03172017 business

business@tribunemedia.net

FRIDAY, MARCH 17, 2017

$4.20

$4.24

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$50m capital raising comes Aliv next week

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamas’ new mobile operator will bring a $50 million capital raising ‘Aliv’ next week, its advisers yesterday predicting “a very successful offering”.

Michael Anderson, RoyalFidelity Merchant Bank & Trust’s president, confirmed to Tribune Business that the cellular provider would seek to raise the financing through a combination of bonds and bank credit.

Although he did not provide a breakdown, this newspaper understands that Aliv will seek to place $30 million worth of bonds with select Bahamian institutional and high net worth

Advisers anticipate ‘very successful’ $30m bond issue

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Institutional investors briefed on Wednesday Michael Anderson

Damian Blackburn

“We’re very encouraged by the initial feedback we’ve had,” Mr Anderson said of the capital markets’ reaction to the impending Aliv bond offering.

“We’ve had it out in the market over the last week or so to bring investors up to speed.

We’re looking forward to what we thing will be a very successful offering.”

Damian Blackburn, Aliv’s chief officer, could not be reached for comment by Tribune Business yesterday, despite See pg b6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Tribune Business Reporter

Argues ‘no basis’ to Chamber’s assertions

The Director of Labour yesterday said there was “no basis” to the Chamber of Commerce’s assertion that the labour law reforms were “ultra vires” because they had not been unanimously approved by all National Tripartite Council (NTC) members.

Robert Farquharson also implied that the Chamber and private sector were being disingenuous in their arguments, pointing out that the 40 per cent minimum wage increase went forward and became law, even though the trade unions wanted a greater rise.

Mr Farquharson, who is chairman of the National Tripartite Council, told Tribune Business: “Our job is to make recommendations to the Government.

It does not mean everything must come through See pg b5

Says private sector being disingenuous on unanimity

nmckenzie@tribunemedia.net

But concedes some changes not before Council

Robert Farquharson

Water Corp’s bill to BISXlisted supplier up 134%

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Water & Sewerage Corporation owed an $11 million receivable to its main, BISX-listed water supplier at year-end 2016, it was revealed last night, although the latter’s revenues were down $1.5 million year-over-year.

Consolidated Water, unveiling its 2016 financial results via a ‘10-K’ filing with the Securities & Exchange Commission (SEC), disclosed that the Corporation’s outstanding debt to it had increased by 134 per cent year-over-year.

Yet despite the year-end receivable more than doubling, Consolidated Water said it had not provided for the debt because the Water & Sewerage Corporation had paid all bills due to it in the past - via the annual $20 million-plus taxpayer subsidy received from the Government.

“From time to time, Consolidated Water (Bahamas) has experienced delays in collecting its accounts receivable,” the 10-K filing said. “Representatives of the Bahamas government

Consolidated Water owed $11m at yearend 2016 Bahamas’ revenues drop $1.507 on energy prices Windsor supply contract extended to 2031 have informed us that their previous delays in paying our accounts receivables did not reflect any type of dispute with us, with respect to the amounts owed.

“To-date, we have not been required to provide an allowance for any delinquent Consolidated Water (Bahamas) accounts receivable as such amounts were eventually paid in full.

Based upon our experience, we believe that the accounts receivable from the Water & Sewerage Corporation are fully collectible, and therefore have not provided any allowance for possible non-payment of these See pg b5

Never saw final Bills before House tabling

Govt ‘can’t use broad stick to beat all businesses’

Labour chief dismisses FNM deputy: Labour law reforms ‘ultra vires’ concerns could ‘unbalance’ economy on law amendments Warns cost rises making

By NATARIO McKENZIE

Chamber pledges last ditch ‘appeal’ on labour reforms ‘Not one employer’ supports legal amendments

Mobile operator’s $20m balance from bank credit

investors via a private placement.

Once that offering is completed, it will then move to close on a $20 million bank facility, upon which initial terms are already thought to have largely been agreed.

$4.23

The FNM’s deputy leader yesterday warned that the Government’s latest labour law reforms threaten to upset the delicate balance between protecting Bahamian workers and the need for jobs and economic growth.

K P Turnquest told Tribune Business that the proposed changes to the Employment and Industrial Relations Acts would further increase costs and bureaucracy for Bahamas-based businesses at the worst time in the economic cycle.

With annual GDP growth still below 1 per cent, Baha Mar notwithstanding, and unemployment still in the ‘double digits’ at 11.6 per cent, the east Grand Bahama MP warned that the Christie administration was making this nation “uncompetitive”.

Bahamas ‘uncompetitive’

Worker protection must balance jobs, GDP growth Hotel exec: Redundancy rise ‘form of social taxation’ Mr Turnquest said: “The reality is that whatever amendments are made to the labour legislation, they have to be balanced. Right now, in my estimation, we’re beginning to make ourselves uncompetitive.

“We have to be mindful of where we are in the economic cycle, and the competitive conditions around See pg b5

The Chamber of Commerce is preparing a last-ditch appeal to the Government to withdraw and “reconsider” its labour law reforms, with “not one employer” yesterday said to be in favour of the changes.

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, said the private sector was especially upset that it had not received copies of the Employment Act and Industrial Relations Act amendments prior to their Wednesday tabling in the House of Assembly.

Reiterating the Chamber’s opposition to “most” of the changes, Mr Sumner warned that their impact “can be Edison Sumner quite catastrophic” for all Bahamasbased businesses if they become statute law.

He argued that the Christie administration was “using a broad stick to beat the entire private sector”, and that it should instead deal directly with employers over specific labour-related situations, rather than introduce all-encompassing legislation.

And, while repeating his argument that the Bills were “ultra vires” or illegal, since they were not unanimously approved by the National Tripartite Council as required by its Act, Mr Sumner said the body still represented the best mechanism for resolving labourrelated disputes.

He added, though, that the Chamber only found out on Tuesday night that the Government planned to move forward with the tabling of the Bills for their first House of See pg b4

PAGE 2 , Friday, March 17, 2017

Leading away from a generational clash

Millennials and younger generations of leaders are increasingly finding themselves managing departments with older persons serving under them. Traditionalists, Baby Boomers, Generations ‘X’ and ‘Y’, and Millennials are all still actively engaged in the workplace, and sometimes have great difficulty in finding common ground.

Communication between these generations poses a great challenge, which is exacerbated when the leader is younger than other staff.

One of the first things the young leader must ask, as he or she attempts to supervise older persons, is: ‘How can I earn the respect, and get ‘buy-in’, from those who

do not always enjoy getting direction from a leader who was (in some cases) as old as their own children?’

Managing older generations at work requires patience, the ability to listen carefully, and the knowledge that you must learn the old ways of doing things before you can apply your new ideas. What older generations find disrespectful is when young leaders abandon the ‘old’ ideas without having a clear reference point. A new path must be clearly accepted as a more efficient way of doing business.

Older persons have seen youthful zeal many times during their careers and, in most cases, they sit by

idly waiting for the fire and passion to wear off. They snicker under their breath and anticipate the crash.

For this reason, young managers must quickly become great leaders. There are any number of ways for the young leader to accomplish this. Here are a few of these ideas:

1.

Eliminate the hierarchy, become just another member of the team, and help get things done. They must see that you are not concerned with being the big boss.

2.

Build relationships, earn trust and allow your leadership to rise organically. The rapport

you have with each team member is crucial to their liking you and wanting to work with you.

3.

Respect the experience that older persons bring to the table, and use them frequently as a point of reference.

Older generations want you to respect their ideas and ideals. Get to know them on a personal level and extend social invites to them as often as you can

4.

Use the appropriate courtesies and manners that the generation in question is accustomed to. Formal addressing and interactions

THE TRIBUNE

is often the standard, and it is best to remain in this lane.

5.

Be an active listener and learner, and watch the behaviours and actions of older team members. Know their ways of working, and be certain to acknowledge the lessons learned from these older colleagues by applying what they have taught you.

• NB: Ian R. Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally

Ian ferguson and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@ coralwave.com.

Carnival port will ‘spell the death’ of Freeport’s economy Members of an environmental advocacy group have warned that Carnival’s proposed $200 million cruise port could “spell the death” of Freeport’s economy and endanger five fragile eco-systems in east Grand Bahama.

Save The Bays’ chairman, Joe Darville, and legal director, Fred Smith QC, delivered the warning during a recent ‘Voice of the Bays; The Environment Speaks’ radio show on Love 97.5.

While Carnival has promised to employ Bahamians and provide entrepreneurial opportunities for locals, Messrs Smith and Darville said the price of such a private port was too great.

They argued that residents in east Grand Bahama have yet to be consulted on the project.

“Nobody in Grand Bahama knows exactly where this is going; whether it is on Crown Land or private land,” Mr Smith argued.

“If Crown Land, how much is going to be given away, what the tax incentives are, what the environmen-

With the proposed $200 million Carnival Cruise Water port scheduled for East End, Grand Bahama, environmentalists are concerned over the possible wipe out of mangroves and marshlands which provide a breeding ground for thousands of aquatic species. tal impact will be, or how it will affect the thousands of licensees in Freeport who survive from the cruise ships that come in.

“What about the taxi drivers, the bus drivers, the tour operators, the restaurants, David Wallace’s beach concession, East End Tours, the banana boat operators, jet ski operators, the vendors who sell their

wares on the beach?”

Dr Michael Darville, the minister for Grand Bahama, told the recent Business Outlook conference that the Carnival port will be built two-and-a-half miles west of Statoil’s terminal.

“The exact location I cannot give, but it is an excellent piece of land and it was selected because of See pg b4

L to R: Kalin Griffin, assistant director of labour, Eleuthera; Christiane Barros, Ministry of Labour, Brazil; Resel Melville, ILO Trinidad; Shane Gibson, minister of labour and national insurance; Marisa Baranski, deputy chief of mission, embassy of Brazil to the Bahamas; Fernanda Garces, Brazilian Cooperation Agency; Erik Ferraz, ILO Brazil; Ramon de Faria, Ministry of Labour, Brazil.

Minister: Child labour minimal in Bahamas A Cabinet minister says the Bahamas only has “minor examples” of child labour, as he opened a joint two-day seminar on the issue Shane Gibson, minister of labour and national insurance, made the comments during the ‘School-to-Work Transition for the Prevention of Child Labour’ seminar.

Attending agencies included the Department of Labour and the Royal Bahamas Police Force, along with the International Labour Organisation (ILO), Brazilian Cooperation Agency (ABC) and Brazilian government.The seminar reviewed the experiences and good practices in the Brazilian apprenticeship system.

Mr Gibson said: “Here in the Bahamas, incidences of child labour can be found in some grocery stores, where young boys and girls work as packers.

“The law dictates that children under age 14 should not work, but if they are allowed to work, it should be for a limited period of time after school hours. It has been discovered, though,

that some parents use these grocery stores as day care centres for their children until they leave work, as well as additional income to provide their children with lunch money.

“The employer often argues that because packers do not earn salaries and only work for tips, they are not technically employed by the grocery stores. However, I am advised that these children also assist with restocking shelves and mopping the floors, and can be seen working until closing time at night,” the Minister added.

“Another example of child labour here in the Bahamas is children working at family-owned businesses, including restaurants, even though they are not considered employees. These are minor examples as the Bahamas does not have sweatshops or major factories, as do other countries, where child labour is more prevalent.”

Mr Gibson added: “It is important that we all play a critical role in eliminating all forms of child labour to ensure that generations of Bahamians, born and unborn, get to fully enjoy their

childhood and are afforded the best opportunity to gain an education.

“As the Government of the Bahamas and Brazil build this new partnership, I wish to encourage all stakeholders to carefully study many strategies undertaken by Brazil, and submit a comprehensive report to the Government to ensure that we establish a national policy in support of the eradication of all forms of child labour in our beloved country.”

The seminar participants were given information on the background to apprenticeship programmes in Brazil, laws and suggested amendments, contracts, standards, compliance and monitoring, and the labour rights of apprentices.

The role of government and the social partners; policy and curriculum creation and development; schoolto-company flow; and the capacity to meet the demands of the labour market were discussed on the final day, where a professional apprenticeship development in secondary schools was the focus.

The six-member delegation from Brazil also made a field visit to the Ministry of Youth, Sports and Culture’s Fresh Start Programme, plus the National Training See pg b4

THE TRIBUNE

Friday, March 17, 2017, PAGE 3

Spanish Wells hopes Commonwealth will fill the RBC vacuum

By NATARIO McKENZIE

Tribune Business Reporter

Bank sends ‘delegation’ to island

The Spanish Wells community would be “only too glad” to have a Bahamianowned institution fill the void created by the Royal Bank of Canada’s (RBC) imminent pull-out, with Commonwealth Bank sending a delegation to the island recently.

Robert Roberts, chief councillor for Spanish Wells, told Tribune Business yesterday: “The one positive that came out of it is that Commonwealth Bank did send a delegation to meet with a group of business leaders, but they haven’t said whether they are going to commit. So far that’s about as far as things have gotten to date.”

But no commitment yet

nmckenzie@tribunemedia.net

Leader of the FNM Dr Hubert Minnis.

PLP Chairman Bradley Roberts.

Minnis slams Govt’s ‘stunning ineptitude’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Free National Movement’s (FNM) leader yesterday accused the Government of “stunning ineptitude” in its fiscal policies, with the debt-to-GDP ratio now at 78 per cent despite $1 billion-plus in VAT revenue collections.

Dr Hubert Minnis, gearing up for the imminent general election, said the Christie administration has effectively “ignored” the Bahamas’ looming fiscal crisis through its continued “wasteful spending’, which had increased the national debt by $2 billion since it took office in 2012.

“To hear Bradley Roberts tell it, the PLP government rescued the Bahamas from ‘the brink of the fiscal cliff’,” the FNM leader said, in reference to the PLP chairman’s statement earlier this week.

“The Organisation for Responsible Governance called him delusional for making his statement, and said that they would like to see the rescue plan if he has one. A description he eagerly earns with his empty rhetoric and broken promises.”

The Central Bank’s quarterly review for the three months to end-December 2016 revealed that the Ba-

Blasts its handling of looming fiscal crisis Roberts: Baha Mar shows Minnis ‘unfit to lead’ hamas’ debt-to-GDP ratio hit 77.9 per cent at year-end 2016, a 2.6 percentage point rise on the 75.3 per cent some 12 months prior.

The 2016 increase, blown

by Hurricane Matthew, was greater than the percentage rise in 2015, pushing the Bahamas’ debt-to-GDP ratio well beyond the socalled 70 per cent ‘danger threshold’ identified by the International Monetary Fund (IMF), above which countries can lose control of their financial affairs.

The Government’s direct debt, which strips out the borrowing it has guaranteed on behalf of public corporations, closed 2016 just below that threshold, standing at $6.313 billion or 69.9 per cent of GDP. It increased by $399.2 million or 6.8 per cent year-over-year.

And total public sector debt, which includes debt incurred by corporations and agencies that is not guaranteed by the central government, was pegged at more than 87 per cent of GDP.

Dr Minnis, in his statement yesterday, said of the Government: “Their stunning ineptitude proves the point that you won’t fix a problem when you choose to ignore the problem.

“To turn this around we need to cut wasteful government spending – like the lavish government contracts they hand out to friends and donors.

“You can encourage growth or you raise revenue. Now this PLP Government has already raised taxes, forcing the people to shoulder the financial hardships of an onerous VAT tax. When they came to power they insisted imposing VAT was the only way to bring down both the debt and deficits, yet both our debt and our deficits still remain.”

He added: “The general consensus is that Royal Bank can go back to Canada, and we would be only too glad to have a 100 per cent Bahamian-owned bank here, which is one of the only banks in the country actually showing growth. As far as the community goes, having Commonwealth being bounced around to potentially take RBC’s place, they’re all for it.”

Mr Roberts emphasised, though, that Commonwealth Bank had made no commitments on replacing RBC in

Spanish Wells.

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

The Central Bank’s report also showed that the national debt increased by $373.1 million during 2016 to break the $7 billion barrier at year-end, closing at $7.042 billion.

The increase was exacerbated by the blow from Hurricane Matthew, which forced the Government into some $130 million in unanticipated borrowing from a syndicate of commercial banks, while also negatively impacting its revenue collections.

See pg b6

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PAGE 4 , Friday, March 17, 2017

Chamber pledges last ditch ‘appeal’ on labour reforms Frompg B1 Assembly reading the next morning.

“We did not see the final draft Bills. We did not have an opportunity to see the Bills as they were framed before they were presented,” Mr Sumner told Tribune Business.

“One of the things we were disappointed about, and wished had worked out differently, is that we didn’t get an opportunity to see the draft amendments; not as they were presented in Parliament.

“We thought there should have been some level of professional courtesy to ask the Tripartite Council, including the employer representatives, to review the draft legislation before it was presented in Parliament.”

Employers have been united in condemning the proposed changes to the Employment and Industrial Relations Acts, warning that the increased costs and bureaucracy they will create could “cripple” and “bankrupt” businesses across all sectors.

They fear the reforms, which many see as an elec-

tion ‘ploy’ designed to attract trade union and worker votes to the governing Progressive Liberal Party (PLP), will further undermine the Bahamas’ economic competitiveness and ‘ease of doing business’ The increased costs and ‘red tape’ associated with redundancy will also deter businesses from hiring, with many in the private sector believing the Bills will ultimately prove self-defeating.

They argue that the subsequent business community reluctance to invest and hire will frustrate efforts to increase the Bahamas’ tepid GDP growth rates and reduce a ‘double digit’ unemployment rate that was 11.6 per cent in November 2016.

Both these objectives are stated Government priorities.

Acknowledging that the Chamber has its “work cut out” to prevent the Government from moving ahead, Mr Sumner said it would appeal to the Government to reconsider prior to the planned debate on the Bills next week in the House of Assembly.

“We are going to make an appeal to the Minister

Carnival port will ‘spell the death’ of Freeport’s economy From pg B2 the Environmental Impact Assessment (EIA),” Dr Darville said.

“It was proven it would have the least devastating effects to the water aquifers in east Grand Bahama, which is essential for water supply for the entire island of Grand Bahama.”

Prime Minister Perry Christie, speaking at the same event , said the Government had discussed Grand Bahama’s environment with Carnival.

“We don’t make any decision with respect of a development that has the potential impact on the environment without making it subject to environmental approval,” he explained.

“After an EIA is done, and assuming it is satisfactory, then we make it also subject to Environmental

Management Planning.

And so, in the process in talking to Carnival Cruise Line, we discussed at length the environment of Grand Bahama.”

Mr Joe Darville, who chairs Save The Bays, an organisation with more than 20,000 Facebook friends, said the new port would negatively impact both Freeport’s economy and the east Grand Bahama environment.

“It is a 35-40 mile ride from Freeport to East End, so you are creating an attraction that will suck the very life out of Freeport, which already has the infrastructure in place for cruise ships, and they could add to that; improve what is already there,” Mr Darville said. “This could spell the death of the economy that is dependent upon cruise business.

COMMONWEALTH OF THE BAHAMAS CLE/Qui/2014 IN THE SUPREME COURT QUI/No. 149 COMMON LAW AND EQUITY SIDE BETWEEN IN THE MATTER OF THE QUIETING TITLES ACT 1959 AND IN THE MATTER of Petition of “PRAYER AND PRAISE ASSEMBLY” a company incorporate under the laws of and being involved in religious worship AND IN THE MATTER of ALL THAT piece parcel or lot of land being Lot No.3 of Block No. 72, Englerston Addition Subdivision containing 4,967 square feet and situate on the Eastern side of Ragged Island Street approximately 100 feet South of Cordeaux Avenue in the Southern District on the Island of New Providence one of the Islands of the Commonwealth of the Bahamas NOTICE TAKE NOTICE PRAYER AND PRAISE ASSEMBELY claims to be the owner in fee simple in possession of the said land and has made application of the Supreme Court of the Commonwealth of The Bahamas Under Section 3 of the Quieting Title Act, 1959 to have its tile to the said land investigated and the nature and extent thereof determined and declared in a Certificate ‘of Title to be granted by the Court in accordance with the provision of the said Act. A plan of the said land may be inspected during normal working hours at: (a) The Registry of the Supreme Court, New Providence in the Commonwealth of The Bahamas and the Chambers of V. Alfred Gray & Company, Dowdeswell House, Dowdeswell and Armstrong Streets, New Providence; NOTICE IS HEREBY GIVEN that any person or persons having dower or right of dower or an Adverse Claim or Claim not recognized in the Petition shall on or before the 25th day of March A.D., 2017 file in the Supreme Court in New Providence aforesaid and serve on the Petitioner or the undersigned a Statement of their claim aforesaid on or before the 25th day of March, A.D. 2017 or it will operate as a bar to such claim.

Dated this 22nd day of February A.D., 2017 V. ALFRED GRAY & CO. Chambers Dowdeswell House Dowdeswell & Armstrong Streets Nassau, The Bahamas Attorney for the Petitioner

THE TRIBUNE charge to ensure the Government reconsiders.”

Most of the proposed reforms appear to be a direct response to the situation at the Melia Nassau Beach Resort, where the hotel is no longer collecting union dues and paying them to the union, plus Sandals Royal Bahamian’s termination last August of its near-600 strong workforce - an event some regarded as ‘union busting’, although this was denied by the resort.

Mr Sumner yesterday argued that the proposed reforms were an overreaction to these situations, and said the Government should have addressed both matters directly with the employers involved.

“You cannot use a broad stick to beat the entire private sector because of mishaps and misgivings with a few who operate in the country,” he told Tribune Business. “There should be mechanisms to deal with these companies directly.”

Still, Mr Sumner defended the National Tripartite Council as “a wonderful tool” for resolving labour-related matters, even though the latest recommendations are “ultra vires” or violate its own Act, as they were not unanimously approved by its three partner members - the Government, trade unions and employers.

and the Government that these Bills should be reconsidered and taken from the table until more insight into them is given,” he told Tribune Business.

“We think we still have some opportunity to have further dialogue and discussion with the Government on them. Our discussion now has to be elevated to the next level to have these amendments recalled before they become law.

“We understand the debate is to begin next week.

We know our work’s cut out for us, but we will implement a strategy to approach this very directly and get those responsible for passing legislation to listen to what we’re saying and hope there’s a change before the debate begins.”

Key among employer concerns is the 67 per cent, or two-thirds increase, in the Employment Act’s redundancy pay ‘cap’.

Line staff are currently entitled to a maximum 24 weeks or six months’ redundancy pay under the Employment Act, gaining two weeks for each year they have been employed up to the 12-year ‘cap’.

However, the Bill requires the ‘cap’ to be increased to 32 weeks (16 years) immediately upon enactment of the reforms.

And, ultimately, the ‘cap’ for line staff redundancy pay is to be increased to 40

weeks some two years after the amendments are passed.

As for managerial staff, the existing 48 weeks (12 months/one year) redundancy pay maximum that they are due currently under the Employment Act is to be immediately increased to 64 weeks. Should the proposals pass, the ‘cap’ will ultimately be lifted to 80 weeks after two years.

Mr Sumner reiterated that the Chamber’s opposition was especially strong over the redundancy and Ministerial ‘notification’ proposals, with both the Government and union representatives on the Tripartite Council in favour.

“I can tell you that there is no single private sector employer supporting these amendments; not one,” he told Tribune Business. “I’ve had numerous e-mails and calls expressing concern today.

“There is not one employer supportive of these amendments, because they recognise the impact it will have for our businesses.”

Mr Sumner pointed out that the private sector was the major wealth and job creator for the Bahamas, including the Government and its taxes, and needed to be sure that the regulatory and legal climate was “conducive” for its efforts.

He added: “The Chamber continues to hold its ground, and we believe

some of the amendments, if allowed to pass, are going to be challenging for the private sector.

“I think there’s going to be an adverse impact on the level of employment in the country. We’re going to have difficulty attracting new employers when they’re hit with such onerous responsibilities to shell out so much money in the event of redundancies.”

Mr Sumner said the same deterrent effect would apply to foreign direct investment (FDI), and he added that the Chamber would now undertake economic impact assessments to determine the effect if the reforms became law.

Appealing to the numerous businessmen in the House of Assembly and the Senate, he said: “Any business person sitting in Parliament should have challenges and difficulties in approving these amendments.

“You’ve got to live with the laws you enact and pass.

These amendments may look good in the short-term, especially on the labour side, but the long-term implications can be quite catastrophic for the business community.

“Our position is that these amendments are not the best solution for the country, and they should be reconsidered. The Chamber is going to be leading the

“There is an environmental aspect that is absolutely frightening, nightmarish even. There are almost seven miles of pristine beach.

Somehow, the cruise line came across this gem, and now they want to destroy it?

“There are five distinct eco-systems. You have probably a mile-and-a-half of deep ocean, then the panorama of shallower waters with beautiful coral reefs.

Then, coming in closer to shore, you have the grassy area; there are turtles, fish, bonefish and, because of the soft nature of the coastal area, you have embankments that allow the water to flow over and into the mangroves,” he added “That’s five eco-systems they would have to dredge through in order to be able to get through. They are going to rape the reefs, destroy the mangroves, dredge out the wetlands and they will say it is for the benefit of Bahamians. Baloney; it’s for the benefit of the cruise line.”

Both men were equally troubled by a perceived lack of consultation with local residents, though they are aware of at least one meeting with a small group.

“We have a Local Government Act,” said Mr Smith. “We have an East End District Council. Have they been consulted?”

Both men argued that too many investment deals are negotiated in private and shrouded in secrecy, with

the public learning what is happening when a Heads of Agreement photo opportunity takes place.

“We lament, and we resist and we decry, these continuing Heads of Agreement just like Baha Mar, whereby the Government sits in Nassau in the Office of the Prime Minister, which gets bedazzled like the native Indians that Columbus discovered 500 years ago. They gave them some kind of shiny beads, and suddenly all the Indian land is gone,” Mr Smith said.

“We continue to operate a system of government whereby the Office of the Prime Minister behaves in secret, and makes decisions without reference to the people most affected.

“There is a failure to understand that the Government represents the people, including the people throughout the Family Islands, and this is the same problem that Save The Bays has been addressing since we were formed.”

Save The Bays, launched in 2013, has filed several Judicial Review actions on behalf of various Family Islanders impacted by investment projects they were never consulted on.

Its online petition calling for a true Freedom of Information Act, an end to unregulated development, and a comprehensive Environmental Protection Agency, has gained nearly 7,000 signatures.

Minister: Child labour minimal in Bahamas

NOTICE

NOTICE is hereby given that TROLSON TELUSMA of Marsh Harbour, Abaco, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

From pg B2 Agency, where current apprenticeship programme models were examined.

Robert Farquharson, the director of labour, said: “As part of the regional initiative on child labour sponsored

by ILO and Brazil, this seminar represents the technical assistance that the Government of the Bahamas requested from the government of Brazil.

“This form of technical assistance is another example of ‘South-South Co-operation’ between the Bahamas and other developing countries to address issues through sharing resources and expert knowledge.”

Resel Melville, from the ILO’s Trinidad office, added: “In light of the increasing attention being given to youth development and addressing youth unemployment in the Bahamas, the ILO and ABC team was pleased at the level of attendance and engagement by the various stakeholders during the two-day seminar on apprenticeships for the elimination of child labour. “ This mission not only allowed the government of Brazil to share its experiences, but also provided an opportunity for the visiting team to learn about - and connect - with persons involved in some of the exist-

ing initiatives being undertaken by the Government and other agencies in the Bahamas.

“We came away with a deeper understanding and appreciation of the situation and systems in the Bahamas, which will certainly be instructive in the development of further co-operation initiatives between the ILO and the people and governments of Brazil and the Bahamas.”

Among the Bahamian organisations at the conference were 5he Department of Labour; Department of Social Services; Bahamas Technical and Vocational Institute (BTVI); National Training Agency (NTA); Ministry of Education, Science and Technology; Urban Renewal Commission; Ministry of Youth, Sports and Culture; Bahamas Chamber of Commerce and Employers Confederation (BCCEC); University of the Bahamas; Department of Statistics; Ministry of National Security; Ministry of Foreign Affairs and various trade unions, including the National Trade Union Congress (NCTU), Bahamas Electrical Workers Union (BEWU), Trades Union Congress (TUC) and Bahamas Nurses Union.

NOTICE

NOTICE is hereby given that JAMES GUILLAUME of Bar 20 Corner, 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 10th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, March 17, 2017, PAGE 5

Labour chief dismisses ‘ultra vires’ concerns on law amendments From pg B1 us. I think their position is inconsistent with what has been happening at the Council level - that there must be a majority vote. I disagree with their position.”

The Chamber, in its Wednesday night statement, argued that the reforms to the Employment and Industrial Relations Acts, which were tabled in the House of Assembly on Wednesday, “should not be promoted as having been recommended by the NTC”.

It reiterated concerns, first expressed in a Decem-

ber 20, 2016, letter to Mr Farquharson, that the National Tripartite Council, which was created to resolve labour-related issues in a consensual manner, could only recommend changes to existing laws if there was unanimous agreement between all stakeholders.

“Any decisions from the NTC, which are not unanimously agreed by the executive members, constituting a quorum in any meeting, will be ultra vires to the powers derived under the National Tripartite Council Act,” the Chamber warned yesterday.

Its position is that all

three stakeholders represented on the Council - employers, trade unions and the Government - must agree on labour law amendments before such changes can be submitted to the Government.

Mr Farquharson, though, offered a different perspective. “That’s not correct.

Mr Sumner, in his capacity as the chief executive of the Bahamas Chamber of Commerce and Employers Confederation, would have articulated that position in a minority report that was also sent to the Government when the recommendations were sent in,” he added.

“There are examples, in this process, where the employer and the Government were on the same page on a position, and the union differed from us, and it wasn’t a problem.

“Furthermore, when we

made the recommendation previously on the Minimum Wage Act, where the employer and the Government were on the same page, the union was not. That was passed and it was OK then.”

Mr Farquharson added: “I don’t think the Chamber’s contention in that regard has any basis. Our job as a Council is only to make recommendations to the Government. The Government may not take our recommendations.

“Our job is to articulate to the Government what we discussed and what we recommended. In all cases, the social partners were represented and involved in discussion on these Bills.

We, at the request of the employers, postponed the passage of these Bills for 90 days just to make sure that there was enough consultation and, through all

the consultations, they still didn’t agree.

“What do you want us to do? Wait for them to agree?

These things were in discussion for over a year. We completed our recommendations and submitted them to the minister in December,” he continued.

“The Council members knew that the recommendations went to the Office of the Attorney General and the Law Reform Commission, and were put into legislative form. That is what was presented in Parliament on Wednesday.”

Chamber chairman, Gowon Bowe, told Tribune Business that the Bills tabled in Parliament on Wednesday were sent to it only the night before.

He added that the Chamber was “disappointed” that the Government had pro-

ceeded without unanimous agreement as required by the National Tripartite Act. “We had no advance notice of the timetable for tabling and the ultimate contents, as we had recommended that the Tripartite Council continue its work before any Bills were drafted,” Mr Bowe said.

Mr Farquharson acknowledged that some of the amendments had not come before the Council.

“The council did not address the recommendations regarding the Industrial Tribunal,” he conceded.

“Those would have come after the Office of the Attorney General would have consulted with Mr Sumner in his capacity as Chamber chief executive. They had extensive discussion on those. The Government also consulted with the University of the West Indies.”

Water Corp’s bill to BISX- FNM deputy: Labour listed supplier up 134% law reforms could its performance guarantees ‘unbalance’ economy From pg B1 receivables.

“Our accounts receivable balances due from the Bahamas government amounted to $11 million and $4.7 million at December 31, 2016, and 2015, respectively.”

Meanwhile, Consolidated Water said 2016 revenues from its bulk water segment, which include the Blue Hills and Windsor plants in Nassau, fell by 7 per cent year-over-year - from $31.854 million to $29.647 million, It added that most of the decline, some 62.8 per cent, related to a $1.507 million year-over-year decline in its Bahamas revenues. Consolidated Water blamed this on “a significant decrease in the prices of diesel fuel and electricity from 2015 to 2016, which reduced the pass-through energy component of our bulk water rates”.

However, the bulk water segment’s operating income and gross profit were flat in 2016 compared to the prior year, as reduced energy costs drove margins two percentage points higher to 34 per cent.

Consolidated Water also confirmed the December 28, 2016 agreement with the Water & Sewerage Corporation that extended its Windsor plant supply contract for 15 years through to 2031.

In return for the Water & Sewerage Corporation agreeing to take a minimum of 16.8 million gallons per week from Windsor, the BISX-listed supplier will be investing $8.9 million to ensure the plant “can meet

during the extended agreement period”.

“The per gallon price for the water supplied under the extended agreement, excluding the pass-through energy component, is approximately 18 per cent less than the price in effect at December 31, 2016,” Consolidated Water added.

“The remaining terms of the amended agreement are substantially consistent with those of the original Windsor water supply agreement.”

Consolidated Water also revealed that the Water and Sewerage Corporation accounts for 33 per cent, or one-third, of its total annual revenues through the two New Providence-based reverse osmosis plants.

Blue Hills and Windsor combined can generate 15.2 million gallons per day for the Water and Sewerage Corporation’s customers, accounting for 57.4 per cent of the BISX-listed provider’s total water production.

“During 2016, we supplied approximately 3.8 billion gallons (2015: 3.7 billion gallons) of water to the Water & Sewerage Corporation from these plants,” Consolidated Water added.

“We supply water from the Blue Hills plant, our company’s largest seawater conversion facility with a capacity of 12 million gallons per day, under the terms of a water supply agreement with the Water & Sewerage Corporation that expires in March 2032 that requires us to deliver - and requires the Water & Sewerage Corporation to purchase - a minimum of 63 million gallons of water each week.”

From pg B1 us. We can’t continue to increase the cost of doing business and not expect negative implications.”

Mr Turnquest is likely to be more aware than most MPs of the consequences that implementing the two Bills will bring, both for individual businesses and the wider economy, given his previous position as Grand Bahama Chamber of Commerce president.

A business owner and investor himself, the east Grand Bahama MP used guarded language to criticise the Government’s actions, no doubt mindful of the upcoming general election.

Mr Turnquest added: “At the end of the day, while there may be need for some further employee protections, we have to make sure they’re balanced against the cost of doing business and the need to grow and expand the country’s economy.”

Chief among employer concerns is the 67 per cent, or two-thirds increase, in the Employment Act’s redundancy pay ‘cap’.

Line staff are currently entitled to a maximum 24 weeks or six months’ redundancy pay under the Employment Act, gaining two weeks for each year they have been employed up to the 12-year ‘cap’.

However, the Bill requires the ‘cap’ to be increased to 32 weeks (16 years) immediately upon enactment of the reforms.

And, ultimately, the ‘cap’ for line staff redundancy

pay is to be increased to 40 weeks some two years after the amendments are passed.

As for managerial staff, the existing 48 weeks (12 months/one year) redundancy pay maximum that they are due currently under the Employment Act is to be immediately increased to 64 weeks. Should the proposals pass, the ‘cap’ will ultimately be lifted to 80 weeks after two years.

Michael Reckley, the Bahamas Hotel and Restaurant Employers Association’s (BHREA) vicepresident, told Tribune Business yesterday that the two-thirds increase in redundancy pay for terminated employees was effectively “a form of social taxation”.

He joined Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, in lamenting the fact that several clauses in the Bills had never been shown to the private sector for consultation before their tabling in the House of Assembly.

“We’re very, very disappointed and disturbed by what we see,” said Mr Reckley, whose Association represents the Bahamas’ largest hotel employers, such as Atlantis, “particularly because some of this stuff was never brought to us for consideration.”

“This stuff had never been seen before; some of that found its genesis in the Attorney General’s Office.

The employers have not given their consent to some of this.”

Acorine Limited Registration No. 053404

LEGAL NOTICE

(Voluntary Winding-Up)

BEAVERLODGE RESOURCES INC. (In Voluntary Liquidation)

NOTICE is hereby given that in accordance with Section 286 of the International Business Companies Act: -

Acorine Limited is in dissolution;

-

The date of commencement of dissolution is 27th January 2017

-

Mrs. Marie Cecile Alixe Elliot of 13, Sholto Dauglas, Beau Bassin, Mauritius is the liquidator.

Notice is hereby given in pursuance of Section 138(8) of The International Business Companies Act, 2000 (as amended), the Dissolution of the above-named company has been completed, a Certificate of Dissolution has been issued and the above-named company has therefore been struck off the Register. The date of the completion of the dissolution was the 18th day of January 2017.

Deputy Leader of the FNM Peter Turnquest

Mr Reckley also reiterated Mr Sumner’s concerns that because the changes to the Bills were not approved by the private sector, there was no unanimous consent - as required by the National Tripartite Council’s Act - for them to move forward to Parliament. As a result, the Chamber chief executive had argued that the recommended changes were “ultra vires” or not in accordance with the law.

“We are being asked to put into law something that doesn’t make sense in this economy. I wish there was a nicer way of saying it,” Mr Reckley added.

“It’s becoming a political football. It’s being used to the detriment of employers.

Which employer is going to create employment in this context?

“It’s bad news. This government has paid lip service to employers. We need someone to say what incentives will be given to the business community to create employment. I don’t know if they have the growth and development of this economy at the forefront of their minds.”

The proposed reforms also impose bureaucratic notification requirements on Bahamian businesses, whenever they are consider-

ing redundancies, and a fine equivalent to 30 days’ extra pay for each terminated employee should these not be adhered to.

Employers will have to give relevant trade unions, or employee representatives, a “written statement” explaining the reasons for the redundancies and “facts” behind the move, along with the number and category of jobs impacted, and the timeframe over which the terminations will take place.

“Recognised” trade unions must be consulted “no later than six weeks” before the redundancies will occur in a bid to “mitigate” the impact, and determine the processes and procedures that will be used. The Minister of Labour must be given 30 days’ notice.

Meanwhile, the proposed reforms to section 51 of the Industrial Relations Act deem the terms and conditions of industrial agreements as automatically incorporated into individual workers’ contracts.

Other proposed amendments force employers to start collective bargaining talks within 45 days of receiving a trade union’s industrial agreement proposal.

FINAL NOTICE

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:RBA ARCITEKTUR UND BERATUNG GmbH has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 28TH, FEBRUARY 2017.

Dated this 17 day of March 2017 Mrs. Marie Cecile Alixe Elliot LIQUIDATOR

Bennet R. Atkinson Liquidator

Dillon Dean LIQUIDATOR

FINAL NOTICE

FINAL NOTICE

FINAL NOTICE

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:TUPUNGATO CONSULTING LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 28TH, FEBRUARY 2017.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:PROPERTY CONCEPTUAL DESIGN S.A. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 28TH, FEBRUARY 2017.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000, notice is hereby given that:KOH AE SERVICES LTD. has been dissolved and struck off the Register pursuant to Certificate of Dissolution issued by the Registrar General on 28TH, FEBRUARY 2017.

Kim Thompson LIQUIDATOR

Dillon Dean LIQUIDATOR

Dillon Dean LIQUIDATOR

PAGE 6 , Friday, March 17, 2017

$50m capital raising comes Aliv next week From pg B1 phone and e-mail messages being left.

He had previously confirmed to Tribune Business in February that Aliv and its financial adviser and placement agent, RoyalFidelity, were taking “market soundings” on the potential bond issue and other financing options then.

“There are soundings going on, but no official process,” Mr Blackburn said at the time. “We haven’t given any mandates yet to anybody. We’ve got a few different options, and are considering them all.

“We don’t necessarily need a bond issue,” he

added. “We’re looking at all possibilities. We’re not fixed on a bond solution.

We might look at bank debt. We don’t know all the answers yet. Whatever we do, it will be comprehensive and it’ll be done.”

The initial plan called for the $30 million bond component to be split into two equal tranches, with different principal and maturity terms.

One tranche, with a 10year term, was to carry an interest coupon of between 7 per cent to 7.5 per cent.

The second tranche, which was to have a 15-year maturity term, would carry a dividend of between 7.5-8 per cent to compensate in-

Minnis slams Govt’s ‘stunning ineptitude’ From pg B3 While Matthew was a key factor behind a 168.6 per cent year-over-year increase in the fiscal deficit for the final three months of 2016, rising from $85 million to $228.3 million, the Central Bank report emphasises this was not the sole factor.

Suggesting that the Government was in denial, Dr Minnis added: “Time and time again, the people of our great country receive bad news about our economy, and yet the PLP will not admit that they have not fixed the problem.

“Not only has the PLP not fixed the debt-to-GDP, they have made it worse.

In fact, much worse.... The International Monetary Fund (IMF) accurately reported last month that VAT and other PLP revenue ‘reforms’ have failed to eliminate the fiscal deficit, as promised, because the Christie administration had increased spending at the same time.

“Low growth rates are crippling our economy, which leads to high levels of unemployment and violent crime. The IMF sees the problems, the people can see the problems, so why can’t this Government see the problems?”

Dr Minnis promised

greater transparency and accountability on government spending from an FNM administration, and to encourage private sector growth and job creation.

However, he also pledged to reduce VAT on ‘breadbasket’ items - a plan that has been criticised by the IMF for undermining the Bahamas’ broad-based, low rate model and increasing business costs.

Mr Roberts, meanwhile, hit out at Dr Minnis as “unfit to lead the country” for his remarks suggesting that an FNM government would undo Baha Mar’s sale to Chow Tai Fook Enterprises (CTFE).

Arguing that the FNM leader was not acting in the interests of Bahamians, the PLP chairman told a joint branch meeting last night: “Zhivargo Laing called this pandering.

“Businessman Franklyn Wilson said those comments were the most foolish he had ever heard from a Bahamian leader in our history. Even the Chamber of Commerce chief weighed in, cautioning Bahamians to ignore Minnis’ ill-advised and foolish remarks in the interest of political stability. So Minnis was roundly condemned from all sides.”

vestors for the longer term and extra risk.

Capital markets sources confirmed to Tribune Business yesterday that Aliv’s plans have firmed up over the past five to six weeks, with the major investment houses and broker/dealers invited to a briefing on the forthcoming bond issue on Wednesday afternoon.

Those present were given an overview of Aliv’s strategy and business model, together with its “performance to-date”, especially the number of mobile subscribers it has managed to attract since its November launch.

Mr Blackburn, speaking at the launch of Aliv’s business solution services at end-February 2017, said the operator had managed to capture 45,000 subscribers equivalent to 25 per cent of

the mobile market - within its first 12 weeks.

He added that the company had created some 250 Bahamians jobs, and invested $120 million in its initial operations and build-out of network infrastructure across New Providence, Grand Bahama, Abaco and Eleuthera.

Aliv, though, remains capital intensive as it moves to expand its network into Exuma, Bimini, Andros and the other Family Islands, fulfilling the roll-out obligations it committed to hit in its license from the Utilities Regulation and Competition Authority (URCA).

The proceeds from the total $50 million raised will be used to finance Aliv’s continued build-out and operating expenses, with URCA having previously

NEW YORK (AP) — Stocks held steady on Wall Street Thursday, and bond prices gave back some of their big gains from the prior day as a rally fueled by the Federal Reserve’s announcement on interest rates Wednesday faded.

The Standard & Poor’s 500 index slipped 3.88 points, or 0.2 percent, to 2,381.38. The Dow Jones industrial average fell 15.55 points, or 0.1 percent, to 20,934.55. The Nasdaq composite, meanwhile, rose 0.71 points, or 0.01 percent, to 5,900.76. The Russell 2000 index of smaller stocks also rose slightly, up 3.20 points, or 0.2 percent, to 1,386.03.

Yields ticked higher as bond prices fell. The yield on the 10-year Treasury note rose to 2.53 percent from 2.50 percent late Wednesday. It had plunged 0.11 percentage points the prior day, after the Fed threw cold water on speculation that it may get more aggressive in raising rates.

The Fed is hoping to lift rates gradually off their record lows, where they stayed for seven years following the 2008 financial crisis.

With both economic data and inflation picking up recently, some investors began

THURSDAY, 16 MARCH 2017

to consider the possibility that the Fed may try to raise rates four times this year.

But the Fed on Wednesday stuck with its forecast for three.

That gradual pace is one reason investors remain enthusiastic about stocks in the face of rising rates, which historically have spooked stock holders because they can slow economic growth and corporate profits. With rates starting from such a low base and the pace set to be so slow, it may not be fair to call these Fed moves as “hiking” or “tightening,” said Rich Taylor, fixed-income client portfolio manager at American Century.

“We are in the beginning stages of a re-normalization of interest rates,” Taylor said. “A 2.5 percent yield on a 10-year note is not a normal yield. It’s still a DEFCON 4, almost emergencylevel rate.”

Taylor expects gains for the 10-year Treasury yield to remain modest, even with the Fed pledging more increases. Once the yield gets to 2.60 percent, he says many buyers will likely pounce given still-modest growth in the economy and inflation, which should help keep a lid on rates.

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

BISX ALL SHARE INDEX: CLOSE 1,904.30 | CHG -0.02 | %CHG 0.00 | YTD -33.91 | YTD% -1.75 BISX LISTED & TRADED SECURITIES 52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 3.80 8.15 5.56 7.72 11.00 2.18 1.31 5.80 6.79 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 6.00 10.48 11.86 2.13 1.55 5.83 9.75 9.85 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 100.00 100.00 100.00 105.83 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.86 2.11 1.55 5.83 9.75 9.85 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 -0.02 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

105.29 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.54 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 1,675

5,000 2,000

200 750 29,000

100

VOLUME

NAV 2.03 3.92 1.94 168.44 141.76 1.47 1.64 1.56 1.04 6.96 8.50 6.30 9.80 11.13 9.63

EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 151.0 15.8 N/M 20.8 N/M N/M -150.0 14.0 14.0 23.3 107.8 20.7 19.4 19.4 18.8 10.3 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% 3.67% 3.44% 4.13% 2.84% 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

confirmed that the operator had hit its first service quality and roll-out targets, which were 99 per cent coverage on New Providence and 80 per cent on Grand Bahama.

Money managers present at Wednesday’s briefing were also given an insight into the potential risks associated with investing in Aliv, with both the mobile operator and RoyalFidelity understood to be eager to “get the bond issue away” by the middle of next week.

Tribune Business sources said another presentation will be given to targeted institutional investors and money managers prior to the launch, with representatives from Aliv’s two shareholders present to answer questions.

While BISX-listed Cable Bahamas holds a 48.25

per cent equity stake, and Board and management control, its joint venture partner and 51.75 per cent majority shareholder is the Government-owned HoldingCo. Aliv’s capital raising is taking place before the Government completes divestment of its entire 100 per cent interest in HoldingCo to private Bahamian investors.

It is understood that HoldingCo’s Board of Directors, which has been appointed by the Christie administration, is scheduled to approve the Aliv offering at a meeting held either today or early next week.

Given that it is a private placement targeted at select investors, ordinary members of the public should not seek to get involved with the Aliv bond offering.

US stock indexes hold steady as Fed-fuelled rally fades

MARKET REPORT 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.27 2.72 1.60 5.83 10.00 11.00 9.25 6.90 12.01 11.00

THE TRIBUNE

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

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Thursday’s slight rise in yields dulled the appeal of dividend-paying stocks.

Utility stocks in the S&P 500 index lost 1.1 percent, the biggest loss among the 11 sectors that make up the index. Health care stocks were also weaker than the rest of the index, following a strong start to the year.

Technology stocks did better, led by Oracle, which reported stronger revenue and earnings for its latest quarter than analysts expected. The tech giant jumped $2.68, or 6.2 percent, to $45.73 for the biggest gain in the S&P 500.

GoPro, which makes wearable cameras, surged after it announced a costcutting plan and said it’s sticking by its forecast for 2017 profits. Its stock rose $1.16, or 15.8 percent, to $8.51.

Stock markets across the Atlantic were also strong, with the French CAC 40 up 0.6 percent and Germany’s DAX also up 0.6 percent.

The U.K.’s FTSE 100 rose 0.6 percent and closed at a record high.

Investors had been nervous about Wednesday’s Dutch election, where candidates were running on pledges to get the Netherlands out of the European Union and to close borders to migrants from Muslim nations. After the U.K. vote last summer to leave the European Union, investors were worried about whether a wave of nationalism across the continent could eventually break the European union apart.

Dutch Prime Minister Mark Rutte’s party won a parliamentary election victory Wednesday over Geert Wilders, who campaigned against the European Union.

In Asia, Tokyo’s Nikkei 225 index rose 0.1 percent, Hong Kong’s Hang Seng added 2.1 percent, and Seoul’s Kospi rose 0.8 percent.

Benchmark U.S. crude resumed its slide and slipped 11 cents to settle at $48.75 per barrel. It was the eighth drop for oil in the last nine days. Brent crude, which is used to price international

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NOTICE is hereby given that ALOURDE EXILUS-OSCAR of #35B Beacon’s Field, Freeport, Grand Bahama, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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NOTICE is hereby given that DEREK JOSEPH of Bacardi Road, P.O.Box N-10389, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 17th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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NOTICE is hereby given that GINETTE METRETS of Minnie Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 17th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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NOTICE is hereby given that BRENTNOL ELEAZER NICHOLLS of Queens Highway, Nicholls Town, North Andros, 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 10th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

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NOTICE is hereby given that PATRICK AUGUSTIN of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 10th day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

Friday, March 17, 2017, PAGE 7

Analysis: Trump learning that in White House, words matter WASHINGTON (AP) — Donald Trump is learning a harsh lesson: In the White House, words matter.

The new president’s rhetoric, along with commentary from his advisers and associates, was at the heart of two federal judges’ orders this week blocking his controversial refugee and immigration ban for a second time. And on Capitol Hill, his tweets alleging that his predecessor wiretapped his New York skyscraper have brought Democrats and Republicans together in rare agreement: They’ve seen no evidence to back up Trump’s provocative claims.

The legal and legislative pushback has left the White House frustrated and angry. Trump slammed the court orders on his travel ban as “unprecedented judicial overreach.” Spokesman Sean Spicer declared the president was standing by his wiretapping claims, despite having few allies and still no evidence.

Trump is unaccustomed to being held accountable for his words.

As a real estate mogul and reality TV star, he thrived on over-the-top claims and attention-getting hype. His approach, honed through decades working with New York tabloids, deeply frustrated his political rivals during the presidential campaign and sent fact-checkers into overdrive. His campaign advisers responded by encouraging voters and the media to take him seriously, but not literally.

But that’s not an option for the president of the United States. His words can move financial markets, reassure or unnerve allies, quiet or antagonize opponents, set the direction for administration policy and — as Trump saw this week — carry significant legal weight.

Judges in Hawaii and Maryland drew from the president’s remarks — and even campaign press re-

leases — in decisions blocking his executive order that would have temporarily halted entry to the U.S. from six Muslim-majority countries. The order was a revised version of the more sweeping directive that was signed by Trump in January and also halted by the courts.

While the White House has insisted the order does not amount to a Muslim ban, the judges pointed to Trump’s campaign call for temporarily banning all Muslims from the U.S. “The history of public statements continues to provide a convincing case that the purpose of the Second Executive Order remains the realization of the long-envisioned Muslim ban,” U.S. District Judge Theodore Chuang, who is based in Maryland, said in Thursday’s ruling.

Accountability Trump’s advisers, too, are being held accountable for their descriptions of the policy.

In Honolulu, U.S. District Court Judge Derrick Watson’s order referenced a television interview in which former New York City Mayor Rudy Giuliani recalled the president telling him he wanted to figure out the right way to legally set up a “Muslim ban.” Giuliani was a staunch Trump supporter during the campaign but does not have a job in the administration.

Stephen Miller, Trump’s White House policy adviser and the architect of the immigration and refugee policy, was cited for saying that the revised order was “still going to have the same basic policy outcome” as the first directive.

Trump doesn’t appear to be taking Judge Watson’s order to heart. During a campaign rally shortly after the ruling, he described his second order as a “watereddown version of the first.”

Norm Eisen, who served

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as Barack Obama’s ethics chief and has been a sharp critic of the new president, called Trump’s words a “legal disaster,” both for the current executive order and any new versions the White House may have to issue.

Meanwhile, the court rulings come as the White House wrestles with Trump’s stunning wiretapping allegations against Obama. He’s offered no evidence to support his comments and has since said he was taking his cues from news reporters about intelligence agencies having intercepts of his associates’ communications with Russia.

The White House tried to quickly shift the burden of proof to House and Senate intelligence committees investigating Russia’s interference in the election. But lawmakers simply ramped up the pressure on the administration, demanding evidence of supposed wiretapping from the Justice Department.

Top lawmakers on both committees made very clear this week that they haven’t seen anything to support the president’s assertions.

“Based on the information available to us, we see no indications that Trump Tower was the subject of surveillance by any element of the United States government either before or after Election Day 2016,” Senate intelligence committee chair Richard Burr, R-N.C., and vice chairman Mark Warner, D-Va., said in a joint statement Thursday.

Trump’s advisers insist the president’s word does carry weight and point to efforts early in his administration to make good on signature campaign promises, including building a wall along the southern border that Mexico will pay for.

Senate Intelligence Committee Chairman Richard Burr, R-N.C., right, and Committee Vice chairman Mark Warner, D-Va., left, listen on Capitol Hill in Washington as then-Director of National Intelligence-designate Dan Coats testifies at his confirmation hearing before the committee. There is no indication that Trump Tower was “the subject of surveillance” by the U.S. government before or after the 2016 election, the top two members of the Senate intelligence committee said yesterday (AP Photo)

PAGE 8 , “Today”

Debt limit goes back into effect at level near $20 trillion

WASHINGTON (AP) — The national debt limit came back into force Thursday at a level near $20 trillion, prompting the Trump administration to alert Congress about the measures it will take to stay under the new limit.

Treasury Secretary Steven Mnuchin said in a letter to lawmakers that that he has started employing various bookkeeping measures to avoid breaching the new

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limit, a process that will provide possibly five months or more for Congress to raise the limit.

The borrowing limit had been suspended since November 2015, allowing the government to borrow as much as needed to meet obligations. However, the 2015 legislation set March 16 as the date that the debt limit would go back into effect at whatever debt level existed on March 15.

The Treasury Department reported that the debt stood at $19.8 trillion at the close of business Wednesday. That figure will become the new borrowing limit, and Mnuchin will be required to take a variety of actions to keep below that limit.

Those maneuvers, set out in law, are deemed “extraordinary measures” but in reality they have been employed numerous times

by Mnuchin’s predecessors to buy time until Congress could pass the legislation needed to raise the borrow-

THE TRIBUNE providing further room underneath the current barrowing cap.

As he did in a letter earlier this week, Mnuchin urged lawmakers to move quickly to raise the borrowing cap to remove any concerns among investors that the government might not be able to meet all of its obligations including making interest payments on the national debt.

“I respectfully urge Congress to protect the full faith and credit of the United States by acting to increase the stator debt limit as soon as possible,” Mnuchin said in his letter to congressional leaders and other lawmakers.

The Congressional Budget Office has estimated that the bookkeeping maneuvers Mnuchin can use will be exhausted by sometime in the fall.

During the Obama administration, Republicans often sought to use mustpass legislation to raise the borrowing limit as leverage

“I respectfully urge Congress to protect the full faith and credit of the United States by acting to increase the stator debt limit as soon as possible” ing limit.

In his letter to Congress Thursday, Mnuchin said he had suspended sales of state and local government series securities, special bonds that Treasury sells to state and local governments to provide them with a place to make investments that will eventually be used for such projects as infrastructure spending. He also declared a “debt issuance suspension period” lasting until July 28 that will allow him to halt investments in the Civil Service Retirement and Disability Fund.

Mnuchin said he would also halt investments into other government employee retirement funds. If the debt stalemate drags on, he will also have the power to remove investments already made in the government employee pensions funds,

to force the administration to impose greater restrain on government spending.

In one standoff in August 2011, the Standard & Poor’s rating agency issued a firstever downgrade of a portion of America’s debt, citing the 11th-hour bargaining that was needed to raise the debt ceiling.

Republican leaders in both the House and Senate have pledged to respond to the request of Republican President Donald Trump to raise the debt ceiling without the drama that accompanied the debt battles of the Obama administration. But those leaders have said the issue is not likely to be addressed until the fall, when Congress will also be faced with the need of approving a budget for the 2018 fiscal year, which begins Oct. 1.