business@tribunemedia.net
WEDNESDAY, JULY 12, 2017
$4.15
$4.19
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$4.02
Bran: Justify $722m borrowing demand DEXTER CARTWRIGHT
ANDRE FOSTER
UNION, ALLIES ‘TAKEN ABACK’ OVER BTC CHIEF’S DEPARTURE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net UNION leaders and key allies were yesterday “taken aback” after the Bahamas Telecommunications Company (BTC) confirmed that chief executive Leon Williams is leaving the communications provider. Bradley Roberts, BTC’s former deputy chairman and a key supporter of Mr Williams, told Tribune Business he was “surprised” to learn of the chief executive’s impending departure when informed yesterday morning. And Bernard Evans, head of the Bahamas Communications and Public Officers Union (BCPOU), admitted he “was a bit taken aback” when told that Mr Williams was being replaced. Both men questioned the timing of the move, given that BTC is about to enter into industrial agreement See PG B6
Bahamian duo to replace Leon Williams Timing queried due to union talks, Aliv threat Union boss: ‘Welcome to the fire’
TRANSPARENCY International’s Bahamian representative yesterday said economic abuses “by corrupt officials” had helped bring this nation to the precipice of its second ‘junk’ creditworthiness downgrade. Lemarque Campbell, Citizens for a Better See PG B4
LEON WILLIAMS
Anti-graft campaigners list five ‘priorities’ Urge Govt to ‘herald auspicious new era’ Crackdown will aid deficit reduction
ABACO businesses have been “left in the dark” by frequent power outages, with tourists cutting short their vacation amid “grave concern” for economic and reputational damage. Vado Bootle, the Abaco Chamber of Commerce president, said there was “anger and frustration” over a series of prolonged power cuts by Bahamas Power & Light (BPL) that have lasted for nearly a week. He told Tribune Business that the island had been “left in the dark” over the reason for the power cuts, having
‘Anger and frustration’ in business community ‘Grave concern’ for reputation, economy received no formal communication from BPL. A BPL spokesman told this newspaper yesterday that there was a “system fault in the entire network that caused intermittent outages on the entire island. BPL is working to improve reliability and we are in the process of making those improvement to prevent the See PG B4
Says PLP, FNM ‘both to blame’ on Moody’s Urges Govt to show return on spending Bahamas ‘can’t afford’ 2nd junk rating while in Opposition to prevent the former Christie administration “running the country into the ground”. He argued that this - and
the Government’s repeated assertions that the 20172018 Budget was inherited from the PLP - showed that the Minnis administration “was ready to win an election but not to govern the country”. As a result, the DNA leader said both major parties should take some responsibility for the rating agency’s decision to place the Bahamas’ sovereign creditworthiness under a ‘downgrade review’. Speaking out as the ‘blame game’ between the FNM and PLP gathered See PG B5
DNA LEADER BRANVILLE MCCARTNEY
Top CIBC chief targeting Bahamas growth inroads CIBC’s Caribbean corporate and investment banking chief is eyeing “a lot of opportunities” for growth in the Bahamas, having helped place over $100 million in financing over the past year. Pim Van Der Burg told Tribune Business in a recent interview that the Baha-
Abaco power outages driving tourists away By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net
THE Democratic National Alliance’s (DNA) leader yesterday said both major political parties were to blame for the threatened Moody’s ‘junk’ downgrade, and called on the Government to better justify its $722 million borrowing needs. Branville McCartney told Tribune Business that the Free National Movement (FNM) had failed to use its control of the Public Accounts Committee (PAC)
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
CORRUPTION ABUSES BRING BAHAMAS TO ‘JUNK’ BRINK By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
mas was “a very important business” for CIBC FirstCaribbean, ranking alongside Jamaica and Trinidad & Tobago as its top three regional markets. He added that the institution, which has already been “very active” in financing key industries in the Bahamas, aimed to become the top bank in this nation for corporate clients. “The Bahamas, given the size of the group, is a very
important business for us,” Mr Van Der Burg said. “We certainly have high expectations of the business. “What I can tell you is that the Bahamas is in the top three countries in the region. It’s a very substantial part, and very important market for us at CIBC for sure. “My experience from visiting the last week is that there’s a lot of opportunity, a See PG B5
Says ‘substantial transaction pipeline’ Over $100m financings placed in year ‘Very active’, and sees much opportunity
PAGE 2, Wednesday, July 12, 2017
THE TRIBUNE
HOW ENERGY EFFICIENCY CAN BECOME A BREEZE AS the Tribune reported last week, Bahamas Power & Light’s (BPL) fuel charge rose almost 50 per cent year-over-year for May 2017. The high cost of electricity is one of the major reasons why companies such as Caribbean Bottling Company and Arawak Port Development (APD) are spending millions of dollars on solar systems. For the average Bahamian, however, investing millions of dollars into solar energy is simply out of reach. Even investing tens or hundreds of thousands of dollars into solar for their home is not an option. Fortunately, there
are affordable, effective energy-efficiency options out there. I will limit my discussion today to options that cost less than a few thousand dollars (some of them are even free). * Cross ventilation – To get good cross ventilation, open windows on both sides of the home - and the doors in between - to create a sort of ‘breezeway’. This is a clear path so that breeze can easily flow from one side of the building to the other. You may want to add stops to the doors to prevent the wind from blowing them shut. This will cool your home when you are not running air condi-
tioning (AC). When you do turn on the AC, it will have less work to do, saving you money. Estimated cost to implement: FREE * Drawn Curtains – Where is it easiest for heat to enter the living space? Answer: The windows. Windows allow light to enter the room, and with that light comes heat. As much as 10-20 per cent of your power bill results from heat streaming straight through the windows to counteract your costly, conditioned air inside. If you draw your curtains at night and wait to open the curtains fully until late in the day, that leaves fewer daylight hours for heat to pour unabated into the windows. Esti-
mated cost to implement: FREE * Get smart - One of the most elegant solutions for cutting your cooling costs is to add a smart retrofit, such as a Smartcool or Intelli HVAC, to your current central air unit. These retrofits already save an average 15-25 per cent on air conditioning energy costs in Bahamian homes and businesses. These intelligent automators add a brain to your system so that your air conditioner runs far more efficiently than it would on its own. This saves you money while maintaining the cool temperature you want. Estimated cost to implement: About $1,200 per central air conditioning unit. * The power of One Degree – If you are running your air conditioner, bump the thermostat one degree warmer than you would normally. The home or business will still stay comfortable, and you will save money. Estimated cost to implement: FREE * LEDs – These have become increasingly affordable, both for inside and outside lighting. LEDs often use half the power of fluorescent bulbs - and just one-tenth of the power of traditional bulbs - to produce the same level of light. Combined with warranties of five to 10 years, and lifespans of 10-20 years in the Bahamas, it is
easy to see why people upgrade to LEDs. For example, running just three traditional outdoor security lights every night can cost you over $1,000 on your electricity bill. Upgrading them to LEDs would save you about $900 per year on just three lights. Estimated cost to implement: $10 per indoor bulb and up * Solar attic ventilation – Have you ever been in your attic on a summer day? Most Bahamian homes could turn their attic into income property as a sauna. All that heat caught in the attic acts like a hotbox radiating into the building below. In the past, homes and businesses have tried to counter this effect with marginally effective ‘whirlybirds’ powered by the wind or BPL. Fortunately, there is a better solution. Easilyinstalled solar attic ventilation systems can extract hundreds more cubic yards of air per hour than older units, and they run for free from the sun. Be sure to get warrantied systems that can last you decades. Properly ventilated roofs make an entire home feel cooler and more comfortable. This also means your air conditioner has to work less, saving you money. Similarly, these roofs tend to have longer lives, saving you money again. Estimated cost to implement:
Joshua Key SUPERGREEN SOLUTIONS
$1,300-$3,900 While I strongly encourage you to pursue solar upgrades if you can, it is advisable for you to first look at reducing how much power you need. If you can make upgrades that save you power, then your BPL bill is reduced every month. And when you go to install a solar system, it does not have to be as big, so you save money. Even if you do not make the jump to solar for years to come, taking small steps towardd energy efficiency is a great way to make both the Bahamas and your wallet more green today. • NB: Joshua Key is general manager for SuperGreen Solutions Bahamas, located on Wulff Road next to FYP. SuperGreen Solutions is one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions.
THE TRIBUNE
Wednesday, July 12, 2017, PAGE 3
Crackdown drove 86% property tax increase By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
$21m Budget surplus confirmed for Q1
THE Government’s crackdown on tax dodgers helped to boost real property tax revenues by 86 per cent during the 2017 first quarter, accounting for more than one-third of the year-over-year revenue rise. Confirming that the former Christie administration generated a $21 million Budget surplus for the three months to end-March 2017, the Central Bank’s latest quarterly review said
B’air, Public Parks transfers up two-fold National debt fell but only by $1.2m this was largely driven by a $104.7 million - or 20.9 per cent increase - in total revenue compared to the prior year.
“Tax receipts, which constituted 90.2 per cent of total collections, grew by $93.2 million (20.6 per cent) to $546.2 million, as efforts to improve administration and reduce outstanding arrears, boosted property tax collections by $34.4 million (85.6 per cent) to $74.6 million,” the Central Bank said. “Similarly, international trade and transaction taxes rose by $23 million (19.6 per cent) to $140.2 million, owing primarily to gains in excise and import
US works with Bahamas on aviation security upgrades By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE US government is working with Bahamian authorities to ensure that enhanced security measures for all US-bound commercial flights are fully implemented by next week, the Nassau Airport Development Company (NAD) said yesterday The Lynden Pindling International Airport (LPIA) operator, in a statement, said the US Department of Homeland Security and the Transportation Security Administration (TSA) were assisting to ensure everything was in place by July 18. “These measures, both seen and unseen, include enhanced screening of passengers and electronic devices, as well as heightened security standards for aircraft and airports. The Bahamas and 104 other countries globally are impacted by these new security measures,” said NAD.
YOUR
“The enhanced security measures include, but are not limited to, enhancing overall passenger screening; conducting heightened screening of personal electronic devices; increasing security protocols around aircraft and in passenger areas; and deploying advanced technology, expanding canine screening, and establishing additional pre-clearance locations globally. “As a result of the new measures, the travelling public is reminded to arrive three hours ahead of time for US-bound flights. It is important to note that persons travelling through LPIA with electronic devices larger than a cell phone - laptop computers or tablets as carry-on or checked luggage - are advised that these devices could require further security screening.” NAD added: “The major implementation of these changes at LPIA will fall under the purview of the Airport Authority (AA) and the airlines that service
US destinations. The Airport Authority (AA) is the entity responsible for security at LPIA. “As the airport operator, Nassau Airport Development Company will work with AA and the airlines to support the implementation of the changes and the passenger experience at LPIA. These enhanced security measures will help to secure all commercial flights departing Bahamian airports that serve as last points of departure to the United States.” The Department of Homeland Security’s guidelines, disclosed after the New York Times obtained an International Air Transport Association (IATA) memo, require all 280 airports that are the last points of departure for the US to possess equipment capable of detecting explosive residue on passengers’ hands. The New York Times has reported that airports which fail to implement the explosives-detecting equipment could be cut-off from direct flights to the US.
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tax receipts, by 30.6 per cent and 19.7 per cent, respectively.” It added that “a timingrelated rise” in gaming and hotel occupancy taxes boosted selective services taxes to $12.2 million for the 2017 first quarter, compared to just $0.1 million the prior year. “Similarly, Value-Added Tax (VAT) receipts, which comprised almost 30 per cent of tax revenue, firmed by $5.9 million (3.8 per cent) to $163 million, as return filings reverted to trend levels following the disruption to collections caused by Hurricane Matthew in the prior period,” the Central Bank said. While spending for the three months to end-March 2017 fell by $29.4 million or 4.8 per cent year-over-
year, the quarterly review also hinted that the former government’s pre-election spending splurge was set to kick-in to gear. “Transfers to public corporations and provisions for contingencies rose by over two-fold to $33.2 million, due to an increase in disbursements to Bahamasair and the Bahamas Public Parks and Beaches Authority,” the report said. As a result of the quarterly Budget surplus, the national debt actually declined - but only by $1.2 million - to $7.052 billion at end-March 2017. However, on a 12-month basis it had risen by $249.4 million or 3.7 per cent. “As a result of these developments, the direct charge on the Government grew slightly by $5.9 mil-
lion (0.1 per cent) over the quarter, and by $278.7 million (4.6 per cent) on an annual basis, to $6.331 billion at end-March 2017,” the Central Bank said. “Government’s contingent liabilities decreased by $7.1 million (1 per cent) over the previous quarter, and by $29.3 million (3.9 per cent), year-on-year, to $722.1 million.” The Government’s direct debt ended March 2017 at a sum equivalent to 69.9 per cent of Bahamian GDP, while the national debt-toGDP ratio - which includes the guaranteed borrowings of public corporations - rose to 77.9 per cent compared to 76.5 per cent the year before.
PAGE 4, Wednesday, July 12, 2017
Corruption abuses bring Bahamas to ‘junk’ brink From pg B1 Bahamas’ chairman, told Tribune Business that the scourge of corruption was a major factor behind “all of the societal ills in the Bahamas”. He confirmed that Citizens for a Better Bahamas, together with Transparency International, had written to the newly-elected Minnis administration backing its anti-corruption pronouncements, and urging that it tackle freedom of information and public procurement as priorities. “Corruption has proven to be a major contributor to all of the societal ills in the Bahamas,” Mr Campbell told Tribune Business, adding that its eradication would help to reduce this nation’s current $300 million-plus annual deficits. “Now that the new gov-
ernment has settled in, we decided to write to them to offer international expertise in fighting corruption. We don’t live in a vacuum; we are a part of a global community and the world is watching.” He tied corruption to the Bahamas’ continued economic slide, and its low GDP growth, high unemployment and fiscal crises. “As we can see, Moody’s is already giving us a downgrade review,” Mr Campbell wrote to this newspaper. “We have essentially had an abuse of our economy by corrupt officials for many years, through reckless spending and a lack of accountability. “The Government now has a responsibility to guard against such abuse by implementing the necessary anticorruption reforms. We can decrease the deficit once we
THE TRIBUNE tackle corruption. Additionally, as we rely so heavily on foreign direct investment (FDI), we have to remember that no credible investor would want to deal with any corrupt government. “We ought to have a strategic action plan in place if we are serious about tackling corruption in the Bahamas. The Government needs to go after the low hanging fruit. For instance, we need to hear more about advancements being made on strengthening and implementing the Freedom of Information Act.” K P Turnquest, the minister of finance, last week told Tribune Business that anti-corruption laws, together with a Fiscal Responsibility Act, are the new government’s top legislative priorities once the House of Assembly returns in September. While the Minnis administration has talked all the right things, it now has to execute amid signs that Bahamian patience is already
starting to ‘wear thin’ over its blaming of the former Christie government for a variety of woes. Backing the Government’s rhetoric, Transparency International and Citizens for a Better Bahamas jointly outlined “five areas for priority consideration”. They said these were “the full enactment and implementation of a strong Freedom of Information Act”; enactment of legal protections for ‘whistleblowers’; the Public Disclosure Act’s enforcement; political campaign finance reform; and “a fair and open public procurement system”. The letter, signed jointly by Mr Campbell and Alejandro Salas, Transparency International’s regional director for the Americas, pledged their organisations’ full support if the Government “heralds in an auspicious new era of transparency, accountability and integrity in governance in the Bahamas”. They wrote: “We recognise and applaud your gov-
GN1916
ernment’s commitment to deliver on your campaign promises of transparency, accountability and good governance reforms, as outlined in your recent pronouncements to introduce various anti-corruption legislation, along with an autonomous anti-corruption agency. “We look forward to your government’s prompt and ongoing development of modern and robust anticorruption policies. To that
end, we wish to extend our support to your government through our global network of research, expertise and advice on international best practices in the areas of open, transparent and accountable governance. “We expect that your government will adopt a national action plan for good governance, which includes increased levels of citizen participation in the decisionmaking process.”
Abaco power outages driving tourists away
taste in your mouth. We’re ready to meet with whoever we need to meet with and try and get some attention drawn to this issue. This kind of thing in this day and age should not be happening, and certainly not to this severity. The fact that no one knows what’s really going on makes the situation all the more frustrating.” Lance Pinder, operations manager at Abaco Big Bird, told Tribune Business: “This has been going on for the last five days. The power has been going on and off, sometimes for 12-plus hours. It is island-wide sometimes. “I cannot even remember how many times it has been off in the last four to five days where I live in Treasure Cay. Some areas of Green Turtle Cay were reportedly out for two to three days.” Mr Pinder added: “This is our busiest time of year on Abaco, and tourists are complaining and leaving the Island. No one seems to know what is going on, and everyone says something different. “There was also a lightning strike in Marsh Harbour about two weeks ago, and some people and businesses have had no phone or Internet for two weeks now, Abaco Big Bird included. People are angry and frustrated on the Island.”
From pg B1 outages”. However, Mr Bootle blasted: “It is very negatively impacting us because people are leaving because of the extended power outages. Tourists are packing up and leaving the Abacos having not finished their vacation. “It is a grave concern for us. We have gotten no communication from BPL as to what’s happening. I’m in the process of writing to BPL to find out what their plans are moving forward with the summer really only just beginning.” Giselle McIntosh, chief councillor for Green Turtle Cay, told Tribune Business: “I know that speaking with people around town that some of our tourists who have rented local homes have left early due to the power cuts. It is definitely affecting the economy, it is definitely affecting the feeling of coming here. “If you have been here a week and the power has been off 90 per cent of the time, it really leaves a sour
NOTICE International Business Companies Act No.45 of 2000 Beaune Global Fund Ltd. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Beaune Global Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 15th day of June, 2017. Daniela De Castro Martins Liquidator NOTICE International Business Companies Act No.45 of 2000 Dijon Global Fund Ltd. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Colmar Global Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 15th day of June, 2017. Daniela De Castro Martins Liquidator NOTICE International Business Companies Act No.45 of 2000 Colmar Global Fund Ltd. (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Colmar Global Fund Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 15th day of June, 2017.
Daniela De Castro Martins Liquidator
THE TRIBUNE
Wednesday, July 12, 2017, PAGE 5
Bran: Justify $722m borrowing demand From pg B1 pace, Mr McCartney emphasised that the Bahamas “cannot afford” a second ‘junk’ downgrade within the space of eight months. The DNA leader added that the Minnis administration was also “culpable” for having to borrow $722 million, some $400 million of which is said to be needed to cover unfunded spending by the former Christie administration during the 2016-2017 fiscal year. Mr McCartney said he had no problem with borrowing to pay bills, but argued that the Government needed to explain how taking on such additional debt would help “grow the economy” and benefit Bahamians. Unexpected revelations regarding the Government’s $722 million bor-
rowing requirement, and five-fold increase in the anticipated 2016-2017 deficit to $500 million, were cited by Moody’s as key factors in its decision to place the Bahamas’ ‘investment grade’ credit rating under review. “Put it this way. I think that if this downgrade occurs then we’re looking at more hardship for the Bahamian - business persons and everyday citizens in this country,” Mr McCartney told Tribune Business. “The concern is that in the Budget outlined a couple of months ago, the Government basically said it was the PLP’s Budget, which I was extremely shocked to hear.” The May 10 general election date gave the Minnis administration just three weeks in which to bring a Budget to the House of As-
Top CIBC chief targeting Bahamas growth inroads From pg B1 lot of development, I think, if we as a bank can deliver good service. We are working hard to make sure we’re the best bank in the Bahamas for corporate clients.” CIBC FirstCaribbean has become noticeably more active in the Bahamian capital markets, and in structuring and funding major debt transactions. Desmond Bannister, minister of works, recently confirmed it was working with another investment bank to raise $135 million for cash-strapped utility, Bahamas Power & Light (BPL).
While declining to name specific transactions, Mr Van Der Burg told Tribune Business that the financing raised by CIBC FirstCaribbean’s corporate and investment banking team in the Bahamas over the past year would be “above $100 million for sure”. “We have been very active in the Bahamas in the utility space, in the oil and gas sector, and the airline industry,” he said. “Without mentioning names, there are several large clients we’ve been involved with within the last 12 months. “We have had substantial
NOTICE Pursuant to the provisions of Section 138 (4) of the International Business Companies Act, (as amended) NOTICE is hereby given that Cylu, Inc. is in dissolution and the date of commencement of the dissolution is 5 July 2017. Beecham D. Braynen and Lynn Kelly LIQUIDATORS c/o EFG Bank & Trust (Bahamas) Ltd Goodman’s Bay Corporate Centre, 3rd Floor West Bay Street and Sea View Drive P.O. Box CB 10956 Nassau, Bahamas
sembly, and K P Turnquest, minister of finance, said several times that the 20172018 fiscal plan was largely inherited from its predecessor. Mr McCartney, though, said this meant that while “the Bahamian people did not vote for a PLP Budget”, they were largely going to receive another year of its fiscal policies. “The Government had five years in Opposition in charge of the Public Accounts Committee, so for them to say they didn’t have time to do certain things, and had to put a PLP Budget in, I find that it’s a government prepared to win an election but not prepared to govern the country,” the DNA leader told Tribune Business. “That tells me a vote for the FNM was a vote for the PLP, at least for the first year.” Asked who was responsible for Moody’s latest move, he replied that it was
“a combination” and “both are to blame”. While the PLP is arguing that the Minnis administration brought the potential ‘junk’ downgrade upon itself with a 2017-2018 Budget that spooked both rating agencies and international investors, Mr McCartney said it could not be held solely responsible given its short time in office. “We know the PLP ran this country up on brakes, into the ground,” he added. “We also know that the FNM, when in Opposition, had the opportunity to be the watchdog for the Bahamian people by being in charge of the Public Accounts Committee, but ultimately they did nothing. We know the PLP did bad, foolishness, but the Opposition sat back and did nothing. “They [the FNM] are a bit culpable in that regard. They are also culpable for borrowing $722 million. I understand there are bills to be paid, but they need to say how these monies will
build the economy, not just borrow. “That’s where the FNM has gone completely wrong. They’re not saying how they will get people back to work, not saying how they will get this economy to go, not saying how they will pay down the debt, and not saying how they will make doing business easier in this economy.” The Minister of Finance, in his Budget presentation, said $400 million was required to pay bills from the 2016-2017 fiscal year, with the balance set to cover the deficit forecast for the current period. He said the Minnis administration had inherited a $160 million payments backlog, plus around $130 million in spending commitments for which no funding had been identified. However, given the scale of the new government’s borrowing, Mr McCartney urged it to show how it would generate returns for the Bahamian taxpayer in
taking the national debt towards the $8 billion mark. “They are doing the same thing the PLP did,” he told Tribune Business of the new administration. “They’re not saying how they’re going to benefit the country. There’s nothing wrong with borrowing, but there’s nothing to indicate the investment returns to the country. “There’s no explanation. Borrowing that type of money in the first few days of your administration and not saying how you’re going to build your economy, you’d expect these rating agencies to look and ask: ‘What the hell’s going on? “If you are a company borrowing money, you want to make a return on that money, pay it back and make some kind of profit,” Mr McCartney added. “We’ve not heard two things: How are they going to pay this borrowing back, and how are they going to make some type of profit for the country.”
growth, and also have a line of transactions we’re working on. We have a substantial pipeline of transactions we are working on.” CIBC FirstCaribbean’s corporate and investment banking clients number 10,000, serviced across the region by a 200-strong team - of whom around 30 are based in the Bahamas. Mr Van Der Burg praised the local team, headed by managing director, Marie Rodland-Allen, and Raymond Donaldson, and emphasised that the bank was focused on client satisfaction as opposed to specific
growth targets. Explaining that the growth would come if CIBC FirstCaribbean met client needs and expectations, he added: “We are strongly convinced that the growth rate will be determined by client satisfaction. “Instead of focusing on growth rates, we’re really focusing on our clients and making sure we take care of them. That’s where we put our energies; making sure we get it right for our customers and, based on that, we believe we will get the growth the clients will allow us to have.”
Mr Van Der Burg said corporate banking was typically focused on mediumsized Caribbean businesses, dealing with issues such as investment planning, succession management and financing. Investment banking is targeted at larger clients, with capital markets, initial public offering (IPO) and structured debt transactions among the products offered. Internet and electronic banking services cross both spectrums. The CIBC corporate and investment banking chief added that while the bank was Caribbean-focused,
it is also able to draw on the strength of its Torontobased parent. All this has helped it to generate $1 billion in financings across the region over the past 12 months. “Next to Jamaica and Trinidad, the Bahamas is the largest market,” Mr Van Der Burg told Tribune Business. “We believe there’s substantial opportunities on corporate banking as well as the retail banking side. “We are really working hard to grow that business. We are investing in premises, IT, information technology and mobile banking.”
PAGE 6, Wednesday, July 12, 2017
THE TRIBUNE
Union, allies ‘taken aback’ over BTC chief’s departure From pg B1 negotiations with both its unions, while also being engaged in a fierce battle with Aliv to hold on to its lucrative mobile market share. Mr Williams, who has twice held the BTC chief executive’s post, is set to be replaced by an all-Bahamian duo. Dexter Cartwright, a BTC Board member and former finance director for Cable & Wireless Communications’s C&W Networks, will become interim chief executive. And Andre Foster, a former Cable Bahamas executive who played a key role in launching its Coralwave Internet product, will step into the newly-created position of chief operating officer. John Reid, BTCs chairman and chief executive of the carrier’s immediate parent, Cable & Wireless Communications (CWC), announced the change in an e-mail to staff that was headlined ‘Leadership Changes in the Bahamas’. “To ensure our success continues unabated in the future, we are making changes at the executive level in the Bahamas,” Mr Reid wrote. “Leon will be leaving the business.”
After confirming the appointments of Messrs Cartwright and Foster, Mr Reid thanked Mr Williams for his “dedication and commitment” in taking BTC through mobile market liberalisation and its integration into CWC’s operations. The CWC chief added that the communications industry “continues to undergo rapid transformation within a dynamic telecommunications market”, noting how BTC had become a full-service or ‘quad play’ provider through the introduction of high-speed broadband Internet and FLOW TV. BTC, and CWC, are now both ultimately owned and controlled by John Malone’s Liberty Global. No detailed reasons were provided for BTC’s management shakeup, although several sources suggested Mr Williams was not happy at being moved aside. Mr Roberts, also the Progressive Liberal Party’s (PLP) chairman, said of the move: “I was told this morning, and I was surprised. Leon is the most eminent and knowledgeable person in the telecommunications industry in the Bahamas. He knows that business inside out.
“I would have thought that they would have made it a transition for another year and then brought Dexter in, but that’s their [CWC and Liberty Global’s] call.” Mr Roberts said Mr Williams had managed BTC’s transition to a fully-liberalised communications market, overseeing the end to its lucrative mobile monopoly that accounted for more than 70 per cent of revenues. “With the competition coming on from Aliv, the company was able to maintain a strong position in the market,” he told Tribune Business. “The parent company [CWC] originally thought they’d lose a great share, but that has not happened. No doubt about that. “They anticipated they would have lost a greater share of the market, but because of Leon’s tenacity and driving the staff, they’ve been able to maintain a strong position in the marketplace.” Mr Roberts said he knew Mr Williams’s replacement, Mr Cartwright, through the BTC Board. He described him as having the necessary “capability” and knowledge, while pointing out that the new chief executive’s background was in cable networks as opposed to telecommunications. Mr Evans, meanwhile, also expressed surprise at the timing of Mr Williams’s
departure given the upcoming union negotiations and competitive threat posed by mobile upstart, Aliv. “I was a bit taken aback, given that we just submitted our contracts,” he told Tribune Business, noting that BTC’s industrial agreements with both line and management staff have expired. “Normally, contract negotiations are very contentious. I would have thought that the company would maybe hold on to Leon while we go through those negotiations. Add to that the advance of Aliv, the new mobile company, and I would have thought that maybe they would allow Leon to stabilise things. It is what it is.” Mr Evans told BTC’s two new executives: “Welcome to the fire” in relation to the upcoming union talks. “The chief executive will have to balance the few dollars to share around, and satisfy the additional benefits and salary increases we seek every three years. He’ll have his hands full,” the BCPOU chief told Tribune Business. Mr Evans said Mr Reid contacted him and the head of BTC’s management union at 1pm to alert them to Mr Williams’s departure before it was announced. “Leon had a long run, and has done a lot for the company, having started as a technician and worked his way up to be chief executive twice,” he added. “It is a surprise. He has a lot to contribute, and I hope is not allowed to go out to pasture. “I understand Friday will be his last day. Hopefully between now and Friday, we will get a better understand-
ing of where the company is headed and why things have changed abruptly.” Mr Evans said the relative youth of Messrs Cartwright and Foster, and their backgrounds, could be especially helpful to BTC given how “technology is moving at the speed of light”. He added that it held out the promise of more dynamic, aggressive leadership and management for the former government-owned incumbent at a time when it was being confronted with everincreasing competition. Mr Evans said BTC was currently “holding its own” against Aliv in the mobile market, while acknowledging that it will “take another year or two” for the rivals’ subscriber bases to settle down. Mr Williams was closely tied to the former Christie administration from the moment he was removed as BTC chief executive by the last Ingraham administration, just prior to the 2011 privatisation sale to CWC. Upon his departure, Mr Williams became an ardent opponent of BTC’s privatisation. Upon the PLP’s return to office in 2012, he was name to the government-appointed committee that negotiated with CWC to ‘regain majority control for the Bahamian people’. This resulted in 2 per cent of BTC’s shares being placed in a Foundation, with the deal structured to allow CWC to retain majority ownership, and Board and management control, and enable both it and the Government to claim victory. Perry Christie’s desire for Mr Williams to be re-
appointed chief executive coincided with the desire of then-CWC chief executive, Phil Bentley, to cosy up to the former administration in a bid to influence the timing and terms of mobile liberalisation. Tribune Business was told at the time that Mr Williams’s return, and the ousting of Geoff Houston, was solely intended so that the former could “manage the relationship with the Bahamian government” to CWC’s financial advantage. BTC yesterday said Mr Cartwright had spent more than 25 years in senior communications industry management positions in Canada, the US, Caribbean and Latin America. At C&W, he managed more than 100 staff across 15 countries. Mr Foster currently serves as C&W’s vice-president for enterprise IT services and Infrastructure. He has spent over 20 years in the information technology (IT) field, and is the former chief information officer for the Columbus Group, with operations in the Caribbean and Latin America. Mr Reid added: “Leon is leaving the company in solid shape and has laid a foundation for continued success as the leading telecommunications service provider in the Bahamas. “We will continue to work closely with the people and Government of the Bahamas as we give greater focus to our new growth plans for the country, ensuring we best meet the needs of our customers, as well as contribute to the growth of the Bahamas.”
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT
2016 CLE/GEN/00047
Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 9th day of October, A.D., 2006 between Tarnia Paula Newton and Finance Corporation of Bahamas Limited. AND IN THE MATTER of an Indenture of Further Charge made the 26th day of October, A.D., 2006 between Tarnia P. Newton and Finance Corporation of Bahamas Limited AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT
2016/CLE/gen/01692
Common Law & Equity Division IN THE MATTER OF property comprised in an Indenture of Mortgage dated 11th day of 11th August A.D. 2005 between Ricardo E. Adderley of the one part and FirstCaribbean International Bank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9338 at pages 64 to 75. BETWEEN FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND RICARDO EUGENE ADDERLEY _____________________________________
Plaintiff
Defendant
ORDER _____________________________________ Before His Lordship Justice Bernard Turner Dated the 7th day of July A.D.2017 UPON application of the Plaintiff by Originating Summons filed herein on the 22nd day of December A.D. 2016 AND UPON HEARING Mrs. Joelicia Dean-Fox Counsel for the Plaintiff there being no appearance by the Defendant. AND UPON READING the Affidavit of Tamika Lightbourne filed herein on 22nd day of December A.D. 2016 IT IS ORDERED THAT:1. The Defendant do pay all monies due and owing to the Plaintiff by the Defendant under the mortgage in the sum of $404,445.36 with accrued interest at the contractual rate of 7.25 % per annum; calculated to the 4th July 2017 and thereafter continuing to accrue at the statutory rate of 6.25 % per annum from the date of judgment; 2. The Defendant do give and deliver-up to the Plaintiff vacant possession of the property known as ‘ALL THAT piece parcel or lot of land Being Lot Number Four (4) in Allotment 67 Kool Acres in the Eastern District of the Island of New Providence in the Commonwealth of The Bahamas to take effect after 90 days from the date of this order; and 3.
The Defendant does pay the Plaintiff ’s costs of this action to be taxed if not agreed.
AND TARNIA PAULA NEWTON
This Order was drawn by Messrs. Graham Thompson Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, New Providence, Bahamas, Attorneys for the Plaintiff
Defendant
To: Tarnia Paula Newton TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Main Branch, 323 Bay Street, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 16th day of January, A.D., 2016 as renewed seeking an Order to direct you to deliver up possession of the Mortgaged Property situated in the Heritage Community Subdivision comprising of Lot Numbered Six (6) in Block Numbered Nine (9) in the City of Freeport on the Island of Grand Bahama another one of the Islands of the said Commonwealth of The Bahamas to Finance Corporation of Bahamas Limited within Twentyeight (28) days of the Order and Judgment for the sums outstanding under the Indenture of Mortgage dated the 9th day of October, A.D., 2006 and sums outstanding under the Indenture of Further Charge dated the 26th day of October, A.D., 2006, and that it has been ordered that the publication of a notice of the entry of the Originating Summons as renewed filed on the 16th day of January, A.D., 2016, Affidavit in support of application filed on the 27th day of May, A.D., 2016, Ex Parte Summons filed on the 14th day of February, A.D., 2017, Affidavit in support of Ex Parte Summons filed on the 9th day of March, A.D., 2017 and Order dated on the 6th day of July, A.D., 2017 in The Tribune Newspaper and the Nassau Guardian Newspaper shall be deemed to be good and sufficient service of the said document upon you. If you desire to defend the said action, you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (1) by handing in the appropriate forms duly completed, at the Registry of the Supreme Court, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or (2) by sending them to that office by post. A copy of the said Originating Summons, Ex Parte Summons, Affidavit in support of Ex Parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. Dated the 7th day of July, A.D., 2017
BY ORDER OF THE COURT REGISTRAR
Plaintiff
HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
THE TRIBUNE
Wednesday, July 12, 2017, PAGE 7
US job openings slipped in May, but hiring increased By JOSH BOAK Associated Press WASHINGTON (AP) — U.S. employers posted fewer job openings in May. But hiring picked up and more people are quitting their jobs — both positive signs for the economy. Job openings fell 5 percent in May to 5.7 million, the Labor Department said Tuesday. The setback occurred after advertised job postings nearly reached 6 million in April, a figure that has been revised downward from the initial report. Meanwhile, hiring climbed 8.5 per cent to just under 5.5 million.
The data is a sign the economy at 4.4 percent unemployment is nearing “full employment,” when nearly all those who want a job have one and the unemployment rate mostly reflects the normal churn of people who are temporarily out of work. Typically, when unemployment falls that low, companies are forced to offer more pay, but that hasn’t yet happened. Jed Kolko, an economist at the jobs site Indeed, said the report “shows what workers do in a tight labor market” in which there are more quits than layoffs and fewer unemployed workers for each job opening.
Workers have certainly become more confident in the past year that they can find jobs. The number of people quitting their jobs has increased 7.1 percent to 3.2 million. People usually quit when they either find a new job, often at higher pay, or are confident they can soon be hired elsewhere. But even then, Kolko said that the level of churn reflected by people getting hired or leaving their jobs has been lower than it was in the early 2000s, which is consistent with the relatively slow wage gains. May job openings fell by a meaningful amount in
construction and transportation, warehousing and utilities. Advertising openings increased for retailers and educational services. Hiring was most robust in the professional and business services sector in May, as well as educational services. When unemployment is this low, wages generally rise. But average hourly earnings have increased just
2.5 percent over the past 12 months, staying ahead of inflation but hardly a substantial pay hike. The last time the unemployment rate was this low, wages were rising by about 4 percent. The government said Friday that employers added 222,000 jobs in June and revised the prior two months’ hiring figures upward. Friday’s figures represent a net total of jobs added minus
jobs lost, while Tuesday’s report includes overall hiring data. Those figures are net gains after layoffs, quits and retirements are subtracted from overall hiring. Tuesday’s data come from the Job Openings and Labor Turnover survey, or JOLTS. They are more detailed and provide a fuller view of the job market than the monthly jobs
A SIGN in the parking lot of a Walmart announcing that the store is hiring, in Oklahoma City. Yesterday, the Labor Department reports on job openings and labor turnover for May. (AP Photo/ Sue Ogrocki) COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT
2014 CLE/GEN/1856
Common Law and Equity Division
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT
2015 CLE/GEN/1998
Common Law and Equity Division
IN THE MATTER of an Indenture of Mortgage made the 26th day of September, A.D., 2003 between Sean D’Arrington Knowles and Gina Shavon Knowles and Finance Corporation of Bahamas Limited. AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws
AND IN THE MATTER of an Indenture of Mortgage made the 17th day of September, A.D., 1997 between Daisy Mae Poitier and Finance Corporation of Bahamas Limited. AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws
BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND SEAN D’ARRINGTON KNOWLES
Plaintiff
First Defendant AND MONA KNOWLES THE PERSONAL RESPRESETATIVE OF THE ESTATE OF GINA SHAVON KNOWLES (DECEASED) Second Defendant To: Sean Knowles and Mona Knowles the Personal Representative of the Estate of Gina Knowles TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Robinson Road Branch, Robinson Road and Key West Street, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons as renewed filed in this action on the 18th day of May, A.D., 2016, seeking an Order to direct you to deliver up possession of the Mortgaged Property designated as Lot Numbered Ten (10) in Block Numbered Four (4) in the Subdivision called and known as “Eastern Estates” in the Eastern District of the Island of New Providence on of the Islands of the Commonwealth of The Bahamas to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 26th day of September, A.D., 2003 and that it has been ordered that the publication of a notice of the entry of the said Originating Summons as renewed filed on the 6th day of November, A.D., 2014, the amended Originating Summons filed on the 18th day of May, A.D., 2016, Notice of Appointment to Hear the Originating Summons filed on the 8th day of June, A.D., 2015, Affidavit in Support of application filed on the 8th day of June, A.D., 2015, Ex Parte Summons filed on the 5th day of January, A.D., 2017, Affidavit in Support of Ex Parte Summons filed on the 12th day of January, A.D., 2017 and Order dated the 1st February, A.D., 2017 and Notice of Adjourned Hearing filed on the 6th day of July, A.D., 2017 in the Nassau Guardian Newspaper and The Tribune Newspaper shall be deemed to be good and sufficient service of the said documents upon you. The Originating Summons will be heard before the Honourable Mr. Justice Gregory Hilton of the Supreme Court at The Judicial Complex, East Street, Nassau, New Providence, Bahamas on Thursday, the 20th day of July, A.D., 2017 at 9:30 o’clock in the forenoon, on which day you are to appear, and if you do not appear either in person or by your Attorney at the time and place abovementioned, such Order will be made as the Court thinks just. A copy of the said Originating Summons, Notice of Appointment to Hear the Originating Summons, Ex Parte Summons, Affidavit in Support of Ex Parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. AND further take notice that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (i) by handing in the appropriate forms duly completed, at the Registry of the Registry of the Supreme Court, Ansbacher House, East Street, Nassau, New Providence, Bahamas, or (ii) by sending them to that office by post, otherwise Judgment may be entered against you without notice
BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND DAISY MAE POITIER
Defendant
To: Daisy Mae Poitier TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Main Branch, 323 Bay Street, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 30th day of December, A.D., 2015 as renewed seeking an Order to direct you to deliver up possession of the Mortgaged Property known as Lot Number Three (3) in Block A in the Subdivision situated South of Independence Drive and West of East Street in the Southern District of the said Island of New Providence one of the Islands of the said Commonwealth of The Bahamas to Finance Corporation of Bahamas Limited within Twentyeight (28) days of the Order and Judgment for the sums outstanding under the Indenture of Mortgage dated the 7th day of September, A.D., 1997, and that it has been ordered that the publication of a notice of the entry of the Originating Summons as renewed filed on the 30th day of December, A.D., 2015, Affidavit in support of application filed on the 1st day of March, A.D., 2016, Ex Parte Summons filed on the 14th day of February, A.D., 2017, Affidavit in support of Ex Parte Summons filed on the 9th day of March, A.D., 2017 and Order dated on the 6th day of July, A.D., 2017 in The Tribune Newspaper and the Nassau Guardian Newspaper shall be deemed to be good and sufficient service of the said document upon you. If you desire to defend the said action, you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (1) by handing in the appropriate forms duly completed, at the Registry of the Supreme Court, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or (2) by sending them to that office by post. A copy of the said Originating Summons, Ex Parte Summons, Affidavit in support of Ex Parte Summons and Order may be obtained from the Supreme Court Registry, Judicial Complex, East Street North, Nassau, Bahamas, or from the Attorneys for the Plaintiff below mentioned. Dated the 7th day of July, A.D., 2017
Dated the 6th day of July, A.D., 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
Plaintiff
HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff
PAGE 8, Wednesday, July 12, 2017
THE TRIBUNE
ENERGY COMPANIES LEAD US STOCK INDEXES MOSTLY HIGHER
By ALEX VEIGA Associated Press
ANOTHER day of listless trading on Wall Street ended Tuesday with the major stock indexes closing out having shifted marginally from the day before. Gains in energy and technology companies were canceled out by losses among banks, phone companies and other sectors.
A rebound in crude oil prices helped lift energy stocks, which led the gainers. Banks posted the largest losses. Investors were making modest moves ahead of Federal Reserve chair Janet Yellen’s testimony before Congress on Wednesday and Thursday, and the release of the Fed’s Beige Book, an economic snapshot used by the central
bank to gauge U.S. economic trends. The market will key in on both as it tries to discern how Fed policy on interest rates may play out this year and next, said Sameer Samana, global quantitative strategist for the Wells Fargo Investment Institute. “Any time you have those types of potentially marketmoving events, especially with policy being such a big
focus right now, people are always a little hesitant” to make big market moves, Samana said. The Standard & Poor’s 500 index fell 1.90 points, or 0.1 percent, to 2,425.53. The Dow Jones industrial average gained 0.55 points to 21,409.07. The Nasdaq composite rose 16.91 points, or 0.3 percent, to 6,193.30. The Russell 2000 index of smaller-company stocks added
4.58 points, or 0.3 percent, to 1,413.05. Nine of the 11 industry groups in the S&P’s 500 index declined. More stocks rose than fell on the New York Stock Exchange. Bond prices rose. The yield on the 10-year Treasury note fell to 2.36 percent from 2.38 percent late Monday. The major indexes got off to an uneven start early on, then veered sharply lower before midday as news broke that President Donald Trump’s eldest son, Donald Trump Jr., had released an email chain from last year that shows the Trump scion discussing plans to hear damaging information on Hillary Clinton from what was described to him as a Russian government effort to aid his father’s campaign. The news stoked investor worries over whether the headlines could lead to more political uncertainty in Washington and potentially hold up tax cuts, regulatory reform and other business-friendly policy initiatives that the market has been expecting. But
the market mostly bounced back from the stumble by the end of the day. Mostly, investors appeared to be taking a waitand-see approach ahead of the star of Yellen’s two-day appearance before Congress. Starting Wednesday, traders will be listening for clues as to how aggressively the Fed will continue to raise rates and start to unwind its big bond-buying program. The latest U.S. economic reports, particularly for jobs, have been upbeat. “Our base case scenario for the rest of the year is we’ll get one additional hike likely toward the end of the year,” said Nadia Lovell, U.S. equity strategist at J.P. Morgan Private Bank. Beyond the Fed, investors were also looking ahead to the next corporate earnings reporting season, which ramps up this week. PepsiCo served up its results early Tuesday. Delta Air Lines, JPMorgan Chase and Wells Fargo are among the big companies due to report their latest quarterly results this week.
A SIGN for Wall Street carved into the side of a building in New York. Stocks are off to a mixed start on Wall Street yesterday, as losses for big department stores and materials companies outweigh gains in health care. (AP Photo/Mark Lennihan, File)
MARKET REPORT TUESDAY, 11 JULY 2017
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,864.17 | CHG -0.05 | %CHG 0.00 | YTD -74.04 | YTD% -3.82 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.60 4.70 0.13 6.50 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 3.62 17.43 8.19 3.50 1.47 0.12 3.80 8.35 5.83 10.05 10.00 2.18 1.31 5.80 8.75 8.56 7.90 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
1.00 100.00 100.00 100.00 105.00 100.00 100.00 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 2.07 3.95 1.96 169.70 141.76 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 4.27 15.85 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.48 10.00 2.53 1.56 6.00 9.75 8.10 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 100.00 100.00 100.00 108.55 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.27 15.85 9.09 3.60 1.47 0.12 4.00 8.60 6.00 10.48 10.00 2.47 1.56 6.00 9.75 8.10 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 -0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
108.42 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME
VOLUME
NAV 2.07 3.95 1.96 168.44 141.76 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 -0.340 0.000 -0.760 0.587 0.190 0.540 0.570 0.102 0.455 0.753 0.763 0.330 0.830 0.600 0.697 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.360 0.570 0.060 0.060 0.290 0.450 0.000 0.340 0.140 0.620 0.000
P/E 9.6 17.0 N/M 9.4 N/M N/M -5.3 14.7 31.6 19.4 17.5 24.2 3.4 8.0 12.8 24.5 11.7 11.5 17.9 0.0
YIELD 1.87% 6.31% 0.00% 5.83% 0.00% 0.00% 0.00% 3.49% 3.67% 3.44% 5.70% 2.43% 3.85% 4.83% 4.62% 0.00% 3.49% 2.03% 4.96% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 1.92% 4.53% 0.82% 2.80% 0.95% 2.49% 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 31-May-2017 31-May-2017 31-May-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 - 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 TRIBUNE
Wednesday, July 12, 2017, PAGE 9
GOP SENATE LEADER CHARTS PLAN FOR MOVING ON NEW HEALTH BILL By ALAN FRAM Associated Press
SENATE Majority Leader Mitch McConnell of Ky., with his director of operations Stefanie Hagar Muchow, right, walks to his office on Capitol Hill yesterday. (AP Photo/Pablo Martinez Monsivais)
WASHINGTON (AP) — Republicans will introduce their reworked health care bill Thursday and begin trying to muscle it through the Senate next week, the chamber’s GOP leader said Tuesday as the party tried healing divisions threatening to mortally wound the chances for one of its top goals. Senate Majority Leader Mitch McConnell, R-Ky., also said he would delay the chamber’s August recess for two weeks, a rare move he said would give lawmakers time to break logjams on health care, defense and executive branch nominations. Growing numbers of Republicans, chagrined at Congress’ failure to send any major bills to President
Donald Trump, had called on McConnell to make that move. “We’ll be on health care next week,” McConnell told reporters, even as the prospects for his divided party’s drive to repeal much of President Barack Obama’s health care law seemed gloomy as ever. Earlier, long time Sen. Charles Grassley, R-Iowa, said he was “very pessimistic” that the health care measure will be approved. And one maverick Republican, Sen. Rand Paul of Kentucky, warned leaders about retaliation by conservative voters should they react to a collapse of the measure by striking a deal with Democrats. In the face of unanimous Democratic opposition, the health care bill will crash if just three of the 52 GOP
NOTICE
PASSOA CONSULTING LTD. (In Voluntary Liquidation)
Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 7th, day of July 2017. The Liquidator is Dillon Dean of Nassau Bahamas. Dillon R. Dean (Liquidator) Legal Notice
NOTICE
NOTICE IS HEREBY GIVEN as follows: (a) LA ALTERNATIVE INVESTMENTS FUNDS LIMITED (SAC) is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on July 11, 2017 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before the 8th day of August 2017 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. July 12, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY
Legal Notice
NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
ZEALTRY LIMITED In Voluntary liquidation
“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000). ZEALTRY LIMITED, is in Dissolution.” The date of commencement of dissolution is the 7th day of July, 2017.
ROCKWELL LTD., of 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator
senators oppose it. McConnell suddenly canceled a doomed vote last month on an initial version of the legislation, and at least a dozen Republicans have said they oppose the initial package or distanced themselves from it. The GOP bill would ease coverage requirements Obama’s 2010 statute placed on insurers, like paying for maternity services; erase his tax penalties on people who don’t buy policies; cut Medicaid, the health insurance program for the poor, disabled and nursing home patients; and repeal most tax boosts that law levied on wealthier people and medical firms. Since his June retreat, McConnell has been reshaping the measure in hopes of winning GOP votes. Underscoring continued uncertainty, No. 3 Senate GOP leader John Thune of South Dakota would not make predictions about the health care vote but said, “I think we have narrowed it down to where we know where the decision points are.” A study by two bipartisan groups estimated that the country’s poorest families would lose more than $2,500 in average annual health care benefits once the legislation was fully phased in, illustrating the political challenge the GOP bill poses. Families making more than $1 million a year would get tax cuts averag-
ing about $50,000, according to the analysis by the Health Policy Center and the Tax Policy Center. Thune said “the direction” of the new measure included retaining Obama’s tax boost on investment income by higher earners. That would provide extra money to increase the bill’s subsidies for people buying insurance, and help counter Democratic charges that the measure cuts programs for the poor to bestow tax cuts on the rich. The revised bill is also expected to ease some of its earlier Medicaid cuts and beef up federal payments states could use to help insurers contain consumers’ out-of-pocket costs. Still at issue is a plan by conservatives led by Sen. Ted Cruz, R-Texas, to let insurers sell low-price policies with bare-bones coverage — if the company also sells a policy covering a list of services like maternity care that Obama’s law mandates. It has received strong pushback from GOP moderates warning it would inflate premiums for sicker people buying generous plans because younger, healthier customers would flock to skimpier policies. To ease the price boosts people with serious illnesses might face, some Republicans said changes were being discussed that would link the premiums insurers would charge for both types of coverage.
NOTICE
NOTICE is hereby given that ROSE-MARY AMBROISEJOHNSON of Farrington Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 12th day of July, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT COMMERCIAL DIVISION
2016 COM/bnk/0038
IN THE MATTER OF THE COMPANIES ACT, Chapter 308, as amended by the Companies (Winding Up Amendment) Act 2011, Statute Laws of The Bahamas AND IN THE MATTER OF THE INTERNATIONAL BUSINESS COMPANIES ACT, CHAPTER 309 (as amended by the International Business Companies (Winding Up Amendment) Act, 2011) AND IN THE MATTER OF BHP INTERNATIONAL MARKETS LIMITED (In Compulsory Liquidation)
AMENDED N O T I C E NOTICE is hereby given that a meeting of creditors of BHP International Markets Limited (In Compulsory Liquidation) (“BHPIM”) will be held at the British Colonial Hilton Hotel, #1 Bay Street, Downtown Nassau, Bahamas, on Thursday Monday, the 27th 24th day of July, A.D., 2017, at 9:00 a.m. The meeting is being convened pursuant to Order 8, Rule 4 of the Companies Liquidation Rules, 2012 for the purpose of reporting on the status of the liquidation and dealing with such other matters or resolutions as the Official Liquidator thinks fit. To entitle a creditor to attend, participate and vote at such meeting, he/she/it must (i) be a creditor of BHPIM, (ii) have submitted a proof of debt which has not been rejected or (iii) otherwise appear to the Official Liquidator to be a creditor of BHPIM. At the meeting, creditors will be entitled to vote on the basis of one vote for each dollar of their creditor claim as determined for that purpose by the Official Liquidator. A form of proxy is attached hereto. It is essential that the proxy is signed by the person (or if a company, by its authorized signatories) who is the actual creditor of BHPIM. Confirmation of attendance and/or proxies to be used at the meeting must be lodged with the Official Liquidator by email or facsimile not later than 4:00 p.m. on the 26th 17th day of July, A.D., 2017. Dated the 11th 7th day of July, A.D., 2017 Anthony Kikivarakis Official Liquidator Kikivarakis & Co., #10 Caves Professional Centre, Caves Village, West Bay Street, P.O. Box SP-64133, Nassau, Bahamas, Phone: (242) 327-0399, Facsimile: (242) 327-1319, Email addresses: anthonv@kikivarakis.com: kareem@,kikivarakis.com: and a.pickstock@,kikivarakis. com