03082017 business

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WEDNESDAY, MARCH 8, 2017

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Scotia profits up 266% through ‘bad loan’ sale

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The New Providence Landfill pictured smoldering after the blaze that threatened thousands of homes. Photo/Shawn Hanna

Landfill fire expert in Bahamas financier bid

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A world-renowned engineering and fire control specialist is part of a group being formed by a Bahamian financier to bid on taking over the New Providence landfill’s management, Tribune Business can reveal.

Kenwood Kerr, Providence Advisors chief executive, is working with Dr Tony Sperling, a Canadabased engineer whose biography says he has prepared 250 landfill closure plans, as he moves to put together a consortium that would address the Bahamian facility’s multiple needs.

Dr Sperling’s biography suggests he possesses the credentials necessary to tackle landfill blazes such as the one that occurred this

Providence chief’s group assesses 4-5 managers Wanting to partner with Bahamian waste providers

AG: ‘Highly unlikely’ Baha Mar open now through Chapter 11

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Attorney General yesterday argued that the likelihood of Baha Mar still being closed if Sarkis Izmirlian’s Chapter 11 bankruptcy proceedings had been allowed to play out was “very very high”.

Speaking outside a Cabinet meeting, Allyson Maynard Gibson again hit back at the original developer’s criticisms over the Government’s intervention in the Baha Mar dispute.

Mrs Maynard Gibson argued that the Government’s actions had been vindicated, after it success-

Refutes concerns over project’s ownership Says CTFE not invest $200m if no intent to own fully petitioned the Supreme Court to place Baha Mar in provisional liquidation, instead of letting the developer’s Chapter 11 bankruptcy protection play out in the Delaware court.

“The vast majority of Bahamians are happy to see that project opened and See pg b4

Bahamas squandered ‘modernised’ landfill

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas squandered the modern landfill operation provided 18 years ago by an Inter-American Development Bank (IDB) project through poor execution and management, a waste services provider writes today.

Ginny McKinney, principal of Wastenot, says in an See pg b3

Scotiabank (Bahamas) yesterday said it had gained $7 million from the sale of non-performing mortgage loans, which helped to drive a 266 per cent increase in 2016 profits.

The Bahamas-based commercial bank, in e-mailed responses to Tribune Business questions, said the removal of these ‘bad loans’ from its balance sheet accounted for 92 per cent of the year-over-year reduction in non-performing credit.

It added that it was “making strong progress” in tackling the ‘bad credit’ legacy created by the 2008-2009 recession, with “performing loans” increasing by $31 million or 3 per cent year-over-year in 2016.

“Scotiabank is making strong pro-

New Providence site enhanced by $33m IDB project Left with ‘fully equipped’ landfill’ and use ‘blueprint’ But benefits lost by poor management, execution

Sees ‘strong progress’; performing loans up $31m But still outsourcing back office to Trinidad gress in addressing non-performing loans,” the bank said in its e-mailed response to Tribune Business.

“During the year, the bank sold several non-performing loans, which are included in this [loan loss impairment] line, as well as the subsequent impact of avoidance of additional losses due to these sales.”

Noting the positive financial im-

pact, Scotiabank (Bahamas) added: “The sales accounted for 92 per cent of the reduction in our non-performing loans, and resulted in gains of approximately $7 million.

“Performing loans have increased year-over-year by $31 million or 3 per cent. A number of rate-driven campaigns have also contributed to the bank’s growth.”

The removal of non-performing loans from its books drove a 55.3 per cent reduction in Scotiabank’s loan loss impairment charges in 2016, which fell from $41.502 million the year before to $18.569 million.

With income and operating expenses relatively flat year-over-year, the near-$23 million drop in loan loss provisioning resulting from the ‘bad mortgage loans’ sale was almost solely responsible for Scotiabank (Bahamas) See pg b5

Chamber urges end to landfill ‘blame game’

By NATARIO McKENZIE

Tribune Business Reporter

WRDG group has comprehensive plan of its own weekend, which has driven Jubilee Gardens residents out of their homes for a week, and forced numerous businesses nearby to either close to operate with reduced staff and hours due to the potential health and environmental hazards.

Dr Sperling, the president of Sperling Hansen See pg b4

Mortgage offload 92% of non-performing credit drop

and NEIL HARTNELL Tribune Business Editor

Gowon Bowe

Chamber of Commerce executives yesterday called for “the blame game” over the New Providence landfill to end, and revealed they plan to “accelerate” recommendations to the Government following the ongoing fire.

Debbie Deal, head of

the Chamber’s energy and environment division, told Tribune Business the private sector organisation intended to propose a separate “cradle to grave” mechanism for the separation and collection of companies’ hazardous waste.

Ms Deal said the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) had first developed this idea two See pg b5

‘Cradle to grave’ hazardous waste solution offered Aims to ‘accelerate’ proposals to Govt after blaze Former manager had ‘sustainability’ issues

PAGE 2, Wednesday, March 8, 2017

THE TRIBUNE

A missed opportunity for true landfill reform

By Ginny Mckinney Wastenot

Past Around 1992, Stantec, a Canadian engineering group, was employed by the Inter-American Development Bank (IDB) to carry out a comprehensive study of our garbage collection practices and the condition of the various landfills within the Bahamas.

Upon completing this study, they were then charged with designing a modern, fully-engineered landfill for New Providence, and some simpler landfills for the major populated islands, namely Andros, Abaco, Eleuthera and Grand Bahama. They also gave detailed guidance as to how we should conduct our future garbage management, strongly advising that the Bahamas focus on the recycling of plastics, metals, glass, cardboard and paper, plus the diversion of tyres, construction-related waste (C&D) and scrap metal from the landfill. The composting of green waste was also recommended, but Stantec’s call for waste-toenergy was not considered at the time.

The financial agreement

A waste services provider disclosed in a 2016 paper, presented to the Chamber of Commerce, how Bahamians have been let down by the failure of successive governments to fully capitalise on previous New Providence landfill upgrades. Tribune Business publishes it today to show the road that led to this weekend’s inferno was for the IDB to put in around $26 million, with the Government investing $9million to carry out Stantec’s infrastructure recommendations. This ultimately led to the Solid Waste Management project that began in 1999, involving a $23.5 million IDB loan and $10 million contribution from the Government.

The following infrastructure was completed: A new office complex for the Department of Environmental Health Services (DEHS) on Farrington Road and, at the New Providence landfill facility, a fully-equipped machine shop for maintenance of all the landfill’s machinery.

There was an administrative building for the accounting staff and landfill managers, plus a hazardous waste building with associated laboratory space, and

a building that was to have housed fire-fighting equipment and, possibly, educational or more office spaces.

Weighbridges were installed along with a weighhouse for issuing tickets, plus a diesel pumping station. A dedicated landfill compacting machine was also purchased, while the landfill was prepared to eventually allow for six lined landfill cells (of which only one was completed).

A full leachate control system was installed, including piping for Cell One, and a pumping station and a leachate pond for holding the excess leachate.

When Stantec finally left we were in possession of a fully-prepared and equipped sanitary landfill, with a comprehensive blueprint on how to use it. On the other islands, the plans were in place for their land-

The New Providence landfill still smouldering yesterday. fills, but it was quite a few years before these were put out to bid and executed.

Present So what is left of the infrastructure and detailed blueprint that Stantec left?

Cell One, the only lined cell, is now full to capacity and, in fact, looms well over its suggested top out-height.

Fortunately, the ‘gabon’

Photo/Shawn Hanna/Tribune Staff

system of venting was followed right up until its closure, and this is the only cell not to have caught on fire.

The leachate system for Cell One, though, is crushed and useless. Leachate gathers around the bottom of Cell One, and is added to by the overflow of sewage from the adjacent sewerage ponds when it rains. No other cells were ever lined.

In the face of recurring fires, emergency management meant garbage was placed in unlined Cells never to be removed, and the Cells then lined.

All the administration, hazmat and repair buildings still exist but, over time, were never fully utilised, particularly the hazardous waste building. In the case of the machine shop, many components have disappeared. The dedicated landfill compactor stood idle most of the time, as DEHS personnel cited problems with garbage packing under the cowling around the tyres.

In the 16-plus years since the landfill infrastructure was finished, formal recycling was never implemented by the DEHS. The only recycling being done on the landfill was by the independent pickers, who would work the open face of the landfill (where the daily tipping was happening), recycling mainly metals, beer bottles and gently-used items that could be re-used.

Private entities, such as like Cans for Kids, raised funds for children through aluminium can recycling.

Bahamas Waste recycled cooking oil into a fuel and cardboard for export. Tyres and shipping pallets were segregated by DEHS but, around 2009 (at which point they covered over 10 acres), they were consumed by fire and this scenario has been repeated about three more times since.

Solutions Bahamian waste companies have been presenting Integrated Waste Management Proposals for the island of New Providence (which includes the management of the landfill), separately and collectively, for more than 20 years.

More comprehensive solutions have been offered over the past eight years.

From the first Request for Proposal (RFP) sent out by BEC in 2008 to the present day, the industry has responded with well thoughtout, professionally advised and engineered, proposals, but we have never received an invitation from the Government to even discuss them until now.

We presented, at the re-

quest of the Minister of the Environment, another green waste collection and processing proposal for the NP landfill in 2015 (we had proposed the year before as well). I have personally been proposing green waste collection and processing for 25 years.

The previous landfill manager When Renew Bahamas won the bid to manage the New Providence landfill, we assumed they were being held to the same criteria as the Bahamian companies.

These criteria included full remediation of the existing landfill within a defined timeline, recycling, security, fencing of the whole property, fire prevention, overall landfill management, new scales, all the machinery necessary to run the landfill and taking on all the existing DEHS personnel. This was all to be done without subsidies from the Government.

We have never seen [Renew Bahamas] contract. We do know their business plan hinged on their ability to sell reclaimed material at a certain price. We know that the Government gave them $20 per tonne, which at 90 tonnes per day, seven days per week, four weeks per month, was quite a hefty subsidy. This is in addition to the Government subsidising the fire fighting activities (including purchase of fill), and the security and - possibly - the rental of the compacting equipment.

Future There are items in the landfill that need to be diverted by being collected separately, the biggest component being green waste and food waste. .

We have approximately 200,000 car tyres discarded every year (in better economic times, even more are generated). Each tyre has already paid a disposal fee to the Government at the point of entry.

Around 2009, a Bahamian coalition of tyre vendors made a bid to the Government to process them. In 2010, we were finally given 25 cents per tyre, but had to discontinue because that fee was not sufficient to sustain our operation. We have bid twice more on the tyre recycling at the request of the Minister of the Environment. We are asking for $3 out of the $5 collected for passenger tyres, in order to process them to a shred/ crumb. The crumb will be a good additive to road paving.

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THE TRIBUNE

Govt officials ‘engaged in corruption with impunity’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Bahamian government officials “engaged in corrupt practices with impunity” as a result of inadequate enforcement, the US government has alleged.

The assertion in the US State Department’s 2016 Human Rights report is likely to enrage the Christie administration, especially since the claim is not backed up by any hard evidence or specific examples.

“The law provides criminal penalties for corruption by officials,” the US government report said of the Bahamas. “However, the Government did not implement the law effectively, and officials engaged in corrupt practices with impunity. There were frequent reports of government corruption during the year.”

Many public officials are likely to be unhappy that the US has categorise them all in such ‘broad brush’ terms, but there is a widespread perception in the private sector that ‘favours’ must be given in order to

US report slams Bahamas procurement process 2016 saw first conviction under 27 year-old Bribe Act obtain the necessary permits and approvals.

The US also returned to the attack on the Bahamas’ government procurement processes, a frequent target in its annual Investment Climate report.

“The procurement process was particularly susceptible to corruption, as it is opaque, contains no requirement to engage in open public tenders, and does not allow review of award decisions,” the State Department’s Human Rights report said.

It also noted that last year’s prosecution, and conviction, of former BEC Board member, Freddie Solomon Ramsey, relating to bribes paid by a foreign company, Alstom, to win a generation contract repre-

Bahamas squandered ‘modernised’ landfill From pg B1 article published on Page 2B today that the frequent fires at the New Providence landfill, which this weekend forced numerous Bahamian families to evacuate their homes, could have been prevented had this nation followed the “blueprint” it was given.

She writes that the $33.5 million IDB-financed solid waste management project, of which $10 million came from Bahamian taxpayers, saw a Canadian engineering firm design “a modern, fully-engineered landfill” for New Providence.

That company, Stantec, also provided “detailed guidance” on how the Bahamas needed to manage its waste and garbage, providing advice on recycling and the diversion of other waste streams, such as tyres and green waste, away from the New Providence landfill.

Stantec’s work also resulted in the construction of numerous modern facilities at the Tonique Williams Highway site, including “a fully equipped machine shop for maintenance of all the machinery, and also a hazardous waste building with associated lab space, and a building that was to have housed fire fighting equipment”.

“When Stantec finally left, we were in possession of a fully prepared and equipped sanitary landfill, with a comprehensive blueprint on how to use it,” Ms McKinney said in a paper that was submitted to the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) last year.

“A dedicated landfill compacting machine was also purchased, [and there was] the preparation of all the land to allow eventually for six lined landfill cells (of which only one was completed). A full leachate control system was installed, including piping for Cell One, and a pumping station and a leachate pond for holding the excess leachate.”

Ms McKinney implied that inadequate implementation and oversight, together with a lack of focused attention and resources from successive governments, both FNM and PLP, had squandered the Stantec benefits and brought the landfill and surrounding Bahamian communities to their current woes.

“So what is left of the infrastructure and detailed blueprint that Stantec left?” she asked. “Cell One, the only lined cell, is now full to capacity and, in fact, looms well over its suggested top out height. Fortunately, the ‘gabon’ system of venting was followed right up until its closure, and this is the only Cell not to have caught

on fire.”

“The leachate system for Cell One is crushed and useless; leachate gathers around the bottom of Cell One.... No other Cells were ever lined, as in the face of recurring fires, emergency management meant garbage was placed in unlined Cells never to be removed, and the Cells then lined.”

Ms McKinney said the hazardous waste and repair buildings remain but “were never fully utilised”, while many machine shop components had disappeared.

“The dedicated landfill compactor stood idle most of the time as the DEHS (Department of Environmental Health Services) personnel cited problems with garbage packing under the cowling around the tyres,” she added.

“In the 16-plus years since the landfill infrastructure was finished, formal recycling was never implemented by the DEHS; the only recycling being done on the landfill was by the independent pickers who would work the open face of the landfill (where the daily tipping was happening) recycling mainly metals, beer bottles and gently used items that could be reused.”

Tribune Business has re-

sented the first such success in 27 years.

“In May, a former state energy company Board member was convicted under the Prevention of Bribery Act, the first significant case brought under the act since 1989,” the US report said.

“In July, he was sentenced to pay a fine of $14,000 and to make a payment of $221,000, equal to the amount of the bribe, within nine months to the electric company. The court determined that the non-custodial sentence was appropriate due to his ill health.”

When it came to working practices, the report said Haitian and other migrant workers were vulnerable to exploitation by employers who forced them to ‘work off’ the cost of their work permits.

“The government did not always effectively enforce applicable law,” the US said. “Although the Ministry of Labour and National Insurance received no reports of forced labour during the year, local nongovernmental organisations (NGOs) noted that exploit-

ed workers often did not report their circumstances to government officials due to fear of deportation and lack of education about available resources. There was no information on the adequacy of resources, inspections and remediation.”

It added: “Undocumented migrants were vulnerable to forced labour, especially in domestic servitude and in the agriculture sector.

“There were reports that non-citizen labourers, often of Haitian origin, were vulnerable to forced labour and suffered abuses at the hands of their employers, who were responsible for endorsing their work permits on an annual basis.

“Specifically, local sources indicated that employers reportedly obtained $1,000 work permits for non-citizen employees and then required them to ‘work off’ the permit fee over the course of their employment or otherwise risk losing the permit and their ability to work legally within the country.”

ported the numerous landfill management proposals that were made to the current government and former Ingraham administration. However, none were acted on until the Christie administration concluded its 2014 agreement with Renew Bahamas, a company that was 60 per cent foreign-owned.

Renew Bahamas was chosen as landfill manager despite the Government never putting the contract out to public bid via a formal Request for Proposal (RFP), which would have allowed all interested par-

ties to compete on a ‘level playing field’, knowing the criteria they had to meet.

Renew Bahamas, as exclusively revealed by Tribune Business last October, pulled-out of its landfill management contract in Hurricane Matthew’s wake, citing security and other concerns.

The Government, though, interpreted it as Renew Bahamas using the storm as cover for its exit, given that the company had been seeking to re-negotiate the financial terms of its management contract due to consistent, heavy losses.

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

Wednesday, March 8, 2017, PAGE 3

Minister seeks proof over livestock deaths

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet minister yesterday said samples of animal feed, which Bahamian farmers believe is responsible for hundreds of livestock deaths, have been sent off for testing.

V. Alfred Gray, minister of agriculture and marine resources Minister, said that while he does not agree with the farmers’ argument, tests would determine conclusively the cause of recent pig deaths.

“I’m not sure why the farmers would conclude that it is the cause of the pig deaths. We have taken some of the feed and sent it off for testing,” the Minister said.

“We are awaiting the conclusion of the test. I think that’s a reasonable position because we don’t want to agree with them until we have determined conclusively whether that batch of food was, in fact, contaminated as they claim.”

One farmer, speaking with Tribune Business last week, claimed he had lost close to 50 pigs and more than $35,000 as a result of a ‘bad batch of feed’.

Mr Gray acknowledged that several animals at the Gladstone Road Agriculture Centre (GRAC) have also died in recent weeks.

“That batch of feed that

V Alfred Gray they claim was contaminated is finished. They have a new shipment. The feed mill is up and running; we have a new shipment of food. We have a nutritionist on-site but what we don’t have is a sufficient testing facility to test for poison and the rest of it,” Mr Gray said.

“Several animals have died in Exuma and at Gladstone Road. It may be something in the air. The Exuma pigs did, too, eat our food. It may be something airborne but we don’t know, so I need to have the results of the tests. We are not in the business of speculating. I want to have conclusive evidence that I could rely on.”

Mr Gray said once the test results are completed, they will be made public. “We sent samples to be tested and, once testing concludes, if contamination is there we will make that public as well,” he added.

PAGE 4, Wednesday, March 8, 2017

Landfill fire expert in Bahamas financier bid From pg B1 Associates, a “full service” landfill engineering firm, is said to have a decade’s worth of experience in landfill fire control, together with prevention, fire safety audit, reclamation and emergency planning capabilities.“Dr Sperling has been responsible for fire extinguishments and reclamation at the Delta Shake and Shingle Landfill in Vancouver, the Campbell Mountain Landfill in Penticton, and the Hesperia Landfill in Vernon,” his biography states.

“He has prepared fire response plans for Weyerhaeuser’s China Creek Landfill in Port Alberni, Tolko Forest Products Louis Landfill in Barriere, and the city of Vancouver Landfill in Delta.”

Apart from the fire fighting and remediation aspects, Mr Kerr and his

AG: ‘Highly unlikely’ Baha Mar open now through Chapter 11

group are also speaking to experienced landfill operators to potentially become part of their consortium as the New Providence landfill’s manager.

“They’re screening and looking at some four to five landfill operators in the US, Canada and Mexico to be part of the consortium,” one source familiar with the Kerr group’s plans, speaking on condition of anonymity, told this newspaper.

Tribune Business understands that Mr Kerr is proposing to include Bahamian waste services providers, including the 10-strong Waste Resources Development Group (WRDG) members, in his group as part of a comprehensive solution that would bring all key stakeholders on board.

However, it is unclear whether WRDG and its members will join Mr Kerr’s consortium or inFrom pg B1

operational. If it was still in Delaware, the likelihood that it would be closed is very, very high,” said Mrs Maynard Gibson.

“Bahamians are happy that the Government brought the matter to the

THE TRIBUNE

stead seek to move forward with their own offer to the Government.

WRDG, whose members include Wastenot, Impac, United Sanitation and BISX-listed Bahamas Waste, are understood to have submitted a comprehensive landfill management plan of their own to the Government.

The group’s activities, Tribune Business was told, will be guided by international engineering studies on the volume, and composition, of waste in the New Providence landfill should their offer gain acceptance from the Christie administration.

WRDG’s plan, sources said, will be heavily focused on recycling and separating different waste streams, with all green and wood waste, plus materials that can be recycled, diverted away from the landfill site itself.

The consortium is also promising to keep all current Department of Environmental Health Services (DEHS) workers currently

employed at the landfill, after the Government was forced to take back operational control when Renew Bahamas pulled-out of its management contract last October following Hurricane Matthew.

Besides master planning the Tonique Williams Highway site, WRDG is also pledging to conduct the necessary fire remediation and suppression, and invest in the equipment necessary. It is also promising to enhance security, through improved fencing, cameras and security personnel, in a bid to prevent the arson suspected of causing numerous fires.

However, Tribune Business sources said trust continues to be an issue between both the Government and the Bahamian consortium when it comes to the landfill and its management.

The Christie administration is said to still be sceptical as to whether the Bahamian group has the necessary technical and financial capacity to manage

the New Providence landfill, something that appears to contradict its ‘Believe in Bahamians’ mantra - especially since Renew Bahamas, a foreign-led operator, failed to prove a long-term, viable solution.

“The Government doesn’t want anyone to come in there and leave,” said one source, speaking on condition of anonymity, suggesting that the Christie administration is still haunted by Renew Bahamas’ pull-out.

But WRDG, for its part, is also especially hesitant to invest large sums of money upfront without some guarantee that it will gain the landfill management contract, especially since the Government has frequently ignored its proposals or pushed it aside in the past.

“WRDG has simply been agitating, trying to get a Letter of Intent (LOI) from the Government, so they have the necessary assurance to go out for financing,” one source close to the group said.

“No one wants to put

money in, only to find they get stabbed in the back, as happened before with Renew, so the members are very leery. But a lot of people are interested in investing.

With both the imminent Baha Mar opening and general election intensifying pressure on the Government to resolve the landfill’s woes, Tribune Business was told that all parties involved - itself and potential operators - appeared to be “going in different directions”.

“Everyone thinks they know what needs to be done,” the source added.

Meanwhile, the landfill’s fire-enforced closure has left waste collection providers “overwhelmed with garbage”, and forced to store it on their properties with nowhere to put it.

“There are thousands of tonnes of waste going into the landfill every day, and it’s building up. The garbage collectors don’t have the capacity; their places are full and they have nowhere to put it,” one contact told Tribune Business.

Bahamas, where our courts are quite capable of dealing with it. From the information filed in Delaware, there were no plans or money to the proposals of the then-developer of Baha Mar, Mr Izmirlian.

“Employees have been

compensated, the Bahamian contractors have been compensated, contractors have been engaged on the site, employees have been re-employed and new ones employed.”

Mrs Maynard-Gibson also took on concerns over

Baha Mar’s sale to Chow Tai Fook Enterprises (CTFE) not having closed, pointing out that the Hong Kong-based conglomerate would not be investing $200 million of its own money in pre-opening activities in something it did not plan to own.

CTFE previously confirmed that the deal to purchase Baha Mar’s resort assets from the China Export-Import Bank will not close until China Construction America (CCA), the project’s contractor, completes the development’s physical construction. That means the deal’s completion is unlikely to occur until the 2017 year-end.

Mr Izmirlian recently broke several months of silence by hitting at the “uncertainty” surrounding the multi-billion dollar resort’s opening, which was further exacerbated last week

by Rosewood revealing its 200-room property will only open in Spring 2018.

Mr Izmirlian and his BMD Holdings vehicle said Rosewood’s disclo-

sure, which came in an official company release, was “a huge walk back” from the “rose-coloured statements” made by Baha Mar’s new owner regarding the property’s opening.

“The misleading, and often illogical statements now being made about progress at Baha Mar, and its opening, have made Baha Mar into a Potemkin hotel; that is, using this stillincomplete property to deceive others into thinking the situation is better than it is,” Mr Izmirlian and BMD argued.

The Government, in a lengthy rebuttal to Mr Izmirlian’s assertions, claimed its actions had effectively saved the beleaguered resort.

Baha Mar’s casino, casino hotel, convention centre and golf course are slated to open in April, with 1,500 jobs expected to be created. This number will grow to 5,000 when the resort is fully opened.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, GARCIA WILBERFORCE of Nina Crest, Marathon Subdivision, New Providence, Bahamas,P.O. Box SS-19334, intend to change my name to BERTRAM FRITZGERALD MORLEY. 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 NOBEL BULK TRANSPORT 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 27th day of February, 2017.

Delano Aranha Liquidator of NOBEL BULK TRANSPORT LTD. NOTICE CLEOPATRA TRADING 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 27th day of February, 2017.

Delano Aranha Liquidator of CLEOPATRA TRADING LTD.

THE TRIBUNE

Wednesday, March 8, 2017, PAGE 5

Scotia profits up 266% through ‘bad loan’ sale From pg B1 more than tripling its bottom line.

The bank’s net income jumped from just $8.407 million in 2015 to $30.776 million, a result it will use to justify its strategy of selling-off non-performing mortgages for which there were slim recovery prospects.

Scotiabank (Bahamas) did not identify the purchaser of its non-performing mortgage loans, but it is likely to have been Gateway Financial, the company owned by Sunshine Holdings entities, Sunshine Finance and RoyalStar As-

surance.

Sir Franklyn Wilson, Sunshine Holdings’ chairman, confirmed to Tribune Business last August that Gateway had acquired a portfolio of “several hundred” delinquent home loans, all more than 90 days past due, from a then-unnamed commercial bank.

He added that Gateway’s efforts to subsequently restructure these loans had already proven “very effective”, and would allow many borrowers to remain in their homes on terms better aligned with their financial circumstances.

Entities such as Gateway

Chamber urges end to landfill ‘blame game’ From pg B1 years ago, following a meeting and site tour with thenlandfill manager, Renew Bahamas.

“About two years ago we went to Renew Bahamas and did a tour of the site,” she recalled.

“We understood that there were a number of reasons for the fires. One of the reasons was the fact that too much hazardous and toxic material is being simply thrown into the trash. They were finding things like flares at the landfill, batteries, electronics and other things that should never make it to the landfill.”

Ms Deal said these findings influenced the Chamber’s energy and environment committee to start working on a solution to divert these potentially dangerous, incendiary materials from the Tonique Williams Highway-based site.

“Right now we are working on a proposal which is not quite complete,” she said. “We are hoping to set up a separate waste collection, and a ‘cradle to grave’ acceptance, of hazardous materials from companies; a proper collection and waste management facility for them.”

Ms Deal explained that the Chamber is proposing a mechanism were hazardous waste and material would be collected, and disposed of, separately from other waste forms.

It is also exploring potential processes where consumers would be able to return certain materials to the original vendor, once their life was exhausted, where they could be collected and taken to the landfill.

This would relieve ordinary Bahamians of the burden of having to dispose of them themselves.

“Most battery and tyre companies already do recycling of those types of materials,” Ms Deal said.

“People need to be more conscious of how they dispose of their waste.”

Ms Deal also called for an end to the political ‘finger pointing’ over the landfill’s woes, while adding that communities such as Jubilee Gardens and Victoria Gardens should never have been built so close to the facility.

“People really have to stop the blame game and just look at what we can do to help,” she said. “It’s a sad thing that that subdivision was even built so close to the landfill.”

Gowon Bowe, the Chamber’s chairman, confirmed that the private sector body had been working with both Renew Bahamas and the Ministry of Environment in a bid to foster a “Tripartite relationship” towards resolving the landfill’s many problems.

“Subsequent to the termination of Renew’s contract, we have been seeking to be part of the process the Government is going through in terms of the way forward for management of the landfill,” Mr Bowe told Tribune Business.

“We understand the critical components, not only

have been viewed as part of the solution to the Bahamas’ entrenched mortgage/ housing market crisis, as they can reduce the pile of ‘bad loans’ weighing down commercial bank balance sheets.

Selling such distressed loans enables commercial banks to recover some of their previous provisioning, and releases capital for lending to better-qualified home purchasers.

The Central Bank’s report on December 2016 economic developments revealed that total non-performing Bahamian mortgage loans declined in value by $150.6 million or 28.9 per cent in 2016, due largely to the transaction between Scotiabank and Gateway.

But, despite its improved profitability, Scotiabank

(Bahamas) confirmed it also remains in consolidation mode, as it seeks - like its many commercial bank counterparts - to extract further efficiencies and reduced costs in a low growth environment.

While not providing a figure for how many Bahamian jobs may ultimately be shed, Scotiabank (Bahamas) said it was still transferring back office functions, including its collections units, to its Caribbean south services hub in Trinidad.

Promising that it would seek to move affected employees into other roles within the bank, Scotiabank (Bahamas) said: “The bank is in the process of transitioning certain back office support functions and its collections units

into the Caribbean South Shared Services hub.

“It is difficult to say exactly how many people will be affected as the bank works diligently to fill upcoming positions with affected individuals “Some positions will be left in these units in order to perform services in support of collateral administration, insurance and processing activities, site visits, client field calls, and other on-the-ground activities.”

Explaining the rationale for its continued consolidation, the bank added: “This change is consistent with the bank’s strategy of being better organised to serve our customers while reducing structural costs.

“Also, the bank will improve quality of support, achieving a consistently

high customer experience level, and will increase efficiencies with a quick adaptability to market changes and changes in process to better serve the customer.”

Scotiabank (Bahamas) added that the Central Bank’s 0.5 percentage point interest rate cut just before Christmas 2016 would temporarily narrow interest margins, as deposit rates would take longer to adjust than their loan counterparts.

“The reduction in Prime will have a significant impact on the bank’s overall net interest margins. While deposits rates will not be impacted, loan rates have been reduced for clients with variable rate loan facilities,” it added.

as it relates to waste management and the tipping of waste, but how the landfill impacts the Baha Mar development and other businesses in the vicinity, who are affected by closures.

“We have a series of recommendations we’d like to be making to them [the Government].

They’ve been discussed and vetted in the working group, and the proposals will be accelerated given the challenges we are now experiencing.”

Mr Bowe said the Chamber was now seeking to “reenergise the relationship” formed with the Ministry of the Environment when Renew Bahamas was still managing the landfill, as it seeks to actively assist with both the designing and implementation of solutions to the site’s problems.

Renew Bahamas walked away from its New Providence landfill management contract in the immediate aftermath of Hurricane Matthew, citing security and safety concerns amid the absence of electricity supply, and a spate of thefts and shootings.

It had previously been seeking to renegotiate its management contract and associated financial terms with the Christie administration, having revealed to Tribune Business it had been incurring continuous, heavy losses.

The Government subsequently indicated that Renew Bahamas had used Hurricane Matthew as an excuse to pull-out, having realised that its business model - which depended

almost exclusively on the sale and export of materials recycled from the landfill - was not viable or sustainable.

Mr Bowe said the Chamber had been seeking to mediate, and assist the Government and Renew Bahamas, in resolving their respective concerns.

“It went down to the sustainability of the revenues from the tipping fees; that was a major element in terms of what the tipping fee should be versus what was charged, and the financial commitments of the

Government versus Renew,” he told Tribune Business.

“There were operational issues being worked through in terms of how each party’s financial obligations worked; there were financial sustainability issues.”

Mr Bowe emphasised that the Chamber was willing to work in partnership with the Government to find a lasting solution to the landfill’s problems.

“The effective management of the landfill is in everyone’s interests, from

a health as well as an economic perspective, and we will do our part to support that,” he added.

“The management of the site is of great importance because of the potential for environmental implications, and it’s very close to a major tourism environment, so we’re looking to take care of it as best we can.

“There are a number of businesses in the vicinity that were impacted and had to close because of the fumes causing health hazards for employees.”

call 502-2394 to advertise today!

INVITATION TO BID FOR REINSTATEMENT OF DAMAGES CAUSED BY HURRICANE MATTHEW TO THE LIGHTHOUSE YACHT CLUB & MARINA AT FRESH CREEK ANDROS ISLAND, BAHAMAS The Hotel Corporation of The Bahamas (“The Corporation”) invites bids for the reinstatement of damages caused by Hurricane Matthew to the Lighthouse Yacht Club at and Marina at Fresh Creek Andros Island, Bahamas Prospective bidders are invited to collect an outline of SCOPE OF WORKS FOR THE REINSTATEMENT OF DAMAGES CAUSED BY HURRICANE MATTHEW TO THE LIGHTHOUSE YACHT CLUB & MARINA AT FRESH CREEK ANDROS ISLAND, BAHAMAS at the undersigned address.

Bids must be submitted in sealed envelopes marked “BID FOR REINSTATEMENT OF DAMAGES TO THE LIGHTHOUSE YACHT CLUB AND MARINA” and addressed to the undersigned to arrive between the hours of 9:00 a.m. and 5:00 p.m., Monday to Friday, and no later than 10:00 a.m. Tuesday April 4, 2017, when all bids would be opened in the presence of all bidders wishing to attend.

The Board reserves the right to reject any or all bids.

Corporate Secretary The Hotel Corporation of The Bahamas 3rd Floor British American House (formerly Euro Canadian Centre) Marlborough Street Nassau, Bahamas

PAGE 6, Wednesday, March 8, 2017

THE TRIBUNE

Saudi energy minister keeping close eye on US oil producers

HOUSTON (AP) — Saudi Arabia’s energy minister says OPEC production cuts are working to bolster crude prices and his country will look at whether other oil-producing nations are living up to their promises to curtail pumping before deciding whether to extend the cutbacks beyond this summer.

In a nod to America’s ability to offset much of the OPEC cuts by pumping oil from shale formations, Khalid al-Falih said Tuesday that he is watching the U.S. producers closely after U.S. oil production bounced back quickly as prices rose last year.

OPEC, whose members account for about one-third of global oil output, agreed to cut production beginning in January by 1.2 million barrels a day. Other countries joined in, pushing the total to nearly 1.8 million barrels. By independent accounts, those targets have mostly been met, although some producers, like nonOPEC Russia, have fallen short.

"Some have not lived up to expectations," al-Falih said, "but as a whole if you look at the totality the

agreement is working well."

According to the Energy Department, U.S. production rose to an average of 8.8 million barrels a day in the fourth quarter after dropping below 8.7 million barrels in the third quarter.

The department forecast increases to 9.2 million barrels a day this year and 9.7 million — a possible record — in 2018 in a market outlook issued Tuesday.

Oil prices have stabilized above $50 a barrel — a rebound from early 2016, when they plunged below $30 a barrel — although some analysts had expected closer to $60. The U.S. benchmark closed at $53.14 a barrel Tuesday, while the global benchmark ended at $55.92.

Saudi Arabia is the world’s biggest producer and is carrying the heaviest load of production cuts.

While other OPEC members such as Venezuela and Nigeria are in far worse shape economically, the Saudis too feel the pinch.

The kingdom needs the money to pay for social programs, raising questions about how long and how low it will go with produc-

Daniel Yergin, left, chairman of CERAWeek, leads a discussion with Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco, during CERAWeek, yesterday, in Houston. (AP Photo)

tion cuts, which expire in July.

In deciding whether to favor extending the cuts, his country will look at global oil inventories as the midyear deadline approaches, al-Falih said. Speaking at a conference known as CERAWeek by IHS Markit, he also said growth in devel-

oping nations means that demand for oil will remain strong for the year despite efforts to curb carbon emissions, advances in energy efficiency, and competition from renewable energy.

OPEC Secretary-General Mohammad Barkindo of Nigeria met during the Houston conference with

Puerto Rico freezes tax credits, $1.8B in funds amid crisis

Legal Notice

NOTICE

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s government announced Tuesday that it is freezing all future tax credits and nearly $2 billion in funds for special assignments to help improve cash flow and balance the budget for a U.S. territory mired in a decade-long recession.

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

LEGAL CONSULTING LIMITED In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), LEGAL CONSULTING LIMITED is in Dissolution.”

They are the latest measures taking effect as a federal control board that oversees the island’s finances gets ready to approve a fiscal plan many believe will be amended to include severe austerity measures.

Puerto Rico Treasury Secretary Raul Maldonado said his agency will help evaluate some $140 mil-

The date of commencement of dissolution is the 7th day of March, 2017.

Ms. Nahil Francois Ma Joie PO Box 870 Victoria, Mahe Seychelles Liquidator

lion worth of tax credits to determine which ones would best help the U.S. territory’s economy. The credits chosen will be paid over four years instead of a single annual payment, with officials aiming to save between $75 million to $100 million, he said.

“We want to analyze what kind of credits are really being awarded,” Maldonado said, noting that the previous administration released up to $300 million in tax credits in recent years.

The measure is expected to affect tax credits awarded to companies in areas including tourism, housing and the film industry.

Government officials said they also are freezing $1.8

TUESDAY, 7 MARCH 2017

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

BISX ALL SHARE INDEX: CLOSE 1,904.18 | CHG -1.78 | %CHG -0.09 | YTD -34.03 | YTD% -1.76

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 4.60 8.50 5.83 10.48 11.86 2.07 1.55 5.83 9.75 10.00 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 100.00 100.00 100.00 105.26 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 5.83 10.48 11.86 2.07 1.55 5.83 9.75 10.00 9.25 6.90 12.01 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.10 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

105.30 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.04 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 230

3,400 10,000

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 20.3 19.4 19.4 18.8 10.4 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

YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.77% 3.44% 4.13% 2.90% 3.87% 4.12% 4.10% 0.00% 3.57% 2.03% 5.33% 0.00% 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

vious budgets, they would still be paid out of the current one.

“That’s why Puerto Rico is dragging such extraordinary deficits,” he said.

Opposition legislators warned the measure will affect nonprofit organizations because they receive a portion of the $1.8 billion being targeted.

The island has a nearly $70 billion public debt load that it wants to restructure this year. Puerto Rico’s governor has requested that a stay on lawsuits be extended until year’s end so officials can negotiate with creditors amid continuing multimillion-dollar defaults. The board has not responded to that request.

INTENT TO CHANGE NAME BY DEED POLL

BISX LISTED & TRADED SECURITIES 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

billion in funds that were set aside in recent years for such things as consulting services, cultural trips and sporting events. A committee will decide which items they will get rid of to save $625 million, said Elias Sanchez, the governor’s representative to the federal control board.

Sanchez said that in 2016 alone, the previous administration set aside $1.3 billion of the $1.8 billion for unknown expenses. The committee also will investigate why that amount was assigned and where that money went.

He said that even if those items formed part of pre-

PUBLIC NOTICE

MARKET REPORT 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

CEOs of several leading U.S. shale-oil operators.

They told Barkindo how they cut costs and became more efficient.

"They did a great job," Barkindo said of his cartel’s American rivals. Still, some went bust, and layoffs swept the oil patch.

Without going into great

detail on their meeting, which he termed private, Barkindo said both sides want to avoid another oil slump like the last one, which was aided by surging production from the U.S. and accelerated when OPEC decided in November 2014 not to cut production to shore up crude prices.

"They are sold on that as well because they felt the brunt," he said of the Americans.

Al-Falih also spoke briefly about Saudi Aramco’s pending IPO, planned for next year, will knit the state-owned company more closely into the international economy. He highlighted Aramco investments in the U.S., including taking control over a Texas refinery that had been run in a joint venture with Royal Dutch Shell, which said it will get $2.2 billion from Saudi Aramco.

In discussing the U.S. shale rebound, al-Falih, who earned a degree in mechanical engineering from Texas A&M, threw in a bit of American business jargon to describe signs of recovery in oil investment and production.

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

The Public is hereby advised that I, DIEULA JACQUES of Talbot Ave., Nassau Village, New Providence, Bahamas, mother of CHRISTINA JACQUES, a minor, intend to change my child’s name to CHRISTINA FERNANDER. 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 WENSUN METINOR of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LIVINGSTON JOSEPH of #84 Wulff Road, P.O. Box EE-16667, 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 8th day of May, 2016 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that ANTONYO JEAN of Pinder’s Point, Grand Bahama, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of March, 2017 to the Minister responsible for Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.

NOTICE

NOTICE is hereby given that CHRISTINA BAPTISTE of #35 Fowler Street, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 8, Wednesday, March 8, 2017

House GOP health bill adds up to big tax cut for the rich

WASHINGTON (AP) — The House Republicans’ health care bill adds up to big tax cuts for the rich.

The bill would cut more than 20 taxes enacted under President Barack Obama’s heath law, saving taxpayers nearly $600 billion over the next decade. The bulk of the money would go to the wealthiest Americans.

Low- and moderate-income families would lose their subsidies to buy health insurance in state and federal marketplaces. The subsidies would be replaced by tax credits to help them buy insurance.

Official estimates for how these people would fare under the bill have not been made public, even as House committees move ahead with the legislation.

The new health bill was released this week as congressional Republicans and President Donald Trump try to make good on campaign promises to repeal

and replace Obama’s health law. House GOP leaders say they want to give consumers more access to affordable health care with less government interference.

The effort, however, has been criticized by both the left and the right. Democrats argue that fewer people will have health insurance, while some conservatives are calling the plan “Obamacare Lite.”

The biggest tax cut would eliminate a 3.8 percent tax on investment income for high-income individuals and families. Eliminating the tax would save these taxpayers $158 billion over the next decade, according to the nonpartisan Committee on Taxation, the official scorekeeper for Congress.

About 90 percent of the benefit from repealing the tax would go to the top 1 percent of earners, who make $700,000 or more, according to the nonpartisan Tax Policy Center.

Another big tax cut would repeal an extra 0.9 percent Medicare tax on wages above $200,000 for individuals and $250,000 for married couples. Repealing the tax would save higher income families $117 billion over the next decade.

Repealing the Medicare tax would also speed up the depletion of the Medicare trust fund. It would run out of money in 2025 instead of 2028, as is currently projected, said Sen. Ron Wyden of Oregon, the top Democrat on the Senate Finance Committee.

Wyden said that “breaks a clear Trump promise not to damage Medicare.”

“This bill sends a loud and clear message: Tax cuts for special interests and the wealthy matter more than your health care,” Wyden said.

Rep. Kevin Brady, chairman of the tax-writing Ways and Means Committee,

THE TRIBUNE Center. Delaying it by five years would save taxpayers $49 billion.

Among the health care taxes repealed in the bill: —Health providers pay an annual fee based on market share. Repealing the tax would save health insurers $145 billion over the next decade.

House Ways and Means Committee Chairman Rep. Kevin Brady, R-Texas, left, and House Energy and Commerce Committee Chairman Rep. Greg Walden, R-Ore., meet with reporters on Capitol Hill in Washington, yesterday, as House Republicans introduce their plan to repeal and replace the Affordable Care Act. (AP Photo) said the health care taxes hurt consumers, businesses and economic growth.

“They hurt the economy.

They hurt health care. They achieve nothing,” the Texas Republican said at a news conference. “I don’t want Americans to continue to struggle under the Obamacare taxes.”

Despite the lost tax revenue, Brady said the overall bill would not add to long-

term budget deficits. However, no official estimates have been released.

The bill would not repeal the health care program’s “Cadillac” tax on high-cost health insurance plans. Instead, it would delay the tax until 2025. The tax has already been delayed once, until 2020.

This tax would hit many middle-income families, according to the Tax Policy

—Prescription drugmakers and importers pay an annual fee.

Repealing it would save pharmaceutical companies $25 billion over the next decade.

—Taxpayers can deduct out-of-pocket health expenses if they exceed 10 percent of their income. The bill would return the threshold to 7.5 percent of income, which it was before the Affordable Care Act. Taxpayers would save $35 billion over the next decade.

—Medical device makers and importers pay a 2.3 percent excise tax.

Repealing it would save them $20 billion over

UK’s House of Lords deals new blow to govt’s EU exit plans

LONDON (AP) — Prime Minister Theresa May’s plans for steering Britain out of the European Union ran into more opposition Tuesday as Parliament’s unelected House of Lords approved legislative changes restricting the government’s room to maneuver in divorce talks.

Parliament’s upper chamber voted for a bill authorizing the start of exit negotiations, but with an amendment requiring lawmakers, not just the government, to approve Britain’s exit deal with the EU. The 366-268 vote is a headache, but not a roadblock, for the government.

The bill now returns to the elected House of Commons, which can — and likely will — undo the change next week.

May’s Conservative Party has a majority in the Commons, but not the Lords.

The House of Lords inserted another change into the bill last week, promising that EU citizens living in Britain can stay after the U.K. leaves the bloc. It, too, is likely to be reversed.

Brexit Secretary David Davis accused some members of the Lords of trying to frustrate the government’s aim of “negotiating a new partnership with the EU” following last year’s national referendum in which Britons narrowly voted to leave the bloc.

“We will now aim to overturn these amendments in the House of Commons,” he said.

May has promised that Parliament will get a vote on Britain’s EU exit terms

— but only on a “take it or leave it” basis. If lawmakers reject the agreement she obtains, the U.K. could stumble out of the EU without any deal in place. That’s not good enough for many pro-European legislators.

Michael Heseltine, a former Conservative Cabinet minister, said Britain faces “the most momentous peacetime decision of our time.”

Giving lawmakers a vote on the terms of Brexit would ensure “that Parliament has the critical role in determining the future that we will bequeath to generations of young people,” Heseltine said.

Supporters of the government argue that giving Parliament a veto on the exit deal would encourage the EU to offer Britain bad

divorce terms, because lawmakers could always send May back to the bargaining table.

May wants to invoke Article 50 of the EU’s key treaty, triggering two years of exit negotiations,

by March 31. She can’t do that until Parliament passes legislation sanctioning the move, and pro-EU lawmakers have been determined to put obstacles in the government’s path.

Back-and-forth between the Commons and the Lords — a process known as “parliamentary ping pong” — could delay passage of the legislation and potentially threaten May’s timetable for starting EU exit talks.

British Prime Minister Theresa May leaves 10 Downing Street in London, to attend Prime Minister’s Questions at the Houses of Parliament. The British government appears to be facing more opposition to its plans for leaving the European Union, as it seems likely yesterday, that Parliament’s unelected House of Lords may pass an amendment to require Parliament to approve Britain’s exit deal with the EU. (AP Photo)