01302017 business

business@tribunemedia.net

MONDAY, JANUARY 30, 2017

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$100m NHI launch pushed back to May

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The launch date for the National Health Insurance (NHI) scheme’s $100 million primary care phase has been pushed back to May 2017, Tribune Business can reveal.

The revelation came at a meeting last week of the Universal Health Coverage (UHC) Stakeholder Advisory Council, the body featuring both public and private sector healthcare representatives, which assists and provides feedback to the NHI Secretariat.

Notes of the meeting, which have been obtained

by Tribune Business, disclose that the much-touted NHI launch has been pushed back to an undetermined date in May, which is around the time when the general election is likely to be called.

The NHI primary care phase was initially supposed to be launched in April 2016, but has since been postponed several times.

Dr Delon Brennen, the NHI project director, said earlier this year that the launch would now take place during the 2017 first

Meeting notes Ministry, NHI secretariat ‘disconnect’ ‘Wide open to fraud’ via ‘unknown’ IT system KPMG ‘stands firmly’ behind economic study quarter, but the notes from the Stakeholder Advisory Council meeting suggest it has now been pushed even further back.

“We know these timelines are totally unrealistic, but they’re going to press on and do something, whatever that something is,” one private doctor, speaking to Tribune Business on condition of anonymity, said yesterday.

NHI faces a key preliminary deadline/stage tomorrow, as this is when the enrolment of doctors who will provide services to the scheme is supposed to begin, together with See pg b4

Realtor alarm at CAM inclusion in Business Licenses

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The private sector is seeking “across the board consistency” in tax policy application, after the real estate industry became the latest sector to raise Business License-related concerns.

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) chief executive, disclosed to Tribune Business that realtors were complaining about Business License fees being assessed on Common Area Maintenance (CAM) fees.

These are charges typi-

Industry concern at how fees being assessed Chamber seeks ‘across the board consistency’ Wants end to ‘discretion’ over tax policy application cally levied on tenants, such as companies in an office block, to help finance the upkeep of corridors, staircases, lifts, entrance-ways and other spaces used for See pg b6

Courts urged: Determine Crown Land consult duty

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Opponents of the Abaco Club’s proposed Little Harbour marina project are arguing that the case “raises issues of great public importance”, especially whether the law mandates consultation on granting/leasing Crown Land to developers.

See pg b7

Abaco Club opponents: Case of great public import Developer sought 99-year Sugar Cay lease for $1 Crown Land featured heavily in 2014 proposal

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BOB warns preference investors: No dividend

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bank of the Bahamas has thrown the Bahamian capital markets into confusion after informing its preference shareholders that the Government will not be paying their customary year-end dividend on its behalf.

Tribune Business can reveal that Renee Davis, Bank of the Bahamas’ acting managing director, wrote to holders of its class

A,B, D and E preference shares on January 19, 2017, to inform them that the normal January payment would not be forthcoming.

However, while many are likely to jump to the conclusion that the struggling BISX-listed bank has defaulted on its obligations to investors, this newspaper understands that - technically - this is not the case.

Capital markets sources explained to Tribune Business that because of the characteristics of Bank of the Bahamas’ outstand-

ing $27.5 million perpetual preference shares, the institution is under “no obligation” to make any dividend payments.

This newspaper was also told that the year-end preference share dividend had not been cancelled, but instead deferred to mid-2017, as part of a wider strategy to ensure Bank of the Bahamas’ capital structure was compliant with new international regulatory standards, called Basle III. Bank of the Bahamas See pg b5

Govt not paying near-$1m on troubled bank behalf January 19 note causes capital market confusion But no technical default; move part of ‘conversion’

Chamber chief calls for ‘more maturity’ over VAT debate

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Gowon Bowe

All political parties have been urged to behave “in a more mature manner” over the Value-Added Tax (VAT) debate, the Chamber’s chairman warning that the credit rating agencies might draw “unflattering conclusions” from their recent assertions.

Gowon Bowe told Baha-

mian politicians they had to remember that the very same persons who had just downgraded this nation’s creditworthiness to ‘junk’ status were continually watching their every word and action as it relates to fiscal policy.

Emphasising that no party, neither the governing Progressive Liberal Party (PLP) nor its opponents, had covered itself in glory See pg b6

Fears for ‘message’ to investors, rating agencies, IMF ‘Unflattering conclusions’ from political battle Calls on Govt, Opposition to ‘seize high ground’

PAGE 2, Monday, January 30, 2017

BOB travails undermine bank regulatory regime

THE TRIBUNE

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Bank of The Bahamas’ travails have undermined this nation’s banking regulatory regime, one of its minority shareholders arguing that the BISX-listed institution now represents a classic case of “poor corporate governance”.

Dr Jonathan Rodgers, the well-known Bahamian ‘eye doctor’, said: “Everyone says that in the Bahamas we have great banking regulations, but that is incorrect.

Just look at the Bank of the Bahamas. There has been just poor corporate governance.”

Dr Rodger, touching on the subject during a lecture hosted by the Nassau Institute think-tank, said: “When a bank goes down, especially a bank owned by the Government - which has been screwing the minority shareholders - who bails it out?

“We have been bailing the bank out for the last five to six years with new bond issues. The Government has pumped a lot of money into the Bank of the Bahamas.

That increases the fiscal deficit, which means that you have to borrow more US currency at the end of the day.”

Dr Rodgers has repeatedly urged that Bank of

Dr Johnathan Rodgers the Bahamas must not be allowed to collapse, arguing that this would result in events he described as a “category five economic tsunami”.

Tribune Business reported last week that minority investors in Bank of the Bahamas (BOB) are moving to seek financial redress for the destruction of shareholder value caused by $120 million in losses incurred over the past three years.

The Government is a 79 per cent majority owner of Bank of the Bahamas, which has 3,500 minority investors. The minority shareholder equity interest in Bank of the Bahamas has been progressively diluted, going from 49 per cent to 35 per cent, and now to 21 per cent following last year’s rights issue.

Bahamas ‘put on map for birding tourism’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamas is being “put on the map” for bird tourism, and is poised to tap into a multi-billion dollar niche market through the arrival of its first nine advanced bird guides.

The Ministry of Tourism, in conjunction with the Bahamas National Trust (BNT) and the National Audubon Society, launched the bird-based tourism initiative last week with funding from the Inter-American Development Bank (IDB).

Matthew Jeffery, direc-

tor of the National Audubon Society, said: “I think that the Bahamas has natural resources that are underutilised; it’s the birds.

They are worth something economically. The Bahamas is being put on the map for bird tourism. It was not there initially.”

Bird-watching is a fastgrowing, high-value outdoor activity. The birdbased tourism initiative has been training tour guides from several islands over the past two years, with the goal of creating sustainable jobs that help to protect Bahamian bio-diversity and See pg b7

THE TRIBUNE

Monday, January 30, 2017, PAGE 3

KPMG: We ‘stand firmly’ behind NHI impact study

Dear Sirs,

W

e write further to a number of articles published last week in The Tribune related to our economic impact assessment of universal healthcare in the Bahamas.

This is the first time that any such report on the economic impacts of Universal Health Coverage (UHC) in the Bahamas has been written. We stand firmly behind the report’s conclusions and we welcome constructive discussion with interested parties.

Our report is entirely consistent with, and complementary to, the work of renowned organisations such as the World Bank, the World Health Organisation, the World Innovation Summit for Health and the seminal medical journal, The Lancet, all of which unanimously suggest the

were able to bring global and deep local expertise and knowledge, along with the input of professional and recognised international economists, to our report.

We also list below for your perusal a number of links to reports specifically dealing with the economic impacts of better health, all of which come to similar conclusions.

Letter to the Business Editor introduction of UHC and the resulting better health of populations has multiple beneficial impacts and a “powerful, positive effect on wealth” (per WISH’s 2016 report – Investing in Health, the Economic Case).

In our research, and based on the various studies by these organisations, we have seen the estimated economic impacts of better health on GDP ranging from 2 per cent to 12 per cent. Our report conservatively suggests that GDP growth in the Bahamas due to better population health will be 4.8 per cent by 2040,

thus suggesting that better health will lead to better national wealth.

We note that some commentators feel we have ignored the current economic situation, but this fails to appreciate that any economic impact study is, of necessity, long-term. Sustainable health gain across populations takes many years (especially in the Bahamas which has, for example, very high levels of diabetes) and longitudinal analysis is therefore required. Indeed, better population health is a fundamental pillar of any economy’s development, and NHI in the Bahamas

Yours faithfully, Simon Townend

Dr Mark Britnell

will, like it has in many other countries, act as a catalyst for change and improved health outcomes for the population as a whole.

Finally, our report was published independently of Government by KPMG and Cambridge Economics, a group of highly ethical and respected economists.

KPMG itself operates with 187,000 people in 157 coun-

tries. We take pride in our professional independence and have been established in the Bahamas for over 50 years, with close to 100 dedicated staff. As such we

Please see below links to specific reports on this subject matter * 2011 WHO report – ‘From Burden to ‘Best Buys’ – Reducing the Economic Impact of NCDs in low and middle income countries’, highlighting primary care as a ‘good buy’.

Additionally, it highlights that low to middle income countries lose $500 billion annually as a result of noncommunicable diseases (4 per cent of their collective GDP) http://www. who.int/nmh/publications/best_buys_ summary.pdf 2016 World Innovation Summit

for Health (WISH) – ‘Investing in Health – The Economic Case’ for the investment in health and its positive economic impacts http://www.wish-qatar.org/app/media/ download/2744 2012 Canadian Health Services Research Foundation – ‘The economic impact of improvements in Primary healthcare performance’ on the economic improvements from investing in primary care.

http://www.cfhi-fcass.ca/sf-docs/default-source/commissioned-researchreports/Dahrouge-EconImpactPHCE.pdf?sfvrsn=0 Finally, the Lancet commission has a number of studies highlighting the investments in health and their benefits. Below are two links to them. http://www.thelancet.com/commissions/global-health-2035 https://globalizationandhealth. biomedcentral.com/articles/10.1186/1744-8603-9-43

NAD quadruples LPIA crucial revenue streams The Nassau Airport Development Company (NAD)yesterday said it has increased aeronautical revenues at the Bahamas’ major airport by 235.6 per cent, as it prepares to celebrate its 10th operational anniversary.

NAD and its management partner, Vantage Airport Group (formerly YVRAS), added that com-

mercial revenues at Lynden Pindling International Airport (LPIA) have more than quadrupled since their first full year in charge.

Aeronautical revenue has grown from $26.1 million in the year to end-June 2008 to $61.5 million in its 2016 financial year.

Commercial revenue at LPIA over the same period increased from $1 million to

$4.2 million, thanks to expanded retail and food and beverage offerings in the terminals.

Over the past decade, more than 30.5 million passengers from 67 domestic and international destinations have transited LPIA. The airport served more than 3.29 million visitors in 2016, and safely handled more than 81,000 aircraft

take-offs and landings.

Under NAD’s management, and through a robust air service development programme with partners at the Ministry of Tourism, Nassau/Paradise Island Promotion Board and other industry stakeholders, LPIA’s total number of seats into the destination saw a significant increase.

See pg b5

Simon Townend Partner and Head of Advisory for KPMG in the Bahamas and the KPMG Islands Group and Mark Britnell Global Chairman for Health for KPMG

PAGE 4, Monday, January 30, 2017

$100m NHI launch pushed back to May From pg B1 the release of regulations that will govern how they operate.

The remaining NHI regulations, which will give the Government’s proposal ‘enforcement teeth’, are to be finalised by February 15, with the public health system’s clinics all “ready” by March 31.

The revelations come as the KPMG accounting firm, in a letter published on Page 3B in Tribune Business today, said it “stood firmly”

behind its assessment that the Bahamian economy would be almost $500 million larger in 2040 as a result of implementing NHI’s primary care phase now.

Simon Townend, a KPMG (Bahamas) partner and head of its Caribbean and islands advisory practice, emphasised that its study was conducted independently of the Bahamian government - refuting charges it was ‘biased’ because of its role as the Government’s key NHI ad-

visors.

Mr Townend said critics also “failed to appreciate” that economic impact studies typically took the longterm view, as he sought to rebut accusations that it had failed to account for the Bahamas’ current economic and fiscal conditions.

However, the Stakeholder Advisory Council meeting summary seen by Tribune Business suggests that much remains to be done if the NHI scheme is to operate at maximum efficiency and effectiveness, and benefit those Bahamians who need it the most.

It records a “disconnect” between the Ministry of Health and the NHI Sec-

retariat that was threatening to undermine efforts to strengthen the public healthcare system - the very issue that has been identified as the scheme’s greatest weakness.

And the Government’s $18 million electronic medical records system, unveiled with much fanfare in recent weeks, “will not be functional prior to the proposed roll-out date”.

Details regarding a temporary Information Technology (IT) system, which the Government had promised would be put in place in time for NHI’s launch, were “unknown’.

And the Attorney General’s Office was said to still be reviewing the draft tender document for NHI’s main system provider, meaning that with three-four months left before launch, virtually nothing has been decided on the IT front.

One doctor, speaking to Tribune Business on condition of anonymity, warned that the absence of a nationwide NHI IT system

left the scheme “wide open to fraud” by both physician providers, patients, insurers and others.

“This goes right back to transparency and accountability if they’re not going to have a medical healthcare records system,” the doctor said.

“How are they going to monitor the quality of care, determine the outcomes and oversee the physicians being given $20,000 a month to look after they’re population?

“They have no way to monitor activity because they have no electronic records system in place. The door is being left wide open to fraud. How are they going to keep people accountable without an accurate data system? You could put anything down. Who’s going to the auditing?”

Pointing out that all Bahamians and residents already enjoyed access to healthcare via the public clinics and hospital, the doctor said the real issue was “putting in standards

THE TRIBUNE of care, so we get a better quality of care.

“If there are poor outcomes under NHI, who’s going to be held accountable for them,” the doctor asked. “We see them every single day, as do most practices. There’s no mechanism for responsibility and accountability. If a physician’s not performing up to standard, who’s going to tell?”

The Stakeholder Advisory Council notes seen by Tribune Business refer to the creation of a Bahamas Health Authority via the merger of the Public Hospitals Authority and Department of Public Health, with legislation to give effect to this having been drafted.

The Cabinet has also appointed the Minister who will be responsible for NHI, and the members of the NHI Authority Board, although the names have not been released yet. There have been suggestions that Prime Minister Perry Christie may take on the ministerial role himself.

pipeline economics Workers unload pipes for the proposed Dakota Access oil pipeline that would stretch from the Bakken oil fields in North Dakota to Illinois. The Dakota Access project, which is mostly completed, has created about 12,000 construction jobs, according to project leader Energy Transfer Partners LP. Most of those jobs are over, however. (AP Photo)

THE TRIBUNE

Monday, January 30, 2017, PAGE 5

BOB warns preference investors: No dividend From pg B1 has already redeemed one preference share class this year, and Tribune Business was told that the remaining $27.5 million have to now be ‘converted’ into securities that will still qualify as Tier One capital under Basle III. Neither Ms Davis, nor Bank of the Bahamas’ chairman, former auditorgeneral Richard Demeritte, could be contacted for comment over the weekend.

However, investors and capital market contacts spoken to by Tribune Business slammed the lack of explanation coming from Bank of the Bahamas and the Government over the dividend non-payment.

They said this action, and the resulting information vacuum surrounding it, could have created the impression that the Government was no longer prepared to stand behind, and financially support, the troubled bank that has lost $120 million collectively over the past three years.

The Government, rather than the Bank of the Bahamas, has been paying the semi-annual preference

share dividends for the past three years at mid-year and year-end, in a bid to ease some of the latter’s financial strain.

“Due to the Bank’s accumulated deficit position, since July 2014 the Government in its capacity as the major shareholder of the bank agreed to deploy a part of its treasury deposits directly to the paying agent for disbursement to the preference shareholders,” the bank’s 2016 annual financial statements confirmed.

Payments for the 2016 financial year totalled $1.97 million (for 2015, it was $2.2 million), sums that pale against the Government’s purchase of Bank of the Bahamas’ entire recent $40 million rights issue, and ongoing $30 million investment in the institution’s convertible bonds.

This has only added to the confusion as to why the Government would inject such huge sums into Bank of the Bahamas, both to ensure its survival and compliance with regulatory capital requirements, yet decline to make such a ‘minor payment’ to the preference share investors.

NAD quadruples LPIA crucial revenue streams From pg B3 NAD took over all commercial operations at LPIA on April 1, 2007, inclusive of the terminal buildings, parking facilities and runways. Since the transfer of operations, the airport underwent a three-terminal, $409 million redevelopment, transforming LPIA into one of the most modern and efficiently operated airports in the region.

To commemorate the 10th anniversary, NAD and Vantage will celebrate with the airport community, local schools and company employees in a series of events leading up to April 1, 2017.

The first initiative is a community recycling and repurposing project at a local primary school. NAD employees, who have been with the company since inception, will also be recognised for their contributions to the company’s success during an awards ceremony on March 31.

Glenys Hanna-Martin, minister of transport and aviation congratulate, said: “The redevelopment of LPIA has proven to be a most significant benchmark in the overall development of the Commonwealth of the Bahamas.

“The public-private partnership entered into between NAD and the Vantage Airport Group has added capacity and value to our national store. It has led to the training and empowerment of many Bahamian professionals over the years.

The outcome has been stellar.”

To test how LPIA stacks up against other airports in the region and globally, NAD implemented quarterly Airport Service Quality (ASQ) surveys in 2011. In February 2014, Airport Council International

(ACI) awarded LPIA ‘Best Improved’ airport in Latin America and the Caribbean based on survey results indicating passenger preferences.

Ongoing surveys consistently place LPIA in the top five airports in the Latin America and Caribbean region. The airport has also been recognised with international awards and accolades for innovation and marketing since its redevelopment.

“Ten years ago, the Government of the Bahamas set a course to deliver a worldclass airport, and chose Vantage Airport Group as its partner to help bring this vision to life,” said George Casey, chairman and chief executive of Vantage Airport Group.

“Our partnership also included the creation of local jobs and opportunities for Bahamians to gain global experience across Vantage’s airport network. I’m proud to say that we accomplished what we set out to do, together. As we celebrate this anniversary, I would like to thank the Government for trusting us to deliver on its vision - a world-class airport in every respect with a unique Bahamian sense of place.”

LPIA received an International Civil Aviation Organisation (ICAO) Aerodrome Certificate from the Civil Aviation Department in January 2016. Beyond meeting ICAO regulations, the global standard for safe operations, the certification establishes a baseline for continued operational and safety standards at the airport. LPIA is the first airport in the Bahamas to receive this credential.

Vernice Walkine, NAD’s president and chief executive, said: “We’ve had many wins at LPIA over the past

Tribune Business understands that Ms Davis’s note to the preference shareholders, who are Bahamian institutions such as pension funds, insurance companies and banks, was effectively just one line informing them that “Bank of the Bahamas will not be paying the December 31 dividend”.

Preference shares are a form of debt, therefore creating an obligation for Bank of the Bahamas to repay investors their principal, as opposed to equity shareholders, where the capital return is discretionary.

Capital markets reaction was swift, one source, speaking on condition of anonymity, said: “I just don’t think they understand it. Doing it just before an election; do they know the repercussions of this? It doesn’t make an awful lot of sense, does it? I don’t think the Government understands this, and what it means from a public perception.”

Another contact, also requesting anonymity, told Tribune Business: “I’m still none the wiser as to what this means.

“The Government has been paying on the bank’s behalf for so many years, and for some reason the Government has determined it needn’t continue to make those payments.”

The source, who had seen the January 19 note, continued: “One assumes the payments were being made to provide some security to Bank of the Bahamas, and to make investors feel more comfortable with the bank.

“I don’t know if the Government feels that because it purchased the rights offering and convertible bonds, it needn’t pay the dividend. $1 million every six months; for the sake of that, why discontinue it? The messaging is loud and the impact small; I’m not sure what people should take from it.”

The source said that without further explanation from both the Government and Bank of the Bahamas, the whole situation “reflects poorly on the credibility of the bank”.

However, they conceded that the non-payment did not represent a default, and that from a legal and technical standpoint Bank of the Bahamas was “fine” to be

taking this action.

The source emphasised that the perpetual nature of the preference shares meant there was “no obligation” on the bank’s or the Government’s behalf to pay the semi-annual dividend.

However, they said there was “an understanding” that such payments would be made, and the Bank of the Bahamas situation raised immediate questions as to whether other government entities with outstanding perpetual preference shares would follow suit.

“For all the other entities that have perpetual preference shares, none of them have missed a payment,” the source said.

“Although technically they’re not required, or obligated, to make a payment, there’s an understanding they will.”

Bank of the Bahamas’ 2016 financials revealed that more than 46 per cent of its $510 million loan port-

folio is now impaired.

And deposits by the Government and its agencies accounted for 52.8 per cent, or more than half, Bank of the Bahamas’ total deposits at the June 30, 2016, year-end.

This provides further evidence of just how heavily the Government is propping up Bank of the Bahamas, directing its agencies to deposit monies with it, and requiring new public sector hires to open accounts there.

The bank was also noncompliant with four of its five key regulatory capital ratios at end-June 2016, the annual financials revealing that the Central Bank of the Bahamas has made “certain supervisory interventions” with it.

The $40 million rights issue, and ongoing placement of $30 million in convertible bonds, is designed to correct this.

10 years, including constructing three very distinct terminal buildings on time and on budget, but the major successes in the overall management of the airport gives me the greatest pride.

“To be recognised by the industry and to hold an accreditation that few have in this hemisphere is truly an honour and speaks to the commitment by our airport stakeholders to run a safe and efficient airport.”

Ms Walkine added: “What we have built here, through a collaborative effort, is an airport that I believe Bahamians are proud of. We’ve invested in the systems to improve the overall function and continue to work towards improving customer service, and making LPIA an airport that is not only a point of travel and connection but how people connect with this Bahamian sense of place we have created.”

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PAGE 6, Monday, January 30, 2017

Chamber chief calls for ‘more maturity’ over VAT debate From pg B1 last week over VAT, Mr Bowe warned that some remarks could have caused confusion and uncertainty as to whether the Bahamas has a proper grip on its fiscal woes.

This, he added, could have troubling consequences for the Bahamas and its economy, given the impact on foreign investor perceptions, plus the views of Standard & Poor’s, Moody’s and the International Monetary Fund (IMF).

“I think as we enter the political season what we don’t want to lose sight of is external parties are watching our press,” Mr Bowe told Tribune Business.

“What we have to be

careful about is sending messages to the IMF, the credit rating agencies and foreign investors about our fiscal intellect and responsibility.

“If we’re saying things for convention mania, persons will ask: ‘Do you know better, and are manipulating the story for political purposes, or is it that you don’t know better? Neither of these things is flattering to draw conclusions on.”

The Chamber chairman was responding after Michael Halkitis, minister of state for finance, used the PLP convention to respond to complaints about ‘where the VAT money gone’.

Many Bahamians, not just the Government’s political opponents, have become

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increasingly concerned that the $1 billion-plus revenues generated by VAT since its January 1, 2015, implementation are not being used for the purpose stated by the Christie administration - that of narrowing, then eliminating, the fiscal deficit and paying down the national debt.

Mr Halkitis sought to answer these charges by laying out a lengthy list of projects supposedly financed by the 7.5 per cent consumer levy, with PLP supporters joining him after each one to chant: ‘That’s where the VAT money gone’.

The Minister identified numerous government projects and expenditure said to have been funded by VAT monies, such as the $232 million and $100 million upgrades of the Royal Bahamas Defence Force’s and Bahamasair’s fleets, respectively; a $150 million healthcare outlay in preparation for National Health Insurance (NHI); and investments in scholarships and the University of the Bahamas transformation.

Tribune Business research, though, shows that the Defence Force and Bahamasair enhancements were financed by project-specific loans, from

Deutsche Bank and Credit Suisse/CIBC, respectively.

The Princess Margaret Hospital Critical Care Block, too, was financed by loans from Royal Bank of Canada and CIBC ($35 million), the former of which was latter paid out by Public Hospitals Authority (PHA) bonds.

Thus another way of interpreting the Minister’s remarks, and what he was really saying, is that VAT is financing increased government spending and borrowing, paying for the continued growth of the public sector and the ever-increasing debts resulting from this.

Mr Bowe did not disagree, but he called on the Opposition parties as much as the Government to “elevate the debate” surrounding VAT and the Bahamas’ fiscal position.

“Unfortunately, I think partisan politics and convention mania overcame the Minister with the way he delivered it on the convention floor,” Mr Bowe said of Mr Halkitis’s address.

“Sadly, that’s the ignorance I expected... as we go into the election cycle.

We’re dumbing down the conversation to sensationalise and rouse the party base, as opposed to taking the

Realtor alarm at CAM inclusion in Business Licenses From pg B1 the common good.

Mr Sumner told this newspaper that since CAM charges did not represent revenue, they should not be included when calculating a company’s gross turnover for Business Licence purposes.

He added that realtors were also complaining that they were now being asked to apply, and pay for, their own individual Business Licenses even though they worked for a company that already paid the annual fee.

Confirming that the Chamber was “seeking to address these concerns”, Mr Sumner said: “The real

estate sector complained that they are being charged Business License fees on CAM charges for their renewals.

“They’re not fees, they’re not revenue, so Business License fees should not be applied to CAM. And brokers holding individual [real estate] licenses now have to apply for individual Business Licenses, even though they operate under a firm with a Business License.

“We’re looking at that to determine if that’s the reality and, if so, what the Chamber can do about that.”

Mr Sumner said a further concern reaching the Chamber was that some businesses are “apparently being asked to file their land use renewal applications” to government, an exercise that should be done every two years, in conjunction with their Business Licenses.

Clarity and simplicity are vital to the smooth functioning of every nation’s tax regime, and Mr Sumner said the Chamber was determined to address all anomalies - for the equal benefit of both private sector and government.

“We want to make the process more consistent, not only for the business community but the regulators and those on the Government side, taking away some of the discretionary decision-making by those in

THE TRIBUNE

high road and educating the public.”

Mr Bowe said Mr Halkitis had been correct in explaining that VAT, like all other government taxes and fees, generated revenues which went into the Treasury’s Consolidated Fund to defray the Government’s operating and capital expenses.

“The way it was delivered should have been done in a more mature manner,” he reiterated of the convention speech.

Mr Bowe said the Minister should instead have focused on the scale of the $400 million-plus deficit that the Christie administration inherited upon taking office in May 2012, and explained why certain expenditures where necessary despite the need for austerity.

Further explanation, he added, should have been given as to why VAT’s introduction was necessary, namely to “correct some of the inefficiencies” that existed in the Bahamas’ taxation system.

“Unfortunately, in a political rally, you can’t have a conversation saying the expenditures were necessary, and done in a controlled, efficient manner, and how you’re going to reduce other

expenditures to mitigate the increase,” Mr Bowe said.

“The Opposition parties jumped on it with the same vigour. They should have seized the opportunity they were given to say: ‘This is what the Minister described; x, y, z, and this is our expenditure and fiscal plans. Elevate the debate.”

Mr Bowe added that given “the social responsibility of government”,discussions on new spending programmes were not necessarily easy to have, given the Bahamas’ $300 million-plus deficit and $6.8 billion national debt.

“We have to educate the populace to only demand what we can afford,” he told Tribune Business. “While some citizens look at the government as responsible for providing anything and all things, there is a growing class of citizens” who appreciate that such spending has to be dictated by affordability and the Bahamas’ fiscal circumstances, “People will enjoy a party speech,” added Mr Bowe, “but many are hurting economically. If a political party can demonstrate they will improve their status in life, as opposed to just giving them food and drink, most people will appreciate that.”

authority that doesn’t seem consistent,” he told Tribune Business.

“The information given must be consistent across the board. Consistent in regulations and in practice.

It should not be where regulations and policy are left to the discretion of anyone.

Those are issues we are currently working on.”

With Tuesday representing the end of January, and the deadline for submission of all Business Licence renewal applications, Mr Sumner said the Government had agreed to the same approach/timelines that was negotiated with the private sector in 2016.

While renewals are due within the next 48 hours, the payment of Business Licence fees, together with the independent accountant’s report and certification verifying turnover for all businesses generating more than $100,000 per annum, and all supporting documents, are not required until end-March 2017.

“It’s provided a bit of breathing room for businesses trying to recover from Christmas,” Mr Sumner said, adding that the Chamber was continuing to pursue wider reforms to the Business Licence regime with the Government.

“Our greater concern is not just the filing period, but the entire Business License regime as far as having it amended and what the other options are that are more palatable for the business community, where it can stay in business longer and not just be in business to pay taxes,” Mr Sumner told Tribune Business.

“These are things that we have had on the table, and continue to press and have discussions with the Government on. These were not pulled out of the sky.

They were discussed in the VAT debate two years ago.

All we’re calling on is the promise and guarantee by the Government at the time to reconsider the Business License tax if they hit their [VAT] targets.”

The Government’s 2013 VAT ‘White Paper’ called for reducing Business License fees to a nominal $100 annually for all companies, regardless of size, once the new tax was introduced.

The Christie administration subsequently said it would examine Business Licenses once it was confident VAT is generating the necessary revenue. With more than $1 billion in gross receipts generated during the latter’s first 21 months, VAT has to-date far exceeded the Government’s revenue projections.

The private sector has long argued that Business Licence fees represent one of the most inequitable and regressive forms of Bahamian taxation, given that they are calculated as a percentage of gross turnover rather than profits.

This has resulted in many companies paying more in Business Licence fees than they earn in annual profits.

And it has resulted in high turnover, low profit margin businesses such as food stores and gas stations, plus those impacted by price controls, like auto dealers, paying considerably more than low volume, high profit margin companies.

THE TRIBUNE

Realtor carves out leasing specialty A Bahamian realtor achieved 13 signed residential and commercial property contracts in 15 days, less than a year after discovering the market niche.

Samia Donaldson has earned an award created just for her, rental rookie of the year, at Better Homes and Gardens MCR Bahamas Group after completing 21 transactions before yearend 2016. She first focused on the rental market in July 2016 “Samia is a bundle of positive energy and honest hard work,” said Mario Carey, whose firm won the rights last year to the first international franchise for Better Homes and Gardens Real Estate.

“Every day, she is searching, driving or on the phone, hunting new rental properties. She has dedicated her-

Monday, January 30, 2017, PAGE 7

self to this market and she is a natural at it. So the corporate client who appreciated her working hard to find the right place at the right price comes back every time a new executive moves to the island or there is another need for rental, even shortterm for a matter of months.

For someone so young and so new in this business to have such a loyal cadre of customers is really an achievement.”

Ms Donaldson knows what being a tenant is like.

She and her mother have been renting for six years since they moved to Nassau from Grand Bahama.

“I’ve been a customer; I know what it’s like,” she said. “Even if a place is not perfect, it’s important to tell the client. What I’ve learned is that people want the truth and they appreciate it.”

She also learned the value of positive thinking from her mother, who runs a maintenance business where Ms Donaldson worked after attending community college in Daytona Beach, Florida, and before she earned her real estate license in 2014.

Now, at 23, the Better Homes and Gardens MCR Group rental specialist says she will continue to thrive so long as she maintains her routine and positive thinking.

Her day begins at 6 am when she repeats the prayer she writes at the start of every week, each prayer containing a Bible verse that reflects a message she wants to teach herself. Subjects range from humility to encouragement, helping others to achieving goals.

“I taught her it’s a big world out there, but you can

do whatever you want to do.

You just have to believe you can do it and aim high,” said her mother, Denise Donaldson. “So when she goes out to rent, she takes that aura of herself with her.”

“It is associates like Samia who are making a difference in the real estate profession, bringing a level of maturity well beyond their years and an energy that is electric,” added Mr Carey, who has announced plans to expand to several Family Islands.

Last month, he opened a Better Homes and Gardens office in Harbour Island.

Next on the schedule is Bimini, where Sheldon Pitt, a native Biminite and the broker who mentored Ms Donaldson, will head up the firm.

NICHE TO LEASE: Better Homes and Gardens MCR Bahamas Group’s, Samia Donaldson, rental specialist completed 21 residential and commercial rental transactions in five months after discovering a winning formula in her niche to lease.

Courts urged: Determine Crown Land consult duty

velopers. The concessions sought by the Southworth/ homeowner group, though, are not unusual - and, more than likely, reflect the norm.

Besides being a highly emotive issue, Crown Land is a key tool for empowering Bahamians and increasing their ownership of economic development. Yet its allocation has frequently been mired in controversy.

Tex Turnquest, the former director of lands and surveys, was forced to resign from his post by ex-Prime Minister Hubert Ingraham when it was revealed that five parcels of Crown Land in Forbes Hill, Exuma, had been granted to his friends and family. Shortly after being granted, they were ‘flipped’ to foreign buyers for significant profits.

Tribune Business also previously revealed how the first Christie administration granted well-known Bahamian contractor and PLP supporter, Edward Penn, some 7.366 acres of prime commercial land on Gladstone Road for $221,000 in 2006. Yet the same property was turned into mortgage security for a $7 million loan within three months.

Crown Land was also at the centre of the recent controversy that erupted over the $2.1 billion Chinese agriculture/fisheries proposal, which suggested that up to 20,000 acres in Andros could be granted to the 100 companies involved.

Mr Ingraham, when in office in 2009, admitted that the awarding of Crown Land had been plagued by “irregularities, misapplication of policies and incidences of preferential treatment for family, friends and social acquaintances”.

He also placed the importance of Crown Land in context, noting that of the 3.45 million acres of available land in the Bahamas, around 2.5 million acres - some 72.5 per cent - belongs to the Crown Land.

Of that latter figure, some 900,000 acres is wetland, leaving 1.6 million acres of dry Crown Land.

Prime Minister Perry Christie, too, recently admitted that there was “an urgent need” to resolve land-related issues via the National Development Plan.

“It also makes recommendations for improving

the allocation of Crown Land to deserving Bahamians who have a serious and viable plan for putting the land to productive use,” Mr Christie said. “We also need to improve the transparency of all Crown Land matters.”

Mr Hall’s affidavit was made in response to the Abaco Club’s bid to intervene in RDA’s Judicial

From pg B1 Crispin Hall, an attorney with Callenders & Co, the legal representatives for Responsible Development for Abaco (RDA), said the increasing number of “commercial developments taking place on Crown Land” meant it was in the public interest for the courts to determine the matter.

In particular, he argued that the judiciary needed to rule on whether section 54 of the Conveyancing and Law of Property Act imposed a duty on the minister responsible for Crown Land - who is currently the Prime Minister - to consult the public on all requests for grants/leases.

Mr Hall, in a January 25, 2017, affidavit, alleged: “RDA’s application for Judicial Review raises issues of great public importance that transcend the interests of the parties.

“By way of example, RDA refers to section 54 of the Conveyancing and Law of Property Act, which provides that the Minister responsible for Crown Lands may make grants and dispositions of Crown Land ‘for the beneficial interest of the said islands’ that is, the Bahamas. RDA avers that only by consultation could such beneficial interest be properly taken into account.

“Given the rising number of commercial developments taking place on Crown land, it is in the interests of the common good for the court to determine whether or not section 54 of the Conveyancing and Law of Property Act confers upon the Minister responsible for Crown Lands such a duty to consult as alleged.”

Crown Land featured prominently in the ‘Heads of Agreement talking

points’ submitted to the Government’s Bahamas Investment Authority (BIA) in mid-2014, as part of the ultimately successful joint effort by Southworth Development and a group of homeowners to acquire the Abaco Club from Marriott Vacations Worldwide.

The Southworth/homeowner group, in documents filed with the Supreme Court as part of their battle with RDA, calls for Crown Land grants and leases to be issued to them “at nominal values” if such land is required for facilities such as beaches, irrigation and well-fields.

And, of particular importance to the RDA case, the proposal reads: “In the event that Crown Land is reasonably required in connection with the marina facilities at the Little Harbour and the proposed Lynard Cay marina, Crown grants will be issued to the buyer.”

The Southworth/homeowner group plan also demanded: “Buyer shall be given an exclusive 99-year lease of Sugar Cay for recreational use for an annual nominal fee (assumed to be $1 per year) and on other reasonable terms to be agreed.”

While Bahamians would have access to Sugar Cay for the lease’s duration, the Abaco Club owners also sought the Government’s agreement to sell or lease Crown Land to them if it was required for worker housing at the Winding Bay development site.

The Abaco Club’s ‘Heads of Agreement talking points’ are instructive for Bahamians, because they illustrate the extent and nature of the investment incentives sought by many foreign investors and de-

Bahamas ‘put on map for birding tourism’ From pg B2 natural habitats.

So far, 58 Bahamians have trained as bird field guides through the programme, with nine having attained advanced qualifications.

They can lead specialised tours to any island in the Bahamas. The initiative has also developed marketing and business support materials for the tour guides.

Ellison ‘Tommy’ Thompson, deputy director-general at the Ministry of Tourism, said the industry could become a lucrative component of the overall tourism product.

“Sun, sand and sea is what people come for, but

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods.

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If so, call us on 3221986 and share your story.

there is stiff competition with that. We have to offer more,” Mr Thompson added: “We concentrate so much on Nassau/Paradise Island that we leave so much of

this country out of what we are doing. It’s important that we promote all of the islands of the Bahamas.”

Mr Thompson said the Family Islands are more readily accessible through the revamped booking engine on Bahamas.com, so it was important that high quality and service standards were maintained.

Review case, which is challenging the alleged failure by the Government and its agencies to properly consult with interested parties over the Little Harbour marina project, and granting of related permits and approvals.

The Abaco Club is also demanding that RDA lodge a $350,000 ‘security’ or bond that will cover its

www.ub.edu.bs

APPLICATION DEADLINE FOR FALL 2017 The public is advised that the deadline for submission of applications to University of The Bahamas for Fall 2017 admission is Friday, February 3rd, 2017.

For more information email: admissions@ub.edu.bs A leading vacation ownership resort is seeking an applicant for the position of:

Engineering Assistant Operations Manager The incumbent will be responsible for assisting with the management of the Engineering Department and Asst. Shift Engineers. Responsibilities also include the management of property and resort maintenance, to ensure the property is maintained to the required standard, while keeping safety standard guidelines enforced. In addition, be responsible for supporting the Engineering Operations Manager and Director in the supervision of the projects that impact the general upkeep of the resort property.

Other • • • • •

responsibilities include: Conducting morning briefings Coach, develop, trains, recognizes, disciplines and rewards subordinates.

Monitors/supervises special projects specific to renovations, maintenance weeks, electrical, plumbing, painting, golf carts, gates, signage, leaks, alarms, furniture, refrigeration, air conditioning, heaters, boilers, etc.

Participate in the Hurricane Preparedness Task Force as one of the property’s safety coordinators.

Have a thorough knowledge of documented Emergency & Safety Procedures.

Required Qualifications: • Must be proficient in computers and electrical systems • AT least BTVI trade certificates or three disciplines equivalent in the Engineering

field/Associate Degree in relevant field • Must have a good command of the English language • At least 3-5 years in a supervisory position in an engineering environment.

Interested person can apply to the position on: Atlantislocalbahamas.com Deadline for submissions is February 3, 2017

PAGE 8, Monday, January 30, 2017

Woman impersonated lawmaker's wife, snuck into GOP retreat

WASHINGTON (AP) — A woman impersonated the wife of a GOP lawmaker and snuck into the congressional Republican retreat in Philadelphia Thursday, the same day President Donald Trump and Vice President Mike Pence appeared, retreat organizers told lawmakers late Saturday.

The revelation came as the nonprofit Congressional Institute that organizes the retreat investigates how audio of the gathering leaked.

In an email to GOP lawmakers, institute president Mark Strand did not directly say that the impersonator was the same person who leaked the audio, but that was the implication.

“The Congressional Institute is continuing to investigate this breach in order to fully understand how it happened and to ensure it does not happen again,” said Strand’s email, which was obtained by The Associated Press.

The audio was leaked to

several news outlets and first reported by The Washington Post. It reveals lawmakers airing concerns about the practical difficulties and political risks of repealing and replacing President Barack Obama’s health care law, among other things. There is also audio of a question-andanswer session with Pence, indicating that the intruder was in the same room as the vice president, which raises security concerns. It was not immediately clear if she was also present for the session with Trump, who spoke before Pence but did not engage in a private discussion with lawmakers.

The email says that the unauthorized person “misrepresented herself on multiple occasions to retreat organizers as the spouse of an elected official” and used counterfeit credentials. She went through the same security checkpoints as every other attendee, including magnetometers, and was

THE TRIBUNE escorted from the event around 6:30 p.m. Thursday, after Trump and Pence left.

The email says officials are working to “ascertain the identity of the woman in question.”

Capitol Police and the Sergeant at Arms are investigating, according to a statement Saturday night from Rep. Cathy McMorris Rodgers, R-Wash., who chairs the House GOP conference.

“Leaks from internal member discussions are unacceptable,” McMorris Rodgers said. She said she welcomed an investigation “to get to the bottom of this serious breach, as these conversations are intended to allow members to candidly discuss how to address the issues facing the American people.”

In the audio, leaked anonymously to several news outlets, Republican lawmakers could be heard airing their concerns about the health care issue.

THE TRIBUNE

Monday, January 30, 2017, PAGE 9

Martin Winterkorn, former CEO of the German car manufacturer Volkswagen, arrives for a questioning at an investigation committee of the German federal parliament in Berlin, German.

Prosecutors in Germany say Friday Jan. 27, 2017 they have sufficient evidence to indicate that former Volkswagen CEO Martin Winterkorn knew of his company’s emissions cheating software earlier than he claims. (AP Photo)

German prosecutors widen Volkswagen emissions probe BERLIN (AP) — Prosecutors in Germany said Friday they are expanding their probe into Volkswagen's scandal over diesel cars that cheated on emissions tests.

As well as increasing the number of suspects, prosecutors said they have evidence former CEO Martin Winterkorn may have known of the cheating earlier than he has claimed.

The prosecutor's office in Braunschweig, near Volkswagen's Wolfsburg headquarters, also said Winterkorn was now being investigated on suspicion of fraud, beyond an earlier focus on a possible securitiesmarket violation.

The announcement raises the legal stakes for the former head of Germany's largest automaker. The 69-year-old stepped down in September 2015, days after news emerged in the U.S. of Volkswagen's use of software that turned off emissions controls. He said at the time that he was not aware of any wrongdoing on his part.

He testified before a parliamentary committee last week that he first heard the term "defeat device," the technical name for the illegal software, in September 2015 — even though U.S. authorities had been press-

ing Volkswagen for months over emissions test discrepancies and the cheating had been going for several years.

Prosecutors in Braunschweig said however that there were "sufficient factual indications" to conclude that Winterkorn "could have known of the manipulative software earlier than publicly asserted by him."

They said that their statement was based on questioning of witnesses and suspects as well as the evaluation of seized records.

Winterkorn's attorney did not immediately respond to an email seeking comment. Volkswagen said in a statement that "we are cooperating fully" with the authorities but declined further comment "in view of the ongoing investigations."

In a statement, prosecutors said they have increased the number of suspects in their investigation of VW from 21 to 37 persons and that 28 locations including offices and private homes had been searched in Germany this week. The searches were primarily in Wolfsburg, Braunschweig, and the north German town of Gifhorn.

Winterkorn and others are now being investigated on allegations they com-

mitted fraud. In a June statement, prosecutors said Winterkorn was being investigated only for market manipulation for not making a timely disclosure of the possible financial consequences of the problem.

German securities law requires timely and broad disclosure of information that could affect stock prices so investors can make informed decisions on whether to buy or sell.

Investors are seeking more than 8 billion euros ($8.8 billion) in damages in civil suits in Braunschweig regional court.

U.S. prosecutors have separately charged seven former Volkswagen employees. The company agreed to plead guilty to defrauding the government and to pay $4.3 billion in fines. It reached a $15 billion civil settlement in the U.S. with environmental authorities and car owners.

The software enabled the car to detect when it was on the test stand and turn on emission controls, and then to turn them off during normal driving. Some 11 million cars worldwide were equipped with the software.

The company has apologized and commissioned its own investigation through a law firm.

PAGE 10, Monday, January 30, 2017

THE TRIBUNE

AP-NORC Poll: Broad worries about potential health care loss WASHINGTON (AP) — Though “Obamacare” still divides Americans, a majority worry that many will lose coverage if the 2010 law is repealed in the nation’s long-running political standoff over health care.

A new poll by the Associated Press-NORC Center for Public Affairs Research finds that 56 percent of U.S. adults are “extremely” or “very” concerned that many will lose health insurance if the health overhaul is repealed. That includes more than 8 in 10 Democrats,

nearly half of independents, and more than 1 in 5 Republicans. Another 45 percent of Republicans say they’re “somewhat” concerned.

“No one should go without health care for even a day,” said Wendy Narug of DeMotte, Indiana, a small town south of Gary. A political independent who leans Republican, Narug works caring for people with disabilities. She favors repealing the Obama health law, but not until Congress and President Donald Trump have a replacement ready.

Released Friday, the poll serves as a reality check for Republicans as they try to find a path to repealing and replacing former President Barack Obama’s signature legislation. It found that even as few Americans want to keep the health law in its current form, many provisions enjoy broad popularity. The exception: the law’s requirement that most Americans carry health insurance or face fines.

“They should come up with something that’s a little easier and more affordable

for everyone,” said Narug.

“Some people have to pay hundreds of dollars just to go to their doctors.”

The health law offers subsidized private insurance for those who don’t have jobbased coverage, along with a state option to expand Medicaid for low-income people. About 20 million people have gained coverage since it passed. Employer coverage has also increased, but experts credit the law for the vast majority of the gains. Some 28 million people remain uninsured.

Trump has said he wants to replace “Obamacare” with a plan that provides insurance for everybody and lowers deductibles. But his pick for health secretary recently cast doubt on the notion that a Trump administration replacement is ready to go. Questions remained after Trump attended the GOP congressional retreat in Philadelphia this week.

Overall, Americans remain divided, with 53 percent wanting to keep the law in some form, and 46 percent favoring its repeal.

Most of those who favor repeal say that should happen only when a replacement is ready. And most of those who want to keep the law say changes are needed.

Among those who favor keeping it, only 1 in 4 think it should remain unchanged.

“If the Affordable Care Act was affordable, I would have no problems with it,” said Kevin Wollersheim, a

the HealthCare.gov 2017 web site home page is seen on a laptop in Washington. Though “Obamacare” still divides Americans, a majority worries many will lose coverage if the 2010 law is repealed in the nation’s long-running political standoff over health care. A new poll by the Associated Press-NORC Center for Public Affairs Research finds that 56 percent of U.S. adults are “extremely” or “very” concerned that many will lose health insurance if the health overhaul is repealed. That includes more than 8 in 10 Democrats, nearly half of independents, and more than 1 in 5 Republicans. Another 45 percent of Republicans say they’re “somewhat” concerned. (AP Photo) delivery truck driver from the Minneapolis suburb of Hopkins. “Costs were supposed to go down, or at least not go up at such a high rate.”

Wollersheim is uninsured and expects he’ll have to pay about $200 in fines at tax time for failing to comply with the law’s coverage requirement. He said he didn’t even bother to look this year because premiums on Minnesota’s individual insurance market jumped by 50 percent and more.

That coverage requirement — known as the individual mandate — is a top target for Trump and GOP lawmakers.

The poll found that only about 1 in 3 support it, while just over half are opposed.

Among Republicans, opposition rises to nearly 3 in 4.

“Don’t fine people;

just make it affordable,” said Madlyen Sharp, a retired factory worker from West Plains, Mo., near the Ozarks.

The requirement was modeled on one that former GOP Gov. Mitt Romney signed into law in Massachusetts in 2006, designed to get healthy people into the insurance pool and help control premiums. At the federal level, it narrowly survived a Supreme Court challenge in 2012.

Although the Obama administration argued that the mandate was essential for stable insurance markets, the main insurance industry trade group recently told Congress there are other workable alternatives.

Trump’s executive order on health care opened the way for broader “hardship” exemptions.

THE TRIBUNE

Monday, January 30, 2017, PAGE 11

Energy companies lead US stock indexes mostly lower AP Business Writer – Wall Street capped a week of milestones Friday with a day of listless trading that left U.S. stock indexes mostly lower.

Energy companies declined the most as the price of crude oil fell. Health care stocks posted the biggest gain.

Quarterly results from Microsoft, Starbucks and other big companies continued to be in focus. Bond yields fell after the government reported that the economy lost momentum in the last three months of 2016.

More stocks fell than rose on the New York Stock Exchange. This week all three major indexes set all-time highs, including the Dow Jones industrial average, which held above the 20,000 mark after crossing that threshold for the first time on Wednesday.

“We’ve had an OK week,” said Jason Pride, director of investment strategy at Glenmede. “Having a day when you just give back a little bit is not a bad thing.”

The Dow fell 7.13 points, or 0.04 percent, to 20,093.78.

The Standard & Poor’s 500 index slid 1.99 points, or 0.1 percent, to 2,294.69. The Nasdaq composite index rose 5.61 points, or 0.1 percent, to 5,660.78. The tiny gain was enough to set an-

other all-time high for the Nasdaq.

Small-company stocks did worse than the rest of the market. The Russell 2000 lost 4.89 points, or 0.4 percent, to 1,370.70.

The market drifted between small gains and losses through much of the day as investors weighed company earnings and new data on the U.S. economy.

The Commerce Department said the U.S. economy grew at an annual rate of just 1.9 percent in the last three months of 2016, a slowdown from 3.5 percent in the previous quarter. For 2016, the economy grew 1.6 percent, the worst showing since 2011 and down from 2.6 percent in 2015.

A separate government report showed businesses spent more on industrial machinery, semiconductors and other big-ticket items last month, a sign U.S. manufacturers seem to be doing better after a two-year slump.

The economic snapshots sent bond prices higher. The 10-year Treasury yield fell to 2.48 percent from 2.51 percent late Thursday.

“The market right now is at sort of at a crossroads,” said Tom Siomades, head of Hartford Funds Investment Consulting Group. “We hit that huge psychological bar-

rier and busted through it when we hit (Dow) 20,000 ... but today’s GDP number came in, for the most part, below expectations and brought everyone back down to earth.”

Companies that posted disappointing quarterly results or outlooks for 2017 helped steer the market lower.

Starbucks slid $2.34, or 4 percent, to $56.12 a day after the coffee chain reported weak sales growth and cut its sales forecast for the year.

Chevron also turned in weaker-than-expected results. The oil company was the biggest decliner in the Dow, losing $2.76, or 2.4 percent, to $113.79.

Colgate-Palmolive tumbled 5.2 percent after its fourth-quarter sales missed analysts’ estimates. The company’s 2017 forecast also disappointed investors. The stock fell $3.56 to $64.68.

Companies that served up better results got a boost.

Microsoft rose 2.4 percent, making it the biggest gainer in the Dow. The software giant reported stronger-than-expected quarterly results, largely due to its focus on online services and business software rather than its legacy Windows operating system. The stock gained $1.51 to $65.78.

A leading vacation ownership resort is seeking an applicant for the position of: AssistAnt Director of Housekeeping The incumbent will be responsible for the daily management of the resort’s housekeeping department, while giving focus to the management of the Tower Managers. Provides leadership, standards enforcement, and results for Housekeeping team. responsibilities include: • Conducting daily staff briefings.

• Conduct reviews on the quality of room inspections done by Tower Managers.

• Inspect and evaluate guest rooms and deficiencies and ensure rooms are

cleaned to the required standards.

• Supervise, conduct performance appraisals, coach, discipline, hire, terminate, reward, recognize, celebrate and direct all of the activities of the Housekeeping staff while building a strong team.

• Train staff while ensuring that they are in compliance with company policy and procedures.

• Complete weekly payroll • Prepares and monitors weekly work schedule, based on projected occupancy. Plans, organizes, coordinates and assigns work load.

• Focus on the accomplishment of divisional goals. required Qualifications: • College degree preferred but not essential • Minimum job experience of five years in a Housekeeping or Public Areas position.

• Computer literacy in MS Word, Excel, Outlook and PowerPoint • Demonstrated knowledge of housekeeping operations in a high volume environment.

• Proven knowledge of financial and operational management.

• Strong communication skills. interested person can apply to the position on: Atlantislocalbahamas.com Deadline for submissions is february 3, 2017

Frederick Reimer, center, works with fellow traders on the floor of the New York Stock Exchange, Friday, Jan. 27, 2017. Stock indexes are barely budging in early trading on Wall Street as investors look over a large batch of earnings reports from U.S. companies. (AP Photo)

PAGE 12, Monday, January 30, 2017

THE TRIBUNE

US economic growth slowed in Q4, but there’s hope ahead WASHINGTON (AP) — The U.S. economy lost momentum in the final three months of 2016 as a downturn in exports temporarily depressed activity. But there were hopeful signs in housing and business investment that the economy will rebound in the coming months.

The gross domestic product grew at an annual rate

of just 1.9 percent in the October-December period, a slowdown from 3.5 percent growth in the third quarter, the Commerce Department reported Friday. GDP, the broadest measure of economic health, was held back by a swing in trade with exports of soybeans plunging in the fourth quarter after having surged in the third quarter.

NOTICE

BIDAER INVESTMENTS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) BIDAER INVESTMENTS 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 25th January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Octagon Management Limited., Bahamas Financial Centre, Shirley & Charlotte Street, Nassau, Bahamas.

Dated this 30th day of January, A. D. 2017 _________________________________ Octagon Management Limited Liquidator

NOTICE WISHING WELL VENTURES CORPORATION N O T I C E IS HEREBY GIVEN as follows: (a) WISHING WELL VENTURES CORPORATION 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 25th January, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Triangle Administration Limited., Bahamas Financial Centre, Shirley & Charlotte Street, Nassau, Bahamas.

Dated this 30th day of January, A. D. 2017 _________________________________ Triangle Administration Limited Liquidator

“If you smooth out the volatility in soybeans, you get growth of around 2.5 percent in the two quarters,” said Nariman Behravesh, chief economist at IHS Markit. “We really didn’t have a slowdown at the end of the year.”

For all of 2016, the economy grew 1.6 percent. It was the worst showing in five years since a similar 1.6 percent gain in 2011. GDP grew 2.6 percent in 2015, and since the recession ended in mid-2009, growth has averaged a weak 2.1 percent.

But analysts believe there were signs in Friday’s report of a rebound in business spending and housing activity, which could lead to stronger growth in 2017 of around 2.5 percent.

President Donald Trump has set a goal of doubling growth to 4 percent in coming years through an ambitious stimulus program featuring tax cuts, deregulation and higher infrastructure spending.

Private economists believe sustained annual growth rates of 4 percent will be a high hurdle, given underlying trends such as slow growth in the labor market and weak productivity. However, many analysts have been boosting their forecasts believing that

construction personnel work on a building project just south of Chicago’s Loop. The U.S. economy lost momentum in the final three months of 2016, closing out a year in which growth turned in the weakest performance in five years, according to information released Friday, Jan. 27, 2017, by the Commerce Department. (AP Photo) Trump will succeed in getting at least a portion of his program approved by a Republican-led Congress.

For the fourth quarter, the biggest factor contributing to the slowdown was a widening in the trade deficit.

Exports, which had been temporarily bolstered by a surge in sales of soybeans to Latin America, retreated in the fourth quarter. Meanwhile, imports surged.

Trade cut 1.7 percentage points from growth in the fourth quarter after adding 0.9 percentage point to growth in the third quarter. A higher trade deficit subtracts from economic growth because it means more production is being supplied from abroad.

Consumer spending, which accounts for 70 percent of economic growth, slowed to still-solid growth of 2.5 percent in the fourth quarter from a 3 percent gain in the third quarter. But business investment spending accelerated in the fourth quarter, rising at a 2.4 percent rate, the best showing in more than a year. That’s a hopeful sign that a prolonged slowdown in investment spending, reflecting in part big cuts by energy companies, is coming to an end.

Residential construction, which had been falling for two quarters, rebounded in the fourth quarter, rising at an annual rate of 10.2 percent while government spending grew at a 1.2 percent rate as strength in state and local activity offset a drop in activity at the federal level.

Rebuilding of business stockpiles added 1 percentage point to growth in the

fourth quarter. The cutbacks in business investment along with efforts by companies to reduce an overhang of unwanted inventories were major reasons growth slowed in 2016.

Economists are forecasting a better performance in 2017, with many raising their forecasts to incorporate the potential impact of Trump’s stimulus program. They believe that the prolonged reduction in stockpiles has run its course and business spending on new plants and equipment will begin to rebound.

Economists at the International Monetary Fund last week boosted their outlook for U.S. GDP to 2.3 percent this year and 2.5 percent in 2018, saying the increase reflected expectations that Trump’s economic program of tax cuts, regulatory relief and higher infrastructure had boosted growth prospects.

NOTICE

Savona Group S.a.

(In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 26th, day of January 2017. The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator)

DOSEY PROPERTIES INC. Company No. 153095 (in voluntary liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that DOSEY PROPERTIES INC. is in voluntary liquidation. The voluntary liquidation commenced on the 26. January, 2017 and SANDRA BOSS at KENDRIS AG, MÜHLEMATTSTRASSE 56, 5001 AARAU, Switzerland has been appointed as Sole Liquidator.

Dated this 26th January, 2017 Sandra Boss Voluntary Liquidator NOTICE

TupungaTo ConsulTing lTd. (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138 (4) of The International Business Companies Act 2000 the above-named Company is in dissolution, which commenced on the 26th, day of January 2017. The Liquidator is Kim Thompson of Nassau Bahamas.

Kim Thompson (Liquidator)

THE TRIBUNE

Monday, January 30, 2017, PAGE 13

Trump, May affirm special relationship between US, UK

WASHINGTON (AP) — President Donald Trump and British Prime Minister Theresa May appeared chummy as they faced a curious world together for the first time Friday, pledging allegiance to the special relationship between their countries while trying to mask stark differences on some major issues.

It was Trump’s first White House meeting with a foreign head of state, a hastily arranged confab held precisely one week after the businessman and reality TV star, who remains a largely unknown figure to European audiences, was sworn into office as president.

Trump sought to charm May from the outset, showing her the bust of Prime Minister Winston Churchill that he’s using to decorate the Oval Office. He then opened a joint news conference by noting that his late mother was born in “Stornoway, which is serious Scotland.” Scotland is part of Great Britain.

Trump and May were seen briefly holding hands as they walked along the White House colonnade after leaving the Oval Office. Their talks continued in the State Dining Room over lunch of iceberg wedge salad, braised beef short ribs with potato puree and salted caramel crème brulee.

For her part, May congratulated Trump on his “stunning election victory,” and announced that he had accepted the queen’s invitation for a state visit with his wife, first lady Melania Trump, later this year.

But the attempts at mutual flattery didn’t completely mask the leaders’ differenc-

es over some issues, including NATO and Russia.

May tried to push Trump toward positions she supports, noting that he had assured her he was “100 percent” behind NATO, a world body he has dismissed as “obsolete.” Trump did not contradict May as they stood together and answered journalists’ questions in the White House East Room.

May also took a tougher stance on sanctions against Russia.

When asked how close the U.S. is to lifting penalties that were imposed on Russia after its incursion into Ukraine, Trump said it was “very early to be talking about that.” May said sanctions should remain until a 2015 cease-fire agreement for Ukraine is fully implemented.

Trump has been less critical of Russia and its leader, President Vladimir Putin, than his predecessor and some lawmakers, including fellow Republicans. He has cast doubt on findings by U.S. intelligence officials that Russia interfered in the presidential election to help him win the White House, and has praised Putin’s leadership. Trump’s stance has fueled speculation that he could ease or remove the sanctions against Russia.

Trump also reiterated his belief that torture works.

Britain takes a vocal stand against it.

The appearance alongside May was more amiable than Trump’s most recent public appearance with a foreign leader: a joint news conference with Mexican President Enrique Pena Nieto last August. Trump was more staid and serious then, and read from lengthy pre-

NOTICE SOKOTO INVEST LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Sokoto Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 13th day of January A.D., 2017.

pared remarks.

Coincidentally, Trump and May met a day after Pena Nieto canceled his own trip to Washington next week amid disagreement with Trump over which of their countries will pay for the wall Trump wants to build along the U.S.-Mexico border. Trump says Mexico will pay; Mexico says it won’t.

Trump is somewhat of a mystery to world leaders, many of whom expected Democrat Hillary Clinton to win the election. They also don’t know his administration’s main interlocutors with foreign governments, including son-in-law Jared Kushner and senior adviser Steve Bannon, a conservative media executive.

So May was on a bit of a scouting mission.

She has strong reasons for wanting the relationship to work. Britain is set to leave the European Union and its 500 million-person single market, and is eager for a bilateral trade deal with the U.S. The United States is Britain’s biggest export market, and such a trade deal would be a major prize.

Trump has drawn parallels between Britain’s choice to leave the EU and his own success, using the Brexit vote last June to bolster his

President Donald Trump stands with British Prime Minister Theresa May, Friday, Jan. 27, 2017, in the Oval Office of the White House in Washington. (AP Photo) derision of the 28-nation bloc and his preference for striking bilateral agreements.

Often combative in the presence of journalists, Trump seemed relaxed and humorous alongside May. At one point, after a British journalist asked whether people should be alarmed by his past statements, Trump joked: “This was your choice of a question? There goes that relationship.”

NOTICE

NOTICE is hereby given that BLANDINE CHARLECINE PIERRE JEAN of Wilson Track, East Street Nassau, The 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 30th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that PONITA SENAT of

Smith’s Bay, P.O. Box General Delivery, Cat Island, The Bahamas is applying to the Minister responsible for

DALRAL S.A.

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 30th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, DALRAL S.A. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 13th day of January A.D., 2017.

NOTICE

NOTICE is hereby given that SUSHEENA SHAHYNDA PAULINA RUSSELL of Holmes Rock, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 23rd day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Dated the 25th day of January A.D., 2017.

Beatus Limited Liquidator

MARKET REPORT FRIDAY, 27 JANUARY 2017

Dated the 25th day of January A.D., 2017.

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

BISX ALL SHARE INDEX: CLOSE 1,912.76 | CHG 0.00 | %CHG 0.00 | YTD -25.45 | YTD% -1.31 BISX LISTED & TRADED SECURITIES

Beatus Limited Liquidator NOTICE DRAGONFISH HOLDINGS LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Dragonfish Holdings Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 13th day of January A.D., 2017.

Dated the 25th day of January A.D., 2017.

52WK HI 4.38 17.43 9.09 3.55 4.70 0.12 8.00 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 4.10 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)

Beatus Limited Liquidator NOTICE KITARA INVEST LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Kitara Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 13th day of January A.D., 2017.

Dated the 25th day of January A.D., 2017.

Beatus Limited Liquidator

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 2.03 3.92 1.94 169.70 141.76 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 4.48 8.50 5.83 10.50 11.93 2.06 1.60 5.82 9.75 10.95 9.00 6.90 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 100.00 100.00 100.00 107.96 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 4.48 8.50 5.83 10.50 11.93 2.06 1.60 5.82 9.75 10.95 9.00 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 0.00 0.00 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

107.36 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.60 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

15,075

VOLUME

NAV 2.03 3.92 1.94 168.44 141.76 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 -149.3 14.0 13.6 23.3 108.5 20.2 20.0 19.4 18.8 11.4 11.0 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% 4.30% 4.30% 3.82% 3.82% 2.73% 2.73% 3.95% 3.95% 6.77% 6.77% 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 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-2016 31-Dec-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% 2.01% 3.53% 3.77% 3.43% 4.11% 2.91% 3.75% 4.12% 4.10% 0.00% 3.67% 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