01202017 business

FRIDAY, JANUARY 20, 2017

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NHI advisers ‘look at healthcare in vacuum’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Government’s National Health Insurance (NHI) advisers were yesterday accused of “looking at healthcare in a vacuum”, and failing to account for the numerous economic and social factors that drive high Bahamian medical costs.

Dr Sy Pierre, the Medical Association of the Bahamas (MAB) president, told Tribune Business that foreign consultants had “no idea” utility and other operating costs were five-six times’ higher in this nation when compared to their home jurisdictions.

Yet they were seeking to im-

MAB chief: Bahamas’ high costs not factored in Adds: ‘Template’ enough in Canada, but not here Says: ‘I don’t want people to be fooled by this’ pose their own healthcare “template” on the Bahamas, he added, arguing that their cost and utilisation estimates were more

suited to Canada or the US. “Everyone is looking at healthcare in a vacuum,” Dr Pierre said. “You have the [stabbing] at Government High today, we have an unemployment rate that is truly around 30 per cent, we are being taxed to death, have electricity costs that are the highest in the world, and medical equipment that attracts a 100 per cent tax at the border.

“These guys come here, these consultants, seeing this amount of people and amount of money, and are trying to stick it on a template for healthcare. These guys haven’t seen gas at nearly $6 per hour. You can’t look at healthcare in a vacuum.

See pg b4

Advisers: All three offers had ‘local elements’

Private Bahamian underwriters are involved in all three bids for the management of the National Health Insurance (NHI) public insurer, the scheme’s advisers suggesting this showed the industry had “bought in” to the scheme.

Simon Townend, a KPMG (Bahamas) partner and head of the accounting firm’s Caribbean advisory practice, confirmed to Tribune Business that a ‘recommendation’ had been made as to the ‘preferred bidder’.

Declining to reveal its identity, or those of the Bahamian insurance companies involved in the process, Mr Townend implied that the winner’s selection now awaited the Government’s approval.

Disclosing that the three offers to manage BahamaCare “all had local insurance elements to their bids”, Mr Townend said: “All of these bids included private insurers from the

But $100m primary care can launch without sector NHI Authority Board to be unveiled ‘very shortly’ Bahamas, suggesting they buy into the model.

“The bids have been shortlisted, and a decision has been made to move forward. That recommendation [winning bidder selection] has been made in terms of the next steps.”

Mr Townend said the recommendations had been made by a committee of public and private sector representatives, which included representatives from KPMG and the NHI Secretariat, although he did not See pg b4

MAB chief doubts NHI hospital savings forecast

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Medical Association of the Bahamas (MAB) president yesterday expressed doubts that the $100 million National Health Insurance (NHI) investment in primary care would help reduce spending on the hospitals.

Dr Sy Pierre told Tribune Business that “there’s nothing primary care can do” for obese individuals who consistently over-ate, meaning they would still represent a burden on secondary/tertiary care providers.

He said the best counter, education and wellness promotion to encourage Bahamians to alter their “lifestyle behaviour”, was a long-term effort that would not generate instant results.

“Out biggest problem is obesity and over-eating,” Dr Pierre told Tribune Business. “Once you start over-eating, there’s nothing primary care can do for you.

“Let’s say the average Bahamian goes into the doctor obese and overweight.

They’re [the NHI architects] asking those people at an early age to not eat macaroni and cheese, peas and rice, and to get up early and exercise.

“I’m not saying it can’t be done, but if you’re going to consume 2,000-plus calo-

Says ‘nothing primary care can do’ for obese Scheme architects target tertiary/ secondary savings ‘Greater returns’ from $100m primary care spend ries per day and sit around watching TV, there’s nothing primary care can do for you,” he added.

“If you’re going to tell a Bahamian to cut out their favourite foods, they look at you as if you have two heads with an eye in each forehead. When I tell them how many calories they need to give up, they say: ‘Doc, you’re trying to kill me.’”

The MAB chief said it was possible to change Bahamian lifestyles and behaviours, but he warned that it was “going to be very difficult to do this in a short period of time”.

Dr Pierre’s comments thus appear to undermine one of the key NHI rationales articulated to Tribune Business by the NHI Secretariat and its advisers, namely that the $100 million primary care investment will boost efficiencies, See pg b4

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The Bahamian financial services industry “will do all we can” to ensure this nation does not appear on a threatened European Union (EU) ‘blacklist’, Tribune Business was told yesterday.

Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, said this nation’s implementation of the Common Reporting Standard (CRS) for automatic tax information exchange was a critical defence to any EU moves against this nation.

Europe’s aversion to international financial centres (IFCs) was laid bare again yesterday, after EU legislators rejected a proposed money laundering ‘blacklist’ on the grounds that it included no IFCs. The EU parliament re-

Govt ‘reconsiders’ $1m residency bar following push back Minister: Decision on ‘doubling’ in next few weeks Indicates ‘lead time’ for adjustment will be given ‘All efforts’ made to retain existing, active business

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

Dr Sy Pierre

Bahamian insurers in NHI ‘buy Bahamas will ‘do all it can’ to avoid EU blacklisting in’ via public carrier bids

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

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Industry working on ‘policy recommendations’ EU lawmakers reject list; Want Bahamas, IFCs on it Automatic tax regulations’ release ‘imminent’ jected the 10-strong list presented to it, which included the likes of North Korea, Iran, Afghanistan, Iraq and Syria, because it was seen as “too limited” by not including IFCs. An Associated Press report even singled out the Bahamas by name as one country that EU lawmakers wanted to include on the See pg b5

A Cabinet Minister yesterday conceded that the Government had been forced to “reconsider” plans to double the permanent residency investment threshold to $1 million, due to the “considerable pushback” by realtors and developers.

Hope Strachan, minister of financial services and local government, said a final decision on increasing the threshold from the existing $500,000 is expected “within the next several weeks”.

Hope Strachan Addressing a Society of Trust and Estate Practitioners (STEP) Bahamas luncheon, she moved to reassure Bahamian realtors and developers that regardless of the Government’s decision, “all efforts” will be made to maintain business currently “on the table”.

This reflects calls for the Government to give a one-year warning of the change, so that all market participants can adjust, and for it to ‘grandfather in’ developments that are already selling to foreigners in the $500,000 to $1 million price bracket.

Some realtors have estimated that increasing the threshold for accelerated See pg b5

PAGE 2, Friday, January 20, 2017

THE TRIBUNE

Training investment vital to all businesses

Would it not be great if every employee hired possessed all the professional skills needed to work in a company? No longer would we need to place so much emphasis on training new workers on the basics of teamwork, productivity, communication and customer service.

Employers and human resources managers dream of hiring the most qualified applicant for every position. Our current reality, given the challenges in the educational system, are new employees who are woefully unprepared and walk through the door feeling entitled.

When this dire situation is compounded by employers who do not see their role as providing professional

development for team members, we continue to breed an incompetent and unproductive workforce.

The truth is that talent development and employee nurturing requires significant investment, and many small and medium-sized enterprises simply do not have the economies of scale to afford full time training.

Meanwhile, larger companies opt to roll the dice on service quality, rather than spend the necessary time, money and energy needed to equip employees, and terminate as the need arises.

The failure to engage the Bahamian workforce with learning opportunities further exacerbates our problems with productivity, efficiency, service excellence,

professionalism and ignorance. The attitude must never be that ‘we train our staff when budget allows’, or ‘we train our staff if they want or ask for it’, or ‘we train our staff when trouble hits and we need to dig our way out of a hole’. Ongoing development of every employee must become the culture of every company despite its size, industry or net worth.

Think about the company you currently work for. The industry standard in the developed world calls for not less than 40 hours of formal and informal training of staff if the company is going to compete locally and globally. Current trends seem to suggest than fewer than 10 per cent of Bahamian firms, including com-

panies with vast resources, meet this minimum quota.

Forty hours per year may seem large to some, but here are the examples of formal and informal training that might help the corporate world realise how doable this actually is: * Formal training can include: Soft skills workshops conducted by champions in the company or outsiders; technical and software training; college classes; industry certifications and many more forms.

Informal training can include: On-the-job coaching, cross training, mentoring, peer-to-peer exchange, job shadowing and other formats.

Something as basic as pairing new employees with seasoned professionals for

a period of six months, in structured and deliberate coaching and mentoring sessions, can make the difference between success and failure in the workplace.

Trained employees are more engaged, loyal and better equipped to meet the challenges of a dynamic company. What every employer must know is that the benefits of company-funded professional development are tremendous, and any failure to do so results in slow but certain corporate death.

Ian ferguson

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international

universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

Grand Bahama Chamber of Commerce (GBCC) executives have paid a courtesy call on Immigration assistant director, Hubert Ferguson.

The meeting was part of the Chamber’s mandate for 2017, which includes a commitment to forging stronger bonds with Grand Bahama’s key stakeholders.

The 2017 Chamber Board members will meet with Immigration Department officials every quarter to maintain cordial rela-

tions and discuss any matters arising that may impact the private sector.

Pictured from L-R: Chamber second vice-president, Lawrence Palmer; Bahamas Immigration superintendent, Geo Rolle; Bahamas Immigration assistant director, Hubert Ferguson; Chamber president, Mick Holding; Chamber secretary, Karin Sanchez; Chamber treasurer, Ralph Hepburn; and Chamber executive director, Mercynth Ferguson.

GB Chamber meets Customs executives businesses.

Pictured from L-R: Customs superintendent Larry Bodie; Chamber second vice-president, Lawrence Palmer; Customs superintendentm Leonard Johnson; assistant comptroller of Customs, Sherrick Martin; Chamber president, Mick Holding; Customs superintendent, Kenneth Flowers; Chamber secretary, Karin Sanchez; Chamber first vice-president, Dan Romence; Customs superintendent, Jasmin Hudson; Chamber treasurer, Ralph Hepburn; and Chamber executive director, Mercynth Ferguson. (Photo: Keen i Media Ltd.)

Photo/Keen i Media Ltd

Grand Bahama Chamber of Commerce executives met with senior officials from the Customs Department this month as part of a series of courtesy calls on government agencies.

Led by president Mick Holding, the newly-elected Chamber executives said they wanted to maintain friendly co-operation and open dialogue with the Customs Department, particularly on topics of mutual concern.

The Chamber intends to meet with the agency on a quarterly basis to ensure the private sector is informed of regulations and other matters affecting

GB Chamber Board visits Immigration

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THE TRIBUNE

Friday, January 20, 2017, PAGE 3

‘High time’ for more financial services Bahamianisation

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.ne

The Go vernment has decided it is “high time” that the Bahamas implement a policy requiring more citizens to assume top posts within the financial services industry, a Cabinet Minister said yesterday.

Hope Strachan, minister o f financial services, addressing a STEP Bahamas luncheon, said: “The Go vernment has determined that it is high time that we formalise and put into action the policy that even more Bahamians must be trained to ensure even more opportunities are created, and to assume more top positions within companies, firms and businesses which comprise the financial services sector.”

She added: “Therefore,

Govt to formalise policy in writing Wants Bahamians to assume more top posts Seeks training plans for Bahamian promotion we are reducing this policy to writing in order to ensure that proper consideration and justification is exercised in every instance where a Labo ur Certificate for a top position is applied for and is granted, only after it is pro ven that no Bahamian satisfies the hiring criteria, and only after a written strategy or plan - and an

undertaking for training and advancement o f Bahamians to fill such positions futuristically - is pro vided.”

Mrs Strachan’s affirmation o f the Go vernment’s further ‘Bahamianisation’ intentions to wards the financial services is likely to be welcomed in many quarters, especially where there is a belief that Bahamians have the quality, training and expertise necessary to hold such posts.

Ho wever, her comments may create concerns elsewhere, given that Bahamasbased financial institutions, many o f whom are foreigno wned, are used to selecting the top executives o f their cho ice as the ‘o wner’s representative’.

Mrs Strachan, meanwhile, said the Bahamas was on schedule to successfully implement the Common Reporting Standard

BAMSI lures home native Androsian A native Androsian has become the Bahamas Agriculture and Marine Science Institute’s (BAMSI) latest faculty team member as a lecturer in biology and environmental sciences.

Ezralee Rolle, daughter of Bettymae and Ezra Rolle from North Mastic Point, said that leaving Andros after graduating from high school in 2001 was not just the best, but the only option, for her to take.

“You swore you’d never return to Andros; there just was nothing going on, nothing there,” Ms Rolle said.

She headed for Nassau, where she landed a job and eventually completed a Bachelor of Science degree in Biology, Combined Science and Education from the University of the Bahamas.

BAMSI’s birth in 2014 gave her the opening to return home, and Ms Rolle watched as the Institute strove to establish itself as a permanent academic and research facility, designed to enhance the Bahamas’ agriculture and fisheries industries.

“I’ve been tracking BAMSI in terms of wanting to get involved in what it is that BAMSI is about, which is Bahamians finally taking the lead in agriculture,” she said.

“And I love the idea that the plan was executed in Andros. I like the idea that

Ezralee Rolle, the newest faculty member at the Bahamas Agriculture & Marine Science Institute. they made use of the wide open space in Andros to diversify the economy and get people off Nassau, and also get people like me to go back home and have a job or means of providing a lifestyle for myself while being in that type of environment - that’s something that I didn’t have before; that wasn’t an option before.”

Biology is a foundational course for both the agriculture and marine science streams. “As a lecturer I will bring all of my experience that I’ve had with education and working with students, not only for their personal betterment, but also the betterment of communities and, essentially, of the nation,” Ms Rolle said.

Her career to-date includes the launch of the

Bahamas Reef Environment Education Foundation (BREEF) Eco Schools Programme while at Temple Christian High School. The programme allows students to spend time outdoors and experience more of the environment.

It focuses on activities that involve the beautification of the campus - looking at ways for more sustainable uses of energy, promoting recycling, and also has students working in the school’s garden.

“This was my attempt to get children to appreciate where food comes from, and the importance of sustainability,” Ms Rolle added.

She is currently working towards a Master of Science degree in Agriculture and Life Science from Virginia Polytechnic and State University.

Ms Rolle said she fully endorses BAMSI’s goals. She said: I believe in education, I believe in the power of unifying people to a cause that makes sense.

“It makes sense for us to be able to feed ourselves.

It makes sense for us to develop products that we can easily make right here in the Bahamas as opposed to importing products from all over the world. So I endorse BAMSI and I think that in the long term it will be something that builds our nation.”

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(CRS) in 2018.

“With my Ministry as the coordinating Ministry of the Task Force created to facilitate the CRS implementation, comprising of the Ministry of Finance, the Attorney General’s Office, the Bahamas Financial Services Board (BFSB) and other industry participants, we have caused the Automatic Exchange o f Financial Account Information in Tax Matters Act 2016 to be enacted, the enabling legislation for the implementation o f the CRS, which

came in to force on January 1, 2017,” Mrs Strachan said.

“We sent Letters o f Intent to the initial 45 co untries with whom we intend to exchange information with under the Act, and have since begun nego tiations.

The regulations and guidelines for the CRS have been drafted and are currently under review.

“The draft regulations are scheduled to be released before the end o f January. The portal system that will be used for the exchange o f information

by the Competent Authority is under review to be mo dified for CRS. This is the system currently being used to facilitate the FATCA platform,” the Minister continued.

“And human reso urces are being increased to ensure we have the manpo wer to ensure o ur success in this endeavo ur. Ladies and gentlemen, I am confident based on o ur team and what we have accomplished so far, that despite the naysayers, we will successfully implement CRS and on time.”

PAGE 4, Friday, January 20, 2017

Bahamian insurers in NHI ‘buy in’ via public carrier bids From pg B1 identify anyone by name.

Among the likely candidates as the ‘Bahamian elements’ in the public insurer bidding process are Colina Insurance Company, Family Guardian, BAF Financial and Generali.

It is unclear, though, whether the Bahamian participation shows local insurance industry ‘buy in’ and a willingness to participate in NHI, as the various players may see the BahamaCare management contract purely as an opportunity to

ensure their continued involvement in the sector.

Dr Kevin Bowe, the NHI Secretariat’s deputy project manager, confirmed to Tribune Business that the $100 million primary care phase, which the Government hopes to launch prior to the upcoming general election, did not require participation from the private health insurance underwriters.

He indicated that primary care could start with BahamaCare as the sole insurance underwriting vehicle, should the health insurers elect not to participate as

NHI advisers ‘look at healthcare in vacuum’ From pg B1 “All these costs that we incur, they have no idea about in Canada, in the US.” Dr Pierre said that in developed nations such as these, consumers could purchase a cell phone, obtain service and acquire unlimited data and calling packages for $50 or less.

Water and electricity bills, he added, frequently came to less than $100 per month. Florida Power & Light bills, the MAB chief charged, were as low as $1 per day, or $30 per month.

“These guys come here and say it’s going to be enough.,” Dr Pierre told Tribune Business of the NHI advisers. “It’s enough if they lived in Canada or we have the governance structure they have in Canada, the UK and US. “We don’t have income tax, but our taxation for businesses is exorbitant.

It’s important for them to address that. And for them

to come here and say that is enough, they haven’t looked at the sickness of the people.”

Dr Pierre pointed to the Bahamas’ having one of the highest rates of diabetes and heart disease in the world, something that the Government and its consultants have acknowledged in documents obtained by Tribune Business.

However, the MAB chief continued his criticism of the NHI advisers, saying: “I don’t like them coming, saying they have all this money, it’s going to work and take care of ‘x’ people for ‘y’ dollars because it’s been done elsewhere in the world.

“The problem is they’re looking at healthcare in a vacuum, not looking at all the costs.”

Dr Pierre was speaking out after Dr Price, chair of the Department of Family Medicine at Canada’s McMaster University, suggested that NHI’s compensation mechanism would have

MAB chief doubts NHI hospital savings forecast From pg B1 and help to save money, elsewhere in the Bahamian healthcare system.

In particular, they argued that the improved primary care accessibility and affordability produced by NHI will enable medical problems to be identified and treated earlier, thus alleviating the burden on hospitals and secondary care providers.

Dr Kevin Bowe, the NHI

Secretariat’s deputy project manager, told Tribune Business that the Bahamian public healthcare system had been “hospital centric” due to where resources had been concentrated.

“These are difficult decisions for countries and policymakers to take,” he conceded, “but do we continue down the path of investment and high level costs, or do we turn the tide?

“Health promotion is happening without NHI. If

regulated health administrators (RHAs) - selling the same NHI products at the same prices, under the control of a central NHI Authority.

Also casting doubt on insurance industry ‘buy in’ are previous comments by Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, who criticised the public insurer tender as “skewed” in favour of foreign companies.

He argued that “restrictions” were placed on the successful bidder’s ability to offer health insurance policies outside NHI, meaning they would be unable to offer complementary or topup policies to Bahamians wanting them.

Mr Komolafe had also suggested that the evolving NHI scheme was akin to

‘death by a thousand cuts’ for the private Bahamian health insurance sector in the long-run.

The NHI consultants and Secretariat representatives interviewed by Tribune Business this week did not provide much in the way of specifics, in terms of launch/ milestone dates, costs and the fine details involved in the wide-ranging healthcare reform.

Acknowledging this, Dr Bowe said: “We sound like we’re singing a chorus here, but we can assure you that you will hear from us.”

He and the KPMG executives present implied that many of the key decisions now had to be taken by the Christie cabinet.

Still, Dr Bowe said the Board for the NHI Authority, which will oversee the

scheme from a governance perspective, is due to be unveiled shortly.

“This is something that in very short order is going to be announced,” he told Tribune Business. “We’re at critical points.

“A number of things will flow from that Board announcement, but in terms of readiness around the framework of governance, that’s in place. It’s a matter of pulling the trigger and getting it moving.”

Mr Townend said designing and implementing NHI was an extremely complex undertaking, given the numerous ‘moving parts’ to the scheme that had to be put in place simultaneously.

Apart from the governance structure with the NHI Authority, he explained that

the Secretariat and KPMG had been working simultaneously on numerous other fronts, developing an IT platform, addressing physical and other infrastructure issues, and negotiating with the various professions that make up the Bahamian healthcare industry.

Adrian Hamilton, a management consulting director with KPMG (Bahamas), said development of the NHI Authority’s structure had been “underway for quite some time”, with advertisements for the first jobs released at the end of November.

“As soon as the Board’s in place, the Authority will be established and offers made,” Mr Hamilton said. “We’re doing all the groundwork to enable the Board to be put in place.”

“a pretty good cushion” to prevent doctors suffering financial loss.

Dr Price, who is advising the Government’s NHI Secretariat and consultants, the KPMG accounting firm, said compensation rates being based on Bahamian doctors receiving 2.2-2.3 visits from each patient per year.

This, he told Tribune Business on Wednesday, was three times’ higher than the average 0.7 visits per patient, per year, that Bahamian doctors currently experienced.

Dr Pierre, though, pointed out that the $100 million allocated by the Government for NHI’s primary care phase amounted to just $500 per person, per year, for the 200,000 Bahamians who lack private medical insurance.

The MAB chief said it was unlikely this $100 million was dedicated solely to paying doctors’ fees, and said it paled in comparison with the lowest private health insurance rates, which currently amount to $350 per month.

“The KPMG people are being paid by the Government to sell this,” Dr Pierre

told Tribune Business.

“We’re the ones being left holding the bag.

“These guys come here, get consulting fees and leave. I just don’t want people to be fooled by this.....

People have to be realistic about what to expect from NHI.” Private Bahamian physicians are also opposed to NHI’s preferred payment mechanism, capitation, which would see them receive a set fee per patient, per year, as opposed to the current fee for service model.

The NHI secretariat and the Government subsequently tweaked the payment plan, giving doctors a choice of capitation, fee for service or a hybrid of the two when the primary care phase is launched.

However, Dr Price confidently predicted to Tribune Business that Bahamian doctors will drop their opposition to capitation “within three years”.

He and KPMG argued that argued that capitation had numerous merits, as it provided doctors with a predictable, set income upon which they could base their

business and investment decisions.

They added that it would also “incentivise” doctors to keep their patients healthy and engage in preventative medicine, resulting in better treatment outcomes and greater patient satisfaction.

Dr Pierre, though, laughed when Tribune Business mentioned Dr Price’s capitation prediction, saying: “I doubt that seriously.”

And another doctor, speaking to Tribune Business on condition of anonymity, described the ‘0.7 visits per year’ base figure, upon which the capitation mechanism and NHI utilisation rates are based, as “complete BS”.

The source told this newspaper that when they met with the NHI secretariat and its advisers, the representatives present “completely admitted that one of the reasons health insurance costs are so high is because Bahamians overutilise it; they’re in the doctor all the time”.

They predicted that once NHI’s primary care phase was launched, Bahamians would “flood” doctors’ of-

fices in the belief they were receiving free healthcare, thereby vastly exceeding the forecast 2.2-2.3 visits per year.

The doctor, though, said it was by no means certain that Bahamians would be able to get into see their physician under NHI. Given that doctors were receiving a set fee per patient, per year, and there were limited hours in a day, the source said some physicians may be reluctant to see those without a prior appointment - especially if their capitation budget was exhausted.

“Bahamians are going to flood the doctors,” the source said, “but they may not get in. Doctors can only see so many a day. If you don’t have an appointment, you can’t get in.

“What’s the point of having insurance? If you don’t get into see your doctor, you don’t have healthcare.

You will have waiting lines, and they [the NHI secretariat and advisers] know it. This is the way a socialised medicine system works.

That 2.2 means nothing.”

we are going to change behaviours, objective discussions must be had in terms of how the country moves on its priorities in health.

We want to reach it not in silos, but through a national move.”

Dr David Price, chair of the Department of Family Medicine at Canada’s McMaster University, who is advising the Secretariat and its consultants, KPMG, said tertiary healthcare was consuming ever-increasing sums throughout the world.

“The US is investing heavily in tertiary care; Canada is investing more and more in secondary care

and tertiary,” he said. “It’s an insatiable beast.

“And the more you invest in it, the more you need it, and will bankrupt your economy if you invest solely in secondary and tertiary care.

“If you reduce the numbers that need those catastrophic services, you will have an adequate amount of resources to provide to them when necessary,” Dr Price explained.

“The best way to do that is if we can prevent them from getting to the catastrophic stage, and we will eventually save money for the system. The investment

in primary care is far less expensive than secondary/ tertiary care.”

Simon Townend, a KPMG (Bahamas) partner and head of the accounting firm’s Caribbean advisory business, told Tribune Business that “the returns are greater” by investing in primary care, as the Bahamas is seeking to do with NHI. By treating, and curing, more Bahamians at the primary stage phase, Mr Townend said the Bahamian healthcare system would enjoy potentially greater savings on secondary and tertiary care.

Pointing out that the $100 million allocated to the NHI primary care phase was equivalent to around 4 per cent of the Government’s $2 billion-plus Budget, Mr Townend said the scheme offered oppor-

tunities for this to be “spent more efficiently and transparently” as a result.

“I think the system will create that efficiency,” he added. “We know what amount we’re spending on visits to the doctor, pharmaceuticals, rather than it going into a black box at the clinic. It’s going to follow the patient.

“By pooling the whole population you’ll be able to reduce your own cost.

There will be net new investment coming into the healthcare system, a good chunk of new money.

“If we have a stronger primary care system, we can improve the health of the population, people will live longer, you will have less disease and a more productive workforce. I don’t see it as a hurdle; I see it as an opportunity.”

NOTICE

NOTICE

GRAND LEVANTIS LIMITED

AKAKI LIMITED

N O T I C E IS HEREBY GIVEN as follows:

N O T I C E IS HEREBY GIVEN as follows:

(a) GRAND LEVANTIS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) AKAKI LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 16th January 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(b) The dissolution of the said company commenced on the 16th January 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General.

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

(c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

Dated this 20th day of January, A. D. 2017

Dated this 20th day of January, A. D. 2017

_________________________________ Bukit Merah Limited Liquidator

_________________________________ Bukit Merah Limited Liquidator

NOTICE

NOTICE OF DISSOLUTION

GALLANT THRIVE LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) GALLANT THRIVE LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 16th January 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

OF GANESHA INVESTMENTS RESEARCH LTD. Notice is hereby given that pursuant to Part IX, Section 138(4) liquidation of the above company commenced on the day of January 13, 2017.

Octagon Management Limited of Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, The Bahamas has been appointed Liquidator of the Company.

Dated this 20th day of January, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

THE TRIBUNE

_______________________________________ Octagon Management Limited Liquidator

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THE TRIBUNE

Friday, January 20, 2017, PAGE 5

Bahamas will ‘do all it can’ to avoid EU blacklisting From pg B1 ‘blacklist’.

“In light of recent leaks revealing money laundering and tax crimes, it is ridiculous that Panama and other famous havens for dirty money are still not on the Commission’s blacklist,” a Green MEP, Sven Giegold, said.

The Bahamas and other IFCs have been in the EU’s cross-hairs for some time, with the continent’s governing body having previously announced plans to publish another ‘blacklist’ of socalled ‘tax havens’ by yearend 2017.

The EU, in rating 81 different jurisdictions for their co-operation on tax matters last September, ‘red flagged’ the Bahamas and nine other countries - mainly its fellow IFCs - for having either no, or a zero rate, corporate income tax.

The Brussels-based EU Commission also placed a ‘red flag’ against the Bahamas when it came to transparency and the exchange of tax information, although on the third and final criteria - the existence of a ringfenced preferential tax regime - this nation received a clean bill of health.

Ms McCartney, though, yesterday said the Bahamas and its financial services industry were aiming “not to be on any EU list”, and were making preparations to achieve that goal.

“The potential blacklisting by the EU is something that we have been monitoring very closely over the past year,” she told Tribune Business.

“We know they have the intention of issuing some sort of listing by summer or fall, and hope to be in a position where we’re not on any listing.

“We are readying ourselves and looking to make policy recommendations to ensure we are not on the list,” the BFSB executive director added.

“We are implementing the CRS, which demonstrates our commitment to the highest standards of compliance. We’ll continue to do all we can to ensure we are not placed on that list.”

Ms McCartney conceded that the Bahamian financial services industry would continue to face international regulatory pressures for the foreseeable future, adding that the sector’s continued health depended on

Govt ‘reconsiders’ $1m residency bar following push back From pg B1 permanent residency consideration immediately could undermine up to 60 per cent of active real estate developments.

“Since November of last year we have had considerable push back with respect to the announcement from the real estate community,” Mrs Strachan acknowledged yesterday. “Therefore, it forces us to reconsider it.

“We have to take into account all sectors. We have to look at projects on stream in the Bahamas, expectations that may be in place as a result of those projects, and we have to perhaps take advice as to the advisability of doing it, and to what extent, as well as the timeframe, which is of great importance.”

Mrs Strachan added: “If there is going to be an increase we have to look at whether it’s going to be an increase that comes into effect right away, or whether you give it so many months of lead time before it is implemented; whether you give it a year before it’s implemented.

“It is under consideration, under consultation and under advisement. We will know within the course of the next several weeks what the final decision is going to be.”

Mrs Strachan had announced the investment threshold increase last November at a seminar hosted by the Higgs & Johnson law firm. Speaking on the current $500,000 threshold at that time, she said: “This threshold is no longer achieving the intended ob-

how this nation responds.

“This is the operating environment we’re in; it continues to change,” she told Tribune Business. “There’s going to continue to be pressures; they’re always there.

“It’s how we respond that matters to ensure we remain a viable, competitive jurisdiction.”

Ms McCartney said the Bahamas had already taken the “key” step towards implementing the CRS, the global standard for automatic tax information exchange, by passing the enabling legislation.

The Automatic Exchange of Financial Account Information Act 2016 took effect on New Year’s Day, and the BFSB chief said she anticipated that the accompanying regulations and guidance notes will be “released imminently”.

“We’re progressing very well,” Ms McCartney said. “The regulations are drafted and under review.

They’re almost done. We have a pretty good draft that’s under review by the Attorney General’s Office, and expect that will be published shortly.

“The guidance notes are drafted and under review.

We’ve been collaborating very diligently to get the framework in place in the shortest possible time. We expect the regulations and guidance notes to be released imminently.” jective, which is to attract high net worth individuals to our country and to support the real estate market in a tangible way, while maintaining the integrity and profile of the Bahamas as a premier financial centre.”

The announcement prompted considerable push back from local realtors and developers, with some labelling the move as one which was “unacceptable”, “foolish” and threatened to destabilise the real estate market.

Mrs Strachan said yesterday: “I want to reassure the real estate sector that whatever decision is made, all efforts will be made to ensure that we are able to maintain whatever business is on the table for those realtors who are affected, and all stakeholders that may be affected.

“That may mean looking at a lead time before implementation. As it stands now people should go about their business as per usual.”

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

2015 CLE/gen/1103

IN THE MATTER of an Indenture of Mortgage made the 29th day of May, A.D. 2007 between Adrian Denise Glinton and Finance Corporation of Bahamas Limited AND IN THE MATTER of an Indenture of Further Charge made the 9th day of February, A.D. 2010 between Adrian Glinton and Finance Corporation of Bahamas Limited AND IN THE MATTER of The Mortgages Act, Chapter 156 of the Revised Laws of the Commonwealth of The Bahamas BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND ADRIAN DENISE GLINTON TO:

Adrian Denise Glinton

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, Nassau, New Providence, Bahamas, in which the Plaintiff ’s claim is set out in the Originating Summons filed in this action on the 29th day of July, A.D. 2015 seeking, inter alia, an order to direct you to deliver up possession of Mortgaged Property being ALL THAT piece or parcel or lot of land lying within the Subdivision called and known as “Garden Hills Estates No. 3” situated in the Southern District of the Island of New Providence being Lot Number 838 in the said subdivision, to Finance Corporation of Bahamas Limited within Twenty-Eight (28) days of the order and judgment for the sums outstanding under the Indenture of Mortgage dated the 29th day of May, A.D. 2007 and the Indenture of Further Charge dated the 9th day of February, A.D. 2010 AND THAT it has been ordered that service of the said Originating Summons filed herein 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 Originating Summons and Order of the Court 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 20th day of January, A.D. 2017 HIGGS & JOHNSON Ocean Centre Montagu Foreshore East Bay Street Nassau, New Providence, The Bahamas Attorneys for the Plaintiff

Ms McCartney said Bahamian financial institutions had “ample time” to register with the Competent Authority responsible for the automatic exchange of tax information, who will be the Ministry of Finance’s financial secretary, Simon Wilson.

The first automatic information exchange will begin in 2018, using information from 2017, with Ms McCartney adding that “the hard work has been done” in getting the legislation through Parliament.

She added that neither the regulations nor the guidance notes needed to go through Parliament, and

“nothing” in their contents should be a surprise given the numerous meetings between industry and government agencies.

Ms McCartney said the fact that many Bahamasbased institutions were owned by foreign parents, many of whom had begun automatic information exchange this year, would “mitigate against some of the concerns people may have with respect to us being prepared”.

The keen eyes of the Organisation for Economic Co-Operation and Development (OECD), and its G-20 ‘master’, remain on the Bahamas, which last

year came under intense pressure to exchange tax information on a ‘multilateral’ as opposed to ‘bilateral’ basis.

“Letters of Intent to negotiate have been issued to 45 countries,” Ms McCartney told Tribune Business in response to the OECD pressure.

“The process has commended in earnest, and we are demonstrating the steps taken to ensure we meet the 2018 commitment. We will be ready. The industry will be ready, and we are working with government to ensure we as a jurisdiction are ready.”

OFFSHORE BANK

Will receive qualified applicants’ resumes for the following position: Securities Back Office Officer Tasks include: • Confirm purchase and sales orders with brokers • Correspond with Clearing Houses and group employees for timely settlement of trades • Reconciling accounts, Coupon calculations, interest and dividend payments • Opening and maintenance of brokers and customers’ accounts • Execute purchase and sale orders with brokers and counterparts • Correspond with customers of the bank regarding general queries and renewals of Time Deposits

• • • • • •

Spanish - fluent, spoken and written.

No need to apply without this requisite.

Strong organizational skills At least 5 years of financial experience in Banks or Broker Dealers.

Understanding of securities administration Knowledge of Euclid and Clearstream settlements systems (an asset) Proficiency in the use of Microsoft’s Office suite (including Word, Excel, PowerPoint and Outlook) Ability of work under pressure, and keep daily deadlines

Please send all correspondence to: backofficeanalyst2017@gmail.com

Corporate Compliance Manager Description

Unique Vacations Limited is seeking strong candidates for the role of Corporate Compliance Manager.

Summary This is a newly created role to take on responsibility for compliance matters across the Company and is expected to report to the company CFO. The role will oversee compliance with corporate and regulatory requirements.

Applicants should satisfy the following minimum requirements: • Have the ability to schedule, manage, monitor and review audits of operational and regulatory compliance in

accordance with the company’s policies, procedures, and local law.

• Possess strong knowledge and application of auditing techniques and standards • Be able to work independently setting own priorities and objectives in consultation with the Chief Financial Officer.

• Be able to take on and drive special projects deemed

necessary to elevate the efficiency, effectiveness and transparency of the Company’s processes.

• Ability to establish appropriate communication and professional relationships with the company’s Executive Management Team and our business partners at Sandals Resorts International.

• Possess the ability to drive change in a dynamic business environment.

• Flexibility for local and overseas travel as needed.

Qualification and Experience: • A minimum of a Bachelor Degree in a related field;

preferably Accounting or Law. • ACA,ACCA, CPA,CIA, or CISA qualification is required.

• Minimum of five years management experience in an

internal audit, fraud investigation function, or a public accounting environment.

• Proficient in Microsoft Office • Strong report writing & presentation skills.

• Working Knowledge of Oracle Application preferred.

Only short listed candidates will be contacted. Interested persons should submit their applications by January 27th, 2017 with curriculum vitae via E-mail to hrreport6@gmail.com

PAGE 6, Friday, January 20, 2017

THE TRIBUNE

Dow erases gain for 2017 as stocks fall, bond yields climb NEW YORK (AP) — The Dow Jones industrial average erased its gains for 2017 on Thursday as it fell for the fifth day in a row, part of a pullback for stock indexes as Treasury yields continued their upward march.

Losses were widespread, with three stocks falling on the New York Stock Exchange for every one that rose. Utilities, real-estate investment trusts and others that pay big dividends were among the hardest hit because their payouts look less attractive when bond yields are rising. Small company stocks took outsize losses.

The Dow fell 72.23 points, or 0.4 percent, to 19,732.40, slightly lower than where it finished 2016. Still, it’s not far from its record closing high of 19,974.62, set one month ago.

The Standard & Poor’s 500 index slid 8.20 points, or 0.4 percent, to 2,263.69. The Nasdaq composite gave up 15.57 points, or 0.3 percent, to 5,540.08.

The Russell 2000, which tracks smaller companies, lost 12.81 points, or 0.9 percent, to 1,345.74. The Russell, which surged after the presidential election and

traders work on the Mizuho Americas trading floor in New York. World stocks were mostly lower yesterday, ahead of comments from the European Central Bank’s president and after Federal Reserve chair Janet Yellen signaled more interest rate increases in the months to come. (AP Photo) finished last year with a gain of almost 20 percent, also turned lower for the year.

Stocks have slowed in January following an electrifying jump higher since Election Day as investors wait to see what a Donald Trump presidency will really mean for stocks. They’ve already seen the optimistic

case, as shown in the 6-percent jump for the S&P 500 after Trump’s surprise election victory, propelled by expectations for lower taxes and less regulation on businesses.

But on the possible downside, increased tariffs or trade restrictions could

NOTICE

mean drops in profits for big U.S. companies.

"The stock market seems to be perched like a tightrope walker, balanced on the center, but there are a couple hundred-pound weights on each end of the balancing pole," said Rich Weiss, senior portfolio

NOTICE

applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 13th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

(a) SCOODER INC. is in dissolution; (b) The date of commencement of the dissolution is the 12th day of January A.D., 2017 and

NOTICE

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

NOTICE is hereby given that WIDNEL SAINTIL of Fort

Fincastle, North Street, 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 twentyeight days from the 13th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

C.B. Strategy Ltd. LIQUIDATOR

MARKET REPORT THURSDAY, 19 JANUARY 2017

ports showed that the number of workers seeking unemployment claims fell last week to its lowest level in more than 43 years, a sign that corporate layoffs are subsiding. Another report showed that homebuilders broke ground on more new homes in December, capping a solid 2016 for the industry.

A stronger economy could sway the Federal Reserve to raise interest rates more quickly. It has raised rates twice since 2015 after keeping them at record lows near zero since 2008.

Higher yields may also lure income investors back to bonds and away from high-dividend stocks. That hurts real-estate investment trusts and utilities, which pay some of the biggest dividends among publicly traded companies. Those sectors fell more than the rest of the market.

Banks and energy companies, which climbed following the election, also traded lower.

Industrial stocks were among the few stocks that did well as railroad operators surged. CSX led the way with a jump of $8.63, or 23.4 percent, to $45.51.

PUBLIC NOTICE

NOTICE is hereby given that SHAVANO LAWRENCE ESTIMA of Washington St., Nassau, Bahamas is

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

manager at American Century Investments.

Even with all the uncertainties, the market has remained relatively calm. The S&P 500 hasn’t swung by 1 percent, either up or down, since early December. And the VIX index, which market pros use to gauge how nervous investors are, is still about 50 percent lower than where it was a year ago.

Weiss calls that "irrational complacency."

Bond yields continued their march higher after more economic reports joined the recently growing pile of encouraging data.

The 10-year Treasury yield rose to 2.47 percent from 2.43 percent late Wednesday.

Yields have generally been climbing since Election Day on expectations that President-elect Donald Trump’s policies will spur more inflation and economic growth.

The 10-year yield is still below its recent high of just over 2.60 percent reached in mid-December, but it’s also well above the 2.09 percent level it was at a year ago.

Last July it went as low as 1.36 percent.

One of Thursday’s re-

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

BISX ALL SHARE INDEX: CLOSE 1,907.67 | CHG -11.45 | %CHG -0.60 | YTD -30.54 | YTD% -1.58

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, SHENIQUEWA FELINCIA CLARKE Mother and Guardian of ALICIA SAVANNAH ELLIS CLARKE of Nassau Village, New Providence, Bahamas intend to change her name to ALICIA SAVANNAH ELLIS CLARKE WATSON. 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 publication of this notice.

NOTICE Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:MOON ORCHID LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 21st November, 2016.

C.B. Strategy Ltd. LIQUIDATOR

BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.55 4.70 0.12 8.21 8.50 6.10 10.60 15.48 2.72 1.60 5.82 9.75 11.00 9.00 6.90 12.25 11.00

52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 5.05 8.05 5.50 7.72 11.00 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 4.38 15.85 9.09 3.52 1.77 0.12 5.05 8.50 5.83 10.50 11.93 2.07 1.60 5.82 9.75 10.95 8.80 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 100.00 100.00 100.00 108.58 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 5.05 8.50 5.83 10.50 11.00 2.03 1.60 5.82 9.75 10.95 8.80 6.90 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 -0.93 -0.04 0.00 0.00 0.00 0.00 0.00 0.15 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

108.60 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.02 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

2,000 1,200 9,300

29,000

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 -168.3 14.0 13.6 23.3 100.0 19.9 20.0 19.4 18.8 11.4 10.7 23.5 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% 1.78% 3.53% 3.77% 3.43% 4.45% 2.96% 3.75% 4.12% 4.10% 0.00% 3.75% 2.03% 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) GUSHER CORPORATION LTD. is in dissolution; (b) The date of commencement of the dissolution is the 12th day of January A.D., 2017 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) LOLI POLI LTD. is in dissolution; (b) The date of commencement of the dissolution is the 12th day of January A.D., 2017 and (c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

C.B. Strategy Ltd. LIQUIDATOR

THE TRIBUNE

Friday, January 20, 2017, PAGE 7

ECB keeps stimulus on high even as economy picks up FRANKFURT, Germany (AP) — The head of the European Central Bank has warned there is still little sign of an enduring pickup in shop prices and workers’ wages in the eurozone — a symptom of economic weakness that means the bank will leave its stimulus programs running nearly full blast at least until yearend.

The bank’s 25-member governing council led by President Mario Draghi made no changes in its interest rates or bond-buying stimulus program at a meeting Thursday.

Attention was focused on his news conference, where he stressed that the bank is determined to keep pumping newly printed money into the economy through bond purchases despite criticism from stimulus skeptics.

The purchases are aimed at boosting inflation from dangerously low levels and supporting an economy that’s slowly gathering steam.

Draghi said there’s no convincing sign yet of an

upturn in inflation toward the bank’s goal of just under 2 percent annually. That inflation rate is deemed best for a consistently strong economy — not too high and not too low.

A recent uptick in inflation in the eurozone, he said, was caused by higher oil prices — and not by a fundamental improvement in demand for goods in the economy.

“Underlying inflation pressures remain subdued,” Draghi said.

Annual inflation in the 19-country eurozone jumped to 1.1 percent in December from 0.6 percent the month before. But core inflation, which excludes volatile fuel and food, has been stuck at 0.8 percent-0.9 percent, and higher prices aren’t being reflected in wage growth.

The euro fell on Draghi’s comments, from $1.0668 to $1.0604, as the prospect of more monetary stimulus can send a currency’s exchange rate lower.

Draghi said the ECB’s stimulus had helped create 4.5 million new jobs in

NOTICE

NOTICE is hereby given that LIZA BASKIN JOSEPH of Carmichael Rd., Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KAREN ELDEN of Queens Highway, Current, Eleuthera, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 20th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

RBC Royal Bank (Bahamas) Limited is presently considering applications for:

Point of Sale Support Agent What is the opportunity?

Our Technology Unit is looking for full\time contract officers who are customer service oriented with IT experience and is flexible.

What will you do?

• Download, configure and test point of sales (POS) devices • Install POS terminals at merchant locations • Train merchants on the use of their POS terminals • Maintain installation logs and forward to reporting officer at the end of each day • Create and update merchant profiles on the various POS systems • Contact merchants to schedule site visits.

What do you need to succeed?

Must-have • 4 BGCSE’s of which Math and English is compulsory, grades of C and above • Must own or have access to a vehicle (with a valid Driver’s License) • Must be computer and technically literate • Ability to travel to Family Island • Friendly and well spoken • Work with little or no supervision • Team player • Flexible • Self- motivated Nice-to-have • Customer Service experience What’s in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• The advantage of working with a dynamic, collaborative, and high performing team.

• Innovative mobile technology to ensure your success Interested persons are to submit their resume to the following email address by January 25. ttrecruitmentjobpostings@rbc.com

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the past three years. But he stressed the need for “a continued, very substantial degree of monetary accommodation,” or stimulus.

He rejected criticisms from stimulus skeptics, particularly in Germany, who point to the zero returns on savings placed in bank deposits and other conservative investments. He said low rates would revive the economy and end the zerorate environment.

“Low rates now are necessary to get to higher rates in the future,” he said. “The recovery of the eurozone is in the interests of everybody, including Germany.”

Economist Carsten Brzeski at ING-DiBa pointed to the line in the ECB’s statement that stated it even stood ready to increase stimulus if needed.

“Only once this sentence has been dropped,” Brzeski said in a research note, will the ECB be ready to taper off its stimulus.

He said Draghi “elegantly tackled” German objections by pointing out that the recovery benefits everyone.

Nonetheless, the deci-

sion to keep going with unchanged stimulus was immediately criticized by economist Clemens Fuest, the head of Germany’s Ifo institute in Munich. He said the ECB should have cut the amount of the purchases. “Keeping going with the purchases only because the increase in inflation is perhaps temporary is not convincing,” Fuest wrote in an email. “The ECB can react if it really turns out that the inflation rate in 2018 turns out to be lower again.”

The course of the ECB, the main monetary authority for the eurozone, contrasts sharply to that of the U.S. Federal Reserve.

The Fed has raised interest rates twice and Fed Chair Janet Yellen said Wednesday that the U.S. central bank might hike rates “a few times a year” until 2019.

The U.S. recovery following the Great Recession is more advanced, with unemployment of 4.7 percent compared with 9.8 percent in the eurozone. The currency union saw moderate economic growth of 0.3 percent in the third quarter

President of the European Central Bank Mario Draghi is on his way to a news conference after a meeting of the governing council in Frankfurt, Germany, yesterday. (AP Photo)

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