02142017 business

business@tribunemedia.net

TUESDAY, FEBRUARY 14, 2017

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‘Survival of financial services not an option’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A prominent QC yesterday backed calls for the Bahamas to switch to a ‘low tax’ business model, warning: “The survival of financial services is not an option.”

Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, said the Bahamas had to “figure out how to adjust its business model” and carve out a competitive, sustainable position in the ever-evolving global financial services marketplace.

He told Tribune Business that the industry’s survival was critical to the Bahamian economy’s well-being

Top QC backs switch to ‘low tax’ business model Bahamas must ‘figure out how to adjust’ for viability ‘Nothing else on horizon’ to grow GDP, middle class Brian Moree QC given that there is “nothing on the horizon” to replace it, both in terms of its GDP impact and ability to sustain the country’s middle class.

Mr Moree said the Bahamas needed to build upon

its private wealth management and estate planning foundation, enticing more clients to follow their assets and make this nation their main residence/domicile.

He argued that the sector’s future would also be

based more on “physical presence”, with financial services providers basing their management and offices in the Bahamas.

Family offices, catering to the needs of high net worth clients, will become an increasing feature of the sector, Mr Moree added, with Immigration and tax policy changes underpinning a new business model.

“This is not a novel suggestion, but I certainly take the view that we have to transition from a ‘no tax’ platform to a ‘low tax platform,” Mr Moree told Tribune Business. “I think that certainly has to be part of the future.

“That transition is not as difficult as it might be.

See pg b4

75% deficit growth ‘staggering’, argues governance reformer

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

The One & Only Ocean Club

Ocean Club at ‘full pace’ for its re-opening

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The One & Only Ocean Club invested “almost $30 million” in today’s reopening, with the high-end resort set to hit “full pace” immediately via 85-90 per cent occupancies.

John Conway, the property’s general manager, told Tribune Business yesterday: “We have been working through all of the time we have been closed. Our sales effort has been vigorous; in fact, more vigorous than ever.

“When you have a closure like this, to make sure that you are on the normal pace when you reopen, you almost have to. When people hear that a resort is closed you have to work twice as hard to get the message out.

“We have started that over the last several weeks and done re-opening par-

PI resort already at typical 85-90% occucpancies $30m invested in renovations prior to re-opening ‘Very optimistic’ on outlook for 2017 ties in New York and Toronto. We think that with all of the direct mailings we are doing, our customer base is fully aware that we are reopening.”

The One & Only Ocean Club closed its doors temporarily to repair damage caused by Hurricane Matthew in October. The resort lost roof shingles from the Crescent Wing and the Villas during the category See pg b3

The 75 per cent increase in the fiscal deficit for the four months to end-October 2016 shows “a staggering and alarming” absence of fiscal responsibility, a leading governance reform campaigner believes.

Robert Myers, a principal with the Organisation for Responsible Governance (ORG), told Tribune Business that the $67 million increase in the deficit for the first four months of the 2016-2017 Budget period provided further evidence as to why the Bahamas needed a Fiscal Responsibility Act. Emphasising that the Bahamas’ fiscal and debt woes are “not going to fix themselves”, Mr Myers said restrictions had to be placed See pg b4

ORG chief: Lack of fiscal responsibility ‘alarming’ Latest data heightens need for Govt restrictions

Robert Myers

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Bran: Bahamas ‘eye opener’ from cruise line’s Cuba switch

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The DNA’s leader yesterday urged the Bahamas to “up its tourism game” as a result of Norwegian Cruise Line’s decision to divert 25 sailings to Cuba, warning: “If that’s not an eye opener, I don’t know what is.”

Branville McCartney told Tribune Business that the Bahamas was already “out of time” to prepare for Cuba’s opening to mass market US tourism, with the cruise line’s move another warning sign to this nation.

Arguing that this nation should have been ready “yesterday”, Mr McCartney said the Bahamas had failed to address weaknesses he had identified almost

DNA chief: Warning to ‘up our game’ on tourism Says nation already ‘out of time’ to prepare Weaknesses he identified decade ago not addressed a decade ago while minister of state for tourism in the former Ingraham administration.

Apart from crime, high costs, cleanliness and service, the DNA leader added that the Bahamas also need to “improve on the product itself’, suggesting it See pg b5

BFSB chief seeks ‘momentum’ from Japanese tax deal

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas Financial Services Board’s (BFSB) chief executive yesterday expressed hope that last week’s agreement with Japan had “created momentum” for this nation’s rapid compliance with new global tax standards.

Tanya McCartney, speaking after the Bahamas and Japan signed a protocol to upgrade their existing Tax Information Exchange Agreement (TIEA) to one where such details were exchanged automatically, said the private sector wanted more such agreements concluded “in the shortest possible time”.

‘First step’ to meeting auto information obligations Wants more concluded ‘in shortest possible time’ Regulations likely finalised ‘in next week or two’ Ms McCartney said the Japan agreement, a “first step” in complying with the Common Reporting Standard (CRS), the global benchmark for automatic See pg b4

THE TRIBUNE

OECD urged: ‘Take note’ of Bahamas’ compliance

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

A prominent QC yesterday urged the OECD to “take notice” of the Bahamas’ progress in meeting its automatic tax information exchange commitments, adding that further attacks on this nation would “benefit no one”.

Brian Moree QC, senior partner at McKinney, Bancroft & Hughes, told Tribune Business that last week’s ‘upgrading’ of the Bahamas’ existing tax arrangements with Japan had both “substantive and symbolic” importance.

He argued that it provided proof that the Bahamas is “making good” on its commitments to implement the Common Reporting Standard (CRS), the global benchmark for automatic tax information exchange, and begin handing over details from 2018.

The OECD and its agents last year, using the international media, launched

QC: Attacks on this nation ‘benefit no one’ Japan signing has ‘substantive’ importance Shows Govt meeting automatic tax obligations a series of attacks on the Bahamas, suggesting that its decision to implement the CRS via a bilateral approach - rather than a multilateral negotiation - would result in this nation missing deadlines and failing to meet the global standard.

The effort was seen as a crude attempt to ‘bounce’ the Bahamas into implementing the CRS ‘one time’ with all-comers, rather than the bilateral approach involving talks with individual countries -a method approved by the OECD itself.

Mr Moree yesterday suggested that last week’s ‘upgrading’ of the Bahamas’ existing Tax Information Exchange Agreement (TIEA) with Japan into a CRS-compliant automatic arrangement should directly counter the OECD’s fears.

“The signing of the TIEA upgrade with Japan is of both symbolic and substantive importance,” Mr Moree told Tribune Business.

“It is an extremely important indication that the Government is making good on its commitment to put in place the legislative framework [for tax automatic information exchange].”

Mr Moree added that the Government had already sent letters, understood to number 45, to countries -including OECD and European Union members inviting them to begin negotiations with the Bahamas for the same agreement as received by Japan.

“There is every indication that the process is moving in the right direction,” he

Union still pushing for Ocean Club talks

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A hotel union executive yesterday said it was still pushing for talks with One&Only Ocean Club management over the firing of more than 60 employees, including management and line staff, for “performance based” reasons late last year.

Darren Woods, secretary-general for the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU), told Tribune Business: “We have not had any talks with them as yet.

We have written to them but they haven’t responded.

“Substantively, I know that the president had a

conversation with the human resources person about three weeks back, but we haven’t heard anything.”

He added: “The employees there have already gone through training and everything as far as we were made to understand. We still have this battle with them. They have one view and we have another.”

Mr Woods said the union was awaiting a Supreme Court verdict dealing with several issues between the resort and the bargaining agent, as well as the injunction that bars union executives from coming on the resort’s property.

“We have to wait for the ruling. We’re pushing.

We’re not letting up. Those people are still our members. We still have to do

Ocean Club at ‘full pace’ for its re-opening From pg B1 four storm, while the Dune restaurant sustained serious damage.

The Paradise Islandbased resort was initially expected to re-open at the beginning of December, but later confirmed it had delayed its re-opening date to Valentine’s Day. It then became embroiled in controversy after teminating 61 staff, around one in six - or 15-17 per cent - of its then-350 staff. The One & Only Ocean club blamed the terminations on under-

performance by certain employees, which had resulted in guest complaints and a failure to meet the resorty’s high service standards.

Mr Conway, though, yesterday told Tribune Business the property will open today with 430 staff - implying that it has hired more persons than were released.

“We think that the first quarter is shaping up quite well,” he said. “We have half a month in February, all of March; that is peak season. We roll right into April, May and June with

EU forecasts British economic slowdown during Brexit talks BRUSSELS (AP) — The European Union expects Britain’s economy to slow down as the country negotiates its exit over the next couple of years, but forecasts an improvement for the bloc as a whole despite a range of uncertainties.

In its Winter Economic Forecast released Monday, the 28-nation EU said it predicts British economic growth will slump to 1.5 percent this year and 1.2 percent in 2018 from a recent high of 3.1 percent registered in 2014.

The wider EU, on the other hand, is expected to improve steadily, with growth picking up from 1.6 percent in 2014 to 1.8 percent this year and next.

“The European economy has proven resilient to the numerous shocks it has experienced over the past year,” said EU financial affairs chief Pierre Moscovici.

“Growth is holding up and unemployment and deficits are heading lower.”

For Britain, though, the report said that “economic growth is projected to moderate in 2017 and weaken further in 2018,” largely coinciding with the period during which the country

is to negotiate its divorce terms with the 27 other EU nations. It acknowledged that, for this year, the impact of the leave vote was expected to be less severe than originally thought but it kept its 2018 decline intact.

Based on better-than-expected figures for Greece, Moscovici said he had good hopes that the debt-ridden country and its creditors would find a way next week to stave off another crisis. The sides disagree on whether more austerity reforms should be planned and how to ease Greece’s debt load.

An agreement is needed before Greece can get more bailout loans, which it needs before July.

Moscovici said he would be flying to Athens on Wednesday to help iron out the differences ahead of a meeting of eurozone finance ministers in Brussels next Monday.

The EU and the International Monetary Fund disagree on the country’s financial situation, with the Washington-based fund taking a darker view and saying its debts are unsustainable.

what is necessary within the parameters of the law,” said Mr Woods.

The One&Only Ocean Club is set to re-open today, having temporarily closed in October to repair damage inflicted by Hurricane Matthew.

During the temporary closure, however, it terminated more than 60 employees, including management and line staff, for “performance based” reasons.

At the time, Ashley McBain, spokesperson for Kerzner International, the property’s operator, explained that the hotel was “reorganising our structure and redefining job descriptions across the resort”, which she said would “ensure a streamlining of the guest experience”. pretty good numbers.

“Right now, we are very optimistic and we’re working hard on the third and fourth quarter. We could have a very good year, especially after the major investment in training.”

Mr Conway: “In season we are typically running 85-90 per cent [occupancy].

We open with those kind of numbers. We are into full pace, which is where we should be at this time of year. The second quarter looks good and we are looking at third and fourth now.”

said, “and the Government of the Bahamas intends to fully implement its commitments to participate and be fully ready by next year.

“I hope the OECD takes notice of this and recognises the progress the Bahamas has made, and, indeed, acknowledges the progress and that we’ve met our deadlines to-date.

“I don’t think it’s beneficial for the OECD and its surrogates to have these attacks from time-to-time on the jurisdiction, as they know we’re fully compliant and proceeding in full accord with their regime on the bilateral.”

Tuesday, February 14, 2017, PAGE 3

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Luciane Ribeiro Moreno is the Liquidator and can be contacted at Rua Afonsa Braz, 747, AP 41D, Vila Nova Conceição, CEP 04511-011, São Paulo – SP, Brazil. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before the 8th day of March, 2017.

Luciane Ribeiro Moreno Liquidator

Head Office Claughton House Charlotte & Shirley Streets P. O. Box N-7118 Nassau, Bahamas

NOTICE TO SHAREHOLDERS Bank of The Bahamas Limited (“the Bank”) is pleased to announce that its Quarterly Financial Statements as at December 31, 2016 have been finalized and a copy of the statements can be accessed from the Bank’s website, www.bankbahamas.com BANK OF THE BAHAMAS LIMITED Unaudited Interim Condensed Consolidated Financial Statements Six months ended December 31, 2016 Excerpts Only Unaudited Interim Statement of Financial Position as at December 31, 2016 Total Assets

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Total Equity

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Unaudited Interim Statement of Comprehensive Income for the six months ended December 31, 2016 Net interest income

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Total comprehensive loss

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PAGE 4, Tuesday, February 14, 2017

BFSB chief seeks ‘momentum’ from Japanese tax deal From pg B1 tax information exchange, would also demonstrate to the OECD and its members that the Bahamas is living up to its commitments.

“It’s extremely important. It was a necessary first step,” the BFSB chief executive told Tribune Business of the TIEA upgrade with Japan.

“I anticipate that it will create some momentum, and we should see further agreements, particular where we have TIEAs already signed, being executed. Hopefully, that starts the momentum.”

Michael Halkitis, minister of state for finance, last year said the Bahamas had issued invitations for some 45 countries - including to most OECD, and all European Union (EU) members - to begin negotiations with it for automatic tax information exchange agreements.

Ms McCartney said the

Organisation for Economic Co-Operation and Development (OECD), which has acted as the ‘point’ or lead agency for the G-20 nations on the CRS initiative, had not specified how many agreements nations needed to sign.

“The OECD has not set a threshold as to how many,” she told Tribune Business, “and we will want to get as many as possible concluded with OECD and EU countries, in particular.

“I hope it’s the start of momentum, and I hope we will have as many in place [automatic information exchange agreements] in the shortest time possible.”

The Bahamas had previously signed 33 TIEAs, which facilitate the exchange of tax information with other countries ‘upon request’. However, the OECD and its patrons subsequently decided to ‘move the goalposts’, and move

‘Survival of financial services not an option’ From pg B1 There are already numerous forms of taxation, certainly for domestic businesses.

“As far as international business, we’re going to have to shift the model to a ‘low tax’ jurisdiction, where we can look at taking some advantages from double taxation treaties and investment agreements that protect investments coming through the Bahamas,” he added.

“There are numerous international treaties and agreements the Bahamas could benefit from if we transitioned to a ‘low tax’ jurisdiction as opposed to what we have been recognised as: A ‘no tax’ jurisdiction.

“Clearly, these things have to be looked at as we figure out as a jurisdiction where the future of the industry is going in the Ba-

hamas. The survival of the financial services industry in the Bahamas is really not an option for us.”

Mr Moree’s backing adds further weight to a growing sentiment in the Bahamian financial services industry, and among associated sectors, that this nation’s taxation structure requires fundamental transformation.

Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told the recent Bahamas Business Outlook conference that the organisation was in the initial stages of hiring consultants to conduct a review of this nation’s tax structure.

She added that such a review was necessary to assess whether the Bahamas’ 57 year-old taxation system was best suited to “the changed international operating environment”, and determine if change was

LEGAL NOTICE NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that, in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000), DZ INVESTMENT FUND LTD. (the “Company”) is in dissolution. The date of commencement of the dissolution is February 10th, 2017.

Daniel Zagury Aizemberg is the Liquidator and can be contacted at 5800 SW 113th Street, Miami, Florida 33156. All persons having claims against the above-named Company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before March 13th, 2017.

Daniel Zagury Aizemberg Liquidator

the global standard to the automatic exchange of such information.

Apart from upgrading its existing TIEA network to automatic tax information exchange agreements, Ms McCartney yesterday said the Bahamas would also have to sign automatic tax information agreements with nations it had never previously negotiated with.

“We hope the Government move expeditiously in that regard,” she added of countries the Bahamas has no existing tax treaties with.

“Those with TIEAs are top priority, and we should be

able to get agreements in place quickly with those.”

The Bahamas passed the necessary legislation to give effect to the automatic exchange of tax information late last year, but is still working to finalise the accompanying regulations and other necessary measures.

Ms McCartney revealed that the financial services industry expected the regulations “to be finalised in the next week or two”.

“The team at the Office of the Attorney General, Ministry of Financial Services and Ministry of Finance are in constant contact with industry on these drafts,” she added.

“We’ve provided initial feedback, and those suggestions should be incorporated into the revised draft.”

Ms McCartney added that the ‘guidance notes’, which will inform the Bahamian financial services industry on how the mechanisms for automatic tax information exchange will work, will be completed once the regulations are finalised.

“There may have to be minor changes depending

on what the final regulations look like,” the BFSB chief executive added.

Ms McCartney also acknowledged that for the upgraded protocol with Japan to take effect, the two countries needed to sign a Competent Authority Agreement (CAA), which sets out the terms and dates on which the information exchange will take place.

The Bahamas does not have to begin the automatic exchange of tax information until 2018, but Ms McCartney said its early ‘head start’ would demonstrate to the OECD that this nation was living up to its CRS commitments.

“I certainly think that by putting the framework in place to implement, and signing the first protocol, that we’ve demonstrated our commitment and lived up to what we said we’d do with actual implementation,” Ms McCartney told Tribune Business.

“Every step we take to demonstrate our commitment to international best practices and commitment to meet the highest international standards, we hope, will mitigate against any ad-

verse listing.”

Ms McCartney was referring to recent international attacks mounted against the Bahamas, via the media, by the OECD and its surrogates over this nation’s decision to implement the CRS through bilateral negotiations with individual countries - as opposed to a multilateral basis with allcomers.

Apart from the OECD’s efforts to ‘bounce’ the Bahamas into going the bilateral route, a method it had approved itself, the EU has also threatened to place this nation and other international financial centres (IFCs) on a ‘blacklist’ by end-2017.

To counter this, Ms McCartney said she “cannot emphasise enough” the need for the private and public sectors to work together on CRS compliance.

“The hard work and collaboration between Government and the private sector to get the legal framework in place is bringing in results,” she added, pointing to the agreement with Japan.

required to place the Bahamian financial services industry on “a proper footing”.

Mr Moree’s comments, though, represent the first time that such a senior private sector figure has openly supported switching to a ‘low tax’ business platform as a reform crucial to financial services’ survival in the Bahamas.

Several financial services practitioners, such as Dominion Management principal, Paul Moss, have long argued that the Bahamas should switch from a ‘no tax’ to a ‘low tax’ model in terms of income, corporate, capital gains and inheritance taxes.

They believe that such a move will enable the Bahamas to shed the ‘tax haven’ image and give it extra legitimacy, while also helping to encourage high net worth individuals to follow their assets here and make this nation their primary domicile.

A ‘low tax’ model would also open up the possibility of entering into ‘double tax’ treaties, a move that could encourage more businesses to establish a presence in the Bahamas, as any profits they repatriated home would only be taxed once - at this nation’s lower rate.

The Bahamas would likely meet little interna-

tional resistance to imposing a ‘low income tax’ regime solely on international businesses and clients, as the Organisation for Economic Co-Operation and Development (OECD) long ago dropped its opposition to ‘ring fencing’ domestic economies.

However, some observers have suggested that the Bahamas is already too late, and has ‘missed the boat’, on switching to a ‘low tax’ platform, given that Barbados and other international financial centres (IFCs) are already established in this space.

They also believe that the Bahamas lacks the necessary responsiveness, ‘business ease’ and other support systems and policies to ensure a successful transition.

Mr Moree, meanwhile, said a new, revived business platform was essential if the Bahamas was to sustain “such a vital part of our economy”.

He added: “If we’re going to continue to sustain the middle class and enjoy the quality of life we have, this industry, which is the second largest, has to be preserved.

“It is absolutely critical to the future of our economy as we currently know it. There’s nothing on the horizon that would replace

the significant contribution the financial services industry makes to our GDP and the financial stability of our middle class.”

Emphasising that the financial services industry’s viability was a national priority that “transcends political affiliations”, Mr Moree called for the “best minds” to be employed in devising a new business model.

Pointing out that international developments were impacting the financial services industry “on almost a monthly basis”, the wellknown QC said the Bahamas needed to position itself to compete in a climate of full regulatory and tax transparency/compliance.

On the positive side, Mr Moree said international financial centres (IFCs) such as the Bahamas played a vital role in international capital and investment flows, something that would enable them to carve out a valuable niche.

And with the world’s high net worth individuals increasing in numbers, he added that the demand for this nation’s wealth management services could potentially increase further.

“The challenge for the Bahamas is how best to adjust our business model to fill that space,” he told Tribune Business.

“To put it in the most

basic terms, the IFCs are going to occupy a space in the global economy. That’s good news, because there are people that express a view that there’s no future role for IFCs. “I personally do not agree. All the data and statistics show the IFCs serve a useful and important role for the G-20 itself. It’s in their own self-interest for fully compliant, efficient IFCs to do what they do best, which is to collect and pool large amounts of capital for reinvestment in their own industrialised economies.”

With “physical presence” in the Bahamas likely to become “increasingly important” for the financial services industry and its institutions, Mr Moree said the Bahamas needed to balance Immigration policy between its use as “a tool of investment” and meeting the needs of locals.

“We need to look at the home [family] office market,” he added. “You can’t run an entire jurisdiction off that product, but it’s important.”

Mr Moree also called for the Bahamas to continue its focus on Latin America as a key source of business, and also to broaden “our footprint in Asia”.

tion’s full-year forecast of $100 million, meaning the Government has blown past its Budget projection with just one-third of the current fiscal year gone.

ORG, the Chamber’s Coalition for Responsible Taxation have repeatedly called for the Government to introduce a Fiscal Responsibility Act in the wake of VAT’s introduction.

This would enhance transparency and accountability surrounding the Government’s management of the public finances, forcing it to return to Parliament and provide explanations if it needed to exceed previously agreed spending and borrowing limits, and even potentially requiring it to maintain certain deficit and debt-to-GDP targets and ratios.

The Christie administration, though, has failed to deliver on February 2015 promises to initiate consultation on a Fiscal Responsibility Act, and Mr Myers called on “others to stand up” over the issue.

“It’s not going to fix itself on its own,” he told Tribune Business of the Bahamas’ financial problems. “The Government is clearly not going to do it.

“The status quo is broken and needs to be fixed, and the only way that can happen is to be modern, accountable and transparent.”

Mr Myers said “poor governance and mismanagement” by successive administrations, both PLP and FNM, had placed the Bahamas into its current fiscal predicament.

While the former Ingra-

ham administration added around $1.5 billion to the national debt during its 2007-2012 tenure, its successor almost outpaced this rate of ‘red ink’ accumulation in three.

In the period closing with the 2014-2015 fiscal year, the Christie administration generated $1.408 billion in cumulative GFS deficits.

With around $300 million estimated to have been incurred in 2015-2016, the current government will have added between $1.8$2 billion by the time it leaves office.

Mr Myers said the real issue for the Bahamas was not ‘where the VAT money gone’, as this was merely a catchphrase for fiscal accountability and transparency.

“The problem is the balancing of the Budget and matching spending to tax revenues,” Mr Myers said.

“The Government has failed to balance the Budget and reduce the national debt.

“Those are the core and fundamental problems, and the ones that will sink the ship. We know what’s happened. The debt is continuing to rise, and the deficit still exists.

“The whole point of VAT was deficit elimination and debt reduction. That hasn’t happened. They’ve continued to spend, and recurrent expenditure is up.”

Mr Myers called on the Government, private sector and individual Bahamian citizens to collaborate on ways to attack the fiscal problems and get the nation “moving in the right direction”.

“It’s no good sticking your head in the sand and thinking it’s going away,” he added. “It’s only getting worse by the day.”

Tanya McCartney

75% deficit growth ‘staggering’, argues governance reformer From pg B1 upon the Government to ensure it spent taxpayers’ money in a responsible manner.

“That is exactly the problem. The lack of fiscal responsibility is staggering and alarming,” Mr Myers replied, when informed

by Tribune Business that

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THE TRIBUNE

the Government’s $157.5 million deficit for the four months to end-October 2016 was more than 50 per cent higher than its fullyear projection.

While some of that is likely due to Hurricane Matthew, and its impact on the economy and government revenues, it cannot all be blamed on the storm, especially given that the $100$150 million in emergency borrowing had yet to show up in the data.

“These are the very signs that should compel the Government and the people to put in place a Fiscal Responsibility Act,” Mr Myers told Tribune Business of the latest fiscal data, “and ways to force the Government to recognise that it has not been behaving in the way it should.

“If it’s not behaving in the way it should on its own, it needs to have restrictions put on it to act in a fiscally responsible way. Talk is cheap. Action counts here, not talk.”

The Central Bank’s December 2016 economic developments report showed the fiscal deficit for the first four months of the 2016-2017 Budget year had grown by 75.3 per cent or $67.7 million compared to the prior year.

The $157.5 million deficit at end-October 2016 was over 50 per cent higher than the Christie administra-

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Tuesday, February 14, 2017, PAGE 5

Bran: Bahamas ‘eye opener’ from cruise line’s Cuba switch From pg B1 had failed to incorporate its own culture into tourism’s offerings and give it a distinctly Bahamian flavour.

Mr McCartney said there were “enough tourists to go around” to blunt the impact of Cuba’s potential US opening up, but this depended on the Bahamas “getting it right”.

Responding to Norwegian’s decision to switch 25 four-day cruises to an overnight stop in Havana, eliminating calls on Nassau and Freeport during the 2017 second half, the DNA leader told Tribune Business: “If that’s not an eye opener for us as a country, I don’t see anything else being so.

But the Minister of Tourism almost brushed it off.

“The bottom line is that we have to recognise that Cuba is in the tourist market. They are getting more tourists than us now, and the fact they are now more open will cause more tourists to go there to experience Cuba. We have to up our game in the Bahamas.”

Tribune Business revealed Norwegian’s decision to switch the 25 cruises from Nassau and Freeport, to Havana, last week, in a bid to both alert Bahamians to the increasing competitive threat posed by Cuba and the potential for other cruise lines to follow its lead.

Mr McCartney said the

challenge presented by Cuba had been exacerbated because the Bahamas had failed to address weaknesses he had identified in his last speech as minister of state for tourism.

“I said we will continue to lose our place in the tourist market if we don’t clean up crime; reduce our rates, as it’s too expensive to come here; if we don’t ensure we have a clean environment,” the DNA leader told Tribune Business.

“Look at how dirty we are. Every time you drive to the airport you see the KFC boxes dumped by the sides of the road.

“We must also improve our service. We must realise that we are not doing the tourists a favour by serving them. They are doing is a favour by coming here and spending money in our economy. Our service has to improve.”

Agreeing that other cruise lines may now follow Norwegian’s trail to Cuba, Mr McCartney emphasised: “We must get our act together. We must also improve on the product itself.

“What do we have to offer? We have sun, sand and sea. So does Cuba. We’ve had the same tourism product since the 1960s and not enhanced it.”

Norwegian Cruise Lines talked up Cuba, and Havana’s, cultural, historic and other attractions in the statement announcing its 25

Norwegian cruise line

Branville McCartney cruise-switch. With Cuba having been closed for more than 50 years, many Americans are likely to be attracted to the prospect of exploring a new destination.

Asked how much time the Bahamas has left to prepare for Cuba’s growing threat, Mr McCartney added: “The time has gone already. We are always reactionary as a people, and

IMPORTANT NOTICE TO ALL CUSTOMERS AND CREDITORS OF MONTAQUE CAPITAL PARTNERS LTD. (In Liquidation) The Joint Official Liquidators (the Liquidators) hereby notify all Customers and Creditors of Montaque Capital Partners Ltd. (In Liquidation) (“the Company”) that they have applied to the Supreme Court of the Bahamas for Court approval of the payment of the Liquidators’ remuneration and costs for the period 1st February 2014 through 30th April 2016.

The Summons by which the application is made and the Eighth Affidavit of Edmund L. Rahming setting out the costs may be accessed on the website: www.mcp-liquidation. com. The Liquidators’ application will be heard by His Lordship the Honourable Mr. Justice Ian Winder Justice of the Supreme Court in Chambers on Friday the 17th February 2017 at 9:00 o’clock in the forenoon.

If you intend to appear on the hearing of the Liquidators’ application you will need to file at the Supreme Court Registry a Memorandum of Appearance or one of the forms shown on the website depending on whether you are claiming a debt owed to you (Creditor’s Appearance) or that the Company is holding assets beneficially owned by you (Customer’s Appearance).

The Memorandum needs to be filed and served on the Liquidators or their Attorneys, Lennox Paton, no later than 4:00 p.m. on Wednesday 15th February 2017.

If you are a customer or creditor of the Company and you need any further information or clarification in regard to the application please contact the Liquidators directly and they will do their best to assist you.

Messrs. Kenneth Krys and Edmund L. Rahming The Joint Official Liquidators of Montaque Capital Partners Ltd. (In Liquidation) Intelisys 15 Caves Professional Center, Caves Village Nassau, The Bahamas Tel (242) 327-4001/3 www.intelisysltd.com

probably more so as a government.

“The time was yesterday when we needed to start working on this thing.

We’re out of time. We needed to start yesterday.”

Still, the DNA leader acknowledged that where Cuba was concerned, all was not lost for the Bahamas yet.

“If we get it right, there’s enough tourists to go around,” Mr McCartney added. “But we need to get it right. The Bahamas is unique in itself, and if we get it right we will cause people to come here.

“We have our culture, which no one else has, and we ought to enhance it through tourism.”

Mr McCartney added that the Bahamas also needed to target niches such as sports, medical and religious tourism, strategies that have been adopted by successive PLP and FNM administrations in the past.

“We need to get on it, and get on it quickly,” he reiterated of the Bahamas’ weaknesses. “Getting here should not be so expensive.

The cost of living is a turnoff for people.

“It’s less expensive to go to Miami from Nassau than it is to go from here to the Family Islands. Keeping our country clean and the service. These things must be acted upon.”

Mr McCartney added that “crime is already kill-

ing our tourism product”, with cruise lines warning passengers about the dangers of Nassau and to avoid certain areas, and the US Embassy issuing numerous warnings.

Obie Wilchcombe, minister of tourism, lambasted Tribune Business’s revelation about Norwegian Cruise Line’s switch to Cuba, saying it did a “disservice” to all the work the Bahamas was doing to enhance its cruise tourism product.

Mr Wilchcombe referred, in particular, to the investment by Mediterranean Shipping Company (MSC) at Ocean Cay, and Carnival’s upcoming cruise port in east Grand Bahama, as evidence of the Bahamas bolstering its competitive position.

Both these facilities, though, are own ports/private islands located well away from large population centres. While they provide some employment and entrepreneurial opportunities for Bahamians, the majority of the benefits from private ports go to the cruise lines, who often control the markups and margins charged to passengers by providers.

Mr McCartney agreed, saying: “The benefits go to the cruise lines, and the funding goes out the country. There’s hardly any benefit to the Bahamas.”

PAGE 6, Tuesday, February 14, 2017

THE TRIBUNE

Global stocks continue to rise, US indexes hit records again NEW YORK (AP) — Stocks around the world continued their march higher on Monday, and U.S. indexes again hit new highs.

Strong gains for Citigroup and other financial stocks helped the Standard & Poor’s 500 index rise 12.15 points, or 0.5 percent, to 2,328.25. It’s the third straight day the index has set a record. The Dow Jones industrial average gained 142.79, or 0.7 percent, to 20,412.16. The Nasdaq composite climbed 29.83, or 0.5 percent, to 5,763.96. Earlier in the day, markets rose across Europe and Asia.

Stocks have resumed their rally in recent days after stalling for a couple weeks.

Stronger-than-expected profit reports from

traders work on the Mizuho Americas trading floor in New York. Stocks around the world continued to push higher yesterday, and U.S. indexes again hit records as bond yields limbed. (AP Photo)

companies, continued improvement in the U.S. economy and expectations for business-friendly policies from Washington have helped propel the market.

With no major economic reports or other big news on Monday, stocks continued to follow the path of least resistance, analysts say.

“The market’s got such good momentum now that it’s going to continue until something slows it down,” said Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research. “There’s really not any negative catalyst right now.”

The S&P 500 has climbed five straight days and is up 8.8 percent since Don-

NOTICE Idalco International Holding Limited In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Idalco International Holding Limited is in dissolution as of February 8, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

NOTICE SANUR PROPERTIES INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, SANUR PROPERTIES INC. is in dissolution as of February 10, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ RUSHMORE CONSULTING INC. Company No. 1379071 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that RUSHMORE CONSULTING INC. is in voluntary liquidation. The voluntary liquidation commenced on 17th January, 2017 and DR. PETER MARXER JUN. of Kirchstrasse 1, 9490 Vaduz, Principality of Liechtenstein has been appointed as the Sole Liquidator.

Dated this 17th day of January, 2017 Sgd. DR. PETER MARXER Voluntary Liquidator

NOTICE RESERVA MANAGEMENT HOLDING LIMITED In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, RESERVA MANAGEMENT HOLDING LIMITED is in dissolution as of February 8, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________

ald Trump won the White House in November.

Companies whose profits are most dependent on the strength of the economy were some of Monday’s biggest gainers. Financial stocks in the S&P 500 rose 1.1 percent, the biggest gain among the 11 sectors that make up the index. Industrials rose 1 percent. Roughly three stocks rose for every two that fell on the New York Stock Exchange.

The biggest stock in the S&P 500, Apple, is also at a record closing high. It rose $1.17, or 0.9 percent, to close at $133.29. The iPhone maker’s performance carries extra weight for many 401(k) accounts because of its status as the biggest publicly traded company in the world. It alone accounts for about 3.5 percent of S&P 500 index fund investments.

Chemical company Chemours jumped $4.01, or 14.3 percent, to $32.14 af-

ter it announced an agreement with DuPont to jointly pay $670.7 million to settle roughly 3,500 personalinjury claims related to the release of perfluorooctanoic acid from a West Virginia plant. DuPont rose 99 cents, or 1.3 percent, to $77.82.

Zeltiq Aesthetics jumped $6.53, or 13.2 percent, to $55.93 after Allergan said it would buy the company, whose CoolSculpting system helps people reduce bulges of fat. Allergan, which sells Botox, agreed to pay $56.50 per share for Zeltiq.

The only sector in the S&P 500 to fall on Monday was telecoms, which sank on worries that more pricing wars may be on the way.

Verizon unveiled an unlimited-data plan for its customers, and its stock dropped 43 cents, or 0.9 percent, to $48.55. Competitors fell more. AT&T lost 73 cents, or 1.8 percent, to $40.65, and Sprint fell 12 cents, or 1.3 percent, to $8.84.

Several events are on the schedule that could shift the market’s momentum. Federal Reserve Chair Janet Yellen will offer testimony on Capitol Hill Tuesday and Wednesday to update the Senate and House on monetary policy. Most investors expect the central bank to keep raising interest rates in 2017, though at a modest pace.

The government will also

The only sector in the S&P 500 to fall on Monday was telecoms, which sank on worries that more pricing wars may be on the way.

offer updates on the state of inflation, on both the consumer and the wholesale levels. Many investors expect inflation to rise due to policies proposed by President Trump and Congressional Republicans, though the bond market doesn’t seem to be forecasting a runaway spike.

Treasury yields have been on an upward trend since Election Day, in part because of those expectations for higher inflation. The yield on the 10-year Treasury note rose to 2.43 percent Monday from 2.41 percent late Friday. Two-year and 30-year Treasury yields also notched higher.

Stocks climbed in other markets around the world.

In Asia, Japan’s Nikkei 225 index rose 0.4 percent, the Hang Seng in Hong Kong gained 0.6 percent and South Korea’s Kospi index added 0.2 percent. In Europe, the French CAC 40 index jumped 1.2 percent, Germany’s DAX climbed 0.9 percent and the U.K. FTSE 100 added 0.3 percent.

Benchmark U.S. crude oil fell 93 cents, or 1.7 percent, to settle at $52.93 a barrel.

Brent crude, the international standard, fell $1.11, or 2.percent, to $55.59 a barrel.

Natural gas fell 9 cents, or 3 percent, to $2.94 per 1,000 cubic feet. Wholesale gasoline fell 5 cents, or 2.8 percent, to $1.54 a gallon and heating oil lost 4 cents, or 2.3 percent, to $1.63 a gallon.

THE TRIBUNE

Tuesday, February 14, 2017, PAGE 7

Yellen faces Congress at time of haziness over Trump’s plans til then, the Fed had left its key rate unchanged at a record low near zero for seven years to energize an economy pummeled by the most severe recession in decades.

In December, the Fed also forecast that it would raise rates three times in 2017.

After it met again early this month, the Fed issued a statement that noted improved sentiment among consumers and businesses.

And the Fed said it had become more confident that inflation will reach its 2 percent target. But it offered no hints about when it would resume raising rates.

Many economists caution that the pace of rate increases could change quickly depending on how much success Trump has in getting his economic initiatives enacted. The president is expected to formally present his program in the coming weeks, offering tax cuts for individuals and businesses and increased spending on

WASHINGTON (AP) — The frenetic first three weeks of Donald Trump’s presidency have left political leaders divided and dizzy with uncertainty over what happens next.

This week, it will be Federal Reserve Chair Janet Yellen’s turn to weigh in — if she chooses to — on how the economy could fare in the early months of Trump’s administration.

Are Trump’s proposed tax cuts, stimulus spending, trade tariffs and deregulation the right economic recipe? And does Yellen see the Fed raising rates three times this year, as the central bank in December forecast it would?

Few expect clear-cut answers from the Fed chair’s semiannual testimony to Congress — first to a Senate committee Tuesday and then to a House panel Wednesday. The official topic will be, as always, the outlook for the economy and the Fed’s interest rate policy. But Yellen will surely be asked whether she think Trump’s program will more likely accelerate or weaken the economy.

In part because of uncertainty over the forthcoming details of Trump’s economic plans, investors expect the Fed to leave rates alone for the next few months, perhaps until its June meeting.

Even after Trump’s proposals are spelled out, uncertainty will swirl around how well they will survive intact through Congress.

“A lot of what the Federal Reserve will do this year will depend on what President Trump and Congress do, and at the moment we have no idea what will emerge from Congress,” said Mark Zandi, chief economist at Moody’s Analytics. “Until there is some clarity about what President Trump and Congress have in mind, I think the Fed is going to be cautious.”

In December, the Fed modestly raised its benchmark short-term rate to a range of 0.5 percent to 0.75 percent, its first increase since December 2015. Un-

my and trigger unwanted inflation pressures. If that were to happen, the central bank could decide to accelerate its rate hikes.

“The Fed has been pretty consistent that it wants the rate hikes to come at a gradual pace, but that could change if Fed officials believe the budget-and-tax package that Trump is pushing is too big and coming too late in the economic cycle, with the economy already at full employment,” said Diane Swonk, chief economist at DS Economics.

Swonk said she thinks Yellen will avoid responding directly to questions from Congress this week about Trump’s economic proposals until more is known about them.

“She is going to want to fly under the radar as much as possible this week,” Swonk said.

Yellen will likely also face questions about a key Republican priority: To

“A lot of what the Federal Reserve will do this year will depend on what President Trump and Congress do, and at the moment we have no idea what will emerge from Congress” infrastructure projects and a rollback of government regulations.

Trump has said his goal is to double economic growth, as measured by the gross domestic product, from the lackluster 2 percent annual rate that’s prevailed since the Great Recession ended in 2009 to a robust 4 percent rate or better. Comments he made late last week reiterating his commitment to major tax relief helped drive up stock indexes to fresh record highs.

But Fed officials could grow concerned that a big stimulus package at this stage of the recovery, with job growth solid and unemployment below 5 percent, might overheat the econo-

undo much of the DoddFrank financial regulatory law, which was intended to curb the kind of excessive risk taking in the banking system that fueled the 2008 financial crisis. Yellen has been a staunch defender of the law. But Trump and his allies argue that the law has imposed too many constraints on banks, thereby slowing lending and economic growth.

Beyond Dodd-Frank, Yellen could be pressed about Republican efforts to diminish the Fed’s independence, in part by subjecting it to more intensive audits. With a Republican in the White House, those efforts now stand a greater chance of success.

COMMONWEALTH OF THE BAHAMAS

2012

IN THE SUPREME COURT

CLE/qui/01749

Common Law and Equity Division IN THE MATTER of The Quieting Titles Act, 1959 AND IN THE MATTER of ALL THAT piece parcel or Lot being Lot Number Eighteen (18), Block Number Fortynine (49) of a Subdivision called and known as Englerston and bounded on the NORTH by land the property of one Williams and running thereon One Hundred and Twenty-seven Hundredths (100.27’) feet on the WEST by land the property of one McKinney and running thereon Fifty and Sixteen Hundredths (50.16’) feet on the SOUTH by land the property of one Outten and running thereon Ninety-eight and eighty-two Hundredths (98.82’) feet and on the EAST by Ida Street and running thereon Forty-nine and Forty-five Hundredths (49.45’) feet the lot being 50 x 100 in the Southern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas AND IN THE MATTER of The Petition of MICHELLE GEORGINA JOHNSON (Administratrix of the Estate of Wilbur John Ferguson, deceased) _________________________________ NOTICE _________________________________ THE PETITION of MICHELLE GEORGINA JOHNSON (Administratrix of the Estate of Wilbur John Ferguson, deceased) “ALL THAT piece parcel or Lot being Lot Number Eighteen (18), Block Number Forty-nine (49) of a Subdivision called and known as Englerston and bounded on the NORTH by Lot Number Nineteen (19) in the said Subdivision now said to be the property of one Williams and running thereon One Hundred and Sixty-six Hundredths (100.66) feet on the WEST by Lot Number Fifteen (15) in the said Subdivision now said to be the property of one McKinney and running thereon Fifty and Forty-four Hundredths (50.44) feet on the SOUTH by Lot Number Seventeen (17) in the said Subdivision now said to be the property of one Outten and running thereon Ninety-eight and Seventy-seven Hundredths (98.77) feet and on the EAST by Ida Street and running thereon Forty-nine and Forty-four Hundredths (49.44) feet and is more particularly described on PLAN 5771 NP filed at the Department of Lands & Surveys.

MICHELLE GEORGINA JOHNSON (Administratrix of the Estate of Wilbur John Ferguson, deceased) claims to be the owner of the unincumbered fee simple estate in possession of the said land and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section Three (3) of the Quieting Titles Act, 1959 to have his title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. Copies of the Petition and the Plan of the said land may be inspected during normal office hours in the following places: 1.

The Registry of the Supreme Court, East Street North in the City of Nassau, Bahamas; and 2.

The Chambers of Norwood A. Rolle & Co., Suite #6 Gomez Building, Dowdeswell Street east of Christie Street, Nassau, Bahamas.

NOTICE is hereby given that any person having dower or right to dower or an Adverse Claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days after the final publication of these presents, file in the Supreme Court and serve on the Petitioner or the undersigned a Statement of his claim in the prescribed form verified by an affidavit to be filed therewith.

Failure of any such person to file and serve a Statement of his Claim on or before the expiration of Thirty (30) days after the final publication of these presents will operate as bar to such claim.

Dated the 12th day of December, A.D., 2016 NORWOOD A. ROLLE & CO. Chambers Suite #6, Gomez Building Dowdeswell Street east of Christie Street Nassau, Bahamas Attorneys for the Petitioner

Federal Reserve Chair Janet Yellen testifies on Capitol Hill in Washington, before the Joint Economic Committee. Yellen will be pressed to clarify the Fed’s outlook for interest rates and its view of the uncertainties of President Donald Trump’s economic program when she gives her semiannual testimony to Congress beginning yesterday. The Fed is widely expected to hold off on its next interest rate increase until its June meeting. (AP Photo) COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Common Law and Equity Division

2015/CLE/qui/01915

IN THE MATTER of all those pieces parcels or lots of land being Lots Numbered 19, 20 and 21 containing 745,007 square feet (15.884 acres) situate on Cistern Cay in the Berry Islands one of the Islands of the Commonwealth of the Bahamas.

AND IN THE MATTER OF The Quieting Titles Act, 1959 AND IN THE MATTER OF the Petition of PATORIA LTD. NOTICE PATORIA LTD., the Petitioner claims to be the owner in fee simple possession of the piece parcel or lot of land hereinbefore described and has made application to the Supreme Court of the Commonwealth of The Bahamas under Section 3 of the Quieting Titles Act to have the title to the said piece parcel or lot of land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the Act. Copies of a diagram or plan showing the position boundaries and shape marks and dimensions of the said pieces parcels and lots of land may be inspected during normal working hours at the following places: (a) (b)

The Registry of the Supreme Court, Ansbacher Building, City of Nassau, New Providence, The Bahamas.

The Chambers of Kingdom Law Advocates, No. 48 Village Road (North), Nassau, The Bahamas, Attorneys for the Petitioner.

NOTICE is hereby given that any person or persons having a right of Dower or an adverse claim not recognized in the Petition shall within thirty (30) days after the appearance of the Notice herein file in the Registry of The Supreme Court in the City of Nassau aforesaid and serve on the Petitioner or the undersigned a statement of his claim in the prescribed form, verified by an Affidavit to be filed therewith.

Failure of any such person to file and serve a statement of claim within thirty (30) days herein will operate as a bar to such claim. ___________________________________ KINGDOM LAW ADVOCATES No. 48 Village Road (North) Nassau, Bahamas Attorneys for the Petitioner

PAGE 8, Tuesday, February 14, 2017

THE TRIBUNE

Trump takes credit for jobs, arrests AP FACT CHECK

WASHINGTON (AP) — President Donald Trump is patting himself on the back for immigration and job-creation initiatives that started before he took office.

A look at his statements during a press conference Monday with Canadian Prime Minister Justin Trudeau: TRUMP: “We’re actually taking people that are criminals, very, very, hardened criminals in some cases ... with a tremendous track record of abuse and problems, and we’re getting them out and that’s what I said I would do ... And I said at the beginning, we are going to get the bad ones, the really bad ones, we’re getting them out and that’s exactly what we’re doing.”

THE FACTS: Officials

said an operation last week that resulted in the arrest of more than 680 immigrants in various cities was a routine enforcement action like those undertaken during the administration of Barack Obama, who deported an unprecedented number of people as president.

More specifically, David Marin, Immigration and Customs Enforcement’s field office director for enforcement and removal operations in greater Los Angeles, said the agency carries out such large-scale operations two or three times a year in his region.

The California operation was in the planning stages “before the administration came out with their current executive orders,” he said. More than 100 of the arrests were in the Los Angeles area.

The notion that raids have been stepped up under Trump has been advanced both by the White House, to show that Trump is keeping a promise, and by advocates of those who have been targeted, to illustrate what they call the new president’s heavyhanded tactics. But statistical evidence has not come in to show that enforcement has surged under the new Trump administration or that actual deportations are up. A similar series of raids under Obama in March 2015 resulted in the arrest of more than 2,000 criminals, the government said at the time.

After the latest raids, immigration officials put out a statement saying a “rash of recent reports about purported ICE checkpoints and random sweeps are false, dangerous and irre-

sponsible.”

And Homeland Security Secretary John Kelly said: “ICE conducts these kind of targeted enforcement operations regularly and has for many years. The focus of these enforcement operations is consistent with the routine, targeted arrests carried out by ICE’s Fugitive Operations teams on a daily basis.”

Trump’s promise of a secure border was central to his campaign and he signed an executive order in his first week as president aimed at making dangerous people a priority for deportation. It’s too early to know if that is working.

TRUMP: “You probably have noticed that Ford is making billions of dollars of new investments in this country. You saw Intel, the other day, announce that because of what I’ve been

doing and what I’m doing in terms of regulation, lowering taxes, et cetera, they’re coming in with billions and billions of dollars of investment and thousands and thousands of jobs. General Motors, likewise, is expanding plants and going to build new plants. Fiat Chrysler was at a meeting where they’re doing the same.”

THE FACTS: Trump is taking credit for corporate decisions that largely predate his presidential win, making it unlikely that his administration is the sole reason for the expected hiring. Several job announcements have come after companies, such as the wireless carrier Sprint, reduced their total number of employees.

In the case of Intel, construction of the Chandler, Arizona, factory referred to by Trump actually began during Barack Obama’s

presidency. The project was delayed by insufficient demand for Intel’s high-powered computer chips, but the company now expects to finish the factory within four years because it anticipates business growth.

Intel CEO Brian Krzanich said he made his announcement about the Arizona investment at the White House in support of the president’s tax and regulatory policies, perhaps giving Trump an invitation to brag, which he quickly seized. But those policies have yet to be detailed publicly, much less enacted.

The best jobs measure for Trump’s administration will probably be the monthly employment reports from the Labor Department.

They provide the unemployment rate and the total number of net jobs added or lost during each month.

Treasury nominee heading for confirmation despite criticism WASHINGTON (AP) — President Donald Trump’s pick for Treasury secretary headed toward Senate confirmation on Monday despite strong objections

by Democrats that the former banker made much of his fortune by foreclosing on struggling homeowners during the financial crisis.

Republicans said Steven Mnuchin’s long tenure in finance makes him qualified to run the Treasury Department, which will play a big role in developing Trump’s economic policy.

“He has experience managing large and complicated private-sector enterprises and in negotiating difficult compromises and making tough decisions — and being accountable for those decisions,” said Sen. Orrin Hatch, R-Utah, chairman of the Finance Committee.

Votes on Trump’s Cabinet nominees have exposed

deep partisan divisions in the Republican-controlled Senate, with many of the picks approved by mostly party-line votes.

The vote on Mnuchin was expected to follow the pattern. A separate vote on the president’s choice to lead the Department of Veterans Affairs, David Shulkin, was expected to be far less rancorous.

Like others chosen for Trump’s Cabinet, Mnuchin is a wealthy businessman.

He is a former top executive at Goldman Sachs and served as finance chairman for Trump’s presidential campaign.

As Treasury secretary, Mnuchin is expected to play a key role in Republican efforts to overhaul the nation’s tax code for the first time in three decades.

Trump has promised to unveil a proposal in the coming weeks.

Mnuchin will also be in charge of imposing economic sanctions on individuals and foreign governments, including Russia.

Senate Majority Leader Mitch McConnell, R-Ky., said Mnuchin “is smart, he’s capable and he’s got impressive private-sector experience.”

Democrats complained that Mnuchin ran a “foreclosure machine” when he headed OneWest Bank.

In 2009, Mnuchin assembled a group of investors to buy the failed IndyMac Bank, whose collapse the year before was the secondbiggest bank failure of the financial crisis. He renamed it OneWest and turned it around, selling it for a handsome profit in 2014.

“Mr. Mnuchin has made his career profiting from the misfortunes of working people,” said Sen. Debbie Stabenow, D-Mich. “One-

Treasury Secretarydesignate Steven Mnuchin testifies on Capitol Hill in Washington at his confirmation hearing before the Senate Finance Committee. The Senate is poised to confirm Mnuchin despite complaints

by Democrats that Mnuchin failed to protect thousands of homeowners from unnecessary foreclosures when he headed OneWest Bank.

(AP Photo) West was notorious for taking an especially aggressive role in foreclosing on struggling homeowners.”

Sen. Sheldon Whitehouse, D-R.I., said: “I simply cannot forgive somebody who took a look at that banking crisis and took a look at the pain that Wall Street had sent in a wave across all of America, and thought, ‘Ah, there’s a great new way to make money, foreclosing on people.’”

MARKET REPORT MONDAY, 13 FEBRUARY 2017

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

BISX ALL SHARE INDEX: CLOSE 1,906.57 | CHG 3.21 | %CHG 0.17 | YTD -31.64 | YTD% -1.63 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.48 2.72 1.60 5.83 9.75 11.00 9.11 6.90 12.01 11.00

52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 3.80 8.15 5.50 7.72 11.00 2.18 1.31 5.80 6.78 8.56 6.12 6.35 11.92 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 2.03 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 3.53 1.77 0.12 3.90 8.50 5.83 10.48 11.93 2.07 1.55 5.83 9.75 10.95 9.11 6.90 12.01 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 100.00 100.00 100.00 105.82 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.53 1.77 0.12 4.08 8.50 5.83 10.48 11.93 2.07 1.55 5.83 9.75 10.95 9.11 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.18 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

105.82 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.00 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

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

9,700 700

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 20.8 N/M N/M -136.0 14.0 13.6 23.3 108.5 20.3 19.4 19.4 18.8 11.4 11.1 23.5 19.7 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% 5.95% 0.00% 0.00% 2.21% 3.53% 3.77% 3.44% 4.11% 2.90% 3.87% 4.12% 4.10% 0.00% 3.62% 2.03% 5.33% 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

Mnuchin has said he worked hard during the financial crisis to assist homeowners with refinancing so that they could remain in their homes. He said his bank extended more than 100,000 loan modifications to borrowers.

But several Democratic senators raised examples of residents in their states who they said were not treated fairly by OneWest, including elderly homeowners and members of the military.

Democrats also complained that Mnuchin failed to disclose nearly $100 million in assets on forms he filed with the Senate Finance Committee.

Mnuchin called his failure to disclose assets an oversight. After meeting with committee staff Mnuchin amended his disclosure forms and also disclosed his position as director of Dune Capital International in the Cayman Islands, a well-known offshore tax haven.

When pressed by Democrats to explain the omissions, Mnuchin said: “I did not use a Cayman Island entity in any way to avoid taxes for myself. There was no benefit to me.”

The Treasury Department is responsible for a

wide range of activities, including advising the president on economic and financial issues. The department oversees the IRS, negotiates tax treaties with other countries, imposes economic sanctions against foreign governments and individuals, and targets the financial networks of terrorist groups and drug cartels.

The department also issues the bonds that finance the government’s deficit spending.

Republicans and Democrats praised Shulkin, who is charged with delivering on Trump’s campaign promises to fix long-standing problems at Veterans Affairs.

Shulkin, 57, a physician and former Obama administration official, has been the VA’s top health official since 2015. He secured the backing of Senate Democrats after pledging at his confirmation hearing to always protect veterans’ interests, even if it meant disagreeing at times with Trump.

He has ruled out fully privatizing the agency and says wide-scale firings of VA employees are unnecessary, describing the VA workforce as “the best in health care.”

NOTICE IN THE ESTATE of Alma M. Jorge, late of 135-07116th Avenue So., Ozone Park Queen, New York, one of the States of the United States of America, deceased.

Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and particulars of the same certified in writing to the undersigned on or before the 14th day of February A.D., 2017, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Attorney by Deed of Power of Attorney for the Executors shall have had Notice.

And Notice is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the aforementioned date.

MICHAEL A. DEAN & CO., Attorneys by Deed of Power of Attorney for the Executors Alvernia Court, 49 A Dowdeswell Street P.O. Box N-3114 Nassau, The Bahamas

THE TRIBUNE

Tuesday, February 14, 2017, PAGE 9

b o dy an d m in d

Bahamians get up to speed with CPR

H

UNDREDS of Bahamians are better equipped to help save the lives of someone around them who may be in an emergency medical situation after spending their Saturday learning key CPR techniques, in commemoration of February as Heart Month.

The Bahamas Heart Association hosted a free one-day CPR (cardiopulmonary resuscitation) course in keeping with its mandate of “Mending Hearts ... Saving Lives”.

Association members worked along with the University of the Bahamas Health and Safety Committee to guide more than 250 participants through the course.

Participants learned basic First Aid and CPR techniques, such as how to assist a choking adult or a choking child (abdominal thrusts and back blows); how to perform CPR (rescue breaths along with chest compression on infants and adults); and how to use an automated external defibrillator (AED).

Dr Erecia Hepburn, of the Bahamas Heart Association, considered the group’s first event for the year a success, noting that “We now have about 250 persons who know what to do in case someone is in need of CPR, which is important because heart disease is the number one killer in the Bahamas”.

Sessions took place at the Michael Eldon Building, University of the Bahamas, and Doctors Hospital also participated.

Heart Month activities continued last weekend with the Heart Ball, a black-tie affair at the Meliá Nassau Beach Resort, while com-

A Doctors Hospital representative participates in the CPR course at the University of the Bahamas. munity outreach events continue on Thursday, February 16, with a Health Fair held at J-Line Fitness on Shirley Street, from 10am to 4pm. On Friday, February 17, the public is encouraged to wear red and purchase a red dress pin from the Bahamas Heart Association in honour of a healthy heart.

Heart Month wraps up with a Health Walk/Run on Saturday, February 25, at Arawak Cay beginning at 6pm. Registration is $15.

The Bahamas Heart Association is the educational arm of the Sir Victor Sassoon (Bahamas) Heart Foundation. It is a civic organisation that brings awareness to heart and health issues through education. Contact the Bahamas Heart Association at 327-0806 or visit sassoonheartfoundation.org.

Dr Erecia Hepburn presents certificates of completion of the CPR course to participants.

BAMSI recruits international specialist in food biotechnology WITH over a decade of research and field work in feed biotechnology, Dr Jason Sands brings a wealth of international experience, industry exposure and technical expertise to the Bahamas Agriculture and Marine Science Institute (BAMSI).

His addition to the staff as the Chief Operating Officer (COO) of the Gladstone Road Agricultural Centre (GRAC), BAMSI said, strengthens the human capital in place and further positions the institute as an agent of change in the development of this nation’s agriculture sector.

The move is further expected to reposition GRAC as a pivotal player in the industry, supporting the BAMSI’s overall goals of increasing food and nutrition security.

“The academic, research and extension themes of BAMSI are aimed at increasing the number of farmers, helping farmers develop better methods in agriculture, also in research to improve agriculture in the Bahamas and encouraging the general public to become involved in urban agriculture,” Dr Sands said.

Dr Sands’ work in feed bio technology looks at enzymes and examines how these additives can be used to improve the utilisation of nutrients in farm animals. He spent the last five years working as a technical advisor to large feed companies across Europe and the United Kingdom that supply feed additives, advising them and their

Dr Jason Sands, BAMSI’s new COO, hopes to assist in ensuring food security for the Bahamian population.

customers on how best to apply feed additives to improve animal production.

Having worked in Europe primarily, but also across the globe, Dr Sands acknowledged that there is a big difference in the level of technology available in the Bahamas and even the work that needs to be done to increase and improve production, and implement sustainable measures in the industry.

Outlining what it will take for GRAC and the wider industry to be successful in its mission, Dr Sands said: “It requires more efficient exploitation of existing human and natural resources, increasing the level of technological inputs, and also training of younger agricultural scientists to elevate the level of agriculture output. Increasing the amount of information available to farmers, in terms of scientific and technological resources is critical.”

Ultimately, success will be found in the industry’s ability to control its resources and manage them effectively, he said.

“The challenge, and I think that it will be a great challenge, is to use the resources that we have more efficiently to make real advancements in the field.”

In his role as COO, Dr Sands is responsible for managing the activities of GRAC and ensuring its performance is consistent with BAMSI’s strategic plan.

The move is a ‘relaunch’ of sorts for GRAC, and points to the gov-

ernment’s desire to see the centre emerge as a pivotal player in agriculture – bringing locally grown produce even closer to the country’s primary population centres.

Agriculture, and the development of the Bahamian industry, has always been important to Dr Sands. As a boy in Eleuthera, he was surrounded by farmers and fresh produce. He had a keen interest in his grandparents’ farm activities and was part of a community where many families had a small plot or field.

“The fact that you could always at any time of the year find a variety of local produce, this for me was one of the real benefits of that environment where more of what we eat is grown locally and why I feel that it’s essential that we get back to that because I think that’s a much more sustainable and healthy way to live,” he said.

Having spent more than 20 years abroad, Dr Sands said it was always his goal to return to the Bahamas and get involved in the nation’s agriculture sector.

“I always kept that desire to return and to make a contribution and to help with the further development of agriculture in the Bahamas. With the establishment of BAMSI and the work that they are doing I felt that it was an excellent project that can help to further develop agriculture in the Bahamas and I wanted to be a part of that.”

PAGE 10, Tuesday, February 14, 2017

THE TRIBUNE

Evelyn Reiss, creator of The Great Word House, instructs teaching staff and administrators at Blairwood Academy.

Addressing dyslexia in the classroom T

he creator of a noted interactive teaching tool visited the Bahamas last month to introduce teachers and administrators at Blairwood Academy to her all-in-one curriculum to assist children with language-based learning disabilities.

A member of the Canadian Dyslexia Society, Evelyn Reiss created the Great Word House to be a multi-sensory curriculum based on the Orton-Gillingham approach.

Mrs Reiss has trained Blairwood teachers for more than 10 years in using the OrtonGillingham methodologies.

Orton-Gillingham is an instructional approach intended primarily for use with persons who have difficulty with reading, spelling and writing of the sort associated with dyslexia.

It is most properly understood and practiced as an approach, not a method, programme, system or technique.

Mrs Reiss met with administrators on January 27 for instruction. The following day she held a workshop for educators on phonemic awareness, ‘The Spelling Connection’ programme, as well as building literacy and writing foundations.

The premise of this programme is to catch children at an early age who may be slightly struggling and fix the problem, and also to help pre-schools who want to make sure their youngest children grasp the basics of language and remediation for children in general.

Blairwood Academy is piloting the programme at school and coming soon will be the ‘Great Word House Teacher Training and Reading Institute’.

For anyone interested in learning more about the programme, contact blairwoodacademy@gmail.com.

When it comes to heart health, do you know your numbers?

A Cleveland Clinic study shows that while 68 per cent of Americans are worried about dying from heart disease, many don’t know the basic numbers important for heart health.

The survey found most people know the numbers that are key to their financial well-being, but they are not as savvy when it comes to their health. For example, nearly half (46 per cent) of those surveyed knew their bank account balance, while just 18 per cent could state their body mass index (BMI) and only 38 per cent knew their blood pressure.

Heart disease is the No 1 cause of death in the world.

While some risk factors for heart disease are not modifiable, others such as blood pressure, cholesterol, BMI, waist circumference, glucose and weight are alterable. While many people did know the risk factors, less knew the healthy range for them. Only four in ten Americans knew a healthy

Additional survey findings include:

Doctor holding heart blood pressure reading was less than 120/80. Also, while half (52 per cent) are aware BMI is an important factor, only a quarter (23 per cent) know that a person is considered overweight with a BMI of 25 or more.

“Studies have suggested the majority of coronary

artery disease events can be prevented by addressing treatable risk factors,” said Dr Steve Nissen, chairman of Cardiovascular Medicine at Cleveland Clinic. “That means, a little knowledge regarding your ‘numbers’ could go a long way to helping keep your heart healthy and avoiding future problems.”

The survey was conducted as part of Cleveland Clinic’s “Love your Heart” consumer education campaign in celebration of Heart Month. Cleveland Clinic has been ranked the No 1 hospital in the country for cardiology and cardiac surgery for 22 years in a row by US News & World Report.

• Cholesterol confusion: Only one-fourth of people know that HDL is the “good” cholesterol. A mere 12 per cent of know they should start getting screened for cholesterol between ages 18-24. Also, most Americans think triglycerides are cholesterol, when in fact, they are a type of fat in the blood.

Only half of Americans (52 percent) know that LDL cholesterol is an important number to know to understand their risk of heart disease.

• Apple or pear? Only one-third (34 per cent) know that fat in the stomach region (an “appleshaped body”) is most dangerous for heart health. In addition, only 36 per cent knew their waist circumference was an important factor in determining heart disease risk.

• Turning to supplements: The survey also revealed many people are looking to supplements to enhance their heart health.

Nearly seven-in-10 (67 per cent) surveyed say they have taken one or more types of supplements regularly to enhance their heart health, although there is little evidence that supplements improve heart health. The most commonly taken supplements are multivitamins (46 per cent), fish oil (31 per cent) B vitamins (26 per cent), omega 3s (23 per cent) and magnesium (13 per cent).

• Diabetes disconnect: Many people don’t understand the strong connection between diabetes and heart disease. Most respondents (73 per cent) didn’t realise the leading cause of death for people with diabetes is heart disease. The most popular response (35 per cent) was kidney disease/ failure.

THE TRIBUNE

Tuesday, February 14, 2017, PAGE 11

A good night’s sleep makes for better sex for women T

By Bettyjoe Cooper

hose that have used the phrase “not now, honey, I’m too tired” to avoid sex may finally be vindicated. New research surveying more than 93,000 women has found that sexual appetite increases with better sleep.

And lower satisfaction comes from those who reported being tired. The study analysed data from women aged 50-79. The researchers, from the North American Menopause Society (NAMS), say the results show the link between sleep, increased insomnia symptoms and decreased sexual function in postmenopausal women.

Some 56 per cent of the participants reported being “somewhat” or “very satisfied” with their sexual activity. And 52 per cent reported partnered sexual activity within the last year. About a third of the group reported insomnia symptoms, known to be a factor in menopause which can lead to high blood pressure and depression.

The relationship between sleep quality, length and sexual satisfaction remained, allowing for other causes of sleep disorder.

Sleep deprivation may have led to the women’s decreased enjoyment levels of sex, but it was not

A new study has shown that sexual appetite increases in women who sleep better. found to reduce the frequency of sex with a partner.

The chronic nature of insomnia means women may continue with their daily routine, including sexual activity. But their perception

of satisfaction may dull due to lack of sleep, the researchers found.

Dr Pinkerton, the NAMS executive director, said: “There are effective treatment options to help with sleep disruption and sexual satisfaction, including hormone

therapy, which this study confirmed to be effective at menopause for symptomatic women.

Women and healthcare providers need to recognise the link between menopause symptoms and

inadequate sleep and their effects on sexual satisfaction.”

There was a variance across age groups in the relationship between sexual pleasure and sleep levels. For instance, older women that slept fewer than seven to eight hours were less likely to be sexually active compared with younger women. And women over 70 who slept fewer than five hours were 30 per cent less likely to be sexually active than those sleeping for more than seven hours.

Sleep problems can increase with age, but a University of North Carolina study found that Flibanserin (or “Viagra for women”) can stimulate libido.

Separate research found that men over 65 should consider hormone replacement therapy. A trial published in the New England Journal of Medicine found that testosterone treatments led to higher sexual function and better moods in older men with low testosterone levels.

Dim lights can create a seductive environment for many. But bright lighting may help men to perform better sexually as it can boost testosterone levels.

• Bettyjoe Cooper is a self-published author and the founder of Brand New Mattress Company, a retailer of bedding products located in Nassau.

What is the fear of failure stopping you from doing?

We are a hostage to our fears.

Whether it is the fear of rejection, humiliation or the fear of failure, fear is our most primal emotion.

Even so, we are not born fearful but fearless.

Still, you cannot access your fearlessness without first facing your fears. The accepted mantra for success is feeling the fear but forging ahead anyway.

Fear being our most primal emotion means that we are more emotionally afraid than we are physically or mentally incapable.

As a result, people do not do the ‘darn ting’ not because they cannot do it, but more because they are too afraid of failing at it. The irony here is that without failure there would be no success. The very fact that failure exists tells us that the success is on the other side of the coin. One cannot exist without the other.

The big elephant in the room is, “What are you so afraid of failing at that you are not even willing to try?”

The thing that you must understand about failure is that it is not an ending but rather a beginning.

Michelle Miller Motivationals

Michelle M Miller Everything that ever becomes successful began in the laboratory of failure.

Before we talk about some of the popular success stories of how people we know conquered fear, let’s look at babies. Remember, we are all born small and fragile, initially unable to walk, talk etcetera. One small failure after another and we learn to walk, talk and grow. Despite our smallness, we

Keke Palmer writes about a life unfiltered in her new book NEW YORK (AP) — If you’ve seen images of Keke Palmer on the red carpet in recent years, it’s clear the performer who charmed audiences as a child in “Akeelah and the Bee” and Nickelodeon’s “True Jackson, VP” has grown into a sultry star who knows who she is.

“People don’t understand.

Nickelodeon, Disney Channel — those are corporations. That is a machine and it’s a well-oiled machine. ... Not only when you work with them are you working on their show, but you’re working with their brand so you become that identity in which they want you to be,” the actress said in a recent interview. “There’s rules and regulations and so they pigeonhole you when the reality is, ain’t nobody that PG!” Palmer says after she made peace with the fact that she was growing up, she felt free to express herself. “Once I finally let go of the fear of moving past Keke Palmer ‘True Jackson, VP,’ I was able to become Keke Palmer the woman. And so when I get on those carpets, that’s who you get to see.”

It’s that kind of real talk that Palmer shares in her new book, “I Don’t Belong to You: Quiet the Noise and Find Your Voice.” She says one goal was to let readers know that just because she’s in the public eye doesn’t mean she’s perfect.

Associated Press: Why did you decide to be so honest in the book?

Palmer: I was like, ‘I don’t want to hold back,’ and not even so much because of my story but more so because I wanted people

to know the truth so they could apply it to their lives. I didn’t want to gloss anything over. I wanted them to know the truth about me, you know, so they could put themselves in my shoes and realize that just because they know me or recognized me or that I’m a celebrity to them, doesn’t mean that we’re not the same.

AP: Who has inspired you?

Palmer: Rihanna. She’s a pop icon saying how she feels. We would always see and hear people not really saying how they felt, saying what I feel like they wanted us to hear them say and I really loved her courage, her courage to say how she felt. And I remember writing that to her in her DMs (direct message), I was like, ‘Rihanna, you know, you inspire me so much with your ability to just have courage in who you are and speak your truth like, I want to be like that, you know what I mean?

I want to be able to say how I feel and I love that you do that,’ you know? And she wrote me back and I actually say that in the book. She’s like, ‘Keke, you are a light. Continue to embrace God’s anointing and you will be all that you want to be.’

AP: Season two of your show “Scream Queens” recently wrapped airing. What’s next?

Palmer: I’m also getting more into production, producing and hopefully directing. I wrote my first script two years ago. I’m working to get that done. I’m hoping to also be a conduit for others.

Queen Latifah has done so much for me. I want to be in the position of someone like her giving opportunities to other people.

keep trying without regard until we master basic human functions.

Consider that Henry Ford and Walt Disney began their success in the laboratory of failure. Ford had only a sixth-grade education, while Disney’s dream to build a theme park was initially turned down by numerous financial institutions.

Today, we revel in the success of the Ford and Disney brands.

However, neither was an overnight success.

This quality of success results from a willingness to look fear square in the eye and choosing to do it anyway. What great opportunity is waiting for you on the other side of fear?

Fear is like a massive brick wall that keeps many a prisoner. Brick walls, however, exists for one reason; they indicate how badly you really want a thing, how badly you want to succeed. Wanting it,badly enough motivates you to get a sledgehammer and knock that wall out of your way.

If you think the fear of failure produces some strong emotions you should try on the feeling of

success. It is much more freeing, influential and empowering.

This reminds me of the time I felt impelled to leave my job in the public service and go into banking. Everything that I knew told me that I wasn’t good enough to work in the bank and I would fail miserably. The fear of failing literally kept me stuck on the shore of uncertainty, even too afraid to submit my resume.

Then something hit me like Mack truck. What if I was wrong and was actually good enough to get the job? Then by not sending out my resume I wasn’t only endorsing my fear of failure, but more importantly, I was hindering my chance at success. In that moment I decided to feel the fear but do it anyway. In the end, I successfully got the job.

By knocking down that first brick wall of fear, I got a taste of success. This gave me the courage to knock down wall after wall as I moved through my banking career and transitioned into coaching/counselling.

The bottom line is that the only real fear of failure in life is the

failure to consistently try. As the great writer William Shakespeare puts it: “Our doubts are traitors, and make us lose the good we oft might win by fearing to attempt.”

Indeed, Shakespeare offers some valuable insight regarding how fear limits our unleashing of great ideas.

Leader to leader, don’t let the fear of failure hold you a prisoner.

Find your fearlessness and knock down that brick wall. By facing you fears you liberate yourself to lead a life that is fulfilling and fearless. These are the qualities for living an empowered life. Yes, you definitely can do it.

What do you think?

Please send your comments to coaching242@yahoo.com or 4296770.

• Michelle M Miller is a certified life coach, communication and leadership expert. Visit www. talktomichellemiller.com or call 1-888-620-7894; mail can be sent to PO Box CB-13060.

Keke Palmer, a cast member in the FOX series “Scream Queens,” has released her book, “I Don’t Belong to You: Quiet the Noise and Find Your Voice”.

Photo by Chris Pizzello/ Invision/AP, File

SECTION B

TUESDAY, FEBRUARY 14, 2017

Healing a

broken soul

By JEFFARAH GIBSON Tribune Features Writer jgibson@tribunemedia.net

A

uthor Nekisha Rolle is opening up about her journey of overcoming depression and heartbreak in the hopes of inspiring others to find the courage to do the same.

In her new self-help book, “Broken Wings: From Hurt to Hope”, she shares with readers her story of navigating through the fog of depression and pain by never giving up hope.

Ms Rolle, a Nassau native, has worked in the education sector as a technical officer in the Department of Education for more than 10 years. In addition to her full-time job, Ms Rolle strives to help people heal – a task she believes she was called on to do by God. This Friday she will be a featured guest at the “Love Lessons” event presented by Eve’s Journey. It will be held at the Sybil Blyden Centre, Dolphin Drive, beginning at 6.30pm.

During the seminar, Ms Rolle will discuss her new book and how she became serious about healing herself and others.

“This book was inspired by and written for anyone who is experiencing brokenness, deep hurt or a loss of self-worth.

It also centers around those who know what it means to live through the most painful experiences of their lives. I was in pain, I was broken, I battled

Bahamian author spreads awareness of depression with new book

Author Nekisha Rolle with my self-worth and I realised that this hurt pushed me into depression that escalated in me not being happy with life and wanting to end my life,” said Ms Rolle.

“The inspiration really came after watching the news broadcast on the death of famed actor Robin Williams and the report of his tragic death and his fight with depression. What stood out was when the newscaster said, ‘How can someone who brought so much joy to the others die in such a tragic way?’ This is when I wrote my story, after realising that many people are living double lives; they are hiding behind masks and need to be free. So

many people are experiencing brokenness, pain and depression and they need to be open and honest about what they are going though. Many people need not be afraid of their pain. I decided to uncover my pain and show my scars and that is why I wrote the book.

It was my way to heal and heal totally.”

Some of the topics the book covers includes “How do you deal with betrayal”; “Heartbreak and brokenness”; “When love and life go wrong – what to do”; “Dealing with depression” and “Finding the strength to conquer life”.

“Truth is, I really did not want to share my story. I wrote it as a testament of where I came from. I needed to come face-to-face with my pain. I needed to heal inside and out.

I was intentional in my healing process to become a whole person for the next season of my life. I’ve since discovered too many people are living unfulfilled lives and have allowed hurt and pain to make them bitter, helpless, angry, alone and closed in. I needed to take my power back. I published after awhile, as I was convinced that maybe someone could be healed by this book. I told my story so many others can find the courage to tell their own,”

she said.

One of the main things Ms Rolle hopes readers will take away from her book is the inspiration to find a way to free themselves from their pain.

“I hope they look at the worst of themselves or their situation, to heal after their hurt and to look deeper to forgive, work on being better, pick up themselves and be intentional in living, be intentional in loving and finding happiness for their lives. I pray that readers or those who are broken discover the strength from within to never give up on life. Everyone deserves to be happy. Everyone deserves to be free.

Everyone should have hope,” she said.

“This book was inspired by and written for anyone who is experiencing brokenness, deep hurt or a loss of selfworth.”

Mardia Powell overcomes painful loss to launch accessories company

By ALESHA CADET Tribune Features Reporter acadet@tribunemedia.net

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Jewellery and accessories by Crab Toes

fter the death of her mother, Mardia Powell found herself in a very dark place. But through art, and with the help of her friend Matthew Wildgoose, she was able to get back on her feet and find a new purpose in her life.

“One day (Matthew) mentioned a jewellery sketch I did while at the University of the Bahamas and said he always thought I would pursue jewellery design,” she told Tribune Woman.

Mr Wildgoose, a fellow artist and entertainer, challenged her to design more jewellery, which led to the start of her accessories company Crab Toes.

Honouring her late mother, Ms Powell created the “Melt by Mardia” jewellery line under the Crab Toes brand. It was inspired by her mother’s love for shell jewellery, straw bags and accessories.

“My goal is to merge the sophistication of fashion and design with elements of island style. My favourite brand is Chanel and I love its backstory that tells of such humble begin-

nings to the greatness it has come to now. My overall goal is to reach these heights and grow the brand on a wider scale internationally. I’d also like to expand into home and interior décor,” said Ms Powell.

The Crab Toes is a homebased company that currently offers not only jewellery and accessories, but also graphic Tshirts, shell embellishments and various art.

Shoppers can also find her at festivals throughout the Bahamas.

“As a business owner I’m always in work mode, even if I think up something while I’m dreaming I have to write it down. I never feel like I’m doing work. I can work hours without eating or even going to use the rest room because I’m so immersed in my work. I also love seeing the execution of my thoughts and them coming to life,” she said.

“My mom always told me that my talent is in my hands. So whether it be baking, hairstyling, sewing or building something, I’m in my element.”

Ms Powell graduated from the College of the Bahamas in 2008 and completed her Graphic Design studies at the Art

Institute of Atlanta in 2012.

She later worked as a graphic designer with Georgia Public Broadcasting and as an art teacher at the Lyford Cay International School .

“I have tremendous benefits solely on the fact that I’m a one-woman band. I am my own graphic designer so I create all my branding and the corporate identity. I cut corners by creating my own packaging, whether it be boxed packaging or custom sewn store bags, I do it all. I believe that your talent will always make room for you,” she said.

“People are blown away with the unique touch that the Crab Toes brand carries. We usually hear that our pieces are so different and that they are extremely detailed.”

Ms Powell believes this will be the year that Crab Toes will establish itself as the brand of choice for ladies jewelry and accessory wear in the Bahamas and abroad.

“We have a small vendor in Atlanta that also ships items to shoppers. Shoppers can like the Crab Toes Facebook and Instagram pages for more information. Our website will be up and running in the near future,” she said.