01042018 business

business@tribunemedia.net

THURSDAY, JANUARY 4, 2018

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Minister: 17 landfill bids will ‘get the best result’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A

Cabinet Minister yesterday asserted that the Government “will get the best result for the Bahamian people” after receiving 17 ‘expressions of interest’ (EoIs) for the New Providence landfill.

Romauld Ferreira, minister of the environment and housing, conceded to Tribune Business that the process was already behind schedule, but emphasised: “We can’t sacrifice getting it right for speed and time”.

Interested parties had to submit their landfill management proposals by December 15, 2017, with the offers scheduled to be opened four days later.

However, Mr Ferreira yesterday said the submissions were only now being handed over to a Cabinetappointed evaluation team which will recommend which bidders qualify for the Request for Proposal (RFP) round.

While acknowledging the importance of meeting deadlines, the Minister emphasised the Minnis

SEE PAGE 8

* Initial submissions both local and foreign * Bahamian group splits into two offers * No mention of Renward LOI firm

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Gov’t’s $70m Aliv sell-off targeting end-April closing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE $70 million sale of the Government’s majority shareholding in Aliv should be completed by end-April 2018, its advisers revealed yesterday.

Gowon Bowe told Tribune Business that the Prime Minister and senior Cabinet members had now “satisfied themselves” that the original plan for disposing of the 51.75 per cent stake should be followed through.

With the Minnis administration had ‘agree in

* ADVISER WARNS OVER ‘CAPITAL CANNIBALISATION’ * GOV’T ‘SATISFIED’ WITH ORIGINAL DISPOSAL PLAN * BOARDS TO REVIEW UPDATED PPM THIS MONTH principle’ to proceed with the strategy left by its predecessor, Mr Bowe said he and other advisers to the

SEE PAGE 4

‘COMMON SENSE PREVAILS’ OVER GB POWER APPROVAL

By NEIL HARTNELL Business Editor nhartnell@tribunemedia.net INVESTMENT bankers yesterday hailed the Government’s approval of the Grand Bahama Power Company buy-out as “common sense prevailing” to the wider capital markets’ benefit.

ROMAULD FERREIRA, minister of the environment and housing.

SEE PAGE 10

* INVESTMENT BANKERS HAIL GOV’T DECISION * WARN DELAYS REPEAT COULD HIT BISX LISTINGS * URGE ‘QUICK AND TRANSPARENT’ PROCESS

Bahamian insurers fear NHI ‘kop out’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN insurers yesterday branded the Government’s National Health Insurance (NHI) legal opinion as “a kop out”, expressing fears it will be used as “cover” for reform inactivity.

The Bahamas Insurance Association (BIA), in a statement released yesterday, warned the Minnis administration that it could be “setting a dangerous precedent” if the NHI Authority Board ratifies previous actions that had no basis in law.

* AG OPINION ‘COVER’ FOR REFORM INACTION * BIA CALLS FOR RELEASE OF LEGAL ADVICE * AGAIN WARNS OF ‘DANGEROUS PRECEDENT’ It called on the Government to release the ‘legal opinion’ from the Attorney General’s Office, which found that “a properly constituted” NHI Authority Board could ratify decisions taken under the former

SEE PAGE 9

GB Power opponents say: ‘We’ll go to another level’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GB Power Company’s critics yesterday pledged “to take our opposition to another level”, arguing that Bahamian ownership of vital utility assets had gone “backwards”.

Pastor Eddie Victor, head of the Coalition of Concerned Citizens (CCC) pressure group, told Tribune Business that the Government should “have been expanding Bahamian ownership in GB Power” instead of approving its elimination.

* GOV’T ‘SHOULD EXPAND LOCAL OWNERSHIP’ * BUT GOING ‘BACKWARDS’ WITH ICDU DEAL * SUGGEST EMERA MOVE PART OF BPL PLAY Speaking after the Minnis administration approved Emera’s $35 million buy-out of GB Power’s Bahamian

SEE PAGE 5

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THE TRIBUNE

Design creativity at the soul of Junkanoo JUNKANOO ain’t no jokey ting! For I love all the distinctive commonality it possesses. The spirit and soul of Junkanoo encompasses every imaginable aspect of craftsmanship.

While Junkanoo’a origins remain the subject of long and passionate debates, what can be agreed is that after centuries of practice, today’s cultural extravaganzas are among the world’s most entertaining street celebrations.

Without taking anything away from the overall fun and cultural moments, the time, planning and discipline provide the foundation for Junkanoo’s great vision and talent.

Costume designs are not randomly chosen from a specialised signature or theme rack. Nor does the field only involve a bed of colorful paper. Junkanoo costumes are made from cardboard, crepe paper, aluminum rods, tie wire, contact cement and lots of glue. Notably, in Junkanoo’s early days, slaves in the Bahamas made their costumes from any material they could find, such as shrubs, leaves, stones, bottles and paper.

From the sidelines the job may seem easy. However, a costume designer must ensure the outcome complements the overall theme,

The Art of Graphix

BY DEIDRE M BASTIAN

which may require added research. This means that, as a Junkanoo designer, you will work to ensure costume choices enhance the overall sensitivity of the scenes involved to maintain uniformity and consistency.

As with most jobs involving entertainment or the arts, there are some key abilities all costume designers must have in order to keep the creative juices flowing.

Drawing/Design: As a costume designer, sketching designs prior to creating the costumes is paramount.

This process will often go through several revisions prior to completing the initial sketches.

Research: Research includes reviewing themes

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and required materials pertinent to the finished production.

Likewise, the costume designer has to consider performers’ movements and their agility. This is an important process to avoid costumes becoming too tight-fitting. Flexibility is key.

Apart from these principles, staying on budget and on schedule also plays a vital part in a costume designer’s role.

Outside of the parade, group presentations and cash prizes for best music, costume and other awards, Junkanoo can be stressful as all participants work under pressure to meet deadlines.

I am warned that there is a level of noble self-sacrifice, communication and patience required to stay in this game.

Despite all odds, this unifying platform provides Bahamians with an outlet that fosters a spirit of creativity and talent. Granted, it comes with a heavy cost, but there is a palpable sense of pride and exceptional “thought processing” that is ingrained into ech individual’s costume.

If your hunger for design exposes a vision of emotion and discipline, then working with others to enhance Junkanoo might be the most exciting pitch you will ever find in business. Junkanoo ain’t no jokey ting!

Remarkably, the essence of the costumes represents a larger significance that goes beyond bright colours and music. It is no secret that deep in the heart and soul of Junkanoo, maintaining ‘power, strength and competitiveness’ remains the mission of all groups. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game. Happy New Year.

NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionallytrained graphic designer/ marketing co-ordinator with qualifications of M.Sc., B.Sc., A.Sc. She has trained at institutions such as: Miami Lakes Technical Centre, Success Training College, College of the Bahamas, Nova South Eastern University, Learning Tree International, Langevine International and Synergy Bahamas.

THE TRIBUNE

Thursday, January 4, 2018, PAGE 3

CHAMBER CHAIR CALLS ON GOV’T TO EXECUTE

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE Chamber of Commerce’s chairman yesterday pressed the Government to “deliver” on its plans and objectives, stating: “We need to see some growth and jobs.”

Michael Maura underscored the need for the private sector to continue to support the Minnis administration, while pointing out

that the private sector must also press it to execute.

“We have seen some good steps, but have not yet seen any material project approved,” he said.

“We need to see some growth and some jobs.

“We know that 2018 can go pretty fast, and there needs to be some decisions coming out of Cabinet pretty quickly so we can see some things coming out of the ground and get people to work.”

Mr Maura added: “The Minnis administration has now been in power for seven months. They have had the opportunity to better understand what the circumstance of government is. They have had the opportunity to realise the challenges that are in front of us. “They have had the opportunity to articulate what their plan is, and I think we have seen evidence of the support around those plans from the

Spending boost from cruise port upgrade

By NATARIO MCKENZIE Business Reporter nmckenzie@tribunemedia.net THE redevelopment of Nassau’s cruise port will provide deliver greater value that increases spending by cruise passengers, the Bahamas Chamber of Commerce’s chairman said yesterday.

Michael Maura, who is also Arawak Port Development Company’s (APD) chief executive, said that with several prominent cruise destinations in the eastern Caribbean having been impacted by hurricanes last year, the Bahamas has been presented with an opportunity.

“The cruise ships will have to find a place to visit, and we have an opportunity to capitalise on that. A year or two out those same ports will have a facelift, so we

have to ensure that we are improving Prince George Wharf so that when our competitors get a facelift we will remain competitive,” he said.

As reported by Tribune Business late last year, the world’s largest cruise port operator, UK-based Global Ports Holding, is in talks with the Government to take over management and operations at downtown Nassau’s Prince George Wharf.

BISX-listed Arawak Port Development Company (APD) is its potential joint venture partner. The two companies planned to add “additional berths and facilities” to the Bahamas’ busiest cruise port if they receive the go-ahead from government. “There is a need to redevelop Prince George Wharf but, at the same time, you have over 90 cruise ships coming out

of shipyards over the next four to five years, and over a third of them will be earmarked for the Caribbean,” Mr Maura said. “The fact is ships are getting bigger.

What we are looking at is expanding Prince George Wharf to be able to handle the larger ships. By redeveloping the property itself we can add greater value to our guests, the cruise passengers, which will get them to dig into their pockets and spend more money.

“If we can create interest and value around our cruise industry - excursions getting larger ships, not 30 of the same jewellery stores and 20 of the same t-shirt stores, but creating additional experiences. We are very interested in that. APD is a very successful cargo operator, and we want to expand and grow, and getting into the cruise business is an opportunity for us.”

credit rating agencies that have visited us over the last seven months. I think from a Chamber perspective that we are siting right alongside the ratings agencies in terms of our expectations.”

Mr Maura and the Chamber’s chief executive, Edison Sumner, outlined several initiatives and issues the Chamber will tackle in its 2018 agenda.

Mr Sumner said: “We are looking to become more

research driven, more data and evidence driven, in 2018. We came up with about seven major topics or themes that we want to begin putting some considerable research into. This is going to be done with some of our multi-lateral partners as well.

“One of those areas is the numbers industry, and determining the socio-economic impact on communities throughout

the country - not only in New Providence but throughout the Family Islands as well.

“We will be looking at a business confidence survey and economic statistics so that the business community is able to access information on how the economy is performing by sector, and that’s going to give them information on how to grow their business.”

PAGE 4, Thursday, January 4, 2018

$70M ALIV SELL-OFF from PAGE 1 Aliv private placement had been updating the offering document with current financial information.

He added that the “final” private placement memorandum (PPM) would be reviewed this month by the Boards at Aliv and HoldingCo, the latter being the entity that holds the Government’s stake in the new

mobile operator, to ensure all details were in order.

Mr Bowe, though, warned that the Aliv placement’s timing needed to be carefully co-ordinated with the Government and wider capital markets to avoid competing with other offerings “for the same sources of funds”.

“There is an expectation that this first quarter will be used to get everything out of the way,” he told Tribune Business of the Aliv sell-off’s completion. “Being realistic, and mindful that Easter falls at the end of March, I would project a timetable of the end of April.”

THE TRIBUNE The Aliv private placement has been on the ‘launch pad’ for almost a year, with the May 10 general election’s timing - and the new administration’s subsequent Board changes at HoldingCo and the mobile operator - blamed for repeated delays.

Mr Bowe previously warned the Government not to stall the Aliv offering for too long, given that targeted institutional investors such as pension funds, mutual funds and credit unions cannot afford to keep multi-million dollar sums waiting for ever on an investment opportunity

with an uncertain timeline. However, aided by the relatively limited supply of alternative investments, Mr Bowe yesterday said most of the targeted investors had reported capital remains available for the Aliv deal.

“The abeyance period was waiting for all the Board appointments to be confirmed, which has taken some time,” he said of the delays.

“We’ve started at least reaching out and talking to them [potential investors], and each of them has gone back to their Boards to ensure they’re going to proceed on the same basis as before and that the sources of funding were not diverted and are still available.

“They’re not going to sit on money, but what’s good for us is that there are not many opportunities for them to deploy funds in alternative investments. Most of them have indicated they still have funding available.”

Mr Bowe, now Fidelity Bank (Bahamas) chief financial officer, told Tribune Business that the Aliv placement’s timing needed to be co-ordinated with both government and private sector capital raisings to avoid competition for scarce capital.

“The only other side is making sure what the Government is going to be doing,” he said. “Having done the significant debt raise [$750 million bond] in the international capital markets, hopefully they will not be tapping the same source of funds we have commitments for. “Given the Government’s comments on BTC and other elements, we have to work with them and co-ordinate so we do not inundate the market at one time. There needs to be a very clear strategy with the Government and corporate houses understanding the availability of funds, and making sure we’re on the same page with respect to timing.”

The Government, in approving Emera’s buy-out of all Bahamian shareholders in Grand Bahama Power Company, reaffirmed its goal of creating “a shareholder society” by creating ownership and wealth

enhancing opportunities for the public.

It cited the Aliv sell-off, and potential reduction of its equity interest in the Bahamas Telecommunications Company (BTC), as two events that would help it achieve such an objective.

This indicates the disposal of its majority stake in the Bahamas’ second mobile operator is drawing closer, if only to ‘sweeten’ its approval of Emera’s deal.

Should the $70 million Aliv offering be fully placed, the Government would realise a much-needed one-off revenue windfall to help cover its combined $722 million deficit financing needs for this fiscal year and last.

It thus represents ‘lowhanging fruit’ for the Minnis administration in terms of securing significant income for the Public Treasury and easing the Government’s precarious fiscal position.

Mr Bowe yesterday said the three ministers overseeing the placement - Dr Minnis, KP Turnquest, the Deputy Prime Minister, and Carl Bethel QC, the Attorney General - had all given the go-ahead ‘in principle’ to proceed with the sell-off.

“We had a meeting with the ministers responsible for it, and they have now satisfied themselves of the plans originally set in place,” he told Tribune Business. “They’ve given us effectively an agreement in principle to proceed on the basis of where we were before.”

While the Government now only needed to “dot the ‘i’s’ and cross the ‘t’s’ on its end, Mr Bowe said approval for the transaction was also required from the Aliv and HoldingCo Boards.

The private placement’s advisers have been working to update the private placement documents from the version circulated eight months ago, with Aliv’s first annual financial statements for the year to end-June 2017 now being made available to prospective investors.

Updated financial projections are also being provided to ensure full disclosure, after the latest information was received at end-December 2017. The Aliv and

HoldingCo Boards are set to review the revised PPM this month. “I think we can now see the wheels turning,” Mr Bowe told Tribune Business. “It’s a bit of a snowball effect; once it starts rolling down the hill, it moves quickly. The framework is in place and it’s not a case of overhauling the foundation; it’s just updating the work that has been done.”

The Government’s Aliv sell-off has come under criticism for excluding retail (individual) investors, a strategy that was previously justified on the basis that the mobile operator was a ‘startup’ and not suitable for ‘less sophisticated’ investors.

It was also argued that the institutional investors targeted represented the broadest possible spectrum of Bahamian ownership through their members, thereby enhancing the Government’s ownership/wealth creation aims.

However, given that Aliv has been in business for more than a year, and now possesses audited annual financial statements, some observers may argue that the company is beyond the ‘start-up’ stage.

The Government’s HoldingCo investment was effectively a ‘bridge financing’ arrangement by to ensure that Aliv’s network roll-out was not delayed by the wait for private investors to come in. Its exit was always planned, apart from any minority interest the Government may want to retain as an income asset.

The $70 million potentially generated by the sell-off would also enable the Government to, finally, realise the proceeds from the $62.5 million spectrum license paid by Cable Bahamas, which has Board and management control at Aliv.

Those funds were immediately injected back into Aliv as HoldingCo’s share of its infrastructure build-out costs.

HoldingCo was initially conceived as a vehicle that would pool Bahamian capital for investment in a variety of infrastructure-based developments throughout the country, with Aliv designed to be just its first holding.

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THE TRIBUNE

Thursday, January 4, 2018, PAGE 5

GB Power opponents say: ‘We’ll go to another level’ FROM PAGE 1 minority shareholders, leaving it as the sole 100 per cent owner, Pastor Victor suggested the Canadian utility was strengthening a ‘beachhead’ from which it could seek to acquire Bahamas Power & Light (BPL).

“Our Coalition is very disappointed in the Government’s decision,” he said. “We anticipated that the Government would clearly define the need for Bahamian ownership in a vital utility company.

“How do you reverse a policy begun many years ago to ensure direct Bahamian ownership in GB Power? What the Government has done is take Bahamian ownership in GB Power backwards, and that should never have happened. There should have been an expansion of Bahamian ownership in GB Power.”

The Government, in announcing that it had approved the buy-out and de-listing of ICD Utilities from the Bahamas International Securities Exchange

(BISX), acknowledged that the deal ran counter to its ambitions of creating a “shareholder society” and enhancing ownership/ wealth accumulation for Bahamians.

However, it said there was “no legal justification” for it to intervene in a private transaction where 96 per cent of the Bahamian minority had voted in favour of accepting Emera’s offer.

The Government also sought to ‘sweeten’ any concerns by promising to sell-off its 51.75 per cent majority stake in Aliv, the second mobile operator, to Bahamian investors, and do the same with the Bahamas Telecommunications Company (BTC) - although no details on the latter were provided.

Pastor Victor, though, dismissed the Government’s statement thus: “To me it sounds like a press statement deliberately deflecting the attention from what is being allowed to happen at GB Power.

“The issue is not Aliv and BTC. The issue is GB

NOTICE

NOTICE is hereby given that ROBINSON SAINT-TILMON GUSTAVE of Palm Breeze Drive, P.O.Box CR-54364 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 4th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Power. We’re going to continue our opposition to it. There are some things we have been working on.

We’ll now have to take our opposition to a new level.

“For us, now that the Government has given approval to this, it only fortifies our belief that our opposition has to be intensified and to take this nationwide. Our opposition will intensify, not by choice but because we have to.”

Pastor Victor did not go into detail on the Coalition’s planned “intensified opposition”, although he has previously gone on record as opposing the renewal of GB Power’s licenses to supply electricity to Grand Bahama’s East and West Ends, both of which expire in summer 2018.

And he has also backed a Bahamian group that is seeking to obtain these licenses, although GB Power executives have suggested that ‘economies of

scale’ dictate that the electricity supply rights are best left with a sole provider such as itself.

Pastor Victor, meanwhile, suggested that the Bahamian shareholder buy-out was designed to strengthen Emera’s position in the Bahamas with a view to ultimately acquiring Bahamas Power & Light (BPL) and its BEC parent.

“I believe that they have an expansion goal for the whole Bahamas, not just Grand Bahama,” he told Tribune Business. “This is why they’re trying to solidify their footprint in Grand Bahama.”

Emera made no secret of its interest in the-then Bahamas Electricity Corporation (BEC) under the last Ingraham administration.

It later teamed with BISXlisted FOCOL Holdings and Wartsila in an independent power producer (IPP) consortium that offered to build, operate

and own a new power plant that would supply energy to BEC. Pastor Victor suggested the Government had feared a protracted legal battle with Emera had it refused to approve the buy-out, but argued that public policy considerations and the Bahamian people’s interest should override such concerns.

“There needs to be a firm policy that mandates Bahamian participation and ownership, and guarantees that no utility interest in this country be 100 per cent owned by a foreign company,” he told Tribune Business.

“I believe in investors coming in, but also believe in investors empowering

NOTICE

NOTICE is hereby given that MARGOT ROBIN FOUNTAIN of Stapledon Gardens, P.O.Box CR-11724, 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 4th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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NOTICE is hereby given that HARRY DORMEUS of Minne Street, 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 4th day of January, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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NOTICE is hereby given that DANIEL CALVIN PIERRE of Bernard Road, FH-144112 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 28th day of December, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Bahamian ownership. I welcome those who wish to invest, but believe in Bahamian ownership and management because it’s necessary.

“We have a poverty problem in this country that is expanding, and that means the people in authority have to look at how to empower Bahamians and ensure their economic participation.”

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MINISTER: 17 LANDFILL BIDS from PAGE 1 administration’s determination to avoid a “repeat” of the former government’s experience with Renew Bahamas, which “walked away with its tail between its legs” from managing the New Providence landfill in October 2016.

The 17 bidders, according to a list provided

by Mr Ferreira, are BISXlisted Bahamas Waste; Providence Advisors, the Bahamian investment house; Bahamas WTP

Ltd; Clleen Water and Power; RRI Global; Eastern Waste Systems; OMNI Corporate Services; Marine Contractors Inc; Bahamas Processing and Trading; Valoriza Servicios Medioambientales; New Providence Smart Power; Gold Seal Industries; Supernova Dominicana; EnviroQuip; Apapa International (Nassau); NP Eco-Park Ltd; and EBT Services International and Gel Tech Solutions.

One name missing from the list is Stellar Energy, the waste-to-energy proponent, which was at the heart of the Letter of Intent (LoI) controversy surrounding now-minister of agriculture and marine resources, Renward Wells, when he was

THE TRIBUNE part of the former Christie government.

Stellar had repeatedly given notice of its intention to bid on the latest landfill tender, and it is possible the company may be part of one of the 17 EoIs. Several of the bids are likely to involve groups or consortiums of investors.

Providence Advisors, for instance, is likely to have partnered with waste disposal companies in its offer.

Providence Advisors, headed by well-known financier Kenwood Kerr, had teamed with the all-Bahamian Waste Resources Development Group (WRDG), a 10-strong consortium of local waste services providers, to submit a bid on

the Request for Proposal (RFP) launched in the last days of the Christie administration. That process was subsequently annulled by the new government.

However, Mr Ferreira yesterday revealed that group had now split into two competing bids - the Bahamas Waste offer, and the one submitted by Providence Advisors.

“We had some delays in opening the Expressions of Interest, but we’ve received 17 in total,” the Minister told Tribune Business.

“That’s a good number to start with; some local, and some from outside.

“Remember that we previously received two. Those same entities as before have submitted an Expression of Interest, but the only difference is that the Bahamian group has split into two separate entities.”

Mr Ferreira said the 17 submissions, compared to just the two received by the former Christie administration, justified the Government’s decision to cancel the previous RFP process and launch the current one.

“With the number of players, the number of people, we feel pretty confident we’ll get the best result for the Bahamian people,” he told Tribune Business.

“We have some options.

What we’re going to do now is turn it over to a technical committee that will be evaluating the EoIs. “There is a team that has been composed, and appointed by the Cabinet, to review the EoIs. They

will do independent assessments and get back to us as to who to use going forward.”

Tribune Business sources said bidders on the landfill management contract had expected to hear by now whether they had qualified for the next round, which involves paying a $10,000 non-refundable deposit to the Government to obtain the full RFP, and then submit a more detailed offer by end-February 2018.

The clock is already ticking on that deadline, but the EoIs are only now just starting to be reviewed and assessed. Mr Ferreira said “illnesses” to key government staff meant the December 19, 2017, deadline for opening the EoIs was missed, and added: “Unforeseen circumstances is the best way I can describe it.”

He added, though, that the committee’s review was unlikely to “take more than a fortnight”, and promised: “We’re expecting to have all this wrapped up in very short order. This means potential bidders should know where they stand by around mid-January.

“At the end of this process we have to have something that works to the satisfaction of all concerned, that is fair and transparent, and achieved the proper result,” Mr Ferreira said, “which is the deconstruction, remediation, renovation and operation of the New Providence landfill.

“Speed and time is important, don’t get me wrong,

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

BASQUE HOLDINGS LTD. NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: a) BASQUE HOLDINGS LTD. is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on 2nd January 2018. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 2nd Floor, Shirley & Charlotte Street, P.O. Box N-4865, Nassau, Bahamas.

but we can’t sacrifice getting it right for speed and time. Deadlines are important, but it’s better to have clarity.... I do understand the timelines, but we’ve worked long and hard to get the Terms of Reference and scope of works right, and ensure that all parties have an opportunity to submit EoIs.” Mr Ferreira said combating the landfill’s potential environmental and health hazards, and ensuring the facility’s long-term economic viability, were high priorities for the Minnis administration.

“If affects the entire island of New Providence and is a long-standing problem,” he added. “We have the determination and political will to deal with it.

“It’s the same way we feel with Clifton Pier and legislative gaps when it comes to environmental legislation.

These are the ‘big three’ things we intend to tackle on behalf of the Bahamian people and move the country forward into the 21st century.”

The Government’s Heads of Agreement with Baha Mar’s new owner committed the Government to remediating the landfill’s numerous issues by December 31, 2017.

That deadline has since passed, but Mr Ferreira said he was unaware of any pressure from Baha Mar’s new owner, Chow Tai Fook Enterprises (CTFE), to fix the facility.

“I’m sure the new owners want the situation resolved as soon as possible to everyone’s satisfaction,” he told Tribune Business. “This is a high priority item for us.

“We need to learn from the mistakes of the last experiment, when Renew Bahamas was engaged and they left with their tail between their legs. We need not repeat that.

“The only way not to repeat that is not to rush the process. We feel we’ve given everyone sufficient time, and will continue with sufficient haste to finish this off, but don’t want to compromise the quality of what we get.”

Qualifying bidders were originally supposed to submit their technical and financial proposals to the Ministry of Finance’s Tenders Board by February 28. The proposals will then be evaluated by the review/selection team, and a preferred bidder will be selected by March 15, 2018.

THE TRIBUNE

Thursday, January 4, 2018, PAGE 9

Bahamian insurers fear NHI ‘kop out’ FROM PAGE 1 Christie administration even though supporting laws were not then in place.

The BIA spoke out after Dr Duane Sands, minister of health, disclosed the contents of the ‘legal opinion’ and suggested this made it more difficult for the Minnis administration and Board to undo what has been done previously.

Dr Sands said the opinion “significantly complicates” the Government’s efforts to reform NHI to its liking, and ensure the scheme is economically viable and sustainable, given that there is no compelling legal reason to overturn the existing contracts with healthcare providers who are serving 29,539 beneficiaries.

He suggested that the NHI Board’s “hands are tied” by the work of the former administration’s NHI Secretariat, and added: “You have a situation where things were

not done entirely legally, and yet you’re between the devil and the deep blue sea” in not wanting to negatively impact those receiving care via the scheme.

Insurance industry sources, speaking to Tribune Business on condition of anonymity, went further than the BIA statement in branding the Government’s ‘legal opinion’ as “a kop out” and excuse for failing to follow through on pledged NHI reforms.

One contact, speaking on condition of anonymity, said: “I think the general sentiment in the industry is that it seems to be a ‘kop out’ to avoid making a decision, and avoid getting it right.

“It’s about a kop out on behalf of the current administration, and it’s becoming a problematic situation.

“How can you ratify something that has no legal basis? Surely you have to

go back to Parliament to change everything in law.”

They added: “There’s a sentiment in the industry that, when you look at it, it’s a ‘catch-22’. And in taking the easy way out, a bad precedent may be set.

These things remain unaddressed. It’s one thing to blame your predecessor, but they’ve been in office since May. All you’re doing is perpetuating something unsustainable.”

Tina Cambridge, Generali’s regional director, speaking on behalf of the BIA at a recent Bahamas Insurance Brokers Association (BIBA) seminar, reiterated the Association’s belief that the NHI scheme was “operating outside the law”.

She urged the Government to “go back to the drawing board”, given that the Christie administration only brought select parts of the NHI Act into effect when it ‘gazzetted’ them on April 5,

2017. Crucially, no Board was appointed until July 17, meaning that the NHI Authority did not exist and, as a result, the preelection contracts entered into with medical providers may have been “ultra vires” and outside the law.

The only parts of the NHI Act given legal effect by the Christie administration were those that repealed the previous legislation; indicated when the new one came into force; and established the NHI Authority.

Among the sections omitted were those giving authority to enroll persons in NHI; the criteria setting out who was eligible to enrol; and the framework detailing the functions of health care providers and insurers.

One insurance industry source, also speaking on condition of anonymity, questioned how the new government and NHI Authority can “ratify

something that has no basis in law”.

They suggested that the Government was using the ‘legal opinion’ to “keep the status quo”, and as “a cover and way out” from reforming NHI, which might create negative political fall-out.

“The objective should be doing the right thing, and the right thing for the Bahamian people,” the source said. “That should be the objective. Based on principle, it’s difficult to see how you can tell me it’s all fine and dandy. It’s not.”

The source also reiterated that the NHI Authority was continuing to fill the role of Regulated Health Administrator (RHA) under the NHI scheme, despite not being licensed by the Insurance Commission to act as such.

The BIA, in its statement, blasted: “It is unclear to the BIA how the Board of the NHI Authority could possibly ratify these actions

in contravention of the law that created it, and in violation of the Insurance Act. “We urge the Government to ensure that a dangerous precedent is not set vis-à-vis disregard for applicable laws. The Bahamas has to act in accordance with the rule of law, and public officials cannot knowingly violate duly passed law.”

Calling on the Government to disclose its ‘legal opinion’, the BIA added: “The BIA is not in possession of the legal opinion issued by the Attorney General’s Office, and is therefore not in a position to render informed commentary on the opinion.

“In this regard, we implore the Government to release the opinion to stakeholders including the BIA in the spirit of transparency, accountability and good governance. In the interim, and until evidence to the contrary is provided, the BIA maintains its position.”

PAGE 10, Thursday, January 4, 2018

GP POWER APPROVAL from PAGE 1

Anthony Ferguson, CFAL’s principal, told Tribune Business it was vital for this nation to have “a quick and transparent” approvals process so that the Bahamas International Securities Exchange (BISX) could attract more international listings.

THE TRIBUNE

He warned that unanticipated delays such as those that occurred over the GB Power buy-out, with the Government creating uncertainty by seemingly going back on earlier approvals, could deter investors from doing business in the Bahamian capital markets.

“If we’re going to attract more international listings on the local exchange, we certainly need to have a transparent process and a quick process for making

decisions, so that there are no unnecessary delays in companies or mutual funds being able to make decisions in a competitive market,” Mr Ferguson told Tribune Business.

“I think overall it’s [the Government’s final approval] positive and encouraging for companies looking to list mutual funds and Bahamian Depository Receipts (BDRs) on the exchange in the future.

You could possibly see a number of local financial

institutions listing BDRs on the exchange.”

Mr Ferguson mentioned the likes of Royal Bank of Canada (RBC) and Scotiabank as candidates for a BDR listing on BISX, pointing out that this was likely preferable to a dual listing due to the lower regulatory and filing costs involved.

The CFAL chief was speaking after the Minnis administration confirmed late on Tuesday night that the Cabinet had given final

NOTICE Jasper Invest SA (In Voluntary Liquidation)

NOTICE HESHCEL FUND LIMITED (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 2nd, day of January 2018. The Liquidator is Kim Thompson of Nassau Bahamas.

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 2nd, day of January 2018. The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator)

Kim Thompson (Liquidator)

NOTICE SAPPHIRE VENTURE FUND 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 2nd, day of January 2018. The Liquidator is Kim Thompson of Nassau Bahamas.

approval for Emera, the Canadian utility giant, to complete its buy-out of the Bahamian minority investors in BISX-listed ICD Utilities.

The latter entity acts as the ‘holding vehicle’ for a 50 per cent equity stake in GB Power, and the Government - while acknowledging that the transaction was contrary to its objective of creating “a shareholder society” - said there was “no legal justification” for it to intervene in a private transaction already approved by 96 per cent of the Bahamian shareholders.

CFAL acted as Emera/ ICD Utilities’ local financial adviser on the deal, and Mr Ferguson said: “I think it was the right decision.

“From what I know shareholders were anxious, so they have to be happy about the fact it was approved. I’m not sure when the money is going to be released, but I know people will welcome the opportunity to receive their funds.”

Many ICD Utilities will have based their Christmas shopping plans, and made other commitments, on the basis of receiving the $8.85 per share cash pay-out representing a 26 per cent premium to the pre-transaction announcement price - only to have this dashed by the delayed wait for final government approval.

Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, branded the Government approval as “common sense prevailing” given the substantial Bahamian minority investor approval and the absence of any law that could block the transaction.

“I think our views are consistent with where the Government ended up,”

he told Tribune Business.

“I was pleased to see some sense at the end of the day.

Common sense prevailed.

“Ninety-six per cent of minority shareholders wanted to do it, there was no law to block it, and whatever the rationale was [for the Government’s review] didn’t make sense. Right at the wire they stepped back.”

Had the Government blocked the transaction, it would likely have led to potential legal action by Emera and ICD Utilities.

As it is, they only currently have to contend with the potential Judicial Review proceedings launched by Fred Smith QC on behalf of his company, SeSaChe. Carl Bethel QC, the Attorney General, previously told this newspaper that the Minnis administration wanted to be sure that approving the Emera purchase was “consistent” with previous policy decisions taken when the Canadian utility first bought into GB Power.

Mr Anderson said there were numerous other investment and ownership opportunities available to Bahamians, pointing out that Emera had also offered ICD Utilities shareholders the chance to invest internationally in its Canadian, US and Caribbean operations via the creation of BDRs. The Emera Depository Receipts (DR) will effectively allow Bahamian investors to maintain indirect ownership in GB Power, as they will be a direct replacement for the ICD Utilities shares. The DR option, Emera and its advisers are arguing, also means that Bahamian investors are not being forced to sell.

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INVERSIONES SANTA ELA INTERNATIONAL LIMITED In Voluntary liquidation

Kim Thompson (Liquidator)

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000).

INVERSIONES SANTA ELA INTERNATIONAL LIMITED, is in Dissolution.”

MARKET REPORT WEDNESDAY, 3 JANUARY 2018

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

BISX ALL SHARE INDEX: CLOSE 2,063.54 | CHG -0.03 | %CHG 0.00 | YTD 125.33 | YTD% 6.47 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.76 1.77 0.16 5.60 8.70 6.30 5.30 12.00 2.59 1.56 6.01 10.55 11.00 4.50 7.25 12.51 11.00

52WK LOW 4.00 17.43 8.19 3.32 0.95 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.67 3.35 6.61 12.01 10.00

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

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

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

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

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

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

SYMBOL FBB18 FBB22

Bahamas Note 6.95 (2029) 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 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

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

MUTUAL FUNDS 52WK HI 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.00 17.43 9.09 3.34 0.95 0.16 3.70 8.70 6.10 4.90 9.00 2.52 1.50 6.00 10.45 6.00 4.48 7.01 12.51 10.00

CLOSE 4.00 17.43 9.09 3.34 0.95 0.16 3.70 8.70 6.10 4.90 9.00 2.48 1.50 6.00 10.45 6.00 4.48 7.01 12.51 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 -0.04 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 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

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

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.80 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.05 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

109.85 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 115

1,653 100

25,000

VOLUME

NAV 2.11 4.13 1.98 176.30 149.66 1.52 1.69 1.61 1.09 7.16 8.40 6.29 11.28 11.60 10.21

EPS$ 0.444 0.932 -0.508 0.540 -1.220 0.000 -1.462 0.611 0.583 0.192 0.631 0.102 0.392 1.129 0.729 0.484 0.298 -0.668 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.300 0.220 0.160 0.690 0.060 0.050 0.290 0.500 0.000 0.120 0.140 0.580 0.000

P/E 9.0 18.7 N/M 6.2 N/M N/M -2.5 14.2 10.5 25.5 14.3 24.3 3.8 5.3 14.3 12.4 15.0 -10.5 23.0 0.0

YIELD 2.00% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.45% 3.61% 3.27% 7.67% 2.42% 3.33% 4.83% 4.78% 0.00% 2.68% 2.00% 4.64% 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 6.00% Prime + 1.75%

MATURITY 31-May-2018 19-Oct-2022

6.95% 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 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% 4.00% 4.39% 5.57% 5.69% 2.14% 2.44% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Nov-2017 30-Nov-2017 24-Nov-2017 30-Sep-2017 30-Sep-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

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 date of commencement of dissolution is the 21st day of December, 2017.

ROCKWELL LTD., of #25 Mason Complex, Stoney Ground, P.O. Box 193, The Valley, British Anguilla Liquidator

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

RENBY PROPERTIES 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).RENBY PROPERTIES LIMITED, is in Dissolution.”

The date of commencement of dissolution is the 21st day of December, 2017.

Gustavo Angel Veiga with domicile in Reconquista 517, floor 5, Montevideo, Uruguay Liquidator

THE TRIBUNE 5 ways to assess whether the GOP tax plan is delivering WASHINGTON (AP) — If President Donald Trump and his Republican allies are right, the tax cut plan they sped into law last month will make individuals and businesses more prosperous. Critics counter that the tax plan will mainly enrich the already wealthy and swell corporate profits while leaving most ordinary households with comparatively modest tax cuts — and, eventually, tax hikes. So how best to judge who’s right?

Fed officials expect economic boost from tax cuts WASHINGTON (AP) — Federal Reserve policymakers generally agreed last month that the US tax overhaul would likely benefit the economy, but they were split on whether the resulting growth would warrant a faster pace of rate hikes this year. Minutes of the Fed’s Dec. 12-13 meeting released Wednesday show that officials believed the tax cuts would drive consumer spending and increased business investment, though they expressed uncertainty over the magnitude of the boost.

South Carolina customers could see refunds in a utility sale COLUMBIA, S.C. (AP) — A proposed deal with Virginia-based Dominion Energy could mean $1.3 billion in refunds for customers of a troubled South Carolina utility who have been funding a failed nuclear reactor project. Dominion announced Wednesday it would make immediate $1,000 cash payments to SCANA Corp. customers within 90 days of closing its purchase of the company.

US factories closed out 2017 with a boom WASHINGTON (AP) — U.S. manufacturers expanded at a faster pace in December. A sharp increase in new orders

Thursday, January 4, 2018, PAGE 11

INTERNATIONAL BUSINESS HIGHLIGHTS provided much of the boost.

The Institute for Supply Management says its manufacturing index rose to 59.7 last month from 58.2 in November. Any reading above 50 points to greater factory activity. Manufacturing has been expanding for the past 16 months.

Price tag on gene therapy for rare form of blindness: $850K WASHINGTON (AP) — A first-of-its kind genetic treatment for blindness will cost $850,000 per patient, making it one of the most expensive medicines in the world. The drug, from Spark Therapeutics, was expected to be priced at $1 million or more, but the company announced its lower price Wednesday after hearing concerns from health insurers. The therapy, Luxturna, can improve the vision of patients with a rare form of inherited blindness.

France’s Macron vows to combat fake news on the internet PARIS (AP) — French President Emmanuel Macron is coming out strongly in support of press freedom and has announced a bill to combat the spread of fake news during election campaigns. In a speech to journalists Wednesday that laid out his agenda for 2018, Macron said press freedom is “the highest expression of freedom.” The French leader also warned that “press freedom is not only attacked by dictatorships, it is also battered in countries that are democracies” including ones in Europe.

Cold weather a boon for TV’s New Year’s celebrations NEW YORK (AP) — ABC’s venerable ‘New Year’s Rockin’ Eve’ had its biggest audience since at least 1991, with viewers who stayed in to keep warm and were curious about how Ryan Seacrest would

deal with frigid temperatures. Fox and CNN New Years’ coverage from Times Square also set new standards for viewership.

climbed 58.63 points, or 0.8 percent, to 7,065.53.

The Russell 2000 index of smaller-company stocks gained 2.56 points, or 0.2

percent, 1,552.58. All four finished at record highs.

Benchmark U.S. crude added $1.26, or 2.1 percent, to $61.63 a barrel in New

York. Brent crude, used to price international oils, picked up $1.27, or 1.8 percent, to $67.84 a barrel in London.

Revised suit faults Google for asking hires about prior pay SAN FRANCISCO (AP) — A revised gender-pay lawsuit seeking class-action status against Google faults the search giant for asking new hires about their prior salary, a practice now banned in California.

The suit also adds fourth complainant, a preschool teacher with a master’s degree. The four women allege they were underpaid by Google compared to their male counterparts. Google disputes the charges.

New EU rules aim to protect investors, strengthen markets FRANKFURT, Germany (AP) — New rules to protect investors, improve market transparency and honesty and prevent another financial crisis have gone into effect in Europe.

The regulations are more than a million paragraphs long, took six years to write and approve and had to be delayed by a year. And despite Wednesday’s start date, they still haven’t been passed into national law by more than half the European Union’s 28 member states.

Tesla falls short on Model 3, but overall sales rise DETROIT (AP) — Electric car maker Tesla Inc. has again fallen short of production goals for its new Model 3 sedan. But the company exceeded its overall sales targets. ____ The Standard & Poor’s 500 index rose 17.25 points, or 0.6 percent, to 2,713.06.

The Dow Jones industrial average added 98.67 points, or 0.4 percent, to 24,922.68.

The Nasdaq composite

CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals.

IT Manager Job Summary: The Information Technology Manager reports to the Director of IT and manages and provides hardware, software and network maintenance, training and consultation, and recommendations about future planning and development of resources. Providing these services in an effective and efficient manner will ensure maximum access to and implementation of technology services and resources.

Responsibilities • Manage information technology and computer systems, hardware and software • Plan, organize, control and evaluate IT and electronic data operations • Manage IT staff by training and coaching employees, communicating job expectations and appraising their performance • Design, develop, implement and coordinate systems, policies and procedures • Ensure security of data, network access and backup systems • Act in alignment with user needs and system functionality to contribute to

organizational policy • Identify problematic areas and implement strategic solutions in time • Spearheads implementation of large projects • Audit systems and assess their outcomes • Preserve assets, information security and control structures • Manage E-Mail and Internet Programs Networking Is familiar with use of Active Directory Oversees the administration and maintenance of the company’s infrastructure Oversees the administration of the company’s WAN. Qualifications & Experience Required: BS in Computer Science, MIS or similar field Certifications in ComTIA A+, Network +,Security + Proven working experience as an IT Manager or relevant experience Restaurant Supervisor Job Summary: The Restaurant Supervisor is responsible for assisting in supervision of restaurant and kitchen operations including food and beverage preparation and service, personnel, ordering inventory, discipline, food and beverage cost control.

Responsibilities • Assist with the day to day operation of the Food & Beverage Deparment according to the Hotel’s policies and procedures.

• Ensuring that the standards of service delivered to the guest by the F&B employees is in accordance with the company standards.

• Assist with ensuring that all F&B Team Members, performed their duties and maintain their areas and equipment in a manner in compliance with the company policy and instructions as directed.

• Assist with maintaining the highest level of sanitation throughout all Food and Beverage areas as prescribed.

Qualifications & Experience Required: • Potential applicant must possess a High School Education.

• Must be computer literate • Excellent written and oral skills • 3 years experience in Food and Beverage Department Competitive salary and benefits package are commensurate with experience.

Interested persons should submit their resumes via e-mail to jmcdonald@comfortsuitespi.com

PAGE 12, Thursday, January 4, 2018

THE TRIBUNE