01162017 business

MONDAY, JANUARY 16, 2017

business@tribunemedia.net

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NHI study: ‘More money’ will not fix health system

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Government yesterday raised fears it is “throwing good money after bad” with National Health Insurance (NHI), given its twoand-a-half year failure to act on confidential recommendations for strengthening the existing public health system.

A report by the National Health Systems Strengthening Committee, which has never been widely-circulated or published, lists numerous issues that “must be addressed” prior to implementing universal health coverage (UHC) in the Bahamas.

The document, dated September 2014 and which has been obtained by Tribune Business, warns that the Bahamas’ existing healthcare model is one that has been shown to be “financially unsustainable”.

This, the committee explains, is because the Bahamian system is focused on treating illnesses and

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas Fly Fishing Industry Association’s (BFIA) president has again fired back at critics of the new industry regulations, labelling the opposition as “absolute foolishness”.

Prescott Smith told Tribune Business: “All of the gloom and doom talk is just an attempt to get the Government to water down the regulations.

“It’s the special interest groups making all of the noise. There was so much illegal activity going on and the Government was being defrauded badly. When you’re doing the right thing

disease, rather than on education and the promotion of healthy living and eating.

“The Bahamas, like its global counterparts, continues to grapple with health system performance,” the report admitted bluntly.

“Many of our existing challenges relate to deficits in the governance of system, services delivery and resource allocation (human and otherwise) that must be addressed to implement UHC in the Bahamas.”

Critiquing the existing Bahamian healthcare system, it added: “The current See pg b5

Hits at ‘special interests’ opposing new regulations Says trying to pressure Govt to ‘water down’ rules there is always going to be push back.”

Concerns persist over the new regulations for the fly fishing industry, which took effect on January 9.

Approved by Cabinet last October, they require anglers above the age of 12, and who wish to fish in the flats, to apply for a personal See pg b7

‘Ad hoc’ apprenticeship scheme causes concern

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Chamber of Commerce has expressed concern about the “ad hoc” organisation of the Government’s apprenticeship scheme, a key component in a $50 million scheme to improve workforce productivity and employment prospects.

See pg b4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Report: Issues ‘must be addressed’ before NHI ‘Realist’ document ‘flies in face’ of Govt narrative

Chamber urges ‘more focused attention’ to initiative Key component of $50m Govt/IDB funded plan Maritime, medical and IT targeted in first wave

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Minister’s ‘struggle’ over political approach to FDI

Govt yet to act on strengthening proposals

Fly fishing chief slams ‘absolute foolishness’

By NATARIO McKENZIE

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Khaalis Rolle

A Cabinet minister has admitted to “struggling” with the Government’s politically-led approach to decision-making on foreign direct investment (FDI) projects, saying: “I ain’t no politician.”

Khaalis Rolle, minister of state for investments, told Tribune Business that while he and the Government had accomplished much since

2012, it was “not nearly enough” to compensate for the Bahamas’ lack of postindependence planning.

The Minister explained that he had been pursuing a “dual track” approach to the investments portfolio, developing a system that will underpin “sustainable” future development, while also attracting sufficient new projects “to keep us afloat”.

Reiterating that the Bahamas was failing to See pg b6

Investments chief: ‘I’m a businessman first’ ‘Dual track’ of NDP plan and ‘keeping us afloat’ Board turnaround ‘not where I’d like it to be’

Minister: Govt must be ‘more forceful’ on South Ocean resort

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Cabinet minister has suggested that the Government needs to be “more forceful” with South Ocean’s owner if it wishes to see renewed economic activity at the long-closed resort.

Khaalis Rolle, minister of state for investments, acknowledged to Tribune Business it was “somewhat disappointing” that nothing

had occurred at the southwestern New Providence location since the Christie administration took office in May 2012.

He added that South Ocean’s owner, the Canadian Commercial Workers Pension Plan (CCWIPP), had received several purchase offers for the 383-acre property, but all seemed to have “fallen through”.

“It is one that we have worked extremely hard on, but South Ocean has been somewhat of a difficult pro-

cess,” Mr Rolle told Tribune Business, adding that he was unaware of South Ocean’s current status or CCWIPP’s intentions.

“There have been quite a number of proposed deals with the pension fund, and many of them have fallen through. I can’t say specifically why.”

The Minister added: “Everything is in its time.

That’s the way I look at it.

Yes, it is somewhat disappointing that nothing has See pg b5

Admits lack of progress ‘somewhat disappointing’ ‘High-end brands’ eye Goodman’s Bay condo hotel MSC ‘ground break’ today; Exuma project moving

PAGE 2, Monday, January 16, 2017

THE TRIBUNE

Freeport hotels still ‘wait on Hutchison’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Minister of Tourism says the immediate fate of Freeport’s major hotels is still “waiting on Hutchison Whampoa” to provide confirmed repair and reopening dates.

Obie Wilchcombe told Tribune Business that the Government was “continuing to talk” to the Grand Lucayan owner and Sunwing, operator of the Memories resort, about their plans for the properties in order to bring 1,500 rooms back online as rapidly as possible.

Speaking to this newspaper from Canada, Mr Wilchcombe indicated that Hutchison Whampoa’s repair schedule depended on the fate of its Hurricane Matthew-related insurance claim.

“We’re waiting for Hutch-

Minister of Tourism Obie Wilchcombe ison. They’ve got to give some dates. Memories have to give some dates, too,” Mr Wilchcombe said, adding that nothing was confirmed and all parties were still talking.

“We’re still looking at some things. There’s some things that have to be worked out. For the record, my response is that we’re continuing to talk to Hutch-

ison and Sunwing in an effort to see what the insurance results are, and how quickly they intend to get to work on the properties.

“At all times we’re working to get the hotels reopened as quickly as possible, and get those people back to work.”

K P Turnquest, the FNM’s deputy leader, recently told Tribune Business he had been informed

by Memories staff that their employer had sent letters confirming a proposed reopening date of May 2017, meaning the property will miss the whole winter season.

Between Memories and the Grand Lucayan, more than 1,500 rooms have been taken out of Grand Bahama’s hotel inventory, with both properties increasingly likely to miss the peak winter 2017 tourism season.

Meanwhile, Freeport’s beleaguered tourism sector See pg b7

Govt still pushing forward over NHI

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The National Health Insurance (NHI) secretariat is continuing to work on the primary care phase rollout, despite doubts that the scheme will be ready before the May 2017 general election.

Dr Delon Brennen, the NHI project manager, joined Dr Mark Britnell, chairman and senior partner of KPMG’s global health practice, in telling the Rotary Club of East Nassau that NHI enrollment would begin in early 2017.

They did not give a specific date, with Dr Brennen saying: “In early 2017 we will have enrollment. What we are saying is people will be able to go to their primary care provider to have

services delivered.”

Dr Brennen said the enrollment numbers would give a good indication of how many providers (doctors) are needed.

As for the manager for NHI’s proposed public insurer, Dr Brennen added: “They have shortlisted them and are making the selections. With the shortlisted candidates they have gone through the presentations so they can make a choice.

“They have ranked them, and so they are awaiting approval from Cabinet to say ‘OK, we agree with this that this is the recommended firm’, and we will extend contract negotiations with them.”

Dr Brennen said that once that is done it should take long for the selected firm to start the public in-

surer’s operations.

“The good thing we’re talking about is choosing a provider who has experienced in doing it, and has done it in other countries or country, and it shouldn’t take them much time to do so because they are setting up a management structure to be able to run the insurance product,” he added.

The NHI Secretariat announced last November that three bids had been received from unnamed Bahamian and international parties by the bid deadline.

The first phase of NHI has been pegged at a cost of $100 million by KPMG, the Government’s hired consultants. Primary care services under NHI were originally set to begin in April 2016.

THE TRIBUNE

Monday, January 16, 2017, PAGE 3

J S Johnson eyes $60m in Matthew payments

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A prominent Bahamian insurer is eying close to $60 million in Hurricane Matthew-related payouts, a senior executive saying it has settled between 2,0003,000 claims.

Charles Johnson, senior manager at J S Johnson Insurance Agents and Brokers, while speaking on the sidelines of a press conference to announce the Royal Fidelity Bahamas Economic Outlook set for January 31, said: “We don’t have the

Broker deals with 2,000-3,000 claims Industry looks at $500m ‘total payout’ Premium rates unlikely to increase in 2017 industry figures as yet.

“We are trying to put them together but we’re looking at a total payout of around $500 million. J

S Johnson is probably running to near $60 million, and the number of claims is going to range between 2,000 and 3,000 claims.”

J S Johnson, as an insurance agent and broker, places much of its property and casualty business through its ‘tied’ underwriter, Insurance Company of the Bahamas (ICB).

Mr Johnson added: “I think we are now really at the adjustment and payout stage. Most of the properties would have already been paid out and accessed.”

He said that Matthew,

which made landfall in the Bahamas last October as a Category Four hurricane, was one of the strongest storms this nation has witnessed in many years.

“What was unique about it is that it affected many of the islands of the Bahamas, including Nassau, where we and most insurance companies probably have 80 per cent of our business,” Mr Johnson said.

“Had we received a direct hit in New Providence, it could have been devastating. I think the industry is well prepared to deal and respond to the losses. We

Banker predicts 2017 will still be ‘slow year’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

An investment banker is predicting that despite the phased Baha Mar opening, 2017 will still relatively slow with the full impact to be felt next year.

Michael Anderson, Royal Fidelity Merchant Bank & Trust’s president, also forecast a pick-up in Bahamian capital markets activity during the 2017 second half, following the general election.

“I think that the major event for this economy is Baha Mar coming on stream. I think we will see a level of activity increase this year, but I think realistically we won’t see much in terms of full employment until the end of this year, maybe next year,” Mr Anderson said of the project.

“I don’t think we will see a significant benefit to the economy this year, but as people get employed, their ability to spend in the economy should improve and we should see some growth coming from local community spending.”

Mr Anderson then added: “I think that by the time we get to the end of this year, and we have gotten into the 5,000 region in terms of people employed, that will

Full Baha Mar impact to be felt in 2018 $70m in capital markets deals forecast before election start to benefit maybe going into 2018.

“I think 2017 will be a slow year. I think the drop in Prime [interest rates] will help borrowers reduce their cost, but I don’t know that you will see many new borrowers getting qualified. I think it will be a slow year really.”

Mr Anderson said three transactions, designed to collectively raise about $70 million, are expected to come to the Bahamian capital markets prior to the election.

“I think that towards the end of last year coming towards election, in typical fashion people put off big decisions pending understanding what the implications might be of the re-election of the existing government or a change in government,” he explained.

“As we came in towards the end of last year a lot

Michael Anderson of the transactions we have been looking at basically got deferred. Coming into the start of this year we knew that there were a few transactions looking to come to market because

some have been deferred for a while, so there is a need to get to market. The other ones I anticipate we will start to see later on after the elections.”

Mr Anderson added: “I think there are about three transactions that are working their way through and will get done over the next three months. I think we will see more once we have gone through the election and other people start to figure out what they do on the other side of it.

“There is about $70 million that people are looking to raise through those three transactions. In a typical year here I think that somewhere between $100-$150 million would be a reasonable year in terms of corporate borrowing.”

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

are responding to the losses.”

Acknowledging consumer concerns over higher premiums in the wake of Hurricane Matthew, Mr Johnson said: “I don’t think there is any major concern with regards to an increase in insurance premiums.

“People have inquired about that. The rates are driven by our reinsurers. I think when they are in a position to assess their losses, it will determine whether there is any rate increases, but I personally don’t think that will be a problem.”

Temple Christian High School ENTRANCE EXAMINATION 2017 - 2018 Temple Christian High School will hold its Entrance Examination on SATURDAY, JANUARY 21, 2017 at the school on Shirley Street from 8:30 a.m. - 12 noon for students wishing to enter grades, 7, 8, 9 and 10.

Application forms are available at the High School Office. The application fee is twenty-five dollars ($25).

Application forms should be completed and returned to the school by Friday, January 20, 2017.

For further information please call 394-4481/394-4484

PAGE 4, Monday, January 16, 2017

‘Ad hoc’ apprenticeship scheme causes concern From pg B1 Edison Sumner, the Chamber’s chief executive, called for the apprenticeship programme to be given “more focused attention”, given uncertainties about the role the private sector advocacy body will play.

Calling for the scheme to be “better defined”, Mr Sumner said the Chamber had initially been asked to assist in finding companies willing to take on apprentices only to learn that government agencies were contacting employers directly.

While backing the Government’s decision to implement a nationwide apprenticeship scheme, and expressing the Chamber’s desire to work with it on the initiative, Mr Sumner said improved co-ordination between the different parties was essential.

“I don’t think it has been given the level of attention it should have been given,” Mr Sumner told Tribune Business of the apprenticeship initiative in a recent interview.

“It seems a bit ad hoc in the way it has been approached. The Chamber was initially on it, it went quiet, and then we were asked for our views three to four weeks ago. We need to

look at that, and it needs to be clearly defined.”

Asked about its role, Mr Sumner added: “They were initially asking the Chamber to assist in placing individuals with the private sector, but I believe government agencies have been contacting employers themselves.

“It needs co-ordination.

It has some strong merits to it, but needs a little more focused attention for getting it done.”

The apprenticeship programme, whose virtues have previously been extolled by Prime Minister Perry Christie, is taking up $22.334 million of a $50 million joint venture between the Government and Inter-American Development Bank.

The ‘Skills for Current and Future Jobs in the Bahamas’ project sees apprenticeship, with its emphasis on ‘on-the-job’ training, as key to young and unemployed Bahamians acquiring the skills and necessary experience that will endear them to employers, and enable them to find sustainable employment.

IDB documents seen

by Tribune Business show that the apprenticeship programme is targeted at

Edison Sumner 1,350 persons, who will be trained over a 12-month period, with some 80 per cent of the learning ‘on-the-job’.

The three sectors targeted for the apprenticeship initiative are the maritime, medical and information technology/communications industries on the grounds that they will be exhibiting the fastest growth in the immediate future.

“These sectors were selected based on their expected expansion through new investments, and therefore high potential for growth, and considerations for implementation of the apprenticeship programme in the Family Islands,” the IDB said.

“The maritime, and IT and telecommunica-

Photo/Donald Knowles tion sector, currently, the ‘Transport, Storage and Communications’ industry within which these two sectors are included, account for approximately 10 per cent of employment in the Bahamas. This share, however, is expected to grow substantially over the new few years.

“In terms of the maritime and medical services sectors, important new investments are being made in Freeport in the island of Grand Bahama.”

The IDB added that tourism, construction and financial services were not included, even though they accounted for almost 50 per cent of Bahamian gross domestic product (GDP),

“to contribute to the diversification of the Bahamian economy and to avoid duplication of existing efforts”.

And, in a negative sign for the Bahamas’ financial services industry, the IDB said: “The financial services industry was not included due to the fact that employment generation in this industry has seen a decrease over the last few years, presumably leading to decreased demand for apprenticeship places.”

The apprenticeship initiative, to which the IDB is contributing $10 million and the Government the remaining $12 million, is designed to consolidate such programmes already underway at the Grand Bahama Shipyard and Baker’s Bay’s construction programme.

“Apprenticeship programmes are well-placed to deal with skills shortages,” the IDB report said. “Evidence indicates that countries with apprenticeship programmes have lower rates and duration of youth unemployment.

“The apprenticeship programme will also help consolidate a network of offthe-job training providers, using the existing capacity of well-established institutions such as BTVI and other public and private training bodies.

“Some of the costs relat-

THE TRIBUNE ed to the on-the-job training portion will be covered directly by participating firms, while the loan will provide support for small and medium enterprises within the selected sectors, and with a minimum structure to take on an apprentice with structured training.

“The off-the-job training, will be financed by the Government. [It] will also finance a portion (50 per cent) of the apprentice wage stipend for 1,350 apprentices.”

The IDB added, though, that the Government approving changes to the existing Apprenticeship Act was a condition to releasing its share of the financing, given that the current legislation was inadequate for the new scheme.

“The Apprenticeship Act of the Bahamas, which is the legal framework to regulate apprenticeships nationally, came into effect on January 1, 1983. Any new programme needs to be underpinned by an amended version of the Apprenticeship Act,” the IDB said.

“The Government has expressed that initial work for the Apprenticeship Programme can be started via an MOU, while an amended version of the Act is approved. This is a condition prior to first disbursement.”

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2016 No. CLE/qui/01314

IN THE MATTER of ALL THOSE two (2) tracts of land totaling 5.331 acres originally the property of Captain Ernest Russell but now various owners situate about 805 feet northwestwardly of the old navigation light on Mann Island, near the Island of Harbour Island, one of the Islands of the Commonwealth of The Bahamas and now the property of Harrison H. Pinder.

AND IN THE MATTER of the Quieting Titles Act, 1959.

AND IN THE MATTER of the Petition of Harrison H. Pinder NOTICE OF PETITION The Petition of Harrison H. Pinder, of Ernest Dean Highway, on the Island of Great Abaco, one of the Islands of the Commonwealth of The Bahamas, is in respect of :ALL THOSE ALL THOSE piece parcel or tract of land containing 5.331 acres divided into two (2) parcels being 2.583 Acres and 2.748 Acres situate about 805 feet Northwestwardly of the old navigation light on the Island of Mann Island, near the Island of Harbour Island, one of the Islands of the Commonwealth of The Bahamas and having such position boundaries shape marks and dimensions as are shown on the plan filed herewith and recorded in the Department of Lands and Surveys in the said Commonwealth of The Bahamas as Plan No. 1055 Eleuthera.

The Petitioner, Harrison H. Pinder claims to be the equitable and beneficial owner in fee simple possession of the parcels of land hereinbefore described and such ownership as aforesaid arises by virtue of a possessory and documentary title to the said land. The Petitioner has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959 to have his title to the said land investigated.

Copies of the filed plan may be inspected during normal office hours at:1) 2) 3) 4)

The Registry of the Supreme Court, British American House, Marlborough Street, Nassau, Bahamas.

The Chambers of Harry B. Sands, Lobosky & Company, Shirley House, 253 Shirley Street, Nassau, Bahamas.

The Notice Board at the Administrator’s Office in Dunmore Town, Harbour Island.

The Police Station at Dunmore Town, Harbour Island.

Notice is given that any person having dower or right of dower or an adverse claim or a claim not recognized in the petition shall on or before the 1st day of March A.D., 2017 file in the Supreme Court and serve on the Petitioner or the undersigned a statement of such claim in the prescribed form, verified by an affidavit to be filed therewith. Failure by any such person to file and serve a statement of such claim on or before the 1st day of March, A.D., 2017 will operate as a bar to such claim.

Harry B. Sands, Lobosky & Company HARRY B. SANDS, LOBOSKY & COMPANY CHAMBERS SHIRLEY HOUSE FIFTY SHIRLEY STREET NASSAU, THE BAHAMAS ATTORNEYS FOR THE PETITIONER

THE TRIBUNE

Monday, January 16, 2017, PAGE 5

NHI study: ‘More money’ will not fix health system From pg B1 health care organisational model is characterised as being centralised, predominantly curative and diseasecentred.

“However, the medical literature suggests that such systems are inefficient, offer relatively small gains, are spread unevenly across the population, and are financially unsustainable. In countries where the health system is orientated towards health promotion rather than a disease-based approach, governments have been more successful in creating health-promoting environments.”

The report added that these problems were compounded in the public health sector because services were “fragmented”, with responsibility for their management split between the Public Hospitals Authority (PHA) and the Department of Public Health.

“This fragmentation contributes to a less effective health system performance, and limits access to services

(long waiting list, delayed referrals),” the National Health Systems Strengthening Committee wrote.

It added that this was responsible for “poor health system performance” and treatment outcomes on “key clinical indicators”, such as infant and mother mortality.

Other problems stemming from this “fragmentation”, the report said, were issues with patient care co-ordination and continuity, resulting in low patient satisfaction, “duplication of services” and the “inefficient use of available resources”.

The latter led to an “inequitable distribution of health centres that does not improve access to care”, with existing health system weaknesses also causing an “unnecessary increase in production (healthcare) cost”.

The National Health Systems Strengthening Committee urged the Government to “firstly address the fragmentation of services and disease-based ap-

Minister: Govt must be ‘more forceful’ on South Ocean resort From pg B1 happened there.

“The Government, in my mind, has to be a bit more forceful in driving that with the pension fund, but that’s something that has to be left to the discretion of the Prime Minister as to how forceful we want to be to drive some sort of activity there.”

Reviving South Ocean was among the Christie administration’s top investment priorities when it came to office, as the property has long been earmarked as the last mixeduse, integrated resort and real estate development in New Providence.

It was supposed to be the third such site, after Paradise Island (Atlantis) and Cable Beach (Baha Mar), not least because South Ocean has a casino licence that activates once the property reaches a certain size in terms of room inventory.

However, all efforts to revitalise South Ocean todate have failed to produce positive results, largely due to a combination of CCWIPP’s uncertain objectives and the Government being distracted by Baha Mar’s travails for the past two years.

CCWIPP, the pension provider for Canadian supermarket workers, hired the company owned by professional Australian golfer, Greg Norman, to masterplan South Ocean in 2012 after its previous part-

to advertise today in the tribune call @ 502-2394

nership with Roger Stein’s RHS Ventures and Plainfield Asset Management ultimately came to nothing.

It then initiated a sales process for South Ocean via the Miami office of CB Richard Ellis (CBRE), but the buyer search ultimately came to nothing after CCWIPP rejected two institutional investors in favour of an individual with Bahamas ties.

The pension fund went with Austrian financier Dr Mirko Kovats, who has a home in Lyford Cay and owns other real estate in the South Ocean area, rather than rival bids that included a joint venture between the Albany developers and Och-Ziff, the hedge fund and asset manager with over $40 billion in worldwide assets.

Och-Ziff would have provided the financing, while Albany’s developers (including Lyford Cay-based billionaire Joe Lewis’s

proach to healthcare” prior to the implementation of UHC, and any mechanism to finance, which is NHI. Its report called for Bahamian healthcare’s governance structure to be completely reformed, and overseen by a Bahamas Public Health Authority, through which the Ministry of Health will be responsible for standards, policies and regulation.

Underneath it will be the Public Health Authority, an amalgamation of the PHA and the Department of Public Health. And, finally, there will be four regional health authorities, each responsible for the northern, central, southeastern and southern Bahamas, respectively.

Doctors spoken to by Tribune Business yesterday, some of whom have seen the National Health Systems Strengthening Committee report, said none of its recommendations had been acted upon or embraced by the Government as it works feverishly to implement NHI in some form prior to the May 2017 general election.

One physician, when asked whether any of the committee’s recommenda-

tions had been implemented, said bluntly: “None.

The Government has not stepped up to the plate and done what they said they were going to do in strengthening healthcare services.”

Speaking on condition of anonymity, they added: “They’re [the Government] just making it a farce for the public to make them believe they’ve actually done something.”

The source added that Princesss Margaret Hospital was “operating at the same capacity it was previously”, and added: “The ICU (intensive care unit) surgical suites are operating at minimum levels because of staffing and equipment issues.”

They said there was a 12-18 hour waiting time in accident and emergency (A&E), while patients were enduring a one-three day wait to get a bed in a ward, requiring them to stay in A&E “on a trolley”.

“Currently, in terms of surgeries, there’s a major backlog because of nonfunctioning operating theatres when their A/C goes down,” the source said.

“They have so many patients that require emergen-

cy surgery that many people with non-elective surgeries are being postponed.....

“They [the Government] use this term health system strengthening as a loose term, but are not focused on what it actually takes to deliver primary healthcare and catastrophic healthcare.”

Dr Duane Sands, who has never seen the September 2014 document, said it sounded like “a realist report” that would never see widespread publication because it did not fit the Government’s NHI narrative.

“None of these themes are surprising,” he said of the report’s contents, when they were detailed for him

by Tribune Business.

“They basically speak to the systemic challenges that lead to less than ideal outcomes in healthcare, and it speaks to the fact that if we’re going to get any major bang for the buck from any additional, incremental investment in healthcare, we have to get consensus on what will improve the health system now, instead of throwing good money after bad.

“If you double down on that now with more expenditure, why do you think you

will get a better outcome?”

Dr Sands, who is the FNM’s Elizabeth candidate, said the pronouncement by Herbert Brown, the PHA’s managing director, that the Government is set to invest $200 million in healthcare infrastructure improvements over a twoyear period was “raising a lot of eyebrows”.

Arguing that little to no evidence of such investment had been seen yet, Dr Sands said the National Health Systems Strengthening Committee report laid out what Bahamas “ought to be doing”, and showed that “throwing more money at it ain’t going to fix it”.

“I think what you have in the report is information that the technocrats know, and which has not been widely circulated, because it flies in the face of programmes the Government has already agreed to roll out,” he told Tribune Business.

“I am sure there are other reports, studies, recommendations out there that have been suppressed because they suggested the Government’s timeline was far too ambitious and going to result in chaos.”

Tavistock Group) would have provided management, operational and development expertise.

South Ocean, meanwhile, has been closed for more than a decade, after CCWIPP decided to stem the bleeding caused by consecutive years of heavy losses and shut the doors in 2004.

The resort property’s value and assets are likely to be deteriorating by the day, and CCWIPP’s intentions and future plans remain unknown.

Mr Rolle, meanwhile, said there was positive news for the Bahamas elsewhere on the investments front that was not dependent on Baha Mar’s impending opening.

The proposed project for Children’s Bay Cay and Williams Cay, off northern Exuma, is set to come out of the ‘investment pipeline’ after going through the planning and environmental process, with a Town Meeting scheduled on the island for early February.

“We haven’t slowed down. Time is of the essence,” Mr Rolle told Tribune Business. “Children’s

Bay is one of those properties that has significant economic implications for Exuma.”

Mr Rolle said Mediterranean Shipping Company’s (MSC) private cruise island on Ocean Cay, near Bimini, was set to ‘break ground’ today, while a proposed $65 million condominium hotel near Goodman’s Bay was also set to move forward.

“The Wynn development, opposite my office, the condo hotel; there are some very good strategic partnerships that are going to come into being with

Paul Wynn,” Mr Rolle told Tribune Business. “Some high-end brands are interested.”

Tribune Business first reported on the Canadianbased Wynn Group’s proposal in May 2015, which proposed to create 200 construction jobs and a further 150 permanent jobs.

The development, which was intended to complement Baha Mar, called for the development of fourstorey condo hotel on a 4.65 acre development site acquired in early 2013.

The development site,

Gold Blossom, is currently occupied by an ageing single family residence on West Bay Street, just east of the Goodman’s Bay public park.

“The first proposal is for a four-storey condo hotel, 118 units, 34 hotel suites, 22 junior suites, 36 condo hotels, 23 residences, three penthouses, a fitness centre and spa beach front pool; bar and grill; tennis club; roof-top pool and restaurant,” said Peter Galanos, the Wynn Group’s Bahamian adviser, at the time.

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PAGE 6, Monday, January 16, 2017

Minister’s ‘struggle’ over political approach to FDI From pg B1

maximise the potential economic benefits from FDI, Mr Rolle said the country was “still fighting” to develop a model to address this in the form of the National Development Plan (NDP).

Explaining that the NDP was intended to be a living, breathing document that was open to change, and intended to guide the Bahamas’ development for the next 30 years, Mr Rolle warned that any administration who brought the exercise to a close “does so at their own peril.

Listing numerous projects that have been approved by the Christie administration, including Mediterranean Shipping Company’s (MSC) private island at Ocean Cay, which is scheduled to ‘break ground’ today, Mr Rolle alluded to discomfort and

frustration with the intrusion of politics into the Government’s FDI decision-making.

“It hasn’t been easy at all.

I’m not a politician; I’m a businessman first,” he told Tribune Business. “Their [Government’s] approach is to look at the political implications, mine is to look at the economic implications and manage it from that perspective. That’s been somewhat of a struggle.”

Mr Rolle, a former senior executive with Bahamas Ferries, was also a former Bahamas Chamber of Commerce president and an entrepreneur with his own businesses, prior to entering politics and being elected to government in 2012.

He has been one of the private sector’s few supporters in Cabinet, while working to put in place a more scientific approach to growing the Bahamian

economy through the NDP. Mr Rolle, who has ministerial oversight of that project, told Tribune Business that the NDP represents the first real effort to maximise the benefits of FDI projects for Bahamians and their economy.

“A lot of work has been done, but a country like the Bahamas does not capture as much as I think it should of the downstream impact of foreign investment. It doesn’t show as much as it should,” Mr Rolle said of FDI. “That was an observation I made in December 2012; that we haven’t seen in our model how we derive benefits from FDI. We haven’t done that.

“It hasn’t just been in the last 20 years, it hasn’t been in just the last 30 years. That has not been a real focus of the machinery behind it,” he added.

“We lament it, but putting a well-researched plan in place to address it, that hasn’t happened until now, and we’re still fighting to try and develop a model and

the mechanisms to implement it.”

Mr Rolle explained that he has been working on parallel processes, simultaneously seeking to attract FDI projects while developing and implementing a system that would ensure they contributed to longterm economic growth and development.

“We’ve been running a dual track for the last five years, one of trying to change the system from the old way of doing things to a new way that requires a lot of research and planning,” he said.

“And, at the same time, trying to generate sufficient investment that we can have economic activity that helps to grow GDP and keep us afloat.”

Mr Rolle pointed to several FDI successes, including his successful efforts to broker a sale of the Abaco Club at Winding Bay from Marriott/Ritz-Carlton to Southworth Development, backed by a group of existing homeowners.

“You look at Bimini and what has taken place there, the amount of economic

growth and development,” he told Tribune Business, in reference to Resorts World’s takeover of Bimini Bay. “You look at Paradise Island, with the Warwick taking over a derelict property where nothing was happening. You look at the place opposite Long Wharf, the now-Marriott Courtyard.”

Mr Rolle said new ownership for both properties had given them the chance to become “sustainable hotels”, as he also noted the continuing expansions at Baker’s Bay and Albany.

Yet he acknowledged: “A lot of work has been done, but not nearly enough, due to the level of growth and development needed to compensate for the many years of not focusing on sustainable growth and a sustainable strategy.”

Mr Rolle also conceded that while the Investments Boards’s ‘turnaround time’ for processing foreign real estate purchase applications had improved, it was “still not where I want it to be”.

“I ain’t no politician,” he told Tribune Business. “I

call 502-2394 to advertise today!

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

THE TRIBUNE call it as I see it. We’ve seen some improvement, but it’s not where I’d like it to be.”

Emphasising that he was “not comfortable” if inefficiency on the Government’s part was causing permits to be delayed, Mr Rolle said the Investments Board was processing applications on weekly basis if the workload required it.

The Government has placed much emphasis on the NDP, and the Minister described the recentlyreleased first draft as “a very rough cut” but very detailed.

“We didn’t want to get too far ahead without getting feedback,” he explained. “It’s just a draft that’s open for more critique and feedback.

“It’s not coming from anyone’s lunch pallet and head. It’s getting people’s ideas and putting it into detailed form.”

Mr Rolle urged that politics not interfere with the NDP, adding: “This doesn’t end with the elections; by no means. Any government that brings it to an end does so at their own peril.

“I just want to see it [the NDP] done. My legacy, to me, will be seeing real change in the way we do business, the way government functions and making sure the environment is easier for us to exist. That’s what I want to see.”

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.

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

BETWEEN

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

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2014 CLE/GEN/01551

Common Law and Equity Division

ATTORNEY’S FOR THE PLAINTIFF

IN THE MATTER of an Indenture of Mortgage made the 6th day of August, A.D., 2009 between Edwin J. Francis and Finance Corporation of Bahamas Limited AND IN THE MATTER of the Mortgages Act, Chapter 156 of the Revised Laws BETWEEN

FINANCE CORPORATION OF BAHAMAS LIMITED AND EDWIN J. FRANCIS

To:

HALSBURY CHAMBERS SUITE# 548, VILLAGE ROAD NORTH HALSBURY COMMERCIAL CENTRE NASSAU, THE BAHAMAS

Edwin J. Francis

Plaintiff

Defendant

TAKE NOTICE that an action has been commenced against you in the Supreme Court of the Commonwealth of The Bahamas by Finance Corporation of Bahamas Limited, Prince Charles Branch, Prince Charles Drive, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 30th day of September, A.D., 2014 seeking an Order to direct you to deliver up possession of the Mortgaged Property situate at Portland Bay West Subdivision, New Providence, Bahamas to Finance Corporation of Bahamas Limited within Twenty-eight (28) days of the Order and Judgment for the sum outstanding under the Indenture of Mortgage dated the 6th day of August, A.D., 2009. AND THAT it has been ordered that service of a true copy of all Court documents and processes filed in this action be effected on you by way of this advertisement.

If you desire to defend the said action, you must within fourteen (14) days from the publication of this advertisement, inclusive of the day of such publication, enter an appearance in person or by an attorney either (1) by handing in the appropriate forms duly completed, at the Registry of the Supreme Court, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or (2) by sending them to that office by post.

A copy of the said Court documents may be obtained from the Supreme Court Registry, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, Bahamas, or from the Attorneys of the Plaintiff below mentioned.

Dated the 16th day of January, A.D., 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, Bahamas Attorneys for the Plaintiff

THE TRIBUNE

Monday, January 16, 2017, PAGE 7

Fly fishing chief slams ‘absolute foolishness’ From pg B1 angler’s license and pay a prescribed fee.

Non-citizens will have to pay $15 for a day license, $20 for a weekly license, $30 for a monthly license and $60 for an annual license. The regulations will also require a foreign vessel wishing to fish in the flats to obtain the usual sports fishing permit, and each person on the vessel intending to flats fish to hold a personal license.

The regulations also ban commercial fishing in the flats. Anglers are only allowed to catch and release

when catching bonefish, permit, snook, cobia and tarpon. The new law will also establish a Conservation Fund for the management and protection of the flats and fisheries resources in the Bahamas.

Garnering the most push back, however, is the regulation requiring a ratio of one ‘certified guide’ to every two anglers if they are fishing from a boat.

The Abaco 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

China again rejects Trump's suggestion to negotiate Taiwan BEIJING (AP) — China’s foreign ministry on Sunday again rejected President-elect Donald Trump’s suggestion that he might use American policy on Taiwan as a bargaining chip between the two sides.

Ministry spokesman Lu Kang said that the “one China” policy is “non-negotiable.” Since recognizing Beijing in 1979, Washington has maintained only unofficial ties with Taiwan, the self-governing island that Beijing considers its territory — a status quo that Trump has repeatedly threatened to upend since winning the November

election.

“The government of the People’s Republic of China is the only legitimate government representing China,” Lu said in a statement.

“That is the fact acknowledged by the international community and no one can change.”

Trump told The Wall Street Journal in an interview published Friday that “everything is under negotiation, including ‘one China.’”

The interview is the latest indication that Trump could shake up the U.S.China relationship, particularly on Taiwan, which

as the industry legitimate representative or voice. The Association contends that the new regulations could do “irreparable harm” to the industry.

But John Herman, an angler from Pennslyvania, while speaking with Tribune Business praised the new regulations.

“I have been coming to the Bahamas for 35 years.

I think that the regulations are the right thing for the Bahamas,” he said.

“I think it’s a great thing what’s been accomplished for the Bahamas, and a great thing long-term for the fishermen. Too many people are trying to serve their own self-interest instead of looking out for the greater good.”

Freeport hotels still ‘wait on Hutchison’ From pg B2 continues to languish, with industry sources speaking on condition of anonymity telling Tribune Business that the situation is getting worse by the day.

One industry source told Tribune Business: “There’s so little activity, especially at Memories. You can drive there at 6pm and there’s not a light on in the place.

“In the day, there are a few cars there, but no one’s doing anything at all, which leads me to believe there’s something going on between Sunwing and

China considers a core national interest.

China was already angered by Trump’s Dec. 2 phone call with Taiwanese President Tsai Ing-wen, the first time an American president or presidentelect has publicly spoken to Taiwan’s leader in nearly four decades. Beijing considers any reference to a separate Taiwanese head of state to be a grave insult.

Trump then said in a television interview that he didn’t feel “bound by a one-China policy unless we make a deal with China having to do with other things, including trade.”

On Sunday, Reince Priebus, Trump’s incoming chief of staff, said that “there are no plans to change the one-China policy.”

Hutchison as to whose responsible for the repairs, and when they will start. It’s really awful; it’s like a ghost town.”

Another added: “The work has not even started on Memories yet; the repair work. It’s scary. It’s really bad. This island is really hurting. There’s no tourists; absolutely none.”

Those ‘doom and gloom’ accounts, though, were given before the Grand Celebration cruise ship returned to the island on Saturday, bringing with it some 1,300 passengers. Those who overnight will now stay at

the Viva Wyndham Fortuna Beach Resort and at the Pelican Bay Hotel, rather than the Grand Lucayan.

Mr Wilchcombe, in a previous interview with Tribune Business, said the Christie administration had been trying to get Hutchison Whampoa to take “renewed interest” in Grand Bahama and its assets there.

After meeting with it in Hong Kong late last year, the Minister said the conglomerate had appointed a project manager to oversee the hurricane reconstruction, but was waiting to obtain the proceeds of an insurance claim before proceeding with repairs.

SaleS Coordinator essential Job Functions: • Assist with the preparation of sales reports that will assist revenue

management; groups, corporate and leisure clients.

• Prepare all written correspondence and follow up with clients.

• Prepare all creative correspondence to Corporate Clients.

• Oversee all set up and break down of functions Position requirements: • Three years experience at a major company or hotel in a similar

position; • Proficiency in Microsoft Word and Excel spreadsheets; • The ability to assist with Sales Functions

Interested persons should submit their resumes via e-mail to: recruitment.humanresources@outlook.com

THE ANGLICAN DIOCESE OF THE BAHAMAS AND THE TURKS AND CAICOS ISLANDS

(Incorporated Trustees Of The Church Of England In The Bahamas)

Invites applications for the position of

FINANCIAL ACCOUNTING OFFICER OPERATIONS

We require a candidate to work directly with the Financial Comptroller.

The ideal candidate should be passionate about becoming a key member in the development of our Accounting Department and subscribes to the Anglican ethos.

The Role will include: • Responsible for the reconciliation of the main bank account.

• Responsible for the monthly reconciliation and update of the other bank accounts.

• Assist with the preparation of schedules requested by the auditors as related to the audits of the Diocese.

• Assist with reports for the ACEA, Finance Committee and Diocesan Council Meeting.

• Assist with the financial reporting of the Diocese in the Comptroller’s and Assistant Comptroller’s absence.

• Assist with the duties of the Accounts Payable Clerk, the Accounts Receivable Clerk and Financial Accounting

Officer Payroll in their absence.

• Prepare the financial statements for the Pension Fund and

assist with the preparation of the financial statements for the Diocese and schools where needed.

• Prepare the VAT returns for the 2 schools in Nassau and the Diocese.

• Assisting with posting entries to the general ledgers of the 4 schools.

• Perform a reconciliation of the Receivables Sub Ledger

and Accounts Payable Ledger to ensure they balance to general ledger.

• Act as a contact person and liaise with bankers when necessary.

• Act as a contact person for the auditors when necessary.

• Assist with the management of the Accounting Department in the absence of the Financial Comptroller and the Assistant Financial Comptroller.

• •

• •

QUALIFICATIONS AND SKILLS Must have a Bachelor’s Degree in Accounting or 7 year’s relevant experience Must have a strong proficiency in Microsoft Office and Peachtree Programs Should have strong written and oral communication skills.

Should be well organized and must be committed to timely and accurate reporting.

REMUNERATION Remuneration will be based on qualifications and experience/ In addition the Diocese provides a gas allowance, pension and health care benefits.

APPLICATIONS

Applications must contain a cover letter and CV and may be submitted via email to hr@bahamasanglican.or or P.O. Box N-656 no later than January 17th, 2017.

PAGE 8, Monday, January 16, 2017

THE TRIBUNE

Thousands attend US rallies to support Obama health law WARREN, Mich. (AP) — Thousands of people showed up in freezing temperatures on Sunday in Michigan where Sen. Bernie Sanders called on Americans to resist Re-

publican efforts to repeal President Barack Obama’s health care law, one of a number of rallies Democrats staged across the country to highlight opposition.

Labor unions were a strong presence at the rally in a parking lot at Macomb County Community College in the Detroit suburb of Warren, where some people carried signs includ-

www.ub.edu.bs

University of The Bahamas Alumni Association Monthly General Meeting Your Involvement Matters

ing “Save our Health Care.”

Lisa Bible, 45, of Bancroft, Michigan said she has an auto immune disease and high cholesterol.

She says the existing law has been an answer to her and her husband’s prayers, but she worries that if it’s repealed her family may get stuck with her medical bills.

“I’m going to get really sick and my life will be at risk,” she said.

President-elect Donald Trump has vowed to overturn and replace the Affordable Care Act and majority Republicans in Congress this week began the process of repealing it using a budget maneuver that requires a bare majority in the Senate.

“This is the wealthiest country in the history of the

world. It is time we got our national priorities right,” Sanders told the Michigan rally.

The law has delivered health coverage to about 20 million people but is saddled with problems such as rapidly rising premiums and large co-payments.

Britt Waligorski, 31, a health care administrator for a dental practice, said she didn’t get health insurance through work but has been covered through the health law for three years.

While the premiums have gone up, she said she is concerned that services for women will be taken away if it is repealed.

“It’s done a lot for women for their annual checkups, for mammograms -women’s health in general.

If this gets repealed, we’re

going to go back to the old days when that’s not covered,” she said.

The health law has provided subsidies and Medicaid coverage for millions who don’t get insurance at work. It has required insurers to cover certain services such as family planning and people who are already ill, and has placed limits on the amount that the sick and elderly can be billed for health care.

Sanders, a strong supporter of the law, made several visits to the state last year during the Michigan primary and defeated Hillary Clinton in the state.

But in a major surprise, Michigan narrowly voted for Trump on Nov. 8, the first Republican presidential candidate to carry the state since 1988.

Hundreds of people attend a rally in support of the Affordable Care Act, Sunday, Jan. 15, 2017, at Portland City Hall, in Portland, Maine. Similar rallies took place around the country. (AP Photo)

• Volunteer to serve on a committee • Discuss alumni action plans • Support your Alma Mater For more information on the meeting or becoming a candidate for office, visit www.facebook.com/UBAlumniAffairs/ or call 302-4357.

There are many opportunities to make your mark.

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

Michael H. Eldon, Boardroom, Oakes Field Campus

EMPLOYMENT OPPORTUNITY

OPERATIONS COORDINATOR

Comfort Suites Paradise Island invites qualified persons to apply for the position of Operations Coordinator.

THE ANGLICAN DIOCESE OF THE BAHAMAS AND THE TURKS AND CAICOS ISLANDS

(Incorporated Trustees Of The Church Of England In The Bahamas)

Invites applications for the position of

ASSISTANT FINANCIAL COMPTROLLER

We require a candidate to work directly with the Financial Comptroller. The ideal candidate should be passionate about becoming a key member in the development of our four Anglican Schools and subscribes to the Anglican ethos.

Job Summary

Provides administrative support to the Assistant General Manager and The Executive Office along with all departments that fall under the umbrella of the Operations Department • • • • •

Duties and Responsibilities: Assist with the day to day responsibilities of the Assistant General Manager’s office.

Assist with the day to day responsibilities of the Executive Administrative Assistant in the General Manager’s office.

Assist with clerical responsibilities with each department that falls under Operations Assist with Medallia and Tripadvisor responses.

Assist with the coordination of Messenger service for all departments.

The Role will include: • • • • • • • • • • • • • • •

• • •

Review and maintain the general ledger system for the four schools, i.e. St. John’s College, St. Anne’s School, Bishop Michael Eldon School and St. Andrew’s School.

Prepare reports giving information on the schools’ cash position and outstanding tuition.

Preparation of financial statements for the schools.

Prepare all schedules requested by the auditors related to the audits of the schools.

Prepare the ACEA annual budget for all four schools.

Assist with the financial reporting of the Diocese in the Comptroller’s absence.

Act as a contact person and liaise with bankers when necessary.

Act as a contact person for the auditors of the schools.

Assist with the management of the Accounting Department in the Financial Comptroller’s absence.

Travel to Family Islands as required.

QUALIFICATIONS AND SKILLS Must have a Bachelor’s Degree in Accounting CPA desired but not necessary Should have at least 5 years relevant experience Up to date knowledge of accounting regulations.

Must have a strong proficiency in Microsoft Office and Peachtree Programs.

Should have strong written and oral communication skills.

Excellent leadership and management skills, with hands on approach.

Should be well-organized and must be committed to timely and accurate reporting.

REMUNERATION Remuneration will be based on qualifications and experience.

In addition the Diocese provides unlimited gas allowance, full pension and health care benefits.

APPLICATIONS Applications must contain a cover letter and CV and may be submitted via email to hr@bahamasanglican.org or P.O. Box N-656 no later than January 17th, 2017.

Position Requirements: Three or more years experience in the administrative field required.

Experience in the hotel industry will be a plus.

Competitive salary and benefits package are commensurate with experience.

Interested persons should apply in writing via e-mail address: jmcdonald@comfortsuitespi.com

THE TRIBUNE

Monday, January 16, 2017, PAGE 9

US stock indexes end mostly higher on solid bank earnings AP Business Writer – Banks led U.S. stock indexes mostly higher Friday, propelling the Nasdaq composite index to its fourth record high this week.

Investors welcomed quarterly earnings from JPMorgan Chase, Bank of America and Wells Fargo, all of which reported results that exceeded Wall Street’s expectations.

Financial stocks also benefited from an upward move in bond yields, which drives higher interest rates on loans.

Real estate stocks were the biggest laggard. Shares in energy companies also closed lower as crude oil prices declined. Mixed data on U.S. retail sales weighed on department store stocks.

Friday’s crop of company earnings kicks off several weeks of corporate earnings reports, giving investors new insight into the health of Corporate America and the economy.

“We all thought financials would do well,” said J.J. Kinahan, TD Ameritrade’s chief strategist. “Now how about the other areas of the economy?”

The Dow Jones industrial average slipped 5.27 points, or 0.03 percent, to 19,885.73. The average had been up by 61 points earlier in the day. The Standard & Poor’s 500 index gained 4.20 points, or 0.2 percent, to 2,274.64. The Nasdaq added 26.63 points, or 0.5 percent, to 5,574.12. The index has set a record-high close six times this year.

Small-company stocks rose more than the rest of the market. The Russell 2000 index jumped 10.98 points, or 0.8 percent, to 1,372.05.

The major stock indexes headed higher early on in the day, as investors reacted to earnings reports from JPMorgan Chase, Bank of America and Wells Fargo.

The three banking giants delivered quarterly results that exceeded Wall Street’s expectations, pushing their shares higher.

JPMorgan added 46 cents, or 0.5 percent, to $86.70. Bank of America rose 9 cents, or 0.4 percent, to $23.01. Wells Fargo gained 81 cents, or 1.5 percent, to $55.31.

Traders also reviewed the latest monthly snapshot of U.S. retail sales, which showed that sales rose 0.6

percent overall in December, mainly due to a pickup in online shopping and sales of autos and gasoline.

“If you back out gasoline increasing and auto sales increasing, it’s not an impressive number,” Kinahan said.

The retail sales report weighed down shares of several department store chains and clothing brands.

By early afternoon, the market had begun to give up some of its gains.

PVH Corp., home to Calvin Klein, Tommy Hilfiger and other clothing brands, slid $3.82, or 4.1 percent, to $89.31. Nordstrom fell 83 cents, or 1.8 percent, to $44.20. Gap shed 34 cents, or 1.4 percent, to $23.66.

Traders also had their eye on companies that issued outlooks for their upcoming earnings reports.

Pandora Media climbed 6.3 percent after the streaming music company issued a strong revenue forecast. The company also said it will cut about 7 percent of its jobs to reduce costs. The stock added 76 cents to $12.765.

HomeStreet fell 6 percent after the real estate lender forecast disappointing fourth-quarter results. It took in fewer mortgage applications as interest rates began rising. The stock slid $1.85 to $29.10.

GameStop tumbled 8.1 percent after the video game retailer said holiday revenue dropped because of discounts and weak sales of new “Call of Duty” and “Titanfall” games. The stock shed $1.99 to $22.73.

Energy prices were mixed.

Benchmark crude oil fell 64 cents, or 1.2 percent, to close at $52.37 a barrel in New York. Brent crude, which is used to price oil sold internationally, slid 56 cents, or 1 percent, to close at $55.45 a barrel in London.

The slide in crude prices helped pull down shares in energy sector stocks.

Oilfield services company Baker Hughes slid $1.50, or 2.4 percent, to $60.92, while drilling services company Transocean lost 36 cents, or 2.3 percent, to $15.48.

Marathon Petroleum fell 87 cents, or 1.8 percent, to $48.38.

In other energy trading, wholesale gasoline

Legal Notice

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

Charas International Ltd. In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), Charas International Ltd., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 22nd day of December, 2016.

ROCKWELL LTD., 25 Mason Complex, Stoney Ground, The Valley, Anguilla, Liquidator

was little changed at $1.61 a gallon, while heating oil slipped 2 cents to $1.65 a gallon. Natural gas futures gained 3 cents, or 1 percent, to $3.42 per 1,000 cubic feet.

Major stock indexes in Europe closed higher.

Germany’s DAX rose 0.9 percent, while France’s CAC 40 gained 1.2 percent.

Britain’s FTSE 100 added 0.6 percent.

the New York Stock Exchange at sunset, in lower Manhattan. U.S. stock indexes moved higher in early trading Friday, Jan. 13, 2017 as investors pored over earnings reports from several big lenders. Banks and other financial companies were up the most. Utilities were the biggest laggard.

Energy stocks also fell as crude oil prices headed lower. (AP Photo)

REQUEST FOR QUOTATIONS Institution: The American Development Bank Country: The Commonwealth of the Bahamas Project Trade Sector Programme Sector: International Trade Abstract: Procurement of IPR Computer Equipment and Stationary Supplies Loan No.: 2756/OC-BH Contract/Bid No. :3.2.4.3A/B Deadline January 27th January 2017 at 4:00pm (Nassau, Bahamas Time) The Ministry of Finance of The Commonwealth of The Bahamas has received USD$16.5 million in funding from the Inter-American Development Bank (IADB) (Loan BH-L1016, Project No. 2756/ OC-BH), to implement a Trade Sector Support Program. The overall objectives of this program are to improve the operational efficiency of the Customs and Excise Department (CED) and to prepare the Government of The Bahamas for accession to the World Trade Organization (WTO).

The Registrar’s General’s Department of the Attorney General’s Office is seeking to procure Computer Equipment (3.2.4.3A) and Stationary Supplies (3.2.4.3B) to enhance its IPR operations.

The selection process for vendors is guided by section “III .Other Methods of Procurement, paragraph 3.5 (Shopping) ” set out in the Inter-American Development Bank: Policies for the Procurement of Goods and Works financed by the Inter-American Development Bank (GN-2349-9) and is open to all eligible vendors as defined in the policies.

Interested vendors may obtain further information by emailing: customsproject@bahamas.gov.bs or janicadeveaux@bahamas.gov.bs .

Bids can be submitted electronically at the address indicated below by January 27th, 2017 at 4:00pm (Nassau, Bahamas Time); Chairman Tenders Board REF: Procurement of IPR Equipment and Supplies Ministry of Finance, West Bay Street, P.O. Box N3017 Nassau, Bahamas Email: tendersboard@bahamas.gov.bs Email: keresahall@bahamas.gov.bs Email: tonyaferguson@bahamas.gov.bs Email: customsproject@bahamas.gov.bs

PAGE 10, Monday, January 16, 2017

THE TRIBUNE

Treasury chief says UK will adapt if barred from EU market LONDON (AP) — Britain’s leaders on Sunday signaled their resolve to play hardball in talks with the European Union, suggesting they will look for partners elsewhere if the bloc restricts access to its huge market.

Under pressure to reveal her Brexit blueprint, British Prime Minister Theresa May’s office said she will call for a “truly global Britain” that is more open to the world when she sets out plans for negotiations with the EU in a speech later this week. Treasury chief Philip Hammond told the German newspaper Welt am Sonntag that Britain is prepared to “do whatever we have to do,” including turning away from Europe to other markets, to protect its economy.

“If Great Britain left the European Union without an agreement on market access, then we could at least in the short term suffer

economic damage,” Hammond was quoted as saying.

“In this case, we could be forced to change our economic model.”

Hammond also suggested that Britain could cut taxes to encourage companies to move to the U.K. Labour leader Jeremy Corbyn, meanwhile, suggested that May was prepared to trigger a full-scale “trade war” to get her way.

The comments come amid a standoff over migration into Britain. While Britain wants to curtail immigration from Europe, the EU says the U.K. must abide by rules guaranteeing the free movement of people if it wants to retain tariff-free access to the bloc’s market of more than 500 million people.

British media interpreted the statements as a further sign that May is prepared to leave the EU without any form of privileged relationship, an option often

described as “hard Brexit.”

Similar comments last week caused the pound currency to tumble to its lowest level against the dollar since October on concerns about damage to the British economy.

“May calls for clean hard Brexit,” declared the Sunday Times. “May’s big gamble on a clean Brexit,” The Sunday Telegraph said.

Writing in the Sunday Times, David Davis, the British secretary of state for exiting the EU, underscored the government’s position by saying Britain would “respect the views of the British people” and demand control over immigration.

“We will bring back control over our laws and make our own decisions on immigration, we will aim to maintain cooperation on security as it is now, if not enhance it, and we will seek the most open possible

British Finance Minister Philip Hammond speaks to South African businessmen during a visit to a British funded project in Cape Town, South Africa. Hammond said yesterday that the UK will take whatever steps necessary to stay competitive in the global economy, if the country is shut out of the European Union market. (AP Photo) market with the EU while furthering trade links with the rest of the world,” he wrote.

May has said for months that she will invoke Article 50 of the EU’s key treaty, formally beginning the process of negotiating Britain’s departure, by March 31.

But she has refused to reveal details about Brit-

ain’s goals or its negotiating strategy, arguing that to do so would weaken Britain’s hand. That lack of clarity has fueled allegations that her Conservative government’s plans are in disarray.

But Europe may also be feeling the heat. In testimony to lawmakers last week, Bank of England Governor Mark Carney said that Brexit poses a greater threat to financial stability in Europe than in the UK. Any disruption in Brit-

ain’s sprawling financial services sector could restrict the flow of capital to European businesses that rely on U.K.-based institutions for big-money transactions.

“I am not saying there are not financial stability risks in the UK. And there are economic risks to the UK. But there are greater shortterm risks on the continent in the transition than there are in the UK,” Carney said.

WHERE HIT MUSIC LIVES W W W .

1 0 0 J A M Z

. C O M

@100JAMZ242

NOTICE

MARKET REPORT FRIDAY, 13 JANUARY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,922.52 | CHG 1.46 | %CHG 0.08 | YTD -15.69 | YTD% -0.81 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 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 2.70 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 E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

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

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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

SYMBOL FBB17 FBB18 FBB22

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

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

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

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 2.02 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 11.93 2.07 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 100.00 100.00 100.00 108.29 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.50 11.93 2.10 1.60 5.82 9.31 10.95 8.74 6.75 11.93 10.00

CHANGE 0.32 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 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

108.30 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 100,000

1,100

VOLUME

NAV 2.02 3.91 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 151.0 15.8 N/M 20.7 N/M N/M -186.7 14.0 13.6 23.3 108.5 20.6 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% 3.91% 4.21% 3.71% 3.98% 2.43% 2.71% 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-Nov-2016 30-Nov-2016 30-Nov-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 1.83% 6.31% 0.00% 5.97% 0.00% 0.00% 1.61% 3.53% 3.77% 3.43% 4.11% 2.86% 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 is hereby given that Dr. ALPHAEUS MICHAEL ALLICK (JR.) of Misty Gardens off Marshall Rd., P.O. Box N8592, 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 9th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that FABOILA NADIA DOLCE of Ginep Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 16th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MARIE ORADIN of Marsh Harbour, Abaco, 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 16th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

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, Nassau, Bahamas intend to change my name to TASHA NAOMI 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.

NOTICE

NOTICE is hereby given that

KYRSTAL BROWN

of

Lucaya Circle, P.O.Box N8417, 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 9th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.