04202017 business

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THURSDAY, APRIL 20, 2017

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South Ocean sale process is revived

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A new sales process has been initiated for the longclosed South Ocean resort, a Cabinet minister yesterday describing the property’s revitalisation as key to the Bahamas achieving higher GDP growth rates.

Khaalis Rolle, minister of state for investments, told Tribune Business that while the Government had received no formal notification, he had been informed efforts to find a buyer for the 383-acre property have revived.

Multiple Tribune Business sources have this week confirmed that South Ocean’s owner, the Canadian Commercial Industry Workers Pension Plan (CCWIPP), has engaged the Miami office of CB Richard Ellis (CBRE), the commercial real estate broker, to restart efforts to find a buyer.

This newspaper was informed that bids are due to be submitted by April 28, with some sources suggesting that “four to five” and “six to seven” offers were likely to be submitted.

Among those said to be interested was the Tavis-

Bidders have April 28 deadline on 383acre site Minister: Revival key to hitting target GDP growth One of two projects, with Ginn, Govt couldn’t reignite tock Group, the Albany developer and vehicle for worldwide investments by Lyford Cay-based billionaire, Joe Lewis.

However, although Albany’s principals will be eager to influence any development that occurs next to their property, and want it to be of similar standard to their’s, sources familiar with Tavistock’s position yesterday said it was not involved with any South Ocean bid “at this time”.

Mr Rolle yesterday conceded that South Ocean was one of two major resort-based investment projects, together with the former Ginn development in Grand Bahama, that the Christie administration had See pg b4

Web shop ‘must respect’ GBPA’s license authority

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Grand Bahama Port Authority (GBPA) “will take steps to cause Chances Games to respect” its regulatory authority if the web shop fails to “regularise” its license terms and fees, Tribune Business was told yesterday.

Fred Smith QC, the GBPA’s attorney, told this newspaper that Chances and other web shops - needed to recognise his client as “the one-stop shop licensing authority” for Freeport after its injunction bid was rejected by the Supreme Court.

Mr Smith emphasised

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Court expresses ‘highest condemnation’ of Govt

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Supreme Court was yesterday said to have “expressed the highest possible condemnation” of the Government and Bahamas Customs’ conduct during a six-year legal battle with a prominent Freeport retail/ wholesale business.

Justice Estelle Gray-Evans, in a March 31 ruling, ordered that the Government and Customs pay Kelly’s (Freeport) “80 per cent of its legal costs on an indemnity basis” over a case that was vital to upholding the city’s bonded goods regime.

Kelly’s (Freeport) wins costs on ‘indemnity basis’ QC: ‘Highest amount allowable’ after 6-year battle Rare award only given if there’s bad behaviour FRED Smith QC Fred Smith QC, who represented Kelly’s (Freeport), told Tribune Business that Justice Gray-Evans had awarded “the highest scale of costs” possible against the Government and Cus-

toms.

“It is an expression of condemnation by the court of the Government’s conduct throughout the litigation period,” he said.

“There are different scales of costs ordered in a court case, and this is the highest amount allowable by a court against the losing party.

“It makes Kelly’s very much whole economically on the costs of the litigation. It is the highest scale of costs which a court can order against a losing party.”

It is extremely rare for courts in a UK-based legal system to award costs on an indemnity basis. This usually occurs only when the presiding judge determines that a party to the case has behaved in an appalling manner, Justice Gray-Evans’ See pg b5

PLP’s ‘mind boggling’ omission of fiscal crisis

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Dionisio D’Aguilar, FNM candidate for Freetown.

An FNM candidate yesterday said it was “mind boggling” that the Progressive Liberal Party’s (PLP) 2017 election ‘action plan’ fails to mention how it will address the Bahamas’ fiscal crisis, adding: “They don’t want Fiscal Responsibility.”

Dionisio D’Aguilar, the

Opposition party’s Freetown contender, told Tribune Business that the governing party was “taking the easy way out” by giving constituents and supporters public sector jobs.

He described the Christie administration’s policy of constantly increasing the tax burden on productive industries to fund a bloated public sector as “a recipe for disaster”, with the civil service now See pg b6

No mention of deficit, debt, VAT in ‘action plan’ D’Aguilar: ‘They don’t want Fiscal Responsibility’ Grow public sector, not economy, ‘disaster formula’

QC ‘invites’ Chances to regularise license, fees Warns regulatory action will follow if it fails No desire ‘to put operator and staff out of business’ that the GBPA had no desire “to put Chances or its employees out of business”, adding that it only wanted the web shop operator to co-operate with Freeport’s See pg b7

Free electricity plan ‘stupidest idea ever’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The Progressive Liberal Party’s (PLP) pledge to offer ‘free electricity’ to the poorest Bahamians was yesterday slammed by one of its political opponents as “the stupidest idea I ever heard”.

Dionisio D’Aguilar, the FNM’s Freetown candidate, urged the Government “to stop conducting social policy through BEC” and its new operating subsidiary, Bahamas Power & Light (BPL).

Mr D’Aguilar, a former BEC Board member, said BPL was simply not in a solid-enough financial position to be able to offer free

FNM candidate: BPL ‘in no position’ to offer such Urges: ‘Stop conducting social policy through BPL’ electricity to any customers, given its consistent $30 million annual losses.

“It’s the stupidest idea anyone ever head of,” he told Tribune Business of the promise contained in the PLP’s 2017 ‘action plan’.

“BEC is not in a financial position to offer anything to anyone for free. The company has been financially See pg b4

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Taking security beyond the passwords, firewalls It may be fair to wonder, especially if a Board member does not have a professional information technology (IT) background, whether asking management about specific security measures might invite jargon-ridden replies that leave the director no wiser than before. However,

a basic awareness of key elements to look for can help in understanding the risk management implications of an answer, even if you are unfamiliar with some of the technical terminology.

It’s not just who gets in; it’s what gets out

At many companies, cybers security practices are heavily weighted in favour of measures such as firewalls and passwords, aimed at limiting access to the company’s network.

But while these precautions are essential, they are not enough. Cyber criminals

are becoming increasingly adept at infiltrating corporate and other networks without triggering an intruder alert. Once inside, they can easily siphon information from your network unnoticed, unless you are actively looking for signs of suspicious activity.

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Deloitte’s Shavonne Smith warns companies to extend prevention further than access control To help defeat cyber criminals who make it past the access controls, a mature cyber threat risk management capability will include safeguards against unauthorised information distribution, as well as against unauthorised information access.

Effective performance in this regard requires technologies and processes that monitor outbound information traffic for both content – ‘is the information appropriate to share?’ – and destination – ‘where is it being sent?’

Destination, in particular, can be a red flag. If information is being sent to a country where your company has no operational presence or interactions, it is probably wise to look into who is sending it there and why. A mature capability will also be able to restrict the transmission of suspicious communications until their legitimacy is verified.

This involves technologies that electronically ‘quarantine’ the communication while appropriate checks take place.

When James from Cable Beach logs in from Uzbekistan, worry!

Because cyber criminals are getting better at impersonating ‘bona fide’ corporate personnel, a company should not assume that everyone who logs in with

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Shavonne Smith legitimate credentials is actually an authentic user.

A mature cyber threat risk management capability will use at least two methods (sometimes called ‘twofactor authentication’), and possibly more, depending on the value of the assets being protected.

Logins from countries where your company has no operations should be immediately flagged and investigated to determine whether the users in question are genuine or fraudulent. Yes, it is possible that James from Cable Beach really is legitimately logging in from Uzbekistan while on vacation, but it does not hurt to check.

• NB: The information in this series is based on the Deloitte white paper, ‘Risk intelligent governance in the age of cyberthreats’.

For more information on Deloitte Bahamas Risk Advisory Services’ Cybersecurity offering, contact Lawrence Lewis, risk advisory services partner, at 1(242)302-4898 or llewis@ deloitte.com, or Shavonne Smith, senior risk advisory services consultant, at 1(242)302-4880 or shasmith@deloitte.com.

Ms Smith holds a Master of Science (MSc) degree from Capitol College in Baltimore, Maryland, and specialises in information assurance and network security. She also holds the CISA designation (Certified Information Systems Auditor), and several Microsoft certifications.

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Thursday, April 20, 2017, PAGE 3

Melia in 7% pt Easter increase

By NATARIO McKENZIE

nmckenzie@tribunemedia.net

Sandals also reports positive result

Nassau-based resorts yesterday reported a “very good Easter”, with one property telling Tribune Business it had seen a 7 percentage point increase in occupancies compared to last year’s holiday weekend.

Pablo Cogolludo, general manager of the all-inclusive Melia Nassau Beach Resort, said: “This year we have cemented further our philosophy of being an all-inclusive for everyone, as we continue welcoming the whole fam-

ily and, at the same time, ensuring the comfort of all of our guests with our new designated spaces and renovations.

“These, along with our pricing strategies and sales actions, have resulted in a very good Easter for the all-inclusive Melia Nassau Beach, with a 7 per cent increase in occupancy versus last year.”

For the 2016 Easter holi-

Tribune Business Reporter

Sandals

Private sector to tackle business ease ‘head on’

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The private sector aims to tackle the Bahamas’ declining ‘ease of doing business’ rankings “head on” next month when all this nation’s Chambers of Commerce gather for their annual conclave.

Edison Sumner, the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) chief executive, told Tribune Business that the Government and the private sector must work together to overcome the ‘ease of doing business’ challenge.

He added that the Chambers’ national conclave and annual general meeting, scheduled for May 16-17, will focus on the ‘ease of doing business’.

“This is not just about the World Bank’s ‘ease of doing business’ rankings,” said Mr Sumner. “This is about trying to come up with real solutions and recommendations which, when implemented, can bring real change and real relief to the business community.”

The Bahamas was ranked 122nd out of 190 nations in the World Bank’s 2016 Ease

of Doing Business rankings.

The drop in the ‘paying taxes’ ease as a result of VAT, from 22nd in the world to 95th, was cited as the main reason why this nation failed to improve its overall position.

“We see this as not just a government issue, although the Government will be held responsible for the state of the economy, but a national issue,” Mr Sumner said.

“There has to be partnership between the Government and the private sector to resolve these issues. It is important for businesses to feel as though they are in an environment where they can succeed and be profitable.

“It is going to take solid

day weekend, the Melia’s occupancy level was 77.31 per cent compared to this year’s 84.65 per cent.

Gary Williams, general manager at Sandals Royal Bahamian, another all-inclusive property on the Cable Beach strip, told Tribune Business: “Last Easter was better than this one, but I still think that we did very well. We were at 80 per cent occupancy during the Easter period.”

He added that Sandals Royal Bahamian will be running in the high 90 per cents to full occupancy range for the rest of the month.

Mr Williams said occupancy rates for May are expected to be in the 80 per cent range, with June, which he described as the “honeymoon” month. also expected to yield positive results.

“Going forward, the only softening I see is in September, October and November compared to last year, but still that it a good way’s off,” said Mr Williams.

Meanwhile, Ed Fields, Atlantis’ senior vice-president of public affairs and retail services, said: “I can say that we had a very strong Easter weekend.”

Bahamas Realty aids $3.8m sale to URCA

Edison Sumner and sustained partnership between the private sector and the Government to grow the economy. The ‘ease of doing business’ is a very important issue, and we are addressing it head on. We hope that from the upcoming conclave that we will be able to produce an actionable report that will give us some momentum in the country.”

Share your news

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

Bahamas Realty’s commercial division yesterday confirmed it helped broker the $3.8 million sale of Frederick House to the Utilities Regulation & Competition Authority (URCA).

NAI Bahamas Realty Commercial said the downtown Nassau property, located on Frederick Street, is a four-storey, 27,762 square foot office building. The vendor was Beaumont Bahamas Ltd.

“We’re pleased to have represented the sale and acquisition of this historical downtown building, and to have helped the Ministry relocate its offices to a more functional space,” said Larry Roberts, chief executive of NAI Bahamas Realty Commercial. “This sale is the latest of several recent major transactions we’ve represented in the Bahamas.”

Despite a soft economy, Bahamas Realty recently

said it saw a 60 per cent yearover-year increase in sales for 2016.

“This is no small feat in our economy, and a lot of our success can be attributed to the hard work and talents of our team,” explained Mr Roberts.

“Our team members have invested a great deal of time and energy into systems training and continuing education, and are now seeing the benefits.”

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South Ocean sale process is revived From pg B1 failed to revive during its 2012-2017 term.

“That’s probably, out of everything we’ve been able to achieve this term, is the only project we’ve not been able to revive; that and Ginn,” the Minister told Tribune Business.

Mr Rolle added that South Ocean “would still be a major priority for the incoming administration after the election” regardless of who won, given that it represented the last available major resort/real es-

tate development parcel on New Providence.

South Ocean is also especially attractive because it holds New Providence’s third casino license, which kicks-in and becomes ‘live’ once the resort reaches a certain number of rooms.

“That is still a very attractive property,” Mr Rolle said of South Ocean, which has been closed since 2004.

“You can see why people would be interested in it, but obviously the price has to be right. It’s [South Ocean] a very important

Free electricity plan ‘stupidest idea ever’ From pg B1 destroyed by the PLP. The company is bankrupt because of them.”

Mr D’Aguilar blamed Bradley Roberts, the PLP chairman, and the late Al Jarrett for the financial pre-

dicament now faced by BPL and its management/operating partner, PowerSecure.

The duo were minister for works, with responsibility for BEC, and the utility’s chairman, respectively, when the 2003 decision cut to BEC’s ‘base rate’, the

THE TRIBUNE

part of the completion of the last remaining land parcel.”

The South Ocean property has been closed for 13 years, with its condition likely to have deteriorated significantly over that period.

Mr Rolle, though, argued that South Ocean’s development was critical if the Bahamas was to generate the economic activity and job creation necessary to achieve faster GDP growth.

“It’s very important to the level of GDP growth that the country requires to outpace all the negative economic factors,” he told Tribune Business.

“That would play a key

role in positioning us to reach the GDP growth target levels that are necessary for us to be successful.

“South Ocean would be a major component of the tourism plant. When you look at the design, the layout and particularly the casino option, one of our biggest competitors is Vegas. Vegas is known for the casino amenities that exist.”

CCWIPP has initiated several previous sales processes for South Ocean, but all fell through without any purchase of the property being completed.

The last sales process initiated by CBRE came to nothing after CCWIPP rejected two institutional

investors in favour of an individual with Bahamas ties.

The pension fund went with Austrian financier Dr Mirko Kovats, who has a home in Lyford Cay and owns other real estate in the South Ocean area, rather than rival bids that included a joint venture between the Albany developers and Och-Ziff, the hedge fund and asset manager with over $40 billion in worldwide assets.# Och-Ziff would have provided the financing, while Albany’s developers would have provided management, operational and development expertise.

Reviving South Ocean was among the Christie

administration’s top investment priorities when it came to office, as the property has long been earmarked as the last mixeduse, integrated resort and real estate development in New Providence. It was supposed to be the third such site, after Paradise Island (Atlantis) and Cable Beach (Baha Mar).

CCWIPP, the pension provider for Canadian supermarket workers, hired the company owned by professional Australian golfer, Greg Norman, to masterplan South Ocean in 2012 after its previous partnership with Roger Stein’s RHS Ventures and Plainfield Asset Management ultimately came to nothing.

portion of the tariff that generates its profits and cash flow, was taken.

Although this was masked for several years by one-off inflows, such as proceeds from the sale of BEC’s Cable Bahamas shares, the tariff cut has been blamed for consistent losses that, since 2007, have exceeded $20 million on an annual basis apart from one year under the former FNM

administration.

“Free electricity is useless to anybody if they don’t have power,” Mr D’Aguilar blasted. “We have widespread power outages now because the infrastructure is so deteriorated.

“The Government should stop conducting social policy through BEC. It’s another of these election promises that they’re going to fail to deliver on, like Mortgage Relief and 10,000 jobs in one year. It’s another one of these vote catching gimmicks in their minds.”

The PLP’s 2017 ‘action plan’ promises that the Government will “cover the cost of electricity” for Bahamians who keep their monthly usage below “specified limits”.

Mr Roberts later suggest-

ed that the proposal was targeted at persons whose bills were $50 per month or less, and would help between 15-20 per cent of the lowest income households.

The PLP ‘action plan’ added that the proposal would promote energy conservation and discipline, and aid environmental preservation.

But, at face value, it appears again to promise a ‘wealth transfer’ from Bahamian taxpayers to a particular segment of society. The pledge is likely designed to shore up the PLP’s ‘grassroots’ supporter base, while also trying to catch their rivals as appearing to be ‘uncaring’.

BPL was forced to issue a statement saying it had not engaged in any discussions over the governing party’s plans, and it remains to be seen what the Utilities Regulation and Competition Authority (URCA), as industry regulator, would make of the ‘free electricity’ idea should it be brought forward.

Adding to the uncertain-

ty, Prime Minister Perry Christie later said the ‘free electricity’ proposal had been released prematurely, and more thought and detail needed to be given to it.

Mr D’Aguilar argued that the PLP’s plan would be better accomplished by ensuring low income Bahamian households were provided with pre-paid meters, allowing them to ‘top up’ their compensation as needed.

He said this would act as a safeguard against such persons incurring huge BPL bills they were unable to pay, resulting in homeowners being cut-off for extended periods of time with little hope of recovery.

“There are many other ways to drive energy conservation than give people free electricity,” Mr D’Aguilar told Tribune Business. “Incentivise people to become energy efficient with solar and energy efficient light bulbs. There are many ways to do it.”

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THE TRIBUNE

Thursday, April 20, 2017, PAGE 5

Attorney represents at insolvency conference A Lennox Paton partner presented during a panel discussion at a major insolvency conference in Australia.

Sophia Rolle-Kapousouzoglou (pictured) represented the Bahamas in a debate at the the INSOL Quadrennial Congress, which featured insolvency practitioners from various international financial centres (IFCs), such as the British Virgin Islands

(BVI), the Cayman Islands and Guernsey.

Other members of the panel included the head of Maples’ litigation department in BVI; the head of Carey Olsen’s litigation department in Guernsey; and a senior attorney at Kobre & Kim, in the Cayman Islands. The panel was moderated by English Queen’s Counsel, Lexa Hilliard QC. The panel debated whether the common law principle of universalism,

Court expresses ‘highest condemnation’ of Govt From pg B1 ruling stems from Judicial Review proceedings initiated by Kelly’s (Freeport) in late 2010 over Customs “unprecedented demand” that it submit a report on monthly ‘overthe-counter’ bonded goods sales to it.

Kelly’s (Freeport) alleged that the demand was made with no prior notice or consultation and, moreover, it had no basis in “lawful authority”.

And Customs’ offence was “compounded” by its decision to detain 11 of Kelly’s (Freeport’s) imported containers, while also refusing to accept or process its documents because it had not submitted the ‘bonded good’ sales report.

The Supreme Court, in its main ruling in December 2016, handed Kelly’s (Freeport) around 80 per cent of the declarations its was seeking, with Justice GrayEvans ordering a subsequent inquiry into damages by the court’s registrar.

The wholesaler and the Government were given 14 days to make submissions on the issue of costs, with

the latter electing not to do so.

Justice Gray-Evans, in her March 31, 2017, ruling, said she had previously indicated that the Government/ Customs should be 80 per cent of Kelly’s (Freeport) costs, which were to be taxed if not agreed.

Mr Smith and his client, though, argued that the costs should be awarded “on a full indemnity/solicitor own client basis”. Rather than allowing each party to bear its legal costs, they wanted the Government to also cover Kelly’s (Freeport’s) Bill.

In his arguments, Mr Smith pointed to the Supreme Court’s original findings that the detention of Kelly’s (Freeport’s) 11 containers was “arbitrary” and “calculated to disrupt its business in an attempt to force it to comply”.

The Callenders & Co partner also argued that the Government/Customs had caused “delay and protraction of the proceedings at every stage”, including stalling on releasing the contain-

which embraces the concept of a single bankruptcy proceeding, and applies a single legal regime to an insolvent estate worldwide, is ‘dead’ or ‘alive’ in light of recent jurisprudence coming from various offshore jurisdictions, including the Bahamas.

Mrs Rolle-Kapousouzoglou and Karen LeCras, of Carey Olesen, prevailed in their arguments in favour of universalism being alive,

based on the vote of the audience.

The INSOL Quadrennial Congress, held in Sydney, Australia, was attended by more than 900 industry specialists.

It attracts insolvency practitioners and specialists internationally. The conference was also attended by members of the judiciary from various countries, as well as accountants, lawyers and representatives of various financial institutions.

ers, and seeking strike outs and adjournments just before the trial date.

Mr Smith also quoted legal precedent for the awarding of costs on an indemnity basis, namely that a party to litigation was guilty of conduct that was “disgraceful, or deserving of moral condemnation”.

With no opposition from the Government, the Supreme Court accepted Mr Smith’s argument and gave Kelly’s (Freeport) the award its was seeking, together with interest at 3 per cent per annum covering the six-year trial period. She increased the post-judgment rate to 6.75 per cent until the award is paid.

Her earlier December 20167 ruling found that the right of Kelly’s (Freeport) - or any other GBPA licensee - to sell ‘over-thecounter’ bonded goods did not depend on submitting a monthly report on such sales to Customs.

And Justice Gray-Evans blasted Customs’ decision to detain Kelly’s (Freeport’s) imported containers, and refusal to process its entries, as having “no lawful basis”.

She issued a blanket injunction preventing Customs from taking similar action in future against any other GBPA licensee that failed to submit a ‘bonded goods’

sales report - something that was not “sanctioned by law”.

She also ordered Customs to pay Kelly’s (Freeport) damages for the “wrongful detention” of its goods and failure to process its entries, before adding aggravated damages for the Government agency’s “arbitrary and high-handed actions”.

Freeport’s ‘over-the-counter’ bonded goods regime has been a key feature of the city’s business environment for almost three decades, and is now an established practice under the Hawksbill Creek Agreement.

It allows GBPA licensees to sell goods duty-free (bonded) to fellow companies within the Port area for use in the latter’s own business. But any sales to a consumer or household do attract duty, and these taxes have to be submitted in a report - together with the full tax owed - to Customs by the 15th of the following month.

While post-paid duty sales have to be reported, there had never been a similar requirements for so-called ‘bonded’ sales, until Customs wrote to Kelly’s (Freeport) on August 5, 2010, warning that its continuing ability to sell ‘bonded’ goods depended on providing such a report.

Sophia Rolle-Kapousouzoglou

THE BAHAMAS SOCIETY OF ENGINEERS MONTHLY LUNCHEON SEMINAR WEDNESDAY, APRIL 26th, 2017 at LUCIANO’S OF CHICAGO, EAST BAY STREET

12:00 PM - 1:00 PM

Topic: National Health Insurance (NHI) Bahamas ““An Overview and Next Steps – Enrolment and Primary Care Services””

Mr. Charles Hamilton, Communication Consultant, NHI Bahamas Guest Speaker:

Please RSVP your attendance by Tuesday, April 25th, 2017 to:

E-mail: admin@bahamasengineers.org Phone: (242) 462-7798 Note: This seminar is FREE and open to members and the public. However, seating is limited. Your RSVP is advised. Lunch is optional and available from Luciano’s at attendee cost.

N.B. . Lunch prices will be inclusive of VAT and gratuity costs.

For more information contact: P.O. Box N-7380, Nassau, Bahamas Telephone Contact: (242) 462-7798 Email Address: admin@bahamasengineers.org Website: www.bahamasengineers.org

PAGE 6, Thursday, April 20, 2017

PLP’s ‘mind boggling’ omission of fiscal crisis From pg B1 too “overwhelming” for taxpayers to support.

The PLP’s ‘action plan’ makes no mention of the Government’s continued $300 million-plus deficits, or the $7 billion national debt, let alone specific plans for how it will tackle a looming fiscal crisis that threatens to sink the Bahamian economy and society.

“It’s mind-boggling that they don’t address the two major concerns of the country,” Mr D’Aguilar told Tribune Business of the PLP’s election campaign manifesto. “They don’t want Fiscal Responsibility.

“If they are constrained

by fiscal responsibility, and have to maintain caps on spending due to a Fiscal Responsibility Act, they can’t pad contracts.

“This is why the PLP is such a dangerous option.

Here we are being told by S&P, Moody’s and the IMF time and time again that we need to get our fiscal house in order, we have to stop spending this VAT money, and deal with the debt.”

Both Opposition parties, the FNM and the Democratic National Alliance (DNA), have committed to introducing a Fiscal Responsibility Act as part of a strategy to bring greater accountability and transparency to the Government’s financial management.

The PLP, though, has been silent on the issue ever since the current administration failed to deliver on Prime Minister Perry Christie’s February 2015 pledge to initiate public consultation on whether a Fiscal Responsibility Act was appropriate for the Bahamas.

The matter has come back to the fore after an Inter-American Development Bank (IDB) paper, published last week, warned that the Bahamas and other Caribbean nations need to impose discipline on their governments via so-called ‘fiscal rules’ if growing debt is ever to be controlled.

The IDB paper suggested that spending rules, which adjusted the Government’s expenditure to keep its fiscal ratios in line with a set debt-to-GDP target, would

CAREER OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following position:

deliver greatest value for the Bahamas.

Mr D’Aguilar, backing the imposition of caps on government spending, said Royal Bank of Canada’s (RBC) chief Caribbean economist, as well as multiple international agencies, were warning that the Government will never control its expenditure if left to its own devices.

He accused the Christie administration of “busting the Budget” in its efforts to secure re-election, adding: “They’re promoting people, hiring people without any thought for the country.”

Tribune Business previously revealed how the Christie administration has increased the civil service by a net 4,500 persons since taking office in 2012, a development that explains where a sizeable chunk of VAT’s net $756 million revenue rise is going on an annual basis.

And, in recent interviews, constituents of Prime Minister Perry Christie and Jerome Fitzgerald,

THE TRIBUNE

minister of education, science and technology, have both revealed how the two men have secured jobs for themselves and their family members within the public sector.

Mr D’Aguilar accused the PLP of ‘scare-mongering’ by suggesting an FNM government would dismiss such hires, but described the Christie administration’s focus on growing the public sector rather than the economy as “a formula for disaster”.

“The dumb approach is to increase the tax burden on your productive sectors to fund more public sector employment,” he told Tribune Business.

“That’s a disaster. The civil service will become overwhelming for the taxpayer. Unfortunately, it’s a dangerous course to be on.

What the PLP fails to tell the people is that the Government can’t give everyone a job.

“Instead of using ingenuity and creativity to incentivise the private sector to grow jobs, they’re taking

Storekeeper/Receiver: Performs a variety of receiving and storekeeping activities.

Requirements & Responsibilities: • Receiving all operating goods for the hotel.

• Insuring all goods received are of good quality.

• Record all goods received • Provide a monthly inventory report.

Qualifications/Skills: • High School Diploma required.

• Two years experience as a Storekeeper required.

• Must be computer literate.

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the easy way out of giving people jobs in the public sector. You can’t do that forever,” Mr D’Aguilar added.

“Because they’ve failed to grow the private sector and the economy, they’re providing jobs in the public sector. While that works for a while, you can’t do it forever. You can’t grow Government and not grow the economy. That’s a formula for disaster. If you grow the economy, only then will you grow public sector jobs.”

The PLP’s ‘action plan’ includes some notable omissions, with no mention anywhere of Value-Added Tax (VAT) or the legalisation of web shop gaming two issues that some sceptics will likely rank as the Christie administration’s ‘greatest achievements’.

The party also appears to be promising a further expansion in the size of government through the creation of a Ministry of Communication & Information and Ministry of Culture and Tourism.

When it comes to accountability and transparency, the PLP is pledging that every government ministry will issue Annual Business Plans, which are to include performance targets and timelines about what they intend to accomplish.

“These Business Plans will support better accountability for all parts of government on an annual basis and be supplemented by annual Business Reports from each Ministry,” the party’s ‘action plan’ said.

“These will clearly indicate progress against the previous year’s Business Plans to further enhance the accountability of Ministries.”

The PLP also promised to implement the Freedom of Information Act, and improve efficiency and execution in government through a variety of measures.

HELP WANTED

MAINTENANCE SUPERVISOR for private island.

The candidate must have a minimum of 5 years experience in the capacity, preferably in the Caribbean or a similar tropical island destination. The candidate will be responsible for the full and detailed hands on running of the island including maintenance of all buildings, boats, generators, desalination equipment, construction, docks and landscaping.

RESPOND TO: Island application, P.O. Box N-272 Nassau, Bahamas.

THE TRIBUNE

Thursday, April 20, 2017, PAGE 7

Web shop ‘must respect’ GBPA’s license authority From pg B1 quasi-governmental authority.

However, he warned that the GBPA is not only preparing to act against Chances, but all Freeport-based businesses that are operating either without a license or outside the terms of their licenses.

The Callenders & Co partner said this was essential to maintaining an orderly business climate in the city, where all compa-

nies competed on a regulatory and taxation ‘level playing field’.

“Given that the court has ruled that there is no basis for maintaining their action, the Port Authority will be taking steps to cause Chances to respect its licensing jurisdiction in Freeport,” Mr Smith confirmed to Tribune Business.

“I wish to emphasise that the Port Authority is not in the business of preventing economic growth, and we of course wish to encour-

age any and all companies to do business in Freeport and help grow our economy, but it must be within the context that we [the GBPA] are the one-stop shop licensing authority.

That is the whole construct of Freeport.”

Mr Smith reiterated the GBPA’s position that clause 2 (23) (a) of the Hawksbill Creek Agreement gives it the “exclusive licensing authority for gaming and amusements” in Freeport, a definition that it believes includes web shop gaming.

He called upon Chances Games and its parent, Jarol Investments, to bring the li-

cense terms and associated fees for its three Freeport locations into line with the GBPA’s demands.

“Now that the court has refused the motion for the injunction, the Port Authority once again invites Chances to regularise its licensing status in the Port area, and to regularise the terms of the license and the license payments to the Port Authority,” Mr Smith told Tribune Business.

“The Port Authority repeatedly emphasises that it doesn’t want to put Chances or its employees out of business. We want Chances to succeed; every business in Freeport is a success story for the island and its residents.

“But the essence of this is that one must give unto Caesar that which is Caesar’s. The only way for the Port Authority to encourage compliance from licensees and businesses that are operating outside the terms of their license, or without a license, is to take action.”

Mr Smith’s warning of imminent regulatory action, should Chances Games fail to bow to the GBPA’s wishes, will be seized upon by the web shop operator’s management as further justifying their appeal against the Supreme Court’s ruling.

Raymond Culmer, the web shop’s principal, alleged in an April 7, 2017, affidavit that 150 Bahamians will be made jobless if the GBPA makes good on its threat to cancel its Freeport license and close the business down.

He added that Chances’ Freeport locations would “suffer irreparable preju-

dice and damage” as a result, with staff terminations merely “contributing to the unemployment statistics of Freeport”.

Chances had originally sought an injunction to prevent the GBPA “from interfering with and/or cancelling” its business license, and increasing its license fee, until the Supreme Court determined the main issue between the parties who has regulatory authority for web shop gaming in Freeport.

Freeport-based web shops, according to the GBPA, are currently licensed as Internet cafes, not for gaming activities, meaning they are effectively breaching their license terms.

The GBPA is also seeking to impose higher license fees on Freeport-based web shop, bringing these in line with what it charges casinos, namely $300,000 or 1 per cent of winnings - whichever is greater. Chances fears this amounts to a 500 per cent increase in GBPA license fees.

However, Justice Petra Hanna-Weekes refused to grant the injunction on the basis that Chances/Jarol had raised “no serious issue to be tried”, since the GBPA had already rescinded the letter upon which the web shop chain’s case was based.

Mr Smith yesterday said the GBPA was not picking solely on Chances, adding that it planned to take action against all Freeportbased companies without a license, operating in breach of their license, or failing to pay associated fees.

“Additional steps are being taken against all other licensees operating outside the terms of their licenses,” he confirmed, “as well as action against those operating without a license.

“I wish to emphasise that many of the steps being taken by the Port Authority are with a view to encouraging business, not discouraging business. We merely want them to work within the jurisdiction of the Hawksbill Creek Agreement. This is a very simple formula, and we hope businesses will act accordingly.”

Mr Smith and the GBPA successfully defeated the initial injunction bid by pointing out they had subsequently withdrawn the January 25, 2016, letter that formed the entire basis of Chances’ case.

Their August 31, 2016, letter clarified that the initial missive had incorrectly stated that the GBPA was acting under the Gaming Act. Instead, it was using the Hawksbill Creek Agreement as its lawful authority.

Justice Hanna-Weekes said the second letter meant that the January 25, 2016, document “upon which [Chances] pegs its pleaded case has been completely overtaken by events”.

She added that the issue had now become whether Chances was breaching its license agreement with the GBPA, and if it needed to amend its license and pay a higher fee, as a result of its web shop gaming activities.

CAREER

OPPORTUNITY Career opportunities are available for ambitious career-oriented individuals at a mid size hotel. We are inviting experienced persons to apply for the following positions:

Engineering Can-Fix-It

Essential Job Functions: • Repair minor electrical issues, appliances, and minor plumbing.

• Must be able to repair drywall, flooring, carpentry, masonry and do remodeling jobs.

• General knowledge to repair heating and cooling units, painting the exterior and pressure washing.

Position Requirements: • Must have three years of hands on experience in the maintenance field.

• Experience in the Hotel Industry will be a plus.

Cook

Essential Job Functions: • Inspect food preparation and serving areas to ensure observance of safe,

sanitary food-handling practices. Turn or stir foods to ensure even cooking.

• Prep, season and cook food according to recipes or personal judgment and experience.

• Observe and test foods to determine if they have been cooked sufficiently.

• Weigh, measure, and mix ingredients according to recipes or personal

judgment, using various kitchen utensils and equipment.

• Prepare staff meals.

Position Requirements: • General knowledge of working in a commercial kitchen.

• Knowledge and ability to use basic work tools and equipment.

Guest Service Representative

Essential Job Functions: • Register guests and assign rooms.

• Assists in pre-registration and blocking of rooms for reservations.

• Thoroughly understands and adheres to proper credit, cheque-cashing, and cash-handling policies and procedures.

• Processes guest check-outs.

Position Requirements: • High school graduate or equivalent.

• Must have the ability to work independently

Food and Beverage - Waiter/Server

Essential job Functions: • Wipe tables or seats with dampened cloths or replace dirty tablecloths • Take customer orders and serve customers • Maintain adequate supplies of items such as silverware, glassware, dishes, or trays.

• Interact with guests and provide them with a warm greeting and a positive

parting remark showing gratitude for their business as appropriate.

• Other duties as required by Management.

Position Requirements: • High School Diploma • Two years experience as a waiter • Ability to work in a busy, fast paced work environment • Knowledge of food sanitation requirements • Excellent verbal and written communication skills Competitive salary and benefits package are commensurate with experience.

Interested persons should submit their resumes via e-mail to

recruitment.humanresources@outlook.com

PAGE 10, Thursday, April 20, 2017

Fed survey finds moderate economic growth in spring WASHINGTON (AP) — The Federal Reserve said Wednesday the U.S. economy kept expanding in the early spring, with tight labor markets and many businesses reporting rising wages.

In its latest survey of economic conditions nationwide, the central bank found that it’s 12 regional banks all depicted growth as either “modest or moderate” from mid-March through early April. The strength came from consumer spending, tourism, housing construction and manufacturing.

The report said businesses reported tight labor markets with more job turnover and bigger wage increases for workers whose skills were in short supply.

The Fed’s survey, known as the Beige Book, will be used when Fed officials next meet on May 2-3. The Fed raised rates by a quarterpoint in December and March, but analysts are not expecting a rate hike in May. The Fed is continuing to project three rate hikes this year. Officials say they are close to achieving their goals of maximum employment and inflation rising at an annual rate of 2 percent.

In fact, the unemployment rate dropped to a low of 4.5 percent in March, below the 4.8 percent level that the Fed views as full employment. But with inflation still below the central bank’s 2 percent target, Fed officials contend they can still let the economy grow without the need to greatly

accelerate the rate at which they raise interest rates.

The Beige Book report showed that the low level of unemployment, which had hit a high of 10 percent during the last recession, was beginning to boost wages, something the Fed has been hoping to see.

“Labor markets remained tight and employers in most districts had more difficulty filling low-skilled positions,” the Fed said.

It noted that wage increases remained modest, although businesses were being forced to offer bigger increases to workers with skills that are in short supply.

“A larger number of firms mentioned higher turnover rates and more difficulty retaining workers,” the report said.

Two districts reported that worker shortages and increased labor costs were restraining growth in some sectors including manufacturing, transportation and construction.

Even with wages rising at a faster pace, the report said that overall inflation remained modest. While oil prices had risen since the last report, the new survey found that overall energy prices were flat to slightly lower.

Farmers have struggled with falling commodity prices over the past year.

The new report found farm prices varied with increases for cotton, peanuts, chickens and hogs while the price of corn and wheat had de-

THE TRIBUNE

State officials ask Congress to secure ‘Obamacare’ subsidies

clined. The Kansas City district reported that agricultural conditions remained generally weak although there had been some improvement in cattle and soybean markets.

Minneapolis reported a wave of closings for retail establishments, which had affected both large and small stores. The Federal Reserve Bank of Dallas said that the energy sector, which last year had struggled with falling prices, had picked up notably and that rebound was helping manufacturers of fabricated metals which are used in energy drilling.

St. Louis reported that coal production in the district was 10 percent higher than a year ago.

While the manufacturing sector continued to expand at a modest pace, the growth in freight shipments had slowed. The gain in consumer spending was led by stronger auto sales which offset somewhat softer readings in non-auto spending.

PARLIAMENT PROPERTIES

Bay Parl Building Parliament Street Cell:477-1579

FOR RENT

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job applications and information for the Gap Factory Store sit on a table during a job fair at Dolphin Mall in Miami. U.S. employers added just 98,000 jobs last month, the fewest in a year, though the unemployment rate fell to a nearly 10-year low of 4.5 percent. The rate fell because nearly a half-million more Americans reported finding jobs, the Labor Department said Friday, April 7, 2017.

International Monetary Fund Managing Director Christine Lagarde speaks during a news conference after the International Monetary and Financial Committee (IMFC) conference at the World Bank/IMF Spring Meetings at IMF headquarters in Washington. (AP Photos)

WASHINGTON (AP) — State officials are asking Congress to guarantee billions of dollars in health insurance subsidies under a legal cloud as a result of Republican opposition to “Obamacare.”

In a letter Wednesday to congressional leaders, the nonpartisan National Association of Insurance Commissioners said the so-called cost-sharing reductions are essential for keeping insurance markets stable next year. Insurers use the money to reduce deductibles and copayments for people with modest incomes.

The insurance commissioners want Congress to formally provide full subsidies in a must-pass government funding bill later this month.

President Donald Trump has talked of stopping the payments as a way to force Democrats to negotiate on health care.

A federal judge ruled in a lawsuit by House Republicans ruled that the payments lack a congressional appropriation. That ruling is on hold.

VA C A N C Y

SOUS CHEF A fantastic opportunity has arisen to become part of our team. We are looking for an individual that not only demonstrates the skills listed below, but also has the ability to apply individual leadership and decision making to ensure our goals are achieved.

As our Sous Chef you will be required to meet the following requirements: • Manage the day-to-day operation of the kitchen.

• Assist with menu development and food cost.

• Roster staff to control labour cost.

• Ensure excellent Food Hygiene and Health & Safety standards at all times.

• Lead a team of experienced cooks, motivating and coaching the staff to support their personal development.

• Assist with the anticipation of trends, enacting approved

profit-oriented and cost saving ideas/activities.

Position Requirements: • A minimum of three (3) years of culinary and supervisory

experience required.

• An associate’s degree from a Culinary School of Arts or an equivalent is required.

Competitive salary and benefits package are commensurate with experience.

Interested persons should submit their resumes via e-mail to souschef2017@outlook.com

THE TRIBUNE

Thursday, April 20, 2017, PAGE 11

Wage worries sink stocks late; energy sector and IBM skid NEW YORK (AP) — U.S. stocks gave up a promising start and finished mostly lower Wednesday as investors continued to worry about lagging wages and energy companies dropped with the price of oil.

Stocks climbed early on as a solid quarter from Morgan Stanley revived optimism about banks, and strong results from auto and industrial parts distributor Genuine Parts sent car makers and suppliers higher.

The gains began to fade around noon as oil prices and energy companies sagged. The losses accelerated after the mid-afternoon release of the Federal Reserve’s "Beige Book" survey of economic conditions.

The Fed said economic growth continued from mid-March into early April and pay improved for some workers. But investors have been wondering when ris-

ing statistics like consumer confidence will start to turn into better pay and greater spending.

"Show me where those numbers are translating into something more than just feelings," said Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management. "People are looking for evidence that these confidence numbers are translating into actual actions and the Beige Book showed that over the last couple of months it’s been more of the same."

The Standard & Poor’s 500 index finished down 4.02 points, or 0.2 percent, at 2,338.17. It rose as much as 10 points, or 0.4 percent, earlier. The Dow lost 118.79 points, or 0.6 percent, to 20,404.49. Half of the bluechip index’s losses came from IBM, which reported weaker-than-expected sales in the first quarter.

The Nasdaq composite

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 SANTA FÈ GLOBAL ADVISORS FUND LIMITED (IBC №. 159183 B) is in dissolution. The date of commencement of the dissolution is April 20, 2017.The Liquidator of the Company is Fernando Luis Cardoso Bueno of Av. Albert Einstein, n° 463, Jardim Leonor, São Paulo, CEP 05652000 S.P., Brazil. 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 May 19, 2017.

Fernando Luis Cardoso Bueno Liquidator

Hepson Health Care Limited WONG’S PLAZA, PALMDALE

PHARMACY TECHNICIAN COURSE Start May 3rd 2017 to August 10th Wednesday and Thursday 5:30 pm to 8:30 pm 5 Months Payment Plan Available

Call 356-4860 for more Information

rose 13.56 points, or 0.2 percent, to 5,863.03 as health care companies climbed.

And there were signs of optimism about the economy as well. The Russell 2000 index, which is made up of smaller companies that tend to be more U.S.-focused, added 5.24 points, or 0.4 percent, to 1,367.13 after a late gain a day ago.

Oil prices slumped after the Energy Information Administration said U.S. crude inventories didn’t shrink as much as investors hoped they would last week, and the EIA says the stockpiles are larger than normal

for this time of year. Benchmark U.S. crude lost $1.97, or 3.8 percent, to $50.44 a barrel in New York. Brent crude, used to price international oils, fell $1.96, or 3.6 percent, to $52.93 per

Legal Notice

NOTICE INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

PERIVAL HOLDING LTD. In Voluntary liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act (No. 45 of 2000), PERIVAL HOLDING LTD., has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 30th day of March, 2017.

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

barrel in London.

All 34 energy companies on the S&P 500 finished lower. Chevron $1.45, or 1.4 percent, to $104.23 and Marathon Oil sank 68 cents, or 4.3 percent, to $15.06.

Specialist Anthony Rinaldi is reflected in a screen at his post on the floor of the New York Stock Exchange, yesterday. U.S. stocks are rebounding Wednesday morning as strong results from Morgan Stanley and rising bond yields send banks and other financial companies higher. (AP Photo)

NOTICE

MARIMBA MANAGEMENT HOLDINGS LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) MARIMBA MANAGEMENT HOLDINGS LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 13th April, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 20th day of April, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

PAGE 12, Thursday, April 20, 2017

THE TRIBUNE

AP Source: Exxon seeks OK to resume Russian oil venture WASHINGTON (AP) — Exxon Mobil is seeking permission from the U.S. government for approval to resume drilling around the Black Sea with a Russian partner, state-owned Rosneft, according to a person familiar with the matter.

The oil giant’s request is being reviewed by the Trump administration and is certain to draw extra scrutiny because it involves a company formerly run by Secretary of State Rex Tillerson, who cultivated close ties with Russia and its president, Vladimir Putin.

The drilling venture was blocked when the U.S. imposed sanctions on Russia in 2014. Exxon applied to the Treasury Department for a waiver from the sanctions in 2015, during the Obama administration, according to the person, who spoke anonymously because the application process is confidential. Exxon has publicly disclosed licenses for other work in Russia that required waivers.

An Exxon spokesman said the company declined

to comment on ongoing issues.

The Treasury Department, which would handle Exxon’s application to drill around the Black Sea, did not respond to a request for comment.

A State Department spokesman said Tillerson has recused himself from any matters involving Exxon for two years and is not involved with any decision involving the company before any government agency. Tillerson retired as Exxon CEO at the end of last year. He has known Putin for about two decades — the Russian president awarded Tillerson a special honor in 2013.

Irving, Texas-based Exxon disclosed in regulatory filings in 2015 and 2016 that it received three licenses from the Treasury Department’s Office of Foreign Assets Control to conduct “limited administrative actions” with Rosneft. The company said it was complying with all sanctions regarding investments in Russia.

the sign for the Exxon Mobil Torrance Refinery in Torrance, Calif. A person familiar with the matter said yesterday, that Exxon Mobil is seeking permission from the U.S. government for approval to resume drilling around the Black Sea with a Russian partner, state-owned Rosneft. (AP Photo) Russia’s northern coast.

The head of Exxon’s Russian partner, Rosneft, was personally blacklisted.

As Exxon CEO, Tillerson opposed the sanctions, telling shareholders in 2014 that sanctions were usually ineffective and caused “very broad collateral damage.”

Tillerson and Exxon

The sanctions were imposed after Russia annexed the Crimea region of Ukraine in 2014. Among other things, U.S. companies were prohibited from transferring advanced technology used to drill offshore and in shale formations.

Exxon was ordered to stop drilling in the Kara Sea off

agreed to the venture with Rosneft in 2011. The Russia sanctions have cost the company hundreds of millions of dollars. Exxon reported in 2015 that its potential losses related to the Rosneft venture could run to $1 billion.

If the sanctions are lifted Exxon could push ahead

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 86° F/30° C Low: 60° F/16° C

TAMPA

FRIDAY

SATURDAY

SUNDAY

MONDAY

Breezy with sun and some clouds

Cloudy

Partial sunshine

Sunshine mixing with some clouds

Overcast with showers

Partly sunny with a shower in spots

High: 84°

Low: 70°

High: 85° Low: 71°

High: 86° Low: 71°

High: 85° Low: 71°

High: 87° Low: 70°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

87° F

68° F

89°-70° F

89°-71° F

88°-71° F

97°-71° F

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

N

almanac

E

W

ABACO

S

N

High: 78° F/26° C Low: 73° F/23° C

8-16 knots

S

High: 81° F/27° C Low: 70° F/21° C

7-14 knots

FT. LAUDERDALE

FREEPORT

High: 82° F/28° C Low: 72° F/22° C

E

W S

E

W

WEST PALM BEACH

N

uV inDex toDay

TONIGHT

High: 87° F/31° C Low: 68° F/20° C

High: 80° F/27° C Low: 67° F/19° C

MIAMI

High: 82° F/28° C Low: 72° F/22° C

7-14 knots

Statistics are for Nassau through 2 p.m. yesterday Temperature High ................................................... 84° F/29° C Low .................................................... 75° F/24° C Normal high ....................................... 81° F/27° C Normal low ........................................ 69° F/21° C Last year’s high ................................. 84° F/29° C Last year’s low ................................... 72° F/22° C Precipitation As of 2 p.m. yesterday ................................. 0.00” Year to date ................................................. 2.15” Normal year to date ..................................... 5.59”

ELEUTHERA

NASSAU

High: 84° F/29° C Low: 70° F/21° C

Forecasts and graphics provided by AccuWeather, Inc. ©2017

High: 78° F/26° C Low: 72° F/22° C

N

KEY WEST

High: 81° F/27° C Low: 73° F/23° C

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

tiDes For nassau Low

Ht.(ft.)

Today

3:04 a.m.

3:36 p.m.

High

2.4 2.1

9:36 a.m.

9:43 p.m.

0.5 0.5

Friday

4:01 a.m.

4:33 p.m.

2.5 2.3

10:29 a.m. 0.3 10:44 p.m. 0.3

Saturday

4:56 a.m.

5:27 p.m.

2.6 2.6

11:20 a.m. 0.1 11:41 p.m. 0.1

Sunday

5:48 a.m.

6:18 p.m.

2.7 2.8

12:08 p.m. -0.2 ---------

Monday

6:38 a.m.

7:07 p.m.

2.8 3.1

12:35 a.m. -0.2 12:55 p.m. -0.5

Tuesday

7:27 a.m.

7:56 p.m.

2.9 3.3

1:27 a.m. -0.5 1:41 p.m. -0.7

Wednesday 8:17 a.m.

8:45 p.m.

3.0 3.5

2:18 a.m. -0.7 2:28 p.m. -0.9

sun anD moon Sunrise Sunset

High: 78° F/26° C Low: 71° F/22° C

N

S

E

W

8-16 knots

S

8-16 knots

6:43 a.m.

7:35 p.m.

Moonrise Moonset

2:35 a.m.

1:58 p.m.

New

First

Full

Last

Apr. 26

May 2

May 10

May 18

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 78° F/26° C Low: 70° F/21° C

High: 79° F/26° C Low: 71° F/22° C

N

High: 80° F/27° C Low: 71° F/22° C

E

W S

LONG ISLAND

insurance management tracking map

High: 80° F/27° C Low: 72° F/22° C

H

Ht.(ft.)

CAT ISLAND

E

W

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

with lucrative exploration and production opportunities in the Black Sea, Siberia and the Russian Arctic.

Exxon’s ambitions could be complicated, however, by concern over what U.S. intelligence agencies have concluded were Russian cyberattacks to interfere with the U.S. presidential election last year. Congress is also investigating possible ties between aides to thencandidate Donald Trump and Russian officials.

Exxon’s critics said that if the Trump administration approved Exxon’s request, which was reported first by The Wall Street Journal, then Congress should block it on environmental and national-interest grounds.

A Greenpeace official, Naomi Ages, said approving Exxon’s request to drill in the Black Sea would give momentum to drilling in the Arctic and “would also send a message to Russia that it can intervene in any country, including the United States, with no consequences.”

8-16 knots

MAYAGUANA High: 80° F/27° C Low: 73° F/23° C

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

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 73° F/23° C

High: 79° F/26° C Low: 72° F/22° C

GREAT INAGUA High: 82° F/28° C Low: 75° F/24° C

N

E

W

E

W

N

S

S

10-20 knots

10-20 knots

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

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

WINDS E at 7-14 Knots E at 6-12 Knots E at 8-16 Knots E at 7-14 Knots ENE at 8-16 Knots ENE at 7-14 Knots ENE at 10-20 Knots ENE at 8-16 Knots ENE at 8-16 Knots ENE at 7-14 Knots E at 8-16 Knots E at 7-14 Knots NE at 8-16 Knots E at 8-16 Knots NE at 10-20 Knots ENE at 8-16 Knots ENE at 10-20 Knots ENE at 8-16 Knots ENE at 8-16 Knots ENE at 8-16 Knots E at 7-14 Knots E at 6-12 Knots NE at 10-20 Knots ENE at 10-20 Knots NE at 8-16 Knots ENE at 7-14 Knots

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

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

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

THE TRIBUNE

Thursday, April 20, 2017, PAGE 13

MARKET REPORT WEDNESDAY, 19 APRIL 2017

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

BISX ALL SHARE INDEX: CLOSE 1,891.28 | CHG 0.74 | %CHG 0.04 | YTD -46.93 | YTD% -2.42 BISX LISTED & TRADED SECURITIES

Secretary of State Rex Tillerson speaks at the U.S.-Saudi Arabia CEO Summit, yesterday, at the U.S. Chamber of Commerce in Washington. (AP Photo)

Tillerson declares the Iran nuclear deal a failure WASHINGTON (AP) — Secretary of State Rex Tillerson declared the Iran nuclear deal a failure on Wednesday but left open the possibility the Trump administration will uphold it nonetheless.

The top American diplomat sought to reinforce the notion that the U.S. is aggressively countering Iran’s destabilizing behavior throughout the Middle East, even though President Donald Trump so far has not pulled out of the deal.

Tillerson spoke a day after certifying to Congress that Iran is complying with its obligations under the 2015 deal, a requirement for Tehran to continue receiving relief from nuclear sanctions.

“The JCPOA fails to achieve the objective of a non-nuclear Iran,” Tillerson said, using an acronym for the 2015 nuclear deal.

“It only delays their goal of becoming a nuclear state.”

He said the deal, brokered by former President Barack Obama’s administration along with other world powers, represented the “same failed approach” the U.S. has taken to North Korea. Like with the North, Tillerson said, the Trump administration was unwilling to be patient with Iran, ticking through a list

of countries where he said Iran was supporting terrorism and violence.

Tillerson’s hastily arranged statement before cameras at the State Department reflected the competing forces pulling at the Trump administration as it develops its policy toward Iran. On the one hand, Trump wants to show he’s being tougher than Obama toward Iran, but on the other hand, he’s not yet ready to rip up the deal.

Trump as a candidate vowed to discard or renegotiate the pact, and shortly after taking office his administration put Tehran “on notice” that its troublesome behavior would no longer be tolerated. But neither Iran nor the other world powers that negotiated the agreement have any interest in re-opening the deal, and U.S. companies stand to lose billions if the deal is scuttled.

Proponents of the deal have long acknowledged it doesn’t address concerns about Iran’s non-nuclear behavior, such as its ballistic missile program or support for Houthi rebels in Yemen.

Obama and others argued it was narrowly tailored to take the most dangerous prospect — a nucleararmed Iran — off the table.

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT

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 6.00 10.00 11.00 9.30 6.90 12.01 11.00

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 7.11 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 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 2.05 3.92 1.95 169.70 141.76 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

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

2016/Cle/gen/01372

BANK OF THE BAHAMAS LIMITED AND PATRICIA ELAINE MOSS (Trading as “Off The Chain Unisex Boutique”)

Plaintiff

Defendant

TAKE NOTICE that: 1.

An Originating Summons and Affidavit filed herein on the 27th September A.D. 2016 have been issued against you in the Supreme Court of The Bahamas by Bank of the Bahamas Limited, by the Plaintiff herein.

2.

AND THAT by an Order made in the Supreme Court by Acting Deputy Registrar in Supreme Court Action No. 2016/Cle/gen/01372 Common Law and Equity Division, it was ordered that service of the said Originating Summons and Affidavit and all other pleadings against the Defendant, Patricia Elaine Moss be effected by way of this Advertisement.

3.

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

4.

You must within 14 days from the publication of this advertisement inclusive of the day of such publication, acknowledge service of the Originating Summons and Affidavit by filing a Memorandum of Appearance on the Attorneys, Messr. GrahamThompson whose name and address appear below, otherwise judgment may be entered against you.

GRAHAMTHOMPSON Chambers, Sassoon House, Shirley Street & Victoria Avenue, Nassau, N.P. Bahamas.

LAST SALE 100.00 100.00 100.00 107.68 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 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

107.80 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.12 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

VOLUME

2,264

VOLUME

NAV 2.05 3.92 1.95 168.44 141.76 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 23.3 104.5 22.0 19.4 20.0 18.8 9.4 11.3 23.5 19.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 1.83% 6.31% 0.00% 5.93% 0.00% 0.00% 2.00% 3.53% 3.67% 3.44% 4.26% 2.68% 3.87% 4.00% 4.10% 0.00% 3.55% 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% 0.84% 4.46% 0.01% 3.70% 0.37% 2.61% 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 28-Feb-2017 28-Feb-2017 24-Feb-2017 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

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

AND IN THE MATTER OF property comprised in a Further Charge dated 31st day of March A.D., 2008 between Patricia Elaine Moss of the one part and Bank of Bahamas Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 11014 at pages 323 to 327.

Dated the 7th day of February A.D.2017

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.01

CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.50 2.24 1.55 6.00 9.75 9.00 9.30 6.90 12.01 10.00

MARKET TERMS

IN THE MATTER OF property comprised in a Certificate of Up-Stamping dated 10th day of January A.D. 2007 between Patricia Elaine Moss of the one part and Bank of the Bahamas Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9908 at pages 378 to 388.

PATRICIA ELAINE MOSS

LAST CLOSE 4.38 15.85 9.09 3.54 1.77 0.12 4.50 8.50 6.00 10.48 11.50 2.25 1.55 6.00 9.75 9.00 9.25 6.90 12.01 10.00

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

IN THE MATTER OF property comprised in an Indenture of Mortgage dated 23rd day of November A.D., 2005 between Patricia Elaine Moss of the one part and Bank of Bahamas Limited of the other part and of record in the Registry of Records in the City of Nassau in the Island of New Providence in Volume 9461 at pages 512 to 521.

TO:

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) +

Common Law and Equity Division

BETWEEN

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE