03092017 business

business@tribunemedia.net

THURSDAY, MARCH 9, 2017

$4.20 Hard Rock eatery ‘valueless’, claims ex-Nassau owner

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Hard Rock Cafe’s former Nassau franchisee has moved to overturn the dismissal of its $18.877 million damages claim for “deceptive and unfair business practices”, claiming its Charlotte Street restaurant was “valueless” and of no worth.

HRCC Ltd and its principals, Keith and Kevin Doyle, in documents filed with the US 11th circuit appeals court this week, alleging that Florida’s middle district court had failed to determine whether it was induced into opening the restaurant on the basis of false profitability assurances.

The former Bahamian franchisee is seeking to overturn a previous ruling in favour of the Hard Rock franchisor and two of its senior executives, which found that its claim provided no evidence that Florida’s Deceptive and Unfair Trade Practices Act (FDUPTA) had been breached.

HRCC’s March 7, 2017, filing, which has been obtained by Tribune Business, lists numerous Bahamian companies and individuals that have an interest in the appeal’s outcome, including the Bahamian govern-

Ex-Bahamas franchisee appeals on $18.88m damages Says Govt, ex-MP, Bahamas creditors ‘have interest’ Reiterates ‘conspiracy’ forced it out ment; its landlord; food and drink suppliers; and former employees.

Among the corporate entities named are likely creditors of the former Hard Rock franchisee, such as the Bahamas Electricity Corporation (BEC); Bahamas Food Services; Burns House, the Bristol Group of Companies; Premium Foods; Purity Bakery; and Satellite Bahamas.

Other Bahamians named as interested parties include Hard Rock Cafe’s landlord, and now operator, former MP Marvin Pinder. Exemployees Laforina Rolle, Ieisha Bowe and Donya Nottage are also named.

HRCC and the Doyles are alleging there are “unsettled questions of law that have not been conclusively See pg b7

$4.24

$4.22

$4.23

Realtors reject $1m investment threshold

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

The Bahamas Real Estate Association’s (BREA) president yesterday confirmed realtors had rejected doubling the permanent residency investment threshold to $1 million, amid indications the Government may press ahead with the increase regardless.

Carla Sweeting, BREA’s president, told Tribune Business she was “just sending off” the results from a members’ survey on the issue to Hope Strachan, minister of financial services - a move that coincided with another Cabinet Minister’s backing for the increase.

BREA survey findings sent to Govt yesterday As Mitchell backs doubling as ‘right thing to do’ Realtor chief fears ‘battle already lost’ Fred Mitchell, minister of foreign affairs, described the current $500,000 investment threshold for permanent residency consideration as “absolutely too low”.

Addressing Parliament during the second reading

Carla Sweeting

Fred Mitchell

of the Home Owners Protection Bill, he backed the increase to $1 million as “the right thing to do”.

Mr Mitchell said: “The Bahamas government made a decision with regards to adjusting the pricing point for

people coming into the Bahamas to become permanent residents, which is the right thing to do.

“We are giving people permanent residency to stay in this country for $500,000.

See pg b5

Freeport taxation breaks extension ‘takes heat off’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The one-month extension for Freeport businesses to apply for renewal of their expired tax breaks has “taken the heat off”, the Grand Bahama Chamber of Commerce’s president said yesterday, but numerous concerns remain.

Mick holding

Mick Holding told Trib-

une Business that the extension until April 4 had eliminated the previous “panic” for 3,500 Grand Bahama Port Authority (GBPA) licensees, who had been faced with a two-week deadline to complete applications and provide supporting documents.

He added, though, that he was still trying to arrange another meeting with the Government, given See pg b6

‘Panic’ eased, but concerns still not answered GB Chamber chief trying to arrange Govt meeting Property tax makes industrials ‘more concerned’

Realtor targets 50% growth via RE/MAX tie-up

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A Bahamian realtor yesterday said he believes he can grow his business by 50 per cent within the next three years through an “excellent marriage” that has brought the RE/MAX brand back to this nation.

Arlington Capron, principal of RE/MAX Luxury Properties (Bahamas), told Tribune Business that he planned to combine his expertise and contacts with the “brand recognition and database” provided by the global real estate franchise.

Describing the services offered by RE/MAX as “exceptional”, Mr Capron

Capron describes alliance as ‘excellent marriage’ To open new office on Saunders Beach said he had found the “perfect location” for his company’s office at Saunders Beach, in the plaza west of the Kentucky Fried Chicken (KFC) outlet.

Pointing out that the location was “between Atlantis and Baha Mar”, he added that he hoped to attract the level of buyer traffic he witnessed at RE/MAX’s Turks & Caicos franchise when working in that island See pg b4

Foreign contractor blasted on Bahamas labour criticisms

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A former Bahamian Contractors Association (BCA) president yesterday said it was “totally unfair, unjust and untrue” for Baha Mar’s foreign bathroom manufacturer to criticise this nation’s “skills construction labour shortages”.

Stephen Wrinkle told Tribune Business that the assertion by Oldcastle SurePods, which made

Ex-BCA chief says ‘totally unjust, unfair, untrue’ ‘Skilled labour shortage’ noted by Baha Mar supplier 1,800 prefabricated bathrooms for Baha Mar’s casino and Grand Hyatt hotels, again showed how See pg b6

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PAGE 2, Thursday, March 9, 2017

THE TRIBUNE

THE TRIBUNE

Thursday, March 9, 2017, PAGE 3

Reducing energy costs as you wait for grid-tie

How times have changed, There was a lot of angst when the Renewable Energy Self Generation (RESG) programme was stopped in its tracks in November 2015. “Customers that may have installed grid-tied systems are advised that they must disconnect same until the process restarts,” read the statement on BEC’s website just over a year ago. With no firm date for the ‘restart’, people who had invested tens of thousands of dollars in grid-tied solar systems were left wondering how long it would be before their investment started to pay off.

However, as we wrote in our last article, we are now closer than ever to getting credit on our power bills for renewable energy. The process has been restarting, and grid-tie is again on the way. How? In 2016, the Utilities

Regulation and Competition Authority (URCA) began regulating the Bahamian electricity sector. In December, they released their proposed revisions to Bahamas Power & Light’s (BPL) small-scale renewable generation plan. URCA basically gave approval for BPL to proceed with Phase one for grid-tied systems.

Consultation over this ends on March 31. And, at a recent meeting I attended at URCA’s headquarters, I was assured that renewable generation was a “first priority” for this year. We are almost there.

That said, even though we are closer than ever before, we are not there yet. As we wait for final specifics on the code and inspections, that does not mean we have to twiddle our thumbs. If you were thinking about installing a grid-tied solar system, and you do not want to wait for “proposed legis-

lative and regulatory changes”, there are other ways to lower your light bill and go green. Here are a few powerful options:

* Install a battery backup solar system with the potential to sell to BPL later. There are intelligent systems today that can store power in batteries, or sell to BPL’s grid whenever you prefer.

Once all the national grid-tie regulation is in place, you will be all set to make the most of it immediately. In effect, your battery system can automatically grid-tie whenever you want it to. Your green energy expert should be able to advise you regarding this. * Change out incandescent light bulbs and CFL bulbs to Light Emitting Diodes (LEDs). This can cut the lighting portion of your electricity bill by 7090 per cent. These bulbs

MPs blast RBC’s Out Island pull-out

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

Royal Bank of Canada’s (RBC) decision to leave Bimini and Spanish Wells without banking services by closing its branch locations was yesterday blasted by MPs, who warned the impact could be “devastating”.

Fred Mitchell, minister of foreign affairs, said the impact of RBC’s decision to close four branches, three of which are in the Family Islandss, reflected how service was “deteriorating at every bank across the country”.

Addressing Parliament yesterday, Mr Mitchell said: “I don’t want overstate the case but I can tell you that given the responses of the people in these communities, the impact of the closure of these banks is devastating.”

He added that Family Island residents have a need for fully-fledged banking

services. “People are now using the web shops as a method of transferring cash across the country because there are no other services available,” Mr Mitchell said. “Those operations do not want anything to do with that; that is not there business.

“At the same time as they are taking away the human face in these communities, the service is deteriorating across the board at every bank in this country.”

Mr Mitchell said there was a need for non-governmental organisations (NGOs) to advocate against ‘big business’ on behalf of consumers.

The Opposition’s House of Assembly leader, Loretta Butler-Turner, added: “When we heard last week that the Royal Bank of Canada is proposing to close down four branches in the Bahamas it was shocking, especially when you consider a place like Bimini which is supposed to be booming.”

Tribune Business report-

ed last week that Family Island communities were in an “uproar” over RBC’s decision.

The Canadian-owned institution, which acts as the Government’s banker, unveiled plans to close four branches, its Bimini and Spanish Wells sites, with 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.

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.

last for up to 20 years and carry great warranties, even in the Bahamas. * Add a solar attic vent.

Properly ventilated roofs make an entire home feel cooler and more comfortable. This also means your air conditioner has to work less, and your roof has a longer lifetime, saving you money. Solar attic vents can also extract hundreds more cubic yards of air per hour than older units, and they run for free from the sun. * Cool smarter. If you have air conditioners or walk-in coolers and freezers, add an energy efficiency retrofit such as Energ2 or Smartcool. These let you keep your current unit and pay less to use it. * Fit a Tubular Skylight.

This solution is great for businesses because using the modern tubular design can easily cut your lighting bill in half.

At home, kitchens, laun-

dries, studies and all dark areas benefit from natural light brought in by skylights. Solar versions are another great alternative.

Well-lit buildings not only save energy and money, but also appear larger, more inviting and are great home improvement options. * Upgrade your water heating. Solar, tankless and hybrid water heating systems each provide unique strengths and erase 35 per cent of your power bill. * Eliminate ‘phantom power drain’, which is the power consumed by devices when they are off. In fact, the phantom drain can pull as much power every year as the amount used when a device is actually activated.

Unplug unused devices or use power boards to banish the phantom. * Talk with your local green solutions professional for more steps and strategies.

Joshua key SuperGreen Solutions

• NB: Joshua Key is general manager for SuperGreen Solutions Bahamas, located on Wulff Road next to FYP. SuperGreen Solutions is one of the premier advisors, suppliers and installers of domestic and commercial energy efficient solutions, making it a ‘one-stop energy efficient solution shop’.

Moss: Homeowner Bill is ‘distasteful’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The MP who tabled his own private members’ Bill in the House of Assembly yesterday said he would not support the Government’s version of the the Homeowners Protection Bill, saying: ‘We can do better than this.”

Addressing Parliament during debate on the Bill, Greg Moss, the Marco Citty MP, said his 2015 legislation had sought to amend the Conveyance and Law of Property Act by giving discretion and jurisdiction to the Supreme Court.

He added that his Bill proposed to adopt the provisions of the United Kingdom Administration of Justice Act 1970. “It would have said that you could not exercise the power of sale in regards to homes without going to court, and would have brought justice and equity between the parties when we went to court,” said Mr Moss.

He argued that the Homeowners Protection Bill does not seek to amend the Con-

veyance and Law of Property Act, and described it as “distasteful” and “insubstantial”.

Telling Parliament he would call for a debate on his legislation once the Homeowners Protection Bill is dealt with, Mr Moss argued that the relationship between borrowers and lenders in the Bahamas is largely unregulated.

“We see that today when we go in the bank. Banks can invent overnight new fees, fees that never existed before,” Mr Moss said.

“You go in the bank now and there is a banking fee for this and that, and whatever else they thought up because no one has laid down a law saying you cannot pass these fees without these fees being approved by someone of authority, someone who has been elected by the people.

So the people are largely at the mercy of the banks.”

The Homeowners Protection Bill requires lenders to give delinquent borrowers 30 days’ notice before either invoking their ‘power of sale’ or seeking a court-approved foreclosure.

In both cases, borrowers

can apply to the Supreme Court for relief. On the foreclosure process, the court can either adjourn, stay or suspend the matter if it believes the borrower will be able to pay principal and accrued interest within six months.

As for the ‘power of sale’, the latest version of the Bill allows the court to postpone this for “a reasonable period where a sum equal to at least one half of the principal, and accrued interest, has been paid at a specified time”.

The Homeowners Protection Bill is also designed to give borrowers more ‘freedom of choice’, through an ability to select their own attorney and appraiser from a list provided by - and approved by - the lender.

Borrowers will also be able to select their own insurance broker/provider. Bahamasbased mortgage lenders typically direct borrowers to use certain attorneys and insurance companies, so any efforts to improve ‘freedom of choice’ are likely to be welcomed by consumers.

PAGE 4, Thursday, March 9, 2017

THE TRIBUNE

BTC to restore 99% of GB by month end The Bahamas Telecommunications Company (BTC) yesterday said it expects to restore services to 99 per cent of its Grand Bahama customers by month’s end.

The communications provider added that services had already been restored to 95 per cent of business and residential customers in east and west Grand Bahama, following the damage inflicted by Hurricane Matthew’s Category four winds and storm surge.

“As you can imagine, BTC has employed a very multi-dimensional approach to the restoration efforts post-Hurricane Matthew” explained Elvis Bartlett, senior manager of technical services.

“Our teams have been working very hard to ensure our customers can enjoy full

service, and we expect the work to be 99 per cent complete by the end of March in all communities.”

BTC said that while it was able to maintain communications for customers, its infrastructure across Grand Bahama was heavily impacted.

It added that its teams began the restoration process almost immediately, with crews spread out across the island. BTC said it has successfully restored services to more than 95 per cent of its residential and business customers in east and west Grand Bahama, which means all broadband, cellular services and fixed lines in those areas have been repaired with minor challenges remaining.

BTC has since shifted its focus to central Grand Bahama, but recent copper

theft has hampered repair efforts.

BTC eams are currently deployed in the areas of Hudson Estates, Windsor Park, Columbus Estates, Mary Star, Beacons Field, Poinciana Drive, Adventures Way, Mayfield Park and Seahorse Village.

Customers who continue to experience challenges with their services are encouraged to make use of BTC’s Customer Care Line, 351-5291.

Once restoration efforts are complete, BTC said Grand Bahama customers will enjoy improved services via a brand-new fiber optic network, which is currently under construction with an estimated completion date of November 2017.

This new network will provide upgraded Triple Play solutions for both residential and business customers who require Voice, Data and TV.

BTC teams are currently deployed in the areas of Hudson Estates, Windsor Park, Columbus Estates, Mary Star, Beacons Field, Poinciana Drive, Adventures Way, Mayfield Park and Seahorse Village.

Photo courtesy of BTC for Barefoot Marketing

Realtor targets 50% growth via RE/MAX tie-up From pg B1 nation.

“When I was down in Turks, the RE/MAX office was based across from the beach,” Mr Capron recalled. “There was no time I was down there when someone was not looking in that office.

“I’m looking for the same thing, the same level of traffic right across from the beach, and will be doing some strategic marketing initiatives.”

Hoping to emulate that in terms of both foot traffic and his beach location, Mr Capron said he aimed to capitalise on RE/MAX’s position as one of the leading real estate brands in the US, Canadian and Latin American regions.

“I can’t tell you how big

it’s going to be,” he added. “I’ve just put listings on [RE/MAX’s] Central American and Caribbean website, and I’ve already gotten replies from two agents with clients wanting to buy beachfront properties.

“Within two weeks I’m already getting hits. I think it’s going to be phenomenal given that my background is in luxury properties and luxury homes. There’s brand recognition, and they’re [RE/MAX] known for exceptional service. All around, it’s exceptional.”

Mr Capron said he signed the agreement to become RE/MAX’s Bahamas franchisee “a couple of months ago”, but waited until he obtained the Saunders Beach office space before unveiling the tie-up.

He added that the deal took two months to negotiate with the real estate brand, and said: “I think it’s a good match. I’ve studied the market, and know what’s happening.

“I can’t really tell you my plans, but because it’s such an internationally recognised brand, I would say it’s going to grow my business over the next three years by 50 per cent, due to their database and what I have planned.”

Mr Capron said he had hired four agents due to sit the necessary real estate exams within the next several weeks, preferring to train employees “the way you want” from the start.

Praising the training offered by RE/MAX, Mr Capron said that Freeport retained strong potential as a destination for foreign real estate investment despite its ongoing economic struggles.

“People are looking to come back to the Bahamas to invest,” he told Tribune Business. “There are a lot of people in Exuma, but also Grand Bahama.

“People invest in places that have potential, and that’s an attractive market for Canadians. Their dollar is down, and Freeport is the best place to invest.

“Airbnb is taking off right now, and everyone is looking for canal and beach-

front to build their units.

Freeport has lots of condos and you can get canalfront for $30,000.

“I’m reaching out to my people to come back to the Bahamas and this is why.”

Ricardo Cárdenas, RE/ MAX’s regional director for Central America and the Caribbean, confirmed that the brand, which has more than 100,000 members in 100 countries, had partnered with Mr Capron to return to the Bahamas.

“Our strategic alliance with Mr Capron blends the best of both worlds - his local reputation and market knowledge, with our global brand and exposure.

A powerful combination that is now at the service of the Bahamian market,” Mr Cardenas told Tribune Business.

“Mr Capron has extensive market knowledge and a strategic mindset that allows him to see opportunities and to always explore new boundaries. He puts his skills to work for the benefit of his clients, buyers and sellers that are attracted to him to obtain the best possible deals.”

THE TRIBUNE

Thursday, March 9, 2017, PAGE 5

Firm invests $2.5m in Shipyard cranes

A Freeport-based firm has invested $2.5 million to acquire six rough terrain cranes, which will be leased to the Grand Bahama Shipyard to assist its operations over the next five years.

The five cranes purchased

by Bahamas Industrial Technologies will be permanently stationed at the Grand Bahama Shipyard, with the former assuming responsibility for maintenance.

“Grand Bahama Shipyard approached us knowing that we are one of the biggest crane rental companies on the island,” Bahamas Industrial Technologies chief executive and owner, John

Hynes, said.

“They sought our assistance on the maintenance side to make sure the cranes are always running and ready to meet the demand of work going on at the Shipyard.”

The 25-tonne and 70-tonne rough terrain cranes are specifically designed for pick-and-carry operations on difficult offroad terrain.

At the Shipyard, the cranes will be used for general lift/carry jobs around the company, which accommodates vessels from the cruise, commercial and offshore segments of the maritime industry.

For Bahamas Industrial

Realtors reject $1m investment threshold From pg B1 That is absolutely too low.

The cost of a work permit is $12,500 for someone who is a managing director of a bank for one year, and then you’re giving permanent residency to someone because he could pay $500,000 for a house. Something is wrong with that.”

It is unclear whether the Government has already taken the decision to move ahead despite the significant concerns, and opposition, expressed by realtors, developers and other private sector executives.

Mrs Sweeting expressed this fear yesterday, but emphasised that she had received no official notification from the Government that a final policy decision on the issue had been taken.

She confirmed that, on BREA’s behalf, she met with Mrs Strachan’s Ministry of Financial Services team early in the New Year after numerous realtors and developers had voiced concerns over the $1 million threshold via Tribune Business.

Several teleconferences

between the parties had followed, and Mrs Sweeting told Tribune Business: “We shared our concerns, and they asked that we do a survey of our members.

“I just sent the final conclusions off today. We didn’t have that many responses from our members, but those that did were not in favour of it being increased. I’m just sending it off now.”

The BREA president said Mrs Strachan had informed her that she would discuss the findings, and other feedback, with the rest of the Christie Cabinet before “moving forward”.

“I was quite impressed that she was concerned with the feedback she was getting, and that she reached out and asked for the information,” Mrs Sweeting said of the Minister.

“In a nutshell, nothing has changed. I have not been officially contacted that anything has taken place yet.

It’s hard fighting, because it’s like fighting a battle already lost. We’ll known in a couple of days time once they’ve got the information.”

Technologies, the five-year contract will mean an increase in business and employees.

“We’re going to have to maintain these cranes on a weekly basis,” Mr Hynes said. “So, it’s almost daily that we’re going to have these cranes rotating in and out. That’s going to mean more employees for us, and better operations for our company.”

Mr Hynes formed Bahamas Industrial Technologies in 2001 to meet the needs of his rental service business. It is based at a 56,000 square foot facility, set on four acres of land within Freeport Harbour.

Bahamas Industrial Technologies chief executive and owner, John Hynes (pictured front row, sixth from left), expects the five-year contract to bring an increase in business and employees to the company.

Mr Mitchell’s House of Assembly remarks, though, will raise concerns that a decision in favour of the increase to $1 million has already been taken.

At the very least, it indicates that some Cabinet Ministers are in favour of a policy action opposed by most in the private sector, who fear it could destabilise the real estate market and investment inflows.

Mrs Sweeting said she understood the rationale behind the proposed increase, with the Government seeking to attract more affluent buyers who possess the capital to eventually invest in other sectors of the Bahamian economy, such as physical businesses.

“On the other hand, not everybody buys something for $500,000 simply for residency,” the BREA president explained. “Sometimes, people want to acquire a place to retire, and don’t have funds to spend on other things in the country.

“If they’re upstanding people, why would we not want them to be in the country? There are other positive aspects.

“I think that someone just gets an idea in their head and doesn’t stop and think,” she added, “and ask questions

about the implication moving forward.”

Mrs Sweeting said another Government concern was that, by setting the permanent residency threshold at $500,000, Bahamians were being squeezed out of that market segment by an influx of foreign buyers “preventing them from purchasing”.

She, however, said the price points in areas desired by foreign buyers, such as Lyford Cay, Old Fort Bay, Albany, Ocean Club Estates and Cable Beach, were all well above the $500,000 threshold.

“Tell me where you will find something at $500,000 in Cable Beach,” she asked, pointing out that virtually all inventory was priced at $750,000 and over.

Turning to the Government’s concerns on the condo market, Mrs Sweeting took the Cave Heights development as an example, noting that the West Bay Street-based project had still not completely sold-out yet.

“What’s preventing Bahamians from investing in condos is the banking system,” she argued, pointing to requirements such as 30 per cent downpayments and higher interest rates than those available internationally.

Mrs Sweeting added that to rent out a $740,000 condo, lease rates of $6,500 per month were needed to “make financial sense. Bahamians are not able to do that”.

She emphasised “the trickle down” impact from foreign purchases of Bahamian real estate, and the jobs created for gardeners, handymen, plumbers and electricians.

Auto, furniture, appliance and insurance sales were also boosted by the presence of foreign buyers, together with business for attorneys, retail stores and restaurants, which all “help to build the local economy”.

Mrs Sweeting also pointed out that the debate over the ‘dollar value’ of the investment threshold would be rendered irrelevant unless the Bahamas improved the transparency and timeliness of the permanent residency process.

“Until we clean up the policy, and the way this thing takes place, and works on the timeframes and doesn’t frustrate people, nothing’s going to change,” the BREA president told Tribune Business.

Developers and realtors are especially concerned with both the potential change and how it is imple-

mented, given the importance of the second home market to their industries and the wider Bahamian economy.

With the Bahamian segment relatively flat, the second home sector has been one that realtors have been able to rely on to generate sales momentum over the past few years.

With 80 per cent of real estate sales inventory priced below $1 million, they fear that any change - especially one that might be perceived negatively by foreign buyers - could drive a significant chunk of the market to other jurisdictions.

And a ‘drying up’ of such buyers would produce wider ‘ripple effects’ in the Bahamian economy, drying up work for the construction industry and a variety of other trades whose business is tied to the real estate and second home markets.

Mrs Strachan previously pledged that “all efforts” will be made to maintain business currently “on the table”, suggesting that developments already selling to foreigners in the $500,000 to $1 million price bracket will be ‘grandfathered’ in, giving all market segments - foreign buyers, developers and realtors - time to adjust.

PAGE 6, Thursday, March 9, 2017

Freeport taxation breaks extension ‘takes heat off’ From pg B1 that numerous unanswered questions remained over how Freeport’s new investment incentives regime will operate in practice.

“It’s taken the heat off us and I think it’s helped a bit,” Mr Holding told this newspaper of the deadline extension, “which is why it was so important to allow that.

“However, people are still saying: ‘OK, we don’t have to panic today, but there are still further questions that need answering’.”

Top of the list of concerns/questions is whether GBPA licensees not planning to expand their business are effectively ‘locked

in’ to maintaining their existing employment levels for five years in return for the renewal of their real property tax, capital gains and income tax exemptions.

The application form attached to the Grand Bahama (Port Area) Investment Incentives Act 2016’s regulations divides GBPA licensees into two categories: Those planning a business expansion within the next 12 months, and those who “expect to operate as a going concern and maintain current staffing levels for at least the next five years”.

The latter category appears innocuous, but when the application form is read with the Act, it effectively “locks in” GBPA licensees

to maintaining employment levels for a five-year period regardless of whether there are further market or economic downturns outside their control.

Should a licensee be forced to downsize in those five years to survive, the Act’s section six, ‘Failure to fulfil obligations’, would appear to come into play.

This allows the Minister for Investments to strip Freeport businesses, partially or in full, of their tax breaks, and even enables them to demand payment of taxes that should have been paid if no concessions were granted.

The Act enables the Minister to “reduce or revoke in full” the tax breaks granted, and even “demand payment in respect of any money that would have been payable had no concessions under the Act been conferred”. In

effect, it demands retroactive or ‘back’ taxes.

Mr Holding yesterday told Tribune Business that this was “the crux of it all” in terms of GBPA licensees’ concerns, together with how long the tax breaks will be granted for - something that appears left entirely to the Investments Board and responsible minister.

“Those our are questions,” he added. “I’ve forwarded my thoughts on these particular issues in writing to the Minister [Dr Michael Darville], but have not had the opportunity to discuss them with him.

Let’s hope we manage to get that meeting this week.”

Mr Holding confirmed that he and other Chamber representatives had yet to have a follow-up meeting with the Government to address the remaining concerns related to the Grand Bahama (Port Area) Investment Incentives Act. “We’re still seeking a meeting with the Govern-

ment and the Port Authority to get answers to our list of questions,” he told Tribune Business. “I’ve spoken to people in the Ministry asking for a meeting, if possible, this week. This is very important to the business community.”

Tribune Business sources this week suggested that Freeport’s major industrial enterprises, such as Polymers International, BORCO, Pharmachem and the Grand Bahama Shipyard had been placed on an equal footing with the GBPA and Hutchison Whampoa by being granted the same 20year extension.

This newspaper was unable to confirm this, though, and Mr Holding said he was unaware of any such development.

“Certainly, the larger industrial companies I’ve spoken to still have the same concerns and questions as the smaller businesses do,” he told Tribune Business, “and more so being foreignowned, as they don’t get

THE TRIBUNE the exemption Bahamians do under the real property tax.”

The May 4, 2015, expiration of the real property tax, income and capital gains tax exemptions previously embedded in the Hawksbill Creek Agreement has afforded the Government the opportunity to bring these incentives directly under its control.

It has done this by passing the Grand Bahama (Port Area) Investment Incentives Act 2016 last year, and tabling the accompanying regulations (although not gazzetting them to bring them into legal effect) in the House of Assembly earlier this year.

All Grand Bahama Port Authority (GBPA) licensees now have to apply to the Government for the renewal of those three key tax breaks. This has seemingly introduced extra bureaucracy and costs, and uncertainty over whether licensees will actually receive the incentives.

Foreign contractor blasted on Bahamas labour criticisms From pg B1 the Government had failed to protect Bahamian contractors and employees.

The criticism arousing Mr Wrinkle’s ire came in a press release issued yesterday by Oldcastle to tout its bathrooms, which were preassembled and then shipped by container to Baha Mar’s property in Nassau prior to the Chapter 11 bankruptcy filing, “In addition to the speed, simplicity, superior quality and safety benefits of modular bathrooms, two things stand out with this project,” said Bill Seery, Oldcastle SurePods’ director of business development.

“Installing 1,800 bathrooms in one project site is our biggest job to date.

Second, was our ability to ship to an island that faces skilled construction labour shortages.”

Mr Wrinkle took issue with the latter remark, describing himself as “sad-

dened and disappointed”

by Oldcastle’s dismissive comment about the quality of the Bahamian construction workforce.

He questioned how many Bahamian contractors the company had talked to, or knew, and added: “That’s totally unfair to Bahamian contractors and workers; totally unfair, unjust and untrue, and, once again, the Bahamas is not looking out for the interests of the Bahamian people.

“How can Oldcastle presume to know what our construction capabilities are? They didn’t contact the BCA for any relationship, and have not talked to any of the main contractors, yet they come in duty-free, get free board and house, do the work and take the profits home, while we have thousands of construction workers out of work.”

Mr Wrinkle added: “That doesn’t compute. That’s why the economy is in the shape it’s in.

Stephen Wrinkle “This will continue to be the modus operandi until we have a Government that respects the interests of industry and the private sector.”

Oldcastle said its product had been selected by China Construction America (CCA), Baha Mar’s main contractor, “to eliminate thousands of man hours from the project site, while ensuring five-star bathroom quality”.

Oldcastle added that the prefabricated bathrooms were easy to lift, place and install, helping developers save time and money.

Now Accepting Scholarship Applications Scholarships to St Andrew’s School are awarded on a competitive basis to those of a high academic standard. This year, we are also accepting applicants who have outstanding talent in athletics or the arts.

To be eligible for consideration, students must: 1. Be a Bahamian citizen 2. Have attended a Government School for atleast (2) years preceding their application 3. Be at least sixteen (14) years of age 4. Have completed Garde 8 5. Have a GPA od 3.00 To apply, students must submit: 1. Completed application form 2. Copies of the last three (3) report cards or transcripts 3. Copy of Birth Certificate 4. Copy of Passport 5. One-page essay about why you wish to attend St. Andrew’s School 6. Two (2) reference letters from teachers and/or counsellors

Deadline For applications Monday, 1st May, 2017 No applications will be accepted after this date.

Exam date will be 6th May, 2017 The student(s) awarded with a scholarship will be expected to maintain high standards of behavior and academic effort (at least a GPA OF 3.00) and will be expected to completed the full International Baccalavreate Diploma Programme.

To submit applications, or for further information, contract: Karen Carey Director of Admissions, Marketing & Development St Andrew’s School P.O. Box EE-17340 Nassau, Bahamas For more information about us, please visit our website: www.st-andrews.com

THE TRIBUNE

Thursday, March 9, 2017, PAGE 7

Hard Rock eatery ‘valueless’, claims ex-Nassau owner From pg B1

addressed” by the Florida middle district court, which last year ruled in favour of the summary judgment application brought by Hard Rock International and two of its executives, Hamish Dodds and Michael Beacham.

The former Nassau franchisee had alleged that it was the victim of a conspiracy, involving Hard Rock International and the two executives, in which it was forced or squeezed out of the downtown Nassau business so that the franchise could be “resold to a third party for profit”.

However, the Florida court’s September 2016 ruling found that HRCC had failed to prove it had suffered “actual damages” as required by the state’s law, not merely loss of profits.

It also found that the “personal animosity”, which the Doyles and HRCC claimed were directed against them by the Hard Rock executives, did not amount to a ‘conspiracy’ that would result in “personal gain” for the latter from terminating the Nassau franchisee’s agreement.

But, setting out the grounds for its appeal, HRCC alleged it had been “induced” by Hard Rock to open a restaurant to complement the existing store, which was already profitable on a standalone basis.

It argued that it was solely the restaurant operation that caused it to “incur millions of dollars in damages”, and that the middle district Florida court had been wrong to lump this together with the retail store in its ruling.

“Hard Rock’s representatives had represented to HRCC’s principals that HRCC would recoup its investment costs within three to five years, and would earn profits of between 15 and 30 per cent of the franchise’s annual revenues,” HRCC reiterated.

“After HRCC opened a Hard Rock Café retail store, Hard Rock induced HRCC to open a restaurant with assurances that it would be profitable venture.”

This, HRCC recalled, required it to spend $1 million to repurchase the Bahamian franchise rights from Mr Pinder, who was then acting as a sub-franchisee.

He continued as the Nassau franchise’s landlord.

“When it became apparent that the restaurant could not be profitable, HRCC attempted to work with Hard Rock so that it could be profitable, but Hard Rock refused, misrepresenting that all franchisees were required to operate under identical terms,” HRCC alleged.

“HRCC’s losses were further exacerbated by Hard Rock forcing HRCC to keep its restaurant open during night hours, in which the surrounding area was

dangerous, requiring additional security, and driving down customer volume.

“In addition, Hard Rock forced HRCC to join and pay for a loyalty programme that could not be profitable for HRCC given its location in a vacation destination, such that repeat customers were rare. Ultimately, Hard Rock revoked the grace period normally given to franchisees for payment of royalties and terminated the franchise agreement.”

HRCC alleged that it had invested $4 million into the restaurant franchise alone prior to its 2014 termination, and paid $5 million in royalties to Hard Rock.

The restaurant lost its Nassau franchisee some $7.127 million prior to its closure, with the enforced night openings resulting in losses of between $600,000 to $800,000 over the period December 2011 to endMarch 2014.

Besides the royalty rights and restaurant losses, HRCC is arguing that the damages it incurred also include the $1 million payment to Mr Pinder; $3 million in “development costs”; capital loans and interest worth $2 million; and $500,000 in expenses.

At the core of HRCC’s appeal is its argument that Hard Rock and its executives knew the restaurant business was “a money loser”, despite inducing and promoting it to open one.

“A document Hard Rock created to analyse its corporate-owned restaurants showed that for more than 75 per cent (50 out of 66) of its corporate-owned restaurants, costs exceeded revenues in fiscal year 2005, resulting in negative earnings before interest and taxes (EBIT),” HRCC alleged.

“And that was without even factoring in the royalties that franchisees, unlike corporate-owned restaurants, are required to pay to Hard Rock.”

HRCC argued that based on this, Hard Rock’s restaurant business was “not designed to be profitable”, thus making it “valueless”.

As a result, it claimed Florida legal precedent brought its case under the state’s FDUPTA law, raising “genuine issues of material fact as to whether the restaurant business was valueless”.

Arguing that Florida’s middle district court was wrong to separate the Nassau restaurant from the retail shop, HRCC added: “The District Court accepted the defendants’ contention that the item as delivered was not valueless because, although the restaurant business lost millions of dollars, the merchandise business was profitable, and taken together, HRCC made a small profit over the course of the franchising relationship.

“But the asserted unfair and deceptive conduct occurred with respect to the restaurant business. And

there is record evidence from which it can be reasonably inferred that the two businesses were separate.

“HRCC’s merchandise business was opened prior to the restaurant business and, in fact, the franchise agreement enabled HRCC to defer opening a restaurant for up to 10 years upon payment of certain fees to Hard Rock,” HRCC’s filing continued.

“Although the agreement specified that the restaurant was intended to be opened within three years of the agreement, it also evidences that HRCC had the option to delay the opening for two one year terms by payment of $100,000 to Hard Rock, and by another three years by paying $400,000 to Hard Rock, followed by another one year term by paying $100,000, and a second one year term by paying $150,000. Thus, in total, HRCC had the ability to operate the retail merchandise business for 10 years before opening the restaurant.”

HRCC alleged that Hard Rock induced it to open the Nassau restaurant earlier based on assurances of profitability, despite knowing this was not the case based on its business model - thereby creating the ‘actual damages’ required by Florida law.

PAGE 8, Thursday, March 9, 2017

GOP health care bill is critical first test for Trump NOTICE KINNEY INTERNATIONAL LIMITED Notice is hereby given that IN ACCORDANCE WITH Section 138 (8) of the International Business Companies Act 2000, KINNEY INTERNATIONAL LIMITED NO. 161282 B has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 28 day of February, A.D., 2017.

Dated the 9 day of March, A.D., 2017 _____________________________ Dartley Bank & Trust Limited Liquidator NOTICE PENDLETON INTERNATIONAL LIMITED Notice is hereby given that IN ACCORDANCE WITH Section 138 (8) of the International Business Companies Act 2000, PENDLETON INTERNATIONAL LIMITED NO. 175323 B has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 28 day of February, A.D., 2017.

Dated the 9 day of March, A.D., 2017

WASHINGTON (AP) — As conservatives revolt over Republican health care legislation, Donald Trump faces a crucial first test of his presidency: Can he translate his bully pulpit and popularity with conservative voters into a legislative win?

For Trump, it is a new arena five rocky weeks into his presidency. Thus far the accomplishments he has notched have been carried out via executive authority or appointments ratified by the Senate, often overshadowed by self-inflicted distraction.

Now the Washington newcomer finds himself in the more complex realm of legislative deal-making, as GOP leaders push forward

their long-promised plan to undo former President Barack Obama’s health care law and replace it with a conservative blueprint that shrinks the federal role and reduces assistance to help voters buy coverage.

With the plan under attack from conservatives as well as medical groups and the AARP on Wednesday, congressional Republican leaders made clear they will rely on Trump to corral restive lawmakers and bring them in line.

“For a lot of them they maybe haven’t felt the inertia that comes with Air Force One landing in their district,” Rep. Greg Walden, R-Ore., chairman of the Energy and Commerce Committee, said Wednes-

day before his panel met to begin voting on the legislation. “I think when the president of the United States, who campaigned on repeal and replace, says this is the repeal-and-replace bill ... I think the dynamic changes.”

Trump has kept an arm’s length from legislative maneuvering on Capitol Hill thus far, sending mixed signals that have led to repeated bouts of confusion about what exactly he supports.

Yet with more than 26 million Twitter followers, he can sway GOP lawmakers with a tweet. Before the president was even sworn in, Republicans backed off plans to gut an independent ethics office after he objected over Twitter.

On Tuesday, Republican House members who are part of the GOP votecounting team met with the president at the White House, with several saying later they were pleasantly surprised by the president’s level of engagement on the health bill. He made clear he is fully behind the plan and willing to engage with individual lawmakers to get them on board. Hours after the meeting wrapped up Trump made good on that commitment with a tweet aimed at Sen. Rand Paul, R-Ky., an outspoken critic of the House health legislation.

“I feel sure that my friend @RandPaul will come along with the new and great health care program because he knows Obamacare is a disaster!” the president wrote.

“He said he’s 100 percent behind it, he’s going to be very engaged, he’s going to dedicate as much time as he can possibly do to it,” said Rep. Markwayne Mullin, R-Okla., who was in Tuesday’s meeting with Trump.

“The White House and the president have the larg-

THE TRIBUNE est pulpit in the world,” said Rep. Tom Reed, R-N.Y., another lawmaker in Tuesday’s meeting. “And to have that spotlight on you as a member, you better be able to explain your position and you better be able to explain why you’re supporting Obamacare and not working with us to repeal it.”

In their early outreach, Trump and Vice President Mike Pence met Wednesday with conservative leaders who have raised objections about the bill. But the activists emerged from the White House with some optimism.

“He heard our concerns, our very serious concerns with the House draft bill,” said Club for Growth President David McIntosh. “I’m encouraged that the president indicated they’re pushing to make changes in the bill.”

Trump also dined with Texas Sen. Ted Cruz, a onetime GOP presidential rival and conservative luminary, his wife, Heidi, and their two daughters. Cruz said it was “principally a social dinner but I’m sure the conversation will turn to the repeal of Obamacare.”

Cruz said he has serious concerns about the House bill as drafted and doesn’t think it could get through the Senate, but hopes to work with the administration to improve it.

Trump’s team is deploying three former House conservatives — Pence, budget chief Mick Mulvaney and Health Secretary Tom Price — to persuade some of the most skeptical members of the GOP caucus, including members of the Republican Study Committee and the Freedom Caucus.

Price, a former Georgia congressman and orthopedic surgeon, was dispatched to the White House briefing room on Tuesday afternoon to make the case for the bill.

_____________________________ Dartley Bank & Trust Limited Liquidator

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.

to advertise today in the tribune call @ 502-2394

THE TRIBUNE

Thursday, March 9, 2017, PAGE 9

Global stocks waver after Wall Street losses LONDON (AP) — Global stock markets traded on a soft note Wednesday after Wall Street fell for a second day following U.S. President Donald Trump’s comments about reducing drug prices.

KEEPING SCORE: In Europe, the FTSE 100 index of leading British shares was down 0.2 percent at 7,325 while the CAC 40 in France was flat at 4,953. Germany’s DAX was up 0.1 percent at 11,976.

Wall Street was poised for a flat open with Dow futures and the broader S&P 500 futures unchanged.

TRUMP WATCH: Trump tweeted Tuesday before the stock market opened that he is working on “a new system” to reduce drug prices and bring competition to the industry.

Pharmaceutical stocks fell, especially those of biotechnology companies, which make drugs that are complicated to engineer and can be extremely expensive.

In January, Trump accused drugmakers of “getting away with murder” on drug prices. He later held an apparently friendly meeting with industry executives at the White House and said he wants to speed up the drug approval process, which could bring costs

down for drug companies.

ANALYST TAKE: “As has been the case for several companies since the election, pharmaceuticals learned last night that just a single tweet can wipe hundreds of millions off their valuation,” said David Cheetham, chief market analyst at XTB. FED FOCUS: There’s also a focus on the Federal Reserve ahead of next week’s meeting which many in the markets think will herald another interest rate hike. Whether one materializes could hinge on this Friday’s nonfarm payrolls report for February.

ASIA’S DAY: Tokyo’s Nikkei 225 index shed 0.5 percent to 19,254.03 and the Shanghai Composite Index was unchanged at 3,240.66.

Hong Kong’s Hang Seng advanced 0.4 percent to 23,786.31 while Sydney’s S&P-ASX 200 ended unchanged at 5,759.70. India’s Sensex lost 0.3 percent to 28,924.56, while Bangkok, Manila and Jakarta also declined. Seoul’s Kospi was unchanged at 2,095.41 while New Zealand, Taiwan and Singapore gained.

ENERGY: Benchmark U.S. crude fell 56 cents to $52.58 per barrel in electronic trading on the New

Court: Unemployment benefits depend on attendance situation MADISON, Wis. (AP) — A state appeals court says workers can collect unemployment benefits even if they’re fired for missing their shifts depending on the situation.

The case stems from the Mequon Jewish Campus decision to fire nurse Valarie Beres for missing a shift due to illness and not calling in. The Department of Workforce Development denied Beres unemployment benefits, saying she committed misconduct.

The Labor Industry Review Commission, however, re-

versed DWD, saying Beres didn’t commit misconduct because she was so sick she couldn’t call in.

The 2nd District Court of Appeals sided with the commission Wednesday, ruling 2-1 that employers can fire workers who violate zero-tolerance attendance policies but not every discharge amounts to misconduct for purposes of deciding unemployment benefit eligibility.

DWD spokesman John Dipko says the agency is reviewing the decision.

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.

Harbourside Marine is searching for an

outboard engine and Waverunner salesperson.

The candidate must have boating/ marine experience, be well spoken and have a professional attitude.

Please email your resume to nick@hbsmarine.com

Men walk by an electronic stock board of a securities firm in Tokyo, yesterday. Asian stocks declined Wednesday after Wall Street retreated for a second day following President Donald Trump’s comments about reducing drug prices. (AP Photo)

York Mercantile Exchange.

Brent crude, used to price international oils, fell 48 cents to $55.44 in London.

CURRENCY: The euro was down 0.1 percent at $1.0555 while the dollar rose 0.3 percent to 114.33 yen.

St Andrew’s School, The International School of The Bahamas is authorised by the Council of International Schools (CIS), the New England Association of Schools and Colleges (NEASC) and was the first school in The Bahamas to offer the International Baccalaureate Organization (IBO) Primary Years Programme (PYP) and Diploma (IBDP) programmes.

The School invites applications from qualified and Experienced Bahamian candidates and Permanent Residents for the following teaching vacancy with effect from August 2017:

Development & Communications Officer JOB DESCRIPTION Reporting to the Principal & Fundraising Committee the primary duties will be: • • • • • •

to develop a comprehensive fundraising policy and strategy; to cultivate and promote community and corporate partnerships; to organise and build upon alumni relations; to seek out local and international sponsorship and support; to have input into the Schools’ marketing strategy and to be responsible for actively promoting the good image and reputation of the School.

A full job description may be obtained from the Business Office.

APPLICATION PROCESS Interested candidates should apply to the School’s Business Office by letter, email or fax as soon as possible.

All applications MUST include the following: • Letter of Application • Curriculum Vitae – to include the contact details of at least three (3) referees • A recent photo Failure to provide all this information may result in your application not being considered.

Please note that only short listed candidates will be contacted. If you have not heard from us within four (4) weeks of making an application, please assume your application was unsuccessful.

The closing date for applications is Friday 31 March 2017. Short listed candidates will be invited to interview at the School in April.

No applications will be considered after the closing date.

St Andrew’s School Business Office P.O. Box EE 17340 Nassau, The Bahamas Email: sandrews@st-andrews.com Fax: (1 242) 324 0816

Career Opportunity

FINANCE ACCOUNTANT ASSOCIATE

JPMorgan is currently seeking applications for a Finance Accountant Associate.

JPMorgan Private Bank is a global wealth management leader that delivers the highest quality advice, service, capabilities and products to high net worth individuals and families in 36 countries around the world. We deliver highly customized and tailored solutions to help clients with the many complexities they face by leveraging all the commercial and investment banking capabilities of the firm.

Our Team The purpose of the Controller’s group is to ensure that the financial statements are complete and accurate, regulatory requirements are met, and an adequate control environment is in place for the business from a global perspective.

Core Responsibilities • General Ledger Operation: preparation, review and approval of journal entries, ledger maintenance, and reviews of balance sheet and income statements.

• Month-­‐end Closing: calculate, book and oversee accruals and reserves. Prepare and review revenue & expense variance & trend analysis. Oversight of Inter-­‐company transactions which includes review and resolution of all Inter-­‐Company breaks. Work closely with fee operation team on the preparation of monthly revenue accruals.

• Regulatory Reporting – accurate regulatory reporting filed in a timely manner. Co-­‐ordination of audits. Provide data as required to corporate and regulatory groups.

• Financial Reporting – preparation of Board Packages and Legal Entity Financial Reports. Provide MIS reports and analysis to business on an ad-­‐hoc basis and participate in periodic local committee meetings.

• Treasury Operations – monitor legal entities’ daily cash movements and transfers, oversight liquidity and regulatory exposure, provide appropriate funding of the legal entities DDA accounts as well as assist with the local account payable functions.

• Controls Environment – establishing and maintaining a controlled ledger environment as it pertains to corporate policy, US GAAP and IFRS. • Major Business Initiatives Support – provide guidance & support in the new business initiative process (including new products, merger & integration). Participate in the projects related to systems consolidation & conversions.

Qualifications • 3+ years of banking/financial industry experience as a financial accountant or auditor.

• Ability to multitask in a changing environment with attention to detail.

• Strong analytical and problem solving skills – ability to analyze complicated problems/scenarios to develop root cause analysis as well as remediation steps.

• Excellent communication skills • Strong organizational skills • Experience working in an environment that requires attention to detail and a dherence to strict rules/standards.

• Ability to work independently and take ownership of processes and functions.

• Excellent computer skills and capabilities. Knowledge of Microsoft office required.

This position is located in Nassau, The Bahamas.

Interested persons can apply to J.P. Morgan Chase online at: www.careers.jpmorgan.com Careers Home Page -­‐>Experienced Professional: Browse Roles -­‐> Find Roles -­‐> Keyword: [enter] Bahamas -­‐> Search for Jobs

Job Requisition number: 170023872 Deadline to submit application is March 17, 2017

PAGE 12, Thursday, March 9, 2017

Call 502-2394 to advertise

THE TRIBUNE

With tough part of Brexit ahead, UK marshals its resources LONDON (AP) — Britain plans to save money while it can to prepare for a potentially drawn-out, economically painful exit from the European Union. That’s the message the Treasury chief gave Wednesday in a budget speech whose confident tone and lighthearted moments belied the dramas ahead.

Philip Hammond ditched the dry delivery that earned him the nickname “Spreadsheet Phil,” as he outlined a spending plan for the 2017-18 fiscal year that he said lay the foundations for a “stronger, fairer, better Britain” outside the EU. The chancellor told jokes — some at his own expense — setting an upbeat tone for a government ready to take on the biggest change in a generation.

“Our United Kingdom has a proud history,” he told the House of Commons. “We have done remarkable things together.

But we look forwards, not backwards, confident that

our greatest achievements lie ahead of us.”

While he promised additional funding to care for the elderly and mitigated steep rises in property taxes for some businesses, Hammond said that supporting Britain’s public finances ahead of Brexit means continuing to control spending. Prime Minister Theresa May and her predecessor have presided over seven years of austerity to close a budget deficit that ballooned during the financial crisis.

“The only responsible course of action ... is to continue with our plan undeterred by any short-term fluctuations,” Hammond said. “We will not saddle our children with ever-increasing debts.”

The caution over spending came despite improved government finances. While the latest figures from the independent Office for Budget Responsibility show government borrowing during the 2016-17 year will

probably be about 16.6 billion pounds ($20.2 billion) less than forecast, Hammond noted Britain is still 1.7 trillion pounds in debt.

The Office for Budget Responsibility also upgraded its forecast for economic growth this year, to 2 percent from the previous estimate of 1.4 percent. But it downgraded the outlook for 2018 to 1.6 percent from 1.7 percent and for 2019 to 1.7 percent from 2.1 percent.

Hammond offered a surprise 2 billion pound increase in social care funding over three years, responding to a crisis in programs for the country’s aging population.

In another concession, he offered a 435 million pound package to help ease the burden on firms facing large increases in “business rates,” the property taxes paid by companies. London is likely to be particularly hard hit because property values have soared since the financial crisis.

Britain’s Chancellor of the Exchequer Philip Hammond, center, and members of the Treasury team, pose for the media with the traditional red dispatch box outside his official residence number 11 Downing Street in London yesterday, as he departs to deliver his annual budget speech to Parliament. The British government’s annual budget is one of the most high-profile, choreographed events in the country’s political calendar and for much of the past century has taken place in the spring, but Wednesday’s budget is meant to be the last to be held in the spring, with the event being pushed into the autumn. (Victoria Jones/PA via AP)

THE TRIBUNE

Thursday, March 9, 2017, PAGE 13

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

JOB OPPORTUNITY:

CHIEF CURATOR Applications are invited from suitably qualified professionals for the post of Chief Curator at The National Art Gallery of The Bahamas. The NAGB is an independent quasi-governmental corporation. Hired persons are employees of the Board and work on fixed-term independent contracts. No pension or health care is provided.

The Chief Curator is responsible for the selection, presentation, care and scholarly interpretation of the National Collection for the public and the development of an exhibition schedule for the NAGB. He/she will have a clear vision for the Gallery’s exhibition program and how the National Collection is researched, documented and interpreted. The Chief Curator is a museum professional who has demonstrated excellence in curation and is capable of budget planning, grant writing and all financial aspects of creating, implementing and installing an exhibition. This is a fulltime position.

Key Responsibilities include:

Oversee management of gallery collection including the development of a database to catalogue the National Collection and its historicization with the wider curatorial team; Plan and coordinate the gallery’s exhibition programme; coordinate exhibition, education and outreach activities; Administer gallery activities with Education Officer and Communications and Development Officer; Solicit and secure exhibition opportunities for Bahamian Artists, residencies and other professional placement opportunities; Oversee the research and writing of the history and descriptions of The National Collection items to properly illustrate display and catalogue items in conjunction with curatorial team; Coordinate exhibit design, planning, production, and installation including working with visual artists to support their projects; Oversee cataloging and care for the National Collection, including overseeing the development and maintenance of the collections database; Staff training and supervision in curatorial practices, arts education, communications and community outreach efforts; Supervise curatorial assistants, trainees and interns; Oversee the organization, scheduling and implementation of educational and public outreach programmes e.g. tours, workshops, and lectures;

PERSONAL SPECIFICATIONS:

The applicant must have the equivalent of a Master’s Degree or Ph.D. from relevant areas such as Anthropology, Cultural Studies, Museum Studies, Art History, Contemporary Art, or Curatorial Studies; four-to-six years of experience working in an art gallery, museum or related environment, with a portion of those years in a leadership role; proven knowledge of the region, including research projects; a clear understanding of national and regional artists and art histories in relation to international art histories and market trends and of current international trends, exhibitions and markets so as to advise on direction for Bahamian artists; of museum policies, policies, practices, and procedures. The Chief Curator must display excellent organizational, planning and administrative abilities with outstanding verbal and written communication skills; engagement in the Museum’s development and readiness to work unfavourable hours; creativity, and flexibility. Capabilities must include MS Office and cataloguing software for museums, contemporary exhibition design and fabrication methods; scale, balance, proportion, and colour; knowledge or familiarity with architecture, graphic and building design; knowledge of materials and basic conservation of objects.

Please send the following documents in support of your application: 1. CV or résume 2. Letter of Intent 3. Writing sample of under 1,000 words.

4. 3 Letters of recommendation.

Note: Make sure your application and any attachments to the application submitted at the time of filing are complete and accurate and include details on all experience, education, training and other information that qualifies you for this recruitment. Failure to submit a complete and accurate application at the time of filing may result in your ineligibility for this recruitment. Only the most qualified applicants will continue on in the selection process.

Review Process: The review process will include evaluation of applications in relation to minimum requirements. Only those applicants whose qualifications most closely meet the needs of the Department will be invited for an interview.

Application deadline, March 24th, 2017 For further questions, please contact Amanda Coulson, Director, The National Art Gallery of the Bahamas at acoulson@nagb.org.bs.

advertise today! COntact the tribune @ 502-2394

PAGE 14, Thursday, March 9, 2017

THE TRIBUNE

Businesses get pushed out as industrial districts rebuild DES MOINES, Iowa (AP) — Leaning over the map, Brian Vincent turned to a city official and asked, “Why does it show a park instead of my business?”

The planner paused and then explained. Des Moines leaders had concluded that the park was a better use of the land than the low-slung building that had housed Corn Belt Aluminum for decades.

“I’m like, ‘Thank you for the 50 years I’ve been here,’” Vincent said.

Vincent was shocked

by the exchange, but businesses across the country are landing in similar positions as cities remake gritty, industrial districts into trendy hotspots with glassy apartment buildings, coffee shops and microbreweries.

The transformations are a point of pride for growing communities but difficult for manufacturers and warehouse owners, who, after operating successfully for decades, sometimes now feel shunned by their new, more polished neighbors.

The cold shoulder feels especially chilly in the Midwest, a region that has long prided itself on an unassuming work ethic and a long, prosperous history of steel mills, factories and meat-packing plants.

In a part of MinneapolisSt. Paul known as the Midway, manufacturers have drawn complaints about noise and truck traffic from residents of new apartments built along a light rail line that links the two cities.

Many warehouses and

PosITIon AvAIlAblE

GENERAL MANAGER Established distributor is seeking a General Manager.

The successful candidate should have the following: • At least 5 years experience in management; • The ability to motivate and lead sales team; • Good interpersonal skills; • Good organizational skills; • Experience in sales; • Proficiency in Word, Excel and Quickbooks; • Marketing and advertising skills; • A desire and drive to succeed and take the business forward.

Interested persons are asked to email their resume to bahamasbusinesscareers@gmail.com

light industrial businesses have disappeared from Denver’s River North Art District. With real estate becoming so expensive, the few that remain will likely sell out.

And in the Milwaukee neighborhood called Walker’s Point, the trend has progressed to the degree that some people are now trying to retain some industry and older housing because, as University of Wisconsin-Milwaukee urban planning professor Carolyn Esswein puts it, “If it’s suddenly all 12-story housing towers, that doesn’t have the same feeling.”

Des Moines businesses are focused on the makeover of an area dubbed the Market District, which stands nearly in the shadow of the golden state Capitol dome and borders a trendy area of shops, hotels and bars called the East Village.

Planners envision replacing manufacturing buildings,

a worker cuts pieces for a door at Corn Belt Aluminum in Des Moines, Iowa. Manufacturing businesses across the country are getting pushed out of neighborhoods where they have operated for decades as cities remake gritty industrial districts into trendy hotspots. (AP Photo) warehouses and scrap yards with housing, offices and shops. It’s a dream that’s quickly becoming reality as sleek apartment towers, craft beer bars and even a design-your-own cupcake bakery open in the neighborhood.

Apart from state government and insurance firms, Des Moines has long relied on a blue-collar workforce that produced soap, steel and other goods in drab buildings in and around the city’s compact downtown.

Most of those buildings have been renovated or

demolished, making room for a sculpture garden, loft apartments and townhouses. The businesses moved elsewhere.

The Market District will be one of the last industrial strongholds, and while Vincent said he likes the improvements, he’s puzzled why the city does not seem to value the well-paying jobs he provides for about 15 workers.

“It’s great they’re doing this, but then they go to the businesses and say, ‘Hey, you need to get out,’” he said.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

2015/CLE/gen/01505

Common Law & Equity Division IN THE MATTER OF property comprised in an Indenture of Mortgage dated 16th day of September A.D., 2004 between Erick Bastian and Chantelle Bastian of the one part and FirstCaribbean International Bank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9381 at pages 68 to 79.

IN THE MATTER OF property comprised in a Certificate of Upstamping dated 6th December A.D. 2006 between Erick Bastian and Chantelle Bastian of the one part and FirstCaribbean International Bank (Bahamas) Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 10011 at pages 400 to 413.

BETWEEN

FIRSTCARIBBEAN INTERNATIONAL BANK (BAHAMAS) LIMITED AND ERICK BASTIAN AND CHANTELLE BASTIAN

TO:

ERICK BASTIAN

Plaintiff

First Defendant Second Defendant

TAKE NOTICE that: 1.

An ORIGINATING SUMMONS AND AFFIDAVIT filed on the 22nd day of September 2015 have been issued against you in the Supreme Court of The Bahamas being Action No. 2015/CLE/gen/01505 by First Caribbean International Bank (Bahamas) Limited, the Plaintiff herein.

2.

AND THAT by an Order made in the Supreme Court by Deputy Registrar Edmund Turner on the 16h day of March A.D. 2016 in Supreme Court Action No. 2015/CLE/ gen/01505 Common Law and Equity Division, it was ordered that service of the said Originating Summons and Affidavit and all other pleadings against the First Defendant, Erick Bastian be effected by way of this Advertisement.

3.

A NOTICE OF APPOINTMENT TO HEAR ORIGINATING SUMMONS filed on the 6th November A.D. 2015 has been issued against you in the Supreme Court of the Bahamas by the Plaintiff herein.

4.

The hearing date of the Notice of Appointment to Hear Originating Summons has been set to be heard on Wednesday, 22nd March A.D. 2017 at 9:30 o’clock in the forenoon before the Honorable Justice Ian Winder whose chambers is located in the main Supreme Court Building, Bank Lane, Nassau, Bahamas.

5.

That the Court further Ordered that the existence of further proceedings be deemed to be served on you by way of similar advertisements.

6.

In default of such appearance such order will be made and proceedings will be taken as the Court may think just.

Dated the 28th day of February A.D. 2017 GRAHAM THOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, Bahamas.

Attorneys for the Plaintiff

PAGE 16, Thursday, March 9, 2017

THE TRIBUNE

Ryan defends GOP health care bill in face of opposition

WASHINGTON (AP) — Speaker Paul Ryan staunchly defended the House Republican health care plan Wednesday as the only alternative to the current Obama-era law, as he confronted forceful opposition from conservatives, medical professionals and others.

“This is the choice we face. Are we going to stay with Obamacare ... or are we going to do what we said we would do,” Ryan said at a Capitol Hill news conference after a private GOP meeting in which he tried to rally support.

Shortly after Ryan’s comments, two committees — Ways and Means and Energy and Commerce — kicked off what are expected to be marathon sessions to finalize the legislation that would scrap major parts of Barack Obama’s health overhaul

while also fundamentally restructuring Medicaid for low-income people.

Democrats resorted to delaying tactics. At Energy and Commerce, the clerk was forced to start reading the legislation word for word after Rep. Ben Lujan, D-N.M., objected to routinely dispensing with such a reading. At Ways and Means, Republicans voted down a motion by Rep. Lloyd Doggett, D-Texas, to delay deliberations so lawmakers could have more time to study the bill.

Ryan cast the task for the GOP as fulfilling seven years of promises to “repeal and replace” with a “conservative wish list” scaling back the role of government in health care, cutting money for Planned Parenthood and overhauling mandatory programs.

House Speaker Paul Ryan of Wis. speaks during a news conference yesterday at the Republican National Committee Headquarters on Capitol Hill in Washington, as the GOP works on its long-awaited plan to repeal and replace the Affordable Care Act. (AP Photo)

“Most importantly, we get Washington out of the business of being a nanny state,” he said.

President Donald Trump and Vice President Mike Pence back the House plan, and Ryan is confidently predicting it will win passage.

PUBLIC NOTICE

Behind closed doors on Wednesday, Ryan pointedly told fellow lawmakers that the president is all-in and suggested they should fall in line.

“He is creating some urgency that it’s time to get on board, and the time is now,”

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, ANGELA VIOLA PAUL of Coral Harbour, New Providence, Bahamas, P.O. Box SS-19851, intend to change my name to INEZ ANGELA VIOLA PAUL. 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.

The public is hereby advised that I, GARCIA WILBERFORCE MORLEY of Nina Crest, Marathon Subdivision, New Providence, The Bahamas P.O. Box SS-19334, intend to change my name to BERTRAM FRITZGERALD MORLEY. If there are any objections to the 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 JCAM (SPV), LTD. (in Voluntary Liquidation)

NOTICE JCAM GLOBAL FUND SP LIMITED (in Voluntary Liquidation)

TAKE NOTICE that the above-named Company was put into liquidation on the 28th day of February, 2017 by a resolution passed by the members of the Company on the 13th day of February, 2017.

AND FURTHER TAKE NOTICE that Michael Pearson and Trudy-Ann Scott of FFP Limited, 2nd Floor Harbour Centre, 42 North Church Street, George Town, Grand Cayman, Cayman Islands have been appointed voluntary liquidators of the Company.

TAKE NOTICE that the above-named Company was put into liquidation on the 28th day of February, 2017 by a resolution passed by the members of the Company on the 13th day of February, 2017.

AND FURTHER TAKE NOTICE that Michael Pearson and Trudy-Ann Scott of FFP Limited, 2nd Floor Harbour Centre, 42 North Church Street, George Town, Grand Cayman, Cayman Islands have been appointed voluntary liquidators of the Company.

HIGGS & JOHNSON Lyford Crescent, Western Road Lyford Cay, The Bahamas Attorneys for the Voluntary Liquidators

HIGGS & JOHNSON Lyford Crescent, Western Road Lyford Cay, The Bahamas Attorneys for the Voluntary Liquidators

NOTICE

MARKET REPORT WEDNESDAY, 8 MARCH 2017

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

BISX ALL SHARE INDEX: CLOSE 1,904.18 | CHG 0.00 | %CHG 0.00 | YTD -34.03 | YTD% -1.76 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 7.00 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 2.07 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 100.00 100.00 100.00 105.30 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

105.37 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.07 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

1,800

800 1,000

VOLUME

200 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

happy,” groused Rep. Steve Russell of Oklahoma.

Major conservative groups also oppose the bill, as do several GOP governors. The American Medical Association said Wednesday that the bill “would result in millions of Americans losing coverage and benefits,” while making coverage “more expensive — if not out of reach — for poor and sick Americans.”

AARP said the bill would “dramatically increase” health care costs for people age 50 to 64, and put the health care of millions at risk. The organization, which has nearly 38 million members, was pivotal to the passage of Obama’s law in 2010.

But the U.S. Chamber of Commerce sent congressional leaders a letter in praise of the plan, calling it “absolutely critical in taking steps to restore choice, flexibility and innovation to the nation’s health care markets.”

Dated the 6th day of March, 2017

Dated the 6th day of March, 2017

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

said Rep. Mark Walker of North Carolina, leader of the influential conservative Republican Study Committee. Walker had expressed opposition to an earlier draft of the bill but said Wednesday that it’s “trending in the right direction,” a positive sign for leadership.

Yet a significant contingent of House conservatives still weren’t sold, complaining the GOP’s new system of refundable tax credits would be a costly new entitlement.

“It’s way more cost and we’re already bankrupt,” said Rep. Dave Brat of Virginia.

Rep. Justin Amash of Michigan complained, “The leadership message is take it or leave it.”

Some fellow Republicans were losing patience with the conservative complaints.

“Christ himself could draft a piece of legislation and they would not be

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

NOTICE is hereby given that RICHLANDE PIERRE of Cowpen 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 9th 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 GABANIEL BAPTISTE of Spanish Wells, Eleuthera, P.O. Box EL-27665, 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 9th 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 RENEL OCTEUS of

Crooked Island Street, The Grove, 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 9th 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 McKENZIE JOSEPH of Second Street, The Grove, 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 9th 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 STACY LUBIN of Shirley Street, P.O. Box 19013, 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 2nd day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Thursday, March 9, 2017, PAGE 17

Stock indexes end mostly lower as the price of oil plunges

NEW YORK (AP) — U.S. stocks fell for the third day in a row as energy companies tumbled along with the price of crude oil.

Investors also sold high-dividend stocks as bond yields rose, giving investors other alternatives for seeking income.

Crude oil prices fell 5 percent, their biggest drop in more than a year, after the government reported a big buildup in fuel stockpiles.

A survey by a payroll company showed that private companies added the most jobs in three years in February, a sign of stronger economic growth. That helped send bond prices lower and yields higher. The report showed big increases in construction and manufacturing hiring.

According to industry measurements and government data, manufacturing and business investment have improved in the last few months after a steep slump. However investors have longed for evidence manufacturing and construction companies were bringing on more workers, and there wasn’t much of that until Wednesday.

“It’s not surprising that you would start to see the hiring im-

ment will issue its own report on the broader jobs market Friday.

Bond prices dropped. The yield on the 10-year Treasury note jumped to 2.56 percent from 2.52 percent.

Federal Reserve policymakers will meet next week, and investors expect the central bank to raise interest rates for the first time since December. Nixon says long-term bond yields could reach roughly 3 percent in a few months.

Stocks that pay big dividends such as utilities and real estate investment trusts are often compared to bonds because of their hefty payments to shareholders.

When bond yields rise, investors often sell those stocks so they can buy bonds instead. High-dividend companies also fall out of favor when Wall Street expects faster economic growth. Utility holding company PG&E gave up $1.10, or 1.7 percent, to $65.16 and Realty Income dropped $2.14, or 3.6 percent, to $57.70.

The Energy Information Administration said oil reserves grew by 8 million barrels last week, far more than analysts expected.

Benchmark U.S. crude sagged $2.86, or 5.4 percent, to $50.28

traders work on the Mizuho Americas trading floor in New York. Global stock markets traded on a soft note yesterday, after Wall Street fell for a second day following U.S. President Donald Trump’s comments about reducing drug prices. (AP Photo) prove in that sector,” said Katie Nixon, chief investment officer for Northern Trust. “It’s been a drag on economic growth the last couple of years.”

The Standard & Poor’s 500 index dipped 5.41 points, or 0.2 percent, to 2,362.98. The Dow Jones industrial average lost

69.03 points, or 0.3 percent, to 20,855.73. The Nasdaq composite rose 3.62 points, or 0.1 percent, to 5,836.55 as health care and technology companies moved higher.

Private businesses added 298,000 jobs last month, according to payroll processor ADP. That came after a slightly smaller gain in January. The U.S. govern-

a barrel in New York, its lowest price since late November. Brent crude, used to price international oils, fell $2.81, or 5 percent, to $53.11 a barrel in London.

Energy stocks are already lagging the market in 2017, and on Wednesday the 13 biggest losers among S&P 500 companies all came from the energy industry.

Marathon Oil lost $1.41, or 8.7 percent, to $14.87 and Devon Energy sank $2.84, or 6.5 percent, to $40.72.

Almost three-fourths of the stocks on the New York Stock Exchange finished lower as some sectors that might have been expected to rise on the prospect of faster economic growth missed out on the day’s gains.

Banks, which have skyrocketed since the election, finished little changed despite the jump in bond yields. Industrial companies declined. Caterpillar lost $2.70, or 2.8 percent, to $93.23 as a government probe into its taxes and accounting remained in the news.

Smaller, domestically focused companies also fell, as the Russell 2000 index of small-company stocks fell 8.84 points, or 0.6 percent, to 1,366.04.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 85° F/29° C Low: 61° F/16° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Partly sunny and beautiful

Partly cloudy

Partly sunny

Partly sunny and nice

Clouds and sun with a stray shower

Times of clouds and sun

High: 84°

Low: 71°

High: 85° Low: 71°

High: 85° Low: 70°

High: 83° Low: 67°

High: 83° Low: 69°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

90° F

71° F

95°-73° F

95°-67° F

88°-68° F

89°-69° F

High: 83° F/28° C Low: 63° F/17° C

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

N

almanac

E

W

ABACO

S

N

High: 75° F/24° C Low: 68° F/20° C

6-12 knots

S

High: 81° F/27° C Low: 62° F/17° C

4-8 knots

FT. LAUDERDALE

FREEPORT

High: 80° F/27° C Low: 67° F/19° C

E

W S

E

W

WEST PALM BEACH

N

High: 79° F/26° C Low: 66° F/19° C

MIAMI

High: 81° F/27° C Low: 66° F/19° C

4-8 knots

KEY WEST

High: 80° F/27° C Low: 70° F/21° C

NASSAU

Forecasts and graphics provided by AccuWeather, Inc. ©2017

High: 77° F/25° C Low: 71° F/22° C

N

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

5:08 a.m.

5:33 p.m.

2.9 2.5

11:35 a.m. -0.2 11:44 p.m. -0.4

Friday

6:01 a.m.

6:24 p.m.

3.0 2.6

12:25 p.m. -0.4 ---------

Saturday

6:49 a.m.

7:11 p.m.

3.0 2.7

12:36 a.m. -0.5 1:10 p.m. -0.5

Sunday

8:33 a.m.

8:55 p.m.

3.0 2.8

1:23 a.m. -0.5 2:52 p.m. -0.5

Monday

9:14 a.m.

9:36 p.m.

2.9 2.8

3:08 a.m. -0.5 3:31 p.m. -0.5

Tuesday

9:54 a.m.

10:16 p.m.

2.8 2.8

3:50 a.m. -0.4 4:09 p.m. -0.4

Wednesday 10:32 a.m.

10:56 p.m.

2.6 2.7

4:32 a.m. -0.2 4:46 p.m. -0.3

sun anD moon Sunrise Sunset

6:25 a.m.

6:16 p.m.

Moonrise Moonset

3:43 p.m.

4:16 a.m.

Full

Last

New

First

Mar. 12

Mar. 20

Mar. 27

Apr. 3

CAT ISLAND

E

W

High: 78° F/26° C Low: 72° F/22° C

N

S

E

W S

7-14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 67° F/19° C Normal high ....................................... 79° F/26° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 79° F/26° C Last year’s low ................................... 67° F/19° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 0.95” Normal year to date ..................................... 3.27”

ELEUTHERA

High: 84° F/29° C Low: 71° F/22° C

6-12 knots

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 78° F/26° C Low: 71° F/22° C

High: 77° F/25° C Low: 72° F/22° C

N

High: 79° F/26° C Low: 71° F/22° C

E

W S

LONG ISLAND

insurance management tracking map H

uV inDex toDay

TONIGHT

High: 78° F/26° C Low: 72° F/22° C

7-14 knots

MAYAGUANA High: 80° F/27° C Low: 74° F/23° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 78° F/26° C Low: 72° F/22° C

High: 78° F/26° C Low: 72° F/22° C

GREAT INAGUA High: 81° F/27° C Low: 73° F/23° C

N

E

W

E

W

N

S

S

8-16 knots

10-20 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday: Today: Friday:

WINDS SE at 4-8 Knots SW at 3-6 Knots NE at 6-12 Knots ENE at 6-12 Knots ENE at 8-16 Knots ENE at 6-12 Knots E at 8-16 Knots E at 8-16 Knots E at 6-12 Knots ENE at 4-8 Knots ESE at 4-8 Knots SSW at 3-6 Knots NE at 7-14 Knots ENE at 6-12 Knots NE at 10-20 Knots ENE at 8-16 Knots ENE at 8-16 Knots NE at 7-14 Knots E at 8-16 Knots ESE at 8-16 Knots E at 4-8 Knots ENE at 4-8 Knots NE at 8-16 Knots ENE at 8-16 Knots NE at 7-14 Knots ENE at 6-12 Knots

WAVES 3-6 Feet 3-5 Feet 1-3 Feet 1-2 Feet 3-6 Feet 3-5 Feet 4-7 Feet 3-5 Feet 4-7 Feet 3-5 Feet 1-3 Feet 1-2 Feet 1-3 Feet 1-2 Feet 4-7 Feet 3-5 Feet 2-4 Feet 1-3 Feet 6-10 Feet 4-8 Feet 1-3 Feet 1-2 Feet 3-6 Feet 2-4 Feet 2-4 Feet 1-3 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 8 Miles 8 Miles 8 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 8 Miles 10 Miles 10 Miles 8 Miles 8 Miles 10 Miles 8 Miles

WATER TEMPS. 72° F 73° F 78° F 77° F 76° F 75° F 77° F 77° F 74° F 76° F 78° F 78° F 76° F 76° F 78° F 78° F 78° F 78° F 78° F 77° F 76° F 76° F 78° F 78° F 78° F 79° F