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Baha Mar VAT free deal ‘not abnormal’ By NEIL HARTNELL Tribune Business Editor

Stephen Wrinkle

A former Bahamian Contractors Association (BCA) president yesterday said the total VAT exemption granted to Baha Mar’s completion was “not abnormal”, and that the Government was correct to grant it given the present situation. Stephen Wrinkle confirmed to Tribune Business that in his experience it was normal for sub-contractors and suppliers to enjoy the same ‘tax breaks’ and benefits as

Abaco guides fear ‘irreparable harm’ via new regulation By NATARIO McKENZIE

Tribune Business Reporter

Concerns continued to mount yesterday over the new fly fishing regulations, with one Bahamas-based association arguing that many reforms were “unnecessary and counterproductive”, and would undermine the industry’s viability. The Abaco Fly Fishing Guides Association, which has been at odds with the Bahamas Fly Fishing Industry Association (BFFIA) since the draft regulations were first released, confirmed the industry split by saying its members “do not recognise” the BFFIA as the sector’s legitimate representative or voice. The Abaco Association, in a statement yesterday, said: “Rather than welcome all fishing visitors, parts of this regulation restrict anglers from practicing sustainable fishing that does no harm to the fishery, thus greatly reducing the economic ben-

Confirm split in fly fishing industry Sector has $411m GDP impact for Bahamas And says 18,000 jobs may also be impacted efits of flats fishing for the Bahamas economy. “Most of the regulation is unnecessary and does nothing for sustainable development of the fly fishing sector. The three major threats to the fishery are habitat loss, degradation of the water and illegal netting. This regulation does nothing to address two of these threats.  Netting bonefish has been illegal for many years but the law is rarely enforced.” The Abaco Association See pg b2

Baha Mar sale VAT is just a ‘deductible’ By NEIL HARTNELL Tribune Business Editor The payment of Value-Added Tax (VAT) on Baha Mar’s sale could just be “a cash flow timing issue” based on how the tax works, the Chamber of Commerce’s chairman said yesterday, suggesting it was currently impossible to evaluate the completion deal’s merits. Gowon Bowe told Tribune Business that the VAT element of the 10 per cent ‘transfer tax’, which is normally payable when property or real estate is sold, is effectively a “deductible” that can be offset against future tax payments. As a result, Mr Bowe said the VAT payable when Chow Tai Fook Enterprises (CTFE) purchases Baha Mar’s real estate could either be paid then or taken from future taxes generated by the resort/casino operations, depending on how the deal with the Government was structured. The Chamber chairman’s analysis implies that Opposition politicians may be exaggerating by suggesting that between $200 million-$400 million in tax revenues on Baha Mar’s purchase are being foregone by the Christie administration. He also warned that, with the Baha Mar construction completion agreement ‘sealed’ by the Supreme Court, and the Heads of Agreement between the

Chamber chief says ‘cash flow timing issue’ Calls for ‘defined policy’ on investment incentives And scientific approach to analysing effectiveness

Gowon Bowe Government and CTFE still not disclosed, it was impossible to determine whether the Christie administration had struck a good deal, or if it had given too much away in terms of tax incentives. “Do we have sufficient information to evaluate what has been given at this point in time,” Mr Bowe asked, implying that the answer See pg b3

the main contractor when working on multi-million dollar investment projects. Tribune Business yesterday revealed that Baha Mar’s $600-$700 million construction completion was entirely VAT free, with the exemption extended to the project’s sub-contractors and suppliers, who are effectively being treated as ‘zero rated’. This has attracted heavy criticism from the Government’s political opponents, but Mr Wrinkle said the move was not unusual given the precedent set by previous Heads of See pg b4

Ex-Contractor chief backs granting exemption Wrinkle: Tackling ‘white elephant’ is ‘bigger picture’ Says ‘pros outweigh cons’ in getting project open

Super Value owner: Web shops ‘took 30% from us’ over Xmas By NATARIO McKENZIE Tribune Business Reporter Super Value’s owner yesterday blamed web shops for “taking an average of 30 per cent” of the supermarket chain’s revenues, saying: “It’s devastating the economy.” Rupert Roberts told Tribune Business that sales revenues were down at least 2 per cent compared to last year’s Christmas shopping period, something he also attributed to Value-Added Tax’s (VAT) impact on consumer spending and disposable income. Mr Roberts said: “I was very hopeful with the crowds that we had, but it turned out to be very disappointing. I spoke to the store managers and asked them what happened because I know that we had the crowds and we had the inventory. “What they said to me was that VAT is taking 7.5 per cent from us, and they agreed on a figure; that gaming was taking an average of 30 per cent from us. It’s devastating the economy. It’s taking the school fees, the BEC money and everything - everything out of the economy.” The Super Value owner is the latest businessman to slam the web

Says: Gambling is ‘devastating the economy’ Xmas bonuses went into ‘winning big’ Supermarket chain’s sales down 2% year-on-year shop industry’s impact on consumers and other sectors of the economy. Mario Cartwright, a co-founder and past president of the Long Island Chamber of Commerce, while addressing the island’s Business Outlook in December, blasted web shops as a “scourge” that is “drying up” the economy, with residents prioritising gambling above everything else. Mr Roberts added: “Just as it was with the hurricane, there was a lot of preparation and it was very, very intense but we just didn’t do what we expected. “During Christmas people were putting bonuses and everything into gaming to try and make themselves a big Christmas. That’s the story of Christmas now. Right now we’re just See pg b4


Bran: Bahamians ‘stabbed in back’ by Baha Mar VAT DNA leader asks if same break given to local firms Says ‘transparency and accountability out window’ Timing hurtful with Business Licence coming up By NEIL HARTNELL Tribune Business Editor The Democratic National Alliance’s (DNA) leader yesterday said Bahamian small businesses and consumers had been “stabbed in the back” by the total VAT exemption granted for Baha Mar’s construction completion. Branville McCartney said the tax incentives granted to China Construction America (CCA) and its sub-contractors continued a trend where foreign investors received preferential treatment, while Bahamian-owned firms were “suffering no end”. Calling on the Government to confirm whether it would offer similar tax breaks to Bahamian companies, the Opposition’s Senate leader said the Baha Mar revelation had come at an especially bleak moment for the local private sector. Apart from having to complete VAT filings and payments a week earlier this month, by the 21st, Mr McCartney said he had yesterday been advised by his accountants that his various companies had to pay their annual Business License fees by month’s end. The Government modified this requirement last year, giving companies until end-March to make the actual Business License payment, while still demanding the actual returns by January’s close. Mr McCartney, though, said Bahamian businesses were effectively “working to pay the Government’s taxes’. He added that it was especially ‘“amazing” that Bahamians had to learn of the blanket VAT waiver for Baha Mar’s construction completion via a leaked CCA e-mail, rather than from their own Government. Arguing that “accountability and transparency is out the window with this See pg b4

PAGE 2, Friday, January 6, 2017


Making the change reality during 2017 At the start of each year, many people go into reflection mode and plan for a more productive season. As much as we all want greater returns on our input, we are still challenged in making the necessary changes required to realise those returns. ‘Change management’, as a term, is not new to our corporate language. Businesses understand the need for change in a fast-paced and highly competitive environment, but to execute that change is sometimes difficult to achieve. Change management often requires challenging a company culture that has become deeply rooted into the psyche of its employees over many years. Our suggestions today provide key steps for busi-

ness leaders in making the change required for a successful 2017.


Become, as a leader, the change you want to see in your company. Lead by example and deliberately say to your team: ‘Do as I do’. The senior executive must also make it his or her business to ensure that all other leaders (managers and supervisors) are held accountable to the same standards. Start at the top and work from the premise ‘to whom much is given, much is required’.


Involve every layer of the business

in every aspect of its operations. People are prepared and willing to embrace change when they are kept in the loop. When it is viewed as something being imposed or forced, it is typically met with some level of resistance.

to effecting change. Employees must hear with clarity what the new order and way of being is. Use as many mediums as possible to bring home the message.


Do not separate the rational from the emotional in the changes you make as a leader. These arguments must be presented together, and employees must be brought into and won over by appeal to both the heart and the head.

Think unconventionally and force others around you to do the same. Make your teams comfortable with using terms such as ‘out of the box’, ‘stretch’ and ‘unique’. Remember that safe and familiar is also quite comfortable. People will need the extra push to try and think through new solutions to problems.




Engage, engage, engage. Communication is critical

Periodically assess and measure how well team members have

adapted to the changes made. Six months after making a major change, you might find that a few persons still need help in accepting and embracing what has occurred. The ‘who moved my cheese’ culture exists in many workplaces, and a reminder that there is new - and better - cheese to be had is one that even your best employee needs to hear from time to time. Enjoy great success in 2017, as you forge ahead with the positive changes you need to succeed.

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having com-

Ian ferguson pleted graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@

BAMSI promoted to 600 Atlantis workers Members of the Bahamas Agriculture and Marine Science Institute’s (BAMSI) marketing and distribution team attended the Atlantis Hurricane Recovery Expo, held last month. The Expo, an initiative of Atlantis’s ‘We Care’ programme, was held to assist resort staff impacted by Hurricane Matthew. The event allowed BAMSI to connect with hundreds of Bahamians, sharing with them how they can enjoy better quality food, education and an interest in farming. BAMSI’s booth showcased a variety of fresh field greens, including lettuce,

thyme and basil, which are grown in North Andros, along with processed items such as jams that are manufactured in the Bahamas. The booth also provided information on the Institute, its academic arm and various agriculture programmes, including the Associated Farmers Programme (AFP) targeted at small and backyard farmers. The expo saw 600 Atlantis personnel visit a wide range of vendors, who shared their products and services with team members. Joining BAMSI at the event were financial service providers, the National

Pictured at the Atlantis Hurricane Recovery Expo from left are Romeo Josey, BAMSI’s marketing assistant; Curlean Major, assistant marketing manager; and Kendra Mitchell, marketing clerk.

Emergency Management Agency (NEMA), Maid for a Day, Physiotherapy Services, Mandara Spa and Sandilands Rehabilitation Centre. “We were well organised and represented,” said Curlean Major, BAMSI’s assistant marketing manager, said. “From the opening of the expo to its closing we were bombarded by Atlantis staff who were looking for information on BAMSI and our education programmes. “Our lettuce was also a big success with the Atlantis staff. We were able to provide them with several types; Red Leaf, Concept, La Rosa and Tropicana.”

GB Chamber’s new Board holds meeting The Grand Bahama Chamber of Commerce’s new Board of Directors held its first meeting this Wednesday. Members reviewed the Chamber’s 2016 work, and began to lay out plans for this year. The afternoon retreat also allowed incoming Board members to become familiar with the organisation’s work. Newly-elected president, Mick Holding, led the meeting at Pelican Bay’s convention centre in Lucaya, Grand Bahama. The Grand Bahama Chamber of Commerce is made up of private sector executives, working to promote and support business development in an effort to encourage growth and expansion in the Grand Bahama economy. Shown front row, L-R, are: GB Chamber executive director, Mercynth Ferguson; treasurer, Ralph Hepburn; first vice-president, Dan Romence; president, Mick Holding; second vice-president, Lawrence Palmer; and, secretary, Karin Sanchez. Back row, L to R, are Board members Lesley Davies-Baptista; Rengin Johnson; Erik Russell; Daniel Lowe; Greg Laroda; Dillon Knowles; Patra Albury; and,Jeremy Cafferata. Not pictured is Edward Marshall

Abaco guides fear ‘irreparable harm’ via new regulation From pg B1 cited a 2016 economic impact assessment of the fly fishing industry by the United Nations’ Food and Agriculture Organisation (FAO), which used the Bahamas and Martinique as case studies. The report said: “The anglers’ main reason for visiting the Bahamas is for fishing. If they were not allowed to fish, 91 per cent of the anglers responded that they would not have travelled to the Bahamas and made these expenditures. “Only 5 per cent said they would have still visited the Bahamas, and 4 per cent were ‘Unsure’. Therefore, fishing is the main force that encourages other expenditures on an angler’s visit. As seen from responses from anglers, the total expenditure for anglers for an

average three-day fishing trip to the Bahamas is estimated at$4,608 per angler or $1,536 per day.” The report also noted that the average times an angler visited the Bahamas to fish was at least twice per year, and that they spent anywhere from one to six days in this nation. It added that the recreational fishing sector generates annual spending of $527 million, and contributes more than $411 million to the Bahamian gross domestic product (GDP). The industry was said to also provide more than 18,000 Bahamian jobs, either directly or indirectly. And, referencing a 2010 study by Tony Fedler on the economic impact of flatsfishing in the Bahamas, the Abaco Association said it identified 313 bone fishing

guides in the Bahamas. It argued that “it is impossible for this small amount of guides to fulfill the 1:2 guide/angler requirement for all boating anglers as now required by regulation.” “Second homeowners who have imported dutypaid, Bahamian-registered boats will not be allowed to flats fish without a guide,” the Abaco Association said. “The countries’ recreational boating/yachting visitors, who utilise the many Bahamian-owned marinas, will not be allowed to flats fish without a guide. Visitors who rent a boat from the many Bahamian boat rental companies will not be allowed to flats fish without a guide.  “Bahamians who own vacation properties and provide a two-person kayak or little skiff can no longer market to bone fishermen because it will be illegal for the visitors to use the boats to access the flats to wade fish without a guide according to the regulation. The Abaco Association added: “In a misguided at-

tempt to improve the economic outlook of guides, fuelled by BFFIA, the minister will irreparably harm other vital components of the fly fishing industry. Perhaps more shocking is that the Ministry of Tourism and the Prime Minister have not put a stop to the flats fishing regulation in its present form.  “Hundreds of letters have been written to these and other government officials by stakeholders offering input and feedback while the legislation was being drafted, and yet it has all been ignored. “Pleas to have the 1:2 guide/angler regulation removed by second home owner foreign investors, who have invested untold millions purchasing real estate in this country, primarily for the purpose of flats fishing, have been ignored by the Government.  These same home owners pump another $70,000 each, on average, into the local island economies each year. Many of them are leaving. Already, condos, homes and boats

have been put up for sale.” The Abaco Association said that while it agrees that ‘mother ships’ should be barred from fishing in Bahamian waters, the regulations will ultimately punish the entire industry instead of a specific culprit.     “Specific regulations, for instance not issuing sports fishing permits to yachts with more than one flats boat, could easily be done via Customs and Immigration at ports of entry with the appropriate Fisheries and Port Department regulation,” the Abaco Association said. “There is no need to punish the 83 per cent of anglers who fish from boats when they visit the Bahamas because of the dozen mother ships that have been fishing here for the past 40 years.  The one-sided input into the development of these regulations has left stakeholders angry.” The Abaco Association also labelled as a “slap in the face” the requirement that all guides be trained and certified by a non-govern-

mental organisation in order to qualify for a guide license. “The biggest complaint from anglers about guides in the Bahamas is regarding their shoddy equipment; inadequate boats, poorly maintained engines, and beat up vehicles used to transport anglers,” it said. “The one thing that the Minister could have done that would have actually made a difference for guides and their high-dollar anglers in this regulation is the allowance of duty-free concessions for vehicles, boat trailers, fishing equipment and engine parts. “In fact, those perks were in the first draft, but by the fifth draft that is now regulation, they have fallen by the wayside. The Government is now requiring guides to spend a lot of money to continue to participate in the very guiding profession they have already successfully built, and yet there is no incentive offered for them to participate in this BFFIA promulgated scheme.”

here’s to new beginnings happy new year

The Bahamas’ newest mobile network


Bahamians warned over ‘ignorance’ on Baha Mar By NEIL HARTNELL Tribune Business Editor The Chamber of Commerce’s chairman yesterday called for greater government transparency over when the various Baha Mar agreements will be released, as he warned Bahamians to guard against “ignorance” in the general election run-up. Gowon Bowe told Tribune Business that the Christie administration needed to better communicate how the process to ‘unseal’ Baha Mar’s construction completion agreement will work, and the status of the various transactions. He also urged it to explain any outstanding conditions that needed to be fulfilled to consummate Baha Mar’s completion and sale, given that expectations had been raised by Prime Minister Perry Christie’s confirmation that a deal is in place. “Time is moving on, and when is the transaction going to be completed and the petition for the unsealing going to be heard?” Mr Bowe said of the key questions being asked by Bahamians. “While it’s not to contradict the Prime Minister that a deal may have been struck, there may be conditions precedent - certain

Chamber chief’s alert on political ‘silly season’ Calls for greater Gov’t transparency on sale status Asks for details on ‘conditions precedent’ things that have to happen, and certain milestones that have to be achieved” before the deal is concluded. One of the likely ‘conditions precedent’, Tribune Business understands, is CTFE obtaining a casino licence from the Government via the Gaming Board. While it has tended to hire casino operators, brands and managers for its other resort developments that include a gaming component, CTFE is departing from this model over Baha Mar. Graeme Davis, president of its Bahamian subsidiary, said CTFE would form its own company to own and operate the casino, and hire a management team featuring experienced executives. Given that Baha Mars’s 100,000 square foot casino

Baha Mar sale VAT is just a ‘deductible’ From pg B1 was ‘no’. Turning to the clamour over whether the 10 per cent ‘transfer tax’ would be paid on the sale of Baha Mar’s real estate, he added: “In a VAT transaction, any time VAT is paid on the acquisition of a resort, it becomes an input credit offset against future taxes. It’s a deductible. “In reality, the question really is: Has there been a VAT concession, or is this just a cash flow timing issue?” Mr Bowe explained that, in theory, the Government either had the option of collecting the VAT element of the ‘transfer tax’ upfront, allowing CTFE to offset this payment against future tax collected, or wait and claim the payment from revenues generated by Baha Mar guests. Whether the 10 per cent ‘transfer tax’, which is broken into 7.5 per cent VAT and 2.5 per cent Stamp Duty, will be payable on Baha Mar’s sale has been a recurring issue picked up on by Opposition politi-

cians. The latest was Democratic National Alliance (DNA) leader Branville McCartney, who told Tribune Business: “You’re looking at hundreds of millions of dollars that could have gone into the kitty for the Bahamas, especially in light of the recent downgrade and rising debt. “We could reduce the debt significantly. This is hundreds of millions of dollars in the face of a downgrade. The question is: What is this government doing?” Mr Bowe, meanwhile, said the Bahamas lacked a policy setting out the terms and conditions for what tax/ investment incentives were granted to Bahamian and foreign developers, their value and benchmarks to measure performance. He also called for a more scientific approach to analysing, and determining, whether the Bahamas and its taxpayers were receiving ‘value for money’ from investment incentives that were granted. “There is no defined poli-

is the largest in the Caribbean, and at the centre of the resort, a gaming license is critical to CTFE’s plans. Tribune Business understands that the purchase cannot be closed without it being issued. The ‘Heads of Terms’ agreed between the Government and the China Export-Import Bank for Baha Mar’s construction completion have remained confidential after the Supreme Court ‘sealed’ them, on the grounds that the “integrity” of the process to sell the project needed to be maintained. Given that Chow Tai Fook Enterprises (CTFE), the Hong Kong-based conglomerate, has already confirmed it has signed a sales agreement to purchase Baha Mar’s assets from the bank’s Perfect Luck Holdings vehicle, many have questioned whether the ‘seal’ is still required. Mr Bowe said this was one reason why more information needed to be forthcoming on the status of CTFE’s purchase, and the conditions that needed to be fulfilled before it was concluded. Besides the construction completion agreement, CTFE also has to reach its own Heads of Agreement with the Government, plus conclude terms with

the China Export-Import Bank. Prime Minister Perry Christie previously ntil the keys are turned over. “Is it that we will not see the unsealing until all details are finalised? That’s where transparency and communication needs to come from the Government. What are the open issues for consummation of this transaction? Are there milestones, conditions precedent that we have to await before the deal is closed? That’s the key sentiment.” The Chamber chairman said that while there was much talk about the value of tax breaks “given away” to facilitate Baha Mar’s completion, Bahamians had to guard against kneejerk reactions and speculation given that the project had become a political tool in the run-up to the general election. “It may be a harsh term, but we have to be careful that silly season doesn’t make us ignorant,” he told Tribune Business. “We may not know all the facts. “It may be that we end up criticising an aspect [of the Baha Mar agreement] that’s not bad, but miss a much more important issue because it’s shielded by partisan politics. We have to be mindful not to make everything a political issue.”

cy that speaks to economic, land and tax concessions to spur local and foreign development,” Mr Bowe told Tribune Business. “We should be clamouring for that to be in place. What are the benchmarks to evaluate a transaction?” He added that the Bahamas needed “a set of criteria” to determine whether major investment projects led to the expected economic impact and employment for Bahamians, and if “the level of concessions and incentives granted were appropriate”. Mr Bowe said this led into a cost/benefit analy-

sis of such incentives, and whether the taxes foregone upfront were outweighed by the economic and job creation benefits, with the Government more than regaining its revenues later on. “It should always be a zero sum game,” he explained. “We should not be giving away tax concessions today and in the future where we cannot demonstrate an economic benefit to the country and the Government’s coffers offset what was foregone.”

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Friday, January 6, 2017, PAGE 3

Sandals Royal Bahamian

Sandals ‘surprise’ at full New Year period By NATARIO McKENZIE

Tribune Business Reporter

Sandals Royal Bahamian’s general manager yesterday said full occupancy from late December into the New Year had come as a welcome surprise, with the resort projecting high occupancies from the end of January onwards. “The Christmas period was as expected. We were full for the New Year’s,” said Gary Williams. “I didn’t know I was going to be full. “From the 28th going through New Year’s Eve we ended up being full. It was last minute. I was showing 80 per cent and I end up being full. That’s always a welcome surprise.” Mr Williams added: “The first part of January is a bit slow, but from the end of

January onwards we have very good occupancies.”     He said that for the first two weeks of January the resort is seeing occupancies consistent with the slower prior. “For the first two weeks of January we have traditional occupancies, where we’re running between 6870 per cent, and the last week is when we pick up,” Mr Williams said. The all-inclusive Cable Beach property re-opened in late October with nearly 500 staff members following a ‘fast-tracked’ multi-million dollar makeover that began in mid-August. The opening had been delayed by a few weeks due to damages caused by Hurricane Matthew.


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PAGE 4, Friday, January 6, 2017

Baha Mar VAT free deal ‘not abnormal’ From pg B1 Agreement for major resort and real estate developments. Acknowledging that there were “pros and cons” in providing such ‘tax breaks’, the ex-BCA president said that in Baha Mar’s case, the benefits - Bahamian employment and greater GDP growth - “outweighed” any revenue foregone. Mr Wrinkle said the Bahamas was now in a position where Baha Mar had to be completed and open at almost any price, and that China had to be incentivised to finance this to prevent a $3.5 billion “white elephant” emerging at Cable Beach. He added that having “hitched their wagon to the Chinese pony” in opposing Baha Mar’s original developer, Sarkis Izmirlian, the Government now had little choice but to bow to Beijing’s demands. “I would not find that abnormal,” Mr Wrinkle told Tribune Business of the ‘blanket’ VAT exemption granted for Baha Mar’s construction completion. “There’s a bit of paper-

work involved, but it keeps the ball moving and the project moving forward. Don’t worry about the noise in the marketplace; we’ve got to keep that project moving forward.” The VAT exemption was revealed in an e-mail sent by the project’s main contractor, China Construction America (Bahamas), to all sub-contractors and suppliers working on the Baha Mar completion. “It’s agreed with the Government that the subcontractors and suppliers of CCA Bahamas (CCA) shall be entitled to have the benefit of a full exemption from the payment of ValueAdded Tax for works carried out on the Baha Mar project,” the e-mail read. “If you have paid VAT to the Government or your own sub-contractors and/ or suppliers, please record these invoices as listed in the attached summary form and submit to CCA for the review and process of the Bahamas authority.” Neither CCA nor the Government has refuted or denied the e-mail’s contents. The main ZNS news

Bran: Bahamians ‘stabbed in back’ by Baha Mar VAT From pg B1 Government”, Mr McCartney said: “For this government to give this type of concession, are they willing to give the same to small businesses in this country, which are the backbone of any society? “Are they willing to give the same dollar amount to Bahamians that they gave to the Chinese? Bahamian businesses, and Bahamians across the board, should feel they’ve been stabbed

in the back, so to speak, and kicked in the rear end by this government which campaigned on ‘believing in Bahamians’. They don’t believe in Bahamians; they believe in the Chinese.” The Government will likely retort that Bahamians, and its political opponents, need to focus on ‘the bigger picture’, which is the need to complete the $3.5 billion Baha Mar project’s completion and opening. Its position is that the economic benefits stem-


broadcast was delayed last night to allow Jerome Fitzgerald, the minister of education and a member of the Cabinet’s Baha Mar ‘committee’, to state that the VAT revenues being foregone were a relatively small amount. Effectively confirming the accuracy of the e-mail and Tribune Business’s article, Mr Fitzgerald implied that the VAT exemption was “a trade-off” for China Export-Import Bank, Baha Mar’s secured creditor, to make $100 million available to pay out the project’s former employees and local creditors - liabilities it was not responsible for and/or obligated to pay. Mr Wrinkle told this newspaper that while the VAT exemption was little surprise to him, the Government had created problems for itself by allowing the construction completion agreement’s details to be ‘sealed’ by the Supreme Court. This, he added, was fuelling mistrust and suspicion of both the Christie administration and the Chinese, especially as details were leaked out via a ‘drip, drip’ in the media. “I wasn’t surprised to learn that; I thought that [the VAT exemption] would

be part of the package deal as an incentive to get that finished,” Mr Wrinkle said. “The problem arose because the whole negotiation was shrouded in secrecy, and every time a new detail comes out, the public feels as if they have been screwed.” Mr Wrinkle said fears that the Government was trying to conceal elements of the Baha Mar agreement were “setting a bad tone” that was overshadowing efforts to finally complete the project’s construction. “Everybody is driving to get that project complete, open and operational, and the Government has made what deals they could have done to get that completed,” he told Tribune Business. “Their backs were against the wall, and the Chinese had them over a barrel. They threw him [Mr Izmirlian] under the bus, and hitched their wagon to the Chinese pony. “They’re [the Government] along for the ride. There’s nothing they can do at this point but to give them [the Chinese] what they want and get it finished.” Baha Mar’s completion likely required the Government to pay a ‘higher price’

than normal, given the China Export-Import Bank’s initial reluctance to finance the construction completion, as well as its funding of the creditor pay-outs. The Christie administration, though, will argue that the medium and long-term benefits to the Bahamian economy and people will far outweigh the tax revenues foregone, given the thousands of jobs and increased GDP activity that Baha Mar is projected to create. Mr Wrinkle yesterday backed this strategy, saying: “We’re in a bad spot, and have got to do what we have to do to get out of it. “At this stage criticism doesn’t help, and the suppliers and sub-contractors are getting on with the task. It’s become a political football, but that’s got to take a back seat and we have to keep the project moving forward. We’ve already been to hell and back. “It does appear that they’re moving forward with Baha Mar’s completion, and all things considered that’s the big picture. It’s a white elephant for us. We’ve got to get that completed.” The ex-BCA chief added: “Under the circumstances, I don’t think it was a mis-

take to offer that incentive to take the 7.5 per cent off materials, which already come in duty free under standard Hotels Encouragement Act incentives.” Pointing out that VAT did not exist in the Bahamas when Baha Mar’s construction began in 2011, Mr Wrinkle said: “It was probably a goodwill gesture for the Government to give it,and why wouldn’t they [CCA and the China Export-Import Bank] get it, all things considered? “There’s pros and cons to it but, at the end of the day, the pros outweigh the cons. They [the Government] are doing the right thing.” Mr Wrinkle said Baha Mar had been “badly negotiated by all parties from the beginning”, adding: “Izmirlian should never have put himself in a position where he could not fire the contractor. “He found himself in a corner where he had to file for Chapter 11 bankruptcy and look to regroup, and the Government wouldn’t support him. He had played all his cards, and if the Government had supported him it might have worked out, but when they put their hands in with the Chinese it was impossible for him to win.”

ming from the direct employment of thousands of Bahamians, and the foreign currency inflows generated from hundreds of new visitors to this nation, will more than offset any tax revenues foregone to ensure Baha Mar’s completion. When asked whether he, and others, were ignoring a potential annual GDP expansion estimated at hundreds of millions of dollars, Mr McCartney replied: “We always want Bahamians to be employed and an increase in economic activity, but at what cost? “We don’t know all the details surrounding this. What has the Government given away? We can’t answer that. We don’t know the extent of what they’ve done.” The ‘Heads of Terms’ between the Government and the China Export-Import Bank, which cover the Baha Mar construction completion agreement, have been ‘sealed’ and ordered to remain confidential by the Supreme Court. As a result, it is impossible for anyone to fairly judge whether the Christie administration has struck ‘a

good deal’ for Baha Mar’s completion and opening, and whether the Bahamian people are likely to receive ‘value for money’ in terms of the tax breaks granted. Mr McCartney, meanwhile, questioned what other incentives had been provided to CCA and the China Export-Import Bank, asking whether the Government had granted Chinese requests for 500 economic citizenships. Prime Minister Perry Christie previously confirmed this has been requested, but said his government had rejected such demands. The DNA leader also asked how many work permits had been granted to Chinese to work on Baha Mar “at the expense of Bahamians”. He then suggested that the VAT exemption was especially galling for Bahamian businesses and consumers, who were the ones having to pay the 7.5 per cent levy and, in the former’s case, administer and collect it on the Government’s behalf. “On the 21st of this month, most businesses will have to pay VAT and

get ready to pay Business Licenses,” Mr McCartney told Tribune Business. “Do you know what that’s going to do to small businesses in this country, who are already running on exhaust fumes?” When challenged on whether the end-January deadline for Business License fee payments was still accurate, Mr McCartney replied: “My accountants told me, and I had a meeting with them this morning, that VAT and Business License fees are due this month. That’s the law firm and the pharmacy, and I know what that’s going to do. “January is one of the slowest months of the year, together with September, and because of the payment of all these taxes it’s going to put a big strain on businesses. “They are going to have to find money that is not there because people don’t have money to spend in this economy, yet this government is giving away hundreds of millions of dollars to the Chinese. “The only people suffering are the Bahamians. I’m

talking from experience. My businesses, for the most part, have been relatively OK, but I can imagine otherwise.” Strictly speaking, VAT should not impose financial hardship on registrants, given that the tax is paid by consumers, with businesses simply administering it and passing it on to the Government. Credits and refunds are available to companies when ‘input’ VAT exceeds the tax payable on their outputs. Business Licenses, which are levied on a business’s gross turnover, are a different matter, and can create cash flow problems and other hardships. “If we don’t pay they’re going to prosecute us and close us down,” Mr McCartney said, “yet the Government allows these Chinese entities to come in VAT free. “The small businesses in this country are suffering. That cannot be right, man, that cannot be right. That cannot be fair. You’re going to kick the backbone of this society in the backside, and allow these monies to go by the wayside.”

per Value to abandon their commercial tie-up, which was intended to lead to bigger things. Tribune Business previously reported that Mr Roberts had himself planned to acquire a majority 65 per cent equity stake in Bahama Dreams, although he declined to comment on the matter at the time. Mr Wilchcombe’s intervention seemingly scuppered the Super Value deal,

forcing Bahama Dreams to seek a new partner, thereby and ‘pushing’ the web shop operator into the arms of Island Luck and Mr Bastian. Having an active web shop kiosk in Super Value’s stores would likely have driven more consumer traffic - and more sales - to its stores, attracted by the convenience of purchasing groceries and ‘numbers’ at the same time. The relationship would have made for a ‘win-win’ for both parties, and further legitimised the web shop gaming industry following its legalisation.

Super Value owner: Web shops ‘took 30% from us’ over Xmas From pg B1 cleaning up and trying to stabilise January.” Mr Roberts had previously agreed a deal with the Bahama Dreams chain to place place web shop kiosks in the supermarket chain’s

stores, but the agreement was blocked by the Minister of Tourism. Obie Wilchcombe, who has ministerial responsibility for gaming, overrode the Gaming Board in forcing Bahama Dreams and Su-

Call 502-2394 to advertise NOTICE IN THE ESTATE OF George William Wilberforce Gardiner late of Malcolm Road, Southern District, New Providence Bahamas Retired Civil Servant, Deceased. NOTICE is hereby given that all persons having any claim or demand against the above Estate are required to send the same duly certified in writing to the undersigned on or before the 6th February 2017 after which date the Executor will proceed to distribute the assets having regard only to the claims of which he shall then have had notice. AND NOTICE is hereby also given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

Karam & Missick Attorneys for the Executor Caves Village West Bay Street Nassau, Bahamas.


Friday, January 6, 2017, PAGE 5

US delays cleanup rule at uranium mines amid GOP criticism CHEYENNE, Wyo. (AP) — Federal officials withdrew a proposed requirement for companies to clean up groundwater at uranium mines across the U.S. and will reconsider a rule that congressional Republicans criticized as too harsh on industry. The plan that the U.S. Environmental Protection Agency put on hold Wednesday involves in-situ mining, in which water containing chemicals is used to dissolve uranium out of underground sandstone deposits. Water laden with uranium, a toxic element used for nuclear power and weapons, is then pumped to the surface. No digging or tunneling takes place. The metal occurs in the rock naturally but the pro-

cess contaminates groundwater with uranium in concentrations much higher than natural levels. Mining companies take several measures to prevent tainted water from seeping out of the immediate mining area. Even so, underground leaks sometimes occur, though most of the mines are not near population centers. No in-situ uranium mine has contaminated a source of drinking water, the industry and its supporters assert. Along with setting new cleanup standards, the rule would have required companies to monitor their former mines potentially for decades. The requirement was set for implementation but now will be opened up for a six-month public comment period, with several

changes. Those include allowing the Nuclear Regulatory Commission or states to determine certain cleanup standards on a site-specific basis. The EPA decided to resubmit the rule and seek additional public input after reviewing earlier comments, agency spokeswoman Monica Lee said. Wyoming’s Republican U.S. senators, John Barrasso and Mike Enzi, praised the EPA’s decision to reconsider, saying the rule was unnecessarily burdensome for the uranium industry. Wyoming has five active in-situ uranium mines and is the top uranium-producing state. Other mines are active in Nebraska and Texas. “In-situ uranium recovery has been used in the

Weekly applications for US jobless aid drop to 235,000 WASHINGTON (AP) — The number of Americans seeking unemployment benefits dropped significantly last week, a sign of a robust job market. THE NUMBERS: Weekly requests for jobless aid fell 28,000 to a seasonally adjusted 235,000, the Labor Department said Thursday. That is barely above the 233,000 jobless claims achieved in late November, the lowest weekly total since 1973. The less volatile four-week moving average for claims fell 5,750 to 256,750.


During the past 12 months, the number of people receiving benefits has tumbled 5 percent to 2.1 million. THE TAKEAWAY: This historically low level of applications for unemployment benefits suggests that employers are holding onto workers and likely looking to add jobs. Weekly claims have stayed below the critical threshold of 300,000 for 96 straight weeks, the longest streak since 1970. KEY DRIVERS: Employers see the economy as

continuing its seven-year expansion into 2017. The stock market ended last year on a relatively strong note, while there are signs of greater consumer confidence among Republicans following Donald Trump’s presidential victory. Employers are expected to add roughly 175,000 jobs in the government’s December jobs report, which will be released Friday. This would mark a net monthly gain as the overall economy has added 2.25 million jobs over the past year.


Smith Ranch-Highland employee, April Frausto, samples water for contamination, at a monitoring well on the perimeter of the uranium mining zone 30 miles north of Douglas, Wyo. The Environmental Protection Agency is reconsidering plans to require groundwater at former uranium mines to be restored to conditions similar to those that existed before mining began. (AP Photo) United States for decades, providing valuable jobs to Wyoming and clean energy to the nation,” Enzi said in a news release. “I rarely say this about the EPA, but the agency made the right decision.” Environmentalists and others say uranium-mining companies have yet to show they can fully clean up groundwater at a former in-

situ mine. Clean groundwater should not be taken for granted, they say, especially in the arid and increasingly populated U.S. West. “We are, of course, disappointed that this final rule didn’t make it to a final stage,” said Shannon Anderson with the Powder River Basin Resource Council. “It was designed to address a very real and pressing prob-

lem regarding water protection at uranium mines.” The EPA rule is scheduled for further consideration in President-elect Donald Trump’s administration. In-situ uranium mining surged on record prices that preceded the 2011 Japanese tsunami and Fukushima nuclear disaster. Prices lately have sunk to decade lows, prompting layoffs.

PAGE 6, Friday, January 6, 2017


Long-term mortgage rates fall, breaking 9-week rise WASHINGTON (AP) — After nine straight weeks of increases, long-term US mortgage rates fell this week. Mortgage buyer Freddie Mac said Thursday the rate on 30-year fixed-rate loans declined to an average 4.20 percent from 4.32 percent last week. That was still sharply higher than a 30year rate that averaged 3.65 percent for all of 2016, the lowest level recorded from records going back to 1971. A year ago, the benchmark rate stood at 3.97 percent. The average for a 15-year mortgage eased to 3.44 percent from 3.55 percent last week. Mortgage rates surged in the weeks since the election of Donald Trump in early November. Investors in Treasury bonds bid yield rates higher because they believe the president-elect’s

plans for tax cuts and higher spending on roads, bridges and airports will drive up economic growth and inflation. That would depress prices of long-term Treasury bonds because inflation would erode their value over time, a prospect that caused investors to demand higher yields. The wave of selling in the bond market lifted bond yields, which move opposite to prices and influence longterm mortgage rates. Yields reached their highest levels in more than two years. This week, bond prices recovered and the yield on the benchmark 10-year Treasury bond fell to 2.44 percent Wednesday from 2.51 percent a week earlier. That compares with 1.87 percent on Election Day Nov. 8. The yield declined further to 2.42 percent Thursday morning.

The sustained climb in mortgage rates caused fewer consumers to come forward to buy a home. Applications for mortgage loans dropped 12 percent in the week ended Dec. 30 from two weeks earlier, according to the Mortgage Bankers Association. Applications to refinance mortgages dropped 22 percent. To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. The average fee for a 30-year mortgage was unchanged this week at 0.5 point. The fee on 15-year loans also remained at 0.5 point.

an existing home for sale in Roswell, Ga. After nine straight weeks of increases, long-term US mortgage rates fell the week of Jan. 5, 2017. (AP Photo)

Global stocks uninspired as focus turns towards US jobs data LONDON (AP) — Global stock markets traded in fairly narrow ranges Thursday as the attention in markets shifted towards upcoming U.S. jobs data following the publication of the minutes to the Federal Reserve’s last board meeting. KEEPING SCORE: In Europe, the FTSE 100 index of leading British shares was steady around its alltime closing high at 7,188, while Germany’s DAX fell 0.2 percent to 11,564. The CAC-40 in France was 0.2 percent lower at 4,891. U.S. stocks were poised for mod-

est losses at the open with Dow futures and the broader S&P 500 futures down 0.2 percent. FED MINUTES: U.S. central bank officials think they may need to accelerate interest rate hikes if a faster-growing economy leads to lower than expected unemployment. For now they believe they can stick to gradual increases, according to minutes of the Fed’s December meeting. Officials also discussed the impact of Donald Trump’s proposed economic stimulus program and attributed surging stock prices, rising

NOTICE DELFUS COMPANY LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, DELFUS COMPANY LIMITED is in dissolution as of January 4th 2017. International Liquidator Services Inc. situated at 3rd Floor Withfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator. LIQUIDATOR ______________________

bond rates and the stronger dollar following the election to investor enthusiasm over the president elect’s plans. JUST THE PRECURSOR: The minutes were just a taster for the likely big economic event of the week — Friday’s publication of the nonfarm payrolls report for December. Though the upcoming moves by the incoming Trump administration are likely to have an impact on Fed rate hike predictions, the backdrop is likely to remain that the U.S. economy is growing strongly with unemployment falling steadily. Later Thursday, traders will have the monthly non-manufacturing survey from the Institute for Supply Management to digest. ANALYST TAKE: “Given the uncertainties that lie ahead though, I expect it will be another vola-

A currency trader talks on the phone at currency exchange store in Kuala Lumpur, Malaysia Thursday, Jan. 5, 2017. The Malaysian ringgit was trading near 18-year lows on Thursday, dropping to its weakest level against the U.S. dollar since June 1999. Analysts expect the ringgit to weaken further due to weaker growth in China, Malaysia’s biggest export market. (AP Photo) tile year in which expectations for interest rates will change on a regular basis,” said Craig Erlam, senior market analyst at OANDA. UPBEAT ASIA: Solid

figures out of China and Hong Kong raised investor optimism about the outlook for their economies. Caixin’s monthly purchasing managers index, or PMI, for the services industry posted

its biggest rise in activity for 17 months in December. The Nikkei composite PMI for Hong Kong, meanwhile, showed that activity expanded for the first time since February 2015.

Cyprus’ largest bank: EU rescue funds fully repaid NICOSIA, Cyprus (AP) — Cyprus’ biggest bank said Thursday it has fully repaid 11.4 billion euros ($11.9 billion) of emergency cash it received from its eurozone partners to stay afloat during a 2013 banking crisis. The Bank of Cyprus hailed the development as another “significant milestone” in its return to health. It said it achieved

this through several ways, including shedding unwanted assets and operations, raising the bank’s cash reserves and wooing back depositors. CEO John Patrick Hourican said this signifies the normalization of the bank’s funding structure. He said it also sends the message that the lender is becoming a “stronger, safer and more focused institution capable

of delivering appropriate shareholder returns over the medium term.” Cyprus Finance Minister Harris Georgiades said this also indicates a return of confidence to the island’s banking system. Most of the emergency cash support — called Emergency Liquidity Assistance, or ELA — was transferred to the Bank of Cyprus under the bailout’s

terms from Cyprus’ secondlargest lender Laiki, which was shuttered. Cyprus wrapped up its three-year rescue program in March. The program included a seizure of savings over 100,000 euros in the Bank of Cyprus and Laiki. The seized deposits were used to prop up the country’s wobbly banking sector.

RILADO LIMITED Company No. 1444907 (in voluntary liquidation)

Algiagian S.A. Company No. 1573257 (in voluntary liquidation)

MAURANO HOLDING LTD. Company No. 202871 (in voluntary liquidation)

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that RILADO LIMITED is in voluntary liquidation. The voluntary liquidation commenced on 29.12.2016 (date) and VOLODYMYR VITKO at Pflugstrasse 10/12, 9490 Vaduz, Principality of Liechtenstein has been appointed as Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Algiagian S.A. is in voluntary liquidation. The voluntary liquidation commenced on 29.12.2016 (date) and PEDRO BALDINO at Carlos M de Alvear,4171 Buenos Aires, Argentina has been appointed as Sole Liquidator.

NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that MAURANO HOLDING LTD. is in voluntary liquidation. The voluntary liquidation commenced on 29.12.2016 (date) and DÉSIRÉE KÄGI at Utoquai 37, 8008 Zurich, Switzerland has been appointed as Sole Liquidator.

Dated this 29th day of December 2016 VOLODYMYR VITKO Voluntary Liquidator

Dated this 29th day of December 2016 PEDRO BALDINO Voluntary Liquidator

Dated this 29th day of December 2016 DÉSIRÉE KÄGI Voluntary Liquidator

Legal Notice


NOTICE IS HEREBY GIVEN as follows: (a) S.A.M. ENTERPRISES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on January, 5, 2017 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before February 2, 2017 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved. January 6, 2017 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY


Friday, January 6, 2017, PAGE 7

US stocks mostly slip as banks fall and retailers plunge

NEW YORK (AP) — Stocks slipped Thursday as interest rates dropped and banks took sharp losses. Department stores tumbled as Macy’s and Kohl’s plunged following weak holiday-season reports that led the chains to cut their profit forecasts. After a solid but uninspiring report on private hiring in December, bond prices jumped and yields fell, which sent banks down. The dollar declined. Other industries that have climbed since the election, including industrial and basic materials companies, also slipped. The Dow Jones industrial average was down as much as 131 points at midday, but the losses later eased as shares of companies that pay big dividends traded higher. Health care and technology stocks edged higher, and the Nasdaq composite recovered from an early loss to set another all-time high. Stocks have surged in the last two months because investors expect faster economic growth after President-elect Donald Trump takes office. Kate Warne, an investment strategist for Edward Jones, said they may be waiting for a while. She thinks Trump’s proposed tax cuts and higher infrastructure spending won’t affect the economy much until late this year or early 2018. The payroll report “reinforced investors’ concerns that stocks have risen too quickly without policy changes actually taking place yet,” she said. Warne added that investors are also not sure if Trump’s trade and immigration proposals will slow down economic growth. The Dow Jones industrial average sank 42.87 points, or 0.2 percent, to 19,899.29. The Standard & Poor’s 500 index lost 1.75 points, or 0.1 percent, to 2,269. The Nas-

daq composite rose 10.93 points, or 0.2 percent, to 5,487.94. The Russell 2000 index of small-company stocks surrendered 16.02 points, or 1.2 percent, to 1,371.94. The day started with a mixed report on hiring. Payroll processing company ADP said private U.S. companies added 153,000 jobs in December. That was fewer than analysts expected and a bit less than they had in the months before. The government will release its own report on the job market on Friday. Macy’s said it will cut 10,000 jobs, and both it and Kohl’s reported declines in a key sales measure for November and December. The job cuts will be part of a restructuring for Macy’s that will include selling properties and continuing to close stores. Macy’s tumbled $4.98, or 13.9 percent, to $30.86. The stock traded above $72 as recently as July 2015. Kohl’s slumped $9.87, or 19 percent, to $42.01. Nordstrom and J.C. Penney both sank 7 percent. Amazon rose $23.27, or 3.1 percent, to $780.45 as investors interpreted the latest trouble for traditional stores as another sign that the online retail giant is continuing to expand at their expense. Bond prices jumped. The yield on the 10-year Treasury note fell to 2.35 percent from 2.44 percent. That sent banks to steep losses, as lower bond yields mean lower interest rates and reduced profits from mortgages and other loans. Citigroup lost $1.07, or 1.7 percent, to $60.34 and Fifth Third Bancorp declined 78 cents, or 2.8 percent, to $26.64. The dollar continued to slip below its recent 14year highs. It fell to 115.62 yen from 117.60 yen. The euro rose to $1.0590 from $1.0467.


INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANTIQUEKO ANTON GIBSON of the Southern District of New Providence, Bahamas, intend to change my name to ANTHINIQUEKO ANTON GIBSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.


NOTICE is hereby given that NELTA CHARITABLEIMBERT of Weybridge Road, P.O. Box N-7060, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 6th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE ALL THAT piece parcels or lots of vacant land and premises in the Millar’s Heights area in the southwest portion of New Providence, the owners under the Probate and Administration of Estates Act, 2010. NOTICE is hereby given that any person having dower or right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Fourteen (14) days after the final publication of these presents, serve the Petitioners or the undersigned a Statement of his Claim in the prescribed form verified by an Affidavit to be filed therewith. Failure of any such person to file and serve a Statement of his Claim on or before the expiration of Fourteen (14) days after the final publication of these presents shall operate as a bar to such claim. Anthony Thompson & Co Marron House Virginia & Augusta Streets 698 0433 PO Box N 4826 Nassau, Bahamas

With the dollar skidding, the price of gold jumped $16, or 1.4 percent, to $1,181.30 an ounce. Silver gained 9 cents to $16.64 an ounce. That sent mining companies higher. Newmont Mining gained $1.61, or 4.6 percent, to $36.57 and Hecla Mining rose 26 cents, or 4.7 percent, to $5.83. Copper prices edged down 2 cents to $2.54 a pound. Drugmaker Alexion Pharmaceuticals jumped after the company said it won’t restate any of its earnings. The company had been examining sales of its drug Soliris, but said it didn’t find improper revenue recognition and that its sales were valid. Alexion did say it found weaknesses in “internal controls.” The company began examining its sales practices in November, and the following month its CEO and chief financial officer left. The stock rose $12.07, or 9.5 percent, to $139.18 Thursday. Stanley Black & Decker rose after the company said it will buy Sears’ Craftsman brand for around $900 million. In October the company agreed to buy Newell Brands’ tools business for $1.95 billion. Its stock gained $1.87, or 1.6 percent, to $118.35. Benchmark U.S. crude picked up 50 cents to $53.76 a barrel in New York. Brent crude added 43 cents to $56.89 a barrel in London. In other energy trading,

Specialist Robert Tuccilo, center, work at his post on the floor of the New York Stock Exchange, Thursday, Jan. 5, 2017. Stocks are opening mostly lower on Wall Street after several retailers reported weak holiday sales and cut their profit forecasts. (AP Photo) wholesale gasoline lost 1 cent to $1.64 a gallon. Heating oil remained at $1.69 a gallon. Natural gas rose 1 cent to $3.27 per 1,000 cubic feet. The FTSE 100 index in Britain inched up 0.1 percent to set another all-time high. The German DAX held steady CAC-40 in France rose less than 0.1 percent. Japan’s benchmark Nikkei 225 index fell 0.4 percent and the Kospi of South Korea edged 0.2 percent lower. Hong Kong’s Hang Seng index rose 1.5 percent.


INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, FRANKTASHA DORIS LOUISE ROLLE of #7 Malcolm Allotment Mahogany Street, Pinewood Gardens, P.O.Box SB-50047 New Providence, Bahamas, intend to change my name to TASHA D.L. ROLLE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.


t. 242.323.2330 | f. 242.323.2320 |

BISX ALL SHARE INDEX: CLOSE 1,920.90 | CHG 0.00 | %CHG 0.00 | YTD -17.31 | YTD% -0.89 BISX LISTED & TRADED SECURITIES 52WK HI 4.25 17.43 9.09 3.55 4.70 0.12 8.22 8.50 6.10 10.60 15.50 2.72 1.60 5.82 9.30 11.00 9.00 6.90 12.25 11.00

52WK LOW 2.50 17.43 8.19 3.50 1.77 0.12 5.50 8.05 5.50 7.72 11.91 2.18 1.31 5.60 6.70 8.56 6.12 6.35 11.81 10.00

1000.00 1000.00 1000.00 1000.00

900.00 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 Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00


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


Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS 52WK HI 2.01 3.91 1.93 169.70 140.34 1.46 1.67 1.56 1.10 6.94 8.65 5.92 9.94 11.15 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.50 11.91 2.17 1.60 5.82 9.30 10.95 8.74 6.75 11.93 10.00 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 LAST SALE 100.00 100.00 100.00 108.14 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.50 11.91 2.18 1.60 5.82 9.30 10.95 8.74 6.75 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 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.27 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund


4,000 500


NAV 2.01 3.90 1.93 169.70 140.34 1.46 1.66 1.56 1.07 6.94 8.65 5.92 9.59 11.15 9.57

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 16.0 N/M N/M 30.3 15.4 11.5 19.4 22.6 23.2 9.6 11.4 15.2 11.4 13.4 9.6 15.8 0.0

YIELD 2.22% 6.31% 0.00% 4.55% 0.00% 0.00% 3.34% 3.06% 3.43% 3.43% 5.12% 2.75% 2.50% 4.12% 2.96% 0.00% 3.20% 1.78% 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

YTD% 12 MTH% 3.11% 4.17% 3.28% 4.34% 2.07% 2.93% 4.73% 5.64% 5.70% 7.66% 3.56% 3.91% 2.22% 2.79% 2.80% 3.18% 2.99% 2.26% 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 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Sep-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-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

PAGE 8, Friday, January 6, 2017


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January 31st, 2017

Economic Stagnation: Finding A Path to Growth How will global issues affect you and your business in 2017?

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Staff Writer at The New Yorker; Author

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Group Economist RBC Financial (Caribbean) Limited

Alex Tapscott

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