THURSDAY, OCTOBER 27, 2016
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Bahamian accusers drop Dingman claim By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
‘Voluntary’ withdrawal likely strategic move
Seven Bahamian companies and contractors have “voluntarily” withdrawn their claims for thousands of dollars in damages against Jamie Dingman over the collapse of his Nassau-based restaurant empire. Court documents obtained by Tribune Business provide no explanation for why they have pulled out of the New York lawsuit against the son of world-famous entrepreneur and Lyford Cay resident, Michael, although the move appears to be strategic. The Bahamian companies previously included as plaintiffs against Mr Dingman are the well-known Wulff Roadbased building materials suppliers, FYP and Tile King, the People First (Bahamas) employment agency, IDNet, and Young Digerati (YNG). The individual Bahamians
Nassau eatery empire had ‘no accounting processes’ Iconic Traveller’s Rest subsidised other outlets also suing Mr Dingman included Jason Rolle, his former general manager, who claimed to be owed $46,113 in unpaid salary and benefits, plus Tyrone Adderley, a contractor seeking more than $2,000 for work on the Beach Club Cafe at Sandyport. The decision by all the Bahamians claimants to withdraw from the action against Mr Dingman and his Out West Hospitality business, which See pg b4
Attorney admits ‘concern’ over court disputes length By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Damages claims over Jamie Dingman’s failed Nassau restaurant empire may take two-and-a-half years to be resolved if the case has to be heard in the Bahamas, a local attorney has warned. Vann Gaitor, the Higgs & Johnson partner, acknowledged the “concern” over the length of time required to resolve court disputes in the Bahamas in an affidavit filed with the southern New York federal court on October 14, 2016. Mr Gaitor also conceded that many of the frequent delays suffered by court cases were caused by “the parties themselves, or their attorneys
But delays mostly due to parties and their lawyers Dingman case could take 30 months in Bahamas here and abroad”. His affidavit, intended to rebut arguments by Mr Dingman that the Bahamas is the more appropriate jurisdiction than New York to hear the claims against him, sends a further potentially chilling warning to current and prospective international investors. The swift, impartial See pg b4
Bahamas facing ‘harsh Bran slams ‘career politicians’ reality’ on business ease for ease of business slump By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas faces “the harsh reality” that it has done nothing to improve ‘the ease of doing business’, the Chamber’s chairman warning yesterday that farreaching reform was necessary to improve economic competitiveness. Gowon Bowe told Tribune Business there should be little surprise that the Bahamas is now ranked 121st out of 190 nations for ‘business ease’, given that reforms to-date had largely consisted of “tweaks at the edges”. “We really need to ask the critical question: What have we done as a nation to improve our standing?” Mr Bowe said. “It’s a very blunt question. If we have not initiated private-public sector working groups and discussions of these issues, do we really expect to be improving?” The Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chairman added that the blame for this nation’s consistent declines in the World Bank rankings, year after year, needed to be shared equally between the public and private sectors.
Chamber chief: ‘We’ve done nothing to improve’ Govt, businesses equally to blame for 121st ranking Reforms must go beyond ‘tweaks at the edges’
Gowon Bowe He emphasised that devising, and implementing, the necessary reforms required a public-private partnership (PPP) approach, as neither side would be able to successfully transform how business is See pg b6
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas’ slump to 121st spot in the World Bank’s ‘ease of doing business’ rankings stems from the country being run by “career politicians who know nothing about business”, the Democratic National Alliance’s (DNA) leader charged yesterday. Branville McCartney accused successive administrations of running the Bahamas as “a Mickey Mouse retail shop”, rather than treating it as a business that needed to deliver efficient public services and balance the Budget. He added that most politicians, as attorneys, did not understand “the everyday struggle” many Ba-
Says Bahamas’ leaders ‘know nothing’ of commerce And running nation like ‘Mickey Mouse retail shop’ Govt ‘failed miserably’ to tackle red tape woe hamian businesses were enduring to “keep our doors open” in the face of ever-increasing taxation and bureaucratic hurdles. Mr McCartney said that as a See pg b5
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Bahamas taxes equal 34% of company profit World Bank report challenges ‘no or low tax’ notion VAT ‘an albatross’ for private sector By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamian companies face an effective corporate tax rate that is equivalent to almost 34 per cent of their profits, the World Bank’s ‘ease of doing business report’ has calculated. In an assessment that undermines the notion that the Bahamas is a ‘no tax’ or ‘low tax’ jurisdiction, the report said Business Licence fees accounted for nearly two-thirds of the corporate tax burden. The World Bank document calculated that Business Licence fees, on average, accounted for a sum equivalent to 22.02 per cent - more than one-fifth - of a private company’s annual profits. The private sector has complained, and demanded reform, of the Business Licence fee structure for years, arguing that it is an unfair burden for many firms to bear given that it is based on top-line turnover K Peter - not profits. Turnquest As a consequence, companies such as food stores and gas stations, which have high turnover and low margins, face a much higher Business Licence fee burden than high margin/low turnover service providers such as small accounting and law firms. Many companies are also railing against having to pay Business Licence fees that are greater than their annual profits. The World Bank report also showed that companies pay a sum equivalent to 6.32 per cent of their profits in National Insurance Board (NIB) and social security contributions, with Stamp Duty and real property taxes coming to 6.32 per cent and 1.58 per cent, respectively. The findings given an insight into the total tax burden faced by Bahamas-based busiSee pg b6
PAGE 2, Thursday, October 27, 2016
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Colina: ‘A-’ rating a vote of confidence Colina Holdings (Bahamas) yesterday said A. M. Best’s confirmation of its ‘A grade’ ratings represented a vote of confidence in the insurer’s financial strength and growth prospects. Emanuel M. Alexiou, vice-chairman of the BISX-
listed holding company for Colina Insurance, said: “We are very pleased to have our A- (Excellent) rating affirmed once again. “We continue to maintain a conservative operating philosophy, focused on ensuring Colina maintains the
long-term financial strength to honour the financial commitments we make to our policyowners every day. “A. M. Best’s affirmations demonstrate that they have a great deal of confidence in Colina and its financial stability, strategy
and prospects for continued growth.” According to A.M. Best’s ratings methodology, the ‘A-’ rating is assigned only to insurance companies that it believes have an excellent ability to meet their ongoing insurance obligations.
Colina has maintained a rating history of A- (Excellent) since it received its first Best rating in 2004. A.M. Best also affirmed the ‘bbb-’ long-term issuer credit rating for Colina Holdings Bahamas, along with a stable outlook. “The rating affirmations for Colina reflect its leading position in the life/health market in the Bahamas, its adequate risk-adjusted capitalisation, positive operating results and conservative reserving practices,” A. M. Best said. “Partially offsetting these strengths are delinquencies in the company’s mortgage loan portfolio and a narrow geographic profile in the Bahamas’ mature life and health market.” Expanding on this assessment, A.M. Best added: “Colina enjoys a leading market share in the region in its selected segments, and its risk-adjusted capitalisation remains adequate relative to its investment and insurance risks. “A. M. Best expects a continuation of a normalised level of aggregate prof-
itability based on 2015 performance measures.” Colina Insurance last year reported a $77.5 million growth in its total asset base compared to 2014. By the 2016 second half, the company had further increased its asset base by $18.5 million to $729.4 million, with total equity standing at $175.8 million at June 30. Yet A. M. Best added: “Still, general economic headwinds, albeit lessening, within the Bahamas’ economy and high mortgage loan delinquencies continue to pose rating issues for the company in the near to intermediate term. “A.M. Best remains concerned over the concentration of real estate investments, mortgage loan exposure and continuing delinquencies of mortgages relative to total stockholders’ equity, but notes that over the past several years the company has decreased its exposure to such asset classes in the aggregate and as a percentage of total invested assets.”
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Minister: ‘No wane’ in investor interest By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Despite the Bahamas’ continued slippage in the World Bank’s ‘ease of doing business’ rankings, a Cabinet Minister said investor interest in this nation “hasn’t waned”. Khaalis Rolle, minister of state for investments, acknowledged, though, that “there are things we have to improve on” following the Bahamas’ slump to 121st position. Adding that, with regard to his portfolio, the Bahamas was still attractive to investors, Mr Rolle said: “That hasn’t changed. If you look at the amount of projects we have approved, and those that are working their way through the development phase, interest hasn’t waned on doing business in the Bahamas. But there are things that we have to improve upon.” With regard to the Investments
Khaalis Rolle
Board and improvements there, Mr Rolle conceded that there was still “more work to be done”.
“This is a work in progress. The consultant has completed the work, but we did some quick wins that I have mentioned before in terms of approving permit applications,” he added. “Rather than waiting for months, it’s done weekly. We’ve improved the response time in that area but there are periods where we do get a backlog.” Concerns about Investments Board delays had been raised at various intervals by attorneys and realtors since the Christie administration took office in May 2012. The World Bank 2017 ‘ease of doing business’ rankings has the Bahamas ranked 121st out of 190 nations when it comes to facilitating private sector activity. Most notably, this nation had dropped 73 places in the global rankings when it came to the ease of ‘paying taxes’.
Brewery unveils new look for Ricardo rum Commonwealth Brewery has unveiled a new look for its Bahamian-produced Ricardo rum brand, as part of a strategy to export it into larger regional and international markets. First produced more than 20 years ago by TodhunterMitchell Distilleries, Ricardo comprises four flavours - coconut, banana, mango, pineapple- and four classic favourites, 151, gold, white and dark. Its coconut flavour remains a local favourite and is considered the ‘flagship’ flavour of the brand. Arianne Richardson, Commonwealth Brewery’s rum xategory manager, said the company wants to
Branding upgrade part of new export strategy enhance Ricardo’s brand identity in line with its rich product offering. The new packaging boasts a more unified and refined feel, and features the brand’s updated wordmark and sun icon, while retaining some imagery from its earlier labelling. “The Ricardo brand has always been bright and colourful, reminiscent of many things in our culture, so we wanted to keep that element,” Ms Richardson said.
“We needed to ensure that Ricardo’s visual presence could compete with international brands. So we created a clean, sleek look for our classic rums, and we added a bit of colour and personality for our fruitflavoured rums. “The result is a brand identity that is ‘classically modern’. It’s visually appealing and something Bahamians can be proud of.” Ricardo’s redesign coincides with the recent
updates of Ole Nassau Rum’s labelling - a favourite among tourists who visit duty-free areas annually. Ole Nassau, which dates back to 1729, has undergone its own makeover to depict the landscape of Nassau on its labels. Like Ricardo’s new look, the updated Ole Nassau packaging has a modern feel with classic imagery, and reflects the range of premium tastes the brand offers.
Thursday, October 27, 2016, PAGE 3
Bahamas urged to ‘shift the pendulum’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Bahamas must “shift the pendulum” if it is to improve its position in the World Bank’s ‘ease of doijng business’ rankings, the Bahamas Chamber of Commerce and Employers Confederatio’s chairman said yesterday. Gowon Bowe said this nation’s slippage to 121st spot was in large part due to inaction, and steps being taken by other countries to improve. “For the most part we have not done a lot of things to fall in the ranks, but we also have not done a lot of things to improve,” he said. “This should not be a spotlight solely on government to say they haven’t lifted us in the rankings, but a spotlight on government from the perspective of facilitating public-private partnerships to work together to change all of these factors in a holistic way. “It is a sobering report that effectively tells us what we should know. We have not done anything positive or negative. If we don’t do anything we can’t expect to improve.” The Bahamas is now perilously close to dropping into the bottom third of the World Bank’s ‘ease of doing business’ rankings, after the country was ranked 121st out of 190 nations when it comes to facilitating private sector activity. Most notably, this nation had dropped 73 places in the global rankings when it comes to the ease of ‘paying taxes’. The drop in the Bahamas’ ‘paying taxes ease’ ranking, from 22nd in the world to 95th, was the main reason why this nation failed to improve its overall position in the World Bank rankings, fall-
ing one spot from 120th to 121st year-over-year. “This isn’t a political issue, a public sector issue or a private sector issue; it’s a national issue,” Mr Bowe said. “If we want to improve on these types of rankings we are going to have to take advantage of the best and brightest that we have. There is no monopoly in government or the private sector.” He added: “The sad part of it all is that we are certainly not moving in the right direction. We have not done anything to move positively in the right direction. If we actually make a concerted effort by being collectively responsible in the public and private sector, we should start to shift the pendulum.” “There are continued efforts being made to automate and improve systems for various departments. However, when we look at the overall ease of doing business, what the Chamber has asked for is really operating what I would call a Task Force or a publicprivate partnership grouping which says how we tackle these issues. There are a number of factors that sit on the grid, and a large number of them are government-related elements. “When you look at some of the others factors, like getting credit, however, that is not government related. As we look across it, if we are serious as a nation in terms of making a tremendous dent in the downward trajectory, we are going to have to put our best and brightest minds together to cut throughout the bureaucracy that has crept in as it relates to the things that we are now doing.”
PAGE PAGE 4, 4, Thursday, Thursday, October October 27, 27,2016 2016
Bahamian accusers drop Dingman claim From pg B1 included the iconic Traveller’s Restaurant and several other restaurant brands, appears to be tied to the latter’s efforts to have the New York lawsuit dismissed. Mr Dingman and his attorneys are arguing that because most of the events complained of occurred in the Bahamas, with many of the plaintiffs and defendants either based or incorporated here, this nation is more appropriate than New York as a jurisdiction to hear any claims. Sensing that Mr Dingman may have had a good argument to dismiss the New York lawsuit on jurisdictional grounds, it is likely that a strategic decision was taken for all Bahamian plaintiffs to withdraw so as
to weaken his case. Their withdrawal leaves just two Americans, Ryan Giunta and Erik Gordon, as the sole plaintiffs bringing the action against Mr Dingman over his failed Nassau eatery empire. Arguing against his efforts to dismiss the case, they alleged: “The first complaint includes 14 American and Bahamian plaintiffs, and alleges various claims against six American and Bahamian defendants for misconduct by defendant James T. Dingman and others in connection with his purported efforts to build a hospitality conglomerate. “After initially defaulting, defendants appeared and filed the motion seeking dismissal in favour of the Bahamas. “Subsequently, 12 of the
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14 plaintiffs, including all of the Bahamian plaintiffs, voluntarily dismissed their claims, leaving only the two current American plaintiffs, Erik Gordon and Ryan Giunta.” Giunta is alleging that despite Mr Dingman promising to pay him $150,000 per annum for his services, he received just $3,000 for work performed over the 15-month period from February 2013 to May 2014. As for Gordon, he is claiming that he was induced to invest some $343,000 in Out West Hospitality based on allegedly false representations by Mr Dingman. He is casting doubt on Mr Dingman’s assertion that all the accounting records for Out West Hospitality and the restaurants were based in the Bahamas. This was used as one justification for moving the case to the Bahamas, but Gordon alleged: “I am aware that Dingman claims that relevant books and records are located in the Bahamas. However, I do not believe such documents exist. “During that period from in or about January 2014 through in or about May 2014, I repeatedly requested that Dingman and Out West Hospitality’s counsel provide me with detailed financial records for Out
West Hospitality and its purported subsidiaries. “Dingman failed to provide the requested information. In or about April 2014, Dingman and Out West Hospitality’s counsel advised me that no such records existed,” Gordon claimed. “In addition, on or about April 22, 2014, Out West Hospitality’s accountant sent me an e-mail stating that ‘until I was hired a few months back to structure the group, there were no accounting processes in place’.” That e-mail, obtained by Tribune Business from court files, was sent in response to Gordon’s earlier request that read thus: “Who is the current accountant and why doesn’t he/she just send profit and loss, balance sheet, cash flow etc through the 2014 first quarter so I can see now?” Mr Dingman forwarded this to Kristopher Carr, who replied using the words detailed by Gordon, and added: “Jamie, from my understanding, because you were the sole shareholder you started out very lenient with procedures, as your main focus was acquiring locations and getting the right teams in place. “Also, an accounting challenge that we faced when implementing the ac-
Attorney admits ‘concern’ over court disputes length From pg B1
resolution of commercial disputes is among the key attributes they will look for when assessing where to invest their capital, and a possible two-and-a-half year wait for the trial of a financial dispute matters is not what they are looking for. With the Bahamas facing ever-increasing competition for foreign direct investment (FDI) dollars, resolving the backlog/delays in the civil and commercial courts is another aspect critical to improving the ‘ease of doing business’ in this nation. Given that the Bahamas has now fallen to 121st spot in the World Bank’s latest ‘ease of doing business’ rankings, Mr Gaitor’s affidavit will add to concerns that this nation is going backwards when it comes to conducting commerce. “The time it takes for a civil case to proceed through trial is uncertain,” Mr Gaitor alleged. “The time it takes for trial of a matter, such as this one [the Dingman case], may be between 24 and 30 months. “The time it takes to resolve a case in the Bahamas is of concern to practitioners and litigants alike,” he added, with key factors involving judicial availability; case complexity; the amount and nature of evidence; the number of parties and witnesses; and how many preliminary applications and appeals were necessary.
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counting program was the fact that, financially, Traveller’s Rest had/has been funding all other locations for construction, operations etc. “Now that Island Smoke House and Harbor Terrace are open, and Cantina and Beach Club are closer to their opening days, this process has become much cleaner and each venue will have its own set of accounting books, starting with Traveller’s Rest and Island Smoke House.” Giunta, meanwhile, produced a September 25, 2014, e-mail exchange to back his claim, in which Mr Dingman allegedly admitted to owing him money. The e-mail, from Mr Dingman to Giunta, alleged that “90 per cent” of what the latter had said to him was false. “Sounds like your handiwork. This is filled with a lot of misinformation,” Mr Dingman wrote. “So sad, after you and your wife lived for free at my house for over one year.” However, he then wrote: “I am sorry that the company owes you money. I am sorry you could never make the places profitable...... “Ryan G, who put in no money but gave his time for one year. Owed money for past services. The only debt on the books.” Mr Dingman then
blamed the slow point of the tourism season, and fears of hurricanes, for why the restaurants - including Traveller’s Rest, the Island Smoke House, 25 North and Bahamex - were closed. “All landlords know that the places have been shut for two months (slow season and hurricanes),” he wrote. “All landlords know that we re-open in October. This has always been dependent on my deal with the new operators and the TV show.” Mr Dingman’s efforts to build a Nassau-based restaurant and hospitality business included taking over Traveller’s Rest in western New Providence via a lease arrangement. That venture failed and the property shut again, until members of the Bain family, its owners, reopened it again. He also leased two units in the Klonaris brothers’ Elizabeth on Bay plaza on Bay Street for two other restaurant formats, both of which have also closed. Tribune Business also revealed how Mr Dingman leased the Beach Club Cafe from Sandyport’s developers, viewing this as his “signature property”. The venture never opened, and the lease was pulled.
“With respect to judicial availability, the Bahamian courts are very busy, but delays on many occasions are due to the parties themselves or their attorneys here and abroad,” Mr Gaitor said. “With respect to the complexity of a case, one involving fraud claims, for example, may take substantially longer to proceed through trial than a case involving a less complicated claim of breach of contract. “Once a case would have proceeded through trial to judgment, the parties may avail themselves of the appeal process which, in my experience, may be a lengthy one.” Mr Gaitor’s affidavit is designed to support the argument of two Americans previously involved with Mr Dingman’s hospitality empire, Ryan Giunta and Erik Gordon, that their claim against him and his companies should not be heard in the Bahamas. Mr Dingman, son of world-famous entrepreneur and Lyford Cay resident, Michael, is arguing that the New York case should be dismissed in favour of having it heard here, given that most of the events complained of plus participants, companies and witnesses - took place, or are based in, the Bahamas. Similar concerns to Mr Gaitor’s were also echoed earlier this year by Robert Adams, the Graham Thompson & Co attorney and partner, in the ultimately failed bid to prevent the New York State Supreme Court dismissing hedge fund
billionaire, Louis Bacon’s, defamation claim against Lyford Cay neighbour, Peter Nygard. Mr Adams alleged then that his client’s case would not likely proceed to trial until the 2018 first quarter. He added that “substantial delays” in processing cases to trial were “regrettably not uncommon” in the Bahamian judicial system. This was countered by Damian Gomez QC, the former minister of state for legal affairs, who on Mr Nygard’s behalf alleged: “In my opinion, Mr Adams’ opinions are based on pure speculation. “The date by which a case goes to trial is dependent on a variety of factors, including how proactive the attorneys are in moving a case along; the proclivity of the judge; the number of documents produced; the number of witnesses involved; and whether there is a foreign discovery.” Mr Gomez pointed to the Supreme Court’s own Rules to show how the Bahamas had moved to “streamline and simplify civil procedure to expedite trials, and the resolution of disputes, as efficiently and effectively as possible”. “I also note that the Bahamas is a world-class financial centre, and accordingly the Bahamian courts are wellequipped to handle, and have handled, complex matters,” Mr Gomez said. “Furthermore, in my experience, the judges in the Bahamas are exceedingly accomplished jurists and attract the best and brightest.”
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Thursday, October 27, 2016, PAGE 5
Bran slams ‘career politicians’ for ease of business slump From pg B1 businessman himself, with his law firm, family’s pharmaceutical business and other interests, he “feels” what the World Bank report is finding in terms of the Bahamas’ steady ‘ease of doing business’ decline. “We’ve moved from 106th in just a few months to 121st,” Mr McCartney said of the 2017 ‘Doing Business’ survey results, disclosed by Tribune Business on Wednesday. “It’s not surprising, as a local businessperson, that we continue to fall in the rankings. Something as simple as getting a Business Licence is a problem; something as simple as opening a bank account in this country is a problem.” He added: “Those who feel it, know it. Small businesses are the backbone of any economy, and whenever you have these agencies saying we’re falling, and going backwards, that puts extra strain on local businesses in terms of doing business. “We are struggling every single day to keep our doors open, and the Government keeps on talking about how they are going to make doing business better.” Based on the latest assessment, the Bahamas appears to be moving further away from, rather than closer to, the ‘top 50’ ease of doing business target set by Prime Minister Perry Christie in June. Addressing a conference hosted jointly by the InterAmerican Development Bank (IDB) and National Development Plan Secretariat, Mr Christie blasted that the Bahamas’ then 106th ranking was “not acceptable”. “It doesn’t not reflect our potential and capabilities. It doesn’t reflect our years
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of experience as a world class financial centre, nor our first mover status in the areas of tourism and port development,” Mr Christie said then. “In five years, let us try to move to the top 50 countries; that is the target. This means our reforms will be bold, our resolve must be strong and our internal evaluation of ourselves brutally honest.” Hope Strachan, minister of financial services, has also emphasised the need to improve the ‘ease of doing business’, suggesting in several public addresses that it was vital to ensuring the financial industry’s sustainability. Mr McCartney, though, yesterday suggested that the latest fall in the World Bank rankings suggested the Christie administration was ‘all talk and no action.
He argued that the long lines at the Road Traffic Department, and ongoing problems with the implementation of its new information technology (IT) system, epitomised the ‘business ease’ and bureaucratic obstacles placed in the way of businesses and ordinary Bahamians. “This tells us about the PLP government in terms of business,” Mr McCartney added of the Road Traffic queues. “We feel it. They have not done anything to advance doing business in this country to any extent. “We have career politicians leading our country; leading our country for all these years. These guys only know about politics; they know nothing about business. They don’t know about having to pay wages and salaries at the end of the month; they don’t know about staffing. They only know about winning elections. “They don’t know anything about business, and a country should be run like a business with efficiencies and, in certain areas, mak-
ing a profit. These guys run it as a Mickey Mouse retail shop.” Mr McCartney pledged that the DNA, if elected to office, would make the Bahamas “open for business for the world”, including companies that were Bahamian and foreign owned. While not providing any details, he added that his party would “make doing business in this country easy”. “We must get rid of the red tape,” he told Tribune Business. “Government intervention is costing a lot. Part of us dropping in the ‘ease of doing business’ has a lot to do with the ineffi-
ciency of government agencies, has a lot to do with corruption, has a lot to do with the lack of transparency and accountability in government.” Turning his fire back on the Christie administration, Mr McCartney added: “I don’t want the Bahamian people to believe this government is going to fix it. “This government is as lost as the day is long. They can’t get anything right. Nothing they’ve tried over the last five years has proven successful.” Mr McCartney said the Bahamas’ constant slippage in the World Bank’s rankings had reached the point
“where it’s worrisome” as a businessman. “Most businesspersons in this country are feeling the pinch,” he told Tribune Business. “We have some successful businesses, but it is rough out there. It is rough. “This government has failed miserably to do anything to enhance the business environment, and we see that reflected in that ranking. They’ve gone into reverse. Their words are just words. This is a tell-tale sign for businesspersons in this country as to what the Government really thinks about the backbone of the economy.”
PAGE 6, Thursday, October 27, 2016
Bahamas facing ‘harsh reality’ on business ease From pg B1 conducted in the Bahamas without the other. “It cannot be left to the development of the Government and civil service, as they are least likely to know how to improve the ease of doing business,” Mr Bowe added. Emphasising that businesses were best-placed to know the main impediments to the smooth conduct of commerce, Mr Bowe said participation and ‘buy-in’ by the key civil servants was more important than that of the policymakers.
“They have to be willing to sit down with businesses, take a deep breath, listen to criticism as long as its constructive and justified, and cut through the bureaucracy and fiefdoms that have been formed,” he told Tribune Business. “The reality is clear: What has the Bahamas done; what has the country done; to change its ranking. The sad reality is: Nothing. “If we sit with our eyes closed, hoping that minor tweaks at the edges change our ranking, we are mistaken.” The Bahamas’ slippage in
Bahamas taxes equal 34% of company profit From pg B1 nesses, much of which is indirect and therefore often ‘missed’ by the general public.
Combined with high utility, labour and other costs, the near-34 per cent tax rate highlights how many companies are operating under
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the 2015 rankings was even more pronounced than first thought, the World Bank ultimately moving this country back from the 106th spot initially announced to 120th, based on upgraded data and methodology changes. While this cushioned the Bahamas’ fall in this year’s rankings, as it lost just one spot, this nation - which prides itself on being an international services provider and magnet for foreign direct investment - has to come to grips that it is now perilously close to falling into the bottom third of the ‘business ease’ rankings. The Bahamas is now ranked below ‘economic powerhouses’ such as Papua New Guinea (119th); Swaziland (111th); the Solomon
Islands (104th); and Lesotho (100th). And it has also slipped behind many of its Caribbean competitors, including Jamaica (67th); St Lucia (86th); Antigua & Barbuda (113th); and Barbados (117th). Until the past twothree years, the Bahamas was placed ahead of the latter two. The Bahamas’ ‘ease of doing business’ decline has not resulted from anything it has necessarily done but, rather, the fact it has effectively ‘stood still’ while its competitors have enacted reforms enabling them to overtake this nation. Mr Bowe said the Bahamas needed to ensure that it at least kept pace with the evolving world around it, but without a serious
commitment to change, the latest World Bank report would only become “fodder for chatter in the press”. “The Government and the private sector equally share the burden of saying we’ve not done anything. That’s the harsh reality when we look at the findings,” the BCCEC chairman told Tribune Business. The Bahamas’ one-spot fall in the latest rankings was largely due to its 73-place drop on the ‘ease of paying taxes’, from 22nd in the world to 95th. This stemmed from its implementation of Value-Added Tax (VAT), and the extra burden it has imposed on the private sector. Elsewhere, the Bahamas fell six spots - from 112th to 118th - when it came to pro-
tecting minority investors, and from 134th position to 139th on the ease of obtaining credit. While the Bahamas maintained its 118th spot on the ease of ‘starting a business’, it fell from 108th to 110th on construction permits, and from 115th to 116th on getting electricity. The only ‘bright spot’ was the 18-place improvement on the ‘ease of registering property’, but even here the Bahamas only moved from 184th in the world - near rock bottom - to 106th. The country now faces the possibility of soon being bracketed with many nations regarded as ‘Third World’, unless a concerted reform effort is undertaken.
an unsustainable cost burden, further impeding the Bahamas’ economic competitiveness. The 34 per cent ‘corporate tax’ rate, though, was not a factor in the Bahamas’ falling 72 spots on the ‘ease of paying taxes’, from 22nd in the world to 95th. The World Bank report blamed this on the country’s implementation of Value-Added Tax (VAT), which has effectively made the private sector the Government’s tax administrators and collectors, adding massively to the bureaucracy and ‘red tape’ many
in the business community face. “For the average business person, VAT has become an albatross,” K P Turnquest, the Opposition’s finance spokesman, told Tribune Business. “Not only is it complex to co-ordinate for some businesses, particularly for those that are not tech savvy and may not necessarily keep good records, because they are ‘Mom and Pop’ shops, it’s also the cost of having service providers come in and do this for them, and documents to support that. “All this takes time away from the operations of the business.” The World Bank report said Bahamian businesses spent an average of 157 hours per year, the equiva-
lent of almost 20 working days, dealing with VAT calculations, collection, filing and payment remittance. However, Robert Myers, a principal with newlyformed civil society group, the Organisation for Responsible Governance (ORG), said the time spent on VAT by his Caribbean Landscape company and its two affiliates, was “easily more than that”. He added that he had hired one person only to deal with VAT, meaning that they were spending some 2,080 hours per year on the subject between the three companies, based on 52 weeks per year and a 40hour work week. Mr Turnquest, meanwhile, said requirements such as Tax Compliance Certificates (TCCs) were
further adding to the bureaucratic burden faced by the private sector, and making it harder - not easier - to do business. “The ease of getting a business started today is certainly a lot more difficult than it has been,” he told Tribune Business. “It’s not just anecdotal; it’s evident. “Things like getting TCCs and having to go to multiple agencies, and you’re then bounced between agencies from time to time. And the Government won’t pay you without a valid TCC. All of which costs time and money. “It’s [the fall in the ease of business ranking] not surprising from that point of view, because we’ve not made any progress in reducing red tape.”
NOTICE
TO: “ JUSTICES OF THE PEACE”
In New Providence you are asked to visit the office of the Attorney General, John F. Kennedy Drive, Paul Adderley Building, for Verification and Updating of Information. Justice of the Peace, in the Family Islands are asked to visit their Administrators Office, to provide all relevant information. Passports and Drivers Licences are necessary for verification. ALL JUSTICES OF THE PEACE ARE ASKED TO CONTACT MRS. LINDA VIRGILL at LINDAVIRGIL@BAHAMAS.GOV.BS or Sandra Grant at sandragrant@bahamas.gov.bs, Telephone contacts (242) 502-0400
THE TRIBUNE
Thursday, October 27, 2016, PAGE 7
Trump: I’ll run America like my business. Clinton: Let’s not WASHINGTON (AP) — His presidential dreams increasingly in question, Donald Trump pushed his business empire to the center of his political campaign Wednesday. Taking a break from battleground states, he made the case at his newest hotel that all Americans should look to his corporate record for evidence of how well he’d run the country. “Under budget and ahead of schedule. So important. We don’t hear those words so often, but you will,” said Trump, linking the hotel redevelopment — just blocks from the White House — to his promised performance as president. “Today is a metaphor for what we can accomplish for this country.” Hillary Clinton agreed, but not the way he meant it. She used campaign events in Florida to attack the GOP nominee for having “stiffed American workers,” saying he built his empire with Chinese-manufactured steel, overseas products and labor from immigrants in the country illegally. “Donald Trump is the poster boy for everything wrong with our economy,”
she told several thousand supporters in Tampa, Florida. “He refuses to pay workers and contractors.” Trump’s political aspirations have long been deeply intertwined with promoting his corporate goals. He announced his campaign in the gilded lobby of Trump Tower in Manhattan and has held dozens of campaign events at his own properties. His remarks at his new Washington hotel, which has struggled to fill rooms amid the controversy surrounding his presidential bid, followed a visit Tuesday to his Doral golf course outside Miami. Though the GOP nominee focused his remarks on his political message, the event was heavy with marketing, too. Standing under glittering chandeliers, top company executives, including his daughter, touted the hotel. And after his brief speech, Trump and his family headed to the hotel’s grand lobby where they cut a wide red ribbon with golden scissors before he flew to North Carolina for what his campaign billed as an urban policy speech. In Charlotte, Trump unveiled what he billed a
“New Deal for black America” in front of a mostly white crowd. Trump, who has struggled to earn the support of minority voters, bemoaned that “too many African-Americans have been left behind” and unveiled a handful of new proposals aimed at revitalizing impoverished urban areas. They included new tax incentives for inner cities, new micro-loans for African-Americans to start companies and hire workers and a plan to reinvest money from suspended refugee programs in inner cities. He also wants cities to be able to seek federal disaster designations to help them rebuild infrastructure, demolish abandoned buildings and invest in law enforcement. As Trump cut the ribbon, Clinton was slamming his business practices in Florida, a state he must win to have any chance on Nov. 8. In Tampa, she was introduced by restaurateur Jose Andres, a naturalized U.S. citizen who pulled out of the Washington hotel to protest Trump’s anti-immigrant rhetoric. Trump and Andres are currently locked in litigation over the deal.
Republican presidential candidate Donald Trump, together with his family, from left, Donald Trump Jr., Eric Trump, Trump, Melania Trump, Tiffany Trump and Ivanka Trump, cut the ribbon during the grand opening of Trump International Hotel in Washington, yesterday. Donald Trump and his children hosted an official ribbon cutting ceremony and press conference to celebrate the grand opening of his new hotel. (AP Photo)
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Trump’s unusual travel schedule, coming amid signs that the controversy surrounding his campaign has hurt his corporate brand, raises questions about whether the GOP nominee has begun to turn some of his focus to postelection plans. Rooms at the overhauled $212 million hotel that bears his name at Washington’s Old Post Office Pavilion have been heavily discounted and smartphone data suggest fewer people are visiting his properties compared to rival venues
nearby. A new Facebook live show produced by his campaign has heightened speculation that he may try and offset any losses with advertising revenue from a new a media network — a plan he denies. Trump supporters defended his strategy, blasting critics for not making as big a deal of Clinton’s decision to attend an Adele concert Tuesday night. Trump took a break from campaigning to see the singer perform during the GOP primaries. “I can’t take one hour off to cut a ribbon at one of the
great hotels of the world? I mean, I think I’m entitled to it,” he said, in an interview with ABC News. He was more defensive in a CNN interview in which he called questions about his time away from swing state campaigning “insulting” and “rude.” Clinton told reporters: “I was struck today that Donald Trump was paying more attention to his business than to the campaign. That’s his choice but we’re going to keep working really hard to reach as many voters as possible.”
PAGE 10, Thursday, October 27, 2016
THE TRIBUNE
Time running out for Thursday signing of EU-Canada deal
MinisterPresident of Wallonia, Paul Magnette, speaks with the media before a meeting at the Belgium Prime Minister residence in Brussels, yesterday. Belgium is stretching talks to convince its region of Wallonia to give the necessary backing to a trade deal between the European Union and Canada into the eve of a summit to sign the landmark agreement. (AP Photo)
BRUSSELS (AP) — Time was running out on the European Union to sign a landmark free trade deal with Canada on Thursday after Belgium failed to make decisive headway to lift a crucial veto of one of its regions. In a race against the clock to avoid an embarrassing cancellation of a special summit, recalcitrant Francophone leaders insisted late Wednesday they would need more time to study and approve the latest compromise texts following talks with the Belgian national government, which desperately wants to sign the trans-Atlantic deal. The 28-nation EU can only sign the agreement if it has unanimity among its 28 member states and Belgium can only approve it is all its regional executives back it. But Wallonia leader Paul Magnette said late Wednesday that his region would not be able to approve the deal in the coming hours, making it ever more unlikely the full signing ceremony
with Canadian Prime Minister Justin Trudeau could be held on Thursday. “We regret it but it won’t be possible to have the summit tomorrow, but nothing is impossible,” he said, leaving little space for approval. Earlier he had said that an EU-Canada summit would come “one day, but not tomorrow!” It showed that despite the likelihood of missing the Thursday deadline, the talks with Wallonia were heading toward a compromise which would allow the signature at a later stage. Magnette said that some details still need to be clarified, notably in the agriculture sector where he wants his farmers better protected. If the regional leaders agree, the adjustments to assuage Wallonia would have to be vetted by the 27 other nations and then likely still have to go back to the regional francophone legislatures for approval. It makes the deadline for signature next to impossible.
If not Thursday, the summit could be postponed for later in the year, but the failure would be an embarrassment for the EU, the world’s biggest trading bloc which wants to project itself as a dependable global partner. Politicians in Wallonia, which has a population of 3.6 million compared to over 500 million for the whole EU, argue that the proposed accord would undermine labor, environment and consumer standards. Proponents say it would yield billions in added trade through customs and tariff cuts and other measures to lower barriers to commerce. At the same time, the EU says it will keep in place the region’s strong safeguards on social, environmental and labor issues. He said Wallonia’s insistence on a better deal would bolster EU standards and set a strong precedent for other trade talks between Europe and trading partners like the United States or Japan.
TEMPORARY ADMINISTRATIVE ASSOCIATE The Bahamas Country Office of the Inter-American Development Bank (IDB), wishes to contract the services of a temporary Administrative Associate. The IDB is a regional multilateral development Bank seeking to contribute to the social and economic development of 26 member countries in Latin America and the Caribbean through lending and non-reimbursable grants. The objective of the contract is to provide support to the Fiduciary Team in the oversight and monitoring of operations, as well as to foster the development of the fiduciary and institutional capacity of executing agencies, to assist with optimal resource utilization and the adaptation of administrative processes so as to meet program requirements in a highly complex working environment. Duration: 18 months. Requirements: A Master’s Degree in Accounting and Auditing (e.g. Certified Public Accountant – CPA-ACCA), Public Finance, Business Administration or a related field and a minimum of five years of relevant professional experience or the equivalent combination of education and experience. Knowledge of Spanish would be an asset. All candidates must be citizens of The Bahamas or of an IDB member country in possession of a valid work permit providing eligibility to work in The Bahamas. For more information about this position and to apply, please refer to the following link before November 4th, 2016: https://iadbcareers.taleo.net/careersection/jobdetail. ftl?job=1600003674&lang=en
Global stocks hit by gloom on Wall Street, lower oil prices TOKYO (AP) — Global stock markets fell on Wednesday after some disappointing earnings reports and as a drop in oil prices dragged down shares in energy companies. KEEPING SCORE: The FTSE 100 of Britain dropped 1 percent to 6,949 while Germany’s DAX fell 1 percent as well, to 10,649. The CAC 40 in France lost 0.8 percent to 4,506. Dow and S&P futures both were down 0.4 percent, auguring another dismal start for New York markets. US CONSUMER: A drop in a consumer confidence index and disappointing thirdquarter earnings from big name companies raised worries over consumer spending, a critical driver of U.S. growth. Sherwin-Williams
had its worst day in seven years, losing 10.9 percent, while Whirlpool plunged 10.8 percent. Athletic wear maker Under Armour’s shares sank 13.2 percent, its biggest drop in almost eight years. Apple reported lower quarterly sales, though Comcast and Coc-Cola’s reports were more upbeat on Wednesday. LOOKING AHEAD: Investors will also keep an eye on U.S. new home sales and a survey of the U.S. services sector. A pick-up could consolidate expectations that the Federal Reserve will raise interest rates as soon as December. OIL PRICES: Crude prices were down after the American Petroleum Institute reported a much larger than expected buildup
in U.S. crude inventories. Benchmark U.S. oil was down 74 cents to $49.22 a barrel in electronic trading on the New York Mercantile Exchange. It lost 56 cents on Tuesday. Brent crude, the international standard, dropped 73 cents to $50.06 a barrel after falling 67 cents the day before. ASIA’S DAY: Japan’s Nikkei 225 edged 0.2 percent higher to 17,391.84, but most other regional benchmarks fell. Hong Kong’s Hang Seng dropped 1 percent to 23,325.43 and Australia’s S&P/ASX 200 dropped 1.5 percent to 5,359.80. South Korea’s Kospi lost 1.1 percent to 2,013.89 and India’s Sensex lost 0.8 percent to 27,857.85. Markets in Southeast Asia and Taiwan also were mostly lower. CURRENCIES: The dollar rose to 104.23 yen from 104.12 yen. The euro rose to $1.0921 from $1.0879.
THE TRIBUNE
Sales of new homes rose 3.1 percent in September WASHINGTON (AP) — More Americans bought new homes in September, a sign that demand remains solid despite a shortage of properties on the market. Recent hiring gains couples with low interest rates have bolstered the market for new homes. But builders have largely struggled to keep pace with new construction, creating a shortage of listings for would-be buyers. New-home sales advanced 3.1 percent last month to a seasonally adjusted annual rate of 593,000, the Commerce Department said Wednesday. The gains were concentrated in the Northeast, Midwest and South, as sales tumbled last month in the West. So far this year, sales have increased 13 percent compared to the same period in 2015. The improvement largely reflects the better
economic outlook as paychecks are improving and a growing share of homebuyers are seeking new properties. “Demand for new homes remains strong in response to employment growth, wage gains, positive demographics and mortgage rates near all-time lows,” said David Berson, chief economist at Nationwide. Sales have steadily grown from the depths of the housing bust and Great Recession over the past three years. Still, new-home sales still lag their historic pace of roughly 650,000 a year. If the sales pace for 2016 holds, sales will total roughly 566,000 at the end of this year. The greater demand has caused narrower inventories of newly built homes. The market contains only 4.8 months’ supply of new homes, down from 5.8 months a year ago.
The declining supply of new homes has modestly boosted prices, which have risen 2.7 percent to an average of $377,700. Additional construction is unlikely to end the supply crunch. In September, housing starts fell 9 percent to a seasonally adjusted annual rate of 1.15 million. Yet builders remain confident about their prospects. The National Association of Home Builders/Wells Fargo builder sentiment index released last week was 63 in October, down slightly from the prior month. Readings above 50 indicate more builders view sales conditions as good rather than poor. Low mortgage rates are feeding much of this confidence. Mortgage buyer Freddie Mac said the average 30-year fixed-rate mortgage was 3.52 percent last week, down from a 52-week high of 4.01 percent.
Thursday, October 27, 2016, PAGE 11 a home under construction and for sale is shown in Roswell, Ga. Yesterday, the Commerce Department reports on sales of new homes in September. (AP Photo)
PAGE 12, Thursday, October 27, 2016
THE TRIBUNE
US abstains in UN vote on Cuba embargo for the first time UNITED NATIONS (AP) — The United States abstained for the first time in 25 years Wednesday on a U.N. resolution condemning America’s economic embargo against Cuba, a measure it had always vehemently opposed. The U.S. was joined in abstaining by Israel, the
only other country to vote against the embargo resolution in the General Assembly last year. When the vote — 191-0 with two abstentions — was shown on the electronic board, diplomats from the 193 U.N. member states burst into applause. U.S. Ambassador Samantha Power announced
the abstention just before the vote saying that the U.S. policy of isolation toward Cuba had “isolated the United States, including here at the United Nations.” “After 55-plus years of pursuing the path of isolation, we are choosing to take the path of engagement,” she said.
The U.S. decision to change its vote follows President Barack Obama’s restoration of full diplomatic relations with Cuba and his support for lifting the embargo, which the Republican-led Congress is against. Obama and Cuban President Raul Castro announced on Dec. 17, 2014, that they were restoring diplomatic ties, which were broken in 1961 after Fidel Castro took power and installed a communist government. On July 20 last year, diplomatic relations were restored and embassies of the two countries were reopened, but serious issues remain, especially the U.S. call for human rights on the Caribbean island and claims for expropriated property.
The U.S. abstention in the General Assembly vote was certain to anger both Republican and Democratic opponents of lifting the 55-year-old embargo, but it reflects President Barack Obama’s belief shortly before he leaves office that it’s time to move ahead in normalizing U.S.-Cuban ties. Indeed, there were immediate protests in the U.S. Congress. Democratic Sen. Robert Menendez from New Jersey, the son of Cuban immigrants, tweeted that the U.S. decision not to defend the “long-standing, bipartisan, human rights-based US law ... is shameful.” Texas Republican Sen. Ted Cruz tweeted that the act that imposed sanctions on Cuba “isn’t a ‘failed policy’
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NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:CAAVES POINT LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 18th OCTOBER, 2016. C.B. Strategy Ltd. LIQUIDATOR
... (and) is the law of the United States, which should always be defended and upheld.” Cuba’s Foreign Minister Bruno Rodriguez, the last speaker before the vote, said Cuba is “grateful” for Power’s efforts and words and thanked her for the U.S. abstention. “A change in vote by the United States is a promising signal,” he said. “We hope it will be reflected in reality.” Rodriguez said the embargo is still in force and being implemented by U.S. agencies, and while the executive measures taken by Obama were positive, they have “very limited scope and effect.” “Lifting the blockade is the key to be able to advance towards the normalization of relations with the United States,” he said. “The blockade is unjust, inhuman, immoral and illegal and should unilaterally and unconditionally cease.” General Assembly resolutions are nonbinding and unenforceable. But the 25-year-old exercise in which the world body has overwhelmingly voted to condemn the embargo does reflect world opinion and has given Cuba a global stage to demonstrate America’s isolation on its Cuba policy. Before the vote, more than 20 speakers from all over the world denounced the embargo and urged the U.S. Congress to quickly lift the ban on trade and financial dealings. The U.S. administration had considered abstaining in the vote last October, but concluded it could not do so because the resolution did not reflect what it considered to be the spirit of engagement between Obama and Cuban President Raul Castro. Power made clear that the United States “categorically” rejects statements in Wednesday’s resolution suggesting the embargo violated international law. She also said that abstaining “does not mean that the United States agrees with all of the policies and practices of the Cuban government.” “We do not,” Power said. “We are profoundly concerned by the serious human rights violations that the Cuban government continues to commit with impunity against its own people.” She cited Cuba’s detention of government critics, threats and intimidation of participants in peaceful marches and meetings, and severe restrictions on outside information. In Havana, Cuba organized a vote-watching party on the campus of the University of Havana, where students and government supporters followed the events on an hours-long special live state news broadcast projected onto a giant screen. The tone of the coverage was triumphant, calling the U.S. abstention a historic victory for Cuba but cautioning that it was meaningless without Congressional action. “The blockade is still in force but this means that there’s been a change in attitude at the highest levels of U.S. government and politics,” said Raul Palmeiro, a 21-year-old law student and president of the university’s official Student Federation. In last year’s vote, the assembly approved a resolution condemning the commercial, economic and financial embargo against Cuba with the highest vote ever — 191-2. Only Israel joined the United States in opposing that resolution.
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THE TRIBUNE
Thursday, October 27, 2016, PAGE 13
US stocks slip but steer clear of larger losses NEW YORK (AP) — U.S. stocks dodged bigger losses and finished barely lower on Wednesday. Health care companies fell and Apple pulled technology companies down, but banks rose. Earlier in the day, stocks had appeared to be headed for a second day of notable losses, but they recovered some of that lost ground in late trading. Weak earnings for major companies hurt real estate investment trusts and health care companies. Tech stocks slid as investors were unimpressed with Apple’s latest results. Banks continued to report strong earnings and Boeing boosted industrial companies. Stocks haven’t made many big moves the last two weeks. “Trading volume has really dropped off,” said Scott Wren, a senior global equity strategist at the Wells Fargo Investment Institute. He said investors are being cautious as they wait for the outcome of November’s election. The Dow Jones industrial average added 30.06 points, or 0.2 percent, to 18,199.33. In early trading it fell more than 100 points. The Standard & Poor’s 500
index sank 3.73 points, or 0.2 percent, to 2,139.43. The Nasdaq composite shed 33.13 points, or 0.6 percent, to 5,250.27. While individual companies might rise or fall based on their earnings, Wren said investors don’t care that much if overall corporate profits rise or fall this quarter. Earnings have been falling for more than a year but the drops are getting smaller. “All the market wants in terms of earnings is a continuation of a pattern this year of quarter-to-quarter improvement,” he said. Apple sank $2.66, or 2.2 percent, to $115.59 after it reported another drop in iPhone sales. Apple gets about two-thirds of its revenue from the iPhone and some investors are concerned it depends too much on its marquee product. The company expects sales to start growing again in the holiday season after a recent slump. The losses for Apple, by far the biggest company in the S&P 500, sent tech stocks lower. That canceled out big jumps in Akamai Technologies and Juniper Networks, which each
NOTICE
NOTICE is hereby given that NICHA OCTEUS of Seven Hills, Hill Crest Drive, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of October 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas. N O T I C E EXXONMOBIL LIBYA (CONTRACT AREA FORTY FOUR) LIMITED ____________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL LIBYA (CONTRACT AREA FORTY FOUR) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 25th day of October, 2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 27th day of October, A.D., 2016. HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company
N O T I C E EXXONMOBIL LIBYA (CONTRACT AREA TWENTY ONE) LIMITED ____________________________________ N O T I C E IS HEREBY GIVEN as follows: (a) EXXONMOBIL LIBYA (CONTRACT AREA TWENTY ONE) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 25th day of October,2016 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is R.W. Rice, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A. Dated the 27th day of October, 2016 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD.
Registered Agent for the above-named Company N O T I C E EXXONMOBIL LIBYA (CONTRACT AREA TWENTY ONE) LIMITED ____________________________________
Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 21st day of November, A.D., 2016. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator. Dated the 27th day of October, A.D., 2016. R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.
the New York Stock Exchange. U.S. stocks continue to slide early yesterday. Technology companies are taking some of the biggest losses as investors weren’t impressed with Apple’s latest results. Energy companies are falling with the price of oil. (AP Photo) surged more than 10 percent after strong results. Medical device maker Edwards Lifesciences reported disappointing sales of heart devices and forecast another shortfall in the current quarter, and its stock slid $19.43, or 17.1 percent, to $94.25. Medical lab operator Laboratory Corp. of America sank $11.95, or 8.6 percent, to $126.46 after a disappointing report. Drugmaker Merck gave up most of its gains from the
previous day and fell $1.08, or 1.7 percent, to $60.87. Financial firms continued to report strong third-quarter results. Regional bank Huntington Bancshares gained 51 cents, or 5 percent, to $10.70 and insurer Chubb rose $4.55, or 3.7 percent, to $127. Boeing climbed $6.52, or 4.7 percent, to $145.54 after the company raised its forecast for earnings, revenue, and plane deliveries. Boeing was responsible for all
of the Dow’s gain. Simon Property Group, which owns more than 100 shopping malls around the country, slumped after analysts worried about its performance, including lower income from stores that have been open for more than a year. That counteracted solid earnings, and its stock fell $8.89, or 4.5 percent, to $188.38. Bond prices fell. The yield on the 10-year Treasury note rose to 1.79 percent from 1.76 percent. Mondelez, the maker of Oreo cookies, Cadbury chocolate and Trident gum, climbed after reporting a bigger profit than analysts expected. The company’s stock picked up $1.56, or 3.6 percent, to $44.32. Southwest Airlines slipped after it gave a weak revenue forecast for the rest of the year. Ticket prices have been falling for two years and Southwest said prices are still “soft.” Its stock lost $3.55, or 8.5 percent, to $38.40, and other airlines including American and United also traded lower. The price of oil fell for the third day in a row. U.S. crude fell 78 cents, or 1.6 percent, to $49.18 a bar-
rel. Brent crude, the international standard, lost 81 cents, to 1.6 percent, to $49.98 a barrel in London. Sales for Chipotle Mexican Grill fell for the fourth quarter in a row and came in weaker than analysts expected as the company continued to struggle in its efforts to win back customers after food safety scares. The stock lost $37.65, or 9.3 percent, to $368.02, its lowest price in three years. Drugmaker Mylan fell after Kaleo Pharmaceuticals said it will resume selling its emergency allergy shot Auvi-Q next year. That would mean more competition for Mylan’s EpiPen. Auvi-Q was taken off the market last year because of the potential for inaccurate dosing, leaving EpiPen without any direct competition. Mylan lost 70 cents, or 1.6 percent, to $38.08. The stock is down 22 percent since mid-August as the company has come under fire for repeatedly raising the price of the EpiPen over the last decade and for overcharging the government for the shot. In other energy trading, wholesale gasoline slid 2 cents to $1.48 a gallon. Heating oil lost 1 cent to $1.55 a gallon. Natural
NOTICE
N O T I C E EXXONMOBIL LIBYA (CONTRACT AREA FORTY FOUR) LIMITED ____________________________________
Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:-
Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 21st day of November, A.D., 2016. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.
CAAVES POINT LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 18th OCTOBER, 2016.
Dated the 27th day of October, A.D., 2016. R.W. Rice Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.
C.B. Strategy Ltd. LIQUIDATOR
MARKET REPORT WEDNESDAY, 26 OCTOBER 2016
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,941.30 | CHG 0.02 | %CHG 0.00 | YTD 117.35 | YTD% 6.43 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.50 4.70 0.18 8.30 8.50 6.10 10.60 15.50 2.72 1.60 5.80 9.00 11.00 8.40 6.90 12.25 11.00
52WK LOW 2.47 17.43 9.09 3.49 1.77 0.12 5.83 7.25 5.50 7.25 13.05 2.25 1.31 5.55 6.45 9.85 6.12 6.23 11.81 10.00
PREFERENCE SHARES 1000.00 1000.00 1000.00 1000.00
1000.00 1000.00 1000.00 1000.00
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
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE
LAST CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 6.47 8.50 5.83 10.50 13.99 2.15 1.55 5.80 8.78 10.00 8.40 6.61 11.93 10.00
CLOSE 4.06 15.85 9.09 3.50 1.96 0.12 6.47 8.50 5.83 10.50 13.99 2.15 1.55 5.80 8.78 10.00 8.40 6.61 11.93 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
Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B
CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
LAST SALE 100.00 100.00 100.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
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
115.12 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
115.13 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
0.01 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 0.00 0.00
E J K L M N
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
VOLUME
3,000 800
300
3,000 VOLUME
10
EPS$ 0.304 1.351 1.086 0.220 -1.134 0.000 0.185 0.551 0.508 0.541 0.528 0.094 0.166 0.510 0.612 0.960 0.650 0.703 0.756 0.000
DIV$ 0.090 1.000 0.000 0.160 0.000 0.000 0.187 0.260 0.200 0.360 0.610 0.060 0.040 0.240 0.275 0.000 0.280 0.120 0.640 0.000
P/E 13.4 11.7 8.4 15.9 N/M N/M 35.0 15.4 11.5 19.4 26.5 22.9 9.3 11.4 14.3 10.4 12.9 9.4 15.8 0.0
YIELD 2.22% 6.31% 0.00% 4.57% 0.00% 0.00% 2.89% 3.06% 3.43% 3.43% 4.36% 2.79% 2.58% 4.14% 3.13% 0.00% 3.33% 1.82% 5.36% 0.00%
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 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
MUTUAL FUNDS 52WK HI 1.99 3.90 1.92 167.58 138.35 1.45 1.67 1.55 1.09 6.94 8.65 5.92 9.94 11.15 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.39 1.60 1.50 1.03 6.41 7.62 5.66 8.65 10.54 9.57
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
NAV 1.99 3.90 1.92 167.58 136.68 1.45 1.67 1.55 1.09 6.94 8.65 5.92 9.59 11.15 9.57
YTD% 12 MTH% 2.33% 4.05% 3.34% 6.09% 1.63% 2.99% 3.41% 5.18% 2.95% -0.58% 2.51% 3.84% 2.48% 4.47% 2.20% 3.79% 5.03% 3.89% 4.05% 8.28% 5.93% 13.53% 2.73% 4.73% 3.97% -3.53% 2.96% 4.33% -4.26% -6.22%
NAV Date 31-Jul-2016 31-Jul-2016 27-Jul-2016 30-Jun-2016 30-Jun-2016 31-Aug-2016 31-Aug-2016 31-Aug-2016 31-Aug-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-2016 31-Jul-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
Thursday, October 27, 2016, PAGE 15
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