01122017 Business

THURSDAY, JANUARY 12, 2017

business@tribunemedia.net

$4.15 Business Licence double taxation leaves contractors ‘wildly concerned’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamian contractors are “wildly concerned” that a new Business Licence policy is causing consumers to be ‘double taxed’, a former Chamber chairman revealed yesterday.

Robert Myers warned that the resulting increased construction costs for consumers threatened to further depress activity in a still-struggling industry that plays a key role in the fight to increase employment.

He explained that the main project contractor was being required to pay Business Licence fees based on the “aggregate”, or total value, of the development rather than just its portion of the work.

With sub-contractors also paying Business Licence fees on their respective portions of the project work, Mr Myers said the end See pg b5

Main contractors being forced to pay on top of ‘subs’ Fears rising costs, reduced activity will result Moves to get BICA, BCA, Chamber input

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Christie administration yesterday hailed as a “landmark accomplishment” its agreement with the US Federal Aviation Administration (FAA), which will result in Bahamian aircraft operators being exempted from the payment of overflight fees for domestic flights.

Prime Minister Perry Christie said the deal, which could be the first step in the Bahamas regaining control of its own air space above 6,000 feet, would save the national flag carrier, Bahamasair, around $1 million over a three-year period.

Under international laws, countries require airlines

$4.20

Insurer’s $80m Matthew payout 20% off forecast

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A top insurer yesterday said its total Matthew claims payout was likely to be 20 per cent less than originally estimated, as it warned that the Bahamas’ hurricane preparedness “cannot be business as usual”.

Patrick Ward, Bahamas First’s president and chief executive, told Tribune Business that the property and casualty insurer’s gross losses would be around $80 million, instead of the initially projected $100

Bahamas First: Reflects 20-25% client coverage drop Which increases Govt financial burden on recovery Warns ‘can’t be business as usual’ in storm approach million.

He added, though, that this was no cause for cel-

ebration at a national level, as the lower payout reflected reduced levels of catastrophe insurance coverage among Bahamian homeowners and businesses.

With ‘underinsurance’ also impacting claims payouts, Mr Ward said “anecdotal” evidence suggested that the number of homeowners with catastrophe insurance had declined by 20-25 per cent compared to 10-15 years ago.

He added that the consequences of this reduced insurance coverage were that the Bahamian taxpayer, via the Government, was hav-

Sky chief: Vital aviation sector financing source lost Airline paying controller overtime on Exuma flights Robert Myers

Calls for creativity, and notes Majority Rule irony

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Opposition’s House of Assembly leader yesterday said Prime Minister Perry Christie had failed to deliver on his promise to table The Pointe’s Heads of Agreement on Monday.

Loretta Butler-Turner said Mr Christie had not come through despite telling her, and the House, See pg b10

ing to borrow and spend increasing sums to repair hurricane damage, further straining the already-weak Public Treasury.

Warning that the Bahamas “cannot put its head in the sand” over this issue, especially with storms predicted to increase in frequency and intensity, Mr Ward called for a public-private partnership (PPP) arrangement to improve access to, and affordability of, catastrophe insurance products.

Revealing that Bahamas First had received around 2,800 Matthew-related See pg b4

A Bahamian airline operator yesterday hailed the Government for saving him $100,000 in annual payments to US regulators, but warned it to rapidly proceed with taking back control of all this nation’s air space.

Captain Randy Butler,

Sky Bahamas’ president and chief executive, told Tribune Business that the Federal Aviation Administration’s (FAA) 64-year control of Bahamian air space above 6,000 feet had deprived this nation’s aviation industry of much-needed revenue.

Suggesting it was ironic that the Government See pg b7

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Loretta: PM failed to deliver on Pointe Heads of Agreement

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

$4.20

Govt urged: Regain our air space quicker

PM hails ‘landmark’ air space control deal

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PAGE 2, Thursday, January 12, 2017

THE TRIBUNE

The small business online ‘gameplan’ What will you write for the next chapter of your business life? Will it be how you took your small business online? If you do decide to take this step, make sure it enhances your company from the bottom line to its overall reputation.

Operating a brand via social media takes a lot of time and dedication. Your goal is to reach people while simultaneously putting a good face on your brand. Once you have your product or service, and have laid down a good marketing plan, you are ready for small business web design.

Although the Internet changes rapidly, and one online year equals about five in the real world, the principles involved in developing a successful online business have

not changed at all. Most entrepreneurs starting out make the mistake of looking for a product first, and a market second. But hereis how you can humanise your branding efforts online.

Prompt Response Folks want to engage with you, and you have to engage with them. When you respond to people directly, you are treating them with respect and showing that your brand has a persona.Gary Vaynerchuk once said: “Answer every single e-mail and every single comment on your blog for the rest of your life.” This might not always be a reality, but do your best.

Be Visual

Equally important: Behind-the-scenes glimpses of office life might seem boring, but ensure there is a window into the world of your business for outsiders. Also take advantage of photos that explain your brand.

Do not forget that a website is the ‘number one feature’ for your online storefront, so make it customer-friendly.

Only use graphics, audio or video if they enhance your message.

personal, humanised brand, you should be thinking about the business coming across as if an actual person is operating it.

Demonstrate Transparency

Participate in the Experience

Your main goal as a service provider is to move forward. However, do not allow this to be your primary focus. Once people are actually in the funnel, focus on advertising and sinking the hook. For branding purposes, it is really about appealing to a niche, followed by selling a service.

Figure out what it is that your company’s brand represents, and what it takes to influence your audience.

Transparency allows people to actually know about your business brand.

Blog A business-based blog, encompassing a personal side and updates, allows a peek through the curtain and expresses a very personal side.

Your willingness to network in a social atmosphere is good and enables others to find you.

Facebook & LinkedIn offer different groups, events and other social features that allow the human element of your business to be spotlighted.

Solid Identity When you think about a

Move past the service

Using names If you are using Facebook ads, consider using Facebook ad management tools,

The Art of Graphix by deidre m bastian

such as Qwaya, to help with optimising your images for those ads.

Effort If you intend to post lots of content, make sure that you are actually putting in the effort to release quality content. Content that looks like it was spewed out of an automation machine is material that is likely to be ignored, or looked at unfavourably, by potential customers.

Finally, have you decided yet what you would write for the next chapter that leads up to upgrading your service?

Whatever you decide, ensure that you take the first step to confirm it is a great chapter in your New Year’s resolution. Your company’s loyalty and reputation is what will appeal to customers, and keep them around longer than you expected. Until we meet again, fill your life with memories as opposed to regrets. Enjoy life and stay on top of your game.

• NB: The columnist welcomes feedback at deedee21bastian@gmail.com ABOUT THE COLUMNIST: Deidre Marie Bastian is a professionally trained graphic designer/marketing 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.

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THE TRIBUNE

Thursday, January 12, 2017, PAGE 3

Bahamas air space deal was ‘long time coming’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Baha Mar development

PM: Baha Mar deal is ‘one of most brilliant’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Prime Minister Perry Christie said yesterday that the Attorney General has been directed by the Cabinet to ensure all documents relating to Baha Mar’s sale and construction completion are made public at “the earliest opportunity”.

Speaking briefly on the issue during a press conference at his office, Mr Christie said it was the China Export-Import Bank, Baha Mar’s secured creditor, and its attorneys, Lennox Paton, who had asked the Supreme Court to seal the construction completion deal.

“Notwithstanding what has been said, we did not, were not, the principal persons to ask the court to keep the information hidden away from the Bahamian public,” Mr Christie said.

“That was a commercial decision made by the lawyers for the bank. Our Attorney General was under direction from the Cabinet that on the earliest opportunity, the Government of the Bahamas should move to have the documentation before the court made public.”

Mr Christie’s comments are designed to refute Opposition charges that the

Government has been less than transparent in its dealings over Baha Mar. Its parties have criticised the seeming secrecy surrounding the deal, citing mounting public distrust in the Christie-led government amid speculation over the investment incentives given by the government.

Mr Christie said yesterday, however: “We have no difficulty whatsoever of being able to account for what we have negotiated.

“I can tell you this, in the history of this country, that will go down as one of the most brilliant set of negotiations ever done in advancing the cause of the Bahamas.”

Hong Kong-based conglomerate, Chow Tai Fook Enterprises Ltd (CTFE), several months ago revealed itself as the buyer of the stalled $3.5 billion Baha Mar resort.

Baha Mar’s new owner will start the process to hire thousands of Bahamian workers next week Monday, as it targets April 21, 2017, for a first phase opening. Two thousands Baha Mar employees were made redundant last October in the liquidation proceedings.

The agreement to exempt Bahamian aircraft operators from paying fees to US regulators on domestic flights was yesterday praised as “a long time coming”, one aviation consultant suggesting the Government will gain more than $30 million in annual revenues once it retakes full control of its airspace.

Kevin Turnquest, Aviation Consultants’ president, told Tribune Business: “This is a bold undertaking and I commend Minister Hanna-Martin and her team for their vision and perseverance in securing such an agreement.

“It has been a long time coming, and this state of affairs has gone on for far too long, as other countries in the region - notably Jamaica and Cuba - have had control of their respective airspace for quite some time.”

The exemption agreement between the Government and the US Federal Aviation Administration (FAA) is likely the first step in the Bahamas taking back control of its own air space via the creation of a Flight Information Region (FIR).

Mr Turnquest added: “For the local airlines, particularly the commuters, this will result in reduced operating costs as they were being charged on a per flight basis.

“It is said that one opera-

to advertise today in the tribune call @ 502-2394

tor alone was being charged usage fees that amounted to over $100,000 per annum.”

Under international law, countries require airlines and other aircraft to pay a fee for the right to fly over their airspace. The administration of those rights for the Bahamas has been performed by the FAA, meaning Bahamasair and other Bahamian-owned carriers have had to pay the US for the right to fly over their own country.

Prime Minister Perry Christie yesterday said “considerable progress” is

now being made on proposed arrangements for the management of this nation’s airspace, including plans to approach the International Civil Aviation Organisation for formal recognition of an expanded Bahamian Flight Information Region (FIR), “which would have economic benefits to the Bahamas and would be in the mutual interest of both countries with respect to aviation safety and security”.

Mr Turnquest added: “The Government also stands to benefit from an-

nual revenues estimated to be in excess of S30 million once the takeover plan is fully implemented.

“These are substantial earnings that could go a long way in upgrading the Family Island airports that need rehabilitation and structural upgrades. All the Bahamian airlines and those persons who have to been advocating for many years that the Bahamas would benefit from the management and control of its own airspace are also to be commended.”

PAGE 4, Thursday, January 12, 2017

Insurer’s $80m Matthew payout 20% off forecast From pg B1 recoveries will be around $80 million.

“Originally, we had estimated for Bahamas First on its own [that claims payouts] would be in excess of $100 million, but that number has come down below

$100 million to somewhere in the range of $80 million.”

Pinpointing the reasons why Bahamas First’s gross insured loss will end up 20 per cent below estimates, Mr Ward said: “A significant part of that is that, clearly, under-insurance is a big factor yet again.

“There are a number of people who had claims in a scenario where they will be reduced by the averaging because of the under-insurance factor.”

The Bahamas First chief said cost/affordability was the primary reason why many Bahamian homeowners and businesses were choosing to either insure property and businesses for less than their true worth, opting out of buying catas-

trophe coverage altogether.

The number of persons opting to take such a gamble, especially if they do not have mortgage lenders mandating they take out hurricane protection, has increased in line with the rise in unemployment, and reduction in take-home income, that has persisted since the 2008-2009 recession.

“What has happened is that compared to the number of persons who had catastrophe protection 10-15 years ago, as a percentage of the insured population, that number has gone down,” Mr Ward explained. “The number of insureds compared the potential pool is lower than 10-15 years ago.

“Economics is a major part of it. If you look at the cost of hurricane protection for the average homeowner, in particular, it is a very expensive proposition.

“As a consequence, a lot of people are opting out of taking full coverage because, from their point of view, it is not affordable.”

Mr Ward conceded that it was difficult to determine how many property owners had elected to drop hurricane coverage, as there

were other factors “that come into play”.

“But I would say, from an anecdotal perspective, there’s probably 20-25 per cent less participation in the homeowner section, in particular,” the Bahamas First chief told Tribune Business.

“The consequence of that is that it leads to the Government having to effectively contribute much more to the recovery process than would otherwise be the case if those persons had insurance.”

Mr Ward argued that the hurricane recovery process was more “efficient and effective” if it was financed by the insurance industry, rather than Government spending and borrowing, with foreign currency reinsurance inflows also boosting the external reserves.

The Christie administration obtained Parliamentary approval to borrow $150 million to finance relief and rebuilding efforts in Matthew’s wake, including repairs to public buildings and infrastructure.

A portion, though, is being used to fund repairs to private residential homes, with the Category Four storm said to have inflicted

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THE TRIBUNE around $700 million in damage to the Bahamas. With economic and government revenue losses thrown in, Matthew’s total bill could amount to around $1 billion.

While many are likely to blame Bahamas-based property and casualty underwriters for high insurance premium prices, the reality is that the sector is effectively a ‘price taker’.

Given the relatively thin capital bases of local carriers, they have to purchase huge quantities of reinsurance annually to enable them to underwrite Bahamas-based risks, meaning that consumer premiums are dictated by global reinsurers.

Mr Ward called for talks between the Bahamian insurance industry and relevant government agencies with a view to creating “incentives” for property owners to purchase hurricane coverage.

Suggesting this take on a PPP arrangement, he added that the discussions required extra urgency, given that the Bahamas’ low lying territory made it especially susceptible to hurricanes that are only forecast to increase in frequency and intensity.

“We’re going to see more of these kinds of events, rather than less of them,” Mr Ward told Tribune Business. “We need to start to think differently about how to approach this matter, rather than allow it to be business as usual.

“The reality is that you cannot put your head in the sand. We’ve got to be prepared to deal with this stuff.”

He added: “I think there needs to be a PPP arrangement that facilitates more of these people not in the insurance pool getting back into the pool, as it’s a far more efficient and effective recovery means from both a company and individual perspective.

“There are ways to provide incentives for people to buy insurance, and there is a case to be made... What I would suggest is that there needs to be a discussion between the appropriate government agencies and the insurance industry.

“There are other countries that have come up with products to allow the public to purchase insurance via the mechanism put in place by the PPP arrangement.”

Mr Ward did not identify the potential “incentives” when asked by Tribune Business, but added that Bahamas First had completed “70 per cent plus” of claims payouts to-date.

He also said hurricane preparedness discussions needed to go beyond the insurance industry, and focus on issues such as building permits granted for coastal areas.

THE TRIBUNE

Thursday, January 12, 2017, PAGE 5

Business Licence double taxation leaves contractors ‘wildly concerned’ From pg B1 result was that consumers (developers, businesses and homeowners) were effectively being taxed twice on the same work.

“From the construction standpoint, we’re wildly concerned that with this new Business Licence fee policy consumers are being double taxed,” Mr Myers told Tribune Business.

“They’re making project contractors pay Business Licence fees on their subtrades, despite the subtrades paying their own Business Licence fees on these transactions.

“The subs are paying Business Licence fees, but because the subs are one of the trades the general contractor has, you’re being told you’ve got to pay on the aggregate; pay Business Licence fees on their work and your own work.”

Explaining the potential negative consequences for the Bahamian construction industry, Mr Myers added: “All that’s done is increase the cost to the consumer.

“I don’t think it’s truly understood yet. People are going back and forth on it. We’ve asked the Bahamas Institute of Chartered Accountants (BICA), the Bahamian Contractors Association (BCA) and the Chamber to weigh in on it.

It’s an ongoing discussion that we need to get to the bottom of.

“My concern is that every time you increase the cost of construction, you deter people from building in the Ba-

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hamas. They’ll have a tendency to look elsewhere, the construction cost is already high, and we’ll become less competitive as a nation.”

Mr Myers said that project contractors, in effectively paying Business Licence fees upon their sub-contractors fees, would merely pass the extra costs on “as an overhead charge” to the developers, companies and homeowners who had hired them.

He added that the ‘double taxation’ issue had arisen in discussions with the Department of Inland Revenue over last year’s Business Licence fees, with his companies disputing the Government’s calculation and its basis.

“We’re trying to settle up last year’s Business Licence fee, and objecting to it,” Mr Myers told Tribune Business. “We’re asking that they reconsider.

“I think it’s wrong. It cannot be the intent of the Government to ‘double tax’

the industry on both project contractors and sub-contractors.

“Construction costs are already high, and construction starts are at an all-time low. For God’s sake, why try and do that?”

Mr Myers argued that the Business Licence ‘double taxation’ was also inconsistent with the Government’s efforts to reduce construction material costs via the elimination, or reduction, of Customs duties and border taxes in the last Budget.

“You’ve lowered Customs duties on some construction materials, but at the same time have increase Business Licence fees. It’s like the right hand doesn’t know what the left hand is doing,” he added.

“You’re not increasing the cost to me; you’re increasing the cost to the consumer. I’m going to cover it as an overhead charge.”

Mr Myers said the ‘double taxation’ was the second Business Licence ‘hit’ suffered by the construction industry during the Christie administration’s current term in office, as the rate had been increased from 0.75 per cent to 1.5 per cent.

“They doubled the rate, and are now effectively increasing it again by not understanding this industry

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and the effect it has,” he added.

Mr Myers said the Bahamas needed to change both the direction and tone surrounding its economy, arguing that there were still “too many negatives” depressing both business and consumer confidence.

“Overall, we need more positive changes,” he told Tribune Business. “We’re still seeing too many negatives, and not enough positives.

“The country and the Government has to be very cognisant of consumer and business confidence being very low, and that’s a problem for an economy.

“Let’s encourage them [the Government] to do what they can about that, and keep communicating with the private sector and businesses to try and improve. Start listening to the private sector and be collaborative. There are problems; let’s work things out.”

Mr Myers said the Bahamas was failing to properly adapt to, and manage, the process of change, adding that the global economy and competitive landscape was changing on an almost daily basis.

Despite the Bahamas’ constant slippage in the World Bank’s ‘ease of doing business’ rankings and

other key performance indicators, he said the Government continued to impose ever-increasing costs and taxation on the private sector.

Pointing to the proposed National Health Insurance (NHI) scheme as another impending cost, Mr Myers said: “The tax issue is a big concern.

“I know the Chamber and a bunch of others are upset that the Department of Inland Revenue is vehemently going after people but not doing its job in giving rebates and responding in a timely manner. That’s causing a lot of frustration and concern.”

PAGE 6, Thursday, January 12, 2017

PM hails ‘landmark’ air space control deal From pg B1 pay the US for the privilege of flying over their own country.

Mr Christie said the FAA fee exemption for Bahamian carriers on domestic flights will take effect in the “very near future”, and

translate into significant savings for operators.

He added that the Government-subsidised national flag carrier, Bahamasair, had paid overflight fees “in excess of $1 million” over the last three years.

Sky Bahamas chief executive, Captain Randy Butler,

said Bahamian airlines have been paying $100,000-plus to the FAA in overflight fees per annum. “That’s anywhere from four to five persons’ salary,” he added.

Upon assuming office in 2012, the Christie administration had pledged to address the management of the Bahamas Flight Information Region (FIR), which will permit access to overflight fees on the Bahamas’ “upper airspace”.

Mr Christie said yesterday: “Considerable progress is now being made on proposed new arrangements for the management of our airspace, including plans to approach the International Civil Aviation Organisation for formal recognition of an expanded Bahamian Flight Information Region (FIR), which would have economic benefits to the Bahamas and would be in the mutual interest of both countries with respect to aviation safety and security.

“It is expected that a final agreement will be soon reached to govern the terms and conditions of the FAA’s management of Bahamian airspace, initially for a period of 10 years. It is expected that this arrangement will provide for the first time for the collection of overflight fees by the Bahamas from aircraft transiting Bahamian airspace.

“The FAA will be paid for providing air traffic management services during this period. The overflight fees will be set by the Bahamas government and collected from transiting aircraft in accordance with the economic guidelines issued by the International

THE TRIBUNE

Prime Minister Perry Christie Civil Avaition Organisation (ICAO).”

This development, according to Mr Christie could unlock a “whole new vista of jobs for Bahamian professionals” within the aviation sector.

He said: “We see this as a landmark accomplishment on our part. We feel it will open up new areas of opportunity for our country, including revenue that has not been forecast. We feel this is a positive indicator of my government’s grasp of important developmental issues in my country that have hitherto been ignored.

We feel very good about it.

Glenys Hanna Martin, minister of transport and aviation, said the proposed 10-year arrangement with the FAA is necessary to allow the Bahamas to build the necessary capacity to manage its own airspace.

She added that with 28 airports across the country, the capital investment required for this nation to undertake such a feat is “very significant”. The Government has committed to overhauling all the Family Island airports, an initiative that will likely cost $180 million.

THE TRIBUNE

Thursday, January 12, 2017, PAGE 7

Govt urged: Regain our air space quicker From pg B1 had chosen to announce the Bahamian carrier fee ‘exemption’ within 24 hours of Majority Rule Day celebrations, Mr Butler called on the Christie administration to get creative in negotiations with the US. He argued that it should seek to gain a portion of the fees collected by the FAA, arguing that they would provide a financing source for the planned $180 million Family Island airport upgrades and reduce the potential Bahamian taxpayer burden.

Pointing to the aviation industry’s cash-starved infrastructure, Mr Butler revealed that Sky Bahamas had been paying overtime to Exuma’s air traffic controllers to facilitate night flights from Nassau into the destination.

These payments, he added, are the Government’s responsibility, but the airline stepped into the gap after the overtime issue resulted in one of its Exuma flights being refused permission to land.

“For me, it’s over $100,000 in savings,” Mr Butler told Tribune Business of the Government’s announcement that it had secured a fee ‘exemption’ from the FAA for Bahamian airlines on domestic flights (see other article on Page 1B).

“I say to the Government: Great. But I don’t know why it has taken them so long. Why not get a percentage of what the FAA is taking, and put it into the aviation industry to cover the costs of the Family Island airports?

“Get a percentage of what the FAA collects and put it into aviation to help grow and manage the Family Island airports, provide scholarships for people wanting to be in the industry, and work to get all our air space back.”

The Government yesterday said the ‘exemption’

for Bahamian airlines is expected to take effect “in the very near future”, although no specific deadline was given.

While it appears to be a first step towards the Bahamas taking back control of its air space and establishing a Flight Information Region (FIR), something that will allow this nation to levy and collect fees from airlines flying over this nation rather than the FAA, the US appears to be taking a long-term view.

It was confirmed yesterday that the FAA will continue to manage Bahamian airspace, as it has done since 1952, for another 10 years to allow this nation to build the necessary capacity to develop an FIR. This seemingly dashes Mr Butler’s hopes for a rapid Bahamian takeover, with the Sky Bahamas chief likening yesterday’s announcement to the FAA “not charging us rent for living in our own home, which we’ve been paying for 60 years”.

“Something’s wrong with that,” he told Tribune Business. “I encourage the Government, I applaud them, especially since we’ve had Majority Rule Day for so long and still don’t have control of our own air space.

“We are celebrating not paying something that should not have been paid in the beginning. Bahamian airlines are not getting their money back. That money has already been spent, resulting in a lot of lost opportunities for Bahamians.

“Small steps are good, and we’re moving in the right direction. We just need to own all of it.”

Mr Butler said the arrangement with the FAA, made before Majority Rule by the former colonial authorities, had effectively deprived the Bahamas and its aviation industry - a sector vital to tourism and inter-island commerce in the Family Islands - of much-needed revenues.

This, he added, had mani-

fested itself in problems such as the lack of maintenance at Family Island airports, with runways sometimes going unrepaired and lacking lights to facilitate night flights.

“We got approval to go into Exuma,” Mr Butler revealed to Tribune Business, “but on the approach last month we were told that because the air traffic controllers didn’t get their overtime, they were not working that evening and we couldn’t land.

“We have been periodically paying those overtime fees to the controllers; we had to, because the Government was not paying it, and they wouldn’t work the evening.”

Mr Butler said that Sky Bahamas had to return to Nassau with a full planeload of people as a result of the aborted Exuma night flight, forcing it to give them a free trip the following day and “pay additional fees” to lay on another flight for scheduled travellers.

A 2004 International Civil Aviation Organisation (ICAO) paper on the proposed Bahamian FIR, said that apart from this nation taking “full control over its sovereign airspace”, the initiative would create 100 direct jobs and annual government revenues of $30 million.

“The project will create significant directly related employment of about 100 people in high technology areas of the economy, and several times that number in additional support jobs,” the ICAO paper said.

“The new FIR will generate revenues in excess of $30 million annually.

The revenue stream will not only finance the capital costs of implementing the total project and pay for the yearly operations and maintenance budget of the Department Civil Aviation, but will also be able to contribute to financing the development of Family Island aerodromes.”

Given the increase in aviation traffic to the Bahamas over the past decade, it is likely this nation could earn more than $30 million by developing its own FIR.

COMMONWEALTH OF THE BAHAMAS

2016/CLE/GEN/00374

IN THE SUPREME COURT Common Law and Equity Division IN THE MATTER OF Property comprised in a Mortgage dated the 31st day of July A.D., 2000 between MARCIA SHANTEL MUNNINGS and CIBC BAHAMAS LIMITED (now FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED) and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 7890 at pages 118 to 124.

AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the Rules of the Supreme Court 1978.

B E T W E E N: CIBC BAHAMAS LIMITED (now FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED) Plaintiff AND MARCIA SHANTEL MUNNINGS

Defendant

TO:MARCIA SHANTEL MUNNINGS TAKE NOTICE that: 1.

An Originating Summons filed on the 16th day of March A.D., 2016 has been issued against you in the Supreme Court of The Commonwealth of The Bahamas being Action No. 2016/CLE/gen/00374 by CIBC Bahamas Limited (now FirstCaribbean International Bank (Bahamas) Limited), the Plaintiff herein.

2.

On Wednesday the 19th day of October A.D., 2016 the Court ordered that the said Originating Summons is hereby deemed to have been served on you by virtue of this advertisement.

Dated the 19th day of October A.D., 2016.

CHANCELLORS CHAMBERS Samana Hill No. 16 Village Road (North), Nassau, Bahamas Attorneys for the Plaintiff

PAGE 10, Thursday, January 12, 2017

Loretta: PM failed to deliver on Pointe Heads of Agreement From pg B1

The Pointe to the House on January 9,” the Opposition’s House of Assembly leader told Tribune Business. “He said that at the previous sitting in December, but there was absolutely nothing.”

Explaining why she was particularly eager for the Christie administration to fully disclose the agreement with CCA, Mrs Butler-Turner added: “I want to look at the workforce component at The Pointe.

They said they had a workforce comprised 6040 in favour of the Chinese, but I never saw many Bahamians going there.

“I believe that a part of the deal includes the western tip of Paradise Island just beyond the lighthouse.

I believe that is somehow incorporated into the Heads of Agreement.

that he would disclose the Government’s agreement with the developer of the downtown Nassau project.

The multi-million development is being constructed by its owner, China Construction America (CCA), which also owns the adjacent British Colonial Hilton property and is Baha Mar’s main contractor.

Mrs Butler-Turner said she was especially keen to confirm what had been agreed between the Government and CCA over the ratio of Bahamian to Chinese workers on the construction, plus other aspects of the investment project.

“The Prime Minister had promised to bring the Heads of Agreement for

Loretta Butler-Turner

“I also want to determine if there was a clause in their to demolish part of the British Colonial Hilton. These are the things I wanted to check. That building is very historic.”

Mrs Butler-Turner also revealed that she plans to raise questions in the House of Assembly, when it next sits on Wednesday, January 18, over the Government’s increased use of off-balance-sheet special purpose vehicles (SPVs).

Reputable Construction Company is seeking a

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Please email resumes to bahamasmillworkconstruction@yahoo.com COMMONWEALTH OF THE BAHAMAS

2015/CLE/GEN/01921

IN THE SUPREME COURT Common Law and Equity Division IN THE MATTER OF Property comprised in a Mortgage dated the 24th day of November A.D., 2003 between EVERETTE GEORGE BURNSIDE and DONNA INEZ BURNSIDE and FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9287 at pages 137 to 156.

AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the Rules of the Supreme Court 1978.

B E T W E E N:

FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND EVERETTE GEORGE BURNSIDE AND

Plaintiff

First Defendant

DONNA INEZ BURNSIDE Second Defendant TO:

EVERETTE GEORGE BURNSIDE and DONNA INEZ BURNSIDE

TAKE NOTICE that: 1.

An Originating Summons filed on the 3rd day of December A.D., 2015, the Supporting Affidavit filed on the 25th day of February A.D., 2016 and a Notice of Appointment filed on the 20th day of July A.D., 2016 have been issued against you in the Supreme Court of The Commonwealth of The Bahamas being Action No. 2015/ CLE/gen/01921 by FirstCaribbean International Bank (Bahamas) Limited the Plaintiff herein. The Hearing date of the Summons was previously heard on Monday the 31st day of October A.D., 2016 at 10:00 a.m., and has now been adjourned to be heard before Justice Indra Charles on Monday the 13th day of February A.D., 2017 at 12:45 p.m., in the after-noon, whose chambers is located at Ansbacher Building, East Street (North), Nassau, Bahamas. Details of the claim are set out in the said Supporting Affidavit.

2.

On the 31st day of October A.D., 2016 the Court ordered that the said Originating Summons, the Supporting Affidavit and a Notice of Appointment are hereby deemed to have been served on you both by virtue of this advertisement.

Otherwise Judgment will be entered against you pursuant to Order 61 rule 4 of the Rules of the Supreme Court 1978.

Dated the 31st day of October A.D., 2016.

CHANCELLORS CHAMBERS Samana Hill No. 16 Village Road (North), Nassau, Bahamas Attorneys for the Plaintiff

Tribune Business raised the issue earlier this week after the Christie administration used just such an entity to acquire UBS House on East Bay Street from the Swiss bank.

Mrs Butler-Turner suggested that the Government typically “overused” new products once it became familiar with them, and questioned whether SPVs were being used to conceal the true extent of its debt liabilities.

“The SPVs seem to be becoming a very common product for them to use to hide so many things,” she told Tribune Business, pointing to the Bahamas Resolve vehicle that played the key role in the Bank of the Bahamas ‘bail out’ in October 2014.

“We don’t know what is going on with that,” Mrs Butler-Turner said, “so that has to be questioned.

We must ask. It seems that when the Government becomes acquainted with a new product they overuse it.”

In the case of UBS House, Mrs Butler-Turner queried whether the use of Poinciana SPV, the property’s new owner, was also a device intended to ensure the acquisition - and possible use of taxpayer monies

- was not debated in Parliament.

“I’m going to discuss it with my colleagues tonight, and I’m going to see if we cannot get ourselves together to have this thing questioned when we go back into Parliament on the 18th,” she told Tribune Business.

“I’m going to speak to Mr [Hubert] Chipman and let him know we need to look at this thing. We’ll look into it, and I think it will be important for us to deal with this thing.”

Bahamas Resolve was the entity to which 13 ‘bad’ Bank of the Bahamas loans worth a net $45.2 million were transferred as part of the October 2014 ‘bail out’.

Those loans, and the responsibility for collecting them, are now the Bahamian taxpayer’s via the Government and Bahamas Resolve.

The latter also issued $100 million in government bonds to Bank of the Bahamas to cover the balance sheet ‘hole’ created by the loans’ removal, with the payments supposed to be made via recovered loan collateral. If Bahamas Resolve is unable to realise the loans, then payment has to be covered by the Government/taxpayer.

Legal Notice

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

K & P INVESTMENTS LTD In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), K & P INVESTMENTS LTD, has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 29th day of December, 2016.

Mr. Sergei Kurashvili., of 2-aya Miusskaya Str. 3/5-23, Moscow, Russia Liquidator

THE TRIBUNE Another SPV is Coral Insurance Company, which has been created to assume the remaining CLICO (Bahamas) insurance policy portfolio, again leaving the Government and taxpayer with potential liabilities.

And the same type of entity will also issue the $650 million in rate reduction bonds (RRBs) to refinance the Bahamas Electricity Corporation’s (BEC) debt.

Tribune Business sources are also questioning how the Government has financed the UBS House purchase.

It was originally supposed to raise capital from a $20 million bond issue to Bahamian investors, placed by Providence Advisors, with the securities carrying a 5.5 per cent interest coupon and 15-year maturity.

However, Providence Advisors was ultimately told to “hold off”, and the Government financed the acquisition through alternative means.

Mrs Butler-Turner acknowledged that it would be “very interesting” to uncover the purchase price paid by the Government for UBS House, adding that this was the first step to determining whether Bahamian taxpayers received ‘value for money’.

UBS (Bahamas) had been seeking more than $22 million for its threestorey, 33,000 square foot headquarters building and two other properties combined.

UBS House was initially marketed by Bahamas Realty as a three-storey trophy office building with a total rental area of 33,162 square feet, and a 240 space car park.

UBS Annex, which sits at the rear of the bank’s corporate office on East Bay Street, was marketed as a ‘two-storey, class A’ office building with 23,544 square feet of office space and 162 car parking spaces.

The total area consists of about 56,876 square feet or 1.31 acres, with 247.8 linear feet of frontage on to Shirley Street.

THE TRIBUNE

Thursday, January 12, 2017, PAGE 11

US ethics chief blasts Trump plan to keep business profits WASHINGTON (AP) — The director of the federal government’s ethics agency Tuesday blasted Presidentelect Donald Trump’s plan to maintain his business empire by turning it over to his sons instead of selling off all his corporate assets and placing remaining profits in a government-approved blind trust.

U.S. Office of Government Ethics Director Walter Shaub took the rare step Tuesday of commenting publicly about a presidential ethics decision, warning that Trump’s solution to a potential cascade of conflicts spurred by his global business holdings breaks 40

years of precedent by presidents from both parties.

Shaub, a 2013 Obama appointee who also worked at the agency during the George W. Bush administration, openly pleaded with Trump to reconsider his plan before his inauguration.

Shaub said Trump should commit to “divestiture,” a process under which he would sell his corporate assets and place the profit in a blind trust administered by a neutral trustee approved by the OGE. Emails between the OGE and the Trump transition team obtained by the Associated Press show that Shaub repeatedly tried to engage

with Trump’s aides late last year to persuade the president-elect and his Cabinet choices to agree to divestiture as the cleanest way to clear aware potential ethics conflicts posed by their investments and businesses.

But while lawyers for several Trump picks, including prospective Secretary of State Rex Tillerson and senior adviser Jared Kushner, have worked closely with the OGE in shaping divestiture plans, Trump’s own lawyers and aides gave the federal agency no official advance notice of his plan to turn over his global empire to his sons, according to an official familiar with interactions be-

tween the two sides.

The official, who requested anonymity to detail the sensitive contacts between the two sides, said that Shaub met once with Trump’s prospective White House counsel, Don McGahn, in recent weeks, but only to discuss ethics plans for several of Trump’s picks, not for Trump’s own plan to deal with his holdings.

An outside attorney for Trump, Sherri Dillon of firm Morgan Lewis & Bockius, said Tuesday that Trump plans to have his compa-

that the only OGE-approved method is the governmentqualified blind trust set by the Ethics in Government Act. Shaub said his agency’s unusual Twitter comments last year complimenting Trump for considering divesting his assets was his decision, made to “use the vernacular of the president-elect’s favorite social media platform to encourage him to divest.”

Shaub said he now worries that Trump has no intention to go through governmentapproved divestiture, a move that risks “creating the perception that government leaders would use their official positions for profit.”

Shaub said he had been initially encouraged by a Trump tweet last year that “no way” would he allow any conflicts of interest.

nies’ operations directed by his two sons, but they would pursue new deals only in the U.S., not abroad. Additionally, Dillon said, Trump would put his business assets in a trust but would hand over management of his international real estate firms to a management company based in New York.

Shaub said during a rare appearance at the Brookings Institution that he was “especially troubled” by Dillon’s comment that Trump’s liquid assets from stock and investment sales he made in recent months before the presidential election would be placed in a “diversified portfolio of assets” approved by the OGE. “No one has ever talked to us about the idea, and there’s no legal mechanism to do that,” Shaub said. He added

www.ub.edu.bs

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There are many opportunities to make your mark.

Tuesday, January 17, 2017 6:30 p.m.

Michael H. Eldon, Boardroom, Oakes Field Campus COMMONWEALTH OF THE BAHAMAS

2016/CLE/GEN/00576

IN THE SUPREME COURT Common Law and Equity Division IN THE MATTER OF Property comprised in a Mortgage dated the 9th day of August A.D., 2005 between JAMIEL J. CLARKE (as Mortgagee) and NINA MARIE CLARKE (as Surety) and FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9513 at pages 188 to 199.

AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the Rules of the Supreme Court 1978.

B E T W E E N: CIBC BAHAMAS LIMITED (now FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED) AND JAMIEL J. CLARKE (as Mortgagee)

First Defendant

AND NINA MARIE CLARKE (as Surety) TO:

Plaintiff

Second Defendant

JAMIEL J. CLARKE (as Mortgagee) and NINA MARIE CLARKE (as Surety)

TAKE NOTICE that: 1.

An Originating Summons filed on the 26th day of April A.D., 2016 has been issued against you in the Supreme Court of The Commonwealth of The Bahamas being Action No. 2016/CLE/gen/00576 by CIBC Bahamas Limited (now FirstCaribbean International Bank (Bahamas) Limited), the Plaintiff herein.

2.

On Wednesday the 19th day of October A.D., 2016 the Court ordered that the said Originating Summons is hereby deemed to have been served on you both by virtue of this advertisement.

Dated the 19th day of October A.D., 2016.

CHANCELLORS CHAMBERS Samana Hill No. 16 Village Road (North), Nassau, Bahamas Attorneys for the Plaintiff

PAGE 12, Thursday, January 12, 2017

THE TRIBUNE

Iceland gets new govt, could restart talks on entering EU LONDON (AP) — Iceland got a new, Pirate Party-free government on Wednesday, almost three months after an election that produced no outright winner.

The center-right Independence Party, which won the largest share of seats, formed a coalition with the smaller Reform and Bright Future parties.

Together the three parties hold the slimmest of majorities — 32 of the 63 seats in parliament.

Independence Party leader Bjarni Benediktsson has been named prime

minister in the new administration. Six Cabinet posts are held by his party, three

by Reform — a breakaway from the Independence Party that wants Iceland to join the European Union — and two by the centrist Bright Future party.

Reform leader Benedikt Johannesson is the country’s new finance minister, while the new health minister is Bright Future chief Ottarr Proppe, former lead singer of rock bands HAM and Dr. Spock.

Benediktsson said Tuesday that the government would give parliament a

vote on whether to re-start EU entry talks. Iceland applied for membership in 2009, as it reeled from the collapse of its banks and the economy, but withdrew its bid in 2015.

The new government will disappoint those Icelanders who had hoped for radical change after an election triggered by revelations of former Prime Minister Sigmundur David Gunnlaugsson’s offshore holdings. He resigned, triggering an early election, after details of his accounts were revealed in the Panama Papers leak.

The issue of tax avoidance by the wealthy is particularly sensitive in the tiny north Atlantic nation, which endured years of austerity and capital controls after the 2008 global financial crisis.

In the Oct. 29 election, the radical Pirate Party, which calls for direct democracy and digital freedom, tripled its vote and won 10 parliamentary seats. But many Icelanders also voted for continuity, in the form of Benediktsson’s Independents, who had formed part of the previous coalition government.

NOTICE

N O T I C E

NOTICE IS HEREBY GIVEN as follows:

____________________________________

(a) Martin Maritime Ltd. is in dissolution under the provisions of the International Business Companies Act 2000.

Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 15TH day of December, 2016.

(b) The dissolution of the said Company commenced on the 5th day of January, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

Delano Aranha Liquidator of NOBLE SHIPPING LTD.

H & J CORPORATE SERVICES LTD.

NOTICE

(a) CATCH ON KWIK LTD. is in dissolution;

(a) BREEZY ACRES LTD. is in dissolution;

(b) The date of commencement of the dissolution is the 23rd day of December A.D., 2016 and

(b) The date of commencement of the dissolution is the 21st day of December A.D., 2016 and

(c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

(c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), DAFTER ASSETS MANAGEMENT CORP., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 29th day of December, 2016.

NOTICE

Andre Maritime Ltd. NOTICE IS HEREBY GIVEN as follows: (a) Andre Maritime Ltd. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 5th day of January, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

Registered Agent for the above-named Company

NOTICE Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:(a) NIGHT IRIS LTD. is in dissolution;

(c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

MARKET REPORT WEDNESDAY, 11 JANUARY 2017

In Voluntary liquidation

(b) The date of commencement of the dissolution is the 21st day of December A.D., 2016 and

C.B. Strategy Ltd. LIQUIDATOR

C.B. Strategy Ltd. LIQUIDATOR

DAFTER ASSETS MANAGEMENT CORP.

H & J CORPORATE SERVICES LTD.

Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:-

Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:-

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

(c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas

Registered Agent for the above-named Company

NOTICE

NOTICE

Antonio F. Mastroianni, Ruta 25 num.2567, Escobar, Buenos Aires, Argentina Liquidator

Martin Maritime Ltd.

MANPRO LTD.

Legal Notice

C.B. Strategy Ltd. LIQUIDATOR t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,921.24 | CHG 0.30 | %CHG 0.02 | YTD -16.97 | YTD% -0.88 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 15.48 2.72 1.60 5.82 9.31 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

PREFERENCE SHARES

1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01

1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

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 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

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

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

SYMBOL FBB17 FBB18 FBB22

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

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

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

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 6.96 8.50 6.30 9.94 11.21 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 2.08 1.60 5.82 9.31 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 100.00 100.00 100.00 108.71 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.06 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.50 11.93 2.12 1.60 5.82 9.31 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 0.02 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 1.00 100.00 100.00 100.11 100.00 100.00 100.00 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

108.72 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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 30

400

1,000 3,444

VOLUME

NAV 2.01 3.90 1.93 169.70 140.34 1.46 1.66 1.56 1.07 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 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 0.000

P/E 140.0 15.8 N/M 20.7 N/M N/M -186.7 14.0 13.6 23.3 108.5 20.8 20.0 19.4 17.9 11.4 10.7 23.0 19.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 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% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%

NAV Date 30-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 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD 1.97% 6.31% 0.00% 5.97% 0.00% 0.00% 1.61% 3.53% 3.77% 3.43% 4.11% 2.83% 3.75% 4.12% 4.30% 0.00% 3.78% 2.07% 5.36% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

NOTICE Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:(a) FROSH TOSH LTD. is in dissolution; (b) The date of commencement of the dissolution is the 23rd day of December A.D., 2016 and (c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

C.B. Strategy Ltd. LIQUIDATOR

NOTICE Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:(a) almONd ClusTErs lTd. is in dissolution; (b) The date of commencement of the dissolution is the 23rd day of december a.d., 2016 and (c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

C.B. strategy ltd. lIQuIdaTOr

THE TRIBUNE

Thursday, January 12, 2017, PAGE 13

US stock indexes close higher after wavering much of the day AP Business Writer – Energy companies led U.S. stocks modestly higher Wednesday, nudging the Nasdaq composite to its fifth record-high close in a row.

Rising crude oil prices gave energy companies a boost, including oil rig operator Transocean, which rose 4 percent. Traders also bid up shares in utilities.

Health care stocks fell after President-elect Donald Trump spoke about the need for the government to stem drug costs by creating new bidding procedures.

Pharmaceutical company Endo International led the decliners in the Standard & Poor’s 500 index, sliding 8.5 percent.

The stock market spent much of the day wavering between small gains and losses as investors sized up outlooks from several companies ahead of the latest batch of corporate earnings reports.

“The heavy load comes in the coming weeks,” said Tim Dreiling, regional investment director for U.S. Bank’s Private Client Reserve. “There’s a little bit of a wait-and-see on what those earnings numbers look like.”

The Dow Jones industrial average rose 98.75 points, or 0.5 percent, to 19,954.28.

The S&P 500 index added 6.42 points, or 0.3 percent, to 2,275.32. The Nasdaq gained 11.83 points, or 0.2 percent, to 5,563.65. The index has risen every day this year.

During a press conference Wednesday morning, Trump said the government has to create new bidding procedures for the pharmaceutical industry “because they’re getting away with murder.” The remarks sent health care stocks broadly lower, particularly pharmaceutical companies. At one point, drugmakers and one prescription drug distributor accounted for the nine biggest losers in the S&P 500.

Endo International posted the biggest loss, tumbling $1.30 to $14.01. Perrigo slid $5.77, or 6.9 percent, to $77.88. Mallinckrodt slumped $3.31, or 6.2 percent, to $50.44.

Not all drugmakers had a bad day.

Merck rose 2.9 percent on news that the Food and Drug Administration will do a quick review of one of the company’s drugs for its potential to treat a type of lung cancer. The stock added $1.71 to $61.63.

Big U.S. companies start reporting fourth-quarter earnings this week. On Friday JPMorgan Chase, Wells Fargo and Bank of America release their results.

“As we look into 2017, we still expect equities are going to be able to grind higher, because we still have enough of an economic push to do that,” Dreiling said.

“But a move up in equities is going to have to come from earnings, otherwise, these valuations ... look pretty stretched, pretty rich at these levels.”

Investors had their eye Wednesday on companies that released earnings or

forecasts of their upcoming quarterly results.

SuperValu slid 7.5 percent after the grocery store operator announced a weak third-quarter profit, partly because of falling food prices. The stock shed 36 cents to $4.43.

Traders bid up shares in several companies that projected strong fourth-quarter results.

Intuitive Surgical gained $15.96, or 2.4 percent, to $678.16, while medical device maker Stryker added $1.76, or 1.4 percent, to $123.66.

Quarterly outlooks from other companies failed to impress investors.

Signet Jewelers cut its profit forecast for the fourth quarter and current fiscal year, noting its sales fell 5 percent over the holidays.

The stock fell $2.76, or 3.2 percent, to $84.70.

Auto parts supplier BorgWarner slid 1.6 percent after it issued a profit and sales forecast that fell short of what Wall Street was anticipating. The stock shed 65 cents to $40.12.

The major indexes in Europe were mixed.

Germany’s DAX rose 0.5 percent, while France’s CAC 40 was essentially flat.

Britain’s FTSE 100 gained 0.2 percent.

Earlier in Asia, a strong earnings forecast from Samsung Electronics helped drive gains on the South Korean stock market, where the Kospi added 1.5 percent and hit its highest close in over a year. Japan’s benchmark Nikkei 225 rose 0.3 percent. Australia’s S&P/ ASX 200 added 0.2 percent.

a Wall Street street sign outside the New York Stock Exchange. The major U.S. stock indexes edged higher in early trading yesterday, as investors looked ahead to the start of corporate earnings reports later in the week. Energy stocks led the gainers as crude oil prices headed higher, while phone and real estate stocks lagged the most. (AP Photo)

NOTICE

NOTICE is hereby given that AZSHANIQUE TEMICKA WILLIAMS of #40 Poinciana Drive, Freeport, Grand Bahama, 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 12th day of January, 2017 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

NOTICE International Business Companies Act No.45 of 2000 Thai Riveria Investment Fund Limited (the “Company”) Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Thai Riveria Investment Fund Limited has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the December 28, 2016.

Edmo Batista Das Chagas Liquidator

COMMONWEALTH OF THE BAHAMAS

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 46 of 2000)

IN THE SUPREME COURT Common Law and Equity Division

AMBROSIA INVESTMENT HOLDINGS LIMITED IBC No. 175388 B (In Voluntary Liquidation) NOTICE is hereby given that as follows: (a) That AMBROSIA INVESTMENT HOLDINGS LIMITED is in Dissolution under the provisions of The International Business Companies Act 2000. (b) The Dissolution of the said Company commenced on the 9th day of January, 2017 when the Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the Company is Sterling (Bahamas) Limited of 2nd Floor, Saffrey Square, Bank Lane and Bay Street, Nassau, Bahamas. (d) Any person having a Claim against the above name Company are required on or before the 8th day of February, 2017 to send their name, address and particulars of the debt or claim to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is approved.

IN THE MATTER OF Property comprised in a Mortgage dated the 21st day of March A.D., 2005 between THOMPSON THAYALARAJ SUNDERAJ and JAYASHREE KUPPUDURAI- SUNDERAJ (a.k.a JAYASHREE THOMPSON) and BANK OF THE BAHAMAS LIMITED and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9275 at pages 400 to 419.

AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the Rules of the Supreme Court 1978.

B E T W E E N: BANK OF THE BAHAMAS LIMITED

Sterling (Bahamas) Limited Liquidator

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

THOMPSON THAYALARAJ SUNDERAJ AND

AND IN THE MATTER of a Mortgage Action pursuant to Order 77 of the Rules of the Supreme Court 1978.

FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND DEMETRIUS DESMOND TURNQUEST AND GALE LOUISE TURNQUEST NOTICE

Plaintiff First Defendant Second Defendant

TAKE NOTICE that it was ordered on the 25th day of November, 2016 by The Honorable Mrs. Justice Guillamena Archer-Minns of the Supreme Court that the service of the NOTICE OF ADJOURNED HEARING OF THE NOTICE OF APPOINTMENT; scheduled for Tuesday, the 17th day of January, A.D. 2017 at 9:30 a.m. in the morning before The Honorable Mr. Justice Guillamena Archer-Minns at the Supreme Court in Chambers situate in the Ansbacher Building, East Street North, Nassau, New Providence, The Bahamas in the said action be effected on you by way of this advertisement.

PLEASE TAKE FURTHER NOTICE that the said NOTICE OF ADJOURNED HEARING filed herein on the 6th day of January, A.D., 2017 can be collected from the Chambers of the Plaintiff ’s Counsel as set out below.

AND FURTHER TAKE NOTICE that you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, acknowledge service of the said NOTICE OF ADJOURNED HEARING by completing a prescribed form of Acknowledgement of Service which may be obtained on request from the Plaintiff ’s Attorneys whose name and address appear below, otherwise Judgment may be entered against you without further notice.

DATED this 6th day of January, A.D., 2017 HALSBURY CHAMBERS SUITE# 548, VILLAGE ROAD NORTH HALSBURY COMMERCIAL CENTRE NASSAU, THE BAHAMAS ATTORNEY’S FOR THE PLAINTIFF

Plaintiff

AND

2016/CLE/gen/00998

IN THE MATTER OF Property comprised in a Mortgage dated the 19th day of August A.D., 2003 between Demetrius Turnquest and Gale Turnquest to FirstCaribbean International Bank (Bahamas) Limited recorded in Book 8770 at pages 367 to 383 at the Registry of Records in the City of Nassau in the Island of New Providence.

BETWEEN

2016/CLE/GEN/00979

First Defendant

JAYASHREE KUPPUDURAI-SUNDERAJ (a.k.a JAYASHREE THOMPSON) Second Defendant TO:

THOMPSON THAYALARAJ UNDERAJ and JAYASHREE KUPPUDURAI-SUNDERAJ

TAKE NOTICE that: 1.

An Originating Summons filed on the 30th day of June A.D., 2016 has been issued against you in the Supreme Court of The Commonwealth of The Bahamas being Action No. 2016/CLE/gen/00979 by Bank of The Bahamas Limited, the Plaintiff herein.

2.

On Wednesday the 19th day of October A.D., 2016 the Court ordered that the said Originating Summons is hereby deemed to have been served on you both by virtue of this advertisement.

Dated the 19th day of October A.D., 2016.

CHANCELLORS CHAMBERS Samana Hill No. 16 Village Road (North), Nassau, Bahamas Attorneys for the Plaintiff

THE TRIBUNE

Thursday, January 12, 2017, PAGE 15

Trump’s HHS pick faces calls for probe of stock trades

WASHINGTON (AP) — President-elect Donald Trump’s nominee to be the nation’s top health official is facing calls for investigation of whether his stock picks were guided by insider knowledge gleaned as a senior member of Congress.

Rep. Tom Price, R-Ga., was chosen by Trump in

part because of his plan to repeal “Obamacare,” and his confirmation hearings are expected to be a spirited debate about the future of federal health insurance programs. Financial issues could take the hearings in a different direction, however, to determine whether there were any potential violations

of federal law.

The Trump transition team says Price, chairman of the House Budget Committee, has complied fully with all applicable laws and ethics rules. “Congressional Democrats are playing petty politics with these delay tactics and attempting to thwart President-elect Trump’s

mandate for reform,” spokesman Phillip Blando said in a statement. “These charges are laughable.”

Price would lead Health and Human Services, a $1 trillion department that oversees major insurance programs, drug safety and approval, medical research and disease prevention.

You’re Invited Atlantic Medical Insurance, as part of our commitment to helping improve your health and wellbeing, invites you to join us for:

A morning with

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“There’s enough here that, if you’re serious about oversight, you can’t simply say it’s a coincidence and move on,” said Sen. Ron Wyden of Oregon, the top Democrat on the Senate Finance Committee, one of two panels that traditionally hold hearings on HHS nominees.

Another Senate committee, Health, Education, Labor and Pensions, known as HELP, announced Wednesday it has scheduled a hearing on Price’s nomination for Jan. 18. Trump, at his New York news conference, said his administration would present a plan to replace the Obama health law when Price is confirmed.

Senators should definitely examine Price’s stock trades, said a former White House ethics lawyer for a Republican president.

“I do have to say that it shows an extraordinary lack of judgment for a member of Congress to be buying and selling health care stock,” said University of Minnesota law professor Richard Painter, who served as ethics counsel for President George W. Bush. “That is just asking for trouble.”

Painter also serves as vice chair of Citizens for Responsibility and Ethics in Washington, a nonpartisan watchdog group.

Recently Rep. Louise Slaughter, D-N.Y., and a consumer advocacy group

asked the Securities and Exchange Commission to investigate Price’s stock trades. An SEC spokesman declined to comment.

Slaughter wrote the SEC that she was particularly concerned about trades involving some 40 health care companies.

“The fact that these trades were made and in many cases timed to achieve significant earnings or avoid losses would lead a reasonable person to question whether the transactions were triggered by insider knowledge,” Slaughter wrote, adding that she does not assume any violation took place.

A 2012 law that Slaughter helped write — the STOCK Act — clarifies that federal laws against insider trading apply to members of Congress and staff, and requires lawmakers to make regular disclosures. Insider trading involves acting on nonpublic information that a reasonable investor would consider important.

Records show that Price, an orthopedic surgeonturned-lawmaker, has been an active trader in stocks.

His purchases tend to involve major businesses across the economy, not only health care companies. They include financial companies, transportation firms and technology giants as well as pharmaceuticals and insurers.

Tickets: NEW INFO If you registered for the postponed event, look out for a confirmation email and respond as instructed.

Author of over 80 books, including 22 New York Times best sellers, Deepak Chopra is the Co-Founder and Chairman of the Board of the Chopra Center for Wellbeing and Founder of The Chopra Foundation.

TIME magazine has described him as “one of the top 100 heroes and icons of the century”.

#DeepakChopraAMI2017

ATLANTIC MEDICAL INSURANCE LIMITED

Atlantic House, 2nd Terrace & Collins Avenue, Nassau tel 326 8191 ami.chopra@atlantichouse.com.bs www.cgigroup.com A member of Colonial Group International insurance, health, pensions, life

Health and Human Services Secretary-designate, Rep. Tom Price, R- Ga. arrives at Trump Tower in New York. Presidentelect Donald Trump’s nominee to be the nation’s top health official is facing calls for investigation of whether his stock picks were guided by insider knowledge gleaned as a senior member of Congress. (AP Photo)

PAGE 16, Thursday, January 12, 2017

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