03292017 business

business@tribunemedia.net

WEDNESDAY, MARCH 29, 2017

$4.10

Landfill RFP ‘took the wind out of us’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Bahamian group bidding to take over the New Providence landfill’s management yesterday said it had “the wind taken out of us” by the Government’s decision to put the contract out to public tender.

Henry Dean, the ‘point’ person for the Waste Resources Development Group (WRDG) consortium, described the disclosure of the Government’s Request for Proposal (RFP) plan as “shattering” for its members.

Mr Dean, who is also president of United Sanitation, told Tribune Business that WRDG and its Bahamian partner, financial services firm Providence Advisors, had thought their management bid had advanced past the RFP stage.

Still, emphasising that “all is not lost”, Mr Dean expressed optimism that the combined experience of WRDG’s 10 waste services provider members, together with Providence Advisors’ financial and capital raising capabilities, would still be “superior” to any rivals that emerged via an RFP process.

“We had submitted a pro-

Govt move ‘shattering’ for Bahamian group WRDG/Providence thought bid was ‘beyond’ that But principal insists: ‘All is not lost’ posal in partnership with Providence Advisors,” Mr Dean said of WRDG’s efforts to-date, adding that its members had attended numerous meetings and discussions over the landfill with the Government.

“So that bit of information certainly took us by surprise,” he added of Tribune Business’s revelation that the Christie administration now planned to issue a formal RFP seeking multiple bids for the management contract.

“It took the wind out of us,” Mr Dean told Tribune Business. “We had thought we were beyond that, because that [an RFP] was one of the things we’d asked about initially.

“None was forthcoming, and we were told pretty See pg b5

Jobless benefit rise shows the economy ‘really, really bad’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A National Insurance Board (NIB) executive says an increase in unemployment benefit applications shows “all is not well” with the Bahamian economy, with new contributors to the social security scheme declining.

Phaedra MackeyKnowles, NIB’s vice-president of investments, told a Chartered Financial Analyst (CFA) Society of the Bahamas forum that key economic indicators were currently moving in the wrong direction.

She said NIB had seen an increase in the number of Bahamians qualifying for unemployment benefits, while there were fewer persons coming into the job market.

Mrs Mackey-Knowles said there had also been a decline in new employers registering with NIB, particularly in the self-employed segment.

“Those few indicators

NIB executive: New employers, contributors down Gives alternative picture to Govt outlook Says ‘junk’ downgrade forced Prime rate cut give me a read on how the economy is,” she said.

“Most recently, we transitioned to a new IT platform.

There was a delay in some of the benefit payments, and the outcry it caused was indicative of how the economy is doing.

“I have had persons come up to me and tell me that that was their only source of revenue, and if we miss one payment it affects them tremendously.

“That tells me that our economy is really, really bad. There is low growth See pg b5

Govt needs people who ‘understand business’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Negotiations over the Employment Act reforms went into last night, with one employer warning it would be “difficult to stay in business” until persons who understand the private sector enter Government.

See pg b6

Sky Bahamas chief slams ‘one-sided’ labour reforms Says Govt creating ‘a welfare state’, more jobless Fears economy in ‘do or die situation’

$4.14

$4.16

$4.16

Farmers seeking $60m Govt recovery funding

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net New Providence farmers are seeking a $60 million government subsidy to help their operations recover from “the heart-wrenching double whammy” of Hurricane Matthew and contaminated feed.

Caron Shepherd, president of the newly-formed Farmers United Association (FUA), told Tribune Business yesterday that such See pg b4

Proposal follows ‘heart-wrenching double whammy’ Contaminated feed compounds Matthew losses Association calls for BAMSI funding repurpose

Destroyed chicken coups as a result of Hurricane Matthew.

Impresses ‘urgency’ on Minister at Monday meeting

‘Totally depressed’ over farming thefts

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

New Providence farmers were yesterday said to be “totally depressed” by the rampant theft of livestock and goods from their properties, which has increased in frequency since Hurricane Matthew.

Caron Shepherd, president of the newly-formed Farmers United Association (FUA), which has around 60-100 members, told Tribune Business that farmers unable to repair their properties are “getting hit left, right and centre” by

Thieves hitting agriculture ‘left, right and centre’ Branded ‘despicable’, with police indifferent Some ‘bad apples’ misusing agricultural land unscrupulous thieves.

She explained that with fencing, cages and farmhouses all damaged by

Matthew’s Category Three winds and storm surge, thieves had easy access to farm properties - especially at night when farmers were not present.

“That is a big problem,” M Shepherd said of increasing agricultural theft.

“We have a farmer whose piggery they robbed last Wednesday, and the following day, Thursday, they came back and robbed the piggery again.

“What happened is that when the news came out about the contaminated feed (see other article on Page 1B), those people took delight in going on to

those farms we have to steal the pigs, goats and sheep for meat.”

Ms Shepherd said it was unclear whether the thieves were subsequently slaughtering these animals, or taking them to a rogue slaughterhouse operator, but argued that the situation emphasised why farmers needed government financial assistance to help secure their properties.

“We need to close the farms back in,” she told Tribune Business. “The farmer who had the pigs actually had a fence, but they cut the wire and stole the See pg b5

PAGE 2, Wednesday, March 29, 2017

THE TRIBUNE

SPRING AUTO FAIR

Real estate broker Ashley Brown (left), Brooke Phillips (centre), and developer Jason Kinsale mingle among the peacock chairs and dining sets at the Oasis store opening in February in Sandyport.

Drive & Win! Apply for a auto loan today and win your first month’s payment!* Visit the Scotiabank Auto Fair Thursday, March 30, 2017 10 a.m. to 2 p.m.

Scotiabank Cable Beach Branch

Rates as low as

4

.99%

*

For a limited time only!

New Car Dealers & Insurance Agents on Site!

To drive your vehicle sooner, please bring: • Job Letter & Salary Slips (2) •

Passport & NIB Card

•

Copy of Utility Bill

•

Bank Reference

All Approved Customers are entered to win 6 months of payments!

ACT NOW! Offer ends April 30, 2017 Visit: bs.scotiabank.com/DriveAndWin

*Conditions apply. ® Trademark of The Bank of Nova Scotia, used under licence.

Entrepreneur builds her Sandyport Oasis After two years of combining full-time work with travelling 5,000 miles, a Bahamian entrepreneur has returned home to open her own interior design store.

Brooke Phillips unveiled Oasis Collection at One Sandyport Plaza in late February.

The 2,264 square foot outlet features original pieces and hand-hewn crafted works of furniture art; soft fabrics and textures; copper lights and tables; and stone sinks.

Oasis Collection is also providing the first retail showplace for handcrafted wood designs by local artisan, Morgan McKinney, made from trees native to the Bahamas.

Ms Phillips, 31, began learning the furniture business after graduating - with honours - from Eckerd College with a degree in Business. As manager of her father’s company, Phillips Sailmakers & Awning Manufacturers, and its subsidiary, Oasis Chic Living, she handled measurements, fabrics, foam, and the construction and installation of awnings on residences, resorts and commercial buildings.

But it was not until she tried to furnish her own first home, a modest two-bedroom condo, and was unable to find the pieces or accessories she liked, that she realised there was a gap in the furniture market.

“This store began like a lot of businesses do in Nassau,” said Ms Phillips, a certified home stager who has designed furniture packages for a successful large-scale development in Nassau.

“I couldn’t find what I needed here at home, where I would prefer to shop. I knew that if I couldn’t find it, then other Bahamians probably couldn’t either.”

The furniture she found, Ms Phillips said, felt heavy and outdated. “Many of the stores were carrying the same styles. I believed there was room for improvement.”

She then began a journey that took her more than halfway around the world on four occasions.

“It sounds crazy,” Ms Phillips said. “Most people who travel 5,000 miles at a time are in it for the adventure and excitement. They may be ticking off something on their bucket list. I literally went in search of a better bucket.”

From Nassau to Indonesia, Thailand and Vietnam, Ms Phillips tracked down craftsmen’s workplacs, and trekked through hilly villages, some so remote that they had never seen a white person before.

“I was very touched by a lot of the encoun-

Brooke Phillips, at Oasis Collection in Sandyport, sits in front of a refurbished wood pallet wall of her own design and handiwork. ters, and especially when the interpreter said that the toothless woman who was following me and grinning wanted to know if she could touch my dimples. She didn’t think they could be real.” Ms Phillips said.

Through the interpreter, Ms Phillips told her ‘yes’, and as the two women from different cultures connected she knew the quest was about more than just furniture.

Not all of the furniture in Oasis Collection has been found so far from the Bahamas. Ms Phillips has also sourced pieces from woodcraft shops in High Point, North Carolina, while bringing in hard woods from Canada.

Now nestled below Club One in Sandyport, Ms Phillips and her partner, Matthew Pyfrom, previously spent hours creating the store’s interior, transforming shipping pallets they collected into counters and display cases.

In the month since a grand opening that attracted a ‘standing room only’ crowd, Oasis Collection has attracted individuals, design firms and at least two commercial clients - a high-end Family Island resort and a condo development.

“I am in that group of Bahamian millennials who came back home to the Bahamas after college and want to give it my all,” said Ms Phillips. “I just hope that my all is good enough.”

THE TRIBUNE

Wednesday, March 29, 2017, PAGE 3

Measure VAT success from deficit reduction

By NATARIO McKENZIE

tended to slow down the rate at which debt was growing,”Mr Pinder added.

“Another thing we need to be careful of are these social programmes. They sound good on the surface, but you have to look at how these factors can be a deterrent to growth. You have to focus on growth strategies.

You cannot continue to talk about social safety nets.”

The Government is projecting that the GFS fiscal deficit will be eliminated by the 2018-2019 Budget year, but in the meantime,

notwithstanding VAT’s implementation, which has brought in close to $1.5 billion in its first two years, the national debt has continued to grow past $7 billion - albeit at a slower pace in recent years.

The Government’s fiscal deficit for the six months to end-December 2016 had more than doubled yearover-year, increasing by 112 per cent to $314.2 million.

Attributing much of this to the fall-out from Hurricane Matthew, the Central Bank said: “The Govern-

ment’s budgetary operations for the first six months of fiscal year 2016-2017 were dominated by hurricane rebuilding outlays and disruptions in revenue collection, which contributed to an expansion in the deficit to $314.2 million from an estimated $147.9 million in first half of the previous fiscal year.

“Total expenditure rose by $121.9 million (11.7 per cent) to $1.166 billion, while revenue contracted by $44.4 million (5 per cent) to $851.8 million.”

Faith Fest gives GB much-needed boost

party, immersed in Bahamian rake ‘n’ scrape and calypso music performed by the Cooling Waters and Simeon Outten.

Attendees also experienced various activities that Grand Bahama offered from snorkeling and jeep tour adventures to shopping and Bahamian dining, as well as numerous other eco adventures.

Tim Kern, a journalist with Communities Digital News, said he “was totally impressed and surprised by the incredible friendliness of the Bahamian people, despite their recent struggles from the storm. The warm, non-obtrusive, hospitable and genuine friendly nature of Bahamians is refreshing and beautiful”.

Tribune Business Reporter

nmckenzie@tribunemedia.net

Value-Added Tax’s (VAT) success can only be measured by the extent to which it reduces the fiscal deficit, a Bahamian economist saying: “You can’t call VAT a success if you have not reduced your deficit.”

Rupert Pinder, a former University of the Bahamas lecturer and economist at the Bahamas Telecommunications Company (BTC), while speaking at a Char-

The Grand Bahama Faith Fest, organised by Bishop Henry Fernandez Ministries and the Ministry of Tourism from March 23-25, provided a muchneeded boost to the island’s struggling economy.

Charles Albury, the Ministry’s permanent secretary, expressed his gratitude that Faith Fest had come “when the island really needed an injection into its economy.

Some 1,100 persons working in the tourism sector lost their jobs as a result of Hurricane Matthew”.

“But, what a way to rebound,” he said. “It’s just such an awesome way to glorify God. The people of Grand Bahama have endured so much, but they are

Economist: Govt’s revenue ‘brag’ no real indicator Calls for caution on adding social programmes Urges focus on GDP growth strategies tered Financial Analyst (CFA) Society forum on

resilient and know how to persevere. They know who they are and whose they are.”

Hundreds of persons from throughout the US, Africa, Europe, the Caribbean and the Bahamas, as well as members of the international media, attended the three-day gospel event.

Bishop Fernandez said: “Believers should always be walking in faith and living their best lives – now, and not apologising for taking a vacation.

“Faith Fest is a time to bridge cultures and bring people together from around the world and the Bahamas for an integration of one faith, while serving one God for a weekend of

Monday night, stressed the need for fiscal reform.

“There has been a lot of emphasis on taxation, but the bigger issue is really fiscal reform, where you address expenditure measures in addition to revenues,” Mr Pinder said.

“We brag about the amount of money we collect in VAT, but you can’t call VAT a success if you have not reduced your deficit. The success comes to the extent that you reduce your deficit.

“VAT was really in-

spiritual rejuvenation and physical relaxation. It is a time for us to refuel from our busy day-to-day activities and experience transformation in our lives.”

Originally planned for October 27-29, 2016, Faith Fest was postponed due to damages Grand Bahama sustained from Hurricane Matthew.

Among the activities conducted at Faith Fest were daily spirit-filled word sessions from Bishop Henry Fernandez, Bishop Cardinal McIntosh, Pastor Sheryl Brady; a late night comedy show with famed comedian Marcus Wiley; and music performances by gospel recording artists Tye Tribbet, James Fortune and JonaPerformers take the stage at the Grand Bahama Faith Fest, organised by Bishop Henry Fernandez Ministries and the Ministry of Tourism.

than Nelson.

Additional activities at the event included a seminar on relationships that featured a panel of Bahamian and American relationship experts; a beachside exercise and fitness workout; and an all-white

SECURITY STORAGE LIMITED 24 HOUR SECURITY AIR CONDITIONED

IMMEDIATE AVAILABILITY 20X20 (400 SQFT) $1.51 per sq.ft.

NASSAU STREET NORTH PHONE: 325-3505

PAGE 4, Wednesday, March 29, 2017

Farmers seeking $60m Govt recovery funding From pg B1 an investment was essential if the island’s agriculture industry was to rebound from events that almost wipedout many farmers’ crops and livestock.

The FUA, which says it has between 60-100 members, submitted its proposal to V. Alfred Gray, minister of agriculture and marine resources, when it met with him on Monday.

Ms Shepherd said the meeting was designed to alert Mr Gray to the “urgency” of the farmers’ plight and need for help, but the Minister indicated that the $60 million proposal was a “long-term” vision that required Cabinet approval.

Emphasising that New Providence farmers required assistance “now”, Ms Shepherd said the ‘voucher’ assistance offered by Mr Gray during the meeting would likely be well short of what was required to replenish farmers’ crops and livestock.

The FUA’s March 27, 2017, letter to Mr Gray, which has been seen by Tribune Business, requested government financial assistance amounting to $30,000 per acre of farm land.

Estimating that there were around 2,000 acres of land on New Providence currently being used for agriculture, the FUA said this equated to a total $60 million subsidy.

When asked by Tribune Business to justify the FUA’s $60 million request, and why farmers should re-

ceive ‘special treatment’ to that extent, especially given the Government’s strained fiscal position, Ms Shepherd suggested redeploying funds said to have been earmarked for BAMSI. She also argued that the Bahamas could not afford to ignore its farmers, given the need to enhance this nation’s food security and reduce a near-$1 billion annual import bill that continues to reduce foreign exchange earnings.

“I’ll tell you this,” Ms Shepherd told Tribune Business. “They [the Government] took $20 million and sent it to BAMSI (the Bahamas Agricultural and Marine Science Institute).

“They’re now planning to put another lump sum into BAMSI’s hands. They initially said they’re doing it with $20 million, but circulating in the air is a proposal to send $40 million to BAMSI.” That figure could not be confirmed by Tribune Business before press time last night, but Ms Shepherd suggested: “That $40 million could come to assist the farmers and let them produce what we need to produce to grow.

“They want to pump everything into BAMSI. But every country in the world assists farmers because they know food is the lifeblood of a country. Thirty thousand per acre sounds like a lot, but when you start to break it down, with the work you have to do to get produce to market, that’s a minimal sum.”

FUA’s letter to Mr Gray argued that the $60 mil-

NOTICE FAIRGROUP INVEST LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Fairgroup Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 6th day of March A.D., 2017.

Dated the 27th day of March A.D., 2017.

lion, which its described as a “comfortable number” based on its research, would pale in comparison to the impact if ever international trade and transportation routes to the Bahamas were ever cut off.

“A minimum of $30,000 per acre to each farm would enable each farmer to hold their head high and look toward the horizon to better days ahead,” the FUA said.

“The restoration of his or her farm would set them on a path of sustainability and feeding our nation.

“We realise this has never be done before, but sir, we please ask you to evoke your Government to assist the farmers in their time of need.”

Ms Shepherd said New Providence farmers were still trying to remove salt contamination from the soil, caused by Hurricane Matthew’s four-foot storm surge into the Cowpen Road area in early October.

She added that substantial funding was required for farmers to purchase, and plant, new crops and seedlings, in addition to acquiring pigs, goats and sheep.

The FUA president, who is also operations manager at Down Too Earth Adventure Farm, said the industry also needed to repair its physical infrastructure, including cages, wire fences and farmhouses damaged

by Matthew.

“We have 21 cages here,” Ms Shepherd said of her farm, “and are only using seven. The other 14 cages had their roofs blown off, and have not been repaired.”

And, with New Providence farmers still reeling from Hurricane Matthew’s impact, the FUA president

said they were then hit by a “double whammy”- the allegedly contaminated corn and animal feed from the Bahamas Agricultural and Industrial Corporation’s (BAIC) Gladstone Road Feed Mill.

“The balance of the animals left from Hurricane Matthew; things came around and we had contaminated feed,” Ms Shepherd told Tribune Business.

“We tried to save them.

The [government] people in Agriculture don’t understand the urgency in farming; everything is perishable. The longer it takes to deal with it, the quicker it dies.”

Mr Gray previously suggested it had not been proven that contaminated feed was the cause of widespread livestock deaths, with a sample having been sent off for testing.

The results have yet to be disclosed, but Ms Shepherd said she had little doubt that the contaminated feed resulted from ingredients being left on the dock too long, where the heat and moisture resulted in them going bad.

“We lost quite a number of animals at our farm,” she explained. “We lost at least a dozen pigs. I know another farmer had 30 pigs that died. All the farmers that had livestock on it were affected by the feed.

“A lot of the animals actually died directly from

to advertise today in the tribune call @ 502-2394

NOTICE MARTIN DEVELOPMENT LTD. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, MARTIN DEVELOPMENT LTD.is in dissolution as of March 23rd, 2017.

DANIEL ALMEY situated at Villa 5 Valle Escondido Boquete, Panama, is the Liquidator.

Beatus Limited Liquidator

LIQUIDATOR ______________________

NOTICE

NOTICE

ARCANGELA LTD.

DUKEWOOD LTD.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Arcangela Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 6th day of March A.D., 2017.

NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Dukewood Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 6th day of March A.D., 2017.

Dated the 27th day of March A.D., 2017.

Dated the 27th day of March A.D., 2017.

THE TRIBUNE

Matthew, as the water came up four feet high. We had to burn the livestock that died, and right now the farmers are trying to regroup.

It’s heart-wrenching to see what is going on.”

Ms Shepherd said FUA and is members met with Mr Gray to impress upon him the dire economic and operational conditions faced by many New Providence farmers, and the urgent need to provide them with financial assistance.

“He’s receptive, and understood the proposal we’ve set forth,” Ms Shepherd said of the $60 million request, “but he’s saying that’s something he’d like to do long-term.

“We are looking to get assistance now. Those farmers need help now.

He’s talking about giving them vouchers, and said we should be getting vouchers in two to three weeks, but we have yet to find out how much these will be for, and when we will get them. It’s six months now [since Hurricane Matthew], and we’ve not gotten anything.

“We’re not trying to force his hand, but are trying to get him to really appreciate that these farmers are in desperate need of assistance, and need it now.”

Ms Shepherd said Family Island farmers impacted

by Hurricane Joaquin had

only received ‘voucher’ assistance in 2016, that storm striking in 2015.

She added that she saw cattle wire and animal feed, destined for Long Island as Joaquin relief, at the Gladstone Road Agricultural Centre as recently as last month.

Emphasising that New Providence’s farmers could not afford to wait that long, Ms Shepherd said the ‘voucher’ sums offered by the Government will likely be insufficient to address all their needs.

She added that traditional private sector financing, such as bank loans, were largely not available to Bahamian farmers because they tended to lease their land. As a result, in the eyes of bankers they lack sufficient collateral against which credit can be secured.

FUA’s plea, in addition to highlighting food security, again raises the question of whether the Bahamas is prepared to support a domestic agriculture industry beyond BAMSI, with the sector currently contributing just 1-2 per cent of GDP. It also comes at a time when health concerns related to a meat packing corruption scandal in Brazil have resulted in the Ministry of Agriculture banning all Brazilian meat imports for 60 days.

NOTICE In the Estate of HENRY CARL FERGUSON late of Salgrave Manor #404, Cable Beach in the Western District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas, deceased.

Notice is hereby given that all persons having any claim or demand against the above Estate are required to send their names, addresses and particulars of the same certified in writing to the undersigned on or before the 13th day of April, A.D., 2017, and if required, prove such debts or claims, or in default be excluded from any distribution; after the above date the assets will be distributed having regard only to the proved debts or claims of which the Executrix shall then have had Notice.

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

WHITE LAW CHAMBERS Attorneys for the Executrix Palm Tree Cottage, The Islands House West Bay Street (North) P.O.Box SS-19619 Nassau, The Bahamas

SHANGTO INVEST & TRADE INC. Company No. 1505409 (In Voluntary Liquidation) NOTICE is hereby given pursuant to Section 204 (1)(b) of the BVI Business Companies Act, 2004 that SHANGTO INVEST & TRADE INC. is in voluntary liquidation. The voluntary liquidation commenced on 13th February, 2017 and Marcel Minger of Wengistrasse 1, 8026 Zürich, Switzerland, has been appointed as the Sole Liquidator.

Beatus Limited Liquidator

Beatus Limited Liquidator

Dated this 27th day of March, 2017 Sgd. Marcel Minger Voluntary Liquidator

NOTICE

Legal Notice

Legal Notice

FERRIBY INVEST LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Ferriby Invest Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 6th day of March A.D., 2017.

Dated the 27th day of March A.D., 2017.

Beatus Limited Liquidator

NOTICE

NOTICE

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

INTERNATIONAL DIRECT SOURCING CORPORATION

CORAL BELL LIMITED

In Voluntary liquidation

“Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act (No. 45 of 2000), INTERNATIONAL DIRECT SOURCING CORPORATION is in Dissolution.”

The date of commencement of dissolution is the 27th day of March. 2017.

EST SA 23, Rue Ferdinand-Hodler 1207 Geneva Switzerland Liquidator

In Voluntary liquidation

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

The date of commencement of dissolution is the 27th day of March, 2017.

ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator

THE TRIBUNE

Wednesday, March 29, 2017, PAGE 5

Landfill RFP ‘took the wind out of us’ From pg B1 much that it was not necessary.... We were surprised at that bit of news, and coming out the way it did, it was shattering for us.”

Kenred Dorsett, minister of the environment and housing, told Tribune Business on Monday that the Government hoped to launch a properly structured RFP, seeking multiple bids on the landfill contract, “as soon as possible”.

“An RFP [Request for Proposal] is being structured now, and that will be advanced to deal with the total operation and remediation of the site,” he explained.

“That is what is being completed. Everyone will be able to participate because we want to make sure that we are comparing apples to apples. We’re having a structured programme so that everyone could submit, based on the parameters, and then we could move forward.”

Mr Dean, though, said

the WRDG/Providence Advisors group remained a string contender because it had answered all government queries regarding its bid to-date.

“All is not lost,” he told Tribune Business. “We are still hopeful because we still believe we will have a superior proposal compared to others, and the collective experience we bring to the table, no other group will have.

“As the group with the experience, the Government’s concern was whether we could find the financial, intellectual and technical capabilities to put it together. We demonstrated the capacity to do that.”

Mr Dean continued: “The Government may have had concerns about the financial funding, but we’re beyond that. We’ve secured technical expertise.

“Hopefully, they will revert to what we thought was coming in an agreement with our group, so we can begin the process.”

‘Totally depressed’ over farming thefts From pg B1 pigs.

“The pilferage is totally depressing. Every farmer is getting hit left, right and centre. Those farmers not living on their farm have it the worst, because people are watching them and, when they leave, all kinds of things are being stolen.

Whatever farmers have left, people are coming and stealing. It’s really, really sad.”

The FUA, in making its case for $60 million worth of government financial assistance, so that its members can recover from the “double whammy” of Hurricane Matthew and livestock deaths, described the increasing theft trend as “despicable”.

In a March 27, 2017, letter to V. Alfred Gray, minister of agriculture and marine resources, the FUA, whose members are based mainly in the Cowpen Road area, accused the Royal Bahamas Police Force (RBPF) of being indifferent to the problem.

The Association wrote: “Another problematic and extremely troublesome matter is stealing of farmers’ animals because farm-

ers are not able to be in two places at the same time.

This is heart-wrenching.

“Minister, pilferage of goods from the farms is despicable and a total annoyance. When reported to the police it is taken lightly, and the police do not show up in some cases. Farmers’ goods are being stolen on a daily basis, and there is no recourse for the animals or corps.”

Ms Shepherd said that in response to the FUA’s financial assistance request, Mr Gray had expressed concern that not all farmers were “real” - meaning that some who had leased Crown and government land for agricultural purposes were abusing the privilege, and instead using it for alternative activities.

In response, Ms Shepherd acknowledged that there were “some bad apples” giving Bahamian farmers a bad name, but argued that the majority - including the FUA’s members - were serious about growing their businesses and Bahamian agriculture to the point where it could supply the hotel and restaurant industry’s needs.

“Mr Gray’s saying there

Jobless benefit rise shows the economy ‘really, really bad’ From pg B1 expected even with the opening of Baha Mar, and that trickle down is going to take a while. When you see persons coming in for benefits they are at their lowest point.”

Mrs Mackey-Knowles’ comments are unlikely to please the Christie administration, as they come in the middle of an election campaign where it has been touting a rosy economic outlook, especially with Baha Mar’s imminent opening.

They are also likely to be seized on with relish by

the Opposition parties as evidence that the Bahamian economy is much weaker than the Government is letting on.

Meanwhile, Mrs MackeyKnowles said the Central Bank’s 50 basis point interest rate cut, designed to tackle anemic economic growth, had affected NIB’s investment portfolio, as the returns/yields on the majority of its bank and securities instruments were tied to the Prime rate.

“About 65 per cent of my portfolio is currently invested in government debt,” she said. “Whenever there is a

Mr Dean acknowledged that there were advantages associated with the Government launching a formal RFP process, namely greater transparency and the opportunity to obtain the best bid - and solution out there.

“While we are disappointed, it may open that up and help to demonstrate our capabilities, so that when we are given the job there will be no issue related to that,” he said.

Going the RFP route could, though, delay the selection of a private sector landfill manager and remediation of the site, whose recent blaze has re-ignited health and environmental concerns, plus disrupted the lives of residents in Jubilee Gardens and other nearby communities.

Tribune Business understands that there are also fears the RFP process may be overtaken by the imminent general election, and that it will be left to the next administration to decide the way forward. All of which delays potential resolution, and threatens to prolong the suffering of nearby residents.

An open, structured ‘beauty contest’ process where all contenders will know the rules and criteria under which they are bidding is another advantage associated with a formal RFP process.

However, the decision to go this route now raises immediate questions as to why the Christie administration did not choose this process for the landfill four to five years ago.

It instead ultimately signed the ill-fated management agreement with Renew Bahamas, despite many observers wondering why it had not structured an RFP - the process that was used for the BEC management contract and the second mobile communications license.

The landfill, as a publiclyowned asset with massive health and environmental implications, was seen as ideally suited for an RFP, with the Government’s selection of Renew Bahamas criticised for lacking transparency.

Many Bahamians, especially those living near the landfill, will likely wonder whether much grief, cost

are not that many ‘real farmers’, and nobody’s sure who they are,” she told Tribune Business. “I understand what he’s saying. According to the list he has, there should be 500 people farming. We said: ‘Give us the list and we’ll see who farms’.

“We have some bad apples. We do have persons who have land and do not farm, or may have one banana tree way down in the back. We understand that persons will take advantage of the situation, but we have genuine farmers that want to move to the next level, and produce crops and livestock to support the market, and provide to the hotels and resorts.

“We used to do it before, and there’s no reason why we can’t do it now. I’m fighting for those who are farming and want to move to another level. We’re talking about people who are seriously interested in farming, and who are farming.”

Many observers believe that the misuse of land supposedly leased for agricultural purposes is primarily due to the Government’s failure to do follow-up checks, and enforce the law and contractual lease terms.

The FUA, addressing the issue in its letter to Mr Gray, wrote: “While we completely understand

there are a few bad apples in the bunch, we have endeavoured to ensure that accountability be put in place for the use of the [$60 million] funds.

“Your Ministry knows who these persons are and they know who the workers are. They know who will use the funds wisely and who will squander the funds.”

Ms Shepherd said Bahamian farmers “just need a little hand up” when it comes to financial assistance, and added: “These are real stories. These are things that are happening.

The farmers are hurting, but they want to be able to do what they need to do.

“Farmers here are producing pure organic eggs.

We want to supply the market, but we have a greater demand than we can supply.

It’s not that we can’t do it; we can. They just need the help to be able to do it.”

reduction in interest rates it affects my portfolio and your future benefits because we are tied to Prime.

“On the flip side, I can see the Government’s reasoning for lowering the Prime rate. They can’t control the external borrowings but they can control the internal borrowings. Due to the recent downgrade, they have to lower the cost of borrowing.”

The Central Bank said the 0.5 percentage point cut to its Discount Rate, which is the rate at which it lends to the private commercial banks, was designed to spark more private sector/ business investment ahead of Baha Mar’s opening.

and disruption could have been avoided had the Christie administration gone the RFP route earlier.

WRDG also complained at the time that they were asked to bid on substantially different terms from Renew Bahamas.

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

It had previously been seeking to renegotiate its management contract and

associated financial terms with the Christie administration, having revealed to Tribune Business it had been incurring continuous, heavy losses.

The Government subsequently charged that Renew Bahamas had used Hurricane Matthew as an excuse to pull-out, having realised that its business model which depended almost exclusively on the sale and export of materials recycled from the landfill - was not viable or sustainable.

The imminent Baha Mar opening and general election has intensified pressure on the Government to resolve the landfill’s woes

POSITION AVAILABLE Well established, ethical Optometry practice desires full-time experienced and personal optician to join our expanding and dynamic optical practice.

Must be:

Enthusiastic A Team Player An Excellent Communicator Detail Oriented Self-Motivated Have ability to multi-task Have ability to work alone Must be confident with computers Dependable transportation necessary Please include cover letter detailing experience with practice management software, fitting and dispensing frames, cutting and edging lenses, any knowledge of insurance, and whether you are able to work on Saturdays.

E-mail:

opticalpositionbahamas@gmail.com

www.ub.edu.bs

University of The Bahamas

Commemorative Charter Events Monday, 3rd April 2017 10:00 a.m.

Naming Ceremony for University Boulevard and University Commons Entrance, University of The Bahamas Oakes Field Campus

A specialist international boutique law firm is looking for a seasoned

LEGAL/PARALEGAL SECRETARY This role will provide support to a corporate and commercial Litigation Principal and will include all diary management, dictation (correspondence and emails) managing payments and expenses, liaising with clients, and drafting engagement letters. You will also be fully trained to do certain paralegal duties including file opening and closing, carrying out Registrar General searches and supporting on corporate transactions including the drafting of ancillary documents. In addition to the paralegal duties, you will also take on some general office management responsibilities and provide day to day assistance with the smooth running of a busy office.

Thursday, 27th April 2017 10:00 a.m.

Northern Bahamas Campus Charter Celebration Courtyard, Northern Bahamas Campus East Grand Bahama

It is essential that you are proactive, dynamic and flexible to help out with anything and everything. There will be extensive liaison with clients so you must also have exceptional communication and Microsoft Office Suite skills.

Please note, this is a stand alone position in which you will work alongside the sole director.

Requirements: • Undergraduate degree • Prior secretarial, administrative and/or paralegal experience • Proficient in Microsoft Office Suite • Excellent command of the English language • Can provide 2 professional references If you’re interested in this role, please apply now and forward an up-to-date copy of your CV to: bahamascareers242@gmail.com

Stay connected with UB

PAGE 6, Wednesday, March 29, 2017

Govt needs people who ‘understand business’ From pg B1 Captain Randy Butler, Sky Bahamas’ president and chief executive, told Tribune Business that the initial reforms to the Employment Act and Industrial Relations Act - if enacted as is - would have to be repealed due to the “catastrophic” impact on businesses.

Describing the initial proposals as “one-sided” and “not business friendly”, Mr Butler warned that they were counter-productive and would actually increase - not decrease - Bahamian unemployment.

“I know that with the proposed NHI scheme, the increase in the minimum wage and other increases in these things, and no increase in productivity and the way the Government

calculates the Business License, it’s going to be very, very difficult for anyone to get into business or stay in business in the Bahamas,” Mr Butler said, “until we have people who know what it is to sustain a payroll and stay in business.

“I sometimes get the view that the left hand is not talking to the right. There should be wide consultation. They’re [the Government] talking about increasing employment, but they’re doing things counter-productive to that.”

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, said he and its chairman, Gowon Bowe, were still in talks with the Government over the labour law reforms going into

NOTICE

yesterday evening.

“We’re still working on the Employment [Act] side, trying to finalise some of the agreements there,” Mr Sumner said. “We’re going through it now, and making good progress.”

The Government wants both Bills to pass their second reading in the House today, with Mr Butler becoming the latest to suggest that the timing is an election ploy designed to win the trade union/labour vote.

He added that the Bahamas’ economic condition, together with the need for businesspersons to be present in the Government, had motivated his decision to again stand as a Democratic National Alliance (DNA) in the upcoming election, this time for the South Beach constituency.

“It’s going to create unemployment and people are going to go out of business,” Mr Butler said of the initial Bills’ likely effects.

He added that the extra

costs and bureaucracy they threaten to impose had to be viewed holistically, and viewed against a backdrop of new and increased taxes - together with a declining ‘ease of doing business’ that had burdened the private sector in recent years.

“It’s not business friendly. It doesn’t look like the Government plans for businesses or new businesses to come,” Mr Butler told Tribune Business. “It’s creating a welfare state.

“Although it’s an election year, and people continue to believe you’re giving them free things, it’s not real. They’re going to have to repeal a lot of this stuff because it’s going to have a catastrophic effect on business. No way can you sustain this. It’s too heavy on one side. There’s no increase in productivity, and many businesses are heavily regulated.”

Explaining his decision to re-enter politics, Mr Butler added: “We need some peo-

Compliance Officer

NOTICE is hereby given that SATURNE DORELIEN of Wilson Tract, P.O. Box GT-2557, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 29thday of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

The Compliance Officer will be responsible for providing overall support to the Head, Compliance and the Compliance Department.

Requirements • A diploma in compliance from the ICA as first option or alternatively an advanced certificate in compliance also issued by the ICA; • At least three years of experience in a related field; • High work ethics and reliability; • Attention to detail; • Ability to plan, and prioritize; • Ability to work in a team structure; • Ability to manage and oversee projects as designated by the Head, Compliance; • Ability to take initiative and propose recommendations to enhance existing or, developing new procedures; • Proficiency in Microsoft Office Suite; and • Self-motivational work attitude and absolute honesty.

NOTICE

FOR SALE - Double Apt 65/66 Silver Point Condo Property unit being sold subject to lien dated 20th March 2017.

Interested parties should submit offers to purchase in a sealed envelope with an email address, phone contact and P.O. Box address to: The Board of Directors / Manager Silver Point Condominium P.O. Box F40825 Freeport, GB

Send resume to: c/o The Tribune P.O. Box N-3207 DA# 113762 Nassau, Bahamas

The right is reserved to reject any and all offers.

Last date for offers April 15th, 2017.

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

BISX ALL SHARE INDEX: CLOSE 1,903.61 | CHG -0.82 | %CHG -0.04 | YTD -34.60 | YTD% -1.79 52WK LOW 3.20 17.43 8.19 3.50 1.64 0.12 3.80 8.15 5.56 8.50 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 2.25 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 100.00 100.00 100.00 105.73 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.46 11.86 2.29 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 -0.02 0.00 0.04 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

105.74 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.01 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 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 10,000

928 1,100

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 23.2 107.8 22.5 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% 2.62% 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

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.

The proposed reforms also impose bureaucratic notification requirements on Bahamian businesses whenever they are considering 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.

call 502-2394 to advertise today!

LEGAL NOTICE NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation Notice is hereby given that in accordance with Section 138 (4) of the International Business Companies Act, (No.45 of 2000) that Latam Fund Ltd. (IBC №. 175697 B) is in dissolution.

The date of commencement of the dissolution is March 23rd, 2017. Mr. Adolfo Jesus Astinza is the Liquidator and can be contacted at Antartida Argentina 2187, Boulogne, Partido San Isidro, Prov. de Buenos Aires (1609), Argentina. All persons having claims against the above-named company are required to send their names, addresses and particulars of their debts or claims to the Liquidator before April 22nd, 2017.

NOTICE

BISX LISTED & TRADED SECURITIES 52WK HI 4.38 17.43 9.09 3.56 4.70 0.12 7.20 8.50 6.10 10.60 15.27 2.72 1.60 5.83 10.00 11.00 9.30 6.90 12.01 11.00

ple who don’t have to depend on the Government, are not afraid, and who understand it’s a do or die situation for the economy.

“With this group [the Christie administration] it’s going to get worse.”

The Employment Act and Industrial Relations Act amendments, which were tabled two weeks ago, have received strong push back from the private sector. 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

Adolfo Jesus Astinza Liquidator

MARKET REPORT TUESDAY, 28 MARCH 2017

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

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 LOUINISE SIMON of 4th Street, Coconut Grove, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that ERILIA JASMIN of Pinewood Gardens, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that LINDA SAINTIL of Hope Town, 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 29thday of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that PIERRE FELEGE VANTé of #94A Davis Street, P.O. Box N8224, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 29thday of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that KEVIN SALABIE of Rugby Drive, Winton, P.O.Box NP-1883, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of March, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

THE TRIBUNE

The Tribune’s & Kelly’s

Wednesday, March 29, 2017, PAGE 7

EASTER

Coloring Contest FIRST PRIZE

GIFT BASKET Value $125 In Each Age Group

SECOND PRIZE GIFT BASKET Value $100 In Each Age Group

THIRD PRIZE

GIFT BASKET Value $75 In Each Age Group

CONTEST RULES 1 Children ages 4-5, 6-8, and 9-10. Staff members and relatives of The Tribune and Kelly’s are not eligible to enter.

2 Coloring may be done with crayons. Adults or an older child may assist the child in filling out the entry form, BUT NOT IN COLORING THE ENTRY. 3 Enter as many times as you wish. All entries must be in The Tribune by 5 pm on April 7th, 2017. Winners will be contacted April 11, 2017 and winners will be published on Thursday, April 13, 2007.

4 There will be one first-prize winner, one second-prize winner and one third-prize winner in each age group.

5 All entries become the property of The Tribune and may be used for any purpose including, but not limited to, publication in a future issue.

NO PHOTOCOPIES. USE NEWSPAPER AD ONLY

Child’s Name:________________________________________Parent/Guardian Signature______________________________ Address:_____________________________________________________Tel:___________________________Age:____________

PAGE 8, Wednesday, March 29, 2017

THE TRIBUNE