06152017 business by tribune242

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THURSDAY, JUNE 15, 2017

$4.15 ‘NEW SHERIFF’ PM RECALLS HOW CORRUPTION HURT HIM By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Prime Minister yesterday promised the private sector there was “a new sheriff in town”, as he recalled how his business ventures had twice been impacted by Bahamian government corruption. Acknowledging that corrupt practices has cost the Bahamas “hundreds of millions or more” over the decades, Dr Hubert Minnis pledged that “times have changed” as he sought to reassure businessmen they would not lose their livelihoods and profits due to graft. Addressing the opening of the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) fourth National Conclave of Chambers of Commerce, Dr Minnis said investors should not have the cost of See PG B10

Minnis: Graft has cost ‘hundreds of millions’

DOWNTOWN Nassau’s revival could be sparked by moving key government agencies there “to spur economic activity”, a wellknown accountant arguing the area should not solely rely on tourists. Craig A. ‘Tony’ Gomez, the Baker Tilly Gomez accountant and partner, told Tribune Business that moving government offices back downtown - especially to the section ‘east of East Street’ - would provide “the framework” to attract Bahamian entrepreneurs to return. He explained that the presence of government workers, and members of the public accessing the services they provided, would provide a ready-made customer base to ensure the economic viability of Bahamian retailers and restaurants. “We’ve just got to enhance the physical plant of the Bahamas, and See PG B4

$4.27

Troubled broker’s ‘asset deficit’ facing scrutiny

Pledges to stamp out bad practices

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

‘Only transfer for corrupt officials is Fox Hill’

LIQUIDATORS for a troubled Bahamian broker/ dealer, which admitted to misusing almost $4 million in client monies without permission, were yesterday assessing how to deal with its asset “deficit” after it was place under Supreme Court supervision. Raymond Winder, Deloitte & Touche (Bahamas) managing partner, told Tribune Business that he and fellow accountant, Mark Munnings, had to de-

Tillerman liquidators face ‘shortfall allocation’ Court now overseeing company’s wind-up termine “how to allocate” the multi-million dollar loss between Tillerman Securities’ clients. Disclosing that he met with some of the broker/ dealer’s creditors yesterday, Mr Winder confirmed that

Tillerman’s liquidation had been placed under the Supreme Court’s supervision earlier this week. That move was another step in the agreement reached between Tillerman and the Securities Commission to end a near twoyear legal battle, which saw the regulator drop its own winding-up petition in return for the broker/dealer consenting to its voluntary liquidation coming under the court’s remit. “The Securities Commission had a matter they had initiated against the company, and as part of not

moving forward with that and having it struck off, Tillerman’s liquidation had to be court supervised,” Mr Winder told Tribune Business. “Today, I met with a number of the creditors [of Tillerman]. We’re looking at our options to deal with the shortfall or deficit we met there.” Mr Winder confirmed that the financial hole’s size was “several million dollars”, and added that most of the creditors fall into the “fiduciary” category - meaning Tillerman was See PG B8

Electronic payment licence Island Luck’s ‘top priority’ PM DR HUBERT MINNIS

By NEIL HARTNELL Tribune Business Editor and NICO SCAVELLA Tribune Staff Reporter

Relocate Govt offices to revive Bay Street By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.20

Staff, public would ‘spur economic activity’ Would be ‘framework’ to attract entrepreneurs

ISLAND LUCK CEO SEBAS BASTIAN

SEBAS Bastian’s Island Luck group yesterday said it was targeting remittance and electronic banking licenses as “top priority”, as it prepares to submit paperwork for an initial public offering (IPO) by next week. Mr Bastian, the web shop chain’s chief executive, said its investment house affiliate would apply for the

licenses once the Central Bank finalised the regulations for electronic payments solutions providers. He added that Investar Securities would be “a good force” in the sector, given that it could exploit Island Luck’s nationwide physical presence and technology infrastructure to provide such solutions - especially in remote Family Island communities which the commercial banks have withdrawn from. See PG B9

Sebas: Investar affiliate will be ‘good force’ Web shop targets IPO filing ‘next week’ Says revenues starting to ‘stabilise’

Accountant: ‘One activity leads to another’

CRAIG A. ‘TONY’ GOMEZ

‘Devil is in details’ on Fiscal Responsibility By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is “definitely on the right track” with its promised Fiscal Responsibility legislation, a governance reform group said, while warning: “The devil is in the details”. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that “buy in” from both the private sector and civil society was critical if a well-crafted Fiscal Responsibility Act is to work. Emphasising that such legislation needed to be combined in “a one-two

Reformers praise Govt as ‘on right track’ Private sector, civil society ‘buy in’ vital Legislation ‘one-two punch’ with FOIA punch” with a Freedom of Information Act, Mr Aubry said the two reforms would improve economic development and decision-making, while also boosting consumer confidence and trust in government. See PG B8

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THE TRIBUNE

Draw clients via website videos VIDEO on the Internet just keeps getting better. It is an in-demand feature that everyone wants in their design for good reason. Moving images are engaging, and feel more interactive. A video clip can grab (and hold) the attention of a user quicker, and

for a longer time, than just an image alone. When you use video on your website, you have a powerful tool that can increase the popularity of your web pages. Whether you want to earn money, share your knowledge or increase page views, you can

use video to create a dynamic web site that attracts and keeps visitors. There are many types of videos you can use to enhance your website, including: * A promotional video that explains who you are and what you do.

* A website tour that tells visitors what they can find on the website, and where it is. * A virtual tour that lets web visitors see where your physical location is. Stand Out From the Competition

Web video is becoming more and more widespread, but there are still many industries that do not use it as a common practice. If your competitors do not yet use video, you will be able to set yourself apart by using video on your website. * Add a video to your business listing in online directories. * Promote your web videos on a local website. * Spread your videos virally by allowing viewers to share and embed them. Earn Money If you have the right content and access to the right audience, you can use video to earn substantial money from your website.You can: * Charge visitors to download informational or entertainment videos. * Place advertising on video pages. * Sell sponsorship for a popular video podcast. Demonstrate a Product or Activity How-to videos are some of the most popular videos on the web, and businesses can use them to educate customers. For example: * Demonstrate how to install or set up your product. * Show your product in action. * Train clients and staff remotely. Share Your Expertise Create educational videos that provide visitors with in-depth information related to your business. For example: * Produce a video newscast updating viewers on the latest headlines in your field of work. * Aggregate and publish other expert videos related to your topic. Drive Traffic to Your Website Search engines love video, and with proper video SEO, you can use video to drive lots of traffic to your website. * Use targeted keywords

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when titling and tagging your videos. * Create a variety of videos, each focusing on a different search term. * Use multiple video sharing sites to increase links back to your main website. Promote a Sale or Special Event Just as many companies create a special advertisement to let customers know about an upcoming sale, you can use video to advertise specials on your website. * Show off new products you are selling. * Include promo codes within videos to reward viewers. * Notify customers of upcoming specials. Give Your Business a Personal Face It is easy to use video to give a human face to your corporate website. * A short video welcoming visitors to your website. * Profile videos that introduce your executives and employees. * Customer testimonial videos that communicate your company’s value. Engage Customers With Your Brand You can use video as an interactive medium to get consumers engaged with, and excited about, your brand. See PG B5

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THE TRIBUNE

Thursday, June 15, 2017, PAGE 3

Baha Mar: 25% occupancy is ‘where we want to be’ By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net BAHA Mar’s president yesterday expressed confidence that the $4.2 billion resort development and Atlantis could both coexist and grow this nation’s tourism market, rather than cannibalise each other’s business. Graeme Davis, addressing reporters on the sidelines of the Bahamas Chamber of Commerce’s fourth annual National Conclave of Chambers, said: “We certainly want to grow the market; I think that is best for The Bahamas. We want to grow the market and focus on new markets together. ‘ “We have had some conversations with airlines out there. We want to grow the market together, and

I think as we continue our marketing efforts and spend millions of marketing dollars, both Atlantis and ourselves are confident that we are going to keep growing this market and ensure that there is no cannibalisation that people are talking about. “Neither of us want that. We want to make sure that we grow the business here in the Bahamas, and we are confident that we can do that.” Concerns over whether Baha Mar will grow or split the Bahamas’ high-end visitor market with Atlantis have been ever-present since the Cable Beach development was first unveiled in 2004-2005. Dionisio D’Aguilar, the minister of tourism, recently said his priority was to develop a marketing/ promotional campaign that

ensure the market grew and no property lost business as a result of Baha Mar’s phased opening. The project requires 314,000 extra airline seats into New Providence to meet its annual occupancy demands. Mr Davis said Baha Mar was comfortable with its current 25 per cent occupancy rate, and was concentrating on moving steadily towards the opening of its SLS hotel in fall 2017. “We have been very busy. Right now we are well over 2,000 associates, and we are busy ramping up for our SLS opening in the fall,” he added. “Key executives are coming in now. Some of our other restaurants are ramping up. Everything is progressing beautifully. Rosewood is well underway as far as our renovation plans and enhancements to the pro-

ject. We are busy working on our master plan for our offshore islands and other components of the project as well.” Baha Mar’s 300-room SLS Lux resort is said to be on target for an October opening, with Rosewood to follow in spring 2018. Mr Davis said occupancy levels were growing, and added: “We have been getting a tremendous amount of digital marketing out there in the marketplace, as well gearing up for fall promotions for the next season as well. “We’re obviously always concerned about low occupancy, but it’s where we want to be and growing quickly. We want to make sure we get our staff fully trained and provide an exceptional experience. We are certainly making sure that we thoughtfully open.”

Bahamas ‘scratches surface’ over its fly fishing potential

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

THE Bahamas has yet to “scratch the surface” in unlocking the economic potential of fly fishing, the Bahamas Fly Fishing Industry Association (BFFIA) president’s said yesterday. Prescott Smith. Speaking on the sidelines of the Bahamas Chamber of Commerce’s National Conclave of Chambers, Prescott Smith said he was not deterred by the push back that regulations to govern the industry had received. Mr Smith asserted that “small pockets of special interests” did not want Bahamians to benefit from the industry’s full potential, and added: “They recognise that regulations were about broadening the own-

ership of the industry for Bahamians. “The legislation shined a bright light on thousands of persons who were defrauding the Government. There is a tremendous amount of potential in this industry, and the regulations have put the industry in a better position. “There are some additional things that need to be added and not taken away. There are major concerns for some islands, like Long Island and Eleuthera, which cannot afford to have persons being able to go out on the flats and fish as they like because they can purchase a local license. The fisheries itself cannot take that kind of pressure. Like any resource it needs to be managed. Even the guides can do great damage by fishing on the wrong type of flats or crushing up the coral.” As to the industry’s potential, Mr Smith said: “We

haven’t scratched the surface yet. I’m encouraged because, on the scale of one to 10, we’re probably at 0.5. Our ocean is incredibly rich. We have to get people trained. There is a lot of growth that needs to take place.” The new fly fishing rgulations took effect on January 9, having been approved by the Christie Cabinet last October. They require anglers above the age of 12, and who wish to fish in the flats, to apply for a personal angler’s license and pay a prescribed fee. Noncitizens will have to pay $15 for a day license, $20 for a weekly license, $30 for a monthly license and $60 for an annual license. The regulations will also require a foreign vessel wishing to fish in the flats to obtain the usual sports fishing permit, and each person on the vessel intending to flats fish to hold a personal license.

The regulations also ban commercial fishing in the flats. Anglers are only allowed to catch and release when catching bonefish, permit, snook, cobia and tarpon. The new law will also establish a Conservation Fund for the management and protection of the flats and fisheries resources in the Bahamas. Garnering the most push back, however, was the regulation requiring a ratio of one ‘certified guide’ to every two anglers if they are fishing from a boat. The Abaco Fly Fishing Industry Association (BFFIA), since the draft regulations were first released, confirmed the industry split by saying its members “do not recognise” the BFFIA as the industry legitimate representative or voice. The Association contends that the new regulations could do “irreparable harm” to the industry.

Financial regulation assessed at forum THE Association of International Banks and Trust Companies (AIBT) held its third annual Regulators Forum at the Baha Mar Convention Centre on June 7, in a bid to assess the supervisory climate within the Bahamas and outside. The Forum brought industry professionals together with regulators, policymakers and law enforcement executives to review and discuss the current regulatory environment in the Bahamas, plus the potential impact of global developments. More than 100 industry professionals listened

to the presentations, and engaged in Q&A (question and answer) sessions with John Rolle, the Central Bank’s governor, and Christina Rolle, the Securities Commission’s executive director. Mr Rolle led off with a presentation on recent trends in the sector, and shared the Central Bank’s Strategic Plan for 20162020. He also discussed policy issues impacting the Bahamas as a jurisdiction, and recent efforts involving Caribbean-level policy co-ordination. Mrs Rolle gave an overview of international devel-

opments in the securities industry, and recent Commission policy changes - including those related to minimum education requirements for registered persons, and the filing of audited financial statements. She also gave a review of legislative developments. Presentations were also delivered by: Abhilash Bhachech, Inspector of Banks, Central Bank of the Bahamas; Joann Creary, legal counsel, Financial Intelligence Unit; Carl Culmer, senior analyst, general and external insurance, Insurance Commission of the Bahamas; and Assistant

Commissioner of Police, Clayton Fernander, and Assistant Superintendent, Debra Thompson, of the Royal Bahamas Police Force. Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive and executive director, served as moderator for the Forum. The Regulators Forum, along with the signature Nassau Conference, form part of AIBT’s mandate to provide professional development and foster the industry’s growth. The next Nassau Conference is scheduled for October 4 under the theme, ,Business Unusual.

Chamber chief urges: End corruption culture By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THIS Bahamas must show it is serious about curbing corruption by holding those guilty to account, the Chamber of Commerce’s chairman said yesterday. Gowon Bowe, whose tenure ends tonight, told Tribune Business: “What we really have to demonstrate is that persons are going to be held accountable. “I think that it has been long held that the General Orders make it difficult to terminate the employment of civil servants, but I think that has been misinterpreted. You need to document what’s being done. “As a society we tend to know who is doing things, but tend to say it’s none of our business. I think what needs to happen is that those of good mind and sound practice need to say that they are no longer going to allow the few to create a perception that the entire department, civil service or government is corrupt.” Prime Minister Dr Hubert Minnis yesterday asserted that corruption has cost this nation “hundreds of millions

or more” over the decades, while addressing members of the business community at the Chamber’s fourth annual National Conclave of Chambers of Commerce. He said investors should not have the cost of doing business increased because of certain government officials looking for kickbacks. “Across the Caribbean, corruption is a stifling statistic because a lot of the Caribbean tends to have a perception of corruption. Some of our sister countries have done a better job more recently in terms of instituting ombudsman-type roles or independent contractor generals,” said Mr Bowe. “What we need to do is make examples of those individuals giving us a bad name, and then the good practices will start to come through because persons will become weary that they are being monitored and will be held accountable.” Mr Bowe added: “I think that as opposed to this notion that someone is going to jail, we are going to change the perception by making sure things are done properly and, if we do that, persons found to be on the wrong side of it will be prosecuted. It’s not an issue of saying send someone to jail; it’s an issue of changing the culture.”

PAGE 4, Thursday, June 15, 2017

Relocate Govt offices to revive Bay Street From pg B1 generate more revenues,” Mr Gomez told Tribune Business. “It was good to hear Mr D’Aguilar [the minister of tourism] say we need to address downtown’s development. We need to address it for so many reasons. “Downtown is seen to be the centre of your economic activity. It is where economic activity is found. Why is downtown the way it is?”

He added: “I would encourage the new government to perhaps consider moving some of its offices back to downtown to create some activity in the area. It doesn’t have to be touristic. The centre of the city is the centre of your city. “Every country wants to have an active city centre. We’ve done the opposite.” Mr Gomez suggested that locating government offices ‘east of East Street’,

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THE TRIBUNE a section of downtown Nassau that has continued to deteriorate since the shipping industry relocated to Arawak Cay, would “create a customer base” that Bahamian entrepreneurs and small and medium-sized businesses can feed off. “We have to create a downtown that creates economic, social and touristic activity,” he told Tribune Business. “Not everyone can drive to Oakes Field. “By doing that [moving government offices back downtown], you will have an enhancement of infrastructure, buildings will take on a new look and feel, and one activity leads to another. “We will know our money is being put to good use, and we will see other activity apart from Baha Mar. It’s that activity at the entrepreneurial level.” Mr Gomez said there was good reason to place faith in Bahamians when it came to reviving downtown Nas-

sau and Bay Street, arguing that locally-owned businesses had stopped Freeport’s economy tanking over the past 13 years. “The only thing that held Grand Bahama together is the entrepreneurial activity of Bahamians,” he said. “The restaurants are Bahamian, the shops are Bahamian; all the non-Bahamian activity in these sectors has dried up in a very big way. “Government must create the framework for reviving downtown Nassau by putting its offices back on Bay Street. They’d create the framework to put a little restaurant and bar next to the Government offices, and maybe give Bay Street a different look, smell and feel after 5pm. They’ve got to create the framework to spur economic activity.” The Government’s present fiscal constraints may be an obstacle to any downtown relocations, but all other efforts to revive Bay Street over the past two

decades have yet to produce any lasting success. While there have been individual business successes, the city of Nassau - and especially the section ‘east of East Street’ - has continued to deteriorate, as companies close down and relocate away from downtown. The first Christie administration engaged the master-planning firm, EDAW, to work with local architects to develop a ‘living city’ along the harbourfront that attracted young Bahamians back to live in downtown. Little came of the initiative, and the final Ingraham administration achieved the biggest success to-date when it secured the removal of the shipping companies to the purpose-built port at Arawak Cay via the Arawak Port Development Company (APD). But despite the existence of various tax incentives, and the continuation of the Downtown Nassau Revi-

talisation Act for another year, the area’s revival has remained stubbornly elusive. The previous government talked of developing a harbourfront boardwalk that stretched from the British Colonial Hilton in the west to Potter’s Cay in the east but that, too, stalled amid complaints from downtown Nassau property owners that the Government’s failure to stipulate the ‘rules of the game’ - including height restrictions as to how tall they could build - was making it impossible to redevelop their properties. The imminent full opening of the $4.2 billion Baha Mar resort means that downtown Nassau now risks becoming the ‘poor relation’ of both the Cable Beach-based development and Atlantis, overshadowed by the two mega resorts and with numerous tourists and cruise passengers bypassing it in favour of those two destinations.

Aliv CEO, PM meet at the BCCEC National Conclave By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ALIV’S top executive, Damian Blackburn, greets Prime Minister, Dr Hubert Minnis, following his remarks at the Bahamas Chamber of Conference and Employers’ Confederation’s (BCCEC) National Conclave yesterday. Aliv is the title sponsor for the BCCEC National Conclave, which is being held at Baha Mar’s Convention Centre from June 14-15. Mr Blackburn said sponsoring events such as the conclave fosters relationships between Aliv and the business community, which is extremely important to the new mobile operator’s growth. The sponsorship of this event is a two-year commitment from ALIV.

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THE TRIBUNE

Thursday, June 15, 2017, PAGE 5

INSURERS SHARE CONCERNS DURING MINISTERIAL MEETING

THE Bahamas Insurance Association (BIA) has met with the Minister of Financial Services, Trade and Industry and Immigration to outline the sector’s concerns and develop new opportunities. Following the BIA’s recent AGM, its new executive team, led by chairman, Emmanuel O. Komolafe, sought to meet Brent Symonette and introduce the Association and its objectives. Mr Komolafe explained: “We believe that our meeting with the Minister of Financial Services and his team was informative and productive. A number of outstanding policy and legislative matters were discussed in an environment that encouraged feedback from the insurance industry. “Opportunities for cooperation and collaboration on matters of mutual interest were also discussed during the meeting. Specifically, we explored opportunities for growth within the financial services industry in general, and the insurance sector in particular. “The Minister expressed his desire to work with the

PICTURED front row L to R are Rema Martin, J.S. Johnson; LaTonia Tinker, consultant, Ministry of Financial Services; Sherrylee Smith, permanent secretary, Ministry of Financial Services; Brent Symonette, Minister of Financial Services, Trade and Industry and Immigration; Brian Self, Security & General; Dr Rhonda Chipman-Johnson, co-ordinator, BIA; Tina Cambridge, Generali; Timothy Ingraham, Summit Insurance. Back row L-R are Khaliah Brown, financial trade officer, Ministry of Financial Services; Tanya Murray, project manager; Emmanuel Komolafe, chairman, BIA, Colina; Warren Rolle, secretary, BIA, NUA Insurance; Cardinal McCardy, treasurer, BIA, Hope Insurance

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BIA going forward, and encouraged ongoing dialogue between the Government and the Association. We

Prime Responsibilities and Duties are:

Draw clients via website videos From pg B2 * Start a video contest to promote your brand. * Ask users to upload videos of themselves using your product. * Invite users to embed your videos on their own web pages. Encourage Regular Visits to Your Website You can use videos to lure repeat customers by providing regular, quality content. Visitors will come back again and again to see what new videos you are offering. * Produce daily (or weekly) video podcasts with timely information. * Use a RSS feed to update visitors about new videos. * Use videos to promote events and recent activities at your business. Video use is one of the biggest design trends that we have seen in recent years. Use of video in website design has exploded, and is replacing still images for websites of almost every type and sites of every size. The ‘wow’ factor about

this trend is video works with any design aesthetic, and is an engaging alternative to still images or illustrations. Movement is a natural draw for users. With movement, video tells a story and users will watch to see what happens next. Use video anywhere you would use a still image in the design. You do no want to replace every still image, but strategic video placements can help keep users engaged with content longer. The advantages easily outweigh the disadvantages, but be sure to purchase a superior Internet connection, so that developers can work with high-resolution

look forward to a cordial working relationship with the Ministry of Financial Services.”

video and you will never have to sacrifice load times. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game. • NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained Graphic Designer/Marketing Coordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

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Bahamas Bar Association Council NOTICE OF ANNUAL GENERAL MEETING Take Notice that pursuant to section 6 of the Legal Profession Act, the Annual General Meeting will be held at the Bahamas Bar Association Administrative Office Complex, Mackey Street & Claire Road, Nassau, Bahamas on Friday, 30th day of June, 2017 at 3 p.m. The term of office for the following posts of Council will expire in accordance with section 4 of the Act. Officers of Bar Council President Vice-President Honorary Treasurer Honorary Secretary Council Member(s) – One Year Nomination forms are available for collection at the Bahamas Bar Association Administration Office Complex located Mackey Street and Claire Road. Kindly ensure that persons nominated have given their consent. Members are reminded that in order to stand for election to Bar Council as a candidate the member must be financial and in good standing. Only financial members will be eligible to vote. Nomination forms should be completed and delivered to the Bahamas Bar Association Administrative Complex on or before Friday, June 16th, 2017 at 3:00 p.m. Proxy forms are available for collection at the BBA Office. Proxies must be delivered by hand to the BBA Office located on Mackey Street and Claire Road. For processing purposes, proxies should be received no later than 5 p.m. Wednesday, 28th June, 2017. Dated the 2nd day of June, 2017 Damara L. Dillett Honorary Secretary

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PAGE 8, Thursday, June 15, 2017

Troubled broker’s ‘asset deficit’ facing scrutiny From pg B1 holding their assets in trust on their behalf, and did not actually own them itself. “We will have a challenge trying to assess how we allocate the loss,” the Deloitte & Touche (Bahamas) managing partner said. “Who should bear the loss, and how they should bear the loss. “The loss was created over an extended period, so while the losses were accumulating the company was still doing transactions. We will have to do an analysis to determine how best to allocate the loss.” Converting Tillerman Securities’ voluntary liquidation into a Supreme Court-supervised process occurred on Tuesday this week before Justice Ian Winder, with the move unopposed and the Securities Commission withdrawing its own compulsory wind-up petition as agreed. Christina Rolle, the capital markets regulator’s executive director, set out the terms of its ‘agreement’ with

Tillerman in a May 5, 2017, letter, which confirmed the broker/dealer had agreed to voluntarily wind-up and appoint the Deloitte & Touche duo as liquidators on March 30. “The Commission approved Tillerman Securities’ voluntary liquidation on the basis that the said liquidation is supervised by the courts,” Ms Rolle said. “The liquidators are currently in the process of applying to the Supreme Court for an Order placing the voluntary liquidation under the supervision of the court.” Ms Rolle emphasised that Tillerman’s registration under the Securities Industry Act was “void and of no effect” as of October 1, 2016, meaning it was “not authorised to carry on any securities business in the Bahamas except so far as is beneficial for its windingup”. Tillerman’s client accounts remain frozen by a Preservation Order granted earlier this year. One source familiar with the Tillerman matter, but

THE TRIBUNE speaking on condition of anonymity, told Tribune Business yesterday that the liquidation agreement with the broker/dealer’s shareholders and directors had served its purpose in “getting rid of a rogue marketing participant”. The Securities Commission had sought to petition for Tillerman’s winding-up after the broker/dealer admitted to using almost $4 million in client monies to fund its operating expenses and business development plans without first getting their permission. Tribune Business previously revealed that apart from “the improper use of its clients’ funds”, Tillerman Securities has also been unable to meet the minimum $300,000 regulatory capital requirement for two years. Detailing numerous serious breaches by the Bahamian-owned broker/dealer, in legal filings the Securities Commission added that Tillerman was also “insolvent”, with assets exceeding liabilities following several years of sustained losses. Its application for Tillerman’s provisional liquidation, made late last year, came following an 18-month

saga that concluded with the broker/dealer’s alleged failure to deliver on numerous promises to both reimburse its clients and remedy its regulatory capital deficiency. Tillerman, though, had managed to temporarily thwart the Securities Commission’s winding-up bid, after persuading Justice Winder that the regulator had failed to comply with the disciplinary process set out in section 157 of the Securities Industry Act 2011. The broker/dealer’s principals also alleged that they had agreed a ‘rescue plan’ with 13 clients, who had given “retroactive consents” to Tillerman borrowing their assets. The principals were managing director, Hans Christian Saunders; Anthony Dupuch; and attorney Craig Butler. The Securities Commission is likely to view the voluntary liquidation agreement as a ‘victory’, given that it ends a situation which - in its eyes - threatened the regulatory integrity and reputation of the Bahamas as a jurisdiction, plus the ‘orderliness’ of the capital markets. But Roy Sweeting, the attorney representing Tillerman Securities, told Tribune Business in April 2017 that the voluntary windingup, and appointment of liquidators, was “best outcome that could be achieved in the circumstances”. The Glinton, Sweeting & O’Brien partner added that with his troubled client barred from doing business, it would have been “bled dry” had it continued its battle against the Securities Commission. “I think it’s the best outcome that could be achieved in the circumstances,” Mr Sweeting told Tribune Business then of Tillerman’s voluntary winding-up agreement. “I think they [Tillerman’s directors and shareholders] felt, and I agreed with them, that they had strong arguments to make against some of the decisions the Securities Commission made about their company. “But they were looking at a long, drawn out fight over this thing, and doing that while prevented from doing business; it made no financial sense to continue with the fight. “They were going to bleed them dry long before the fight was over. This way they, in fact, have a really good shot... at making their investors whole.”

‘Devil is in details’ on Fiscal Responsibility From pg B1 “We feel this is definitely on the right track, and that they’re on the right lines,” he told Tribune Business of the broad Fiscal Responsibility Act objectives outlined by KP Turnquest, minister of finance. “We’re cautiously optimistic, but the devil’s in the detail and we need to see how this goes forward. Those were the critical words regarding a Fiscal Responsibility Act, but the particulars are very important. The nuances that make that happen are going to be important.” Mr Turnquest last week told the House of Assembly that the Fiscal Responsibility legislation proposed by the Minnis administration would target an annual GFS ‘balanced Budget’, meaning that the goal is to add no new debt to the existing $7-billion plus national debt. The Government’s other objective would be to maintain “a desirable and sustainable” debt-to-GDP ratio, Mr Turnquest said. To underpin this, the proposed law would require the Government to set out the assumptions underpinning its annual Budget, along with its longer-term fiscal targets. Explanations would also have to be provided if Budget targets for prior years were missed, while short-term fiscal targets will have to be placed in the context of the Bahamas’ long-term objectives. Mr Turnquest suggested that targets could also be set for some components of the Government’s fixedcost spending, such as the civil service wage bill, while plans and timelines for eliminating any deficits will also have to be laid out. He also suggested that the Budget process could be opened to public consultation, in a bid to obtain a national consensus around the Government’s fiscal targets, while Ministries and Departments eyeing new initiatives may be required to find the funding from their original allocations. Mr Aubry told Tribune Business that Mr Turnquest’s comments “sound like the basis of being fiscally responsible to me”, and gave particular backing to the notion that non-budgeted government spending be justified through a cost/ benefit analysis. “We’re going to stress the importance of the private sector,” he added, “not just in holding the Government’s feet to the fire, but in

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helping to craft strong and positive legislation. “Getting buy-in from the public is essential to help make this live. You can have great legislation, but if you don’t have enforcement then the intent of great legislation doesn’t happen.” Mr Aubry said “the crux” of Fiscal Responsibility legislation lay in the details, and he expressed concern that many recent laws gave “latitude” to the responsible Minister to override certain statutory provisions. He added that having an open, accessible and structured process for the crafting of a Fiscal Responsibility Act was vital to obtaining public support, which was why ORG had itself recently issued recommendations for improving consultation. “Public consultation is the critical part, as it creates a platform for the open sharing of data,” Mr Aubry told Tribune Business. “Making information publicly available is essential to open, modern governance. It facilitates better economic development.” He explained that by allowing the Bahamian public to “play an active role in stemming government spending”, they would be more understanding if social programmes had to be delayed or cancelled, and not respond in the “reactionary” manner many politicians fear. “If people have been part of that process, you will get their buy-in, acceptance and understanding,” Mr Aubry reiterated, “and if you can show a long-term plan, when it comes to times that will be more painful, people have a sense of when that will be alleviated. “That allows more consumer confidence, and greater trust in the Government and the democratic approach.” ORG has been among the numerous groups campaigning for Fiscal Responsibility-type legislation, viewing it as a key tool in restraining government spending and forcing it to be more accountable and transparent over how it uses taxpayer monies. The Government is currently seeking Parliamentary approval to borrow $722 million, which will be used to cover the estimated $500 million deficit for 20162017, and the $323 million forecast for 2017-2018. With the Bahamas’ debtto-GDP ratio now around 80 per cent when ‘contingent liabilities’ are factored in, and the national debt climbing beyond $7 billion, the need for a Fiscal Responsibility Act has arguably never been greater.

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THE TRIBUNE

Thursday, June 15, 2017, PAGE 9

Electronic payment licence Island Luck’s ‘top priority’ From pg B1 “We will be applying to the Central Bank for remittance and electronic banking licenses,” Mr Bastian confirmed. “We feel that given our technology background and the infrastructure that we have across the Bahamas, we think that we can use the geographic infrastructure of some of our sister companies, brickand-mortar locations, to facilitate Investar’s product and services in that electronic payments and electronic services industry. “It’s something that’s on our agenda; top priority of our agenda. We’re waiting on the Central Bank to finalise the regulations that, by law, allows them to issue such licenses.” Tribune Business reported last month how the Central Bank was seeking to make good on its promise to introduce electronic payments regulation by mid-2017, unveiling as short one-month consultation on the proposed supervisory framework that closed on June 9. The Payment Instruments (Oversight) Regulations 2017 are the first step towards licensing nonbank providers via a formal supervisory framework, bringing them under the Central Bank’s oversight. This newspaper reported at the time that newly-legalised web shops were among the leading contenders to obtain such licenses, especially since they already have a physical presence throughout the Bahamas. This, combined with the sophisticated gaming technology they employ, makes them a ‘natural fit’ to provide electronic payments solutions through affiliates, especially since they are already effectively in the money transmission business. Mr Bastian effectively

confirmed this yesterday, adding that he understood the new regulations were intended to cover e-wallets and electronic payments services - the products that Investar Securities wants to offer. “Currently, Investar has a financial services license and restrictive fund license, so we can do bill payments and fund administration, IPOs etc,” the Island Luck explained. “But as a part of our product offering, we’re also adding the electronic payment side of things, and I think we’ll be a good force in that industry because, like I said, geographically we have full coverage of the Bahamas. The convenience factor is key in that industry and we’ll look to capitalise on that.” Mr Bastian, meanwhile, said Island Luck’s plan to have an IPO ready by May did not materialise because the audit of its financials took longer than expected. He added, though, that the company had received an ‘unqualified’ audit -

meaning it had effectively receive a ‘clean bill of health’ from its auditors and clearing the way for a potential sale of shares to the Bahamian public. While no details on the proposed IPO have been made public, Mr Bastian said Island Luck was hoping to supply the Securities Commission, the capital markets regulator, with all material details as early as this week. “Obviously, we were hopeful to have our offering ready to go by May,” he added. “Our audit took a lot longer than we had originally planned for. But one good thing came out of the audit; we got it last week and it was an unqualified audit, which was a great milestone after being only regulated for the last twoand-a-half years. “So we have a fully unqualified, clean audit, which is one of the key requirements for funds or IPOs. So though we had everything set to go, without the audit the file really couldn’t move at all down at the Securities Commission. “With the audit in hand we are compiling the rest of the submission, and we’re looking to have the

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submission as soon as next week. And then we’ll just go through the process.” Mr Bastian described the Securities Commission’s process and requirements as “pretty straightforward”, and said: “We’ve had ample time to gather all the required documentation, which was pretty vanilla in my opinion, so we don’t foresee any hiccups whatsoever in the process. “Our initial dialogue with the Securities Commission has been very productive. They’ve been responsive, they’ve given us all the information that we’ve requested. I think we’re all on the same page. I think once we add this audit to our submission and finally get it in, we should receive a favourable response in due course.” Mr Bastian said that while some unlicensed web shop operators remained in business, Island Luck was concentrating on its own operations and leaving the issue to the Gaming Board and the Royal Bahamas Police Force. He added that Island Luck’s gaming revenues were now starting to stabilise following web shop le-

galisation, and said: “We’ve given any information that we would have had on it [unlicensed gaming]. “But we stay focused on just doing our business dayto-day, and we’ve started to see revenue stabilise. So it’s really not affecting us today as it was, but I don’t know how that translates to the other players in the industry. But that’s a job for the police and the Gaming Board. We stay focused on the business. We’re not in the business of regulations; we’re in the business of following them.” Mr Bastian said a web shop’s number of physical locations was immaterial to its success, as companies in various industries had shown it was possible to achieve sustained profitability with just one site. “I still think that the number of locations any business has, whether it be a liquor store, food store, fast food takeaway or a web shop, the number of locations that business operator decides to put throughout the Bahamas depends on his business plan and his vision for his company,” he added. “By all means the amount

of locations does not contribute to your success, because more locations, more overhead. So if it fits your business model and if it works, more power to you, but if it doesn’t… “I’ve seen people fail with very few retail locations in various industries, and I’ve seen people become successful with a lot of locations, and I’ve seen people become successful with just one,”Mr Bastian continued. “I mean, you don’t see Kelly’s have 26 department stores or one out east, one out west. They have one at the Mall and that seems to be a very successful business model. So when you look at things and put it into perspective like that, it’s clear that it’s how you run your business, and it’s not really how many locations you have. “I’ve seen some of the most prominent chains in our country close locations down, so that should tell you that it has nothing to do with amount of locations, (but) everything to do with how you run a business.

PAGE 10, Thursday, June 15, 2017

THE TRIBUNE

‘New sheriff’ PM recalls how corruption hurt him From pg B1 doing business increased because government officials were seeking kickbacks in return for issuing licenses and permits. “Times have changed. A new sheriff is in town,” the Prime Minister said, reiterating the Free National Movement’s (FNM) pledge to stamp out public sector corruption.

Dr Minnis recalled two occasions when he encountered corruption under the Pindling administration. One occurred in 1989, when he attempted to establish his own medical practice but was denied a construction permit on the grounds that it was not in a commercial area - although the buildings on both sides were also medical facilities. “The excuse was that

Centreville was initially a residential area, and had not been re-zoned,” he said. “I was subsequently informed that if I wanted to receive my permit and proceed with construction, I only had to do the right thing. I inquired as to what was the right thing, and the response was I should know.” Dr Minnis explained how his friend and now-deceased former Police Commissioner, B. K Bonamy, had offered to help him expose the individuals from the Ministry of Works and Town Planning who were attempting to extort

him. He decided against doing so at the last minute over fears of victimisation. “Two days later the individuals came to me and asked if I had made up my mind yet,” the Prime Minister recounted. “I said to them that you can inform your boss that I am younger than him; hopefully I will out live him and, when he dies, I will construct my building. Soon after, they gave me my permit and I constructed my building.” Dr Minnis recalled another experience in the 1988, when he and four partners had each invested $50,000 in a business ven-

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ture. “They were told by a then-minister in government that he wanted 10 per cent of our business,” the Prime Minister said. “My partners came back to me, and said to me that we must offer the minister in the government 10 per cent of our business. I said to them: ‘I don’t have problem if he is paying for the 10 per cent’. They told me he was not paying; that we had to give him 10 per cent in order to obtain our license. “I told my partners that if they wanted to proceed they could, but I could not proceed on those conditions and we never got the business started. The whole process collapsed.” Dr Minnis added: “There are many examples like that where businesses in our economy could have grown but, because of corrupt practices, businesses leave our country. That must stop. “The policy that we have today of transferring corrupt or dishonest individuals to one agency or department to another will

stop. Be assured that the only transfer they will receive is from that agency to Fox Hill.” Mr Minnis told those present that the Government will ensure the Bahamas’ investment incentive regime is more transparent and easily accessible to Bahamian entrepreneurs. “We will introduce investment incentives for new and existing Bahamian businesses, offering products and services related to key segments of the Bahamian economy such as renewable energy, cultural industries, export sectors, agricultural and fisheries sectors, as well as the manufacturing of authentic Bahamian souvenirs,” said Dr Minnis. The Government is also planning to focus on improvements in three areas to enhance the Bahamas’ ‘ease of business ranking’, which is currently 121st out of 190 countries. The targeted areas are Business License processing; Immigration permits; and investment approvals.

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BISX ALL SHARE INDEX: CLOSE 1,867.15 | CHG -0.04 | %CHG 0.00 | YTD -71.06 | YTD% -3.67 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.56 8.60 6.10 10.60 14.49 2.72 1.60 6.00 10.00 11.00 10.00 6.90 12.51 11.00

52WK LOW 3.40 17.43 8.19 3.50 1.64 0.12 3.80 8.35 5.70 10.05 10.02 2.18 1.31 5.80 7.55 8.56 7.30 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

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.06 3.93 1.95 169.70 141.76 1.49 1.67 1.58 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 1.43 1.64 1.54 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.22 15.85 9.09 3.60 1.64 0.12 4.05 8.60 6.00 10.50 10.02 2.56 1.56 6.00 9.75 9.00 9.75 6.90 12.50 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 100.00 100.00 100.00 109.18 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.22 15.85 9.09 3.60 1.64 0.12 4.05 8.60 6.00 10.50 10.02 2.56 1.56 6.00 9.75 9.00 9.75 6.90 12.50 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 0.00 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

109.21 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.03 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

3,000 2,538

VOLUME

NAV 2.06 3.93 1.95 168.44 141.76 1.49 1.64 1.58 1.07 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.444 0.932 -0.510 0.383 -1.117 0.000 -0.406 0.587 0.550 0.540 0.570 0.102 0.197 0.753 0.762 0.330 0.820 0.600 0.697 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.400 0.000 0.330 0.140 0.620 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 9.5 17.0 N/M 9.4 N/M N/M -10.0 14.7 10.9 19.4 17.6 25.1 7.9 8.0 12.8 27.3 11.9 11.5 17.9 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% 1.57% 4.52% 0.39% 2.75% 0.77% 2.51% 3.95% 3.95% 6.77% 6.77% 1.45% 4.17% -1.59% 0.17% 0.49% 2.72% 1.29% 2.00% 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 30-Apr-2017 30-Apr-2017 30-Apr-2017 31-Dec-2016 31-Dec-2016 30-Apr-2017 30-Apr-2017 30-Apr-2017 30-Apr-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 1.90% 6.31% 0.00% 5.83% 0.00% 0.00% 2.22% 3.49% 3.67% 3.43% 5.69% 2.34% 3.85% 4.83% 4.10% 0.00% 3.38% 2.03% 4.96% 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

NOTICE

NOTICE is hereby given that Claudine nikia Bethel of 596 N.W. 67th Street, Miami, Fl. 33150 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 8th day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SOLOMON ALEXANDER RECKLEY of No.41, Inspiration Road, Sea Breeze Estates, P.O. Box EE-15338, Nassau, Bahamas intend to change my name to ALEXANDER SOLOMON RECKLEY. 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 ANNAKAY BUTLER of Kennedy Sub, Zeenia Street, P.O. Box SB-52108, 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 twentyeight days from the 15th day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that I, COLA LUC of Ridgeland Park West P.O.Box SS-19733, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 8th day of June, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, June 15, 2017, PAGE 11

STOCKS SLIDE AS INVESTORS SEEK SAFETY AFTER WEAK SALES DATA By MARLEY JAY Associated Press

NEW YORK (AP) — U.S. stocks are mostly lower Wednesday as energy companies tumble along with oil prices and investors look for safety following a drop in retail sales last month. It was the first decline in more than a year, and investors are buying government bonds and high-dividend stocks. The Federal Reserve is expected to raise interest rates later in the day. KEEPING SCORE: The Standard & Poor’s 500 index dipped 1 point, or 0.1 percent, to 2,438 as of 1:30 p.m. Eastern time. The Dow Jones industrial average picked up 17 points, or 0.1 percent, to 21,345. The Nasdaq composite added 2 points to 6,222. Small-company stocks fell more than the rest of the market. The Russell 2000 index sank 10 points, or 0.7 percent, to 1,416. That suggests investors are worried about the economy, which could have an outsize effect on smaller, domestically-focused companies. More stocks fell than rose on the New York Stock Exchange. The S&P 500, Dow and Russell all closed at record highs Tuesday. The Nasdaq isn’t far from the

record it set last week, but it was hit particularly hard by the steep sell-off in technology companies Friday and Monday. RETAIL SALES: The Commerce Department said people spent less money at gas stations, department stores and electronics retailers last month. The result was a surprise to analysts, who expected sales to grow. Video game seller GameStop gave up 63 cents, or 2.9 percent, to $21.35 and department store chain Kohl’s dropped 87 cents, or 2.3 percent, to $37.17. Foot Locker declined $1.10, or 2 percent, to $54. Elsewhere, the Labor Department said consumer prices slipped, mostly thanks to lower energy prices. That showed how little inflation there has been in the economy, a continued concern for Federal Reserve policymakers. REACTION: Bond prices jumped and yields fell to their lowest level since November. Concerned about weak growth, investors bought bonds and highyield stocks. The yield on the 10-year Treasury note fell to 2.12 percent from 2.21 percent. Utilities and household goods makers climbed. Cereal maker General Mills rose 74 cents, or 1.3 percent, to $58.91 and Pep-

siCo advanced $1.52, or 1.3 percent, to $117.84. NextEra Energy, the parent of Florida Power & Light, jumped $1.42, or 1 percent, to $141.37 and American Water Works rose 93 cents, or 1.2 percent, to $81.11. Banks fell. The drop in bond yields sent interest rates lower, which reduces the profits banks can make from mortgages and other loans. Citizens Financial dropped 98 cents, or 2.7 percent, to $35.90 and Lincoln National lost $1.49, or 2.3 percent, to $67.06. COMMODITIES: Oil futures plunged after the U.S. government gave its weekly update on fuel stockpiles. The Energy Information Administration said oil supplies shrank slightly and gasoline stockpiles grew last week. Benchmark U.S. crude fell $1.67, or 3.6 percent, to $44.80 a barrel in New York. Brent crude, used to price international oils, shed $1.66, or 3.4 percent, to $47.06 a barrel in London. Exxon Mobil lost $1.09, or 1.3 percent, to $81.87 and Halliburton sank $1.37, or 3 percent, to $44.47. FED WATCH: The Federal Reserve is expected to raise interest rates Wednesday afternoon. That would be the third increase since December. But Wall Street is attuned to signs of weak-

TRADER John Panin works on the floor of the New York Stock Exchange yesterday. A weak report on retail sales sent bond yields lower and high-dividend stocks like utilities and real estate companies higher. (AP Photo/Richard Drew)

er economic growth, and the combination of sluggish growth and high interest rates, which slow the economy down, may have worried investors. CURRENCY: The dollar slid to 109.18 yen from 109.96 yen. The euro jumped to $1.1267 from $1.1212. THE REAL WORLD: Real estate investment trusts also traded higher. That was partly because investors bought them for their hefty dividend payments and partly because they were hoping for deals. Reuters reported Wednesday that Brookdale Senior Living could be acquired by Zhongzhong Zhuoe Group. Brookdale, which is not itself a real estate investment trust, jumped $1.12, or 8 percent, to $15.19.

NOTICE FORTUNE NUMBER HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) FORTUNE NUMBER HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 13th June, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 15th day of June, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

NOTICE

GOLDEN SILVER HOLDINGS LIMITED

PROLIFIC CHEER INVESTMENTS LIMITED

SILA INVESTMENTS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) GOLDEN SILVER HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) PROLIFIC CHEER INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) SILA INVESTMENTS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 13th June, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 15th day of June, A. D. 2017

_________________________________ Bukit Merah Limited Liquidator

NOTICE

BEST TRADER INTERNATIONAL LIMITED

TOLOSA HOLDINGS LIMITED

RAINFOREST HOLDINGS LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) BEST TRADER INTERNATIONAL LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) TOLOSA HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) RAINFOREST HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 13th June, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 15th day of June, A. D. 2017

_________________________________ Bukit Merah Limited Liquidator

NOTICE

AUREA FUTURA LIMITED

SHERIDAN HOLDINGS LIMITED

SEALIFE MARINA LIMITED

N O T I C E IS HEREBY GIVEN as follows:

(a) AUREA FUTURA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) SHERIDAN HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) SEALIFE MARINA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 13th June, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 15th day of June, A. D. 2017

_________________________________ Bukit Merah Limited Liquidator

(b) The dissolution of the said company commenced on the 13th June, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. Dated this 15th day of June, A. D. 2017 _________________________________ Leeward Nominees Limited Liquidator

PAGE 14, Thursday, June 15, 2017

THE TRIBUNE

FED RAISES KEY RATE AND UNVEILS PLAN TO REDUCE BOND HOLDINGS By MARTIN CRUTSINGER Associated Press WASHINGTON (AP) — The Federal Reserve has raised its key interest rate for the third time in six months, providing its latest vote of confidence in a slow-growing but durable economy. The Fed also announced plans to start gradually paring its bond holdings later this year, which could cause long-term rates to rise. The increase in the Fed’s

short-term rate by a quarter-point to a still-low range of 1 percent to 1.25 percent could lead to higher borrowing costs for consumers and businesses and slightly better returns for savers. The Fed foresees one additional rate hike this year but gave no hint of when that might occur. The overarching message the Fed sent Wednesday was an upbeat one: It believes the U.S. economy is on firm footing as it enters its ninth year of recovery from the Great Recession,

with little risk of a recession. Though the economy is growing only sluggishly and though inflation remains chronically below the Fed’s 2 percent target, it foresees improvement in both measures over time. And the most important pillar of the economy — the job market — remains solid if slowing, with employment at a 16-year-low of 4.3 percent — even below the level the Fed associates with full employment. The Fed’s decision to raise rates, announced in

a statement after its latest policy meeting, was approved 8-1, with Neel Kashkari, head of the Fed’s Minneapolis regional bank, dissenting in favor of holding rates unchanged. The announcement that the Fed plans to begin paring its balance sheet later this year — “provided that the economy evolves broadly as anticipated” — involves its enormous portfolio of Treasury and mortgage bonds. The Fed began buying the bonds after the Great Recession to try to depress long-term loan rates. That effort resulted in a five-fold increase in its portfolio to $4.5 trillion. On Wednesday, the Fed said it would eventually allow a small amount of bonds to mature without being replaced — an amount that would gradually rise as markets adjusted to the process. This process could put upward pressure on longterm borrowing rates. The Fed would start with monthly reductions in Treasury holdings of no more than $6 billion and $4 billion in mortgage bonds.

Those figures would rise in increments over a year until they reached $30 billion a month in Treasurys and $20 billion in mortgage bonds. “With the Fed stating its intentions to start reducing the size of the balance sheet this year, it is offering a clear vote of confidence for the economy,” said Curt Long, chief economist of the National Association of Federally Insured Credit Unions.

Forecasts The Fed also issued updated economic forecasts that showed it foresees one additional rate increase this year to follow Wednesday’s increase and an earlier rate hike in March. The rate forecast, based on individual projections from each member, envisions three more rate hikes in 2018 and three more in 2019. By then, the Fed’s forecast would put its key policy rate at 3 percent. That’s the level the Fed believes is a neutral rate — neither stimulating growth nor restraining it.

But the Fed’s forecasts are only predictions and are frequently revised as its assessments evolve. Some economists suggested that even though the Fed foresees one more rate hike this year, the persistently low inflation may lead it to leave rates alone until 2018. Some also note that political paralysis in Washington has raised doubts about whether Congress will increase the nation’s borrowing limit and pass a new budget. That possibility, too, could lead the Fed to wait. Another rate hike this year is “becoming less of a sure thing as every month of data comes out,” said Michael Dolega, senior economist at TD Economics. If inflation doesn’t pick up, he said, the Fed will find that raising rates and reducing its balance sheet is “going to be a difficult maneuver.” The Fed’s revised forecasts reduced its estimate for unemployment by year’s end to 4.3 percent from a March projection of 4.5 percent. Unemployment has already reached a 16-year low of 4.3 percent.

FEDERAL Reserve Chair Janet Yellen speaks in Washington, yesterday, to announce the Federal Open Market Committee decision on interest rates following a two-day meeting. The Federal Reserve has raised its key interest rate for the third time in six months, providing its latest vote of confidence in a slow-growing but durable economy. (AP Photo/Susan Walsh)