03032017 business

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FRIDAY, MARCH 3, 2017

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Out Island ‘uproar’ over RBC closures

By NATARIO McKENZIE Tribune Business Reporter and NEIL HARTNELL Tribune Business Editor

Spanish Wells, Bimini to lose sole commercial banks

Spanish Wells and Bimini were yesterday said to be in “uproar” over Royal Bank of Canada’s (RBC) decision to close the only commercial bank branches on their islands, with community leaders already reaching out to other institutions as potential replacements.

Robert Roberts, chief councillor for Spanish Wells, told Tribune Business that the community had effectively been blindsided by RBC’s latest Bahamian consolidation, saying the bank had given no prior warning of yesterday’s announcement.

The Canadian-owned institution, which acts as the Government’s banker, unveiled plans to close four branches, the other two being its locations at Lynden Pindling International Airport (LPIA) in Nassau and Treasure Cay. RBC told Tribune Business that all four branches will be consolidated with remaining locations, starting with the Treasure Cay branch, which will be merged with Marsh Harbour on April 7, 2017.

Closures at LPIA, Treasure Cay also announced Bank silent on job losses: Labour Dept unaware That will be followed by the LPIA branch’s consolidation with RBC’s Cable Beach operation on May 19, with the Bimini and Spanish Wells locations to be merged with Freeport and Harbour Island, respectively, on May 26 and June 23.

RBC declined to confirm how many staff will be terminated as a result of the consolidation, although sources suggested it was designed to minimise redundancies, especially at LPIA and Treasure Cay. However, given that they are on different islands, it will be far harder for RBC’s existing Bimini and Spanish Wells staff See pg b4

Concern RBC exit will drive ‘illegal banking’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The FNM’s deputy leader yesterday expressed fears that Royal Bank of Canada’s (RBC) decision to close four branches would drive more Family Island residents to use web shops and other ‘informal’ sources to conduct their banking business.

K P Turnquest told Tribune Business that he was particularly concerned about the communities of Bimini and Spanish Wells, where RBC’s impending pull-out will leave both islands without a physical commercial bank location.

RBC, studiously avoiding the word ‘closure’ in its statement on the branch closures yesterday, said the Bimini and Spanish Wells branches will be “merged” with the bank’s Freeport and Harbour Island branches, respectively, on May 26 and June 23.

This will mean that residents See pg b5

FNM deputy: Web shops likely to fill Out Island void Closures come as RBC unveils $61.56m profit Digital banking drive not attuned to ‘customer reality’

K Peter Turnquest

Govt urged: ‘Push back’ on public owner registry

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

James Smith

A former finance minister yesterday called for the Government to “push back more” on repeated US demands that the Bahamas implement a ‘public registry’ disclosing the owners of every corporate entity registered in this nation.

James Smith, also a former Central Bank governor, said it represented a “new form of economic colonialism”, and an at-

Bahamas First: Top rating more vital ‘than ever’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Bahamas First said yesterday’s affirmation of its “excellent” financial strength by the top insurance rating agency was likely the most important ranking in its recent history, due to its $80 million Hurricane Matthew payout.

Patrick Ward, the property and casualty underwriter’s chief executive, told Tribune Business that the timing of A. M. Best’s assessment was especially significant, as it provided “tangible” evidence the company was able to meet all its obligations and maintain a healthy balance sheet at the same time.

He disclosed that the 2,800 Matthew-related claims, which drove the biggest gross payout in Bahamas First’s history for a single event, were three times’ higher than its normal annual claims volume.

“I think this particular cycle of the rating is probably more important than the ones we’ve had in the most recent past,” Mr Ward said, “as it demonstrates that Bahamas First, having gone through the largest single loss event in its history, is able to maintain an A.M. Best rating of A- (Excellent) .

“This demonstrates what they’ve been saying about us in a tangible way; that we’re able to pay claims and go through a significant hurricane event without damaging the financial

A. M. Best reaffirms carrier’s financial strength Insurer: Proves we can withstand $80m payout Some premium price increases ‘inevitable’ strength of the company. I think, more than ever, this [rating] is very welcome at this particular point.”

A. M. Best said yesterday that it had reaffirmed the financial strength rating of A- (Excellent), and the long-term issuer credit rating of ‘a-’, for both Bahamas First General Insurance and its Cayman First Insurance Company affiliate.

The outlook for all credit ratings is stable, with both companies being subsidiaries of Bahamas First Holdings.

Mr Ward said the 2,800 Matthew-related claims were triple the volume normally received on an annual basis by Bahamas First General Insurance, and “double” the traditional number submitted groupwide.

“It’s particularly important for us,” he added of the rating, “because I think the insuring public wants to be reassured that the company they are placing their insurance with has the ability to See pg b5

US repeats demand in latest narcotics report Ex-minister: ‘Like form of economic colonialism’ tempt to drive the Bahamas and others into going beyond what is recognised as international regulatory standards.

The latest demand for the Bahamas to establish a public registry, listing the beneficial

owners of every corporate entity registered into this nation, was contained in the State Department’s just-published International Narcotics Control Strategy report for 2017.

“The Bahamas does not disclose in a public registry information about trusts and foundations, maintain official records of company beneficial ownership, require that company accounts be placed on public record, or require resident paying agents to tell the domestic tax authorities about payments See pg b6

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Freeport fears ‘final nail in the coffin’ via Carnival port Providers worried on ‘sudden loss of livelihood’ GB Chamber bids to discover ‘facts’ on project Tour operators fear ‘large chunk of market’ will go

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Freeport’s tourism service providers are worried that Carnival’s proposed $200 million cruise port will be “the final nail in their coffin”, the Grand Bahama Chamber of Commerce’s president has confirmed.

Mick Holding told Tribune Business that he and the Chamber were trying to find out from the Government “how far the deal” with Carnival has progressed, and the likely terms, so that it can best address its members’ concerns.

Promising that the Chamber would represent the private sector “to the best of our ability”, Mr Holding acknowledged the fears of tour and excursion providers, such as Pirates Cove principal, David Wallace, that “a large chunk of their market will disappear” with the proposed port.

“I’m trying to establish the status of that proposed project. I’m trying to get information from the Ministry of Grand Bahama as to what it’s all about,” Mr Holding told Tribune Business of the Carnival facility. “This is not the first time that has been talked of; a Carnival terminal in Grand Bahama.

“There was talk some 10 years ago of such a facility being built off Williams Town. That never came to fruition.”

That proposed port, which would have been constructed closer to Freeport and required the active involvement of the Grand Bahama Port Authority (GBPA) and its affiliates, eventually foundered because of environmental concerns.

“Because you have the reef off Williams Town, they either had to cut a hole in the reef or bring passengers ashore by launch,” Mr Holding recalled. “That was not logistically acceptable, and the proposal failed and went away.”

The Chamber president, though, was surprised when Tribune Business told him that, based on Prime Minister Perry Christie’s recent pronouncements, the See pg b4

PAGE 2, Friday, March 3, 2017

THE TRIBUNE

Top managers must delegate for success One of the supervisormanager’s main roles is to delegate tasks and assignments to other team members. Men and women in authority have often been labelled micro-managers for their constant oversight of employees to whom assignments have been given.

These leaders fail to understand the power of sharing workload, and engaging team members, in important aspects of the company’s business.

Delegating is a great way to ensure more tasks are done in less time. It is the truest measure and demonstration of teamwork in the workplace. Leaders failing to delegate assignments soon find themselves in a ‘burnt out’ state and, more sadly, they allow their departments, organisation and own personal reputations to suffer because of such inadequacies.

Delegating tasks and assignments is a skill acquired, and used effectively, by a small handful of successful leaders. There are any number of reasons given (most of them ‘cop outs’) as to why it is difficult to delegate.

Here are a few: 1. Staff incompetence: Perceptions that the team is not up to scratch in meeting the assigned task.

2. Limited time: I need to get it done and do not have the time to brief anyone.

3. Trust issues: I cannot trust anyone to perform certain tasks, as they will certainly not do it justice.

4. Insecurity issues: I have a high-level of incompetence, and need to guard the little that I know.

5. Communication issues: I have fears or issues communicating, and my team has issues understanding.

Here are a few important tips that effective leaders must consider to effectively delegate to team members: * Responsible delegators must first clearly map out what is to be delegated, and what the anticipated outcome should be.

This is not a dumping process where the leader sorts through the meaningless work to pass on to others. Rather, it is a fair and well thought-out sharing of important tasks and assignments to all members of the

team.

An assessment of team skills is naturally part of this process. Every responsible leader knows those individuals on the team with writing, speaking, negotiating and problem solving skills, and how to best leverage them for the good of the organisation. * Once you have taken the time to map out exactly what you are looking for, you need to communicate that information to your employees. Be sure to include clear information on timing, budget and context, and set expectations for communication and updates, including frequency, content and format. * One of the most common mistakes made in delegating is assuming that employees understand what you want, rather than making sure that they do.

Ensuring understanding only takes about 60 seconds, but is the most important determinant of success or failure. The leader should use multiple methods for confirming understanding, which might include a personalised memo, the general

staff briefing or a mapping sheet.

The key to ensuring the employee has understood is to keep the lines of communication open, and have the employee ask the relevant questions. * Managers often just assume that employees have accepted the tasks they have been given. The manager must always ensure the employee knows they have assumed ownership of the assignment and, as such, they are committed to the expected results and the process that has been set out (including the schedule, budget and tools).

Make sure their overall goals for the task are aligned with yours. They must also be made aware of any consequences (for the company and for themselves) that may result if they fail to deliver on the desired outcomes. * Managers must be committed to assisting team

members through the process. This requires the leader to provide the tools required for success, otherwise the assignment will be dumped by the employee.

If an employee reaches an impasse, treat it as a learning opportunity. Coach the employee through it, making sure he or she has the resources and knowledge needed to complete the task.

Accountability is key to the process of delegation. It means employees are regularly communicating with you about the status of the deliverable and the timing of delivery, so that there are no surprises at the 11th hour. A firm date must then be given, and established follow-up times set. Guard against the perception of micro-managing throughout this.

Follow these tips, and you will begin the important shift towards excellence and establishing a new corporate culture.

Ian ferguson • NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

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THE TRIBUNE

Friday, March 3, 2017, PAGE 3

Port seeks tax breaks renewal on ‘like terms’ with Hawksbill Creek The Grand Bahama Port Authority (GBPA) has finally spoken out over Freeport’s controversial new investment regime, saying it was negotiating with the Government to ensure the ‘tax breaks’ were renewed on the same terms as before.

Welcoming the month’s extension to the deadline by which its 3,500 licensees must apply for renewal of their real property tax, income and capital gains tax exemptions, the GBPA said it was committed to “removing uncertainty” and improving flagging business confidence.

The Government, on Wednesday, extended the ‘tax breaks’ application from March 6 to April 4, 2017, to give GBPA licensees more time to comply with the documents demanded under the Grand Bahama (Port Area) Investment Incentives Act 2016.

The GBPA statement said it was continuing to negotiate with the Christie administration on its licensees’ behalf, in a bid to ensure they all received renewed tax breaks on the same terms as previously enjoyed under the Hawksbill Creek Agreement.

“We are in talks with the Ministry of Grand Bahama to ensure this process achieves its objectives of extending those concessions that expired ‘in like terms’ as set out in the Hawksbill Creek Agreement,” the GBPA said, “and that licensees obtain an adequate opportunity for compliance, so the benefits of doing business in Freeport proceed uninterrupted, and licensees continue to enjoy all of the concessions which were offered under the Hawksbill Creek Agreement.”

The Act, though, makes clear that the renewal of these key tax breaks will not be on ‘like terms’ comparable to what was previously extended to licensees by right under the Hawksbill Creek Agreement.

It stipulates that the decision on whether licensees will actually receive the incentives, and their extent (value) and duration, is now at the discretion of the Investments Board and responsible minister.

The May 4, 2015, expiration of the real property tax, income and capital

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gains tax exemptions has given the Government the opportunity to bring these incentives under its control, and it has taken full advantage.

Apart from the extra bureaucracy and costs, and uncertainty over whether licensees will actually receive the incentives, key questions regarding the Act and its accompanying regulations, which have yet to be gazzetted and given fill effect, remain.

The chief concern is whether the Act ‘locks in’ all licensees to maintaining existing staffing levels for five years in return for renewal of these incentives.

It suggests that companies which fail to meet this obligation face financial penalties, including the loss of some or all of their ‘tax breaks’, and the possibility that the Government may seek to ‘claw back’ these foregone taxes retroactively.

The GBPA, though, said the month-long deadline extension will allow it to continue discussions with the Government on how to fulfill the terms of the Memorandum of Understanding (MoU) that both sides signed last year.

This included promises of a ‘one-stop shop’ to facilitate investment in Freeport, and the creation of a lasting framework for incentives.

“During this period, the Government and GBPA will be continuing our discussions regarding the ‘one-stop shop’ and framework, in accordance with the MOU and key recommendations made by the Hawksbill Creek Agreement Review Committee and McKinsey,” the GBPA said.

“All this with a view to improving the ease of doing business in Freeport, and to remove uncertainty and boost confidence in new and existing licencees.”

Praising the decision to extend the incentives application deadline to April 4, the GBPA said: “We welcome this news, particularly in light of the hardships being experienced by the people of Grand Bahama in the aftermath of the hurricane.”

BAMSI to take over at Gladstone Road ‘this month’

By NATARIO McKENZIE

nmckenzie@tribunemedia.net

But BAIC to remain in charge of feed mill

The Bahamas Agriculture and Marine Science Institute (BAMSI) is expected to take over management of the Gladstone Road Agricultural Centre (GRAC) “some time this month”, officials confirmed yesterday, with the facility to take on a new development model.

In a statement, BAMSI said: “Some time this month, the Bahamas Agriculture & Marine Science Institute will take over the

management of GRAC, as the Government will view the Centre in the future as an extension of BAMSI’s work in Andros.”

It added: “The manufacture of feed by the feed mill is now the responsibility of the Bahamas Agricultural & Industrial Corporation (BAIC).

“While the mill is located on the same site as GRAC, the responsibility for its operation is that of BAIC.

Tribune Business Reporter

Doctor payment cuts to make NHI ‘affordable’ National Health Insurance will be “made affordable” by cutting compensation paid to doctors and other healthcare providers by up to 70 per cent, the Bahamas Insurance Association (BIA) said yesterday.

In a statement headlined ‘NHI is about cutting medical fees’, the BIA said this was the only way that the NHI scheme could fit within the $100 million primary care phase budget.

Reaffirming its support for universal health coverage (UHC), the BIA said there was a “correlation” between the cost of healthcare and health insurance premiums.

“Based on the proposed fee schedule (which has been reported to be 70 per cent less than current rates), it is apparent that reductions in payments to doctors and other healthcare providers is the primary means by which NHI is to be made affordable to the Government,” the Association said.

“We continue to follow with keen interest the NHI reimbursement rates that will be agreed upon between the NHI Authority and various healthcare providers. It is our expectation that the determination of reasonable and customary charges by private health insurers will be guided by these agreed rates.

“Consequently, the sacrifices and concessions made in relation to fees by healthcare providers within the NHI framework will have to be transposed into the private sector if we are to achieve the desired outcome of increased access to quali-

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ty and affordable healthcare for all.”

The BIA said the impact of lower doctor compensation rates, and healthcare costs, via NHI would result in a narrowing of the gap between private and public health insurance premiums.

The BIA is of the view that dual and distinct fee schedules for the NHI scheme and private health insurance sector are unsustainable, unless private patients receive vastly superior service to those served via NHI,” it explained.

Under BAMSI, GRAC will take on a new development model which will reflect research, training and extension. There will also be an Urban Agriculture Centre.”

BAMSI reported last month that Dr Jason Sands would assume the role of chief operating officer at the Gladstone Road Agricultural Centre (GRAC).

Bahamian farmers speaking to Tribune Business this week blamed a “bad feed batch” from the Gladstone Road Agriculture Centre (GRAC) for recent pig deaths, with one telling Tribune Business he

had lost close to 50 pigs and more than $35,000 as a result.

Sources say that 40 adult hogs and scores of suckling pigs at the Gladstone Road Agricultural Centre (GRAC) piggery have died within the past two months as a result.

The BAIC Feed Mill has been shut down for nearly three weeks, intensifying the economic hardship experienced by farmers last year, as they have to purchase feed at retail prices from local distributors, essentially paying double the cost for half the amount.

“As we do not imagine such differentiated service justifying a significant fee disparity, it is anticipated that there will be a convergence between the fee schedule negotiated and agreed with the NHI Authority and the corresponding reimbursement rates in the private sector.

“In the final analysis, the cost of private health insurance in future will be affected by the reduction in healthcare providers’ fees, which is ultimately negotiated by the Government, as this cost is the primary driver of private health insurance premiums.”

The BIA said the full impact of NHI’s primary care phase launch will be felt over

the medium to long-term.

“The BIA concurs with the chief executive of Doctors Hospital that early detection is one of the benefits under primary care for certain services,” the Association added.

“This is why the private health insurance sector has promoted, and continues to promot,e preventative care.

If Doctors Hospital will be participating in the primary care phase of NHI at the proposed reduced rates, this will be a boost to the NHI scheme and will help drive down insurance premiums in the private sector as insurance companies’ reimbursement rates fall concurrently.”

PAGE 4, Friday, March 3, 2017

Freeport fears ‘final nail in the coffin’ via Carnival port From pg B1 east Grand Bahama port project was much further advanced.

Mr Christie has said publicly, both in the House of Assembly and at PLP rallies, that the signing of the cruise port agreement between the Government and Carnival is imminent.

Last Friday, he told his party’s candidates ratification rally that his administration was working out the final details prior to the signing with Carnival, something the Government will likely be eager to conclude ahead of the upcoming general election.

“I didn’t realise it was as

close as that,” Mr Holding replied when this information was relayed to him by Tribune Business. “I understood there were environmental issues out at that proposed location.

“I believe, but it has not been confirmed, that environmental studies were being carried out before it goes any further.”

Mr Wallace earlier this week told Tribune Business that the cruise port will be “the kiss of death” for himself and other Bahamian entrepreneurs, with the project threatening to suck away 90 per cent of his customer base.

Suggesting that he and his fellow all-Bahamian in-

Out Island ‘uproar’ over RBC closures From pg B1 to transition to their new locations, likely making some job losses inevitable.

One source familiar with RBC, speaking on condition of anonymity, suggested that based on the small size of the branches involved, redundancies were likely to number in the ‘low double digits’ around 20-30.

Robert Farquharson, the director of labour, told Tribune Business his office had not received any infor-

mation regarding lay-offs at the bank.

“We haven’t heard of any lay-offs there in recent times. Royal Bank is an excellent corporate citizen. If they had any plans to lay-off staff they would have come to us and notified us, and ensure that they were complying with all the rules and regulations,” Mr Farquharson said.

RBC’s move will likely cause immense frustration and inconvenience for Spanish Wells and Bimini

MERINA FINANCIAL CORP. Company No. 1733490 (in voluntary liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that MERINA FINANCIAL CORP. is in voluntary liquidation. The voluntary liquidation commenced on the 17th February, 2017 and DR. BERNHARD LORENZ at Landstrasse 33, 9490 Vaduz, Principality of Liechtenstein has been appointed as Sole Liquidator.

Dated this 17th day of February 2017 Dr. Bernhard Lorenz Voluntary Liquidator

THE TRIBUNE

vestors, who have invested more than $1 million to create Pirate’s Cove, would be left to “wither and die” by the new port, Mr Wallace estimated that hundreds of jobs - and thousands of dependents - would have their livelihoods put at risk.

He estimated that 200 taxi drivers, and at least 400-500 employees in businesses ranging from tour operators, excursion providers, straw vendors to Port Lucaya retailers may be impacted, and urged the Christie administration to “rethink and reconsider” the Carnival project at the 11th hour.

Mr Holding confirmed that the three business categories becoming increasingly concerned over the proposed Carnival project were the retailers at Port Lucaya and by Freeport

Harbour; the taxi drivers; and the tour operators and attraction/excursion providers, all of whom rely heavily on cruise passengers for a huge percentage of their business.

The Chamber president told Tribune Business that the tour operators and destination providers, in particular, “feel a large chunk of their market will disappear if Carnival goes out east, and provides a lot of those services in their own enclave”.

Mr Wallace previously that with the Carnival port located an hour to one-anda-half hour’s drive from Freeport, there would be little to no incentive for passengers to visit the city as they will have to spend three hours out of an eighthour stay in port on the road - an assessment backed by

Mr Holding.

“These are the concerns of our members and the people here; that they’re suddenly going to lose their livelihoods,” he added.

“Couple that with the closure of Memories and that sort of thing, and it’s just another nail in the coffin for those people.”

Mr Holding said the lack of communication with, and involvement of, the private sector with the Carnival project was again contributing to business concerns due to the information vacuum.

“We’re left to guess what’s going on as rather than being informed what’s going on,” he added.

“These are the concerns expressed to me at a meeting last Sunday. We intend to find out the facts and see what resolutions there

are. The Chamber will represent the interests of its members to the best of our ability.”

Mr Holding said the way forward would depend on “how far this deal has gone”, and the nature of the terms and provisions involved.

Mr Christie and his government have said the agreement with Carnival provides for retail, restaurant and tour/excursion activities at the new cruise port to be owned and operated by Bahamians.

However, with no deal finalised, and its contents yet to be disclosed to the public, it is impossible to determine whether the agreement will be beneficial to Bahamians - both from an employment and entrepreneurial perspective.

residents, who will now have to leave their island - and incur extra cost and time - if they need to visit a physical commercial bank branch.

“This is not sitting well over here,” Mr Roberts said of his fellow residents.

“This was done with no consultation with the Spanish Wells community. What are businesses supposed to do? Travel with money to Harbour Island?

“That’s inviting all kinds of problems. How are the elderly going to cash their National Insurance cheques. This has caused an uproar.”

Mr Roberts added: “Roy-

al Bank has been here, I’m told, for more than 50 years. We have been banking with them for more than 50 years, and they just pick up and leave.

“I can tell you they were getting a good deal of traffic in that bank, and with the businesses we have here, this is just unbelievable. I really don’t know what’s behind the decision, but no one spoke to us, and the impact this is going to have can’t really even be explained.

“I have had people come to me and say maybe we should just walk in and demand our money. There has been no full-time manager

here, and all of the commercial accounts are handled out of Nassau. They have been trending this way for some time. I can tell you that we have already reached out to another bank so we can get them to come down for a visit and we’ll see what happens.”

And one Bimini resident, speaking to Tribune Business after RBC announced the impending closure of that island’s branch, said: “Please tell me someone has thought this out and there will be a new bank in Bimini, with sufficient time for businesses to open an account.”

K P Turnquest, the FNM’s deputy leader, told Tribune Business that the loss of their sole commercial banking branch could be devastating for Family Island communities such as Spanish Wells and Bimini.

Apart from making them more isolated, he said it would impede and complicate their ability to access the local and international financial system, and undermine the ability of companies to conduct business and trade.

Describing RBC’s move as “a disaster”, Mr Turnquest said: “We’re regressing in the Family Islands under the PLP, and that’s regrettable.”

Mr Turnquest said some businesses would also find

it difficult to complete payroll, while workers may have nowhere to deposit their earnings and keep them safe without a bank being present.

He warned that the absence of any commercial bank presence may deter foreign direct investment (FDI) from going to those locations, expressing particular surprise that RBC would pull-out of Bimini, given the significant economic activity and high employment rates generated by the Resorts World Bimini development.

Ultimately, Mr Turnquest said the absence of banking services threatened to de-populate Family Island communities, sending increasing numbers of residents to Nassau in search of work.

“It’s going to make it very much harder to do business for local communities and the private sector, and very difficult to acquire credit,” he added.

“It’s much more difficult to attract investment to those destinations. There’s no easy way to do business.

It’s inconvenience and frustration for residents and businesses. It may cause an exodus of residents and businesses, not to mention the jobs that will be lost as well.”

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

TIMBERLAND HOLDINGS LIMITED .

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000, as follows: a) TIMBERLAND HOLDINGS LIMITED is in dissolution under the provisions of the International Business Companies Act, 2000. b) The dissolution of the said Company commenced on 28th February 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. c) The Liquidator of the said Company is Amicorp Bahamas Management Limited whose address is: Bahamas Financial Centre, 2nd floor Shirley & Charlotte Streets, Nassau N.P., The Bahamas.

Amicorp Bahamas Management Limited

NOTICE

NOTICE is hereby given that ALTON FRANCOIS of Rocky Pines, Gladston Rd., Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 3rd day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE WILSON VISTAS INC. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, WILSON VISTAS INC. is in dissolution as of February 27, 2017 International Liquidator Services Inc. situated at 3rd Floor Whitfield Tower, 4792 Coney Drive, Belize City, Belize is the Liquidator.

LIQUIDATOR ______________________ Dolomia Holdings Limited Company No. 653060 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that Dolomia Holdings Limited is in voluntary liquidation. The voluntary liquidation commenced on 27th February, 2017 and MARCEL MINGER of Wengistrasse 1, 8026 Zürich, Switzerland has been appointed as the Sole Liquidator.

Dated this 27th day of February, 2017 Sgd. MARCEL MINGER Voluntary Liquidator

THE TRIBUNE

Friday, March 3, 2017, PAGE 5

Concern RBC exit will drive ‘illegal banking’ From pg B1 of these now-’unbanked’ communities will have to leave their islands if they need to access a physical branch location, forcing them to incur extra cost, time and inconvenience.

Mr Turnquest warned that many residents may turn to the web shops, and ‘underground’ financial providers, to enable them to conduct their financial business and fill the void left by RBC. “It gives space for conducting illegal banking by the web shops,” Mr Turnquest told Tribune Business.

This was one of the primary reasons why the Government was so eager to legalise, regulate and tax the web shop industry, as the sector had effectively created a ‘parallel’ financial system through the provision of mortgage loans and other credit, while also acting as money transmission outlets.

RBC did its best yesterday to sent out an upbeat message over the branch closures, describing them as part of a reworking of its business model that will place more emphasis on electronic banking services and delivery.

Emphasising that physical locations were “a critical part of our strategy”, RBC told Tribune Business in response to this newspaper’s questions: “We have been looking at our branch

footprint across the northern Caribbean to ensure we are positioned to effectively serve our clients now and in the future.

“We aim to make the branch part of a larger, integrated advice and service delivery model in the Bahamas.”

However, several sources suggested that the branch closures were part of a continued “cost cutting” strategy, as RBC sought to deliver greater profits and returns for its Canadian parent from a Bahamian economy yet to recover fully from the recession.

To achieve this, they said the bank - the main Bahamas-based provider of commercial banking services to the Government - is eliminating its more peripheral, less profitable branches as it searches for ways to cut overhead.

Many Bahamians, though, will likely be surprised - even outraged - by RBC’s latest consolidation, especially given that its 2016 financial statements revealed that net profits increased by 11.4 per cent to $61.558 million year-overyear.

That represents a more than $6 million increase over the prior year’s $55.253 million, with $26.742 million in dividends paid out to its Canadian shareholder.

However, one director of a Bahamian commercial bank, speaking on condition of anonymity, said the key was not RBC’s 2016

Bahamas First: Top rating more vital ‘than ever’ From pg B1 trade going forward, especially given that we are in a difficult trading environment.

Mr Ward told Tribune Business that “there’s some challenging headwinds around us” both in the Bahamas and globally, some of which were referred to by A. M. Best in its analysis, such as the saturated Bahamian insurance market and high level of competition.

“The ratings of Bahamas First reflect its supportive risk-adjusted capitalisation, continued favourable operating performance and leadership position in the Bahamian property and casualty insurance market,” A. M. Best said.

“These factors are supported by Bahamas First’s local market expertise and comprehensive catastrophe reinsurance programme.

Partially offsetting these positive rating factors are Bahamas First’s geographic concentration of risk and its dependence on reinsurance as a result of its exposure to catastrophic wind events in the Caribbean.

“Additionally, competition within the Bahamian insurance market is strong, and A. M. Best remains concerned regarding the continuing weak macroeconomic conditions in the Bahamas.”

Mr Ward added: “All the companies in the Bahamas and the Caribbean region have to make sure they are coming up with operational strategies that put them in

position to continue trading on a profitable basis, and to be around for the longterm.”

The Bahamas First chief added that Hurricane Matthew’s collective payout, estimated at $400 million, would prompt reinsurers to chare Bahamian underwriters higher premiums to help claw back 2016’s losses.

While this would translate into “some increases” for the premium prices paid

by Bahamian homeowners and businesses, Mr Ward said it might not lead to rises across the board.

He explained that premium rates would increase in the areas hit hardest by Matthew, while those less severely impacted would see a modest rise - if at all.

“It’s inevitable there’s going to be some increases,

bottom line by itself, but the rate of return that represented as a percentage of its assets.

They pointed out that Commonwealth Bank’s 2016 net income was almost as high as RBC’s, standing at $57.4 million, yet this was achieved on an asset base that is two-thirds the size of its Canadian-owned counterpart.

RBC and other Bahamas-based commercial banks have been trying to drive Bahamians more to electronic and digital banking channels, such as the Internet and mobile apps, in a bid to eliminate long queues at their branches.

The bank’s statement yesterday indicated its expectation that such delivery platforms will compensate for the branch closures, but Mr Turnquest told Tribune Business this objective did “not face the reality of our customer base”.

“The reality is that if you’re only making a couple of hundred dollars a week, doing business online is simply not feasible,” he said. “If you get paid weekly on a Friday, you’re going into get the cheque cashed that same day to pay your bills.”

Mr Turnquest, himself an RBC customer, said previous branch consolidations, especially the amalgamation of FINCO locations with RBC ones, had already impacted the bank’s efficiency and customer service levels.

“Anybody who has to deal with RBC in Freeport will recognise it is a very congested bank where it is not uncommon to wait in and the insurers that had claims are seeing some movement on their premium,” Mr Ward told Tribune Business.

A. M Best added of Bahamas First’s Cayman First affiliate: “The ratings of Cayman First recognise its solid overall results and stronger capitalisation, as well as management’s expertise and knowledge of the Cayman market.

“Continued improvement in the performance of the company’s health segment has also enhanced overall earnings. Like its affiliate, Bahamas First, these rating factors are also supported by strong reinsurance protection from catastrophe losses.

“Partially offsetting these positive rating factors are the geographic concentration of its operations in the Cayman Islands, and its reliance on reinsurance to protect its earnings and surplus.”

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line for an hour to an hourand-a-half,” he added.

Mr Turnquest said RBC’s latest closures, which are focused mainly on smaller Family Island communities, carried echoes of Scotiabank’s 2015 consolidation, which saw the closures of branches in North Eleuthera and Long Island.

“The fact of the matter is that the Government has taken very lightly these closures, which have been occurring over the last five years, and done nothing to encourage these institutions to remain,” he told Tribune Business.

“We need to start asking the question in terms of these consolidations. Are they cost-cutting measures, or are they indications of an exit strategy? It seems they’ve been on this consolidation trend for a while, both RBC and Scotiabank.

One has to ask the question.”

Tribune Business was told that RBC announced the branch closures to staff via an e-mail on Wednesday night, after hurriedly briefing government ministers and officials on its move late that afternoon.

“The communication

they sent out deals with creating more of an electronic banking platform, increasing electronic banking and talking about their new app, and reduced need for branches,” one source familiar with RBC and its operations said.

“It’s also part of cost cutting as they try to grow the revenue side of the business; it’s all part of the same overall strategy of managing costs. If they’re able to provide electronic banking to offer service, they’re hoping that will offset some of the impact of the change.”

The source, though, acknowledged that the branch closures “will be disruptive for sure”, especially in Spanish Wells and Bimini, where there are no other banks. The island locations will also make it difficult for RBC staff to move, too.

RBC told Tribune Business that its branches remain “the foundation” for multiple ways that it will now deliver products and services to clients, including “leveraging digital channels, ATMs, private banking, a specialised/mobile sales force and business/ corporate banking relationship managers that work to-

gether with the branch”.

The bank also pledged that there would be “a smooth, uninterrupted transfer” of customer accounts to their new branches.

Nathaniel Beneby, RBC’s managing director for the Bahamas and northern Caribbean, said in a statement: “We are expanding the ways that clients can interact with RBC in the Bahamas. Our strategy is designed to allow us to be closer to our clients - essentially being where they are, any time and anywhere.”

He added: “Change is both exciting and challenging, especially when people within our teams will be impacted. In keeping with our values, we remain committed to treating all employees with fairness and respect during this transition, and will work with them to ensure that they are supported throughout the process.

“I am excited about the bold steps we are taking to reimagine our bank, and I am confident that we will continue to be the bank our employees want, our clients deserve, and our communities expect.”

PAGE 6, Friday, March 3, 2017

Govt urged: ‘Push back’ on public owner registry From pg B1 to non-residents,” the US report said.

“It should ensure beneficial ownership information of all entities licensed in its offshore financial centre is available upon the request of law enforcement authorities and kept up to date.”

The report has repeated this for several years, and Mr Smith said the tactic was reminiscent of the Organisation for Economic Co-Operation and Development (OECD), which “by repeating something often enough makes you almost believe you’ve got to change

your policy”.

Pointing out that the Bahamas had complied with all the OECD’s tax transparency and information exchange standards to-date, Mr Smith suggested that the US ought to push for a public beneficial ownership registry to become the global standard before seeking to impose it on this nation and others.

There has, though, been some pressure in the UK and elsewhere for the creation of such registries, which has been resisted by the Bahamas’ international financial centre (IFC) rivals

who are Crown dependencies.

Mr Smith added that a public beneficial ownership registry “doesn’t add anything” in terms of being a regulatory and crimefighting tool, as there were multiple avenues for foreign countries to obtain this information via the Bahamian supervisory agencies and the court system.

“They continue to keep pressing this thing on us and other developing countries as if we have limitless wealth and capacity,” Mr Smith told Tribune Business, suggesting that the US help to finance such a ‘public registry’ given this nation’s fiscal woes.

“It’s kind of a new form of economic colonialism,”

he added. “I wish the Government would push back more on this. It could be trouble down the road.”

Meanwhile, noting the Bahamas’ efforts to regulate the web shop industry, the US report said this nation needed to “ensure full implementation of appropriate [anti-money laundering] safeguards and provide additional STR (suspicious transaction reporting) training”.

It added that “greater emphasis should be placed on enforcement and effective implementation” of the Bahamas’ anti-money laundering regime, adding that it was impossible to assess its effectiveness given that no data on prosecutions and convictions had been provided.

THE TRIBUNE Calling on the Government’s National AntiMoney Laundering (AML) Task Force “to engender an anti-money laundering compliance culture in the Bahamas”, the US State Department document added: “The Bahamas should further enhance its AML regime by criminalising bulk cash smuggling; continuing implementation of the National Strategy on the Prevention of Money Laundering; establishing a currency transaction reporting system; and implementing a system to collect and analyse information on the cross-border transportation of currency.”

Without providing supporting evidence, the US report concluded: “Drug traffickers and other crimi-

nal organisations take advantage of the large number of IBCs and offshore banks registered in the Bahamas to launder money, despite customer due diligence and transaction reporting requirements.

“The major sources of laundered proceeds are drug trafficking, firearms trafficking, gaming and human smuggling. There is a black market for smuggled cigarettes and guns.

“Money laundering trends include the purchase of real estate, large vehicles, boats, and jewellery, as well as the processing of money through a complex web of legitimate businesses and IBCs registered in the offshore financial sector.”

EMPLOYMENT OPPORTUNITY IT TECHNICIAN Job Summary We are looking for an IT Technician who has a thorough knowledge of computer software and hardware and a variety of internet applications, networks and operating systems. The ideal candidate will also have great troubleshooting abilities and attention to detail. The right individual must be able to train users of the systems.

Duties and Responsibilities: • Setup workstations with computers and necessary peripheral devices (routers, printers, etc) • Be familiar with all hardware and software • Be familiar with network operating system • Install and configure appropriate software and functions

according to specifications • Check computer hardware (mouse, keyboard) to ensure functionality • Provide orientation to new users of existing technology • Provide individual training and support on request • Troubleshoot technology issues • Provide network access to all users • Make recommendations about purchase of technology resources • Maintain records/logs of repairs and maintenance schedule

a restaurant posts a sign indicating they are hiring, in Miami. The Labor Department says unemployment claims dropped by 19,000 from 242,000 the previous week, Thursday, March 2, 2017, to the lowest level since March 1973 when President Richard Nixon was in the White House. The less volatile four-week average fell by 6,250 to 234,250, lowest since April 1973. (AP Photo)

US jobless claims drop to lowest level since 1973

Position Requirements: • Proven experience as IT Technician • Excellent diagnostic and problem solving skills • Excellent communication ability • Organizational and time management skills • Certification as IT Technician will be an advantage

WASHINGTON (AP) — Just 223,000 Americans applied for unemployment benefits last week, fewest in nearly 44 years.

THE NUMBERS: The Labor Department says unemployment claims dropped by 19,000 from 242,000 the previous week

Competitive salary and benefits package are commensurate with experience.

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

MARKET REPORT THURSDAY, 2 MARCH 2017

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

BISX ALL SHARE INDEX: CLOSE 1,915.33 | CHG 0.07 | %CHG 0.00 | YTD -22.88 | YTD% -1.18 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 15.27 2.72 1.60 5.83 9.75 11.00 9.25 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 6.60 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 1.47 1.67 1.57 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 3.54 1.77 0.12 4.50 8.50 5.83 10.48 11.86 2.10 1.55 5.83 9.75 10.95 9.25 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 100.00 100.00 100.00 105.22 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 5.83 10.48 11.86 2.15 1.55 5.83 9.75 10.95 9.25 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.05 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

105.02 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.20 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 215

VOLUME

NAV 2.03 3.92 1.94 168.44 141.76 1.47 1.64 1.56 1.04 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 -150.0 14.0 13.6 23.3 107.8 21.1 19.4 19.4 18.8 11.4 11.3 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% 0.40% 4.04% -1.76% 1.06% -0.34% 2.70% -0.95% 1.55% 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 31-Jan-2017 31-Jan-2017 31-Jan-2017 31-Jan-2017 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% 5.93% 0.00% 0.00% 2.00% 3.53% 3.77% 3.44% 4.13% 2.79% 3.87% 4.12% 4.10% 0.00% 3.57% 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

to the lowest level since March 1973 when Richard Nixon was president. The four-week average, which is less volatile, fell by 6,250 to 234,250, lowest since April 1973.

Overall, 2.07 million Americans are collecting unemployment benefits, down more than 7 percent from a year ago.

THE TAKEAWAY: Unemployment claims are a proxy for layoffs. They have come in below 300,000 a week for two straight years, the longest such streak since 1970. The low level of claims suggests that employers are confident enough in the economy to be holding on to staff. “Businesses are finding it ever-harder to re-

cruit, so the bar for letting people go has risen,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a research note.

KEY DRIVERS: The U.S. job market is solid.

Employers added a healthy 227,000 jobs in January.

The unemployment rate is 4.8 percent, close to what economists consider full employment.

The Labor Department will release the February jobs report next week.

Economists surveyed by the data firm FactSet forecast that the economy generated 175,000 jobs in February and that the unemployment rate slipped to 4.7 percent.

NO T I C E MARTIN MARITIME LTD. ____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 16TH day of February, 2017.

Delano Aranha Liquidator of MARTIN MARITIME LTD. N O T I C E ANDRE MARITIME LTD. ____________________________________ Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 16TH day of February, 2017.

Delano Aranha Liquidator of ANDRE MARITIME LTD.

THE TRIBUNE

Friday, March 3, 2017, PAGE 7

Stocks falter as dollar marches higher on Fed rate hike talk LONDON (AP) — European stock markets traded in narrow ranges Thursday as the momentum stemming from Wall Street’s barnstorming run faded. However, the dollar remained in the ascendant as investors priced in a growing likelihood of another U.S. rate hike this month.

KEEPING SCORE: In Europe, Germany’s DAX was steady at 12,072 while the CAC 40 in France was up 0.2 percent at 4,970.

Britain’s FTSE 100 was 0.1 percent higher at 7,377.

U.S. stocks were poised for modest declines at the open with Dow futures and the broader S&P 500 futures down 0.1 percent.

WALL STREET HIGHS: The Dow Jones industrial average surpassed 21,000 points for the first time on Wednesday in what was the biggest gain for the blue chip index so far this year. Optimism over corporate tax cuts, deregulation and other business-friendly policy proposals reiterated by President Donald Trump during a speech before Congress helped fuel the rally. The Dow jumped 1.5 percent to 21,115.55.

The S&P 500 index gained 1.4 percent, to 2,395.96 in its biggest single-day gain.

The Nasdaq composite index also added 1.4 percent, to 5,904.03.

FED IN FOCUS: Many market participants say the market outlook, particularly on Wall Street, will hinge on upcoming U.S. economic data and their impact on expectations over when the Federal Reserve will next raise interest rates. A number of officials are set to speak over the coming couple of days before they go into so-called purdah mode ahead of their next policy meeting in the middle of March.

ANALYST TAKE: “A day after their biggest daily gains of the year so far, U.S. equity indices are heading for an unchanged open on Thursday as investors await more commentary from the Fed ahead of its blackout period,” said Craig Erlam, senior market analyst at OANDA. “With rate hike expectations now above 70 percent for March, the job of the remaining officials should be straightforward if keeping March on the table is in fact their aim.”

CURRENCIES: Mounting speculation that the Fed will raise interest rates again later this month has helped push the dollar higher. The euro was down 0.3 percent at $1.0515 while the dollar rose 0.6 percent to 114.38 yen.

ENERGY: U.S. crude fell 84 cents to $52.99 a barrel in electronic trading on the New York Mercantile Exchange while Brent crude, used to price international oils, was down 79 cents to $55.57 a barrel.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DIEULA JACQUES of Talbot Ave., Nassau Village, New Providence, Bahamas, mother of ChrIStInA JACQUES intend to change my child’s name to ChrIStInA FErnAnDES. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, MARIA KEMP aka TERESA KEMP, MARIA THERESA KEMP, MARIA-THERESA KEMP of 401 Carmichael Road, P.O. Box SP-62597, New Providence, Bahamas, intend to change my name to MARIA-THERESA ETHELDREA KEMP. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that SYLVANIE VILBRUN of Carmichael Road, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that DR. LORNE HOWARD CHARLES of #56 Nautica Seaview Drive, West Bay Street, P.O. Box SP60063, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 24th day of February, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

EMPLOYMENT OPPORTUNITY

OPERATIONS COORDINATOR

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

Job Summary

Provides administrative support to the Assistant General Manager and Business Process Manager along with all departments that fall under the umbrella of the Operations Department.

• • • • •

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

Assist with the day to day responsibilities of the Business Process Manager’s office.

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

Assist with the coordination of Messenger service for all departments.

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

Experience in the hotel industry will be a plus.

Competitive salary and benefits package are commensurate with experience.

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

PAGE 8, Friday, March 3, 2017

THE TRIBUNE

The bump isn’t just Trump: What’s driving the stock rally

trader Richard Cohen wears a “Dow 21,000” cap as he works on the floor of the New York Stock Exchange.

Excitement that President Donald Trump will drive business-friendly policies is only one of the reasons behind the stock market’s recent surge.

The economy is getting stronger, and so are corporate profits.

(AP Photo)

NEW YORK (AP) — The stock market is hitting new heights, and yes, excitement about President Trump's policies is part of the reason for it. But it's not the only one, analysts say.

Even if Donald Trump had lost the election, many professional investors and analysts say they still would have expected stocks to rise, just perhaps not to the same degree. The Standard & Poor's index has leapt 11.3 percent since Election Day, packing more gains into four months than it's had in four of the last six full years. It dipped a bit Thursday, but it's still close to its record set a day earlier.

Here's a look at some of the factors behind the strong run for stocks: — The Trump bump.

The first reaction for markets to Trump's win of the White House was confusion. Many investors had been expecting a victory for Hillary Clinton, and markets around the world tumbled on election night as the result became apparent.

But they reversed course

within hours. The reason: Investors are expecting the Trump White House to push through tax cuts for businesses and to loosen regulations on them.

Lower tax bills for companies should lead to an immediate rise in earnings, and stock prices tend to track profits over the long term. Easier regulations should also help businesses, the thinking goes, particularly big banks and other financials that have been under restrictions imposed following the financial crisis.

Financial stocks have been the best-performing sector by far of the 11 that make up the S&P 500 since the election. Besides the hope for looser regulations, analysts are also excited about the prospect for bigger profits given recent gains in interest rates, which will make lending money more profitable.

— The economy is getting better.

Growth has been frustratingly slow since the end of the Great Recession, but the job market is picking up

steam. The unemployment rate in January was 4.8 percent, and economists see the economy as close to full employment. A report on Thursday showed that the fewest number of workers applied for unemployment benefits last week since Richard Nixon was in the White House.

Improvement was underway before Trump entered the White House, but his election has spurred things along. Optimism among small businesses, for example, spiked higher after the election and is now at its highest level since 2004, according to surveys from the National Federation of Independent Business.

Confidence also jumped for regular households following the election, and consumer confidence is at its highest level since the summer of 2001. If that translates into more purchases at stores and elsewhere, it should drive even more economic growth.

Other economies around the world are also improving, raising expectations for profits of big U.S. companies, which do a lot of their

business overseas.

— Higher confidence all around.

Confidence has spread even to regular investors.

After years of hiding out in bonds and other safer investments, retail investors began creeping back into stock mutual funds and exchange-traded funds following the election. Investors plugged $20.7 billion into U.S. stock funds in November, the biggest month in nearly two years. They've followed that up with more purchases. That buying has helped to bid up stocks even more.

— Corporate profits are getting better.

Big businesses are finally

earning bigger profits again.

Earnings per share for companies in the S&P 500 were nearly 6 percent higher last quarter than a year earlier, with nearly all of the companies reporting, according to S&P Global Market Intelligence. It's a sharp turnaround from a year ago, when low oil prices and other factors were pulling down profits for S&P 500 companies. Profit growth was particularly strong for technology and financial companies. Microsoft's earnings rose on stronger sales of business software, for example, and investment banks reported a strong quarter for their trading operations.

But just as each of these pillars has helped to lift stocks in recent months, a

Fed board member Powell says March rate hike possible WASHINGTON (AP) – A Federal Reserve board member on Thursday added his voice to a growing group of Fed officials who are indicating that they may raise rates in March.

Fed board member Jerome Powell said in a CNBC interview that he believed the Fed was close to achieving its targets on full employment and 2 percent inflation.

"I think the case for a rate increase in March has come together, and I do think it is

on the table for discussion," he said.

Powell's comments were the latest in a series of remarks from Fed officials this week that have raised the possibility the Fed will hike rates at its March 14-15 meeting. Fed Chair Janet Yellen is scheduled to speak on the economic outlook on Friday and she could at that time decide to send a strong signal that a rate hike was coming.

On Tuesday, William Dudley, the president of the Fed's New York regional

bank and a close Yellen ally, said that the case for raising rates "has become a lot more compelling." And on Wednesday night, Fed board member Lael Brainard, one of the leading voices arguing in the past to delay hikes, said she believed the case for another hike was strengthening.

"Assuming continued progress, it will likely be appropriate soon to remove additional accommodation" by raising rates, Brainard said in a speech at Harvard University. "We are closing

in on full employment, inflation is moving gradually toward our target, foreign growth is on more solid footing and risks to the outlook are as close to balanced as they have been in some time."

Powell made similar points in his interview Thursday, saying, "I think we are as close to our mandates as we have been in a very long time."

The Fed boosted its key policy rate by a quarterpoint to a new range of 0.5 percent to 0.75 percent at its

December meeting and indicated it expected to raise rates three times in 2017, which would be a pick-up from the one-hike-per-year pace of the past two years.

Asked if the Fed might boost rates at a faster clip, possible raising four times in 2017, Powell said that he still felt that three rate hikes in 2017 "still feels about right to me" although he said the actual pace would depend on what the economy does.

Until recently, financial markets had put a low

weakening of any of them could remove some support. If tax cuts come later than expected, or if they end up being only minor ones, it could mean a drop for stocks.

Critics also worry that that stock prices have run up at a time when they were already looking overpriced relative to their earnings.

One popular way to measure whether the stock market is expensive or not is to compare the S&P 500's level against its earnings over the prior 10 years, adjusted for inflation. By that measure, which was popularized by Nobel-winning economist Robert Shiller, the S&P 500 is close to its most expensive level since the dot-com bubble was deflating in 2002. probability on a March rate hike, believing that Fed officials would want to see the size of President Donald Trump's economic stimulus program and would prefer to wait until June when more was known about Trump's plans and the chances that Congress will adopt the program of tax cuts and increased spending on the military and infrastructure projects.

The CME Group, which tracks investor sentiment on Fed rate hikes, now puts the probability of a March hike at 75 percent, up from around 20 percent a few weeks ago.