ve got to have a certain skill set in order to attain employment, and there are concerns with the connection of baseline skill sets to our unemployment problem.

“Do they [the unemployed] have the cognitive ability to learn the types of things required of them in the modern workforce?,” Mr Myers asked.

“With GPAs (grade point averages) being what they are, I’m not sure that’s the case - that they have the cognitive ability to be gainfully employed in the modern workforce.”

Mr Myers is one of the principals behind the newly-formed Organisation for Responsible Governance (ORG), a non-profit group aiming to boost transparency and accountability in Bahamian governance and

society.

Education is one of ORG’s key issues, and Mr Myers said the private sector continuously suffered the consequences of school leavers ill-prepared for workplace demands.

“Speaking from our own experience in business, we’re challenged daily by that mediocrity,” he explained. “It’s not that they’re bad people; they’re great employees, but they don’t have the baseline skills coming out of school to advance them in the modern workforce.”

Mr Myers said this also impacted Bahamian governance, and the quality of government decision-making, services and their delivery.

“There’s a capacity issue in Bahamian governance and management,” he told Tribune Business. “In many respects, you have the blind leading the blind.

“Because there have been systematic problems in education for so many years, we have sub-standard management on so many levels.

“We can see that appearing with the corruption and mismanagement in government departments that you are all writing about now.

Cable seeks protection on mobile pay regime From pg B1 NewCo’s, within 30 days of the latter submitting such a request.

While acknowledging that this was key to ending the Bahamas’ last communications monopoly, Cable Bahamas indicated it was more concerned over whether BTC will have the freedom to select its own mobile termination payment regime.

“BTC should not be allowed to unilaterally determine whether a Calling Party Pays (CPP) or Mobile Party Pays (MPP) regime should apply for calls terminated on its mobile network, as this will allow BTC to exert the significant market power (SMP) it has in relation to termination of mobile calls on its mobile network,” Cable Bahamas urged.

“BTC’s choice will not necessarily be in the best interest of consumers in the Bahamas, and it will not necessarily contribute to establishing a level competitive playing field given BTC’s SMP in key markets relevant to this assessment, namely fixed-voice origination together with mobile origination and mobile termination.”

Cable Bahamas said BTC’s ‘freedom of choice’

when it came to call termination payment methods, as the proposed changes to its RAIO seemed to imply, would likely force Cable/ NewCo to adopt the same.

“NewCo requests that in the event that BTC and NewCo fail to agree on the regime that should be adopted in the market, URCA immediately intervenes using the remedies as its disposal due to BTC’s significant market power in the termination of mobile calls and, indeed, in all mobile markets as well as in the origination of fixed calls to mobile, and removes BTC’s unilateral power to decide on a CPP or MPP regime,” Cable Bahamas told the regulator.

Describing what it termed as “the main threats to healthy and sustainable competition in the mobile telecommunications market”, Cable Bahamas said BTC could use an MPP regime to employ “price discrimination” against NewCo customers.

It said BTC could charge its mobile customers for receiving calls from NewCo clients, but not from other BTC customers.

“Charging a BTC mobile customer a higher price to receive a call from a NewCo

“If you lower the standards of education overall, in any modern society all these things are going to be affected.”

A key component of this initiative is the design of an apprenticeship programme that will benefit between 1,500 to 3,000 young Bahamians.

It will be targeted at the unemployed and school leavers, and is focused on the 16-29 year-old age group in bid to cut a 30 per cent jobless rate among young Bahamians.

The programme will provide 80 per cent “on-thejob” training, with just 20 per cent of the time spent in the classroom. And it will be linked to a pre-apprenticeship initiative under the Government’s National Training Agency (NTA), which will focus on improving ‘soft skills’, especially numeracy and literacy.

A key component of the $20 million, IDB-financed initiative is the design of an apprenticeship programme that will benefit between 1,500 to 3,000 young Bahamians.

It will be targeted at the unemployed and school leavers, and is focused on the 16-29 year-old age group in bid to cut a 30 per cent jobless rate among young Bahamians.

The programme will pro-

vide 80 per cent “on-thejob” training, with just 20 per cent of the time spent in the classroom. And it will be linked to a pre-apprenticeship initiative under the Government’s National Training Agency (NTA), which will focus on improving ‘soft skills’, especially numeracy and literacy.

Mr Myers, though, said that while the Bahamas could “mimick other jurisdictions”, the apprenticeship initiative would do little - at least in the short-term to improve private and public sector management.

“The same issue exists; filling with sub-standard management, as that’s all we’ve got,” he added.

Businesses have complained to Tribune Business in the past about what they perceive as a “dearth of middle management talent” in the Bahamas, and the negative impact this has on operational efficiency.

All companies rely heavily on middle management for their smooth functioning, and ability to execute on corporate strategy, and its absence - at least in sufficient quantities - both holds back private sector expansion and forces companies to hire more expatriate labour than designed.

Similar issues exist in the public sector. A former Cabinet minister previously

told Tribune Business that a lack of public sector management talent inevitably forced ministers to become involved in the day-to-day running of their ministries, rather than remaining above this at the policy level.

Mr Myers told Tribune Business this meant the Bahamas enjoyed “poor to mediocre results at best”, due to ministries and companies being “poorly managed down the line”.

“It’s the same across the board,” he said. “We’re seeing that in leadership, we’re seeing it in business, we’re seeing it in governance.

“If we have mediocre management in these departments and agencies, the Government can talk about efficiency all they want, but it’s not going to happen if we don’t have the right people on the bus.

“If the boss starts tiefin’, everyone else below him starts tiefin’, and then you’ve got a problem. What we say is: ‘Monkey see, money do.

If the top is tiefin’, the bottom will, too’.”

The Auditor-General has recently exposed corruption, fraud, waste and inefficiency at key government departments such as Road Traffic and Social Services, with Mr Myers and ORG believing that these problems stem at least partly from poor management and

educational achievement.

In a recent position paper on education, ORG warned that the Bahamas risks becoming “a failed state in less than 10 years” because around 70 per cent of its population “will be challenged” to obtain well-paying jobs due to educational under-achievement.

ORG warned that this “educational imbalance” had created an unhealthy ‘wealth gap’ in Bahamian society, with a largely “semiliterate and semi-numerate” workforce lacking upward mobility.

This, in turn, was undermining productivity and restricting gross domestic product (economic) growth.

Based on 2012 BGCSE data, the ORG said that just 1,281 out of 7,117 students tested, achieved ‘A’ or ‘B’ grades.

This, it warned, translated into just 18 per cent of high school leavers being suitably qualified for higher education.

And, with the ‘brain drain’ stemming from a lack of economic opportunity at home, the ORG position paper added that this further undermined the prospects for “sustaining strong economic growth”.

subscriber than from another BTC mobile subscriber would constitute price discrimination,” the BISXlisted communications provider argued.

“As a result, BTC mobile customers would be more likely to reject incoming calls from NewCo than from a BTC mobile.

“As the main purpose of such a measure would arguably be to make NewCo’s service offering unattractive without NewCo being able to respond specifically to an issue resulting from BTC’s market dominance and entirely outside NewCo’s control, the price discrimination would be undue and anti-competitive.”

As for a CPP regime, where the calling party pays, Cable Bahamas argued that BTC could charge its clients a price below the mobile termination rate for calls made to other BTC customers.

“A further major threat to the development of competition could be the choice of inefficient and unreasonable MTRs (mobile termination rates), possibly obtained after lengthy, resource-intensive processes that can further hamper the timely launch of NewCo to provide effective competition,” Cable Bahamas warned.

“NewCo understands that prior to the launch of its mobile network services to customers in the Bahamas it will have to make the choice

as to whether to apply the CPP or MPP regime to calls terminated on its mobile network.

“In addition, it will need to determine the prices it will charge to its customers for off-net calls that will terminate on BTC’s mobile network.”

Cable Bahamas, though, said itself and NewCo had been unable to determine the payment regime and prices they wanted to charge clients.

It explained that they had been prevented from doing

so because BTC had neither decided upon its mobile call termination payment regime, nor the price it will charge NewCo for terminating the latter’s calls on its network.

“As an SMP operator, BTC has a recognised potential to engage in anticompetitive practices,” Cable Bahamas argued.

“This potential, in conjunction with BTC’s possible lack of alignment with consumer and market interests, makes a unilateral decision by BTC regarding

the call termination regime extremely risky with regards to the development of effective competition in the mobile sector.”

It added: “BTC’s option to decide the charging regime for call termination on its own network unilaterally implies an information asymmetry: BTC will know ahead of NewCo which termination regime will be applied. This information asymmetry is not conducive to fair and effective competition.”

The American Embassy is accepting applications for the following position: Consular Assistant Salary range $36,594 - $54,894/year Incumbent serves as American Citizen Services Consular Assistant. Primarily handles all aspects of processing passport services, citizenship/nationality cases, including Consular Reports of Birth Abroad (CRBA) and Reports of Death Abroad. Manage cases involving U.S. citizen arrests, deaths, welfare and whereabouts, notarials, judicial services, and Federal Benefits. Assist with Warden System management, including messages to U.S. citizens and website maintenance. Act as the coordinating/lead Assistant in the absence of the Consular Assistant Supervisor.

Interested candidates are required to possess the following skills and qualifications: • Education: Completion of a Bachelor’s degree is required.

• Experience: At least 3 years in a professional office environment, where experience should include drafting various correspondence, proficient/advanced computer skills, and extensive experience interacting with the public. Superior communication skills, adaptability, efficiency, multi-tasking, and prioritization abilities are a must. *Candidate will be tested on proficiency in Excel and Word.

• Skills: To be able to gain complete familiarity of 7 FAM, INA, and CFR regulations and guidelines. U.S. Citizenship laws, ACS manual and Consular Management Regulations, host country governmental operations and immigration and customs requirements; office policy and practice in providing all types of consular assistance to U.S. Citizens; thorough mastery of all elements of written and spoken English are the fundamental requirements. Job holder also has to have a working knowledge of the country’s judicial system and processes. This knowledge helps brief U.S. citizens who are involved in legal cases and who also do business in the local economy. Incumbent must be able to understand U.S. culture and communicate effectively within that culture: work to build positive interagency relationships, and follow the chain of command in communication; effectively communicate with management and ensures leadership is informed of events involving U.S. Citizens in a timely manner; adapts to different management styles and works to build a productive relationship with section leadership; interagency and local contacts.

• Language: Fluent English, Level IV, both written and spoken, since he/she must draft much correspondence in final form and explain complex citizenship laws and other federal regulations to applicants and local government officials. Knowledge of Haitian Creole or Spanish is a plus.

The complete Vacancy Announcement and Application forms are available online at: http://nassau.usembassy.gov/job_opportunities.html.

Electronic submission of applications must be submitted to the following email: NassauHR@state.gov for consideration.

Applications will not be accepted at the Security Gate of the Embassy.

Deadline for the applications – June 3, 2016 Due to the high volume of applications, unsuccessful candidates will not be contacted.

PAGE 6, Monday, May 23, 2016

Developer claims residents were ‘inciting confrontation’ From pg B1 engage in “adequate consultation” with residents and affected parties.

Apart from the 44-slip private dock, the project’s supporting facilities include a supplies shop, private restaurant and 6,000 square foot covered parking lot.

RDA fears that if the project goes ahead it will completely change the environment and character of Little Harbour, a 50-home community that runs almost entirely off solar power.

This is much different from the rapport both sides seemingly wanted to build when Mr Southworth met ALHPO and its members on January 8, 2015, to discuss the Abaco Club’s proposed Little Harbour project.

The meeting’s minutes, which have been filed as part of the Supreme Court proceedings, show several instances where Mr Southworth professed his appreciation for Little Harbour’s concept as an environmentally friendly, minimal carbon footprint community.

“We respect what is out here. We totally get it,” Mr Southworth, the principal of US-based Southworth Development, was quoted as saying.

The phrase “I get it” was seemingly repeated several times by Mr Southworth, who acknowledged that the planned Little Harbour facility “was a big part of the business plan” for the Abaco Club.

Southworth Development partnered with a group of existing Abaco Club homeowners to acquire the Winding Bay-

based property in late 2014, and Mr Southworth was quoted as saying: “Owning the defunct property here and the docks, this was very appealing to the Winding Bay members.

“As a business and development over there, we are at a disadvantage not having boat access. We plan to sell all of our slips but 10.

They will probably go to about $125,000, with about 10 slips owned by the club for club boats so that more people can have access.”

A cordial question and answer (Q&A) session between Mr Southworth and the Little Harbour residents followed, but few specifics and details on the Abaco Club’s plans appear to have been forthcoming.

Mr Southworth also told residents they would be able to see the project’s Environmental Impact Assessment (EIA) and plans, but this did not happen fast enough for many in Little Harbour.

For a February 1, 2015, letter sent to Philip Weech, the Bahamas Environment, Science and Technology (BEST) Commission’s director, claimed residents had “been denied access to the EIA and the dock plans”.

The letter, signed by 63 persons, told Mr Weech: “We hope and trust that you will consider the views of stakeholders - in this case, the people who, unlike Mr Southworth, actually live in Little Harbour plus visiting boaters and tourists - before making a decision that could radically change the character of this small harbour.

“The Abaco Club has

NOTICE

FOLIAGE INVESTMENTS LTD. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, FOLIAGE INVESTMENTS LTD. is in dissolution as of May 6, 2016 International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

over 500 acres of property in their development at Winding Bay. We fail to see the need for them to go ‘off site’ to Little Harbour, where the proposed marina would involve moving a number of registered, long-established moorings, would increase boat traffic and road traffic and - being a private marina for members only - would be of no benefit to either residents or visitors.”

Similar sentiments were quickly expressed to other government ministers and agencies. Peter Sandefur, a Little Harbour resident since 1978, wrote to Prime Minister Perry Christie on February 20 last year to express his misgivings.

“It is the hope of at least 98 per cent of the Little Harbour residents, community and visiting tourists that you will help persuade Mr Southworth and his private club members to reconsider their current plan to use Little Harbour for their proposed private marina complex,” Mr Sandefur wrote.

“Mr Southworth’s company owns about 1 per cent or 2 per cent of the land that makes up Little Harbour, but he proposes to monopolise about 40 per cent or 50 per cent of the navigable water in the harbour by installing a 44-slip marina that will be for ‘members only’, and off limits for all Bahamians, residents and tourists who do not have the buckets of money required to be a member of his exclusive club.”

Mr Sandefur said Little Harbour was “one of Abaco’s most prized cruising and tourist destinations” because it did not feel like a typical resort development that went ‘boom and bust’ in tandem with economic cycles.

He argued that the Abaco Club had its own three-mile bay in which to build a marina, and urged the Prime Minister: “Please help us to guide Mr Southworth and his club members to do the right thing and allow Little Harbour to remain Little Harbour, and free of tiresome over-commercialisation.

“Please help us guide this marina to where it belongs; in their own backyard, and much closer to the ready, willing and able workforce in Cherokee.”

This, and other correspondence, seemingly made a negative impression on Mr Southworth.

For he broke off relations with Little Harbour and ALHPO just three days after Mr Sandefur’s letter to Mr Christie, and warned that the Abaco Club would press ahead regardless.

He informed David Mulock, ALHPO’s acting chairman on February 23, 2015: “The reaction of certain of your members was to immediately discontinue all communication and take the offensive, opposing our proposed project in every public forum available.

“In addition, certain of your members have intentionally attempted to overdramatise the effects of our plan, while others have knowingly based their remarks and objections on what they knew was not true.”

Mr Southworth continued: “I was even shown where one of your residents encouraged others to incite confrontation against me personally.

“It is abundantly clear that many in your group are not, and never were, willing to work with us, and we therefore intend to proceed with our proposal without additional consultation

NOTICE

Rolmasa Ltd. In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Rolmasa Ltd. is in dissolution as of May 10, 2016

LI Q U I DAT O R ______________________

NOTICE

NOTICE

CONDOR REAL ESTATE LTD

OMEGA DIMENSIONS INC.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, CONDOR REAL ESTATE LTD is in dissolution as of May 12, 2016

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, OMEGA DIMENSIONS INC. is in dissolution as of May 6, 2016

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LI Q U I DAT O R ______________________

LI Q U I DAT O R ______________________

NOTICE

NOTICE

KIDSGROVE LANE INVESTMENTS LIMITED In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, KIDSGROVE LANE INVESTMENTS LIMITED is in dissolution as of May 12, 2016 International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LI Q U I DAT O R ______________________

with Little Harbour.

“We will work with government to obtain proper approvals required to proceed with the project we now desire.”

This has remained the Abaco Club’s position to this very day, with Khaalis Rolle, minister of state for investments, recently indicating to Tribune Business that the Little Harbour marina project was close to obtaining all necessary approvals.

Subsequent efforts to ‘break the ice’ with Mr Southworth had little effect. Dr Craig Layman, a fellow at North Carolina State University, suggested that the Abaco Club publicly release the EIA to “deescalate” tensions.

He wrote in a February 23, 2015, e-mail: “I think one of the reasons this has escalated so is the lack of transparency (perceived or otherwise). Would you be willing to share the EIA with me?

“More generally, I think this is one of the real challenges with environmental issues in the Bahamas EIAs are made available after the fact when there isn’t time for other stakeholders to provide feedback.

“I think sharing the Little Harbour EIA would make a statement that everything is above board and ease some tensions.”

Mr Southworth, though, was sticking to his position. He reiterated that the reaction “from some members of the Little Harbour community” had driven the Abaco Club to work solely with the Government to obtain the necessary permits.

Suggesting that the 44slip marina would “best suit our communities’ needs”, he added: “We plan to put forward an environmentally-responsible proposal, yet we know from the actions of certain Little Harbour residents that any plan will be deemed a bad plan.

“At this point, I believe that anything we say or do, or any information we provide, will be misrepresented and twisted for the sole purpose of trying to bolster a case of ‘no development’ in Little Harbour.”

The EIA was finally made publicly available by

south Abaco district council following a September 23, 2015, town meeting during which the developer’s plans were said to have changed to include a reverse osmosis water plant, pump-out station and electricity generator.

Mr Southworth’s decision to sever communications with Little Harbour residents and ALHPO provoked a negative response.

Doug Petersen, in a February 25, 2015, e-mail that was widely copied, said he would be surprised if this was the first time that Mr Southworth had experienced opposition to one of his real estate developments.

“I would expect a businessman who leads a property development company bearing his name to react in a more measured fashion than to outright reject local input,” the Little Harbour property owner wrote.

“You cannot be a naive man, so your actions make it appear as though you’re the type of developer who is simply unwilling to hear, let alone address, the concerns of local residents.”

Mr Petersen questioned whether the Abaco Club was only interested in “a one-way dialogue”, and whether the January 8 meeting was only held so that it could argue Little Harbour residents were consulted.

And Mr Sandefur, in an e-mail dated the same day, told Mr Southworth “it is puzzling that you seem happy to slam the gate to further conversation.

“What? You were expecting warm cookies and milk from the harbour you wish to pillage and plunder for no other purpose than to enrich your net worth and the net worth of your friends and associates?”

Arguing that Little Harbour did not want to be “homogenised” by the Abaco Club’s plans, Mr Sandefur added: “Please have some respect for us and it will be reflected.

“Build your wonderful marina in Winding Bay or somewhere else. I, and most others, will buy you a drink at the pub when you finally ‘get it’.”

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LI Q U I DAT O R ______________________

In Voluntary Liquidation

THE TRIBUNE

In Voluntary Liquidation

NOTICE

TIGERONE OVERSEAS LTD.

TERRATO GROUP LTD.

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TIGERONE OVERSEAS LTD. is in dissolution as of May 6, 2016

Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, TERRATO GROUP LTD. is in dissolution as of May 19, 2016

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LI Q U I DAT O R ______________________

LI Q U I DAT O R ______________________

In Voluntary Liquidation

In Voluntary Liquidation

THE TRIBUNE

Monday, May 23, 2016, PAGE 7

Unloved bull market: It’s been a year since latest record NEW YORK (AP) — Saturday is the one-year anniversary of the stock market's record high. And no, you didn't miss the party, because no one seems to be in the mood to celebrate.

The Standard & Poor's 500 index reached its latest high of 2,130.82 exactly one year ago. Since then, it's come close to beating it, only to veer lower, sometimes sharply. Last month it came within about 1 percent of the record, but then more jitters about the economy and fears that the Federal Reserve could raise interest rates in June set in.

After a horrendous start to the year, the worst on record for the market, stocks have shown remarkable resilience and have clawed back the ground they lost since 2016 began. As of Friday, the S&P 500 was barely positive for 2016. It would need to gain another 4 percent to match the high it reached a year ago.

More gains may be on the way, strategists along Wall Street say, though the forecasts are largely for only modest gains, and rocky ones at that. But even with the good news for 401(k) accounts, the excitement that pulsed during past peaks is lacking now from the market.

"There is no euphoria," says John Manley, chief equity strategist at Wells Fargo Funds Management.

"There isn't even contentment."

A big reason is how fresh the memory still remains of the stock market's crash during the 2008 financial crisis. The S&P 500 lost 55 percent from top to bottom from Oct. 9, 2007 through March 9, 2009, even after including dividends.

SPECIALIST Meric Greenbaum works on the floor of the New York Stock Exchange. Saturday, May 21, is the one-year anniversary of the stock market’s record high. And no, you didn’t miss the party, because no one seems to be in the mood to celebrate. (AP Photo) That steep drop has led to a lasting skepticism about stocks, and the scars are affecting not only individual investors but also financial advisers whose job it is to counsel them, says Linda Duessel, senior equity strategist at Federated Investors.

"This is the most hated rally since it began," she says. "If you're an adviser, you're afraid that if you get too bullish on stocks that you'll lose your client if you get another downdraft."

Such hesitancy is actually an encouraging sign to contrarians, particularly when few economists are predicting an imminent recession.

But investors see many reasons to stay on the sidelines, and they're showing it in several ways. Among the signs of and causes for concern that still envelop the market:

— Defensive stocks are leading the way. The bestperforming areas of the market over the last year aren't hot, high-growth stocks. They're the old-line companies that traditionally do best when the market is struggling.

Utilities, telecoms and companies that make everyday items for consumers have had the strongest returns. These companies tend to have the most stable profits, and thus the most stable stock prices.

Part of it is likely a result of demographics. Baby Boomers are nearing or in retirement, and they're looking for more stable investments that also produce income. That's a good description for defensive stocks: Utilities in the S&P 500 have a dividend yield of 3.7 percent, for example,

well above the 1.85 percent yield for a 10-year Treasury.

The strong run means dividend-paying defensive stocks are more expensive, relative to their earnings.

But they should continue to attract buyers because they still look better than many alternatives, such as lowyielding Treasurys, says Federated's Duessel.

— Investors are more fearful than greedy. Nearly $18 billion left U.S. stock mutual funds and exchange-traded funds during the first quarter, according to Morningstar.

Much of that was because of the scary 5 percent loss

ADVERTISE TODAY! CALL THE TRIBUNE TODAY @ 502-2394

UK Treasury: House prices will plummet if Britain leaves EU LONDON (AP) — British house prices could fall by up to 18 percent if the country leaves the European Union, the Treasury says — a claim dismissed as scaremongering by campaigners for a U.K. exit from the bloc.

Treasury chief George Osborne said leaving the EU would be a "profound economic shock" that would lower property values and raise mortgage rates.

Treasury analysis estimates property prices will be worth between 10 and 18 percent less by 2018 if Britain leaves than if it stays.

British house prices rose 9 percent in the year to March, and the value of property is something of a national obsession — especially in London, where the average home costs 535,000 pounds ($775,000), more than 10 times the average annual household income.

Some economists think a fall in house prices would be a good thing because it would help new buyers currently priced out of the market. Others argue any benefit would be offset by a rise in mortgage rates and

economic instability.

Many international banks and ratings agencies have warned that leaving the EU would destabilize the economy, and Bank of England Governor Mark Carney said earlier this month that a British exit, or Brexit, could tip the country into recession.

Osborne, who was attending a meeting of G-7 finance minister in Japan Saturday, said allies including France, Germany and the United States agreed that "it would be bad for the British economy if we left the European Union."

But Energy minister Andrea Leadsom, who backs a "leave" vote in Britain's June 23 referendum, said Saturday that "the greatest threat to the economy is the perilous state of the euro" currency used by 19 EU states.

"The safer option in this referendum is to take back control of the vast sums we send to Brussels every day and Vote Leave on 23 June," she said.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT CLE/GEN/No.01746 Common Law & Equity Division

2015

BETWEEN HWK COMPANY LIMITED AND

Plaintiff

MYSTICAL FITNESS & HEALTH SPA LIMITED And DEREK PETER BULLARD Defendants

NOTICE OF PROVOST MARSHALL SALE BY AUCTION TAKE NOTICE that a sale by public auction of the goods and chattels and other property of Mystical Fitness & Health Spa Limited and Derek Peter Bullard will take place in the building situate on Patton Street off of Madeira Street Palmdale, opposite the business known as Liquid Courage, which building is yellow with a white trim, commencing at 2.30pm on Monday 30th May, 2016 pursuant to a Writ of Execution filed in this Action on the 8th April, 2016.

Dated this 23rd day of May, A.D., 2016 ROBERTS, ISAACS & WARD, Chambers, The Rigarno Building, Bay Street & Victoria Avenue, Nassau, Bahamas.

Attorneys for the Plaintiff

EMPLOYMENT OPPORTUNITY

A local insurance agency seeks to hire qualified professional individuals for the following positions: CUSTOMER SERVICE REPRESENTATIVE The successful candidate should be highly skilled in providing a timely, efficient, and considerate customer service.

A few of the duties associated with this position are: • Provide excellent customer service.

• Assist new and existing policyholders with questions and/or changes regarding insurance.

• Policy processing.

• Accepting payments.

Qualifications • Have a minimum of two (2) years personal lines experience in an office.

• The applicant should have attention to detail, work well in a team environment and must have excellent customer service skills.

• Computer literate.

• Knowledge of the insurance industry terminology or procedures a plus.

• Have or willingness to sit the ICB Salesman’s examination.

ACCOUNTS CLERK The successful candidate should be a self-starter with strong initiative and close attention to detail.

A few of the duties associated with this position are: • Prepare and reconcile weekly/monthly reports • Posting of all cash and cheques received daily.

• Credit and Collections administration.

• Monitor and post all post-dated cheques.

Qualifications • Have a minimum of two (2) years experience in similar role.

• Computer skills in various applications (Highly proficient in Excel) • Deadline oriented • Excellent verbal and written communication skills Interested candidates should forward a copy of their résumé to email address:jobfinder242@yahoo.com

for the S&P 500 in January, and it fits with the longstanding hesitancy investors have had about the U.S. stock market.

Over the 12 months through March, investors pulled a net $69 billion from U.S. stock funds. And it's not like investors have been fleeing all types of investments. They put $163 billion into foreign stock funds and $7.5 billion into taxable bond funds over that same time.

— The global economy is scuffling. Even though central banks around the world have piled on unprecedented amounts of stimulus, growth around the world remains weak.

The U.S. economy appears to be in the best shape, relatively speaking, as job growth continues.

But it expanded at just a 0.5 percent annualized rate last quarter, its weakest pace in two years.

Other economies around the world look to be in worse shape, highlighted by Europe and Japan. The International Monetary Fund recently cut its forecast for global growth this year and warned that global financial stability risks have increased.

— Corporate earnings are sinking. Stock prices generally follow corporate profits over the long term,

and the recent trend has been downward.

Most companies have given their report cards for how they fared from January through March, and S&P 500 earnings per share look to be 5.8 percent lower than a year ago, according to S&P Global Market Intelligence. That would be the worst performance since the spring of 2009, when the economy was in the last throes of recession.

It would also be the third straight quarter where earnings have dropped.

Much of the weakness has come from the energy sector, where falling oil prices have decimated profits, but other sectors are also seeing weakness. S&P 500 earnings fell 1.1 percent last quarter, even after excluding energy companies.

Forecasts are for this reporting season to mark the bottom. Analysts expect to see more modest declines and even slight growth as the year progresses.

"On the whole, I think it will get better," Wells Fargo's Manley says about his expectations for both corporate earnings and the stock market. But "I'm looking over my shoulder like everyone else until earnings get better."

PAGE 8, Monday, May 23, 2016

THE TRIBUNE

Obama is off to Asia to boost trade, cooperation WASHINGTON (AP) — President Barack Obama departed Saturday on a weeklong, 16,000mile trip to Asia, part of his effort to pay more attention to the region and boost economic and security cooperation.

He'll spend three days in Vietnam, with stops in Hanoi and Ho Chi Minh City, formerly Saigon, for meetings with leaders, a speech on U.S.-Vietnam relations, visits to cultural treasures and sessions with civic leaders and entrepreneurs. From Vietnam, he heads to Japan for a summit of the Group of Seven industrialized nations and a historic visit to Hiroshima.

Along the way, Obama will make a big push for the 12-nation trans-Pacific trade agreement, which includes the U.S., Vietnam and Japan. The deal is stalled in Congress, but Obama hopes it will one day increase trade in the region and make it easier for U.S. workers and companies to compete in Asia. The deal faces strong opposition from the leading 2016 presidential candidates and other critics, who say it doesn't do enough to protect U.S. workers from unfair competition.

A sticking point during Obama's stay in Vietnam will be human rights. Five Republican senators sent the president a letter Friday labeling Vietnam "one

PRESIDENT Barack Obama meets with Vietnamese Communist party secretary general Nguyen Phu Trong in the Oval Office of the White House in Washington. Obama is off on a weeklong, 16,000-mile trip to Asia as part of his effort to pay more attention to the region and boost economic and security cooperation.

He’ll spend three days in Vietnam for meetings with top leaders, a speech on US-Vietnam relations, visits to cultural treasures and sessions with civil society leaders and entrepreneurs. From Vietnam, he heads to Japan for a summit of the Group of Seven industrialized nations and a historic visit to Hiroshima. (AP Photo)

of the most repressive regimes in the world" and urging Obama to press Vietnamese leaders to do more to respect freedom of religion and expression and other human rights. The letter was signed

by Sens. Marco Rubio of Florida, John Boozman of Arkansas, John Cornyn of Texas, James Lankford

of Oklahoma and Bill Cassidy of Louisiana.

Before Obama left, Vietnam granted early release from prison to a Catholic priest who is one of its most prominent dissidents.

The move is widely viewed as a goodwill gesture before the president arrives in Hanoi late Sunday

night for an official visit.

The Catholic archdiocese of the central city of Hue reported on its webpage that it welcomed the return Friday of the Rev. Nguyen Van Ly from prison. Ly, 70, has served several long terms in prison or under house arrest for promoting political and reli-

gious freedoms in the communist nation.

Obama's final year in office is heavy with foreign travel as he conducts what amounts to a long, global farewell tour. He's already made a historic trip to Cuba and visited Saudi Arabia, Germany and Britain. He's due to make a daytrip to Canada next month, attend a NATO summit in Poland in July and expected to become the first president to visit Laos in the fall. He's also expected to attend a fall summit of the Group of 20 industrial and emerging-market nations in China and an Asia-Pacific Economic Cooperation summit in Peru in November.

Greece passes omnibus reform bill to comply with bailout ATHENS, Greece (AP) — Greece's parliament on Sunday passed an omnibus reform bill providing for tax hikes, more austerity reforms and a new privatization superfund, which will manage almost all state

property.

There was one small dent in the left-led government majority of 153 lawmakers in the 300-member Parliament, with one Syriza party MP voting against the superfund and the contingen-

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cy mechanism that will trigger automatic spending cuts if Greece fails to meet the targets of its bailout agreement with its creditors.

Greece now hopes the creditors will complete the first assessment of its third bailout program, freeing loan disbursements that will allow Greece to meet its obligations and avoid default.

Greece also hopes the vote on the 7,500-page will open the way to a discussion on easing the terms of

its loans.

But it will have to navigate differences between the International Monetary Fund, which call for a generous debt cut albeit with more austerity measures, and the Europeans, chief among them German finance minister Wolfgang Schaeuble, who want no such cuts.

At the end of an acrimonious four-day debate, including in committee, Prime Minister Alexis Tsipras blasted the

INTENT TO CHANGE NAME BY DEED POLL t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,865.20 | CHG -10.02 | %CHG -0.53 | YTD 41.25 | YTD% 2.26 BISX LISTED & TRADED SECURITIES 52WK HI 3.30 17.43 9.09 3.50 4.70 0.18 8.34 8.25 5.80 9.10 15.50 2.57 1.60 5.80 7.55 11.00 7.21 6.90 12.25 11.00

52WK LOW 2.20 17.43 9.09 3.00 4.70 0.12 4.84 7.25 5.10 6.85 14.50 1.94 1.27 5.51 5.60 10.00 6.00 5.25 11.75 10.00

PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 105.50 100.00 100.00 100.00 105.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

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

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE

LAST CLOSE 3.30 15.85 9.09 3.50 5.22 0.12 6.76 8.15 5.69 8.99 15.27 2.69 1.50 5.80 7.55 11.00 7.21 6.36 11.93 10.00

CLOSE 3.30 15.85 9.09 3.50 5.22 0.12 6.76 8.15 5.70 8.99 14.50 2.66 1.50 5.80 7.55 11.00 7.21 6.36 11.93 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 -0.77 -0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 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

SYMBOL FBB17 FBB18 FBB22

LAST SALE 100.00 100.00 100.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

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

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

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

VOLUME

2,500 2,190 1,379

10,000

VOLUME

EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.628 0.703 0.756 0.000

DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.270 0.120 0.640 0.000

P/E 10.9 11.7 8.4 15.9 N/M N/M 36.5 14.8 11.2 16.6 27.5 19.5 9.0 11.4 12.3 11.5 11.5 9.0 15.8 0.0

YIELD 2.73% 6.31% 0.00% 4.57% 0.00% 0.00% 2.77% 3.19% 3.51% 4.00% 4.21% 2.26% 2.67% 4.14% 3.64% 0.00% 3.74% 1.89% 5.36% 0.00%

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

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

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

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

INTEREST 7.00% 6.00% Prime + 1.75%

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

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25%

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 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

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

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

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330

MUTUAL FUNDS 52WK HI 1.97 3.82 1.91 160.64 138.35 1.42 1.64 1.53 1.05 6.67 8.16 5.81 10.66 10.12

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.37 1.50 1.45 1.02 6.11 6.93 5.55 10.37 8.65

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 Bah Int'l Investment Fund Principal Protected TIGRS, Series 5 Royal Fidelity Int'l Fund - Equities Sub Fund

NAV 1.97 3.83 1.91 164.74 133.64 1.42 1.64 1.53 1.04 6.67 8.01 5.81 10.66 8.65

YTD% 12 MTH% 1.35% 4.06% 1.43% 6.57% 0.70% 3.23% 1.67% 5.13% 0.66% -3.41% 0.93% 3.88% 1.00% 8.17% 0.80% 5.37% 0.49% 1.61% -0.14% 9.15% -1.87% 15.62% 0.83% 4.82% 70.00% 2.80% -6.29% -13.65%

NAV Date 30-Apr-2016 30-Apr-2016 29-Apr-2016 31-Mar-2015 30-Sep-2015 31-Mar-2016 31-Mar-2016 31-Mar-2016 31-Mar-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-2016 29-Feb-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

cuts to higher taxes and would negotiate with the creditors for lower annual levels of budget surpluses (2 percent of GDP instead of 3.5 percent) from 2018 onward.

The government majority was momentarily shaken Saturday when the junior partner, right-wing Independent Greeks, objected to freezes in pay hikes for so-called "special categories" of civil servants, including military, police, diplomats, judges, public health service doctors and university professors.

PUBLIC NOTICE

MARKET REPORT FRIDAY, 20 MAY 2016

main conservative opposition and other centrist parties for having supported last August's third bailout deal, but not the laws that have been voted on as prerequisites for concluding the assessment.

Opposition leader Kyriakos Mitsotakis countered that the bailout terms never included the superfund, which will expire in 2115.

He said the precise terms were the results of Tsipras' failure to negotiate reforms he and his leftist party have never believed in. He said he would prefer spending

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

The Public is hereby advised that I, TRINESE LOUISE LOCKHART of Monastery Park, P.O. Box FH-14522, Nassau, Bahamas, m intend to change my name to TRINESE LOUISE FRANCIS. If there are any objections to this change of name

by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE

NOTICE is hereby given that ANDREW BROWN of #5C Rum Cay Villas, Freeport, Grand Bahama, 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 23rd day of May, 2016 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

THE TRIBUNE

YOUR

Monday, May 23, 2016, PAGE 9

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